SINA Reports Second Quarter 2015 Financial Results

Aug 18, 2015, 16:30 ET from SINA Corporation

SHANGHAI, Aug. 18, 2015 /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, 2015.

Second Quarter 2015 Highlights

  • Net revenues increased 14% year over year to $213.6 million. Non-GAAP net revenues increased 14% year over year to $211.0 million.
  • Advertising revenues grew 13% year over year to $176.3 million. Non-advertising revenues were $37.3 million. Non-GAAP non-advertising revenues were $34.7 million.
  • Net income attributable to SINA was $11.7 million, or $0.19 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $4.0 million, or $0.06 non-GAAP diluted net income per share attributable to SINA.

"We are delighted that SINA has further implemented its vertical and mobile strategies and launched a set of constructive corporate actions to better leverage SINA's brand equity, capture business opportunities and give momentum to the capital market," said Charles Chao, Chairman and CEO of SINA. "We have great confidence in the core business of the Company and the long-term growth we could achieve. On the mobile front, we have continually witnessed robust growth in user traffic and improved monetization for the past quarters." Mr. Chao added.

"On the Weibo side, we continued to show strong momentum in both operational and financial fronts. In the second quarter 2015, Weibo recorded a non-GAAP earnings of $10.9 million, well above the street consensus. We are confident that with Weibo's firm execution in growing user base and engagement, capitalizing on the mobile strategy and leveraging partnership with Alibaba to enable e-commerce transactions, the powerful social media platform and cohesive ecosystem that we have built can better fulfill the needs of users, customers and merchants at various dimensions and can generate sustainable earnings and cash flows and create long-term value to our shareholders." Mr. Chao concluded.

Second Quarter 2015 Financial Results

For the second quarter of 2015, SINA reported net revenues of $213.6 million, compared to $187.0 million for the same period last year. Non-GAAP net revenues for the second quarter of 2015 totaled $211.0 million, compared to $184.4 million for the same period last year.

Online advertising revenues for the second quarter of 2015 were $176.3 million, compared to $155.8 million for the same period last year. The year-over-year growth in online advertising revenues resulted from an increase of $28.3 million in Weibo advertising and marketing revenues, offset by a decline of $7.9 million in portal advertising revenues.

Non-advertising revenues for the second quarter of 2015 were $37.3 million. Non-GAAP non-advertising revenues for the second quarter of 2015 were $34.7 million, compared to $28.6 million for the same period last year. The year-over-year growth in non-GAAP non-advertising revenues was mainly attributable to portal's new business initiatives and the increases in revenues from Weibo's game business and membership fees, partly offset by a decrease in Weibo data license revenue.  

Gross margin for the second quarter of 2015 was 60%, compared to 61% for the same period last year. Advertising gross margin for the second quarter of 2015 was 61%, compared to 59% for the same period last year. Non-advertising gross margin for the second quarter of 2015 was 54%, compared to 67% for the same period last year. The decline in non-advertising margin was primarily due to lower margin contribution of portal's new business, which is at the early stage of development. 

Operating expenses for the second quarter of 2015 totaled $134.4 million, compared to $138.6 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2015 totaled $120.1 million, compared to $116.9 million for the same period last year, primarily due to higher personnel costs, partially offset by decrease in sales and marketing expenditures.

Loss from operations for the second quarter of 2015 was $6.8 million, compared to $25.2 million for the same period last year. Non-GAAP income from operations for the second quarter of 2015 was $6.0 million, compared to a non-GAAP loss of $5.4 million for the same period last year.

Non-operating income for the second quarter of 2015 was $22.8 million, compared to a non-operating income of $31.2 million for the same period last year. Non-operating income for the second quarter of 2015 mainly included: (i) an $18.9 million gain from sale of marketable securities, which is excluded under non-GAAP measure; and (ii) a $5.5 million loss from equity method investment in E-House and reported one-quarter in arrears. Non-operating income for the second quarter of 2014 mainly included: (i) a gain of $29.1 million from Tencent's acquisition of a 15% equity interest in Leju, a subsidiary of E-House, on a fully diluted basis from E-House; and (ii) a $6.8 million loss from the change in fair value of investor option liability in connection with Alibaba's investment in Weibo.

Net income attributable to SINA for the second quarter of 2015 was $11.7 million, compared to $16.6 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2015 was $0.19, compared to $0.25 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2015 was $4.0 million, compared to $12.1 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2015 was $0.06, compared to $0.17 for the same period last year.

As of June 30, 2015, SINA's cash, cash equivalents and short-term investments totaled $1.9 billion, compared to $2.2 billion as of December 31, 2014. The decrease in cash, cash equivalents, and short-term investments was mainly due to the new investments made in the second quarter of 2015. For the second quarter of 2015, net cash provided by operating activities was $121.4 million, capital expenditures totaled $12.8 million, and depreciation and amortization expenses amounted to $9.9 million.

Other Developments

On April 11, 2014, the Company announced the adoption of a share repurchase program whereby SINA is authorized to repurchase its own ordinary shares with an aggregate value of up to $500 million. As of May 31, 2015, the expiration date of the program, the Company has repurchased approximately 8.1 million shares under the program for approximately $311 million in cash.

On June 1, 2015, the Company announced that it has entered into a legally binding subscription agreement with Charles Chao, Chairman and CEO of the Company, for the issuance and sale of 11,000,000 newly issued ordinary shares of the Company to Mr. Chao for a total purchase price of approximately $456 million in cash. The per share purchase price is $41.49, representing the average closing trading price of SINA's ordinary shares for the 30 trading days ended May 29, 2015. The closing is expected to take place upon satisfaction of customary closing conditions. The shares subscribed under this transaction will be subject to a contractual lock-up restriction for six months after the closing.

On June 19, 2015, the Company announced that it has joined a consortium with respect to the proposed going-private transaction of E-House (China) Holdings Limited ("E-House"). To effectively execute its vertical strategy, the Company has agreed that should the transaction be completed, the Company will exchange all the E-House shares it beneficially owns (including shares acquired in the going-private transaction of E-House) upon the completion of the transaction with certain number of ordinary shares of Leju held by then E-House, based on an exchange ratio determined in accordance with a mutually agreed formula.

Non-GAAP Measures

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 attributable to SINA and non-GAAP diluted net income 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 in relation to the equity investment in E-House, stock-based compensation, amortization of intangible assets net of tax, adjustment for GAAP to non-GAAP reconciling items on the share of equity method investments, gain (loss) on the sale, deemed disposal and impairment on business, investment and non-controlling interest in a subsidiary, change in fair value of investor option liability, adjustment for GAAP to non-GAAP reconciling items for the gain (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, gains/losses 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 10:10 p.m.10:50 p.m. Eastern Time on August 18, 2015 (or 10:10 a.m.10:50 a.m. Beijing Time on August 19, 2015) 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:

US:

+1 845 675 0437

Hong Kong:

+852 3018 6771

China:

+400 620 8038

International:

+65 6713 5090

Passcode for all regions:

11310415

A replay of the conference call will be available through morning Eastern Time August 27, 2015. The dial-in number is +61 2 8199 0299. The passcode for the replay is 11310415.

About SINA

We are an online media company serving China and the global Chinese communities. Our 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 desktop 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. Our mobile portal, SINA.cn, provides news information 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 up to 140 Chinese characters 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 SINA's limited operating history in certain new businesses; 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 a Alibaba; the Company's reliance on mobile operators in China to provide MVAS and changes in mobile operators' policies for MVAS in China; 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, 2014 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,

2015

2014

2015

2015

2014

Net revenues:

    Advertising

$              176,258

$                 155,835

$               150,353

$               326,611

$               291,561

    Non-advertising

37,340

31,178

34,234

71,574

66,930

213,598

187,013

184,587

398,185

358,491

Cost of revenues:

    Advertising  *

68,978

63,384

63,949

132,927

118,240

    Non-advertising

17,014

10,258

13,368

30,382

23,933

85,992

73,642

77,317

163,309

142,173

Gross profit

127,606

113,371

107,270

234,876

216,318

Operating expenses:

    Sales and marketing *

53,984

56,944

60,251

114,235

106,904

    Product development *

51,788

47,696

51,613

103,401

92,231

    General and administrative *

28,659

19,406

20,634

49,293

36,582

    Impairment on goodwill

-

14,526

-

-

14,526

134,431

138,572

132,498

266,929

250,243

Loss from operations

(6,825)

(25,201)

(25,228)

(32,053)

(33,925)

Non-operating income:

   Earning (Loss) from equity method investments, net

(2,729)

2,912

3,652

923

11,634

   Gain (Loss) on sale of and impairment on investments, net

19,032

26,932

(1,085)

17,947

26,551

   Change in fair value of investor option liability

-

(6,784)

-

-

(46,972)

   Interest and other income, net

6,455

8,116

5,783

12,238

10,071

22,758

31,176

8,350

31,108

1,284

Income (Loss) before income taxes

15,933

5,975

(16,878)

(945)

(32,641)

Income tax benefits (expenses)

(3,022)

1,474

2,985

(37)

2,690

Net income (loss)

12,911

7,449

(13,893)

(982)

(29,951)

   Less: Net income (loss) attributable to non-controlling interests

1,243

(9,173)

(3,584)

(2,341)

(13,407)

Net income (loss) attributable to SINA

$                 11,668

$                    16,622

$                (10,309)

$                    1,359

$                (16,544)

Basic net income (loss) per share attributable to SINA

$                     0.20

$                        0.25

$                     (0.18)

$                      0.02

$                     (0.25)

Diluted net income (loss) per share attributable to SINA **

$                     0.19

$                        0.25

$                     (0.18)

$                      0.02

$                     (0.27)

Shares used in computing basic

   net income (loss) per share attributable to SINA

58,417

65,806

58,753

58,585

65,920

Shares used in computing diluted

   net income (loss) per share attributable to SINA

58,910

65,918

58,753

58,837

65,920

* Stock-based compensation in each category:

    Cost of revenues - advertising

$                   1,139

$                         724

$                    1,423

$                    2,562

$                    1,499

    Sales and marketing

2,594

1,103

2,622

5,216

2,250

    Product development

3,104

1,530

3,495

6,599

2,885

    General and administrative

7,689

4,072

5,834

13,523

7,682

** Net income (loss) 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)

June 30,

December 31,

2015

2014

Assets

Current assets:

Cash and cash equivalents

$                886,222

$             1,223,682

Short-term investments

1,046,616

942,856

Accounts receivable, net

288,238

259,764

Prepaid expenses and other current assets

238,693

109,214

      Subtotal

2,459,769

2,535,516

Property and equipment, net

52,455

63,729

Goodwill and intangible assets, net

62,651

64,489

Long-term investments, net

1,025,013

860,003

Other assets

202,863

179,591

Total assets

$             3,802,751

$             3,703,328

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$                     1,530

$                     3,853

Accrued liabilities

449,367

320,268

Short-term loan

16,108

-

Deferred revenues

54,882

50,557

Income taxes payable

35,666

17,979

     Subtotal

557,553

392,657

Convertible debt

800,000

800,000

Long-term deferred revenue

80,173

85,391

Other long-term liabilities

3,422

4,010

     Total liabilities

1,441,148

1,282,058

Shareholders' equity

SINA shareholders' equity

2,068,240

2,145,772

Non-controlling interests

293,363

275,498

     Total shareholders' equity

2,361,603

2,421,270

Total liabilities and shareholders' equity

$             3,802,751

$             3,703,328

 

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2015

2014

2015

2015

2014

Net revenues

Portal:

Portal Advertising

$                  88,391

$                  96,252

$                  71,193

$               159,584

$               180,125

Other

17,365

13,441

17,104

34,469

33,536

Subtotal

105,756

109,693

88,297

194,053

213,661

Weibo

107,842

77,320

96,290

204,132

144,830

$               213,598

$               187,013

$               184,587

$               398,185

$               358,491

Cost of revenues

Portal:

Portal Advertising

$                  41,047

$                  46,512

$                  38,974

$                  80,021

$                  85,968

Other

11,256

7,430

9,418

20,674

19,062

Subtotal

52,303

53,942

48,392

100,695

105,030

Weibo

33,689

19,700

28,925

62,614

37,143

$                  85,992

$                  73,642

$                  77,317

$               163,309

$               142,173

 

 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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

Three months ended

June 30, 2015

June 30, 2014

March 31, 2015

Non-GAAP

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$    176,258

$    176,258

$      155,835

$    155,835

$    150,353

$    150,353

Non-advertising revenues

37,340

(2,609)

 (a)

34,731

31,178

(2,609)

 (a)

28,569

34,234

(2,609)

 (a)

31,625

Net revenues

$    213,598

$              (2,609)

$    210,989

$      187,013

$              (2,609)

$    184,404

$    184,587

$              (2,609)

$    181,978

(2,609)

 (a)

(2,609)

 (a)

(2,609)

 (a)

1,139

 (b)

724

 (b)

1,423

 (b)

Gross profit

$    127,606

$              (1,470)

$    126,136

$      113,371

$              (1,885)

$    111,486

$    107,270

$              (1,186)

$    106,084

(6,705)

 (b)

(13,387)

 (b)

(474)

 (c)

(11,951)

 (b)

(906)

 (c)

(14,526)

 (d)

(902)

 (c)

Operating expenses

$    134,431

$           (14,293)

$    120,138

$      138,572

$           (21,705)

$    116,867

$    132,498

$           (12,853)

$    119,645

(2,609)

 (a)

(2,609)

 (a)

7,429

 (b)

(2,609)

 (a)

14,526

 (b)

474

 (c)

13,374

 (b)

906

 (c)

14,526

 (d)

902

 (c)

Income (loss) from operations

$       (6,825)

$             12,823

$        5,998

$      (25,201)

$             19,820

$       (5,381)

$    (25,228)

$             11,667

$    (13,561)

(2,609)

 (a)

7,429

 (b)

(2,609)

 (a)

369

 (c)

(2,609)

 (a)

14,526

 (b)

14,526

 (d)

13,374

 (b)

697

 (c)

2,279

 (e)

694

 (c)

883

 (e)

(26,932)

 (f)

2,286

 (e)

(19,032)

 (f)

6,784

 (g)

1,085

 (g)

(3,236)

(h)

(7,791)

 (h)

(2,644)

(h)

1,099

(i)

1,398

 (i)

1,111

(i)

Net income (loss) attributable to SINA

$      11,668

$              (7,672)

$        3,996

$        16,622

$              (4,547)

$      12,075

$    (10,309)

$             13,297

$        2,988

Diluted net income (loss) per share attributable to SINA *

$           0.19

$           0.06

$             0.25

$           0.17

$         (0.18)

$           0.04

Shares used in computing diluted

   net income (loss) per share attributable to SINA

58,910

-

58,910

65,918

-

65,918

58,753

36

 (j)

58,789

Gross margin - advertising

61%

1%

62%

59%

1%

60%

57%

1%

58%

Gross margin - non-advertising

54%

-3%

51%

67%

-3%

64%

61%

-3%

58%

 Six months ended

June 30, 2015

June 30, 2014

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$    326,611

$    326,611

$      291,561

$    291,561

Non-advertising revenues

71,574

(5,218)

 (a)

66,356

66,930

(6,741)

 (a)

60,189

Net revenues

$    398,185

$              (5,218)

$    392,967

$      358,491

$              (6,741)

$    351,750

(5,218)

 (a)

(6,741)

 (a)

2,562

 (b)

1,499

 (b)

Gross profit

$    234,876

$              (2,656)

$    232,220

$      216,318

$              (5,242)

$    211,076

(12,817)

 (b)

(25,338)

 (b)

(1,645)

 (c)

(1,808)

 (c)

(14,526)

 (d)

Operating expenses

$    266,929

$           (27,146)

$    239,783

$      250,243

$           (28,988)

$    221,255

(6,741)

 (a)

(5,218)

 (a)

14,316

 (b)

27,900

 (b)

1,645

 (c)

1,808

 (c)

14,526

 (d)

Loss from operations

$    (32,053)

$             24,490

$       (7,563)

$      (33,925)

$             23,746

$    (10,179)

(6,741)

 (a)

(5,218)

 (a)

14,316

 (b)

27,900

 (b)

1,268

 (c)

1,391

 (c)

14,526

 (d)

3,169

 (e)

4,221

 (e)

(19,032)

 (f)

(26,551)

 (f)

1,085

 (g)

46,972

 (g)

(5,880)

(h)

(11,080)

 (h)

2,210

 (i)

2,796

 (i)

Net income (loss) attributable to SINA

$        1,359

$               5,625

$        6,984

$      (16,544)

$             39,727

$      23,183

Diluted net income (loss) per share attributable to SINA *

$           0.02

$           0.10

$           (0.27)

$           0.32

Shares used in computing diluted

   net income (loss) per share attributable to SINA

58,837

-

58,837

65,920

173

 (j)

66,093

Gross margin - advertising

59%

1%

60%

59%

1%

60%

Gross margin - non-advertising

58%

-4%

54%

64%

-4%

60%

(a)  To adjust the recognition of deferred revenue related to the license agreements granted to E-House.

(b)  To adjust stock-based compensation.

(c)  To adjust  amortization of intangible assets and tax provision on amortization of intangible assets.

(d)  To adjust  the impairment on goodwill

(e)  To adjust the GAAP to Non-GAAP reconciling items on the share of equity method investments, net of share of amortization of intangibles not on their books.

(f)  To adjust gain (loss) on sale of investments, gain (loss) on deemed disposal and (impairment) on investments, net.

(g)  To adjust the change in fair value of investor option liability.

(h)  To adjust GAAP to Non-GAAP reconciling items for the gain (loss) attributable to non-controlling interests.

(i)  To adjust convertible debt issuance cost.

(j)  To adjust the number of shares for dilution resulted from convertible debt and unvested equity granted.

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

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

Three months ended

June 30, 2015

June 30, 2014

March 31, 2015

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

To adjust stock-based compensation

$               1,395

$               1,183

$               1,381

To adjust amortization of intangible

  assets resulting from business acquisitions

416

778

607

To adjust the (gain) loss resulting from

  the  fair value changes in investments

(1,224)

-

-

Earning(Loss) from equity method investments, net

$       (2,433)

$                   587

$       (1,846)

$          3,230

$               1,961

$        5,191

$        3,950

$               1,988

$        5,938

Share of amortization of equity investments'

  intangibles not on their books

$          (296)

$                   296

$               -

$            (318)

$                   318

$               -

$          (298)

$                   298

$               -

$       (2,729)

$                   883

$       (1,846)

$          2,912

$               2,279

$        5,191

$        3,652

$               2,286

$        5,938

 Six months ended

June 30, 2015

June 30, 2014

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

To adjust stock-based compensation

$               2,776

$               2,226

To adjust amortization of intangible

  assets resulting from business acquisitions

$               1,023

1,354

To adjust the (gain) loss resulting from

  the  fair value changes in investments

$              (1,224)

-

Earning from equity method investments, net

$        1,517

$               2,575

$        4,092

$        12,275

$               3,580

$      15,855

Share of amortization of equity investments'

  intangibles not on their books

$          (594)

$                   594

$               -

$            (641)

$                   641

$               -

$            923

$               3,169

$        4,092

$        11,634

$               4,221

$      15,855

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

 

 

SOURCE SINA Corporation



RELATED LINKS

http://www.sina.com