SINA Reports Second Quarter 2020 Unaudited Financial Results

BEIJING,Sept. 28,2020 -- 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.

SecondQuarter 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,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

65,586

Shares used in computing diluted net income (loss) per share

62,944

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

$ 7,828

(1) Effective January 1,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,

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

$ 1,193

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)

2,603

(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)

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

(2,080

(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

-

69,207

-

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 30,2019

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

$ 1,193

$ (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)

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

(5,231

(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

-

65,852

-

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,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

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

Toexcludelossondisposal 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 30,2019

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

Toexcludelossondisposal 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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