Sina releases unaudited financial results for the first quarter of 2018

新浪科技 · May 9, 2018 17:37

中国北京/ 2018年5月9日 — 服务于中国及全球华人社群的领先在线媒体公司新浪公司 (NASDAQ：SINA) 今日公布了截至2018年3月31日的第一季度未经审计的财务报告。

新浪董事长兼首席执行官曹国伟先生表示：“我们2018年的开局良好，微博的营收和利润强劲增长，这得益于用户规模扩大、平台效应增强和变现效率提升。微博平台集合了社交、移动和视频的特性，也持续受益于广告预算向上述特性平台转向的趋势。”曹国伟先生进一步指出：“新浪门户业务继续呈现复苏态势，增长主要来自于新浪媒体在移动货币化方面取得的进展。”

采用收入新准则

公司自2018年1月1日起按照修正追溯的方法开始采用收入新准则“客户合同收入”，适用的范围包含了在2018年1月1日尚未完成的合同。在修正追溯的方法下，对于那些在2018年1月1日之后公布的收入按照收入新准则进行编制（“新编制基础”），对于2018年1月1日之前公布的收入按照收入旧准则进行编制（“旧编制基础”）。新编制基础要求收入按照扣除相关的增值税（“增值税”）的净值列示而不是总额列示，导致收入和成本等额下降。另外，新编制基础对广告互换交易(以下简称“互换交易”)要求按照公允价值确认相关的收入和费用。

鉴于采用收入新准则，在2018年1月1日未完成的互换交易对期初未分配利润的影响约为减少30万美元。采用收入新准则对公司当期的财报业绩的影响列示如下：

2018年第一季度业绩焦点

净营收和非美国通用会计准则净营收较上年同期均增长59%，分别增至4.408亿美元、4.381亿美元。

广告营收较上年同期增长61%，至3.671亿美元。

非广告营收较上年同期增长47%，至7370万美元。非美国通用会计准则非广告营收较上年同期增长50%，至7110万美元。

运营利润较上年同期增长63%，至7330万美元。非美国通用会计准则运营利润较上年同期增长49%，至9460万美元。

新浪应占净利润为2870万美元，合每股摊薄净收益38美分。非美国通用会计准则新浪应占净利润为3520万美元，合每股摊薄净收益47美分。

2018年第一季度企业业绩

2018年第一季度净营收为4.408亿美元，较上年同期的2.781亿美元增长59%。 2018年第一季度非美国通用会计准则净营收为4.381亿美元，较上年同期的2.755亿美元增长59%。

2018年第一季度广告营收为3.671亿美元，较上年同期的2.280亿美元增长61%。第一季度广告营收的同比增加主要得益于微博广告和营销收入年对年增长1.337亿美元，增幅为79%。

2018年第一季度非广告营收为7370万美元，较上年同期的5010万美元增长47%。2018年第一季度非美国通用会计准则非广告营收为7110万美元，较上年同期的4750万美元增长50%。非广告营收的同比增长主要源自微博游戏和会员费收入增加，以及新浪金融科技业务的收入增长。

2018年第一季度毛利率为75%，上年同期为69%。2018年第一季度广告业务毛利率为77%，上年同期为70%。2018年第一季度非广告业务毛利率为65%，上年同期为62%。广告和非广告业务毛利率的增长均直接源自公司采用美国收入新准则。

2018年第一季度的运营开支为2.588亿美元，上年同期为1.465亿美元。除了新收入准则要求确认的互换交易相关的营销开支以外，第一季度运营开支的同比增长主要来自于营销活动的增加、微博和新浪新闻客户端用户获取成本的提升所导致的销售和营销支出增加，以及主要与人力成本相关的生产和研发开支的增长。2018年第一季度非美国通用会计准则运营开支为2.373亿美元，上年同期为1.274亿美元。

2018年第一季度的运营利润为7330万美元，较上年同期的4500万美元增长63%。 2018年第一季度运营利润率为17%，超过上年同期的16%。2018年第一季度非美国通用会计准则运营利润为9460万美元，较上年同期的6370万美元增长49%。2018年第一季度非美国通用会计准则运营利润率为22%，略低于上年同期的23%。

2018年第一季度非运营盈利为2260万美元，上年同期为3030万美元。2018年第一季度的非运营盈利包括 (1) 1710万美元的净利息和其他收入；(2) 出售投资、投资公允价值变动和投资减值导致的净收益720万美元，此收益不计入依据非美国通用会计准则计算的非运营盈利；(3) 180万美元的权益性投资亏损，该权益性投资的损益递延一个季度确认，主要源自公司对乐居控股有限公司（简称“乐居”）投资的亏损。2017年第一季度的非运营盈利包括 (1) 出售投资及投资减值相关的净收益为1590万美元，此收益不计入依据非美国通用会计准则计算的非运营盈利； (2) 由部分投资产生的500万美元分红收益和620万美元的利息收益；(3) 310万美元的权益性投资收益，该收益主要源自公司对天鸽互动控股有限公司的投资，该股权投资的收益或亏损根据权益法进行计算，收益或亏损递延一个季度确认。

2018年第一季度的所得税费用为1880万美元，上年同期为1380万美元。所得税费用的上升主要是因为公司国内盈利水平的提高以及稳定的国内有效税率。

2018年第一季度新浪普通股股东应占净利润2870万美元，上年同期为3850万美元。2018年第一季度新浪普通股股东应占每股摊薄净利润为38美分，上年同期为52美分。2018年第一季度非美国通用会计准则新浪普通股股东应占净利润为3520万美元，上年同期为3760万美元。2018年第一季度非美国通用会计准则新浪普通股股东应占每股摊薄净利润为47美分，上年同期为50美分。

截至2018年3月31日，新浪的现金、现金等价物及短期投资总额为34亿美元，与截至2017年12月31日的这一总额基本相当。2018年第一季度经营活动产生的净现金为5490万美元，资本性开支为3620万美元，折旧和摊销费用为950万美元。

电话会议

新浪公司定于美国东部时间2018年5月9日上午8点10分至8点40分（北京时间2018年5月9日晚8点10分至8点40分）召开电话会议，通报公司的财务和经营状况。用户可在公司网站http://ir.sina.com在线收听会议实况。本次电话会议的接入号码为：

美国：+1 845 675 0438

中国香港：+852 3018 6776

中国大陆：400 120 0654

其他地区：+65 6713 5440

密码：4788917

本次电话会议的实录回放将于美国东部时间2018年5月17日凌晨结束，听取实录的电话接入号码为：+61 2 9003 4211，密码：4788917。

新浪简介

新浪公司是一家服务于中国及全球华人社群的领先网络媒体公司。新浪通过门户网站新浪网（SINA.com）、新浪移动（移动门户及移动应用）和社交媒体微博（Weibo.com）组成的数字媒体网络，帮助广大用户通过电脑和移动设备获得专业媒体和用户自生成的多媒体内容并与友人进行兴趣分享。

新浪网：新浪网通过旗下多家地区性网站提供针对当地用户的特色专业内容，并提供一系列增值服务。新浪移动：我们通过移动应用和移动门户（SINA.CN）的方式为移动用户提供定制的新闻资讯、专业媒体和娱乐内容。

微博：微博是帮助人们创作、传播和发现中文内容的领先社交媒体平台。微博基于公开平台架构，提供简单、前所未有的方式使用户能够公开实时发表内容，与他人互动并与世界紧密相连。

新浪通过上述主营业务及其他业务线向广大用户提供一系列网络媒体和社交媒体服务，为企业和广告客户创立与其目标客户高效联系和沟通的丰富渠道。

联系人：

新浪公司

投资者关系部

电话：+ 86 10 5898 3336

电子邮件：ir@staff.sina.com.cn

Beijing, China / May 9, 2018-Sina, a leading online media company serving the Chinese community in China and around the worldThe company (NASDAQ:SINA) today released its unaudited financial results for the first quarter ended March 31, 2018.

Mr. Cao Guowei, Chairman and CEO of Sina, said: "We have a good start to 2018, Weibo Corp.Strong revenue and profit growth, thanks to the expansion of user scale, enhanced platform effect and improved liquidity efficiency. Weibo Corp platform combines the characteristics of social, mobile and video, and continues to benefit from the shift of advertising budget to the platform with these features. " Mr. Chao Guowei further pointed out: "Sina portal business continues to show a recovery, and the growth mainly comes from the progress made by Sina Media in mobile monetization."

Adopt new income criteria

Since January 1, 2018, the company has adopted the new revenue criterion "customer contract income" in accordance with the revised retroactive method, which covers contracts that have not yet been completed on January 1, 2018. Under the revised retroactive method, income published after 1 January 2018 is compiled in accordance with the new income guidelines ("new establishment basis"), income published before 1 January 2018 is compiled in accordance with the old income guidelines ("old establishment basis"). The new establishment basis requires income to be shown in terms of net value deducted from the relevant VAT ("VAT") rather than the total, resulting in a decrease in income and cost equivalents. In addition, the new basis for advertising swap transactions (hereinafter referred to as "swap transactions") requires recognition of relevant revenues and fees in accordance with fair value.

In view of the adoption of the new revenue guidelines, the impact of outstanding swap transactions on opening undistributed profits on 1 January 2018 was reduced by approximately $300000. The impact of the adoption of the new revenue standards on the company's current financial results is as follows:

Focus on performance in the first quarter of 2018

Net revenue and non-GAAP net revenue both rose 59% from a year earlier to $440.8 million and $438.1 million, respectively.

Advertising revenue rose 61% from a year earlier to $367.1 million.

Non-advertising revenue rose 47% from a year earlier to $73.7 million. Non-GAAP non-advertising revenue rose 50 per cent from a year earlier to $71.1 million.

Operating profit rose 63% from a year earlier to $73.3 million. Non-GAAP operating profit rose 49% from a year earlier to $94.6 million.

Sina's net profit attributable to it was $28.7 million, or 38 cents per diluted share. Sina's net profit attributable to non-GAAP was $35.2 million, or 47 cents per diluted net income per share.

Corporate performance in the first quarter of 2018

Net revenue in the first quarter of 2018 was $440.8 million, up 59 per cent from $278.1 million a year earlier. Non-GAAP net revenue in the first quarter of 2018 was $438.1 million, up 59 per cent from $275.5 million a year earlier.

Advertising revenue in the first quarter of 2018 was $367.1 million, up 61 per cent from $228 million a year earlier. The year-on-year increase in advertising revenue in the first quarter was mainly due to Weibo Corp's advertising and marketing revenue growing at an annual rate of $133.7 million, or 79 per cent.

Non-advertising revenue in the first quarter of 2018 was $73.7 million, up 47 per cent from $50.1 million a year earlier. Non-GAAP non-advertising revenue was $71.1 million in the first quarter of 2018, up 50 per cent from $47.5 million a year earlier. The year-on-year increase in non-advertising revenue was mainly due to increased revenue from Weibo Corp's games and membership fees, as well as revenue growth from Sina's financial technology business.

Gross profit margin in the first quarter of 2018 was 75%, compared with 69% in the same period last year. The gross profit margin of advertising in the first quarter of 2018 was 77%, compared with 70% in the same period last year. The gross profit margin of the non-advertising business in the first quarter of 2018 was 65%, compared with 62% in the same period last year. The increase in gross profit margins in both advertising and non-advertising businesses stems directly from the company's adoption of new US revenue guidelines.

Operating expenses were $258.8 million in the first quarter of 2018, compared with $146.5 million in the same period last year. In addition to the marketing expenses related to swap transactions that are required by the new revenue guidelines, the year-on-year increase in operating expenses in the first quarter was mainly due to an increase in marketing activities, higher acquisition costs for Weibo Corp and Sina News client users, and an increase in production and R & D expenses mainly related to labor costs. Non-GAAP operating expenses were $237.3 million in the first quarter of 2018, compared with $127.4 million in the same period last year.

Operating profit in the first quarter of 2018 was $73.3 million, up 63 per cent from $45 million a year earlier. Operating profit margin was 17% in the first quarter of 2018, up from 16% in the same period last year. Non-GAAP operating profit in the first quarter of 2018 was $94.6 million, up 49 per cent from $63.7 million a year earlier. Non-GAAP operating margins were 22% in the first quarter of 2018, down slightly from 23% in the same period a year earlier.

Non-operating profit in the first quarter of 2018 was $22.6 million, compared with $30.3 million in the same period last year. Non-operating earnings for the first quarter of 2018 include: (1) net interest and other income of $17.1 million; and (2) net income of $7.2 million from the sale of investments, changes in the fair value of investments and impairment of investments. this income is not included in non-operating earnings calculated in accordance with non-GAAP. (3) an equity investment loss of US $1.8 million, and the profit and loss of the equity investment was deferred for one quarter, mainly due to the company's response to Leju Holdings Ltd.Loss on investment of holding Co., Ltd. (referred to as "Leju Holdings Ltd"). Non-operating earnings for the first quarter of 2017 include (1) net income related to the sale of investments and investment impairment of $15.9 million, excluding non-operating earnings based on non-GAAP; (2) $5 million in dividends and $6.2 million in interest income from partial investments. (3) an equity investment income of US $3.1 million, which is mainly derived from the company's investment in Tianyi Interactive Holdings Limited. The gain or loss on the equity investment is calculated according to the equity method, and the gain or loss is deferred for one quarter.

Income tax expenses in the first quarter of 2018 were $18.8 million, compared with $13.8 million in the same period last year. The increase in income tax expenses is mainly due to the improvement of the company's domestic profitability and the stable domestic effective tax rate.

Net profit attributable to Sina's common shareholders in the first quarter of 2018 was $28.7 million, compared with $38.5 million a year earlier. The diluted net profit attributable to Sina common shareholders in the first quarter of 2018 was 38 cents per share, compared with 52 cents a year earlier. Net profit attributable to non-US GAAP Sina common shareholders was $35.2 million in the first quarter of 2018, compared with $37.6 million in the same period last year. The diluted net profit attributable to non-GAAP Sina common shareholders in the first quarter of 2018 was 47 cents per share, compared with 50 cents a year earlier.

Sina's cash, cash equivalents and short-term investments totaled $3.4 billion as of March 31, 2018, roughly the same as as of December 31, 2017. Net cash generated by operating activities in the first quarter of 2018 was $54.9 million, capital expenditure was $36.2 million, and depreciation and amortization expenses were $9.5 million.

Teleconferencing

Sina will hold a conference call from 08:10 to 08:40 (Beijing time, 08:10 to 08:40 on May 9, 2018) to brief the company on its financial and operating conditions. Users can listen to the live meeting online on the company's website http://ir.sina.com. The access number for this conference call is:

United States: + 1 845 675 0438

Hong Kong, China: + 852 3018 6776

Chinese mainland: 400 120 0654

Other regions: + 65 6713 5440

Password: 4788917

The live playback of the conference call will end in the early morning of May 17, 2018, EDT. The telephone access number to listen to the recording is + 612 9003 4211 and the password is 4788917.

Brief introduction of Sina

Sina is a leading online media company serving Chinese communities in China and around the world. Through a digital media network composed of portals SINA.com, Sina Mobile (mobile portals and mobile applications) and social media Weibo Corp (Weibo.com), Sina helps users gain access to professional media and user-generated multimedia content and share interests with friends through computers and mobile devices.

Sina: Sina provides professional content for local users through a number of regional websites, and provides a series of value-added services. Sina Mobile: we provide customized news, professional media and entertainment content for mobile users through mobile applications and SINA.CN.

Weibo Corp: Weibo Corp is a leading social media platform that helps people create, spread and discover Chinese content. Based on the open platform architecture, Weibo Corp provides a simple and unprecedented way for users to publicly publish content in real time, interact with others and connect closely with the world.

Through the above main business and other business lines, Sina provides a series of online media and social media services to the broad masses of users, creating rich channels for enterprises and advertisers to contact and communicate with their target customers efficiently.

Contact:

Sina Corp.

Investor Relations Department

Tel: + 86 10 5898 3336

Email: ir@staff.sina.com.cn

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

新浪发布2018年第一季度未经审计财报

Sina releases unaudited financial results for the first quarter of 2018

Risk Disclaimer

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