SINA Reports Third Quarter 2019 Unaudited Financial Results

BEIJING,Nov. 14,2019 -- 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 third quarter ended September 30,2019.

Third Quarter 2019 Highlights

Net revenues increased 1% year-over-year to $561.4 million. Non-GAAP net revenues increased 1% year-over-year to $558.8 million,representing an increase of 5% on a constant currency basis [1].

Advertising revenues decreased 5% year-over-year to $461.1 million.

Non-advertising revenues increased 37% year-over-year to $100.4 million. Non-GAAP non-advertising revenues increased 38% year-over-year to $97.7 million.

Net income attributable to SINA was $20.4 million,or $0.28 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $67.0 million,or $0.94 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 third quarter of 2019 had been the same as it was in the third quarter of 2018,or RMB6.80=US$1.00.

Third Quarter 2019 Financial Results

For the third quarter of 2019,SINA reported net revenues of $561.4 million,an increase of 1% compared to $557.2 million for the same period last year. Non-GAAP net revenues for the third quarter of 2019 were $558.8 million,an increase of 1% compared to $554.6 million for the same period last year.

Advertising revenues for the third quarter of 2019 were $461.1 million,a decrease of 5% compared to $483.8 million for the same period last year,primarily due to a decline in portal advertising revenues and negative currency translation impact.

Non-advertising revenues for the third quarter of 2019 were $100.4 million,an increase of 37% compared to $73.4 million for the same period last year. Non-GAAP non-advertising revenues for the third quarter of 2019 were $97.7 million,an increase of 38% compared to $70.8 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 fin-tech businesses and revenues derived from Weibo's live streaming business acquired in the fourth quarter of 2018.

Gross margin for the third quarter of 2019 was 79%,compared to 80% for the same period last year. Advertising gross margin for the third quarter of 2019 was 83%,compared to 81% for the same period last year. Non-advertising gross margin for the third quarter of 2019 was 63%,down from 71% for the same period last year,resulted from the relatively lower gross margin of the acquired live streaming business of Weibo.

Operating expenses for the third quarter of 2019 totaled $305.4 million,compared to $316.0 million for the same period last year. Non-GAAP operating expenses for the third quarter of 2019 totaled $274.9 million,compared to $276.4 million for the same period last year.

Income from operations for the third quarter of 2019 was $138.7 million,compared to $127.4 million for the same period last year. Operating margin was 25%,compared to 23% for the same period last year. Non-GAAP income from operations for the third quarter of 2019 was $170.0 million,compared to $168.1 million for the same period last year. Non-GAAP operating margin was 30%,flat year over year.

Non-operating loss for the third quarter of 2019 was $4.0 million,compared to a non-operating income of $77.3 million for the same period last year. Non-operating loss for the third quarter of 2019 included (i) a $25.5 million net loss on sale of investments,fair value changes and impairment on investments,which is excluded under non-GAAP measures; (ii) a $19.9 million net interest and other income; and (iii) a $1.6 million net earning from equity method investments,which is reported one quarter in arrears. Non-operating income for the third quarter of 2018 included (i) a $50.1 million net gain on sale of investments,which is excluded under non-GAAP measures; (ii) a $17.1 million net interest and other income; and (iii) a $10.2 million net earning from equity method investments,which is reported one quarter in arrears and is mainly resulted from the earnings pick-up related to the Company's investment in Tian Ge Interactive Holding Limited.

Income tax expenses for the third quarter of 2019 were $27.9 million,compared to $68.1 million for the same period last year,largely attributable to reversal of deferred tax charges recognized from the fair value changes of investments.

Net income attributable to SINA's ordinary shareholders for the third quarter of 2019 was $20.4 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 third quarter of 2019 was $0.28,compared to $0.62 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the third quarter of 2019 was $67.0 million,compared to $67.7 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the third quarter of 2019 was $0.94,compared to $0.93 for the same period last year.

As of September 30,2019,SINA's cash,cash equivalents and short-term investments totaled $2.9 billion,compared to $2.3 billion as of December 31,2018,mainly due to net proceeds received from Weibo's senior notes offering. For the third quarter of 2019,net cash provided by operating activities was $220.2 million,capital expenditures totaled $6.0 million,and depreciation and amortization expenses amounted to $10.9 million.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues,non-GAAP advertising revenues,non-GAAP non-advertising revenues,non-GAAP advertising and non-advertising gross margin,non-GAAP operating expenses,non-GAAP income from operations,non-GAAP operating margin,non-GAAP net income attributable to SINA's ordinary shareholders and non-GAAP diluted net income per share. These non-GAAP financial measures should be considered in addition to,not as a substitute for,measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly,care should be exercised in understanding how the Company defines its non-GAAP financial measures.

The Company's non-GAAP financial measures exclude recognition of deferred revenues related to the license granted to Leju,stock-based compensation,amortization of intangible assets,goodwill and acquired intangibles impairment,adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments (net of share of amortization of intangibles not on their books),gain (loss) on sale of investment,deemed disposal,fair value changes and impairment on investment,adjustment for non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests,amortization of convertible debt and senior notes issuance cost,and income tax effects of above non-GAAP to GAAP reconciling items. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making,because management believes these measures reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner,and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does,if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses,gain (loss) and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Management compensates for these limitations by also considering the Company's financial results prepared in accordance with U.S. GAAP. Reconciliations of the Company's non-GAAP measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

Conference Call

SINA will host a conference call from 7:10 a.m. – 7:40 a.m. Eastern Time on November 14,2019 (or 8:10 p.m. – 8:40 p.m. Beijing Time on November 14,2019) 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 0437

Hong Kong:

+852 3018 6771

Mainland China:

400 620 8038

International:

+65 6713 5090

Passcode for all regions:

9785475

A replay of the conference call will be available through morning Eastern Time November 22,2019. The dial-in number is +61 2 8199 0299. The passcode for the replay is 9785475.

About SINA

SINA is a leading online media company serving China and the global Chinese communities. Its digital media network of SINA.com (portal),SINA mobile (mobile portal and mobile apps) and Weibo (social media) enables internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA mobile provides news information,professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.

Weibo is a leading social media platform for people to create,distribute and discover content. Based on an open platform architecture,Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time,interact with others on a massive global platform and stay connected with the world.

Through these properties and other product lines,SINA offer an array of online media and social media services to its users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.

Safe Harbor Statement

This press release contains forward-looking statements that relate to,among other things,SINA's expected financial performance and SINA's strategic and operational plans (as described,without limitation,in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include,but are not limited to failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop,introduce,drive adoption of or monetize new features and products,including portal,Weibo and fin-tech products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties,such as Alibaba; failure to successfully integrate acquired businesses; risks associated with the Company's investments,including adverse impacts on our financial results from equity pick-up,fair value changes and impairment; and failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA's 2018 annual reports on Form 20-F and other filings with the Securities and Exchange Commission.

Contact:

Investor Relations

SINA Corporation

Phone: +86 10 5898 3336

Email: ir@staff.sina.com.cn

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three months ended

Nine months ended

September 30,

June 30,

September 30,

2019

2018

2019

2019

2018

Net revenues:

Advertising

$ 461,095

$ 483,806

$ 433,633

$ 1,282,753

$ 1,304,978

Non-advertising

100,353

73,395

99,421

286,888

230,335

561,448

557,201

533,054

1,569,641

1,535,313

Cost of revenues(1):

Advertising

80,297

92,407

85,589

250,265

256,105

Non-advertising

37,055

21,408

38,722

106,921

72,890

117,352

113,815

124,311

357,186

328,995

Gross profit

444,096

443,386

408,743

1,212,455

1,206,318

Operating expenses:

Sales and marketing (1)

169,423

185,478

147,721

462,622

508,754

Product development (1)

91,150

91,545

91,981

277,180

260,559

General and administrative (1)

44,854

28,377

43,016

121,030

89,551

Goodwill and acquired intangibles impairment

-

10,554

-

-

10,554

305,427

315,954

282,718

860,832

869,418

Income from operations

138,669

127,432

126,025

351,623

336,900

Non-operating income (loss):

Earning (loss) from equity method investments,net

1,608

10,150

4,316

(10,329)

5,851

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

on investments,net

(25,549)

50,111

(315)

54,942

40,941

Interest and other income,net

19,895

17,051

15,744

48,741

54,265

(4,046)

77,312

19,745

93,354

101,057

Income before income taxes

134,623

204,744

145,770

444,977

437,957

Income tax expenses

(27,930)

(68,129)

(46,720)

(139,885)

(114,737)

Net income

106,693

136,615

99,050

305,092

323,220

Less: Net income attributable to non-controlling interests

86,296

91,176

47,626

200,188

214,035

Net income attributable to SINA's ordinary shareholders

$ 20,397

$ 45,439

$ 51,424

$ 104,904

$ 109,185

Basic net income per share

$ 0.29

$ 0.66

$ 0.74

$ 1.50

$ 1.55

Diluted net income per share (2)

$ 0.28

$ 0.62

$ 0.73

$ 1.49

$ 1.48

Shares used in computing basic net income per share

69,936

69,332

69,709

69,704

70,653

Shares used in computing diluted net income per share

70,019

71,322

69,944

69,909

72,962

(1)Stock-based compensation in each category:

Cost of revenues

$ 3,448

$ 3,775

$ 2,620

$ 8,604

$ 9,206

Sales and marketing

6,426

7,414

6,031

18,077

18,768

Product development

10,655

11,205

8,415

28,724

26,427

General and administrative

12,342

9,012

11,200

34,520

23,335

(2)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)

September 30,

December 31,

2019

2018

Assets

Current assets:

Cash and cash equivalents

$ 2,272,871

$ 1,545,800

Short-term investments

593,272

799,534

Restricted cash

137,629

97,032

Accounts receivable,net

639,994

527,897

Financing receivables,net (1)

222,175

-

Prepaid expenses and other current assets

592,287

362,435

Subtotal

4,458,228

3,332,698

Property and equipment,net

246,023

262,846

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

27,231

-

Goodwill and intangible assets,net

301,381

319,575

Long-term investments

2,288,849

1,889,843

Other assets

97,089

81,127

Total assets

$ 7,418,801

$ 5,886,089

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$ 177,261

$ 172,562

Amount due to customers

107,198

97,032

Accrued expenses and other current liabilities

678,728

540,807

Short-term bank loan

79,096

78,229

Deferred revenues

169,501

139,306

Short-term operating lease liabilities (2)

11,967

-

Funding debts (1)

179,080

-

Income taxes payable

126,012

115,725

Subtotal

1,528,843

1,143,661

Convertible debt

887,230

884,123

Senior notes

793,682

-

Long-term deferred revenues

35,826

43,652

Long-term operating lease liabilities(2)

16,255

-

Other long-term liabilities

103,643

51,781

Total liabilities

3,365,479

2,123,217

Shareholders' equity

SINA shareholders' equity

2,806,686

2,717,791

Non-controlling interests

1,246,636

1,045,081

Total shareholders' equity

4,053,322

3,762,872

Total liabilities and shareholders' equity

$ 7,089

(1)In 2019,the Company set up trusts,which were administered by third-party trust company to invest in consumer loans to

the individual borrowers recommended by the Company. The trusts are considered as variable interest entities under ASC 810.

Accordingly,the financing receivables due from the borrowers and the loan payables to the third party investors of the trust

units are recorded on the Company's consolidated balance sheet as financing receivables and funding debts,respectively.

(2)The Company adopted the new leasing guidance (ASU 2016-2) started from January 1,which requires that a lessee

recognize the assets and liabilities that arise from operating leases. The Company recognized a right-of-use asset and a liability

relating to lease payments (the Lease Liability) in the statements of financial position for lease contracts having terms beyond

12 months period.

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)

Three months ended

Nine months ended

September 30,

2019

2018

2019

2019

2018

Net revenues

Portal:

Portal Advertising

$ 50,105

$ 74,533

$ 62,973

$ 159,974

$ 222,838

Other

50,365

26,707

43,740

129,021

84,112

Subtotal

100,470

101,240

106,713

288,995

306,950

Weibo:

Advertising and marketing

412,489

409,273

370,660

1,124,290

1,082,164

Weibo VAS

55,264

50,898

61,176

174,476

154,479

Subtotal

467,753

460,171

431,836

1,298,766

1,236,643

Elimination

(6,775)

(4,210)

(5,495)

(18,120)

(8,280)

$ 561,448

$ 557,201

$ 533,054

$ 1,641

$ 1,313

Cost of revenues

Portal:

Portal Advertising

$ 22,996

$ 30,501

$ 25,011

$ 69,667

$ 88,420

Other

26,161

17,508

22,823

65,868

54,123

Subtotal

49,157

48,009

47,834

135,535

142,543

Weibo

73,471

70,016

81,972

238,260

194,708

Elimination

(5,276)

(4,495)

(16,609)

(8,256)

$ 117,352

$ 113,815

$ 124,311

$ 357,186

$ 328,995

Gross margin

Portal

51%

53%

55%

53%

54%

Weibo

84%

85%

81%

82%

84%

79%

80%

77%

77%

79%

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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

Three months ended

September 30,2019

September 30,2018

June 30,2019

Non-GAAP

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 461,095

$ 461,095

$ 483,806

$ 483,806

$ 433,633

$ 433,633

Non-advertising revenues

100,353

(2,609)

(a)

97,744

73,395

(2,609)

(a)

70,786

99,421

(2,609)

(a)

96,812

Net revenues

$ 561,448

$ (2,609)

$ 558,839

$ 557,201

$ (2,609)

$ 554,592

$ 533,054

$ (2,609)

$ 530,445

(2,609)

(a)

(2,609)

(a)

3,448

(b)

3,775

(b)

2,620

(b)

Gross profit

$ 444,096

$ 839

$ 444,935

$ 443,386

$ 1,166

$ 444,552

$ 408,743

$ 11

$ 408,754

(27,631)

(b)

(29,423)

(b)

(1,354)

(c)

(25,646)

(b)

(1,073)

(c)

(10,554)

(d)

(1,107)

(c)

Operating expenses

$ 305,427

$ (30,496)

$ 274,931

$ 315,954

$ (39,539)

$ 276,415

$ 282,718

$ (26,753)

$ 255,965

(2,609)

(a)

31,406

(b)

(2,609)

(a)

32,871

(b)

1,354

(c)

28,266

(b)

1,073

(c)

10,554

(d)

1,107

(c)

Income from operations

$ 138,669

$ 31,335

$ 170,004

$ 127,432

$ 40,705

$ 168,137

$ 126,025

$ 26,764

$ 152,789

(2,107

(c)

4,279

(e)

(6,879)

(e)

(4,881)

(e)

25,549

(f)

(50,111)

(f)

315

(f)

(12,047)

(g)

(2,845)

(g)

(39,281)

(g)

1,360

(h)

1,035

(h)

1,037

(h)

(3,832)

(i)

40,311

(i)

18,605

(i)

Net income attributable to SINA's ordinary shareholders

$ 20,397

$ 46,644

$ 67,041

$ 45,439

$ 22,216

$ 67,655

$ 51,424

$ 2,559

$ 53,983

Diluted net income per share *

$ 0.28

$ 0.94

$ 0.62

$ 0.93

$ 0.73

$ 0.76

Shares used in computing diluted net income per share

70,019

-

70,322

-

71,944

-

69,944

Gross margin - advertising

83%

0%

83%

81%

1%

82%

80%

1%

81%

Gross margin - non-advertising

63%

-1%

62%

71%

-1%

70%

61%

-1%

60%

Operating margin

25%

5%

30%

23%

7%

30%

24%

5%

29%

Nine months ended

September 30,2018

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 1,753

$ 1,753

$ 1,978

$ 1,978

Non-advertising revenues

286,888

(7,827)

(a)

279,061

230,335

(7,827)

(a)

222,508

Net revenues

$ 1,641

$ (7,827)

$ 1,561,814

$ 1,313

$ (7,527,486

(7,827)

(a)

(7,827)

(a)

8,604

(b)

9,206

(b)

Gross profit

$ 1,455

$ 777

$ 1,213,232

$ 1,318

$ 1,379

$ 1,207,697

(68,530)

(b)

(81,321)

(b)

(4,512)

(c)

(3,304)

(c)

(10,554)

(d)

Operating expenses

$ 860,832

$ (84,625)

$ 776,207

$ 869,418

$ (83,596)

$ 785,822

(7,827)

(a)

77,736

(b)

89,925

(b)

4,512

(c)

3,304

(c)

10,554

(d)

Income from operations

$ 351,623

$ 85,402

$ 437,025

$ 336,900

$ 84,975

$ 421,875

(7,554

(d)

14,705

(e)

(7,290)

(e)

(54,942)

(f)

(40,941)

(f)

(58,764)

(g)

(19,877)

(g)

3,432

(h)

3,105

(h)

55,140

(i)

40,247

(i)

Net income attributable to SINA's ordinary shareholders

$ 104,904

$ 44,973

$ 149,877

$ 109,185

$ 60,219

$ 169,404

Diluted net income per share *

$ 1.49

$ 2.10

$ 1.48

$ 2.28

Shares used in computing diluted net income per share

69,909

-

69,962

-

72,962

Gross margin - advertising

80%

1%

81%

80%

1%

81%

Gross margin - non-advertising

63%

-1%

62%

68%

-1%

67%

Operating margin

22%

6%

28%

22%

6%

28%

(a) To exclude the recognition of deferred revenue related to the license granted to Leju.

(b) To exclude stock-based compensation.

(c) To adjust amortization of intangible assets.

(d) To exclude goodwill and acquired intangibles impairment.

(e) To exclude 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,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 (benefit) for income tax related to item (c),(d) and (f). Other non-GAAP to GAAP reconciling items have no

income tax effect.**

* 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

September 30,2019

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

To exclude stock-based compensation

$ 259

$ 674

$ 178

Toexcludeamortizationofintangibleassetsresulting

from business acquisitions

1,048

1,079

1,048

Toexcludelossondisposal and impairment on investments,net

815

1,245

90

Toexclude(gain)lossresultingfromthefairvaluechangesin

investments,net

2,837

(9,187)

(5,525)

To exclude tax impacts related to amortization of intangible assets

(245)

(263)

(244)

Earning (loss) from equity method investments,net

$ 1,173

$ 4,714

$ 5,887

$ 9,723

$ (6,452)

$ 3,271

$ 3,888

$ (4,453)

$ (565)

Share of amortization of equity investments' intangibles

not on their books

375

(375)

-

364

(364)

-

365

(365)

-

Share of tax impacts related to amortization of

equity investments' intangibles not on their books

60

(60)

-

63

(63)

-

63

(63)

-

$ 1,608

$ 4,279

$ 5,887

$ 10,150

$ (6,879)

$ 3,271

$ 4,316

$ (4,881)

$ (565)

Nine months ended

September 30,2018

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

To exclude stock-based compensation

$ 724

$ 2,091

To exclude amortization of intangible assets resulting

from business acquisitions

3,158

3,317

Toexcludelossondisposal and impairment on investments,net

7,618

2,989

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

investments,net

5,227

(13,839)

To exclude tax impacts related to amortization of intangible assets

(737)

(694)

Earning (loss) from equity method investments,net

$ (11,614)

$ 15,990

$ 4,376

$ 4,697

$ (6,136)

$ (1,439)

Share of amortization of equity investments' intangibles

not on their books

1,098

(1,098)

-

939

(939)

-

Share of tax impacts related to amortization of

equity investments' intangibles not on their books

187

(187)

-

215

(215)

-

$ (10,329)

$ 14,705

$ 4,376

$ 5,851

$ (7,290)

$ (1,439)

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

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