SHANGHAI, Aug. 18, 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 second quarter ended June
30, 2015.
Second Quarter 2015 Highlights
- Net revenues increased 14% year over year to $213.6 million. Non-GAAP net revenues increased
14% year over year to $211.0
million.
- Advertising revenues grew 13% year over year to $176.3 million. Non-advertising revenues were
$37.3 million. Non-GAAP
non-advertising revenues were $34.7
million.
- Net income attributable to SINA was $11.7 million, or $0.19 diluted net income per share attributable
to SINA. Non-GAAP net income attributable to SINA was $4.0 million, or $0.06 non-GAAP diluted net income per share
attributable to SINA.
"We are delighted that SINA has further implemented its vertical
and mobile strategies and launched a set of constructive corporate
actions to better leverage SINA's brand equity, capture business
opportunities and give momentum to the capital market," said
Charles Chao, Chairman and CEO of
SINA. "We have great confidence in the core business of the Company
and the long-term growth we could achieve. On the mobile front, we
have continually witnessed robust growth in user traffic and
improved monetization for the past quarters." Mr. Chao added.
"On the Weibo side, we continued to show strong momentum in both
operational and financial fronts. In the second quarter 2015, Weibo
recorded a non-GAAP earnings of $10.9
million, well above the street consensus. We are confident
that with Weibo's firm execution in growing user base and
engagement, capitalizing on the mobile strategy and leveraging
partnership with Alibaba to enable e-commerce transactions, the
powerful social media platform and cohesive ecosystem that we have
built can better fulfill the needs of users, customers and
merchants at various dimensions and can generate sustainable
earnings and cash flows and create long-term value to our
shareholders." Mr. Chao concluded.
Second Quarter 2015 Financial Results
For the second quarter of 2015, SINA reported net revenues of
$213.6 million, compared to
$187.0 million for the same period
last year. Non-GAAP net revenues for the second quarter of 2015
totaled $211.0 million, compared to
$184.4 million for the same period
last year.
Online advertising revenues for the second quarter of 2015 were
$176.3 million, compared to
$155.8 million for the same period
last year. The year-over-year growth in online advertising revenues
resulted from an increase of $28.3
million in Weibo advertising and marketing revenues, offset
by a decline of $7.9 million in
portal advertising revenues.
Non-advertising revenues for the second quarter of 2015 were
$37.3 million. Non-GAAP
non-advertising revenues for the second quarter of 2015 were
$34.7 million, compared to
$28.6 million for the same period
last year. The year-over-year growth in non-GAAP non-advertising
revenues was mainly attributable to portal's new business
initiatives and the increases in revenues from Weibo's game
business and membership fees, partly offset by a decrease in Weibo
data license revenue.
Gross margin for the second quarter of 2015 was 60%, compared to
61% for the same period last year. Advertising gross margin for the
second quarter of 2015 was 61%, compared to 59% for the same period
last year. Non-advertising gross margin for the second quarter of
2015 was 54%, compared to 67% for the same period last year. The
decline in non-advertising margin was primarily due to lower margin
contribution of portal's new business, which is at the early stage
of development.
Operating expenses for the second quarter of 2015 totaled
$134.4 million, compared to
$138.6 million for the same period
last year. Non-GAAP operating expenses for the second quarter of
2015 totaled $120.1 million, compared
to $116.9 million for the same period
last year, primarily due to higher personnel costs, partially
offset by decrease in sales and marketing expenditures.
Loss from operations for the second quarter of 2015 was
$6.8 million, compared to
$25.2 million for the same period
last year. Non-GAAP income from operations for the second quarter
of 2015 was $6.0 million, compared to
a non-GAAP loss of $5.4 million for
the same period last year.
Non-operating income for the second quarter of 2015 was
$22.8 million, compared to a
non-operating income of $31.2 million
for the same period last year. Non-operating income for the second
quarter of 2015 mainly included: (i) an $18.9 million gain from sale of marketable
securities, which is excluded under non-GAAP measure; and (ii) a
$5.5 million loss from equity method
investment in E-House and reported one-quarter in arrears.
Non-operating income for the second quarter of 2014 mainly
included: (i) a gain of $29.1 million
from Tencent's acquisition of a 15% equity interest in Leju, a
subsidiary of E-House, on a fully diluted basis from E-House; and
(ii) a $6.8 million loss from the
change in fair value of investor option liability in connection
with Alibaba's investment in Weibo.
Net income attributable to SINA for the second quarter of 2015
was $11.7 million, compared to
$16.6 million for the same period
last year. Diluted net income per share attributable to SINA for
the second quarter of 2015 was $0.19,
compared to $0.25 for the same period
last year. Non-GAAP net income attributable to SINA for the second
quarter of 2015 was $4.0 million,
compared to $12.1 million for the
same period last year. Non-GAAP diluted net income per share
attributable to SINA for the second quarter of 2015 was
$0.06, compared to $0.17 for the same period last year.
As of June 30, 2015, SINA's cash,
cash equivalents and short-term investments totaled $1.9 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 the new
investments made in the second quarter of 2015. For the second
quarter of 2015, net cash provided by operating activities was
$121.4 million, capital expenditures
totaled $12.8 million, and
depreciation and amortization expenses amounted to $9.9 million.
Other Developments
On April 11, 2014, the Company
announced the adoption of a share repurchase program whereby SINA
is authorized to repurchase its own ordinary shares with an
aggregate value of up to $500
million. As of May 31, 2015,
the expiration date of the program, the Company has repurchased
approximately 8.1 million shares under the program for
approximately $311 million in
cash.
On June 1, 2015, the Company
announced that it has entered into a legally binding subscription
agreement with Charles Chao,
Chairman and CEO of the Company, for the issuance and sale of
11,000,000 newly issued ordinary shares of the Company to Mr. Chao
for a total purchase price of approximately $456 million in cash. The per share purchase
price is $41.49, representing the
average closing trading price of SINA's ordinary shares for the 30
trading days ended May 29, 2015. The
closing is expected to take place upon satisfaction of customary
closing conditions. The shares subscribed under this transaction
will be subject to a contractual lock-up restriction for six months
after the closing.
On June 19, 2015, the Company
announced that it has joined a consortium with respect to the
proposed going-private transaction of E-House (China) Holdings Limited ("E-House"). To
effectively execute its vertical strategy, the Company has agreed
that should the transaction be completed, the Company will exchange
all the E-House shares it beneficially owns (including shares
acquired in the going-private transaction of E-House) upon the
completion of the transaction with certain number of ordinary
shares of Leju held by then E-House, based on an exchange ratio
determined in accordance with a mutually agreed formula.
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 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 18,
2015 (or 10:10 a.m. –
10:50 a.m. Beijing Time on
August 19, 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
|
China:
|
+400 620 8038
|
International:
|
+65 6713 5090
|
Passcode for all
regions:
|
11310415
|
A replay of the conference call will be available through
morning Eastern Time August 27, 2015.
The dial-in number is +61 2 8199 0299. The passcode for the replay
is 11310415.
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
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
176,258
|
|
$
155,835
|
|
$
150,353
|
|
$
326,611
|
|
$
291,561
|
Non-advertising
|
37,340
|
|
31,178
|
|
34,234
|
|
71,574
|
|
66,930
|
|
213,598
|
|
187,013
|
|
184,587
|
|
398,185
|
|
358,491
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising *
|
68,978
|
|
63,384
|
|
63,949
|
|
132,927
|
|
118,240
|
Non-advertising
|
17,014
|
|
10,258
|
|
13,368
|
|
30,382
|
|
23,933
|
|
85,992
|
|
73,642
|
|
77,317
|
|
163,309
|
|
142,173
|
Gross
profit
|
127,606
|
|
113,371
|
|
107,270
|
|
234,876
|
|
216,318
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing *
|
53,984
|
|
56,944
|
|
60,251
|
|
114,235
|
|
106,904
|
Product development *
|
51,788
|
|
47,696
|
|
51,613
|
|
103,401
|
|
92,231
|
General and administrative *
|
28,659
|
|
19,406
|
|
20,634
|
|
49,293
|
|
36,582
|
Impairment on goodwill
|
-
|
|
14,526
|
|
-
|
|
-
|
|
14,526
|
|
134,431
|
|
138,572
|
|
132,498
|
|
266,929
|
|
250,243
|
Loss from
operations
|
(6,825)
|
|
(25,201)
|
|
(25,228)
|
|
(32,053)
|
|
(33,925)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
|
|
|
|
Earning (Loss) from equity method investments, net
|
(2,729)
|
|
2,912
|
|
3,652
|
|
923
|
|
11,634
|
Gain
(Loss) on sale of and impairment on investments, net
|
19,032
|
|
26,932
|
|
(1,085)
|
|
17,947
|
|
26,551
|
Change in fair value of investor option liability
|
-
|
|
(6,784)
|
|
-
|
|
-
|
|
(46,972)
|
Interest and other income, net
|
6,455
|
|
8,116
|
|
5,783
|
|
12,238
|
|
10,071
|
|
22,758
|
|
31,176
|
|
8,350
|
|
31,108
|
|
1,284
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
before income taxes
|
15,933
|
|
5,975
|
|
(16,878)
|
|
(945)
|
|
(32,641)
|
Income tax
benefits (expenses)
|
(3,022)
|
|
1,474
|
|
2,985
|
|
(37)
|
|
2,690
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
12,911
|
|
7,449
|
|
(13,893)
|
|
(982)
|
|
(29,951)
|
Less:
Net income (loss) attributable to non-controlling
interests
|
1,243
|
|
(9,173)
|
|
(3,584)
|
|
(2,341)
|
|
(13,407)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to SINA
|
$
11,668
|
|
$
16,622
|
|
$
(10,309)
|
|
$
1,359
|
|
$
(16,544)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to SINA
|
$
0.20
|
|
$
0.25
|
|
$
(0.18)
|
|
$
0.02
|
|
$
(0.25)
|
Diluted net income
(loss) per share attributable to SINA **
|
$
0.19
|
|
$
0.25
|
|
$
(0.18)
|
|
$
0.02
|
|
$
(0.27)
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
58,417
|
|
65,806
|
|
58,753
|
|
58,585
|
|
65,920
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
58,910
|
|
65,918
|
|
58,753
|
|
58,837
|
|
65,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
Cost of revenues - advertising
|
$
1,139
|
|
$
724
|
|
$
1,423
|
|
$
2,562
|
|
$
1,499
|
Sales and marketing
|
2,594
|
|
1,103
|
|
2,622
|
|
5,216
|
|
2,250
|
Product development
|
3,104
|
|
1,530
|
|
3,495
|
|
6,599
|
|
2,885
|
General and administrative
|
7,689
|
|
4,072
|
|
5,834
|
|
13,523
|
|
7,682
|
|
|
|
|
|
|
|
|
|
|
** 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)
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
886,222
|
|
|
$
1,223,682
|
|
Short-term
investments
|
|
1,046,616
|
|
|
942,856
|
|
Accounts
receivable, net
|
|
288,238
|
|
|
259,764
|
|
Prepaid expenses
and other current assets
|
|
238,693
|
|
|
109,214
|
|
Subtotal
|
|
2,459,769
|
|
|
2,535,516
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
52,455
|
|
|
63,729
|
Goodwill and
intangible assets, net
|
|
62,651
|
|
|
64,489
|
Long-term
investments, net
|
|
1,025,013
|
|
|
860,003
|
Other
assets
|
|
202,863
|
|
|
179,591
|
Total
assets
|
|
$
3,802,751
|
|
|
$
3,703,328
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
1,530
|
|
|
$
3,853
|
|
Accrued
liabilities
|
|
449,367
|
|
|
320,268
|
|
Short-term
loan
|
|
16,108
|
|
|
-
|
|
Deferred
revenues
|
|
54,882
|
|
|
50,557
|
|
Income taxes
payable
|
|
35,666
|
|
|
17,979
|
|
Subtotal
|
|
557,553
|
|
|
392,657
|
|
|
|
|
|
|
|
Convertible
debt
|
|
800,000
|
|
|
800,000
|
Long-term deferred
revenue
|
|
80,173
|
|
|
85,391
|
Other long-term
liabilities
|
|
3,422
|
|
|
4,010
|
|
Total
liabilities
|
|
1,441,148
|
|
|
1,282,058
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
SINA shareholders'
equity
|
|
2,068,240
|
|
|
2,145,772
|
|
Non-controlling
interests
|
|
293,363
|
|
|
275,498
|
|
Total shareholders'
equity
|
|
2,361,603
|
|
|
2,421,270
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
3,802,751
|
|
|
$
3,703,328
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
88,391
|
|
$
96,252
|
|
$
71,193
|
|
$
159,584
|
|
$
180,125
|
Other
|
17,365
|
|
13,441
|
|
17,104
|
|
34,469
|
|
33,536
|
Subtotal
|
105,756
|
|
109,693
|
|
88,297
|
|
194,053
|
|
213,661
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
107,842
|
|
77,320
|
|
96,290
|
|
204,132
|
|
144,830
|
|
$
213,598
|
|
$
187,013
|
|
$
184,587
|
|
$
398,185
|
|
$
358,491
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
41,047
|
|
$
46,512
|
|
$
38,974
|
|
$
80,021
|
|
$
85,968
|
Other
|
11,256
|
|
7,430
|
|
9,418
|
|
20,674
|
|
19,062
|
Subtotal
|
52,303
|
|
53,942
|
|
48,392
|
|
100,695
|
|
105,030
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
33,689
|
|
19,700
|
|
28,925
|
|
62,614
|
|
37,143
|
|
$
85,992
|
|
$
73,642
|
|
$
77,317
|
|
$
163,309
|
|
$
142,173
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
June 30,
2015
|
|
June 30,
2014
|
|
March 31,
2015
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 176,258
|
|
|
|
$ 176,258
|
|
$
155,835
|
|
|
|
$ 155,835
|
|
$ 150,353
|
|
|
|
$ 150,353
|
Non-advertising
revenues
|
37,340
|
|
(2,609)
|
(a)
|
34,731
|
|
31,178
|
|
(2,609)
|
(a)
|
28,569
|
|
34,234
|
|
(2,609)
|
(a)
|
31,625
|
Net
revenues
|
$ 213,598
|
|
$
(2,609)
|
|
$ 210,989
|
|
$
187,013
|
|
$
(2,609)
|
|
$ 184,404
|
|
$ 184,587
|
|
$
(2,609)
|
|
$ 181,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
1,139
|
(b)
|
|
|
|
|
724
|
(b)
|
|
|
|
|
1,423
|
(b)
|
|
Gross
profit
|
$ 127,606
|
|
$
(1,470)
|
|
$ 126,136
|
|
$
113,371
|
|
$
(1,885)
|
|
$ 111,486
|
|
$ 107,270
|
|
$
(1,186)
|
|
$ 106,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,705)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(13,387)
|
(b)
|
|
|
|
|
(474)
|
(c)
|
|
|
|
|
(11,951)
|
(b)
|
|
|
|
|
(906)
|
(c)
|
|
|
|
|
(14,526)
|
(d)
|
|
|
|
|
(902)
|
(c)
|
|
Operating
expenses
|
$ 134,431
|
|
$
(14,293)
|
|
$ 120,138
|
|
$
138,572
|
|
$
(21,705)
|
|
$ 116,867
|
|
$ 132,498
|
|
$
(12,853)
|
|
$ 119,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
7,429
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
14,526
|
(b)
|
|
|
|
|
474
|
(c)
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
906
|
(c)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
902
|
(c)
|
|
Income (loss) from
operations
|
$
(6,825)
|
|
$
12,823
|
|
$
5,998
|
|
$
(25,201)
|
|
$
19,820
|
|
$
(5,381)
|
|
$ (25,228)
|
|
$
11,667
|
|
$ (13,561)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,429
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
369
|
(c)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
14,526
|
(b)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
13,374
|
(b)
|
|
|
|
|
697
|
(c)
|
|
|
|
|
2,279
|
(e)
|
|
|
|
|
694
|
(c)
|
|
|
|
|
883
|
(e)
|
|
|
|
|
(26,932)
|
(f)
|
|
|
|
|
2,286
|
(e)
|
|
|
|
|
(19,032)
|
(f)
|
|
|
|
|
6,784
|
(g)
|
|
|
|
|
1,085
|
(g)
|
|
|
|
|
(3,236)
|
(h)
|
|
|
|
|
(7,791)
|
(h)
|
|
|
|
|
(2,644)
|
(h)
|
|
|
|
|
1,099
|
(i)
|
|
|
|
|
1,398
|
(i)
|
|
|
|
|
1,111
|
(i)
|
|
Net income (loss)
attributable to SINA
|
$ 11,668
|
|
$
(7,672)
|
|
$
3,996
|
|
$
16,622
|
|
$
(4,547)
|
|
$ 12,075
|
|
$ (10,309)
|
|
$
13,297
|
|
$
2,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
0.19
|
|
|
|
$
0.06
|
|
$
0.25
|
|
|
|
$
0.17
|
|
$
(0.18)
|
|
|
|
$
0.04
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
58,910
|
|
-
|
|
58,910
|
|
65,918
|
|
-
|
|
65,918
|
|
58,753
|
|
36
|
(j)
|
58,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
61%
|
|
1%
|
|
62%
|
|
59%
|
|
1%
|
|
60%
|
|
57%
|
|
1%
|
|
58%
|
Gross margin -
non-advertising
|
54%
|
|
-3%
|
|
51%
|
|
67%
|
|
-3%
|
|
64%
|
|
61%
|
|
-3%
|
|
58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$ 326,611
|
|
|
|
$ 326,611
|
|
$
291,561
|
|
|
|
$ 291,561
|
|
|
|
|
|
|
Non-advertising
revenues
|
71,574
|
|
(5,218)
|
(a)
|
66,356
|
|
66,930
|
|
(6,741)
|
(a)
|
60,189
|
|
|
|
|
|
|
Net
revenues
|
$ 398,185
|
|
$
(5,218)
|
|
$ 392,967
|
|
$
358,491
|
|
$
(6,741)
|
|
$ 351,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
(6,741)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
2,562
|
(b)
|
|
|
|
|
1,499
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$ 234,876
|
|
$
(2,656)
|
|
$ 232,220
|
|
$
216,318
|
|
$
(5,242)
|
|
$ 211,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,817)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(25,338)
|
(b)
|
|
|
|
|
(1,645)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
(1,808)
|
(c)
|
|
|
|
|
(14,526)
|
(d)
|
|
|
|
|
|
|
|
Operating
expenses
|
$ 266,929
|
|
$
(27,146)
|
|
$ 239,783
|
|
$
250,243
|
|
$
(28,988)
|
|
$ 221,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,741)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
14,316
|
(b)
|
|
|
|
|
|
|
|
|
|
|
27,900
|
(b)
|
|
|
|
|
1,645
|
(c)
|
|
|
|
|
|
|
|
|
|
|
1,808
|
(c)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
|
|
|
Loss from
operations
|
$ (32,053)
|
|
$
24,490
|
|
$
(7,563)
|
|
$
(33,925)
|
|
$
23,746
|
|
$ (10,179)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,741)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(5,218)
|
(a)
|
|
|
|
|
14,316
|
(b)
|
|
|
|
|
|
|
|
|
|
|
27,900
|
(b)
|
|
|
|
|
1,268
|
(c)
|
|
|
|
|
|
|
|
|
|
|
1,391
|
(c)
|
|
|
|
|
14,526
|
(d)
|
|
|
|
|
|
|
|
|
|
|
3,169
|
(e)
|
|
|
|
|
4,221
|
(e)
|
|
|
|
|
|
|
|
|
|
|
(19,032)
|
(f)
|
|
|
|
|
(26,551)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
1,085
|
(g)
|
|
|
|
|
46,972
|
(g)
|
|
|
|
|
|
|
|
|
|
|
(5,880)
|
(h)
|
|
|
|
|
(11,080)
|
(h)
|
|
|
|
|
|
|
|
|
|
|
2,210
|
(i)
|
|
|
|
|
2,796
|
(i)
|
|
|
|
|
|
|
|
Net income (loss)
attributable to SINA
|
$
1,359
|
|
$
5,625
|
|
$
6,984
|
|
$
(16,544)
|
|
$
39,727
|
|
$ 23,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to SINA *
|
$
0.02
|
|
|
|
$
0.10
|
|
$
(0.27)
|
|
|
|
$
0.32
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share attributable to SINA
|
58,837
|
|
-
|
|
58,837
|
|
65,920
|
|
173
|
(j)
|
66,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
59%
|
|
1%
|
|
60%
|
|
59%
|
|
1%
|
|
60%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
58%
|
|
-4%
|
|
54%
|
|
64%
|
|
-4%
|
|
60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 GAAP to Non-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 GAAP to Non-GAAP reconciling items for the gain (loss)
attributable to non-controlling interests.
|
(i) To
adjust convertible debt issuance cost.
|
(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
|
|
June 30,
2015
|
|
June 30,
2014
|
|
March 31,
2015
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
1,395
|
|
|
|
|
|
$
1,183
|
|
|
|
|
|
$
1,381
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
416
|
|
|
|
|
|
778
|
|
|
|
|
|
607
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
(1,224)
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
Earning(Loss) from
equity method investments, net
|
$
(2,433)
|
|
$
587
|
|
$
(1,846)
|
|
$
3,230
|
|
$
1,961
|
|
$
5,191
|
|
$
3,950
|
|
$
1,988
|
|
$
5,938
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(296)
|
|
$
296
|
|
$
-
|
|
$
(318)
|
|
$
318
|
|
$
-
|
|
$
(298)
|
|
$
298
|
|
$
-
|
|
$
(2,729)
|
|
$
883
|
|
$
(1,846)
|
|
$
2,912
|
|
$
2,279
|
|
$
5,191
|
|
$
3,652
|
|
$
2,286
|
|
$
5,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To adjust
stock-based compensation
|
|
|
$
2,776
|
|
|
|
|
|
$
2,226
|
|
|
|
|
|
|
|
|
To adjust
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
$
1,023
|
|
|
|
|
|
1,354
|
|
|
|
|
|
|
|
|
To adjust the
(gain) loss resulting from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the
fair value changes in investments
|
|
|
$
(1,224)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Earning from
equity method investments, net
|
$
1,517
|
|
$
2,575
|
|
$
4,092
|
|
$
12,275
|
|
$
3,580
|
|
$ 15,855
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
$
(594)
|
|
$
594
|
|
$
-
|
|
$
(641)
|
|
$
641
|
|
$
-
|
|
|
|
|
|
|
|
$
923
|
|
$
3,169
|
|
$
4,092
|
|
$
11,634
|
|
$
4,221
|
|
$ 15,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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-2015-financial-results-300130197.html
SOURCE SINA Corporation