SHANGHAI, May 14, 2015 /PRNewswire/ -- SINA Corporation
(the "Company" or "SINA") (NASDAQ: SINA), a leading online media
company serving China and the
global Chinese communities, today announced its unaudited financial
results for the first quarter ended March
31, 2015.
First Quarter 2015 Highlights
- Net revenues increased 8% year over year to $184.6 million. Non-GAAP net revenues increased
9% year over year to $182
million.
- Advertising revenues grew 11% year over year to $150.4 million. Non-advertising revenues were
$34.2 million. Non-GAAP
non-advertising revenues were $31.6
million.
- Net loss attributable to SINA was $10.3
million, or $0.18 diluted net
loss per share attributable to SINA. Non-GAAP net income
attributable to SINA was $3 million,
or $0.04 non-GAAP diluted net income
per share attributable to SINA.
"We are delighted that Weibo continued to show strong momentum
in both operational and financial fronts." said Charles Chao, Chairman and CEO of SINA. "Weibo's
mobile strategy has continued to deliver impressive results in both
user traffic and revenue growth. With Weibo's firm execution in
user growth, capitalizing on the shift to mobile by rolling out
more mobile centric and social advertising products, we believe
that the powerful social media platform and cohesive ecosystem that
we have built up will better fulfill both users' and customers'
needs at various dimensions. On the portal side, we are
experiencing a critical transformative period to revamp our legacy
business and diversify our business models through implementation
of vertical and mobile strategies. We have seen encouraging results
from certain vertical areas and mobile forefronts. We are confident
that we can further leverage SINA's brand to capture more business
opportunities and achieve long-term growth." Mr. Chao added.
First Quarter 2015 Financial Results
For the first quarter of 2015, SINA reported net revenues of
$184.6 million, compared to
$171.5 million for the same period
last year. Non-GAAP net revenues for the first quarter of 2015
totaled $182 million, compared to
$167.3 million for the same period
last year.
Online advertising revenues for the first quarter of 2015 were
$150.4 million, compared to
$135.7 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $27.3
million in Weibo advertising and marketing revenues, offset
by a decline of $12.7 million in
portal advertising revenues.
Non-advertising revenues for the first quarter of 2015 were
$34.2 million. Non-GAAP
non-advertising revenues for the first quarter of 2015 were
$31.6 million, remaining at a similar
level for the same period last year. The flattish year-over-year
change in non-GAAP non-advertising revenues was mainly due to a
decrease in Weibo data licensing revenues, partially offset by an
increase in game revenues and Weibo membership services
revenues.
Gross margin for the first quarter of 2015 was 58%, compared to
60% for the same period last year. Advertising gross margin for the
first quarter of 2015 was 57%, compared to 60% for the same period
last year. Non-advertising gross margin for the first quarter of
2015 was 61%. Non-GAAP non-advertising gross margin for the first
quarter of 2015 was 58%, compared to 57% for the same period last
year.
Operating expenses for the first quarter of 2015 totaled
$132.5 million, compared to
$111.7 million for the same period
last year. Non-GAAP operating expenses for the first quarter of
2015 totaled $119.6 million, compared
to $104.4 million for the same period
last year, primarily due to higher personnel costs and marketing
expenditures.
Loss from operations for the first quarter of 2015 was
$25.2 million, compared to
$8.7 million for the same period last
year. Non-GAAP loss from operations for the first quarter of 2015
was $13.6 million, compared to
$4.8 million for the same period last
year.
Non-operating income for the first quarter of 2015 was
$8.4 million, compared to a
non-operating loss of $29.9 million
for the same period last year. Non-operating income for the first
quarter of 2015 mainly included $3.7
million, or $5.9 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 loss for the first quarter of 2014 was
$29.9 million, including a
$40.2 million loss from the change in
fair value of investor option liability in connection with
Alibaba's investment in Weibo and an $8.7
million, or $10.7 million on a
non-GAAP basis, in earnings from equity method investments, which
were accounted for under the equity-method and reported on a
one-quarter lagging basis.
Net loss attributable to SINA for the first quarter of 2015 was
$10.3 million, compared to
$33.2 million for the same period
last year. Diluted net loss per share attributable to SINA for the
first quarter of 2015 was $0.18,
compared to $0.52 for the same period
last year. Non-GAAP net income attributable to SINA for the first
quarter of 2015 was $3 million,
compared to $11.1 million for the
same period last year. Non-GAAP diluted net income per share
attributable to SINA for the first quarter of 2015 was $0.04, compared to $0.15 for the same period last year.
As of March 31, 2015, SINA's cash,
cash equivalents and short-term investments totaled $2.1 billion, compared to $2.2 billion as of December 31, 2014. The decrease in cash, cash
equivalents, and short-term investments was mainly due to share
repurchase and new investments in the first quarter of 2015. For
the first quarter of 2015, net cash provided by operating
activities was $0.7 million, capital
expenditures totaled $10.9 million,
and depreciation and amortization expenses amounted to $10.5 million.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP
advertising and non-advertising gross margin, non-GAAP operating
expenses, non-GAAP income (loss) from operations, non-GAAP net
income attributable to SINA and non-GAAP diluted net income per
share attributable to SINA. These non-GAAP financial measures
should be considered in addition to, not as a substitute for,
measures of the Company's financial performance prepared in
accordance with U.S. GAAP. The Company's non-GAAP financial
measures may be defined differently than similar terms used by
other companies. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures.
The Company's non-GAAP financial measures exclude recognition of
deferred revenues in relation to the equity investment in E-House,
stock-based compensation, amortization of intangible assets net of
tax, adjustment for GAAP to non-GAAP reconciling items on the share
of equity method investments, gain (loss) on the sale, deemed
disposal and impairment on business, investment and non-controlling
interest in a subsidiary, change in fair value of investor option
liability, adjustment for GAAP to non-GAAP reconciling items for
the gain (loss) attributable to non-controlling interests 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, 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 comparable GAAP measures are set forth in the section below
titled "Unaudited Reconciliation of GAAP and Non-GAAP Results."
Conference Call
SINA will host a conference call from 10:10 p.m. – 10:50 p.m.
Eastern Time on May 14, 2015
(or 10:10 a.m. – 10:50 a.m. Beijing Time on May 15, 2015) to present an overview of the
Company's financial performance and business operations. A live
webcast of the call will be available through the Company's
corporate website at http://corp.sina.com.cn. The conference call
can be accessed as follows:
US:
|
+1 845 675 0437
|
Hong Kong:
|
+852 3018 6771
|
Passcode for all
regions:
|
45260137
|
A replay of the conference call will be available through
morning Eastern Time May 23, 2015.
The dial-in number is +61 2 8199 0299. The passcode for the replay
is 45260137.
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 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, 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)
|
|
|
|
|
|
|
|
Three months
ended
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2014
|
Net
revenues:
|
|
|
|
|
|
Advertising
|
$ 150,353
|
|
$ 135,726
|
|
$ 181,935
|
Non-advertising
|
34,234
|
|
35,752
|
|
29,202
|
|
184,587
|
|
171,478
|
|
211,137
|
Cost of
revenues:
|
|
|
|
|
|
Advertising *
|
63,949
|
|
54,856
|
|
63,315
|
Non-advertising
|
13,368
|
|
13,675
|
|
11,069
|
|
77,317
|
|
68,531
|
|
74,384
|
Gross
profit
|
107,270
|
|
102,947
|
|
136,753
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales and marketing *
|
60,251
|
|
49,960
|
|
61,069
|
Product development *
|
51,613
|
|
44,535
|
|
50,719
|
General and administrative *
|
20,634
|
|
17,176
|
|
21,102
|
|
132,498
|
|
111,671
|
|
132,890
|
Income (Loss) from
operations
|
(25,228)
|
|
(8,724)
|
|
3,863
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
Earning from equity method investments, net
|
3,652
|
|
8,722
|
|
3,167
|
Gain (loss) on sale of and impairment on investments,
net
|
(1,085)
|
|
(381)
|
|
53,081
|
Change in fair value of investor option liability
|
-
|
|
(40,188)
|
|
-
|
Interest and other income, net
|
5,783
|
|
1,955
|
|
7,835
|
|
8,350
|
|
(29,892)
|
|
64,083
|
|
|
|
|
|
|
Income (Loss)
before income taxes
|
(16,878)
|
|
(38,616)
|
|
67,946
|
Income tax benefits
(expenses)
|
2,985
|
|
1,216
|
|
(7,004)
|
|
|
|
|
|
|
Net income
(loss)
|
(13,893)
|
|
(37,400)
|
|
60,942
|
Less: Net income (loss) attributable to non-controlling
interests
|
(3,584)
|
|
(4,234)
|
|
1,191
|
|
|
|
|
|
|
Net income (loss)
attributable to SINA
|
$ (10,309)
|
|
$ (33,166)
|
|
$ 59,751
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to SINA
|
$ (0.18)
|
|
$ (0.50)
|
|
$ 0.95
|
Diluted net income
(loss) per share attributable to SINA **
|
$ (0.18)
|
|
$ (0.52)
|
|
$ 0.90
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
net income
(loss) per share attributable to SINA
|
58,753
|
|
66,034
|
|
63,017
|
Shares used in
computing diluted
|
|
|
|
|
|
net income
(loss) per share attributable to SINA
|
58,753
|
|
66,034
|
|
69,524
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
Cost of revenues - advertising
|
$ 1,423
|
|
$ 775
|
|
$ 809
|
Sales and marketing
|
2,622
|
|
1,147
|
|
1,377
|
Product development
|
3,495
|
|
1,355
|
|
2,242
|
General and administrative
|
5,834
|
|
3,610
|
|
5,107
|
|
|
|
|
|
|
** 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)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 1,350,591
|
|
|
$ 1,223,682
|
|
Short-term
investments
|
|
706,603
|
|
|
942,856
|
|
Accounts
receivable, net
|
|
281,195
|
|
|
259,764
|
|
Prepaid expenses
and other current assets
|
|
140,472
|
|
|
109,214
|
|
Subtotal
|
|
2,478,861
|
|
|
2,535,516
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
58,588
|
|
|
63,729
|
Goodwill and
intangible assets, net
|
|
63,570
|
|
|
64,489
|
Long-term
investments, net
|
|
797,151
|
|
|
860,003
|
Other
assets
|
|
192,330
|
|
|
179,591
|
Total
assets
|
|
$ 3,590,500
|
|
|
$ 3,703,328
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$ 2,895
|
|
|
$ 3,853
|
|
Accrued
liabilities
|
|
337,770
|
|
|
320,268
|
|
Deferred
revenues
|
|
50,025
|
|
|
50,557
|
|
Income taxes
payable
|
|
14,512
|
|
|
17,979
|
|
Subtotal
|
|
405,202
|
|
|
392,657
|
|
|
|
|
|
|
|
Convertible
debt
|
|
800,000
|
|
|
800,000
|
Long-term deferred
revenue
|
|
82,782
|
|
|
85,391
|
Other long-term
liabilities
|
|
3,803
|
|
|
4,010
|
|
Total liabilities
|
|
1,291,787
|
|
|
1,282,058
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,013,487
|
|
|
2,145,772
|
|
Non-controlling
interests
|
|
285,226
|
|
|
275,498
|
|
Total shareholders' equity
|
|
2,298,713
|
|
|
2,421,270
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$ 3,590,500
|
|
|
$ 3,703,328
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
Three months
ended
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$ 71,193
|
|
$ 83,873
|
|
$ 93,962
|
Other
|
17,104
|
|
20,095
|
|
11,963
|
Subtotal
|
88,297
|
|
103,968
|
|
105,925
|
|
|
|
|
|
|
Weibo
|
96,290
|
|
67,510
|
|
105,212
|
|
$ 184,587
|
|
$ 171,478
|
|
$ 211,137
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
Portal
Advertising
|
$ 38,974
|
|
$ 39,456
|
|
$ 41,299
|
Other
|
9,418
|
|
11,632
|
|
7,299
|
Subtotal
|
48,392
|
|
51,088
|
|
48,598
|
|
|
|
|
|
|
Weibo
|
28,925
|
|
17,443
|
|
25,786
|
|
$ 77,317
|
|
$ 68,531
|
|
$ 74,384
|
SINA
CORPORATION
|
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
December 31,
2014
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 150,353
|
|
|
|
$ 150,353
|
|
$ 135,726
|
|
|
|
$ 135,726
|
|
$ 181,935
|
|
|
|
$ 181,935
|
|
Non-advertising
revenues
|
34,234
|
|
(2,609)
|
(a)
|
31,625
|
|
35,752
|
|
(4,132)
|
(a)
|
31,620
|
|
29,202
|
|
(2,609)
|
(a)
|
26,593
|
|
Net
revenues
|
$ 184,587
|
|
$ (2,609)
|
|
$ 181,978
|
|
$ 171,478
|
|
$ (4,132)
|
|
$ 167,346
|
|
$ 211,137
|
|
$ (2,609)
|
|
$ 208,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,132)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
1,423
|
(b)
|
|
|
|
|
775
|
(b)
|
|
|
|
|
809
|
(b)
|
|
|
Gross
profit
|
$ 107,270
|
|
$ (1,186)
|
|
$ 106,084
|
|
$ 102,947
|
|
$ (3,357)
|
|
$ 99,590
|
|
$ 136,753
|
|
$ (1,800)
|
|
$ 134,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,951)
|
(b)
|
|
|
|
|
(6,112)
|
(b)
|
|
|
|
|
(8,726)
|
(b)
|
|
|
|
|
|
(902)
|
(c)
|
|
|
|
|
(1,171)
|
(c)
|
|
|
|
|
(904)
|
(c)
|
|
|
Operating
expenses
|
$ 132,498
|
|
$ (12,853)
|
|
$ 119,645
|
|
$ 111,671
|
|
$ (7,283)
|
|
$ 104,388
|
|
$ 132,890
|
|
$ (9,630)
|
|
$ 123,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(4,132)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
6,887
|
(b)
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
|
902
|
(c)
|
|
|
|
|
1,171
|
(c)
|
|
|
|
|
904
|
(c)
|
|
|
Income (loss) from
operations
|
$ (25,228)
|
|
$ 11,667
|
|
$ (13,561)
|
|
$ (8,724)
|
|
$ 3,926
|
|
$ (4,798)
|
|
$ 3,863
|
|
$ 7,830
|
|
$ 11,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,132)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
6,887
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
899
|
(c)
|
|
|
|
|
9,535
|
(b)
|
|
|
|
|
|
694
|
(c)
|
|
|
|
|
1,942
|
(d)
|
|
|
|
|
694
|
(c)
|
|
|
|
|
|
2,286
|
(d)
|
|
|
|
|
381
|
(e)
|
|
|
|
|
2,411
|
(d)
|
|
|
|
|
|
1,085
|
(e)
|
|
|
|
|
40,188
|
(f)
|
|
|
|
|
(53,081)
|
(e)
|
|
|
|
|
|
(2,644)
|
(g)
|
|
|
|
|
(3,289)
|
(g)
|
|
|
|
|
(2,160)
|
(g)
|
|
|
|
|
|
1,111
|
(h)
|
|
|
|
|
1,398
|
(h)
|
|
|
|
|
1,398
|
(h)
|
|
|
Net income (loss)
attributable to SINA
|
$ (10,309)
|
|
$ 13,297
|
|
$ 2,988
|
|
$ (33,166)
|
|
$ 44,274
|
|
$ 11,108
|
|
$ 59,751
|
|
$ (43,812)
|
|
$ 15,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$ (0.18)
|
|
|
|
$ 0.04
|
|
$ (0.52)
|
|
|
|
$ 0.15
|
|
$ 0.90
|
|
|
|
$ 0.24
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income
(loss) per share attributable to SINA
|
58,753
|
|
36
|
(i)
|
58,789
|
|
66,034
|
|
289
|
(i)
|
66,323
|
|
69,524
|
|
(6,468)
|
(i)
|
63,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
57%
|
|
1%
|
|
58%
|
|
60%
|
|
0%
|
|
60%
|
|
65%
|
|
1%
|
|
66%
|
|
Gross margin -
non-advertising
|
61%
|
|
-3%
|
|
58%
|
|
62%
|
|
-5%
|
|
57%
|
|
62%
|
|
-4%
|
|
58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
December 31,
2014
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$ 1,381
|
|
|
|
|
|
$ 1,043
|
|
|
|
|
|
$ 1,632
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
607
|
|
|
|
|
|
576
|
|
|
|
|
|
473
|
|
|
|
Earning from
equity method investments, net
|
$ 3,950
|
|
$ 1,988
|
|
$ 5,938
|
|
$ 9,045
|
|
$ 1,619
|
|
$ 10,664
|
|
$ 3,473
|
|
$ 2,105
|
|
$ 5,578
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$ (298)
|
|
$ 298
|
|
$ -
|
|
$ (323)
|
|
$ 323
|
|
$ -
|
|
$ (306)
|
|
$ 306
|
|
$ -
|
|
|
$ 3,652
|
|
$ 2,286
|
|
$ 5,938
|
|
$ 8,722
|
|
$ 1,942
|
|
$ 10,664
|
|
$ 3,167
|
|
$ 2,411
|
|
$ 5,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning from
equity method investments is recorded one quarter in
arrears.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sina-reports-first-quarter-2015-financial-results-300083744.html
SOURCE SINA Corporation