BEIJING, Aug. 9, 2017 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for the second quarter ended
June 30, 2017.
Second Quarter 2017 Highlights
- Net revenues totaled $253.4
million, an increase of 72% year-over-year, exceeding the
Company's guidance between $240 million and
$250 million.
- Advertising and marketing revenues were $218.3 million, an increase of 72%
year-over-year.
- Other revenues were $35.0
million, an increase of 78% year-over-year.
- Net income attributable to Weibo was $73.5 million, an increase of 184%
year-over-year, and diluted net income per share was $0.33, compared to $0.12 for the same period last year.
- Non-GAAP net income attributable to Weibo was $86.7 million, an increase of 144%
year-over-year, and non-GAAP diluted net income per share was
$0.38, compared to $0.16 for the same period last year.
- Adjusted EBITDA was $103.1
million, an increase of 166% year-over-year, or 41% of net
revenues, compared to 26% for the same period last year.
- Monthly active users ("MAUs") in June
2017 was 361 million, an increase of 28% year-over-year, 92%
of which were mobile users. Average daily active users in
June 2017 was 159 million, an
increase of 26% year-over-year.
"We continue to see great momentum in our business. Revenues
from SMEs, key accounts and non-advertising all saw robust growth,
while our profit and user base reached new highs," said Gaofei
Wang, CEO of Weibo. "These strong results give us confidence that
our strategy to focus on developing a unique and expansive content
ecosystem, launching engaging features like Weibo Stories, and
attracting KOLs, celebrities and other influencers to increase the
social and viral nature of Weibo is boding well for us."
Second Quarter 2017 Financial Results
For the second quarter of 2017, Weibo reported net revenues of
$253.4 million, compared to
$146.9 million for the same period
last year. Advertising and marketing revenues totaled $218.3 million, compared to $127.2 million for the same period last year, and
advertising and marketing revenues from small & medium-sized
enterprises ("SMEs") and key accounts were $205.1 million, compared to $114.3 million for the same period last year.
Other revenues totaled $35.0 million,
compared to $19.7 million for the
same period last year.
Costs and expenses for the second quarter of 2017 totaled
$165.4 million, compared to
$119.6 million for the same period
last year. The rise in costs and expenses was primarily due to an
increase in marketing expenses, turnover taxes (resulting from
higher revenues), development costs and stock-based compensation.
Non-GAAP costs and expenses were $153.3
million, compared to $112.2
million for the same period last year.
Income from operations for the second quarter of 2017 was
$88.0 million, compared to
$27.3 million for the same period
last year. Non-GAAP income from operations was $100.1 million, compared to $34.7 million for the same period last
year.
Non-operating income for the second quarter of 2017 was
$1.5 million, compared to a
non-operating loss of $1.0 million
for the same period last year. Income tax expenses were
$16.4 million, compared to
$1.8 million for the same period last
year, primarily due to higher profitability and the change in tax
status of the Company's PRC subsidiary from being fully tax
exempted to being subject to 50% of the enterprise income tax rate,
or 12.5%, in 2017.
Net income attributable to Weibo for the second quarter of 2017
was $73.5 million, or diluted net
income per share of $0.33, compared
to $25.9 million for the same period
last year, or diluted net income per share of $0.12. Non-GAAP net income attributable to Weibo
for the second quarter of 2017 was $86.7
million, or diluted net income per share of $0.38, compared to $35.5
million for the same period last year, or diluted net income
per share of $0.16.
As of June 30, 2017, Weibo's cash,
cash equivalents and short-term investments totaled $609.2 million. For the second quarter of 2017,
cash provided by operating activities was $157.2 million, capital expenditures totaled
$2.5 million, and depreciation and
amortization expenses amounted to $3.5
million.
Business Outlook
For the third quarter of 2017, Weibo estimates that its net
revenues to be between $290 million and $300
million, which assumes an average exchange rate of
6.75 RMB to US$1.00. This forecast reflects Weibo's current
and preliminary view, which is subject to change.
Conference Call
Weibo's management team will host a conference call from
7 AM - 8 AM Eastern Time on
August 9, 2017 (or 7 PM - 8 PM Beijing Time on August 9, 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: 64857454
A replay of the conference call will be available from
10:00 AM Eastern Time on August 9, 2017-10:00 AM Eastern time on
August 17, 2017. The dial-in number
is +61 2-8199-0299. The passcode for the replay is 64857454.
Non-GAAP Financial 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, non-GAAP to GAAP
reconciling items for the 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 financial
measures to the nearest comparable GAAP measures are set forth in
the section below titled "Unaudited Reconciliation of Non-GAAP to
GAAP Results."
About Weibo
Weibo is a leading social media for people to create, share and
discover Chinese-language content. It provides an unprecedented and
simple way for people and organizations to publicly express
themselves in real time, interact with others and stay connected
with the world. Any user can post a feed 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
range of advertising and marketing solutions to its customers,
ranging from large companies 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 and promoted feeds. 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 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, 2016
filed with the SEC on April 27, 2017
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
|
|
Six months
ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing
revenues
|
|
$
218,340
|
|
$
127,173
|
|
$
169,297
|
|
$
387,637
|
|
$
226,419
|
Other
revenues
|
|
35,033
|
|
19,712
|
|
29,904
|
|
64,937
|
|
39,756
|
|
Total net
revenues
|
|
253,373
|
|
146,885
|
|
199,201
|
|
452,574
|
|
266,175
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
|
50,372
|
|
40,657
|
|
46,450
|
|
96,822
|
|
77,283
|
Sales and marketing
(a)
|
|
59,363
|
|
32,166
|
|
47,163
|
|
106,526
|
|
62,207
|
Product development
(a)
|
|
45,528
|
|
37,611
|
|
39,191
|
|
84,719
|
|
74,545
|
General and
administrative (a)
|
|
10,140
|
|
9,200
|
|
10,546
|
|
20,686
|
|
17,738
|
|
Total costs and
expenses
|
|
165,403
|
|
119,634
|
|
143,350
|
|
308,753
|
|
231,773
|
Income from
operations
|
|
87,970
|
|
27,251
|
|
55,851
|
|
143,821
|
|
34,402
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of and impairment on investments, net
|
|
(1,248)
|
|
(3,440)
|
|
(122)
|
|
(1,370)
|
|
(4,308)
|
Interest and other income , net
|
|
2,768
|
|
2,411
|
|
2,222
|
|
4,990
|
|
3,831
|
|
|
|
1,520
|
|
(1,029)
|
|
2,100
|
|
3,620
|
|
(477)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
89,490
|
|
26,222
|
|
57,951
|
|
147,441
|
|
33,925
|
Income tax
expenses
|
|
(16,363)
|
|
(1,796)
|
|
(11,316)
|
|
(27,679)
|
|
(2,344)
|
Net
income
|
|
73,127
|
|
24,426
|
|
46,635
|
|
119,762
|
|
31,581
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to
noncontrolling interest
|
(421)
|
|
(1,431)
|
|
(296)
|
|
(717)
|
|
(1,374)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
73,548
|
|
$
25,857
|
|
$
46,931
|
|
$
120,479
|
|
$
32,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.33
|
|
$
0.12
|
|
$
0.21
|
|
$
0.55
|
|
$
0.15
|
Diluted net income
per share attributable to Weibo
|
$
0.33
|
|
$
0.12
|
|
$
0.21
|
|
$
0.54
|
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
220,256
|
|
213,537
|
|
218,296
|
|
219,281
|
|
212,903
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
225,245
|
|
221,611
|
|
224,632
|
|
224,955
|
|
220,780
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
940
|
|
$
543
|
|
$
695
|
|
$
1,635
|
|
$
1,051
|
|
Sales and
marketing
|
|
2,157
|
|
900
|
|
1,604
|
|
3,761
|
|
1,918
|
|
Product
development
|
|
5,251
|
|
2,501
|
|
4,994
|
|
10,245
|
|
6,056
|
|
General and
administrative
|
|
3,585
|
|
3,364
|
|
3,400
|
|
6,985
|
|
6,770
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
224,080
|
|
$
364,766
|
|
|
|
|
Short-term
investments
|
|
385,105
|
|
31,188
|
|
|
|
|
Accounts
receivable, net
|
|
134,673
|
|
116,054
|
|
|
|
|
Prepaid expenses
and other current assets
|
|
131,845
|
|
66,664
|
|
|
|
|
Amount due from
SINA
|
|
-
|
|
18,565
|
|
|
|
|
Current assets
subtotal
|
|
875,703
|
|
597,237
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
25,924
|
|
22,816
|
|
|
Goodwill and
intangible assets, net
|
|
11,473
|
|
11,366
|
|
|
Investments
|
|
419,711
|
|
399,933
|
|
|
Other
assets
|
|
10,553
|
|
5,592
|
|
|
Total
assets
|
|
$
1,343,364
|
|
$
1,036,944
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
86,565
|
|
$
48,997
|
|
|
|
|
Accrued and other
liabilities
|
|
281,811
|
|
180,142
|
|
|
|
|
Deferred
revenues
|
|
58,971
|
|
48,964
|
|
|
|
|
Amount due to
SINA
|
|
2,885
|
|
-
|
|
|
|
|
Current liabilities
subtotal
|
|
430,232
|
|
278,103
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liability
|
|
1,234
|
|
1,483
|
|
|
|
|
Total
liabilities
|
|
431,466
|
|
279,586
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
908,407
|
|
753,225
|
|
|
|
Non-controlling
interest
|
|
3,491
|
|
4,133
|
|
|
|
|
Total
shareholders' equity
|
|
911,898
|
|
757,358
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
1,343,364
|
|
$
1,036,944
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
June 30,
2017
|
|
June 30,
2016
|
|
March 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing revenues
|
|
$
218,340
|
|
|
|
$
218,340
|
|
$
127,173
|
|
|
|
$
127,173
|
|
$
169,297
|
|
|
|
$
169,297
|
Other
revenues
|
|
35,033
|
|
|
|
35,033
|
|
19,712
|
|
|
|
19,712
|
|
29,904
|
|
|
|
29,904
|
|
Net
revenues
|
|
$
253,373
|
|
|
|
$
253,373
|
|
$
146,885
|
|
|
|
$
146,885
|
|
$
199,201
|
|
|
|
$
199,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,933)
|
(a)
|
|
|
|
|
(7,308)
|
(a)
|
|
|
|
|
(10,693)
|
(a)
|
|
|
|
|
|
|
|
(157)
|
(b)
|
|
|
|
|
(161)
|
(b)
|
|
|
|
|
(155)
|
(b)
|
|
Total costs and
expenses
|
|
$
165,403
|
|
$
(12,090)
|
|
$
153,313
|
|
$
119,634
|
|
$
(7,469)
|
|
$
112,165
|
|
$
143,350
|
|
$
(10,848)
|
|
$
132,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,933
|
(a)
|
|
|
|
|
7,308
|
(a)
|
|
|
|
|
10,693
|
(a)
|
|
|
|
|
|
|
|
157
|
(b)
|
|
|
|
|
161
|
(b)
|
|
|
|
|
155
|
(b)
|
|
Income from
operations
|
|
$
87,970
|
|
$
12,090
|
|
$
100,060
|
|
$
27,251
|
|
$
7,469
|
|
$
34,720
|
|
$
55,851
|
|
$
10,848
|
|
$
66,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,933
|
(a)
|
|
|
|
|
7,308
|
(a)
|
|
|
|
|
10,693
|
(a)
|
|
|
|
|
|
|
|
157
|
(b)
|
|
|
|
|
161
|
(b)
|
|
|
|
|
155
|
(b)
|
|
|
|
|
|
|
|
1,248
|
(c)
|
|
|
|
|
3,440
|
(c)
|
|
|
|
|
122
|
(c)
|
|
|
|
|
|
|
|
(194)
|
(d)
|
|
|
|
|
(1,177)
|
(d)
|
|
|
|
|
(29)
|
(d)
|
|
|
|
|
|
|
|
(39)
|
(e)
|
|
|
|
|
(40)
|
(e)
|
|
|
|
|
(39)
|
(e)
|
|
Net income
attributable to Weibo
|
$
73,548
|
|
$
13,105
|
|
$
86,653
|
|
$
25,857
|
|
$
9,692
|
|
$
35,549
|
|
$
46,931
|
|
$
10,902
|
|
$
57,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.33
|
|
|
|
$
0.38
|
|
$
0.12
|
|
|
|
$
0.16
|
|
$
0.21
|
|
|
|
$
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
225,245
|
|
|
|
225,245
|
|
221,611
|
|
|
|
221,611
|
|
224,632
|
|
|
|
224,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
86,653
|
|
|
|
|
|
$
35,549
|
|
|
|
|
|
$
57,833
|
|
|
Interest
income
|
|
|
|
|
|
(3,343)
|
|
|
|
|
|
(1,893)
|
|
|
|
|
|
(1,911)
|
|
|
Income tax
expenses
|
|
|
|
|
|
16,402
|
|
|
|
|
|
1,836
|
|
|
|
|
|
11,355
|
|
|
Depreciation
expenses
|
|
|
|
|
|
3,365
|
|
|
|
|
|
3,316
|
|
|
|
|
|
3,245
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
103,077
|
|
|
|
|
|
$
38,808
|
|
|
|
|
|
$
70,522
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
June 30,
2017
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
387,637
|
|
|
|
$
387,637
|
|
$
226,419
|
|
|
|
$
226,419
|
Other
revenues
|
|
64,937
|
|
|
|
64,937
|
|
39,756
|
|
|
|
39,756
|
|
Net
revenues
|
|
$
452,574
|
|
|
|
$
452,574
|
|
$
266,175
|
|
|
|
$
266,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,626)
|
(a)
|
|
|
|
|
(15,795)
|
(a)
|
|
|
|
|
|
|
|
(312)
|
(b)
|
|
|
|
|
(402)
|
(b)
|
|
Total costs and
expenses
|
|
$
308,753
|
|
$
(22,938)
|
|
$
285,815
|
|
$
231,773
|
|
$
(16,197)
|
|
$
215,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,626
|
(a)
|
|
|
|
|
15,795
|
(a)
|
|
|
|
|
|
|
|
312
|
(b)
|
|
|
|
|
402
|
(b)
|
|
Income from
operations
|
|
$
143,821
|
|
$
22,938
|
|
$
166,759
|
|
$
34,402
|
|
$
16,197
|
|
$
50,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,626
|
(a)
|
|
|
|
|
15,795
|
(a)
|
|
|
|
|
|
|
|
312
|
(b)
|
|
|
|
|
402
|
(b)
|
|
|
|
|
|
|
|
1,370
|
(c)
|
|
|
|
|
4,308
|
(c)
|
|
|
|
|
|
|
|
(223)
|
(d)
|
|
|
|
|
(1,457)
|
(d)
|
|
|
|
|
|
|
|
(78)
|
(e)
|
|
|
|
|
(100)
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
120,479
|
|
$
24,007
|
|
$
144,486
|
|
$
32,955
|
|
$
18,948
|
|
$
51,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.54
|
|
|
|
$
0.64
|
|
$
0.15
|
|
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
224,955
|
|
|
|
224,955
|
|
220,780
|
|
|
|
220,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
144,486
|
|
|
|
|
|
$
51,903
|
|
|
Interest
income
|
|
|
|
|
|
(5,254)
|
|
|
|
|
|
(3,193)
|
|
|
Income tax
expenses
|
|
|
|
|
|
27,757
|
|
|
|
|
|
2,444
|
|
|
Depreciation
expenses
|
|
|
|
|
|
6,610
|
|
|
|
|
|
6,616
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
173,599
|
|
|
|
|
|
$
57,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
(d) To
exclude non-GAAP to GAAP reconciling items for the 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, valuation allowances were made for those differences
the Company does not expect to realize the benefit in the
foreseeable future.
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing revenues
|
|
|
|
|
|
|
|
|
|
|
|
Small & medium-sized
enterprises and key accounts
|
$
205,144
|
|
$
114,324
|
|
$
161,506
|
|
$
366,650
|
|
$
202,450
|
|
|
Alibaba
|
13,196
|
|
12,849
|
|
7,791
|
|
20,987
|
|
23,969
|
|
|
Subtotal
|
218,340
|
|
127,173
|
|
169,297
|
|
387,637
|
|
226,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
revenues
|
35,033
|
|
19,712
|
|
29,904
|
|
64,937
|
|
39,756
|
|
|
|
$ 253,373
|
|
$ 146,885
|
|
$
199,201
|
|
$ 452,574
|
|
$ 266,175
|
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-second-quarter-2017-financial-results-300501840.html
SOURCE Weibo Corporation