SHANGHAI, Nov. 13, 2014 /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 third quarter ended September 30, 2014.
Third Quarter 2014 Highlights
- Net revenues increased 8% year over year to $198.6 million. Non-GAAP net revenues increased
9% year over year to $196.0 million,
within the Company's guidance of between $193 million and $199 million.
- Advertising revenues grew 10% year over year to $166.8 million. Non-advertising revenues were
$31.8 million. Non-GAAP
non-advertising revenues grew 3% year over year to $29.2 million.
- Net income attributable to SINA was $133.6 million, or $1.91 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $13.1 million, or $0.19 non-GAAP diluted net income per share
attributable to SINA.
"In the third quarter of 2014, Weibo continued to show strong
momentum in both revenue and user growth. Weibo's third-quarter
revenues grew 58% year over year to $84.1
million, while monthly active users in September grew 36%
from a year ago to 167 million," said Charles Chao, Chairman and CEO of SINA. "On the
portal side, we are making strides to revamp our online business
with particular emphasis in business verticalization and mobile,"
Mr. Chao added.
Third Quarter 2014 Financial Results
For the third quarter of 2014, SINA reported net revenues of
$198.6 million, compared to
$184.6 million for the same period
last year. Non-GAAP net revenues for the third quarter of 2014
totaled $196.0 million, compared to
$179.9 million for the same period
last year.
Online advertising revenues for the third quarter of 2014 were
$166.8 million, compared to
$151.6 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $21.7
million in Weibo advertising revenues, offset by a decline
of $6.5 million in portal advertising
revenues.
Non-advertising revenues for the third quarter of 2014 were
$31.8 million. Non-GAAP
non-advertising revenues for the third quarter of 2014 were
$29.2 million, compared to
$28.4 million for the same period
last year. The year-over-year change in non-GAAP non-advertising
revenues was mainly due to an increase of $9.1 million in Weibo value added services
("VAS") revenues, partially offset by a decline of $7.4 million in mobile value added services
("MVAS") revenues.
Gross margin for the third quarter of 2014 was 63%, compared to
64% for the same period last year. Advertising gross margin for the
third quarter of 2014 was 62%, compared to 64% for the same period
last year. Non-advertising gross margin for the third quarter of
2014 was 67%. Non-GAAP non-advertising gross margin for the third
quarter of 2014 was 64%, compared to 58% for the same period last
year, resulting from a shift in revenue mix from low-margin MVAS to
higher margin Weibo VAS.
Operating expenses for the third quarter of 2014 totaled
$135.7 million, compared to
$94.9 million for the same period
last year. Non-GAAP operating expenses for the third quarter of
2014 totaled $127.1 million, compared
to $90.5 million for the same period
last year, primarily due to higher personnel costs, marketing
expenditures and bad debt expenses.
Loss from operations for the third quarter of 2014 was
$10.9 million, compared to an income
from operations of $23.2 million for
the same period last year. Non-GAAP loss from operations for the
third quarter of 2014 was $4.0
million, compared to a non-GAAP income from operations of
$23.4 million for the same period
last year.
Non-operating income for the third quarter of 2014 was
$144.3 million, compared to
$7.7 million for the same period last
year. Non-operating income for the third quarter included 1) a
$109.2 million gain from the sale of
a portion the Company's investment in Alibaba through Yunfeng
E-Commerce Funds in Alibaba's initial public offering; 2) a
$19.2 million gain as a result of the
initial public offering of Leju, a subsidiary of E-house; and 3)
$4.7 million, or $7.1 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 third quarter of 2013 included $3.2 million, or $5.7
million on a non-GAAP basis, in earnings from equity-method
investments.
Net income attributable to SINA for the third quarter of 2014
was $133.6 million, compared to
$25.4 million for the same period
last year. Diluted net income per share attributable to SINA for
the third quarter of 2014 was $1.91,
compared to $0.37 for the same period
last year. Non-GAAP net income attributable to SINA for the third
quarter of 2014 was $13.1 million,
compared to $28.5 million for the
same period last year. Non-GAAP diluted net income per share
attributable to SINA for the third quarter of 2014 was $0.19, compared to $0.42 for the same period last year.
As of September 30, 2014, SINA's
cash, cash equivalents and short-term investments totaled
$2.3 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 IPO in the second quarter of 2014,
partially offset by investments and repurchases made during the
first three quarters of 2014. For the third quarter of 2014, net
cash provided by operating activities was $100.4 million, capital expenditures totaled
$26.5 million, and depreciation and
amortization expenses amounted to $11.6
million.
Other Developments
As of November 13, 2014, the
Company has repurchased approximately 2.8 million shares under its
repurchase program, returning approximately $116 million of cash to stockholders. The Company
expects to continue to execute the repurchase program, which was
approved by the Company's board of directors for up to $500 million in April
2014, when appropriate.
Business Outlook
SINA estimates that its non-GAAP net revenues for the fourth
quarter of 2014 will be between $204 million
and $210 million, which exclude the recognition of
$2.6 million in deferred license
revenues from E-House. The foregoing 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 (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 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 non-GAAP measures to the
nearest 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 November 13,
2014 (or 10:10 a.m. –
10:50 a.m. Beijing Time on
November 14, 2014) 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. The
conference call can be accessed as follows:
US:
|
+1 845 675 0438
|
Hong Kong:
|
+852 3018 6776
|
Passcode for all
regions:
|
31268045
|
A replay of the conference call will be available through
morning Eastern Time November 21,
2014. The dial-in number is +61 2 9003 4211. The passcode
for the replay is 31268045.
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
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
166,790
|
|
$
151,556
|
|
$
155,835
|
|
$
458,351
|
|
$
366,424
|
Non-advertising
|
31,823
|
|
33,074
|
|
31,178
|
|
98,753
|
|
101,664
|
|
198,613
|
|
184,630
|
|
187,013
|
|
557,104
|
|
468,088
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising *
|
63,142
|
|
54,585
|
|
63,384
|
|
181,382
|
|
159,015
|
Non-advertising
|
10,642
|
|
11,929
|
|
10,258
|
|
34,575
|
|
41,996
|
|
73,784
|
|
66,514
|
|
73,642
|
|
215,957
|
|
201,011
|
Gross
profit
|
124,829
|
|
118,116
|
|
113,371
|
|
341,147
|
|
267,077
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing *
|
60,954
|
|
43,803
|
|
56,944
|
|
167,858
|
|
113,946
|
Product development *
|
49,372
|
|
36,851
|
|
47,696
|
|
141,603
|
|
108,926
|
General and administrative *
|
25,355
|
|
14,271
|
|
19,406
|
|
61,937
|
|
49,059
|
Impairment on goodwill
|
-
|
|
-
|
|
14,526
|
|
14,526
|
|
-
|
|
135,681
|
|
94,925
|
|
138,572
|
|
385,924
|
|
271,931
|
Income (Loss) from
operations
|
(10,852)
|
|
23,191
|
|
(25,201)
|
|
(44,777)
|
|
(4,854)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
|
|
|
|
Earning
from equity method investments, net
|
4,670
|
|
3,201
|
|
2,912
|
|
16,304
|
|
6,016
|
Gain
(loss) on sale of and impairment on investments, net
|
128,599
|
|
(1,607)
|
|
26,932
|
|
155,150
|
|
(10,609)
|
Change
in fair value of investor option liability
|
-
|
|
665
|
|
(6,784)
|
|
(46,972)
|
|
1,529
|
Interest
and other income, net
|
11,019
|
|
5,396
|
|
8,116
|
|
21,090
|
|
14,375
|
|
144,288
|
|
7,655
|
|
31,176
|
|
145,572
|
|
11,311
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
133,436
|
|
30,846
|
|
5,975
|
|
100,795
|
|
6,457
|
Income tax benefits
(expenses)
|
(2,656)
|
|
(5,297)
|
|
1,474
|
|
34
|
|
(8,507)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
130,780
|
|
25,549
|
|
7,449
|
|
100,829
|
|
(2,050)
|
Less:
Net income (loss) attributable to non-controlling
interests
|
(2,815)
|
|
163
|
|
(9,173)
|
|
(16,222)
|
|
(2,732)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$
133,595
|
|
$
25,386
|
|
$
16,622
|
|
$
117,051
|
|
$
682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share attributable to SINA
|
$
2.06
|
|
$
0.38
|
|
$
0.25
|
|
$
1.78
|
|
$
0.01
|
Diluted net income
(loss) per share attributable to SINA **
|
$
1.91
|
|
$
0.37
|
|
$
0.25
|
|
$
1.74
|
|
$
(0.00)
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
64,963
|
|
66,918
|
|
65,806
|
|
65,601
|
|
66,806
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
71,509
|
|
67,330
|
|
65,918
|
|
72,218
|
|
66,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
Cost of revenues - advertising
|
$
923
|
|
$
565
|
|
$
724
|
|
$
2,422
|
|
$
5,593
|
Sales and marketing
|
1,465
|
|
789
|
|
1,103
|
|
3,715
|
|
7,802
|
Product development
|
2,090
|
|
864
|
|
1,530
|
|
4,975
|
|
10,449
|
General and administrative
|
4,164
|
|
2,437
|
|
4,072
|
|
11,846
|
|
17,710
|
|
|
|
|
|
|
|
|
|
|
** Net income (loss)
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)
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
2014
|
|
|
2013
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,328,989
|
|
|
$
916,276
|
|
Short-term
investments
|
992,564
|
|
|
951,963
|
|
Accounts receivable,
net
|
214,749
|
|
|
193,381
|
|
Prepaid expenses and
other current assets
|
231,791
|
|
|
57,182
|
|
Subtotal
|
2,768,093
|
|
|
2,118,802
|
|
|
|
|
|
|
Property and
equipment, net
|
70,091
|
|
|
80,920
|
Goodwill and
intangible assets, net
|
59,882
|
|
|
58,189
|
Long-term
investments, net
|
716,192
|
|
|
526,587
|
Other
assets
|
164,831
|
|
|
113,345
|
Total
assets
|
$
3,779,089
|
|
|
$
2,897,843
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
3,080
|
|
|
$
6,988
|
|
Accrued
liabilities
|
296,089
|
|
|
220,837
|
|
Deferred
revenues
|
47,668
|
|
|
49,200
|
|
Income taxes
payable
|
12,705
|
|
|
21,577
|
|
Investor option
liability
|
-
|
|
|
29,504
|
|
Subtotal
|
359,542
|
|
|
328,106
|
|
|
|
|
|
|
Convertible
debt
|
800,000
|
|
|
800,000
|
Long-term deferred
revenue
|
87,999
|
|
|
89,039
|
Other long-term
liabilities
|
3,963
|
|
|
5,080
|
|
Total liabilities
|
1,251,504
|
|
|
1,222,225
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
SINA shareholders'
equity
|
2,257,805
|
|
|
1,191,210
|
|
Non-controlling
interests
|
269,780
|
|
|
484,408
|
|
Total shareholders'
equity
|
2,527,585
|
|
|
1,675,618
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
3,779,089
|
|
|
$
2,897,843
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
101,417
|
|
$
107,894
|
|
$
96,252
|
|
$
281,542
|
|
$
274,043
|
Other
|
13,066
|
|
23,370
|
|
13,441
|
|
46,602
|
|
77,156
|
|
Subtotal
|
114,483
|
|
131,264
|
|
109,693
|
|
328,144
|
|
351,199
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
84,130
|
|
53,366
|
|
77,320
|
|
228,960
|
|
116,889
|
|
|
$
198,613
|
|
$
184,630
|
|
$
187,013
|
|
$
557,104
|
|
$
468,088
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
44,811
|
|
$
41,458
|
|
$
46,512
|
|
$
130,779
|
|
$
117,999
|
Other
|
8,303
|
|
10,532
|
|
7,430
|
|
27,365
|
|
39,363
|
|
Subtotal
|
53,114
|
|
51,990
|
|
53,942
|
|
158,144
|
|
157,362
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
20,670
|
|
14,524
|
|
19,700
|
|
57,813
|
|
43,649
|
|
|
$
73,784
|
|
$
66,514
|
|
$
73,642
|
|
$
215,957
|
|
$
201,011
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2014
|
|
September 30,
2013
|
|
June 30,
2014
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 166,790
|
|
|
|
$ 166,790
|
|
$ 151,556
|
|
|
|
$ 151,556
|
|
$ 155,835
|
|
|
|
$ 155,835
|
Non-advertising
revenues
|
31,823
|
|
(2,609)
|
(a)
|
29,214
|
|
33,074
|
|
(4,687)
|
(a)
|
28,387
|
|
31,178
|
|
(2,609)
|
(a)
|
28,569
|
Net
revenues
|
$ 198,613
|
|
$
(2,609)
|
|
$ 196,004
|
|
$ 184,630
|
|
$
(4,687)
|
|
$ 179,943
|
|
$ 187,013
|
|
$
(2,609)
|
|
$ 184,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,687)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
923
|
(b)
|
|
|
|
|
565
|
(b)
|
|
|
|
|
724
|
(b)
|
|
Gross
profit
|
$ 124,829
|
|
$
(1,686)
|
|
$ 123,143
|
|
$ 118,116
|
|
$
(4,122)
|
|
$ 113,994
|
|
$ 113,371
|
|
$
(1,885)
|
|
$ 111,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,705)
|
(b)
|
|
|
|
|
(7,719)
|
(b)
|
|
|
|
|
(4,090)
|
(b)
|
|
|
|
|
(474)
|
(c)
|
|
|
|
|
(815)
|
(c)
|
|
|
|
|
(288)
|
(c)
|
|
|
|
|
(14,526)
|
(i)
|
|
Operating
expenses
|
$ 135,681
|
|
$
(8,534)
|
|
$ 127,147
|
|
$ 94,925
|
|
$
(4,378)
|
|
$ 90,547
|
|
$ 138,572
|
|
$
(21,705)
|
|
$ 116,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,687)
|
(a)
|
|
|
|
|
7,429
|
(b)
|
|
|
|
|
8,642
|
(b)
|
|
|
|
|
4,655
|
(b)
|
|
|
|
|
474
|
(c)
|
|
|
|
|
815
|
(c)
|
|
|
|
|
288
|
(c)
|
|
|
|
|
14,526
|
(i)
|
|
Income (loss) from
operations
|
$ (10,852)
|
|
$
6,848
|
|
$ (4,004)
|
|
$ 23,191
|
|
$
256
|
|
$ 23,447
|
|
$ (25,201)
|
|
$
19,820
|
|
$ (5,381)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,429
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,687)
|
(a)
|
|
|
|
|
369
|
(c)
|
|
|
|
|
8,642
|
(b)
|
|
|
|
|
4,655
|
(b)
|
|
|
|
|
2,279
|
(d)
|
|
|
|
|
630
|
(c)
|
|
|
|
|
219
|
(c)
|
|
|
|
|
(26,932)
|
(e)
|
|
|
|
|
2,463
|
(d)
|
|
|
|
|
2,496
|
(d)
|
|
|
|
|
6,784
|
(f)
|
|
|
|
|
(128,599)
|
(e)
|
|
|
|
|
1,607
|
(e)
|
|
|
|
|
(7,791)
|
(g)
|
|
|
|
|
(2,373)
|
(g)
|
|
|
|
|
(665)
|
(f)
|
|
|
|
|
1,398
|
(h)
|
|
|
|
|
1,398
|
(h)
|
|
|
|
|
(515)
|
(g)
|
|
|
|
|
14,526
|
(i)
|
|
Net income
attributable to SINA
|
$ 133,595
|
|
$
(120,448)
|
|
$ 13,147
|
|
$ 25,386
|
|
$
3,110
|
|
$ 28,496
|
|
$ 16,622
|
|
$
(4,547)
|
|
$ 12,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to SINA *
|
$
1.91
|
|
|
|
$
0.19
|
|
$
0.37
|
|
|
|
$
0.42
|
|
$
0.25
|
|
|
|
$
0.17
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to SINA
|
71,509
|
|
(6,468)
|
(j)
|
65,041
|
|
67,330
|
|
-
|
|
67,330
|
|
65,918
|
|
-
|
|
65,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
62%
|
|
1%
|
|
63%
|
|
64%
|
|
0%
|
|
64%
|
|
59%
|
|
1%
|
|
60%
|
Gross margin -
non-advertising
|
67%
|
|
-3%
|
|
64%
|
|
64%
|
|
-6%
|
|
58%
|
|
67%
|
|
-3%
|
|
64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 458,351
|
|
|
|
$ 458,351
|
|
$ 366,424
|
|
|
|
$ 366,424
|
|
|
|
|
|
|
Non-advertising
revenues
|
98,753
|
|
(9,350)
|
(a)
|
89,403
|
|
101,664
|
|
(14,059)
|
(a)
|
87,605
|
|
|
|
|
|
|
Net
revenues
|
$ 557,104
|
|
$
(9,350)
|
|
$ 547,754
|
|
$ 468,088
|
|
$
(14,059)
|
|
$ 454,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,350)
|
(a)
|
|
|
|
|
(14,059)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
2,422
|
(b)
|
|
|
|
|
5,593
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$ 341,147
|
|
$
(6,928)
|
|
$ 334,219
|
|
$ 267,077
|
|
$
(8,466)
|
|
$ 258,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,536)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,460)
|
(c)
|
|
|
|
|
(35,961)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(14,526)
|
(i)
|
|
|
|
|
(312)
|
(c)
|
|
|
|
|
|
|
|
Operating
expenses
|
$ 385,924
|
|
$
(37,522)
|
|
$ 348,402
|
|
$ 271,931
|
|
$
(36,273)
|
|
$ 235,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,350)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,958
|
(b)
|
|
|
|
|
(14,059)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
2,460
|
(c)
|
|
|
|
|
41,554
|
(b)
|
|
|
|
|
|
|
|
|
|
|
14,526
|
(i)
|
|
|
|
|
312
|
(c)
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
$ (44,777)
|
|
$
30,594
|
|
$ (14,183)
|
|
$
(4,854)
|
|
$
27,807
|
|
$ 22,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,350)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,958
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,898
|
(c)
|
|
|
|
|
(14,059)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
6,684
|
(d)
|
|
|
|
|
41,554
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(155,150)
|
(e)
|
|
|
|
|
243
|
(c)
|
|
|
|
|
|
|
|
|
|
|
46,972
|
(f)
|
|
|
|
|
8,645
|
(d)
|
|
|
|
|
|
|
|
|
|
|
(13,453)
|
(g)
|
|
|
|
|
10,609
|
(e)
|
|
|
|
|
|
|
|
|
|
|
4,194
|
(h)
|
|
|
|
|
(1,529)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
14,526
|
(i)
|
|
|
|
|
(1,876)
|
(g)
|
|
|
|
|
|
|
|
Net income
attributable to SINA
|
$ 117,051
|
|
$
(80,721)
|
|
$ 36,330
|
|
$
682
|
|
$
43,587
|
|
$ 44,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
1.74
|
|
|
|
$
0.52
|
|
$
(0.00)
|
|
|
|
$
0.65
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
72,218
|
|
(6,467)
|
(j)
|
65,751
|
|
66,806
|
|
316
|
(j)
|
67,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
60%
|
|
1%
|
|
61%
|
|
57%
|
|
1%
|
|
58%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
65%
|
|
-4%
|
|
61%
|
|
59%
|
|
-7%
|
|
52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
(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' GAAP TO
NON-GAAP RESULTS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2014
|
|
September 30,
2013
|
|
June 30,
2014
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust stock-based
compensation
|
|
|
$
1,657
|
|
|
|
|
|
$
1,118
|
|
|
|
|
|
$
1,183
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
497
|
|
|
|
|
|
941
|
|
|
|
|
|
778
|
|
|
Earning from equity
method investments, net
|
$ 4,979
|
|
$
2,154
|
|
$ 7,133
|
|
$
3,638
|
|
$
2,059
|
|
$ 5,697
|
|
$ 3,230
|
|
$
1,961
|
|
$ 5,191
|
Share of amortization
of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$ (309)
|
|
$
309
|
|
$
-
|
|
$
(437)
|
|
$
437
|
|
$
-
|
|
$ (318)
|
|
$
318
|
|
$
-
|
|
$ 4,670
|
|
$
2,463
|
|
$ 7,133
|
|
$
3,201
|
|
$
2,496
|
|
$ 5,697
|
|
$ 2,912
|
|
$
2,279
|
|
$ 5,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust stock-based
compensation
|
|
|
$
3,883
|
|
|
|
|
|
$
4,158
|
|
|
|
|
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,851
|
|
|
|
|
|
3,193
|
|
|
|
|
|
|
|
|
Earning from equity
method investments, net
|
$ 17,254
|
|
$
5,734
|
|
$ 22,988
|
|
$
7,310
|
|
$
7,351
|
|
$ 14,661
|
|
|
|
|
|
|
Share of amortization
of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$ (950)
|
|
$
950
|
|
$
-
|
|
$
(1,294)
|
|
$
1,294
|
|
$
-
|
|
|
|
|
|
|
|
$ 16,304
|
|
$
6,684
|
|
$ 22,988
|
|
$
6,016
|
|
$
8,645
|
|
$ 14,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning from equity
method investments is recorded one quarter in arrears.
|
SOURCE SINA Corporation