BEIJING, May 16, 2017 /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, 2017.
First Quarter 2017 Highlights
- Both net revenues and non-GAAP net revenues increased 40% year
over year to $278.1 million and
$275.5 million, respectively.
- Advertising revenues increased 40% year over year to
$228.0 million.
- Non-advertising revenues increased 40% year over year to
$50.1 million. Non-GAAP
non-advertising revenues was $47.5
million.
- Income from operations was $45.0
million. Non-GAAP income from operations increased
approximately ten folds year over year to $63.7 million. Non-GAAP operating margin was 23%,
up from 3% for the same period last year.
- Net income attributable to SINA was $38.5 million, or $0.52 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $37.6 million, or $0.50 non-GAAP diluted net income per share
attributable to SINA.
- Weibo's monthly active users ("MAUs") increased from 261
million in March 2016 to 340 million
in March 2017, an increase of 30%
year over year. Weibo's mobile MAUs represents 91% of Weibo's
MAUs.
- Weibo's average daily active users ("DAUs") have a net addition
of approximately 34 million users year over year and reached 154
million in March 2017.
"We started the year 2017 with a great quarter." said Charles
Chao, Chairman and CEO of SINA. "Weibo continued its strong
momentum with accelerated growth in revenues and impressive
expansion of user base." said Mr.
Chao. "On the SINA media business, our performance was in line with
our expectation, taking seasonality factor into account. We have
further restructured our mobile media business to accelerate the
pace for the mobile transition." Mr. Chao
added.
First Quarter 2017 Financial Results
For the first quarter of 2017, SINA reported net revenues of
$278.1 million, compared to
$198.7 million for the same period
last year. Non-GAAP net revenues for the first quarter of 2017
totaled $275.5 million, compared to
$196.1 million for the same period
last year.
Online advertising revenues for the first quarter of 2017 were
$228.0 million, compared to
$163.0 million for the same period
last year. The year-over-year growth in online advertising revenues
was mainly resulted from an increase of $70.1 million, or 71% growth in Weibo advertising
and marketing revenues.
Non-advertising revenues for the first quarter of 2017 were
$50.1 million. Non-GAAP
non-advertising revenues for the first quarter of 2017 were
$47.5 million, compared to
$33.1 million for the same period
last year. The year-over-year growth in non-advertising revenues
was largely driven by an increase of $9.9
million in Weibo non-advertising revenues.
Gross margin for the first quarter of 2017 was 69%, compared to
59% for the same period last year. Advertising gross margin for the
first quarter of 2017 was 70%, compared to 58% for the same period
last year. The increase in advertising gross margin was primarily
due to strong advertising demand from Weibo advertisers and the
further optimization of cost structure for both Weibo and portal
business. Non-advertising gross margin for the first quarter of
2017 was 62%, compared to 64% for the same period last year.
Operating expenses for the first quarter of 2017 totaled
$146.5 million, compared to
$126.3 million for the same period
last year. Non-GAAP operating expenses for the first quarter of
2017 totaled $127.4 million, compared
to $111.1 million for the same period
last year. The increase of non-GAAP operating expenses was
primarily due to the increase in Weibo's promotional and marketing
activities.
Income from operations for the first quarter of 2017 was
$45.0 million, compared to a loss of
$8.5 million for the same period last
year. Non-GAAP income from operations for the first quarter of 2017
was $63.7 million, compared to
$5.6 million for the same period last
year. Non-GAAP operating margin was 23%, up from 3% for the same
period last year. The significant improvement in non-GAAP income
from operations and operation margin was a result of the
operational leverage and margin expansion achieved by Weibo.
Non-operating income for the first quarter of 2017 was
$30.3 million, compared to
$24.3 million for the same period
last year. Non-operating income for the first quarter of 2017
included (i) a $15.9 million net gain
on sale of and impairment on investments, which is excluded under
non-GAAP measure; (ii) a $5.0 million
of dividend income from certain investments; and (iii) a
$3.1 million earnings pick-up from
equity-method investments, which are accounted for under the
equity-method and reported one quarter in arrears, and mainly
resulted from earnings pick-up from the Company's investment in
Tian Ge Interactive Holdings Limited. Non-operating income for the
first quarter of 2016 included (i) a one-off deconsolidation gain
amounted $14.8 million as a result of
the Company's disposing of partial ownership in non-core business,
which is excluded under non-GAAP measure; (ii) a $15.3 million net gain on disposing of certain
investments, which is excluded under non-GAAP measure; and (iii) 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 and mainly
resulted from loss pick-up from the Company's investment in
E-House.
Net income attributable to SINA for the first quarter of 2017
was $38.5 million, compared to
$15.3 million for the same period
last year. Diluted net income per share attributable to SINA for
the first quarter of 2017 was $0.52,
compared to $0.22 for the same period
last year. Non-GAAP net income attributable to SINA for the first
quarter of 2017 was $37.6 million,
compared to a net loss of $2.8
million for the same period last year. Non-GAAP diluted net
income per share attributable to SINA for the first quarter of 2017
was $0.50 compared to a net loss per
share of $0.04 for the same period
last year.
As of March 31, 2017, SINA's cash,
cash equivalents and short-term investments totaled $1.8 billion, at similar level as of December 31, 2016. For the first quarter of 2017,
net cash provided by operating activities was $93.0 million, capital expenditures totaled
$5.3 million, and depreciation and
amortization expenses amounted to $7.0
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 license agreements 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 8:10 a.m. -
9:00 a.m. Eastern Time on
May 16, 2017 (or 8:10 p.m. -
9:00 p.m. Beijing Time on
May 16, 2017) 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:
|
18467087
|
A replay of the conference call will be available through
morning Eastern Time May 24, 2017.
The dial-in number is +61 2 9003 4211. The passcode for the replay
is 18467087.
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 Mobile (mobile
portal and mobile apps) and Weibo (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 report on Form 20-F for the year
ended December 31, 2016 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,
|
|
|
2017
|
|
2016
|
|
2016
|
Net
revenues:
|
|
|
|
|
|
Advertising
|
$
227,999
|
|
$
162,967
|
|
$
269,556
|
Non-advertising
|
50,066
|
|
35,708
|
|
43,868
|
|
|
278,065
|
|
198,675
|
|
313,424
|
Cost of revenues
*:
|
|
|
|
|
|
Advertising
|
67,668
|
|
68,189
|
|
75,578
|
Non-advertising
|
18,904
|
|
12,705
|
|
18,980
|
|
|
86,572
|
|
80,894
|
|
94,558
|
Gross
profit
|
191,493
|
|
117,781
|
|
218,866
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales and marketing *
|
68,083
|
|
51,702
|
|
74,295
|
Product development *
|
54,420
|
|
52,494
|
|
54,538
|
General and administrative *
|
24,023
|
|
22,134
|
|
25,166
|
Goodwill and acquired intangibles impairment
|
-
|
|
-
|
|
40,194
|
|
|
146,526
|
|
126,330
|
|
194,193
|
Income (Loss) from
operations
|
44,967
|
|
(8,549)
|
|
24,673
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
Earning (Loss) from equity method investments, net
|
3,143
|
|
(10,564)
|
|
(546)
|
Gain
on sale of investments/business and impairment on investments,
net
|
15,883
|
|
28,227
|
|
48,603
|
Fair
value change in option liability
|
-
|
|
-
|
|
(25,803)
|
Interest and other income, net
|
11,233
|
|
6,608
|
|
6,594
|
|
|
30,259
|
|
24,271
|
|
28,848
|
|
|
|
|
|
|
|
Income before
income taxes
|
75,226
|
|
15,722
|
|
53,521
|
Income tax benefit
(expense)
|
(13,826)
|
|
16
|
|
(5,438)
|
|
|
|
|
|
|
|
Net
income
|
61,400
|
|
15,738
|
|
48,083
|
Less:
Net income attributable to non-controlling interests
|
22,876
|
|
418
|
|
28,161
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
38,524
|
|
$
15,320
|
|
$
19,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to SINA
|
$
0.54
|
|
$
0.22
|
|
$
0.28
|
Diluted net income
per share attributable to SINA **
|
$
0.52
|
|
$
0.22
|
|
$
0.27
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
net
income per share attributable to SINA
|
70,959
|
|
69,857
|
|
70,981
|
Shares used in
computing diluted
|
|
|
|
|
|
net
income per share attributable to SINA
|
73,409
|
|
70,296
|
|
72,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
Cost of revenues -
advertising
|
$
2,230
|
|
$
1,566
|
|
$
2,021
|
|
Sales and
marketing
|
4,583
|
|
2,843
|
|
4,559
|
|
Product
development
|
6,990
|
|
4,922
|
|
5,018
|
|
General and
administrative
|
7,387
|
|
6,911
|
|
7,868
|
|
|
|
|
|
|
|
**
|
Net income
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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,375,464
|
|
|
$
1,407,625
|
|
|
Short-term
investments
|
|
436,189
|
|
|
389,440
|
|
|
Restricted
cash
|
|
281,722
|
|
|
241,306
|
|
|
Accounts
receivable, net
|
|
216,978
|
|
|
210,328
|
|
|
Prepaid expenses
and other current assets
|
|
399,172
|
|
|
407,373
|
|
|
Subtotal
|
|
2,709,525
|
|
|
2,656,072
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
241,674
|
|
|
241,680
|
|
Goodwill and
intangible assets, net
|
|
12,185
|
|
|
12,108
|
|
Long-term
investments
|
|
1,395,886
|
|
|
1,318,207
|
|
Other
assets
|
|
48,079
|
|
|
56,807
|
|
Total
assets
|
|
$
4,407,349
|
|
|
$
4,284,874
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
108,659
|
|
|
$
108,381
|
|
|
Amount due to
customers
|
|
281,722
|
|
|
241,306
|
|
|
Accrued expenses
and other current liabilities
|
|
431,490
|
|
|
452,751
|
|
|
Short-term bank
loan
|
|
7,286
|
|
|
33,152
|
|
|
Deferred
revenues
|
|
98,051
|
|
|
95,566
|
|
|
Income taxes
payable
|
|
52,049
|
|
|
40,127
|
|
|
Subtotal
|
|
979,257
|
|
|
971,283
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
153,092
|
|
|
153,092
|
|
Long-term deferred
revenues
|
|
62,484
|
|
|
65,188
|
|
Other long-term
liabilities
|
|
4,325
|
|
|
4,332
|
|
|
Total
liabilities
|
|
1,199,158
|
|
|
1,193,895
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,761,376
|
|
|
2,679,590
|
|
|
Non-controlling
interests
|
|
446,815
|
|
|
411,389
|
|
|
Total shareholders'
equity
|
|
3,208,191
|
|
|
3,090,979
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
4,407,349
|
|
|
$
4,284,874
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$
59,791
|
|
$
63,721
|
|
$
81,820
|
Other
|
20,162
|
|
15,664
|
|
18,990
|
|
Subtotal
|
79,953
|
|
79,385
|
|
100,810
|
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
Advertising
and marketing
|
169,297
|
|
99,246
|
|
187,870
|
Weibo
non-advertising
|
29,904
|
|
20,044
|
|
24,878
|
|
Subtotal
|
199,201
|
|
119,290
|
|
212,748
|
|
|
|
|
|
|
|
Elimination
|
(1,089)
|
|
-
|
|
(134)
|
|
|
$
278,065
|
|
$
198,675
|
|
$
313,424
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$
27,482
|
|
$
35,537
|
|
$
31,315
|
Other
|
12,702
|
|
8,731
|
|
13,864
|
|
Subtotal
|
40,184
|
|
44,268
|
|
45,179
|
|
|
|
|
|
|
|
Weibo
|
46,450
|
|
36,626
|
|
49,454
|
|
|
|
|
|
|
|
Elimination
|
(62)
|
|
-
|
|
(75)
|
|
|
$
86,572
|
|
$
80,894
|
|
$
94,558
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
Portal
|
50%
|
|
44%
|
|
55%
|
|
Weibo
|
77%
|
|
69%
|
|
77%
|
|
|
69%
|
|
59%
|
|
70%
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
Three months
ended
|
|
|
March 31,
2017
|
|
March 31,
2016
|
|
December 31,
2016
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
227,999
|
|
|
|
$
227,999
|
|
$
162,967
|
|
|
|
$
162,967
|
|
$
269,556
|
|
|
|
$
269,556
|
Non-advertising
revenues
|
50,066
|
|
(2,609)
|
(a)
|
47,457
|
|
35,708
|
|
(2,609)
|
(a)
|
33,099
|
|
43,868
|
|
(2,609)
|
(a)
|
41,259
|
Net
revenues
|
$
278,065
|
|
$
(2,609)
|
|
$
275,456
|
|
$
198,675
|
|
$
(2,609)
|
|
$
196,066
|
|
$
313,424
|
|
$
(2,609)
|
|
$
310,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
2,230
|
(b)
|
|
|
|
|
1,566
|
(b)
|
|
|
|
|
2,021
|
(b)
|
|
Gross
profit
|
$
191,493
|
|
$
(379)
|
|
$
191,114
|
|
$
117,781
|
|
$
(1,043)
|
|
$
116,738
|
|
$
218,866
|
|
$
(588)
|
|
$
218,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,445)
|
(b)
|
|
|
|
|
|
(18,960)
|
(b)
|
|
|
|
|
(14,676)
|
(b)
|
|
|
|
|
(399)
|
(c)
|
|
|
|
|
|
(155)
|
(c)
|
|
|
|
|
(557)
|
(c)
|
|
|
|
|
(40,194)
|
(d)
|
|
Operating
expenses
|
$
146,526
|
|
$
(19,115)
|
|
$
127,411
|
|
$
126,330
|
|
$
(15,233)
|
|
$
111,097
|
|
$
194,193
|
|
$
(58,038)
|
|
$
136,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
19,466
|
(b)
|
|
|
|
|
|
21,190
|
(b)
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
399
|
(c)
|
|
|
|
|
|
155
|
(c)
|
|
|
|
|
557
|
(c)
|
|
|
|
|
40,194
|
(d)
|
|
Income (Loss) from
operations
|
$
44,967
|
|
$
18,736
|
|
$
63,703
|
|
$
(8,549)
|
|
$
14,190
|
|
$
5,641
|
|
$
24,673
|
|
$
57,450
|
|
$
82,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,466
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
399
|
(c)
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
40,194
|
(d)
|
|
|
|
|
|
21,190
|
(b)
|
|
|
|
|
557
|
(c)
|
|
|
|
|
3,243
|
(e)
|
|
|
|
|
|
155
|
(c)
|
|
|
|
|
(481)
|
(e)
|
|
|
|
|
(48,603)
|
(f)
|
|
|
|
|
|
224
|
(e)
|
|
|
|
|
(28,227)
|
(f)
|
|
|
|
|
25,803
|
(g)
|
|
|
|
|
|
(15,883)
|
(f)
|
|
|
|
|
(4,519)
|
(h)
|
|
|
|
|
(9,302)
|
(h)
|
|
|
|
|
|
(5,494)
|
(h)
|
|
|
|
|
1,084
|
(i)
|
|
|
|
|
699
|
(i)
|
|
|
|
|
|
1,472
|
(j)
|
|
|
|
|
(123)
|
(j)
|
|
|
|
|
(964)
|
(j)
|
|
Net income (loss)
attributable to SINA
|
$
38,524
|
|
$
(945)
|
|
$
37,579
|
|
$
15,320
|
|
$
(18,076)
|
|
$
(2,756)
|
|
$
19,922
|
|
$
28,326
|
|
$
48,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
0.52
|
|
|
|
$
0.50
|
|
$
0.22
|
|
|
|
$
(0.04)
|
|
$
0.27
|
|
|
|
$
0.63
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
73,409
|
|
-
|
|
73,409
|
|
70,296
|
|
(439)
|
(k)
|
69,857
|
|
72,299
|
|
5,022
|
(k)
|
77,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
70%
|
|
1%
|
|
71%
|
|
58%
|
|
1%
|
|
59%
|
|
72%
|
|
1%
|
|
73%
|
Gross margin -
non-advertising
|
62%
|
|
-2%
|
|
60%
|
|
64%
|
|
-2%
|
|
62%
|
|
57%
|
|
-3%
|
|
54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude the recognition of deferred revenue related to the license
agreements 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 (loss)
attributable to SINA 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
|
|
|
March 31,
2017
|
|
March 31,
2016
|
|
December 31,
2016
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
320
|
|
|
|
|
|
$
1,555
|
|
|
|
|
|
$
3,421
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
102
|
|
|
|
|
|
791
|
|
|
|
|
|
1,213
|
|
|
|
To exclude (gain)loss on disposal
and impairment on investments
|
|
|
(321)
|
|
|
|
|
|
(808)
|
|
|
|
|
|
89
|
|
|
|
To exclude
(gain)loss resulting from the fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes in
investments
|
|
|
39
|
|
|
|
|
|
(2,126)
|
|
|
|
|
|
(1,340)
|
|
|
|
To exclude tax
impacts related
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
amortization of intangible assets
|
|
|
(21)
|
|
|
|
|
|
(187)
|
|
|
|
|
|
(275)
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
3,248
|
|
$
119
|
|
$
3,367
|
|
$
(10,270)
|
|
$
(775)
|
|
$
(11,045)
|
|
$
(411)
|
|
$
3,108
|
|
$
2,697
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
(125)
|
|
125
|
|
-
|
|
(392)
|
|
392
|
|
-
|
|
(166)
|
|
166
|
|
-
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
20
|
|
(20)
|
|
-
|
|
98
|
|
(98)
|
|
-
|
|
31
|
|
(31)
|
|
-
|
|
|
$
3,143
|
|
$
224
|
|
$
3,367
|
|
$
(10,564)
|
|
$
(481)
|
|
$
(11,045)
|
|
$
(546)
|
|
$
3,243
|
|
$
2,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-2017-financial-results-300458271.html
SOURCE SINA Corporation