SINA Reports Second Quarter 2016 Financial Results

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SINA Reports Second Quarter 2016 Financial Results

SHANGHAI, Aug. 8, 2016 /PRNewswire/ -- SINA Corporation (the "Company" or "SINA") (NASDAQ: SINA), a leading online media company serving China and the global Chinese communities, today announced its unaudited financial results for the second quarter ended June 30, 2016.        

Second Quarter 2016 Highlights

  • Net revenues increased 14% year over year to $244.0 million. Non-GAAP net revenues increased 14% year over year to $241.4 million.
  • Advertising revenues grew 16% year over year to $205.0 million.
  • Income from operations was $20.8 million. Operating margin was 9%, up from negative 3% for the same period last year. Non-GAAP income from operations increased 475% year over year to $34.5 million. Non-GAAP operating margin was 14%, up from 3% for the same period last year.
  • Net income attributable to SINA was $43.3 million, or $0.59 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $19.9 million, or $0.27 non-GAAP diluted net income per share attributable to SINA.
  • Weibo's monthly active users ("MAUs") in June 2016 grew 33% year over year to 282 million, 89% of which were mobile users. Average daily active users ("DAUs") in June 2016 grew 36% year over year to 126 million.

"We are delighted that SINA continued to firmly execute its mobile strategy and delivered solid results in the second quarter." said Charles Chao, Chairman and CEO of SINA. "For our portal business, we witness sustainable growth of mobile traffic, with the daily active users of SINA News application increasing significantly quarter over quarter. Mobile monetization for portal has further elevated, with 48% of total portal advertising revenues contributed from the mobile devices." Mr. Chao added.

"Our Weibo continued its strong user growth momentum, thanks to the effective channels we have built for user penetration and the optimized user experience we cultivated in short video and live contents consumption." said Mr. Chao. "On the other hand, Weibo has demonstrated strong platform value proposition to a diversified customer base with significant growth in advertising revenues from key accounts and small and medium enterprises. We are also delighted to see continuing operating margin expansion for Weibo, strongly demonstrating operating leverage of the platform." Mr. Chao concluded.

Second Quarter 2016 Financial Results

For the second quarter of 2016, SINA reported net revenues of $244.0 million, compared to $213.6 million for the same period last year. Non-GAAP net revenues for the second quarter of 2016 totaled $241.4 million, compared to $211.0 million for the same period last year.

Online advertising revenues for the second quarter of 2016 were $205.0 million, compared to $176.3 million for the same period last year. The year-over-year growth in online advertising revenues resulted from an increase of $38.4 million in Weibo advertising and marketing revenues, partially offset by a decline of $9.7 million in portal advertising revenues.

Non-advertising revenues for the second quarter of 2016 were $38.9 million. Non-GAAP non-advertising revenues for the second quarter of 2016 were $36.3 million, compared to $34.7 million for the same period last year.

Gross margin for the second quarter of 2016 was 64%, compared to 60% for the same period last year. Advertising gross margin for the second quarter of 2016 was 64%, compared to 61% for the same period last year. The growing revenue proportion contributed by small and medium enterprises customers in both portal and Weibo business is the key factor that resulted in a higher gross margin for our advertising business. Non-advertising gross margin for the second quarter of 2016 was 59%, compared to 54% for the same period last year. The increase in non-advertising margin was primarily due to increase in revenues contributed by higher margin business, such as Weibo's membership revenues.

Operating expenses for the second quarter of 2016 totaled $134.2 million, compared to $134.4 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2016 totaled $119.7 million, compared to $120.1 million for the same period last year.

Income from operations for the second quarter of 2016 was $20.8 million, compared to a loss of $6.8 million for the same period last year. Operating margin was 9%, up from negative 3% for the same period last year. Non-GAAP income from operations for the second quarter of 2016 was $34.5 million, compared to $6.0 million for the same period last year. Non-GAAP operating margin was 14%, up from 3% for the same period last year.

Non-operating income for the second quarter of 2016 was $35.0 million, compared to a non-operating income of $22.8 million for the same period last year. Non-operating income for the second quarter of 2016 mainly included: (i) a $34.9 million net gain on sale of and impairment on investments, which is excluded under non-GAAP measure; and (ii) a $6.2 million loss pick-up from equity-method investments, which are accounted for under the equity-method and reported one quarter in arrears, mainly resulted from loss pick-up from the Company's investment in E-House. Non-operating income for the second quarter of 2015 included: (i) a $19.0 million gain mainly from sale of marketable securities, which is excluded under non-GAAP measure; and (ii) a $2.7 million loss from equity method investment in a number of our equity investees which was reported one-quarter in arrears.

Net income attributable to SINA for the second quarter of 2016 was $43.3 million, compared to $11.7 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2016 was $0.59, compared to $0.19 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2016 was $19.9 million, compared to $4.0 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2016 was $0.27, compared to $0.06 for the same period last year.

As of June 30, 2016, SINA's cash, cash equivalents and short-term investments totaled $2.1 billion, compared to $2.2 billion as of December 31, 2015. For the second quarter of 2016, net cash provided by operating activities was $76.6 million, capital expenditures totaled $4.9 million, and depreciation and amortization expenses amounted to $7.0 million.

Business Outlook

For the year 2016, SINA currently estimates that its non-GAAP net revenues are between $950 million and $1 billion, which is updated from the range of $850 million to $950 million and represents a 9% to 15% year over year increase from the year 2015. This estimate assumes that RMB depreciates to US dollar at an average rate of 5% in 2016 and excludes the recognition of $10.4 million in deferred license revenues from E-House. This forecast reflects SINA's current and preliminary view, which is subject to change.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP advertising and non-advertising gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) attributable to SINA and non-GAAP diluted net income (loss) per share attributable to SINA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

The Company's non-GAAP financial measures exclude recognition of deferred revenues in relation to the equity investment in E-House, stock-based compensation, amortization of intangible assets, tax provision on amortization of intangible assets, adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments, gain/loss on sale of investment/business, deemed disposal and impairment on investment, impairment on goodwill, adjustment for non-GAAP to GAAP reconciling items for the income (loss) attributable to non-controlling interests and amortization of convertible debt issuance cost. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Management compensates for these limitations by also considering the Company's financial results prepared in accordance with U.S. GAAP. Reconciliations of the Company's non-GAAP measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

Conference Call

SINA will host a conference call from 10:10 p.m.10:50 p.m. Eastern Time on August 8, 2016 (or 10:10 a.m.10:50 a.m. Beijing Time on August 9, 2016) to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://corp.sina.com.cn. The conference call can be accessed as follows:

 US:

+1 845 675 0438

Hong Kong:

+852 3018 6776

China:

400 120 0654

International:

+65 6713 5440

Passcode for all regions:

54218524

A replay of the conference call will be available through morning Eastern Time August 17, 2016. The dial-in number is +61 2 9003 4211. The passcode for the replay is 54218524.

About SINA

We are a leading online media company serving China and the global Chinese communities. Our digital media network of SINA.com (portal), SINA.cn (mobile portal), SINA Mobile Apps and Weibo.com (social media) enables Internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA.cn and SINA Mobile Apps provide news information, professional and entertainment content from SINA.com customized for mobile users in WAP (mobile browser) and mobile application format. Weibo is a leading social media platform for people to create, distribute and discover Chinese-language content. Based on an open platform architecture, Weibo allows users to create and post feeds and attach multi-media content, as well as access a wide range of organically and third-party developed applications, such as online games.

Through these properties and other product lines, we offer an array of online media and social media services to our users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.

Safe Harbor Statement

This press release contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described, without limitation, in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products, including portal, Weibo and MVAS products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties, such a Alibaba; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; and failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA's annual report on Form 20-F for the year ended December 31, 2015 and other filings with the Securities and Exchange Commission.

Contact:

Investor Relations
SINA Corporation
Phone: +86 10 5898 3336  
Email: ir@staff.sina.com.cn

 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. Dollars in thousands, except per share data)












Three months ended


Six months ended


June 30,


March 31,


June 30,


2016


2015


2016


2016


2015

Net revenues:










    Advertising

$              205,031


$                 176,258


$               162,967


$               367,998


$               326,611

    Non-advertising

38,931


37,340


35,708


74,639


71,574


243,962


213,598


198,675


442,637


398,185

Cost of revenues *:










    Advertising 

73,083


68,978


68,189


141,272


132,927

    Non-advertising

15,834


17,014


12,705


28,539


30,382


88,917


85,992


80,894


169,811


163,309

Gross profit

155,045


127,606


117,781


272,826


234,876











Operating expenses:










    Sales and marketing *

56,895


53,984


51,702


108,597


114,235

    Product development *

53,522


51,788


52,494


106,016


103,401

    General and administrative *

23,808


28,659


22,134


45,942


49,293


134,225


134,431


126,330


260,555


266,929

Income (Loss) from operations

20,820


(6,825)


(8,549)


12,271


(32,053)











Non-operating income (loss):










   Earning (Loss) from equity method investments, net

(6,190)


(2,729)


(10,564)


(16,754)


923

   Gain on sale of investments/business and impairment on investments, net

34,925


19,032


28,227


63,152


17,947

   Interest and other income, net

6,308


6,455


6,608


12,916


12,238


35,043


22,758


24,271


59,314


31,108











Income (Loss) before income taxes

55,863


15,933


15,722


71,585


(945)

Income tax (expenses) benefits

(2,747)


(3,022)


16


(2,731)


(37)











Net income (loss)

53,116


12,911


15,738


68,854


(982)

   Less: Net income (loss) attributable to non-controlling interests

9,789


1,243


418


10,207


(2,341)











Net income attributable to SINA

$                 43,327


$                   11,668


$                  15,320


$                  58,647


$                    1,359





















Basic net income per share attributable to SINA

$                     0.62


$                        0.20


$                      0.22


$                      0.84


$                      0.02

Diluted net income per share attributable to SINA **

$                     0.59


$                        0.19


$                      0.22


$                      0.82


$                      0.02











Shares used in computing basic










   net income per share attributable to SINA

70,047


58,417


69,857


69,952


58,585

Shares used in computing diluted










   net income per share attributable to SINA

77,202


58,910


70,296


76,982


58,837





















* Stock-based compensation in each category:










     Cost of revenues - advertising

$                   1,775


$                      1,139


$                    1,566


$                    3,341


$                    2,562

     Sales and marketing

3,303


2,594


2,843


6,146


5,216

     Product development

3,592


3,104


4,922


8,514


6,599

     General and administrative

7,165


7,689


6,911


14,076


13,523











** Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments.

 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)










June 30,


December 31,



2016


2015


Assets



Current assets:







Cash and cash equivalents

$

836,474


$

763,439


Short-term investments


1,295,925



1,446,414


Restricted cash


170,487



140,652


Accounts receivable, net


214,866



228,732


Prepaid expenses and other current assets *


157,851



135,416


      Subtotal


2,675,603



2,714,653








Property and equipment, net


42,776



47,495

Goodwill and intangible assets, net


58,350



61,954

Long-term investments


1,132,839



1,212,640

Other assets


356,361



320,205

Total assets

$

4,265,929


$

4,356,947









Liabilities and Shareholders' Equity



Current liabilities:







Accounts payable **

$

75,776


$

81,351


Amount due to customers


170,487



140,652


Accrued liabilities **


254,420



265,490


Short-term loan


15,057



-


Convertible debt *


797,903



795,108


Deferred revenues


75,574



79,528


Income taxes payable


11,020



16,426


     Subtotal


1,400,237



1,378,555








Long-term deferred revenues


70,596



76,003

Other long-term liabilities


25,117



25,721


     Total liabilities


1,495,950



1,480,279








Shareholders' equity







SINA shareholders' equity


2,434,949



2,565,272


Non-controlling interests


335,030



311,396


     Total shareholders' equity 


2,769,979



2,876,668








Total liabilities and shareholders' equity

$

4,265,929


$

4,356,947








* Effectively January 2016, ASU 2015-3 issued by FASB requires entities to present the issuance costs of debt in the balance sheet as a direct deduction from the related debt rather than assets. Accordingly, the Company retrospectively reclassified $4.9 million of issuance cost of debt from prepaid expenses and other current assets into convertible debt as of December 31, 2015.








** Commencing on January 1, 2016, in order to enhance comparability with industry peers, payables that have been invoiced or formally agreed with the suppliers were recorded in accounts payable. To conform to current period presentations, the relevant amounts in prior periods have been reclassified from accrued liabilities accordingly. Such reclassification amounted to $77.8 million as of  December 31, 2015.

 

 

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)














Three months ended


Six months ended



June 30,


March 31,


June 30,



2016


2015


2016


2016


2015












Net revenues










    Portal:











Portal Advertising

$                  78,694


$                  88,391


$                  63,721


$               142,415


$               159,584


Other

19,219


17,365


15,664


34,883


34,469


Subtotal

97,913


105,756


79,385


177,298


194,053












    Weibo:











Advertising and marketing:

127,173


87,867


99,246


226,419


167,027


Weibo VAS

19,712


19,975


20,044


39,756


37,105


Subtotal

146,885


107,842


119,290


266,175


204,132












Elimination

(836)


-


-


(836)


-



$               243,962


$                213,598


$                198,675


$                442,637


$                398,185












Cost of revenues










    Portal:











Portal Advertising

$                  36,804


$                  41,047


$                  35,537


$                  72,341


$                  80,021


Other

11,502


11,256


8,731


20,233


20,674


Subtotal

48,306


52,303


44,268


92,574


100,695












    Weibo

40,657


33,689


36,626


77,283


62,614












Elimination

(46)


-


-


(46)


-



$                  88,917


$                  85,992


$                  80,894


$               169,811


$               163,309












Gross margin











Portal

51%


51%


44%


48%


48%


Weibo

72%


69%


69%


71%


69%



64%


60%


59%


62%


59%

 

 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(U.S. Dollars in thousands, except per share data)






































Three months ended


June 30, 2016


June 30, 2015


March 31, 2016






Non-GAAP






Non-GAAP






Non-GAAP


Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results



















Advertising revenues

$    205,031




$    205,031


$     176,258




$    176,258


$    162,967




$    162,967

Non-advertising revenues

38,931


(2,609)

 (a)

36,322


37,340


(2,609)

 (a)

34,731


35,708


(2,609)

 (a)

33,099

Net revenues

$    243,962


$              (2,609)


$    241,353


$     213,598


$              (2,609)


$    210,989


$    198,675


$              (2,609)


$    196,066






















(2,609)

 (a)





(2,609)

 (a)





(2,609)

 (a)





1,775

 (b)





1,139

 (b)





1,566

 (b)


Gross profit

$    155,045


$                 (834)


$    154,211


$     127,606


$              (1,470)


$    126,136


$    117,781


$              (1,043)


$    116,738








































(14,060)

 (b)





(13,387)

 (b)





(14,676)

 (b)





(461)

 (c)





(906)

 (c)





(557)

 (c)


Operating expenses

$    134,225


$           (14,521)


$    119,704


$     134,431


$           (14,293)


$    120,138


$    126,330


$           (15,233)


$    111,097








































(2,609)

 (a)





(2,609)

 (a)





(2,609)

 (a)





15,835

 (b)





14,526

 (b)





16,242

 (b)





461

 (c)





906

 (c)





557

 (c)


Income (loss) from operations

$      20,820


$             13,687


$      34,507


$        (6,825)


$             12,823


$        5,998


$       (8,549)


$             14,190


$        5,641








































(2,609)

 (a)





(2,609)

 (a)





(2,609)

 (a)





15,835

 (b)





14,526

 (b)





16,242

 (b)





461

 (c)





906

 (c)





557

 (c)





(102)

 (d)





(209)

 (d)





(123)

 (d)





2,427

 (e)





883

 (e)





(481)

 (e)





(34,925)

 (f)





(19,032)

 (f)





(28,227)

 (f)





(5,646)

(g)





(3,236)

(g)





(4,519)

(g)





1,085

(h)





1,099

(h)





1,084

(h)


Net income (loss) attributable to SINA

$      43,327


$           (23,474)


$      19,853


$        11,668


$              (7,672)


$        3,996


$      15,320


$           (18,076)


$       (2,756)





































Diluted net income (loss) per share attributable to SINA *

$           0.59




$           0.27


$            0.19




$           0.06


$           0.22




$         (0.04)

Shares used in computing diluted


















   net income (loss) per share attributable to SINA

77,202


-


77,202


58,910


-


58,910


70,296


(439)

 (i)

69,857





































Gross margin - advertising

64%


1%


65%


61%


1%


62%


58%


1%


59%

Gross margin - non-advertising

59%


-3%


56%


54%


-3%


51%


64%


-2%


62%






































 Six months ended








June 30, 2016


June 30, 2015












Non-GAAP






Non-GAAP








Actual


Adjustments


Results


Actual


Adjustments


Results

























Advertising revenues

$    367,998




$    367,998


$     326,611




$    326,611







Non-advertising revenues

74,639


(5,218)

 (a)

69,421


71,574


(5,218)

 (a)

66,356







Net revenues

$    442,637


$              (5,218)


$    437,419


$     398,185


$              (5,218)


$    392,967




























(5,218)

 (a)





(5,218)

 (a)











3,341

 (b)





2,562

 (b)








Gross profit

$    272,826


$              (1,877)


$    270,949


$     234,876


$              (2,656)


$    232,220














































(28,736)

 (b)





(25,338)

 (b)











(1,018)

 (c)





(1,808)

 (c)








Operating expenses

$    260,555


$           (29,754)


$    230,801


$     266,929


$           (27,146)


$    239,783














































(5,218)

 (a)





(5,218)

 (a)











32,077

 (b)





27,900

 (b)











1,018

 (c)





1,808

 (c)








Income (Loss) from operations

$      12,271


$             27,877


$      40,148


$      (32,053)


$             24,490


$       (7,563)














































(5,218)

 (a)





(5,218)

 (a)











32,077

 (b)





27,900

 (b)











1,018

 (c)





1,808

 (c)











(225)

 (d)





(417)

 (d)











1,946

 (e)





3,169

 (e)











(63,152)

(f)





(17,947)

 (f)











(10,165)

 (g)





(5,880)

 (g)











2,169

 (h)





2,210

 (h)








Net income attributable to SINA

$      58,647


$           (41,550)


$      17,097


$          1,359


$               5,625


$        6,984











































Diluted net income per share attributable to SINA *

$           0.82




$           0.23


$            0.02




$           0.10







Shares used in computing diluted


















   net income per share attributable to SINA

76,982


(6,467)

 (i)

70,515


58,837


-


58,837











































Gross margin - advertising

62%


1%


63%


59%


1%


60%







Gross margin - non-advertising

62%


-3%


59%


58%


-4%


54%











































(a)  To adjust the recognition of deferred revenue related to the license agreements granted to E-House.

(b)  To adjust stock-based compensation.

(c)  To adjust amortization of intangible assets.

(d)  To adjust the tax provision on amortization of intangible assets.

(e)  To adjust the Non-GAAP to GAAP reconciling items on the share of equity method investments, net of share of amortization of intangibles not on their books.

(f)  To adjust (gain) loss on sale of investments/business, (gain) loss on deemed disposal and impairment on investments, net.

(g)  To adjust Non-GAAP to GAAP reconciling items for the (income) loss attributable to non-controlling interests.

(h)  To adjust the amortization of convertible debt issuance cost.

(i)  To adjust the number of shares for dilution resulted from convertible debt and unvested equity granted.



















* Net income (loss) attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments.



























UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS*






























Three months ended


June 30, 2016


June 30, 2015


March 31, 2016


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results



















To adjust stock-based compensation



$                1,356






$               1,395






$               1,555



To adjust amortization of intangible


















  assets resulting from business acquisitions



407






416






604



To adjust gain on sale of investments



(739)






-






(808)



To adjust the (gain) loss resulting from


















  the  fair value changes in investments



1,236






(1,224)






(2,126)



Loss from equity method investments, net

$       (6,023)


$                2,260


$       (3,763)


$         (2,433)


$                   587


$       (1,846)


$     (10,270)


$                 (775)


$    (11,045)

Share of amortization of equity investments'


















  intangibles not on their books

$          (167)


$                   167


$                 -


$            (296)


$                   296


$                 -


$          (294)


$                    294


$                 -


$       (6,190)


$                2,427


$       (3,763)


$         (2,729)


$                   883


$       (1,846)


$     (10,564)


$                 (481)


$    (11,045)






































 Six months ended








June 30, 2016


June 30, 2015












Non-GAAP






Non-GAAP








Actual


Adjustments


Results


Actual


Adjustments


Results

























To adjust stock-based compensation



$               2,911






$               2,776









To adjust amortization of intangible


















  assets resulting from business acquisitions



1,011






1,023









To adjust gain on sale of investments



(1,547)






-









To adjust the gain resulting from the  fair


















  value changes in investments



(890)






(1,224)









Earning (Loss) from equity method investments, net

$     (16,293)


$                1,485


$    (14,808)


$           1,517


$                2,575


$        4,092







Share of amortization of equity investments'


















  intangibles not on their books

$          (461)


$                   461


$                -


$            (594)


$                   594


$                -








$     (16,754)


$                1,946


$    (14,808)


$              923


$                3,169


$        4,092











































* Earning (Loss) from equity method investments is recorded one quarter in arrears.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sina-reports-second-quarter-2016-financial-results-300310600.html

SOURCE SINA Corporation