SINA Reports Second Quarter 2020 Unaudited Financial Results

Rhea-AI Summary

SINA Corporation (NASDAQ: SINA) reported its second quarter 2020 results, showing a 5% decline in net revenues year-over-year to $507.7 million due to a 10% drop in advertising revenues, now at $392.2 million. Non-advertising revenues rose 16% to $115.5 million, largely driven by SINA's Fintech segment. The company posted a net loss of $25.4 million or $0.42 per share, with non-GAAP net income at $34.4 million. Operating expenses increased to $296.1 million, impacting overall profitability.

Positive

• Non-advertising revenues increased 16% year-over-year to $115.5 million.
• Non-GAAP net income was $34.4 million, or $0.54 per share.

Negative

• Net revenues decreased 5% year-over-year to $507.7 million.
• Advertising revenues decreased 10% year-over-year to $392.2 million.
• Net loss attributable to SINA was $25.4 million, or $0.42 per share.

BEIJING, Sept. 28, 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 second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

• Net revenues decreased 5% year-over-year to $507.7 million. Non-GAAP net revenues decreased 5% year-over-year to $505.1 million, representing a decrease of 1% on a constant currency basis ^[1].
• Advertising revenues decreased 10% year-over-year to $392.2 million.
• Non-advertising revenues increased 16% year-over-year to $115.5 million. Non-GAAP non-advertising revenues increased 17% year-over-year to $112.9 million.
• Net loss attributable to SINA was $25.4 million, or $0.42 for diluted net loss per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $34.4 million, or $0.54 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.

^[1] On a constant currency (non-GAAP) basis, we assume that the exchange rate in the second quarter of 2020 had been the same as it was in the second quarter of 2019, or RMB6.81=US$1.00.

Second Quarter 2020 Financial Results

For the second quarter of 2020, SINA reported net revenues of $507.7 million, a decrease of 5% compared to $533.1 million for the same period last year. Non-GAAP net revenues for the second quarter of 2020 were $505.1 million, a decrease of 5% compared to $530.4 million for the same period last year.

Advertising revenues for the second quarter of 2020 were $392.2 million, a decrease of 10% compared to $433.6 million for the same period last year, primarily due to continued weak advertising demand from certain industries in the aftermath of the domestic coronavirus outbreak, as well as negative currency translation impact.

Non-advertising revenues for the second quarter of 2020 were $115.5 million, an increase of 16% compared to $99.4 million for the same period last year. Non-GAAP non-advertising revenues for the second quarter of 2020 were $112.9 million, an increase of 17% compared to $96.8 million for the same period last year. The year-over-year growth in non-advertising revenues was mainly attributable to increased revenues generated from SINA 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 second quarter of 2020 was 74%, compared to 77% for the same period last year. Advertising gross margin for the second quarter of 2020 was 82%, compared to 80% for the same period last year, mainly due to the decrease of cost of revenues as a result of the exemption and refund of cultural business construction fee during the period. Non-advertising gross margin for the second quarter of 2020 was 45%, compared to 61% 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 second quarter of 2020 totaled $296.1 million, compared to $282.7 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2020 totaled $270.0 million, compared to $256.0 million for the same period last year.

Income from operations for the second quarter of 2020 was $78.8 million, compared to $126.0 million for the same period last year. Operating margin was 16%, compared to 24% for the same period last year. Non-GAAP income from operations for the second quarter of 2020 was $104.9 million, compared to $152.8 million for the same period last year. Non-GAAP operating margin was 21%, compared to 29% for the same period last year.

Non-operating loss for the second quarter of 2020 was $20.5 million, compared to a non-operating income of $19.7 million for the same period last year. Non-operating loss for the second quarter of 2020 mainly included (i) a $97.4 million impairment on the Company's investments, which is excluded under non-GAAP measures; (ii) a $61.9 million net gain from fair value changes of investments, which is excluded under non-GAAP measures; (iii) an $18.4 million net interest and other income; and (iv) a $2.3 million net loss from equity method investments, which is reported one quarter in arrears. Non-operating income for the second quarter of 2019 included (i) a $15.7 million net interest and other income; (ii) a $4.3 million net earning from equity method investments, which is reported one quarter in arrears; and (iii) a $0.3 million net loss on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measures.    

Income tax expenses for the second quarter of 2020 were $36.4 million, compared to $46.7 million for the same period last year, largely attributable to reduced profitability compared with the same period last year.  

Net loss attributable to SINA's ordinary shareholders for the second quarter of 2020 was $25.4 million, compared to a net income attributable to SINA's ordinary shareholders of $51.4 million. Diluted net loss per share attributable to SINA's ordinary shareholders for the second quarter of 2020 was $0.42, compared to a diluted net income per share attributable to SINA's ordinary shareholders of $0.73 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the second quarter of 2020 was $34.4 million, compared to $54.0 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the second quarter of 2020 was $0.54, compared to $0.76 for the same period last year.

As of June 30, 2020, SINA's cash, cash equivalents and short-term investments totaled $2.6 billion, compared to $2.9 billion as of December 31, 2019. For the second quarter of 2020, net cash provided by operating activities was $115.3 million, capital expenditures totaled $10.0 million, and depreciation and amortization expenses amounted to $11.6 million.

Other Development

As of June 30, 2020, the Company has repurchased approximately 9.1 million shares at an average cost of $32.33 under the 2020 New Program. There were 59,754,024 ordinary shares outstanding as of June 30, 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, 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 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."

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						Six months ended
			June 30,				March 31,		June 30,
			2020		2019		2020		2020		2019
Net revenues:
Advertising			$               392,212		$               433,633		$               309,995		$               702,207		$               821,658
Non-advertising			115,532		99,421		125,056		240,588		186,535
			507,744		533,054		435,051		942,795		1,008,193
Cost of revenues(1):
Advertising			68,956		85,589		76,855		145,811		169,968
Non-advertising			63,917		38,722		69,534		133,451		69,866
			132,873		124,311		146,389		279,262		239,834
Gross profit			374,871		408,743		288,662		663,533		768,359
Operating expenses:
Sales and marketing (1)			148,941		147,721		127,156		276,097		293,199
Product development (1)			93,602		91,981		91,977		185,579		186,030
General and administrative (1)			53,567		43,016		38,726		92,293		76,176
			296,110		282,718		257,859		553,969		555,405
Income from operations			78,761		126,025		30,803		109,564		212,954
Non-operating income (loss) :
Earning (loss) from equity method investments, net			(2,324)		4,316		15,048		12,724		(11,937)
Gain (loss) on sale of investments, fair value changes and impairment    on investments, net			(36,609)		(315)		106,444		69,835		80,491
Interest and other income, net			18,414		15,744		5,189		23,603		28,846
			(20,519)		19,745		126,681		106,162		97,400
Income before income taxes			58,242		145,770		157,484		215,726		310,354
Income tax expenses			(36,409)		(46,720)		(25,787)		(62,196)		(111,955)
Net income			21,833		99,050		131,697		153,530		198,399
Less: Net income attributable to non-controlling interests			47,199		47,626		49,257		96,456		113,892
Net income (loss) attributable to SINA's ordinary shareholders			$                (25,366)		$                 51,424		$                 82,440		$                 57,074		$                 84,507
Basic net income (loss) per share			$                    (0.40)		$                      0.74		$                      1.21		$                      0.87		$                      1.21
Diluted net income (loss) per share (2)			$                    (0.42)		$                      0.73		$                      1.21		$                      0.87		$                      1.20
Shares used in computing basic net income (loss) per share			62,785		69,709		68,116		65,451		69,586
Shares used in computing diluted net income (loss) per share			62,785		69,944		68,207		65,536		69,852
(1)Stock-based compensation in each category:
	Cost of revenues		$                     2,603		$                     2,620		$                     2,745		$                     5,348		$                     5,156
	Sales and marketing		5,230		6,031		5,292		10,522		11,651
	Product development		9,510		8,415		8,073		17,583		18,069
	General and administrative		10,313		11,200		11,749		22,062		22,178
(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)
				June 30,		December 31,
				2020		2019
		Assets
	Current assets:
		Cash and cash equivalents		$             1,772,733		$             1,951,886
		Short-term investments		858,342		951,953
		Restricted cash		151,308		184,143
		Accounts receivable, net		573,598		601,876
		Financing receivables, net		114,721		226,098
		Prepaid expenses and other current assets		818,501		695,888
		Subtotal		4,289,203		4,611,844
	Property and equipment, net			252,361		253,179
	Operating lease right-of-use assets, net			18,888		24,872
	Goodwill and intangible assets, net			300,722		307,300
	Long-term investments			2,300,358		2,200,548
	Other assets			68,088		71,085
	Total assets			$             7,229,620		$             7,468,828
		Liabilities and Shareholders' Equity
	Current liabilities:
		Accounts payable		$                155,648		$                170,647
		Amount due to customers		106,908		121,558
		Accrued expenses and other current liabilities		906,480		886,713
		Short-term bank loan		63,847		81,649
		Deferred revenues		239,298		143,073
		Short-term operating lease liabilities		12,134		12,151
		Short-term funding debts		26,184		173,821
		Income taxes payable		106,378		129,591
		Subtotal		1,616,877		1,719,203
	Convertible debt			890,337		888,266
	Senior notes			794,653		793,985
	Long-term funding debts			81,523		22,260
	Long-term deferred revenues			28,000		33,217
	Long-term operating lease liabilities			6,740		13,081
	Other long-term liabilities			115,317		100,903
		Total liabilities		3,533,447		3,570,915
	Shareholders' equity
		SINA shareholders' equity (1)		2,349,824		2,638,481
		Non-controlling interests		1,346,349		1,259,432
		Total shareholders' equity		3,696,173		3,897,913
	Total liabilities and shareholders' equity			$             7,229,620		$             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						Six months ended
		June 30,				March 31,		June 30,
		2020		2019		2020		2020		2019
Net revenues
Weibo:
	Advertising and marketing	$              340,584		$              370,660		$              275,422		$              616,006		$              711,801
	Weibo VAS	46,809		61,176		47,967		94,776		119,212
	Subtotal	387,393		431,836		323,389		710,782		831,013
Non-Weibo:
	Media Advertising	53,326		62,973		36,679		90,005		109,869
	Fintech (1)	71,646		43,740		81,647		153,293		78,656
	Subtotal	124,972		106,713		118,326		243,298		188,525
Elimination		(4,621)		(5,495)		(6,664)		(11,285)		(11,345)
		$              507,744		$              533,054		$              435,051		$              942,795		$          1,008,193
Cost of revenues
Weibo		$                63,584		$                81,972		$                74,110		$              137,694		$              164,789
Non-Weibo
	Media Advertising	20,011		25,011		17,642		37,653		46,671
	Fintech (1)	52,201		22,823		59,195		111,396		39,707
	Subtotal	72,212		47,834		76,837		149,049		86,378
Elimination		(2,923)		(5,495)		(4,558)		(7,481)		(11,333)
		$              132,873		$              124,311		$              146,389		$              279,262		$              239,834
Gross margin
Weibo		84%		81%		77%		81%		80%
Non-Weibo		42%		55%		35%		39%		54%
Total gross margin		74%		77%		66%		70%		76%
(1)Fintech includes Fintech services and SINA Media other businesses. For the second quarter of 2020, SINA Media other revenue was $4.0 million, compared to $4.9 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
		June 30, 2020						June 30, 2019						March 31, 2020
						Non-GAAP						Non-GAAP						Non-GAAP
		Actual		Adjustments		Results		Actual		Adjustments		Results		Actual		Adjustments		Results
Advertising revenues		$     392,212				$     392,212		$      433,633				$     433,633		$     309,995				$     309,995
Non-advertising revenues		115,532		(2,609)	(a)	112,923		99,421		(2,609)	(a)	96,812		125,056		(2,609)	(a)	122,447
Net revenues		$     507,744		$         (2,609)		$     505,135		$      533,054		$         (2,609)		$     530,445		$     435,051		$         (2,609)		$     432,442
				(2,609)	(a)					(2,609)	(a)					(2,609)	(a)
				2,603	(b)					2,620	(b)					2,745	(b)
Gross profit		$     374,871		$                 (6)		$     374,865		$      408,743		$                11		$     408,754		$     288,662		$              136		$     288,798
				(25,053)	(b)					(25,646)	(b)					(25,114)	(b)
				(1,066)	(c)					(1,107)	(c)					(1,080)	(c)
Operating expenses		$     296,110		$       (26,119)		$     269,991		$      282,718		$       (26,753)		$     255,965		$     257,859		$       (26,194)		$     231,665
				(2,609)	(a)					(2,609)	(a)					(2,609)	(a)
				27,656	(b)					28,266	(b)					27,859	(b)
				1,066	(c)					1,107	(c)					1,080	(c)
Income from operations		$       78,761		$        26,113		$     104,874		$      126,025		$        26,764		$     152,789		$       30,803		$        26,330		$        57,133
				(2,609)	(a)					(2,609)	(a)					(2,609)	(a)
				27,656	(b)					28,266	(b)					27,859	(b)
				1,066	(c)					1,107	(c)					1,080	(c)
				7,279	(d)					(4,881)	(d)					(5,873)	(d)
				36,609	(e)					315	(e)					(106,444)	(e)
				(18,457)	(f)					(39,281)	(f)					10,259	(f)
				1,369	(g)					1,037	(g)					1,369	(g)
				6,868	(h)					18,605	(h)					8,955	(h)
Net income (loss) attributable to SINA's ordinary shareholders		$     (25,366)		$        59,781		$       34,415		$        51,424		$           2,559		$       53,983		$       82,440		$       (65,404)		$        17,036
Diluted net income (loss) per share *		$          (0.42)				$            0.54		$             0.73				$            0.76		$            1.21				$            0.25
Shares used in computing diluted net income (loss) per share		62,785		79	(i)	62,864		69,944		-		69,944		68,207		-		68,207
Gross margin - advertising		82%		1%		83%		80%		1%		81%		75%		1%		76%
Gross margin - non-advertising		45%		-2%		43%		61%		-1%		60%		44%		-1%		43%
Operating margin		16%		5%		21%		24%		5%		29%		7%		6%		13%
		Six months ended
		June 30, 2020						June 30, 2019
						Non-GAAP						Non-GAAP
		Actual		Adjustments		Results		Actual		Adjustments		Results
Advertising revenues		$     702,207				$     702,207		$      821,658				$     821,658
Non-advertising revenues		240,588		(5,218)	(a)	235,370		186,535		(5,218)	(a)	181,317
Net revenues		$     942,795		$         (5,218)		$     937,577		$   1,008,193		$         (5,218)		$  1,002,975
				(5,218)	(a)					(5,218)	(a)
				5,348	(b)					5,156	(b)
Gross profit		$     663,533		$              130		$     663,663		$      768,359		$               (62)		$     768,297
				(50,167)	(b)					(51,898)	(b)
				(2,146)	(c)					(2,231)	(c)
Operating expenses		$     553,969		$       (52,313)		$     501,656		$      555,405		$       (54,129)		$     501,276
				(5,218)	(a)					(5,218)	(a)
				55,515	(b)					57,054	(b)
				2,146	(c)					2,231	(c)
Income from operations		$     109,564		$        52,443		$     162,007		$      212,954		$        54,067		$     267,021
				(5,218)	(a)					(5,218)	(a)
				55,515	(b)					57,054	(b)
				2,146	(c)					2,231	(c)
				1,406	(d)					10,426	(d)
				(69,835)	(e)					(80,491)	(e)
				(8,198)	(f)					(46,717)	(f)
				2,738	(g)					2,072	(g)
				15,823	(h)					58,972	(h)
Net income attributable to SINA's ordinary shareholders		$       57,074		$         (5,623)		$       51,451		$        84,507		$         (1,671)		$       82,836
Diluted net income per share *		$            0.87				$            0.78		$             1.20				$            1.16
Shares used in computing diluted net income per share		65,536		-		65,536		69,852		-		69,852
Gross margin - advertising		79%		1%		80%		79%		1%		80%
Gross margin - non-advertising		45%		-2%		43%		63%		-2%		61%
Operating margin		12%		5%		17%		21%		6%		27%
(a)  To exclude the recognition of deferred revenue related to the license granted to Leju.
(b)  To exclude stock-based compensation.
(c)  To adjust amortization of intangible assets.
(d)  To exclude non-GAAP to GAAP reconciling items on the share of equity method investments, net of share of amortization of intangibles not on their books.
(e)  To exclude (gain) loss on sale of investments, gain on deemed disposal, fair value changes and impairment on investments, net.
(f)  To exclude non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests.
(g)  To exclude the amortization of convertible debt and senior notes issuance cost.
(h)  To exclude the provision for income tax related to item (c) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.**
(i)  To adjust the number of shares for dilution resulted from 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
		June 30, 2020						June 30, 2019						March 31, 2020
		Actual		Adjustments		Non-GAAP Results		Actual		Adjustments		Non-GAAP Results		Actual		Adjustments		Non-GAAP Results
	To exclude stock-based compensation			$              310						$              178						$              484
	To exclude amortization of intangible assets resulting
	from business acquisitions			1,026						1,048						1,045
	To exclude loss on disposal and impairment on investments, net			-						90						1,009
	To exclude (gain) loss resulting from the fair value changes in
	investments, net			6,789						(5,525)						(7,735)
	To exclude tax impacts related to amortization of intangible assets			(241)						(244)						(244)
	Earning (loss) from equity method investments, net	$        (2,929)		$           7,884		$          4,955		$           3,888		$         (4,453)		$           (565)		$       14,616		$         (5,441)		$          9,175
	Share of amortization of equity investments' intangibles
	not on their books	601		(601)		-		365		(365)		-		371		(371)		-
	Share of tax impacts related to amortization of
	equity investments' intangibles not on their books	4		(4)		-		63		(63)		-		61		(61)		-
		$        (2,324)		$           7,279		$          4,955		$           4,316		$         (4,881)		$           (565)		$       15,048		$         (5,873)		$          9,175
		Six months ended
		June 30, 2020						June 30, 2019
						Non-GAAP						Non-GAAP
		Actual		Adjustments		Results		Actual		Adjustments		Results
	To exclude stock-based compensation			$              794						$              465
	To exclude amortization of intangible assets resulting
	from business acquisitions			2,071						2,110
	To exclude loss on disposal and impairment on investments, net			1,009						6,803
	To exclude (gain) loss resulting from the fair value changes in
	investments, net			(946)						2,390
	To exclude tax impacts related to amortization of intangible assets			(485)						(492)
	Earning (loss) from equity method investments, net	$       11,687		$           2,443		$       14,130		$       (12,787)		$        11,276		$        (1,511)
	Share of amortization of equity investments' intangibles
	not on their books	972		(972)		-		723		(723)		-
	Share of tax impacts related to amortization of
	equity investments' intangibles not on their books	65		(65)		-		127		(127)		-
		$       12,724		$           1,406		$       14,130		$       (11,937)		$        10,426		$        (1,511)
	*** Earning (loss) from equity method investments is recorded one quarter in arrears.

 

 

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SOURCE SINA Corporation

FAQ

What were SINA's second quarter 2020 net revenues?

SINA's net revenues for the second quarter of 2020 were $507.7 million, which is a 5% decrease compared to the previous year.

How much did SINA lose in the second quarter of 2020?

SINA reported a net loss of $25.4 million, equating to $0.42 per diluted share for the second quarter of 2020.

What are the advertising revenue trends for SINA in Q2 2020?

Advertising revenues decreased by 10% year-over-year to $392.2 million in the second quarter of 2020.

What drove the growth in SINA's non-advertising revenues?

The growth in non-advertising revenues, which rose by 16% to $115.5 million, was mainly driven by increases in their Fintech business.

What was SINA's gross margin in the second quarter of 2020?

SINA's gross margin for the second quarter of 2020 was 74%, down from 77% in the same period last year.