BEIJING, Nov. 7, 2017 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for the third quarter ended
September 30, 2017.
Third Quarter 2017 Highlights
- Net revenues totaled $320.0
million, an increase of 81% year-over-year, exceeding the
Company's guidance between $290 million and
$300 million.
- Advertising and marketing revenues were $276.8 million, an increase of 77%
year-over-year.
- Other revenues were $43.2
million, an increase of 114% year-over-year.
- Net income attributable to Weibo was $101.1 million, an increase of 215%
year-over-year, and diluted net income per share was $0.45, compared to $0.14 for the same period last year.
- Non-GAAP net income attributable to Weibo was $115.2 million, an increase of 111%
year-over-year, and non-GAAP diluted net income per share was
$0.51, compared to $0.24 for the same period last year.
- Adjusted EBITDA was $135.9
million, an increase of 136% year-over-year, or 42% of net
revenues, compared to 33% for the same period last year.
- Monthly active users ("MAUs") had a
net addition of approximately 79 million users year over year and
reached 376 million in September
2017. Mobile MAUs represented 92% of MAUs.
- Average daily active users ("DAUs")
had a net addition of approximately 33 million users year over year
and reached 165 million in September
2017.
"We have made a number of breakthroughs in the areas of
expanding ad customer base, improving ad system efficiency as well
as developing innovative marketing solutions. These achievements in
turn allowed us to drive robust topline and bottom line growth in
the third quarter across all business sectors." said Gaofei Wang,
CEO of Weibo. "More importantly, I'm happy to see that we are
increasingly creating a virtuous cycle of growth on Weibo by
translating user base expansion and engagement growth into stronger
monetization capabilities."
Third Quarter 2017 Financial Results
For the third quarter of 2017, Weibo reported net revenues of
$320.0 million, compared to
$176.9 million for the same period
last year. Advertising and marketing revenues totaled $276.8 million, compared to $156.7 million for the same period last year, and
advertising and marketing revenues from small & medium-sized
enterprises ("SMEs") and key accounts were $251.5 million, compared to $147.4 million for the same period last year.
Other revenues totaled $43.2 million,
compared to $20.2 million for the
same period last year.
Costs and expenses for the third quarter of 2017 totaled
$201.6 million, compared to
$134.0 million for the same period
last year. The increase in costs and expenses was primarily
attributable to more marketing and development expenditures
incurred and higher turnover tax costs (resulting from higher
revenues). Non-GAAP costs and expenses were $188.0 million, compared to $122.4 million for the same period last year.
Income from operations for the third quarter of 2017 was
$118.5 million, compared to
$42.9 million for the same period
last year. Non-GAAP income from operations was $132.0 million, compared to $54.5 million for the same period last
year.
Non-operating income for the third quarter of 2017 was
$4.3 million, compared to a
non-operating loss of $9.2 million
for the same period last year. Non-operating loss for the third
quarter of 2016 mainly resulted from $11.1
million impairment on investments, which was excluded under
non-GAAP measures. Income tax expenses were $22.0 million, compared to $1.9 million for the same period last year. The
increase was primarily due to higher profitability and the change
in tax status of the Company's PRC subsidiary in 2017 from being
fully tax exempted to being subject to a reduced enterprise income
tax rate of 12.5%.
Net income attributable to Weibo for the third quarter of 2017
was $101.1 million, or diluted net
income per share of $0.45, compared
to $32.1 million for the same period
last year, or diluted net income per share of $0.14. Non-GAAP net income attributable to Weibo
for the third quarter of 2017 was $115.2
million, or diluted net income per share of $0.51, compared to $54.6
million for the same period last year, or diluted net income
per share of $0.24.
As of September 30, 2017, Weibo's
cash, cash equivalents and short-term investments totaled
$737.0 million. For the third quarter
of 2017, cash provided by operating activities was $110.6 million, capital expenditures totaled
$4.4 million, and depreciation and
amortization expenses amounted to $3.9
million.
Other Developments
Completion of Offering of Convertible Senior Notes
On October 30, 2017, the Company
completed the offering of $900
million in aggregate principal amount of convertible senior
notes due 2022, including a fully-exercised over-allotment option
of $100 million principal amount of
notes that the Company granted to the initial purchasers (the
"Notes"). The Notes will bear annual interest at a rate of 1.25%
per year, payable semiannually in arrears on May 15 and November
15 of each year, beginning on May 15,
2018. The Notes will be convertible into Weibo's American
Depositary Shares ("ADS") based on an initial conversion price of
approximately US$133.27 per ADS,
which represents an approximately 47.5% conversion premium over the
closing trading price of Weibo' ADSs on October 25, 2017. The Notes will mature on
November 15, 2022, unless previously
repurchased, redeemed or converted in accordance with their terms
prior to such date.
Annual General Meeting
On November 2, 2017, the Company
held its annual general meeting of shareholders, where the
shareholders re-elected each of Mr. Charles
Chao and Mr. Daniel Yong
Zhang as a director of Weibo.
Business Outlook
For the fourth quarter of 2017, Weibo estimates that its net
revenues to be between $355 million and $365
million, which assumes an average exchange rate of
6.70 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 6
AM - 7 AM Eastern Time on
November 7, 2017 (or 7 PM - 8
PM Beijing Time on November 7,
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:
|
6698249
|
A replay of the conference call will be available from
10:00 AM Eastern Time on November 7, 2017-9:00 AM Eastern time on
November 15, 2017. The dial-in number
is +61 2-8199-0299. The passcode for the replay is 6698249.
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 results of
gain on the sale of investments and impairment on investments,
non-GAAP to GAAP reconciling items for the loss attributable to
non-controlling interests, 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, net, 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
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing
revenues
|
|
$
276,803
|
|
$
156,693
|
|
$
218,340
|
|
$
664,440
|
|
$
383,112
|
Other revenues
|
|
43,232
|
|
20,184
|
|
35,033
|
|
108,169
|
|
59,940
|
|
Total net
revenues
|
|
320,035
|
|
176,877
|
|
253,373
|
|
772,609
|
|
443,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
|
62,428
|
|
44,494
|
|
50,372
|
|
159,250
|
|
121,777
|
Sales and marketing
(a)
|
|
76,346
|
|
38,070
|
|
59,363
|
|
182,872
|
|
100,277
|
Product development
(a)
|
|
50,770
|
|
39,674
|
|
45,528
|
|
135,489
|
|
114,219
|
General and administrative
(a)
|
|
12,037
|
|
11,718
|
|
10,140
|
|
32,723
|
|
29,456
|
|
Total costs and
expenses
|
|
201,581
|
|
133,956
|
|
165,403
|
|
510,334
|
|
365,729
|
Income from
operations
|
|
118,454
|
|
42,921
|
|
87,970
|
|
262,275
|
|
77,323
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of and impairment on investments, net
|
|
(680)
|
|
(11,087)
|
|
(1,248)
|
|
(2,050)
|
|
(15,395)
|
Interest and other income , net
|
|
4,937
|
|
1,911
|
|
2,768
|
|
9,927
|
|
5,742
|
|
|
|
4,257
|
|
(9,176)
|
|
1,520
|
|
7,877
|
|
(9,653)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expenses
|
|
122,711
|
|
33,745
|
|
89,490
|
|
270,152
|
|
67,670
|
Income tax
expenses
|
|
(22,022)
|
|
(1,917)
|
|
(16,363)
|
|
(49,701)
|
|
(4,261)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
100,689
|
|
31,828
|
|
73,127
|
|
220,451
|
|
63,409
|
Less: Net loss attributable to noncontrolling interests
|
|
(440)
|
|
(274)
|
|
(421)
|
|
(1,157)
|
|
(1,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
101,129
|
|
$
32,102
|
|
$
73,548
|
|
$
221,608
|
|
$
65,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share attributable to Weibo
|
$
0.46
|
|
$
0.15
|
|
$
0.33
|
|
$
1.01
|
|
$
0.30
|
Diluted net income
per share attributable to Weibo
|
$
0.45
|
|
$
0.14
|
|
$
0.33
|
|
$
0.98
|
|
$
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
221,428
|
|
215,671
|
|
220,256
|
|
220,005
|
|
213,832
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
225,683
|
|
223,861
|
|
225,245
|
|
225,162
|
|
222,110
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
1,014
|
|
$
764
|
|
$
940
|
|
$
2,649
|
|
$
1,815
|
|
Sales and
marketing
|
|
2,287
|
|
1,784
|
|
2,157
|
|
$
6,048
|
|
3,702
|
|
Product
development
|
|
6,386
|
|
5,304
|
|
5,251
|
|
$
16,631
|
|
11,360
|
|
General and
administrative
|
|
3,689
|
|
3,536
|
|
3,585
|
|
$
10,674
|
|
10,306
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
186,651
|
|
$
364,766
|
|
|
|
Short-term
investments
|
|
550,305
|
|
31,188
|
|
|
|
Accounts receivable,
net
|
|
158,215
|
|
116,054
|
|
|
|
Prepaid expenses and
other current assets
|
|
108,583
|
|
66,664
|
|
|
|
Amount due from
SINA
|
|
15,068
|
|
18,565
|
|
|
|
Current assets
subtotal
|
|
1,018,822
|
|
597,237
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
28,448
|
|
22,816
|
|
Goodwill and
intangible assets, net
|
|
11,552
|
|
11,366
|
|
Investments
|
|
429,204
|
|
399,933
|
|
Other
assets
|
|
8,765
|
|
5,592
|
|
Total
assets
|
|
$
1,496,791
|
|
$
1,036,944
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
114,766
|
|
$
48,997
|
|
|
|
Accrued and other
liabilities
|
|
251,017
|
|
180,142
|
|
|
|
Deferred
revenues
|
|
90,773
|
|
48,964
|
|
|
|
Current liabilities
subtotal
|
|
456,556
|
|
278,103
|
|
|
|
|
|
|
|
|
|
|
Long-term
liability
|
|
1,115
|
|
1,483
|
|
|
|
Total
liabilities
|
|
457,671
|
|
279,586
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
:
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
1,035,893
|
|
753,225
|
|
|
Non-controlling
interests
|
|
3,227
|
|
4,133
|
|
|
|
Total shareholders'
equity
|
|
1,039,120
|
|
757,358
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
1,496,791
|
|
$
1,036,944
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
September 30,
2017
|
|
September 30,
2016
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing revenues
|
|
$
276,803
|
|
|
|
$
276,803
|
|
$
156,693
|
|
|
|
$
156,693
|
|
$
218,340
|
|
|
|
$
218,340
|
Other
revenues
|
|
43,232
|
|
|
|
43,232
|
|
20,184
|
|
|
|
20,184
|
|
35,033
|
|
|
|
35,033
|
|
Net
revenues
|
|
$
320,035
|
|
|
|
$
320,035
|
|
$
176,877
|
|
|
|
$
176,877
|
|
$
253,373
|
|
|
|
$
253,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,376)
|
(a)
|
|
|
|
|
(11,388)
|
(a)
|
|
|
|
|
(11,933)
|
(a)
|
|
|
|
|
|
|
|
(161)
|
(b)
|
|
|
|
|
(160)
|
(b)
|
|
|
|
|
(157)
|
(b)
|
|
Total costs and
expenses
|
|
$
201,581
|
|
$
(13,537)
|
|
$
188,044
|
|
$
133,956
|
|
$
(11,548)
|
|
$
122,408
|
|
$
165,403
|
|
$
(12,090)
|
|
$
153,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,376
|
(a)
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
11,933
|
(a)
|
|
|
|
|
|
|
|
161
|
(b)
|
|
|
|
|
160
|
(b)
|
|
|
|
|
157
|
(b)
|
|
Income from
operations
|
|
$
118,454
|
|
$
13,537
|
|
$
131,991
|
|
$
42,921
|
|
$
11,548
|
|
$
54,469
|
|
$
87,970
|
|
$
12,090
|
|
$
100,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,376
|
(a)
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
11,933
|
(a)
|
|
|
|
|
|
|
|
161
|
(b)
|
|
|
|
|
160
|
(b)
|
|
|
|
|
157
|
(b)
|
|
|
|
|
|
|
|
680
|
(c)
|
|
|
|
|
11,087
|
(c)
|
|
|
|
|
1,248
|
(c)
|
|
|
|
|
|
|
|
(113)
|
(d)
|
|
|
|
|
(101)
|
(d)
|
|
|
|
|
(194)
|
(d)
|
|
|
|
|
|
|
|
(40)
|
(e)
|
|
|
|
|
(40)
|
(e)
|
|
|
|
|
(39)
|
(e)
|
|
Net income
attributable to Weibo
|
$
101,129
|
|
$
14,064
|
|
$
115,193
|
|
$
32,102
|
|
$
22,494
|
|
$
54,596
|
|
$
73,548
|
|
$
13,105
|
|
$
86,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share
attributable to Weibo
|
$
0.45
|
|
|
|
$
0.51
|
|
$
0.14
|
|
|
|
$
0.24
|
|
$
0.33
|
|
|
|
$
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
225,683
|
|
|
|
225,683
|
|
223,861
|
|
|
|
223,861
|
|
225,245
|
|
|
|
225,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Weibo
|
|
|
|
|
$
115,193
|
|
|
|
|
|
$
54,596
|
|
|
|
|
|
$
86,653
|
|
|
Interest
income,net
|
|
|
|
|
|
(5,131)
|
|
|
|
|
|
(2,201)
|
|
|
|
|
|
(3,343)
|
|
|
Income tax
expenses
|
|
|
|
|
|
22,062
|
|
|
|
|
|
1,957
|
|
|
|
|
|
16,402
|
|
|
Depreciation
expenses
|
|
|
|
|
|
3,733
|
|
|
|
|
|
3,312
|
|
|
|
|
|
3,365
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
135,857
|
|
|
|
|
|
$
57,664
|
|
|
|
|
|
$
103,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
|
|
|
|
|
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
|
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
September 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
664,440
|
|
|
|
$
664,440
|
|
$
383,112
|
|
|
|
$
383,112
|
|
|
|
|
|
|
Other
revenues
|
|
108,169
|
|
|
|
108,169
|
|
59,940
|
|
|
|
59,940
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
772,609
|
|
|
|
$
772,609
|
|
$
443,052
|
|
|
|
$
443,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,002)
|
(a)
|
|
|
|
|
(27,183)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(473)
|
(b)
|
|
|
|
|
(562)
|
(b)
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
$
510,334
|
|
$
(36,475)
|
|
$
473,859
|
|
$
365,729
|
|
$
(27,745)
|
|
$
337,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,002
|
(a)
|
|
|
|
|
27,183
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
473
|
(b)
|
|
|
|
|
562
|
(b)
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
262,275
|
|
$
36,475
|
|
$
298,750
|
|
$
77,323
|
|
$
27,745
|
|
$
105,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,002
|
(a)
|
|
|
|
|
27,183
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
473
|
(b)
|
|
|
|
|
562
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,050
|
(c)
|
|
|
|
|
15,395
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(336)
|
(d)
|
|
|
|
|
(1,558)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(118)
|
(e)
|
|
|
|
|
(140)
|
(e)
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
221,608
|
|
$
38,071
|
|
$
259,679
|
|
$
65,057
|
|
$
41,442
|
|
$
106,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share
attributable to Weibo
|
$
0.98
|
|
|
|
$
1.15
|
|
$
0.29
|
|
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
225,162
|
|
|
|
225,162
|
|
222,110
|
|
|
|
222,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Weibo
|
|
|
|
|
$
259,679
|
|
|
|
|
|
$
106,499
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
|
|
|
(10,385)
|
|
|
|
|
|
(5,394)
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
49,819
|
|
|
|
|
|
4,401
|
|
|
|
|
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
10,343
|
|
|
|
|
|
9,928
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
309,456
|
|
|
|
|
|
$
115,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To exclude
stock-based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) To exclude
amortization of intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) To exclude
net results of 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.
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing revenues
|
|
|
|
|
|
|
|
|
|
|
Small & medium-sized
enterprises and key accounts
|
$
251,456
|
|
$
147,437
|
|
$
205,144
|
|
$
618,106
|
|
$
349,887
|
|
Alibaba
|
25,347
|
|
9,256
|
|
13,196
|
|
46,334
|
|
33,225
|
|
Subtotal
|
276,803
|
|
156,693
|
|
218,340
|
|
664,440
|
|
383,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
revenues
|
43,232
|
|
20,184
|
|
35,033
|
|
108,169
|
|
59,940
|
|
|
$
320,035
|
|
$
176,877
|
|
$
253,373
|
|
$
772,609
|
|
$
443,052
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-third-quarter-2017-financial-results-300550754.html
SOURCE Weibo Corporation