SHANGHAI, May 11, 2016 /PRNewswire/ -- SINA Corporation
(the "Company" or "SINA") (NASDAQ: SINA), a leading online media
company serving China and the
global Chinese communities, today announced its unaudited financial
results for the first quarter ended March
31, 2016.
First Quarter 2016 Highlights
- Net revenues increased 8% year over year to $198.7 million. Non-GAAP net revenues increased
8% year over year to $196.1
million.
- Advertising revenues grew 8% year over year to $163.0 million. Non-advertising revenues were
$35.7 million. Non-GAAP
non-advertising revenues were $33.1
million.
- Net income attributable to SINA was $15.3 million, or $0.22 diluted net income per share attributable
to SINA. Non-GAAP net loss attributable to SINA was $2.8 million, or $0.04 non-GAAP diluted net loss per share
attributable to SINA.
"We are delighted to have a good start of 2016, with Weibo
continuing to show strong momentum on both operational and
financial results." said Charles
Chao, Chairman and CEO of SINA. "Weibo's user community and
engagements kept robust growth, mainly thanks to the optimization
of information feed and strong consumption of video content on the
platform. On the mobile front, Weibo strengthened the leading
position with over 91% of the average daily active users coming
from mobile devices in March 2016. On
the monetization front, advertising revenues from key accounts and
small and medium enterprises (SME) customers have become the key
driver of Weibo revenue growth." said Mr. Chao.
"On the portal side, our performance was largely in line with
our expectation, taking seasonality factor into account. We are
glad to see the positive trajectory in mobile monetization of
portal, with nearly 44% of portal ad spending generated from mobile
devices in this quarter." Mr. Chao added.
First Quarter 2016 Financial Results
For the first quarter of 2016, SINA reported net revenues of
$198.7 million, compared to
$184.6 million for the same period
last year. Non-GAAP net revenues for the first quarter of 2016
totaled $196.1 million, compared to
$182.0 million for the same period
last year.
Online advertising revenues for the first quarter of 2016 were
$163.0 million, compared to
$150.4 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $20.1
million in Weibo advertising and marketing revenues,
partially offset by a decline of $7.5
million in portal advertising revenues. Weibo's advertising
revenue from Alibaba was $11.1
million, compared to $34.5
million for the same period last year, which was under a
strategic collaboration agreement that expired in January
2016.
Non-advertising revenues for the first quarter of 2016 were
$35.7 million. Non-GAAP
non-advertising revenues for the first quarter of 2016 were
$33.1 million, compared to
$31.6 million for the same period
last year.
Gross margin for the first quarter of 2016 was 59%, compared to
58% for the same period last year. Advertising gross margin for the
first quarter of 2016 was 58%, compared to 57% for the same period
last year. Non-advertising gross margin for the first quarter of
2016 was 64%, compared to 61% for the same period last year. The
increase in non-advertising margin was primarily due to the
decrease in revenues contributed by lower margin businesses, such
as MVAS.
Operating expenses for the first quarter of 2016 totaled
$126.3 million, compared to
$132.5 million for the same period
last year. Non-GAAP operating expenses for the first quarter of
2016 totaled $111.1 million, compared
to $119.6 million for the same period
last year, primarily due to the decrease in sales and marketing
expenditures.
Loss from operations for the first quarter of 2016 was
$8.5 million, compared to a loss of
$25.2 million for the same period
last year. Non-GAAP income from operations for the first quarter of
2016 was $5.6 million, compared to a
non-GAAP loss from operations of $13.6
million for the same period last year as a result of
operational leverage achieved by Weibo.
Non-operating income for the first quarter of 2016 was
$24.3 million, compared to a
non-operating income of $8.4 million
for the same period last year. Non-operating income for the first
quarter of 2016 mainly included 1) a one-off deconsolidation gain
amounted $14.8 million as a result of
disposing partial ownership in non-core business, which was
measured by the amount of fair value of the interests retained in
the former subsidiaries over the carrying amount of the
deconsolidated assets/liabilities and non-controlling interests
recognized at the date of losing control, and such gain was
excluded under non-GAAP measure; 2) a $15.3
million net gain on disposing of certain investments, which
is excluded under non-GAAP measure; 3) a $10.6 million loss pick-up from equity-method
investments, which are accounted for under the equity-method and
reported one quarter in arrears, mainly resulted from loss pick-up
from the Company's investment in E-House. Non-operating income for
the first quarter of 2015 mainly included $3.7 million earnings picked up from
equity-method investments.
Net income attributable to SINA for the first quarter of 2016
was $15.3 million, compared to a net
loss of $10.3 million for the same
period last year. Diluted net income per share attributable to SINA
for the first quarter of 2016 was $0.22, compared to a net loss per share of
$0.18 for the same period last year.
Non-GAAP net loss attributable to SINA for the first quarter of
2016 was $2.8 million, compared to a
net income of $3.0 million for the
same period last year. Non-GAAP net loss in the first quarter of
2016 was mainly resulting from equity loss generated by E-House.
Non-GAAP diluted net loss per share attributable to SINA for the
first quarter of 2016 was $0.04,
compared to a net income per share of $0.04 for the same period last year.
As of March 31, 2016, SINA's cash,
cash equivalents and short-term investments totaled $2.2 billion, at similar level as of December 31, 2015. For the first quarter of 2016,
net cash provided by operating activities was $18.2 million, capital expenditures totaled
$8.0 million, and depreciation and
amortization expenses amounted to $6.6
million.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP
advertising and non-advertising gross margin, non-GAAP operating
expenses, non-GAAP income (loss) from operations, non-GAAP net
income (loss) attributable to SINA and non-GAAP diluted net income
(loss) per share attributable to SINA. These non-GAAP financial
measures should be considered in addition to, not as a substitute
for, measures of the Company's financial performance prepared in
accordance with U.S. GAAP. The Company's non-GAAP financial
measures may be defined differently than similar terms used by
other companies. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures.
The Company's non-GAAP financial measures exclude recognition of
deferred revenues in relation to the equity investment in E-House,
stock-based compensation, amortization of intangible assets net of
tax, adjustment for non-GAAP to GAAP reconciling items on the share
of equity method investments, gain/loss on sale of
investment/business, deemed disposal and impairment on investment,
impairment on goodwill, adjustment for non-GAAP to GAAP reconciling
items for the income (loss) attributable to non-controlling
interests and amortization of convertible debt issuance cost. The
Company's management uses these non-GAAP financial measures in
their financial and operating decision-making, because management
believes these measures reflect the Company's ongoing business
operations in a manner that allows more meaningful period-to-period
comparisons. The Company believes that these non-GAAP financial
measures provide useful information to investors and others in the
following ways: (i) in comparing the Company's current financial
results with the Company's past financial results in a consistent
manner, and (ii) in understanding and evaluating the Company's
current operating performance and future prospects in the same
manner as management does, if they so choose. The Company also
believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gain/loss and other items (i) that are not expected to
result in future cash payments or (ii) that are non-recurring in
nature or may not be indicative of the Company's core operating
results and business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may
not be comparable to non-GAAP financial measures used by other
companies. Management compensates for these limitations by also
considering the Company's financial results prepared in accordance
with U.S. GAAP. Reconciliations of the Company's non-GAAP measures
to the nearest comparable GAAP measures are set forth in the
section below titled "Unaudited Reconciliation of Non-GAAP to GAAP
Results."
Conference Call
SINA will host a conference call from 10:10 p.m. – 10:50 p.m.
Eastern Time on May 11, 2016
(or 10:10 a.m. – 10:50 a.m. Beijing Time on May 12, 2016) to present an overview of the
Company's financial performance and business operations. A live
webcast of the call will be available through the Company's
corporate website at http://corp.sina.com.cn. The conference call
can be accessed as follows:
US:
|
+1 845 675 0438
|
Hong Kong:
|
+852 3018 6776
|
China:
|
400 120 0654
|
International:
|
+65 6713 5440
|
Passcode for all
regions:
|
7854427
|
A replay of the conference call will be available through
morning Eastern Time May 20, 2016.
The dial-in number is +61 2 9003 4211. The passcode for the replay
is 7854427.
About SINA
We are a leading online media company serving China and the global Chinese communities. Our
digital media network of SINA.com (portal), SINA.cn (mobile
portal), SINA Mobile Apps and Weibo.com (social media) enables
Internet users to access professional media and user generated
content in multi-media formats from personal computers and mobile
devices and share their interests with friends and
acquaintances.
SINA.com offers distinct and targeted professional content on
each of its region-specific websites and a full range of
complementary offerings. SINA.cn and SINA Mobile Apps provide news
information, professional and entertainment content from SINA.com
customized for mobile users in WAP (mobile browser) and mobile
application format. Weibo is a leading social media platform for
people to create, distribute and discover Chinese-language content.
Based on an open platform architecture, Weibo allows users to
create and post feeds and attach multi-media content, as well as
access a wide range of organically and third-party developed
applications, such as online games.
Through these properties and other product lines, we offer an
array of online media and social media services to our users to
create a rich canvas for businesses and advertisers to effectively
connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, SINA's expected financial
performance and SINA's strategic and operational plans (as
described, without limitation, in quotations from management in
this press release). SINA may also make forward-looking statements
in the Company's periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "confidence," "estimates" and similar
statements. SINA assumes no obligation to update the
forward-looking statements in this press release and elsewhere.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to failure to meet internal or
external expectations of future performance given the rapidly
evolving markets; condition of the global financial and credit
market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on online advertising
sales and value-added services for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products, including portal, Weibo and
MVAS products; failure to enter and develop the small and medium
enterprise market by the Company or through cooperation with other
parties, such a Alibaba; failure to successfully integrate acquired
businesses; risks associated with the Company's investments,
including equity pick-up and impairment; and failure to compete
successfully against new entrants and established industry
competitors. Further information regarding these and other risks is
included in SINA's annual report on Form 20-F for the year ended
December 31, 2015 and other filings
with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
SINA
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
Three months
ended
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2015
|
Net
revenues:
|
|
|
|
|
|
Advertising
|
$
162,967
|
|
$
150,353
|
|
$
223,159
|
Non-advertising
|
35,708
|
|
34,234
|
|
33,031
|
|
198,675
|
|
184,587
|
|
256,190
|
Cost of revenues
*:
|
|
|
|
|
|
Advertising
|
68,189
|
|
63,949
|
|
77,787
|
Non-advertising
|
12,705
|
|
13,368
|
|
11,267
|
|
80,894
|
|
77,317
|
|
89,054
|
Gross
profit
|
117,781
|
|
107,270
|
|
167,136
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales and marketing *
|
51,702
|
|
60,251
|
|
62,851
|
Product development *
|
52,494
|
|
51,613
|
|
51,953
|
General and administrative *
|
22,134
|
|
20,634
|
|
22,745
|
|
126,330
|
|
132,498
|
|
137,549
|
Income (Loss) from
operations
|
(8,549)
|
|
(25,228)
|
|
29,587
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
Earning (Loss) from equity method investments, net
|
(10,564)
|
|
3,652
|
|
(798)
|
Gain
(Loss) on sale of investmentsbusiness and impairment on
investments, net
|
28,227
|
|
(1,085)
|
|
(5,570)
|
Interest and other income, net
|
6,608
|
|
5,783
|
|
4,262
|
|
24,271
|
|
8,350
|
|
(2,106)
|
|
|
|
|
|
|
Income (Loss)
before income taxes
|
15,722
|
|
(16,878)
|
|
27,481
|
Income tax
benefits (expenses)
|
16
|
|
2,985
|
|
(5,627)
|
|
|
|
|
|
|
Net income
(loss)
|
15,738
|
|
(13,893)
|
|
21,854
|
Less:
Net income (loss) attributable to non-controlling
interests
|
418
|
|
(3,584)
|
|
7,301
|
|
|
|
|
|
|
Net income (loss)
attributable to SINA
|
$
15,320
|
|
$
(10,309)
|
|
$
14,553
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to SINA
|
$
0.22
|
|
$
(0.18)
|
|
$
0.22
|
Diluted net income
(loss) per share attributable to SINA **
|
$
0.22
|
|
$
(0.18)
|
|
$
0.21
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
69,857
|
|
58,753
|
|
65,272
|
Shares used in
computing diluted
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
70,296
|
|
58,753
|
|
65,927
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
Cost of revenues -
advertising
|
$
1,566
|
|
$
1,423
|
|
$
1,141
|
Sales and marketing
|
2,843
|
|
2,622
|
|
2,456
|
Product development
|
4,922
|
|
3,495
|
|
3,371
|
General and administrative
|
6,911
|
|
5,834
|
|
5,881
|
|
|
|
|
|
|
** Net income
(loss) attributable to SINA is adjusted for diluted shares issued
by our subsidiary and equity method investments.
|
SINA
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
731,722
|
|
$
763,439
|
|
Short-term
investments
|
1,459,044
|
|
1,446,414
|
|
Restricted
cash
|
137,183
|
|
140,652
|
|
Accounts
receivable, net
|
176,299
|
|
228,732
|
|
Prepaid expenses
and other current assets *
|
168,027
|
|
135,416
|
|
Subtotal
|
2,672,275
|
|
2,714,653
|
|
|
|
|
|
Property and
equipment, net
|
45,235
|
|
47,495
|
Goodwill and
intangible assets, net
|
60,430
|
|
61,954
|
Long-term
investments
|
1,244,243
|
|
1,212,640
|
Other
assets
|
323,624
|
|
320,205
|
Total
assets
|
$
4,345,807
|
|
$
4,356,947
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
**
|
$
85,320
|
|
$
81,351
|
|
Amount due to
customers
|
137,183
|
|
140,652
|
|
Accrued
liabilities **
|
221,829
|
|
265,490
|
|
Convertible debt
*
|
796,506
|
|
795,108
|
|
Deferred
revenues
|
76,008
|
|
79,528
|
|
Income taxes
payable
|
15,874
|
|
16,426
|
|
Subtotal
|
1,332,720
|
|
1,378,555
|
|
|
|
|
|
Long-term deferred
revenue
|
73,299
|
|
76,003
|
Other long-term
liabilities
|
25,822
|
|
25,721
|
|
Total
liabilities
|
1,431,841
|
|
1,480,279
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
SINA shareholders'
equity
|
2,580,643
|
|
2,565,272
|
|
Non-controlling
interests
|
333,323
|
|
311,396
|
|
Total shareholders'
equity
|
2,913,966
|
|
2,876,668
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
4,345,807
|
|
$
4,356,947
|
|
|
|
|
|
* Effectively
January 2016, ASU 2015-3 issued by FASB requires entities to
present the issuance costs of debt in the balance sheet as a direct
deduction from the related debt rather than assets. Accordingly,
the Company retrospectively reclassified $4.9 million of issuance
cost of debt from prepaid expenses and other current assets into
convertible debt as of December 31, 2015.
|
|
|
|
|
|
** Commencing on
January 1, 2016, in order to enhance comparability with industry
peers, payables that have been invoiced or formally agreed with the
suppliers were recorded in accounts payable. To conform to current
period presentations, the relevant amounts in prior periods have
been reclassified from accrued liabilities accordingly. Such
reclassification amounted to $77.8 million as of December 31,
2015.
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
Three months
ended
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$
63,721
|
|
$
71,193
|
|
$
93,632
|
Other
|
15,664
|
|
17,104
|
|
13,533
|
Subtotal
|
79,385
|
|
88,297
|
|
107,165
|
|
|
|
|
|
|
Weibo
|
119,290
|
|
96,290
|
|
149,025
|
|
$
198,675
|
|
$
184,587
|
|
$
256,190
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$
35,537
|
|
$
38,974
|
|
$
40,601
|
Other
|
8,731
|
|
9,418
|
|
6,348
|
Subtotal
|
44,268
|
|
48,392
|
|
46,949
|
|
|
|
|
|
|
Weibo
|
36,626
|
|
28,925
|
|
42,105
|
|
$
80,894
|
|
$
77,317
|
|
$
89,054
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
March 31,
2016
|
|
March 31,
2015
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Results
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Results
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
|
162,967
|
|
|
|
|
$
|
162,967
|
|
$
|
150,353
|
|
|
|
|
$
|
150,353
|
|
$
|
223,159
|
|
|
|
|
$
|
223,159
|
Non-advertising
revenues
|
|
35,708
|
|
|
(2,609)
|
(a)
|
|
33,099
|
|
|
34,234
|
|
|
(2,609)
|
(a)
|
|
31,625
|
|
|
33,031
|
|
|
(2,609)
|
(a)
|
|
30,422
|
Net
revenues
|
$
|
198,675
|
|
$
|
(2,609)
|
|
$
|
196,066
|
|
$
|
184,587
|
|
$
|
(2,609)
|
|
$
|
181,978
|
|
$
|
256,190
|
|
$
|
(2,609)
|
|
$
|
253,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
1,566
|
(b)
|
|
|
|
|
|
|
|
1,423
|
(b)
|
|
|
|
|
|
|
|
1,141
|
(b)
|
|
|
Gross
profit
|
$
|
117,781
|
|
$
|
(1,043)
|
|
$
|
116,738
|
|
$
|
107,270
|
|
$
|
(1,186)
|
|
$
|
106,084
|
|
$
|
167,136
|
|
$
|
(1,468)
|
|
$
|
165,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,676)
|
(b)
|
|
|
|
|
|
|
|
(11,951)
|
(b)
|
|
|
|
|
|
|
|
(11,708)
|
(b)
|
|
|
|
|
|
|
|
(557)
|
(c)
|
|
|
|
|
|
|
|
(902)
|
(c)
|
|
|
|
|
|
|
|
(873)
|
(c)
|
|
|
Operating
expenses
|
$
|
126,330
|
|
$
|
(15,233)
|
|
$
|
111,097
|
|
$
|
132,498
|
|
$
|
(12,853)
|
|
$
|
119,645
|
|
$
|
137,549
|
|
$
|
(12,581)
|
|
$
|
124,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
|
|
|
12,849
|
(b)
|
|
|
|
|
|
|
|
557
|
(c)
|
|
|
|
|
|
|
|
902
|
(c)
|
|
|
|
|
|
|
|
873
|
(c)
|
|
|
Income (loss) from
operations
|
$
|
(8,549)
|
|
$
|
14,190
|
|
$
|
5,641
|
|
$
|
(25,228)
|
|
$
|
11,667
|
|
$
|
(13,561)
|
|
$
|
29,587
|
|
$
|
11,113
|
|
$
|
40,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
|
|
|
12,849
|
(b)
|
|
|
|
|
|
|
|
434
|
(c)
|
|
|
|
|
|
|
|
694
|
(c)
|
|
|
|
|
|
|
|
671
|
(c)
|
|
|
|
|
|
|
|
(481)
|
(d)
|
|
|
|
|
|
|
|
2,286
|
(d)
|
|
|
|
|
|
|
|
(719)
|
(d)
|
|
|
|
|
|
|
|
(28,227)
|
(e)
|
|
|
|
|
|
|
|
1,085
|
(e)
|
|
|
|
|
|
|
|
5,570
|
(e)
|
|
|
|
|
|
|
|
(4,519)
|
(f)
|
|
|
|
|
|
|
|
(2,644)
|
(f)
|
|
|
|
|
|
|
|
(6,592)
|
(f)
|
|
|
|
|
|
|
|
1,084
|
(g)
|
|
|
|
|
|
|
|
1,111
|
(g)
|
|
|
|
|
|
|
|
1,089
|
(g)
|
|
|
Net income (loss)
attributable to SINA
|
$
|
15,320
|
|
$
|
(18,076)
|
|
$
|
(2,756)
|
|
$
|
(10,309)
|
|
$
|
13,297
|
|
$
|
2,988
|
|
$
|
14,553
|
|
$
|
10,259
|
|
$
|
24,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
|
0.22
|
|
|
|
|
$
|
(0.04)
|
|
$
|
(0.18)
|
|
|
|
|
$
|
0.04
|
|
$
|
0.21
|
|
|
|
|
$
|
0.35
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
|
70,296
|
|
|
(439)
|
(h)
|
|
69,857
|
|
|
58,753
|
|
|
36
|
(h)
|
|
58,789
|
|
|
65,927
|
|
|
6,468
|
(h)
|
|
72,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
|
58%
|
|
|
1%
|
|
|
59%
|
|
|
57%
|
|
|
1%
|
|
|
58%
|
|
|
65%
|
|
|
1%
|
|
|
66%
|
Gross margin -
non-advertising
|
|
64%
|
|
|
-2%
|
|
|
62%
|
|
|
61%
|
|
|
-3%
|
|
|
58%
|
|
|
66%
|
|
|
-3%
|
|
|
63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
adjust the recognition of deferred revenue related to the license
agreements granted to E-House.
(b) To adjust stock-based compensation.
(c) To adjust amortization of intangible assets and tax
provision on amortization of intangible assets.
(d) To adjust the Non-GAAP to GAAP reconciling items on the
share of equity method investments, net of share of amortization of
intangibles not on their books.
(e) To adjust (gain) loss on sale of investmentsbusiness,
(gain) loss on deemed disposal and impairment on investments,
net.
(f) To adjust Non-GAAP to GAAP reconciling items for the
(income) loss attributable to non-controlling interests.
(g) To adjust the amortization of convertible debt issuance
cost.
(h) To adjust the number of shares for dilution resulted from
convertible debt and unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net income
(loss) attributable to SINA is adjusted for diluted shares issued
by our subsidiary and equity method investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' GAAP TO
NON-GAAP RESULTS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
March 31,
2016
|
|
March 31,
2015
|
|
December 31,
2015
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Non-GAAP
Results
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Non-GAAP
Results
|
|
|
Actual
|
|
|
Adjustments
|
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
|
$
|
1,555
|
|
|
|
|
|
|
|
$
|
1,381
|
|
|
|
|
|
|
|
$
|
1,480
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
|
|
604
|
|
|
|
|
|
|
|
|
607
|
|
|
|
|
|
|
|
|
422
|
|
|
|
To adjust gain on sale of investments
|
|
|
|
|
(808)
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(4,752)
|
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
|
|
(2,126)
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
1,836
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
|
(10,270)
|
|
$
|
(775)
|
|
$
|
(11,045)
|
|
$
|
3,950
|
|
$
|
1,988
|
|
$
|
5,938
|
|
$
|
(503)
|
|
$
|
(1,014)
|
|
$
|
(1,517)
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
|
(294)
|
|
$
|
294
|
|
$
|
-
|
|
$
|
(298)
|
|
$
|
298
|
|
$
|
-
|
|
$
|
(295)
|
|
$
|
295
|
|
$
|
-
|
|
$
|
(10,564)
|
|
$
|
(481)
|
|
$
|
(11,045)
|
|
$
|
3,652
|
|
$
|
2,286
|
|
$
|
5,938
|
|
$
|
(798)
|
|
$
|
(719)
|
|
$
|
(1,517)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning (Loss)
from equity method investments is recorded one quarter in
arrears.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sina-reports-first-quarter-2016-financial-results-300267082.html
SOURCE SINA Corporation