Actionable news
0
All posts from Actionable news
Actionable news in SINA: Sina Corporation,

SINA Reports Third Quarter 2017 Financial Results

BEIJING, Nov. 7, 2017 /PRNewswire/ -- SINA Corporation (the "Company" or "SINA") (SINA), a leading online media company serving China and the global Chinese communities, today announced its unaudited financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Net revenues increased 61% year over year to $443.1 million. Non-GAAP net revenues increased 62% year over year to $440.5 million.
  • Advertising revenues increased 56% year over year to $364.0 million.
  • Non-advertising revenues increased 92% year over year to $79.2 million. Non-GAAP non-advertising revenues increased 98% year over year to $76.6 million.
  • Income from operations increased 231% year over year to $120.3 million. Non-GAAP income from operations increased 157% year over year to $145.0 million. Non-GAAP operating margin was 33%, up from 21% for the same period last year.
  • Net income attributable to SINA was $49.3 million, or $0.66 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $57.7 million, or $0.77 non-GAAP diluted net income per share attributable to SINA.
  • Weibo's monthly active users ("MAUs") had a net addition of approximately 79 million users year over year and reached 376 million in September 2017. Weibo's mobile MAUs represented 92% of Weibo's MAUs.
  • Weibo's average daily active users ("DAUs") had a net addition of approximately 33 million users year over year and reached 165 million in September 2017.

"We are very pleased to deliver another strong quarter of financial results with record revenues and operating profit." said Charles Chao, Chairman and CEO of SINA. "Weibo continued its strong momentum with substantial user base expansion and improved user engagement. Leveraging platform effect, Weibo has achieved further operating leverage and a record high level of net income." said Mr. Chao. "Portal advertising resumed in the growth trajectory this quarter as we continue to ramp up mobile traffic of SINA media properties and improve mobile monetization. We are also pleased to see the encouraging progresses we have made in the online finance business." Mr. Chao concluded.

Third Quarter 2017 Financial Results

For the third quarter of 2017, SINA reported net revenues of $443.1 million, an increase of 61% compared to $274.9 million for the same period last year. Non-GAAP net revenues for the third quarter of 2017 totaled $440.5 million, an increase of 62% compared to $272.3 million for the same period last year.

Online advertising revenues for the third quarter of 2017 were $364.0 million, an increase of 56% compared to $233.6 million for the same period last year. The year-over-year growth in online advertising revenues was mainly resulted from an increase of $120.1 million, or 77% growth in Weibo advertising and marketing revenues and a modest increase of portal advertising revenues in the third quarter.

Non-advertising revenues for the third quarter of 2017 were $79.2 million, an increase of 92% compared to $41.2 million for the same period last year. Non-GAAP non-advertising revenues for the third quarter of 2017 were $76.6 million, an increase of 98% compared to $38.6 million for the same period last year. The year-over-year growth in non-advertising revenues was driven by the new revenue stream derived from SINA online finance business, increased Weibo membership fees and revenue share from live broadcasting business.

Gross margin for the third quarter of 2017 was 76%, compared to 67% for the same period last year. Advertising gross margin for the third quarter of 2017 was 76%, compared to 70% for the same period last year. The increase in advertising gross margin was primarily due to stronger advertising demand from Weibo advertisers and the further operating leverage of Weibo business. Non-advertising gross margin for the third quarter of 2017 was 71%, compared to 54% for the same period last year. The increase in non-advertising margin was the result of higher revenue contribution from businesses with better margin profile compared with the same period last year, such as Weibo's membership services and SINA's online finance business.

Operating expenses for the third quarter of 2017 totaled $214.3 million, compared to $148.2 million for the same period last year. The increase in operating expenses was primarily attributable to an increase in sales and marketing expenses for user acquisition for both Weibo and SINA News APPs. Non-GAAP operating expenses for the third quarter of 2017 totaled $189.7 million, compared to $127.9 million for the same period last year.

Income from operations for the third quarter of 2017 was $120.3 million, an increase of 231% compared to $36.3 million for the same period last year. Operating margin was 27%, up from 13% for the same period last year. The increase in operating margin was a result of further operating leverage of Weibo business and step-up of margin profile from non-Weibo business. Non-GAAP income from operations for the third quarter of 2017 was $145.0 million, an increase of 157% compared to $56.5 million for the same period last year. Non-GAAP operating margin was 33%, up from 21% for the same period last year.

Non-operating income for the third quarter of 2017 was $11.1 million, compared to a non-operating income of $143.1 million for the same period last year. Non-operating income for the third quarter of 2017 mainly included: (i) a $10.2 million net gain on sale of and impairment on investments, net, which is excluded under our non-GAAP measure; (ii) a $11.1 million loss pick-up from equity-method investments, which is accounted for under the equity-method and reported one quarter in arrears, mainly resulting from the loss pick-up from the Company's investment in Leju; and (iii) a $12.0 million net interest and other income. Non-operating income for the third quarter of 2016 included: (i) a $133.5 million net gain on sale of and impairment on investments, which is excluded under our non-GAAP measure; and (ii) a $5.5 million earnings pick-up from equity-method investments, which are accounted for under the equity-method and reported one quarter in arrears, mainly resulted from earnings pick-up from the Company's investment in E-House.

Income tax expenses for the third quarter of 2017 were $24.6 million, compared to $19.1 million for the same period last year. The increase was primarily due to higher profitability and the change in tax status of the Weibo's PRC subsidiary in 2017 from being fully tax exempted to being subject to a reduced enterprise income tax rate of 12.5%.

Net income attributable to SINA for the third quarter of 2017 was $49.3 million, compared to $146.5 million for the same period last year. Diluted net income per share attributable to SINA for the third quarter of 2017 was $0.66, compared to $1.90 for the same period last year. Non-GAAP net income attributable to SINA for the third quarter of 2017 was $57.7 million, compared to $43.7 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the third quarter of 2017 was $0.77, compared to $0.56 for the same period last year.

As of September 30, 2017, SINA's cash, cash equivalents and short-term investments totaled $2.2 billion, compared to $1.8 billion as of December 31, 2016. For the third quarter of 2017, net cash provided by operating activities was $188.1 million, capital expenditures totaled $7.3 million, and depreciation and amortization expenses amounted to $8.7 million.

On October 30, 2017, Weibo completed the offering of $900 million in aggregate principal amount of convertible senior notes due 2022, including a fully-exercised over-allotment option of $100 million principal amount of notes that Weibo granted to the initial purchasers (the "Notes"). The Notes will bear annual interest at a rate of 1.25% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2018. The Notes will be convertible into Weibo's American Depositary Shares ("ADS") based on an initial conversion price of approximately US$133.27 per ADS, which represents an approximately 47.5% conversion premium over the closing trading price of Weibo's ADSs on October 25, 2017. The Notes will mature on November 15, 2022, unless previously repurchased, redeemed or converted in accordance with their terms prior to such date.

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 (loss) from operations, non-GAAP net income (loss) attributable to SINA and non-GAAP diluted net income (loss) per share attributable to SINA. 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, gain(loss) on sale of investment/business, deemed disposal and impairment on investment, income tax effects of above non-GAAP to GAAP reconciling items and adjustment for non-GAAP to GAAP reconciling items for the income (loss) 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. – 8:00 a.m. Eastern Time on November 7, 2017 (or 8:10 p.m. – 9:00 p.m. Beijing Time on November 7, 2017) 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://corp.sina.com.cn. The conference call can be accessed as follows:

A replay of the conference call will be available through morning Eastern Time November 15, 2017. The dial-in number is +61 2 9003 4211. The passcode for the replay is 4292828.

About SINA

We are a leading online media company serving China and the global Chinese communities. Our digital media network of SINA.com (portal), SINA.cn (mobile portal), SINA Mobile Apps and Weibo.com (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.cn and SINA Mobile Apps provide news information, professional and entertainment content from SINA.com customized for mobile users in WAP (mobile browser) and mobile application format. Weibo is a leading social media platform for people to create, distribute and discover Chinese-language content. Based on an open platform architecture, Weibo allows users to create and post feeds and attach multi-media content, as well as access a wide range of organically and third-party developed applications, such as online games.

Through these properties and other product lines, we offer an array of online media and social media services to our 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 MVAS 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 annual report on Form 20-F for the year ended December 31, 2016 and other filings with the Securities and Exchange Commission.

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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















Three months ended


Nine months ended




September 30,


June 30,


September 30,




2017


2016


2017


2017


2016


Net revenues:











Advertising

$ 363,958


$ 233,633


$ 295,153


$ 887,110


$ 601,631


Non-advertising

79,191


41,242


63,779


193,036


115,881




443,149


274,875


358,932


1,080,146


717,512


Cost of revenues *:











Advertising

85,757


71,194


72,211


225,636


212,466


Non-advertising

22,814


19,133


20,113


61,831


47,672




108,571


90,327


92,324


287,467


260,138


Gross profit

334,578


184,548


266,608


792,679


457,374














Operating expenses:











Sales and marketing *

114,345


64,176


83,408


265,836


172,773


Product development *

70,509


55,674


63,486


188,415


161,690


General and administrative *

29,443


28,366


25,036


78,502


74,308




214,297


148,216


171,930


532,753


408,771


Income from operations

120,281


36,332


94,678


259,926


48,603














Non-operating income (loss):











Earning (Loss) from equity method investments, net

(11,105)


5,534


(5,265)


(13,227)


(11,220)


Gain on sale of investments/business and impairment on investments, net

10,209


133,505


(16,315)


9,777


196,657


Fair value change in option liability

-


(2,653)


-


-


(2,653)


Interest and other income, net

11,994


6,703


8,225


31,452


19,619




11,098


143,089


(13,355)


28,002


202,403














Income before income taxes

131,379


179,421


81,323


287,928


251,006


Income tax expense

(24,555)


(19,050)


(19,135)


(57,516)


(21,781)














Net income

106,824


160,371


62,188


230,412


229,225


Less: Net income attributable to non-controlling interests

57,533


13,853


38,798


119,207


24,060














Net income attributable to SINA

$ 49,291


$ 146,518


$ 23,390


$ 111,205


$ 205,165


























Basic net income per share attributable to SINA

$ 0.69


$ 2.08


$ 0.33


$ 1.56


$ 2.93


Diluted net income per share attributable to SINA **

$ 0.66


$ 1.90


$ 0.31


$ 1.48


$ 2.74














Shares used in computing basic











net income per share attributable to SINA

71,468


70,420


71,197


71,208


70,108


Shares used in computing diluted











net income per share attributable to SINA

74,213


78,303


73,890


73,924


77,486


























* Stock-based compensation in each category:












Cost of revenues

$ 2,776


$ 2,380


$ 2,106


$ 7,112


$ 5,721



Sales and marketing

5,568


4,791


5,269


15,420


10,937



Product development

9,073


7,261


6,668


22,731


15,775



General and administrative

8,410


7,853


8,143


23,940


21,929














** Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments.






SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)













September 30,



December 31,





2017



2016



Assets



Current assets:








Cash and cash equivalents


$ 1,093,900



$ 1,407,625



Short-term investments


1,138,236



389,440



Restricted cash


382,238



241,306



Accounts receivable, net


279,062



210,328



Prepaid expenses and other current assets


313,934



407,373



Subtotal


3,207,370



2,656,072










Property and equipment, net


253,414



241,680


Goodwill and intangible assets, net


101,807



12,108


Long-term investments


1,235,134



1,318,207


Other assets


55,547



56,807


Total assets


$ 4,853,272



$ 4,284,874











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$ 153,112



$ 108,381



Amount due to customers


382,238



241,306



Accrued expenses and other current liabilities


415,566



452,751



Short-term bank loan


28,634



33,152



Deferred revenues


134,872



95,566



Income taxes payable


81,138



40,127



Subtotal


1,195,560



971,283










Convertible debt


153,092



153,092


Long-term deferred revenues


57,076



65,188


Other long-term liabilities


8,384



4,332



Total liabilities


1,414,112



1,193,895










Shareholders' equity








SINA shareholders' equity


2,793,189



2,679,590



Non-controlling interests


645,971



411,389



Total shareholders' equity


3,439,160



3,090,979










Total liabilities and shareholders' equity


$ 4,853,272



$ 4,284,874









SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)















Three months ended


Nine months ended




September 30,


June 30,


September 30,




2017


2016


2017


2017


2016














Net revenues











Portal:











Portal Advertising

$ 87,432


$ 79,855


$ 77,931


$ 225,154


$ 222,270


Other

39,785


21,058


28,746


88,693


55,941



Subtotal

127,217


100,913


106,677


313,847


278,211














Weibo:












Advertising and marketing

276,803


156,693


218,340


664,440


383,112



Weibo non-advertising

43,232


20,184


35,033


108,169


59,940



Subtotal

320,035


176,877


253,373


772,609


443,052














Elimination

(4,103)


(2,915)


(1,118)


(6,310)


(3,751)




$ 443,149


$ 274,875


$ 358,932


$ 1,080,146


$ 717,512














Cost of revenues











Portal:











Portal Advertising

$ 30,502


$ 32,540


$ 27,647


$ 85,631


$ 104,881


Other

19,483


13,458


14,368


46,553


33,691



Subtotal

49,985


45,998


42,015


132,184


138,572














Weibo

62,428


44,494


50,372


159,250


121,777














Elimination

(3,842)


(165)


(63)


(3,967)


(211)




$ 108,571


$ 90,327


$ 92,324


$ 287,467


$ 260,138














Gross margin












Portal

61%


54%


61%


58%


50%



Weibo

80%


75%


80%


79%


73%




76%


67%


74%


73%


64%














SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



September 30, 2017


September 30, 2016


June 30, 2017







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$ 363,958




$ 363,958


$ 233,633




$ 233,633


$ 295,153




$ 295,153

Non-advertising revenues

79,191


(2,609)

(a)

76,582


41,242


(2,609)

(a)

38,633


63,779


(2,609)

(a)

61,170

Net revenues

$ 443,149


$ (2,609)


$ 440,540


$ 274,875


$ (2,609)


$ 272,266


$ 358,932


$ (2,609)


$ 356,323
























(2,609)

(a)





(2,609)

(a)





(2,609)

(a)






2,776

(b)





2,380

(b)





2,106

(b)


Gross profit

$ 334,578


$ 167


$ 334,745


$ 184,548


$ (229)


$ 184,319


$ 266,608


$ (503)


$ 266,105
























(23,051)

(b)





(19,905)

(b)





(20,080)

(b)






(1,538)

(c)





(457)

(c)





(1,227)

(c)


Operating expenses

$ 214,297


$ (24,589)


$ 189,708


$ 148,216


$ (20,362)


$ 127,854


$ 171,930


$ (21,307)


$ 150,623
























(2,609)

(a)





(2,609)

(a)





(2,609)

(a)






25,827

(b)





22,285

(b)





22,186

(b)






1,538

(c)





457

(c)





1,227

(c)


Income from operations

$ 120,281


$ 24,756


$ 145,037


$ 36,332


$ 20,133


$ 56,465


$ 94,678


$ 20,804


$ 115,482






























(2,609)

(a)


















22,285

(b)












(2,609)

(a)





457

(c)





(2,609)

(a)






25,827

(b)





2,032

(d)





22,186

(b)






1,538

(c)





(133,505)

(e)





1,227

(c)






1,474

(d)





2,653

(f)





75

(d)






(10,209)

(e)





(10,650)

(g)





16,315

(e)






(7,391)

(g)





1,398

(h)





(7,745)

(g)






(254)

(i)





15,133

(i)





(180)

(i)


Net income attributable to SINA

$ 49,291


$ 8,376


$ 57,667


$ 146,518


$ (102,806)


$ 43,712


$ 23,390


$ 29,269


$ 52,659







































Diluted net income per share attributable to SINA *

$ 0.66




$ 0.77


$ 1.90




$ 0.56


$ 0.31




$ 0.70

Shares used in computing diluted


















net income per share attributable to SINA

74,213


-


74,213


78,303


-


78,303


73,890


-


73,890







































Gross margin - advertising

76%


1%


77%


70%


1%


71%


76%


-


76%

Gross margin - non-advertising

71%


-1%


70%


54%


-4%


50%


68%


-1%


67%









































Nine months ended









September 30, 2017


September 30, 2016













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results


























Advertising revenues

$ 887,110




$ 887,110


$ 601,631




$ 601,631







Non-advertising revenues

193,036


(7,827)

(a)

185,209


115,881


(7,827)

(a)

108,054







Net revenues

$1,080,146


$ (7,827)


$1,072,319


$ 717,512


$ (7,827)


$ 709,685






























(7,827)

(a)





(7,827)

(a)












7,112

(b)





5,721

(b)








Gross profit

$ 792,679


$ (715)


$ 791,964


$ 457,374


$ (2,106)


$ 455,268






























(62,091)

(b)





(48,641)

(b)












(2,920)

(c)





(1,475)

(c)








Operating expenses

$ 532,753


$ (65,011)


$ 467,742


$ 408,771


$ (50,116)


$ 358,655






























(7,827)

(a)





(7,827)

(a)












69,203

(b)





54,362

(b)












2,920

(c)





1,475

(c)








Income from operations

$ 259,926


$ 64,296


$ 324,222


$ 48,603


$ 48,010


$ 96,613




































(7,827)

(a)


















54,362

(b)












(7,827)

(a)





1,475

(c)












69,203

(b)





3,978

(d)












2,920

(c)





(196,657)

(e)












1,773

(d)





2,653

(f)












(9,777)

(e)





(20,815)

(g)












(20,630)

(g)





3,567

(h)












1,038

(i)





14,908

(i)








Net income attributable to SINA

$ 111,205


$ 36,700


$ 147,905


$ 205,165


$ (144,356)


$ 60,809













































Diluted net income per share attributable to SINA *

$ 1.48




$ 1.97


$ 2.74




$ 0.82







Shares used in computing diluted


















net income per share attributable to SINA

73,924


-


73,924


77,486


-


77,486













































Gross margin - advertising

75%


-


75%


65%


1%


66%







Gross margin - non-advertising

68%


-1%


67%


59%


-3%


56%













































(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 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/business, (gain) loss on deemed disposal and impairment on investments, net.












(f) To exclude the change in fair value of option liability.


















(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) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.**




























*

Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments.









**

Most of the reconciliation items were recorded in entities in tax free jurisdictions hence no income tax implications. For impairment on investments, valuation allowances were made for those differences the Company does not expect they can be realized in the foreseeable future.




























UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS*


































Three months ended



September 30, 2017


September 30, 2016


June 30, 2017



Actual


Adjustments


Non-GAAP
Results


Actual


Adjustments


Non-GAAP
Results


Actual


Adjustments


Non-GAAP
Results





















To exclude stock-based compensation



$ 1,822






$ 1,409






$ 736




To exclude amortization of intangible



















assets resulting from business acquisitions



1,127






618






1,035




To exclude (gain) loss on disposal and impairment on investments


327






(12)






(1,319)




To exclude (gain) loss resulting from the fair value



















changes in investments



(1,745)






41






(637)




To exclude tax impacts related



















to amortization of intangible assets



(166)






(179)






(143)




Earning (Loss) from equity method investments, net

$ (10,996)


$ 1,365


$ (9,631)


$ 5,689


$ 1,877


$ 7,566


$ (4,862)


$ (328)


$ (5,190)


Share of amortization of equity investments'



















intangibles not on their books

(130)


130


-


(173)


173


-


(523)


523


-


Share of tax impacts related to amortization of



















equity investments' intangibles not on their books

21


(21)


-


18


(18)


-


120


(120)


-



$ (11,105)


$ 1,474


$ (9,631)


$ 5,534


$ 2,032


$ 7,566


$ (5,265)


$ 75


$ (5,190)









































Nine months ended









September 30, 2017


September 30, 2016













Non-GAAP






Non-GAAP









Actual


Adjustments


Results


Actual


Adjustments


Results



























To exclude stock-based compensation



$ 2,878






$ 4,320










To exclude amortization of intangible



















assets resulting from business acquisitions



2,264






1,996










To exclude gain on disposal and impairment on investments



(1,313)






(1,559)










To exclude gain resulting from the fair value



















changes in investments



(2,343)






(849)










To exclude tax impacts related



















to amortization of intangible assets



(330)






(546)










Loss from equity method investments, net

$ (12,610)


$ 1,156


$ (11,454)


$ (10,604)


$ 3,362


$ (7,242)








Share of amortization of equity investments'



















intangibles not on their books

(778)


778


-


(788)


788


-








Share of tax impacts related to amortization of



















equity investments' intangibles not on their books

161


(161)


-


172


(172)


-









$ (13,227)


$ 1,773


$ (11,454)


$ (11,220)


$ 3,978


$ (7,242)














































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
















More