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SINA Reports Fourth Quarter 2012 Financial Results

SHANGHAI, Feb. 19, 2013 /PRNewswire/ -- SINA Corporation (NASDAQ GS: SINA), a leading online media company serving China and the global Chinese communities, today announced its unaudited financial results for the fourth quarter ended December 31, 2012.

Fourth Quarter 2012 Highlights

  • Net revenues increased 4% year over year to $139.1 million.  Non-GAAP net revenues  increased 4% year over year to $134.4 million, within the Company's guidance between $132.0 million and $136.0 million.
  • Advertising revenues grew 7% year over year to $110.7 million, within the Company's guidance between $110.0 million and $112.0 million.
  • Non-advertising revenues decreased 4% year over year to $28.5 million.  Non-GAAP non-advertising revenues decreased 5% year over year to $23.8 million, reaching the high end of the Company's guidance between $22.0 million and $24.0 million
  • Net income attributable to SINA was $2.4 million, or $0.03 diluted net income per share attributable to SINA.  Non-GAAP net income attributable to SINA was $9.0 million, or $0.13 non-GAAP diluted net income per share attributable to SINA. 

Fiscal 2012 Highlights

  • Net revenues increased 10% year over year to $529.3 million.  Non-GAAP net revenues increased 10% year over year to $510.6 million.
  • Advertising revenues grew 12% year over year to $412.9 million.
  • Non-advertising revenues increased 2% year over year to $116.4 million.  Non-GAAP non-advertising revenues increased 2% year over year to $97.7 million
  • Net income attributable to SINA was $31.7 million, or $0.47 diluted net income per share attributable to SINA.  Non-GAAP net income attributable to SINA was $10.4 million, or $0.15 non-GAAP diluted net income per share attributable to SINA. 

"2012 was a year of investment for SINA.  We are delighted that Weibo continued to gain popularity and Weibo monetization was off to a good start," said Charles Chao, CEO and Chairman of SINA.  "In 2013, we will continue to improve user experience and expand the scale of Weibo monetization, while turn our focus to mobile Internet for all of our major product lines."

Fourth Quarter 2012 Financial Results

For the fourth quarter of 2012, SINA reported net revenues of $139.1 million, compared to $133.4 million for the same period last year.  Non-GAAP net revenues for the fourth quarter of 2012 totaled $134.4 million, compared to $128.7 million for the same period last year. 

Online advertising revenues for the fourth quarter of 2012 were $110.7 million, compared to $103.7 million for the same period last year.  Non-advertising revenues for the fourth quarter of 2012 totaled $28.5 million, compared to $29.7 million for the same period last year.  Mobile value-added services ("MVAS") revenues for the fourth quarter of 2012 decreased 38% year over year to $13.2 million, while the rest of non-GAAP non-advertising revenues grew 181% to $10.6 million, mainly from Weibo value added services ("VAS").  As the market in China shifts towards mobile Internet, the Company expects to further reallocate its resources away from the low-margin MVAS business to Weibo VAS.

Gross margin for the fourth quarter of 2012 was 57%, compared to 54% for the same period last year.  Advertising gross margin for the fourth quarter of 2012 was 56%, the same as the corresponding period last year.  Non-GAAP advertising gross margin for the fourth quarter of 2012 was 57%, also the same as last year.  MVAS gross margin for the fourth quarter of 2012 was 45%, compared to 35% for the same period last year, due to a shift in product mix.

Operating expenses for the fourth quarter of 2012 totaled $73.8 million, compared to $66.7 million for the same period last year.  Non-GAAP operating expenses for the fourth quarter of 2012 were $69.0 million, compared to $62.3 million for the same period last year. The increase in non-GAAP operating expenses was primarily due to higher personnel costs, lease expenses and infrastructure spending, which were partially offset by lower marketing expenditures.

Income from operations for the fourth quarter of 2012 was $5.6 million, compared to $6.0 million for the same period last year.  Non-GAAP income from operations for the fourth quarter of 2012 was $6.4 million, compared to $6.7 million for the same period last year. 

Non-operating loss from for the fourth quarter of 2012 was $2.1 million, compared to a non-operating income of $3.8 million from the same period last year.  Non-operating loss in the fourth quarter of 2012 included $4.4 million in losses from equity investments, or $0.4 million in losses on a non-GAAP basis, which were accounted for under the equity-method accounting and reported on a one-quarter lagging basis.

Net income attributable to SINA for the fourth quarter of 2012 was $2.4 million, compared to $9.3 million for the same period last year.  Diluted net income per share attributable to SINA for the fourth quarter of 2012 was $0.03, compared to $ 0.14 for the same period last year.  Non-GAAP net income attributable to SINA for the fourth quarter of 2012 was $9.0 million, compared to $14.0 million for the same period last year.  Non-GAAP diluted net income per share attributable to SINA for the fourth quarter of 2012 was $0.13, compared to $0.21 for the same period last year.

As of December 31, 2012, SINA's cash, cash equivalents and short-term investments totaled $713.6 million, compared to $673.5 million as of December 31, 2011.  For the fourth quarter of 2012, cash provided by operating activities was $33.5 million, capital expenditures totaled $17.9 million and depreciation expenses amounted to $7.5 million.

Business Outlook

SINA estimates that its non-GAAP net revenues for the first quarter of 2013 will be between $115 million and $119 million, including advertising revenues to be between $94 million and $96 million, and non-GAAP non-advertising revenues to be between $21 million and $23 million.  Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of $4.7 million in deferred license revenues related to SINA's equity investment in E-House/CRIC.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP advertising gross margin, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income/(loss) from operations, non-GAAP equity earnings/(loss) from equity investments, 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.  Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

The Company's non-GAAP financial measures exclude certain items, including share-based compensation, amortization of intangible assets, recognition of deferred revenues and gain/loss resulting from the disposal, purchase or impairment of a business, investment or non-controlling interest in a subsidiary.  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 further believes 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.  Our 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.

Conference Call

SINA will host a conference call at 8 p.m. Eastern Standard Time on February 19, 2013 (or 9 a.m. Beijing Time on February 20, 2013) 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.  The conference call can be accessed as follows:

US:

+1 646 254 3515

Hong Kong:

+852 3051 2745

Passcode for all regions:

94957366

A replay of the conference call will be available through midnight Eastern Standard Time February 26, 2013.  The dial-in number is +61 2 8199 0299.  The pass code for the replay is 94957366.

About SINA

SINA is an online media company serving China and the global Chinese communities.  Our digital media network of SINA.com (portal), SINA.cn (mobile portal) and Weibo.com (social media) enable Internet users to access professional media and user generated content in multi-media formats from the web 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 range of complementary offerings.  SINA.cn provides information and entertainment content from SINA portal customized for WAP users.  Based on an open-platform architecture to host organically developed and third-party applications, Weibo.com is a form of social media, featuring micro-blogging services and social networking services that allow users to connect and share information anywhere, anytime and with anyone on our platform.

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 the "Business Outlook" section and 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.  SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere.  Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.  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; the current global financial and credit market crisis and its impact on the Chinese economy; the uncertain regulatory landscape in the People's Republic of China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and MVAS for a majority of its revenues; any failure to successfully develop, introduce, drive adoption of or monetize new features and products, including Weibo.com and MVAS products; the Company's reliance on mobile operators in China to provide MVAS, changes in mobile operators' policies for MVAS in China; any failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; and any 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, 2011 and other filings with the Securities and Exchange Commission.

Contact:

Investor Relations
SINA Corporation
Phone: 8610-82628888 x 3112
Email: [email protected]

 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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














Three months ended


Twelve months ended



December 31,


September 30,


December 31,



2012


2011


2012


2012


2011

Net revenues:










    Advertising

$              110,666


$                 103,655


$               120,590


$              412,928


$               368,805

    Non-advertising

28,460


29,714


31,788


116,401


114,024



139,126


133,369


152,378


529,329


482,829

Cost of revenues:










    Advertising  (a)

48,758


45,635


54,010


195,324


157,458

    Non-advertising

11,003


15,098


15,428


52,608


57,890



59,761


60,733


69,438


247,932


215,348

Gross profit

79,365


72,636


82,940


281,397


267,481












Operating expenses:










    Sales and marketing (a)

34,688


36,013


38,439


142,342


135,867

    Product development (a)

28,508


21,464


28,392


108,062


65,533

    General and administrative (a)

10,580


9,088


12,308


39,397


30,121

    Goodwill impairment



-




-


68,891

    Amortization of intangibles

12


107


12


144


731



73,788


66,672


79,151


289,945


301,143

Income/(loss) from operations

5,577


5,964


3,789


(8,548)


(33,662)












Non-operating income:










   Interest and other income, net

4,097


3,539


4,388


16,798


16,327

   Earning/(loss) from equity investments, net

(4,377)


225


883


(10,730)


1,466

   Gain on sale of /(impairment) on investments,net

(1,770)


-


3,004


37,065


(281,548)



(2,050)


3,764


8,275


43,133


(263,755)












Income/(loss) before income taxes

3,527


9,728


12,064


34,585


(297,417)

Provision for income taxes

(1,379)


(713)


(1,592)


(2,730)


(5,001)












Net income/(loss)

2,148


9,015


10,472


31,855


(302,418)

   Less: Net income/(loss) attributable to noncontrolling interest

(207)


(264)


594


117


(326)












Net income/(loss) attributable to SINA

$                   2,355


$                      9,279


$                    9,878


$                 31,738


$              (302,092)























Basic net income/(loss) per share attributable to SINA

$                     0.04


$                        0.14


$                      0.15


$                     0.48


$                     (4.64)

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

$                     0.03


$                        0.14


$                      0.14


$                     0.47


$                     (4.64)












Shares used in computing basic










   net income/(loss) per share attributable to SINA

66,585


66,021


66,496


66,401


65,121

Shares used in computing diluted










   net income/(loss) per share attributable to SINA

66,930


66,767


66,874


66,849


65,121























(a) Stock-based compensation in each category:











Cost of revenues - advertising

$                      731


$                      1,065


$                       865


$                   3,154


$                    3,346


Sales and marketing

1,022


1,068


1,187


3,729


3,155


Product development

830


1,132


1,011


3,776


3,082


General and administrative

2,953


2,030


3,267


8,699


7,024

 

 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)













December 31,



December 31,





2012



2011



Assets



Current assets:
















Cash and cash equivalents


$                199,826



$                513,980



Short-term investments


513,772



159,495



Accounts receivable, net


135,251



112,469



Other current assets


36,498



41,966



      Total current assets


885,347



827,910










Property and equipment, net


76,640



74,511


Goodwill and intangible assets, net


15,840



15,974


Investments


466,875



463,938


Other assets


38,204



9,114


Total assets


$             1,482,906



$             1,391,447











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$                     7,994



$                     8,854



Accrued liabilities


205,569



174,972



Income taxes payable


13,466



14,717



Convertible debt


-



2,200



     Total current liabilities


227,029



200,743










Long-term deferred revenue


107,784



126,529


Other long-term liabilities


2,220



1,826



     Total liabilities


337,033



329,098










Shareholders' equity








SINA shareholders' equity


1,136,670



1,055,670



Noncontrolling interest


9,203



6,679



     Total shareholders' equity


1,145,873



1,062,349










Total liabilities and shareholders' equity


$             1,482,906



$             1,391,447

 

 

SINA CORPORATION

UNAUDITED SEGMENT INFORMATION

(U.S. Dollars in thousands)














Three months ended


Twelve months ended



December 31,


September 30,


December 31,



2012


2011


2012


2012


2011












Net revenues











Advertising

$          110,666


$        103,655


$            120,590


$          412,928


$          368,805


Mobile related

13,243


21,281


19,079


69,008


83,457


Others

15,217


8,433


12,709


47,393


30,567



$          139,126


$        133,369


$            152,378


$          529,329


$          482,829












Cost of revenues











Advertising

$            48,758


$           45,635


$              54,010


$          195,324

#

$          157,458


Mobile related

7,218


13,783


12,262


41,935


53,235


Others

3,785


1,315


3,166


10,673


4,655



$            59,761


$           60,733


$              69,438


$          247,932


$          215,348













 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



December 31, 2012


December 31, 2011


September 30, 2012







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$    110,666




$    110,666


$      103,655




$    103,655


$    120,590




$    120,590

Non-advertising revenues

28,460


(4,686)

 (c)

23,774


29,714


(4,686)

 (c)

25,028


31,788


(4,687)

 (c)

27,101

Net revenues

$    139,126


$              (4,686)


$    134,440


$      133,369


$              (4,686)


$    128,683


$    152,378


$              (4,687)


$    147,691
























731

 (a)





1,065

 (a)





865

 (a)






(4,686)

 (c)





(4,686)

 (c)





(4,687)

 (c)


Gross profit

$      79,365


$              (3,955)


$      75,410


$        72,636


$              (3,621)


$      69,015


$      82,940


$              (3,822)


$      79,118











































(4,805)

 (a)





(4,230)

 (a)





(5,465)

 (a)






(12)

 (b)





(107)

 (b)





(12)

 (b)


Operating expenses

$      73,788


$              (4,817)


$      68,971


$        66,672


$              (4,337)


$      62,335


$      79,151


$              (5,477)


$      73,674











































5,536

 (a)





5,295

 (a)





6,330

 (a)






12

 (b)





107

 (b)





12

 (b)






(4,686)

 (c)





(4,686)

 (c)





(4,687)

 (c)


Income from operations

$        5,577


$                   862


$        6,439


$          5,964


$                   716


$        6,680


$        3,789


$               1,655


$        5,444
























5,536

 (a)











6,330

 (a)






12

 (b)





5,295

 (a)





12

 (b)






(4,686)

 (c)





107

 (b)





(4,687)

 (c)






4,002

 (d)





(4,686)

 (c)





3,138

 (d)






1,770

 (e)





3,958

 (d)





(3,004)

 (e)


Net income attributable to SINA

$        2,355


$               6,634


$        8,989


$          9,279


$               4,674


$      13,953


$        9,878


$               1,789


$      11,667







































Diluted net income per share attributable to SINA

$           0.03




$           0.13


$             0.14




$           0.21


$           0.14




$           0.17

Shares used in computing diluted


















   net income per share attributable to SINA

66,930


-


66,930


66,767


-

 (g)

66,767


66,874


-


66,874







































Gross margin - advertising

56%


1%


57%


56%


1%


57%


55%


1%


56%




























































Twelve months ended









December 31, 2012


December 31, 2011













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results


























Advertising revenues

$    412,928




$    412,928


$      368,805




$    368,805







Non-advertising revenues

116,401


(18,745)

 (c)

97,656


114,024


(18,745)

 (c)

95,279







Net revenues

$    529,329


$           (18,745)


$    510,584


$      482,829


$           (18,745)


$    464,084






























3,154

 (a)





3,346

 (a)












(18,745)

 (c)





(18,745)

 (c)








Gross profit

$    281,397


$           (15,591)


$    265,806


$      267,481


$           (15,399)


$    252,082




































(13,261)

 (a)












(16,204)

 (a)





(731)

 (b)












(144)

 (b)





(68,891)

 (f)








Operating expenses

$    289,945


$           (16,348)


$    273,597


$      301,143


$           (82,883)


$    218,260




































16,607

 (a)












19,358

 (a)





731

 (b)












144

 (b)





(18,745)

 (c)












(18,745)

 (c)





68,891

 (f)








Income/(loss) from operations

$       (8,548)


$                   757


$       (7,791)


$      (33,662)


$             67,484


$      33,822




































16,607

 (a)












19,358

 (a)





731

 (b)












144

 (b)





(18,745)

 (c)












(18,745)

 (c)





14,703

 (d)












14,935

 (d)





68,891

 (f)












(37,065)

 (e)





281,548

 (e)








Net income/(loss) attributable to SINA

$      31,738


$           (21,373)


$      10,365


$    (302,092)


$           363,735


$      61,643













































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

$           0.47




$           0.15


$           (4.64)




$           0.92







Shares used in computing diluted


















   net income/(loss) per share attributable to SINA

66,849


-


66,849


65,121


1,943

 (g)

67,064













































Gross margin - advertising

53%


0%

*

53%


57%


1%


58%













































(a)  To adjust stock-based compensation related to employee incentives.

















(b)  To adjust  amortization of intangible assets.


















(c)  To adjust the recognition of deferred revenue mostly related to the license agreements resulting from the CRIC Transaction.











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









(e)  To adjust gain on sale of/(impairment) on equity investments

















(f)  To adjust for impairment of MVAS goodwill


















(g)  To adjust the number of shares used in computing diluted net loss per share from diluted net income per share.














* Rounding





































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

































Three months ended



December 31, 2012


December 31, 2011


September 30, 2012



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To adjust stock-based compensation



$               2,274






$               1,617






$               2,046




To adjust amortization expenses of intangible



















  assets resulting from business acquisitions



1,287






1,605






749




Earning/(loss) from equity investments, net

$       (3,936)


$               3,561


$          (375)


$              961


$               3,222


$        4,183


$        1,226


$               2,795


$        4,021


Share of amortization of equity investments'



















  intangibles not on their books

$          (441)


$                   441


$               -


$            (736)


$                   736


$               -


$          (343)


$                   343


$               -



$       (4,377)


$               4,002


$          (375)


$              225


$               3,958


$        4,183


$            883


$               3,138


$        4,021









































Twelve months ended









December 31, 2012


December 31, 2011









Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results



























To adjust stock-based compensation



$               7,435






$               5,531










To adjust amortization expenses of intangible



















  assets resulting from business acquisitions



$               5,387






6,216










Earning/(loss) from equity investments, net

$       (8,617)


$             12,822


$        4,205


$          4,422


$             11,747


$      16,169








Share of amortization of equity investments'



















  intangibles not on their books

$       (2,113)


$               2,113


$               -


$         (2,956)


$               2,956


$               -









$    (10,730)


$             14,935


$        4,205


$          1,466


$             14,703


$      16,169

































































* Earning/(loss) from equity investments is recorded one quarter in arrears.















 

SOURCE SINA Corporation

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