BEIJING, Feb. 22, 2017 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2016.
Fourth Quarter 2016 Highlights
- Net revenues increased 43% year over year to $212.7 million, exceeding the Company's guidance
between $205 million and $210
million.
- Advertising and marketing revenue increased 45% year over year
to $187.9 million.
- Weibo Value-Added Services ("VAS") revenue increased 28% year
over year to $24.9 million.
- Net income attributable to Weibo increased 125% year over year
to $43.0 million, and diluted net
income per share was $0.19, compared
to $0.09 for the same period last
year.
- Non-GAAP net income attributable to Weibo increased 134% year
over year to $77.0 million, and
non-GAAP diluted net income per share was $0.34, compared to $0.15 for the same period last year.
- Adjusted EBITDA increased 111% year over year to $78.2 million.
- Monthly active users ("MAUs") in December 2016 grew 33% year over year to 313
million, 90% of which were mobile users. Average daily active users
("DAUs") in December 2016 grew 30%
year over year to 139 million.
Fiscal Year 2016 Highlights
- Net revenues increased 37% year over year to $655.8 million.
- Advertising and marketing revenue increased 42% year over year
to $571.0 million.
- Weibo VAS revenue increased 12% year over year to $84.8 million.
- Net income attributable to Weibo increased 211% year over year
to $108.0 million, and diluted net
income per share was $0.48, compared
to $0.16 for the same period last
year.
- Non-GAAP net income attributable to Weibo increased 167% year
over year to $183.5 million, and
non-GAAP diluted net income per share was $0.82, compared to $0.32 for the same period last year.
- Adjusted EBITDA increased 126% year over year to $193.7 million.
"Our growth in the fourth quarter was exceptional, with ad
revenue from key accounts and SMEs doubling year over year. Weibo's
user scale, breadth of ad offering
and leadership as a social media platform in China put us in a unique position to take
advantage of the marketing budget shift toward mobile, social and
video." said Gaofei Wang, Weibo's CEO. "Our focus to grow scale in
users, content creators, customers on our platform is translating
into significant operating leverage."
Fourth Quarter 2016 Financial Results
For the fourth quarter of 2016, Weibo reported net revenues of
$212.7 million, compared to
$149.0 million for the same period
last year. Advertising and marketing revenue totaled $187.9 million, compared to $129.5 million for the same period last year.
Advertising and marketing revenue from key accounts and small &
medium-sized enterprises (SMEs) was $163.2
million, compared to $81.3
million for the same period last year. Revenue from Alibaba
was $24.7 million, compared to
$48.2 million for the same period
last year. Weibo VAS revenue totaled $24.9
million, compared to $19.5
million for the same period last year.
Costs and expenses for the fourth quarter of 2016 totaled
$149.1 million, compared to
$123.2 million for the same period
last year. Non-GAAP costs and expenses were $139.2 million, compared to $116.3 million for the same period last year. The
increase in non-GAAP costs and expenses was primarily due to an
increase in marketing expenses, value added taxes and
commission-based salaries, with the latter two increases primarily
resulting from higher revenues.
Income from operations for the fourth quarter of 2016 was
$63.7 million, compared to
$25.8 million for the same period
last year. Non-GAAP income from operations was $73.5 million, compared to $32.8 million for the same period last
year.
Non-operating loss for the fourth quarter of 2016 was
$21.3 million, which included
investment impairment of $24.2
million. Non-operating loss for the same period last year
was $5.8 million.
Net income attributable to Weibo for the fourth quarter of 2016
was $43.0 million, or diluted net
income per share of $0.19, compared
to $19.1 million for the same period
last year, or diluted net income per share of $0.09. Non-GAAP net income attributable to Weibo
for the fourth quarter of 2016 was $77.0
million, or diluted net income per share of $0.34, compared to $32.9
million for the same period last year, or diluted net income
per share of $0.15.
As of December 31, 2016, Weibo's
cash, cash equivalents and short-term investments totaled
$396.0 million. For the fourth
quarter of 2016, cash provided by operating activities was
$82.3 million, capital expenditures
totaled $6.5 million, and
depreciation and amortization expenses amounted to $3.5 million.
Fiscal 2016 Financial Results
For 2016, Weibo reported net revenues of $655.8 million, compared to $477.9 million in 2015. Advertising and marketing
revenue totaled $571.0 million,
compared to $402.4 million in 2015.
Advertising and marketing revenue from key accounts and SMEs was
$513.1 million, compared to
$258.8 million for 2015. Revenue from
Alibaba was $57.9 million, compared
to $143.7 million for 2015. Weibo VAS
revenue totaled $84.8 million,
compared to $75.5 million for
2015.
Costs and expenses for fiscal 2016 totaled $514.8 million, compared to $440.4 million for 2015. Non-GAAP costs and
expenses were $477.2 million,
compared to $412.5 million for 2015.
The increase in non-GAAP costs and expenses was primarily due to an
increase in marketing expenses, bad debt expenses, value added
taxes and commission-based salaries, with the latter three
primarily resulting from higher revenues.
Income from operations for fiscal 2016 was $141.0 million, compared to $37.5 million for 2015. Non-GAAP income from
operations was $178.6 million,
compared to $65.4 million for
2015.
Non-operating loss for fiscal 2016 was $31.0 million, which included investment related
impairment of $40.2 million.
Non-operating loss for 2015 was $0.7
million.
Net income attributable to Weibo for fiscal 2016 was
$108.0 million, or diluted net income
per share of $0.48, compared to
$34.7 million for 2015, or diluted
net income per share of $0.16.
Non-GAAP net income attributable to Weibo for fiscal 2016 was
$183.5 million, or diluted net income
per share of $0.82, compared to
$68.8 million for 2015, or diluted
net income per share of $0.32.
Business Outlook
For the first quarter of 2017, Weibo estimates that its net
revenues to be between $185 million and $190
million, which assumes a RMB to US dollar average exchange
rate of 6.9448. This forecast reflects Weibo's current and
preliminary view, which is subject to change.
Non-GAAP Measures
This release contains the following non-GAAP financial measures:
non-GAAP costs and expenses, non-GAAP income from operations,
non-GAAP net income attributable to Weibo, non-GAAP diluted net
income per share attributable to Weibo and adjusted EBITDA. 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 exclude stock-based
compensation, amortization of intangible assets, net gain on the
sale of investments and impairment on investments, and dividend
income, loss attributable to non-controlling interest, and
provision for income tax related to the amortization of intangible
assets (Other non-GAAP to GAAP reconciling items have no tax
effect). Adjusted EBITDA excludes interest income, income tax
expenses, and depreciation expenses. 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 operating performance 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. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures. 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
Weibo will host a conference call at 8
PM – 9 PM Eastern Time on
February 22, 2017 (or 9 AM – 10 AM
Beijing Time on February 23, 2017) 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://ir.weibo.com. The
conference call can be accessed as follows:
US Toll Free: +1 866-519-4004
Hong Kong Toll Free: 800-906-601
China Toll Free: 400-620-8038
International: +65 6713-5090
Passcode for all regions: 71928899
A replay of the conference call will be available through
midnight, Eastern Time on March 1,
2017. The dial-in number is +61 2-8199-0299. The passcode
for the replay is 71928899.
About Weibo Corporation
Weibo is a leading social media for people to create, share and
discover Chinese-language content. Weibo combines the means of
public self-expression in real time with a powerful platform for
social interaction, as well as content aggregation and
distribution. Any user can create and post a feed of up to 140
Chinese characters and attach multi-media or long-form content.
User relationships on Weibo may be asymmetric; any user can follow
any other user and add comments to a feed while reposting. This
simple, asymmetric and distributed nature of Weibo allows an
original feed to become a live viral conversation stream.
Weibo enables its advertising and marketing customers to promote
their brands, products and services to users. Weibo offers a wide
variety of advertising and marketing solutions to its customers,
ranging from large brand advertisers to Alibaba/e-commerce
merchants to small and medium sized enterprises to individuals. The
Company generates a substantial majority of revenues from the sale
of advertising and marketing services, including the sale of social
display ads, promoted feeds and event-based ad solutions. Weibo has
developed and is continuously refining its social interest graph
recommendation engine, which enables its customers to perform
people marketing and target audiences based on user demographics,
social relationships, interests and behaviors, to achieve greater
relevance, engagement and marketing effectiveness.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, Weibo's expected financial
performance and strategic and operational plans (as described,
without limitation, in the "Business Outlook" section and in
quotations from management in this press release. Weibo may also
make forward-looking statements in the Company's periodic reports
to the U.S. Securities and Exchange Commission ("SEC"), 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. 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, Weibo's limited operating history
in certain new businesses; failure to grow active user base and the
level of user engagement; the uncertain regulatory landscape in
China; fluctuations in the
Company's quarterly operating results; the Company's reliance on
advertising and marketing sales for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products; failure to compete effectively
for advertising and marketing spending; failure to develop the
small and medium enterprise market by the Company or through
cooperation with other parties, including Alibaba; failure to
successfully integrate acquired businesses; risks associated with
the Company's investments, including equity pick-up and impairment;
failure to compete successfully against new entrants and
established industry competitors; changes in the macro-economic
environment, including the depreciation of the Renminbi; and
adverse changes in economic and political policies of the PRC
government and its impact on the Chinese economy. Further
information regarding these and other risks is included in Weibo's
annual report on Form 20-F for the fiscal year ended December 31, 2015 filed with the SEC on
April 28, 2016 and other filings with
the SEC. All information provided in this press release is current
as of the date hereof, and Weibo assumes no obligation to update
such information, except as required under applicable law.
Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3017
Email: ir@staff.weibo.com
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
187,870
|
|
$
129,527
|
|
$
156,693
|
|
$
570,982
|
|
$
402,415
|
Weibo VAS
|
24,878
|
|
19,498
|
|
20,184
|
|
84,818
|
|
75,476
|
Total net revenues
|
212,748
|
|
149,025
|
|
176,877
|
|
655,800
|
|
477,891
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
49,454
|
|
42,105
|
|
44,494
|
|
171,231
|
|
141,960
|
Sales and marketing
(a)
|
48,006
|
|
36,253
|
|
38,070
|
|
148,283
|
|
126,059
|
Product development
(a)
|
39,869
|
|
36,614
|
|
39,674
|
|
154,088
|
|
143,444
|
General and
administrative (a)
|
11,762
|
|
8,265
|
|
11,718
|
|
41,218
|
|
28,925
|
Total costs and expenses
|
149,091
|
|
123,237
|
|
133,956
|
|
514,820
|
|
440,388
|
Income from
operations
|
63,657
|
|
25,788
|
|
42,921
|
|
140,980
|
|
37,503
|
|
|
|
|
|
|
|
|
|
|
Non-operating
loss:
|
|
|
|
|
|
|
|
|
|
Gain on sale of and impairment on investments, net
|
(24,232)
|
|
(7,207)
|
|
(11,087)
|
|
(39,627)
|
|
(7,061)
|
Interest and other income , net
|
2,885
|
|
1,443
|
|
1,911
|
|
8,627
|
|
6,338
|
|
(21,347)
|
|
(5,764)
|
|
(9,176)
|
|
(31,000)
|
|
(723)
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
42,310
|
|
20,024
|
|
33,745
|
|
109,980
|
|
36,780
|
Income tax
expenses
|
(55)
|
|
(1,152)
|
|
(1,917)
|
|
(4,316)
|
|
(2,591)
|
Net
income
|
42,255
|
|
18,872
|
|
31,828
|
|
105,664
|
|
34,189
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to
noncontrolling interest
|
(715)
|
|
(250)
|
|
(274)
|
|
(2,363)
|
|
(556)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
42,970
|
|
$
19,122
|
|
$
32,102
|
|
$
108,027
|
|
$
34,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.20
|
|
$
0.09
|
|
$
0.15
|
|
$
0.50
|
|
$
0.17
|
Diluted net income
per share attributable to Weibo
|
$
0.19
|
|
$
0.09
|
|
$
0.14
|
|
$
0.48
|
|
$
0.16
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
217,464
|
|
210,764
|
|
215,671
|
|
214,745
|
|
208,163
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
224,359
|
|
219,464
|
|
223,861
|
|
222,859
|
|
217,918
|
|
|
|
|
|
|
|
|
|
|
(a) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
$
801
|
|
$
275
|
|
$
764
|
|
2,616
|
|
$
1,196
|
Sales and marketing
|
1,655
|
|
856
|
|
1,784
|
|
5,357
|
|
3,209
|
Product development
|
3,716
|
|
2,473
|
|
5,304
|
|
15,076
|
|
10,210
|
General and administrative
|
3,547
|
|
3,006
|
|
3,536
|
|
13,853
|
|
11,784
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
364,766
|
|
$
237,440
|
|
|
|
Short-term
investments
|
|
31,188
|
|
98,439
|
|
|
|
Accounts
receivable, net
|
|
116,075
|
|
120,230
|
|
|
|
Prepaid expenses
and other current assets
|
|
66,664
|
|
42,295
|
|
|
|
Amount due from
SINA
|
|
18,544
|
|
-
|
|
|
|
Current assets
subtotal
|
|
597,237
|
|
498,404
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
22,816
|
|
22,850
|
|
Goodwill and
intangible assets, net
|
|
11,366
|
|
13,083
|
|
Investments
|
|
399,933
|
|
294,679
|
|
Other
assets
|
|
5,592
|
|
10,173
|
|
Total
assets
|
|
$
1,036,944
|
|
$
839,189
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
*
|
|
$
48,997
|
|
$
40,456
|
|
|
|
Accrued
liabilities *
|
|
180,142
|
|
117,040
|
|
|
|
Deferred
revenues
|
|
48,964
|
|
39,091
|
|
|
|
Amount due to
SINA
|
|
-
|
|
12,188
|
|
|
|
Current liabilities
subtotal
|
|
278,103
|
|
208,775
|
|
|
|
|
|
|
|
|
|
|
Long-term
liability
|
|
1,483
|
|
2,385
|
|
|
|
Total
liabilities
|
|
279,586
|
|
211,160
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
753,225
|
|
620,672
|
|
|
Non-controlling
interest
|
|
4,133
|
|
7,357
|
|
|
|
Total
shareholders' equity
|
|
757,358
|
|
628,029
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
1,036,944
|
|
$
839,189
|
|
|
|
|
|
|
|
|
|
* Commencing on
January 1, 2016, in order to enhance comparability with industry
peers, payables that have been invoiced or formally agreed with the
suppliers were recorded in accounts payable. To conform to current
period presentations, the relevant amounts in prior periods have
been reclassified from accrued liabilities accordingly. Such
reclassification amounted to $37.9 million as of December 31,
2015.
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
September 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
187,870
|
|
|
|
$
187,870
|
|
$
129,527
|
|
|
|
$
129,527
|
|
$
156,693
|
|
|
|
$
156,693
|
Weibo
VAS
|
24,878
|
|
|
|
24,878
|
|
19,498
|
|
|
|
19,498
|
|
20,184
|
|
|
|
20,184
|
Net revenues
|
$
212,748
|
|
|
|
$
212,748
|
|
$
149,025
|
|
|
|
$
149,025
|
|
$
176,877
|
|
|
|
$
176,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,719)
|
(a)
|
|
|
|
|
(6,610)
|
(a)
|
|
|
|
|
(11,388)
|
(a)
|
|
|
|
|
(154)
|
(b)
|
|
|
|
|
(359)
|
(b)
|
|
|
|
|
(160)
|
(b)
|
|
Total costs and
expenses
|
$
149,091
|
|
$
(9,873)
|
|
$
139,218
|
|
$
123,237
|
|
$
(6,969)
|
|
$
116,268
|
|
$
133,956
|
|
$
(11,548)
|
|
$
122,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,719
|
(a)
|
|
|
|
|
6,610
|
(a)
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
154
|
(b)
|
|
|
|
|
359
|
(b)
|
|
|
|
|
160
|
(b)
|
|
Income from
operations
|
$
63,657
|
|
$
9,873
|
|
$
73,530
|
|
$
25,788
|
|
$
6,969
|
|
$
32,757
|
|
$
42,921
|
|
$
11,548
|
|
$
54,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,719
|
(a)
|
|
|
|
|
6,610
|
(a)
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
154
|
(b)
|
|
|
|
|
359
|
(b)
|
|
|
|
|
160
|
(b)
|
|
|
|
|
24,232
|
(c)
|
|
|
|
|
7,207
|
(c)
|
|
|
|
|
11,087
|
(c)
|
|
|
|
|
(72)
|
(d)
|
|
|
|
|
(267)
|
(d)
|
|
|
|
|
(101)
|
(d)
|
|
|
|
|
(39)
|
(e)
|
|
|
|
|
(90)
|
(e)
|
|
|
|
|
(40)
|
(e)
|
|
Net income
attributable to Weibo
|
$
42,970
|
|
$
33,994
|
|
$
76,964
|
|
$
19,122
|
|
$
13,819
|
|
$
32,941
|
|
$
32,102
|
|
$
22,494
|
|
$
54,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
attributable to Weibo
|
$
0.19
|
|
|
|
$
0.34
|
|
$
0.09
|
|
|
|
$
0.15
|
|
$
0.14
|
|
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
224,359
|
|
|
|
224,359
|
|
219,464
|
|
|
|
219,464
|
|
223,861
|
|
|
|
223,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
76,964
|
|
|
|
|
|
$
32,941
|
|
|
|
|
|
$
54,596
|
Interest income
|
|
|
|
|
(2,158)
|
|
|
|
|
|
(1,152)
|
|
|
|
|
|
(2,201)
|
Income
tax expenses
|
|
|
|
|
94
|
|
|
|
|
|
1,242
|
|
|
|
|
|
1,957
|
Depreciation expenses
|
|
|
|
|
3,338
|
|
|
|
|
|
4,006
|
|
|
|
|
|
3,312
|
Adjusted EBITDA
|
|
|
|
|
$
78,238
|
|
|
|
|
|
$
37,037
|
|
|
|
|
|
$
57,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
570,982
|
|
|
|
$
570,982
|
|
$
402,415
|
|
|
|
$
402,415
|
|
|
|
|
|
|
Weibo
VAS
|
84,818
|
|
|
|
84,818
|
|
75,476
|
|
|
|
75,476
|
|
|
|
|
|
|
Net revenues
|
$
655,800
|
|
|
|
$
655,800
|
|
$
477,891
|
|
|
|
$
477,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,902)
|
(a)
|
|
|
|
|
(26,399)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(716)
|
(b)
|
|
|
|
|
(1,467)
|
(b)
|
|
|
|
|
|
|
|
Total costs and
expenses
|
$
514,820
|
|
$
(37,618)
|
|
$
477,202
|
|
$
440,388
|
|
$
(27,866)
|
|
$
412,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,902
|
(a)
|
|
|
|
|
26,399
|
(a)
|
|
|
|
|
|
|
|
|
|
|
716
|
(b)
|
|
|
|
|
1,467
|
(b)
|
|
|
|
|
|
|
|
Income from
operations
|
$
140,980
|
|
$
37,618
|
|
$
178,598
|
|
$
37,503
|
|
$
27,866
|
|
$
65,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,902
|
(a)
|
|
|
|
|
26,399
|
(a)
|
|
|
|
|
|
|
|
|
|
|
716
|
(b)
|
|
|
|
|
1,467
|
(b)
|
|
|
|
|
|
|
|
|
|
|
39,627
|
(c)
|
|
|
|
|
7,061
|
(c)
|
|
|
|
|
|
|
|
|
|
|
(1,630)
|
(d)
|
|
|
|
|
(520)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
(179)
|
(e)
|
|
|
|
|
(366)
|
(e)
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
108,027
|
|
$
75,436
|
|
$
183,463
|
|
$
34,745
|
|
$
34,041
|
|
$
68,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
attributable to Weibo
|
$
0.48
|
|
|
|
$
0.82
|
|
$
0.16
|
|
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
222,859
|
|
|
|
222,859
|
|
217,918
|
|
|
|
217,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
183,463
|
|
|
|
|
|
$
68,786
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
(7,552)
|
|
|
|
|
|
(5,528)
|
|
|
|
|
|
|
Income
tax expenses
|
|
|
|
|
4,495
|
|
|
|
|
|
2,958
|
|
|
|
|
|
|
Depreciation expenses
|
|
|
|
|
13,266
|
|
|
|
|
|
19,482
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
$
193,672
|
|
|
|
|
|
$
85,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude stock-based compensation.
|
(b) To
exclude amortization of intangible assets.
|
(c) To
exclude net gain on the sale of investments and impairment on
investments, and dividend income.
|
(d) To
exclude loss attributable to non-controlling
interests.
|
(e) To
exclude the provision for income tax related to item (b). Other
non-GAAP to GAAP reconciling items have no income tax
effect.
|
Most of the
reconciliation items were recorded in entities in tax free
jurisdictions hence no income tax implications.
|
For impairment on investments, full valuation
allowances were made as the Company does not expect to realize the
benefit in the foreseeable future.
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
Key accounts and small
& medium-sized enterprises
|
$
163,187
|
|
$
81,323
|
|
$
147,437
|
|
$
513,074
|
|
$
258,765
|
|
Alibaba
|
24,683
|
|
48,204
|
|
9,256
|
|
57,908
|
|
143,650
|
|
Subtotal
|
187,870
|
|
129,527
|
|
156,693
|
|
570,982
|
|
402,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo
VAS
|
24,878
|
|
19,498
|
|
20,184
|
|
84,818
|
|
75,476
|
|
|
$
212,748
|
|
$
149,025
|
|
$
176,877
|
|
$
655,800
|
|
$
477,891
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/weibo-reports-fourth-quarter-and-fiscal-year-2016-financial-results-300411808.html
SOURCE Weibo Corporation