omniture

SINA Reports Third Quarter 2019 Unaudited Financial Results

2019-11-14 17:30 5470

BEIJING, Nov. 14, 2019 /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 third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

  • Net revenues increased 1% year-over-year to $561.4 million. Non-GAAP net revenues increased 1% year-over-year to $558.8 million, representing an increase of 5% on a constant currency basis [1].
  • Advertising revenues decreased 5% year-over-year to $461.1 million.
  • Non-advertising revenues increased 37% year-over-year to $100.4 million. Non-GAAP non-advertising revenues increased 38% year-over-year to $97.7 million.
  • Net income attributable to SINA was $20.4 million, or $0.28 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $67.0 million, or $0.94 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.

[1] On a constant currency (non-GAAP) basis, we assume that the exchange rate in the third quarter of 2019 had been the same as it was in the third quarter of 2018, or RMB6.80=US$1.00.

Third Quarter 2019 Financial Results

For the third quarter of 2019, SINA reported net revenues of $561.4 million, an increase of 1% compared to $557.2 million for the same period last year. Non-GAAP net revenues for the third quarter of 2019 were $558.8 million, an increase of 1% compared to $554.6 million for the same period last year.

Advertising revenues for the third quarter of 2019 were $461.1 million, a decrease of 5% compared to $483.8 million for the same period last year, primarily due to a decline in portal advertising revenues and negative currency translation impact.

Non-advertising revenues for the third quarter of 2019 were $100.4 million, an increase of 37% compared to $73.4 million for the same period last year. Non-GAAP non-advertising revenues for the third quarter of 2019 were $97.7 million, an increase of 38% compared to $70.8 million for the same period last year. The year-over-year growth in non-advertising revenues was mainly attributable to increased revenues generated from SINA fin-tech businesses and revenues derived from Weibo's live streaming business acquired in the fourth quarter of 2018.

Gross margin for the third quarter of 2019 was 79%, compared to 80% for the same period last year. Advertising gross margin for the third quarter of 2019 was 83%, compared to 81% for the same period last year. Non-advertising gross margin for the third quarter of 2019 was 63%, down from 71% for the same period last year, resulted from the relatively lower gross margin of the acquired live streaming business of Weibo.

Operating expenses for the third quarter of 2019 totaled $305.4 million, compared to $316.0 million for the same period last year. Non-GAAP operating expenses for the third quarter of 2019 totaled $274.9 million, compared to $276.4 million for the same period last year.    

Income from operations for the third quarter of 2019 was $138.7 million, compared to $127.4 million for the same period last year. Operating margin was 25%, compared to 23% for the same period last year. Non-GAAP income from operations for the third quarter of 2019 was $170.0 million, compared to $168.1 million for the same period last year. Non-GAAP operating margin was 30%, flat year over year.

Non-operating loss for the third quarter of 2019 was $4.0 million, compared to a non-operating income of $77.3 million for the same period last year. Non-operating loss for the third quarter of 2019 included (i) a $25.5 million net loss on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measures; (ii) a $19.9 million net interest and other income; and (iii) a $1.6 million net earning from equity method investments, which is reported one quarter in arrears. Non-operating income for the third quarter of 2018 included (i) a $50.1 million net gain on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measures; (ii) a $17.1 million net interest and other income; and (iii) a $10.2 million net earning from equity method investments, which is reported one quarter in arrears and is mainly resulted from the earnings pick-up related to the Company's investment in Tian Ge Interactive Holding Limited.    

Income tax expenses for the third quarter of 2019 were $27.9 million, compared to $68.1 million for the same period last year, largely attributable to reversal of deferred tax charges recognized from the fair value changes of investments.

Net income attributable to SINA's ordinary shareholders for the third quarter of 2019 was $20.4 million, compared to $45.4 million for the same period last year. Diluted net income per share attributable to SINA's ordinary shareholders for the third quarter of 2019 was $0.28, compared to $0.62 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the third quarter of 2019 was $67.0 million, compared to $67.7 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the third quarter of 2019 was $0.94, compared to $0.93 for the same period last year.

As of September 30, 2019, SINA's cash, cash equivalents and short-term investments totaled $2.9 billion, compared to $2.3 billion as of December 31, 2018, mainly due to net proceeds received from Weibo's senior notes offering. For the third quarter of 2019, net cash provided by operating activities was $220.2 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $10.9 million.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP advertising 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. 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, goodwill and acquired intangibles impairment, adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments (net of share of amortization of intangibles not on their books), gain (loss) on sale of investment, deemed disposal, fair value changes and impairment on investment, adjustment for non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests, amortization of convertible debt and senior notes issuance cost, and income tax effects of above non-GAAP to GAAP reconciling items. 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 7:10 a.m.7:40 a.m. Eastern Time on November 14, 2019 (or 8:10 p.m.8:40 p.m. Beijing Time on November 14, 2019) 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. The conference call can be accessed as follows:

US:

+1 845 675 0437

Hong Kong: 

+852 3018 6771

Mainland China:

400 620 8038

International: 

+65 6713 5090

Passcode for all regions:

9785475

A replay of the conference call will be available through morning Eastern Time November 22, 2019. The dial-in number is +61 2 8199 0299. The passcode for the replay is 9785475.

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 adverse impacts on our financial results from equity pick-up, fair value changes 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 2018 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


Nine months ended



September 30,


June 30,


September 30,



2019


2018


2019


2019


2018

Net revenues:










    Advertising

$                461,095


$              483,806


$                  433,633


$            1,282,753


$           1,304,978

    Non-advertising

100,353


73,395


99,421


286,888


230,335



561,448


557,201


533,054


1,569,641


1,535,313

Cost of revenues(1):










    Advertising  

80,297


92,407


85,589


250,265


256,105

    Non-advertising

37,055


21,408


38,722


106,921


72,890



117,352


113,815


124,311


357,186


328,995

Gross profit

444,096


443,386


408,743


1,212,455


1,206,318












Operating expenses:










    Sales and marketing (1)

169,423


185,478


147,721


462,622


508,754

    Product development (1)

91,150


91,545


91,981


277,180


260,559

    General and administrative (1)

44,854


28,377


43,016


121,030


89,551

    Goodwill and acquired intangibles impairment

-


10,554


-


-


10,554



305,427


315,954


282,718


860,832


869,418

Income from operations

138,669


127,432


126,025


351,623


336,900












Non-operating income (loss):










    Earning (loss) from equity method investments, net

1,608


10,150


4,316


(10,329)


5,851

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

(25,549)


50,111


(315)


54,942


40,941

    Interest and other income, net

19,895


17,051


15,744


48,741


54,265



(4,046)


77,312


19,745


93,354


101,057












Income before income taxes

134,623


204,744


145,770


444,977


437,957

  Income tax expenses

(27,930)


(68,129)


(46,720)


(139,885)


(114,737)












Net income

106,693


136,615


99,050


305,092


323,220

     Less: Net income attributable to non-controlling interests

86,296


91,176


47,626


200,188


214,035












Net income attributable to SINA's ordinary shareholders

$                  20,397


$                45,439


$                     51,424


$               104,904


$               109,185























Basic net income per share

$                      0.29


$                    0.66


$                         0.74


$                     1.50


$                     1.55

Diluted net income per share (2)

$                      0.28


$                    0.62


$                         0.73


$                     1.49


$                     1.48












Shares used in computing basic net income per share

69,936


69,332


69,709


69,704


70,653












Shares used in computing diluted net income per share

70,019


71,322


69,944


69,909


72,962


































(1)Stock-based compensation in each category:











Cost of revenues

$                    3,448


$                  3,775


$                        2,620


$                   8,604


$                   9,206


Sales and marketing

6,426


7,414


6,031


18,077


18,768


Product development

10,655


11,205


8,415


28,724


26,427


General and administrative

12,342


9,012


11,200


34,520


23,335












(2)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)













September 30,



December 31,





2019



2018



Assets





Current assets:








 Cash and cash equivalents


$               2,272,871



$               1,545,800



 Short-term investments


593,272



799,534



 Restricted cash


137,629



97,032



 Accounts receivable, net


639,994



527,897



 Financing receivables, net (1)


222,175



-



 Prepaid expenses and other current assets


592,287



362,435



      Subtotal


4,458,228



3,332,698










Property and equipment, net


246,023



262,846


Operating lease right-of-use assets, net (2)


27,231



-


Goodwill and intangible assets, net


301,381



319,575


Long-term investments


2,288,849



1,889,843


Other assets


97,089



81,127


Total assets


$               7,418,801



$               5,886,089











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$                  177,261



$                  172,562



Amount due to customers


107,198



97,032



Accrued expenses and other current liabilities


678,728



540,807



Short-term bank loan


79,096



78,229



Deferred revenues


169,501



139,306



Short-term operating lease liabilities (2)


11,967



-



Funding debts  (1)


179,080



-



Income taxes payable


126,012



115,725



      Subtotal


1,528,843



1,143,661










Convertible debt


887,230



884,123


Senior notes


793,682



-


Long-term deferred revenues


35,826



43,652


Long-term operating lease liabilities(2)


16,255



-


Other long-term liabilities


103,643



51,781



      Total liabilities


3,365,479



2,123,217










Shareholders' equity








SINA shareholders' equity 


2,806,686



2,717,791



Non-controlling interests


1,246,636



1,045,081



      Total shareholders' equity 


4,053,322



3,762,872










Total liabilities and shareholders' equity


$               7,418,801



$               5,886,089










(1)In 2019, the Company set up trusts, which were administered by third-party trust company to invest in consumer loans to
the individual borrowers recommended by the Company. The trusts are considered as variable interest entities under ASC 810.
Accordingly, the financing receivables due from the borrowers and the loan payables to the third party investors of the trust
units are recorded on the Company's consolidated balance sheet as financing receivables and funding debts, respectively.  










(2)The Company adopted the new leasing guidance (ASU 2016-2) started from January 1, 2019, which requires that a lessee
recognize the assets and liabilities that arise from operating leases. The Company recognized a right-of-use asset and a liability
relating to lease payments (the Lease Liability) in the statements of financial position for lease contracts having terms beyond
12 months period.

 

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)












Three months ended


Nine months ended


September 30,


June 30,


September 30,


2019


2018


2019


2019


2018











Net revenues










Portal:










    Portal Advertising

$               50,105


$              74,533


$               62,973


$              159,974


$              222,838

    Other

50,365


26,707


43,740


129,021


84,112

    Subtotal

100,470


101,240


106,713


288,995


306,950











Weibo:










    Advertising and marketing

412,489


409,273


370,660


1,124,290


1,082,164

    Weibo VAS

55,264


50,898


61,176


174,476


154,479

        Subtotal

467,753


460,171


431,836


1,298,766


1,236,643











Elimination

(6,775)


(4,210)


(5,495)


(18,120)


(8,280)


$             561,448


$            557,201


$             533,054


$           1,569,641


$           1,535,313











Cost of revenues










Portal:










    Portal Advertising

$               22,996


$              30,501


$               25,011


$                69,667


$                88,420

    Other

26,161


17,508


22,823


65,868


54,123

    Subtotal

49,157


48,009


47,834


135,535


142,543











Weibo

73,471


70,016


81,972


238,260


194,708











Elimination

(5,276)


(4,210)


(5,495)


(16,609)


(8,256)


$             117,352


$            113,815


$             124,311


$              357,186


$              328,995











Gross margin










         Portal

51%


53%


55%


53%


54%

         Weibo

84%


85%


81%


82%


84%


79%


80%


77%


77%


79%











 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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






































Three months ended


September 30, 2019


September 30, 2018


June 30, 2019






Non-GAAP






Non-GAAP






Non-GAAP


Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results



















Advertising revenues

$    461,095




$    461,095


$    483,806




$    483,806


$    433,633




$    433,633

Non-advertising revenues

100,353


(2,609)

 (a) 

97,744


73,395


(2,609)

 (a) 

70,786


99,421


(2,609)

 (a) 

96,812

Net revenues

$    561,448


$         (2,609)


$    558,839


$    557,201


$        (2,609)


$    554,592


$    533,054


$        (2,609)


$    530,445






















(2,609)

 (a) 





(2,609)

 (a) 





(2,609)

 (a) 





3,448

 (b) 





3,775

 (b) 





2,620

 (b) 


Gross profit

$    444,096


$             839


$    444,935


$    443,386


$         1,166


$    444,552


$    408,743


$              11


$    408,754




























(27,631)

 (b) 











(29,423)

 (b) 





(1,354)

 (c) 





(25,646)

 (b) 





(1,073)

 (c) 





(10,554)

 (d) 





(1,107)

 (c) 


Operating expenses

$    305,427


$       (30,496)


$    274,931


$    315,954


$     (39,539)


$    276,415


$    282,718


$      (26,753)


$    255,965




























(2,609)

 (a) 











(2,609)

 (a) 





31,406

 (b) 





(2,609)

 (a) 





32,871

 (b) 





1,354

 (c) 





28,266

 (b) 





1,073

 (c) 





10,554

 (d) 





1,107

 (c) 


Income from operations

$    138,669


$        31,335


$    170,004


$     127,432


$       40,705


$    168,137


$    126,025


$        26,764


$    152,789




























(2,609)

 (a) 











(2,609)

 (a) 





31,406

 (b) 





(2,609)

(a)





32,871

 (b) 





1,354

 (c) 





28,266

 (b) 





1,073

 (c) 





10,554

 (d) 





1,107

 (c) 





4,279

 (e) 





(6,879)

 (e) 





(4,881)

 (e) 





25,549

 (f) 





(50,111)

 (f) 





315

(f)





(12,047)

(g)





(2,845)

 (g) 





(39,281)

 (g) 





1,360

 (h) 





1,035

(h)





1,037

 (h) 





(3,832)

 (i) 





40,311

 (i) 





18,605

 (i) 


Net income attributable to SINA's ordinary shareholders

$      20,397


$        46,644


$      67,041


$       45,439


$       22,216


$      67,655


$      51,424


$          2,559


$      53,983





































Diluted net income per share *

$          0.28




$          0.94


$           0.62




$          0.93


$          0.73




$          0.76



















Shares used in computing diluted net income  per share

70,019


-


70,019


71,322


-


71,322


69,944


-


69,944





































Gross margin - advertising

83%


0%


83%


81%


1%


82%


80%


1%


81%

Gross margin - non-advertising

63%


-1%


62%


71%


-1%


70%


61%


-1%


60%

Operating margin

25%


5%


30%


23%


7%


30%


24%


5%


29%




















 Nine months ended 








September 30, 2019


September 30, 2018












Non-GAAP






Non-GAAP








Actual


Adjustments


Results


Actual


Adjustments


Results

























Advertising revenues

$  1,282,753




$  1,282,753


$   1,304,978




$  1,304,978







Non-advertising revenues

286,888


(7,827)

 (a) 

279,061


230,335


(7,827)

 (a) 

222,508







Net revenues

$  1,569,641


$         (7,827)


$  1,561,814


$   1,535,313


$        (7,827)


$  1,527,486




























(7,827)

 (a) 





(7,827)

 (a) 











8,604

 (b) 





9,206

 (b) 








Gross profit

$  1,212,455


$             777


$  1,213,232


$   1,206,318


$         1,379


$  1,207,697


































(68,530)

 (b) 











(81,321)

 (b) 





(4,512)

 (c) 











(3,304)

 (c) 





(10,554)

 (d) 








Operating expenses

$     860,832


$       (84,625)


$     776,207


$      869,418


$     (83,596)


$     785,822


































(7,827)

 (a) 











(7,827)

 (a) 





77,736

 (b) 











89,925

 (b) 





4,512

 (c) 











3,304

 (c) 





10,554

 (d) 








Income from operations

$     351,623


$        85,402


$     437,025


$      336,900


$       84,975


$     421,875


































(7,827)

 (a) 











(7,827)

 (a) 





77,736

 (b) 











89,925

 (b) 





4,512

 (c) 











3,304

 (c) 





10,554

 (d) 











14,705

(e)





(7,290)

 (e) 











(54,942)

 (f) 





(40,941)

 (f) 











(58,764)

 (g) 





(19,877)

 (g) 











3,432

 (h) 





3,105

 (h) 











55,140

 (i) 





40,247

 (i) 








Net income attributable to SINA's ordinary shareholders

$      104,904


$        44,973


$     149,877


$      109,185


$       60,219


$     169,404











































Diluted net income per share *

$            1.49




$           2.10


$            1.48




$           2.28

























Shares used in computing diluted net income per share

69,909


-


69,909


72,962


-


72,962











































Gross margin - advertising

80%


1%


81%


80%


1%


81%







Gross margin - non-advertising

63%


-1%


62%


68%


-1%


67%







Operating margin

22%


6%


28%


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 goodwill and acquired intangibles impairment.

















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







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









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












(h)  To exclude the amortization of convertible debt and senior notes issuance cost.















(i)   To exclude the provision (benefit) for income tax related to item (c), (d) and (f). Other non-GAAP to GAAP reconciling items have no 
       income tax effect.**


























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









** The Company considered the tax implication arising from the reconciliation items, and those items recorded in entities
    in tax free jurisdictions were without relevant 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



September 30, 2019


September 30, 2018


June 30, 2019



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To exclude stock-based compensation



$               259






$                674






$              178




To exclude amortization of intangible assets resulting 

   from business acquisitions



 

1,048






 

1,079






 

1,048




To exclude loss on disposal and impairment on investments, net

815






1,245






90




To exclude (gain) loss resulting from the fair value changes in 
  
investments, net



2,837






(9,187)






(5,525)




To exclude tax impacts related to amortization of intangible assets

(245)






(263)






(244)




Earning (loss) from equity method investments, net

$     1,173


$            4,714


$      5,887


$      9,723


$           (6,452)


$      3,271


$      3,888


$          (4,453)


$        (565)


Share of amortization of equity investments' intangibles  

   not on their books

375


(375)


-


364


(364)


-


365


(365)


-


Share of tax impacts related to amortization of 

   equity investments' intangibles not on their books

60


(60)


-


63


(63)


-


63


(63)


-



$     1,608


$            4,279


$     5,887


$     10,150


$           (6,879)


$      3,271


$      4,316


$          (4,881)


$        (565)









































 Nine months ended 









September 30, 2019


September 30, 2018













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results



























To exclude stock-based compensation



$               724






$             2,091










To exclude amortization of intangible assets resulting 

   from business acquisitions



3,158






3,317










To exclude loss on disposal and impairment on investments, net

7,618






2,989










To exclude (gain) loss resulting from the fair value changes in 

   investments, net



5,227






(13,839)










To exclude tax impacts related to amortization of intangible assets

(737)






(694)










Earning (loss) from equity method investments, net

$  (11,614)


$          15,990


$     4,376


$       4,697


$           (6,136)


$     (1,439)








Share of amortization of equity investments' intangibles 

   not on their books

1,098


(1,098)


-


939


(939)


-








Share of tax impacts related to amortization of 

   equity investments' intangibles not on their books

187


(187)


-


215


(215)


-









$  (10,329)


$          14,705


$     4,376


$       5,851


$           (7,290)


$     (1,439)














































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

Cision View original content:http://www.prnewswire.com/news-releases/sina-reports-third-quarter-2019-unaudited-financial-results-300958219.html

Source: SINA Corporation
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