BEIJING, May 19, 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 first quarter ended March 31, 2020.
First Quarter 2020 Highlights
- Net revenues decreased 8% year-over-year to $435.1 million. Non-GAAP net revenues decreased
8% year-over-year to $432.4 million,
representing a decrease of 4% on a constant currency basis
[1].
- Advertising revenues decreased 20% year-over-year to
$310.0 million.
- Non-advertising revenues increased 44% year-over-year to
$125.1 million. Non-GAAP
non-advertising revenues increased 45% year-over-year to
$122.4 million.
- Net income attributable to SINA was $82.4 million, or $1.21 for diluted net income per share
attributable to SINA's ordinary shareholders. Non-GAAP net income
attributable to SINA was $17.0
million, or $0.25 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 first quarter of
2020 had been the same as it was in the first quarter of 2019, or
RMB6.73=US$1.00.
|
First Quarter 2020 Financial Results
For the first quarter of 2020, SINA reported net revenues of
$435.1 million, a decrease of 8%
compared to $475.1 million for the
same period last year. Non-GAAP net revenues for the first quarter
of 2020 were $432.4 million, a
decrease of 8% compared to $472.5
million for the same period last year.
Advertising revenues for the first quarter of 2020 were
$310.0 million, a decrease of 20%
compared to $388.0 million for the
same period last year, primarily due to the adverse impact of the
coronavirus pandemic on the overall advertising demand, as well as
negative currency translation impact.
Non-advertising revenues for the first quarter of 2020 were
$125.1 million, an increase of 44%
compared to $87.1 million for the
same period last year. Non-GAAP non-advertising revenues for the
first quarter of 2020 were $122.4
million, an increase of 45% compared to $84.5 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 Fintech
businesses, due to growth in loan facilitation volume as well as
gross reporting of certain Fintech revenues as required by ASU
2016-13, "Financial Instruments—Credit Losses (Topic 326),
Measurement of Credit Losses on Financial Instruments".
Gross margin for the first quarter of 2020 was 66%, compared to
76% for the same period last year. Advertising gross margin for the
first quarter of 2020 was 75%, compared to 78% for the same period
last year. Non-advertising gross margin for the first quarter of
2020 was 44%, compared to 64% for the same period last year,
primarily attributable to the adoption of the current expected
credit losses methodology in estimating allowances for credit
losses for Fintech businesses and reporting revenue and cost on a
gross basis for certain Fintech businesses in accordance with ASU
2016-13.
Operating expenses for the first quarter of 2020 totaled
$257.9 million, compared to
$272.7 million for the same period
last year. Non-GAAP operating expenses for the first quarter of
2020 totaled $231.7 million, compared
to $245.3 million for the same period
last year.
Income from operations for the first quarter of 2020 was
$30.8 million, compared to
$86.9 million for the same period
last year. Operating margin was 7%, compared to 18% for the same
period last year, as reduced expenses resulting from coronavirus
pandemic disruption could not fully offset the revenue impact of
the pandemic. Non-GAAP income from operations for the first quarter
of 2020 was $57.1 million, compared
to $114.2 million for the same period
last year. Non-GAAP operating margin was 13%, compared to 24% for
the same period last year.
Non-operating income for the first quarter of 2020 was
$126.7 million, compared to
$77.7 million for the same period
last year. Non-operating income for the first quarter of 2020
included (i) a $153.5 million gain on
deemed disposal and a $47.1 million
net loss on sale of investments, fair value changes and impairment
on investments, which are excluded under non-GAAP measure; (ii) a
$15.0 million net earnings from
equity method investments, which is reported one quarter in
arrears; and (iii) a $5.2 million net
interest and other income. Non-operating income for the first
quarter of 2019 included (i) an $80.8
million net gain on sale of investments, fair value changes
and impairment on investments, which is excluded under non-GAAP
measure; (ii) a $13.1 million net
interest and other income; and (iii) a $16.3
million net loss from equity method investments, which is
reported one quarter in arrears.
Income tax expenses for the first quarter of 2020 were
$25.8 million, compared to
$65.2 million for the same period
last year, largely attributable to a decrease in deferred tax
charges recognized from the fair value changes of investments as
well as reduced profitability in the first quarter of 2020 compared
with the same period last year.
Net income attributable to SINA's ordinary shareholders for the
first quarter of 2020 was $82.4
million, compared to $33.1
million for the same period last year. Diluted net income
per share attributable to SINA's ordinary shareholders for the
first quarter of 2020 was $1.21,
compared to $0.46 for the same period
last year. Non-GAAP net income attributable to SINA's ordinary
shareholders for the first quarter of 2020 was $17.0 million, compared to $28.9 million for the same period last year.
Non-GAAP diluted net income per share attributable to SINA's
ordinary shareholders for the first quarter of 2020 was
$0.25, compared to $0.40 for the same period last year.
As of March 31, 2020, SINA's cash,
cash equivalents and short-term investments totaled $2.7 billion, compared to $2.9 billion as of December 31, 2019. For the first quarter of 2020,
net cash provided by operating activities was $77.3 million, capital expenditures totaled
$11.1 million, and depreciation and
amortization expenses amounted to $11.5
million.
Other Development
As of March 31, 2020, the Company
has repurchased approximately 3.2 million shares at an average cost
of $30.59 under the 2020 New Program.
There were 65,384,161 ordinary shares outstanding as of
March 31, 2020.
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 (loss)
attributable to SINA's ordinary shareholders and non-GAAP diluted
net income (loss) 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,
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, gain (loss) on 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 8:10 a.m. – 8:40 a.m.
Eastern Time on May 19,
2020 (or 8:10 p.m. – 8:40 p.m. Beijing Time on May 19,
2020) to present an overview of the Company's financial performance
and business operations.
Please register in advance of the conference call using the link
provided below. Upon registering, you will be provided with a
calendar invite with participant dial-in numbers, passcode, and a
unique access pin by email.
PRE-REGISTER LINK:
https://s1.c-conf.com/diamondpass/10006810-invite.html
To join the conference, simply dial the number in the calendar
invite you receive after preregistering, enter the passcode
followed by your pin, and you will join the conference instantly. A
replay of the conference call may be accessed by phone at the
following number until May 27,
2020:
|
United
States:
|
1855 883
1031
|
|
Hong Kong:
|
800 930
639
|
|
International:
|
+61 7 3107
6325
|
|
Replay
PIN:
|
10006810
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.sina.com.
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
Fintech 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 2019 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
|
|
|
March
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2019
|
|
Net
revenues:
|
|
|
|
|
|
|
Advertising
|
$
309,995
|
|
$
388,025
|
|
$
460,864
|
|
Non-advertising
|
125,056
|
|
87,114
|
|
132,450
|
|
|
435,051
|
|
475,139
|
|
593,314
|
|
Cost of
revenues(1):
|
|
|
|
|
|
|
Advertising
|
76,855
|
|
84,379
|
|
88,121
|
|
Non-advertising
|
69,534
|
|
31,144
|
|
48,121
|
|
|
146,389
|
|
115,523
|
|
136,242
|
|
Gross
profit
|
288,662
|
|
359,616
|
|
457,072
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and marketing(1)
|
127,156
|
|
145,478
|
|
165,367
|
|
Product development(1)
|
91,977
|
|
94,049
|
|
95,638
|
|
General and administrative(1)
|
38,726
|
|
33,160
|
|
177,411
|
|
|
257,859
|
|
272,687
|
|
438,416
|
|
Income from
operations
|
30,803
|
|
86,929
|
|
18,656
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
Earning (loss) from equity method investments, net
|
15,048
|
|
(16,253)
|
|
10,353
|
|
Gain
(loss) on sale of investments, fair value changes and
impairment
on investments, net
|
106,444
|
|
80,806
|
|
(234,106)
|
|
Interest and other income, net
|
5,189
|
|
13,102
|
|
15,312
|
|
|
126,681
|
|
77,655
|
|
(208,441)
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
157,484
|
|
164,584
|
|
(189,785)
|
|
Income tax
expenses
|
(25,787)
|
|
(65,235)
|
|
(6,580)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
131,697
|
|
99,349
|
|
(196,365)
|
|
Less:
Net income (loss) attributable to non-controlling
interests
|
49,257
|
|
66,266
|
|
(20,919)
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to SINA's ordinary shareholders
|
$
82,440
|
|
$
33,083
|
|
$
(175,446)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
1.21
|
|
$
0.48
|
|
$
(2.53)
|
|
Diluted net income
(loss) per share(2)
|
$
1.21
|
|
$
0.46
|
|
$
(2.53)
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income (loss) per share
|
68,116
|
|
69,461
|
|
69,449
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income (loss) per share
|
68,207
|
|
69,759
|
|
69,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Stock-based compensation in each category:
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,745
|
|
$
2,536
|
|
$
3,255
|
|
Sales and
marketing
|
5,292
|
|
5,620
|
|
6,422
|
|
Product
development
|
8,073
|
|
9,654
|
|
10,267
|
|
General and
administrative
|
11,749
|
|
10,978
|
|
12,002
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,466,211
|
|
|
$
1,951,886
|
|
|
Short-term
investments
|
|
1,216,067
|
|
|
951,953
|
|
|
Restricted
cash
|
|
245,232
|
|
|
184,143
|
|
|
Accounts
receivable, net
|
|
576,355
|
|
|
601,876
|
|
|
Financing
receivables, net
|
|
165,172
|
|
|
226,098
|
|
|
Prepaid expenses
and other current assets
|
|
753,457
|
|
|
695,888
|
|
|
Subtotal
|
|
4,422,494
|
|
|
4,611,844
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
247,329
|
|
|
253,179
|
|
Operating lease
right-of-use assets, net
|
|
21,609
|
|
|
24,872
|
|
Goodwill and
intangible assets, net
|
|
302,076
|
|
|
307,300
|
|
Long-term
investments
|
|
2,338,937
|
|
|
2,200,548
|
|
Other
assets
|
|
78,935
|
|
|
71,085
|
|
Total
assets
|
|
$
7,411,380
|
|
|
$
7,468,828
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
156,883
|
|
|
$
170,647
|
|
|
Amount due to
customers
|
|
118,281
|
|
|
121,558
|
|
|
Accrued expenses
and other current liabilities
|
|
845,305
|
|
|
886,713
|
|
|
Short-term bank
loan
|
|
66,538
|
|
|
81,649
|
|
|
Deferred
revenues
|
|
221,292
|
|
|
143,073
|
|
|
Short-term
operating lease liabilities
|
|
12,103
|
|
|
12,151
|
|
|
Short-term funding
debts
|
|
135,575
|
|
|
173,821
|
|
|
Income taxes
payable
|
|
129,880
|
|
|
129,591
|
|
|
Subtotal
|
|
1,685,857
|
|
|
1,719,203
|
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
889,301
|
|
|
888,266
|
|
Senior
notes
|
|
794,319
|
|
|
793,985
|
|
Long-term funding
debts
|
|
38,829
|
|
|
22,260
|
|
Long-term deferred
revenues
|
|
30,609
|
|
|
33,217
|
|
Long-term
operating lease liabilities
|
|
10,436
|
|
|
13,081
|
|
Other long-term
liabilities
|
|
108,195
|
|
|
100,903
|
|
|
Total
liabilities
|
|
3,557,546
|
|
|
3,570,915
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
SINA shareholders'
equity(1)
|
|
2,548,871
|
|
|
2,638,481
|
|
|
Non-controlling
interests
|
|
1,304,963
|
|
|
1,259,432
|
|
|
Total shareholders'
equity
|
|
3,853,834
|
|
|
3,897,913
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
7,411,380
|
|
|
$
7,468,828
|
|
|
|
|
|
|
|
|
|
(1)
Effective January 1, 2020, the Company adopted Accounting
Standards Update ("ASU") 2016-13, "Measurement of Credit
Loss on Financial Instruments". ASU 2016-13 replaces the
current incurred loss impairment methodology with the expected
credit loss impairment model ("CECL"), which requires consideration
of a broader range of reasonable and supportable
information to estimate expected credit losses over the life of the
instrument instead of only when losses are incurred. This
standard applies to financial assets measured at amortized cost
basis and off-balance-sheet credit exposures not accounted for
as insurance. The cumulative impact arising from the adoption was a
debit to retained earnings as of January 1, 2020 of $62.1
million.
|
|
SINA
CORPORATION
|
|
UNAUDITED
ADDITIONAL INFORMATION
|
|
(U.S. Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
Weibo:
|
|
|
|
|
|
|
Advertising and
marketing
|
$
275,422
|
|
$
341,141
|
|
$
405,921
|
|
Weibo
VAS
|
47,967
|
|
58,036
|
|
62,227
|
|
Subtotal
|
323,389
|
|
399,177
|
|
468,148
|
|
|
|
|
|
|
|
|
Non-Weibo:
|
|
|
|
|
|
|
Media
Advertising
|
36,679
|
|
46,896
|
|
56,466
|
|
Fintech
*
|
81,647
|
|
34,916
|
|
77,759
|
|
Subtotal
|
118,326
|
|
81,812
|
|
134,225
|
|
|
|
|
|
|
|
|
Elimination
|
(6,664)
|
|
(5,850)
|
|
(9,059)
|
|
|
$
435,051
|
|
$
475,139
|
|
$
593,314
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
Weibo
|
$
74,110
|
|
$
82,817
|
|
$
90,566
|
|
|
|
|
|
|
|
|
Non-Weibo
|
|
|
|
|
|
|
Media
Advertising
|
17,642
|
|
21,660
|
|
20,404
|
|
Fintech
*
|
59,195
|
|
16,884
|
|
32,808
|
|
Subtotal
|
76,837
|
|
38,544
|
|
53,212
|
|
|
|
|
|
|
|
|
Elimination
|
(4,558)
|
|
(5,838)
|
|
(7,536)
|
|
|
$
146,389
|
|
$
115,523
|
|
$
136,242
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
|
|
|
|
|
Weibo
|
77%
|
|
79%
|
|
81%
|
|
Non-Weibo
|
35%
|
|
53%
|
|
60%
|
|
Total gross
margin
|
66%
|
|
76%
|
|
77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fintech includes Fintech
services and SINA Media other businesses. For the first quarter of
2020, SINA
Media other revenue was $3.9 million, compared to $6.4 million for
the same period last year.
|
|
SINA
CORPORATION
|
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
|
(U.S. Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
December 31,
2019
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
revenues
|
$
309,995
|
|
|
|
$
309,995
|
|
$
388,025
|
|
|
|
$
388,025
|
|
$
460,864
|
|
|
|
$
460,864
|
|
Non-advertising
revenues
|
125,056
|
|
(2,609)
|
(a)
|
122,447
|
|
87,114
|
|
(2,609)
|
(a)
|
84,505
|
|
132,450
|
|
(2,609)
|
(a)
|
129,841
|
|
Net
revenues
|
$
435,051
|
|
$
(2,609)
|
|
$
432,442
|
|
$
475,139
|
|
$
(2,609)
|
|
$
472,530
|
|
$
593,314
|
|
$
(2,609)
|
|
$
590,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
2,745
|
(b)
|
|
|
|
|
2,536
|
(b)
|
|
|
|
|
3,255
|
(b)
|
|
|
Gross
profit
|
$
288,662
|
|
$
136
|
|
$
288,798
|
|
$
359,616
|
|
$
(73)
|
|
$
359,543
|
|
$
457,072
|
|
$
646
|
|
$
457,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,691)
|
(b)
|
|
|
|
|
|
(25,114)
|
(b)
|
|
|
|
|
(26,252)
|
(b)
|
|
|
|
|
(1,075)
|
(c)
|
|
|
|
|
|
(1,080)
|
(c)
|
|
|
|
|
(1,124)
|
(c)
|
|
|
|
|
(125,809)
|
(d)
|
|
|
Operating
expenses
|
$
257,859
|
|
$
(26,194)
|
|
$
231,665
|
|
$
272,687
|
|
$
(27,376)
|
|
$
245,311
|
|
$
438,416
|
|
$
(155,575)
|
|
$
282,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
31,946
|
(b)
|
|
|
|
|
|
27,859
|
(b)
|
|
|
|
|
28,788
|
(b)
|
|
|
|
|
1,075
|
(c)
|
|
|
|
|
|
1,080
|
(c)
|
|
|
|
|
1,124
|
(c)
|
|
|
|
|
125,809
|
(d)
|
|
|
Income from
operations
|
$
30,803
|
|
$
26,330
|
|
$
57,133
|
|
$
86,929
|
|
$
27,303
|
|
$
114,232
|
|
$
18,656
|
|
$
156,221
|
|
$
174,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
(2,609)
|
(a)
|
|
|
|
|
31,946
|
(b)
|
|
|
|
|
|
27,859
|
(b)
|
|
|
|
|
28,788
|
(b)
|
|
|
|
|
1,075
|
(c)
|
|
|
|
|
|
1,080
|
(c)
|
|
|
|
|
1,124
|
(c)
|
|
|
|
|
125,809
|
(d)
|
|
|
|
|
|
(5,873)
|
(e)
|
|
|
|
|
15,307
|
(e)
|
|
|
|
|
1,669
|
(e)
|
|
|
|
|
|
(106,444)
|
(f)
|
|
|
|
|
(80,806)
|
(f)
|
|
|
|
|
234,106
|
(f)
|
|
|
|
|
|
10,259
|
(g)
|
|
|
|
|
(7,436)
|
(g)
|
|
|
|
|
(129,158)
|
(g)
|
|
|
|
|
|
1,369
|
(h)
|
|
|
|
|
1,035
|
(h)
|
|
|
|
|
1,371
|
(h)
|
|
|
|
|
|
8,955
|
(i)
|
|
|
|
|
40,367
|
(i)
|
|
|
|
|
(6,032)
|
(i)
|
|
|
Net income (loss)
attributable to SINA's ordinary shareholders
|
$
82,440
|
|
$
(65,404)
|
|
$
17,036
|
|
$
33,083
|
|
$
(4,230)
|
|
$
28,853
|
|
$
(175,446)
|
|
$
258,177
|
|
$
82,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share *
|
$
1.21
|
|
|
|
$
0.25
|
|
$
0.46
|
|
|
|
$
0.40
|
|
$
(2.53)
|
|
|
|
$
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted net income (loss) per share
|
68,207
|
|
-
|
|
68,207
|
|
69,759
|
|
-
|
|
69,759
|
|
69,449
|
|
94
|
(j)
|
69,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin -
advertising
|
75%
|
|
1%
|
|
76%
|
|
78%
|
|
1%
|
|
79%
|
|
81%
|
|
1%
|
|
82%
|
|
Gross margin -
non-advertising
|
44%
|
|
-1%
|
|
43%
|
|
64%
|
|
-1%
|
|
63%
|
|
64%
|
|
-1%
|
|
63%
|
|
Operating
margin
|
7%
|
|
6%
|
|
13%
|
|
18%
|
|
6%
|
|
24%
|
|
3%
|
|
27%
|
|
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 the litigation reserve for arbitration of
NAI.
|
|
(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 for income tax related to item (c) 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 (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
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
December 31,
2019
|
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
Actual
|
|
Adjustments
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To exclude
stock-based compensation
|
|
|
$
484
|
|
|
|
|
|
$
287
|
|
|
|
|
|
$
410
|
|
|
|
To exclude
amortization of intangible assets resulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from
business acquisitions
|
|
|
1,045
|
|
|
|
|
|
1,062
|
|
|
|
|
|
1,046
|
|
|
|
To exclude loss on disposal
and impairment on investments, net
|
|
|
1,009
|
|
|
|
|
|
6,713
|
|
|
|
|
|
1,094
|
|
|
|
To exclude (gain)
loss resulting from the fair value changes
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments, net
|
|
|
(7,735)
|
|
|
|
|
|
7,915
|
|
|
|
|
|
(205)
|
|
|
|
To exclude tax
impacts related to amortization of intangible assets
|
|
|
(244)
|
|
|
|
|
|
(248)
|
|
|
|
|
|
(245)
|
|
|
|
Earning (loss)
from equity method investments, net
|
$
14,616
|
|
$
(5,441)
|
|
$
9,175
|
|
$
(16,675)
|
|
$
15,729
|
|
$
(946)
|
|
$
9,922
|
|
$
2,100
|
|
$
12,022
|
|
Share of
amortization of equity investments'
intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
not on
their books
|
371
|
|
(371)
|
|
-
|
|
358
|
|
(358)
|
|
-
|
|
369
|
|
(369)
|
|
-
|
|
Share of tax
impacts related to amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
investments' intangibles not on their books
|
61
|
|
(61)
|
|
-
|
|
64
|
|
(64)
|
|
-
|
|
62
|
|
(62)
|
|
-
|
|
|
$
15,048
|
|
$
(5,873)
|
|
$
9,175
|
|
$
(16,253)
|
|
$
15,307
|
|
$
(946)
|
|
$
10,353
|
|
$
1,669
|
|
$
12,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*** Earning (loss)
from equity method investments is recorded one quarter in
arrears.
|
View original
content:http://www.prnewswire.com/news-releases/sina-reports-first-quarter-2020-unaudited-financial-results-301061583.html
SOURCE SINA Corporation
