BEIJING, Feb. 13, 2018 /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 fourth quarter and the fiscal year ended
December 31, 2017.
Fourth Quarter 2017 Highlights
- Net revenues increased 61% year-over-year to $503.7 million. Non-GAAP net revenues increased
61% year-over-year to $501.1
million.
- Advertising revenues increased 58% year-over-year to
$424.8 million.
- Non-advertising revenues increased 80% year-over-year to
$79.0 million. Non-GAAP
non-advertising revenues increased 85% year-over-year to
$76.4 million.
- Income from operations increased 421% year-over-year to
$128.7 million. Operating margin was
26%, up from 8% for the same period last year. Non-GAAP income from
operations increased 82% year-over-year to $149.8 million. Non-GAAP operating margin was
30%, up from 26% for the same period last year.
- Net income attributable to SINA was $45.4 million, or $0.60 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $60.0
million, or $0.79 for non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders.
- Weibo's monthly active users ("MAUs") had a net addition of
approximately 79 million users year-over-year and reached 392
million in December 2017. Weibo's
mobile MAUs represented 93% of Weibo's MAUs.
- Weibo's average daily active users ("DAUs") had a net addition
of approximately 33 million users year-over-year and reached 172
million in December 2017.
Fiscal Year 2017 Highlights
- Net revenues increased 54% year-over-year to $1.58 billion. Non-GAAP net revenues increased
54% year-over-year to $1.57 billion,
exceeding the Company's annual guidance between $1.3 billion and $1.44
billion.
- Advertising revenues increased 51% year-over-year to
$1.31 billion.
- Non-advertising revenues increased 70% year-over-year to
$272.0 million. Non-GAAP
non-advertising revenues increased 75% year-over-year to
$261.6 million.
- Income from operations increased 430% year-over-year to
$388.6 million. Operating margin was
25%, up from 7% in 2016. Non-GAAP income from operations increased
165% year-over-year to $474.0
million. Non-GAAP operating margin was 30%, up from 18% in
2016.
- Net income attributable to SINA was $156.6 million, or $2.09 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $207.9
million, or $2.77 for non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders.
"We closed 2017 with another strong quarter, capping off a
remarkable year of growth," said Charles
Chao, Chairman and CEO of SINA. "Weibo's momentum continued
on the back of sustainable user growth and engagement. We have also
made progresses in machine learning capability, content
distribution efficiency and advertising system upgrade, which
further fueled the strong growth of Weibo. Going forward, Weibo
will continue to focus on user base expansion and user engagement,
invest in the reinforcing content ecosystem, capture higher wallet
share in social marketing and diversify monetization opportunities
in the long run." said Mr. Chao.
"For SINA business, we are delighted that it returned to the
growth trajectory in 2017," Mr. Chao added. "Through improvement in
content offering and effective channel marketing, SINA mobile media
properties continuously expanded user scale, and improved user
engagement and elevated monetization capability. Heading into 2018,
we will continue to refine our mobile media products, enrich media
content ecosystem and capitalize mobile opportunities. For our
emerging fintech business, we will navigate through the new
regulation landscape and aim to achieve growth through diversified
product offerings in 2018," Mr. Chao
concluded.
Fourth Quarter 2017 Financial Results
For the fourth quarter of 2017, SINA reported net revenues of
$503.7 million, an increase of 61%
compared to $313.4 million for the
same period last year. Non-GAAP net revenues for the fourth quarter
of 2017 were $501.1 million, an
increase of 61% compared to $310.8
million for the same period last year.
Advertising revenues for the fourth quarter of 2017 were
$424.8 million, an increase of 58%
compared to $269.6 million for the
same period last year. The year-over-year growth in advertising
revenues was mainly resulted from an increase of $144.4 million, or 77% growth in Weibo
advertising and marketing revenues and a 16% growth in portal
advertising revenues in the fourth quarter.
Non-advertising revenues for the fourth quarter of 2017 were
$79.0 million, an increase of 80%
compared to $43.9 million for the
same period last year. Non-GAAP non-advertising revenues for the
fourth quarter of 2017 were $76.4
million, an increase of 85% compared to $41.3 million for the same period last year. The
year-over-year growth in non-advertising revenues was driven by
revenues derived from SINA fintech business, increased Weibo
membership fees and revenue share from live broadcasting
business.
Gross margin for the fourth quarter of 2017 was 75%, compared to
70% for the same period last year. Advertising gross margin for the
fourth quarter of 2017 was 76%, compared to 72% for the same period
last year. The increase in advertising gross margin was primarily
due to stronger advertising demand from Weibo advertisers and the
further operating leverage of Weibo business. Non-advertising gross
margin for the fourth quarter of 2017 was 66%, compared to 57% for
the same period last year. The increase in non-advertising gross
margin was the result of higher revenue contribution from
businesses with better margin profile compared with the same period
last year, such as Weibo's membership
services.
Operating expenses for the fourth quarter of 2017 totaled
$248.4 million, compared to
$194.2 million for the same period
last year. The increase in operating expenses was primarily
attributable to the increase in sales and marketing expenses
primarily for user acquisition of Weibo and SINA News Application
and the increase of product development expenses in relation to
personnel-related costs. Non-GAAP operating expenses for the fourth
quarter of 2017 totaled $226.8
million, compared to $136.2
million for the same period last year.
Income from operations for the fourth quarter of 2017 was
$128.7 million, an increase of 421%
compared to $24.7 million for the
same period last year. Operating margin was 26%, up from 8% for the
same period last year. Excluding the one-off recognition of
goodwill and acquired intangibles impairment charge in the fourth
quarter of 2016, the increase in operating margin was a result of
further operating leverage of Weibo business. Non-GAAP income from
operations for the fourth quarter of 2017 was $149.8 million, an increase of 82% compared to
$82.1 million for the same period
last year. Non-GAAP operating margin was 30%, up from 26% for the
same period last year.
Non-operating income for the fourth quarter of 2017 was
$7.7 million, compared to a
non-operating income of $28.8 million
for the same period last year. Non-operating income for the fourth
quarter of 2017 composed of an $11.2
million net interest and other income and a $2.8 million loss pick-up from equity-method
investments, which is reported one quarter in arrears and is mainly
resulted from the loss pick-up related to the Company's investment
in Leju Holding Limited ("Leju"). Non-operating income for the
fourth quarter of 2016 included a $48.6
million net gain on sale of and impairment on investments
and a $25.8 million loss in the fair
value change of the Company's option liability related to E-House,
which are excluded under non-GAAP measures.
Income tax expenses for the fourth quarter of 2017 were
$17.2 million, compared to
$5.4 million for the same period last
year. The increase was primarily due to higher profitability and
the change in tax status of the Weibo's PRC subsidiary in 2017 from
being fully tax exempted to being subject to a reduced enterprise
income tax rate of 12.5%.
Net income attributable to SINA's ordinary shareholders for the
fourth quarter of 2017 was $45.4
million, compared to $19.9
million for the same period last year. Diluted net income
per share attributable to SINA's ordinary shareholders for the
fourth quarter of 2017 was $0.60,
compared to $0.27 for the same period
last year. Non-GAAP net income attributable to SINA's ordinary
shareholders for the fourth quarter of 2017 was $60.0 million, compared to $48.2 million for the same period last year.
Non-GAAP diluted net income per share attributable to SINA's
ordinary shareholders for the fourth quarter of 2017 was
$0.79, compared to $0.63 for the same period last year.
As of December 31, 2017, SINA's
cash, cash equivalents and short-term investments totaled
$3.4 billion, compared to
$1.8 billion as of December 31, 2016. Aside from earnings, the
increase in cash, cash equivalents and short-term investments was
also attributed to the cash received from the issuance of a
$900 million convertible senior notes
by Weibo, which was partially offset by a share repurchase of
$47.6 million from the Company, in
the fourth quarter of 2017. For the fourth quarter of 2017, net
cash provided by operating activities was $76.3 million, capital expenditures totaled
$29.3 million, and depreciation and
amortization expenses amounted to $9.3
million.
Fiscal Year 2017 Financial Results
For fiscal year 2017, SINA reported net revenues of $1.58 billion, compared to $1.03 billion in 2016. Non-GAAP net revenues for
2017 totaled $1.57 billion, compared
to $1.02 billion in 2016.
Advertising revenues in 2017 were $1.31
billion, compared to $871.2
million in 2016. The year-over-year growth in advertising
revenues resulted from an increase of $425.8
million in Weibo advertising revenues and a modest growth in
portal advertising revenues.
Non-advertising revenues in 2017 were $272.0 million, compared to $159.7 million in 2016. The year-over-year growth
in non-advertising revenues was attributable to an increase of
$64.7 million in Weibo Value-Added
Services revenues and an increase of $47.6
million in portal non-advertising revenues due to the new
fintech business. Non-GAAP non-advertising revenues in 2017 were
$261.6 million, compared to
$149.3 million in 2016.
Gross margin in 2017 was 74%, up from 66% in 2016. Advertising
gross margin in 2017 was 75%, up from 67% in 2016. The increase in
advertising gross margin was primarily due to stronger advertising
demand from advertisers and the further operating leverage of Weibo
business. Non-advertising gross margin in 2017 was 67%, compared to
58% in 2016. The increase in non-advertising margin was the result
of higher revenue contribution from businesses with better margin
profile compared with last year, such as Weibo's membership
services. Non-GAAP gross margin in 2017 was 74%, up from 66% in
2016.
Operating expenses in 2017 totaled $781.2
million, compared to $603.0
million in 2016. The increase was primarily attributable to
the increase in channel marketing expenses incurred for user
acquisition and overall increase in personnel related costs.
Non-GAAP operating expenses in 2017 totaled $694.6 million, compared to $494.8 million in 2016.
Income from operations in 2017 was $388.6
million, compared to $73.3
million in 2016. Operating margin in 2017 was 25%, up from
7% in 2016. Non-GAAP income from operations in 2017 was
$474.0 million, compared to
$178.7 million in 2016. Non-GAAP
operating margin was 30%, up from 18% in 2016. The increase in
operating margin was a result of further operating leverage of
Weibo business achieved and step-up of margin profile from
non-Weibo business.
Non-operating income in 2017 was $35.7
million, compared to $231.3
million in 2016. Non-operating income in 2017 mainly
included (i) a $132.0 million gains
from disposing of certain marketable securities and other gains,
which are excluded under non-GAAP measure; (ii) a $113.1 million of investment impairment write
down of the Company's investment in Leju, which is excluded under
non-GAAP measure; and (iii) a $16.1
million loss pick-up from equity-method investments, which
is accounted for under the equity-method and reported one quarter
in arrears, mainly resulting from the loss pick-up from the
Company's investment in Leju. Non-operating income in 2016 mainly
included a $245.3 million net gain on
sale of and impairment on investments and a $28.5 million loss on change in fair value of the
Company's option liability related to E-House, which are excluded
under non-GAAP measures.
Income tax expenses in 2017 totaled $74.7
million, compared to $27.2
million in 2016. The increase was primarily due to higher
profitability and the change in tax status of the Weibo's PRC
subsidiary in 2017 from being fully tax exempted to being subject
to a reduced enterprise income tax rate of 12.5%.
Net income attributable to SINA's ordinary shareholders in 2017
was $156.6 million, compared to
$225.1 million in 2016. Diluted net
income per share attributable to SINA's ordinary shareholders in
2017 was $2.09, compared to
$3.01 in 2016. Non-GAAP net income
attributable to SINA's ordinary shareholders in 2017 was
$207.9 million, compared to
$109.1 million in 2016. Non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders in 2017 was $2.77,
compared to $1.44 for 2016.
For the fiscal year of 2017, net cash provided by operating
activities was $595.7 million,
capital expenditures totaled $44.7
million, and depreciation and amortization expenses amounted
to $33.2 million.
Business Outlook
For the fiscal year 2018, SINA estimates that its net revenues
are between RMB14.5 billion and
RMB15.5 billion, or US$2.23 billion and US$2.38 billion, assuming US dollar and RMB
exchange rate of 6.50, which was the closing rate on December 31, 2017. Such revenue forecast includes
the recognition of $10.4 million in
deferred license revenues related to the license granted to Leju.
This forecast reflects SINA's current and preliminary view, which
is subject to change.
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
operating margin, non-GAAP net income (loss) attributable to SINA's
ordinary shareholders and non-GAAP diluted net income (loss) per
share attributable to SINA's ordinary shareholders. 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 related to the license granted to Leju,
stock-based compensation, amortization of intangible assets,
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 and acquired intangibles, change in fair
value in option liability, income tax effects of above non-GAAP to
GAAP reconciling items and 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 7:10 a.m. – 8:00 a.m.
Eastern Time on February
13, 2018 (or 8:10 p.m. –
9:00 p.m. Beijing Time on
February 13, 2018) 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:
|
2298916
|
A replay of the conference call will be available through
morning Eastern Time February
21, 2018. The dial-in number is +61 2 9003 4211. The
passcode for the replay is 2298916.
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 as 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 reports on Form 20-F 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
|
|
Year
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
$
424,756
|
|
$
269,556
|
|
$
363,958
|
|
$
1,311,866
|
|
$
871,187
|
|
Non-advertising
|
|
78,982
|
|
43,868
|
|
79,191
|
|
272,018
|
|
159,749
|
|
|
|
503,738
|
|
313,424
|
|
443,149
|
|
1,583,884
|
|
1,030,936
|
|
Cost of revenues
*:
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
99,858
|
|
75,578
|
|
85,757
|
|
325,494
|
|
288,044
|
|
Non-advertising
|
|
26,812
|
|
18,980
|
|
22,814
|
|
88,643
|
|
66,652
|
|
|
|
126,670
|
|
94,558
|
|
108,571
|
|
414,137
|
|
354,696
|
|
Gross
profit
|
|
377,068
|
|
218,866
|
|
334,578
|
|
1,169,747
|
|
676,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
*
|
|
143,020
|
|
74,295
|
|
114,345
|
|
408,856
|
|
247,068
|
|
Product development
*
|
|
78,977
|
|
54,538
|
|
70,509
|
|
267,392
|
|
216,228
|
|
General and administrative
*
|
|
26,421
|
|
25,166
|
|
29,443
|
|
104,923
|
|
99,474
|
|
Goodwill and acquired
intangibles impairment
|
|
-
|
|
40,194
|
|
-
|
|
-
|
|
40,194
|
|
|
|
248,418
|
|
194,193
|
|
214,297
|
|
781,171
|
|
602,964
|
|
Income from
operations
|
|
128,650
|
|
24,673
|
|
120,281
|
|
388,576
|
|
73,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
|
|
|
|
|
|
Loss from equity method
investments, net
|
|
(2,843)
|
|
(546)
|
|
(11,105)
|
|
(16,070)
|
|
(11,766)
|
|
Gain on sale of
investments/business and impairment on investments,
net
|
|
(740)
|
|
48,603
|
|
10,209
|
|
9,037
|
|
245,260
|
|
Fair value change in option
liability
|
|
-
|
|
(25,803)
|
|
-
|
|
-
|
|
(28,456)
|
|
Interest and other income,
net
|
|
11,244
|
|
6,594
|
|
11,994
|
|
42,696
|
|
26,213
|
|
|
|
7,661
|
|
28,848
|
|
11,098
|
|
35,663
|
|
231,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
136,311
|
|
53,521
|
|
131,379
|
|
424,239
|
|
304,527
|
|
Income tax
expense
|
|
(17,160)
|
|
(5,438)
|
|
(24,555)
|
|
(74,676)
|
|
(27,219)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
119,151
|
|
48,083
|
|
106,824
|
|
349,563
|
|
277,308
|
|
Less: Net income attributable to
non-controlling interests
|
|
73,787
|
|
28,161
|
|
57,533
|
|
192,994
|
|
52,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
|
$
45,364
|
|
$
19,922
|
|
$
49,291
|
|
$
156,569
|
|
$
225,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share
|
|
$
0.63
|
|
$
0.28
|
|
$
0.69
|
|
$
2.20
|
|
$
3.20
|
|
Diluted net income
per share **
|
|
$
0.60
|
|
$
0.27
|
|
$
0.66
|
|
$
2.09
|
|
$
3.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income
per share
|
|
71,516
|
|
70,981
|
|
71,468
|
|
71,284
|
|
70,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
|
74,213
|
|
72,299
|
|
74,213
|
|
73,931
|
|
77,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,145
|
|
$
2,021
|
|
$
2,776
|
|
$
9,257
|
|
$
7,742
|
|
Sales and
marketing
|
5,370
|
|
4,559
|
|
5,568
|
|
20,790
|
|
15,496
|
|
Product
development
|
6,432
|
|
5,018
|
|
9,073
|
|
29,163
|
|
20,793
|
|
General and
administrative
|
8,237
|
|
7,868
|
|
8,410
|
|
32,177
|
|
29,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Net income
attributable to SINA's ordinary shareholders 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2017
|
|
|
2016
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,990,552
|
|
|
$
1,407,625
|
|
Short-term
investments
|
|
1,381,991
|
|
|
389,440
|
|
Restricted
cash
|
|
216,151
|
|
|
241,306
|
|
Accounts
receivable, net
|
|
285,681
|
|
|
210,328
|
|
Prepaid expenses
and other current assets
|
|
228,238
|
|
|
407,373
|
|
Subtotal
|
|
4,102,613
|
|
|
2,656,072
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
262,676
|
|
|
241,680
|
|
Goodwill and
intangible assets, net
|
|
104,207
|
|
|
12,108
|
|
Long-term
investments
|
|
1,288,816
|
|
|
1,318,207
|
|
Other
assets
|
|
57,082
|
|
|
56,807
|
|
Total
assets
|
|
$
5,815,394
|
|
|
$
4,284,874
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
130,431
|
|
|
$
108,381
|
|
Amount due to
customers
|
|
216,151
|
|
|
241,306
|
|
Accrued expenses and
other current liabilities
|
|
446,779
|
|
|
452,751
|
|
Short-term bank
loan
|
|
89,309
|
|
|
33,152
|
|
Convertible
debt
|
|
153,092
|
|
|
-
|
|
Deferred
revenues
|
|
134,580
|
|
|
95,566
|
|
Income taxes
payable
|
|
102,458
|
|
|
40,127
|
|
Subtotal
|
|
1,272,800
|
|
|
971,283
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
879,983
|
|
|
153,092
|
|
Long-term deferred
revenues
|
|
54,372
|
|
|
65,188
|
|
Other long-term
liabilities
|
|
8,510
|
|
|
4,332
|
|
Total liabilities
|
|
2,215,665
|
|
|
1,193,895
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
SINA
shareholders' equity
|
|
2,846,842
|
|
|
2,679,590
|
|
Non-controlling interests
|
|
752,887
|
|
|
411,389
|
|
Total shareholders' equity
|
|
3,599,729
|
|
|
3,090,979
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
|
$
5,815,394
|
|
|
$
4,284,874
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
|
$
95,319
|
|
$
81,820
|
|
$
87,432
|
|
$
320,473
|
|
$
304,090
|
|
Other
|
|
33,842
|
|
18,990
|
|
39,785
|
|
122,535
|
|
74,931
|
|
Subtotal
|
129,161
|
|
100,810
|
|
127,217
|
|
443,008
|
|
379,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing
|
332,305
|
|
187,870
|
|
276,803
|
|
996,745
|
|
570,982
|
|
Weibo
non-advertising
|
45,140
|
|
24,878
|
|
43,232
|
|
153,309
|
|
84,818
|
|
Subtotal
|
377,445
|
|
212,748
|
|
320,035
|
|
1,150,054
|
|
655,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
|
(2,868)
|
|
(134)
|
|
(4,103)
|
|
(9,178)
|
|
(3,885)
|
|
|
|
$
503,738
|
|
$
313,424
|
|
$
443,149
|
|
$
1,583,884
|
|
$
1,030,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
35,647
|
|
$
31,315
|
|
$
30,502
|
|
$
121,278
|
|
$
136,196
|
|
Other
|
|
19,180
|
|
13,864
|
|
19,483
|
|
65,733
|
|
47,555
|
|
Subtotal
|
54,827
|
|
45,179
|
|
49,985
|
|
187,011
|
|
183,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
72,005
|
|
49,454
|
|
62,428
|
|
231,255
|
|
171,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
|
(162)
|
|
(75)
|
|
(3,842)
|
|
(4,129)
|
|
(286)
|
|
|
|
$
126,670
|
|
$
94,558
|
|
$
108,571
|
|
$
414,137
|
|
$
354,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
Portal
|
58%
|
|
55%
|
|
61%
|
|
58%
|
|
52%
|
|
Weibo
|
81%
|
|
77%
|
|
80%
|
|
80%
|
|
74%
|
|
|
|
75%
|
|
70%
|
|
76%
|
|
74%
|
|
66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
September 30,
2017
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
424,756
|
|
|
|
$
424,756
|
|
$
269,556
|
|
|
|
$
269,556
|
|
$
363,958
|
|
|
|
$
363,958
|
Non-advertising
revenues
|
78,982
|
|
(2,609)
|
(a)
|
76,373
|
|
43,868
|
|
(2,609)
|
(a)
|
41,259
|
|
79,191
|
|
(2,609)
|
(a)
|
76,582
|
Net
revenues
|
$
503,738
|
|
$
(2,609)
|
|
$
501,129
|
|
$
313,424
|
|
$
(2,609)
|
|
$
310,815
|
|
$
443,149
|
|
$
(2,609)
|
|
$
440,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
2,145
|
(b)
|
|
|
|
|
2,021
|
(b)
|
|
|
|
|
2,776
|
(b)
|
|
Gross
profit
|
$
377,068
|
|
$
(464)
|
|
$
376,604
|
|
$
218,866
|
|
$
(588)
|
|
$
218,278
|
|
$
334,578
|
|
$
167
|
|
$
334,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,445)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(20,039)
|
(b)
|
|
|
|
|
(399)
|
(c)
|
|
|
|
|
(23,051)
|
(b)
|
|
|
|
|
|
(1,535)
|
(c)
|
|
|
|
|
(40,194)
|
(d)
|
|
|
|
|
(1,538)
|
(c)
|
|
Operating
expenses
|
$
248,418
|
|
$
(21,574)
|
|
$
226,844
|
|
$
194,193
|
|
$
(58,038)
|
|
$
136,155
|
|
$
214,297
|
|
$
(24,589)
|
|
$
189,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
19,466
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
22,184
|
(b)
|
|
|
|
|
399
|
(c)
|
|
|
|
|
25,827
|
(b)
|
|
|
|
|
|
1,535
|
(c)
|
|
|
|
|
40,194
|
(d)
|
|
|
|
|
1,538
|
(c)
|
|
Income from
operations
|
$
128,650
|
|
$
21,110
|
|
$
149,760
|
|
$
24,673
|
|
$
57,450
|
|
$
82,123
|
|
$
120,281
|
|
$
24,756
|
|
$
145,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,466
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
399
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
22,184
|
(b)
|
|
|
|
|
40,194
|
(d)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
1,535
|
(c)
|
|
|
|
|
3,243
|
(e)
|
|
|
|
|
25,827
|
(b)
|
|
|
|
|
|
1,503
|
(e)
|
|
|
|
|
(48,603)
|
(f)
|
|
|
|
|
1,538
|
(c)
|
|
|
|
|
|
740
|
(f)
|
|
|
|
|
25,803
|
(g)
|
|
|
|
|
1,474
|
(e)
|
|
|
|
|
|
(9,197)
|
(h)
|
|
|
|
|
(9,302)
|
(h)
|
|
|
|
|
(10,209)
|
(f)
|
|
|
|
|
|
690
|
(i)
|
|
|
|
|
699
|
(i)
|
|
|
|
|
(7,391)
|
(h)
|
|
|
|
|
|
(253)
|
(j)
|
|
|
|
|
(964)
|
(j)
|
|
|
|
|
(254)
|
(j)
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
45,364
|
|
$
14,593
|
|
$
59,957
|
|
$
19,922
|
|
$
28,326
|
|
$
48,248
|
|
$
49,291
|
|
$
8,376
|
|
$
57,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share *
|
$
0.60
|
|
|
|
$
0.79
|
|
$
0.27
|
|
|
|
$
0.63
|
|
$
0.66
|
|
|
|
$
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
74,213
|
|
-
|
|
74,213
|
|
72,299
|
|
5,022
|
(k)
|
77,321
|
|
74,213
|
|
-
|
|
74,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
76%
|
|
1%
|
|
77%
|
|
72%
|
|
1%
|
|
73%
|
|
76%
|
|
1%
|
|
77%
|
Gross margin -
non-advertising
|
66%
|
|
-1%
|
|
65%
|
|
57%
|
|
-3%
|
|
54%
|
|
71%
|
|
-1%
|
|
70%
|
Operating
margin
|
26%
|
|
4%
|
|
30%
|
|
8%
|
|
18%
|
|
26%
|
|
27%
|
|
6%
|
|
33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$1,311,866
|
|
|
|
$1,311,866
|
|
$
871,187
|
|
|
|
$
871,187
|
|
|
|
|
|
|
Non-advertising
revenues
|
272,018
|
|
(10,436)
|
(a)
|
261,582
|
|
159,749
|
|
(10,436)
|
(a)
|
149,313
|
|
|
|
|
|
|
Net
revenues
|
$1,583,884
|
|
$
(10,436)
|
|
$1,573,448
|
|
$
1,030,936
|
|
$
(10,436)
|
|
$1,020,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
9,257
|
(b)
|
|
|
|
|
7,742
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$1,169,747
|
|
$
(1,179)
|
|
$1,168,568
|
|
$
676,240
|
|
$
(2,694)
|
|
$
673,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(66,086)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(82,130)
|
(b)
|
|
|
|
|
(1,874)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
(4,455)
|
(c)
|
|
|
|
|
(40,194)
|
(d)
|
|
|
|
|
|
|
|
Operating
expenses
|
$
781,171
|
|
$
(86,585)
|
|
$
694,586
|
|
$
602,964
|
|
$
(108,154)
|
|
$
494,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
73,828
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
91,387
|
(b)
|
|
|
|
|
1,874
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
4,455
|
(c)
|
|
|
|
|
40,194
|
(d)
|
|
|
|
|
|
|
|
Income from
operations
|
$
388,576
|
|
$
85,406
|
|
$
473,982
|
|
$
73,276
|
|
$
105,460
|
|
$
178,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,828
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
1,874
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
91,387
|
(b)
|
|
|
|
|
40,194
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
4,455
|
(c)
|
|
|
|
|
7,221
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
3,276
|
(e)
|
|
|
|
|
(245,260)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
(9,037)
|
(f)
|
|
|
|
|
28,456
|
(g)
|
|
|
|
|
|
|
|
|
|
|
|
(29,827)
|
(h)
|
|
|
|
|
(30,117)
|
(h)
|
|
|
|
|
|
|
|
|
|
|
|
690
|
(i)
|
|
|
|
|
4,266
|
(i)
|
|
|
|
|
|
|
|
|
|
|
|
785
|
(j)
|
|
|
|
|
13,944
|
(j)
|
|
|
|
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
156,569
|
|
$
51,293
|
|
$
207,862
|
|
$
225,087
|
|
$
(116,030)
|
|
$
109,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share *
|
$
2.09
|
|
|
|
$
2.77
|
|
$
3.01
|
|
|
|
$
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
73,931
|
|
-
|
|
73,931
|
|
77,511
|
|
-
|
|
77,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
75%
|
|
1%
|
|
76%
|
|
67%
|
|
1%
|
|
68%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
67%
|
|
-1%
|
|
66%
|
|
58%
|
|
-3%
|
|
55%
|
|
|
|
|
|
|
Operating
margin
|
25%
|
|
5%
|
|
30%
|
|
7%
|
|
11%
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude the recognition of deferred revenue related to the license
granted to Leju.
|
(b) To
exclude stock-based compensation.
|
(c) To
adjust amortization of intangible assets.
|
(d) To
exclude goodwill and acquired intangibles impairment
|
(e) To
exclude 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.
|
|
|
|
|
|
|
|
|
(f) To
exclude (gain) loss on sale of investments/business, (gain) loss on
deemed disposal and impairment on investments, net.
|
(g) To
exclude the change in fair value of option
liability.
|
(h) To
exclude Non-GAAP to GAAP reconciling items for the income
attributable to non-controlling interests.
|
(i) To
exclude the amortization of convertible debt issuance
cost.
|
(j) To
exclude the provision (benefit) for income tax related to item (c),
(d) and (f). Other non-GAAP to GAAP reconciling items have no
income tax effect.**
|
|
|
|
|
|
|
|
|
(k) To adjust the
number of shares for dilution resulted from convertible debt and
unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net income
attributable to SINA's ordinary shareholders is adjusted for
diluted shares issued by our subsidiary and equity method
investments.
|
|
|
|
|
|
|
|
|
**
|
Most of the
reconciliation items were recorded in entities in tax free
jurisdictions hence no income tax implications. For impairment on
investments, valuation allowances were made for those differences
the Company does not expect they can be realized in the foreseeable
future.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO
GAAP RESULTS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
September 30,
2017
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
881
|
|
|
|
|
|
$
3,421
|
|
|
|
|
|
$
1,822
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,177
|
|
|
|
|
|
1,213
|
|
|
|
|
|
1,127
|
|
|
|
To exclude (gain)
loss on disposal and impairment on investments,
net
|
|
|
848
|
|
|
|
|
|
89
|
|
|
|
|
|
327
|
|
|
|
To exclude gain
resulting from the fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes in
investments, net
|
|
|
(1,426)
|
|
|
|
|
|
(1,340)
|
|
|
|
|
|
(1,745)
|
|
|
|
To exclude tax
impacts related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
amortization of intangible assets
|
|
|
(178)
|
|
|
|
|
|
(275)
|
|
|
|
|
|
(166)
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
(2,642)
|
|
$
1,302
|
|
$
(1,340)
|
|
$
(411)
|
|
$
3,108
|
|
$
2,697
|
|
$
(10,996)
|
|
$
1,365
|
|
$
(9,631)
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
(253)
|
|
253
|
|
-
|
|
(166)
|
|
166
|
|
-
|
|
(130)
|
|
130
|
|
-
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
52
|
|
(52)
|
|
-
|
|
31
|
|
(31)
|
|
-
|
|
21
|
|
(21)
|
|
-
|
|
|
$
(2,843)
|
|
$
1,503
|
|
$
(1,340)
|
|
$
(546)
|
|
$
3,243
|
|
$
2,697
|
|
$
(11,105)
|
|
$
1,474
|
|
$
(9,631)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
3,759
|
|
|
|
|
|
$
7,741
|
|
|
|
|
|
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
3,441
|
|
|
|
|
|
3,209
|
|
|
|
|
|
|
|
|
|
To exclude (gain)
loss on disposal and impairment on investments,
net
|
|
|
(465)
|
|
|
|
|
|
(1,470)
|
|
|
|
|
|
|
|
|
|
To exclude gain
resulting from the fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes in
investments, net
|
|
|
(3,769)
|
|
|
|
|
|
(2,189)
|
|
|
|
|
|
|
|
|
|
To exclude tax
impacts related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
amortization of intangible assets
|
|
|
(508)
|
|
|
|
|
|
(821)
|
|
|
|
|
|
|
|
|
|
Loss from equity
method investments, net
|
$
(15,252)
|
|
$
2,458
|
|
$
(12,794)
|
|
$
(11,015)
|
|
$
6,470
|
|
$
(4,545)
|
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
(1,031)
|
|
1,031
|
|
-
|
|
(954)
|
|
954
|
|
-
|
|
|
|
|
|
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
213
|
|
(213)
|
|
-
|
|
203
|
|
(203)
|
|
-
|
|
|
|
|
|
|
|
|
$
(16,070)
|
|
$
3,276
|
|
$
(12,794)
|
|
$
(11,766)
|
|
$
7,221
|
|
$
(4,545)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning (Loss)
from equity method investments is recorded one quarter in
arrears.
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/sina-reports-fourth-quarter-and-fiscal-year-2017-unaudited-financial-results-300597764.html
SOURCE SINA Corporation