SHANGHAI, March 10, 2015 /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 ended December 31, 2014.
Fourth Quarter 2014 Highlights
- Net revenues increased 7% year over year to $211.1 million. Non-GAAP net revenues increased
8% year over year to $208.5 million,
within the Company's guidance of between $204 million and $210 million.
- Advertising revenues grew 14% year over year to $181.9 million. Non-advertising revenues were
$29.2 million. Non-GAAP
non-advertising revenues were $26.6
million.
- Net income attributable to SINA was $59.8 million, or $0.90 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $15.9 million, or $0.24 non-GAAP diluted net income per share
attributable to SINA.
Fiscal Year 2014 Highlights
- Net revenues increased 16% year over year to $768.2 million. Non-GAAP net revenues increased
17% year over year to $756.3
million.
- Advertising revenues grew 22% year over year to $640.3 million. Non-advertising revenues were
$128.0 million. Non-GAAP
non-advertising revenues were $116.0
million.
- Net income attributable to SINA was $176.8 million, or $2.63 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $52.3 million, or $0.76 non-GAAP diluted net income per share
attributable to SINA.
"We are delighted that Weibo closed the year 2014 with solid
performance on both operational and financial fronts" said
Charles Chao, Chairman and CEO of
SINA. "As we enter into 2015, we are excited about the various
opportunities unfolding ahead of us on both Weibo and portal sides.
We are also confident that our initiatives in revamping our legacy
business will start to take shape and form the foundation for
longer term growth." Mr. Chao added.
Fourth Quarter 2014 Financial Results
For the fourth quarter of 2014, SINA reported net revenues of
$211.1 million, compared to
$197.0 million for the same period
last year. Non-GAAP net revenues for the fourth quarter of 2014
totaled $208.5 million, compared to
$192.3 million for the same period
last year.
Online advertising revenues for the fourth quarter of 2014 were
$181.9 million, compared to
$160.1 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $31.9
million in Weibo advertising revenues, offset by a decline
of $10.1 million in portal
advertising revenues.
Non-advertising revenues for the fourth quarter of 2014 were
$29.2 million. Non-GAAP
non-advertising revenues for the fourth quarter of 2014 were
$26.6 million, compared to
$32.3 million for the same period
last year. The year-over-year change in non-GAAP non-advertising
revenues was mainly due to a decrease of $4.8 million in mobile value added services
("MVAS") revenues, partially offset by an increase of $1.9 million in Weibo value added services
("VAS") revenues.
Gross margin for the fourth quarter of 2014 was 65%, compared to
64% for the same period last year. Advertising gross margin for the
fourth quarter of 2014 was 65%, compared to 64% for the same period
last year. Non-advertising gross margin for the fourth quarter of
2014 was 62%. Non-GAAP non-advertising gross margin for the fourth
quarter of 2014 was 58%, compared to 61% for the same period last
year, resulting from a decline in the margin of Weibo VAS.
Operating expenses for the fourth quarter of 2014 totaled
$132.9 million, compared to
$99.5 million for the same period
last year. Non-GAAP operating expenses for the fourth quarter of
2014 totaled $123.3 million, compared
to $94.3 million for the same period
last year, primarily due to higher personnel costs, marketing
expenditures and bad debt expenses.
Income from operations for the fourth quarter of 2014 was
$3.9 million, compared to
$27.4 million for the same period
last year. Non-GAAP income from operations for the fourth quarter
of 2014 was $11.7 million, compared
to $28.6 million for the same period
last year.
Non-operating income for the fourth quarter of 2014 was
$64.1 million, compared to
$24.5 million for the same period
last year. Non-operating income for the fourth quarter included (i)
a $49.2 million gain as a result of
the initial public offering of Tian Ge, a live social video company
that we invested in; (ii) a $7.8
million dividend from Aicai.com, an online lottery marketing
platform that we invested in; and(iii) $3.2
million, or $5.6 million on a
non-GAAP basis, in earnings from equity-method investments, which
are accounted for under the equity-method and reported one quarter
in arrears. Non-operating income for the fourth quarter of
2013 included (i) a $19.5 million
gain from the change in fair value of investor option liability in
connection with Alibaba's investment in Weibo; and (ii)
$3.5 million, or $5.8 million on a non-GAAP basis, in earnings
from equity investments.
Net income attributable to SINA for the fourth quarter of 2014
was $59.8 million, compared to
$44.5 million for the same period
last year. Diluted net income per share attributable to SINA for
the fourth quarter of 2014 was $0.90,
compared to $0.59 for the same period
last year. Non-GAAP net income attributable to SINA for the fourth
quarter of 2014 was $15.9 million,
compared to $33.0 million for the
same period last year. Non-GAAP diluted net income per share
attributable to SINA for the fourth quarter of 2014 was
$0.24, compared to $0.47 for the same period last year.
As of December 31, 2014, SINA's
cash, cash equivalents and short-term investments totaled
$2.2 billion, compared to
$1.9 billion as of December 31, 2013. The increase in cash, cash
equivalents, and short term investments was mainly due to cash
received from Alibaba's exercise of its option in Weibo and
proceeds received from Weibo's initial public offering in the
second quarter of 2014, partially offset by investments and
repurchases made in 2014. For the fourth quarter of 2014, net cash
provided by operating activities was $4.7
million, capital expenditures totaled $34.9 million, and depreciation and amortization
expenses amounted to $11.1
million.
Changes in Management Roles
The Company also announced changes in management roles, whereby
Mr. Herman Yu, the Company's Chief
Financial Officer, will assume a new role as the Chief Financial
Officer of Weibo Corporation, one of the Company's subsidiaries,
and Ms. Bonnie Yi Zhang, Weibo's
Chief Financial Officer, will serve as the Chief Financial Officer
of the Company. Both changes are effective immediately.
Other Developments
As of March 10, 2015, the Company
has repurchased approximately 8.1 million shares under
its repurchase program, returning approximately $311 million of cash to stockholders. The Company
expects to continue to execute the repurchase program for up to
$500 million, which was approved in
April 2014 by the Company's board of
directors.
Business Outlook
In the year 2015, the Company will continue to execute a number
of major initiatives to renovate its portal business in order to
build a solid foundation for long term growth. Many of these
transformative endeavors may take time to become meaningful revenue
contributors, making it difficult for Management to predict the
inflection point for a sustainable growth. As a result, the Company
believes that an estimated range of annual revenue targets would be
more reliable than quarterly revenue guidance. For the year 2015,
SINA estimates that its non-GAAP net revenues will be between
$800 million and $900 million, which
exclude the recognition of $10.4
million in deferred license revenues from E-House. 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
non-advertising gross margin, non-GAAP operating expenses, non-GAAP
income (loss) from operations, non-GAAP net income attributable to
SINA and non-GAAP diluted net income 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 GAAP to non-GAAP reconciling items on the share
of equity method investments, gain (loss) on the sale, deemed
disposal and impairment on business, investment and non-controlling
interest in a subsidiary, change in fair value of investor option
liability, adjustment for GAAP to non-GAAP reconciling items for
the gain (loss) attributable to non-controlling interests,
convertible debt issuance cost and impairment of goodwill. 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, gains/losses 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 GAAP measures to
the nearest non-GAAP measures are set forth in the section below
titled "Unaudited Reconciliation of GAAP to Non-GAAP Results."
Conference Call
SINA will host a conference call from 10:10 p.m. – 10:50 p.m.
Eastern Time on March 10, 2015
(or 10:10 a.m. – 10:50 a.m. Beijing Time on March 11, 2015) 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
|
Passcode for all
regions:
|
98098820
|
A replay of the conference call will be available through
morning Eastern Time March 18, 2015.
The dial-in number is +61 2 9003 4211. The passcode for the replay
is 98098820.
About SINA
We are an 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 desktop 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. Our mobile portal, SINA.cn, provides news
information 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
up to 140 Chinese characters 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 the "Business Outlook" section
and 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 SINA's limited operating history in
certain new businesses; 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; the Company's reliance on mobile operators
in China to provide MVAS and
changes in mobile operators' policies for MVAS in China; 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, 2013 and other
filings with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: 8610-82628888 x 3112
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
|
|
Twelve months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
181,935
|
|
$
160,070
|
|
$
166,790
|
|
$
640,286
|
|
$
526,494
|
Non-advertising
|
29,202
|
|
36,948
|
|
31,823
|
|
127,955
|
|
138,612
|
|
|
211,137
|
|
197,018
|
|
198,613
|
|
768,241
|
|
665,106
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising *
|
63,315
|
|
57,498
|
|
63,142
|
|
244,697
|
|
216,513
|
Non-advertising
|
11,069
|
|
12,555
|
|
10,642
|
|
45,644
|
|
54,551
|
|
|
74,384
|
|
70,053
|
|
73,784
|
|
290,341
|
|
271,064
|
Gross
profit
|
136,753
|
|
126,965
|
|
124,829
|
|
477,900
|
|
394,042
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing *
|
61,069
|
|
46,465
|
|
60,954
|
|
228,927
|
|
160,411
|
Product development *
|
50,719
|
|
37,406
|
|
49,372
|
|
192,322
|
|
146,332
|
General and administrative *
|
21,102
|
|
15,668
|
|
25,355
|
|
83,039
|
|
64,727
|
Impairment on goodwill
|
-
|
|
-
|
|
-
|
|
14,526
|
|
-
|
|
|
132,890
|
|
99,539
|
|
135,681
|
|
518,814
|
|
371,470
|
Income (Loss) from
operations
|
3,863
|
|
27,426
|
|
(10,852)
|
|
(40,914)
|
|
22,572
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
|
|
|
|
Earning from equity method investments, net
|
3,167
|
|
3,509
|
|
4,670
|
|
19,471
|
|
9,525
|
Gain
(loss) on sale of and impairment on investments, net
|
53,081
|
|
(2,912)
|
|
128,599
|
|
208,231
|
|
(13,521)
|
Change in fair value of investor option liability
|
-
|
|
19,535
|
|
-
|
|
(46,972)
|
|
21,064
|
Interest and other income, net
|
7,835
|
|
4,417
|
|
11,019
|
|
28,925
|
|
18,792
|
|
|
64,083
|
|
24,549
|
|
144,288
|
|
209,655
|
|
35,860
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
67,946
|
|
51,975
|
|
133,436
|
|
168,741
|
|
58,432
|
Income tax
expenses
|
(7,004)
|
|
(6,095)
|
|
(2,656)
|
|
(6,970)
|
|
(14,602)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
60,942
|
|
45,880
|
|
130,780
|
|
161,771
|
|
43,830
|
Less:
Net income (loss) attributable to non-controlling
interests
|
1,191
|
|
1,430
|
|
(2,815)
|
|
(15,031)
|
|
(1,302)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
59,751
|
|
$
44,450
|
|
$
133,595
|
|
$
176,802
|
|
$
45,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to SINA
|
$
0.95
|
|
$
0.62
|
|
$
2.06
|
|
$
2.72
|
|
$
0.68
|
Diluted net income
per share attributable to SINA **
|
$
0.90
|
|
$
0.59
|
|
$
1.91
|
|
$
2.63
|
|
$
0.66
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
63,017
|
|
66,548
|
|
64,963
|
|
64,950
|
|
66,741
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
69,524
|
|
70,064
|
|
71,509
|
|
71,565
|
|
67,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
advertising
|
$
809
|
|
$
641
|
|
$
923
|
|
$
3,231
|
|
$
6,234
|
|
Sales and
marketing
|
1,377
|
|
841
|
|
1,465
|
|
5,092
|
|
8,643
|
|
Product
development
|
2,242
|
|
969
|
|
2,090
|
|
7,217
|
|
11,418
|
|
General and
administrative
|
5,107
|
|
3,096
|
|
4,164
|
|
16,953
|
|
20,806
|
|
|
|
|
|
|
|
|
|
|
|
**
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,223,682
|
|
|
$
916,276
|
|
|
Short-term
investments
|
|
942,856
|
|
|
951,963
|
|
|
Accounts
receivable, net
|
|
259,764
|
|
|
193,381
|
|
|
Prepaid expenses
and other current assets
|
|
109,214
|
|
|
57,182
|
|
|
Subtotal
|
|
2,535,516
|
|
|
2,118,802
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
63,729
|
|
|
80,920
|
|
Goodwill and
intangible assets, net
|
|
64,489
|
|
|
58,189
|
|
Long-term
investments, net
|
|
860,003
|
|
|
526,587
|
|
Other
assets
|
|
179,591
|
|
|
113,345
|
|
Total
assets
|
|
$
3,703,328
|
|
|
$
2,897,843
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
3,853
|
|
|
$
6,988
|
|
|
Accrued
liabilities
|
|
320,268
|
|
|
220,837
|
|
|
Deferred
revenues
|
|
50,557
|
|
|
49,200
|
|
|
Income taxes
payable
|
|
17,979
|
|
|
21,577
|
|
|
Investor option
liability
|
|
-
|
|
|
29,504
|
|
|
Subtotal
|
|
392,657
|
|
|
328,106
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
800,000
|
|
|
800,000
|
|
Long-term deferred
revenue
|
|
85,391
|
|
|
89,039
|
|
Other long-term
liabilities
|
|
4,010
|
|
|
5,080
|
|
|
Total
liabilities
|
|
1,282,058
|
|
|
1,222,225
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,145,772
|
|
|
1,191,210
|
|
|
Non-controlling
interests
|
|
275,498
|
|
|
484,408
|
|
|
Total shareholders'
equity
|
|
2,421,270
|
|
|
1,675,618
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
3,703,328
|
|
|
$
2,897,843
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
93,962
|
|
$
104,025
|
|
$
101,417
|
|
$
375,504
|
|
$
378,068
|
Other
|
11,963
|
|
21,569
|
|
13,066
|
|
58,565
|
|
98,725
|
|
Subtotal
|
105,925
|
|
125,594
|
|
114,483
|
|
434,069
|
|
476,793
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
105,212
|
|
71,424
|
|
84,130
|
|
334,172
|
|
188,313
|
|
|
$
211,137
|
|
$
197,018
|
|
$
198,613
|
|
$
768,241
|
|
$
665,106
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
41,299
|
|
$
43,386
|
|
$
44,811
|
|
$
172,078
|
|
$
161,385
|
Other
|
7,299
|
|
10,425
|
|
8,303
|
|
34,664
|
|
49,788
|
|
Subtotal
|
48,598
|
|
53,811
|
|
53,114
|
|
206,742
|
|
211,173
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
25,786
|
|
16,242
|
|
20,670
|
|
83,599
|
|
59,891
|
|
|
$
74,384
|
|
$
70,053
|
|
$
73,784
|
|
$
290,341
|
|
$
271,064
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
September 30,
2014
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 181,935
|
|
|
|
$ 181,935
|
|
$ 160,070
|
|
|
|
$ 160,070
|
|
$ 166,790
|
|
|
|
$ 166,790
|
Non-advertising
revenues
|
29,202
|
|
(2,609)
|
(a)
|
26,593
|
|
36,948
|
|
(4,686)
|
(a)
|
32,262
|
|
31,823
|
|
(2,609)
|
(a)
|
29,214
|
Net
revenues
|
$ 211,137
|
|
$
(2,609)
|
|
$ 208,528
|
|
$ 197,018
|
|
$
(4,686)
|
|
$ 192,332
|
|
$ 198,613
|
|
$
(2,609)
|
|
$ 196,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,686)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
809
|
(b)
|
|
|
|
|
641
|
(b)
|
|
|
|
|
923
|
(b)
|
|
Gross
profit
|
$ 136,753
|
|
$
(1,800)
|
|
$ 134,953
|
|
$ 126,965
|
|
$
(4,045)
|
|
$ 122,920
|
|
$ 124,829
|
|
$
(1,686)
|
|
$ 123,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,726)
|
(b)
|
|
|
|
|
(4,906)
|
(b)
|
|
|
|
|
(7,719)
|
(b)
|
|
|
|
|
|
(904)
|
(c)
|
|
|
|
|
(292)
|
(c)
|
|
|
|
|
(815)
|
(c)
|
|
Operating
expenses
|
$ 132,890
|
|
$
(9,630)
|
|
$ 123,260
|
|
$
99,539
|
|
$
(5,198)
|
|
$ 94,341
|
|
$ 135,681
|
|
$
(8,534)
|
|
$ 127,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,686)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
5,547
|
(b)
|
|
|
|
|
8,642
|
(b)
|
|
|
|
|
|
904
|
(c)
|
|
|
|
|
292
|
(c)
|
|
|
|
|
815
|
(c)
|
|
Income (loss) from
operations
|
$
3,863
|
|
$
7,830
|
|
$ 11,693
|
|
$
27,426
|
|
$
1,153
|
|
$ 28,579
|
|
$ (10,852)
|
|
$
6,848
|
|
$
(4,004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,686)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
5,547
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
230
|
(c)
|
|
|
|
|
8,642
|
(b)
|
|
|
|
|
|
694
|
(c)
|
|
|
|
|
2,273
|
(d)
|
|
|
|
|
630
|
(c)
|
|
|
|
|
|
2,411
|
(d)
|
|
|
|
|
2,912
|
(e)
|
|
|
|
|
2,463
|
(d)
|
|
|
|
|
|
(53,081)
|
(e)
|
|
|
|
|
(19,535)
|
(f)
|
|
|
|
|
(128,599)
|
(e)
|
|
|
|
|
|
(2,160)
|
(g)
|
|
|
|
|
1,106
|
(g)
|
|
|
|
|
(2,373)
|
(g)
|
|
|
|
|
|
1,398
|
(h)
|
|
|
|
|
699
|
(h)
|
|
|
|
|
1,398
|
(h)
|
|
Net income
attributable to SINA
|
$ 59,751
|
|
$
(43,812)
|
|
$ 15,939
|
|
$
44,450
|
|
$
(11,454)
|
|
$ 32,996
|
|
$ 133,595
|
|
$
(120,448)
|
|
$ 13,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
0.90
|
|
|
|
$
0.24
|
|
$
0.59
|
|
|
|
$
0.47
|
|
$
1.91
|
|
|
|
$
0.19
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
69,524
|
|
(6,468)
|
(j)
|
63,056
|
|
70,064
|
|
-
|
|
70,064
|
|
71,509
|
|
(6,468)
|
(j)
|
65,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
65%
|
|
1%
|
|
66%
|
|
64%
|
|
0%
|
|
64%
|
|
62%
|
|
1%
|
|
63%
|
Gross margin -
non-advertising
|
62%
|
|
-4%
|
|
58%
|
|
66%
|
|
-5%
|
|
61%
|
|
67%
|
|
-3%
|
|
64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 640,286
|
|
|
|
$ 640,286
|
|
$ 526,494
|
|
|
|
$ 526,494
|
|
|
|
|
|
|
Non-advertising
revenues
|
127,955
|
|
(11,959)
|
(a)
|
115,996
|
|
138,612
|
|
(18,745)
|
(a)
|
119,867
|
|
|
|
|
|
|
Net
revenues
|
$ 768,241
|
|
$
(11,959)
|
|
$ 756,282
|
|
$ 665,106
|
|
$
(18,745)
|
|
$ 646,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
(18,745)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
3,231
|
(b)
|
|
|
|
|
6,234
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$ 477,900
|
|
$
(8,728)
|
|
$ 469,172
|
|
$ 394,042
|
|
$
(12,511)
|
|
$ 381,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(29,262)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,364)
|
(c)
|
|
|
|
|
(40,867)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(14,526)
|
(i)
|
|
|
|
|
(604)
|
(c)
|
|
|
|
|
|
|
|
Operating
expenses
|
$ 518,814
|
|
$
(47,152)
|
|
$ 471,662
|
|
$ 371,470
|
|
$
(41,471)
|
|
$ 329,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,493
|
(b)
|
|
|
|
|
(18,745)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
3,364
|
(c)
|
|
|
|
|
47,101
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
14,526
|
(i)
|
|
|
|
|
604
|
(c)
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
$ (40,914)
|
|
$
38,424
|
|
$
(2,490)
|
|
$
22,572
|
|
$
28,960
|
|
$ 51,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,493
|
(b)
|
|
|
|
|
(18,745)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
2,592
|
(c)
|
|
|
|
|
47,101
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
9,095
|
(d)
|
|
|
|
|
473
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
(208,231)
|
(e)
|
|
|
|
|
10,918
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
46,972
|
(f)
|
|
|
|
|
13,521
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
(15,613)
|
(g)
|
|
|
|
|
(21,064)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
5,592
|
(h)
|
|
|
|
|
(770)
|
(g)
|
|
|
|
|
|
|
|
|
|
|
|
14,526
|
(i)
|
|
|
|
|
699
|
(h)
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$ 176,802
|
|
$
(124,533)
|
|
$ 52,269
|
|
$
45,132
|
|
$
32,133
|
|
$ 77,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
2.63
|
|
|
|
$
0.76
|
|
$
0.66
|
|
|
|
$
1.13
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
71,565
|
|
(6,467)
|
(j)
|
65,098
|
|
67,087
|
|
|
|
67,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
62%
|
|
0%
|
|
62%
|
|
59%
|
|
1%
|
|
60%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
64%
|
|
-3%
|
|
61%
|
|
61%
|
|
-7%
|
|
54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 GAAP to Non-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 investments, gain (loss) on deemed
disposal and (impairment) on investments, net.
|
(f) To
adjust the change in fair value of investor option
liability.
|
(g) To
adjust GAAP to Non-GAAP reconciling items for the gain (loss)
attributable to non-controlling interests.
|
(h) To
adjust convertible debt issuance cost.
|
|
|
(i) To
adjust impairment on goodwill.
|
|
|
|
|
|
|
(j) To
adjust the number of shares for dilution resulted from convertible
debt and unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net income
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
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
September 30,
2014
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
1,632
|
|
|
|
|
|
$
991
|
|
|
|
|
|
$
1,657
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
473
|
|
|
|
|
|
945
|
|
|
|
|
|
497
|
|
|
|
Earning from
equity method investments, net
|
$
3,473
|
|
$
2,105
|
|
$
5,578
|
|
$
3,846
|
|
$
1,936
|
|
$
5,782
|
|
$
4,979
|
|
$
2,154
|
|
$
7,133
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(306)
|
|
$
306
|
|
$
-
|
|
$
(337)
|
|
$
337
|
|
$
-
|
|
$
(309)
|
|
$
309
|
|
$
-
|
|
|
$
3,167
|
|
$
2,411
|
|
$
5,578
|
|
$
3,509
|
|
$
2,273
|
|
$
5,782
|
|
$
4,670
|
|
$
2,463
|
|
$
7,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
5,515
|
|
|
|
|
|
$
5,149
|
|
|
|
|
|
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
2,324
|
|
|
|
|
|
4,138
|
|
|
|
|
|
|
|
|
|
Earning from
equity method investments, net
|
$ 20,727
|
|
$
7,839
|
|
$ 28,566
|
|
$
11,156
|
|
$
9,287
|
|
$ 20,443
|
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(1,256)
|
|
$
1,256
|
|
$
-
|
|
$
(1,631)
|
|
$
1,631
|
|
$
-
|
|
|
|
|
|
|
|
|
$ 19,471
|
|
$
9,095
|
|
$ 28,566
|
|
$
9,525
|
|
$
10,918
|
|
$ 20,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning 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-fourth-quarter-2014-financial-results-300048370.html
SOURCE SINA Corporation