SINA Reports Fourth Quarter 2014 Financial Results

SHANGHAI, March 11, 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 fourth quarter ended December 31, 2014.

Fourth Quarter 2014 Highlights

  • Net revenues increased 7% year over year to $211.1 million. Non-GAAP net revenues increased 8% year over year to $208.5 million, within the Company’s guidance of between $204 million and $210 million.
  • Advertising revenues grew 14% year over year to $181.9 million. Non-advertising revenues were $29.2 million. Non-GAAP non-advertising revenues were $26.6 million.
  • Net income attributable to SINA was $59.8 million, or $0.90 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $15.9 million, or $0.24 non-GAAP diluted net income per share attributable to SINA.

Fiscal Year 2014 Highlights

  • Net revenues increased 16% year over year to $768.2 million. Non-GAAP net revenues increased 17% year over year to $756.3 million.
  • Advertising revenues grew 22% year over year to $640.3 million. Non-advertising revenues were $128.0 million. Non-GAAP non-advertising revenues were $116.0 million.
  • Net income attributable to SINA was $176.8 million, or $2.63 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $52.3 million, or $0.76 non-GAAP diluted net income per share attributable to SINA.

"We are delighted that Weibo closed the year 2014 with solid performance on both operational and financial fronts" said Charles Chao, Chairman and CEO of SINA. "As we enter into 2015, we are excited about the various opportunities unfolding ahead of us on both Weibo and portal sides. We are also confident that our initiatives in revamping our legacy business will start to take shape and form the foundation for longer term growth." Mr. Chao added.

Fourth Quarter 2014 Financial Results

For the fourth quarter of 2014, SINA reported net revenues of $211.1 million, compared to $197.0 million for the same period last year. Non-GAAP net revenues for the fourth quarter of 2014 totaled $208.5 million, compared to $192.3 million for the same period last year.

Online advertising revenues for the fourth quarter of 2014 were $181.9 million, compared to $160.1 million for the same period last year. The year-over-year growth in online advertising revenues resulted from an increase of $31.9 million in Weibo advertising revenues, offset by a decline of $10.1 million in portal advertising revenues.

Non-advertising revenues for the fourth quarter of 2014 were $29.2 million. Non-GAAP non-advertising revenues for the fourth quarter of 2014 were $26.6 million, compared to $32.3 million for the same period last year. The year-over-year change in non-GAAP non-advertising revenues was mainly due to a decrease of $4.8 million in mobile value added services ("MVAS") revenues, partially offset by an increase of $1.9 million in Weibo value added services ("VAS") revenues.

Gross margin for the fourth quarter of 2014 was 65%, compared to 64% for the same period last year. Advertising gross margin for the fourth quarter of 2014 was 65%, compared to 64% for the same period last year. Non-advertising gross margin for the fourth quarter of 2014 was 62%. Non-GAAP non-advertising gross margin for the fourth quarter of 2014 was 58%, compared to 61% for the same period last year, resulting from a decline in the margin of Weibo VAS.

Operating expenses for the fourth quarter of 2014 totaled $132.9 million, compared to $99.5 million for the same period last year. Non-GAAP operating expenses for the fourth quarter of 2014 totaled $123.3 million, compared to $94.3 million for the same period last year, primarily due to higher personnel costs, marketing expenditures and bad debt expenses.

Income from operations for the fourth quarter of 2014 was $3.9 million, compared to $27.4 million for the same period last year. Non-GAAP income from operations for the fourth quarter of 2014 was $11.7 million, compared to $28.6 million for the same period last year.

Non-operating income for the fourth quarter of 2014 was $64.1 million, compared to $24.5 million for the same period last year. Non-operating income for the fourth quarter included (i) a $49.2 million gain as a result of the initial public offering of Tian Ge, a live social video company that we invested in; (ii) a $7.8 million dividend from Aicai.com, an online lottery marketing platform that we invested in; and(iii) $3.2 million, or $5.6 million on a non-GAAP basis, in earnings from equity-method investments, which are accounted for under the equity-method and reported one quarter in arrears. Non-operating income for the fourth quarter of 2013 included (i) a $19.5 million gain from the change in fair value of investor option liability in connection with Alibaba’s investment in Weibo; and (ii) $3.5 million, or $5.8 million on a non-GAAP basis, in earnings from equity investments.

Net income attributable to SINA for the fourth quarter of 2014 was $59.8 million, compared to $44.5 million for the same period last year. Diluted net income per share attributable to SINA for the fourth quarter of 2014 was $0.90, compared to $0.59 for the same period last year. Non-GAAP net income attributable to SINA for the fourth quarter of 2014 was $15.9 million, compared to $33.0 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the fourth quarter of 2014 was $0.24, compared to $0.47 for the same period last year.

As of December 31, 2014, SINA’s cash, cash equivalents and short-term investments totaled $2.2 billion, compared to $1.9 billion as of December 31, 2013. The increase in cash, cash equivalents, and short term investments was mainly due to cash received from Alibaba’s exercise of its option in Weibo and proceeds received from Weibo’s initial public offering in the second quarter of 2014, partially offset by investments and repurchases made in 2014. For the fourth quarter of 2014, net cash provided by operating activities was $4.7 million, capital expenditures totaled $34.9 million, and depreciation and amortization expenses amounted to $11.1 million.

Changes in Management Roles

The Company also announced changes in management roles, whereby Mr. Herman Yu, the Company’s Chief Financial Officer, will assume a new role as the Chief Financial Officer of Weibo Corporation, one of the Company’s subsidiaries, and Ms. Bonnie Yi Zhang, Weibo’s Chief Financial Officer, will serve as the Chief Financial Officer of the Company. Both changes are effective immediately.

Other Developments

As of March 10, 2015, the Company has repurchased approximately 8.1 million shares under its repurchase program, returning approximately $311 million of cash to stockholders. The Company expects to continue to execute the repurchase program for up to $500 million, which was approved in April 2014 by the Company’s board of directors.

Business Outlook

In the year 2015, the Company will continue to execute a number of major initiatives to renovate its portal business in order to build a solid foundation for long term growth. Many of these transformative endeavors may take time to become meaningful revenue contributors, making it difficult for Management to predict the inflection point for a sustainable growth. As a result, the Company believes that an estimated range of annual revenue targets would be more reliable than quarterly revenue guidance. For the year 2015, SINA estimates that its non-GAAP net revenues will be between $800 million and $900 million, which exclude the recognition of $10.4 million in deferred license revenues from E-House. This forecast reflects SINA’s current and preliminary view, which is subject to change.

Non-GAAP Measures

This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP 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, convertible debt issuance cost and impairment of goodwill. 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 GAAP measures to the nearest non-GAAP measures are set forth in the section below titled "Unaudited Reconciliation of GAAP to Non-GAAP Results."

Conference Call

SINA will host a conference call from 10:10 p.m.10:50 p.m. Eastern Time on March 10, 2015 (or 10:10 a.m.10:50 a.m. Beijing Time on March 11, 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 0438

Hong Kong:

+852 3018 6776

Passcode for all regions:

98098820

A replay of the conference call will be available through morning Eastern Time March 18, 2015. The dial-in number is +61 2 9003 4211. The passcode for the replay is 98098820.

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 the "Business Outlook" section and 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, 2013 and other filings with the Securities and Exchange Commission.

Contact:
Investor Relations
SINA Corporation
Phone: 8610-82628888 x 3112
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

Twelve months ended

December 31,

September 30,

December 31,

2014

2013

2014

2014

2013

Net revenues:

Advertising

$ 181,935

$ 160,070

$ 166,790

$ 640,286

$ 526,494

Non-advertising

29,202

36,948

31,823

127,955

138,612

211,137

197,018

198,613

768,241

665,106

Cost of revenues:

Advertising *

63,315

57,498

63,142

244,697

216,513

Non-advertising

11,069

12,555

10,642

45,644

54,551

74,384

70,053

73,784

290,341

271,064

Gross profit

136,753

126,965

124,829

477,900

394,042

Operating expenses:

Sales and marketing *

61,069

46,465

60,954

228,927

160,411

Product development *

50,719

37,406

49,372

192,322

146,332

General and administrative *

21,102

15,668

25,355

83,039

64,727

Impairment on goodwill

14,526

132,890

99,539

135,681

518,814

371,470

Income (Loss) from operations

3,863

27,426

(10,852)

(40,914)

22,572

Non-operating income:

Earning from equity method investments, net

3,167

3,509

4,670

19,471

9,525

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

53,081

(2,912)

128,599

208,231

(13,521)

Change in fair value of investor option liability

19,535

(46,972)

21,064

Interest and other income, net

7,835

4,417

11,019

28,925

18,792

64,083

24,549

144,288

209,655

35,860

Income before income taxes

67,946

51,975

133,436

168,741

58,432

Income tax expenses

(7,004)

(6,095)

(2,656)

(6,970)

(14,602)

Net income

60,942

45,880

130,780

161,771

43,830

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

1,191

1,430

(2,815)

(15,031)

(1,302)

Net income attributable to SINA

$ 59,751

$ 44,450

$ 133,595

$ 176,802

$ 45,132

Basic net income per share attributable to SINA

$ 0.95

$ 0.62

$ 2.06

$ 2.72

$ 0.68

Diluted net income per share attributable to SINA **

$ 0.90

$ 0.59

$ 1.91

$ 2.63

$ 0.66

Shares used in computing basic

net income per share attributable to SINA

63,017

66,548

64,963

64,950

66,741

Shares used in computing diluted

net income per share attributable to SINA

69,524

70,064

71,509

71,565

67,087

* Stock-based compensation in each category:

Cost of revenues – advertising

$ 809

$ 641

$ 923

$ 3,231

$ 6,234

Sales and marketing

1,377

841

1,465

5,092

8,643

Product development

2,242

969

2,090

7,217

11,418

General and administrative

5,107

3,096

4,164

16,953

20,806

**

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)

December 31,

December 31,

2014

2013

Assets

Current assets:

Cash and cash equivalents

$ 1,223,682

$ 916,276

Short-term investments

942,856

951,963

Accounts receivable, net

259,764

193,381

Prepaid expenses and other current assets

109,214

57,182

Subtotal

2,535,516

2,118,802

Property and equipment, net

63,729

80,920

Goodwill and intangible assets, net

64,489

58,189

Long-term investments, net

860,003

526,587

Other assets

179,591

113,345

Total assets

$ 3,703,328

$ 2,897,843

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$ 3,853

$ 6,988

Accrued liabilities

320,268

220,837

Deferred revenues

50,557

49,200

Income taxes payable

17,979

21,577

Investor option liability

29,504

Subtotal

392,657

328,106

Convertible debt

800,000

800,000

Long-term deferred revenue

85,391

89,039

Other long-term liabilities

4,010

5,080

Total liabilities

1,282,058

1,222,225

Shareholders’ equity

SINA shareholders’ equity

2,145,772

1,191,210

Non-controlling interests

275,498

484,408

Total shareholders’ equity

2,421,270

1,675,618

Total liabilities and shareholders’ equity

$ 3,703,328

$ 2,897,843

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)

Three months ended

Twelve months ended

December 31,

September 30,

December 31,

2014

2013

2014

2014

2013

Net revenues

Portal:

Portal Advertising

$ 93,962

$ 104,025

$ 101,417

$ 375,504

$ 378,068

Other

11,963

21,569

13,066

58,565

98,725

Subtotal

105,925

125,594

114,483

434,069

476,793

Weibo

105,212

71,424

84,130

334,172

188,313

$ 211,137

$ 197,018

$ 198,613

$ 768,241

$ 665,106

Cost of revenues

Portal:

Portal Advertising

$ 41,299

$ 43,386

$ 44,811

$ 172,078

$ 161,385

Other

7,299

10,425

8,303

34,664

49,788

Subtotal

48,598

53,811

53,114

206,742

211,173

Weibo

25,786

16,242

20,670

83,599

59,891

$ 74,384

$ 70,053

$ 73,784

$ 290,341

$ 271,064

SINA CORPORATION

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

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

Three months ended

December 31, 2014

December 31, 2013

September 30, 2014

Non-GAAP

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 181,935

$ 181,935

$ 160,070

$ 160,070

$ 166,790

$ 166,790

Non-advertising revenues

29,202

(2,609)

(a)

26,593

36,948

(4,686)

(a)

32,262

31,823

(2,609)

(a)

29,214

Net revenues

$ 211,137

$ (2,609)

$ 208,528

$ 197,018

$ (4,686)

$ 192,332

$ 198,613

$ (2,609)

$ 196,004

(2,609)

(a)

(4,686)

(a)

(2,609)

(a)

809

(b)

641

(b)

923

(b)

Gross profit

$ 136,753

$ (1,800)

$ 134,953

$ 126,965

$ (4,045)

$ 122,920

$ 124,829

$ (1,686)

$ 123,143

(8,726)

(b)

(4,906)

(b)

(7,719)

(b)

(904)

(c)

(292)

(c)

(815)

(c)

Operating expenses

$ 132,890

$ (9,630)

$ 123,260

$ 99,539

$ (5,198)

$ 94,341

$ 135,681

$ (8,534)

$ 127,147

(2,609)

(a)

(4,686)

(a)

(2,609)

(a)

9,535

(b)

5,547

(b)

8,642

(b)

904

(c)

292

(c)

815

(c)

Income (loss) from operations

$ 3,863

$ 7,830

$ 11,693

$ 27,426

$ 1,153

$ 28,579

$ (10,852)

$ 6,848

$ (4,004)

(4,686)

(a)

(2,609)

(a)

5,547

(b)

(2,609)

(a)

9,535

(b)

230

(c)

8,642

(b)

694

(c)

2,273

(d)

630

(c)

2,411

(d)

2,912

(e)

2,463

(d)

(53,081)

(e)

(19,535)

(f)

(128,599)

(e)

(2,160)

(g)

1,106

(g)

(2,373)

(g)

1,398

(h)

699

(h)

1,398

(h)

Net income attributable to SINA

$ 59,751

$ (43,812)

$ 15,939

$ 44,450

$ (11,454)

$ 32,996

$ 133,595

$ (120,448)

$ 13,147

Diluted net income per share attributable to SINA *

$ 0.90

$ 0.24

$ 0.59

$ 0.47

$ 1.91

$ 0.19

Shares used in computing diluted

net income per share attributable to SINA

69,524

(6,468)

(j)

63,056

70,064

70,064

71,509

(6,468)

(j)

65,041

Gross margin – advertising

65%

1%

66%

64%

0%

64%

62%

1%

63%

Gross margin – non-advertising

62%

-4%

58%

66%

-5%

61%

67%

-3%

64%

Twelve months ended

December 31, 2014

December 31, 2013

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 640,286

$ 640,286

$ 526,494

$ 526,494

Non-advertising revenues

127,955

(11,959)

(a)

115,996

138,612

(18,745)

(a)

119,867

Net revenues

$ 768,241

$ (11,959)

$ 756,282

$ 665,106

$ (18,745)

$ 646,361

(11,959)

(a)

(18,745)

(a)

3,231

(b)

6,234

(b)

Gross profit

$ 477,900

$ (8,728)

$ 469,172

$ 394,042

$ (12,511)

$ 381,531

(29,262)

(b)

(3,364)

(c)

(40,867)

(b)

(14,526)

(i)

(604)

(c)

Operating expenses

$ 518,814

$ (47,152)

$ 471,662

$ 371,470

$ (41,471)

$ 329,999

(11,959)

(a)

32,493

(b)

(18,745)

(a)

3,364

(c)

47,101

(b)

14,526

(i)

604

(c)

Income (loss) from operations

$ (40,914)

$ 38,424

$ (2,490)

$ 22,572

$ 28,960

$ 51,532

(11,959)

(a)

32,493

(b)

(18,745)

(a)

2,592

(c)

47,101

(b)

9,095

(d)

473

(c)

(208,231)

(e)

10,918

(d)

46,972

(f)

13,521

(e)

(15,613)

(g)

(21,064)

(f)

5,592

(h)

(770)

(g)

14,526

(i)

699

(h)

Net income attributable to SINA

$ 176,802

$ (124,533)

$ 52,269

$ 45,132

$ 32,133

$ 77,265

Diluted net income per share attributable to SINA *

$ 2.63

$ 0.76

$ 0.66

$ 1.13

Shares used in computing diluted

net income per share attributable to SINA

71,565

(6,467)

(j)

65,098

67,087

67,087

Gross margin – advertising

62%

0%

62%

59%

1%

60%

Gross margin – non-advertising

64%

-3%

61%

61%

-7%

54%

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

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

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

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

(h) To adjust convertible debt issuance cost.

(i) To adjust impairment on goodwill.

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

*

Net income 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

December 31, 2014

December 31, 2013

September 30, 2014

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

Actual

Adjustments

Non-GAAP Results

To adjust stock-based compensation

$ 1,632

$ 991

$ 1,657

To adjust amortization of intangible

assets resulting from business acquisitions

473

945

497

Earning from equity method investments, net

$ 3,473

$ 2,105

$ 5,578

$ 3,846

$ 1,936

$ 5,782

$ 4,979

$ 2,154

$ 7,133

Share of amortization of equity investments’

intangibles not on their books

$ (306)

$ 306

$ –

$ (337)

$ 337

$ –

$ (309)

$ 309

$ –

$ 3,167

$ 2,411

$ 5,578

$ 3,509

$ 2,273

$ 5,782

$ 4,670

$ 2,463

$ 7,133

Twelve months ended

December 31, 2014

December 31, 2013

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

To adjust stock-based compensation

$ 5,515

$ 5,149

To adjust amortization of intangible

assets resulting from business acquisitions

2,324

4,138

Earning from equity method investments, net

$ 20,727

$ 7,839

$ 28,566

$ 11,156

$ 9,287

$ 20,443

Share of amortization of equity investments’

intangibles not on their books

$ (1,256)

$ 1,256

$ –

$ (1,631)

$ 1,631

$ –

$ 19,471

$ 9,095

$ 28,566

$ 9,525

$ 10,918

$ 20,443

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

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