SINA Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results

Date : 02/26/2020 @ 10:00AM
Source : PR Newswire (US)
Stock : SINA com (SINA)
Quote : 33.16  -0.04 (-0.12%) @ 1:00AM
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SINA Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results

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BEIJING, Feb. 26, 2020 /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 fourth quarter and the fiscal year ended December 31, 2019.

Fourth Quarter 2019 Highlights

  • Net revenues increased 4% year-over-year to $593.3 million. Non-GAAP net revenues increased 4% year-over-year to $590.7 million, representing an increase of 5% on a constant currency basis [1].
  • Advertising revenues decreased 5% year-over-year to $460.9 million.
  • Non-advertising revenues increased 49% year-over-year to $132.5 million. Non-GAAP non-advertising revenues increased 51% year-over-year to $129.8 million.
  • Net loss attributable to SINA was $175.4 million, or $2.53 for diluted net loss per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $82.7 million, or $1.17 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.

Fiscal Year 2019 Highlights

  • Net revenues increased 3% year-over-year to $2.16 billion. Non-GAAP net revenues increased 3% year-over-year to $2.15 billion, representing an increase of 7% on a constant currency basis [2].
  • Advertising revenues decreased 3% year-over-year to $1.74 billion.
  • Non-advertising revenues increased 31% year-over-year to $419.3 million. Non-GAAP non-advertising revenues increased 32% year-over-year to $408.9 million.
  • Net loss attributable to SINA was $70.5 million, or $1.03 for diluted net loss per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $232.6 million, or $3.26 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 fourth quarter of 2019 had been the same as it was in the fourth quarter of 2018, or RMB6.94=US$1.00.

[2] On a constant currency (non-GAAP) basis, we assume that the exchange rate for fiscal year 2019 had been the same as it was for fiscal year 2018, or RMB6.62=US$1.00.

Fourth Quarter 2019 Financial Results

For the fourth quarter of 2019, SINA reported net revenues of $593.3 million, an increase of 4% compared to $573.0 million for the same period last year. Non-GAAP net revenues for the fourth quarter of 2019 were $590.7 million, an increase of 4% compared to $570.4 million for the same period last year.

Advertising revenues for the fourth quarter of 2019 were $460.9 million, a decrease of 5% compared to $484.3 million for the same period last year, primarily due to decreases in Weibo and portal advertising revenues as well as negative currency translation impact.

Non-advertising revenues for the fourth quarter of 2019 were $132.5 million, an increase of 49% compared to $88.7 million for the same period last year. Non-GAAP non-advertising revenues for the fourth quarter of 2019 were $129.8 million, an increase of 51% compared to $86.1 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.

Gross margin for the fourth quarter of 2019 was 77%, compared to 79% for the same period last year. Advertising gross margin for the fourth quarter of 2019 was 81%, compared to 82% for the same period last year. Non-advertising gross margin for the fourth quarter of 2019 was 64%, up from 57% for the same period last year, benefiting from better gross margin profile of SINA fin-tech businesses.

Operating expenses for the fourth quarter of 2019 totaled $438.4 million, compared to $319.9 million for the same period last year, mainly attributable to a one-time litigation reserve of approximately $125.8 million recorded in relation to an arbitration ruling announced by Company on December 27, 2019, which is excluded under non-GAAP measures. Non-GAAP operating expenses for the fourth quarter of 2019 totaled $282.8 million, compared to $288.6 million for the same period last year.       

Income from operations for the fourth quarter of 2019 was $18.7 million, compared to $130.1 million for the same period last year, mainly due to impact of the aforementioned one-time litigation reserve. Operating margin was 3%, compared to 23% for the same period last year. Non-GAAP income from operations for the fourth quarter of 2019 was $174.9 million, an increase of 10% compared to $159.6 million for the same period last year. Non-GAAP operating margin was 30%, compared to 28% for the same period last year.

Non-operating loss for the fourth quarter of 2019 was $208.4 million, compared to non-operating loss of $12.6 million for the same period last year. Non-operating loss for the fourth quarter of 2019 mainly included (i) a $177.8 million impairment on the Company's investment in Yixia Tech Co., Ltd., which is excluded under non-GAAP measures; (ii) a $19.2 million net loss from fair value changes of investments, which is excluded under non-GAAP measures; (iii) a $10.4 million net earnings from equity method investments, which is reported one quarter in arrears; (iv) a $15.3 million net interest and other income.     

Income tax expenses for the fourth quarter of 2019 were $6.6 million, compared to $14.3 million for the same period last year, largely attributable to increase in tax deduction based on preferential tax policy upon approval from relevant authorities.

Net loss attributable to SINA's ordinary shareholders for the fourth quarter of 2019 was $175.4 million, compared to a net income attributable to SINA's ordinary shareholders of $16.4 million for the same period last year. Diluted net loss per share attributable to SINA's ordinary shareholders for the fourth quarter of 2019 was $2.53, compared to a diluted net income per share attributable to SINA's ordinary shareholders of $0.22 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the fourth quarter of 2019 was $82.7 million, compared to $57.7 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the fourth quarter of 2019 was $1.17, compared to $0.80 for the same period last year.

As of December 31, 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 and offset by continued investment activities. For the fourth quarter of 2019, net cash provided by operating activities was $301.7 million, capital expenditures totaled $8.5 million, and depreciation and amortization expenses amounted to $11.0 million.

Fiscal Year 2019 Financial Results

For fiscal year 2019, SINA reported net revenues of $2.16 billion, an increase of 3% compared to $2.11 billion in 2018. Non-GAAP net revenues for 2019 were $2.15 billion, an increase of 3% compared to $2.10 billion in 2018.

Advertising revenues in 2019 were $1.74 billion, a decrease of 3% compared to $1.79 billion in 2018, primarily due to a decline in portal advertising revenues and negative currency translation impact.

Non-advertising revenues in 2019 were $419.3 million, an increase of 31% compared to $319.0 million in 2018. Non-GAAP non-advertising revenues in 2019 were $408.9 million, an increase of 32% compared to $308.6 million in 2018, benefiting from increased revenues generated from SINA fin-tech businesses and incremental revenues derived from Weibo's live streaming business acquired in the fourth quarter of 2018.

Gross margin in 2019 was 77%, compared to 79% in 2018. Advertising gross margin in 2019 was 81%, flat year over year. Non-advertising gross margin in 2019 was 63%, compared to 65% in 2018.    

Operating expenses in 2019 totaled $1.30 billion, compared to $1.19 billion in 2018. Non-GAAP operating expenses in 2019 totaled $1.06 billion, compared to $1.07 billion in 2018.

Income from operations in 2019 was $370.3 million, compared to $467.0 million in 2018, mainly due to impact of the aforementioned one-time litigation reserve. Operating margin was 17%, compared to 22% in 2018. Non-GAAP income from operations in 2019 was $611.9 million, compared to $581.5 million in 2018. Non-GAAP operating margin was 28%, flat year over year.

Non-operating loss in 2019 was $115.1 million, compared to a non-operating income of $88.5 million in 2018. Non-operating loss in 2019 mainly included (i) a $165.3 million net gain from fair value changes on investments, which is excluded under non-GAAP measures; (ii) a $342.0 million impairment on the Company's certain investments, mainly including a $177.8 million impairment on the Company's investment in Yixia Tech Co., Ltd., which is excluded under non-GAAP measures; and (iii) a $64.1 million net interest and other income.     

Income tax expenses in 2019 were $146.5 million, compared to $129.1 million in 2018, largely attributable to the deferred tax charges recognized from the fair value changes of investments and offset by increase in tax deduction based on preferential tax policy upon approval from relevant authorities. Non-GAAP income tax expenses in 2019 were $97.4 million, compared to $91.0 million in 2018.

Net loss attributable to SINA's ordinary shareholders in 2019 was $70.5 million, compared to a net income attributable to SINA's ordinary shareholders of $125.6 million in 2018. Diluted net loss per share attributable to SINA's ordinary shareholders in 2019 was $1.03, compared to a diluted net income per share attributable to SINA's ordinary shareholders of $1.70 in 2018. Non-GAAP net income attributable to SINA's ordinary shareholders in 2019 was $232.6 million, compared to $227.1 million in 2018. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders in 2019 was $3.26, compared to $3.07 in 2018.

For the fiscal year of 2019, net cash provided by operating activities was $744.0 million, capital expenditures totaled $29.5 million, and depreciation and amortization expenses amounted to $44.6 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. 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, litigation reserve for arbitration, 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 February 26, 2020 (or 8:10 p.m.8:40 p.m. Beijing Time on February 26, 2020) 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:

6968115

A replay of the conference call will be available through morning Eastern Time March 5, 2020. The dial-in number is +61 2 8199 0299. The passcode for the replay is 6968115.

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


Year ended



December 31,


September 30,


December 31,



2019


2018


2019


2019


2018

Net revenues:










    Advertising

$                  460,864


$                  484,307


$                  461,095


$            1,743,617


$            1,789,285

    Non-advertising

132,450


88,707


100,353


419,338


319,042



593,314


573,014


561,448


2,162,955


2,108,327

Cost of revenues(1):










    Advertising  

88,121


85,048


80,297


338,386


341,153

    Non-advertising

48,121


37,997


37,055


155,042


110,887



136,242


123,045


117,352


493,428


452,040

Gross profit

457,072


449,969


444,096


1,669,527


1,656,287












Operating expenses:










    Sales and marketing (1)

165,367


191,208


169,423


627,989


699,962

    Product development (1)

95,638


85,383


91,150


372,818


345,942

    General and administrative (1)

177,411


30,633


44,854


298,441


120,184

    Goodwill and acquired intangibles impairment

-


12,691


-


-


23,245



438,416


319,915


305,427


1,299,248


1,189,333

Income from operations

18,656


130,054


138,669


370,279


466,954












Non-operating income (loss):










   Earning (loss) from equity method investments, net

10,353


(4,731)


1,608


24


1,120

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

(234,106)


(22,960)


(25,549)


(179,164)


17,981

   Interest and other income, net

15,312


15,090


19,895


64,053


69,355



(208,441)


(12,601)


(4,046)


(115,087)


88,456












Income (loss) before income taxes

(189,785)


117,453


134,623


255,192


555,410

 Income tax expenses

(6,580)


(14,347)


(27,930)


(146,465)


(129,084)












Net income (loss)

(196,365)


103,106


106,693


108,727


426,326

   Less: Net income (loss) attributable to non-controlling interests

(20,919)


86,729


86,296


179,269


300,764












Net income (loss) attributable to SINA's ordinary shareholders

$                 (175,446)


$                     16,377


$                     20,397


$                (70,542)


$               125,562























Basic net income (loss) per share

$                        (2.53)


$                         0.24


$                         0.29


$                     (1.01)


$                      1.79

Diluted net income (loss) per share (2)

$                        (2.53)


$                         0.22


$                         0.28


$                     (1.03)


$                      1.70












Shares used in computing basic net income (loss) per share

69,449


69,235


69,936


69,640


70,296












Shares used in computing diluted net income (loss) per share

69,449


69,666


70,019


69,640


72,375


































(1)Stock-based compensation in each category:











Cost of revenues

$                         3,255


$                            922


$                         3,448


$                    11,859


$                    10,128


Sales and marketing

6,422


3,174


6,426


24,499


21,942


Product development

10,267


4,403


10,655


38,991


30,830


General and administrative

12,002


8,834


12,342


46,522


32,169












(2)Net income (loss) 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)













December 31,



December 31,





2019



2018



Assets



Current assets:








Cash and cash equivalents


$                 1,951,886



$                 1,545,800



Short-term investments


951,953



799,534



Restricted cash


184,143



97,032



Accounts receivable, net


601,876



527,897



Financing receivables, net (1)


226,098



-



Prepaid expenses and other current assets


695,888



362,435



      Subtotal


4,611,844



3,332,698










Property and equipment, net


253,179



262,846


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


24,872



-


Goodwill and intangible assets, net


307,300



319,575


Long-term investments


2,200,548



1,889,843


Other assets


71,085



81,127


Total assets


$                 7,468,828



$                 5,886,089











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$                     170,647



$                    172,562



Amount due to customers


121,558



97,032



Accrued expenses and other current liabilities


886,713



540,807



Short-term bank loan


81,649



78,229



Deferred revenues


143,073



139,306



Short-term operating lease liabilities (2)


12,151



-



Short-term funding debts  (1)


173,821



-



Income taxes payable


129,591



115,725



     Subtotal


1,719,203



1,143,661










Convertible debt


888,266



884,123


Senior notes


793,985



-


Long-term funding debts(1)


22,260



-


Long-term deferred revenues


33,217



43,652


Long-term operating lease liabilities(2)


13,081



-


Other long-term liabilities


100,903



51,781



     Total liabilities


3,570,915



2,123,217










Shareholders' equity








SINA shareholders' equity 


2,638,481



2,717,791



Non-controlling interests


1,259,432



1,045,081



     Total shareholders' equity 


3,897,913



3,762,872










Total liabilities and shareholders' equity


$                 7,468,828



$                 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


Year ended


December 31,


September 30,


December 31,


2019


2018


2019


2019


2018











Net revenues










Portal:










Advertising

$                  56,466


$                  67,377


$                  50,105


$               216,440


$               290,215

Fintech *

77,759


27,300


50,365


206,780


111,412

 Subtotal

134,225


94,677


100,470


423,220


401,627











Weibo:










Advertising and marketing

405,921


417,016


412,489


1,530,211


1,499,180

Weibo VAS

62,227


64,859


55,264


236,703


219,338

     Subtotal

468,148


481,875


467,753


1,766,914


1,718,518











Elimination

(9,059)


(3,538)


(6,775)


(27,179)


(11,818)


$               593,314


$               573,014


$               561,448


$            2,162,955


$            2,108,327











Cost of revenues










Portal:










Advertising

$                  20,404


$                  29,180


$                  22,996


$                  90,071


$               117,600

Fintech *

32,808


14,377


26,161


98,676


68,500

 Subtotal

53,212


43,557


49,157


188,747


186,100











Weibo

90,566


82,940


73,471


328,826


277,648











Elimination

(7,536)


(3,452)


(5,276)


(24,145)


(11,708)


$               136,242


$               123,045


$               117,352


$               493,428


$               452,040











Gross margin










      Portal

60%


54%


51%


55%


54%

      Weibo

81%


83%


84%


81%


84%


77%


79%


79%


77%


79%































* Fintech includes SINA fin-tech and portal other businesses. For the fourth quarter of 2019, portal other revenue was $4.4 million, compared to $7.6 million
for the same period last year. For the years ended December 31, 2019 and 2018, portal other revenue was $19.7 million and $37.2  million, respectively. 

 

 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



December 31, 2019


December 31, 2018


September 30, 2019







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$    460,864




$    460,864


$     484,307




$    484,307


$    461,095




$    461,095

Non-advertising revenues

132,450


(2,609)

 (a) 

129,841


88,707


(2,609)

 (a) 

86,098


100,353


(2,609)

 (a) 

97,744

Net revenues

$    593,314


$              (2,609)


$    590,705


$     573,014


$              (2,609)


$    570,405


$    561,448


$              (2,609)


$    558,839
























(2,609)

 (a) 





(2,609)

 (a) 





(2,609)

 (a) 






3,255

 (b) 





922

 (b) 





3,448

 (b) 


Gross profit

$    457,072


$                   646


$    457,718


$     449,969


$              (1,687)


$    448,282


$    444,096


$                   839


$    444,935
























(28,691)

 (b) 





(16,411)

 (b) 












(1,075)

 (c) 





(2,177)

 (c) 





(29,423)

 (b) 






(125,809)

 (e) 





(12,691)

 (d) 





(1,073)

 (c) 


Operating expenses

$    438,416


$         (155,575)


$    282,841


$     319,915


$           (31,279)


$    288,636


$    305,427


$           (30,496)


$    274,931
























(2,609)

 (a) 





(2,609)

 (a) 












31,946

 (b) 





17,333

 (b) 





(2,609)

 (a) 






1,075

 (c) 





2,177

 (c) 





32,871

 (b) 






125,809

 (e) 





12,691

 (d) 





1,073

 (c) 


Income from operations

$      18,656


$           156,221


$    174,877


$     130,054


$             29,592


$    159,646


$    138,669


$             31,335


$    170,004
























(2,609)

 (a) 





(2,609)

 (a) 












31,946

 (b) 





17,333

 (b) 





(2,609)

(a)






1,075

 (c) 





2,177

 (c) 





32,871

 (b) 






125,809

 (e) 





12,691

 (d) 





1,073

 (c) 






1,669

 (f) 





4,797

 (f) 





4,279

 (f) 






234,106

 (g) 





22,960

 (g) 





25,549

(g)






(129,158)

(h)





(14,929)

 (h) 





(12,047)

 (h) 






1,371

 (i) 





1,035

(i)





1,360

 (i) 






(6,032)

 (j) 





(2,138)

 (j) 





(3,832)

 (j) 


Net income (loss) attributable to SINA's ordinary shareholders

$  (175,446)


$           258,177


$      82,731


$        16,377


$             41,317


$      57,694


$      20,397


$             46,644


$      67,041







































Diluted net income (loss) per share *

$         (2.53)




$           1.17


$            0.22




$           0.80


$           0.28




$           0.94




















Shares used in computing diluted net income (loss) per share

69,449


94

(k)

69,543


69,666


960

 (k) 

70,626


70,019


-


70,019







































Gross margin - advertising

81%


1%


82%


82%


1%


83%


83%


-


83%

Gross margin - non-advertising

64%


-1%


63%


57%


-1%


56%


63%


-1%


62%

Operating margin

3%


27%


30%


23%


5%


28%


25%


5%


30%






















 Year ended 









December 31, 2019


December 31, 2018













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results


























Advertising revenues

$1,743,617




$1,743,617


$  1,789,285




$1,789,285







Non-advertising revenues

419,338


(10,436)

 (a) 

408,902


319,042


(10,436)

 (a) 

308,606







Net revenues

$2,162,955


$           (10,436)


$2,152,519


$  2,108,327


$           (10,436)


$2,097,891






























(10,436)

 (a) 





(10,436)

 (a) 












11,859

 (b) 





10,128

 (b) 








Gross profit

$1,669,527


$               1,423


$1,670,950


$  1,656,287


$                 (308)


$1,655,979






























(110,012)

 (b) 





(84,941)

 (b) 












(4,379)

 (c) 





(6,689)

 (c) 












(125,809)

 (e) 





(23,245)

 (d) 








Operating expenses

$1,299,248


$         (240,200)


$1,059,048


$  1,189,333


$         (114,875)


$1,074,458






























(10,436)

 (a) 





(10,436)

 (a) 












121,871

 (b) 





95,069

 (b) 












4,379

 (c) 





6,689

 (c) 












125,809

 (e) 





23,245

 (d) 








Income from operations

$    370,279


$           241,623


$    611,902


$     466,954


$           114,567


$    581,521






























(10,436)

 (a) 





(10,436)

 (a) 












121,871

 (b) 





95,069

 (b) 












4,379

 (c) 





6,689

 (c) 












125,809

(e)





23,245

 (d) 












16,374

(f)





(2,493)

 (f) 












179,164

 (g) 





(17,981)

 (g) 












(187,922)

 (h) 





(34,806)

 (h) 












4,803

 (i) 





4,140

 (i) 












49,108

 (j) 





38,109

 (j) 








Net income (loss) attributable to SINA's ordinary shareholders

$    (70,542)


$           303,150


$    232,608


$     125,562


$           101,536


$    227,098













































Diluted net income (loss) per share *

$         (1.03)




$           3.26


$            1.70




$           3.07


























Shares used in computing diluted net income (loss) per share

69,640


177

 (k) 

69,817


72,375


-


72,375













































Gross margin - advertising

81%


-


81%


81%


-


81%







Gross margin - non-advertising

63%


-1%


62%


65%


-1%


64%







Operating margin

17%


11%


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 the one-time litigation reserve for arbitration of NAI.

(f)  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.

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

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

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

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

(k)  To adjust the number of shares for dilution resulted from convertible debt and unvested equity granted.


Net income (loss) 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



December 31, 2019


December 31, 2018


September 30, 2019



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To exclude stock-based compensation



$                   410






$                   350






$                   259




To exclude amortization of intangible assets resulting 



















  from business acquisitions



1,046






1,062






1,048




To exclude loss on disposal and impairment on investments, net



1,094






-






815




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



















  investments, net



(205)






4,062






2,837




To exclude tax impacts related to amortization of intangible assets



(245)






(248)






(245)




Earning (loss) from equity method investments, net

$        9,922


$               2,100


$      12,022


$        (5,160)


$               5,226


$              66


$        1,173


$               4,714


$        5,887


Share of amortization of equity investments' intangibles 



















  not on their books

369


(369)


-


367


(367)


-


375


(375)


-


Share of tax impacts related to amortization of 



















  equity investments' intangibles not on their books

62


(62)


-


62


(62)


-


60


(60)


-



$      10,353


$               1,669


$      12,022


$        (4,731)


$               4,797


$              66


$        1,608


$               4,279


$        5,887









































 Year ended 









December 31, 2019


December 31, 2018













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results



























To exclude stock-based compensation



$               1,134






$               2,441










To exclude amortization of intangible assets resulting 



















  from business acquisitions



4,204






4,379










To exclude loss on disposal and impairment on investments, net



8,712






2,989










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



















  investments, net



5,022






(9,777)










To exclude tax impacts related to amortization of intangible assets



(982)






(942)










Earning (loss) from equity method investments, net

$       (1,692)


$             18,090


$      16,398


$            (463)


$                 (910)


$       (1,373)








Share of amortization of equity investments' intangibles 



















  not on their books

1,467


(1,467)


-


1,306


(1,306)


-








Share of tax impacts related to amortization of 



















  equity investments' intangibles not on their books

249


(249)


-


277


(277)


-









$              24


$             16,374


$      16,398


$          1,120


$              (2,493)


$       (1,373)














































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

















 

Cision View original content:http://www.prnewswire.com/news-releases/sina-reports-fourth-quarter-and-fiscal-year-2019-unaudited-financial-results-301011533.html

SOURCE SINA Corporation

Copyright 2020 PR Newswire

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