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肖亞慶:經濟有漲有落企業有生有死 這是個必然規律

2019-03-19 08:44 来源:新浪网

  肖亞慶:經濟有漲有落企業有生有死 這是個必然規律

  百度也许因为法老离世而未能完工,或者雕像受损,并决定不再进行修复。  6日下午4点半左右,戈恩身穿工作服和反光背带乘上一辆微型休旅车,离开了拘留所。

3月6日报道台媒称,英国王室3月4日在官方社交网站发布新的社交媒体守则,提醒网友严禁恶意攻击剑桥公爵夫人凯特和萨塞克斯公爵夫人梅根的行为。报道指出,在这项研究中,共有75例肿瘤(28%)的PIK3CA基因发生了变化。

  改革或许仍需要时间,但德国军队已经不能再等。而iPhone864G更是不到人民币4000元。

  ”周锦明在做完右侧手后,协助李荣俊把左侧全部完成。有人说,克洛斯早就该捧起小金人了!所有专家都认为,在所有候选人当中,克洛斯的胜算最大。

  马克龙还提议在今年年底之前召开“欧洲会议”,广泛听取欧洲社会各界的意见,以期为欧盟改革描绘路线图。

  倾听青年心声,关注青年权益,我们小时在线。

  玛莎看了一个多小时的戏曲,一点也不觉得无聊,因为她喜欢舞台、灯光和声音。  叙利亚当局呼吁联合国采取措施惩罚肇事者,并要求国际联军撤出叙利亚。

  加之正在谈判的其他贸易协定,日本的自贸战略几乎囊括了世界所有主要经济体,背后凸显了日本的三大考量。

  要补齐农村基础设施这个短板。  (原标题:章莹颖案6月3日开审!法官再次敲定案件审理日期)

  据俄罗斯卫星通讯社3月4日报道,这座雕像是在砂岩碎片下发现的,科学家认为它是古埃及法老阿孟霍特普三世统治时期的作品(约公元前1391年-前1353年或公元前1388年-前1351年,阿孟霍特普三世是古埃及最著名的法老之一图坦卡蒙的爷爷本网注)。

  百度这艘三桅帆船彻头彻尾地暴露出德国联邦国防军的低能。

  据西班牙《国家报》网站2月23日报道,第九十一届奥斯卡典礼将是近年来竞争最激烈的一届。  此外,美国众议院司法委员会4日展开行动,调查总统特朗普核心圈人士是否妨碍司法及滥权,并向81人与公司团体要求调阅文件。

  百度 百度 百度

  肖亞慶:經濟有漲有落企業有生有死 這是個必然規律

 
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肖亞慶:經濟有漲有落企業有生有死 這是個必然規律

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SINA Reports Second Quarter 2018 Unaudited Financial Results

百度 颁奖词说:他既掌握深厚的建筑史和理论知识,又拥抱前卫思想,从不仅仅复制现状,而是挑战现状。

BEIJING, Aug. 8, 2018 /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, 2018.

"We had another good quarter." said Charles Chao, Chairman and CEO of SINA. "Weibo continued to record healthy growth in both user base and monetization despite more intensified competition." said Mr. Chao. "For SINA businesses, we continued to see robust growth in user scale of SINA mobile apps, which bodes well for improved mobile monetization of SINA media." Mr. Chao added.

Second Quarter 2018 Highlights

  • Both net revenues and non-GAAP net revenues increased 50% year-over-year to $537.4 million and $534.8 million, respectively.
  • Advertising revenues increased 54% year-over-year to $454.1 million.
  • Non-advertising revenues increased 31% year-over-year to $83.3 million. Non-GAAP non-advertising revenues increased 32% year-over-year to $80.7 million.
  • Income from operations increased 44% year-over-year to $136.2 million. Non-GAAP income from operations increased 38% year-over-year to $159.1 million.
  • Net income attributable to SINA was $35.1 million, or $0.47 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $66.5 million, or $0.89 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.

Second Quarter 2018 Financial Results

For the second quarter of 2018, SINA reported net revenues of $537.4 million, an increase of 50% compared to $358.9 million for the same period last year. Non-GAAP net revenues for the second quarter of 2018 were $534.8 million, an increase of 50% compared to $356.3 million for the same period last year.

Advertising revenues for the second quarter of 2018 were $454.1 million, an increase of 54% compared to $295.2 million for the same period last year, primarily driven by an increase of $151.6 million, or 69% growth in Weibo advertising and marketing revenues.

Non-advertising revenues for the second quarter of 2018 were $83.3 million, an increase of 31% compared to $63.8 million for the same period last year. Non-GAAP non-advertising revenues for the second quarter of 2018 were $80.7 million, an increase of 32% compared to $61.2 million for the same period last year, benefiting from increased Weibo membership fees, revenue share from live broadcasting business, and revenues derived from SINA fin-tech businesses.

Gross margin for the second quarter of 2018 was 80%, compared to 74% for the same period last year. Advertising gross margin for the second quarter of 2018 was 82%, compared to 76% for the same period last year. The increase in advertising gross margin was mainly resulted from our revenue reporting changed from gross basis to net basis under the new accounting standard adopted. Non-advertising gross margin for the second quarter of 2018 was 69%, compared to 68% for the same period last year.

Operating expenses for the second quarter of 2018 totaled $294.7 million, compared to $171.9 million for the same period last year. Apart from the inclusion of marketing expense related to barter transactions recorded under the new accounting standard as illustrated below, the increase in operating expenses was primarily attributable to the increase in sales and marketing expenses for user acquisition of Weibo and SINA mobile apps, as well as the increase in personal costs for product development. Non-GAAP operating expenses for the second quarter of 2018 totaled $272.1 million, compared to $150.6 million for the same period last year.

Income from operations for the second quarter of 2018 was $136.2 million, an increase of 44% compared to $94.7 million for the same period last year. Operating margin was 25%, slightly down from 26% for the same period last year. Non-GAAP income from operations for the second quarter of 2018 was $159.1 million, an increase of 38% compared to $115.5 million for the same period last year. Non-GAAP operating margin was 30%, down from 32% for the same period last year.

Non-operating income for the second quarter of 2018 was $1.2 million, compared to a non-operating loss of $13.4 million for the same period last year. Non-operating income for the second quarter of 2018 included (i) a $20.1 million net interest and other income; (ii) a $16.4 million net loss on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measure; and (iii) a $2.5 million loss pick-up from equity-method investments, which is reported one quarter in arrears and is mainly resulted from the loss pick-up related to the Company's investment in Leju Holding Limited ("Leju"). Non-operating loss for the second quarter of 2017 included (i) a $101.0 million gains from disposing of certain marketable securities and other gains, which are excluded under non-GAAP measure; (ii) a $113.1 million of investment impairment write down of the Company's investment in Leju, which is excluded under non-GAAP measure; and (iii) a $5.3 million loss pick-up from equity-method investments.????

Income tax expenses for the second quarter of 2018 were $27.9 million, compared to $19.1 million for the same period last year, primarily owing to higher profitability with a relatively stable tax rates in our PRC operation.

Net income attributable to SINA's ordinary shareholders for the second quarter of 2018 was $35.1 million, compared to $23.4 million for the same period last year. Diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2018 was $0.47, compared to $0.31 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the second quarter of 2018 was $66.5 million, compared to $52.7 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2018 was $0.89, compared to $0.70 for the same period last year.

As of June 30, 2018, SINA's cash, cash equivalents and short-term investments totaled $2.7 billion, compared to $3.4 billion as of December 31, 2017. The decrease of SINA's cash, cash equivalents and short-term investments was mainly resulted from continued investment activities and the execution of the Company's share repurchase program. For the second quarter of 2018, net cash provided by operating activities was $16.4 million, capital expenditures totaled $162.1 million, and depreciation and amortization expenses amounted to $10.0 million.

Share Repurchase Program

On June 30, 2018, the Company has completed its $500 million share repurchase program which was approved in February 2016 by the Company's board of directors. As of June 30, 2018, the Company has repurchased approximately 3.4 million shares for approximately $302.6 million under the program.

SINA's board of directors has approved a new share repurchase plan whereby SINA is authorized to repurchase its own ordinary shares with an aggregate value of up to $500 million for a period through the end of December 2019. SINA expects to fund the repurchase out of its existing cash balance.? The share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant and will be implemented in accordance with applicable rules under the U.S. Securities Exchange Act of 1934, as amended.

Financial Impact from New Revenue Guidance

As the Company adopted new revenue guidance ASC Topic 606 on January 1, 2018, results for reporting periods beginning after January 1, 2018 are presented under Topic 606 ('New Basis'), while prior period amounts are not adjusted and continue to be reported under Topic 605 ('Old Basis') , which is the Company's historic accounting method.

The Company's current period reported results which reflected the impact from the adoption of the new revenue guidance are as follows:


Three months ended June 30, 2018


Adjustments


Old Basis
ASC 605

?VAT


Barter
Transaction


New Basis
ASC 606


($ In thousands, except for percentage)

Net revenues

540,106


(30,159)


27,413


537,360

? - Portal

120,788


(6,656)


672


114,804

? - Weibo

423,593


(23,745)


26,741


426,589

Cost of revenues

136,632


(30,159)


-


106,473

Operating expenses

268,639


-


26,069


294,708

?? - Sales and marketing

157,520


-


26,069


183,589

Income from operations

134,835


-


1,344


136,179

Gross margin

74.7%






80.2%

Operating margin

25.0%






25.3%

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 from operations, non-GAAP operating margin, non-GAAP net income attributable to SINA's ordinary shareholders and non-GAAP diluted net income per share attributable to SINA's ordinary shareholders. 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 related to the license granted to Leju, stock-based compensation, 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, deemed disposal, fair value changes and impairment on investment, and income tax effects of above non-GAAP to GAAP reconciling items and adjustment for non-GAAP to GAAP reconciling items for the income 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 8:10 a.m.8:40 a.m. Eastern Time on August 8, 2018 (or 8:10 p.m.8:40 p.m. Beijing Time on August 8, 2018) 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://ir-sina-com.homepach.com. 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:

3381946

A replay of the conference call will be available through morning Eastern Time August 16, 2018. The dial-in number is +61 2 9003 4211. The passcode for the replay is 3381946.

About SINA

SINA is a leading online media company serving China and the global Chinese communities. Its 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 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 mobile provides news information, professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.

Weibo is a leading social media platform for people to create, distribute and discover content. Based on an open platform architecture, Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world.

Through these properties and other product lines, SINA offer an array of online media and social media services to its 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 fin-tech products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties, such as 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 2017 annual reports on Form 20-F 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,




2018


2017


2018


2018


2017


Net revenues(1):











??? Advertising

$ ? ? ? ? ? ? ? ? ? 454,091


$ ? ? ? ? ? ? ? ? ? 295,153


$ ? ? ? ? ? ? ? ? ? 367,081


$ ? ? ? ? ? ? ? ?821,172


$ ? ? ? ? ? ? ? ?523,152


??? Non-advertising

83,269


63,779


73,671


156,940


113,845




537,360


358,932


440,752


978,112


636,997


Cost of revenues(1)(2):











??? Advertising??

80,583


72,211


83,115


163,698


139,879


??? Non-advertising

25,890


20,113


25,592


51,482


39,017




106,473


92,324


108,707


215,180


178,896


Gross profit

430,887


266,608


332,045


762,932


458,101














Operating expenses:











??? Sales and marketing (1)(2)

183,589


83,408


139,687


323,276


151,491


??? Product development (2)

83,877


63,486


85,137


169,014


117,906


??? General and administrative (2)

27,242


25,036


33,932


61,174


49,059




294,708


171,930


258,756


553,464


318,456


Income from operations

136,179


94,678


73,289


209,468


139,645














Non-operating income (loss):











?? Loss from equity method investments, net

(2,527)


(5,265)


(1,772)


(4,299)


(2,122)


?? Gain on sale of investments, fair value changes and impairment
???? on investments, net (3)

(16,396)


(16,315)


7,226


(9,170)


(432)


?? Interest and other income, net

20,116


8,225


17,098


37,214


19,458




1,193


(13,355)


22,552


23,745


16,904














Income before income taxes

137,372


81,323


95,841


233,213


156,549


Income tax expense

(27,858)


(19,135)


(18,750)


(46,608)


(32,961)














Net income

109,514


62,188


77,091


186,605


123,588


?? Less: Net income attributable to non-controlling interests

74,462


38,798


48,397


122,859


61,674














Net income attributable to SINA's ordinary shareholders

$ ? ? ? ? ? ? ? ? ? ? 35,052


$ ? ? ? ? ? ? ? ? ? ? 23,390


$ ? ? ? ? ? ? ? ? ? ? 28,694


$ ? ? ? ? ? ? ? ? ?63,746


$ ? ? ? ? ? ? ? ? ?61,914


























Basic net income per share

$ ? ? ? ? ? ? ? ? ? ? ? ? 0.49


$ ? ? ? ? ? ? ? ? ? ? ? ? 0.33


$ ? ? ? ? ? ? ? ? ? ? ? ? 0.40


$ ? ? ? ? ? ? ? ? ? ? ?0.89


$ ? ? ? ? ? ? ? ? ? ? ?0.87


Diluted net income per share (4)

$ ? ? ? ? ? ? ? ? ? ? ? ? 0.47


$ ? ? ? ? ? ? ? ? ? ? ? ? 0.31


$ ? ? ? ? ? ? ? ? ? ? ? ? 0.38


$ ? ? ? ? ? ? ? ? ? ? ?0.85


$ ? ? ? ? ? ? ? ? ? ? ?0.83














Shares used in computing basic net income per share

71,210


71,197


71,440


71,324


71,078














Shares used in computing diluted net income per share

73,553


73,890


74,036


73,793


73,667


























(1) ?On January 1, 2018, the Company adopted ASC 606 Revenue from Contracts with Customers using the modified retrospective method,which means that prior periods amount will be reported on a
historical basis and amounts for 2018 are reported on the new basis. Under the new accounting standard, the main impact to the Company is that it now reports revenue net of value added tax and
recognizes revenues and expenses at fair value for advertising barter transactions.














(2) ?Stock-based compensation in each category:












Cost of revenues

$ ? ? ? ? ? ? ? ? ? ? ? 2,890


$ ? ? ? ? ? ? ? ? ? ? ? 2,106


$ ? ? ? ? ? ? ? ? ? ? ? 2,541


$ ? ? ? ? ? ? ? ? ? ?5,431


$ ? ? ? ? ? ? ? ? ? ?4,336



Sales and marketing

6,474


5,269


4,880


11,354


9,852



Product development

7,735


6,668


7,487


15,222


13,658



General and administrative

6,915


8,143


7,408


14,323


15,530














(3) ?The Company adopted ASU 2016-1, Classification and Measurement of Financial Instruments beginning the first quarter of fiscal year 2018. After the adoption of this new accounting update, the
Company will measure long-term investments other than equity method investments at fair value through earnings.? The Company recognized $8.7 million of loss from fair value changes in the investments
for the three months ended June 30, 2018.? For those investments without readily determinable fair values, the Company will elect to record these investments at cost, less impairment, and plus or minus
subsequent adjustments for observable price changes. Changes in the basis of these investments will be reported in current earnings.?














(4)? Net income attributable to SINA's ordinary shareholders 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,





2018



2017



Assets



Current assets:








Cash and cash equivalents


$ ? ? ? ? ? ? ? ?1,049,225



$ ? ? ? ? ? ? ? 1,990,552



Short-term investments


1,647,969



1,381,991



Restricted cash


137,806



216,151



Accounts receivable, net


398,654



285,681



Prepaid expenses and other current assets


458,402



228,238



????? Subtotal


3,692,056



4,102,613










Property and equipment, net


259,627



262,676


Goodwill and intangible assets, net


270,366



104,207


Long-term investments (1)


1,458,380



1,288,816


Other assets


94,307



57,082


Total assets


$ ? ? ? ? ? ? ? ?5,774,736



$ ? ? ? ? ? ? ? 5,815,394











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$ ? ? ? ? ? ? ? ? ? 138,680



$ ? ? ? ? ? ? ? ? ?130,431



Amount due to customers


137,806



216,151



Accrued expenses and other current liabilities


478,363



446,779



Short-term bank loan


87,278



89,309



Convertible debt?


153,085



153,092



Deferred revenues


144,520



134,580



Income taxes payable


80,948



102,458



???? Subtotal


1,220,680



1,272,800










Convertible debt


882,054



879,983


Long-term deferred revenues


48,965



54,372


Other long-term liabilities


8,279



8,510



???? Total liabilities


2,159,978



2,215,665










Shareholders' equity








SINA shareholders' equity (1)?


2,738,678



2,846,842



Non-controlling interests


876,080



752,887



???? Total shareholders' equity?


3,614,758



3,599,729










Total liabilities and shareholders' equity


$ ? ? ? ? ? ? ? ?5,774,736



$ ? ? ? ? ? ? ? 5,815,394










(1)The Company adopted ASU 2016-1, Classification and Measurement of Financial Instruments beginning the first quarter of
fiscal year 2018. After the adoption of this new accounting update, the Company will measure long-term investments other than
equity method investments at fair value through earnings.? For those investments without readily determinable fair values, the
Company will elect to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable
price changes. Changes in the basis of these investments will be reported in current earnings. The cumulative impact arising from
the adoption was a credit to retained earnings as of January 1, 2018 of $49.0 million.

?

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)













Three months ended


Six months ended



June 30,


March 31,


June 30,



2018


2017


2018


2018


2017













Net revenues











Portal:











Portal Advertising

$ ? ? ? ? ? ? ? ? 84,173


$ ? ? ? ? ? ? ? ? 77,931


$ ? ? ? ? ? ? ? ? 64,132


$ ? ? ? ? ? ? ? 148,305


$ ? ? ? ? ? ? ? 137,722


Other

30,631


28,746


26,774


57,405


48,908


Subtotal

114,804


106,677


90,906


205,710


186,630













Weibo:











Advertising and marketing

369,942


218,340


302,949


672,891


387,637


Weibo VAS

56,647


35,033


46,934


103,581


64,937


?????Subtotal

426,589


253,373


349,883


776,472


452,574













Elimination

(4,033)


(1,118)


(37)


(4,070)


(2,207)



$ ? ? ? ? ? ? ? 537,360


$ ? ? ? ? ? ? ? 358,932


$ ? ? ? ? ? ? ? 440,752


$ ? ? ? ? ? ? ? 978,112


$ ? ? ? ? ? ? ? 636,997













Cost of revenues











Portal:











Portal Advertising

$ ? ? ? ? ? ? ? ? 28,546


$ ? ? ? ? ? ? ? ? 27,647


$ ? ? ? ? ? ? ? ? 29,373


$ ? ? ? ? ? ? ? ? 57,919


$ ? ? ? ? ? ? ? ? 55,129


Other

20,146


14,368


16,469


36,615


27,070


Subtotal

48,692


42,015


45,842


94,534


82,199













Weibo

61,790


50,372


62,902


124,692


96,822













Elimination

(4,009)


(63)


(37)


(4,046)


(125)



$ ? ? ? ? ? ? ?106,473


$ ? ? ? ? ? ? ? ?92,324


$ ? ? ? ? ? ? ? 108,707


$ ? ? ? ? ? ? ? 215,180


$ ? ? ? ? ? ? ? ?178,896













Gross margin











?????Portal

58%


61%


50%


54%


56%


?????Weibo

86%


80%


82%


84%


79%



80%


74%


75%


78%


72%













?

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



June 30, 2018


June 30, 2017


March 31, 2018







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$ ? ?454,091




$ ? ?454,091


$ ? ?295,153




$ ? ?295,153


$ ? ?367,081




$ ? ?367,081

Non-advertising revenues

83,269


(2,609)

?(a)?

80,660


63,779


(2,609)

?(a)?

61,170


73,671


(2,609)

?(a)?

71,062

Net revenues

$ ? ? 537,360


$ ? ? ? ? ? ?(2,609)


$ ? ? 534,751


$ ? ? 358,932


$ ? ? ? ? ? ?(2,609)


$ ? ? 356,323


$ ? ? 440,752


$ ? ? ? ? ? ?(2,609)


$ ? ? 438,143
























(2,609)

?(a)?





(2,609)

?(a)?





(2,609)

?(a)?






2,890

?(b)?





2,106

?(b)?





2,541

?(b)?


Gross profit

$ ? ? 430,887


$ ? ? ? ? ? ? ? ? ?281


$ ? ? 431,168


$ ? ? ?266,608


$ ? ? ? ? ? ? ? ?(503)


$ ? ? 266,105


$ ? ? 332,045


$ ? ? ? ? ? ? ? ? ?(68)


$ ? ? 331,977
























(21,124)

?(b)?





(20,080)

?(b)?





(19,775)

?(b)?






(1,523)

?(c)?





(1,227)

?(c)?





(1,635)

?(c)?


Operating expenses

$ ? ? 294,708


$ ? ? ? ? ? ?(22,647)


$ ? ? 272,061


$ ? ? ?171,930


$ ? ? ? ? ? ?(21,307)


$ ? ? 150,623


$ ? ? 258,756


$ ? ? ? ? ? ?(21,410)


$ ? ? 237,346
























(2,609)

?(a)?





(2,609)

?(a)?





(2,609)

?(a)?






24,014

?(b)?





22,186

?(b)?





22,316

?(b)?






1,523

?(c)?





1,227

?(c)?





1,635

?(c)?


Income from operations

$ ? ? 136,179


$ ? ? ? ? ? ? 22,928


$ ? ? 159,107


$ ? ? ? ?94,678


$ ? ? ? ? ? ? 20,804


$ ? ? 115,482


$ ? ? ? 73,289


$ ? ? ? ? ? ? 21,342


$ ? ? ? 94,631
























(2,609)

?(a)?











(2,609)

?(a)?






24,014

?(b)?





(2,609)

?(a)?





22,316

?(b)?






1,523

?(c)?





22,186

?(b)?





1,635

?(c)?






40

?(d)?





1,227

?(c)?





(451)

?(d)?






16,396

?(e)?





75

?(d)?





(7,226)

(e)






(8,849)

(f)





16,315

?(e)?





(8,183)

?(f)?






1,035

?(g)?





(7,745)

?(f)?





1,035

?(g)?






(85)

?(h)?





(180)

?(h)?





21

?(h)?


Net income attributable to SINA's ordinary shareholders

$ ? ? ? 35,052


$ ? ? ? ? ? ? 31,465


$ ? ? ? 66,517


$ ? ? ? ?23,390


$ ? ? ? ? ? ? 29,269


$ ? ? ? 52,659


$ ? ? ? 28,694


$ ? ? ? ? ? ? ? 6,538


$ ? ? ? 35,232







































Diluted net income per share *

$ ? ? ? ? ? 0.47




$ ? ? ? ? ? 0.89


$ ? ? ? ? ? ?0.31




$ ? ? ? ? ? 0.70


$ ? ? ? ? ? 0.38




$ ? ? ? ? ? 0.47




















Shares used in computing diluted net income? per share

73,553


-


73,553


73,890


-


73,890


74,036


-


74,036







































Gross margin - advertising

82%


1%


83%


76%


-


76%


77%


1%


78%

Gross margin - non-advertising

69%


-1%


68%


68%


-1%


67%


65%


-1%


64%

Operating margin

25%


5%


30%


26%


6%


32%


17%


5%


22%






















?Six months ended?









June 30, 2018


June 30, 2017













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results


























Advertising revenues

$ ? ? 821,172




$ ? ? 821,172


$ ? ? ?523,152




$ ? ? 523,152







Non-advertising revenues

156,940


(5,218)

?(a)?

151,722


113,845


(5,218)

?(a)?

108,627







Net revenues

$ ? ? 978,112


$ ? ? ? ? ? ? ?(5,218)


$ ? ? 972,894


$ ? ? ?636,997


$ ? ? ? ? ? ? ?(5,218)


$ ? ? 631,779






























(5,218)

?(a)?





(5,218)

?(a)?












5,431

?(b)?





4,336

?(b)?








Gross profit

$ ? ? 762,932


$ ? ? ? ? ? ? ? ? ?213


$ ? ? 763,145


$ ? ? ?458,101


$ ? ? ? ? ? ? ? ? (882)


$ ? ? 457,219






























(40,899)

?(b)?





(39,040)

?(b)?












(3,158)

?(c)?





(1,382)

?(c)?








Operating expenses

$ ? ? 553,464


$ ? ? ? ? ? ?(44,057)


$ ? ? 509,407


$ ? ? ?318,456


$ ? ? ? ? ? ?(40,422)


$ ? ? 278,034






























(5,218)

?(a)?





(5,218)

?(a)?












46,330

?(b)?





43,376

?(b)?












3,158

?(c)?





1,382

?(c)?








Income from operations

$ ? ? 209,468


$ ? ? ? ? ? ? 44,270


$ ? ? 253,738


$ ? ? ?139,645


$ ? ? ? ? ? ? 39,540


$ ? ? 179,185






























(5,218)

?(a)?


















46,330

?(b)?





(5,218)

?(a)?












3,158

?(c)?





43,376

?(b)?












(411)

(d)





1,382

?(c)?












9,170

?(e)?





299

?(d)?












(17,032)

?(f)?





432

?(e)?












2,070

?(g)?





(13,239)

?(f)?












(64)

?(h)?





1,292

?(h)?








Net income attributable to SINA's ordinary shareholders

$ ? ? ? 63,746


$ ? ? ? ? ? ? 38,003


$ ? ? 101,749


$ ? ? ? ?61,914


$ ? ? ? ? ? ? 28,324


$ ? ? ? 90,238













































Diluted net income per share *

$ ? ? ? ? ? 0.85




$ ? ? ? ? ? 1.35


$ ? ? ? ? ? ?0.83




$ ? ? ? ? ? 1.21


























Shares used in computing diluted net income per share

73,793


-


73,793


73,667


-


73,667













































Gross margin - advertising

80%


1%


81%


73%


1%


74%







Gross margin - non-advertising

67%


-1%


66%


66%


-2%


64%







Operating margin

21%


5%


26%


22%


6%


28%


























(a)? To exclude the recognition of deferred revenue related to the license granted to Leju.

















(b)? To exclude stock-based compensation.


















(c)? To adjust amortization of intangible assets.


















(d)? 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.









(e)? To exclude (gain) loss on sale of investments, (gain) loss on deemed disposal, fair value changes and impairment on investments, net.












(f)? To exclude Non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests.















(g)? To exclude the amortization of convertible debt issuance cost.


















(h)? To exclude the provision (benefit) for income tax related to item (c) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.**





























*?

Net income attributable to SINA's ordinary shareholders 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, valuation allowances were
made for those differences 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



June 30, 2018


June 30, 2017


March 31, 2018



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To exclude stock-based compensation



$ ? ? ? ? ? ? ? ? ?833






$ ? ? ? ? ? ? ? ? ?736






$ ? ? ? ? ? ? ? ? ?584




To exclude amortization of intangible?



















? assets resulting from business acquisitions



1,115






1,035






1,123




To?exclude?(gain) loss?on?disposal and impairment on investments, net



75






(1,319)






1,669




To exclude gain resulting from the fair value changes in?



















? investments, net



(1,313)






(637)






(3,339)




To exclude tax impacts related to amortization of intangible assets



(253)






(143)






(178)




Loss from equity method investments, net

$ ? ? ? (2,944)


$ ? ? ? ? ? ? ? ? ?457


$ ? ? ? (2,487)


$ ? ? ? ?(4,862)


$ ? ? ? ? ? ? ? ? (328)


$ ? ? ? (5,190)


$ ? ? ? (2,082)


$ ? ? ? ? ? ? ? ? (141)


$ ? ? ? (2,223)


Share of amortization of equity investments'?



















? intangibles not on their books

351


(351)


-


(523)


523


-


224


(224)


-


Share of tax impacts related to amortization of?



















? equity investments' intangibles not on their books

66


(66)


-


120


(120)


-


86


(86)


-



$ ? ? ? (2,527)


$ ? ? ? ? ? ? ? ? ? ?40


$ ? ? ? (2,487)


$ ? ? ? ? (5,265)


$ ? ? ? ? ? ? ? ? ? ?75


$ ? ? ? (5,190)


$ ? ? ? (1,772)


$ ? ? ? ? ? ? ? ? (451)


$ ? ? ? (2,223)









































?Six months ended?









June 30, 2018


June 30, 2017













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results



























To exclude stock-based compensation



$ ? ? ? ? ? ? ? 1,417






$ ? ? ? ? ? ? ? 1,056










To exclude amortization of intangible?



















? assets resulting from business acquisitions



2,238






1,137










To?exclude?(gain) loss?on?disposal and impairment on investments, net



1,744






(1,640)










To exclude gain resulting from the fair value changes in?



















? investments, net



(4,652)






(598)










To exclude tax impacts related to amortization of intangible assets



(431)






(164)










Loss from equity method investments, net

$ ? ? ? (5,026)


$ ? ? ? ? ? ? ? ? ?316


$ ? ? ? (4,710)


$ ? ? ? ? (1,614)


$ ? ? ? ? ? ? ? ? (209)


$ ? ? ? (1,823)








Share of amortization of equity investments'?



















? intangibles not on their books

575


(575)


-


(648)


648


-








Share of tax impacts related to amortization of?



















? equity investments' intangibles not on their books

152


(152)


-


140


(140)


-









$ ? ? ? (4,299)


$ ? ? ? ? ? ? ? ? (411)


$ ? ? ? (4,710)


$ ? ? ? ? (2,122)


$ ? ? ? ? ? ? ? ? ?299


$ ? ? ? (1,823)














































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

















?

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SOURCE SINA Corporation

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