Ladies and gentlemen, thank you for standing by and good evening. Thank you for joining Sohu's first quarter of 2021 earnings conference call. I would like to turn the call over to your host for today's conference call, Investor Relations Director of Sohu. Please go ahead. Thanks, operator. Thank you for joining us today to discuss Sohu's first quarter 2021 results. On the call are Chairman and Chief Executive Officer, Dr. Charles Zhang, CFO Joanna Lv, and Vice President of Finance, James Deng. Also with us today are Changyou CEO, Dewen Chen, and CFO, Yaobin Wang. Before management begins their prepared remarks, I would like to remind you of the company's safe harbor statement in connection with today's conference call. Except for the historical information contained herein, the matters discussed on this call may contain forward-looking statements. These statements are based on management's estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, including the most recent annual report on Form 20-F. Please also be reminded that Sogou's results of operations have been excluded from our results for continuing operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, the results that we talk about are related to continuing operations only. With that, I will now turn the call over to Dr. Charles Zhang. Charles, please proceed. Thanks, Huang. Thank you to everyone for joining our call. In the first quarter of 2021, we continued to execute the operating strategy of last year and delivered better than we expected performance on the top line. In addition, we are happy to report positive non-GAAP net income of $37 million, which greatly exceeded our previous guidance. This was mainly attributable to our strict budget control and the solid performance of our online game businesses. In summary, for Sohu Media, we kept focusing on improving our product and technology, while at the same time stimulating content generation and social distribution. For Sohu Video, we made continuous progress producing both long-form original dramas and short-form live streaming content. Further, we integrated advanced live broadcasting technologies into our product matrix and applied these technologies to our content marketing campaign. This campaign not only effectively promoted the generation of premium content, but also attracted a lot of user attention as well as advertiser budget. For Changyou, our online game business remained solid during the first quarter of 2021, with its revenue greatly exceeding our prior guidance. I'll go through more details about each of these businesses in a moment, but first, let's look at quick review our financial performance. For the first quarter of 2021, total revenues, $222 million, up 24% year-over-year and down 12% quarter-over-quarter. Brand advertising revenues, $31 million, up 20% year-over-year and down 26% quarter-over-quarter. Online game revenues, $176 million, up 32% year-over-year and down 10% quarter-over-quarter. GAAP net income from continuing operations attributable to Sohu.com Limited was $32 million, compared with a net loss of $10 million in the first quarter of 2020 and net income of $47 million in the fourth quarter of 2020. Non-GAAP net income from continuing operations attributable to Sohu.com Limited was $37 million, compared with a net loss of $8 million US in the first quarter of last year, and net income of $53 million US in the fourth quarter of 2020. Now let me go through our key businesses. First of all, media portal and Sohu Video. We continue to upgrade our products and technology to stimulate high-quality content generation and further enhance social network distribution features. Based on our advanced live streaming technology, strong operating experience, and extensive media resources, we further burnished our credentials as a mainstream media platform. By distributing our premium content to the Sohu Media and Sohu Video platforms, we are attracting more exposure from viewers and advertisers, which is helping us to further diversify our revenue streams and explore new monetization opportunities. For example, in March, we successfully aired live streaming broadcasted the 13th Sohu News Marathon, which is a well-known event that we host with a variety of celebrities and pop stars. Leveraging our live broadcasting technology, we conducted more than five hours of nonstop real-time live shows. The premier content generated by this campaign successfully attracted a lot of attention and other advertising dollars as well. Through this event, we not only raised awareness of fitness and health, but also motivated users to create their own interactive content and promote it on Sohu's product matrix. For video, we continue to execute our twin engine strategy. For the long-form content in 2021, we released several original dramas, including the recent "Mysterious Love: He Confessed in Your Eyes," which has become another big hit after the "Well-Intended Love" about two years ago. Mysterious Love combined both idol romance and crime scenes, and was warmly welcomed by audiences. It has further broadened our leading position in these two categories, and greatly boosted our user base and revenue. In terms of short-form content, we kept working hard on developing value live streaming content, which is where we disseminate professional knowledge and reliable information on various fields. For example, we launched a live broadcasting variety show called the New Year Celebration for the Chinese New Year holiday. The show consisted of more than 40 live broadcasts and attracted a lot of KOLs who shared their thoughts on multiple topics. Let me turn to Changyou. For the first quarter of 2021, thanks to the latest updates that our team made to our in-game content, as well as a drop in travel as people were encouraged to stay in place for the Spring Festival, player engagement was better than expected. Our TLBB franchise remained stable, and online game revenue exceeded our prior guidance. For PC games, revenue decreased on a sequential basis as TLBB Vintage revenue experienced a natural decline after it peaked following the game's initial launch. During the quarter, we improved TLBB Vintage by making a variety of enhancements based on player feedback. We also introduced some promotional events around the Spring Festival for the regular TLBB PC. For mobile games, we also launched a variety of Spring Festival-related events for Legacy TLBB Mobile, including giveaways for player engagement. These efforts helped Legacy TLBB Mobile perform better than we anticipated. Next quarter, Changyou will release new expansion packs and in-game events to celebrate the anniversary of regular TLBB PC and Legacy TLBB Mobile. For TLBB Vintage, we plan to introduce a new dungeon and other special in-game content. In terms of pipeline, several key games are being developed and fine-tuned. We look forward to launching them later this year. Looking ahead, we will continue to execute our top game strategies and promote innovation, and roll out more high-quality mobile games, including MMORPG games and other genres. Now let me turn the call over to Joanna, our CFO, who will walk you through our financial results. Joanna? Thank you, Charles. I will now walk you through the key financials of our major segments for the first quarter of 2021. All of the numbers that I will mention are all on a non-GAAP basis. You may find a reconciliation of non-GAAP to GAAP measures on our IR website. For Sohu Media Portal, quarterly revenues were $80 million, up 18% year-over-year, and down 26% quarter-over-quarter. The quarterly operating loss was $31 million, compared with an operating loss of $23 million in the same quarter last year. For Sohu Video, quarterly revenues were $90 million, down 17% year-over-year, and 15% quarter-over-quarter. The quarterly operating loss was $30 million, compared with an operating loss of $11 million in the same quarter last year. For Changyou, quarterly revenues, including 17173.com, $180 million, up 32% year-over-year and down 10% quarter-over-quarter. Changyou posted an operating profit of $101 million, compared with $56 million in the same quarter last year. For the second quarter of 2021, we expect brand advertising revenues to be between $36 million and $40 million. Online game revenues to be between $134 million and $144 million. Non-GAAP net income from continuing operations attributable to Sohu.com Limited, to be between $8 million and $18 million. GAAP net income from continuing operations attributable to Sohu.com Limited to be between $3 million and $13 million. This forecast reflects our current and preliminary view, which is subject to substantial uncertainties. Lastly, please be reminded that in the Q&A session, we won't take questions regarding any Sogou business updates or the agreements with Tencent for Sogou's privatization. This concludes our prepared remarks. Operator, we would now like to open the call to questions. Thank you. As a reminder, to ask a question, you'll need to press star one on your telephone. To withdraw your question, please press the pound or hash key. Please stand by while we compile the Q&A roster. Once again, it is star one to ask a question. Once again, please press star one for your questions. Our first question is from the line of Alicia Yap of Citi. Your line is open. Go ahead. Hi. Thank you for taking my questions. Good evening, Charles, Joanna, and other management team. I have two questions. The first one on the gaming outperformance. I think you mentioned a little bit about the reasons, it's driven by the PC, TLBB and all that. I guess my question is more, when you gave out your guidance, I think because the actual gaming revenue came in much stronger than your guidance range. Just wondering, was the performance mainly happen in March that prompted the quarter result came in stronger than what you guided on the gaming revenue? With the two sequential declines, obviously, there might be some drop-off and all that. Given these promotion that TLBB Mobile may be launching the anniversary, should we also expect the game should be decent rather than a decent sequentially scale back? Any color you can give on the gaming front, and then I have a question on the advertising. Well, let me comment a little bit, and then Dewen can answer. First of all, I think in the first quarter, the decline of TLBB's PC Vintage. TLBB Vintage is actually slower than we expected, right? We thought TLBB Vintage peaked in Q4 last year, we expect it to decline faster, but actually happened is that probably people were they have a longing for the Vintage, for the old game. That's the reason why it's actually because of the Spring Festival that people are advised to stay in their city instead of going home. That contributed to a better than expected game revenue. Is that your question? You are also want to know about the current quarter or the future, right? Yeah. The mobile game. Mm-hmm. That's right. The anniversary. Classic. Okay. Hi, Alicia. Yeah, sorry. Please let me briefly translate the answer. For Legacy TLBB Mobile, because we had less travel in the first quarter due to people were encouraged to stay in place during the Spring Festival. We had a high base in the first quarter. In the second quarter, although we will have expansion packs for both mobile and our PC TLBB games, but the games will facing a natural decline in the second quarter. For Vintage, especially, it peaked after the initial launch. In the second quarter, it will decline furthermore compared with during the first quarter. Thank you. I see. Thank you. I have a second question on the online advertising regarding the second quarter guidance. It seems like the year-over-year guidance of -5% to +5%, it doesn't sound it is strong enough. I'm just wondering, because we should be benefiting from the secular recovery trend, and also last year, the COVID impact should also affect the first half as well. Just any color you can provide in terms of the second quarter. Just broadly, also wondering, if Charles or management team could comment on the overall ad sentiment recently, given the regulatory headwinds, this upcoming 100 years anniversary and the Olympic Games. There are positive and negative external environments, so how will that impact the general ad budget that you're seeing? Thank you. I think compared with last year Q2, right? The Q2 of 2020 is a rebound, right? We had a strong Q2 in 2020. Yeah. This year, the overall economy, macroeconomic situation is actually not that good. Especially there's, I would say, a shortage of mobile chips for auto, right? Some auto companies, car companies, they don't have enough products or cars to sell to the market, so they don't spend as much. That's why, compared with the Q2 last year, this Q2 2021 seems not a good, strong quarter. Yeah. Because of the revenue base of our advertising base is so small, so I think it not much things to do with what happened recently with the e-commerce platforms and others, and also the 100-year celebration. I see. Okay. All right. Thank you. Thanks, Charles. Okay. Thank you. Our next question is from the line of Thomas Chong of Jefferies. Please go ahead. Your line is open. Hi, Charles. Thanks management for taking my questions. I have a question regarding our content strategies. Can Charles comment about how we think about the content distribution and other measures like live streaming, et cetera, how it actually help to drive the user and the engagement? On that front, how we should think about the advertising revenue growth or the user trend in 2021? My second question is relating to the cost side. Can Charles also comment about how we should think about the OpEx and the cost for our Sohu portal and the Sohu Video business going forward? Thank you. I think the advertising revenue will depend so much on the user base. That's why we need to grow our user base. Until we grow our user base much faster, our revenue, we have this unique activities like events or it's considered a content generation event, like our Sohu News Marathon and also the Snow Mountain Expedition. That we're going to do this quarter. All these major events, it's a part of content and also the live streaming turn these activities into a real-time event and attract users. In terms of content distribution, we are exploring basically like everyone else, we're doing the information stream, like AI or computer algorithm distribution. We also have that, but we are choosing the social network distribution as our battleground to distribute our content, short-form, either video or text content. Our live streaming technology that becomes a central platform for our matrix, product matrix, to turn our event or the activities into a content event, also attract advertisers and the users. In the long run, we depend on, rely on whether we are able successfully to distribute our content through social network means. Not by this algorithm distribution, but the social network distribution. Both our video content, also text content. We launch a few social network products within our app, the Sohu News app and Sohu Video app. Basically, we're growing our user base organically without spending a lot of money, but by improving technology and products and the distribution. In terms of cost, it will remain similar basically. The sort of cost, since we're not spending a lot of money on channel promoting on others, so the cost will remain the same. The revenue side will also be similar until we successfully build this social network features, and the user base explode. I hope I explained to you clearly. Got it. Thank you, Charles. All right. Thank you. Once again, for those who wish to ask a question, please press star one on your telephones. Once again, it is star one for your questions. Once again, to ask a question, please press star one on your telephones. Next question is from the line of Eddie Leung of Bank of America Merrill Lynch. Your line is open. Please go ahead. Hey, good evening, guys. Thank you for taking my question. Just a follow-up question on advertising. Charles, when you answered Alicia's questions, you mentioned that one of the issues for the advertising pieces was the automobile advertisers, right? Could you remind us some of the top advertising industries at the moment for Sohu? Could you also give us some color on their sentiment or their budgeting process for the rest of the year from conversations between your sales team and these three current industries? Thank you. Yeah, as you pointed out, actually, the top advertising industry is auto industry. The auto industry, because of the shortage of the chips for cars, for auto, for vehicle, for automobiles. The production amount of all these car manufacturers are actually decreased. That's why the top advertising industry, auto industry, are spending less in the quarters ahead. That's why we're having a kind of a hard time. That's why we need to have a unique advertising with less budget, and then we have to provide a unique solution for their brand marketing campaign, from brand marketing. Like using the live streaming events and also organize the content and activities too. Charles, could you also give us some color on some of the other important advertising industries? For example, any trend you can share with us on some of the, let's say, the FMCG brands or the financial services sector, et cetera. Thank you. Yeah. FMCG and others, that's the industry that actually you can explore, and then probably you don't have this chips problem. I think the situation is better in other industries. We are working hard to get those advertisers, FMCG, and also luxury goods, and a lot of others. Electronics and IT and all this. Yeah. Understood. Thank you very much. A better picture. Okay. Thank you. Next question is from the line of Jason [Mechter] of MC Capital. Please go ahead. Line is open. Hi, thank you for taking my question, Charles. My question is, what steps are you taking to support the stock price, given that it's trading at two-thirds of incoming cash? This would imply the entire company without this cash is worth negative. Can you please elaborate? Well, we don't have that much cash, right? We only have $327 million cash. The market cap is twice that or less. Yeah, I think the stock price. Well, I think we need to demonstrate growth potential, right? That's why, as I said, that we need to explore and to do it successfully to build this social network platform, to distribute content, and to develop the social networks with our current APP's- apps, and to grow user base to a much larger scale, larger user base, so that we can get more market share of advertising, brand advertising market share. Also to market our own products, like market our dramas, right? Also, even if Sohu build our own platform with much larger user base, I think Changyou can also benefit because we'll sell Changyou's, promote Changyou within our own matrix. The cost will be zero. We won't have any cost. We won't incur any promotion expenses. Until we prove that we can build our social network successfully and have its exponential growth, social networks basically grow exponentially. It's like building a chain reaction and also kind of building an atomic bomb. It's a chain reaction. Until we do that and then grow our user base exponentially, so our growth potential will remain at the current pace, so that investors are now excited. In other words, basically for our stock price, we need to demonstrate a hypergrowth, right? The stock price will improve. Yes. Thank you. I was referring more to the incoming cash with the potential merger, the $1 plus billion in cash. Okay. As we said, we don't talk about this because we don't speculate in what we'll do with more cash because the deal is still not done. Great. Thank you. Thank you. Next question is from the line of Alex Poon of Morgan Stanley. Please go ahead. All right. Thank you, Charles. Thank you, management, for taking my question. Management, you mentioned that there is key game launches still fine-tuning, and also will introduce more MMORPG games probably later this year. Can we provide more granularity on the game pipeline, such as which games are license approved or any most anticipated game launch? Thank you. We have a couple of key products to be launched later this year or next year. First one should be Tetris Adventure. It will be published by Tencent and expected to be launched in July. The second one is Bright Star. It's a female-oriented game licensed by Tencent, expect to launch it in August this year. The other one is a card game called Little Raccoon. We just got the license approval, we can proceed to the monetization testing in June. If the result okay, we will publish by ourselves in the third quarter. It's a card game. For MMO, Sea of Dawn is a self-developed key MMORPG. We plan to launch it at the end of this year or early next year. The next one is the next generation of TLBB Mobile. We haven't decided an official name yet, but it will be published by Tencent as well, and also the end of this year or next year. Thank you. New TLBB. Appreciate it. Thank you. Ladies and gentlemen, that concludes the conference for today, and thank you for participating. You may now all disconnect.