0001734107 2025-01-01 2025-12-31 0001734107 2023-01-01 2023-12-31 0001734107 2024-01-01 2024-12-31 0001734107 2024-12-31 0001734107 2025-12-31 0001734107 2023-12-31 0001734107 2022-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2024-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2024-12-31 0001734107 us-gaap:IntersegmentEliminationMember 2024-12-31 0001734107 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001734107 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001734107 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001734107 us-gaap:EntertainmentMember 2024-12-31 0001734107 us-gaap:ProductAndServiceOtherMember 2024-12-31 0001734107 srt:OfficeBuildingMember 2024-12-31 0001734107 us-gaap:ComputerEquipmentMember 2024-12-31 0001734107 sohu:LeaseholdAndBuildingImprovementsMember 2024-12-31 0001734107 us-gaap:FurnitureAndFixturesMember 2024-12-31 0001734107 us-gaap:VehiclesMember 2024-12-31 0001734107 us-gaap:ComputerSoftwareIntangibleAssetMember 2024-12-31 0001734107 us-gaap:LicensingAgreementsMember 2024-12-31 0001734107 sohu:VideoContentAndLicenseMember 2024-12-31 0001734107 sohu:DomainNamesAndTrademarksMember 2024-12-31 0001734107 us-gaap:DevelopedTechnologyRightsMember 2024-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-12-31 0001734107 us-gaap:RelatedPartyMember 2024-12-31 0001734107 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0001734107 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0001734107 us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0001734107 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0001734107 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001734107 sohu:ChangyouComLimitedMember 2024-12-31 0001734107 country:CN 2024-12-31 0001734107 sohu:AccountsReceivableHundredAndEightyToThreeHundredAndFiftyNineDaysPastDueMember 2024-12-31 0001734107 sohu:AccountsReceivableOneHundredLessThanOneSeventyNineDaysPastDueMember 2024-12-31 0001734107 sohu:AccountsReceivableGreaterThanThreeHundredAndSixtyPastDueMember 2024-12-31 0001734107 sohu:TotalCashMember us-gaap:CreditConcentrationRiskMember 2024-12-31 0001734107 us-gaap:DevelopedTechnologyRightsMember 2025-12-31 0001734107 us-gaap:LicensingAgreementsMember 2025-12-31 0001734107 sohu:VideoContentAndLicenseMember 2025-12-31 0001734107 sohu:DomainNamesAndTrademarksMember 2025-12-31 0001734107 us-gaap:ComputerSoftwareIntangibleAssetMember 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2025-12-31 0001734107 us-gaap:IntersegmentEliminationMember 2025-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2025-12-31 0001734107 us-gaap:BuildingMember 2025-12-31 0001734107 us-gaap:ComputerEquipmentMember 2025-12-31 0001734107 sohu:LeaseholdAndBuildingImprovementsMember 2025-12-31 0001734107 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001734107 us-gaap:VehiclesMember 2025-12-31 0001734107 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001734107 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001734107 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001734107 us-gaap:EntertainmentMember 2025-12-31 0001734107 us-gaap:ProductAndServiceOtherMember 2025-12-31 0001734107 srt:OfficeBuildingMember 2025-12-31 0001734107 sohu:OperatingLeaseObligationsMember 2025-12-31 0001734107 sohu:PurchaseOfBandwidthMember 2025-12-31 0001734107 sohu:OtherContentAndServicePurchasesMember 2025-12-31 0001734107 sohu:OthersUnconditionalObligationsMember 2025-12-31 0001734107 sohu:RoyaltiesAndExpendituresForLicensedContentOfGamesMember 2025-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-12-31 0001734107 us-gaap:RelatedPartyMember 2025-12-31 0001734107 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-12-31 0001734107 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-12-31 0001734107 us-gaap:FairValueMeasurementsNonrecurringMember 2025-12-31 0001734107 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-12-31 0001734107 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001734107 sohu:ChangyouComLimitedMember 2025-12-31 0001734107 sohu:ChinaCompanyLawMember 2025-12-31 0001734107 srt:MinimumMember 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember sohu:SoEasyMember sohu:ChangyouComLimitedMember 2025-12-31 0001734107 srt:ParentCompanyMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2025-12-31 0001734107 sohu:BeijingSohuNewMediaInformationTechnologyCoLtdMember 2025-12-31 0001734107 sohu:ChangyouComLimitedMember 2025-12-31 0001734107 sohu:ShanghaiIceInformationTechnologyCoLtdMember 2025-12-31 0001734107 sohu:BeijingGuanyouGamespaceDigitalTechnologyCoLtdMember 2025-12-31 0001734107 sohu:FoxInformationTechnologyTianjinLimitedMember 2025-12-31 0001734107 sohu:BeijingChangyouChuangxiangSoftwareTechnologyCoLtdMember 2025-12-31 0001734107 sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-12-31 0001734107 sohu:BeijingSohuInternetInformationServiceCoLtdMember 2025-12-31 0001734107 sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember 2025-12-31 0001734107 sohu:BeijingSohuDonglinAdvertisingCoLtdMember 2025-12-31 0001734107 sohu:SohuGameMember 2025-12-31 0001734107 sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-12-31 0001734107 sohu:ChangyoucomKoreaLlcchangyouKoreaMember 2025-12-31 0001734107 sohu:BeijingSohuNewMomentumInformationTechnologyCoLtdMember 2025-12-31 0001734107 sohu:ChangyouComHKLimitedMember 2025-12-31 0001734107 sohu:BeijingAmazgameAgeInternetTechnologyGroupCoLtdMember 2025-12-31 0001734107 sohu:TianjinJinhuCultureDevelopmentCoLtdMember 2025-12-31 0001734107 sohu:GuangzhouQianjunNetworkTechnologyCo.Ltd.Member 2025-12-31 0001734107 sohu:SohuComHongKongLimitedMember 2025-12-31 0001734107 sohu:BeijingSohuNewEraInformationTechnologyCoLtdMember 2025-12-31 0001734107 sohu:SohuComSearchLimitedMember 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2025-12-31 0001734107 sohu:AccountsReceivableHundredAndEightyToThreeHundredAndFiftyNineDaysPastDueMember 2025-12-31 0001734107 sohu:AccountsReceivableOneHundredLessThanOneSeventyNineDaysPastDueMember 2025-12-31 0001734107 sohu:AccountsReceivableGreaterThanThreeHundredAndSixtyPastDueMember 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2025-12-31 0001734107 sohu:TotalCashMember us-gaap:CreditConcentrationRiskMember 2025-12-31 0001734107 srt:MaximumMember us-gaap:ComputerEquipmentMember 2025-12-31 0001734107 srt:MinimumMember us-gaap:ComputerEquipmentMember 2025-12-31 0001734107 srt:MaximumMember us-gaap:BuildingMember 2025-12-31 0001734107 srt:MinimumMember us-gaap:BuildingMember 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:OtherCurrentLiabilitiesMember sohu:SoEasyMember sohu:ChangyouComLimitedMember 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember dei:AdrMember 2025-12-31 0001734107 us-gaap:ProductAndServiceOtherMember 2023-01-01 2023-12-31 0001734107 us-gaap:EntertainmentMember 2023-01-01 2023-12-31 0001734107 sohu:MarketingServicesMember 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2023-01-01 2023-12-31 0001734107 us-gaap:IntersegmentEliminationMember 2023-01-01 2023-12-31 0001734107 us-gaap:GeneralAndAdministrativeExpenseMember 2023-01-01 2023-12-31 0001734107 us-gaap:SellingAndMarketingExpenseMember 2023-01-01 2023-12-31 0001734107 us-gaap:ResearchAndDevelopmentExpenseMember 2023-01-01 2023-12-31 0001734107 us-gaap:CostOfSalesMember 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember 2023-01-01 2023-12-31 0001734107 sohu:SohuExcludingFoxVideoMember 2023-01-01 2023-12-31 0001734107 country:HK 2023-01-01 2023-12-31 0001734107 us-gaap:ForeignPlanMember 2023-01-01 2023-12-31 0001734107 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0001734107 us-gaap:ProductAndServiceOtherMember us-gaap:RelatedPartyMember 2023-01-01 2023-12-31 0001734107 sohu:MarketingServicesMember us-gaap:RelatedPartyMember 2023-01-01 2023-12-31 0001734107 sohu:OnlineMarketingServicesRevenueMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember 2023-01-01 2023-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001734107 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-12-31 0001734107 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0001734107 country:CN 2023-01-01 2023-12-31 0001734107 country:US 2023-01-01 2023-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2023-01-01 2023-12-31 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2023-01-01 2023-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2023-01-01 2023-12-31 0001734107 sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2023-01-01 2023-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember 2023-01-01 2023-12-31 0001734107 sohu:ChangyouComLimitedMember 2023-01-01 2023-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:IntraGroupMember 2023-01-01 2023-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:ThirdPartyMember 2023-01-01 2023-12-31 0001734107 us-gaap:ProductAndServiceOtherMember 2024-01-01 2024-12-31 0001734107 us-gaap:EntertainmentMember 2024-01-01 2024-12-31 0001734107 sohu:MarketingServicesMember 2024-01-01 2024-12-31 0001734107 sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2024-01-01 2024-12-31 0001734107 us-gaap:IntersegmentEliminationMember 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2024-01-01 2024-12-31 0001734107 us-gaap:GeneralAndAdministrativeExpenseMember 2024-01-01 2024-12-31 0001734107 us-gaap:SellingAndMarketingExpenseMember 2024-01-01 2024-12-31 0001734107 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-01 2024-12-31 0001734107 us-gaap:CostOfSalesMember 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember 2024-01-01 2024-12-31 0001734107 sohu:SohuExcludingFoxVideoMember 2024-01-01 2024-12-31 0001734107 country:HK 2024-01-01 2024-12-31 0001734107 us-gaap:ForeignPlanMember 2024-01-01 2024-12-31 0001734107 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001734107 us-gaap:ProductAndServiceOtherMember us-gaap:RelatedPartyMember 2024-01-01 2024-12-31 0001734107 sohu:MarketingServicesMember us-gaap:RelatedPartyMember 2024-01-01 2024-12-31 0001734107 sohu:OnlineMarketingServicesRevenueMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember 2024-01-01 2024-12-31 0001734107 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0001734107 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001734107 country:CN 2024-01-01 2024-12-31 0001734107 country:US 2024-01-01 2024-12-31 0001734107 country:CN sohu:CashAndCashEquivalentsShortTermInvestmentsAndLongTermTimeDepositsMember us-gaap:CreditConcentrationRiskMember 2024-01-01 2024-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2024-01-01 2024-12-31 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2024-01-01 2024-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-01-01 2024-12-31 0001734107 sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2024-01-01 2024-12-31 0001734107 us-gaap:FairValueMeasurementsRecurringMember 2024-01-01 2024-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember 2024-01-01 2024-12-31 0001734107 sohu:ChangyouComLimitedMember 2024-01-01 2024-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:IntraGroupMember 2024-01-01 2024-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:ThirdPartyMember 2024-01-01 2024-12-31 0001734107 us-gaap:DebtSecuritiesMember sohu:LongTermTimeDepositMember 2024-01-01 2024-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member dei:AdrMember us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member dei:AdrMember 2024-01-01 2024-12-31 0001734107 us-gaap:EntertainmentMember 2025-01-01 2025-12-31 0001734107 us-gaap:ProductAndServiceOtherMember 2025-01-01 2025-12-31 0001734107 sohu:MarketingServicesMember 2025-01-01 2025-12-31 0001734107 sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:MarketingServicesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:OthersMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:PCGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:MobileGamesMember sohu:AccountingStandardUpdate201409Member 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember 2025-01-01 2025-12-31 0001734107 srt:MaximumMember us-gaap:StateAdministrationOfTaxationChinaMember 2025-01-01 2025-12-31 0001734107 srt:MinimumMember us-gaap:StateAdministrationOfTaxationChinaMember 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2025-01-01 2025-12-31 0001734107 us-gaap:IntersegmentEliminationMember 2025-01-01 2025-12-31 0001734107 us-gaap:SellingAndMarketingExpenseMember 2025-01-01 2025-12-31 0001734107 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-12-31 0001734107 us-gaap:CostOfSalesMember 2025-01-01 2025-12-31 0001734107 us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:SohuExcludingFoxVideoMember 2025-01-01 2025-12-31 0001734107 country:HK 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember 2025-01-01 2025-12-31 0001734107 country:CN 2025-01-01 2025-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:SubsidiaryOrSubsidiariesOfTheVariableInterestEntityMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingCenturyHighTechInvestmentCoLtdMember sohu:WeiLiMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingCenturyHighTechInvestmentCoLtdMember sohu:DrCharlesZhangMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuInternetInformationServiceCoLtdMember sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuDonglinAdvertisingCoLtdMember sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:ShanghaiIceInformationTechnologyCoLtdMember sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingChangyouStarDigitalTechnologyCoLtdMember sohu:DewenChenMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingChangyouStarDigitalTechnologyCoLtdMember sohu:YaoBinWangMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGuanyouGamespaceDigitalTechnologyCoLtdMember sohu:BeijingChangyouStarDigitalTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:TianjinJinhuCultureDevelopmentCoLtdMember us-gaap:ParentMember sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:GuangzhouQianjunNetworkTechnologyCo.Ltd.Member sohu:TianjinJinhuCultureDevelopmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:ShareholdersOfGuanyouGamespaceMember sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:ShareholdersOfGameaseMember sohu:BeijingAmazGameAgeInternetTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignPlanMember 2025-01-01 2025-12-31 0001734107 srt:MinimumMember sohu:ChinaForeignInvestmentEnterprisesLawMember 2025-01-01 2025-12-31 0001734107 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 srt:MaximumMember sohu:TimeDepositsMember 2025-01-01 2025-12-31 0001734107 srt:MinimumMember sohu:TimeDepositsMember 2025-01-01 2025-12-31 0001734107 srt:MinimumMember sohu:LongTermTimeDepositMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComHKLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuNewMediaInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:SohuComSearchLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuNewEraInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:SohuComHongKongLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuInternetInformationServiceCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuDonglinAdvertisingCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGuanyouGamespaceDigitalTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:TianjinJinhuCultureDevelopmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingAmazgameAgeInternetTechnologyGroupCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyoucomKoreaLlcchangyouKoreaMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuNewMomentumInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:FoxInformationTechnologyTianjinLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingChangyouChuangxiangSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingCenturyHighTechInvestmentCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:SohuGameMember 2025-01-01 2025-12-31 0001734107 us-gaap:ProductAndServiceOtherMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0001734107 sohu:MarketingServicesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2025-01-01 2025-12-31 0001734107 sohu:ChinaForeignInvestmentEnterprisesLawMember 2025-01-01 2025-12-31 0001734107 sohu:OnlineMarketingServicesRevenueMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:FoxInformationTechnologyTianjinLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingSohuNewMediaInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingSohuInternetInformationServiceCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:GuangzhouQianjunNetworkTechnologyCo.Ltd.Member 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingChangyouChuangxiangSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingAmazGameAgeInternetTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:StateAdministrationOfTaxationChinaMember sohu:HighAndNewTechnologyEnterprisesMember sohu:BeijingSohuNewMomentumInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:LicensingAgreementsMember 2025-01-01 2025-12-31 0001734107 sohu:VideoContentAndLicenseMember 2025-01-01 2025-12-31 0001734107 sohu:DomainNamesAndTrademarksMember 2025-01-01 2025-12-31 0001734107 us-gaap:ComputerSoftwareIntangibleAssetMember 2025-01-01 2025-12-31 0001734107 us-gaap:DevelopedTechnologyRightsMember 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember sohu:ChangyouComLimitedMember sohu:OnlineGameRevenueMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember sohu:ChangyouComLimitedMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember sohu:ChangyouComLimitedMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember sohu:ChangyouComLimitedMember sohu:OnlineGameRevenueMember us-gaap:ProductConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:ShanghaiIceInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:GuangzhouQianjunNetworkTechnologyCo.Ltd.Member 2025-01-01 2025-12-31 0001734107 sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2025-01-01 2025-12-31 0001734107 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0001734107 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-12-31 0001734107 dei:BusinessContactMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuDonglinAdvertisingCoLtdMember sohu:BeijingSohuNewMediaInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingSohuInternetInformationServiceCoLtdMember sohu:BeijingSohuNewEraInformationTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2025-01-01 2025-12-31 0001734107 srt:MinimumMember sohu:ChinaCompanyLawMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignTaxJurisdictionOtherMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignCountryMember sohu:CaymanOtherMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignCountryMember sohu:BVIAndChineseMainlandMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignCountryMember sohu:HongKongAndChineseMainlandMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignCountryMember sohu:CaymanAndChineseMainlandMember 2025-01-01 2025-12-31 0001734107 sohu:ChinaCompanyLawMember 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember sohu:OnlineGameRevenueMember us-gaap:ProductConcentrationRiskMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 country:CN sohu:CashAndCashEquivalentsShortTermInvestmentsAndLongTermTimeDepositsMember us-gaap:CreditConcentrationRiskMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:LegacyTianLongBaBuMember sohu:OnlineGameRevenueMember us-gaap:ProductConcentrationRiskMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 sohu:TianLongBaBuMMOGMember us-gaap:SalesRevenueNetMember us-gaap:ProductConcentrationRiskMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember sohu:SohuMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember sohu:SohuMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandFourteenAndTwoThousandAndNineteenAmendedShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandFourteenAndTwoThousandAndNineteenAmendedShareIncentivePlanMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 srt:MaximumMember sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001734107 dei:AdrMember 2025-01-01 2025-12-31 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember 2025-01-01 2025-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember sohu:ChangyouComLimitedMember 2025-01-01 2025-12-31 0001734107 us-gaap:FairValueMeasurementsRecurringMember 2025-01-01 2025-12-31 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember 2025-01-01 2025-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember dei:AdrMember 2025-01-01 2025-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:ThirdPartyMember 2025-01-01 2025-12-31 0001734107 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember sohu:IntraGroupMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGameaseAgeDigitalTechnologyCoLtdMember sohu:ShareholdersOfGameaseMember sohu:BeijingAmazGameAgeInternetTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingGuanyouGamespaceDigitalTechnologyCoLtdMember sohu:ShareholdersOfGuanyouGamespaceMember sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignCountryMember sohu:HongKongMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouMember 2025-01-01 2025-12-31 0001734107 country:US 2025-01-01 2025-12-31 0001734107 sohu:ChineseMainlandMember 2025-01-01 2025-12-31 0001734107 us-gaap:ForeignTaxJurisdictionOtherMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingAmazGameAgeInternetTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 sohu:BeijingChangyouGamespaceSoftwareTechnologyCoLtdMember 2025-01-01 2025-12-31 0001734107 us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2025-01-01 2025-12-31 0001734107 us-gaap:DebtSecuritiesMember sohu:LongTermTimeDepositMember 2025-01-01 2025-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member dei:AdrMember 2025-01-01 2025-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member dei:AdrMember us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001734107 sohu:ChangyouMergerMember us-gaap:CommonStockMember srt:ParentCompanyMember sohu:ChangyouComLimitedMember 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 0001734107 sohu:ChangyouComLimitedMember sohu:ChangyouMergerMember us-gaap:CommonStockMember srt:ParentCompanyMember 2020-04-17 0001734107 sohu:ChangyouComLimitedMember sohu:ChangyouMergerMember srt:ParentCompanyMember 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember sohu:ChangyouTwoThousandFourteenAndTwoThousandAndNineteenAmendedShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouMergerMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 2020-04-17 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2020-04-17 2020-04-17 0001734107 sohu:PriorTaxYearsMember 2017-01-01 2017-12-31 0001734107 country:US sohu:PriorTaxYearsMember 2017-01-01 2017-12-31 0001734107 sohu:ThereafterTaxYearsMember 2018-01-01 2018-12-31 0001734107 country:US sohu:ThereafterTaxYearsMember 2018-01-01 2018-12-31 0001734107 country:US 2017-10-01 2017-12-31 0001734107 country:US 2018-12-31 0001734107 sohu:CinemaAdvertisingBusinessMember sohu:ShanghaiJingmaoAndItsAffiliateMember sohu:ChangyouComLimitedMember 2010-05-01 2010-05-31 0001734107 sohu:CinemaAdvertisingBusinessMember sohu:ShanghaiJingmaoAndItsAffiliateMember sohu:ChangyouComLimitedMember 2011-01-01 2011-01-31 0001734107 sohu:ChangyouComLimitedMember 2023-08-10 2023-08-10 0001734107 srt:ParentCompanyMember sohu:SoEasyMember 2014-08-01 2014-08-31 0001734107 srt:ParentCompanyMember sohu:SoEasyMember 2015-04-01 2015-04-30 0001734107 srt:ParentCompanyMember sohu:SoEasyMember 2016-02-01 2016-02-28 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member us-gaap:CommonStockMember 2024-11-01 2024-11-30 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member 2024-11-01 2024-11-30 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember 2015-02-28 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember 2016-05-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember 2017-09-30 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember 2017-11-30 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2019-02-28 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2020-09-30 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2021-09-30 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2019-07-31 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2014-06-27 0001734107 srt:MinimumMember sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2014-11-02 0001734107 srt:MaximumMember sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyousTwoThousandAndFourteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2014-11-02 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2019-08-26 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2021-02-02 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2024-11-09 0001734107 country:CN 2023-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November112023Member dei:AdrMember 2023-11-11 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November112023Member dei:AdrMember 2023-11-11 2023-11-11 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:March022024Member dei:AdrMember 2024-03-02 0001734107 srt:ParentCompanyMember srt:MaximumMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember us-gaap:CommonStockMember 2010-07-02 0001734107 srt:ParentCompanyMember srt:MaximumMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember us-gaap:CommonStockMember 2018-04-02 0001734107 srt:ParentCompanyMember srt:MaximumMember sohu:SohuTwoThousandAndTenStockIncentivePlanMember 2010-07-02 2010-07-02 0001734107 us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2019-08-03 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member us-gaap:CommonStockMember 2025-12-01 2025-12-31 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November92024Member dei:AdrMember 2025-12-01 2025-12-31 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember 2025-05-18 0001734107 sohu:CertainMembersOfManagementAndCertainKeyEmployeesMember us-gaap:EmployeeStockOptionMember sohu:ChangyouTwoThousandAndNineteenShareIncentivePlanMember us-gaap:CommonClassAMember sohu:ChangyouComLimitedMember 2025-05-18 0001734107 country:US 2018-07-01 2018-09-30 0001734107 sohu:SohuShareRepurchaseProgramMember sohu:November112023Member dei:AdrMember 2024-11-09 2024-11-09 0001734107 country:US 2025-03-31 0001734107 country:US 2025-01-01 2025-03-31 0001734107 us-gaap:NoncontrollingInterestMember 2022-12-31 0001734107 us-gaap:RetainedEarningsMember 2022-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2022-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001734107 us-gaap:CommonStockMember 2022-12-31 0001734107 srt:ParentCompanyMember 2022-12-31 0001734107 srt:ParentCompanyMember 2023-12-31 0001734107 us-gaap:CommonStockMember 2023-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2023-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001734107 us-gaap:RetainedEarningsMember 2023-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2023-12-31 0001734107 sohu:ChangyouComLimitedMember us-gaap:OperatingSegmentsMember 2023-12-31 0001734107 srt:ParentCompanyMember us-gaap:OperatingSegmentsMember 2023-12-31 0001734107 srt:ParentCompanyMember 2024-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001734107 us-gaap:RetainedEarningsMember 2024-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2024-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2024-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001734107 us-gaap:CommonStockMember 2024-12-31 0001734107 srt:ParentCompanyMember us-gaap:EmployeeStockOptionMember sohu:SohuTwoThousandAndEighteenShareIncentivePlanMember 2024-12-31 0001734107 srt:ParentCompanyMember 2025-12-31 0001734107 us-gaap:TreasuryStockCommonMember 2025-12-31 0001734107 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001734107 us-gaap:CommonStockMember 2025-12-31 0001734107 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001734107 us-gaap:NoncontrollingInterestMember 2025-12-31 0001734107 us-gaap:RetainedEarningsMember 2025-12-31 iso4217:USD pure shares iso4217:USD shares sohu:Institutions sohu:Integer 0001734107 false Ordinary shares true FY 20-F false true 2025-12-31 --12-31 2025 false false 001-38511 SOHU.COM LIMITED E9 Level 18, Sohu.com Media Plaza Block 3, No. 2 Kexueyuan South Road, Haidian District Beijing 100190 CN CN Joanna Lv Level 18, Sohu.com Media Plaza Block 3, No. 2 Kexueyuan South Road, Haidian District Beijing 100190 86 10 6272 6666 IR@sohu-inc.com American Depositary Shares, each representing one ordinary share, par value US$0.001 per share SOHU NASDAQ 26069022 No No Yes Yes Accelerated Filer false true false U.S. GAAP false true <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Management and Strategy </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recognize the importance of safeguarding the confidentiality, integrity, and availability of our data and information systems, and have designed and maintained a comprehensive program for identifying, assessing, and managing material risks from cybersecurity threats, as that term is defined in Item 16K of Form <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20-F.</div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div> Our cybersecurity risk management program is composed of the following key <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">elements: </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Governance Structure</div></div>.</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Our Board of Directors, supported by our Audit <div style="display:inline;">Committee</div>, oversees our company’s overall <div style="display:inline;">risk</div> management, including cybersecurity risks, and receives and reviews, on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as-needed</div> basis, presentations and reports on material cybersecurity issues from our Chief Executive Officer and our Chief Financial Officer, who are designated as the individuals primarily responsible for overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">day-to-day</div></div> operations of our cybersecurity risk management program. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">For our Sohu segment, we have designated two internal organizations, the Technology Development Committee (the “TDC”) and the Personal Information Protection and Compliance Working Group (the “PI Working Group”), to assist our Chief Executive Officer and our Chief Financial Officer in the discharge of their risk management responsibilities. The TDC is responsible for monitoring and managing risks related to our data and information systems relating to our Sohu segment, and reports to our Chief Executive Officer. The PI Protection Working Group, consisting of the heads of certain of our business divisions and of our <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-house</div> legal and Internal Audit teams, is responsible for monitoring and managing risks related to our collection, storage, and use of personal information that may arise in our Sohu segment, and reports to our Chief Financial Officer. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For our Changyou segment, we have established a cybersecurity working group (the “Changyou Cybersecurity Group”) that is headed by Changyou’s Chief Technology Officer. The Changyou Cybersecurity Group is responsible for monitoring and managing cybersecurity risks relating to the Changyou segment, and reports, in coordination with Changyou’s Chief Executive Officer and our Internal Audit team, to our Chief Executive Officer and our Chief Financial Officer. </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Internal Policies and Procedures</div></div>. As part of our cybersecurity risk management program, our management, in coordination with our Board of Directors and our cybersecurity staff, including the TDC, the PI Working Group, and the Changyou Cybersecurity Group, has developed and adopted a comprehensive set of internal policies, standards, and processes governing our cybersecurity functions, and regularly reviews and updates these policies, standards, and processes based on evolving regulatory requirements and industry standards and best practices. </div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Identification, Assessment and Management.</div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">To identify potential cybersecurity threats and incidents, we use various tools and technologies, such as a traffic spectrometry detection system, web application firewalls, host intrusion prevention systems, honeypot systems, and terminal anti-virus software; perform penetration testing and vulnerability scanning of our information systems and applications on a regular basis; and take appropriate security measures, such as encryption, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">de-identification,</div> and network segmentation, to ensure the safety of our sensitive business data and personal information. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;display:inline;">As part of our dynamic response strategy, cybersecurity threats and incidents identified in our Sohu segment or our Changyou segment through our cybersecurity risk management program are first evaluated by the TDC and/or the PI Working Group, or by the Changyou Cybersecurity Group, as the case may be, and are then classified in categories by security severity based on their actual or potential business and operational impact, and prioritized for timely remediation based on their classifications. Identified cybersecurity threats and incidents that meet our <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-established</div> reporting thresholds are required to be timely reported to the Chief Executive Officer and the Chief Financial Officer, who may in turn report to the Board of Directors, if they deem it to be necessary. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Third-Party Risk Management</div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> When determining the selection and oversight of third-party service providers, we gather information from candidates that are expected to share or receive data, have access to or integrate with our systems, and/or process our employee, business, or customer data, in order to help us evaluate potential risks associated with their security controls. Our contracts with third-party service providers generally require such service providers to, among other things, maintain security controls to protect our confidential information and data, notify us of material data breaches that may impact our data, and take remedial measures in a timely manner. We also conduct ongoing monitoring throughout the duration of our contracts, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-assess</div> continuing qualifications of each of our existing service providers, including the effectiveness of their internal controls, annually (or sooner at the time of contract renewal) or in the event of any identified cybersecurity incident or any significant changes to such service provider’s security controls. </div></td></tr></table><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Training.</div></div> We have various cybersecurity education and training programs designed to promote awareness of, and reinforce, our information technology and security policies, standards, and practices among our employees in general and employees of certain business divisions that are particularly susceptible to cybersecurity threats. </div></td></tr></table><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Continuous Review.</div></div> We engage third-party professionals, on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as-needed</div> basis, to perform assessments, and independent reviews of our security control procedures and their effectiveness. The Chief Financial Officer provides reports on the results of such third-party assessments and reviews to our Audit Committee at its regularly scheduled or special meetings. </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of the date of the filing of this annual report, we have not had any cybersecurity incident (as such term is defined in Item 16K of Form <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20-F),</div> nor have we identified any risks from cybersecurity threats, including those resulting from any previous cybersecurity incidents, that have materially adversely affected, or are reasonably likely to materially adversely affect, our company or our business operations or financial condition. <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Although our cybersecurity risk management program, as described above, is designed to help prevent, detect, respond to, and mitigate the impact of cybersecurity incidents, we cannot assure you that a future cybersecurity incident would not materially adversely affect our business operations or our results of operations or financial condition. For information regarding cybersecurity risks that are facing us and their potential impact on our related business, see Item 3. Key Information - Risk Factors - Risks Related to Our Business “- Data security breaches relating to our platforms could damage our reputation and expose us to penalties and legal liability” and “- Our network operations may be vulnerable to hacking, viruses, and other disruptions, which may make our products and services less attractive and reliable, and third-party online payment platforms that we partner with and cloud-based servers that we lease from third-party operators may be susceptible to security breaches, which may damage our reputation and adversely affect our business” and “- Risks related to Changyou.com Limited - Risks related to Changyou’s Business - Breaches in the security of Changyou’s server network, or cloud-based servers that it leases from third-party operators, could cause disruptions in its service or operations, facilitate piracy of its intellectual property, or compromise confidential information of its game players and its business.” </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recognize the importance of safeguarding the confidentiality, integrity, and availability of our data and information systems, and have designed and maintained a comprehensive program for identifying, assessing, and managing material risks from cybersecurity threats, as that term is defined in Item 16K of Form <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20-F.</div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div> Our cybersecurity risk management program is composed of the following key <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">elements: </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Governance Structure</div></div>.</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Our Board of Directors, supported by our Audit <div style="display:inline;">Committee</div>, oversees our company’s overall <div style="display:inline;">risk</div> management, including cybersecurity risks, and receives and reviews, on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as-needed</div> basis, presentations and reports on material cybersecurity issues from our Chief Executive Officer and our Chief Financial Officer, who are designated as the individuals primarily responsible for overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">day-to-day</div></div> operations of our cybersecurity risk management program. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">For our Sohu segment, we have designated two internal organizations, the Technology Development Committee (the “TDC”) and the Personal Information Protection and Compliance Working Group (the “PI Working Group”), to assist our Chief Executive Officer and our Chief Financial Officer in the discharge of their risk management responsibilities. The TDC is responsible for monitoring and managing risks related to our data and information systems relating to our Sohu segment, and reports to our Chief Executive Officer. The PI Protection Working Group, consisting of the heads of certain of our business divisions and of our <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-house</div> legal and Internal Audit teams, is responsible for monitoring and managing risks related to our collection, storage, and use of personal information that may arise in our Sohu segment, and reports to our Chief Financial Officer. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For our Changyou segment, we have established a cybersecurity working group (the “Changyou Cybersecurity Group”) that is headed by Changyou’s Chief Technology Officer. The Changyou Cybersecurity Group is responsible for monitoring and managing cybersecurity risks relating to the Changyou segment, and reports, in coordination with Changyou’s Chief Executive Officer and our Internal Audit team, to our Chief Executive Officer and our Chief Financial Officer. </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Internal Policies and Procedures</div></div>. As part of our cybersecurity risk management program, our management, in coordination with our Board of Directors and our cybersecurity staff, including the TDC, the PI Working Group, and the Changyou Cybersecurity Group, has developed and adopted a comprehensive set of internal policies, standards, and processes governing our cybersecurity functions, and regularly reviews and updates these policies, standards, and processes based on evolving regulatory requirements and industry standards and best practices. </div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 3%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risk Identification, Assessment and Management.</div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">To identify potential cybersecurity threats and incidents, we use various tools and technologies, such as a traffic spectrometry detection system, web application firewalls, host intrusion prevention systems, honeypot systems, and terminal anti-virus software; perform penetration testing and vulnerability scanning of our information systems and applications on a regular basis; and take appropriate security measures, such as encryption, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">de-identification,</div> and network segmentation, to ensure the safety of our sensitive business data and personal information. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;display:inline;">As part of our dynamic response strategy, cybersecurity threats and incidents identified in our Sohu segment or our Changyou segment through our cybersecurity risk management program are first evaluated by the TDC and/or the PI Working Group, or by the Changyou Cybersecurity Group, as the case may be, and are then classified in categories by security severity based on their actual or potential business and operational impact, and prioritized for timely remediation based on their classifications. Identified cybersecurity threats and incidents that meet our <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-established</div> reporting thresholds are required to be timely reported to the Chief Executive Officer and the Chief Financial Officer, who may in turn report to the Board of Directors, if they deem it to be necessary. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Third-Party Risk Management</div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> When determining the selection and oversight of third-party service providers, we gather information from candidates that are expected to share or receive data, have access to or integrate with our systems, and/or process our employee, business, or customer data, in order to help us evaluate potential risks associated with their security controls. Our contracts with third-party service providers generally require such service providers to, among other things, maintain security controls to protect our confidential information and data, notify us of material data breaches that may impact our data, and take remedial measures in a timely manner. We also conduct ongoing monitoring throughout the duration of our contracts, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-assess</div> continuing qualifications of each of our existing service providers, including the effectiveness of their internal controls, annually (or sooner at the time of contract renewal) or in the event of any identified cybersecurity incident or any significant changes to such service provider’s security controls. </div></td></tr></table><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Training.</div></div> We have various cybersecurity education and training programs designed to promote awareness of, and reinforce, our information technology and security policies, standards, and practices among our employees in general and employees of certain business divisions that are particularly susceptible to cybersecurity threats. </div></td></tr></table><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: left; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Continuous Review.</div></div> We engage third-party professionals, on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as-needed</div> basis, to perform assessments, and independent reviews of our security control procedures and their effectiveness. The Chief Financial Officer provides reports on the results of such third-party assessments and reviews to our Audit Committee at its regularly scheduled or special meetings. </div></td></tr></table> true true true false As of the date of the filing of this annual report, we have not had any cybersecurity incident (as such term is defined in Item 16K of Form <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20-F),</div> nor have we identified any risks from cybersecurity threats, including those resulting from any previous cybersecurity incidents, that have materially adversely affected, or are reasonably likely to materially adversely affect, our company or our business operations or financial condition. <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Our full Board of Directors, supported by our Audit Committee, oversees our overall risk management, which includes risks arising from cybersecurity threats, and is responsible for ensuring that we have maintained adequate and effective policies and processes to identify and assess cybersecurity risks that we face and to provide resources necessary to manage and mitigate cybersecurity threats and incidents. Our Chief Executive Officer, supported by our Chief Financial Officer, meets with our Board of Directors at its regularly scheduled meetings to discuss our information security and cybersecurity programs and our key cybersecurity initiatives and related priorities and controls. In the event that a material cybersecurity threat or incident is identified, our Chief Executive Officer or our Chief Financial Officer will report the threat or incident to our Board of Directors and will continue to provide ongoing updates regarding the threat or incident until it has been resolved. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">At its regularly-scheduled meetings our Audit Committee receives from our Chief Financial Officer and head of our Internal Audit assessment reports regarding our general enterprise risk and internal controls, which may include an evaluation of risks from a cybersecurity threat or incident if such a threat or incident is identified and meets our <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-established</div> reporting threshold. Our Audit Committee will receive ongoing updates regarding any such threat or incident until it has been resolved, and the Chairman of our Audit Committee may choose to report any such cybersecurity threat or incident to our full Board of Directors and management’s and any third-party assessments after they have been reviewed by our Audit <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Committee. </div></div></div> Our full Board of Directors, supported by our Audit Committee, oversees our overall risk management, which includes risks arising from cybersecurity threats, and is responsible for ensuring that we have maintained adequate and effective policies and processes to identify and assess cybersecurity risks that we face and to provide resources necessary to manage and mitigate cybersecurity threats and incidents. Our Chief Executive Officer, supported by our Chief Financial Officer, meets with our Board of Directors at its regularly scheduled meetings to discuss our information security and cybersecurity programs and our key cybersecurity initiatives and related priorities and controls true <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px;">Our Chief Executive Officer and our Chief Financial Officer are designated as the individuals primarily responsible for overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> operations of our cybersecurity risk management program. <div style="letter-spacing: 0px; top: 0px;display:inline;">As previously discussed, the TDC and the PI Working Group have the responsibility to address cybersecurity threats and to respond to cybersecurity incidents associated with our Sohu segment. The TDC, which reports directly to our Chief Executive Officer, is focused on the security of our data and information systems, while the PI Protection Working Group, which reports directly to our Chief Financial Officer, is focused on protection of personal information. The Changyou Cybersecurity Group was established to address cybersecurity threats and to respond to cybersecurity incidents associated with our Changyou segment, and reports to our Chief Executive Officer and our Chief Financial Officer in coordination with Changyou’s Chief Executive Officer and our Internal Audit team. Through ongoing communications with these teams, our Chief Executive Officer and our Chief Financial Officers are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents, and report risks from cybersecurity threats and cybersecurity incidents to our Audit Committee and/or our full Board of Directors when pre-established reporting thresholds are </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">met. </div></div></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px;">Our Chief Executive Officer and our Chief Financial Officer are designated as the individuals primarily responsible for overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">day-to-day</div></div> operations of our cybersecurity risk management program. <div style="letter-spacing: 0px; top: 0px;display:inline;">As previously discussed, the TDC and the PI Working Group have the responsibility to address cybersecurity threats and to respond to cybersecurity incidents associated with our Sohu segment. The TDC, which reports directly to our Chief Executive Officer, is focused on the security of our data and information systems, while the PI Protection Working Group, which reports directly to our Chief Financial Officer, is focused on protection of personal information. The Changyou Cybersecurity Group was established to address cybersecurity threats and to respond to cybersecurity incidents associated with our Changyou segment, and reports to our Chief Executive Officer and our Chief Financial Officer in coordination with Changyou’s Chief Executive Officer and our Internal Audit team. Through ongoing communications with these teams, our Chief Executive Officer and our Chief Financial Officers are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents, and report risks from cybersecurity threats and cybersecurity incidents to our Audit Committee and/or our full Board of Directors when pre-established reporting thresholds are </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">met. </div></div></div> true <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Our Chief Executive Officer Charles Zhang, having served as such since 1996, and also having served as the Chairman of the Board of Changyou before the completion of the Changyou Merger, has extensive experience and expertise in Internet company management and operations and plays a key role in shaping our cybersecurity risk management policies, standards, and processes and in our cybersecurity risk management. Our Chief Financial Officer Joanna Lv has extensive experience and expertise in our enterprise risk management and internal controls in general, and in understanding and managing privacy and compliance issues related to personal information of our customers and employees in particular. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Qi Gao, who joined us in 2014, currently serves as the Chair of the TDC and concurrently as the Head of Cybersecurity and Head of Data Security, reporting directly to our Chief Executive Officer. Mr. Gao has extensive professional knowledge and experience in product research and development and management, including in managing network and security risks. Mr. Gao has a master’s degree in control science and engineering from Beijing Institute of Technology. </div></div></div> 2028-04-30 http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#LiabilitiesNoncurrent http://fasb.org/us-gaap/2025#LiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTax http://fasb.org/us-gaap/2025#Liabilities http://fasb.org/us-gaap/2025#Liabilities http://www.corp.sohu.com/20251231#LeaseholdAndBuildingImprovementsMember 1424 PricewaterhouseCoopers Zhong Tian LLP Beijing, the People’s Republic of China 159927000 128308000 744498000 702372000 494000 1252000 53762000 43335000 33170000 33924000 83575000 93903000 1041762000 967918000 252860000 246263000 46944000 10257000 43120000 43939000 7695000 4692000 331290000 350659000 10995000 12325000 1734666000 1636053000 5159000 5275000 36043000 36215000 24700000 21631000 97138000 95430000 46845000 52335000 51007000 54878000 3046000 2309000 47232000 55018000 2353000 1970000 14225000 15571000 10488000 8613000 34123000 34123000 76322000 76601000 321967000 333713000 2807000 2896000 12830000 13121000 211848000 13121000 273697000 7930000 53000 0 1659000 322000 490011000 24269000 811978000 357982000 0.001 0.001 75400000 75400000 30065000 30065000 26069000 26069000 30000 26000 839949000 784338000 0.001 0.001 345000 199000 4637000 3093000 -58149000 -42781000 145142000 539237000 922335000 1277727000 353000 344000 922688000 1278071000 1734666000 1636053000 208000 76000 59000 88689000 73465000 59972000 479697000 502389000 505738000 3737000 2599000 2431000 32286000 22545000 18623000 600672000 598399000 584333000 218000 14000 26000 71103000 66579000 53451000 65029000 88495000 71804000 9625000 10759000 6234000 145757000 165833000 131489000 454915000 432566000 452844000 279842000 255233000 247507000 213449000 235824000 188989000 48934000 50910000 73198000 0 0 36955000 542225000 541967000 546649000 -87310000 -109401000 -93805000 35746000 22144000 16550000 45222000 38625000 29137000 692000 464000 -1405000 -5650000 -48168000 -49523000 60420000 52070000 -443609000 -66070000 -100238000 394086000 35426000 0 0 -30644000 -100238000 394086000 -265000 31000 -9000 -65805000 -100269000 394095000 35426000 0 0 -30379000 -100269000 394095000 -30644000 -100238000 394086000 -13643000 -11669000 15368000 -13643000 -11669000 15368000 -44287000 -111907000 409454000 -265000 31000 -9000 -44022000 -111938000 409463000 -1.93 -3.13 13.96 1.04 0 0 -0.89 -3.13 13.96 34109000 32009000 28234000 -1.93 -3.13 13.96 1.04 0 0 -0.89 -3.13 13.96 34109000 32009000 28234000 -30644000 -100238000 394086000 35426000 0 0 13624000 11198000 12365000 16621000 13475000 12635000 0 0 36955000 708000 -30000 1499000 283000 0 0 5845000 911000 -49000 1135000 -309000 535000 -310000 1344000 916000 199000 4912000 -3931000 0 0 -271756000 522000 424000 642000 4403000 -15719000 -10473000 -951000 -4503000 2449000 -5489000 -7495000 -1067000 3439000 904000 2636000 6582000 11779000 -204543000 -24286000 -17674000 0 -19778000 -12735000 783000 -25567000 -48018000 -4762000 -25567000 -48018000 -4762000 3225000 1315000 576000 15187000 18610000 9081000 22076000 0 0 168225000 84432000 210749000 295488000 28144000 224739000 1375757000 1758032000 1649562000 1503242000 1908401000 1602007000 -3571000 -646000 -935000 -291665000 -113360000 24843000 -291665000 -113360000 24843000 6560000 40875000 54077000 -6560000 -40875000 -54077000 -6560000 -40875000 -54077000 -11982000 -3508000 2377000 -335774000 -205761000 -31619000 701462000 365688000 159927000 365688000 159927000 128308000 365688000 159927000 128308000 28053000 16786000 29652000 3601000 3156000 2005000 -7425000 -567000 488000 1110710000 34000 866455000 0 -32837000 275790000 1268000 96000 0 96000 0 0 0 0 -30644000 0 0 0 0 -30379000 -265000 6560000 0 0 6560000 0 0 0 -681000 0 0 0 0 0 -681000 -13643000 0 0 0 -13643000 0 0 1059278000 34000 866551000 -6560000 -46480000 245411000 322000 1059278000 34000 866551000 -6560000 -46480000 245411000 322000 73000 0 73000 0 0 0 0 -100238000 0 0 0 0 -100269000 31000 40875000 4000 42794000 -1923000 0 0 0 16119000 0 16119000 0 0 0 0 -11669000 0 0 0 -11669000 0 0 922688000 30000 839949000 -4637000 -58149000 145142000 353000 922688000 30000 839949000 -4637000 -58149000 145142000 353000 6000 0 6000 0 0 0 0 394086000 0 0 0 0 394095000 -9000 54077000 4000 55617000 -1544000 0 0 0 15368000 0 0 0 15368000 0 0 1278071000 26000 784338000 -3093000 -42781000 539237000 344000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1.</div></div></td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">THE COMPANY AND NATURE OF OPERATIONS </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Nature of Operations and Organization</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu.com Limited was incorporated in the Cayman Islands on May 30, 2003 as a direct wholly-owned subsidiary of Sohu.com Inc., which was incorporated in Delaware in August 1996 and was the ultimate parent company of the Sohu Group (as defined below) until its dissolution on May 31, 2018. On July 17, 2000, Sohu.com Inc. completed an initial public offering (“IPO”) of shares of its common stock on Nasdaq trading under the symbol “SOHU.” On May 31, 2018, pursuant to a proposal for the dissolution of Sohu.com Inc. and adoption of a plan of complete liquidation and dissolution of Sohu.com Inc. that was approved by the stockholders of Sohu.com Inc. at a special meeting of stockholders held on May 29, 2018, Sohu.com Inc. was dissolved, all outstanding shares of the common stock of Sohu.com Inc. were delisted and cancelled, and American Depositary Shares (“ADSs”) representing all outstanding ordinary shares of Sohu.com Limited were distributed on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">share-for-share</div></div> basis to the stockholders of Sohu.com Inc. On June 1, 2018 Sohu.com Limited’s ADSs began trading on the Nasdaq Global Select Market under the same “SOHU” symbol in place of the common stock of Sohu.com Inc. As a result, Sohu.com Limited replaced Sohu.com Inc. as the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">top-tier,</div> publicly-traded holding company of the Sohu Group (as defined below). Sohu.com Limited (or its predecessor Sohu.com Inc., as applicable), together with its subsidiaries and consolidated VIEs, are collectively referred to herein as the “Sohu Group,” the “Group” or the “Company.” As described elsewhere in this report, the Company does not own its consolidated VIEs, and the results of such VIEs’ operations only accrue to the Company through contractual arrangements between certain of the VIEs and/or such VIEs’ nominee shareholders, on the one hand, and certain of the Company’s subsidiaries, on the other hand. Accordingly, in appropriate contexts activities of the VIEs that the Company consolidates will be described separately from those of the Company’s direct and indirect owned subsidiaries and the use of the terms “Sohu Group,” “Group,” and “Company” may not include in those contexts the VIEs that the Company consolidates. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group consists of Sohu, which when referred to in this report, unless the context requires otherwise, consists of the businesses of Sohu.com Limited and its corresponding subsidiaries and the VIEs that it consolidates, excluding the businesses and the corresponding subsidiaries of Changyou and the VIEs that Changyou consolidates, and Changyou. As used in this report, “Changyou” refers to Changyou.com Limited, a Cayman Islands exempted company, and, unless the context requires otherwise, includes its subsidiaries and the VIEs that it consolidates, but excludes Fox Information Technology (Tianjin) Limited (“Video Tianjin”) and its subsidiaries. Changyou is a wholly-owned subsidiary of the Company. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou completed its IPO on Nasdaq in April 2009, trading under the symbol “CYOU.” On April 17, 2020, Sohu acquired all outstanding shares of Changyou that it did not already beneficially own pursuant to the merger (the “Changyou Merger”) of an indirect newly-formed wholly-owned subsidiary with and into Changyou, with Changyou being the company surviving the Changyou Merger and continuing as a privately-held company that is wholly-owned by Sohu.com Limited. As a result of the completion of the Changyou Merger, Sohu.com Limited beneficially holds and controls 100% of the combined total of Changyou’s outstanding ordinary shares and 100% of the total voting power in Changyou and consolidates Changyou in its consolidated financial statements with no noncontrolling interests being recognized except for noncontrolling interests reflecting economic interests in Changyou’s subsidiaries.</div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group is a leading Chinese online media platform and game business group providing comprehensive online products and services on PCs and mobile devices in the Chinese mainland. Through the operation of Sohu and Changyou, the Sohu Group generates marketing services revenues, online game revenues, and other revenues. Most of the Sohu Group’s operations are conducted through the Group’s Chinese mainland-based subsidiaries and consolidated VIEs. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Starting in 2025, the Sohu Group has changed the name of its “brand advertising business” to the “marketing services business.” This change is intended to more accurately reflect the nature of the business, which consists primarily of advertising and other marketing-related services. To provide a consistent basis for comparison, the Sohu Group has renamed all relevant financial measures and disclosures in this report to align with this updated terminology. </div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The principal subsidiaries and VIEs through which the Group conducted its business operations as of December 31, 2025 are described below.</div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 9pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 38%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 24%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 17%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 18%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Name of Entity</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Date of<br/>Incorporation</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Place of<br/>Incorporation</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Effective<br/>Interest Held through Equity<br/>Ownership/Contractual<br/>Arrangements.</div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries:</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Hong Kong) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on April 19, 2000</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Hong Kong</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Era Information Technology Co., Ltd. (“Sohu Era”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on July 25, 2003</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Search) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on October 28, 2005</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Media Information Technology Co., Ltd. (“Sohu Media”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on June 19, 2006</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 6, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com (HK) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 13, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">Hong Kong</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing AmazGame Age Internet Technology Group Co., Ltd. (“AmazGame”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on September 26, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Game) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on February 11, 2008</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Changyou Gamespace Software Technology Co., Ltd. (“Gamespace”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on October 29, 2009</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com Korea LLC</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on January 7, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">South Korea</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Momentum Information Technology Co., Ltd. (“Sohu New Momentum”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on May 31, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fox Information Technology (Tianjin) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 17, 2011</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Changyou Chuangxiang Software Technology Co., Ltd. (“Changyou Chuangxiang”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 8, 2016</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="font-size:1pt"> <td style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">VIEs:</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Century High-Tech Investment Co., Ltd. (“High Century”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on December 28, 2001</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu Internet Information Service Co., Ltd. (“Sohu Internet”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on July 31, 2003</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Gamease Age Digital Technology Co., Ltd. (“Gamease”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 23, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu Donglin Advertising Co., Ltd. (“Donglin”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on May 17, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Shanghai ICE Information Technology Co., Ltd. (“Shanghai ICE”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consolidated beginning on May 28, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Guanyou Gamespace Digital Technology Co., Ltd. (“Guanyou Gamespace”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 5, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tianjin Jinhu Culture Development Co., Ltd (“Tianjin Jinhu”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 24, 2011</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Guangzhou Qianjun Network Technology Co., Ltd. (“Guangzhou Qianjun”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consolidated beginning on November 25, 2014</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> </table> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sohu’s Business </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Marketing Services Business </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sohu’s main business is the marketing services business, which consists primarily of advertising and other marketing-related services. Sohu is an online media content and services provider. Through its social features, Sohu also enables users to generate and distribute content, as well as interact with each other on its platform. The majority of Sohu’s products and services are provided in the Chinese mainland across multiple Internet-enabled devices such as mobile phones, tablets and PCs, through the mobile phone applications Sohu News App and Sohu Video App, the mobile portal m.sohu.com, and the PC portal www.sohu.com. </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenues generated by Sohu from the marketing services business are classified as marketing services revenues in the Sohu Group’s consolidated statements of comprehensive income. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Other Sohu Business </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sohu’s other business consists primarily of paid subscription services, revenue sharing from other platforms, and interactive broadcasting services. Revenues generated by Sohu from the other business are classified as other revenues in the Sohu Group’s consolidated statements of comprehensive income. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Changyou’s Business</div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Changyou’s business consists of the online game business and the platform channel business. The platform channel business consists primarily of marketing services. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Online Game Business </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Changyou’s online game business offers PC games and mobile games to game players. </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">PC games.</div></div> PC games are interactive online games that are accessed and played simultaneously by hundreds of thousands of game players through personal computers and require that local <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">client-end</div> game access software be installed on the computers used. </div> </td> </tr> </table> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-align: justify; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Mobile games. </div></div>Mobile games are played on mobile devices and require an Internet connection. </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of Changyou’s games are operated under the item-based revenue model, meaning that game players can play the games for free, but may choose to pay for virtual items, which are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-physical</div> items that game players can purchase and use within a game, such as characters, weapons, gems, pets, skills, fashion items and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-game</div> consumables, features and functionalities. Revenues derived from the operation of online games are classified as online game revenues in the Sohu Group’s consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s dominant games are the PC game Tian Long Ba Bu (“TLBB PC”) and the mobile game Legacy TLBB Mobile. For the year ended December 31, 2025, revenues from TLBB PC were $306.9 million, accounting for approximately 61% of Changyou’s online game revenues, approximately 60% of Changyou’s total revenues, and approximately 53% of the Sohu Group’s total revenues. For the year ended December 31, 2025, revenues from Legacy TLBB Mobile were $41.4 million, accounting for approximately 8% of Changyou’s online game revenues, approximately 8% of Changyou’s total revenues, and approximately 7% of the Sohu Group’s total revenues. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Platform Channel Business </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s platform channel business consists primarily of the operation of the 17173.com Website, which provides news, electronic forums, online videos, and other online game information services to game players. Changyou generates marketing services revenues from providing marketing services to third-party advertisers on the 17173.com Website. </div> 1 1 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The principal subsidiaries and VIEs through which the Group conducted its business operations as of December 31, 2025 are described below.</div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 9pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 38%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 24%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 17%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 18%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Name of Entity</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Date of<br/>Incorporation</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Place of<br/>Incorporation</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Effective<br/>Interest Held through Equity<br/>Ownership/Contractual<br/>Arrangements.</div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="2" style="height: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Subsidiaries:</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Hong Kong) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on April 19, 2000</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Hong Kong</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Era Information Technology Co., Ltd. (“Sohu Era”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on July 25, 2003</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Search) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on October 28, 2005</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Media Information Technology Co., Ltd. (“Sohu Media”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on June 19, 2006</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com Limited</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 6, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com (HK) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 13, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">Hong Kong</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing AmazGame Age Internet Technology Group Co., Ltd. (“AmazGame”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on September 26, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sohu.com (Game) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on February 11, 2008</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">Cayman Islands</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Changyou Gamespace Software Technology Co., Ltd. (“Gamespace”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on October 29, 2009</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changyou.com Korea LLC</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on January 7, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">South Korea</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu New Momentum Information Technology Co., Ltd. (“Sohu New Momentum”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on May 31, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fox Information Technology (Tianjin) Limited</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 17, 2011</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Changyou Chuangxiang Software Technology Co., Ltd. (“Changyou Chuangxiang”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 8, 2016</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="font-size:1pt"> <td style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 9.75pt; background-color: rgba(255, 255, 255, 0);"></td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">VIEs:</div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Century High-Tech Investment Co., Ltd. (“High Century”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on December 28, 2001</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu Internet Information Service Co., Ltd. (“Sohu Internet”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on July 31, 2003</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Gamease Age Digital Technology Co., Ltd. (“Gamease”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 23, 2007</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Sohu Donglin Advertising Co., Ltd. (“Donglin”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on May 17, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Shanghai ICE Information Technology Co., Ltd. (“Shanghai ICE”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consolidated beginning on May 28, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beijing Guanyou Gamespace Digital Technology Co., Ltd. (“Guanyou Gamespace”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on August 5, 2010</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tianjin Jinhu Culture Development Co., Ltd (“Tianjin Jinhu”)</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Incorporated on November 24, 2011</div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgba(255, 255, 255, 0);">100%</td> </tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 9pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Guangzhou Qianjun Network Technology Co., Ltd. (“Guangzhou Qianjun”)</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consolidated beginning on November 25, 2014</div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">People’s Republic of China</td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: middle; white-space: nowrap; text-align: center; background-color: rgb(204, 238, 255);">100%</td> </tr> </table> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> 2000-04-19 Hong Kong 1 2003-07-25 People’s Republic of China 1 2005-10-28 Cayman Islands 1 2006-06-19 People’s Republic of China 1 2007-08-06 Cayman Islands 1 2007-08-13 Hong Kong 1 2007-09-26 People’s Republic of China 1 2008-02-11 Cayman Islands 1 2009-10-29 People’s Republic of China 1 2010-01-07 South Korea 1 2010-05-31 People’s Republic of China 1 2011-11-17 People’s Republic of China 1 2016-11-08 People’s Republic of China 1 2001-12-28 People’s Republic of China 1 2003-07-31 People’s Republic of China 1 2007-08-23 People’s Republic of China 1 2010-05-17 People’s Republic of China 1 2010-05-28 People’s Republic of China 1 2010-08-05 People’s Republic of China 1 2011-11-24 People’s Republic of China 1 2014-11-25 People’s Republic of China 1 306900000 0.61 0.60 0.53 41400000 0.08 0.08 0.07 <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2.</div></div></td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Accounting Standards </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) to reflect the financial position and results of operations of the Sohu Group. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Use of Estimates </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of these financial statements requires the Sohu Group to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">on-going</div> basis, the Group evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical to fully understanding and evaluating its consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Basis of Consolidation and Recognition of Noncontrolling Interest </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s consolidated financial statements include the accounts of the Company and its subsidiaries and consolidated VIEs. All intra-Group transactions are eliminated. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">VIE Consolidation </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC 810, if an entity has (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic performance and (ii) the right to receive economic benefits from the VIE that could be significant to the VIE, then such entity will be considered as holding a controlling financial interest in the VIE, which will make such entity a primary beneficiary of, and will require such entity to consolidate, the VIE. The VIEs through which the Sohu Group conducts a substantial portion of its business operations are wholly owned, directly or indirectly, by certain employees of the Sohu Group as nominee shareholders. For those VIEs with which the Sohu Group has contractual arrangements and with their nominee shareholders, management made evaluations of the relationships between the Sohu Group and such VIEs and the economic benefit flow of such contractual arrangements with such VIEs. In connection with such evaluation, management also took into account the fact that, as a result of such contractual arrangements, the Sohu Group controls 100% of the nominee shareholders’ voting interests in such VIEs and the fact that any such VIE, if it has one or more wholly-owned subsidiaries that are also VIEs that the Sohu Group consolidates, holds and controls 100% of the shareholder’s voting interests in such subsidiary or subsidiaries even if any such subsidiary itself is not a party to any VIE contract with the Sohu Group. As a result of such evaluation, management concluded that the Sohu Group holds a controlling financial interest in all of the VIEs that it consolidates because the Sohu Group has the power to direct the activities of such VIEs that most significantly affect their economic performances and the right to receive economic benefits that could be significant to such VIEs and that, therefore, the Sohu Group is the primary beneficiary of, and is required under ASC 810 to consolidate, all of such VIEs. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Noncontrolling Interest Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholders. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Discontinued operations</div></div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Discontinued operations are reported when a component, or a group of components, of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) has a major impact on an entity’s financial results and operations. In the statement of financial position, the assets and liabilities of the discontinued operation are presented separately in the asset and liability sections, respectively, of the statement of financial position and prior periods are presented on a comparative basis. In the consolidated statements of comprehensive income, results from discontinued operations are reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinued operations are presented separately in the consolidated statements of cash flows. In order to present the financial effects of the continuing operations and discontinued operations, revenues and expenses arising from intra-Group transactions are eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operations. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Segment Reporting </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s segments are business units that offer different services and are reviewed separately by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Company’s Chief Executive Officer. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The recognition of revenues involves certain management judgments, including the estimation of the fair value of an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">advertising-for-advertising</div></div> barter transaction, volume-based sales rebates, estimated lives of virtual items purchased by game players, and allocation of upfront license fees for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">licensed-out</div> games between license and post-sale services. The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments or utilized different estimates. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the Group’s revenues disaggregated by products and services: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2023</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">83,675</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">5,014</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">88,689</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">115,961</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">484,711</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">600,672</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2024</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">69,683</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,782</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">73,465</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">92,228</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">506,171</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">598,399</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 93%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td colspan="9" style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">56,790</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,182</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">59,972</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">75,413</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">508,920</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">584,333</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Marketing Services Revenues </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Marketing services revenues are generated from advertising and other marketing-related services. Through mobile devices and PCs, the Group provides advertisement placements to advertisers on different Internet platforms and in different formats. Sales rebates paid to customers are accounted for as variable consideration. The Group recognizes revenue for the amount of fees it receives from its customers, after deducting sales rebates, net of value-added tax (“VAT”). </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Revenue Recognition of Multiple Performance Obligations </div></div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group’s contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenues to each performance obligation based on its relative standalone selling price. The Group generally determines the standalone selling price of each distinct performance obligation based on the prices charged to customers when sold on a standalone basis. Where a standalone selling price is not directly observable, the Group generally estimates the selling price based on the prices at which performance obligations of a similar nature and geography are charged to customers. Most of such contracts have all performance obligations completed within the same quarter. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Pricing Model </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Group has three main types of pricing models, consisting of the Fixed Price model, the Cost Per Impression (“CPM”) model and the Cost Per Click (“CPC”) model. </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(i)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Fixed Price Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Fixed Price model, a contract is signed to establish a fixed price for the marketing services to be provided. Given that advertisers benefit from displayed advertisements evenly over the period the advertisements are displayed, the Group recognizes revenue on a straight-line basis over the period of display, provided all revenue recognition criteria have been met. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(ii)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">CPM Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the CPM model, the unit price for each qualifying display is fixed and stated in the contract with the advertiser. A qualifying display is defined as the appearance of an advertisement, where the advertisement meets criteria specified in the contract. Given that the fees are priced consistently throughout the contract and the unit prices are fixed in accordance with the Group’s pricing practices for similar advertisers, the Group recognizes revenue based on the fixed unit prices and the number of qualifying displays upon their occurrence, provided all revenue recognition criteria have been met. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(iii)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">CPC Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the CPC model, there is no fixed price for marketing services stated in the contract with the advertiser. The unit price for each click is auction-based, and the Group charges advertisers on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">per-click</div> basis when the users click on the advertisements. Given that the fees are priced consistently throughout the contract and the unit prices are fixed in accordance with the Group’s pricing practices for similar advertisers, the Group recognizes revenue based on qualifying clicks and the unit price upon the occurrence of the clicks, provided all revenue recognition criteria have been met. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Online Game Revenues </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s online game revenues are generated primarily from its self-operated and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">licensed-out</div> PC games and mobile games. All of Changyou’s games are operated under the item-based revenue model, where the basic game play functions are free of charge and players are charged for purchases of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-game</div> virtual items, including those with a predetermined expiration time and perpetual virtual items. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou is the principal of its self-operated games. Changyou hosts the games on its own servers and is responsible for the sale and marketing of the games as well as customer service. Accordingly, revenues are recorded gross of revenue sharing-payments to third-party developers and/or mobile App stores, but net of VAT and discounts to game card distributors where applicable. Changyou obtains revenues from the sale of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-game</div> virtual items. Revenues are recognized over time for virtual items with estimated lives and upon use for items that are consumed immediately. If different assumptions were used in deriving the estimated lives of the virtual items, the timing of the recording of the revenues would be impacted. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">PC Games </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proceeds from Changyou’s self-operated PC games are collected from players and third-party game card distributors through sales of Changyou’s game points on its online payment platform and prepaid game cards. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s self-operated PC games are either developed in house or licensed from third-party developers. For licensed PC games, Changyou remits a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> percentage of the proceeds to the third-party developers, and keeps the balance, pursuant to revenue-sharing agreements. Such revenue-sharing amounts paid to third-party developers are recorded in Changyou’s cost of revenues. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mobile Games </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Self-operated Mobile Games </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For self-operated mobile games, Changyou sells game points to its game players via third-party mobile App stores. The mobile App stores in turn pay Changyou proceeds after deducting their share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> revenue-sharing amounts. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s self-operated mobile games are either developed in house or licensed from or jointly developed with third-party developers. For licensed and jointly-developed mobile games, Changyou remits a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> percentage of the proceeds to the third-party developers, and keeps the balance, pursuant to revenue-sharing agreements. Such revenue-sharing amounts paid to mobile App stores and third-party developers are recorded in Changyou’s cost of revenues. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Licensed-out Mobile Games </div></div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou also authorizes third parties to operate its mobile games. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Licensed-out</div> games include mobile games developed in house, such as Changyou’s mobile games Legacy TLBB Mobile and New TLBB Mobile, and mobile games jointly developed with third-party developers. Changyou receives monthly revenue-based royalty payments from the third-party licensee operators. Changyou receives additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">up-front</div> license fees from certain third-party licensee operators who are entitled to an exclusive right to operate Changyou’s games in specified geographic areas. Since Changyou is obligated to provide post-sale services (“PCS”), the initial license fees are allocated between the license and PCS based on relative standalone selling prices. The amount allocated to the license is recognized as revenue upon the commencement of the license period, given that Changyou’s intellectual property rights subject to the license are considered to be functional and the licensee has the right to use such intellectual property rights as they exist at the point when the license is granted, and the amount allocated to PCS is recognized as revenue ratably over the license period. Monthly revenue-based royalty payments are recognized when the relevant services are delivered, provided that collectability is reasonably assured. Changyou views the third-party licensee operators as Changyou’s customers and recognizes revenues on a net basis, as Changyou does not have the primary responsibility for fulfillment and acceptability of the game services. </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Other Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other revenues consist primarily of revenues from paid subscription services, revenue sharing from other platforms and interactive broadcasting services. </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Contract Balances </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. The allowance for credit losses is estimated based upon the Group’s assessment of various factors, including past collection experience and consideration of current and future economic conditions and other factors that may affect the Group’s customers’ ability to pay. Contract assets as of December 31, 2025 were not material. The allowance for credit losses was $10.9 million and $12.4 million, respectively, as of December 31, 2025 and 2024. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contract liabilities are presented as receipts in advance and deferred revenue on the consolidated balance sheets of the Group. Receipts in advance and deferred revenue relate to unsatisfied performance obligations at the end of the period and primarily consist of fees received from game players in the online game business and from advertisers in the marketing services business. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized that was included in the receipts in advance and deferred revenue balance at the beginning of the period was $47.9 million and $47.6 million, respectively, for the years ended December 31, 2025 and 2024.</div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There was no significant change in the contract assets and contract liability balances during 2025. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue recognized in 2025 from performance obligations related to prior years was not material. </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Practical Expedients </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group has used the following practical expedients as allowed under ASC 606: </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) The transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied has not been disclosed, as substantially all of the Group’s contracts have a duration of one year or less. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. In instances where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that its contracts generally do not include a significant financing component. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) The Group applied the portfolio approach in determining the commencement date of consumption and the estimated lives of virtual items for the recognition of games revenue, given that the effect of applying a portfolio approach to a group game players’ behaviors would not differ materially from considering each one of them individually. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iv) The Group generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of Revenues </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Marketing Services Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of marketing services revenues mainly consists of content and license costs, salary and benefits expenses, and costs incurred for related content marketing campaigns. For self-developed video content, production costs incurred in excess of the amount of revenue contracted for are expensed as incurred. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Online Game Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of online game revenues mainly consists of revenue-sharing payments, bandwidth service costs, salary and benefits expenses, and content and license costs. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Other Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of other revenues mainly consists of revenue-sharing payments related to paid subscription services and interactive broadcasting services, and content and license costs related to paid subscription services. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Product Development Expenses </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Product development expenses mainly consist of salary and benefits expenses, content and license costs, professional fees, depreciation and amortization expenses, and bandwidth service expenses. These expenses are incurred for the enhancement and maintenance of the Sohu Group’s Internet platforms as well as for its products and services. The development costs of online games are expensed as incurred, including the development costs of online games prior to the establishment of technological feasibility and maintenance costs after the online games are available for marketing. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sales and Marketing Expenses </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sales and marketing expenses mainly consist of advertising and promotional expenses, salary and benefits expenses, travel and entertainment expenses, and professional fees. Advertising and promotional expenses generally represent the expenses of promotions to create or stimulate a positive image of the Sohu Group or a desire to subscribe for the Group’s products and services. Advertising and promotional expenses are expensed as incurred. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">General and Administrative Expenses </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative expenses mainly consist of salary and benefits expenses, legal proceedings and professional fees, facilities expenses, and travel and entertainment expenses. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Share-based Compensation Expense </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu and Changyou have incentive plans for the granting of share-based awards, including share options and restricted share units, to members of the boards of directors, management, and other key employees. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For share-based awards for which a grant date has occurred, share-based compensation expense is recognized as costs and expenses in the consolidated statements of comprehensive income based on the fair value of the related share-based awards on their grant dates. For share-based awards for which the service inception date precedes the grant date, share-based compensation expense is recognized as costs and expenses in the consolidated statements of comprehensive income beginning on the service inception date and is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date, based on the estimated fair value of the related share-based awards. Share-based compensation expense is charged to shareholders’ equity or noncontrolling interest in the consolidated balance sheets. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. If factors change or different assumptions are used, the Group’s share-based compensation expense could be materially different for any period. Moreover, the estimates of fair value are not intended to predict actual future events or the value that ultimately will be realized by employees who receive equity awards. </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the completion of the Changyou Merger, the board of directors of the Company (the “Sohu Board”) approved a modification plan (the “Changyou Plans’ Modification”) for granted but unvested share options, and for options that may be granted from time to time, under the Changyou.com Limited 2014 Share Incentive Plan (the “Changyou 2014 Share Incentive Plan”) and the Changyou.com Limited 2019 Share Incentive Plan (the “Changyou 2019 Share Incentive Plan”). After the Changyou Plans’ Modification, liability is accrued over the service period based on a fixed price of $5.39 per Changyou Class A ordinary share, which equals the Changyou Merger consideration of $5.40 per Changyou Class A ordinary share minus the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">per-share</div> exercise price of $0.01 of such options. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made given the awards are obligations based on a fixed amount of $5.39 per Changyou Class A ordinary share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sohu and Changyou Share-based Awards </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sohu Share-based Awards </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the fair value of share options granted by Sohu as share-based awards, the public market price of the underlying shares at each reporting date was used, and a binomial valuation model was applied. In determining the fair value of restricted share units granted, the public market price of the underlying shares on the grant dates was applied. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the dissolution of Sohu.com Inc. on May 31, 2018, Sohu.com Limited assumed all then existing obligations of Sohu.com Inc. with respect to equity incentive awards that had been granted under Sohu.com Inc.’s Amended and Restated 2010 Stock Incentive Plan (the “Sohu 2010 Stock Incentive Plan”) and remained outstanding, and such awards were converted into the right to receive upon exercise or settlement Sohu.com Limited’s ordinary shares under the Sohu.com Limited 2018 Share Incentive Plan (the “Sohu 2018 Share Incentive Plan”) rather than shares of the common stock of Sohu.com Inc., subject to the other terms of such outstanding awards. Options for the purchase of Sohu.com Limited’s ordinary shares, including options converted from those contractually granted under the Sohu 2010 Stock Incentive Plan, are subject to vesting in four equal installments over a period of four years, with each installment vesting upon satisfaction of a service period requirement and certain subjective performance targets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-25,</div></div> no grant date can be established until a mutual understanding is reached between Sohu and the recipients clarifying the subjective performance requirements. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-55,</div></div> as the service inception date preceded the grant date, compensation expense was accrued beginning on the service inception date and will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. The estimate of the awards’ fair values will be fixed in the period in which the grant date occurs, and cumulative compensation expense will be adjusted based on the fair value at the grant date. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou Share-based Awards </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options for the purchase of Changyou Class A ordinary shares contractually granted under the Changyou 2014 Share Incentive Plan, which expired in June 2024 and is no longer available for granting new share-based awards, and the Changyou 2019 Share Incentive Plan are subject to vesting in four equal installments over a period of four years, with each installment vesting upon satisfaction of a service period requirement and certain subjective performance targets. Under ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-25,</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div>no grant date can be established until a mutual understanding is reached between Changyou and the recipients clarifying the subjective performance requirements. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-55,</div></div> as the service inception date preceded the grant date, compensation expense was accrued beginning on the service inception date and will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. The estimates of the awards’ fair values will be fixed in the period in which the grant date occurs, and cumulative compensation expense will be adjusted based on the fair values at the grant date. In determining the fair values of Changyou share options granted, the public market price of the underlying shares at each reporting date was used, and a binomial valuation model was applied. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the Changyou Plans’ Modification, share-based compensation expense is accrued over the service period based on the fixed price of $5.39 per Changyou Class A ordinary share. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made, given that the award is an obligation based on a fixed amount of $5.39 per Changyou Class A ordinary share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Compensation Expense Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For options and restricted share units granted with respect to Sohu shares and Changyou shares, compensation expense is recognized on a graded vesting method upon the requisite service period and certain subjective performance targets being met. The number of share-based awards for which the service is not expected to be rendered over the requisite period is estimated, and no compensation expense is recorded for the number of awards so estimated. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Value Added Tax </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="null;text-indent: 0px;display:inline;">The Sohu Group’s revenues are subject to VAT in the Chinese mainland.<div style="display:inline;"> </div></div>To record VAT payable, the Group adopted the net presentation method, which presents the difference between the output VAT (at a rate of 6% or 13%) and the available input VAT amount (at the rate applicable to the supplier). </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Income Tax </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income taxes are accounted for using an asset and liability approach which requires the recognition of income taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Group’s financial statements or tax returns. Deferred income taxes are determined based on the differences between the accounting basis and the tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws. Deferred tax assets are reduced by a valuation allowance, if based on available evidence, it is considered that it is more likely than not that some portion of or all of the deferred tax assets will not be realized. In making such determination, the Group considers factors including future reversals of existing taxable temporary differences and future profitability. If events were to occur in the future that would allow the Group to realize more of its deferred tax assets than the presently recorded net amount, an adjustment would be made to the deferred tax assets that would increase income for the period when those events occurred. If events were to occur in the future that would require the Group to realize less of its deferred tax assets than the presently recorded net amount, an adjustment would be made to the valuation allowance against deferred tax assets that would decrease income for the period when those events occurred. Significant management judgment is required in determining income tax expense and deferred tax assets and liabilities. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group’s deferred tax assets are related to net operating losses and temporary book versus tax basis differences for its Chinese mainland-based subsidiaries and the VIEs that it consolidates, which are subject to income tax in the Chinese mainland. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Withholding Income Tax on Dividends </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends distributed by foreign-invested enterprises in the Chinese mainland to their immediate holding companies outside the Chinese mainland are subject to a 10% withholding tax. A lower withholding tax rate may be applied if there is a tax treaty between the Chinese mainland and the jurisdiction of the foreign holding company. A holding company in Hong Kong, for example, will be subject to a 5% withholding tax rate under an arrangement between the Chinese mainland and the Hong Kong Special Administrative Region on the “Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income,” if such holding company is considered a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-Chinese</div> mainland resident enterprise and holds at least 25% of the equity interests in the Chinese mainland foreign-invested enterprise distributing the dividends, subject to approval of the local tax authority in the Chinese mainland. However, if the Hong Kong holding company is not considered to be the beneficial owner of such dividends under applicable Chinese mainland tax regulations, such dividend will remain subject to a withholding tax rate of 10%. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Taxation on distributions from VIEs to Subsidiaries </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the contractual agreements with the VIEs and their respective shareholders, the Sohu Group’s Chinese mainland subsidiaries charge the VIEs service fees. For income tax purposes, the Sohu Group’s Chinese mainland subsidiaries and the VIEs file income tax returns on a separate basis. The service fees paid by the VIEs are deductible by the VIEs for Chinese mainland income tax purposes and are recognized as income by the Sohu Group’s Chinese mainland subsidiaries. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Corporate Income Tax </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu.com Inc., which was formerly the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">top-tier</div> publicly-traded parent company of the Sohu Group, was dissolved and liquidated on May 31, 2018. Sohu.com Inc. was a Delaware corporation that was subject to U.S. federal corporate income tax on its taxable income at a rate of 21% for taxable years beginning after December 31, 2017 and up to 35% for prior tax years. U.S. federal tax legislation signed into law on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. TCJA”), significantly modified the U.S. Internal Revenue Code by, among other things, reducing the maximum statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a partial territorial tax system with a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-time</div> transition tax (the “Toll Charge”) on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Treatment of Toll Charge Related to the U.S. TCJA </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beginning in the fourth quarter of 2017, the Sohu Group had recognized a provisional amount of income tax expense for the Toll Charge of $219 million, which represented management’s estimate of the amount of the Toll Charge that would have been payable by Sohu.com Inc. based on the deemed repatriation to the United States of its share of previously deferred earnings of certain of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-U.S.</div> subsidiaries, offset by a reduction of $4 million in liability for deferred U.S. income tax, as a result of the U.S. TCJA. The Sohu Group included the provisional amount of the Toll Charge of $219 million <div style="letter-spacing: 0px; top: 0px;display:inline;">on</div> its interim financial statements through the quarter ended September 30, 2018, in reliance on Staff Accounting Bulletin No. 118 (“SAB 118”).<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the fourth quarter of 2018, the Sohu Group’s management <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">re-evaluated</div> the impact on the Sohu Group of the Toll Charge under the U.S. TCJA. Management determined that it was more likely than not that, based on the technical merits, the tax position that the Sohu Group had no Toll Charge liability would be sustained. The Group recognized a tax benefit in the amount of $77 million, which was the largest amount that management determined to be greater than 50% likely to be realized upon settlement with the U.S. Internal Revenue Service (the “IRS”). As a result, as of December 31, 2018, the Sohu Group had an unrecognized tax benefit in the amount of $142 <div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">million, which represented the difference between the tax benefit recognized in the fourth quarter of 2018 and management’s previous estimate of the Toll Charge, and began to accrue related interest. In the first quarter of 2025, due to the expiration of the statutory period for the IRS to conduct an examination of the Sohu Group’s tax return in connection with the Toll Charge, the Sohu Group fully reversed the tax expense with respect to the Toll Charge that resulted in recognition of the previously unrecognized tax benefit</div> of </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">$</div>199<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">million, consisting of principal of</div> $</div></div>142<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million and related accumulated accrued interest of $</div></div>57<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;"> million. </div></div><div style="letter-spacing: 0px; top: 0px; text-indent: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div></div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Uncertain Tax Positions </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group is subject to various taxes in different jurisdictions, but primarily the Chinese mainland. Management reviews regularly the adequacy of the provisions for taxes as they relate to the Group’s income and transactions. In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> approach for tax position measurement and financial statement recognition. For the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon settlement. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Net Income/(Loss) per Share </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares comprise shares issuable upon the exercise or settlement of share-based awards using the treasury stock method. The dilutive effect of share-based awards with performance requirements is not considered before the performance targets are actually met. The computation of diluted net income/(loss) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income/(loss) per share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, for purposes of calculating the numerator of diluted net income/(loss) per share, the net income/(loss) attributable to the Sohu Group is calculated as discussed below. The adjustment will not be made if there is an anti-dilutive effect. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou’s net income/(loss) attributable to Sohu</div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu holds 100% of the combined total of Changyou’s outstanding ordinary shares; accordingly, Changyou’s net income/(loss) is wholly attributable to Sohu. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the Changyou Plans’ Modification, all of Changyou’s share-based awards became obligation-based awards. Accordingly, all of those Changyou awards are excluded from the calculation of Sohu’s diluted net income/(loss) per share. Changyou’s net income/(loss) attributable to Sohu on a diluted basis equals the number used for the calculation of Sohu’s basic net income/(loss) per share. There have been no dilutive effects resulting from Changyou’s existing unvested share options. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fair Value of Financial Instruments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is: </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 2 - include other inputs that are directly or indirectly observable in the marketplace. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 3 - unobservable inputs which are supported by little or no market activity. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s financial instruments consist primarily of cash equivalents, short-term investments, accounts receivable, other current assets, long-term investments, long-term time deposits, accounts payable, accrued liabilities, other short-term liabilities, and long-term other payables. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Cash Equivalents </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s cash equivalents mainly consist of time deposits with original maturities of three months or less and notice deposits. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short-term Investments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s short-term investments mainly consist of investments in financial instruments with a variable interest rate and time deposits with maturities of three months to one year. For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets and time deposits, the Sohu Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Accounts Receivable, Net </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying value of accounts receivable is reduced by an allowance for credit losses that reflects the Sohu Group’s best estimate of the amounts that will not be collected. The Group makes estimations of the collectability of accounts receivable. Many factors are considered in estimating the general allowance, including reviewing delinquent accounts receivable, performing a customer credit analysis, and analyzing historical bad debt records and current and future economic trends. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounts receivable represent historical balances recorded less related cash applications, less allowance for credit losses and any write-offs of any receivables not previously provided for. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Allowance for credit losses </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-13,</div> Financial Instruments - Credit Losses (Topic 326), the Sohu Group adopted the expected loss approach using macroeconomic forecasts, referred to as a current expected credit losses methodology. The allowance for credit losses reflects the Sohu Group’s estimated expected losses. The Sohu Group estimates the allowance for credit losses, mainly based on past collection experience as well as consideration of current and future economic conditions and changes in the Sohu Group’s collection trends. The Sohu Group estimates the expected credit losses for accounts receivable with similar risk characteristics on a pool basis. For each pool, the Sohu Group first estimates its recovery period based on relevant historical accounts receivable collection information. Then the Sohu Group estimates the credit allowances based on the recovery period, the historical distribution of each aging bucket, and the impact of macroeconomic factors. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounts receivable are written off when there is no reasonable expectation of recovery. Subsequent recoveries of amounts previously written off are credited against the same line item. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounts receivable, net, as of December 31, 2024 and 2025 consisted of the following (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 91%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Accounts receivable, net</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less: Allowance for credit losses</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(12,399)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(10,886</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;">53,762 </div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,335</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the aging analysis of accounts receivable as of December 31, 2024 and 2025 (in thousands): <br/></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 90%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less than 179 days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">49,636 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">40,764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">180-359</div> days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,677 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,117</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">360 days and greater</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,848 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">11,340</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The movement of allowance for credit losses for the years ended December 31, 2023, 2024 and 2025 is as follows (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 80%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   Year Ended December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the beginning of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,912</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Additional allowance for credit losses, net of recoveries</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(551)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">1,344</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">915</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Write-offs</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(976)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(896)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(2,674)</td> <td style="padding: 0px; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(241)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(193)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">246</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 64%;"></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the end of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,886</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-term investments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term investments include debt investments and equity investments. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Debt investments </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Debt investments include investments in preferred shares and convertible bonds issued by privately-held companies. The Group elected the fair value option to account for these investments at their initial recognition. The fair value option permits the irrevocable election on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">instrument-by-instrument</div></div> basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains and losses recorded in the consolidated statements of comprehensive income/(loss). </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Equity Investments </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Equity investments include investments in common stock or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-substance</div> common stock of entities. For those equity investments over which the Group can exercise significant influence but does not own a majority equity interest or control, the equity method is applied, and the Group adjusts the carrying amount of an investment and recognizes investment income or loss for the Group’s share of the earnings or loss of the investee after the date of investment. For those equity investments accounted for other than under the equity method, the fair value method is applied. However, for equity investments that do not have readily determinable fair values, the Group chooses to account for them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. If this measurement alternative is elected, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in transactions for identical or similar investments of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group assesses investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If the assessment indicates that an impairment exists, the Group estimates the fair value of the investment and writes down the asset to its fair value, taking the corresponding charge to the consolidated statements of comprehensive income/(loss). </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-term Time Deposits </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group elected the fair value method at the date of initial recognition of time deposits with maturities over one year and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-Lived Assets </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-lived assets consist primarily of fixed assets and intangible assets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fixed Assets </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed assets mainly comprise office buildings, computer equipment and hardware, leasehold and building improvements, office furniture, and vehicles. Fixed assets are recorded at cost less accumulated depreciation with no residual value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Fixed Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office buildings</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">36-47</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer equipment and hardware</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-5</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Leasehold and building improvements</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="-sec-ix-hidden:hidden156627124;display:inline;">Lesser of term of the lease or the estimated useful lives of the assets</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office furniture</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">5</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Vehicles</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">4</td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Expenditure for maintenance and repairs is expensed as incurred. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The gain or loss on the disposal of fixed assets is the difference between the net sale proceeds and the carrying value of the relevant assets and is recognized in operating expenses in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangible Assets </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intangible assets mainly comprise operating rights for licensed games, purchased video content, domain names and trademarks, computer software, and developed technologies. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets other than purchased video content is computed using the straight-line method over their estimated useful lives. Amortization of purchased video content is computed based on the trend in viewership accumulation over the shorter of the applicable license period or two years.</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The estimated useful lives of the Group’s intangible assets are listed below: </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Intangible Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Operating rights for licensed games</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">over the contract terms</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">up to 2 years</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Domain names and trademarks</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-30</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer software</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-3</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Developed technologies</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">3-10</div></td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Impairment of Long-lived Assets Other Than Purchased Video Content </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">360-10-35,</div></div> the Sohu Group reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of the long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. The estimation of future cash flows requires significant management judgment based on the Group’s historical results and anticipated results and is subject to many factors. The discount rate that is commensurate with the risk inherent in the Group’s business model is determined by its management. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Impairment of Purchased Video Content </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchased video content is stated at the lower of cost less accumulated amortization, or fair value. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">920-350-35,</div></div> if management’s expectations of the programming usefulness of a program, series, package, or program segment are revised downward, it may be necessary to write off to the income statement the amount by which the unamortized capitalized costs exceed fair value. A <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">write-off</div> from unamortized cost to fair value establishes a new cost basis. The Group measures the video content’s impairment loss by comparing the content’s carrying value to its fair value. An impairment loss will be recorded if the carrying value of video content is higher than its fair value. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Lease </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-02,</div> Leases (Topic 842), the Sohu Group determines if an arrangement is or contains a lease at inception. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Right-of-use</div></div> assets and lease liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. Certain lease agreements may contain an option to renew a lease for a term agreed to by the Sohu Group and the lessor, or an option to terminate a lease earlier than the expiration date. The Sohu Group considers these options in determining the lease term on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">lease-by-lease</div></div> basis. The Sohu Group only considers payments that are fixed and determinable at the time of lease commencement. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">842-20-25,</div></div> the Sohu Group also elected to keep leases with an initial term of 12 months or less off the balance sheet. </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Goodwill</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports in its financial statements provisional amounts for the items for which the accounting is incomplete. If a measurement period adjustment is identified, the Group recognizes the adjustment as part of the acquisition accounting. The Sohu Group increases or decreases the provisional amounts of identifiable assets or liabilities by means of increases or decreases in goodwill for measurement period adjustments. The measurement period will not exceed one year from the acquisition date. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC 350, the Group does not amortize goodwill, but tests it for impairment. The Group tests goodwill for impairment at the reporting unit level on an annual basis as of October 1, and between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2017-04,</div> Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, and in accordance with the FASB, pursuant to which the Group has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply a quantitative assessment directly. For reporting units applying a qualitative assessment first, the Group starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the carrying value of each reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, but limited to the total amount of goodwill allocated to that reporting unit. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Treasury Stock </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Treasury stock consists of the Company’s ordinary shares, including ordinary shares represented by ADSs, repurchased by the Company or that it is obligated to repurchase as of the reporting date. Ordinary shares included in treasury stock are no longer deemed to be outstanding. Treasury stock is accounted for under the cost method. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Comprehensive Income </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income, as presented on the Sohu Group’s consolidated balance sheets, consists of the Sohu Group’s cumulative foreign currency translation adjustment. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Functional Currency and Foreign Currency Translation </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and intra-Group transactions and arrangements. The functional currency of Sohu.com Limited and the Sohu Group’s subsidiaries in the Cayman Islands, the British Virgin Islands, and Hong Kong is the U.S. dollar. The functional currency of the subsidiaries and the VIEs that the Sohu Group consolidates in the Chinese mainland is the Renminbi (“RMB”). The functional currencies of the Sohu Group’s subsidiaries in other countries and regions are the currencies of those countries and regions. </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> at the applicable rates of exchange in effect at that date. Nonmonetary assets and liabilities denominated in foreign currencies are measured using historical exchange rates. Gains and losses resulting from foreign currency <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> are included in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For foreign currency translations, financial statements of entities with a functional currency other than the U.S. dollar are translated into U.S. dollars, which is the reporting currency. Assets and liabilities are translated at the current exchange rate in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders’ equity accounts are translated using the historical exchange rates at the date the entry to shareholders’ equity was recorded, except for the change in retained earnings during the year, which is translated using the historical exchange rates used to translate each period’s income statement. Differences resulting from translating a foreign currency to the reporting currency are recorded in accumulated other comprehensive income in the consolidated balance sheets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Impact of Recently Issued Accounting Pronouncements</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740). </div></div>In December 2023, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2023-09,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740)-</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Improvements to Income Tax Disclosures</div></div>. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2023-09</div> requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Sohu Group’s adoption of this standard did not have a material impact on its consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other accounting standards that the Sohu Group adopted beginning January 1, 2025 did not have a significant impact on the Sohu Group’s consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Impact of Recently Issued Accounting Pronouncements Not Yet Effective</div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement (Topic 220)</div></div>.<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div>In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2024-03,</div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement (Topic 220)-</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40)</div></div></div>, which was subsequently amended with ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-01</div> to clarify the effective date. ASU No. 2024-03, requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Sohu Group does not expect to adopt ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2024-03</div> early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Instruments - Credit Losses (Topic 326). </div></div>In July 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-05,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Instruments - Credit Losses (Topic 326).</div></div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-05</div> provides all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU No. 2025-05 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangibles (Topic 350). </div></div>In July 2025, the FASB issued ASU No. 2025-06, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangibles</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">—</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Goodwill and Other - Internal-Use</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Software (Subtopic 350-40).</div></div> ASU No. 2025-06 modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU No. 2025-06 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Government Grants (Topic 832).</div></div> In December 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Government Grants (Topic 832)</div></div>. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10</div> establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10</div> early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Accounting Standards </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) to reflect the financial position and results of operations of the Sohu Group. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Use of Estimates </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of these financial statements requires the Sohu Group to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">on-going</div> basis, the Group evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Identified below are the accounting policies that reflect the Group’s most significant estimates and judgments, and those that the Group believes are the most critical to fully understanding and evaluating its consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Basis of Consolidation and Recognition of Noncontrolling Interest </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s consolidated financial statements include the accounts of the Company and its subsidiaries and consolidated VIEs. All intra-Group transactions are eliminated. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">VIE Consolidation </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC 810, if an entity has (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic performance and (ii) the right to receive economic benefits from the VIE that could be significant to the VIE, then such entity will be considered as holding a controlling financial interest in the VIE, which will make such entity a primary beneficiary of, and will require such entity to consolidate, the VIE. The VIEs through which the Sohu Group conducts a substantial portion of its business operations are wholly owned, directly or indirectly, by certain employees of the Sohu Group as nominee shareholders. For those VIEs with which the Sohu Group has contractual arrangements and with their nominee shareholders, management made evaluations of the relationships between the Sohu Group and such VIEs and the economic benefit flow of such contractual arrangements with such VIEs. In connection with such evaluation, management also took into account the fact that, as a result of such contractual arrangements, the Sohu Group controls 100% of the nominee shareholders’ voting interests in such VIEs and the fact that any such VIE, if it has one or more wholly-owned subsidiaries that are also VIEs that the Sohu Group consolidates, holds and controls 100% of the shareholder’s voting interests in such subsidiary or subsidiaries even if any such subsidiary itself is not a party to any VIE contract with the Sohu Group. As a result of such evaluation, management concluded that the Sohu Group holds a controlling financial interest in all of the VIEs that it consolidates because the Sohu Group has the power to direct the activities of such VIEs that most significantly affect their economic performances and the right to receive economic benefits that could be significant to such VIEs and that, therefore, the Sohu Group is the primary beneficiary of, and is required under ASC 810 to consolidate, all of such VIEs. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Noncontrolling Interest Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholders. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Discontinued operations</div></div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Discontinued operations are reported when a component, or a group of components, of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) has a major impact on an entity’s financial results and operations. In the statement of financial position, the assets and liabilities of the discontinued operation are presented separately in the asset and liability sections, respectively, of the statement of financial position and prior periods are presented on a comparative basis. In the consolidated statements of comprehensive income, results from discontinued operations are reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinued operations are presented separately in the consolidated statements of cash flows. In order to present the financial effects of the continuing operations and discontinued operations, revenues and expenses arising from intra-Group transactions are eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operations. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Segment Reporting </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s segments are business units that offer different services and are reviewed separately by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Company’s Chief Executive Officer. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The recognition of revenues involves certain management judgments, including the estimation of the fair value of an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">advertising-for-advertising</div></div> barter transaction, volume-based sales rebates, estimated lives of virtual items purchased by game players, and allocation of upfront license fees for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">licensed-out</div> games between license and post-sale services. The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments or utilized different estimates. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the Group’s revenues disaggregated by products and services: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2023</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">83,675</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">5,014</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">88,689</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">115,961</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">484,711</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">600,672</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2024</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">69,683</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,782</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">73,465</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">92,228</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">506,171</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">598,399</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 93%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td colspan="9" style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">56,790</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,182</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">59,972</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">75,413</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">508,920</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">584,333</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Marketing Services Revenues </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Marketing services revenues are generated from advertising and other marketing-related services. Through mobile devices and PCs, the Group provides advertisement placements to advertisers on different Internet platforms and in different formats. Sales rebates paid to customers are accounted for as variable consideration. The Group recognizes revenue for the amount of fees it receives from its customers, after deducting sales rebates, net of value-added tax (“VAT”). </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Revenue Recognition of Multiple Performance Obligations </div></div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group’s contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenues to each performance obligation based on its relative standalone selling price. The Group generally determines the standalone selling price of each distinct performance obligation based on the prices charged to customers when sold on a standalone basis. Where a standalone selling price is not directly observable, the Group generally estimates the selling price based on the prices at which performance obligations of a similar nature and geography are charged to customers. Most of such contracts have all performance obligations completed within the same quarter. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Pricing Model </div></div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Group has three main types of pricing models, consisting of the Fixed Price model, the Cost Per Impression (“CPM”) model and the Cost Per Click (“CPC”) model. </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(i)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Fixed Price Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Fixed Price model, a contract is signed to establish a fixed price for the marketing services to be provided. Given that advertisers benefit from displayed advertisements evenly over the period the advertisements are displayed, the Group recognizes revenue on a straight-line basis over the period of display, provided all revenue recognition criteria have been met. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(ii)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">CPM Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the CPM model, the unit price for each qualifying display is fixed and stated in the contract with the advertiser. A qualifying display is defined as the appearance of an advertisement, where the advertisement meets criteria specified in the contract. Given that the fees are priced consistently throughout the contract and the unit prices are fixed in accordance with the Group’s pricing practices for similar advertisers, the Group recognizes revenue based on the fixed unit prices and the number of qualifying displays upon their occurrence, provided all revenue recognition criteria have been met. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(iii)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">CPC Model </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the CPC model, there is no fixed price for marketing services stated in the contract with the advertiser. The unit price for each click is auction-based, and the Group charges advertisers on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">per-click</div> basis when the users click on the advertisements. Given that the fees are priced consistently throughout the contract and the unit prices are fixed in accordance with the Group’s pricing practices for similar advertisers, the Group recognizes revenue based on qualifying clicks and the unit price upon the occurrence of the clicks, provided all revenue recognition criteria have been met. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Online Game Revenues </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s online game revenues are generated primarily from its self-operated and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">licensed-out</div> PC games and mobile games. All of Changyou’s games are operated under the item-based revenue model, where the basic game play functions are free of charge and players are charged for purchases of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-game</div> virtual items, including those with a predetermined expiration time and perpetual virtual items. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou is the principal of its self-operated games. Changyou hosts the games on its own servers and is responsible for the sale and marketing of the games as well as customer service. Accordingly, revenues are recorded gross of revenue sharing-payments to third-party developers and/or mobile App stores, but net of VAT and discounts to game card distributors where applicable. Changyou obtains revenues from the sale of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-game</div> virtual items. Revenues are recognized over time for virtual items with estimated lives and upon use for items that are consumed immediately. If different assumptions were used in deriving the estimated lives of the virtual items, the timing of the recording of the revenues would be impacted. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">PC Games </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proceeds from Changyou’s self-operated PC games are collected from players and third-party game card distributors through sales of Changyou’s game points on its online payment platform and prepaid game cards. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s self-operated PC games are either developed in house or licensed from third-party developers. For licensed PC games, Changyou remits a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> percentage of the proceeds to the third-party developers, and keeps the balance, pursuant to revenue-sharing agreements. Such revenue-sharing amounts paid to third-party developers are recorded in Changyou’s cost of revenues. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mobile Games </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Self-operated Mobile Games </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For self-operated mobile games, Changyou sells game points to its game players via third-party mobile App stores. The mobile App stores in turn pay Changyou proceeds after deducting their share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> revenue-sharing amounts. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou’s self-operated mobile games are either developed in house or licensed from or jointly developed with third-party developers. For licensed and jointly-developed mobile games, Changyou remits a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-agreed</div> percentage of the proceeds to the third-party developers, and keeps the balance, pursuant to revenue-sharing agreements. Such revenue-sharing amounts paid to mobile App stores and third-party developers are recorded in Changyou’s cost of revenues. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Licensed-out Mobile Games </div></div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changyou also authorizes third parties to operate its mobile games. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Licensed-out</div> games include mobile games developed in house, such as Changyou’s mobile games Legacy TLBB Mobile and New TLBB Mobile, and mobile games jointly developed with third-party developers. Changyou receives monthly revenue-based royalty payments from the third-party licensee operators. Changyou receives additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">up-front</div> license fees from certain third-party licensee operators who are entitled to an exclusive right to operate Changyou’s games in specified geographic areas. Since Changyou is obligated to provide post-sale services (“PCS”), the initial license fees are allocated between the license and PCS based on relative standalone selling prices. The amount allocated to the license is recognized as revenue upon the commencement of the license period, given that Changyou’s intellectual property rights subject to the license are considered to be functional and the licensee has the right to use such intellectual property rights as they exist at the point when the license is granted, and the amount allocated to PCS is recognized as revenue ratably over the license period. Monthly revenue-based royalty payments are recognized when the relevant services are delivered, provided that collectability is reasonably assured. Changyou views the third-party licensee operators as Changyou’s customers and recognizes revenues on a net basis, as Changyou does not have the primary responsibility for fulfillment and acceptability of the game services. </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Other Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other revenues consist primarily of revenues from paid subscription services, revenue sharing from other platforms and interactive broadcasting services. </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Contract Balances </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. The allowance for credit losses is estimated based upon the Group’s assessment of various factors, including past collection experience and consideration of current and future economic conditions and other factors that may affect the Group’s customers’ ability to pay. Contract assets as of December 31, 2025 were not material. The allowance for credit losses was $10.9 million and $12.4 million, respectively, as of December 31, 2025 and 2024. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contract liabilities are presented as receipts in advance and deferred revenue on the consolidated balance sheets of the Group. Receipts in advance and deferred revenue relate to unsatisfied performance obligations at the end of the period and primarily consist of fees received from game players in the online game business and from advertisers in the marketing services business. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized that was included in the receipts in advance and deferred revenue balance at the beginning of the period was $47.9 million and $47.6 million, respectively, for the years ended December 31, 2025 and 2024.</div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There was no significant change in the contract assets and contract liability balances during 2025. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue recognized in 2025 from performance obligations related to prior years was not material. </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Practical Expedients </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group has used the following practical expedients as allowed under ASC 606: </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) The transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied has not been disclosed, as substantially all of the Group’s contracts have a duration of one year or less. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. In instances where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that its contracts generally do not include a significant financing component. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) The Group applied the portfolio approach in determining the commencement date of consumption and the estimated lives of virtual items for the recognition of games revenue, given that the effect of applying a portfolio approach to a group game players’ behaviors would not differ materially from considering each one of them individually. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iv) The Group generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the Group’s revenues disaggregated by products and services: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2023</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">83,675</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">5,014</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">88,689</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">368,721</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">110,976</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">32,286</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">115,961</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">484,711</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">600,672</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:84%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2024</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">69,683</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,782</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">73,465</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">359,293</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">143,096</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">22,545</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">92,228</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">506,171</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">598,399</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 93%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Sohu  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Changyou </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total  </div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td colspan="9" style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> </td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">56,790</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,182</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">59,972</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online games:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">PC games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">412,697</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Mobile games</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">93,041</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">18,623</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">75,413</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">508,920</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">584,333</td> <td style="white-space:nowrap;vertical-align:middle"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td colspan="9" style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 83675000 5014000 88689000 0 368721000 368721000 0 110976000 110976000 32286000 0 32286000 115961000 484711000 600672000 69683000 3782000 73465000 0 359293000 359293000 0 143096000 143096000 22545000 0 22545000 92228000 506171000 598399000 56790000 3182000 59972000 0 412697000 412697000 0 93041000 93041000 18623000 0 18623000 75413000 508920000 584333000 10900000 12400000 47900000 47600000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of Revenues </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Marketing Services Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of marketing services revenues mainly consists of content and license costs, salary and benefits expenses, and costs incurred for related content marketing campaigns. For self-developed video content, production costs incurred in excess of the amount of revenue contracted for are expensed as incurred. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Online Game Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of online game revenues mainly consists of revenue-sharing payments, bandwidth service costs, salary and benefits expenses, and content and license costs. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cost of Other Revenues </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cost of other revenues mainly consists of revenue-sharing payments related to paid subscription services and interactive broadcasting services, and content and license costs related to paid subscription services. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Product Development Expenses </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Product development expenses mainly consist of salary and benefits expenses, content and license costs, professional fees, depreciation and amortization expenses, and bandwidth service expenses. These expenses are incurred for the enhancement and maintenance of the Sohu Group’s Internet platforms as well as for its products and services. The development costs of online games are expensed as incurred, including the development costs of online games prior to the establishment of technological feasibility and maintenance costs after the online games are available for marketing. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sales and Marketing Expenses </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Sales and marketing expenses mainly consist of advertising and promotional expenses, salary and benefits expenses, travel and entertainment expenses, and professional fees. Advertising and promotional expenses generally represent the expenses of promotions to create or stimulate a positive image of the Sohu Group or a desire to subscribe for the Group’s products and services. Advertising and promotional expenses are expensed as incurred. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">General and Administrative Expenses </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative expenses mainly consist of salary and benefits expenses, legal proceedings and professional fees, facilities expenses, and travel and entertainment expenses. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Share-based Compensation Expense </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu and Changyou have incentive plans for the granting of share-based awards, including share options and restricted share units, to members of the boards of directors, management, and other key employees. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For share-based awards for which a grant date has occurred, share-based compensation expense is recognized as costs and expenses in the consolidated statements of comprehensive income based on the fair value of the related share-based awards on their grant dates. For share-based awards for which the service inception date precedes the grant date, share-based compensation expense is recognized as costs and expenses in the consolidated statements of comprehensive income beginning on the service inception date and is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date, based on the estimated fair value of the related share-based awards. Share-based compensation expense is charged to shareholders’ equity or noncontrolling interest in the consolidated balance sheets. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. If factors change or different assumptions are used, the Group’s share-based compensation expense could be materially different for any period. Moreover, the estimates of fair value are not intended to predict actual future events or the value that ultimately will be realized by employees who receive equity awards. </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the completion of the Changyou Merger, the board of directors of the Company (the “Sohu Board”) approved a modification plan (the “Changyou Plans’ Modification”) for granted but unvested share options, and for options that may be granted from time to time, under the Changyou.com Limited 2014 Share Incentive Plan (the “Changyou 2014 Share Incentive Plan”) and the Changyou.com Limited 2019 Share Incentive Plan (the “Changyou 2019 Share Incentive Plan”). After the Changyou Plans’ Modification, liability is accrued over the service period based on a fixed price of $5.39 per Changyou Class A ordinary share, which equals the Changyou Merger consideration of $5.40 per Changyou Class A ordinary share minus the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">per-share</div> exercise price of $0.01 of such options. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made given the awards are obligations based on a fixed amount of $5.39 per Changyou Class A ordinary share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sohu and Changyou Share-based Awards </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sohu Share-based Awards </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the fair value of share options granted by Sohu as share-based awards, the public market price of the underlying shares at each reporting date was used, and a binomial valuation model was applied. In determining the fair value of restricted share units granted, the public market price of the underlying shares on the grant dates was applied. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the dissolution of Sohu.com Inc. on May 31, 2018, Sohu.com Limited assumed all then existing obligations of Sohu.com Inc. with respect to equity incentive awards that had been granted under Sohu.com Inc.’s Amended and Restated 2010 Stock Incentive Plan (the “Sohu 2010 Stock Incentive Plan”) and remained outstanding, and such awards were converted into the right to receive upon exercise or settlement Sohu.com Limited’s ordinary shares under the Sohu.com Limited 2018 Share Incentive Plan (the “Sohu 2018 Share Incentive Plan”) rather than shares of the common stock of Sohu.com Inc., subject to the other terms of such outstanding awards. Options for the purchase of Sohu.com Limited’s ordinary shares, including options converted from those contractually granted under the Sohu 2010 Stock Incentive Plan, are subject to vesting in four equal installments over a period of four years, with each installment vesting upon satisfaction of a service period requirement and certain subjective performance targets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-25,</div></div> no grant date can be established until a mutual understanding is reached between Sohu and the recipients clarifying the subjective performance requirements. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-55,</div></div> as the service inception date preceded the grant date, compensation expense was accrued beginning on the service inception date and will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. The estimate of the awards’ fair values will be fixed in the period in which the grant date occurs, and cumulative compensation expense will be adjusted based on the fair value at the grant date. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou Share-based Awards </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options for the purchase of Changyou Class A ordinary shares contractually granted under the Changyou 2014 Share Incentive Plan, which expired in June 2024 and is no longer available for granting new share-based awards, and the Changyou 2019 Share Incentive Plan are subject to vesting in four equal installments over a period of four years, with each installment vesting upon satisfaction of a service period requirement and certain subjective performance targets. Under ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-25,</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div>no grant date can be established until a mutual understanding is reached between Changyou and the recipients clarifying the subjective performance requirements. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">718-10-55,</div></div> as the service inception date preceded the grant date, compensation expense was accrued beginning on the service inception date and will be <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. The estimates of the awards’ fair values will be fixed in the period in which the grant date occurs, and cumulative compensation expense will be adjusted based on the fair values at the grant date. In determining the fair values of Changyou share options granted, the public market price of the underlying shares at each reporting date was used, and a binomial valuation model was applied. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the Changyou Plans’ Modification, share-based compensation expense is accrued over the service period based on the fixed price of $5.39 per Changyou Class A ordinary share. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made, given that the award is an obligation based on a fixed amount of $5.39 per Changyou Class A ordinary share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Compensation Expense Recognition </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For options and restricted share units granted with respect to Sohu shares and Changyou shares, compensation expense is recognized on a graded vesting method upon the requisite service period and certain subjective performance targets being met. The number of share-based awards for which the service is not expected to be rendered over the requisite period is estimated, and no compensation expense is recorded for the number of awards so estimated. </div> 5.39 5.4 0.01 5.39 four equal installments four equal installments P4Y four equal installments four equal installments P4Y P4Y 5.39 5.39 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Taxation </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Value Added Tax </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="null;text-indent: 0px;display:inline;">The Sohu Group’s revenues are subject to VAT in the Chinese mainland.<div style="display:inline;"> </div></div>To record VAT payable, the Group adopted the net presentation method, which presents the difference between the output VAT (at a rate of 6% or 13%) and the available input VAT amount (at the rate applicable to the supplier). </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Income Tax </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income taxes are accounted for using an asset and liability approach which requires the recognition of income taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Group’s financial statements or tax returns. Deferred income taxes are determined based on the differences between the accounting basis and the tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws. Deferred tax assets are reduced by a valuation allowance, if based on available evidence, it is considered that it is more likely than not that some portion of or all of the deferred tax assets will not be realized. In making such determination, the Group considers factors including future reversals of existing taxable temporary differences and future profitability. If events were to occur in the future that would allow the Group to realize more of its deferred tax assets than the presently recorded net amount, an adjustment would be made to the deferred tax assets that would increase income for the period when those events occurred. If events were to occur in the future that would require the Group to realize less of its deferred tax assets than the presently recorded net amount, an adjustment would be made to the valuation allowance against deferred tax assets that would decrease income for the period when those events occurred. Significant management judgment is required in determining income tax expense and deferred tax assets and liabilities. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group’s deferred tax assets are related to net operating losses and temporary book versus tax basis differences for its Chinese mainland-based subsidiaries and the VIEs that it consolidates, which are subject to income tax in the Chinese mainland. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Withholding Income Tax on Dividends </div></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends distributed by foreign-invested enterprises in the Chinese mainland to their immediate holding companies outside the Chinese mainland are subject to a 10% withholding tax. A lower withholding tax rate may be applied if there is a tax treaty between the Chinese mainland and the jurisdiction of the foreign holding company. A holding company in Hong Kong, for example, will be subject to a 5% withholding tax rate under an arrangement between the Chinese mainland and the Hong Kong Special Administrative Region on the “Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income,” if such holding company is considered a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-Chinese</div> mainland resident enterprise and holds at least 25% of the equity interests in the Chinese mainland foreign-invested enterprise distributing the dividends, subject to approval of the local tax authority in the Chinese mainland. However, if the Hong Kong holding company is not considered to be the beneficial owner of such dividends under applicable Chinese mainland tax regulations, such dividend will remain subject to a withholding tax rate of 10%. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Taxation on distributions from VIEs to Subsidiaries </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the contractual agreements with the VIEs and their respective shareholders, the Sohu Group’s Chinese mainland subsidiaries charge the VIEs service fees. For income tax purposes, the Sohu Group’s Chinese mainland subsidiaries and the VIEs file income tax returns on a separate basis. The service fees paid by the VIEs are deductible by the VIEs for Chinese mainland income tax purposes and are recognized as income by the Sohu Group’s Chinese mainland subsidiaries. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Corporate Income Tax </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu.com Inc., which was formerly the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">top-tier</div> publicly-traded parent company of the Sohu Group, was dissolved and liquidated on May 31, 2018. Sohu.com Inc. was a Delaware corporation that was subject to U.S. federal corporate income tax on its taxable income at a rate of 21% for taxable years beginning after December 31, 2017 and up to 35% for prior tax years. U.S. federal tax legislation signed into law on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. TCJA”), significantly modified the U.S. Internal Revenue Code by, among other things, reducing the maximum statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a partial territorial tax system with a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-time</div> transition tax (the “Toll Charge”) on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Treatment of Toll Charge Related to the U.S. TCJA </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beginning in the fourth quarter of 2017, the Sohu Group had recognized a provisional amount of income tax expense for the Toll Charge of $219 million, which represented management’s estimate of the amount of the Toll Charge that would have been payable by Sohu.com Inc. based on the deemed repatriation to the United States of its share of previously deferred earnings of certain of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-U.S.</div> subsidiaries, offset by a reduction of $4 million in liability for deferred U.S. income tax, as a result of the U.S. TCJA. The Sohu Group included the provisional amount of the Toll Charge of $219 million <div style="letter-spacing: 0px; top: 0px;display:inline;">on</div> its interim financial statements through the quarter ended September 30, 2018, in reliance on Staff Accounting Bulletin No. 118 (“SAB 118”).<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the fourth quarter of 2018, the Sohu Group’s management <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">re-evaluated</div> the impact on the Sohu Group of the Toll Charge under the U.S. TCJA. Management determined that it was more likely than not that, based on the technical merits, the tax position that the Sohu Group had no Toll Charge liability would be sustained. The Group recognized a tax benefit in the amount of $77 million, which was the largest amount that management determined to be greater than 50% likely to be realized upon settlement with the U.S. Internal Revenue Service (the “IRS”). As a result, as of December 31, 2018, the Sohu Group had an unrecognized tax benefit in the amount of $142 <div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">million, which represented the difference between the tax benefit recognized in the fourth quarter of 2018 and management’s previous estimate of the Toll Charge, and began to accrue related interest. In the first quarter of 2025, due to the expiration of the statutory period for the IRS to conduct an examination of the Sohu Group’s tax return in connection with the Toll Charge, the Sohu Group fully reversed the tax expense with respect to the Toll Charge that resulted in recognition of the previously unrecognized tax benefit</div> of </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">$</div>199<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">million, consisting of principal of</div> $</div></div>142<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million and related accumulated accrued interest of $</div></div>57<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;"> million. </div></div><div style="letter-spacing: 0px; top: 0px; text-indent: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div></div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Uncertain Tax Positions </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group is subject to various taxes in different jurisdictions, but primarily the Chinese mainland. Management reviews regularly the adequacy of the provisions for taxes as they relate to the Group’s income and transactions. In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> approach for tax position measurement and financial statement recognition. For the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon settlement. </div> 0.06 0.13 0.05 0.25 0.10 0.21 0.35 219000000 4000000 219000000 77000000 142000000 199000000 142000000 57000000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Net Income/(Loss) per Share </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares comprise shares issuable upon the exercise or settlement of share-based awards using the treasury stock method. The dilutive effect of share-based awards with performance requirements is not considered before the performance targets are actually met. The computation of diluted net income/(loss) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income/(loss) per share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, for purposes of calculating the numerator of diluted net income/(loss) per share, the net income/(loss) attributable to the Sohu Group is calculated as discussed below. The adjustment will not be made if there is an anti-dilutive effect. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou’s net income/(loss) attributable to Sohu</div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu holds 100% of the combined total of Changyou’s outstanding ordinary shares; accordingly, Changyou’s net income/(loss) is wholly attributable to Sohu. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the Changyou Plans’ Modification, all of Changyou’s share-based awards became obligation-based awards. Accordingly, all of those Changyou awards are excluded from the calculation of Sohu’s diluted net income/(loss) per share. Changyou’s net income/(loss) attributable to Sohu on a diluted basis equals the number used for the calculation of Sohu’s basic net income/(loss) per share. There have been no dilutive effects resulting from Changyou’s existing unvested share options. </div> 1 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fair Value of Financial Instruments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is: </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 2 - include other inputs that are directly or indirectly observable in the marketplace. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 3 - unobservable inputs which are supported by little or no market activity. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s financial instruments consist primarily of cash equivalents, short-term investments, accounts receivable, other current assets, long-term investments, long-term time deposits, accounts payable, accrued liabilities, other short-term liabilities, and long-term other payables. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Cash Equivalents </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s cash equivalents mainly consist of time deposits with original maturities of three months or less and notice deposits. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Short-term Investments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s short-term investments mainly consist of investments in financial instruments with a variable interest rate and time deposits with maturities of three months to one year. For investments in financial instruments with a variable interest rate indexed to the performance of underlying assets and time deposits, the Sohu Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income. </div> P3M P1Y <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Accounts Receivable, Net </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying value of accounts receivable is reduced by an allowance for credit losses that reflects the Sohu Group’s best estimate of the amounts that will not be collected. The Group makes estimations of the collectability of accounts receivable. Many factors are considered in estimating the general allowance, including reviewing delinquent accounts receivable, performing a customer credit analysis, and analyzing historical bad debt records and current and future economic trends. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounts receivable represent historical balances recorded less related cash applications, less allowance for credit losses and any write-offs of any receivables not previously provided for. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Allowance for credit losses </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-13,</div> Financial Instruments - Credit Losses (Topic 326), the Sohu Group adopted the expected loss approach using macroeconomic forecasts, referred to as a current expected credit losses methodology. The allowance for credit losses reflects the Sohu Group’s estimated expected losses. The Sohu Group estimates the allowance for credit losses, mainly based on past collection experience as well as consideration of current and future economic conditions and changes in the Sohu Group’s collection trends. The Sohu Group estimates the expected credit losses for accounts receivable with similar risk characteristics on a pool basis. For each pool, the Sohu Group first estimates its recovery period based on relevant historical accounts receivable collection information. Then the Sohu Group estimates the credit allowances based on the recovery period, the historical distribution of each aging bucket, and the impact of macroeconomic factors. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounts receivable are written off when there is no reasonable expectation of recovery. Subsequent recoveries of amounts previously written off are credited against the same line item. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounts receivable, net, as of December 31, 2024 and 2025 consisted of the following (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 91%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Accounts receivable, net</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less: Allowance for credit losses</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(12,399)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(10,886</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;">53,762 </div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,335</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the aging analysis of accounts receivable as of December 31, 2024 and 2025 (in thousands): <br/></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 90%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less than 179 days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">49,636 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">40,764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">180-359</div> days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,677 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,117</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">360 days and greater</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,848 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">11,340</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The movement of allowance for credit losses for the years ended December 31, 2023, 2024 and 2025 is as follows (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 80%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   Year Ended December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the beginning of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,912</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Additional allowance for credit losses, net of recoveries</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(551)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">1,344</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">915</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Write-offs</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(976)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(896)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(2,674)</td> <td style="padding: 0px; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(241)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(193)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">246</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 64%;"></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the end of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,886</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accounts receivable, net, as of December 31, 2024 and 2025 consisted of the following (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 91%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Accounts receivable, net</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 91%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less: Allowance for credit losses</div> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(12,399)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(10,886</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 91%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;">53,762 </div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,335</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> 66161000 54221000 12399000 10886000 53762000 43335000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents the aging analysis of accounts receivable as of December 31, 2024 and 2025 (in thousands): <br/></div> <div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 60%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 90%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   As of December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">    </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less than 179 days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">49,636 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">40,764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">180-359</div> days</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,677 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,117</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">360 days and greater</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,848 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">11,340</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 66,161 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">54,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> 49636000 40764000 3677000 2117000 12848000 11340000 66161000 54221000 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The movement of allowance for credit losses for the years ended December 31, 2023, 2024 and 2025 is as follows (in thousands): </div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 80%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 3%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   Year Ended December 31,   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the beginning of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,912</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Additional allowance for credit losses, net of recoveries</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(551)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">1,344</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">915</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Write-offs</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(976)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(896)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(2,674)</td> <td style="padding: 0px; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 3pt; vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(241)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">(193)</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">246</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 64%;"></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 64%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Balance at the end of year</div> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   12,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,886</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> 13912000 12144000 12399000 -551000 1344000 915000 976000 896000 2674000 -241000 -193000 246000 12144000 12399000 10886000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-term investments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term investments include debt investments and equity investments. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Debt investments </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Debt investments include investments in preferred shares and convertible bonds issued by privately-held companies. The Group elected the fair value option to account for these investments at their initial recognition. The fair value option permits the irrevocable election on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">instrument-by-instrument</div></div> basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains and losses recorded in the consolidated statements of comprehensive income/(loss). </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Equity Investments </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Equity investments include investments in common stock or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-substance</div> common stock of entities. For those equity investments over which the Group can exercise significant influence but does not own a majority equity interest or control, the equity method is applied, and the Group adjusts the carrying amount of an investment and recognizes investment income or loss for the Group’s share of the earnings or loss of the investee after the date of investment. For those equity investments accounted for other than under the equity method, the fair value method is applied. However, for equity investments that do not have readily determinable fair values, the Group chooses to account for them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. If this measurement alternative is elected, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in transactions for identical or similar investments of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group assesses investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information, such as recent financing rounds. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If the assessment indicates that an impairment exists, the Group estimates the fair value of the investment and writes down the asset to its fair value, taking the corresponding charge to the consolidated statements of comprehensive income/(loss). </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-term Time Deposits </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group elected the fair value method at the date of initial recognition of time deposits with maturities over one year and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income. </div> P1Y <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Long-Lived Assets </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-lived assets consist primarily of fixed assets and intangible assets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fixed Assets </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed assets mainly comprise office buildings, computer equipment and hardware, leasehold and building improvements, office furniture, and vehicles. Fixed assets are recorded at cost less accumulated depreciation with no residual value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Fixed Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office buildings</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">36-47</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer equipment and hardware</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-5</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Leasehold and building improvements</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="-sec-ix-hidden:hidden156627124;display:inline;">Lesser of term of the lease or the estimated useful lives of the assets</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office furniture</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">5</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Vehicles</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">4</td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Expenditure for maintenance and repairs is expensed as incurred. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The gain or loss on the disposal of fixed assets is the difference between the net sale proceeds and the carrying value of the relevant assets and is recognized in operating expenses in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangible Assets </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intangible assets mainly comprise operating rights for licensed games, purchased video content, domain names and trademarks, computer software, and developed technologies. Intangible assets are recorded at cost less accumulated amortization with no residual value. Amortization of intangible assets other than purchased video content is computed using the straight-line method over their estimated useful lives. Amortization of purchased video content is computed based on the trend in viewership accumulation over the shorter of the applicable license period or two years.</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The estimated useful lives of the Group’s intangible assets are listed below: </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Intangible Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Operating rights for licensed games</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">over the contract terms</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">up to 2 years</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Domain names and trademarks</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-30</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer software</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-3</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Developed technologies</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">3-10</div></td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Impairment of Long-lived Assets Other Than Purchased Video Content </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">360-10-35,</div></div> the Sohu Group reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of the long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. The estimation of future cash flows requires significant management judgment based on the Group’s historical results and anticipated results and is subject to many factors. The discount rate that is commensurate with the risk inherent in the Group’s business model is determined by its management. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Impairment of Purchased Video Content </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchased video content is stated at the lower of cost less accumulated amortization, or fair value. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">920-350-35,</div></div> if management’s expectations of the programming usefulness of a program, series, package, or program segment are revised downward, it may be necessary to write off to the income statement the amount by which the unamortized capitalized costs exceed fair value. A <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">write-off</div> from unamortized cost to fair value establishes a new cost basis. The Group measures the video content’s impairment loss by comparing the content’s carrying value to its fair value. An impairment loss will be recorded if the carrying value of video content is higher than its fair value. </div> 0 0 0 0 0 <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Fixed Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office buildings</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">36-47</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer equipment and hardware</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-5</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Leasehold and building improvements</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="-sec-ix-hidden:hidden156627124;display:inline;">Lesser of term of the lease or the estimated useful lives of the assets</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Office furniture</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">5</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Vehicles</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">4</td> </tr> </table> P36Y P47Y P4Y P5Y P5Y P4Y 0 0 0 0 0 <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 36%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 62%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Intangible Assets</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Estimated Useful Lives (years)</div></div></div> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Operating rights for licensed games</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">over the contract terms</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center">up to 2 years</td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Domain names and trademarks</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">4-30</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Computer software</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-3</div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Developed technologies</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">3-10</div></td> </tr> </table> over the contract terms up to 2 years 4-30 1-3 3-10 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Lease </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-02,</div> Leases (Topic 842), the Sohu Group determines if an arrangement is or contains a lease at inception. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Right-of-use</div></div> assets and lease liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease terms. Certain lease agreements may contain an option to renew a lease for a term agreed to by the Sohu Group and the lessor, or an option to terminate a lease earlier than the expiration date. The Sohu Group considers these options in determining the lease term on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">lease-by-lease</div></div> basis. The Sohu Group only considers payments that are fixed and determinable at the time of lease commencement. In accordance with ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">842-20-25,</div></div> the Sohu Group also elected to keep leases with an initial term of 12 months or less off the balance sheet. </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Goodwill</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports in its financial statements provisional amounts for the items for which the accounting is incomplete. If a measurement period adjustment is identified, the Group recognizes the adjustment as part of the acquisition accounting. The Sohu Group increases or decreases the provisional amounts of identifiable assets or liabilities by means of increases or decreases in goodwill for measurement period adjustments. The measurement period will not exceed one year from the acquisition date. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with ASC 350, the Group does not amortize goodwill, but tests it for impairment. The Group tests goodwill for impairment at the reporting unit level on an annual basis as of October 1, and between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2017-04,</div> Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, and in accordance with the FASB, pursuant to which the Group has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply a quantitative assessment directly. For reporting units applying a qualitative assessment first, the Group starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the carrying value of each reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, but limited to the total amount of goodwill allocated to that reporting unit. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Treasury Stock </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Treasury stock consists of the Company’s ordinary shares, including ordinary shares represented by ADSs, repurchased by the Company or that it is obligated to repurchase as of the reporting date. Ordinary shares included in treasury stock are no longer deemed to be outstanding. Treasury stock is accounted for under the cost method. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Comprehensive Income </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. Accumulated other comprehensive income, as presented on the Sohu Group’s consolidated balance sheets, consists of the Sohu Group’s cumulative foreign currency translation adjustment. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Functional Currency and Foreign Currency Translation </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and intra-Group transactions and arrangements. The functional currency of Sohu.com Limited and the Sohu Group’s subsidiaries in the Cayman Islands, the British Virgin Islands, and Hong Kong is the U.S. dollar. The functional currency of the subsidiaries and the VIEs that the Sohu Group consolidates in the Chinese mainland is the Renminbi (“RMB”). The functional currencies of the Sohu Group’s subsidiaries in other countries and regions are the currencies of those countries and regions. </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> at the applicable rates of exchange in effect at that date. Nonmonetary assets and liabilities denominated in foreign currencies are measured using historical exchange rates. Gains and losses resulting from foreign currency <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> are included in the consolidated statements of comprehensive income. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For foreign currency translations, financial statements of entities with a functional currency other than the U.S. dollar are translated into U.S. dollars, which is the reporting currency. Assets and liabilities are translated at the current exchange rate in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the reporting period. Shareholders’ equity accounts are translated using the historical exchange rates at the date the entry to shareholders’ equity was recorded, except for the change in retained earnings during the year, which is translated using the historical exchange rates used to translate each period’s income statement. Differences resulting from translating a foreign currency to the reporting currency are recorded in accumulated other comprehensive income in the consolidated balance sheets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Impact of Recently Issued Accounting Pronouncements</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740). </div></div>In December 2023, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2023-09,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740)-</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Improvements to Income Tax Disclosures</div></div>. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2023-09</div> requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Sohu Group’s adoption of this standard did not have a material impact on its consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other accounting standards that the Sohu Group adopted beginning January 1, 2025 did not have a significant impact on the Sohu Group’s consolidated financial statements. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Impact of Recently Issued Accounting Pronouncements Not Yet Effective</div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement (Topic 220)</div></div>.<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div>In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2024-03,</div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement (Topic 220)-</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40)</div></div></div>, which was subsequently amended with ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-01</div> to clarify the effective date. ASU No. 2024-03, requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Sohu Group does not expect to adopt ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2024-03</div> early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Instruments - Credit Losses (Topic 326). </div></div>In July 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-05,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Instruments - Credit Losses (Topic 326).</div></div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-05</div> provides all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU No. 2025-05 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="text-align: justify; font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangibles (Topic 350). </div></div>In July 2025, the FASB issued ASU No. 2025-06, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangibles</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">—</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Goodwill and Other - Internal-Use</div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Software (Subtopic 350-40).</div></div> ASU No. 2025-06 modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU No. 2025-06 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Government Grants (Topic 832).</div></div> In December 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Government Grants (Topic 832)</div></div>. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10</div> establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Sohu Group does not expect to adopt ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">No. 2025-10</div> early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">DISCONTINUED OPERATIONS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Discontinued Operation of Shanghai Jingmao</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In May 2010, Changyou acquired 50% of the equity interests in Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”) and an affiliate of Shanghai Jingmao, which were primarily engaged in the cinema advertising business. In January 2011, Changyou acquired the remaining 50% of the equity interests in Shanghai Jingmao and its affiliate. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">Changyou ceased operating the cinema advertising business and wound down the business in August 2019 as a result of a Chinese court in Shanghai having granted a petition by Shanghai Jingmao for bankruptcy relief on August 12, 2019. Accordingly, the results of operations for Changyou’s cinema advertising business have been excluded from Changyou’s results from continuing operations in the consolidated statements of comprehensive income and are presented in separate line items as discontinued operations. Changyou recognized nil disposal gain/loss from 2019 to 2022 given uncertainty over the distribution of insolvent assets as the legal proceedings involving the bankruptcy were still in progress. On August 10, 2023, the bankruptcy proceeding was concluded by the court and, as a result, Changyou recognized</div> an aggregate of $35.4 million in disposal <div style="-sec-ix-hidden:hidden156627005;display:inline;">gain</div>, reflected as discontinued operations in the Sohu Group’s consolidated statements of comprehensive income. </div> 0.50 0.50 35400000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">4.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">SEGMENT INFORMATION </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s segments are business units that offer different services and are reviewed separately by the CODM in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Company’s Chief Executive Officer. There are two segments in the Sohu Group, consisting of Sohu and Changyou. As most of the Sohu Group’s long-lived assets are located in, and substantially all of the revenues of the Sohu Group’s reportable segments are derived from, the Chinese mainland, where the Sohu Group’s services and products are provided to customers, no geographical information is presented. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables present summary information by segment (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="15" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2023</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   116,228</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   484,709</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   (265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   600,672</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(78,858)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(66,882)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(145,740)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,370</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">417,827</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">454,932</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in cost of revenues (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(10)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(17)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">417,817</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">454,915</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(127,038)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(152,911)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(279,686)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(174,526)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(38,899)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(213,423)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(25,045)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(23,380)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,425)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(89)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(602)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(691)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(326,698)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(215,792)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">265</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(542,225)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(289,335)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">202,025</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(87,310)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,746</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">45,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Loss before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,650)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(60,420)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss from continuing operations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(66,070)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,644)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $18.8 million and $11.4 million, respectively, for the year ended December 31, 2023. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2024</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   92,229</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   506,170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">598,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(75,019)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(90,813)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(165,832)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,210</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">415,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">432,567</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in cost of revenues (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,209</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">415,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   432,566</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(128,985)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(126,229)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(255,214)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(166,140)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(69,662)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(235,802)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(27,894)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(23,088)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(50,982)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(72)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">103</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">31</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(323,091)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(218,876)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(541,967)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(305,882)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">196,481</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(109,401)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">38,625</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">464</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Loss before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,168)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(52,070)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,238)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $17.9 million and $9.6 million, respectively, for the year ended December 31, 2024. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 85%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2025</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   75,413</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   508,920</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   584,333</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(58,189)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(73,300)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(131,489)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">17,224</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">435,620</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">452,844</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">17,224</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">435,620</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">452,844</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(135,978</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(111,529</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(247,507</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(149,859</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(39,124</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(188,983</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(24,999</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(46,706</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(71,705</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; line-height: normal;">Goodwill impairment</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(36,955</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(36,955</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(6</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(1,493</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(1,499</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(347,797</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(198,852</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(546,649</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(330,573</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">236,768</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(93,805</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">16,550</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">29,137</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(1,405</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Loss before income tax benefit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(49,523</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Income tax benefit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">443,609</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">394,086</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $15.8 million and $9.2 million, respectively, for the year ended December 31, 2025. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="15" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2024</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">113,556</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,371</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">159,927</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">26,423</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">27,339</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">53,762</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   128,699</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   124,161</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   252,860</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,985,380</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,082,800</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(4,333,514</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">1,734,666</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (1): Total additions to fixed assets of Sohu and Changyou were $0.6 million and $0.7 million, respectively, for the year ended December 31, 2024. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (2): The elimination for segment assets mainly consists of elimination of long-term investments in subsidiaries and consolidated VIEs, and elimination of intra-Group loans between Sohu and Changyou. <br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 88%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">92,107</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">36,201</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">128,308</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">20,095</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">23,240</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">43,335</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   124,678</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   121,585</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   246,263</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,885,282</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,379,631</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(4,628,860)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">1,636,053</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Note (1): Total additions to fixed assets of both Sohu and Changyou were</div> $0.3 million for the year ended December 31, 2025. </div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (2): The elimination for segment assets mainly consists of elimination of long-term investments in subsidiaries and consolidated VIEs, and elimination of intra-Group loans between Sohu and Changyou. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables present summary information by segment (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="15" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2023</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="3" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   116,228</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   484,709</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   (265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   600,672</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(78,858)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(66,882)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(145,740)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,370</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">417,827</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">454,932</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in cost of revenues (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(10)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(17)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">417,817</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(265)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">454,915</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(127,038)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(152,911)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(279,686)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(174,526)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(38,899)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(213,423)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(25,045)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(23,380)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,425)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(89)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(602)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(691)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(326,698)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(215,792)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">265</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(542,225)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(289,335)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">202,025</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(87,310)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,746</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">45,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Loss before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,650)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(60,420)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss from continuing operations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(66,070)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,644)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $18.8 million and $11.4 million, respectively, for the year ended December 31, 2023. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2024</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   92,229</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   506,170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">598,399</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(75,019)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(90,813)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(165,832)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,210</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">415,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">432,567</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in cost of revenues (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(1)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,209</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">415,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   432,566</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(128,985)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(126,229)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(255,214)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(166,140)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(69,662)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(235,802)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(27,894)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(23,088)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(50,982)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(72)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">103</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">31</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(323,091)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(218,876)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(541,967)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(305,882)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">196,481</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(109,401)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">38,625</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">464</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Loss before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,168)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(52,070)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,238)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $17.9 million and $9.6 million, respectively, for the year ended December 31, 2024. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 85%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2025</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   75,413</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   508,920</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   584,333</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment cost of revenues (1)</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(58,189)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(73,300)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(131,489)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 85%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Segment gross profit</div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">17,224</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">435,620</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">452,844</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%;"></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Gross profit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">17,224</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">435,620</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">452,844</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(135,978</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(111,529</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(247,507</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(149,859</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(39,124</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(188,983</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative (1)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(24,999</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(46,706</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(71,705</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; line-height: normal;">Goodwill impairment</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(36,955</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(36,955</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">SBC in operating expenses (2)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(6</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(1,493</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(1,499</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(347,797</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(198,852</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">) </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(546,649</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating profit/(loss)</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(330,573</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">236,768</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(93,805</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other income, net</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">16,550</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Interest income</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">29,137</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Exchange difference</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">(1,405</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Loss before income tax benefit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">(49,523</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 85%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Income tax benefit</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">443,609</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; width: 85%; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income</div></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);"><br/></td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">394,086</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 85%; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; width: 1%; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): Total depreciation and amortization expenses of Sohu and Changyou were $15.8 million and $9.2 million, respectively, for the year ended December 31, 2025. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (2): “SBC” stands for share-based compensation expense. </div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> 116228000 484709000 -265000 600672000 78858000 66882000 0 145740000 37370000 417827000 -265000 454932000 7000 10000 0 17000 37363000 417817000 -265000 454915000 127038000 152911000 -263000 279686000 174526000 38899000 -2000 213423000 25045000 23380000 0 48425000 89000 602000 0 691000 326698000 215792000 -265000 542225000 -289335000 202025000 0 -87310000 35746000 45222000 692000 -5650000 60420000 -66070000 35426000 -30644000 18800000 11400000 92229000 506170000 0 598399000 75019000 90813000 0 165832000 17210000 415357000 0 432567000 1000 0 0 1000 17209000 415357000 0 432566000 128985000 126229000 0 255214000 166140000 69662000 0 235802000 27894000 23088000 0 50982000 72000 -103000 0 -31000 323091000 218876000 0 541967000 -305882000 196481000 0 -109401000 22144000 38625000 464000 -48168000 52070000 -100238000 17900000 9600000 75413000 508920000 0 584333000 58189000 73300000 0 131489000 17224000 435620000 0 452844000 17224000 435620000 0 452844000 135978000 111529000 0 247507000 149859000 39124000 0 188983000 24999000 46706000 0 71705000 36955000 0 0 36955000 6000 1493000 0 1499000 347797000 198852000 0 546649000 -330573000 236768000 0 -93805000 16550000 29137000 -1405000 -49523000 -443609000 394086000 15800000 9200000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="15" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2024</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">113,556</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,371</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">159,927</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">26,423</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">27,339</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">53,762</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   128,699</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   124,161</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   252,860</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,985,380</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,082,800</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(4,333,514</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">1,734,666</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (1): Total additions to fixed assets of Sohu and Changyou were $0.6 million and $0.7 million, respectively, for the year ended December 31, 2024. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (2): The elimination for segment assets mainly consists of elimination of long-term investments in subsidiaries and consolidated VIEs, and elimination of intra-Group loans between Sohu and Changyou. <br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 88%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="15" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td colspan="4" style="height: 3pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Eliminations</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Consolidated</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">92,107</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">36,201</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">128,308</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">20,095</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">23,240</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">43,335</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net (1)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   124,678</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   121,585</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   246,263</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets (2)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,885,282</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">3,379,631</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(4,628,860)</td> <td style="white-space: nowrap; vertical-align: middle; padding: 0px;"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">1,636,053</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Note (1): Total additions to fixed assets of both Sohu and Changyou were</div> $0.3 million for the year ended December 31, 2025. </div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Note (2): The elimination for segment assets mainly consists of elimination of long-term investments in subsidiaries and consolidated VIEs, and elimination of intra-Group loans between Sohu and Changyou. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> 113556000 46371000 0 159927000 26423000 27339000 0 53762000 128699000 124161000 0 252860000 2985380000 3082800000 -4333514000 1734666000 600000 700000 92107000 36201000 0 128308000 20095000 23240000 0 43335000 124678000 121585000 0 246263000 2885282000 3379631000 -4628860000 1636053000 300000 300000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">SHARE-BASED COMPENSATION EXPENSE </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Sohu and Changyou have incentive plans for the granting of share-based awards, including share options and restricted share units, to members of the boards of directors, management and other key employees. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Share-based compensation expense was recognized in costs and expenses for the years ended December 31, 2023, 2024 and 2025 as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:54%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="9" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="9" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-based compensation expense</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">156</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">509</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(72</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  (30</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Share-based compensation expense was recognized for share awards of Sohu and Changyou for the years ended December 31, 2023, 2024 and 2025 as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:52%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="7" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="7" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-based compensation expense</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">For Sohu share-based awards</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">73</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">For Changyou share-based awards</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(103</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  (30</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There was no capitalized share-based compensation expense for the years ended December 31, 2025, 2024 and 2023. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Share-based compensation expense was recognized in costs and expenses for the years ended December 31, 2023, 2024 and 2025 as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:54%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="9" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="9" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-based compensation expense</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Product development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">156</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Sales and marketing expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">General and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">509</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(72</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  (30</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 17000 1000 0 156000 19000 0 26000 22000 6000 509000 -72000 1493000 708000 -30000 1499000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Share-based compensation expense was recognized for share awards of Sohu and Changyou for the years ended December 31, 2023, 2024 and 2025 as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:52%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="7" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="7" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-based compensation expense</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">For Sohu share-based awards</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">73</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">For Changyou share-based awards</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(103</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  (30</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 96000 73000 6000 612000 -103000 1493000 708000 -30000 1499000 0 0 0 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">6.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">ADVERTISING AND PROMOTIONAL EXPENSES </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, advertising and promotional expenses recognized in the consolidated statements of comprehensive income were $125.9 million, $166.3 million, and $138.3 million, respectively. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> 125900000 166300000 138300000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">7.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">OTHER INCOME, NET </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Sohu Group’s other income/(expense) (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="11" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td rowspan="13" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="13" style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Rental income</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,530</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,723</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;">Investment income from short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,709</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,027</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5,645</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Investment income/(loss) from long-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,707</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(310</td> <td style="white-space:nowrap;vertical-align:bottom">)</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">535</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax refund</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,486</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,574</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">496</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;">Government grant</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,486</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,184</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">146</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Impairment loss on equity investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(283</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Donations</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(854</td> <td style="white-space:nowrap;vertical-align:bottom">)</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(192</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,111</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(200</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">282</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">    35,746</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">    22,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">    16,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Sohu Group’s other income/(expense) (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="11" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td rowspan="13" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td rowspan="13" style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">      </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Rental income</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,530</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,723</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;">Investment income from short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,709</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,027</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5,645</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Investment income/(loss) from long-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,707</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(310</td> <td style="white-space:nowrap;vertical-align:bottom">)</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">535</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax refund</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,486</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,574</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">496</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;">Government grant</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,486</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,184</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">146</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Impairment loss on equity investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(283</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Donations</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(854</td> <td style="white-space:nowrap;vertical-align:bottom">)</td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(192</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,111</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(200</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">282</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">    35,746</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">    22,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">    16,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> 7530000 9723000 9638000 4709000 6027000 5645000 1707000 -310000 535000 2486000 1574000 496000 17486000 6184000 146000 283000 0 0 0 854000 192000 2111000 -200000 282000 35746000 22144000 16550000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">8.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">BALANCE <div style="letter-spacing: 0px; top: 0px;display:inline;">SHEET </div>COMPONENTS (IN THOUSANDS) </div></td></tr></table> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"></div></td></tr></table> <div style="clear:both;max-height:0pt;text-indent: 0px;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 91%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 94%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="7" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">66,161   </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">  54,221   </td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Allowance for credit losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,399)   </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(10,886)   </td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  53,762   </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,335   </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:91%;border-spacing:0"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Prepaid and other current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Matching loans due from a related party (See Note 9)</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">  33,170   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">  33,924   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid taxes</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">25,698   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">33,052   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid revenue-sharing costs</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">7,865   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">9,512   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid content and license costs </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">6,531   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,321   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid professional fees</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">2,112   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">3,629   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid rental deposits</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,121   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">982   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Interest receivable from bank deposits with original maturities of three months or less</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">297   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">697   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Employee advances</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">507   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div style="display:inline;">557   </div></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Prepaid advertising and promotion expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">331   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">344   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Prepaid office rent and facilities expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">133   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">165   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">5,810   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">5,720   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">83,575   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">93,903   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Other short-term liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Matching loans due to a related party (See Note 9)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">34,123   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">34,124   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Share-based awards in Changyou (See Note 18)</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">26,772   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">28,063   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deposits from customers</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,917   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">4,350   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Lease liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,723   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,822   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Contract deposits from advertisers</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,564   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,453   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consideration payable for equity investments</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">685   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">700   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,538   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">6,089   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">76,322   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">76,601   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 91%; border-spacing: 0px; text-indent: 0px;"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Receipts in advance and deferred revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Receipts in advance relating to:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing services business</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right;text-indent: 0px;">  1,995</td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">   </td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right;text-indent: 0px;">  2,393</td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">   </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online game business</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,074</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">4,159</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other business</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,290</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">1,764</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; text-align: right;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total receipts in advance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">7,359</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">8,316</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deferred revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">43,648</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">46,562</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">51,007</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">54,878</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="text-align: left; vertical-align: top;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"></div></td></tr></table> <div style="clear:both;max-height:0pt;text-indent: 0px;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 91%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 94%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 1%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="7" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">66,161   </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">  54,221   </td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Allowance for credit losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,399)   </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(10,886)   </td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  53,762   </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,335   </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> 66161000 54221000 12399000 10886000 53762000 43335000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:91%;border-spacing:0"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Prepaid and other current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Matching loans due from a related party (See Note 9)</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">  33,170   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">  33,924   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid taxes</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">25,698   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">33,052   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid revenue-sharing costs</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">7,865   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">9,512   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid content and license costs </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">6,531   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,321   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid professional fees</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">2,112   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">3,629   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid rental deposits</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,121   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">982   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Interest receivable from bank deposits with original maturities of three months or less</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">297   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">697   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Employee advances</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">507   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);"><div style="display:inline;">557   </div></td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Prepaid advertising and promotion expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">331   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">344   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Prepaid office rent and facilities expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">133   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">165   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">5,810   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">5,720   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">83,575   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">93,903   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Other short-term liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Matching loans due to a related party (See Note 9)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">34,123   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">34,124   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Share-based awards in Changyou (See Note 18)</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">26,772   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">28,063   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deposits from customers</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,917   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">4,350   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Lease liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,723   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,822   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Contract deposits from advertisers</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,564   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">1,453   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Consideration payable for equity investments</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">685   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">700   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">5,538   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">6,089   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">76,322   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">76,601   </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> 33170000 33924000 25698000 33052000 7865000 9512000 6531000 5321000 2112000 3629000 1121000 982000 297000 697000 507000 557000 331000 344000 133000 165000 5810000 5720000 83575000 93903000 34123000 34124000 26772000 28063000 5917000 4350000 1723000 1822000 1564000 1453000 685000 700000 5538000 6089000 76322000 76601000 <table cellpadding="0" cellspacing="0" style="text-align:start; border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 91%; border-spacing: 0px; text-indent: 0px;"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Receipts in advance and deferred revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Receipts in advance relating to:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Marketing services business</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right;text-indent: 0px;">  1,995</td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">   </td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right;text-indent: 0px;">  2,393</td> <td style="white-space:nowrap;vertical-align:top;text-indent: 0px;">   </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Online game business</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,074</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">4,159</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other business</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,290</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">1,764</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal; text-align: right;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total receipts in advance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">7,359</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right;">8,316</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deferred revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">43,648</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">46,562</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> $</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">51,007</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">54,878</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> 3074000 4159000 2290000 1764000 7359000 8316000 43648000 46562000 51007000 54878000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">9.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">RELATED PARTY TRANSACTIONS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Under an agreement between Sohu and Fox Financial Technology Group Limited (“Fox Financial,” formerly known as “SoEasy Internet Finance Group Limited”) entered into in August 2014, Sohu invested $4.8 million and $16.1 million, respectively, in Fox Financial in August 2014 and April 2015. In February 2016, Sohu invested an additional $10.5 million in Fox Financial. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Changyou’s Loan Arrangements with Fox Financial </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Commencing in April 2015, certain subsidiaries of Changyou and certain subsidiaries of Fox Financial entered into a series of loan agreements pursuant to which the subsidiaries of Changyou were entitled to draw down HK dollar-denominated or U.S. dollar-denominated loans from the Fox Financial subsidiaries and the Fox Financial subsidiaries were entitled to draw down equivalent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">RMB-denominated</div> loans from the Changyou subsidiaries, to facilitate each other’s business operations. All of the loans carry a fixed rate of interest which approximated the market interest rate at the inception of the loans. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">In December 2018 and 2019, Changyou entered into several supplemental agreements with Fox Financial pursuant to which (i) all accrued and unpaid interest on the loans was added to the principal of the corresponding loans; (ii) Fox Financial provided security for its repayment obligations to Changyou; and (iii) Changyou similarly provided security for its repayment obligations to Fox Financial. If Fox Financial fails to repay the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">RMB-denominated</div> loan principal and corresponding interest owed to Changyou, Changyou will have the right to apply the amount of a security deposit, consisting of the outstanding U.S. dollar-denominated loan principal and corresponding interest owed by Changyou to Fox Financial, to repay the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">RMB-denominated</div> loan principal and interest owed by Fox Financial to Changyou, and vice versa. The security deposit will be required to be replenished by Fox Financial or Changyou, as the case may be, if the amount of the security deposit is insufficient to repay the applicable loan principal and interest, and any remaining security deposit will be returned to Fox Financial or Changyou, as the case may be, if there is a surplus after the repayment of the loan principal and interest. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The loan arrangements expired on December 31, 2020 and no new supplemental agreements were signed. In May 2021 and in March 2024, Changyou notified Fox Financial of Changyou’s intention to exercise its rights under the supplemental agreement by applying the security deposit to repay the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">RMB-denominated</div> loan principal and corresponding interest owed by Fox Financial to Changyou. As of the date of the filing of this report, Changyou has not received any response from Fox Financial and has not so applied any of the security deposit. In connection with such loan arrangements, the Sohu Group recorded in the Sohu Group’s consolidated balance sheets as of December 31, 2025 loans receivable from Fox Financial in a total amount of $33.9 million as prepaid and other current assets, and loans payable to Fox Financial in a total amount of $34.1 million as other short-term liabilities. </div> 4800000 16100000 10500000 33900000 34100000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">FAIR VALUE MEASUREMENTS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Fair Value of Financial Instruments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is: </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 2 - include other inputs that are directly or indirectly observable in the marketplace. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Level 3 - unobservable inputs which are supported by little or no market activity. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s financial instruments consist primarily of cash equivalents, short-term investments, accounts receivable, other current assets, long-term investments, long-term time deposits, accounts payable, accrued liabilities, other short-term liabilities, and long-term other payables<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">.</div></div> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Financial Instruments Measured at Fair Value </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the financial instruments, measured at fair value by level within the fair value hierarchy, as of December 31, 2024 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"> Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right"> 94,156</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  94,156</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">744,498</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">744,498</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Debt investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.2em; text-indent: -1.2em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Long-term time deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">331,290</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">331,290</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the financial instruments, measured at fair value by level within the fair value hierarchy, as of December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 84%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Items</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/>December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/>in Active Markets<br/>for Identical Assets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Other<br/>Observable Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs<br/>(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 72,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">       0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 72,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">       0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">702,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">702,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Debt investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Long-term time deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">350,659</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">350,659</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cash Equivalents </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s cash equivalents mainly consist of time deposits with original maturities of three months or less and notice deposits. The fair values of cash equivalents are determined based on the pervasive interest rates in the market. The Group classifies the valuation techniques that use the pervasive interest rates input as Level 2 of fair value measurements. Generally, there are no quoted prices in active markets for identical cash equivalents at the reporting date. In order to determine the fair value, the Group uses the discounted cash flow method and observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Short-term Investments </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s short-term investments mainly consist of investments in financial instruments with a variable interest rate and time deposits with maturities of three months to one year. In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to performance of underlying assets and time deposits, the Sohu Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income as other income/(expense) and interest income. To estimate fair value, the Group refers to the quoted rate of return provided by banks at the end of each period using the discounted cash flow method. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025 and 2024, the Sohu Group’s investment in these financial instruments was $702.4 million and $744.5 million, respectively. The investment instruments with variable interest rates were issued by commercial banks in the Chinese mainland, and are indexed to performance of underlying assets. Since these investments’ maturity dates are within one year, they are classified as short-term investments. For the years ended December 31, 2025 and 2024, the Sohu Group recorded gains from changes in the fair value of short-term investments in the amounts of $5.6 million and $6.0 million, respectively, in the consolidated statements of comprehensive income. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Long-term Investments </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term investments consist of debt investments and equity investments in publicly traded companies, privately-held companies, and limited partnerships. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Debt Investments </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">825-10-25</div></div> permits all entities to choose, at specified election dates, to measure eligible items at fair value (the fair value option). </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">The Group measures debt investments under the fair value option on a recurring basis. For investments in preferred shares, the fair value was estimated by using the back-solve method, which requires considering the rights and preferences of each class of equity and solving for the total equity value that is consistent with a recent transaction in the subject company’s securities. This method requires making assumptions on future outcomes available to the subject company, the probability of each scenario, expected time to liquidity events, volatility, and risk-free rate (Level 3). As of December 31, 2025 and 2024, the aggregate carrying value of debt investments <div style="display:inline;">was</div> $</div></div>21.1<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="null;text-indent: 0px;display:inline;">million for both years. The Group recognized a fair value loss of</div> nil <div style="display:inline;">and</div> $</div></div>1.8<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">million, respectively, in 2025 and 2024. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Equity Investments </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-01,</div> equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are measured at fair value through earnings, unless they qualify for a measurement alternative. </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group measures equity investments under the equity method and equity investments without readily determinable fair values at fair value on a <div style="white-space:nowrap;display:inline;">non-recurring</div> basis when an impairment charge is to be recognized. As of December 31, 2025 and 2024, certain investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to their fair values, considering the stage of development, the business plan, the financial condition, the sufficiency of funding and the operating performance of the investee companies, with impairment charges incurred and recorded in other income for the years then ended. The Group recognized an impairment loss of nil for investments without readily determinable fair values in both 2025 and 2024. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Equity Investments Accounted for Using the Equity Method </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For investments in common stock or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-substance</div> common stock of entities over which the Group can exercise significant influence but does not own a majority equity interest or control, the equity method is applied, and the Group adjusts the carrying amount of an investment and recognizes investment income or loss for the Group’s share of the earnings or loss of the investee after the date of investment. The Group measures equity investments under the equity method at fair value on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recurring</div> basis only if an impairment charge is to be recognized. The Group classifies these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recurring</div> fair value measurements as Level 3 of fair value measurement. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Equity Investments with Readily Determinable Fair Values </div></div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Equity investments with readily determinable fair values are valued using the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation techniques that use these inputs as Level 1 of fair value measurements. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Equity Investments without Readily Determinable Fair Values </div></div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Based on ASU No. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2016-01,</div> an entity will be able to elect to record equity investments without readily determinable fair values and not accounted for by the equity method at cost, less impairment, adjusted for subsequent observable price changes in orderly transactions for the identical or similar investments of the same issuer. Entities that elect this measurement alternative will report changes in the carrying value of the equity investments in current earnings.</div><br/></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">If this measurement alternative is elected, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in transactions for identical or similar investments of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known. When observable price changes were identified, the Group used the back-solve method to </div><div style="font-size: 10pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measure</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> the fair value of the investments and to determine the amount that should be recorded as upward or downward adjustments. The back-solve method requires considering the rights and preferences of each class of equity and solving for the total equity value that is consistent with a recent transaction of the subject company’s securities. This method requires making assumptions on future outcomes available to the subject company, the probability of each scenario, expected time to liquidity events, volatility and risk-free rate. The Group classifies this </div><div style="font-size: 10pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recurring</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> fair value measurement as Level 3 of fair value measurement.</div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Long-term Time Deposits </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group elected the fair value method at the date of initial recognition of time deposits with maturities over one year and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of comprehensive income. The Sohu Group classifies the valuation techniques that use the pervasive interest rates input as Level 2 of fair value measurements. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Assets Measured at Fair Value on a Nonrecurring Basis </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2024 and 2025 (in thousands). </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content recorded in prepaid and other assets</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Intangible assets, net</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">7,695 </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,695 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Goodwill</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,944 </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">46,944 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content recorded in prepaid and other assets</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">214 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">214 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"> Intangible assets, net</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,692 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,692 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"> Goodwill</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Intangible Assets </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intangible assets mainly comprise operating rights for licensed games, purchased video content, domain names and trademarks, computer software, and developed technologies. See Note 14 - Intangible Assets, Net. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Goodwill </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. See Note 13 - Goodwill. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Short-term Receivables and Payables </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounts receivable and other current assets are financial assets with carrying values that approximate fair value due to their short-term nature. Short-term accounts payable, accrued liabilities, and other short-term liabilities are financial liabilities with carrying values that approximate fair value due to their short-term nature. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Long-term Payables </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term payables mainly consist of long-term other payables. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term other payables are financial liabilities with carrying values that approximate fair value. After the Changyou Plans’ Modification, long-term other payables also include liabilities accrued over the option holders’ service periods with a fixed price of $5.39 per Changyou Class A ordinary share. See Note 18 - Sohu.com Limited Shareholders’ Equity. </div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the financial instruments, measured at fair value by level within the fair value hierarchy, as of December 31, 2024 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;"> Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right"> 94,156</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  94,156</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">744,498</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">744,498</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Debt investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">  21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.2em; text-indent: -1.2em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Long-term time deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">331,290</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">331,290</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the financial instruments, measured at fair value by level within the fair value hierarchy, as of December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 84%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> Items</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/>December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/>in Active Markets<br/>for Identical Assets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Other<br/>Observable Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs<br/>(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 72,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">       0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> 72,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">       0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Short-term investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">702,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">702,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Debt investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Long-term time deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">350,659</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">350,659</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 94156000 0 94156000 0 744498000 0 744498000 0 21095000 0 0 21095000 331290000 0 331290000 0 72414000 0 72414000 0 702372000 0 702372000 0 21095000 0 0 21095000 350659000 0 350659000 0 P3M P1Y 702400000 744500000 5600000 6000000 21100000 21100000 0 1800000 P1Y <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2024 and 2025 (in thousands). </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content recorded in prepaid and other assets</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Intangible assets, net</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">7,695 </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,695 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Goodwill</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,944 </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">46,944 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair value measurements at reporting date using</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of<br/> December 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted Prices<br/> in Active Markets<br/> for Identical Assets<br/> (Level 1)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant Other<br/> Observable Inputs<br/> (Level 2)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">    </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"> Purchased video content recorded in prepaid and other assets</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">214 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">214 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"> Intangible assets, net</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,692 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,692 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"> Goodwill</div></td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">    </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10,257 </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 257000 0 0 257000 7695000 0 0 7695000 46944000 0 0 46944000 214000 0 0 214000 4692000 0 0 4692000 10257000 0 0 10257000 5.39 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">11.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">LEASES </div></td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Group has entered into operating lease agreements, primarily for offices in the Chinese mainland with lease periods expiring between 2025 and 2028. The determination of whether an arrangement is or contains a lease is made at the inception of the lease by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included on the Group’s consolidated balance sheets. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">right-of-use</div></div> assets are included in other assets, while the current portion of the operating lease liabilities is included in other short-term liabilities and the long-term portion is included in other long-term liabilities. The Group has elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less on the consolidated balance sheets. </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Group uses its incremental borrowing rate in determining the present value of the future lease payments, because the interest rate implicit in most of the leases is not readily determinable. The Group estimates its incremental borrowing rate for each leased asset based on the interest rate the Group would incur to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain lease agreements contain an option for the Group to renew a lease for a term agreed to by the Group and the lessor or an option to terminate a lease earlier than the maturity date. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">lease-by-lease</div></div> basis. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Certain of the Group’s leases contain free or escalating rent payment terms. Operating lease expense is recognized on a straight-line basis over the lease term. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group’s lease agreements generally contain lease and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-lease</div> components consist primarily of payments for maintenance and utilities. The Group has identified separate lease and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components, allocated the contractual considerations between components based on the terms specified in the lease agreements, and accounted for the lease components separately from the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components. Payments under the lease arrangements are primarily fixed with no variable payments. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Components of operating lease expense are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top">Operating lease expense</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     2,032</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     1,837</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Short-term lease expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">238</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating lease expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,270</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,929</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Supplemental cash flow information related to leases are as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash paid for amounts included in the measurement of lease liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating cash flows from operating leases</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,810</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,992</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Right-of-use</div></div> assets obtained in exchange for lease liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating leases</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     557</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents supplemental balance sheet information related to the operating leases (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">Assets:</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627007;display:inline;"><div style="-sec-ix-hidden:hidden156627006;display:inline;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     3,238</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     2,154</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627122;display:inline;"><div style="-sec-ix-hidden:hidden156627009;display:inline;">Current lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,723</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,822</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627123;display:inline;"><div style="-sec-ix-hidden:hidden156626944;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-current</div> lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,659</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">322</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156626946;display:inline;"><div style="-sec-ix-hidden:hidden156626945;display:inline;">Total operating lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,382</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,144</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maturities of lease liabilities under operating leases as of December 31, 2025 are as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:77%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2026</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">$</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">     1,884</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2028</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">34</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2030</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total future lease payments</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,219</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less: imputed interest</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">75</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total present value of lease liabilities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">$</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,144</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025, operating leases recognized in lease liabilities had a weighted average remaining lease term of 1.4 years and a weighted average discount rate of 4.4%. As of December 31, 2025, there were no liabilities for leases that had been entered into, but the terms of which had not yet commenced.</div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Components of operating lease expense are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top">Operating lease expense</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     2,032</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     1,837</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Short-term lease expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">238</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating lease expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,270</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,929</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr></table> 2032000 1837000 238000 92000 2270000 1929000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Supplemental cash flow information related to leases are as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash paid for amounts included in the measurement of lease liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating cash flows from operating leases</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,810</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,992</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 1810000 1992000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:73%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Right-of-use</div></div> assets obtained in exchange for lease liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating leases</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     1,712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     557</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 1712000 557000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents supplemental balance sheet information related to the operating leases (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">Assets:</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627007;display:inline;"><div style="-sec-ix-hidden:hidden156627006;display:inline;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     3,238</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     2,154</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627122;display:inline;"><div style="-sec-ix-hidden:hidden156627009;display:inline;">Current lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,723</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,822</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156627123;display:inline;"><div style="-sec-ix-hidden:hidden156626944;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-current</div> lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,659</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">322</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="-sec-ix-hidden:hidden156626946;display:inline;"><div style="-sec-ix-hidden:hidden156626945;display:inline;">Total operating lease liabilities</div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,382</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,144</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 3238000 2154000 1723000 1822000 1659000 322000 3382000 2144000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maturities of lease liabilities under operating leases as of December 31, 2025 are as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:77%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2026</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">$</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">     1,884</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2028</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">34</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2030</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total future lease payments</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,219</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Less: imputed interest</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">75</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total present value of lease liabilities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">$</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,144</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr></table> 1884000 301000 34000 0 0 0 2219000 75000 2144000 P1Y4M24D 0.044 0 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">12.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">FIXED ASSETS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Sohu Group’s fixed assets (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 87%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Office buildings</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     355,862</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     363,942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer equipment and hardware</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">81,335</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">77,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Leasehold and building improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">31,943</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">32,664</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Office furniture</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">5,204</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5,252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Vehicles</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,972</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,823</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Fixed assets, gross</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">477,316</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">482,011</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(224,456)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(235,748)</td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Fixed assets, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">252,860</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">246,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, depreciation expenses for <div style="letter-spacing: 0px; top: 0px;display:inline;">fixed</div> assets were $12.6 million, $13.5 million, and $16.6 million, respectively. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Sohu Group’s fixed assets (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 87%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Office buildings</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">     355,862</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     363,942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer equipment and hardware</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">81,335</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">77,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Leasehold and building improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">31,943</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">32,664</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Office furniture</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">5,204</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5,252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Vehicles</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">2,972</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,823</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Fixed assets, gross</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">477,316</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">482,011</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(224,456)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(235,748)</td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">Fixed assets, net</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">252,860</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">246,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> 355862000 363942000 81335000 77330000 31943000 32664000 5204000 5252000 2972000 2823000 477316000 482011000 224456000 235748000 252860000 246263000 12600000 13500000 16600000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">13.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">GOODWILL </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changes in the carrying value of goodwill by segment are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:85%;border-spacing:0"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Balance as of December 31, 2023</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   69,152</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   180,543</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   249,695</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(32,246)</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(170,286)</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(202,532)</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,906</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">47,163</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Transactions in 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:middle">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Transactions in 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Foreign currency translation adjustment<br/></div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">268</div></div></td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">268</div></div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; line-height: normal;">Impairment losses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">(36,955</td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">(36,955</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 2pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2025</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2025</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There was one reporting unit under the Sohu segment, which is the Sohu reporting unit. The reporting units under the Changyou segment consisted of the Changyou online game business and the 17173.com Website. The Changyou online game business was the only reporting unit with goodwill under the Changyou segment. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of October 1, 2025, the Sohu Group tested goodwill for impairment at the reporting unit level. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Sohu reporting unit, management determined that a quantitative assessment was appropriate, comparing the estimated fair value of the reporting unit to its corresponding net book value. Management estimated the fair value of the Sohu reporting unit using the income approach and the market approach. The income approach considers a number of factors that include expected future cash flows, revenue growth rates, the discount rate and profitability. The market approach considers earnings multipliers based on market data of comparable companies engaged in a similar business. The fair value determined using the income approach is compared with comparable market data and reconciled, as necessary. The fair value of the Sohu reporting unit also includes cash not required for working capital and the fair value of real estate held by the Sohu reporting unit for the production of rental income. The fair value of real estate owned and leased to others was determined using the income approach, with key assumptions including rental income from existing and expected lease contracts and market yields of comparable real estate. If rental income decreases and/or market yields increase, the fair value of this real estate, as well as the fair value of the Sohu reporting unit, will decrease. The goodwill impairment assessment is sensitive to the estimates related to these factors, and particularly the fair value of the real estate held by Sohu. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the fourth quarter of 2025, management concluded that the fair value of the Sohu reporting unit was less than its carrying value, indicating that the goodwill of the Sohu reporting unit was impaired. This was mainly driven by a decline in the fair value of real estate held by the Sohu reporting unit for the production of rental income, due to the weakness of the real estate market in the Chinese mainland. A goodwill impairment loss of $37.0 million was recognized for the Sohu reporting unit for the year ended December 31, 2025. </div></div>No<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">impairment of goodwill was recognized during the year ended December 31, 2024. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Changyou online game reporting unit, management determined that a quantitative assessment was appropriate, comparing the estimated fair value of the reporting unit to its corresponding net book value. Management estimated the fair value of the Changyou online game reporting unit using the income approach and the market approach. The income approach considers a number of factors that include expected future cash flows, revenue growth rates, the discount rate and profitability. The market approach considers earnings multipliers based on market data of comparable companies engaged in a similar business. The fair value of the Changyou online game reporting unit also includes the net <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-operating</div> assets held by Changyou. The fair value determined using the income approach is compared with comparable market data and reconciled, as necessary. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of December 31, 2025 and 2024, management concluded that the fair value of the Changyou online game reporting unit exceeded its carrying value, indicating that the goodwill of the Changyou online game reporting unit was not impaired. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changes in the carrying value of goodwill by segment are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:85%;border-spacing:0"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sohu</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Changyou</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Balance as of December 31, 2023</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   69,152</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   180,543</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">   249,695</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(32,246)</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(170,286)</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(202,532)</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,906</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">47,163</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Transactions in 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:middle">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">36,687</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">10,257</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> $</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle;text-align:right">46,944</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:middle"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Transactions in 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Foreign currency translation adjustment<br/></div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">268</div></div></td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">0</div></div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">268</div></div></td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.7em; line-height: normal;">Impairment losses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">(36,955</td> <td style="vertical-align: middle; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">)</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">(36,955</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="padding-bottom: 2pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2025</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 7.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance as of December 31, 2025</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: middle; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accumulated impairment losses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgba(255, 255, 255, 0);">0</td> <td style="white-space: nowrap; vertical-align: middle; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size:1pt"> <td style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 1.5pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; background-color: rgb(204, 238, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">0</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> $</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; text-align: right; background-color: rgb(204, 238, 255);">10,257</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: middle; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="9" style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr></table> 69152000 180543000 249695000 32246000 170286000 202532000 36906000 10257000 47163000 219000 0 219000 36687000 10257000 46944000 36687000 10257000 46944000 0 0 0 36687000 10257000 46944000 -268000 0 -268000 36955000 0 36955000 0 10257000 10257000 0 10257000 10257000 0 0 0 0 10257000 10257000 1 37000000 0 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">14.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">INTANGIBLE ASSETS, NET </div></td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortization</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Net</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Operating rights for licensed games</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">64,937</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(45,996</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,334</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">6,607</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Purchased video content</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">41,789</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(30,059</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(11,362</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">368</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Domain names and trademarks</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">16,083</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(6,350</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,733</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer software</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">11,861</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(11,141</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">720</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Developed technologies</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(147</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(843</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">135,660</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(93,693)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(34,272)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">7,695</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortization</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Net</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Operating rights for licensed games</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">67,071</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(50,724</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,612</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,735</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Purchased video content</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">38,991</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(28,806</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,956</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">229</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Domain names and trademarks</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">16,412</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(6,458</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,954</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer software</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">10,835</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(10,107</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">728</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Developed technologies</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(147</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(843</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">134,299</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(96,242)</td> <td style="white-space:nowrap;vertical-align:top"><br/></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(33,365</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">4,692</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Amortization </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, amortization of intangible assets was $12.4 million, $11.2 million, and $13.6 million, respectively. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of December 31, 2025, amortization expenses for future periods are estimated to be as follows: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:96%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00px solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Year Ended December 31,  </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> (in thousands) </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,367</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,233</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total expected amortization expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;display:inline;">4,692</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortization</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Net</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Operating rights for licensed games</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">64,937</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(45,996</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,334</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">6,607</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Purchased video content</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">41,789</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(30,059</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(11,362</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">368</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Domain names and trademarks</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">16,083</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(6,350</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,733</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer software</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">11,861</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(11,141</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">720</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Developed technologies</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(147</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(843</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">135,660</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(93,693)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(34,272)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">7,695</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Items</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortization</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Accumulated  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Net</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Carrying  </div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Operating rights for licensed games</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">67,071</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(50,724</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(12,612</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">3,735</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Purchased video content</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">38,991</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(28,806</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,956</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">229</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Domain names and trademarks</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">16,412</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(6,458</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(9,954</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Computer software</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">10,835</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(10,107</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">728</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Developed technologies</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(147</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(843</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">134,299</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(96,242)</td> <td style="white-space:nowrap;vertical-align:top"><br/></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(33,365</td> <td style="white-space:nowrap;vertical-align:top">)</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">4,692</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 64937000 45996000 12334000 6607000 41789000 30059000 11362000 368000 16083000 6350000 9733000 0 11861000 11141000 0 720000 990000 147000 843000 0 135660000 93693000 34272000 7695000 67071000 50724000 12612000 3735000 38991000 28806000 9956000 229000 16412000 6458000 9954000 0 10835000 10107000 0 728000 990000 147000 843000 0 134299000 96242000 33365000 4692000 12400000 11200000 13600000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of December 31, 2025, amortization expenses for future periods are estimated to be as follows: </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:96%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00px solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; line-height: normal;">Year Ended December 31,  </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> (in thousands) </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,367</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,233</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total expected amortization expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;display:inline;">4,692</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 3367000 1233000 92000 0 0 0 4692000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">15.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">TAXATION </div></td></tr></table> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Value-Added Tax </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group’s revenues are subject to VAT in the Chinese mainland. To record VAT payable, the Group adopted the net presentation method,</div> which presents the difference between the output VAT (at a rate of 6% or 13%) and the available input VAT amount (at the rate applicable to the supplier). </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Income Tax </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cayman Island Tax </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Under the current tax laws of the Cayman Islands, Sohu.com Limited is not subject to tax on its income or capital gains, and no Cayman Islands withholding tax will be imposed upon any payment of dividends by Sohu.com Limited to its shareholders. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Hong Kong Tax </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Group’s subsidiaries incorporated in Hong Kong are subject to profits tax in Hong Kong at the rate of 16.5% for each of the years ended December 31, 2025, 2024 and 2023. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Chinese Mainland Income Tax </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The majority of the subsidiaries and VIEs of the Sohu Group are based in the Chinese mainland and are subject to income taxes in the Chinese mainland. These Chinese mainland-based subsidiaries and VIEs conduct substantially all of the Sohu Group’s operations, and generate most of the Sohu Group’s income or losses. The Chinese mainland generally imposes an income tax rate of 25% <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on all enterprises, but grants preferential tax treatment to “high and new technology enterprises” (“HNTEs”). </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Under preferential tax treatment, HNTEs can enjoy an income tax rate of 15%, but need to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-apply</div> every three years. During this three-year period, an HNTE must conduct a qualification self-review each year to ensure it meets the HNTE criteria and is eligible for the 15% preferential tax rate for that year. If an HNTE fails to meet the criteria for qualification as an HNTE in any year, the enterprise cannot enjoy the 15% preferential tax rate in that year, and must instead use the regular 25% income tax rate. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Principal Entities Qualified as HNTEs </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of December 31, 2025, the following principal entities of the Sohu Group were qualified as HNTEs and were entitled to an income tax rate of 15%. </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Gamespace, Changyou Chuangxiang and Sohu New Momentum re-applied for HNTE qualification and received approval in 2025. They are entitled to continue to enjoy the beneficial tax rate as HNTEs for the years 2025 through 2027, and will need to re-apply for HNTE qualification in 2028. <br/></div> </div></td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Video Tianjin and Sohu Internet qualified as HNTEs for the years 2024 through 2026, and will need to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-apply</div> for HNTE qualification in 2027. </div></td></tr></table><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:5%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Gamease, AmazGame, Sohu Media and Guangzhou Qianjun qualified as HNTEs for the years 2023 through 2025, and will need to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-apply</div> for HNTE qualification in 2026. </div></td></tr></table><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Corporate Income Tax </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu.com Inc., which was formerly the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">top-tier</div> publicly-traded parent company of the Sohu Group, was dissolved and liquidated on May 31, 2018. Sohu.com Inc. was a Delaware corporation that was subject to U.S. federal corporate income tax on its taxable income at a rate of 21% for taxable years beginning after December 31, 2017 and up to 35% for prior tax years. The U.S. TCJA significantly modified the U.S. Internal Revenue Code by, among other things, reducing the maximum statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating many business deductions; migrating the U.S. to a partial territorial tax system with a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-time</div> Toll Charge on a mandatory deemed repatriation of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Treatment of Toll Charge Related to the U.S. TCJA</div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beginning in the fourth quarter of 2017, the Sohu Group had recognized a provisional amount of income tax expense for the Toll Charge of $219 million, which represented management’s estimate of the amount of the Toll Charge that would have been payable by Sohu.com Inc. based on the deemed repatriation to the United States of its share of previously deferred earnings of certain of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-U.S.</div> subsidiaries, offset by a reduction of $4 million in liability for deferred U.S. income tax, as a result of the U.S. TCJA. The Sohu Group included the provisional amount of the Toll Charge of $219 million in its interim financial statements through the quarter ended September 30, 2018, in reliance on SAB 118.<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the fourth quarter of 2018, the Sohu Group’s management <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-evaluated</div> the impact on the Sohu Group of the Toll Charge under the U.S. TCJA. Management determined that it was more likely than not, based on the technical merits, that the tax position that the Sohu Group had no Toll Charge liability would be sustained. The Group recognized a tax benefit in the amount of $77 million, which was the largest amount that management determined to be greater than 50% likely to be realized upon settlement with the U.S. IRS. As a result, as of December 31, 2018, the Sohu Group had an unrecognized tax benefit in the amount of $142 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million, which represented the difference between the tax benefit recognized in the fourth quarter of 2018 and management’s previous estimate of the Toll Charge, and began to accrue related interest. In the first quarter of 2025, due to the expiration of the statutory period for the IRS to conduct an examination of the<div style="display:inline;"> </div><div style="display:inline;">Sohu Group’s tax return in connection with the Toll Charge, the Sohu Group fully reversed the tax expense with respect to the Toll Charge that resulted in recognition of the previously unrecognized tax benefit of<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div>$</div></div>199<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">million, consisting of principal</div> of $</div></div>142<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">million and related accumulated accrued interest of $</div></div>57<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">million. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Composition of Income Tax Expense</div></div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu.com Limited is not subject to income or capital gains tax under the current laws of the Cayman Islands. There are no other taxes likely to be material to Sohu.com Limited levied by the government of the Cayman Islands. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The components of income before income taxes are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:83%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="11" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income/(loss) before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Loss from Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(22,560</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(68,338</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,143</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Income/(loss) from non-Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">16,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">20,170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(19,380</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Total loss before income tax expense from continuing operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,650</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,168</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(49,523</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Income tax expense/(benefit) applicable to Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Current tax</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22,701</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">18,700</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">23,058</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deferred tax</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">24,728</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,785</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(269,367</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Subtotal income tax expense/(benefit) applicable to Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">47,429</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">36,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(246,309</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">Non-Chinese mainland income tax expense/(benefit)<br/></div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,850</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">15,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(198,387</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Chinese</div> mainland withholding tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">141</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">285</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,087</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Total income tax expense/(benefit) from continuing operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,420</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">52,070</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(443,609</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">In 2025, of the total of $443.6 million in income tax benefit, $246.3 million was from Chinese mainland tax, resulting primarily from reversal of withholding income tax expense related to Changyou of $285.5 million; and $198 <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">million was for U.S. corporate income tax, resulting primarily from recognition of a tax benefit related to the Toll Charge. </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">In 2024, of the total of $52.1 million in income tax expense, $36.5 million was from Chinese mainland tax, resulting primarily from accrued regular income tax expense of $32.5 million; and $15 million was for U.S. corporate income tax, resulting primarily from accrued interest on an unrecognized <div style="letter-spacing: 0px; top: 0px;display:inline;">tax benefit related to the Toll Charge.</div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">In 2023, of the total of $60.4 million in income tax expense, $47.4 million was from Chinese mainland tax, resulting primarily from accrued regular income tax expense of $36.8 million, and $13 million was for U.S. corporate income tax, resulting primarily from accrued interest on an unrecognized <div style="letter-spacing: 0px; top: 0px;display:inline;">tax benefit related to the Toll Charge.</div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The combined effects of the income tax exemption and reduction available to the Group are as follows (in thousands, except per share data): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Tax holiday effect</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(18,961</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(22,072</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Basic net loss per share effect</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.56</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.69</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.49</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Effective Tax Rate </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Chinese mainland generally imposes an income tax rate of 25% on all enterprises, but grants preferential tax treatment to HNTEs. </div></div><br/></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is reconciliation between the statutory rate and the Group’s effective tax rate. For 2023, 2024 and 2025, the statutory rate represented the Chinese mainland statutory rate of 25%. The table for 2023 and 2024 below does not reflect any accruals related to the Toll Charge. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Corporate Income Tax</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Treatment of Toll Charge Related to the U.S. TCJA.</div></div>” </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="7" style="border-bottom:1.00px solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Statutory Rate:</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">  25</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">  25</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of tax holidays applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(335</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(46</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax differential from statutory rate applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">44</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">11</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of withholding taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(331</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(34</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in valuation allowance for deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(1,077</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(99</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Research and development super-deduction</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">737</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">82</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">95</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(15</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(842</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(76</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the updated requirements of ASU No. 2023-09 for the year ended December 31, 2025, a reconciliation between the statutory rate and the Group’s effective tax rate is as follows (in thousands, except percentages): </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:95%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="6" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Amount  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Percent  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;text-indent: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Statutory Rate:</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(12,381</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;">)</td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">25.0%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign Tax Effects</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Cayman</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Statutory tax rate difference between Cayman and Chinese mainland</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">5,051</td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">(10.2%</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 3em; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; text-align: right;">631</td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1.3%</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Hong Kong</div></td> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em;">Statutory tax rate difference between Hong Kong and Chinese mainland</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(103</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">0.2%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Changes in valuation allowances</div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">(736</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">) </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">1.5%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"><br/></td></tr> <tr> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">British Virgin Islands (“BVI”)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Statutory tax rate difference between BVI and Chinese mainland</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">702</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(1.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other foreign jurisdictions</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">944</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(1.9%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of Cross-Border Tax Laws</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">74</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">(0.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in Valuation Allowance</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">48,075 </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(97.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Nontaxable or Nondeductible Items</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Research and development credits</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(34,374</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">69.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax holidays applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">13,911</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(28.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill impairment</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">3,687</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(7.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Other</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">602</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(1.2%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in Unrecognized Tax Benefits</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(199,018</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">401.9%</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other Adjustments</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Withholding taxes</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(270,917</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">547.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">243</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(0.5%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effective Tax Rate</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(443,609</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">895.9%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr></table><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Note: In 2025, the Sohu Group paid $</div></div>28.6<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million in income taxes (net of refunds received) in the Chinese mainland and $</div></div>1.1<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million <div style="display:inline;">in income taxes in jurisdictions outside of the Chinese mainland.</div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="null;text-indent: 0px;font-style:italic;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Chinese Mainland Withholding Income Tax on Dividends </div> </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends distributed by foreign invested enterprises in the Chinese mainland to their immediate holding companies outside the Chinese mainland are subject to a 10% withholding tax. A lower withholding tax rate may be applied if there is a tax treaty between the Chinese mainland and the jurisdiction of the foreign holding company. A holding company in Hong Kong, for example, will be subject to a 5% withholding tax rate under an arrangement between the Chinese mainland and the Hong Kong Special Administrative Region on the “Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income,” if such holding company is considered a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-Chinese</div> mainland resident enterprise and holds at least 25% of the equity interests in the Chinese mainland foreign invested enterprise distributing the dividends, subject to approval of the local tax authority in the Chinese mainland. However, if the Hong Kong holding company is not considered to be the beneficial owner of such dividends under applicable Chinese mainland tax regulations, such dividend will remain subject to a withholding tax rate of 10%. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Prior to 2025, the Sohu Group’s dividend policy for Changyou allowed Changyou’s Chinese mainland subsidiaries (for avoidance of doubt, excluding the Changyou VIEs and their subsidiaries) to distribute their cumulative available and undistributed earnings to their direct, non-Chinese mainland parent holding companies. As of December 31, 2024, the Group had an accrued deferred tax liability related to the dividend policy for Changyou in the amount of $265.9 <div style="display:inline;">million for Chinese mainland withholding tax. Under a revision of the dividend policy for Changyou adopted in the fourth quarter of 2025, the Group does not intend for Changyou’s Chinese mainland subsidiaries to distribute any undistributed earnings to their direct, non-Chinese mainland parent holding companies for the foreseeable future, but for such earnings to instead be reinvested in the Group’s Chinese mainland operations. As a result, the Group no longer accrues any corresponding Chinese mainland withholding tax and, in the fourth quarter of 2025, fully reversed the previously accrued deferred tax liability of</div> $</div></div>283.6 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">million. </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">The Sohu Group currently does not intend to have any of its Chinese mainland subsidiaries or the VIEs distribute any undistributed profits of such subsidiaries or VIEs to their direct overseas parent companies, but rather intends that such profits will be reinvested by such subsidiaries and VIEs for the Group’s Chinese mainland operations</div>. As of December 31, 2025, the total amount of undistributed profits from the Chinese mainland subsidiaries and VIEs for which no withholding tax had been accrued was $557.2 million, and the unrecognized tax liabilities were $55.7 million. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Deferred Tax Assets and Liabilities </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Significant components of the Group’s deferred tax assets and liabilities consist of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="6" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Deferred tax assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Net operating loss from operations</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">395,642</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">428,770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Accrued bonus and commissions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,973</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,160</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Intangible assets impairment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">158</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">78</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">8,190</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">406,963</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">439,342</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Less: Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(400,000</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(430,628</td> <td style="white-space:nowrap;vertical-align:bottom">)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Net deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">6,963</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,714</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom;"><div style="text-align: justify; text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em;">Deferred tax liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Withholding tax for dividend</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(265,863</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(7,834</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7,930</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(273,697</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7,930</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net deferred tax assets are recorded under other assets in the consolidated balance sheets. As of December 31, 2025, the Group had net operating losses from Chinese mainland entities of approximately $2.70 billion available to offset against future net profit for income tax purposes. The Group anticipates that it is more likely than not that these net operating losses may not be utilized based on its estimate of the operation performance of these Chinese mainland entities; therefore, $421.0 million in deferred tax assets generated from net operating losses were offset by a valuation allowance. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the movement of the valuation allowances for deferred tax assets for the years presented (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beginning balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">320,589</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">371,532</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">400,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Provision for the year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,554</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">42,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,872</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Reversal for the year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4,134)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(9,076)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(16,138</td> <td style="white-space:nowrap;vertical-align:bottom">)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,477)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,442)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,894</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Ending balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">371,532</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">400,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">430,628</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2025, $155.8 million of Chinese mainland net operating losses generated from previous years expired. Pursuant to a public announcement issued by the China State Administration of Taxation in August 2018, net operating losses of entities not qualified as HNTEs will expire between 2026 and 2030 if not utilized and those of entities qualified as HNTEs will expire in 2035. The reversal of valuation allowance was also due to the impact of changes in income tax rates upon preferential tax rates being obtained. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Uncertain Tax Positions </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Group’s unrecognized tax benefit from January 1, 2023 to December 31, 2025 (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beginning balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">200,228</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">212,859</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">211,848</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Increases/(decrease) related to prior year tax positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,850</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(820</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(199,018</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(191</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Ending balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">212,859</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">211,848</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,121</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The decrease in 2025 was mainly due to a reversal of an uncertain tax position related to the Toll Charge. The decrease in 2024 was mainly due to a reversal of uncertain tax positions related to business acquisitions. The increase in 2023 was mainly due to interest recognized in connection with an unrecognized tax benefit. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of the date of the filing of this report, the only material jurisdiction in which the Group is subject to potential examination is the Chinese mainland. In general, the tax authorities in the Chinese mainland have up to five years, and in certain cases up to 10 years, to conduct examinations of the tax filings of the Group. </div></div></div> 0.06 0.13 0.165 0.165 0.165 0.25 0.15 P3Y 0.15 0.15 0.25 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.21 0.35 0.35 0.21 219000000 4000000 219000000 77000000 142000000 199000000 142000000 57000000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The components of income before income taxes are as follows (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:90%;border-spacing:0"> <tr> <td style="width:83%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="11" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Income/(loss) before income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Loss from Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(22,560</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(68,338</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,143</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Income/(loss) from non-Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">16,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">20,170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(19,380</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Total loss before income tax expense from continuing operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,650</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,168</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(49,523</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Income tax expense/(benefit) applicable to Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Current tax</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22,701</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">18,700</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">23,058</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Deferred tax</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">24,728</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,785</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(269,367</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Subtotal income tax expense/(benefit) applicable to Chinese mainland operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">47,429</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">36,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(246,309</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="display:inline;">Non-Chinese mainland income tax expense/(benefit)<br/></div></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,850</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">15,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(198,387</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Chinese</div> mainland withholding tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">141</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">285</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,087</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Total income tax expense/(benefit) from continuing operations<br/></div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,420</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">52,070</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(443,609</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> -22560000 -68338000 -30143000 16910000 20170000 -19380000 -5650000 -48168000 -49523000 22701000 18700000 23058000 24728000 17785000 -269367000 47429000 36485000 -246309000 12850000 15300000 -198387000 141000 285000 1087000 60420000 52070000 -443609000 -443600000 246300000 285500000 198000000 52100000 36500000 32500000 15000000 60400000 47400000 36800000 13000000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The combined effects of the income tax exemption and reduction available to the Group are as follows (in thousands, except per share data): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Tax holiday effect</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(18,961</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(22,072</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Basic net loss per share effect</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.56</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.69</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.49</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> -18961000 -22072000 13911000 -0.56 -0.69 0.49 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is reconciliation between the statutory rate and the Group’s effective tax rate. For 2023, 2024 and 2025, the statutory rate represented the Chinese mainland statutory rate of 25%. The table for 2023 and 2024 below does not reflect any accruals related to the Toll Charge. See “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Corporate Income Tax</div></div>” and “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Treatment of Toll Charge Related to the U.S. TCJA.</div></div>” </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto;text-indent: 0px;"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="7" style="border-bottom:1.00px solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Statutory Rate:</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">  25</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">  25</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of tax holidays applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(335</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(46</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.9em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax differential from statutory rate applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">44</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">11</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of withholding taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(331</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(34</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in valuation allowance for deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(1,077</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(99</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Research and development super-deduction</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">737</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">82</td> <td style="white-space:nowrap;vertical-align:middle">% </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">95</td> <td style="white-space:nowrap;vertical-align:middle">% </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(15</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(842</td> <td style="white-space:nowrap;vertical-align:middle">%) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(76</td> <td style="white-space:nowrap;vertical-align:middle">%) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the updated requirements of ASU No. 2023-09 for the year ended December 31, 2025, a reconciliation between the statutory rate and the Group’s effective tax rate is as follows (in thousands, except percentages): </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:95%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="6" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Amount  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  Percent  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;text-indent: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Statutory Rate:</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">(12,381</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;">)</td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">25.0%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign Tax Effects</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding: 0px;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Cayman</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Statutory tax rate difference between Cayman and Chinese mainland</div></td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">5,051</td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="vertical-align:bottom;text-indent: 0px;">  </td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;">(10.2%</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 3em; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; text-align: right;">631</td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1.3%</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Hong Kong</div></td> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;text-indent: 0px;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em;">Statutory tax rate difference between Hong Kong and Chinese mainland</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(103</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">0.2%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Changes in valuation allowances</div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">(736</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">) </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">1.5%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"><br/></td></tr> <tr> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">British Virgin Islands (“BVI”)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="line-height: normal;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Statutory tax rate difference between BVI and Chinese mainland</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">702</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(1.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other foreign jurisdictions</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">944</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(1.9%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Effect of Cross-Border Tax Laws</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">74</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">(0.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in Valuation Allowance</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">48,075 </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(97.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Nontaxable or Nondeductible Items</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Research and development credits</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(34,374</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">69.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Tax holidays applicable to subsidiaries and consolidated VIEs</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">13,911</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(28.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Goodwill impairment</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">3,687</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(7.4%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Other</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">602</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="line-height: normal;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(1.2%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Changes in Unrecognized Tax Benefits</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(199,018</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">401.9%</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other Adjustments</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);"><br/></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Withholding taxes</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(270,917</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">547.1%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="break-inside: avoid; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(255, 255, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">243</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(255, 255, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(255, 255, 255);">(0.5%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; text-indent: 0px; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effective Tax Rate</div></td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">$</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">(443,609</td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">)</td> <td style="vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; text-indent: 0px; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; text-indent: 0px; background-color: rgb(204, 238, 255);">895.9%</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr></table><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Note: In 2025, the Sohu Group paid $</div></div>28.6<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million in income taxes (net of refunds received) in the Chinese mainland and $</div></div>1.1<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million <div style="display:inline;">in income taxes in jurisdictions outside of the Chinese mainland.</div></div></div></div> 0.25 0.25 3.35 0.46 0.44 0.11 -3.31 -0.34 -10.77 -0.99 7.37 0.82 0.95 -0.15 -8.42 -0.76 -12381000 0.25 5051000 -0.102 631000 -0.013 -103000 0.002 -736000 0.015 702000 -0.014 944000 -0.019 74000 -0.001 48075000 -0.971 34374000 0.694 13911000 0.281 3687000 -0.074 602000 -0.012 -199018000 4.019 -270917000 5.471 243000 -0.005 -443609000 8.959 28600000 1100000 0.10 0.05 0.25 0.10 265900000 283600000 557200000 55700000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Significant components of the Group’s deferred tax assets and liabilities consist of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:93%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="6" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Deferred tax assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Net operating loss from operations</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">395,642</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">428,770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Accrued bonus and commissions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">2,973</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,160</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Intangible assets impairment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">158</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">78</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">8,190</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6,334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">406,963</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">439,342</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Less: Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(400,000</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(430,628</td> <td style="white-space:nowrap;vertical-align:bottom">)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Net deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">6,963</td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,714</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td> <td colspan="4" style="height:7.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom;"><div style="text-align: justify; text-indent: -1em; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em;">Deferred tax liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:middle"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Withholding tax for dividend</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(265,863</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Others</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle"> </td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(7,834</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7,930</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Total deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:middle">$</td> <td style="white-space:nowrap;vertical-align:middle;text-align:right">(273,697</td> <td style="white-space:nowrap;vertical-align:middle">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(7,930</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 395642000 428770000 2973000 4160000 158000 78000 8190000 6334000 406963000 439342000 400000000 430628000 6963000 8714000 265863000 0 7834000 7930000 273697000 7930000 2700000000 421000000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the movement of the valuation allowances for deferred tax assets for the years presented (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: top; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5px;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5px;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beginning balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">320,589</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">371,532</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">400,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Provision for the year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,554</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">42,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">37,872</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Reversal for the year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4,134)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(9,076)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(16,138</td> <td style="white-space:nowrap;vertical-align:bottom">)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,477)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(5,442)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,894</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Ending balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">371,532</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">400,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">430,628</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 320589000 371532000 400000000 60554000 42986000 37872000 4134000 9076000 16138000 -5477000 -5442000 8894000 371532000 400000000 430628000 155800000 <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the Group’s unrecognized tax benefit from January 1, 2023 to December 31, 2025 (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:86%;border-spacing:0"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Beginning balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">200,228</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">212,859</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">211,848</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Increases/(decrease) related to prior year tax positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,850</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(820</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(199,018</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(219</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(191</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Ending balance</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">212,859</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">211,848</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13,121</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 200228000 212859000 211848000 12850000 -820000 -199018000 -219000 -191000 291000 212859000 211848000 13121000 In general, the tax authorities in the Chinese mainland have up to five years, and in certain cases up to 10 years, to conduct examinations of the tax filings of the Group. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">16.</div></div></td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">COMMITMENTS AND CONTINGENCIES </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Commitments </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the Group’s commitments as of December 31, 2025 (in thousands):</div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:37%"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2027  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2028  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="font-weight: bold;display:inline;">  2029  </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2030  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Thereafter</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total<br/> Payments<br/> Required</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 37%;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Purchase of content and services</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,558</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">690</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,253</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Purchase of bandwidth</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Royalties and expenditures for licensed content of games</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating lease obligations</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,497</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">31</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">188</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">248</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 37%;"></td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total Payments Required</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">17,422</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,572</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,103</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">20,097</td> <td style="white-space:nowrap;vertical-align:top"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 37%;"></td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Litigation</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group is a party to various litigation matters which it considers routine and incidental to its business. The Sohu Group records a liability when the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. The Sohu Group evaluates, on a regular basis, developments in litigation matters that could affect the amount of liability that has been previously accrued and makes adjustments as appropriate. Management believes that the total liabilities to the Sohu Group that may arise as a result of currently pending legal proceedings will not have a material adverse effect on the Group’s business, results of operations, financial condition and cash flows. As of December 31, 2025, Sohu and Changyou had no significant litigation contingencies. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Chinese Mainland Laws and Regulations</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Chinese mainland market in which the Sohu Group operates poses certain macro-economic and regulatory risks and uncertainties. These uncertainties extend to the ability to operate an Internet business and to conduct marketing services, online game, and other services in the Chinese mainland. The telecommunication, information, and media industries remain highly regulated. Restrictions are currently in place and are unclear with respect to which segments of these industries foreign-owned entities, like the Sohu Group, may operate. Regulatory authorities in the Chinese mainland may issue new laws or new interpretations of existing laws to regulate areas such as telecommunication, information, and media. The Sohu Group’s legal structure and scope of operations in the Chinese mainland could be subject to restrictions, which could result in limits on its ability to conduct business in the Chinese mainland. Certain risks related to Chinese mainland law that could affect the Sohu Group’s VIE structure are discussed in Note 17 - VIEs. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regulatory risks also encompass interpretation by tax authorities in the Chinese mainland of current tax law, including the applicability of certain preferential tax treatments. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s sales, purchase and expense transactions are generally denominated in RMB and a significant portion of its assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. In the Chinese mainland, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB by its subsidiaries in the Chinese mainland may require certain supporting documentation in order to effect the remittance. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the Group’s commitments as of December 31, 2025 (in thousands):</div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:37%"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 5%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2027  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2028  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="font-weight: bold;display:inline;">  2029  </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2030  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Thereafter</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total<br/> Payments<br/> Required</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 37%;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Purchase of content and services</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,558</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">690</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9,253</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Purchase of bandwidth</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Royalties and expenditures for licensed content of games</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating lease obligations</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,497</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">31</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Others</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">188</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">248</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 37%;"></td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle; width: 37%;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total Payments Required</div> </td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">17,422</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,572</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1,103</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">20,097</td> <td style="white-space:nowrap;vertical-align:top"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 37%;"></td> <td style="vertical-align: bottom; width: 5%;"> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom; width: 5%;">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 8558000 690000 5000 0 0 0 9253000 4756000 0 0 0 0 0 4756000 1423000 712000 1067000 0 0 0 3202000 2497000 110000 31000 0 0 0 2638000 188000 60000 0 0 0 0 248000 17422000 1572000 1103000 0 0 0 20097000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">17. VIEs </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Background </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chinese mainland laws and regulations prohibit or restrict foreign ownership of companies that operate value-added telecommunication services, Internet publishing, online news information services, online audiovisual transmission, online games, and certain other business activities in the Chinese mainland in which the Sohu Group is engaged or could be deemed to be engaged. Consequently, the Sohu Group conducts certain of its operations and businesses in the Chinese mainland through VIEs. The Sohu Group consolidates in its consolidated financial statements all of the VIEs of which the Group is the primary beneficiary for accounting purposes. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">VIEs Consolidated within the Sohu Group</div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group adopted the guidance of ASC 810 for VIEs, which requires VIEs to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. Management made evaluations of the relationships between the Sohu Group and the VIEs through which it conducts a significant portion of its operations and the economic benefit flow of contractual arrangements with the VIEs. In connection with such evaluations, management also took into account the fact that, as a result of contractual arrangements with the VIEs that the Sohu Group consolidates, it controls the shareholders’ voting interests in those VIEs and the fact that any such VIE, if it has one or more wholly-owned subsidiaries that are also VIEs that the Sohu Group consolidates, holds and controls 100% of the shareholder’s voting interests in such subsidiary or subsidiaries even if any such subsidiary itself is not a party to any VIE contract with the Sohu Group. As a result of such evaluations, the management concluded that the Sohu Group holds a controlling financial interest in all of the VIEs that the Sohu Group consolidates because the Sohu Group has the power to direct the activities of such VIEs that most significantly affect their economic performances and the right to receive economic benefits that could be significant to such VIEs and that, therefore, the Sohu Group is the primary beneficiary of, and is required under ASC 810 to consolidate, all of such VIEs. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the consolidated VIEs are incorporated and operated in the Chinese mainland, and the principal VIEs are directly or indirectly owned by Dr. Charles Zhang, the Sohu Group’s Chairman and Chief Executive Officer, or other executive officers and employees of the Sohu Group identified below. Capital for the consolidated VIEs was funded by the Sohu Group through loans provided to Dr. Charles Zhang and other executive officers and employees, and was initially recorded as loans to related parties. These loans are eliminated for accounting purposes against the capital of the VIEs upon consolidation. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under contractual agreements with the Sohu Group, Dr. Charles Zhang and those other executive officers and employees of the Sohu Group and certain entities who are shareholders of the consolidated VIEs are required to transfer their ownership in these entities to the Group, if permitted by Chinese mainland laws and regulations, or, if not so permitted, to designees of the Group at any time as requested by the Group to repay the loans outstanding. All voting rights of the consolidated VIEs are assigned to the Sohu Group, and the Group has the right to designate all directors and senior management personnel of the consolidated VIEs, and also has the obligation to absorb losses of the consolidated VIEs. Dr. Charles Zhang and those other executive officers and employees of the Sohu Group and certain entities who are shareholders of the consolidated VIEs have pledged their shares in the consolidated VIEs as collateral for the loans. As of December 31, 2025, the aggregate amount of these loans was $11.2 million. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under its contractual arrangements with the consolidated VIEs, the Sohu Group has the power to direct activities of the VIEs, and can have assets transferred freely out of the VIEs without any restrictions. Therefore, the Group considers that there is no asset of a consolidated VIE that can be used only to settle obligations of the VIEs, except for registered capital and statutory reserves of the VIEs. As of December 31, 2025, the registered capital and statutory reserves of the consolidated VIEs totaled $40.5 million. As all of the consolidated VIEs are incorporated as limited liability companies under the Company Law of the People’s Republic of China (the “Company Law”), creditors of the consolidated VIEs do not have recourse to the general credit of the Sohu Group for any of the liabilities of the consolidated VIEs. Currently there is no contractual arrangement that could require the Sohu Group to provide additional financial support to the consolidated VIEs. As the Sohu Group is conducting certain business in the Chinese mainland mainly through the consolidated VIEs, the Group may provide such support on a discretionary basis in the future, which could expose the Group to a loss. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of the principal VIEs within the Sohu Group: </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Basic Information for Principal VIEs and Subsidiaries of Principal VIEs</div></div></div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">High Century </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">High Century was incorporated in 2001. As of December 31, 2025, Dr. Charles Zhang, the Group’s Chairman of the Board and Chief Executive Officer, and Wei Li, one of the Group’s employees, held 80% and 20% interests, respectively, in this entity. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Sohu Internet </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Sohu Internet was incorporated in 2003. As of December 31, 2025, High Century held a 100% interest in this entity. </div><div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Gamease </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Gamease was incorporated in 2007. As of December 31, 2025, High Century held a 100% interest in this entity. </div><div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Donglin </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Donglin was incorporated in 2010. As of December 31, 2025, High Century held a 100% interest in this entity. </div><div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Guanyou Gamespace </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Guanyou Gamespace was incorporated in 2010. As of December 31, 2025, Beijing Changyou Star Digital Technology Co., Ltd (“Changyou Star”) held a 100% interest in this entity. Dewen Chen, Changyou’s Chief Executive Officer, and Yaobin Wang, one of the Group’s employees, held 50% and 50% interests, respectively, in Changyou Star. </div><div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Shanghai ICE </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Sohu Group began consolidating Shanghai ICE in 2010. As of December 31, 2025, Gamease held a 100% interest in this entity. </div><div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Tianjin Jinhu </div></td></tr></table><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Tianjin Jinhu was incorporated in 2011. As of December 31, 2025, High Century held a </div></div>100<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% interest in this entity. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-size: 4pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%"> </td> <td style="width:3%;vertical-align:top;text-align:left">-</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;">Guangzhou Qianjun </div></td></tr></table><div style="margin-top:4pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Sohu Group began consolidating Guangzhou Qianjun in 2014. As of December 31, 2025, Tianjin Jinhu held a 100% interest in this entity. </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Information </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following financial information of the Sohu Group’s consolidated VIEs (including subsidiaries of these VIEs) is included in the accompanying consolidated financial statements (in thousands): </div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">    </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">ASSETS:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,990</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14,390</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Short-term investments</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">18,589</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">10,786</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">27,315</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0); text-align: right;">20,059</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid and other current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">4,967</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">4,465</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group receivables due from subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">118,761</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0); text-align: right;">135,745</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">    182,622</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">185,445</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="white-space:nowrap;vertical-align:top;text-align:right">    </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">74</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">36</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Investment in subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">347,783</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">572,549</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> assets</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">50,352</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">34,213</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">580,831</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">792,243</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1pt"> <td style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);">LIABILITIES:</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">         </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts payable</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">5,159</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">5,275</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accrued liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">24,700</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">21,631</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Receipts in advance and deferred revenue</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">46,845</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">52,335</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other current liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">15,887</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">12,892</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group payables due to subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">234,405</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">221,044</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total current liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">326,996</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">313,177</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Long-term tax liabilities</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">12,830</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">13,121</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,444</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">1,423</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total liabilities</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">341,270</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">327,721</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr></table><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2023</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">        </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   477,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   484,911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">490,675</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group revenues</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,283</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,468</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,794</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">490,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">498,379</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">504,469</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cost of revenues:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">55,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,678</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,985</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group cost of revenues</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">86,435</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">72,697</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">93,417</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">141,662</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">133,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">137,402</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">44,059</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">63,633</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">46,952</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group operating expenses</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">282,812</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">274,491</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">292,541</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">326,871</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">338,124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">339,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from continuing operations</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">23,879</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">21,744</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,595</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr></table><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="12" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2023</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from operating activities:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff;text-align:right">       </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by transactions with third parties</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   409,762</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   384,664</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;display:inline;">442,252</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in transactions with intra-Group entities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(382,593)</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(358,561)</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(396,893</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">)<div style="display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by continuing operating activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,169</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26,103</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">45,359</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by operating activities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">27,169</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">26,103</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">45,359</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from investing activities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; line-height: normal;">Net cash provided by/(used in) transactions with third parties</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(14,922)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(8,315)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,498</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; line-height: normal;">Net cash provided by/(used in) transactions with intra-Group entities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">73,894</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,788</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(38,070</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; line-height: normal;">Net cash provided by/(used in) continuing investing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">58,972</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,572</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; line-height: normal;">Net cash provided by/(used in) investing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">58,972</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,572</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from financing activities:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in transactions with intra-Group entities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in continuing financing activities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">) </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">) </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in financing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Summary of Significant Agreements Currently in Effect</div></div></div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a summary of the agreements between the Sohu Group’s principal Chinese mainland subsidiaries and principal consolidated VIEs and their nominee shareholders as of December 31, 2025 and as of the date of the filing of this report: </div></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Agreements between Subsidiaries, Consolidated VIEs and Nominee Shareholders </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Loan and share pledge agreement </div></div>between Sohu Media and the shareholders of High Century. The agreement provides for loans to the shareholders of High Century for them to make contributions to the registered capital of High Century in exchange for the equity interests in High Century, and the shareholders pledge those equity interests to Sohu Media as security for the loans. The agreement includes powers of attorney that give Sohu Media the power to appoint nominees to act on behalf of the shareholders of High Century in connection with all actions to be taken by High Century. Pursuant to the agreement, the shareholders executed in blank transfers of their equity interests in High Century, which are held by the Sohu Group’s legal department and may be completed and effected at Sohu Media’s election. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style:italic;display:inline;">Loan and share pledge agreement </div>between the Company’s indirect wholly-owned subsidiary Sohu Focus (HK) Limited (“Focus HK”) and the shareholders of Beijing Heng Da Yi Tong Information Technology Co., Ltd., a VIE that the Company consolidates (“Heng Da Yi Tong”). The agreement provides for loans to the shareholders of Heng Da Yi Tong for them to make contributions to the registered capital of Heng Da Yi Tong in exchange for the equity interests in Heng Da Yi Tong, and the shareholders pledge those equity interests to Focus HK as security for the loans. The agreement includes powers of attorney that give Focus HK the power to appoint nominees to act on behalf of the shareholders of Heng Da Yi Tong in connection with all actions to be taken by Heng Da Yi Tong. Pursuant to the agreement, the shareholders executed in blank transfers of their equity interests in Heng Da Yi Tong, which are held by the Sohu Group’s legal department and may be completed and effected at Focus HK’s election. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Loan agreements and equity pledge agreements</div></div> between AmazGame and the sole shareholder of Gamease and between Gamespace and the sole shareholder of Guanyou Gamespace. The loan agreements provide for loans to the respective shareholders of Gamease and Guanyou Gamespace for the shareholders to make contributions to the registered capital of Gamease and Guanyou Gamespace in exchange for 100% of the equity interests in Gamease and Guanyou Gamespace. The loans are interest free and are repayable on demand, but the shareholders can only repay the loans by transferring to AmazGame and Gamespace, as the case may be, their equity interests in Gamease and Guanyou Gamespace. Under the equity pledge agreements, the respective shareholders of Gamease and Guanyou Gamespace pledge to AmazGame and Gamespace, their equity interests in Gamease and Guanyou Gamespace to secure the performance of their obligations under the loan agreements and Gamease’s and Guanyou Gamespace’s obligations to AmazGame and Gamespace under the various <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">VIE-related</div> agreements. If the shareholders breach their obligations under any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">VIE-related</div> agreements (Gamease’s or Guanyou Gamespace’s breach of any of its obligations under the various applicable <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">VIE-related</div> agreements will be treated as its shareholder’s breach of its obligations), including the equity pledge agreements, AmazGame and Gamespace are entitled to exercise their rights as the beneficiaries under the applicable equity pledge agreements, including all rights the respective shareholders have as shareholders of Gamease or Guanyou Gamespace. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Equity interest purchase right agreements</div></div> among AmazGame, Gamease and the sole shareholder of Gamease and among Gamespace, Guanyou Gamespace and the sole shareholder of Guanyou Gamespace. Pursuant to these agreements, AmazGame and Gamespace have the right, exercisable at any time if and when it is legal to do so under Chinese mainland law, to purchase from the respective shareholders of Gamease and Guanyou Gamespace all or any part of their equity interests in Gamease and Guanyou Gamespace at a purchase price equal to their initial contributions to the registered capital of Gamease and Guanyou Gamespace. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Powers of attorney</div></div> executed by the sole shareholder of Gamease in favor of AmazGame and by the sole shareholder of Guanyou Gamespace in favor of Gamespace, with the same term as that of the corresponding business operation agreements among AmazGame, Gamease and the sole shareholder of Gamease and among Gamespace, Guanyou Gamespace and the sole shareholder of Guanyou Gamespace (as discussed below). These powers of attorney give the respective boards of directors of AmazGame and Gamespace the right to appoint nominees to act on behalf of their respective shareholders in connection with all actions to be taken by Gamease and Guanyou Gamespace. </div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style:italic;display:inline;">Business operation agreements</div> among AmazGame, Gamease and the sole shareholder of Gamease and among Gamespace, Guanyou Gamespace and the sole shareholder of Guanyou Gamespace. These agreements set forth the right of AmazGame and Gamespace to control the actions of Gamease and Guanyou Gamespace, as the case may be, and the respective shareholders of Gamease and Guanyou Gamespace. Each agreement has an initial term of 10 years, extendable for additional 10-year terms at the sole discretion of AmazGame or Gamespace, as the case may be. </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Business Arrangements between Subsidiaries and Consolidated VIEs </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A significant portion of the Sohu Group’s operations are conducted through the VIEs that the Sohu Group consolidates, which generate a significant amount of the Sohu Group’s revenues. In order for the Sohu Group to be able to receive such revenues, and, if applicable, other assets, from the VIEs, it relies on payments made by the VIEs to the Sohu Group’s Chinese mainland subsidiaries pursuant to a series of service contracts between them in order for the VIEs to transfer such revenues or other assets to the Sohu Group. The following is a summary of the material service contracts currently in effect between the Sohu Group’s Chinese mainland subsidiaries and certain of the VIEs that the Sohu Group consolidates: </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Exclusive technology consulting and service agreement </div></div>between Sohu Era and Sohu Internet. Pursuant to this agreement Sohu Era has the right to provide technical consultation and other related services to Sohu Internet in exchange for a percentage of the gross revenue of Sohu Internet. The agreement has an initial term of two years, and is renewable at the request of Sohu Era. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Technology service agreement</div></div> between Donglin and Sohu Media. Pursuant to this agreement Sohu Media has the right to provide technology services and other related services to Donglin in exchange for a percentage of the gross revenue of Donglin. The agreement has a term of three years and is renewable at the request of Sohu Media. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Technology support and utilization agreements</div></div> between AmazGame and Gamease, between Gamespace and Guanyou Gamespace, and between Changyou Chuangxiang and Gamease. Pursuant to these agreements, AmazGame, Gamespace and Changyou Chuangxiang have the right to provide certain product development and application services and technology support to Gamease and Guanyou Gamespace, respectively, for a fee equal to a predetermined percentage, subject to adjustment by AmazGame, Gamespace or Changyou Chuangxiang at any time, of Gamease’s and Guanyou Gamespace’s respective revenues. Each agreement terminates only when AmazGame, Gamespace or Changyou Chuangxiang is dissolved. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Services and maintenance agreements </div></div>between AmazGame and Gamease, between Gamespace and Guanyou Gamespace, and between Changyou Chuangxiang and Gamease. Pursuant to these agreements, AmazGame, Gamespace and Changyou Chuangxiang, respectively, provide marketing, staffing, business operation and maintenance services to Gamease and Guanyou Gamespace, respectively, in exchange for a fee equal to the cost of providing such services plus a predetermined margin. Each agreement terminates only when AmazGame, Gamespace or Changyou Chuangxiang, as the case may be, is dissolved. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the contractual arrangements described above between the VIEs and the related wholly-owned subsidiaries of the Sohu Group are silent regarding renewals. However, because the VIEs are controlled by the Sohu Group through powers of attorney granted to the Sohu Group by the shareholders of the VIEs, the contractual arrangements can be, and are expected to be, renewed at the subsidiaries’ election. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">VIE-Related</div> Risks</div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is possible that the Sohu Group’s operation of certain of its operations and businesses through VIEs could be found by authorities in the Chinese mainland to be in violation of laws and regulations of the Chinese mainland prohibiting or restricting foreign ownership of companies that engage in such operations and businesses. If a finding were made by authorities in the Chinese mainland that the Sohu Group’s operation of certain of its operations and businesses through VIEs is prohibited, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses would have broad discretion in dealing with such a violation, including but not limited to levying fines, confiscating the Sohu Group’s income, revoking the business or operating licenses of the affected businesses, requiring the Sohu Group to restructure its ownership structure or operations, or requiring the Sohu Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to the Sohu Group’s business operations, and have a severe adverse impact on the Sohu Group’s cash flows, financial position, and operating performance. </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">In addition, it is possible that the contracts among the Company’s subsidiaries, the VIEs that the Sohu Group consolidates and the shareholders of such VIEs would not be enforceable in the Chinese mainland if regulatory authorities or courts in the Chinese mainland were to find that such contracts contravene law and regulations of the Chinese mainland or are otherwise not enforceable for public policy reasons. As of the date of this report, the validity and enforceability of the contracts among the Company’s subsidiaries, the VIEs that the Sohu Group consolidates and the shareholders of such VIEs and, to the knowledge of the Company, of any similar contracts entered into by other Chinese mainland-based companies, have never been considered or determined by a Chinese mainland court. In the event that the Sohu Group was unable to enforce these contractual arrangements, the Sohu Group would not be able to exert effective control over the affected VIEs and the financial results of the VIEs would not accrue to the Sohu Group’s benefit. Consequently, such VIEs’ results of operations, assets and liabilities would not be included in the Sohu Group’s consolidated financial statements. If such were the case, the Sohu Group’s cash flows, financial position and operating performance would be severely adversely affected. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Sohu Group’s operations and businesses rely on the operations and businesses of the VIEs that it consolidates, which hold certain recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include goodwill and intangible assets acquired through business acquisitions. Goodwill primarily represents the expected synergies from combining an acquired business with the Sohu Group. Intangible assets acquired through business acquisitions mainly consist of customer relationships, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-compete</div> agreements, user bases, copyrights, trademarks and developed technologies. Unrecognized revenue-producing assets mainly consist of licenses and intellectual property. Licenses include operations licenses, such as Internet information service licenses and licenses for providing content. Intellectual property developed by the Sohu Group mainly consists of patents, copyrights, trademarks, and domain names. The Sohu Group’s operations and businesses will be adversely impacted if the Sohu Group loses the ability to use and benefit from assets held by these VIEs. </div> 1 11200000 40500000 0.80 0.20 1 1 1 1 0.50 0.50 1 1 1 <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following financial information of the Sohu Group’s consolidated VIEs (including subsidiaries of these VIEs) is included in the accompanying consolidated financial statements (in thousands): </div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap; text-align: center; padding-bottom: 0.5pt;"><div style="background: none; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">    </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">ASSETS:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12,990</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14,390</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Short-term investments</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">18,589</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">10,786</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts receivable, net</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">27,315</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0); text-align: right;">20,059</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Prepaid and other current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">4,967</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">4,465</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group receivables due from subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">118,761</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0); text-align: right;">135,745</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total current assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">    182,622</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">185,445</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="white-space:nowrap;vertical-align:top;text-align:right">    </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Fixed assets, net</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">74</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">36</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Investment in subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">347,783</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">572,549</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> assets</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">50,352</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); text-align: right;">34,213</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total assets</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);">580,831</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">792,243</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1pt"> <td style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="4" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td> <td colspan="2" style="height: 6pt; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);">LIABILITIES:</td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">         </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accounts payable</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">5,159</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">5,275</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Accrued liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">24,700</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">21,631</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Receipts in advance and deferred revenue</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">46,845</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">52,335</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other current liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">15,887</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">12,892</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group payables due to subsidiaries</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">234,405</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">221,044</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total current liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">326,996</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">313,177</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Long-term tax liabilities</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">12,830</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">13,121</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> liabilities</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; background-color: rgba(255, 255, 255, 0);">1,444</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="white-space: nowrap; vertical-align: top; text-align: right; background-color: rgba(255, 255, 255, 0);">1,423</td> <td style="white-space: nowrap; vertical-align: top; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 4em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total liabilities</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">341,270</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> $</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">327,721</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgb(0);"></td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"></td></tr></table><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2023</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Revenues:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">        </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   477,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   484,911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">490,675</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group revenues</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,283</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,468</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">13,794</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">490,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">498,379</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">504,469</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cost of revenues:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">55,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">60,678</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43,985</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group cost of revenues</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">86,435</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">72,697</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">93,417</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total cost of revenues</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">141,662</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">133,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">137,402</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Operating expenses:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Third-party operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">44,059</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">63,633</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">46,952</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Intra-Group operating expenses</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">282,812</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">274,491</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">292,541</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Total operating expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">326,871</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">338,124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">339,493</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from continuing operations</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">23,879</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">21,744</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">2,595</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr></table><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="12" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2023</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from operating activities:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:top;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff;text-align:right">       </td> <td style="white-space:nowrap;vertical-align:top;background-color:#cceeff"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by transactions with third parties</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   409,762</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   384,664</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> $</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 10pt; line-height: 107%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;display:inline;">442,252</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in transactions with intra-Group entities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(382,593)</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(358,561)</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(396,893</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">)<div style="display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by continuing operating activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,169</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26,103</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">45,359</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash provided by operating activities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">27,169</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">26,103</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">45,359</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from investing activities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; line-height: normal;">Net cash provided by/(used in) transactions with third parties</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(14,922)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(8,315)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7,498</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; line-height: normal;">Net cash provided by/(used in) transactions with intra-Group entities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">73,894</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,788</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(38,070</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; line-height: normal;">Net cash provided by/(used in) continuing investing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">58,972</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,572</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: middle;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; line-height: normal;">Net cash provided by/(used in) investing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">58,972</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">27,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,572</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Cash flows from financing activities:</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td> <td style="vertical-align:bottom;background-color:#cceeff"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in transactions with intra-Group entities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle;background-color:#cceeff"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in continuing financing activities</div></td> <td style="vertical-align:bottom;background-color:#cceeff">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">) </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">) </td> <td style="vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#cceeff">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:middle"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.8em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net cash used in financing activities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(101,611</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(48,657</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(13,393</td> <td style="white-space:nowrap;vertical-align:bottom">)</td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 12990000 14390000 18589000 10786000 27315000 20059000 4967000 4465000 118761000 135745000 182622000 185445000 74000 36000 347783000 572549000 50352000 34213000 580831000 792243000 5159000 5275000 24700000 21631000 46845000 52335000 15887000 12892000 234405000 221044000 326996000 313177000 12830000 13121000 1444000 1423000 341270000 327721000 477202000 484911000 490675000 13283000 13468000 13794000 490485000 498379000 504469000 55227000 60678000 43985000 86435000 72697000 93417000 141662000 133375000 137402000 44059000 63633000 46952000 282812000 274491000 292541000 326871000 338124000 339493000 23879000 21744000 2595000 409762000 384664000 442252000 -382593000 -358561000 -396893000 27169000 26103000 45359000 27169000 26103000 45359000 -14922000 -8315000 7498000 73894000 35788000 -38070000 58972000 27473000 -30572000 58972000 27473000 -30572000 -101611000 -48657000 -13393000 -101611000 -48657000 -13393000 -101611000 -48657000 -13393000 1 1 P10Y P10Y P10Y P10Y P2Y P3Y <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">18.</div></div></td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">SOHU.COM LIMITED SHAREHOLDERS’ EQUITY </div> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Summary of the Company’s outstanding shares (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:95%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:60%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of Outstanding Shares</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance, beginning of year</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33,048</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">30,065</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Issuances:</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">137</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Repurchases:</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(696</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3,120</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4,039</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance, end of year</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   33,048</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   30,065</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26,069</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Treasury Stock </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Treasury stock consists of the Company’s ordinary shares, including ordinary shares represented by ADSs, repurchased by the Company or that it is obligated to repurchase as of the reporting date. Ordinary shares included in treasury stock are no longer deemed to be outstanding. Treasury stock is accounted for under the cost method. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">On November 11, 2023, the Sohu Board authorized a share repurchase program of up to $80 million of outstanding ADSs over a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">24-month</div> period from November 11, 2023 to November 10, 2025. On March 2, 2024, the Sohu Board authorized an increase in the size of the share repurchase program from up to $80 million to up to $150 million of outstanding ADSs. On November 9, 2024, the Sohu Board authorized extension of the end of the share repurchase program period from November 10, 2025 to November 10, 2026. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">As of</div> December 31, 2025, Sohu had repurchased 7,854,614 ADSs under the share repurchase program at <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">an </div>aggregate <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">cost</div> of approximately $101.5 million. The 4,184,768 repurchased shares were recorded at their historical cost of $55.6 million and were cancelled in December 2025 and the 3,470,361 repurchased shares were recorded at their historical cost of $42.8 million and were cancelled in November 2024. As of December 31, 2025 and 2024, the <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">cancellations</div> were accounted for by recognizing a decrease of $4,185 and $3,470<div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">, respectively, </div>in <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">paid-in</div> capital, and a decrease of $55.6 million and $42.8 million<div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">, respectively,</div> in additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">paid-in</div> capital, in the Sohu Group’s consolidated balance sheets. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Share Incentive Plans </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sohu and Changyou have incentive plans, for the granting of share-based awards, including options and restricted share units, to their directors, management and other key employees. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">1) Sohu.com Limited Share-based Awards </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sohu’s 2018 Share Incentive Plan </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July 2, 2010, Sohu.com Inc.’s shareholders adopted the 2010 Stock Incentive Plan, which provided for the issuance of up to 1,500,000 shares of Sohu.com Inc.’s common stock, including stock issued pursuant to the vesting and settlement of restricted stock units and pursuant to the exercise of stock options. The maximum term of any share-based award granted under the Sohu 2010 Stock Incentive Plan was 10 years from the grant date. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April 2, 2018, Sohu.com Limited adopted the Sohu 2018 Share Incentive Plan, which provides for the issuance of up 1,148,565 ordinary shares of Sohu.com Limited. The Sohu 2018 Share Incentive Plan will expire in <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden156626448;display:inline;">April 2028</div></div>. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the dissolution of Sohu.com Inc. on May 31, 2018, Sohu.com Limited assumed all then existing obligations of Sohu.com Inc. with respect to equity incentive awards that had been granted under the Sohu 2010 Stock Incentive Plan and then remained outstanding, and such awards were converted into the right to receive upon exercise or settlement Sohu.com Limited’s ordinary shares under the Sohu 2018 Share Incentive Plan rather than shares of the common stock of Sohu.com Inc., subject to the other terms of such outstanding awards. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025, 217,979 shares were available for grant under the Sohu 2018 Share Incentive Plan. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Summary of Share Option Activity </div></div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February 2015, May 2016, September 2017 and November 2017, the Sohu Board approved contractual grants to members of the Company’s management and key employees of options for the purchase of an aggregate of 1,068,000, 13,000, 32,000 and 6,000 shares of common stock of Sohu.com Inc., respectively, under the Sohu 2010 Stock Incentive Plan, with nominal exercise prices of $0.001, all of which were converted, on May 31, 2018, into the right to receive upon exercise Sohu.com Limited’s ordinary shares under the Sohu 2018 Share Incentive Plan. In February 2019, July 2019, September 2020, and September 2021, the Sohu Board approved contractual grants to members of the Company’s management and key employees of options for the purchase of an aggregate of 20,000, 477,500, 34,000, and 5,000 ordinary shares of Sohu.com Limited, respectively, under the Sohu 2018 Share Incentive Plan, with nominal exercise prices of $0.001. These share options vest and become exercisable in four equal installments over a period of four years, with each installment vesting upon the satisfaction of a service period requirement and certain subjective performance targets. These share options are substantially similar to restricted share units except for the nominal exercise price, which would be zero for restricted share units. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">718-10-25</div></div></div></div> and <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">718-10-55</div></div></div></div>, no grant date can be established for these options until a mutual understanding is reached between the Company and the recipients clarifying the subjective performance requirements. If the service inception date preceded the grant date, compensation expense should be accrued beginning on the service inception date, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. To determine the fair value of these options, the public market price of the underlying shares at each reporting date is used and a binomial valuation model is applied. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025, 1,154,051 of these options had been granted and had become vested on their respective vesting dates, as a mutual understanding of the subjective performance targets was reached between the Company and the recipients, the targets had been satisfied, and the service period requirements had been fulfilled. The cumulative share-based compensation expense for these granted options has been adjusted and fixed based on their aggregate fair values, at their respective grant dates, of $31.7 million. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A summary of option activity under the Sohu 2018 Share Incentive Plan as of and for the year ended December 31, 2025 is presented below: </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:44%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Weighted</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Number</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Weighted</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Average</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Aggregate</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Of</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Average</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Remaining</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Intrinsic</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Shares</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Exercise</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Contractual</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Value (1)</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Options</div></td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;"> (in thousands) </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;">Price</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;">Life (Years)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;"> (in thousands) </div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of January 1, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     327</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercised</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(42</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited or expired</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> </table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note (1): The aggregated intrinsic value in the preceding table represents the difference between Sohu’s closing ADS price of $15.64 on December 31, 2025 and the nominal exercise price of the options. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, total share-based compensation expense recognized for these options was $6,000, $73,000, and $0.1 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the total fair value of these Sohu options vested on their respective vesting dates was $20,000, $0.2 million and $1.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the total intrinsic value of options exercised was $0.6 million, $1.8 million, and $0.1 million, respectively. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">2) Changyou.com Limited Share-based Awards</div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou 2014 Share Incentive Plan </div></div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June 27, 2014, Changyou reserved 2,000,000 of its Class A ordinary shares under the Changyou 2014 Share Incentive Plan for the purpose of making share incentive awards to certain members of its management and key employees. On November 2, 2014, Changyou’s board of directors (the “Changyou Board”) approved an increase in the number of Class A ordinary shares reserved under the Changyou 2014 Share Incentive Plan from 2,000,000 to 6,000,000. The maximum term of any share right granted under the Changyou 2014 Share Incentive Plan is 10 years from the grant date. The Changyou 2014 Share Incentive Plan expired in June 2024 and is no longer available for granting new share-based awards. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the Changyou Plans’ Modification, share-based compensation expense is accrued over the service period based on the fixed price of $5.39 per Changyou Class A ordinary share. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made, given that the award is an obligation based on a fixed amount of $5.39 per Changyou Class A ordinary share. The accounting treatment related to the Changyou Plans’ Modification is discussed in Note 2 – Summary of Significant Accounting Policies. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025, 3,023,000 of the share options granted under the Changyou 2014 Share Incentive Plan had vested and were outstanding. None of these vested share options will be exercisable, but can only be repurchased by Changyou at a fixed price of $5.39 per Changyou Class A ordinary share underlying such vested share options upon termination of the option holders’ employment or upon approval of the Chairman of the Sohu Board. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, total share-based compensation expense recognized for share options under the Changyou 2014 Share Incentive Plan was nil, nil, and $0.1 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the total fair values of these Changyou share options vested on their respective vesting dates were nil, nil, and $3.5 million, respectively. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Changyou 2019 Share Incentive Plan </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August 3, 2019, Changyou adopted and reserved for issuance 3,000,000 Class A ordinary shares of Changyou under the Changyou 2019 Share Incentive Plan. On August 26, 2019, the Changyou Board approved the grant, effective as of October 1, 2019, to certain members of Changyou’s management and certain other employees of options for the purchase of an aggregate of 1,909,000 Class A ordinary shares at an exercise price of $0.01. On February 2, 2021, the Sohu Board approved the grant, effective for vesting commencement purposes as of February 2, 2021, to certain members of Changyou’s management and certain other employees of options for the purchase of an aggregate of 600,000 Class A ordinary shares at an exercise price of $0.01. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">On November 9, 2024, the Sohu Board approved the grant, effective for vesting commencement purposes as of November 9, 2024, to certain employees of Changyou of options for the purchase of an aggregate of 690,600 Class A ordinary shares at an exercise price of $0.01. On May 18, 2025, the Sohu Board approved the grant, effective for vesting commencement purposes as of May 18, 2025, to certain employees of Changyou of options for the purchase of an aggregate of 85,200 Class A ordinary shares at an exercise price of $0.01. These Changyou share options vest in four equal installments over a period of four years, with each installment vesting upon satisfaction of a service period requirement and the achievement of certain subjective performance targets. After the completion of the Changyou Merger, the Sohu Board approved the Changyou Plans’ Modification, pursuant to which, among other things, none of the share options granted under the Changyou 2019 Share Incentive Plan will be exercisable, but can only be repurchased by Changyou following vesting at a fixed price of $5.39 per Changyou Class A ordinary share underlying such vested share options upon termination of the option holders’ employment or upon approval of the Chairman of the Sohu Board. As a result of the Changyou Plans’ Modification, share-based compensation expense will be accrued over the service period based on a fixed price of $5.39 per Changyou Class A ordinary share. No subsequent fair value <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measurement</div> will be made, given that the awards are obligations based on a fixed amount of $5.39 per Changyou Class A ordinary share. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Under <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">718-10-25</div></div></div></div> and <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">718-10-55</div></div></div></div>, no grant date can be established until a mutual understanding is reached between the Company and the recipients clarifying the subjective performance requirements. If the service inception date preceded the grant date, compensation expense should be accrued beginning on the service inception date, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-measured</div> on each subsequent reporting date before the grant date is established, based on the then-current fair value of the awards. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of December 31, 2025, 2,333,022 of the share options granted under the Changyou 2019 Share Incentive Plan had vested and were outstanding. The cumulative share-based compensation expense of $1.0 million for the granted share options was adjusted and fixed based on a price of $5.39 <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">per Changyou Class A ordinary share after the Changyou Plans’ Modification. For the years ended December 31, 2025, 2024 and 2023, total share-based compensation expense recognized for share options under the Changyou 2019 Share Incentive Plan was $</div></div>1.5<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">million, negative $</div></div>0.1<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million, and $</div>0.5<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million, respectively. For the years ended December 31, 2025, 2024 and 2023, the total fair value of these Changyou share options vested on their respective vesting dates was $</div>1.0<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million, $</div>0.1<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million, and $</div>3.0<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million, respectively.</div></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Summary of the Company’s outstanding shares (in thousands): </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:95%;border-spacing:0;text-indent: 0px;"> <tr> <td style="width:60%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="10" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of Outstanding Shares</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2023  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance, beginning of year</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33,048</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">30,065</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Issuances:</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">137</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">43</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Repurchases:</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(696</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3,120</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(4,039</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:bottom"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: justify; line-height: normal;">Balance, end of year</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   33,048</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">   30,065</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">26,069</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 33737000 33048000 30065000 7000 137000 43000 -696000 -3120000 -4039000 33048000 30065000 26069000 80000000 P24M 2025-11-10 80000000 150000000 2026-11-10 7854614 101500000 4184768 55600000 3470361 42800000 4185000 3470000 55600000 42800000 1500000 P10Y 1148565 217979 1068000 13000 32000 6000 0.001 0.001 0.001 0.001 20000 477500 34000 5000 0.001 0.001 0.001 0.001 four equal installments P4Y 1154051 31700000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A summary of option activity under the Sohu 2018 Share Incentive Plan as of and for the year ended December 31, 2025 is presented below: </div> <div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:44%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Weighted</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Number</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Weighted</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Average</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Aggregate</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Of</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Average</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Remaining</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Intrinsic</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Shares</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Exercise</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Contractual</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:top;text-align:center"><div style="font-weight:bold;display:inline;">Value (1)</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Options</div></td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;"> (in thousands) </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;">Price</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;">Life (Years)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-weight:bold;display:inline;"> (in thousands) </div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of January 1, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     327</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">     </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">      </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercised</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(42</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited or expired</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercisable as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">286</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.001</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.67</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> </table> 327000 0.001 1000 0.001 42000 0.001 0 286000 0.001 P3Y8M1D 4471000 286000 0.001 P3Y8M1D 4471000 286000 0.001 P3Y8M1D 4471000 15.64 6000 73000 100000 20000 200000 1200000 600000 1800000 100000 2000000 2000000 6000000 P10Y 5.39 5.39 3023000 5.39 0 0 100000 0 0 3500000 3000000 1909000 0.01 600000 0.01 690600 0.01 85200 0.01 four equal installments P4Y 5.39 5.39 5.39 2333022 1000000 5.39 1500000 -100000 500000 1000000 100000 3000000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">19.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">NONCONTROLLING INTEREST </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Currently, the noncontrolling interests in the Sohu Group’s consolidated financial statements primarily consist of noncontrolling interests reflecting economic interests in Changyou’s subsidiaries held by shareholders other than Changyou. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Noncontrolling Interest in the Consolidated Balance Sheets </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Sohu holds 100% of the combined total of Changyou’s outstanding ordinary shares, and the noncontrolling interests recognized in the Sohu Group’s consolidated balance sheets reflect economic interests in Changyou’s subsidiaries held by shareholders other than Changyou. Noncontrolling interest of Changyou of $0.3 million and $0.4 million was recognized in the Sohu Group’s consolidated balance sheets as of December 31, 2025 and 2024, respectively. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Noncontrolling Interest in the Consolidated Statements of Comprehensive Income/(Loss) </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">For the years ended December 31, 2025, 2024 and 2023, respectively, net loss of $9,000, net income of $31,000 and net loss of $0.3 million attributable to the noncontrolling interest of Changyou was recognized in the Sohu Group’s consolidated statements of comprehensive income/(loss). </div> 1 300000 400000 -9000 31000 -300000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%;text-indent: 0px;"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">20.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: left; line-height: normal;">NET INCOME/(LOSS) PER SHARE </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net income/(loss) per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares comprise shares issuable upon the exercise or settlement of share-based awards using the treasury stock method. The dilutive effect of share-based awards with performance requirements is not considered before the performance targets are actually met. The computation of diluted net income/(loss) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income/(loss) per share. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Additionally, for purposes of calculating the numerator of diluted net income/(loss) per share, the net income/(loss) attributable to Sohu is calculated as discussed below. The adjustment will not be made if there is an anti-dilutive effect. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Changyou’s Net Income/(Loss) Attributable to Sohu </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Sohu holds 100% of the combined total of Changyou’s outstanding ordinary shares; accordingly, Changyou’s net income/(loss) is wholly attributable to Sohu. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">After the Changyou Plans’ Modification, all of Changyou’s share-based awards became obligation-based awards. Accordingly, all of those Changyou awards are excluded from the calculation of Sohu’s diluted net income/(loss) per share. Changyou’s net income/(loss) attributable to Sohu on a diluted basis equals the number used for the calculation of Sohu’s basic net income/(loss) per share. There have been no dilutive effects resulting from Changyou’s existing unvested share options. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the calculation of the Sohu Group’s basic and diluted net income/(loss) per share (in thousands, except per share data). </div></div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 96%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Numerator:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) from continuing operations attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(65,805</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,379</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of dilutive securities:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) from continuing operations attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(65,805</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(30,379</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Denominator:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average basic ordinary shares outstanding</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">34,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">32,009</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">28,234</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average diluted ordinary shares outstanding</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">32,009</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">28,234</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Basic net income/(loss) per share attributable to Sohu.com Limited</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Continuing operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(1.93</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Discontinued operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1.04</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) per share</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.89</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Diluted income/(loss) per share attributable to Sohu.com Limited</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Continuing operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(1.93</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Discontinued operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1.04</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) per share</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.89</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 1 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the calculation of the Sohu Group’s basic and diluted net income/(loss) per share (in thousands, except per share data). </div></div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 96%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td> <td><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="10" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Year Ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2023   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2024   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">   2025   </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Numerator:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) from continuing operations attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(65,805</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) attributable to Sohu.com Limited, basic</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(30,379</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Effect of dilutive securities:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) from continuing operations attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(65,805</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Net income from discontinued operations attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">35,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: bottom; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) attributable to Sohu.com Limited, diluted</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(30,379</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(100,269</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Denominator:</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average basic ordinary shares outstanding</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">34,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">32,009</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">28,234</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: bottom; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average diluted ordinary shares outstanding</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">32,009</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">28,234</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Basic net income/(loss) per share attributable to Sohu.com Limited</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Continuing operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(1.93</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Discontinued operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1.04</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) per share</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.89</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td> <td colspan="4" style="height:12pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Diluted income/(loss) per share attributable to Sohu.com Limited</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Continuing operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(1.93</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:top">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top">$</td> <td style="white-space:nowrap;vertical-align:top;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 60%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.2em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Discontinued operations</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">1.04</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="white-space:nowrap;vertical-align:top;text-align:right">0</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Net income/(loss) per share</div></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(0.89</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">(3.13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 60%;"></td> <td style="vertical-align: bottom; width: 7%;">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom; width: 7%;"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> -65805000 -100269000 394095000 35426000 0 0 -30379000 -100269000 394095000 -65805000 -100269000 394095000 35426000 0 0 -30379000 -100269000 394095000 34109000 32009000 28234000 34109000 32009000 28234000 -1.93 -3.13 13.96 1.04 0 0 -0.89 -3.13 13.96 -1.93 -3.13 13.96 1.04 0 0 -0.89 -3.13 13.96 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">21.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">CHINESE MAINLAND CONTRIBUTION PLAN </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s subsidiaries and consolidated VIEs in the Chinese mainland participate in a government-mandated multi-employer <div style="letter-spacing: 0px; top: 0px;display:inline;">defined</div> contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. Chinese mainland labor regulations require the Group’s subsidiaries and consolidated VIEs to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; the Group’s Chinese mainland-based subsidiaries and consolidated VIEs have no further commitments beyond their monthly contributions. For the years ended December 31, 2025, 2024 and 2023, the Group’s Chinese mainland-based subsidiaries and consolidated VIEs contributed a total of $65.3 million, $68.7 million and $68.9 million, respectively, to these funds. </div> 65300000 68700000 68900000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">22.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">PROFIT APPROPRIATION</div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s Chinese mainland-based subsidiaries and the VIEs are required to make appropriations to certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-distributable</div> reserve funds. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March 15, 2019, the Standing Committee of the National People’s Congress of China issued the <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Law of the People’s Republic of China on Foreign Investment</div></div> (the “Foreign Investment Law”), which took effect on January 1, 2020 and replaced the <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Law of the People’s Republic of China on Foreign Investment Enterprises</div></div>, promulgated on April 12, 1986 and most recently amended on September 3, 2016 (the “Replaced Foreign Investment Enterprises Law”), and certain other laws and regulations relating to foreign investment. On December 12, 2019, the State Council of China also issued the <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Implementing Regulations of the Foreign Investment Law., </div></div>which became effective on January 1, 2020. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the China Foreign Investment Enterprises Laws and its supplemental regulations those of the Group’s Chinese mainland-based subsidiaries that are considered under Chinese mainland law to be WFOEs are required to make appropriations from their <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">after-tax</div> profit as determined under generally accepted accounting principles in the Chinese mainland (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">“after-tax-profit</div></div> under Chinese mainland GAAP”) to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-distributable</div> reserve funds, including (i) a general reserve fund and (ii) a staff bonus and welfare fund. Each year, at least 10% of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">after-tax-profit</div></div> under Chinese mainland GAAP is required to be set aside as general reserve fund until such appropriations for the fund equal 50% of the registered capital of the applicable entity. The appropriation for the other reserve fund is at the Group’s discretion as determined by each entity. Alternatively, after January 1, 2020, those Chinese mainland-based subsidiaries of the Group that are wholly foreign-owned enterprises may choose to make appropriations from their <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">after-tax-profit</div></div> under Chinese mainland GAAP to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-distributable</div> reserve funds, including a statutory surplus fund and a discretionary surplus fund, in compliance with the requirements of the Company Law that apply to Chinese mainland domestically-funded enterprises. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Company Law, those of the Group’s Chinese mainland-based subsidiaries that are considered under Chinese mainland law to be domestically funded enterprises, as well as the VIEs, are required to make appropriations from their <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">after-tax-profit</div></div> under Chinese mainland GAAP to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-distributable</div> reserve funds, including a statutory surplus fund and a discretionary surplus fund. Each year, at least 10% of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">after-tax-profit</div></div> under Chinese mainland GAAP is required to be set aside as statutory surplus fund until such appropriations for the fund equal 50% of the registered capital of the applicable entity. The appropriation for the discretionary surplus fund is at the Company’s discretion as determined by each entity. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon certain regulatory approvals and subject to certain limitations, the general reserve fund and the statutory surplus fund can be used to offset prior year losses, if any, and can be converted into <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">paid-in</div> capital of the applicable entity. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, the total amount of profits contributed to these funds by the Group was $7,879, $1,461 and $0.3 million, respectively. As of December 31, 2025 and 2024, the cumulative amount of profits contributed to these funds by the Group was $57.6 million for both years. </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of these and other restrictions under laws and regulations of the Chinese mainland, the Group’s Chinese mainland-based subsidiaries and consolidated VIEs are restricted in their ability to transfer a portion of their net assets in the form of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-distributable</div> reserve funds to the Company, or to the nominal shareholders, in the form of dividends, loans or advances. Even though the Company currently does not require any such dividends, loans or advances from its Chinese mainland-based subsidiaries and VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its Chinese mainland-based subsidiaries and VIEs due to changes in business conditions, to fund future acquisitions and development, or to declare and pay dividends to or make distributions to its shareholders. </div> 0.10 0.50 0.10 0.50 7879 1461 300000 57600000 57600000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">23.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">CONCENTRATION RISKS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group’s operations are substantially conducted in the Chinese mainland and therefore are subject to Chinese mainland-related political, economic and legal risks. In addition to these risks, the Sohu Group may also have the following concentration risks. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Operation Risk </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the years ended December 31, 2025, 2024 and 2023, there were no revenues from customers that individually represent greater than 10% of the total marketing services revenues. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the year ended December 31, 2025, revenues from TLBB PC were $306.9 million, accounting for approximately 61% of Changyou’s online game revenues, approximately 60% of Changyou’s total revenues and approximately 53% of the Sohu Group’s total revenues. For the year ended December 31, 2025, revenues from Legacy TLBB Mobile were $41.4 million, accounting for approximately 8% of Changyou’s online game revenues, approximately 8% of Changyou’s total revenues, and approximately 7% of the Sohu Group’s total revenues. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Sohu Group to concentration risks consist primarily of cash and cash equivalents, short-term investments and long-term time deposits. Cash and cash equivalents and short-term investments in Sohu Group are mainly denominated in RMB and in U.S. dollars. Long-term time deposits are denominated in RMB. The Group may experience economic losses and negative impacts on earnings and equity as a result of fluctuations in the exchange rate between the U.S. dollar and the RMB. Moreover, the Chinese mainland imposes controls on the convertibility of RMB into foreign currencies and, in certain cases, the remittance of currency out of the Chinese mainland. The Group may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center"> </div> <div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Credit Risk </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December 31, 2025 and 2024, approximately 59% and 58%, respectively, of the Sohu Group’s cash and cash equivalents, short-term investments, and long-term time deposits were held in 15 financial institutions in the Chinese mainland. The remaining cash and cash equivalents, short-term investments and long-term time deposits were held primarily in financial institutions in Hong Kong and Macao.</div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sohu Group holds its cash and bank deposits at financial institutions that are among the largest and most respected in the Chinese mainland and at international financial institutions, with high ratings from internationally-recognized rating agencies. The management chooses these institutions based on their reputations and track records for stability and reported large cash reserves. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 10pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">As a further means of managing its credit risk, the Sohu Group holds its cash and bank deposits in a number of different financial institutions. As of both December 31, 2025 and December 31, 2024, the Sohu Group held its cash and bank deposits in a number of different financial institutions and held no more than approximately </div></div>34<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of its total cash at any single institution. </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Chinese mainland law, it is generally required that a commercial bank in the Chinese mainland that holds third party cash deposits protect the depositors’ rights over and interests in their deposited money; banks in the Chinese mainland are subject to a series of risk control regulatory standards; and bank regulatory authorities in the Chinese mainland are empowered to take over the operation and management of any Chinese mainland bank that faces a material credit crisis. </div> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the credit risk related to accounts receivable, the Sohu Group performs ongoing credit evaluations of its customers and, if necessary, maintains reserves for potential credit losses. </div> For the years ended December 31, 2025, 2024 and 2023, there were no revenues from customers that individually represent greater than 10% of the total marketing services revenues. For the years ended December 31, 2025, 2024 and 2023, there were no revenues from customers that individually represent greater than 10% of the total marketing services revenues. For the years ended December 31, 2025, 2024 and 2023, there were no revenues from customers that individually represent greater than 10% of the total marketing services revenues. 0 0 0 306900000 0.61 0.60 0.53 41400000 0.08 0.08 0.07 0.59 0.58 15 15 0.34 0.34 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">24.</div></div></td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; text-align: justify; line-height: normal;">RESTRICTED NET ASSETS </div></td></tr></table> <div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Relevant laws and regulations of the Chinese mainland permit payment of div<div style="display:inline;">iden</div>ds by Chinese mainland-based operating entities only out of <div style="letter-spacing: 0px; top: 0px;display:inline;">their</div> retained earnings, if any, as determined in accordance with Chinese mainland accounting standards and regulations. In addition, a Chinese mainland-based operating entity is required to annually appropriate 10% of net <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">after-tax</div> income to the statutory surplus reserve fund (see Note 23) prior to payment of any dividends, unless such reserve funds have reached 50% of the entity’s registered capital. As a result of these and other restrictions under the laws and regulations of the Chinese mainland, Chinese mainland-based operating entities are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. The Company may in the future require additional cash resources from Chinese mainland-based operating entities due to changes in business conditions, to fund future acquisitions and development, or to declare and pay dividends to or distribution to its shareholders. As of December 31, 2025, the Group had restricted net assets in the amount of $245.9 million. </div> 245900000 The elimination for segment assets mainly consists of elimination of long-term investments in subsidiaries and consolidated VIEs, and elimination of intra-Group loans between Sohu and Changyou. Total additions to fixed assets of both Sohu and Changyou were $0.3 million for the year ended December 31, 2025 Total additions to fixed assets of Sohu and Changyou were $0.6 million and $0.7 million, respectively, for the year ended December 31, 2024. Total depreciation and amortization expenses of Sohu and Changyou were $15.8 million and $9.2 million, respectively, for the year ended December 31, 2025 Total depreciation and amortization expenses of Sohu and Changyou were $18.8 million and $11.4 million, respectively, for the year ended December 31, 2023. The aggregated intrinsic value in the preceding table represents the difference between Sohu’s closing ADS price of $15.64 on December 31, 2025 and the nominal exercise price of the options. “SBC” stands for share-based compensation expense. Total depreciation and amortization expenses of Sohu and Changyou were $17.9 million and $9.6 million, respectively, for the year ended December 31, 2024.