SHANGHAI, March 2, 2016 /PRNewswire/ -- SINA Corporation
(the "Company" or "SINA") (NASDAQ: SINA), a leading online media
company serving China and the
global Chinese communities, today announced its unaudited financial
results for the fourth quarter and the fiscal year ended
December 31, 2015.
Fourth Quarter 2015 Highlights
- Net revenues increased 21% year over year to $256.2 million. Non-GAAP net revenues increased
22% year over year to $253.6
million.
- Advertising revenues grew 23% year over year to $223.2 million. Non-advertising revenues were
$33.0 million. Non-GAAP
non-advertising revenues were $30.4
million.
- Net income attributable to SINA was $14.6 million, or $0.21 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $24.8 million, or $0.35 non-GAAP diluted net income per share
attributable to SINA.
Fiscal Year 2015 Highlights
- Net revenues increased 15% year over year to $880.7 million. Non-GAAP net revenues increased
15% year over year to $870.2 million,
within the Company's annual guidance between $800 million and $900 million.
- Advertising revenues grew 16% year over year to $743.2 million. Non-advertising revenues were
$137.4 million. Non-GAAP
non-advertising revenues were $127.0
million.
- Net income attributable to SINA was $25.7 million, or $0.40 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $56.2 million, or $0.89 non-GAAP diluted net income per share
attributable to SINA.
"We are delighted that SINA closed the year 2015 with a solid
quarter on both Weibo and portal." said Charles Chao, Chairman and CEO of SINA. "2015
was a remarkable year for Weibo. Our user community continues to
grow at a rapid pace, our user engagements are improving, our
operations are optimized and Weibo monetization is showing strong
momentum. We are particularly encouraged by Weibo's strong
performance in the mobile and social landscape. Heading into 2016,
we believe that Weibo will continue to execute core strategies to
grow user base and enhance user engagement, capitalize mobile
traffic and capture opportunities on new horizons, such as short
video. We will continue to build our businesses through
diversifying mobile ad offerings, improving ad effectiveness and
expanding our customer base to bring our platform into full
potential." said Charles Chao,
Chairman and CEO of SINA.
"On the portal side, we have prioritized mobile strategy and
have witnessed meaningful increase in share of mobile traffic and
consistent improvement in mobile monetization. To further leverage
our brand equity and achieve long-term growth, we restructured the
organization to better execute vertical strategy internally and
formed strategic alliance with partners in the related vertical
areas. As we enter into 2016, we will embrace opportunities as well
as challenges ahead of us. Other than our persistent efforts in
generating and monetization of mobile traffic, we will continue to
focus on what SINA does the best and invest in opportunities to
solidify our core business, scale up our customer base and enable
more vertical transactions on our platform." Mr. Chao added.
Fourth Quarter 2015 Financial Results
For the fourth quarter of 2015, SINA reported net revenues of
$256.2 million, compared to
$211.1 million for the same period
last year. Non-GAAP net revenues for the fourth quarter of 2015
totaled $253.6 million, compared to
$208.5 million for the same period
last year.
Online advertising revenues for the fourth quarter of 2015 were
$223.2 million, compared to
$181.9 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $41.6
million in Weibo advertising revenues. Portal advertising
revenues remained flat compared with the same period last year.
Non-advertising revenues for the fourth quarter of 2015 were
$33.0 million. Non-GAAP
non-advertising revenues for the fourth quarter of 2015 were
$30.4 million, compared to
$26.6 million for the same period
last year. The year-over-year growth in non-GAAP non-advertising
revenues was mainly due to an increase of $2.3 million in Weibo value added services
revenues and an increase of $1.5
million in portal non-advertising revenues.
Gross margin for the fourth quarter of 2015 was 65%. Non-GAAP
gross margin for the fourth quarter of 2015 was 65%, at similar
level for the same period last year. Advertising gross margin for
the fourth quarter of 2015 was 65%, at similar level for the same
period last year. Non-advertising gross margin for the fourth
quarter of 2015 was 66%.
Operating expenses for the fourth quarter of 2015 totaled
$137.5 million, compared to
$132.9 million for the same period
last year. Non-GAAP operating expenses for the fourth quarter of
2015 totaled $125.0 million, compared
to $123.3 million for the same period
last year.
Income from operations for the fourth quarter of 2015 was
$29.6 million, compared to
$3.9 million for the same period last
year. Non-GAAP income from operations for the fourth quarter of
2015 was $40.7 million, compared to
$11.7 million for the same period
last year. The significant improvement in income from operations
attributes primarily to the operational leverage achieved by Weibo.
Non-operating loss for the fourth quarter of 2015 was
$2.1 million, compared to a
non-operating income of $64.1 million
for the same period last year. Non-operating loss for the fourth
quarter 2015 mainly included (i) a $4.3
million interest and other income; and (ii) a $6.7 million other-than-temporary impairment of
certain investments, which is excluded under non-GAAP measure.
Non-operating income for the fourth quarter of 2014 mainly included
a $49.2 million gain as a result of
the initial public offering of Tian Ge and a $7.8 million dividend from an investee, which
were excluded under non-GAAP measure.
Net income attributable to SINA for the fourth quarter of 2015
was $14.6 million, compared to
$59.8 million for the same period
last year. Diluted net income per share attributable to SINA for
the fourth quarter of 2015 was $0.21,
compared to $0.90 for the same period
last year. Non-GAAP net income attributable to SINA for the fourth
quarter of 2015 was $24.8 million,
compared to $15.9 million for the
same period last year. Non-GAAP diluted net income per share
attributable to SINA for the fourth quarter of 2015 was
$0.35, compared to $0.24 for the same period last year.
As of December 31, 2015, SINA's
cash, cash equivalents and short-term investments totaled
$2.4 billion, compared to
$2.2 billion as of December 31, 2014. The increase in cash, cash
equivalents, and short term investments was mainly due to
$328.1 million cash generated from
the operating activities and cash proceeds of $456.4 million from the issuance and sale of
11,000,000 shares to a special purpose vehicle controlled by Mr.
Charles Chao, the Company's Chairman
and CEO in the fourth quarter of 2015, partially offset by
investments made in 2015. For the fourth quarter of 2015, net cash
provided by operating activities was $98.9
million, capital expenditures totaled $15.0 million, and depreciation and amortization
expenses amounted to $7.7
million.
Fiscal Year 2015 Financial Results
For fiscal year 2015, SINA reported net revenues of $880.7 million, compared to $768.2 million in 2014. Non-GAAP net revenues for
2015 totaled $870.2 million, compared
to $756.3 million in 2014.
Online advertising revenues in 2015 were $743.2 million, compared to $640.3 million in 2014. The year-over-year growth
in online advertising revenues resulted from an increase of
$137.6 million in Weibo advertising
revenues, partially offset by a decline of $34.7 million of portal advertising revenues.
Non-advertising revenues in 2015 were $137.4 million. Non-GAAP non-advertising revenues
in 2015 were $127.0 million, compared
to $116.0 million in 2014.
Gross margin in 2015 was 62%. Non-GAAP gross margin in 2015 was
62%, at similar level in 2014. Advertising gross margin in 2015 was
62%. Non-advertising gross margin in 2015 was 60%.
Operating expenses in 2015 totaled $533.1
million, compared to $518.8
million in 2014. Non-GAAP operating expenses in 2015 totaled
$478.6 million, compared to
$471.7 million in 2014.
Income from operations in 2015 was $12.2
million, compared to a loss of $40.9
million in 2014. Non-GAAP income from operations in 2015 was
$61.5 million, compared to a loss of
$2.5 million in 2014. The significant
improvement in income from operations was mainly driven by the
operation leverage achieved by Weibo.
Non-operating income in 2015 was $33.9
million, compared to a non-operating income of $209.7 million in 2014. Non-operating income in
2015 mainly included (i) a $22.4
million interest and other income; and (ii) an $11.3 million net gain on sale of and impairment
on investments, which is excluded under non-GAAP measure.
Non-operating income in 2014 mainly included (i) a $109.2 million gain from the sale of a portion
the Company's investment in Alibaba, (ii) a $49.2 million gain as a result of the initial
public offering of Tian Ge; (iii) a deemed dilution gain of
$29.1 million from Tencent's
acquisition of a 15% equity interest in Leju; and (iv) a
$19.2 million gain as a result of the
initial public offering of Leju. These gains totaled $206.7 million were excluded under non-GAAP
measure.
Net income attributable to SINA in 2015 was $25.7 million, compared to $176.8 million in 2014. Diluted net income per
share attributable to SINA in 2015 was $0.40, compared to $2.63 in 2014. Non-GAAP net income attributable
to SINA in 2015 was $56.2 million,
compared to $52.3 million in 2014.
Non-GAAP diluted net income per share attributable to SINA in 2015
was $0.89, compared to $0.76 for 2014.
Business Outlook
For the year 2016, SINA estimates that its non-GAAP net revenues
are between $850 million and $950
million, which assumes that RMB depreciates to US dollar at
an average rate of 8.5% in 2016 and excludes 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.
Share Repurchase Plan
SINA's board of directors has approved a new share repurchase
plan whereby SINA is authorized to repurchase its own ordinary
shares with an aggregate value of up to US$500 million for a period through the end of
June 2017. SINA expects to fund the
repurchase out of its existing cash balance. The share repurchase
may be effected on the open market at prevailing market prices
and/or in negotiated transactions off the market from time to time
as market conditions warrant and will be implemented in accordance
with applicable rules under the U.S. Securities Exchange Act of
1934, as amended.
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 non-GAAP to GAAP reconciling items on the share
of equity method investments, gain/loss on sale of investment,
deemed disposal and impairment on investment, impairment on
goodwill, change in fair value of investor option liability,
adjustment for non-GAAP to GAAP reconciling items for the gain/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 9:10 p.m. – 9:50 p.m.
Eastern Time on March 2, 2016
(or 10:10 a.m. – 10:50 a.m. Beijing Time on March 3, 2016) to present an overview of the
Company's financial performance and business operations. A live
webcast of the call will be available through the Company's
corporate website at http://corp.sina.com.cn. The conference call
can be accessed as follows:
US:
|
+1 845 675 0438
|
Hong Kong:
|
+852 3018 6776
|
China:
|
400 120 0654
|
International:
|
+65 6713 5440
|
Passcode for all
regions:
|
55704801
|
A replay of the conference call will be available through
morning Eastern Time March 11, 2016.
The dial-in number is +61 2 9003 4211. The passcode for the replay
is 55704801.
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
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 as 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; changes in
the macro-economic environment, including the depreciation of the
Renminbi; 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,
2014 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
For the year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
223,159
|
|
$
181,935
|
|
$
193,459
|
|
$
743,229
|
|
$
640,286
|
Non-advertising
|
33,031
|
|
29,202
|
|
32,835
|
|
137,440
|
|
127,955
|
|
|
256,190
|
|
211,137
|
|
226,294
|
|
880,669
|
|
768,241
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising *
|
77,787
|
|
63,315
|
|
69,741
|
|
280,455
|
|
244,697
|
Non-advertising
|
11,267
|
|
11,069
|
|
13,276
|
|
54,925
|
|
45,644
|
|
|
89,054
|
|
74,384
|
|
83,017
|
|
335,380
|
|
290,341
|
Gross
profit
|
167,136
|
|
136,753
|
|
143,277
|
|
545,289
|
|
477,900
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing *
|
62,851
|
|
61,069
|
|
53,342
|
|
230,428
|
|
228,927
|
Product development *
|
51,953
|
|
50,719
|
|
54,417
|
|
209,771
|
|
192,322
|
General and administrative *
|
22,745
|
|
21,102
|
|
20,830
|
|
92,868
|
|
83,039
|
Impairment on goodwill
|
-
|
|
-
|
|
-
|
|
-
|
|
14,526
|
|
|
137,549
|
|
132,890
|
|
128,589
|
|
533,067
|
|
518,814
|
Income (Loss) from
operations
|
29,587
|
|
3,863
|
|
14,688
|
|
12,222
|
|
(40,914)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
Earning (Loss) from equity method investments, net
|
(798)
|
|
3,167
|
|
93
|
|
218
|
|
19,471
|
Gain
(Loss) on sale of and impairment on investments, net
|
(5,570)
|
|
53,081
|
|
(1,066)
|
|
11,311
|
|
208,231
|
Change in fair value of investor option liability
|
-
|
|
-
|
|
-
|
|
-
|
|
(46,972)
|
Interest and other income, net
|
4,262
|
|
7,835
|
|
5,892
|
|
22,392
|
|
28,925
|
|
|
(2,106)
|
|
64,083
|
|
4,919
|
|
33,921
|
|
209,655
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
27,481
|
|
67,946
|
|
19,607
|
|
46,143
|
|
168,741
|
Income tax
expenses
|
(5,627)
|
|
(7,004)
|
|
(4,756)
|
|
(10,420)
|
|
(6,970)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
21,854
|
|
60,942
|
|
14,851
|
|
35,723
|
|
161,771
|
Less:
Net income (loss) attributable to non-controlling
interests
|
7,301
|
|
1,191
|
|
5,085
|
|
10,045
|
|
(15,031)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
14,553
|
|
$
59,751
|
|
$
9,766
|
|
$
25,678
|
|
$
176,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to SINA
|
$
0.22
|
|
$
0.95
|
|
$
0.17
|
|
$
0.43
|
|
$
2.72
|
Diluted net income
per share attributable to SINA **
|
$
0.21
|
|
$
0.90
|
|
$
0.16
|
|
$
0.40
|
|
$
2.63
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
65,272
|
|
63,017
|
|
58,512
|
|
60,237
|
|
64,950
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
65,927
|
|
69,524
|
|
58,799
|
|
60,648
|
|
71,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
advertising
|
$
1,141
|
|
$
809
|
|
$
1,569
|
|
$
5,272
|
|
$
3,231
|
|
Sales and
marketing
|
2,456
|
|
1,377
|
|
3,121
|
|
10,793
|
|
5,092
|
|
Product
development
|
3,371
|
|
2,242
|
|
4,264
|
|
14,234
|
|
7,217
|
|
General and
administrative
|
5,881
|
|
5,107
|
|
6,437
|
|
25,840
|
|
16,953
|
|
|
|
|
|
|
|
|
|
|
|
** 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,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
904,091
|
|
|
$
1,223,682
|
|
|
Short-term
investments
|
|
1,446,414
|
|
|
942,856
|
|
|
Accounts
receivable, net
|
|
228,732
|
|
|
259,764
|
|
|
Prepaid expenses
and other current assets*
|
|
140,308
|
|
|
105,347
|
|
|
Subtotal
|
|
2,719,545
|
|
|
2,531,649
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
47,495
|
|
|
63,729
|
|
Goodwill and
intangible assets, net
|
|
61,954
|
|
|
64,489
|
|
Long-term
investments, net
|
|
1,212,640
|
|
|
860,003
|
|
Other
assets*
|
|
320,205
|
|
|
183,458
|
|
Total
assets
|
|
$
4,361,839
|
|
|
$
3,703,328
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
3,550
|
|
|
$
3,853
|
|
|
Accrued
liabilities*
|
|
483,943
|
|
|
319,126
|
|
|
Convertible
debt
|
|
800,000
|
|
|
-
|
|
|
Deferred
revenues
|
|
79,528
|
|
|
50,557
|
|
|
Income taxes
payable
|
|
16,426
|
|
|
17,979
|
|
|
Subtotal
|
|
1,383,447
|
|
|
391,515
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
-
|
|
|
800,000
|
|
Long-term deferred
revenue
|
|
76,003
|
|
|
85,391
|
|
Other long-term
liabilities*
|
|
25,721
|
|
|
5,152
|
|
|
Total
liabilities
|
|
1,485,171
|
|
|
1,282,058
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,565,272
|
|
|
2,145,772
|
|
|
Non-controlling
interests
|
|
311,396
|
|
|
275,498
|
|
|
Total shareholders'
equity
|
|
2,876,668
|
|
|
2,421,270
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
4,361,839
|
|
|
$
3,703,328
|
|
|
|
|
|
|
|
|
|
* In 2015, the
Company early adopted the guidance of ASU 2015-17 issued by FASB in
November 2015, which requires entities to present deferred tax
assets (''DTA'') and deferred tax liabilities (''DTL'') as
non-current in the balance sheets. Pursuant to the guidance,
the Company retrospectively reclassified $3.9 million of current
DTA from prepaid expenses and other current assets into other
assets, and reclassified $1.1 million of current DTL from accrued
liabilities to other long-term liabilities in the consolidated
balance sheet as of December 31, 2014.
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
For the year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
93,632
|
|
$
93,962
|
|
$
87,598
|
|
$
340,814
|
|
$
375,504
|
Other
|
13,533
|
|
11,963
|
|
13,962
|
|
61,964
|
|
58,565
|
Subtotal
|
107,165
|
|
105,925
|
|
101,560
|
|
402,778
|
|
434,069
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
149,025
|
|
105,212
|
|
124,734
|
|
477,891
|
|
334,172
|
|
|
$
256,190
|
|
$
211,137
|
|
$
226,294
|
|
$
880,669
|
|
$
768,241
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
40,601
|
|
$
41,299
|
|
$
37,240
|
|
$
157,862
|
|
$
172,078
|
Other
|
6,348
|
|
7,299
|
|
8,536
|
|
35,558
|
|
34,664
|
Subtotal
|
46,949
|
|
48,598
|
|
45,776
|
|
193,420
|
|
206,742
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
42,105
|
|
25,786
|
|
37,241
|
|
141,960
|
|
83,599
|
|
|
$
89,054
|
|
$
74,384
|
|
$
83,017
|
|
$
335,380
|
|
$
290,341
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
September 30,
2015
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 223,159
|
|
|
|
$ 223,159
|
|
$ 181,935
|
|
|
|
$ 181,935
|
|
$ 193,459
|
|
|
|
$ 193,459
|
Non-advertising
revenues
|
33,031
|
|
(2,609)
|
(a)
|
30,422
|
|
29,202
|
|
(2,609)
|
(a)
|
26,593
|
|
32,835
|
|
(2,609)
|
(a)
|
30,226
|
Net
revenues
|
$ 256,190
|
|
$
(2,609)
|
|
$ 253,581
|
|
$ 211,137
|
|
$
(2,609)
|
|
$ 208,528
|
|
$ 226,294
|
|
$
(2,609)
|
|
$ 223,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
1,141
|
(b)
|
|
|
|
|
809
|
(b)
|
|
|
|
|
1,569
|
(b)
|
|
Gross
profit
|
$ 167,136
|
|
$
(1,468)
|
|
$ 165,668
|
|
$ 136,753
|
|
$
(1,800)
|
|
$ 134,953
|
|
$ 143,277
|
|
$
(1,040)
|
|
$ 142,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,708)
|
(b)
|
|
|
|
|
(8,726)
|
(b)
|
|
|
|
|
(13,822)
|
(b)
|
|
|
|
|
|
(873)
|
(c)
|
|
|
|
|
(904)
|
(c)
|
|
|
|
|
(883)
|
(c)
|
|
Operating
expenses
|
$ 137,549
|
|
$
(12,581)
|
|
$ 124,968
|
|
$ 132,890
|
|
$
(9,630)
|
|
$ 123,260
|
|
$ 128,589
|
|
$
(14,705)
|
|
$ 113,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
12,849
|
(b)
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
15,391
|
(b)
|
|
|
|
|
|
873
|
(c)
|
|
|
|
|
904
|
(c)
|
|
|
|
|
883
|
(c)
|
|
Income from
operations
|
$ 29,587
|
|
$
11,113
|
|
$ 40,700
|
|
$
3,863
|
|
$
7,830
|
|
$ 11,693
|
|
$ 14,688
|
|
$
13,665
|
|
$ 28,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
12,849
|
(b)
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
15,391
|
(b)
|
|
|
|
|
|
671
|
(c)
|
|
|
|
|
694
|
(c)
|
|
|
|
|
677
|
(c)
|
|
|
|
|
|
(719)
|
(e)
|
|
|
|
|
2,411
|
(e)
|
|
|
|
|
2,882
|
(e)
|
|
|
|
|
|
5,570
|
(f)
|
|
|
|
|
(53,081)
|
(f)
|
|
|
|
|
1,066
|
(f)
|
|
|
|
|
|
(6,592)
|
(h)
|
|
|
|
|
(2,160)
|
(h)
|
|
|
|
|
(3,850)
|
(h)
|
|
|
|
|
|
1,089
|
(i)
|
|
|
|
|
1,398
|
(i)
|
|
|
|
|
1,094
|
(i)
|
|
Net income
attributable to SINA
|
$ 14,553
|
|
$
10,259
|
|
$ 24,812
|
|
$
59,751
|
|
$
(43,812)
|
|
$ 15,939
|
|
$
9,766
|
|
$
14,651
|
|
$ 24,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
0.21
|
|
|
|
$
0.35
|
|
$
0.90
|
|
|
|
$
0.24
|
|
$
0.16
|
|
|
|
$
0.39
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
65,927
|
|
6,468
|
(j)
|
72,395
|
|
69,524
|
|
(6,468)
|
(j)
|
63,056
|
|
58,799
|
|
6,467
|
(j)
|
65,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
65%
|
|
1%
|
|
66%
|
|
65%
|
|
1%
|
|
66%
|
|
64%
|
|
1%
|
|
65%
|
Gross margin -
non-advertising
|
66%
|
|
-3%
|
|
63%
|
|
62%
|
|
-4%
|
|
58%
|
|
60%
|
|
-4%
|
|
56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 743,229
|
|
|
|
$ 743,229
|
|
$ 640,286
|
|
|
|
$ 640,286
|
|
|
|
|
|
|
Non-advertising
revenues
|
137,440
|
|
(10,436)
|
(a)
|
127,004
|
|
127,955
|
|
(11,959)
|
(a)
|
115,996
|
|
|
|
|
|
|
Net
revenues
|
$ 880,669
|
|
$
(10,436)
|
|
$ 870,233
|
|
$ 768,241
|
|
$
(11,959)
|
|
$ 756,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
5,272
|
(b)
|
|
|
|
|
3,231
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$ 545,289
|
|
$
(5,164)
|
|
$ 540,125
|
|
$ 477,900
|
|
$
(8,728)
|
|
$ 469,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(29,262)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(50,867)
|
(b)
|
|
|
|
|
(3,364)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
(3,564)
|
(c)
|
|
|
|
|
(14,526)
|
(d)
|
|
|
|
|
|
|
|
Operating
expenses
|
$ 533,067
|
|
$
(54,431)
|
|
$ 478,636
|
|
$ 518,814
|
|
$
(47,152)
|
|
$ 471,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
32,493
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
56,139
|
(b)
|
|
|
|
|
3,364
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
3,564
|
(c)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
$ 12,222
|
|
$
49,267
|
|
$ 61,489
|
|
$ (40,914)
|
|
$
38,424
|
|
$
(2,490)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,959)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,493
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
2,592
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
56,139
|
(b)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
2,739
|
(c)
|
|
|
|
|
9,095
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
5,332
|
(e)
|
|
|
|
|
(208,231)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
(11,311)
|
(f)
|
|
|
|
|
46,972
|
(g)
|
|
|
|
|
|
|
|
|
|
|
|
(16,321)
|
(h)
|
|
|
|
|
(15,613)
|
(h)
|
|
|
|
|
|
|
|
|
|
|
|
4,393
|
(i)
|
|
|
|
|
5,592
|
(i)
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$ 25,678
|
|
$
30,535
|
|
$ 56,213
|
|
$ 176,802
|
|
$
(124,533)
|
|
$ 52,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
0.40
|
|
|
|
$
0.89
|
|
$
2.63
|
|
|
|
$
0.76
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
60,648
|
|
-
|
|
60,648
|
|
71,565
|
|
(6,467)
|
(j)
|
65,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
62%
|
|
1%
|
|
63%
|
|
62%
|
|
-
|
|
62%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
60%
|
|
-3%
|
|
57%
|
|
64%
|
|
-3%
|
|
61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 impairment on goodwill
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) To
adjust the Non-GAAP to GAAP reconciling items on the share of
equity method investments, net of share of amortization of
intangibles not on their books.
|
|
|
|
|
|
|
(f) To
adjust (gain) loss on sale of investments, (gain) loss on deemed
disposal and impairment on investments, net.
|
|
|
|
|
|
|
|
|
|
|
(g) To
adjust the change in fair value of investor option
liability.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) To
adjust Non-GAAP to GAAP reconciling items for the gain (loss)
attributable to non-controlling interests.
|
|
|
|
|
|
|
|
|
|
|
(i) To
adjust the amortization of convertible debt issuance
cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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' NON-GAAP TO
GAAP RESULTS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
September 30,
2015
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
1,480
|
|
|
|
|
|
$
1,632
|
|
|
|
|
|
$
1,620
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
422
|
|
|
|
|
|
473
|
|
|
|
|
|
416
|
|
|
|
To adjust gain on sale of investments
|
|
|
(4,752)
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
1,836
|
|
|
|
|
|
-
|
|
|
|
|
|
551
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
(503)
|
|
$
(1,014)
|
|
$
(1,517)
|
|
$
3,473
|
|
$
2,105
|
|
$
5,578
|
|
$
388
|
|
$
2,587
|
|
$
2,975
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(295)
|
|
$
295
|
|
$
-
|
|
$
(306)
|
|
$
306
|
|
$
-
|
|
$
(295)
|
|
$
295
|
|
$
-
|
|
|
$
(798)
|
|
$
(719)
|
|
$
(1,517)
|
|
$
3,167
|
|
$
2,411
|
|
$
5,578
|
|
$
93
|
|
$
2,882
|
|
$
2,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
5,876
|
|
|
|
|
|
$
5,515
|
|
|
|
|
|
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,861
|
|
|
|
|
|
2,324
|
|
|
|
|
|
|
|
|
|
To adjust gain on sale of investments
|
|
|
(4,752)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
1,163
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Earning from
equity method investments, net
|
$
1,402
|
|
$
4,148
|
|
$
5,550
|
|
$
20,727
|
|
$
7,839
|
|
$ 28,566
|
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(1,184)
|
|
$
1,184
|
|
$
-
|
|
$
(1,256)
|
|
$
1,256
|
|
$
-
|
|
|
|
|
|
|
|
|
$
218
|
|
$
5,332
|
|
$
5,550
|
|
$
19,471
|
|
$
9,095
|
|
$ 28,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-fourth-quarter-and-fiscal-year-2015-financial-results-300229836.html
SOURCE SINA Corporation