SINA Reports Third Quarter 2019 Unaudited Financial Results

BEIJING, Nov. 14, 2019 /PRNewswire/ -- SINA Corporation (the "Company" or "SINA") 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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