SHANGHAI, Aug. 8, 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 second quarter ended June
30, 2016.
Second Quarter 2016 Highlights
- Net revenues increased 14% year over year to $244.0 million. Non-GAAP net revenues increased
14% year over year to $241.4
million.
- Advertising revenues grew 16% year over year to $205.0 million.
- Income from operations was $20.8
million. Operating margin was 9%, up from negative 3% for
the same period last year. Non-GAAP income from operations
increased 475% year over year to $34.5
million. Non-GAAP operating margin was 14%, up from 3% for
the same period last year.
- Net income attributable to SINA was $43.3 million, or $0.59 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $19.9 million, or $0.27 non-GAAP diluted net income per share
attributable to SINA.
- Weibo's monthly active users ("MAUs") in June 2016 grew 33% year over year to 282 million,
89% of which were mobile users. Average daily active users ("DAUs")
in June 2016 grew 36% year over year
to 126 million.
"We are delighted that SINA continued to firmly execute its
mobile strategy and delivered solid results in the second quarter."
said Charles Chao, Chairman and CEO
of SINA. "For our portal business, we witness sustainable growth of
mobile traffic, with the daily active users of SINA News
application increasing significantly quarter over quarter. Mobile
monetization for portal has further elevated, with 48% of total
portal advertising revenues contributed from the mobile devices."
Mr. Chao added.
"Our Weibo continued its strong user growth momentum, thanks to
the effective channels we have built for user penetration and the
optimized user experience we cultivated in short video and live
contents consumption." said Mr. Chao. "On the other hand, Weibo has
demonstrated strong platform value proposition to a diversified
customer base with significant growth in advertising revenues from
key accounts and small and medium enterprises. We are also
delighted to see continuing operating margin expansion for Weibo,
strongly demonstrating operating leverage of the platform." Mr.
Chao concluded.
Second Quarter 2016 Financial Results
For the second quarter of 2016, SINA reported net revenues of
$244.0 million, compared to
$213.6 million for the same period
last year. Non-GAAP net revenues for the second quarter of 2016
totaled $241.4 million, compared to
$211.0 million for the same period
last year.
Online advertising revenues for the second quarter of 2016 were
$205.0 million, compared to
$176.3 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $38.4
million in Weibo advertising and marketing revenues,
partially offset by a decline of $9.7
million in portal advertising revenues.
Non-advertising revenues for the second quarter of 2016 were
$38.9 million. Non-GAAP
non-advertising revenues for the second quarter of 2016 were
$36.3 million, compared to
$34.7 million for the same period
last year.
Gross margin for the second quarter of 2016 was 64%, compared to
60% for the same period last year. Advertising gross margin for the
second quarter of 2016 was 64%, compared to 61% for the same period
last year. The growing revenue proportion contributed by small and
medium enterprises customers in both portal and Weibo business is
the key factor that resulted in a higher gross margin for our
advertising business. Non-advertising gross margin for the second
quarter of 2016 was 59%, compared to 54% for the same period last
year. The increase in non-advertising margin was primarily due to
increase in revenues contributed by higher margin business, such as
Weibo's membership revenues.
Operating expenses for the second quarter of 2016 totaled
$134.2 million, compared to
$134.4 million for the same period
last year. Non-GAAP operating expenses for the second quarter of
2016 totaled $119.7 million, compared
to $120.1 million for the same period
last year.
Income from operations for the second quarter of 2016 was
$20.8 million, compared to a loss of
$6.8 million for the same period last
year. Operating margin was 9%, up from negative 3% for the same
period last year. Non-GAAP income from operations for the second
quarter of 2016 was $34.5 million,
compared to $6.0 million for the same
period last year. Non-GAAP operating margin was 14%, up from 3% for
the same period last year.
Non-operating income for the second quarter of 2016 was
$35.0 million, compared to a
non-operating income of $22.8 million
for the same period last year. Non-operating income for the second
quarter of 2016 mainly included: (i) a $34.9
million net gain on sale of and impairment on investments,
which is excluded under non-GAAP measure; and (ii) a $6.2 million loss pick-up from equity-method
investments, which are accounted for under the equity-method and
reported one quarter in arrears, mainly resulted from loss pick-up
from the Company's investment in E-House. Non-operating income for
the second quarter of 2015 included: (i) a $19.0 million gain mainly from sale of marketable
securities, which is excluded under non-GAAP measure; and (ii) a
$2.7 million loss from equity method
investment in a number of our equity investees which was reported
one-quarter in arrears.
Net income attributable to SINA for the second quarter of 2016
was $43.3 million, compared to
$11.7 million for the same period
last year. Diluted net income per share attributable to SINA for
the second quarter of 2016 was $0.59,
compared to $0.19 for the same period
last year. Non-GAAP net income attributable to SINA for the second
quarter of 2016 was $19.9 million,
compared to $4.0 million for the same
period last year. Non-GAAP diluted net income per share
attributable to SINA for the second quarter of 2016 was
$0.27, compared to $0.06 for the same period last year.
As of June 30, 2016, SINA's cash,
cash equivalents and short-term investments totaled $2.1 billion, compared to $2.2 billion as of December 31, 2015. For the second quarter of
2016, net cash provided by operating activities was $76.6 million, capital expenditures totaled
$4.9 million, and depreciation and
amortization expenses amounted to $7.0
million.
Business Outlook
For the year 2016, SINA currently estimates that its non-GAAP
net revenues are between $950 million and $1
billion, which is updated from the range of $850 million to $950 million and represents a 9%
to 15% year over year increase from the year 2015. This estimate
assumes that RMB depreciates to US dollar at an average rate of 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.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP
advertising and non-advertising gross margin, non-GAAP operating
expenses, non-GAAP income (loss) from operations, non-GAAP net
income (loss) attributable to SINA and non-GAAP diluted net income
(loss) per share attributable to SINA. These non-GAAP financial
measures should be considered in addition to, not as a substitute
for, measures of the Company's financial performance prepared in
accordance with U.S. GAAP. The Company's non-GAAP financial
measures may be defined differently than similar terms used by
other companies. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures.
The Company's non-GAAP financial measures exclude recognition of
deferred revenues in relation to the equity investment in E-House,
stock-based compensation, amortization of intangible assets, tax
provision on 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,
adjustment for non-GAAP to GAAP reconciling items for the income
(loss) attributable to non-controlling interests and amortization
of convertible debt issuance cost. The Company's management uses
these non-GAAP financial measures in their financial and operating
decision-making, because management believes these measures reflect
the Company's ongoing business operations in a manner that allows
more meaningful period-to-period comparisons. The Company believes
that these non-GAAP financial measures provide useful information
to investors and others in the following ways: (i) in comparing the
Company's current financial results with the Company's past
financial results in a consistent manner, and (ii) in understanding
and evaluating the Company's current operating performance and
future prospects in the same manner as management does, if they so
choose. The Company also believes that the non-GAAP financial
measures provide useful information to both management and
investors by excluding certain expenses, gain/loss and other items
(i) that are not expected to result in future cash payments or (ii)
that are non-recurring in nature or may not be indicative of the
Company's core operating results and business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may not be
comparable to non-GAAP financial measures used by other companies.
Management compensates for these limitations by also considering
the Company's financial results prepared in accordance with U.S.
GAAP. Reconciliations of the Company's non-GAAP measures to the
nearest comparable GAAP measures are set forth in the section below
titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."
Conference Call
SINA will host a conference call from 10:10 p.m. – 10:50 p.m.
Eastern Time on August 8, 2016
(or 10:10 a.m. – 10:50 a.m. Beijing Time on August 9, 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:
|
54218524
|
A replay of the conference call will be available through
morning Eastern Time August 17, 2016.
The dial-in number is +61 2 9003 4211. The passcode for the replay
is 54218524.
About SINA
We are a leading online media company serving China and the global Chinese communities. Our
digital media network of SINA.com (portal), SINA.cn (mobile
portal), SINA Mobile Apps and Weibo.com (social media) enables
Internet users to access professional media and user generated
content in multi-media formats from personal computers and mobile
devices and share their interests with friends and
acquaintances.
SINA.com offers distinct and targeted professional content on
each of its region-specific websites and a full range of
complementary offerings. SINA.cn and SINA Mobile Apps provide news
information, professional and entertainment content from SINA.com
customized for mobile users in WAP (mobile browser) and mobile
application format. Weibo is a leading social media platform for
people to create, distribute and discover Chinese-language content.
Based on an open platform architecture, Weibo allows users to
create and post feeds and attach multi-media content, as well as
access a wide range of organically and third-party developed
applications, such as online games.
Through these properties and other product lines, we offer an
array of online media and social media services to our users to
create a rich canvas for businesses and advertisers to effectively
connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, SINA's expected financial
performance and SINA's strategic and operational plans (as
described, without limitation, in quotations from management in
this press release). SINA may also make forward-looking statements
in the Company's periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "confidence," "estimates" and similar
statements. SINA assumes no obligation to update the
forward-looking statements in this press release and elsewhere.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to failure to meet internal or
external expectations of future performance given the rapidly
evolving markets; condition of the global financial and credit
market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on online advertising
sales and value-added services for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products, including portal, Weibo and
MVAS products; failure to enter and develop the small and medium
enterprise market by the Company or through cooperation with other
parties, such a Alibaba; failure to successfully integrate acquired
businesses; risks associated with the Company's investments,
including equity pick-up and impairment; and failure to compete
successfully against new entrants and established industry
competitors. Further information regarding these and other risks is
included in SINA's annual report on Form 20-F for the year ended
December 31, 2015 and other filings
with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
SINA
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
205,031
|
|
$
176,258
|
|
$
162,967
|
|
$
367,998
|
|
$
326,611
|
Non-advertising
|
38,931
|
|
37,340
|
|
35,708
|
|
74,639
|
|
71,574
|
|
243,962
|
|
213,598
|
|
198,675
|
|
442,637
|
|
398,185
|
Cost of revenues
*:
|
|
|
|
|
|
|
|
|
|
Advertising
|
73,083
|
|
68,978
|
|
68,189
|
|
141,272
|
|
132,927
|
Non-advertising
|
15,834
|
|
17,014
|
|
12,705
|
|
28,539
|
|
30,382
|
|
88,917
|
|
85,992
|
|
80,894
|
|
169,811
|
|
163,309
|
Gross
profit
|
155,045
|
|
127,606
|
|
117,781
|
|
272,826
|
|
234,876
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing *
|
56,895
|
|
53,984
|
|
51,702
|
|
108,597
|
|
114,235
|
Product development *
|
53,522
|
|
51,788
|
|
52,494
|
|
106,016
|
|
103,401
|
General and administrative *
|
23,808
|
|
28,659
|
|
22,134
|
|
45,942
|
|
49,293
|
|
134,225
|
|
134,431
|
|
126,330
|
|
260,555
|
|
266,929
|
Income (Loss) from
operations
|
20,820
|
|
(6,825)
|
|
(8,549)
|
|
12,271
|
|
(32,053)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
Earning (Loss) from equity method investments, net
|
(6,190)
|
|
(2,729)
|
|
(10,564)
|
|
(16,754)
|
|
923
|
Gain
on sale of investments/business and impairment on investments,
net
|
34,925
|
|
19,032
|
|
28,227
|
|
63,152
|
|
17,947
|
Interest and other income, net
|
6,308
|
|
6,455
|
|
6,608
|
|
12,916
|
|
12,238
|
|
35,043
|
|
22,758
|
|
24,271
|
|
59,314
|
|
31,108
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
before income taxes
|
55,863
|
|
15,933
|
|
15,722
|
|
71,585
|
|
(945)
|
Income tax
(expenses) benefits
|
(2,747)
|
|
(3,022)
|
|
16
|
|
(2,731)
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
53,116
|
|
12,911
|
|
15,738
|
|
68,854
|
|
(982)
|
Less:
Net income (loss) attributable to non-controlling
interests
|
9,789
|
|
1,243
|
|
418
|
|
10,207
|
|
(2,341)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
43,327
|
|
$
11,668
|
|
$
15,320
|
|
$
58,647
|
|
$
1,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to SINA
|
$
0.62
|
|
$
0.20
|
|
$
0.22
|
|
$
0.84
|
|
$
0.02
|
Diluted net income
per share attributable to SINA **
|
$
0.59
|
|
$
0.19
|
|
$
0.22
|
|
$
0.82
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
70,047
|
|
58,417
|
|
69,857
|
|
69,952
|
|
58,585
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
77,202
|
|
58,910
|
|
70,296
|
|
76,982
|
|
58,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
advertising
|
$
1,775
|
|
$
1,139
|
|
$
1,566
|
|
$
3,341
|
|
$
2,562
|
Sales and
marketing
|
3,303
|
|
2,594
|
|
2,843
|
|
6,146
|
|
5,216
|
Product
development
|
3,592
|
|
3,104
|
|
4,922
|
|
8,514
|
|
6,599
|
General and
administrative
|
7,165
|
|
7,689
|
|
6,911
|
|
14,076
|
|
13,523
|
|
|
|
|
|
|
|
|
|
|
** 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)
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
836,474
|
|
$
|
763,439
|
|
Short-term
investments
|
|
1,295,925
|
|
|
1,446,414
|
|
Restricted
cash
|
|
170,487
|
|
|
140,652
|
|
Accounts
receivable, net
|
|
214,866
|
|
|
228,732
|
|
Prepaid expenses
and other current assets *
|
|
157,851
|
|
|
135,416
|
|
Subtotal
|
|
2,675,603
|
|
|
2,714,653
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
42,776
|
|
|
47,495
|
Goodwill and
intangible assets, net
|
|
58,350
|
|
|
61,954
|
Long-term
investments
|
|
1,132,839
|
|
|
1,212,640
|
Other
assets
|
|
356,361
|
|
|
320,205
|
Total
assets
|
$
|
4,265,929
|
|
$
|
4,356,947
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
**
|
$
|
75,776
|
|
$
|
81,351
|
|
Amount due to
customers
|
|
170,487
|
|
|
140,652
|
|
Accrued
liabilities **
|
|
254,420
|
|
|
265,490
|
|
Short-term
loan
|
|
15,057
|
|
|
-
|
|
Convertible debt
*
|
|
797,903
|
|
|
795,108
|
|
Deferred
revenues
|
|
75,574
|
|
|
79,528
|
|
Income taxes
payable
|
|
11,020
|
|
|
16,426
|
|
Subtotal
|
|
1,400,237
|
|
|
1,378,555
|
|
|
|
|
|
|
|
Long-term deferred
revenues
|
|
70,596
|
|
|
76,003
|
Other long-term
liabilities
|
|
25,117
|
|
|
25,721
|
|
Total
liabilities
|
|
1,495,950
|
|
|
1,480,279
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,434,949
|
|
|
2,565,272
|
|
Non-controlling
interests
|
|
335,030
|
|
|
311,396
|
|
Total shareholders'
equity
|
|
2,769,979
|
|
|
2,876,668
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
4,265,929
|
|
$
|
4,356,947
|
|
|
|
|
|
|
|
* Effectively
January 2016, ASU 2015-3 issued by FASB requires entities to
present the issuance costs of debt in the balance sheet as a direct
deduction from the related debt rather than assets. Accordingly,
the Company retrospectively reclassified $4.9 million of issuance
cost of debt from prepaid expenses and other current assets into
convertible debt as of December 31, 2015.
|
|
|
|
|
|
|
|
** Commencing on
January 1, 2016, in order to enhance comparability with industry
peers, payables that have been invoiced or formally agreed with the
suppliers were recorded in accounts payable. To conform to current
period presentations, the relevant amounts in prior periods have
been reclassified from accrued liabilities accordingly. Such
reclassification amounted to $77.8 million as of December 31,
2015.
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
78,694
|
|
$
88,391
|
|
$
63,721
|
|
$
142,415
|
|
$
159,584
|
|
Other
|
19,219
|
|
17,365
|
|
15,664
|
|
34,883
|
|
34,469
|
|
Subtotal
|
97,913
|
|
105,756
|
|
79,385
|
|
177,298
|
|
194,053
|
|
|
|
|
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing:
|
127,173
|
|
87,867
|
|
99,246
|
|
226,419
|
|
167,027
|
|
Weibo
VAS
|
19,712
|
|
19,975
|
|
20,044
|
|
39,756
|
|
37,105
|
|
Subtotal
|
146,885
|
|
107,842
|
|
119,290
|
|
266,175
|
|
204,132
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(836)
|
|
-
|
|
-
|
|
(836)
|
|
-
|
|
|
$
243,962
|
|
$
213,598
|
|
$
198,675
|
|
$
442,637
|
|
$
398,185
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
36,804
|
|
$
41,047
|
|
$
35,537
|
|
$
72,341
|
|
$
80,021
|
|
Other
|
11,502
|
|
11,256
|
|
8,731
|
|
20,233
|
|
20,674
|
|
Subtotal
|
48,306
|
|
52,303
|
|
44,268
|
|
92,574
|
|
100,695
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
40,657
|
|
33,689
|
|
36,626
|
|
77,283
|
|
62,614
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(46)
|
|
-
|
|
-
|
|
(46)
|
|
-
|
|
|
$
88,917
|
|
$
85,992
|
|
$
80,894
|
|
$
169,811
|
|
$
163,309
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
Portal
|
51%
|
|
51%
|
|
44%
|
|
48%
|
|
48%
|
|
Weibo
|
72%
|
|
69%
|
|
69%
|
|
71%
|
|
69%
|
|
|
64%
|
|
60%
|
|
59%
|
|
62%
|
|
59%
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
June 30,
2016
|
|
June 30,
2015
|
|
March 31,
2016
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
205,031
|
|
|
|
$
205,031
|
|
$
176,258
|
|
|
|
$
176,258
|
|
$
162,967
|
|
|
|
$
162,967
|
Non-advertising
revenues
|
38,931
|
|
(2,609)
|
(a)
|
36,322
|
|
37,340
|
|
(2,609)
|
(a)
|
34,731
|
|
35,708
|
|
(2,609)
|
(a)
|
33,099
|
Net
revenues
|
$
243,962
|
|
$
(2,609)
|
|
$
241,353
|
|
$
213,598
|
|
$
(2,609)
|
|
$
210,989
|
|
$
198,675
|
|
$
(2,609)
|
|
$
196,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
1,775
|
(b)
|
|
|
|
|
1,139
|
(b)
|
|
|
|
|
1,566
|
(b)
|
|
Gross
profit
|
$
155,045
|
|
$
(834)
|
|
$
154,211
|
|
$
127,606
|
|
$
(1,470)
|
|
$
126,136
|
|
$
117,781
|
|
$
(1,043)
|
|
$
116,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,060)
|
(b)
|
|
|
|
|
(13,387)
|
(b)
|
|
|
|
|
(14,676)
|
(b)
|
|
|
|
|
(461)
|
(c)
|
|
|
|
|
(906)
|
(c)
|
|
|
|
|
(557)
|
(c)
|
|
Operating
expenses
|
$
134,225
|
|
$
(14,521)
|
|
$
119,704
|
|
$
134,431
|
|
$
(14,293)
|
|
$
120,138
|
|
$
126,330
|
|
$
(15,233)
|
|
$
111,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
15,835
|
(b)
|
|
|
|
|
14,526
|
(b)
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
461
|
(c)
|
|
|
|
|
906
|
(c)
|
|
|
|
|
557
|
(c)
|
|
Income (loss) from
operations
|
$
20,820
|
|
$
13,687
|
|
$
34,507
|
|
$
(6,825)
|
|
$
12,823
|
|
$
5,998
|
|
$
(8,549)
|
|
$
14,190
|
|
$
5,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
15,835
|
(b)
|
|
|
|
|
14,526
|
(b)
|
|
|
|
|
16,242
|
(b)
|
|
|
|
|
461
|
(c)
|
|
|
|
|
906
|
(c)
|
|
|
|
|
557
|
(c)
|
|
|
|
|
(102)
|
(d)
|
|
|
|
|
(209)
|
(d)
|
|
|
|
|
(123)
|
(d)
|
|
|
|
|
2,427
|
(e)
|
|
|
|
|
883
|
(e)
|
|
|
|
|
(481)
|
(e)
|
|
|
|
|
(34,925)
|
(f)
|
|
|
|
|
(19,032)
|
(f)
|
|
|
|
|
(28,227)
|
(f)
|
|
|
|
|
(5,646)
|
(g)
|
|
|
|
|
(3,236)
|
(g)
|
|
|
|
|
(4,519)
|
(g)
|
|
|
|
|
1,085
|
(h)
|
|
|
|
|
1,099
|
(h)
|
|
|
|
|
1,084
|
(h)
|
|
Net income (loss)
attributable to SINA
|
$
43,327
|
|
$
(23,474)
|
|
$
19,853
|
|
$
11,668
|
|
$
(7,672)
|
|
$
3,996
|
|
$
15,320
|
|
$
(18,076)
|
|
$
(2,756)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
0.59
|
|
|
|
$
0.27
|
|
$
0.19
|
|
|
|
$
0.06
|
|
$
0.22
|
|
|
|
$
(0.04)
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
77,202
|
|
-
|
|
77,202
|
|
58,910
|
|
-
|
|
58,910
|
|
70,296
|
|
(439)
|
(i)
|
69,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
64%
|
|
1%
|
|
65%
|
|
61%
|
|
1%
|
|
62%
|
|
58%
|
|
1%
|
|
59%
|
Gross margin -
non-advertising
|
59%
|
|
-3%
|
|
56%
|
|
54%
|
|
-3%
|
|
51%
|
|
64%
|
|
-2%
|
|
62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30,
2016
|
|
June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
367,998
|
|
|
|
$
367,998
|
|
$
326,611
|
|
|
|
$
326,611
|
|
|
|
|
|
|
Non-advertising
revenues
|
74,639
|
|
(5,218)
|
(a)
|
69,421
|
|
71,574
|
|
(5,218)
|
(a)
|
66,356
|
|
|
|
|
|
|
Net
revenues
|
$
442,637
|
|
$
(5,218)
|
|
$
437,419
|
|
$
398,185
|
|
$
(5,218)
|
|
$
392,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
3,341
|
(b)
|
|
|
|
|
2,562
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$
272,826
|
|
$
(1,877)
|
|
$
270,949
|
|
$
234,876
|
|
$
(2,656)
|
|
$
232,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,736)
|
(b)
|
|
|
|
|
(25,338)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(1,018)
|
(c)
|
|
|
|
|
(1,808)
|
(c)
|
|
|
|
|
|
|
|
Operating
expenses
|
$
260,555
|
|
$
(29,754)
|
|
$
230,801
|
|
$
266,929
|
|
$
(27,146)
|
|
$
239,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
32,077
|
(b)
|
|
|
|
|
27,900
|
(b)
|
|
|
|
|
|
|
|
|
|
|
1,018
|
(c)
|
|
|
|
|
1,808
|
(c)
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
$
12,271
|
|
$
27,877
|
|
$
40,148
|
|
$
(32,053)
|
|
$
24,490
|
|
$
(7,563)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
32,077
|
(b)
|
|
|
|
|
27,900
|
(b)
|
|
|
|
|
|
|
|
|
|
|
1,018
|
(c)
|
|
|
|
|
1,808
|
(c)
|
|
|
|
|
|
|
|
|
|
|
(225)
|
(d)
|
|
|
|
|
(417)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
1,946
|
(e)
|
|
|
|
|
3,169
|
(e)
|
|
|
|
|
|
|
|
|
|
|
(63,152)
|
(f)
|
|
|
|
|
(17,947)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
(10,165)
|
(g)
|
|
|
|
|
(5,880)
|
(g)
|
|
|
|
|
|
|
|
|
|
|
2,169
|
(h)
|
|
|
|
|
2,210
|
(h)
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
58,647
|
|
$
(41,550)
|
|
$
17,097
|
|
$
1,359
|
|
$
5,625
|
|
$
6,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
0.82
|
|
|
|
$
0.23
|
|
$
0.02
|
|
|
|
$
0.10
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
76,982
|
|
(6,467)
|
(i)
|
70,515
|
|
58,837
|
|
-
|
|
58,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
62%
|
|
1%
|
|
63%
|
|
59%
|
|
1%
|
|
60%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
62%
|
|
-3%
|
|
59%
|
|
58%
|
|
-4%
|
|
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.
|
(d) To
adjust the tax provision on amortization of intangible
assets.
|
(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/business, (gain) loss on
deemed disposal and impairment on investments, net.
|
(g) To
adjust Non-GAAP to GAAP reconciling items for the (income) loss
attributable to non-controlling interests.
|
(h) To
adjust the amortization of convertible debt issuance
cost.
|
(i) To
adjust the number of shares for dilution resulted from convertible
debt and unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net income
(loss) attributable to SINA is adjusted for diluted shares issued
by our subsidiary and equity method investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO
GAAP RESULTS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
June 30,
2016
|
|
June 30,
2015
|
|
March 31,
2016
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
1,356
|
|
|
|
|
|
$
1,395
|
|
|
|
|
|
$
1,555
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
407
|
|
|
|
|
|
416
|
|
|
|
|
|
604
|
|
|
To adjust gain on sale of investments
|
|
|
(739)
|
|
|
|
|
|
-
|
|
|
|
|
|
(808)
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
1,236
|
|
|
|
|
|
(1,224)
|
|
|
|
|
|
(2,126)
|
|
|
Loss from equity
method investments, net
|
$
(6,023)
|
|
$
2,260
|
|
$
(3,763)
|
|
$
(2,433)
|
|
$
587
|
|
$
(1,846)
|
|
$
(10,270)
|
|
$
(775)
|
|
$
(11,045)
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(167)
|
|
$
167
|
|
$
-
|
|
$
(296)
|
|
$
296
|
|
$
-
|
|
$
(294)
|
|
$
294
|
|
$
-
|
|
$
(6,190)
|
|
$
2,427
|
|
$
(3,763)
|
|
$
(2,729)
|
|
$
883
|
|
$
(1,846)
|
|
$
(10,564)
|
|
$
(481)
|
|
$
(11,045)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30,
2016
|
|
June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
2,911
|
|
|
|
|
|
$
2,776
|
|
|
|
|
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,011
|
|
|
|
|
|
1,023
|
|
|
|
|
|
|
|
|
To adjust gain on sale of investments
|
|
|
(1,547)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
To adjust the gain
resulting from the fair
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
value
changes in investments
|
|
|
(890)
|
|
|
|
|
|
(1,224)
|
|
|
|
|
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
(16,293)
|
|
$
1,485
|
|
$
(14,808)
|
|
$
1,517
|
|
$
2,575
|
|
$
4,092
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(461)
|
|
$
461
|
|
$
-
|
|
$
(594)
|
|
$
594
|
|
$
-
|
|
|
|
|
|
|
|
$
(16,754)
|
|
$
1,946
|
|
$
(14,808)
|
|
$
923
|
|
$
3,169
|
|
$
4,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-second-quarter-2016-financial-results-300310600.html
SOURCE SINA Corporation