BEIJING, May 9, 2018 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for the first quarter ended
March 31, 2018.
"We continue to see great momentum in our business with
advertising and marketing revenue growing 79% year over year in the
first quarter. With ad budget shifting toward mobile, social and
video, we are seeing our revenues benefiting from this secular
trend." said Gaofei Wang, Weibo's CEO. "Our focus to grow users
scale, deepen the collaboration with top IP content providers,
media, celebrities and KOLs on content, strengthen platform effect
and social impact will further help attracting more advertisers to
increase their ad spending on Weibo."
Adoption of New Revenue Guidance
On January 1, 2018, the Company
adopted new revenue guidance ASC Topic 606, "Revenue from Contracts
with Customers", using the modified retrospective method applied to
those contracts which were not completed as of January 1, 2018. Results for reporting periods
beginning after January 1, 2018 are
presented under Topic 606 ('New Basis'), while prior period amounts
are not adjusted and continue to be reported in accordance with the
Company's historic accounting method under Topic 605 ('Old Basis').
The New Basis requires the presentation of value added tax ('VAT')
recognized in revenues from "gross" to "net", which results in
equal decrease in revenues and cost of revenues, and recognition of
revenues and expenses at fair value for advertising barter
transactions ('Barter Transaction').
The Company recorded a net reduction to opening retained
earnings of $0.6 million resulting
from Barter Transactions as of January 1, 2018 due
to the cumulative impact of adopting ASC 606.
Adoption of the standards related to revenue recognition
impacted the current period reported results as follows:
|
Three months
ended
|
|
March 31,
2018
|
|
|
|
Adjustments
|
|
|
|
Old Basis
ASC 6051
|
|
VAT
|
|
Barter
Transaction
|
|
New Basis
ASC6062
|
|
($ In thousands,
except for percentage)
|
|
|
|
|
|
|
|
|
Net
revenues
|
360,047
|
|
(19,894)
|
|
9,730
|
|
349,883
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
82,796
|
|
(19,894)
|
|
-
|
|
62,902
|
Operating
expenses
|
|
|
|
|
|
|
|
-Sales and
marketing expenses
|
93,161
|
|
-
|
|
12,702
|
|
105,863
|
Income from
operations
|
112,351
|
|
-
|
|
(2,972)
|
|
109,379
|
Operating
margin
|
31.2%
|
|
|
|
|
|
31.3%
|
Note 1. This
financial information for the three months ended March 31, 2018 is
presented under ASC
Topic 605.
|
Note 2. This
financial information for the three months ended March 31, 2018 is
presented under ASC
Topic 606.
|
First Quarter 2018 Highlights
- Net revenues totaled $349.9
million, an increase of 76% year-over-year, exceeding the
Company's guidance between $335
million and $345 million.
- Advertising and marketing revenues were $302.9 million, an increase of 79%
year-over-year.
- Value-added service ("VAS") revenues were $46.9 million, an increase of 57%
year-over-year.
- Net income attributable to Weibo was $99.1 million, an increase of 111%
year-over-year, and diluted net income per share was $0.44, compared to $0.21 for the same period last year.
- Non-GAAP net income attributable to Weibo was $112.6 million, an increase of 95%
year-over-year, and non-GAAP diluted net income per share was
$0.50, compared to $0.26 for the same period last year.
- Adjusted EBITDA was $124.6
million, an increase of 77% year-over-year, or 36% of net
revenues, compared to 35% for the same period last year.
- Monthly active users ("MAUs") had a net addition of
approximately 70 million users year over year and reached 411
million in March 2018. Mobile MAUs
represented 93% of MAUs.
- Average daily active users ("DAUs") had a net addition of
approximately 30 million users year over year and reached 184
million in March 2018.
First Quarter 2018 Financial Results
For the first quarter of 2018, Weibo reported net revenues of
$349.9 million, compared to
$199.2 million for the same period
last year. Advertising and marketing revenues totaled $302.9 million, compared to $169.3 million for the same period last year, and
advertising and marketing revenues from small & medium-sized
enterprises ("SMEs") and key accounts were $276.6 million, compared to $161.5 million for the same period last year, or
an increase of 71% year-over-year. VAS revenues totaled
$46.9 million, compared to
$29.9 million for the same period
last year.
Costs and expenses for the first quarter of 2018 totaled
$240.5 million, compared to
$143.4 million for the same period
last year. Other than the inclusion of marketing expense related to
advertising barter transactions under ASC Topic 606 as illustrated
above, the increase in costs and expenses was primarily
attributable to more marketing expenses incurred for channels,
marketing campaigns and development expenditures incurred in
relations to the personnel-related cost. Non-GAAP costs and
expenses were $229.3 million,
compared to $132.5 million for the
same period last year.
Income from operations for the first quarter of 2018 was
$109.4 million, compared to
$55.9 million for the same period
last year. Non-GAAP income from operations was $120.6 million, compared to $66.7 million for the same period last year.
Non-operating income for the first quarter of 2018 was
$7.6 million, compared to a
non-operating income of $2.1 million
for the same period last year. Income tax expenses were
$18.3 million, compared to
$11.3 million for the same period
last year. The increase was primarily attributable to higher
profitability with a relatively stable tax rates in the Company's
PRC operation.
Net income attributable to Weibo for the first quarter of 2018
was $99.1 million, or diluted net
income per share of $0.44, compared
to $46.9 million for the same period
last year, or diluted net income per share of $0.21. Non-GAAP net income attributable to Weibo
for the first quarter of 2018 was $112.6
million, or diluted net income per share of $0.50, compared to $57.8
million for the same period last year, or diluted net income
per share of $0.26.
As of March 31, 2018, Weibo's
cash, cash equivalents and short-term investments totaled
$1.92 billion. For the first quarter
of 2018, cash provided by operating activities was $84.8 million, capital expenditures totaled
$4.3 million, and depreciation and
amortization expenses amounted to $4.7
million.
Business Outlook
For the second quarter of 2018, Weibo estimates its net revenues
to be between $420 million and
$430 million, which assumes an
average exchange rate of RMB 6.35 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
May 9, 2018 (or 7 PM -
8 PM Beijing Time on May 9, 2018) 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:
|
6599995
|
A replay of the conference call will be available from
10:00 AM Eastern Time on May 9, 2018 - 9:59 AM
Eastern time on May 17, 2018.
The dial-in number is +61 2-8199-0299. The passcode for the replay
is 6599995.
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
impairment on, gain on sale of and fair value change of
investments, non-GAAP to GAAP reconciling items for the loss
attributable to non-controlling interests, provision for income tax
related to the amortization of intangible assets (other non-GAAP to
GAAP reconciling items have no tax effect), and amortization of
convertible debt issuance cost. 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 content online. It combines the means of public
self-expression in real time with a powerful platform for social
interaction, content aggregation and content distribution. Any user
can create and post a feed and attach multi-media and 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 companies of all sizes. The Company
generates a substantial majority of its revenues from the sale of
advertising and marketing services, including the sale of social
display advertisement and promoted marketing
offerings. 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-Fs 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
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Net revenues
(1):
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
302,949
|
|
$
169,297
|
|
$
332,305
|
|
Value-added
service
|
|
46,934
|
|
29,904
|
|
45,140
|
|
Net
revenues
|
|
|
349,883
|
|
199,201
|
|
377,445
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of revenues
(1)(2)
|
|
62,902
|
|
46,450
|
|
72,005
|
|
Sales and marketing
(1)(2)
|
|
105,863
|
|
47,163
|
|
92,665
|
|
Product
development(2)
|
|
60,523
|
|
39,191
|
|
57,904
|
|
General and
administrative(2)
|
|
11,216
|
|
10,546
|
|
9,592
|
|
Total costs and
expenses
|
|
|
240,504
|
|
143,350
|
|
232,166
|
|
Income from
operations
|
|
109,379
|
|
55,851
|
|
145,279
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment on, gain on sale of and
fair value change of
investments, net (3)
|
|
(1,499)
|
|
(122)
|
|
(2,683)
|
|
Interest and other income , net
|
|
9,128
|
|
2,222
|
|
4,363
|
|
|
|
|
7,629
|
|
2,100
|
|
1,680
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
117,008
|
|
57,951
|
|
146,959
|
|
Income tax
expenses
|
|
(18,297)
|
|
(11,316)
|
|
(17,045)
|
|
Net
income
|
|
98,711
|
|
46,635
|
|
129,914
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss attributable to
noncontrolling interests
|
(374)
|
|
(296)
|
|
(1,068)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
99,085
|
|
$
46,931
|
|
$
130,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.44
|
|
$
0.21
|
|
$
0.59
|
|
Diluted net income
per share attributable to Weibo
|
$
0.44
|
|
$
0.21
|
|
$
0.58
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
222,902
|
|
218,296
|
|
222,189
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
225,971
|
|
224,632
|
|
230,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On January
1, 2018, the Company adopted ASC 606 "Revenue from Contracts with
Customers" using the modified
retrospective method, which means amounts for 2018 are reported on
the new basis while prior periods amount will be
reported on a historical basis. Under the new accounting standard,
the main impact to the Company is that it now
reports the revenue net of value added tax and recognizes revenues
and expenses at fair value for the advertising
barter transaction.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
$
1,011
|
|
$
695
|
|
$
1,067
|
|
Sales and marketing
|
|
|
1,968
|
|
1,604
|
|
2,216
|
|
Product development
|
|
|
5,051
|
|
4,994
|
|
5,248
|
|
General and administrative
|
|
|
2,984
|
|
3,400
|
|
3,504
|
|
|
|
|
|
|
|
|
|
|
(3) The Company
adopted ASU 2016-01 "Classification and Measurement of Financial
Instruments" beginning the
first quarter of fiscal year 2018. After the adoption of this new
accounting update, the Company will measure long-term
investments other than equity method investments at fair value
through earnings. For those investments without
readily determinable fair values, the Company will elect to record
these investments at cost, less impairment, and plus
or minus subsequent adjustments for observable price changes.
Changes in the basis of these investments will be
reported in current earnings.The impact of adopting the new update
to earnings was immaterial for the first quarter of
2018.
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
282,809
|
$
|
1,000,953
|
|
|
|
|
Short-term
investments
|
|
1,632,629
|
|
791,730
|
|
|
|
|
Accounts
receivable, net
|
|
204,420
|
|
170,100
|
|
|
|
|
Prepaid expenses
and other current assets
|
|
74,555
|
|
69,233
|
|
|
|
|
Amount due from
SINA
|
|
67,635
|
|
16,356
|
|
|
|
|
Current assets
subtotal
|
|
2,262,048
|
|
2,048,372
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
38,272
|
|
33,793
|
|
|
Goodwill and
intangible assets, net
|
|
14,227
|
|
13,937
|
|
|
Long-term
investments
|
|
453,953
|
|
452,337
|
|
|
Other
assets
|
|
14,314
|
|
13,380
|
|
|
Total
assets
|
$
|
2,782,814
|
$
|
2,561,819
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
93,846
|
$
|
64,043
|
|
|
|
|
Accrued and other
liabilities
|
|
281,232
|
|
268,615
|
|
|
|
|
Deferred
revenues
|
|
100,239
|
|
81,311
|
|
|
|
|
Income tax
payable(1)
|
|
91,661
|
|
70,907
|
|
|
|
|
Current liabilities
subtotal
|
|
566,978
|
|
484,876
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
881,018
|
|
879,983
|
|
|
|
|
Other long-term
liabilities
|
|
2,092
|
|
2,166
|
|
|
|
|
Total
liabilities
|
|
1,450,088
|
|
1,367,025
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
|
Weibo
shareholders' equity(2)
|
|
1,330,819
|
|
1,192,587
|
|
|
|
Non-controlling
interests
|
|
1,907
|
|
2,207
|
|
|
|
|
Total
shareholders' equity
|
|
1,332,726
|
|
1,194,794
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
2,782,814
|
$
|
2,561,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Commencing on
January 1, 2018, in order to enhance comparability with industry
peers, income tax payable
has been presented as a single line item in balance sheet as
opposed to be part of accounts payable. To conform
with current period presentation, the relevant amount of $70.9
million as of December 31, 2017 has been adjusted
accordingly.
|
|
|
|
|
|
|
|
|
|
(2) The Company
adopted ASU 2016-1 "Classification and Measurement of Financial
Instruments" beginning
the first quarter of fiscal year 2018. After the adoption of this
new accounting update, the Company will
measure long-term investment other than equity method investments
at fair value through earnings. For those investments without
readily determinable fair values, the Company will elect to record
these investments at
cost, less impairment, and plus or minus subsequent adjustments for
observable price changes. Changes in the
basis of these investments will be reported in current earnings.
The cumulative impact arising from the adoption
of this update was immaterial to retained earnings as of January 1,
2018.
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
March 31,
2018
|
|
March 31,
2017
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
302,949
|
|
|
|
$
302,949
|
|
$
169,297
|
|
|
|
$
169,297
|
|
$
332,305
|
|
|
|
$
332,305
|
|
Value-added
service
|
|
46,934
|
|
|
|
46,934
|
|
29,904
|
|
|
|
29,904
|
|
45,140
|
|
|
|
45,140
|
|
|
Net
revenues
|
|
$
349,883
|
|
|
|
$
349,883
|
|
$
199,201
|
|
|
|
$
199,201
|
|
$
377,445
|
|
|
|
$
377,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,014)
|
(a)
|
|
|
|
|
(10,693)
|
(a)
|
|
|
|
|
(12,035)
|
(a)
|
|
|
|
|
|
|
|
|
(169)
|
(b)
|
|
|
|
|
(155)
|
(b)
|
|
|
|
|
(163)
|
(b)
|
|
|
Total costs and
expenses
|
|
$
240,504
|
|
$
(11,183)
|
|
$
229,321
|
|
$
143,350
|
|
$
(10,848)
|
|
$
132,502
|
|
$
232,166
|
|
$
(12,198)
|
|
$
219,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,014
|
(a)
|
|
|
|
|
10,693
|
(a)
|
|
|
|
|
12,035
|
(a)
|
|
|
|
|
|
|
|
|
169
|
(b)
|
|
|
|
|
155
|
(b)
|
|
|
|
|
163
|
(b)
|
|
|
Income from
operations
|
|
$
109,379
|
|
$
11,183
|
|
$
120,562
|
|
$
55,851
|
|
$
10,848
|
|
$
66,699
|
|
$
145,279
|
|
$
12,198
|
|
$
157,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,014
|
(a)
|
|
|
|
|
|
|
|
|
|
|
12,035
|
(a)
|
|
|
|
|
|
|
|
|
169
|
(b)
|
|
|
|
|
10,693
|
(a)
|
|
|
|
|
163
|
(b)
|
|
|
|
|
|
|
|
|
1,499
|
(c)
|
|
|
|
|
155
|
(b)
|
|
|
|
|
2,683
|
(c)
|
|
|
|
|
|
|
|
|
(118)
|
(d)
|
|
|
|
|
122
|
(c)
|
|
|
|
|
(528)
|
(d)
|
|
|
|
|
|
|
|
|
(42)
|
(e)
|
|
|
|
|
(29)
|
(d)
|
|
|
|
|
(41)
|
(e)
|
|
|
|
|
|
|
|
|
1,035
|
(f)
|
|
|
|
|
(39)
|
(e)
|
|
|
|
|
690
|
(f)
|
|
|
Net income
attributable to Weibo
|
$
99,085
|
|
$
13,557
|
|
$
112,642
|
|
$
46,931
|
|
$
10,902
|
|
$
57,833
|
|
$
130,982
|
|
$
15,002
|
|
$
145,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.44
|
|
|
|
$
0.50
|
*
|
$
0.21
|
|
|
|
$
0.26
|
|
$
0.58
|
*
|
|
|
$
0.64
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
225,971
|
|
6,753
|
(g)
|
232,724
|
|
224,632
|
|
|
|
224,632
|
|
230,465
|
|
|
|
230,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
112,642
|
|
|
|
|
|
$
57,833
|
|
|
|
|
|
$
145,984
|
|
|
|
Interest
income,net
|
|
|
|
|
|
(10,909)
|
|
|
|
|
|
(1,911)
|
|
|
|
|
|
(5,562)
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
18,339
|
|
|
|
|
|
11,355
|
|
|
|
|
|
17,086
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
4,521
|
|
|
|
|
|
3,245
|
|
|
|
|
|
4,350
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
124,593
|
|
|
|
|
|
$
70,522
|
|
|
|
|
|
$
161,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude stock-based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) To
exclude amortization of intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) To
exclude net results of impairment on, gain on sale of and fair
value change of 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.
|
(f) To
exclude the amortization of convertible debt issuance
cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) To adjust the
number of shares for dilution resulted from convertible debt which
were anti-dilutive under GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net income
attributable to Weibo is adjusted for interest expense of
convertible debt for calculating diluted EPS.
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
Small & medium-sized
enterprises and key accounts
|
$
276,613
|
|
$
161,506
|
|
$
293,951
|
|
|
Alibaba
|
26,336
|
|
7,791
|
|
38,354
|
|
|
Subtotal
|
302,949
|
|
169,297
|
|
332,305
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
46,934
|
|
29,904
|
|
45,140
|
|
|
|
$
349,883
|
|
$
199,201
|
|
$
377,445
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-first-quarter-2018-unaudited-financial-results-300645282.html
SOURCE Weibo Corporation