SINA Reports Second Quarter 2019 Unaudited Financial Results

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SINA Reports Second Quarter 2019 Unaudited Financial Results

BEIJING, Aug. 19, 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 second quarter ended June 30, 2019.

Second Quarter 2019 Highlights

  • Net revenues decreased 1% year-over-year to $533.1 million. Non-GAAP net revenues decreased 1% year-over-year to $530.4 million, representing an increase of 5% on a constant currency basis [1].
  • Advertising revenues decreased 5% year-over-year to $433.6 million.
  • Non-advertising revenues increased 19% year-over-year to $99.4 million. Non-GAAP non-advertising revenues increased 20% year-over-year to $96.8 million.
  • Net income attributable to SINA was $51.4 million, or $0.73 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $54.0 million, or $0.76 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 second quarter of 2019 had been the same as it was in the second quarter of 2018, or RMB6.40=US$1.00.

Second Quarter 2019 Financial Results

For the second quarter of 2019, SINA reported net revenues of $533.1 million, a decrease of 1% compared to $537.4 million for the same period last year. Non-GAAP net revenues for the second quarter of 2019 were $530.4 million, a decrease of 1% compared to $534.8 million for the same period last year.

Advertising revenues for the second quarter of 2019 were $433.6 million, a decrease of 5% compared to $454.1 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 second quarter of 2019 were $99.4 million, an increase of 19% compared to $83.3 million for the same period last year. Non-GAAP non-advertising revenues for the second quarter of 2019 were $96.8 million, an increase of 20% compared to $80.7 million for the same period last year. The year-over-year growth in non-advertising revenues was mainly attributable to the revenues derived from Weibo's live streaming business acquired in the fourth quarter of 2018 and increased revenues generated from SINA fin-tech businesses.

Gross margin for the second quarter of 2019 was 77%, compared to 80% for the same period last year. Advertising gross margin for the second quarter of 2019 was 80%, compared to 82% for the same period last year. Non-advertising gross margin for the second quarter of 2019 was 61%, down from 69% 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 second quarter of 2019 totaled $282.7 million, compared to $294.7 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2019 totaled $256.0 million, compared to $272.1 million for the same period last year. The year-over-year decrease in operating expenses was primarily attributable to a reduction in sales and marketing expenses through cost efficiency achieved in channel marketing campaigns.       

Income from operations for the second quarter of 2019 was $126.0 million, compared to $136.2 million for the same period last year. Operating margin was 24%, compared to 25% for the same period last year. Non-GAAP income from operations for the second quarter of 2019 was $152.8 million, compared to $159.1 million for the same period last year. Non-GAAP operating margin was 29%, compared to 30% for the same period last year.

Non-operating income for the second quarter of 2019 was $19.7 million, compared to $1.2 million for the same period last year. Non-operating income for the second quarter of 2019 included (i) a $15.7 million net interest and other income; (ii) a $4.3 million net earning from equity method investments, which is reported one quarter in arrears; and (iii) a $0.3 million net loss on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measures. Non-operating income for the second quarter of 2018 included (i) a $20.1 million net interest and other income; (ii) a $16.4 million net loss on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measures; and (iii) a $2.5 million net loss from equity method investments, which is reported one quarter in arrears.    

Income tax expenses for the second quarter of 2019 were $46.7 million, compared to $27.9 million for the same period last year, largely attributable to the deferred tax charges recognized from the fair value changes of investments.

Net income attributable to SINA's ordinary shareholders for the second quarter of 2019 was $51.4 million, compared to $35.1 million for the same period last year. Diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2019 was $0.73, compared to $0.47 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the second quarter of 2019 was $54.0 million, compared to $66.5 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2019 was $0.76, compared to $0.89 for the same period last year.

As of June 30, 2019, SINA's cash, cash equivalents and short-term investments totaled $2.0 billion, compared to $2.3 billion as of December 31, 2018. For the second quarter of 2019, net cash provided by operating activities was $128.6 million, capital expenditures totaled $5.0 million, and depreciation and amortization expenses amounted to $11.6 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 attributable to SINA's ordinary shareholders. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. 

The Company's non-GAAP financial measures exclude recognition of deferred revenues related to the license granted to Leju, stock-based compensation, amortization of intangible assets, adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments, gain (loss) on sale of investment, deemed disposal, fair value changes and impairment on investment, adjustment for non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests, amortization of convertible debt 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 8:10 a.m.8:40 a.m. Eastern Time on August 19, 2019 (or 8:10 p.m.8:40 p.m. Beijing Time on August 19, 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

China: 

400 620 8038

International: 

+65 6713 5090

Passcode for all regions:

8595969

A replay of the conference call will be available through morning Eastern Time August 27, 2019. The dial-in number is +61 2 8199 0299. The passcode for the replay is 8595969.

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


Six months ended



June 30,


March 31,


June 30,



2019


2018


2019


2019


2018

Net revenues:










    Advertising

$                  433,633


$                  454,091


$                  388,025


$               821,658


$               821,172

    Non-advertising

99,421


83,269


87,114


186,535


156,940



533,054


537,360


475,139


1,008,193


978,112

Cost of revenues(1):










    Advertising  

85,589


80,583


84,379


169,968


163,698

    Non-advertising

38,722


25,890


31,144


69,866


51,482



124,311


106,473


115,523


239,834


215,180

Gross profit

408,743


430,887


359,616


768,359


762,932












Operating expenses:










    Sales and marketing(1)

147,721


183,589


145,478


293,199


323,276

    Product development(1)

91,981


83,877


94,049


186,030


169,014

    General and administrative(1)

43,016


27,242


33,160


76,176


61,174



282,718


294,708


272,687


555,405


553,464

Income from operations

126,025


136,179


86,929


212,954


209,468












Non-operating income:










   Earning (loss) from equity method investments, net

4,316


(2,527)


(16,253)


(11,937)


(4,299)

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

(315)


(16,396)


80,806


80,491


(9,170)

   Interest and other income, net

15,744


20,116


13,102


28,846


37,214



19,745


1,193


77,655


97,400


23,745












Income before income taxes

145,770


137,372


164,584


310,354


233,213

Income tax expenses

(46,720)


(27,858)


(65,235)


(111,955)


(46,608)












Net income

99,050


109,514


99,349


198,399


186,605

   Less: Net income attributable to non-controlling interests

47,626


74,462


66,266


113,892


122,859












Net income attributable to SINA's ordinary shareholders

$                     51,424


$                     35,052


$                     33,083


$                  84,507


$                  63,746























Basic net income per share

$                         0.74


$                         0.49


$                         0.48


$                      1.21


$                      0.89

Diluted net income per share(2)

$                         0.73


$                         0.47


$                         0.46


$                      1.20


$                      0.85












Shares used in computing basic net income per share

69,709


71,210


69,461


69,586


71,324












Shares used in computing diluted net income per share

69,944


73,553


69,759


69,852


73,793


































(1) Stock-based compensation in each category:











Cost of revenues

$                         2,620


$                         2,890


$                         2,536


$                      5,156


$                      5,431


Sales and marketing

6,031


6,474


5,620


11,651


11,354


Product development

8,415


7,735


9,654


18,069


15,222


General and administrative

11,200


6,915


10,978


22,178


14,323












(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)












June 30,


December 31,





2019


2018



Assets






Current assets:







Cash and cash equivalents


$                 1,432,065


$                 1,545,800



Short-term investments


599,048


799,534



Restricted cash


117,065


97,032



Accounts receivable, net


613,796


527,897



Financing receivables, net(1)


216,090


-



Prepaid expenses and other current assets


570,784


362,435



      Subtotal


3,548,848


3,332,698









Property and equipment, net


256,837


262,846


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


32,820


-


Goodwill and intangible assets, net


315,867


319,575


Long-term investments


2,300,967


1,889,843


Other assets


67,708


81,127


Total assets


$                 6,523,047


$                 5,886,089










Liabilities and Shareholders' Equity






Current liabilities:







Accounts payable


$                     180,150


$                    172,562



Amount due to customers


89,445


97,032



Accrued expenses and other current liabilities


665,302


540,807



Short-term bank loan


70,838


78,229



Deferred revenues


153,609


139,306



Short-term operating lease liabilities(2)


14,675


-



Funding debts(1)


137,056


-



Income taxes payable


96,289


115,725



     Subtotal


1,407,364


1,143,661









Convertible debt


886,195


884,123


Long-term funding debts(1)


43,688


-


Long-term deferred revenues


38,435


43,652


Long-term operating lease liabilities(2)


20,026


-


Other long-term liabilities


109,741


51,781



     Total liabilities


2,505,449


2,123,217









Shareholders' equity







SINA shareholders' equity 


2,835,718


2,717,791



Non-controlling interests


1,181,880


1,045,081



     Total shareholders' equity 


4,017,598


3,762,872









Total liabilities and shareholders' equity


$                 6,523,047


$                 5,886,089









(1) In 2019, the Company set up few 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


Six months ended




June 30,


March 31,


June 30,




2019


2018


2019


2019


2018














Net revenues











Portal:











Portal Advertising

$                  62,973


$                  84,173


$                  46,896


$               109,869


$               148,305


Other

43,740


30,631


34,916


78,656


57,405


Subtotal

106,713


114,804


81,812


188,525


205,710













Weibo:











Advertising and marketing

370,660


369,942


341,141


711,801


672,891


Weibo VAS

61,176


56,647


58,036


119,212


103,581


    Subtotal

431,836


426,589


399,177


831,013


776,472














Elimination

(5,495)


(4,033)


(5,850)


(11,345)


(4,070)




$               533,054


$               537,360


$               475,139


$            1,008,193


$               978,112














Cost of revenues











Portal:











Portal Advertising

$                  25,011


$                  28,546


$                  21,660


$                  46,671


$                  57,919


Other

22,823


20,146


16,884


39,707


36,615


Subtotal

47,834


48,692


38,544


86,378


94,534














Weibo

81,972


61,790


82,817


164,789


124,692














Elimination

(5,495)


(4,009)


(5,838)


(11,333)


(4,046)




$               124,311


$               106,473


$               115,523


$               239,834


$               215,180














Gross margin











     Portal

55%


58%


53%


54%


54%


     Weibo

81%


86%


79%


80%


84%




77%


80%


76%


76%


78%


 

 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



June 30, 2019


June 30, 2018


March 31, 2019







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$    433,633




$    433,633


$     454,091




$    454,091


$    388,025




$    388,025

Non-advertising revenues

99,421


(2,609)

 (a) 

96,812


83,269


(2,609)

 (a) 

80,660


87,114


(2,609)

 (a) 

84,505

Net revenues

$    533,054


$              (2,609)


$    530,445


$     537,360


$              (2,609)


$    534,751


$    475,139


$              (2,609)


$    472,530
























(2,609)

 (a) 





(2,609)

 (a) 





(2,609)

 (a) 






2,620

 (b) 





2,890

 (b) 





2,536

 (b) 


Gross profit

$    408,743


$                     11


$    408,754


$     430,887


$                   281


$    431,168


$    359,616


$                   (73)


$    359,543
























(25,646)

 (b) 





(21,124)

 (b) 





(26,252)

 (b) 






(1,107)

 (c) 





(1,523)

 (c) 





(1,124)

 (c) 


Operating expenses

$    282,718


$           (26,753)


$    255,965


$     294,708


$           (22,647)


$    272,061


$    272,687


$           (27,376)


$    245,311
























(2,609)

 (a) 





(2,609)

 (a) 





(2,609)

 (a) 






28,266

 (b) 





24,014

 (b) 





28,788

 (b) 






1,107

 (c) 





1,523

 (c) 





1,124

 (c) 


Income from operations

$    126,025


$             26,764


$    152,789


$     136,179


$             22,928


$    159,107


$      86,929


$             27,303


$    114,232
























(2,609)

 (a) 





(2,609)

 (a) 





(2,609)

(a)






28,266

 (b) 





24,014

 (b) 





28,788

 (b) 






1,107

 (c) 





1,523

 (c) 





1,124

 (c) 






(4,881)

 (d) 





40

 (d) 





15,307

 (d) 






315

 (e) 





16,396

 (e) 





(80,806)

(e)






(39,281)

(f)





(8,849)

 (f) 





(7,436)

 (f) 






1,037

 (g) 





1,035

(g)





1,035

 (g) 






18,605

 (h) 





(85)

 (h) 





40,367

 (h) 


Net income attributable to SINA's ordinary shareholders

$      51,424


$               2,559


$      53,983


$        35,052


$             31,465


$      66,517


$      33,083


$              (4,230)


$      28,853







































Diluted net income per share *

$           0.73




$           0.76


$            0.47




$           0.89


$           0.46




$           0.40




















Shares used in computing diluted net income  per share

69,944


-


69,944


73,553


-


73,553


69,759


-


69,759







































Gross margin - advertising

80%


1%


81%


82%


1%


83%


78%


1%


79%

Gross margin - non-advertising

61%


-1%


60%


69%


-1%


68%


64%


-1%


63%

Operating margin

24%


5%


29%


25%


5%


30%


18%


6%


24%






















 Six months ended 









June 30, 2019


June 30, 2018













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results


























Advertising revenues

$    821,658




$    821,658


$     821,172




$    821,172







Non-advertising revenues

186,535


(5,218)

 (a) 

181,317


156,940


(5,218)

 (a) 

151,722







Net revenues

$1,008,193


$              (5,218)


$1,002,975


$     978,112


$              (5,218)


$    972,894






























(5,218)

 (a) 





(5,218)

 (a) 












5,156

 (b) 





5,431

 (b) 








Gross profit

$    768,359


$                   (62)


$    768,297


$     762,932


$                   213


$    763,145






























(51,898)

 (b) 





(40,899)

 (b) 












(2,231)

 (c) 





(3,158)

 (c) 








Operating expenses

$    555,405


$           (54,129)


$    501,276


$     553,464


$           (44,057)


$    509,407






























(5,218)

 (a) 





(5,218)

 (a) 












57,054

 (b) 





46,330

 (b) 












2,231

 (c) 





3,158

 (c) 








Income from operations

$    212,954


$             54,067


$    267,021


$     209,468


$             44,270


$    253,738






























(5,218)

 (a) 





(5,218)

 (a) 












57,054

 (b) 





46,330

 (b) 












2,231

 (c) 





3,158

 (c) 












10,426

(d)





(411)

 (d) 












(80,491)

 (e) 





9,170

 (e) 












(46,717)

 (f) 





(17,032)

 (f) 












2,072

 (g) 





2,070

 (g) 












58,972

 (h) 





(64)

 (h) 








Net income attributable to SINA's ordinary shareholders

$      84,507


$              (1,671)


$      82,836


$        63,746


$             38,003


$    101,749













































Diluted net income per share *

$           1.20




$           1.16


$            0.85




$           1.35


























Shares used in computing diluted net income per share

69,852


-


69,852


73,793


-


73,793













































Gross margin - advertising

79%


1%


80%


80%


1%


81%







Gross margin - non-advertising

63%


-2%


61%


67%


-1%


66%







Operating margin

21%


6%


27%


21%


5%


26%


























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











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

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

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

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


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

**

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



June 30, 2019


June 30, 2018


March 31, 2019



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To exclude stock-based compensation



$                   178






$                   833






$                   287




To exclude amortization of intangible assets resulting 



















  from business acquisitions



1,048






1,115






1,062




To exclude loss on disposal and impairment on investments



90






75






6,713




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



















  investments, net



(5,525)






(1,313)






7,915




To exclude tax impacts related to amortization of intangible assets



(244)






(253)






(248)




Earning (loss) from equity method investments, net

$        3,888


$              (4,453)


$          (565)


$        (2,944)


$                   457


$       (2,487)


$    (16,675)


$             15,729


$          (946)


Share of amortization of equity investments' intangibles 



















  not on their books

365


(365)


-


351


(351)


-


358


(358)


-


Share of tax impacts related to amortization of 



















  equity investments' intangibles not on their books

63


(63)


-


66


(66)


-


64


(64)


-



$        4,316


$              (4,881)


$          (565)


$        (2,527)


$                     40


$       (2,487)


$    (16,253)


$             15,307


$          (946)









































 Six months ended 









June 30, 2019


June 30, 2018













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results



























To exclude stock-based compensation



$                   465






$               1,417










To exclude amortization of intangible assets resulting 



















  from business acquisitions



2,110






2,238










To exclude loss on disposal and impairment on investments, net



6,803






1,744










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



















  investments, net



2,390






(4,652)










To exclude tax impacts related to amortization of intangible assets



(492)






(431)










Loss from equity method investments, net

$    (12,787)


$             11,276


$       (1,511)


$        (5,026)


$                   316


$       (4,710)








Share of amortization of equity investments' intangibles 



















  not on their books

723


(723)


-


575


(575)


-








Share of tax impacts related to amortization of 



















  equity investments' intangibles not on their books

127


(127)


-


152


(152)


-









$    (11,937)


$             10,426


$       (1,511)


$        (4,299)


$                 (411)


$       (4,710)














































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

 

Cision View original content:http://www.prnewswire.com/news-releases/sina-reports-second-quarter-2019-unaudited-financial-results-300903381.html

SOURCE SINA Corporation