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