BEIJING, March 5, 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 fourth quarter and the fiscal year ended
December 31, 2018.
Fourth Quarter 2018 Highlights
- Both net revenues and non-GAAP net revenues increased 14%
year-over-year to $573.0 million and
$570.4 million, respectively.
- Advertising revenues increased 14% year-over-year to
$484.3 million.
- Non-advertising revenues increased 12% year-over-year to
$88.7 million. Non-GAAP
non-advertising revenues increased 13% year-over-year to
$86.1 million.
- Net income attributable to SINA was $16.4 million, or $0.22 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $57.7
million, or $0.80 for non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders.
- Weibo's monthly active users ("MAUs") were 462 million in
December 2018, a net addition of
approximately 70 million users on a year-over-year basis. Weibo's
mobile MAUs represented 93% of Weibo's MAUs.
- Weibo's average daily active users ("DAUs") were 200 million in
December 2018, a net addition of
approximately 28 million users on a year-over-year basis.
Fiscal Year 2018 Highlights
- Both net revenues and non-GAAP net revenues increased 33%
year-over-year to $2.11 billion and
$2.10 billion, respectively.
- Advertising revenues increased 36% year-over-year to
$1.79 billion.
- Non-advertising revenues increased 17% year-over-year to
$319.0 million. Non-GAAP
non-advertising revenues increased 18% year-over-year to
$308.6 million.
- Net income attributable to SINA was $125.6 million, or $1.70 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $227.1
million, or $3.07 for non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders.
Fourth Quarter 2018 Financial Results
For the fourth quarter of 2018, SINA reported net revenues of
$573.0 million, an increase of 14%
compared to $503.7 million for the
same period last year. Non-GAAP net revenues for the fourth quarter
of 2018 were $570.4 million, an
increase of 14% compared to $501.1
million for the same period last year.
Advertising revenues for the fourth quarter of 2018 were
$484.3 million, an increase of 14%
compared to $424.8 million for the
same period last year, primarily driven by an increase of
$84.7 million, or 25% growth in Weibo
advertising and marketing revenues.
Non-advertising revenues for the fourth quarter of 2018 were
$88.7 million, an increase of 12%
compared to $79.0 million for the
same period last year. Non-GAAP non-advertising revenues for the
fourth quarter of 2018 were $86.1
million, an increase of 13% compared to $76.4 million for the same period last year. The
year-over-year growth in non-advertising revenues was mainly
attributable to the newly acquired live broadcasting business by
Weibo in the fourth quarter of 2018.
Gross margin for the fourth quarter of 2018 was 79%, compared to
75% for the same period last year. Advertising gross margin for the
fourth quarter of 2018 was 82%, compared to 76% for the same period
last year. The increase in advertising gross margin was due to our
revenue reporting changed from gross basis to net basis under the
new revenue guidance adopted. Non-advertising gross margin for the
fourth quarter of 2018 was 57%, down from 66% for the same period
last year, mainly resulted from the relatively lower margin of the
acquired live broadcasting business of Weibo.
Operating expenses for the fourth quarter of 2018 totaled
$319.9 million, compared to
$248.4 million for the same period
last year. The increase primarily resulted from the inclusion of
marketing expense related to barter transactions recorded under the
new revenue guidance as illustrated below as well as goodwill and
acquired intangibles impairment charge for non-core business line.
Non-GAAP operating expenses for the fourth quarter of 2018 totaled
$288.6 million, compared to
$226.8 million for the same period
last year.
Income from operations for the fourth quarter of 2018 was
$130.1 million, compared to
$128.7 million for the same period
last year. Operating margin was 23%, down from 26% for the same
period last year. Non-GAAP income from operations for the fourth
quarter of 2018 was $159.6 million,
compared to $149.8 million for the
same period last year. Non-GAAP operating margin was 28%, slightly
down from 30% for the same period last year.
Non-operating loss for the fourth quarter of 2018 was
$12.6 million, compared to a
non-operating income of $7.7 million
for the same period last year. Non-operating loss for the fourth
quarter of 2018 included (i) a $23.0
million net loss on sale of investments, fair value changes
and impairment on investments, which is excluded under non-GAAP
measure; (ii) a $15.1 million net
interest and other income; and (iii) a $4.7
million net loss from equity-method investments, which is
reported one quarter in arrears. Non-operating income for the
fourth quarter of 2017 composed of an $11.2
million net interest and other income and a $2.8 million loss pick-up from equity-method
investments, which is reported one quarter in arrears.
Income tax expenses for the fourth quarter of 2018 were
$14.3 million, compared to
$17.2 million for the same period
last year.
Net income attributable to SINA's ordinary shareholders for the
fourth quarter of 2018 was $16.4
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
fourth quarter of 2018 was $0.22,
compared to $0.60 for the same period
last year. Non-GAAP net income attributable to SINA's ordinary
shareholders for the fourth quarter of 2018 was $57.7 million, compared to $60.0 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 2018 was
$0.80, compared to $0.79 for the same period last year.
As of December 31, 2018, SINA's
cash, cash equivalents and short-term investments totaled
$2.3 billion, compared to
$3.4 billion as of December 31, 2017. The decrease of SINA's cash,
cash equivalents and short-term investments mainly resulted from
continued investment activities, the execution of the Company's
share repurchase program and repayment of SINA's convertible senior
notes. For the fourth quarter of 2018, net cash provided by
operating activities was $138.9
million, capital expenditures totaled $17.1 million, and depreciation and amortization
expenses amounted to $11.9
million.
Fiscal Year 2018 Financial Results
For fiscal year 2018, SINA reported net revenues of $2.11 billion, an increase of 33% compared to
$1.58 billion in 2017. Non-GAAP net
revenues for 2018 were $2.10 billion,
an increase of 33% compared to $1.57
billion in 2017.
Advertising revenues in 2018 were $1.79
billion, an increase of 36% compared to $1.31 billion in 2017, primarily driven by an
increase of $502.4 million, or 50%
growth in Weibo advertising and marketing revenues.
Non-advertising revenues in 2018 were $319.0 million, an increase of 17% compared to
$272.0 million in 2017. Non-GAAP
non-advertising revenues in 2018 were $308.6
million, an increase of 18% compared to $261.6 million in 2017, benefiting from increased
Weibo membership fees and incremental revenue contributed from the
live broadcasting business of Weibo.
Gross margin in 2018 was 79%, compared to 74% in 2017.
Advertising gross margin in 2018 was 81%, compared to 75% in 2017.
The increase in advertising gross margin mainly resulted from our
revenue reporting changed from gross basis to net basis under the
new accounting standard adopted. Non-advertising gross margin in
2018 was 65%, slightly down from 67% in 2017.
Operating expenses in 2018 totaled $1.19
billion, compared to $781.2
million in 2017. Apart from the inclusion of marketing
expense related to barter transactions recorded under the new
revenue guidance as illustrated below, the increase in operating
expenses was also attributable to the increase in sales and
marketing expenses for Weibo's user acquisition and the increase in
personnel related expenses. Non-GAAP operating expenses in 2018
totaled $1.07 billion, compared to
$694.6 million in 2017.
Income from operations in 2018 was $467.0
million, compared to $388.6
million in 2017. Operating margin was 22%, down from 25% in
2017. Non-GAAP income from operations in 2018 was $581.5 million, compared to $474.0 million in 2017. Non-GAAP operating margin
was 28%, slightly down from 30% in 2017.
Non-operating income in 2018 was $88.5
million, compared to $35.7
million in 2017. Non-operating income in 2018 included (i) a
$69.4 million net interest and other
income; (ii) an $18.0 million net
gain on sale of investments, fair value changes and impairment on
investments, which is excluded under non-GAAP measure; and (iii) a
$1.1 million net income from
equity-method investments, which is reported one quarter in
arrears. Non-operating income in 2017 mainly included (i) a
$42.7 million net interest and other
income; (ii) a $16.1 million net loss
from equity-method investments, which is reported one quarter in
arrears; and (iii) a $9.0 million net
gain on sale of investments, fair value changes and impairment on
investments, which is excluded under non-GAAP measure.
Income tax expenses in 2018 were $129.1
million, compared to $74.7
million in 2017. The increase was primarily due to higher
profits generated in 2018 and the deferred tax provision recognized
in respect of the fair value changes of investments. Non-GAAP
income tax expenses in 2018 were $91.0
million, compared to $73.9
million in 2017.
Net income attributable to SINA's ordinary shareholders in 2018
was $125.6 million, compared to
$156.6 million in 2017. Diluted net
income per share attributable to SINA's ordinary shareholders in
2018 was $1.70, compared to
$2.09 in 2017. Non-GAAP net income
attributable to SINA's ordinary shareholders in 2018 was
$227.1 million, compared to
$207.9 million in 2017. Non-GAAP
diluted net income per share attributable to SINA's ordinary
shareholders in 2018 was $3.07,
compared to $2.77 in 2017.
For the fiscal year of 2018, net cash provided by operating
activities was $311.0 million,
capital expenditures totaled $262.2
million, and depreciation and amortization expenses amounted
to $41.2 million.
Financial Impact from New Revenue Guidance
As the Company adopted new revenue guidance ASC Topic 606 on
January 1, 2018, results for
reporting periods beginning after January 1,
2018 are presented under Topic 606 ('New Basis'), while
prior period amounts are not adjusted and continue to be reported
under Topic 605 ('Old Basis') , which is the Company's historic
accounting method.
The Company's current period reported results which reflected
the impact from the adoption of the new revenue guidance are as
follows:
|
Three months ended
December 31, 2018
|
|
Adjustments
|
|
Old
Basis ASC
605
|
VAT
|
|
Barter
Transaction
|
|
New
Basis ASC
606
|
|
($ In thousands,
except for percentage)
|
Net
revenues
|
556,519
|
|
(31,196)
|
|
47,691
|
|
573,014
|
-
Portal
|
99,497
|
|
(5,463)
|
|
643
|
|
94,677
|
-
Weibo
|
460,772
|
|
(25,945)
|
|
47,048
|
|
481,875
|
Cost of
revenues
|
154,241
|
|
(31,196)
|
|
-
|
|
123,045
|
Operating
expenses
|
276,081
|
|
-
|
|
43,834
|
|
319,915
|
- Sales and
marketing
|
147,374
|
|
-
|
|
43,834
|
|
191,208
|
Income from
operations
|
126,197
|
|
-
|
|
3,857
|
|
130,054
|
Gross
margin
|
72.3%
|
|
|
|
|
|
78.5%
|
Operating
margin
|
22.7%
|
|
|
|
|
|
22.7%
|
|
Year ended
December 31, 2018
|
|
Adjustments
|
|
Old
Basis ASC
605
|
VAT
|
|
Barter
Transaction
|
|
New
Basis ASC
606
|
|
($ In thousands,
except for percentage)
|
Net
revenues
|
2,113,954
|
|
(118,006)
|
|
112,379
|
|
2,108,327
|
-
Portal
|
422,835
|
|
(23,243)
|
|
2,035
|
|
401,627
|
-
Weibo
|
1,703,644
|
|
(95,470)
|
|
110,344
|
|
1,718,518
|
Cost of
revenues
|
570,046
|
|
(118,006)
|
|
-
|
|
452,040
|
Operating
expenses
|
1,076,520
|
|
-
|
|
112,813
|
|
1,189,333
|
- Sales and
marketing
|
587,149
|
|
-
|
|
112,813
|
|
699,962
|
Income from
operations
|
467,388
|
|
-
|
|
(434)
|
|
466,954
|
Gross
margin
|
73.0%
|
|
|
|
|
|
78.6%
|
Operating
margin
|
22.1%
|
|
|
|
|
|
22.1%
|
Business Outlook
For the fiscal year 2019, SINA estimates that its net
revenues are between RMB16.5 billion
and RMB17.5 billion, or US$2.44 billion and US$2.59 billion, assuming US dollar and RMB
exchange rate of 6.75. It represents an annual growth rate of 18%
to 25% on a constant currency basis. Such revenue forecast includes
the recognition of $10.4 million in
deferred license revenues related to the license granted to Leju.
This forecast reflects SINA's current and preliminary view, which
is subject to change.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP net 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,
goodwill and acquired intangibles impairment, 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, and income tax
effects of above non-GAAP to GAAP reconciling items and adjustment
for non-GAAP to GAAP reconciling items for the income attributable
to non-controlling interests and amortization of convertible debt
issuance cost. 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 March
5, 2019 (or 8:10 p.m. –
8:40 p.m. Beijing Time on
March 5, 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
0438
|
Hong
Kong:
|
+852 3018
6776
|
China:
|
400 120
0654
|
International:
|
+65 6713
5440
|
Passcode for all
regions:
|
4677406
|
A replay of the conference call will be available through
morning Eastern Time March 13,
2019. The dial-in number is +61 2 9003 4211. The passcode for the
replay is 4677406.
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 equity pick-up 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 2017 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,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
Net
revenues(1):
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
$
484,307
|
|
$
424,756
|
|
$
483,806
|
|
$
1,789,285
|
|
$
1,311,866
|
|
Non-advertising
|
88,707
|
|
78,982
|
|
73,395
|
|
319,042
|
|
272,018
|
|
|
|
573,014
|
|
503,738
|
|
557,201
|
|
2,108,327
|
|
1,583,884
|
|
Cost of
revenues(1)(2):
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
85,048
|
|
99,858
|
|
92,407
|
|
341,153
|
|
325,494
|
|
Non-advertising
|
37,997
|
|
26,812
|
|
21,408
|
|
110,887
|
|
88,643
|
|
|
|
123,045
|
|
126,670
|
|
113,815
|
|
452,040
|
|
414,137
|
|
Gross
profit
|
449,969
|
|
377,068
|
|
443,386
|
|
1,656,287
|
|
1,169,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing (1)(2)
|
191,208
|
|
143,020
|
|
185,478
|
|
699,962
|
|
408,856
|
|
Product development (2)
|
85,383
|
|
78,977
|
|
91,545
|
|
345,942
|
|
267,392
|
|
General and administrative (2)
|
30,633
|
|
26,421
|
|
28,377
|
|
120,184
|
|
104,923
|
|
Goodwill and acquired intangibles impairment
|
12,691
|
|
-
|
|
10,554
|
|
23,245
|
|
-
|
|
|
|
319,915
|
|
248,418
|
|
315,954
|
|
1,189,333
|
|
781,171
|
|
Income from
operations
|
130,054
|
|
128,650
|
|
127,432
|
|
466,954
|
|
388,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Earning
(Loss) from equity method investments, net
|
(4,731)
|
|
(2,843)
|
|
10,150
|
|
1,120
|
|
(16,070)
|
|
Gain
(Loss) on sale of investments, fair value changes and
impairment
on investments, net
(3)
|
(22,960)
|
|
(740)
|
|
50,111
|
|
17,981
|
|
9,037
|
|
Interest and other income, net
|
15,090
|
|
11,244
|
|
17,051
|
|
69,355
|
|
42,696
|
|
|
|
(12,601)
|
|
7,661
|
|
77,312
|
|
88,456
|
|
35,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
117,453
|
|
136,311
|
|
204,744
|
|
555,410
|
|
424,239
|
|
Income tax
expense
|
(14,347)
|
|
(17,160)
|
|
(68,129)
|
|
(129,084)
|
|
(74,676)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
103,106
|
|
119,151
|
|
136,615
|
|
426,326
|
|
349,563
|
|
Less:
Net income attributable to non-controlling interests
|
86,729
|
|
73,787
|
|
91,176
|
|
300,764
|
|
192,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
16,377
|
|
$
45,364
|
|
$
45,439
|
|
$
125,562
|
|
$
156,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share
|
$
0.24
|
|
$
0.63
|
|
$
0.66
|
|
$
1.79
|
|
$
2.20
|
|
Diluted net income
per share (4)
|
$
0.22
|
|
$
0.60
|
|
$
0.62
|
|
$
1.70
|
|
$
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income per share
|
69,235
|
|
71,516
|
|
69,332
|
|
70,296
|
|
71,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
69,666
|
|
74,213
|
|
71,322
|
|
72,375
|
|
73,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
On January 1, 2018, the Company adopted ASC 606 Revenue
from Contracts with Customers using the modified retrospective
method,which means that prior periods amount will be
reported on a historical basis and amounts for 2018 are reported on
the new basis. Under the new accounting standard, the main impact
to the Company is that it now reports revenue net of
value added tax and recognizes revenues and expenses at fair value
for advertising barter transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Stock-based compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
922
|
|
$
2,145
|
|
$
3,775
|
|
$
10,128
|
|
$
9,257
|
|
|
Sales and
marketing
|
3,174
|
|
5,370
|
|
7,414
|
|
21,942
|
|
20,790
|
|
|
Product
development
|
4,403
|
|
6,432
|
|
11,205
|
|
30,830
|
|
29,163
|
|
|
General and
administrative
|
8,834
|
|
8,237
|
|
9,012
|
|
32,169
|
|
32,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
The Company adopted ASU 2016-1, Classification and Measurement of
Financial Instruments beginning the first quarter of
fiscal year 2018. After the adoption of this new accounting
update, the Company measures long-term investments other than those
accounted for under the equity method, at fair value through
earnings. For those investments without readily
determinable fair values, the Company elected to record these
investments at cost, less impairment, and plus or minus subsequent
adjustments for observable price changes. Changes in the
basis of these investments are reported in current earnings. The
Company recognized net loss of $20.3 million and net gain of $96.5
million from fair value changes in the investments for the
three months and the year ended December 31, 2018,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,545,800
|
|
|
$
1,990,552
|
|
|
Short-term
investments
|
|
799,534
|
|
|
1,381,991
|
|
|
Restricted
cash
|
|
97,032
|
|
|
216,151
|
|
|
Accounts
receivable, net
|
|
527,897
|
|
|
285,681
|
|
|
Prepaid expenses
and other current assets
|
|
362,435
|
|
|
228,238
|
|
|
Subtotal
|
|
3,332,698
|
|
|
4,102,613
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
262,846
|
|
|
262,676
|
|
Goodwill and
intangible assets, net
|
|
319,575
|
|
|
104,207
|
|
Long-term
investments (1)
|
|
1,889,843
|
|
|
1,288,816
|
|
Other
assets
|
|
81,127
|
|
|
57,082
|
|
Total
assets
|
|
$
5,886,089
|
|
|
$
5,815,394
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
172,562
|
|
|
$
130,431
|
|
|
Amount due to
customers
|
|
97,032
|
|
|
216,151
|
|
|
Accrued expenses
and other current liabilities
|
|
540,807
|
|
|
446,779
|
|
|
Short-term bank
loan
|
|
78,229
|
|
|
89,309
|
|
|
Convertible debt
(2)
|
|
-
|
|
|
153,092
|
|
|
Deferred
revenues
|
|
139,306
|
|
|
134,580
|
|
|
Income taxes
payable
|
|
115,725
|
|
|
102,458
|
|
|
Subtotal
|
|
1,143,661
|
|
|
1,272,800
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
884,123
|
|
|
879,983
|
|
Long-term deferred
revenues
|
|
43,652
|
|
|
54,372
|
|
Other long-term
liabilities
|
|
51,781
|
|
|
8,510
|
|
|
Total
liabilities
|
|
2,123,217
|
|
|
2,215,665
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
SINA shareholders'
equity (1)
|
|
2,717,791
|
|
|
2,846,842
|
|
|
Non-controlling
interests
|
|
1,045,081
|
|
|
752,887
|
|
|
Total shareholders'
equity
|
|
3,762,872
|
|
|
3,599,729
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
5,886,089
|
|
|
$
5,815,394
|
|
|
|
|
|
|
|
|
|
1)The Company adopted ASU
2016-1, Classification and Measurement of Financial Instruments
beginning the first quarter
of fiscal year 2018. After the adoption of this new accounting
update, the Company measures long-term investments other
than those investments accounted for under the equity method, at
fair value through earnings. For those investments
without readily determinable fair values, the Company elected to
record these investments at cost, less impairment, and plus
or minus subsequent adjustments for observable price changes.
Changes in the basis of these investments are reported in
current earnings. The cumulative impact arising from the adoption
was a credit to retained earnings as of January 1, 2018 of
$49.0 million.
|
|
|
|
|
|
|
|
|
|
(2)In December 2018, the Company
repaid $153.1 million in aggregate principal amount of 1.00% coupon
interest
convertible senior notes on its maturity date.
|
SINA
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
67,377
|
|
$
95,319
|
|
$
74,533
|
|
$
290,215
|
|
$
320,473
|
|
Other
|
27,300
|
|
33,842
|
|
26,707
|
|
111,412
|
|
122,535
|
|
|
Subtotal
|
94,677
|
|
129,161
|
|
101,240
|
|
401,627
|
|
443,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
417,016
|
|
332,305
|
|
409,273
|
|
1,499,180
|
|
996,745
|
|
Weibo
VAS
|
64,859
|
|
45,140
|
|
50,898
|
|
219,338
|
|
153,309
|
|
|
Subtotal
|
481,875
|
|
377,445
|
|
460,171
|
|
1,718,518
|
|
1,150,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(3,538)
|
|
(2,868)
|
|
(4,210)
|
|
(11,818)
|
|
(9,178)
|
|
|
|
$
573,014
|
|
$
503,738
|
|
$
557,201
|
|
$
2,108,327
|
|
$
1,583,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
Portal:
|
|
|
|
|
|
|
|
|
|
|
Portal
Advertising
|
$
29,180
|
|
$
35,647
|
|
$
30,501
|
|
$
117,600
|
|
$
121,278
|
|
Other
|
14,377
|
|
19,180
|
|
17,508
|
|
68,500
|
|
65,733
|
|
|
Subtotal
|
43,557
|
|
54,827
|
|
48,009
|
|
186,100
|
|
187,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
|
82,940
|
|
72,005
|
|
70,016
|
|
277,648
|
|
231,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination
|
(3,452)
|
|
(162)
|
|
(4,210)
|
|
(11,708)
|
|
(4,129)
|
|
|
|
$
123,045
|
|
$
126,670
|
|
$
113,815
|
|
$
452,040
|
|
$
414,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
|
|
|
|
|
Portal
|
54%
|
|
58%
|
|
53%
|
|
54%
|
|
58%
|
|
|
Weibo
|
83%
|
|
81%
|
|
85%
|
|
84%
|
|
80%
|
|
|
|
79%
|
|
75%
|
|
80%
|
|
79%
|
|
74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINA
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
September 30,
2018
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
484,307
|
|
|
|
$
484,307
|
|
$
424,756
|
|
|
|
$
424,756
|
|
$
483,806
|
|
|
|
$
483,806
|
Non-advertising
revenues
|
88,707
|
|
(2,609)
|
(a)
|
86,098
|
|
78,982
|
|
(2,609)
|
(a)
|
76,373
|
|
73,395
|
|
(2,609)
|
(a)
|
70,786
|
Net
revenues
|
$
573,014
|
|
$
(2,609)
|
|
$
570,405
|
|
$
503,738
|
|
$
(2,609)
|
|
$
501,129
|
|
$
557,201
|
|
$
(2,609)
|
|
$
554,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
922
|
(b)
|
|
|
|
|
2,145
|
(b)
|
|
|
|
|
3,775
|
(b)
|
|
Gross
profit
|
$
449,969
|
|
$
(1,687)
|
|
$
448,282
|
|
$
377,068
|
|
$
(464)
|
|
$
376,604
|
|
$
443,386
|
|
$
1,166
|
|
$
444,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,411)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
(27,631)
|
(b)
|
|
|
|
|
|
(2,177)
|
(c)
|
|
|
|
|
(20,039)
|
(b)
|
|
|
|
|
(1,354)
|
(c)
|
|
|
|
|
|
(12,691)
|
(d)
|
|
|
|
|
(1,535)
|
(c)
|
|
|
|
|
(10,554)
|
(d)
|
|
Operating
expenses
|
$
319,915
|
|
$
(31,279)
|
|
$
288,636
|
|
$
248,418
|
|
$
(21,574)
|
|
$
226,844
|
|
$
315,954
|
|
$
(39,539)
|
|
$
276,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
17,333
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
31,406
|
(b)
|
|
|
|
|
|
2,177
|
(c)
|
|
|
|
|
22,184
|
(b)
|
|
|
|
|
1,354
|
(c)
|
|
|
|
|
|
12,691
|
(d)
|
|
|
|
|
1,535
|
(c)
|
|
|
|
|
10,554
|
(d)
|
|
Income from
operations
|
$
130,054
|
|
$
29,592
|
|
$
159,646
|
|
$
128,650
|
|
$
21,110
|
|
$
149,760
|
|
$
127,432
|
|
$
40,705
|
|
$
168,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
17,333
|
(b)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
31,406
|
(b)
|
|
|
|
|
|
2,177
|
(c)
|
|
|
|
|
22,184
|
(b)
|
|
|
|
|
1,354
|
(c)
|
|
|
|
|
|
12,691
|
(d)
|
|
|
|
|
1,535
|
(c)
|
|
|
|
|
10,554
|
(d)
|
|
|
|
|
|
4,797
|
(e)
|
|
|
|
|
1,503
|
(e)
|
|
|
|
|
(6,879)
|
(e)
|
|
|
|
|
|
22,960
|
(f)
|
|
|
|
|
740
|
(f)
|
|
|
|
|
(50,111)
|
(f)
|
|
|
|
|
|
(14,929)
|
(g)
|
|
|
|
|
(9,197)
|
(g)
|
|
|
|
|
(2,845)
|
(g)
|
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
690
|
(h)
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
|
(2,138)
|
(i)
|
|
|
|
|
(253)
|
(i)
|
|
|
|
|
40,311
|
(i)
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
16,377
|
|
$
41,317
|
|
$
57,694
|
|
$
45,364
|
|
$
14,593
|
|
$
59,957
|
|
$
45,439
|
|
$
22,216
|
|
$
67,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share *
|
$
0.22
|
|
|
|
$
0.80
|
|
$
0.60
|
|
|
|
$
0.79
|
|
$
0.62
|
|
|
|
$
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
69,666
|
|
960
|
(j)
|
70,626
|
|
74,213
|
|
-
|
|
74,213
|
|
71,322
|
|
-
|
|
71,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
82%
|
|
1%
|
|
83%
|
|
76%
|
|
1%
|
|
77%
|
|
81%
|
|
1%
|
|
82%
|
Gross margin -
non-advertising
|
57%
|
|
-1%
|
|
56%
|
|
66%
|
|
-1%
|
|
65%
|
|
71%
|
|
-1%
|
|
70%
|
Operating
margin
|
23%
|
|
5%
|
|
28%
|
|
26%
|
|
4%
|
|
30%
|
|
23%
|
|
7%
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$1,789,285
|
|
|
|
$1,789,285
|
|
$
1,311,866
|
|
|
|
$1,311,866
|
|
|
|
|
|
|
Non-advertising
revenues
|
319,042
|
|
(10,436)
|
(a)
|
308,606
|
|
272,018
|
|
(10,436)
|
(a)
|
261,582
|
|
|
|
|
|
|
Net
revenues
|
$2,108,327
|
|
$
(10,436)
|
|
$2,097,891
|
|
$
1,583,884
|
|
$
(10,436)
|
|
$1,573,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
10,128
|
(b)
|
|
|
|
|
9,257
|
(b)
|
|
|
|
|
|
|
|
Gross
profit
|
$1,656,287
|
|
$
(308)
|
|
$1,655,979
|
|
$
1,169,747
|
|
$
(1,179)
|
|
$1,168,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(84,941)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,689)
|
(c)
|
|
|
|
|
(82,130)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
(23,245)
|
(d)
|
|
|
|
|
(4,455)
|
(c)
|
|
|
|
|
|
|
|
Operating
expenses
|
$1,189,333
|
|
$
(114,875)
|
|
$1,074,458
|
|
$
781,171
|
|
$
(86,585)
|
|
$
694,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,069
|
(b)
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
6,689
|
(c)
|
|
|
|
|
91,387
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
23,245
|
(d)
|
|
|
|
|
4,455
|
(c)
|
|
|
|
|
|
|
|
Income from
operations
|
$
466,954
|
|
$
114,567
|
|
$
581,521
|
|
$
388,576
|
|
$
85,406
|
|
$
473,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,069
|
(b)
|
|
|
|
|
(10,436)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
6,689
|
(c)
|
|
|
|
|
91,387
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
23,245
|
(d)
|
|
|
|
|
4,455
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
(2,493)
|
(e)
|
|
|
|
|
3,276
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
(17,981)
|
(f)
|
|
|
|
|
(9,037)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
(34,806)
|
(g)
|
|
|
|
|
(29,827)
|
(g)
|
|
|
|
|
|
|
|
|
|
|
|
4,140
|
(h)
|
|
|
|
|
690
|
(h)
|
|
|
|
|
|
|
|
|
|
|
|
38,109
|
(i)
|
|
|
|
|
785
|
(i)
|
|
|
|
|
|
|
|
Net income
attributable to SINA's ordinary shareholders
|
$
125,562
|
|
$
101,536
|
|
$
227,098
|
|
$
156,569
|
|
$
51,293
|
|
$
207,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share *
|
$
1.70
|
|
|
|
$
3.07
|
|
$
2.09
|
|
|
|
$
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income per share
|
72,375
|
|
-
|
|
72,375
|
|
73,931
|
|
-
|
|
73,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
81%
|
|
-
|
|
81%
|
|
75%
|
|
1%
|
|
76%
|
|
|
|
|
|
|
Gross margin -
non-advertising
|
65%
|
|
-1%
|
|
64%
|
|
67%
|
|
-1%
|
|
66%
|
|
|
|
|
|
|
Operating
margin
|
22%
|
|
6%
|
|
28%
|
|
25%
|
|
5%
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 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.**
|
|
|
|
|
|
|
|
|
|
|
(j) To adjust the
number of shares for dilution resulted from convertible debt and
unvested equity granted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
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
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
September 30,
2018
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
350
|
|
|
|
|
|
$
881
|
|
|
|
|
|
$
674
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
1,062
|
|
|
|
|
|
1,177
|
|
|
|
|
|
1,079
|
|
|
|
To exclude loss on disposal
and impairment on investments, net
|
|
|
-
|
|
|
|
|
|
848
|
|
|
|
|
|
1,245
|
|
|
|
To exclude (gain)
loss resulting from the fair value changes in investments,
net
|
|
|
4,062
|
|
|
|
|
|
(1,426)
|
|
|
|
|
|
(9,187)
|
|
|
|
To exclude tax
impacts related to amortization of intangible assets
|
|
|
(248)
|
|
|
|
|
|
(178)
|
|
|
|
|
|
(263)
|
|
|
|
Earning (Loss)
from equity method investments, net
|
$
(5,160)
|
|
$
5,226
|
|
$
66
|
|
$
(2,642)
|
|
$
1,302
|
|
$
(1,340)
|
|
$
9,723
|
|
$
(6,452)
|
|
$
3,271
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
367
|
|
(367)
|
|
-
|
|
(253)
|
|
253
|
|
-
|
|
364
|
|
(364)
|
|
-
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
62
|
|
(62)
|
|
-
|
|
52
|
|
(52)
|
|
-
|
|
63
|
|
(63)
|
|
-
|
|
|
$
(4,731)
|
|
$
4,797
|
|
$
66
|
|
$
(2,843)
|
|
$
1,503
|
|
$
(1,340)
|
|
$
10,150
|
|
$
(6,879)
|
|
$
3,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
2,441
|
|
|
|
|
|
$
3,759
|
|
|
|
|
|
|
|
|
|
To exclude
amortization of intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
resulting from business acquisitions
|
|
|
4,379
|
|
|
|
|
|
3,441
|
|
|
|
|
|
|
|
|
|
To exclude (gain)
loss on disposal and impairment on investments,
net
|
|
|
2,989
|
|
|
|
|
|
(465)
|
|
|
|
|
|
|
|
|
|
To exclude gain
resulting from the fair value changes in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments, net
|
|
|
(9,777)
|
|
|
|
|
|
(3,769)
|
|
|
|
|
|
|
|
|
|
To exclude tax
impacts related to amortization of intangible assets
|
|
|
(942)
|
|
|
|
|
|
(508)
|
|
|
|
|
|
|
|
|
|
Loss from equity
method investments, net
|
$
(463)
|
|
$
(910)
|
|
$
(1,373)
|
|
$
(15,252)
|
|
$
2,458
|
|
$
(12,794)
|
|
|
|
|
|
|
|
Share of
amortization of equity investments'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangibles
not on their books
|
1,306
|
|
(1,306)
|
|
-
|
|
(1,031)
|
|
1,031
|
|
-
|
|
|
|
|
|
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
277
|
|
(277)
|
|
-
|
|
213
|
|
(213)
|
|
-
|
|
|
|
|
|
|
|
|
$
1,120
|
|
$
(2,493)
|
|
$
(1,373)
|
|
$
(16,070)
|
|
$
3,276
|
|
$
(12,794)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Earning (Loss)
from equity method investments is recorded one quarter in
arrears.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/sina-reports-fourth-quarter-and-fiscal-year-2018-unaudited-financial-results-300806602.html
SOURCE SINA Corporation