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Form 6-K SINA CORP For: May 31

May 18, 2015 6:21 AM EDT

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 6-K

 


 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2015

 

Commission File Number: 001-37361

 


 

SINA Corporation

(Registrant’s Name)

 


 

37F, Jin Mao Tower

88 Century Boulevard, Pudong

Shanghai 200121, China

(Address of Principal Executive Offices)

 


 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F x  Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 



Table of Contents

 

TABLE OF CONTENTS

 

Signatures

 

 

Press Release regarding Results of Operations and Financial Condition for the First Quarter Ended March 31, 2015, issued by SINA Corporation on May 14, 2015

 

2



Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

SINA CORPORATION

 

 

 

 

 

Date: May 18, 2015

By:

/s/ Bonnie Yi Zhang

 

 

Bonnie Yi Zhang

 

 

Chief Financial Officer

 

3


Exhibit 99.1

 

SINA Reports First Quarter 2015 Financial Results

 

SHANGHAI, China—May 14, 2015—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 first quarter ended March 31, 2015.

 

First Quarter 2015 Highlights

 

·          Net revenues increased 8% year over year to $184.6 million. Non-GAAP net revenues increased 9% year over year to $182 million.

·          Advertising revenues grew 11% year over year to $150.4 million. Non-advertising revenues were $34.2 million. Non-GAAP non-advertising revenues were $31.6 million.

·          Net loss attributable to SINA was $10.3 million, or $0.18 diluted net loss per share attributable to SINA. Non-GAAP net income attributable to SINA was $3 million, or $0.04 non-GAAP diluted net income per share attributable to SINA.

 

“We are delighted that Weibo continued to show strong momentum in both operational and financial fronts.” said Charles Chao, Chairman and CEO of SINA. “Weibo’s mobile strategy has continued to deliver impressive results in both user traffic and revenue growth. With Weibo’s firm execution in user growth, capitalizing on the shift to mobile by rolling out more mobile centric and social advertising products, we believe that the powerful social media platform and cohesive ecosystem that we have built up will better fulfill both users’ and customers’ needs at various dimensions. On the portal side, we are experiencing a critical transformative period to revamp our legacy business and diversify our business models through implementation of vertical and mobile strategies. We have seen encouraging results from certain vertical areas and mobile forefronts. We are confident that we can further leverage SINA’s brand to capture more business opportunities and achieve long-term growth.” Mr. Chao added.

 

First Quarter 2015 Financial Results

 

For the first quarter of 2015, SINA reported net revenues of $184.6 million, compared to $171.5 million for the same period last year. Non-GAAP net revenues for the first quarter of 2015 totaled $182 million, compared to $167.3 million for the same period last year.

 

Online advertising revenues for the first quarter of 2015 were $150.4 million, compared to $135.7 million for the same period last year. The year-over-year growth in online advertising revenues resulted from an increase of $27.3 million in Weibo advertising and marketing revenues, offset by a decline of $12.7 million in portal advertising revenues.

 

Non-advertising revenues for the first quarter of 2015 were $34.2 million. Non-GAAP non-advertising revenues for the first quarter of 2015 were $31.6 million, remaining at a similar level for the same period last year. The flattish year-over-year change in non-GAAP non-advertising revenues was mainly due to a decrease in Weibo data licensing revenues, partially offset by an increase in game revenues and Weibo membership services revenues.

 



 

Gross margin for the first quarter of 2015 was 58%, compared to 60% for the same period last year. Advertising gross margin for the first quarter of 2015 was 57%, compared to 60% for the same period last year. Non-advertising gross margin for the first quarter of 2015 was 61%. Non-GAAP non-advertising gross margin for the first quarter of 2015 was 58%, compared to 57% for the same period last year.

 

Operating expenses for the first quarter of 2015 totaled $132.5 million, compared to $111.7 million for the same period last year. Non-GAAP operating expenses for the first quarter of 2015 totaled $119.6 million, compared to $104.4 million for the same period last year, primarily due to higher personnel costs and marketing expenditures.

 

Loss from operations for the first quarter of 2015 was $25.2 million, compared to $8.7 million for the same period last year. Non-GAAP loss from operations for the first quarter of 2015 was $13.6 million, compared to $4.8 million for the same period last year.

 

Non-operating income for the first quarter of 2015 was $8.4 million, compared to a non-operating loss of $29.9 million for the same period last year. Non-operating income for the first quarter of 2015 mainly included $3.7 million, or $5.9 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 loss for the first quarter of 2014 was $29.9 million, including a $40.2 million loss from the change in fair value of investor option liability in connection with Alibaba’s investment in Weibo and an $8.7 million, or $10.7 million on a non-GAAP basis, in earnings from equity method investments, which were accounted for under the equity-method and reported on a one-quarter lagging basis.

 

Net loss attributable to SINA for the first quarter of 2015 was $10.3 million, compared to $33.2 million for the same period last year. Diluted net loss per share attributable to SINA for the first quarter of 2015 was $0.18, compared to $0.52 for the same period last year. Non-GAAP net income attributable to SINA for the first quarter of 2015 was $3 million, compared to $11.1 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the first quarter of 2015 was $0.04, compared to $0.15 for the same period last year.

 

As of March 31, 2015, SINA’s cash, cash equivalents and short-term investments totaled $2.1 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 share repurchase and new investments in the first quarter of 2015. For the first quarter of 2015, net cash provided by operating activities was $0.7 million, capital expenditures totaled $10.9 million, and depreciation and amortization expenses amounted to $10.5 million.

 



 

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 GAAP and Non-GAAP Results.”

 



 

Conference Call

 

SINA will host a conference call from 10:10 p.m. — 10:50 p.m. Eastern Time on May 14, 2015 (or 10:10 a.m. — 10:50 a.m. Beijing Time on May 15, 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

Passcode for all regions:

45260137

 

A replay of the conference call will be available through morning Eastern Time May 23, 2015. The dial-in number is +61 2 8199 0299. The passcode for the replay is 45260137.

 

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:  [email protected]

 



 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

 

 

Three months ended

 

 

 

March 31,

 

December 31,

 

 

 

2015

 

2014

 

2014

 

Net revenues:

 

 

 

 

 

 

 

Advertising

 

$

150,353

 

$

135,726

 

$

181,935

 

Non-advertising

 

34,234

 

35,752

 

29,202

 

 

 

184,587

 

171,478

 

211,137

 

Cost of revenues:

 

 

 

 

 

 

 

Advertising *

 

63,949

 

54,856

 

63,315

 

Non-advertising

 

13,368

 

13,675

 

11,069

 

 

 

77,317

 

68,531

 

74,384

 

Gross profit

 

107,270

 

102,947

 

136,753

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing *

 

60,251

 

49,960

 

61,069

 

Product development *

 

51,613

 

44,535

 

50,719

 

General and administrative *

 

20,634

 

17,176

 

21,102

 

 

 

132,498

 

111,671

 

132,890

 

Income (Loss) from operations

 

(25,228

)

(8,724

)

3,863

 

 

 

 

 

 

 

 

 

Non-operating income (loss):

 

 

 

 

 

 

 

Earning from equity method investments, net

 

3,652

 

8,722

 

3,167

 

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

 

(1,085

)

(381

)

53,081

 

Change in fair value of investor option liability

 

 

(40,188

)

 

Interest and other income, net

 

5,783

 

1,955

 

7,835

 

 

 

8,350

 

(29,892

)

64,083

 

 

 

 

 

 

 

 

 

Income (Loss) before income taxes

 

(16,878

)

(38,616

)

67,946

 

Income tax benefits (expenses)

 

2,985

 

1,216

 

(7,004

)

 

 

 

 

 

 

 

 

Net income (loss)

 

(13,893

)

(37,400

)

60,942

 

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

 

(3,584

)

(4,234

)

1,191

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to SINA

 

$

(10,309

)

$

(33,166

)

$

59,751

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share attributable to SINA

 

$

(0.18

)

$

(0.50

)

$

0.95

 

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

 

$

(0.18

)

$

(0.52

)

$

0.90

 

 

 

 

 

 

 

 

 

Shares used in computing basic net income (loss) per share attributable to SINA

 

58,753

 

66,034

 

63,017

 

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

 

58,753

 

66,034

 

69,524

 

 


* Stock-based compensation in each category:

 

 

 

 

 

 

 

Cost of revenues - advertising

 

$

1,423

 

$

775

 

$

809

 

Sales and marketing

 

2,622

 

1,147

 

1,377

 

Product development

 

3,495

 

1,355

 

2,242

 

General and administrative

 

5,834

 

3,610

 

5,107

 

 

**           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)

 

 

 

March 31,

 

December 31,

 

 

 

2015

 

2014

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

1,350,591

 

$

1,223,682

 

Short-term investments

 

706,603

 

942,856

 

Accounts receivable, net

 

281,195

 

259,764

 

Prepaid expenses and other current assets

 

140,472

 

109,214

 

Subtotal

 

2,478,861

 

2,535,516

 

 

 

 

 

 

 

Property and equipment, net

 

58,588

 

63,729

 

Goodwill and intangible assets, net

 

63,570

 

64,489

 

Long-term investments, net

 

797,151

 

860,003

 

Other assets

 

192,330

 

179,591

 

Total assets

 

$

3,590,500

 

$

3,703,328

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,895

 

$

3,853

 

Accrued liabilities

 

337,770

 

320,268

 

Deferred revenues

 

50,025

 

50,557

 

Income taxes payable

 

14,512

 

17,979

 

Subtotal

 

405,202

 

392,657

 

 

 

 

 

 

 

Convertible debt

 

800,000

 

800,000

 

Long-term deferred revenue

 

82,782

 

85,391

 

Other long-term liabilities

 

3,803

 

4,010

 

Total liabilities

 

1,291,787

 

1,282,058

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

SINA shareholders’ equity

 

2,013,487

 

2,145,772

 

Non-controlling interests

 

285,226

 

275,498

 

Total shareholders’ equity

 

2,298,713

 

2,421,270

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

3,590,500

 

$

3,703,328

 

 



 

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. Dollars in thousands)

 

 

 

Three months ended

 

 

 

March 31,

 

December 31,

 

 

 

2015

 

2014

 

2014

 

 

 

 

 

 

 

 

 

Net revenues

 

 

 

 

 

 

 

Portal:

 

 

 

 

 

 

 

Portal Advertising

 

$

71,193

 

$

83,873

 

$

93,962

 

Other

 

17,104

 

20,095

 

11,963

 

Subtotal

 

88,297

 

103,968

 

105,925

 

 

 

 

 

 

 

 

 

Weibo

 

96,290

 

67,510

 

105,212

 

 

 

$

184,587

 

$

171,478

 

$

211,137

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

Portal:

 

 

 

 

 

 

 

Portal Advertising

 

$

38,974

 

$

39,456

 

$

41,299

 

Other

 

9,418

 

11,632

 

7,299

 

Subtotal

 

48,392

 

51,088

 

48,598

 

 

 

 

 

 

 

 

 

Weibo

 

28,925

 

17,443

 

25,786

 

 

 

$

77,317

 

$

68,531

 

$

74,384

 

 



 

SINA CORPORATION

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

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

 

 

 

Three months ended

 

 

 

March 31, 2015

 

March 31, 2014

 

December 31, 2014

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

Non-GAAP

 

 

 

 

 

Non-GAAP

 

 

 

Actual

 

Adjustments

 

Results

 

Actual

 

Adjustments

 

Results

 

Actual

 

Adjustments

 

Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising revenues

 

$

150,353

 

 

 

$

150,353

 

$

135,726

 

 

 

$

135,726

 

$

181,935

 

 

 

$

181,935

 

Non-advertising revenues

 

34,234

 

(2,609

)(a)

31,625

 

35,752

 

(4,132

)(a)

31,620

 

29,202

 

(2,609

)(a)

26,593

 

Net revenues

 

$

184,587

 

$

(2,609

)

$

181,978

 

$

171,478

 

$

(4,132

)

$

167,346

 

$

211,137

 

$

(2,609

)

$

208,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,609

)(a)

 

 

 

 

(4,132

)(a)

 

 

 

 

(2,609

)(a)

 

 

 

 

 

 

1,423

(b)

 

 

 

 

775

(b)

 

 

 

 

809

(b)

 

 

Gross profit

 

$

107,270

 

$

(1,186

)

$

106,084

 

$

102,947

 

$

(3,357

)

$

99,590

 

$

136,753

 

$

(1,800

)

$

134,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,951

)(b)

 

 

 

 

(6,112

)(b)

 

 

 

 

(8,726

)(b)

 

 

 

 

 

 

(902

)(c)

 

 

 

 

(1,171

)(c)

 

 

 

 

(904

)(c)

 

 

Operating expenses

 

$

132,498

 

$

(12,853

)

$

119,645

 

$

111,671

 

$

(7,283

)

$

104,388

 

$

132,890

 

$

(9,630

)

$

123,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,609

)(a)

 

 

 

 

(4,132

)(a)

 

 

 

 

(2,609

)(a)

 

 

 

 

 

 

13,374

(b)

 

 

 

 

6,887

(b)

 

 

 

 

9,535

(b)

 

 

 

 

 

 

902

(c)

 

 

 

 

1,171

(c)

 

 

 

 

904

(c)

 

 

Income (loss) from operations

 

$

(25,228

)

$

11,667

 

$

(13,561

)

$

(8,724

)

$

3,926

 

$

(4,798

)

$

3,863

 

$

7,830

 

$

11,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,132

)(a)

 

 

 

 

 

 

 

 

 

 

 

 

(2,609

)(a)

 

 

 

 

6,887

(b)

 

 

 

 

(2,609

)(a)

 

 

 

 

 

 

13,374

(b)

 

 

 

 

899

(c)

 

 

 

 

9,535

(b)

 

 

 

 

 

 

694

(c)

 

 

 

 

1,942

(d)

 

 

 

 

694

(c)

 

 

 

 

 

 

2,286

(d)

 

 

 

 

381

(e)

 

 

 

 

2,411

(d)

 

 

 

 

 

 

1,085

(e)

 

 

 

 

40,188

(f)

 

 

 

 

(53,081

)(e)

 

 

 

 

 

 

(2,644

)(g)

 

 

 

 

(3,289

)(g)

 

 

 

 

(2,160

)(g)

 

 

 

 

 

 

1,111

(h)

 

 

 

 

1,398

(h)

 

 

 

 

1,398

(h)

 

 

Net income (loss) attributable to SINA

 

$

(10,309

)

$

13,297

 

$

2,988

 

$

(33,166

)

$

44,274

 

$

11,108

 

$

59,751

 

$

(43,812

)

$

15,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.18

)

 

 

$

0.04

 

$

(0.52

)

 

 

$

0.15

 

$

0.90

 

 

 

$

0.24

 

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

 

58,753

 

36

(i)

58,789

 

66,034

 

289

(i)

66,323

 

69,524

 

(6,468

)(i)

63,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin - advertising

 

57

%

1

%

58

%

60

%

0

%

60

%

65

%

1

%

66

%

Gross margin - non-advertising

 

61

%

-3

%

58

%

62

%

-5

%

57

%

62

%

-4

%

58

%

 


(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 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

 

 

 

March 31, 2015

 

March 31, 2014

 

December 31, 2014

 

 

 

Actual

 

Adjustments

 

Non-GAAP
Results

 

Actual

 

Adjustments

 

Non-GAAP
Results

 

Actual

 

Adjustments

 

Non-GAAP
Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To adjust stock-based compensation

 

 

 

$

1,381

 

 

 

 

 

$

1,043

 

 

 

 

 

$

1,632

 

 

 

To adjust amortization of intangible assets resulting from business acquisitions

 

 

 

607

 

 

 

 

 

576

 

 

 

 

 

473

 

 

 

Earning from equity method investments, net

 

$

3,950

 

$

1,988

 

$

5,938

 

$

9,045

 

$

1,619

 

$

10,664

 

$

3,473

 

$

2,105

 

$

5,578

 

Share of amortization of equity investments’ intangibles not on their books

 

$

(298

)

$

298

 

$

 

$

(323

)

$

323

 

$

 

$

(306

)

$

306

 

$

 

 

 

$

3,652

 

$

2,286

 

$

5,938

 

$

8,722

 

$

1,942

 

$

10,664

 

$

3,167

 

$

2,411

 

$

5,578

 

 


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

 




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