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SINA Reports Fourth Quarter and Fiscal Year 2016 Financial Results
Fourth Quarter 2016 Highlights
- Net revenues increased 22% year over year to
$313.4 million . Non-GAAP net revenues increased 23% year over year to$310.8 million . - Advertising revenues increased 21% year over year to
$269.6 million . - Non-advertising revenues increased 33% year over year to
$43.9 million . Non-GAAP non-advertising revenues were$41.3 million . - Income from operations was
$24.7 million . Non-GAAP income from operations increased 102% year over year to$82.1 million . Non-GAAP operating margin was 26%, up from 16% for the same period last year. - Net income attributable to
SINA was$19.9 million , or$0.27 diluted net income per share attributable toSINA . Non-GAAP net income attributable toSINA was$48.2 million , or$0.63 non-GAAP diluted net income per share attributable toSINA . Weibo's monthly active users ("MAUs") inDecember 2016 grew 33% year over year to 313 million, 90% of which were mobile users. Average daily active users ("DAUs") inDecember 2016 grew 30% year over year to 139 million.
Fiscal Year 2016 Highlights
- Net revenues increased 17% year over year to
$1,030.9 million . Non-GAAP net revenues increased 17% year over year to$1,020.5 million , exceeding the Company's annual guidance between$950 million and $1 billion . - Advertising revenues increased 17% year over year to
$871.2 million . - Non-advertising revenues increased 16% year over year to
$159.7 million . Non-GAAP non-advertising revenues were$149.3 million . - Income from operations was
$73.3 million , compared to$12.2 million of last year. Non-GAAP income from operations increased 191% to$178.7 million . Non-GAAP operating margin was 18%, up from 7% in 2015. - Net income attributable to
SINA was$225.1 million , or$3.01 diluted net income per share attributable toSINA . Non-GAAP net income attributable toSINA was$109.1 million , or$1.44 non-GAAP diluted net income per share attributable toSINA .
"We closed a great year of 2016 with another strong quarter. Our full year revenue exceeded
"On the portal side,
Fourth Quarter 2016 Financial Results
For the fourth quarter of 2016,
Online advertising revenues for the fourth quarter of 2016 were
Non-advertising revenues for the fourth quarter of 2016 were
Gross margin for the fourth quarter of 2016 was 70%, up from 65% for the same period last year. Advertising gross margin for the fourth quarter of 2016 was 72%, up from 65% for the same period last year. The increasing proportion of advertising revenue contributed by SME customers in both portal and
Operating expenses for the fourth quarter of 2016 totaled
Income from operations for the fourth quarter of 2016 was
Non-operating income for the fourth quarter of 2016 was
Net income attributable to
As of
Fiscal Year 2016 Financial Results
For fiscal year 2016,
Online advertising revenues in 2016 were
Non-advertising revenues in 2016 were
Gross margin in 2016 was 66%, up from 62% in 2015. Advertising gross margin in 2016 was 67%, up from 62% in 2015. Non-advertising gross margin in 2016 was 58%, compared to 60% in 2015. Non-GAAP gross margin in 2016 was 66%, up from 62% in 2015. Non-GAAP advertising gross margin in 2016 was 68%, up from 63% in 2015. Non-GAAP non-advertising gross margin in 2016 was 55%, compared to 57% in 2015.
Operating expenses in 2016 totaled
Income from operations in 2016 was
Non-operating income in 2016 was
Net income attributable to
For the fiscal year of 2016, net cash provided by operating activities was
Other Developments
Repayment of Convertible Senior Notes
In
Disposal of Shares in
Pursuant to a shareholders agreement dated
Business Outlook
For the year 2017,
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
The Company's non-GAAP financial measures exclude recognition of deferred revenues in relation to the equity investment in
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
US: |
+1 845 675 0438 |
Hong Kong: |
+852 3018 6776 |
China: |
400 120 0654 |
International: |
+65 6713 5440 |
Passcode for all regions: |
72564850 |
A replay of the conference call will be available through morning Eastern Time
About
We are a leading online media company serving
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.
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,
Contact:
Investor Relations
Phone: 8610-5898 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 |
Year ended |
||||||||
December 31, |
September 30, |
December 31, |
|||||||
2016 |
2015 |
2016 |
2016 |
2015 |
|||||
Net revenues: |
|||||||||
Advertising |
$ 269,556 |
$ 223,159 |
$ 233,633 |
$ 871,187 |
$ 743,229 |
||||
Non-advertising |
43,868 |
33,031 |
41,242 |
159,749 |
137,440 |
||||
313,424 |
256,190 |
274,875 |
1,030,936 |
880,669 |
|||||
Cost of revenues *: |
|||||||||
Advertising |
75,578 |
77,787 |
71,194 |
288,044 |
280,455 |
||||
Non-advertising |
18,980 |
11,267 |
19,133 |
66,652 |
54,925 |
||||
94,558 |
89,054 |
90,327 |
354,696 |
335,380 |
|||||
Gross profit |
218,866 |
167,136 |
184,548 |
676,240 |
545,289 |
||||
Operating expenses: |
|||||||||
Sales and marketing * |
74,295 |
62,851 |
64,176 |
247,068 |
230,428 |
||||
Product development * |
54,538 |
51,953 |
55,674 |
216,228 |
209,771 |
||||
General and administrative * |
25,166 |
22,745 |
28,366 |
99,474 |
92,868 |
||||
Goodwill and acquired intangibles impairment |
40,194 |
- |
- |
40,194 |
- |
||||
194,193 |
137,549 |
148,216 |
602,964 |
533,067 |
|||||
Income from operations |
24,673 |
29,587 |
36,332 |
73,276 |
12,222 |
||||
Non-operating income (loss): |
|||||||||
Earning (Loss) from equity method investments, net |
(546) |
(798) |
5,534 |
(11,766) |
218 |
||||
Gain on sale of investments/business and impairment on investments, net |
48,603 |
(5,570) |
133,505 |
245,260 |
11,311 |
||||
Fair value change in option liability |
(25,803) |
- |
(2,653) |
(28,456) |
- |
||||
Interest and other income, net |
6,594 |
4,262 |
6,703 |
26,213 |
22,392 |
||||
28,848 |
(2,106) |
143,089 |
231,251 |
33,921 |
|||||
Income before income taxes |
53,521 |
27,481 |
179,421 |
304,527 |
46,143 |
||||
Income tax expenses |
(5,438) |
(5,627) |
(19,050) |
(27,219) |
(10,420) |
||||
Net income |
48,083 |
21,854 |
160,371 |
277,308 |
35,723 |
||||
Less: Net income attributable to non-controlling interests |
28,161 |
7,301 |
13,853 |
52,221 |
10,045 |
||||
Net income attributable to SINA |
$ 19,922 |
$ 14,553 |
$ 146,518 |
$ 225,087 |
$ 25,678 |
||||
Basic net income per share attributable to SINA |
$ 0.28 |
$ 0.22 |
$ 2.08 |
$ 3.20 |
$ 0.43 |
||||
Diluted net income per share attributable to SINA ** |
$ 0.27 |
$ 0.21 |
$ 1.90 |
$ 3.01 |
$ 0.40 |
||||
Shares used in computing basic |
|||||||||
net income per share attributable to SINA |
70,981 |
65,272 |
70,420 |
70,301 |
60,237 |
||||
Shares used in computing diluted |
|||||||||
net income per share attributable to SINA |
72,299 |
65,927 |
78,303 |
77,511 |
60,648 |
||||
* Stock-based compensation in each category: |
|||||||||
Cost of revenues - advertising |
$ 2,021 |
$ 1,141 |
$ 2,380 |
$ 7,742 |
$ 5,272 |
||||
Sales and marketing |
4,559 |
2,456 |
4,791 |
15,496 |
10,793 |
||||
Product development |
5,018 |
3,371 |
7,261 |
20,793 |
14,234 |
||||
General and administrative |
7,868 |
5,881 |
7,853 |
29,797 |
25,840 |
||||
** Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments. |
SINA CORPORATION |
|||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(U.S. Dollars in thousands) |
|||||
December 31, |
December 31, |
||||
2016 |
2015 |
||||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 1,407,625 |
$ 763,439 |
|||
Short-term investments |
389,440 |
1,446,414 |
|||
Restricted cash |
241,306 |
140,652 |
|||
Accounts receivable, net |
210,328 |
228,732 |
|||
Prepaid expenses and other current assets * |
407,373 |
135,416 |
|||
Subtotal |
2,656,072 |
2,714,653 |
|||
Property and equipment, net |
241,680 |
47,495 |
|||
Goodwill and intangible assets, net |
12,108 |
61,954 |
|||
Long-term investments |
1,318,207 |
1,212,640 |
|||
Other assets |
56,807 |
320,205 |
|||
Total assets |
$ 4,284,874 |
$ 4,356,947 |
|||
Liabilities and Shareholders' Equity |
|||||
Current liabilities: |
|||||
Accounts payable ** |
$ 108,381 |
$ 81,351 |
|||
Amount due to customers |
241,306 |
140,652 |
|||
Accrued liabilities ** |
452,751 |
265,490 |
|||
Short-term loan |
33,152 |
- |
|||
Convertible debt * |
- |
795,108 |
|||
Deferred revenues |
95,566 |
79,528 |
|||
Income taxes payable |
40,127 |
16,426 |
|||
Subtotal |
971,283 |
1,378,555 |
|||
Convertible debt * |
153,092 |
- |
|||
Long-term deferred revenues |
65,188 |
76,003 |
|||
Other long-term liabilities |
4,332 |
25,721 |
|||
Total liabilities |
1,193,895 |
1,480,279 |
|||
Shareholders' equity |
|||||
SINA shareholders' equity |
2,679,590 |
2,565,272 |
|||
Non-controlling interests |
411,389 |
311,396 |
|||
Total shareholders' equity |
3,090,979 |
2,876,668 |
|||
Total liabilities and shareholders' equity |
$ 4,284,874 |
$ 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. On December 1, 2016, the Company repurchased $646.9 million principle amount of convertible debt upon the exercise of put option by the debt holders and the remaining $153.1 million of convertible debts were outstanding at December 31, 2016, which has a maturity date of December 1, 2018. |
|||||
** 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 |
Year ended |
||||||||
December 31, |
September 30, |
December 31, |
|||||||
2016 |
2015 |
2016 |
2016 |
2015 |
|||||
Net revenues |
|||||||||
Portal: |
|||||||||
Portal Advertising |
$ 81,820 |
$ 93,632 |
$ 79,855 |
$ 304,090 |
$ 340,814 |
||||
Other |
18,990 |
13,533 |
21,058 |
74,931 |
61,964 |
||||
Subtotal |
100,810 |
107,165 |
100,913 |
379,021 |
402,778 |
||||
Weibo: |
|||||||||
Advertising and marketing |
187,870 |
129,527 |
156,693 |
570,982 |
402,415 |
||||
Weibo VAS |
24,878 |
19,498 |
20,184 |
84,818 |
75,476 |
||||
Subtotal |
212,748 |
149,025 |
176,877 |
655,800 |
477,891 |
||||
Elimination |
(134) |
- |
(2,915) |
(3,885) |
- |
||||
$ 313,424 |
$ 256,190 |
$ 274,875 |
$ 1,030,936 |
$ 880,669 |
|||||
Cost of revenues |
|||||||||
Portal: |
|||||||||
Portal Advertising |
$ 31,315 |
$ 40,601 |
$ 32,540 |
$ 136,196 |
$ 157,862 |
||||
Other |
13,864 |
6,348 |
13,458 |
47,555 |
35,558 |
||||
Subtotal |
45,179 |
46,949 |
45,998 |
183,751 |
193,420 |
||||
|
49,454 |
42,105 |
44,494 |
171,231 |
141,960 |
||||
Elimination |
(75) |
- |
(165) |
(286) |
- |
||||
$ 94,558 |
$ 89,054 |
$ 90,327 |
$ 354,696 |
$ 335,380 |
|||||
Gross margin |
|||||||||
Portal |
55% |
56% |
54% |
52% |
52% |
||||
|
77% |
72% |
75% |
74% |
70% |
||||
70% |
65% |
67% |
66% |
62% |
SINA CORPORATION |
|||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS |
|||||||||||||||||
(U.S. Dollars in thousands, except per share data) |
|||||||||||||||||
Three months ended |
|||||||||||||||||
December 31, 2016 |
December 31, 2015 |
September 30, 2016 |
|||||||||||||||
Non-GAAP |
Non-GAAP |
Non-GAAP |
|||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
|||||||||
Advertising revenues |
$ 269,556 |
$ 269,556 |
$ 223,159 |
$ 223,159 |
$ 233,633 |
$ 233,633 |
|||||||||||
Non-advertising revenues |
43,868 |
(2,609) |
(a) |
41,259 |
33,031 |
(2,609) |
(a) |
30,422 |
41,242 |
(2,609) |
(a) |
38,633 |
|||||
Net revenues |
$ 313,424 |
$ (2,609) |
$ 310,815 |
$ 256,190 |
$ (2,609) |
$ 253,581 |
$ 274,875 |
$ (2,609) |
$ 272,266 |
||||||||
(2,609) |
(a) |
(2,609) |
(a) |
(2,609) |
(a) |
||||||||||||
2,021 |
(b) |
1,141 |
(b) |
2,380 |
(b) |
||||||||||||
Gross profit |
$ 218,866 |
$ (588) |
$ 218,278 |
$ 167,136 |
$ (1,468) |
$ 165,668 |
$ 184,548 |
$ (229) |
$ 184,319 |
||||||||
(17,445) |
(b) |
||||||||||||||||
(399) |
(c) |
(11,708) |
(b) |
(19,905) |
(b) |
||||||||||||
(40,194) |
(d) |
(873) |
(c) |
(457) |
(c) |
||||||||||||
Operating expenses |
$ 194,193 |
$ (58,038) |
$ 136,155 |
$ 137,549 |
$ (12,581) |
$ 124,968 |
$ 148,216 |
$ (20,362) |
$ 127,854 |
||||||||
(2,609) |
(a) |
||||||||||||||||
19,466 |
(b) |
(2,609) |
(a) |
(2,609) |
(a) |
||||||||||||
399 |
(c) |
12,849 |
(b) |
22,285 |
(b) |
||||||||||||
40,194 |
(d) |
873 |
(c) |
457 |
(c) |
||||||||||||
Income from operations |
$ 24,673 |
$ 57,450 |
$ 82,123 |
$ 29,587 |
$ 11,113 |
$ 40,700 |
$ 36,332 |
$ 20,133 |
$ 56,465 |
||||||||
(2,609) |
(a) |
||||||||||||||||
19,466 |
(b) |
(2,609) |
(a) |
||||||||||||||
399 |
(c) |
(2,609) |
(a) |
22,285 |
(b) |
||||||||||||
40,194 |
(d) |
12,849 |
(b) |
457 |
(c) |
||||||||||||
3,243 |
(e) |
873 |
(c) |
2,032 |
(e) |
||||||||||||
(48,603) |
(f) |
(719) |
(e) |
(133,505) |
(f) |
||||||||||||
25,803 |
(g) |
5,570 |
(f) |
2,653 |
(g) |
||||||||||||
(9,302) |
(h) |
(6,592) |
(h) |
(10,650) |
(h) |
||||||||||||
699 |
(i) |
1,089 |
(i) |
1,398 |
(i) |
||||||||||||
(964) |
(j) |
(202) |
(j) |
15,133 |
(j) |
||||||||||||
Net income attributable to SINA |
$ 19,922 |
$ 28,326 |
$ 48,248 |
$ 14,553 |
$ 10,259 |
$ 24,812 |
$ 146,518 |
$ (102,806) |
$ 43,712 |
||||||||
Diluted net income per share attributable to SINA * |
$ 0.27 |
$ 0.63 |
$ 0.21 |
$ 0.35 |
$ 1.90 |
$ 0.56 |
|||||||||||
Shares used in computing diluted |
|||||||||||||||||
net income per share attributable to SINA |
72,299 |
5,022 |
(k) |
77,321 |
65,927 |
6,468 |
(k) |
72,395 |
78,303 |
- |
78,303 |
||||||
Gross margin - advertising |
72% |
1% |
73% |
65% |
1% |
66% |
70% |
1% |
71% |
||||||||
Gross margin - non-advertising |
57% |
-3% |
54% |
66% |
-3% |
63% |
54% |
-4% |
50% |
||||||||
Year ended |
|||||||||||||||||
December 31, 2016 |
December 31, 2015 |
||||||||||||||||
Non-GAAP |
Non-GAAP |
||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
||||||||||||
Advertising revenues |
$ 871,187 |
$ 871,187 |
$ 743,229 |
$ 743,229 |
|||||||||||||
Non-advertising revenues |
159,749 |
(10,436) |
(a) |
149,313 |
137,440 |
(10,436) |
(a) |
127,004 |
|||||||||
Net revenues |
$1,030,936 |
$ (10,436) |
$1,020,500 |
$ 880,669 |
$ (10,436) |
$ 870,233 |
|||||||||||
(10,436) |
(a) |
(10,436) |
(a) |
||||||||||||||
7,742 |
(b) |
5,272 |
(b) |
||||||||||||||
Gross profit |
$ 676,240 |
$ (2,694) |
$ 673,546 |
$ 545,289 |
$ (5,164) |
$ 540,125 |
|||||||||||
(66,086) |
(b) |
||||||||||||||||
(1,874) |
(c) |
(50,867) |
(b) |
||||||||||||||
(40,194) |
(d) |
(3,564) |
(c) |
||||||||||||||
Operating expenses |
$ 602,964 |
$ (108,154) |
$ 494,810 |
$ 533,067 |
$ (54,431) |
$ 478,636 |
|||||||||||
(10,436) |
(a) |
||||||||||||||||
73,828 |
(b) |
(10,436) |
(a) |
||||||||||||||
1,874 |
(c) |
56,139 |
(b) |
||||||||||||||
40,194 |
(d) |
3,564 |
(c) |
||||||||||||||
Income from operations |
$ 73,276 |
$ 105,460 |
$ 178,736 |
$ 12,222 |
$ 49,267 |
$ 61,489 |
|||||||||||
(10,436) |
(a) |
||||||||||||||||
73,828 |
(b) |
||||||||||||||||
1,874 |
(c) |
(10,436) |
(a) |
||||||||||||||
40,194 |
(d) |
56,139 |
(b) |
||||||||||||||
7,221 |
(e) |
3,564 |
(c) |
||||||||||||||
(245,260) |
(f) |
5,332 |
(e) |
||||||||||||||
28,456 |
(g) |
(11,311) |
(f) |
||||||||||||||
(30,117) |
(h) |
(16,321) |
(h) |
||||||||||||||
4,266 |
(i) |
4,393 |
(i) |
||||||||||||||
13,944 |
(j) |
(825) |
(j) |
||||||||||||||
Net income attributable to SINA |
$ 225,087 |
$ (116,030) |
$ 109,057 |
$ 25,678 |
$ 30,535 |
$ 56,213 |
|||||||||||
Diluted net income per share attributable to SINA * |
$ 3.01 |
$ 1.44 |
$ 0.40 |
$ 0.89 |
|||||||||||||
Shares used in computing diluted |
|||||||||||||||||
net income per share attributable to SINA |
77,511 |
- |
77,511 |
60,648 |
- |
60,648 |
|||||||||||
Gross margin - advertising |
67% |
1% |
68% |
62% |
1% |
63% |
|||||||||||
Gross margin - non-advertising |
58% |
-3% |
55% |
60% |
-3% |
57% |
|||||||||||
(a) To exclude the recognition of deferred revenue related to the license agreements granted to E-House. |
|||||||||||||||||
(b) To exclude stock-based compensation. |
|||||||||||||||||
(c) To adjust amortization of intangible assets. |
|||||||||||||||||
(d) To exclude goodwill and acquired intangibles impairment |
|||||||||||||||||
(e) To exclude 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 exclude (gain) loss on sale of investments/business, (gain) loss on deemed disposal and impairment on investments, net. |
|||||||||||||||||
(g) To exclude the change in fair value of option liability. |
|||||||||||||||||
(h) To exclude Non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests. |
|||||||||||||||||
(i) To exclude the amortization of convertible debt issuance cost. |
|||||||||||||||||
(j) To exclude the provision (benefit) for income tax related to item (c),(d) and (f). Other non-GAAP to GAAP reconciling items have no income tax effect.** |
|||||||||||||||||
(k) 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. |
|||||||||||||||||
** Most of the reconciliation items were recorded in entities in tax free jurisdictions hence no income tax implications. For impairment on investments, full valuation allowances were made due to as the Company does not expect they can be realized in the foreseeable future. |
|||||||||||||||||
UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS* |
|||||||||||||||||
Three months ended |
|||||||||||||||||
December 31, 2016 |
December 31, 2015 |
September 30, 2016 |
|||||||||||||||
Actual |
Adjustments |
Non-GAAP Results |
Actual |
Adjustments |
Non-GAAP Results |
Actual |
Adjustments |
Non-GAAP Results |
|||||||||
To exclude stock-based compensation |
$ 3,421 |
$ 1,480 |
$ 1,409 |
||||||||||||||
To exclude amortization of intangible |
|||||||||||||||||
assets resulting from business acquisitions |
1,213 |
608 |
618 |
||||||||||||||
To exclude (gain)loss on disposal and impairment on investments |
89 |
(4,752) |
(12) |
||||||||||||||
To exclude (gain)loss resulting from the fair value |
|||||||||||||||||
changes in investments |
(1,340) |
1,836 |
41 |
||||||||||||||
To exclude tax impacts related |
|||||||||||||||||
to amortization of intangible assets |
(275) |
(186) |
(179) |
||||||||||||||
Earning (Loss) from equity method investments, net |
$ (411) |
$ 3,108 |
$ 2,697 |
$ (503) |
$ (1,014) |
$ (1,517) |
$ 5,689 |
$ 1,877 |
$ 7,566 |
||||||||
Share of amortization of equity investments' |
|||||||||||||||||
intangibles not on their books |
(166) |
166 |
- |
(393) |
393 |
- |
(173) |
173 |
- |
||||||||
Share of tax impacts related to amortization of |
|||||||||||||||||
equity investments' intangibles not on their books |
31 |
(31) |
- |
98 |
(98) |
- |
18 |
(18) |
- |
||||||||
$ (546) |
$ 3,243 |
$ 2,697 |
$ (798) |
$ (719) |
$ (1,517) |
$ 5,534 |
$ 2,032 |
$ 7,566 |
|||||||||
Year ended |
|||||||||||||||||
December 31, 2016 |
December 31, 2015 |
||||||||||||||||
Non-GAAP |
Non-GAAP |
||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
||||||||||||
To exclude stock-based compensation |
$ 7,741 |
$ 5,876 |
|||||||||||||||
To exclude amortization of intangible |
|||||||||||||||||
assets resulting from business acquisitions |
3,209 |
2,344 |
|||||||||||||||
To exclude gain on disposal and impairment on investments |
(1,470) |
(4,752) |
|||||||||||||||
To exclude (gain) loss resulting from the fair value |
|||||||||||||||||
changes in investments |
(2,189) |
1,163 |
|||||||||||||||
To exclude tax impacts related |
|||||||||||||||||
to amortization of intangible assets |
(821) |
(483) |
|||||||||||||||
Earning (Loss) from equity method investments, net |
$ (11,015) |
$ 6,470 |
$ (4,545) |
$ 1,402 |
$ 4,148 |
$ 5,550 |
|||||||||||
Share of amortization of equity investments' |
|||||||||||||||||
intangibles not on their books |
(954) |
954 |
- |
(1,579) |
1,579 |
- |
|||||||||||
Share of tax impacts related to amortization of |
|||||||||||||||||
equity investments' intangibles not on their books |
203 |
(203) |
- |
395 |
(395) |
- |
|||||||||||
$ (11,766) |
$ 7,221 |
$ (4,545) |
$ 218 |
$ 5,332 |
$ 5,550 |
||||||||||||
* Earning (Loss) from equity method investments is recorded one quarter in arrears. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sina-reports-fourth-quarter-and-fiscal-year-2016-financial-results-300411913.html
SOURCE