SINA Reports Second Quarter 2014 Financial Results

SHANGHAI, August 15, 2014 /PRNewswire-FirstCall/ — SINA Corporation (the “Company” or “SINA”) (NASDAQ GS: 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, 2014.

Second Quarter 2014 Highlights

  • Net revenues increased 19% year over year to $187.0 million. Non-GAAP net revenues increased 21% year over year to $184.4 million, exceeding the Company’s guidance between $177 million and $182 million.
  • Advertising revenues grew 29% year over year to $155.8 million, exceeding the Company’s guidance between $152 million and $155 million.
  • Non-advertising revenues were $31.2 million. Non-GAAP non-advertising revenues were $28.6 million, exceeding the Company’s guidance between $25 million and $27 million.
  • Net income attributable to SINA was $16.6 million, or $0.25 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $12.1 million, or $0.17 non-GAAP diluted net income per share attributable to SINA.

“We are pleased with SINA’s second quarter results.” said Charles Chao, Chairman and CEO of SINA. “Weibo is executing well with strong financial performance, solid traffic growth and measurable progress toward building out a social commerce platform and offering native ads to large brand customers. On the portal side, we are making progress in building new businesses and leveraging SINA’s brand and media influence to capture mobile and vertical opportunities.”

Second Quarter 2014 Financial Results

For the second quarter of 2014, SINA reported net revenues of $187.0 million, compared to $157.5 million for the same period last year. Non-GAAP net revenues for the second quarter of 2014 totaled $184.4 million, compared to $152.8 million for the same period last year. Online advertising revenues for the second quarter of 2014 were $155.8 million, compared to $120.6 million for the same period last year. Non-advertising revenues for the second quarter of 2014 were $31.2 million, compared to $36.9 million for the same period last year. Non-GAAP non-advertising revenues for the second quarter of 2014 were $28.6 million, compared to $32.2 million for the same period last year. The year over year decline in non-advertising revenues was mainly due to a decrease of $13.6 million in mobile value added services (“MVAS”) revenues, partially offset by the $10.0 million increase in Weibo Value Added Services (“VAS”) revenues.

Gross margin for the second quarter of 2014 was 61%, compared to 54% for the same period last year. Advertising gross margin for the second quarter of 2014 was 59%, compared to 53% for the same period last year. Non-GAAP advertising gross margin for the second quarter of 2014 was 60%, compared to 57% for the same period last year, as the proportion of advertising from higher margin Weibo advertising increased from the same period last year, partially offset by the purchase of World Cup related content in the second quarter. Non-advertising revenues gross margin for the second quarter of 2014 increased to 67% from 55% for the same period last year. Non-GAAP non-advertising revenues gross margin for the second quarter of 2014 increased to 64% from 49% for the same period last year, primarily due to a shift in revenue mix from low-margin MVAS to higher margin Weibo VAS.

Operating expenses for the second quarter of 2014 totaled $138.6 million, which included a goodwill impairment of $14.5 million related to online reading business, compared to $102.5 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2014 totaled $116.9 million, compared to $75.4 million for the same period last year, primarily due to higher labor-related costs, marketing expenditures and infrastructure spending.

Loss from operations for the second quarter of 2014 was $25.2 million, compared to $18.2 million for the same period last year. Non-GAAP loss from operations for the second quarter of 2014 was $5.4 million, compared to a non-GAAP income from operations of $8.8 million for the same period last year.

Non-operating income for the second quarter of 2014 was $31.2 million, compared to $8.2 million for the same period last year. Non-operating income for the second quarter included: 1) 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; 2) a $6.8 million loss from the change in fair value of investor option liability in connection with Alibaba’s investment in Weibo; and 3) $2.9 million, or $5.2 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 second quarter of 2013 included a $1.3 million, or $4.2 million on a non-GAAP basis, in earnings from equity-method investments and a $0.9 million gain from the change in fair value of investor option liability.

Net income attributable to SINA for the second quarter of 2014 was $16.6 million, compared to a net loss of $11.5 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2014 was $0.25, compared to a diluted net loss per share of $0.17 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2014 was $12.1 million, compared to $14.2 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2014 was $0.17, compared to $0.21 for the same period last year.

As of June 30, 2014, SINA’s cash, cash equivalents and short-term investments totaled $2.3 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 the cash received from Alibaba in connection with the option exercise of approximately $347 million and the net proceeds from Weibo’s IPO of approximately $301 million in the second quarter of 2014, partially offset by investments and repurchases made during the first half of 2014. For the second quarter of 2014, net cash used by operating activities was $9.0 million, capital expenditures totaled $17.5 million, and depreciation and amortization expenses amounted to $11.0 million.

Other Developments

On August 8, 2014, the Company held its annual general meeting of shareholders, where the shareholders re-elected Mr. Pehong Chen and Mr. Lip-Bu Tan as directors of SINA. The shareholders also approved and ratified the appointment of PricewaterhouseCoopers Zhong Tian LLP as the Company’s independent auditors for the fiscal year ending December 31, 2014.

As of August 13, 2014, the Company has purchased approximately 1.3 million shares in the open market for a total consideration of approximately $58 million under the $500 million share repurchase program approved by the Company’s Board of Directors in April 2014. The Company expects to continue to execute the repurchase program when appropriate.

Business Outlook

SINA estimates that its non-GAAP net revenues for the third quarter of 2014 will be between $193 million and $199 million, which excludes the recognition of $2.6 million in deferred license revenues from E-House. The foregoing 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 advertising and non-advertising gross margin, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) attributable to SINA and non-GAAP diluted net income (loss) 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 non-GAAP measures to the nearest 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 at 10:10 p.m.10:50 p.m. Eastern Time on August 14, 2014 (or 10:10 a.m.10:50 a.m. Beijing Time on August 15, 2014) 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. The conference call can be accessed as follows:

US:

+1 845 675 0438

Hong Kong:

+852 3051 2745

Passcode for all regions:

84192495

A replay of the conference call will be available through morning Eastern Time August 22, 2014. The dial-in number is +61 2 9003 4211. The passcode for the replay is 84192495.

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

Six months ended

June 30,

March 31,

June 30,

2014

2013

2014

2014

2013

Net revenues:

Advertising

$ 155,835

$ 120,579

$ 135,726

$ 291,561

$ 214,868

Non-advertising

31,178

36,906

35,752

66,930

68,590

187,013

157,485

171,478

358,491

283,458

Cost of revenues:

Advertising *

63,384

56,620

54,856

118,240

104,430

Non-advertising

10,258

16,520

13,675

23,933

30,067

73,642

73,140

68,531

142,173

134,497

Gross profit

113,371

84,345

102,947

216,318

148,961

Operating expenses:

Sales and marketing *

56,944

40,119

49,960

106,904

70,143

Product development *

47,696

41,262

44,535

92,231

72,075

General and administrative *

19,406

21,159

17,176

36,582

34,788

Impairment on goodwill

14,526

14,526

138,572

102,540

111,671

250,243

177,006

Loss from operations

(25,201)

(18,195)

(8,724)

(33,925)

(28,045)

Non-operating income (loss):

Earning from equity method investments, net

2,912

1,289

8,722

11,634

2,815

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

26,932

1,850

(381)

26,551

(9,002)

Change in fair value of investor option liability

(6,784)

864

(40,188)

(46,972)

864

Interest and other income, net

8,116

4,194

1,955

10,071

8,979

31,176

8,197

(29,892)

1,284

3,656

Income (loss) before income taxes

5,975

(9,998)

(38,616)

(32,641)

(24,389)

Income tax benefits (expenses)

1,474

(3,025)

1,216

2,690

(3,210)

Net income (loss)

7,449

(13,023)

(37,400)

(29,951)

(27,599)

Less: Net loss attributable to non-controlling interests

(9,173)

(1,490)

(4,234)

(13,407)

(2,895)

Net income (loss) attributable to SINA

$ 16,622

$ (11,533)

$ (33,166)

$ (16,544)

$ (24,704)

Basic net income (loss) per share attributable to SINA

$ 0.25

$ (0.17)

$ (0.50)

$ (0.25)

$ (0.37)

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

$ 0.25

$ (0.17)

$ (0.52)

$ (0.27)

$ (0.37)

Shares used in computing basic

net income (loss) per share attributable to SINA

65,806

66,814

66,034

65,920

66,751

Shares used in computing diluted

net income (loss) per share attributable to SINA

65,918

66,814

66,034

65,920

66,751

* Stock-based compensation in each category:

Cost of revenues – advertising

$ 724

$ 4,460

$ 775

$ 1,499

$ 5,028

Sales and marketing

1,103

6,223

1,147

2,250

7,013

Product development

1,530

8,794

1,355

2,885

9,585

General and administrative

4,072

12,155

3,610

7,682

15,273

** 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,

2014

2013

Assets

Current assets:

Cash and cash equivalents

$ 1,340,564

$ 916,276

Short-term investments

960,413

951,963

Accounts receivable, net

249,652

193,381

Prepaid expenses and other current assets

82,132

57,182

Subtotal

2,632,761

2,118,802

Property and equipment, net

76,249

80,920

Goodwill and intangible assets, net

60,460

58,189

Long-term investments, net

592,427

526,587

Other assets

137,693

113,345

Total assets

$ 3,499,590

$ 2,897,843

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$ 3,846

$ 6,988

Accrued liabilities

251,377

220,837

Deferred revenues

43,495

49,200

Income taxes payable

9,465

21,577

Investor option liability

29,504

Subtotal

308,183

328,106

Convertible debt

800,000

800,000

Long-term deferred revenue

90,608

89,039

Other long-term liabilities

4,105

5,080

Total liabilities

1,202,896

1,222,225

Shareholders’ equity

SINA shareholders’ equity

2,030,080

1,191,210

Non-controlling interests

266,614

484,408

Total shareholders’ equity

2,296,694

1,675,618

Total liabilities and shareholders’ equity

$ 3,499,590

$ 2,897,843

SINA CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(U.S. dollars in thousands)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2014

2013

2014

2014

2013

Net revenues

Portal:

Portal Advertising

$ 96,252

$ 90,623

$ 83,873

$ 180,125

$ 166,149

Other

13,441

29,223

20,095

33,536

53,786

Subtotal

109,693

119,846

103,968

213,661

219,935

Weibo

77,320

37,639

67,510

144,830

63,523

$ 187,013

$ 157,485

$ 171,478

$ 358,491

$ 283,458

Cost of revenues

Portal:

Portal Advertising

$ 46,512

$ 39,976

$ 39,456

$ 85,968

$ 76,541

Other

7,430

15,726

11,632

19,062

28,831

Subtotal

53,942

55,702

51,088

105,030

105,372

Weibo

19,700

17,438

17,443

37,143

29,125

$ 73,642

$ 73,140

$ 68,531

$ 142,173

$ 134,497

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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

Three months ended

June 30, 2014

June 30, 2013

March 31, 2014

Non-GAAP

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 155,835

$ 155,835

$ 120,579

$ 120,579

$ 135,726

$ 135,726

Non-advertising revenues

31,178

(2,609)

(a)

28,569

36,906

(4,686)

(a)

32,220

35,752

(4,132)

(a)

31,620

Net revenues

$ 187,013

$ (2,609)

$ 184,404

$ 157,485

$ (4,686)

$ 152,799

$ 171,478

$ (4,132)

$ 167,346

(2,609)

(a)

(4,686)

(a)

(4,132)

(a)

724

(b)

4,460

(b)

775

(b)

Gross profit

$ 113,371

$ (1,885)

$ 111,486

$ 84,345

$ (226)

$ 84,119

$ 102,947

$ (3,357)

$ 99,590

(6,705)

(b)

(474)

(c)

(27,172)

(b)

(6,112)

(b)

(14,526)

(i)

(12)

(c)

(1,171)

(c)

Operating expenses

$ 138,572

$ (21,705)

$ 116,867

$ 102,540

$ (27,184)

$ 75,356

$ 111,671

$ (7,283)

$ 104,388

(2,609)

(a)

7,429

(b)

(4,686)

(a)

(4,132)

(a)

474

(c)

31,632

(b)

6,887

(b)

14,526

(i)

12

(c)

1,171

(c)

Income (loss) from operations

$ (25,201)

$ 19,820

$ (5,381)

$ (18,195)

$ 26,958

$ 8,763

$ (8,724)

$ 3,926

$ (4,798)

(2,609)

(a)

7,429

(b)

(4,132)

(a)

369

(c)

(4,686)

(a)

6,887

(b)

2,279

(d)

31,632

(b)

899

(c)

(26,932)

(e)

12

(c)

1,942

(d)

6,784

(f)

2,874

(d)

381

(e)

(7,791)

(g)

(1,850)

(e)

40,188

(f)

1,398

(h)

(864)

(f)

(3,289)

(g)

14,526

(i)

(1,361)

(g)

1,398

(h)

Net income (loss) attributable to SINA

$ 16,622

$ (4,547)

$ 12,075

$ (11,533)

$ 25,757

$ 14,224

$ (33,166)

$ 44,274

$ 11,108

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

$ 0.25

$ 0.17

$ (0.17)

$ 0.21

$ (0.52)

$ 0.15

Shares used in computing diluted

net income (loss) per share attributable to SINA

65,918

65,918

66,814

270

(j)

67,084

66,034

289

(j)

66,323

Gross margin – advertising

59%

1%

60%

53%

4%

57%

60%

0%

60%

Gross margin – non-advertising

67%

-3%

64%

55%

-6%

49%

62%

-5%

57%

Six months ended

June 30, 2014

June 30, 2013

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

Advertising revenues

$ 291,561

$ 291,561

$ 214,868

$ 214,868

Non-advertising revenues

66,930

(6,741)

(a)

60,189

68,590

(9,372)

(a)

59,218

Net revenues

$ 358,491

$ (6,741)

$ 351,750

$ 283,458

$ (9,372)

$ 274,086

(6,741)

(a)

(9,372)

(a)

1,499

(b)

5,028

(b)

Gross profit

$ 216,318

$ (5,242)

$ 211,076

$ 148,961

$ (4,344)

$ 144,617

(12,817)

(b)

(1,645)

(c)

(31,871)

(b)

(14,526)

(i)

(24)

(c)

Operating expenses

$ 250,243

$ (28,988)

$ 221,255

$ 177,006

$ (31,895)

$ 145,111

(6,741)

(a)

14,316

(b)

(9,372)

(a)

1,645

(c)

36,899

(b)

14,526

(i)

24

(c)

Loss from operations

$ (33,925)

$ 23,746

$ (10,179)

$ (28,045)

$ 27,551

$ (494)

(6,741)

(a)

14,316

(b)

1,268

(c)

(9,372)

(a)

4,221

(d)

36,899

(b)

(26,551)

(e)

24

(c)

46,972

(f)

6,149

(d)

(11,080)

(g)

9,002

(e)

2,796

(h)

(864)

(f)

14,526

(i)

(1,361)

(g)

Net income (loss) attributable to SINA

$ (16,544)

$ 39,727

$ 23,183

$ (24,704)

$ 40,477

$ 15,773

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

$ (0.27)

$ 0.32

$ (0.37)

$ 0.23

Shares used in computing diluted

net income (loss) per share attributable to SINA

65,920

173

(j)

66,093

66,751

269

(j)

67,020

Gross margin – advertising

59%

1%

60%

51%

3%

54%

Gross margin – non-advertising

64%

-4%

60%

56%

-7%

49%

(a) To adjust the recognition of deferred revenue mostly related to the license agreements resulting from the E-House Transaction.

(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 equity method investment, 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 bonds issuance cost.

(i) To adjust impairment on goodwill.

(j) To adjust the number of shares used in computing diluted net income per share from diluted net loss per share.

* 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, 2014

June 30, 2013

March 31, 2014

Actual

Adjustments

Non-GAAP
Results

Actual

Adjustments

Non-GAAP
Results

Actual

Adjustments

Non-GAAP
Results

To adjust stock-based compensation

$ 1,183

$ 1,408

$ 1,043

To adjust amortization of intangible

assets resulting from business acquisitions

778

1,050

576

Earning from equity method investments, net

$ 3,230

$ 1,961

$ 5,191

$ 1,705

$ 2,458

$ 4,163

$ 9,045

$ 1,619

$ 10,664

Share of amortization of equity investments’

intangibles not on their books

$ (318)

$ 318

$ –

$ (416)

$ 416

$ –

$ (323)

$ 323

$ –

$ 2,912

$ 2,279

$ 5,191

$ 1,289

$ 2,874

$ 4,163

$ 8,722

$ 1,942

$ 10,664

Six months ended

June 30, 2014

June 30, 2013

Non-GAAP

Non-GAAP

Actual

Adjustments

Results

Actual

Adjustments

Results

To adjust stock-based compensation

$ 2,226

$ 3,040

To adjust amortization of intangible

assets resulting from business acquisitions

$ 1,354

2,252

Earning from equity method investments, net

$ 12,275

$ 3,580

$ 15,855

$ 3,672

$ 5,292

$ 8,964

Share of amortization of equity investments’

intangibles not on their books

$ (641)

$ 641

$ –

$ (857)

$ 857

$ –

$ 11,634

$ 4,221

$ 15,855

$ 2,815

$ 6,149

$ 8,964

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