BEIJING, Aug. 19, 2019 /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, 2019.
"Weibo delivered strong user performance this quarter," said Gaofei Wang, CEO of Weibo. "We are
delighted to see a notable acceleration in user growth from prior
quarter and robust user engagement trends, underpinned by our
strengthened social network effect as well as the consistent
efforts in user product upgrade and optimization. On monetization,
we continued to showcase unique value proposition to advertisers,
leveraging the ongoing ad product evolution to mobile, social and
video," said Mr. Wang.
Second Quarter 2019 Highlights
- Net revenues increased 1% year-over-year to $431.8 million, representing an increase of 7% on
a constant currency basis [1].
- Advertising and marketing revenues were $370.7 million, flattish year-over-year.
- Value-added service ("VAS") revenues increased 8%
year-over-year to $61.2 million.
- Net income attributable to Weibo was $103.0 million, compared to $140.9 for the same period last year, and diluted
net income per share was $0.46,
compared to $0.62 for the same period
last year.
- Non-GAAP net income attributable to Weibo was $156.4 million, and non-GAAP diluted net income
per share was $0.68, both flat
year-over-year.
- Monthly active users ("MAUs") were 486 million in June 2019, a net addition of approximately 55
million users year-over-year. Mobile MAUs represented approximately
94% of MAUs.
- Average daily active users ("DAUs") were 211 million in
June 2019, a net addition of
approximately 21 million users year-over-year.
[1] On a
constant currency (non-GAAP) basis, we assume that the exchange
rate in the second quarter of 2019 had been the same as it was in
the second quarter of 2018, or RMB6.40=US$1.00.
|
Second Quarter 2019 Financial Results
For the second quarter of 2019, Weibo's total net revenues were
$431.8 million, an increase of 1%
compared to $426.6 million for the
same period last year.
Advertising and marketing revenues for the second quarter of
2019 were $370.7 million, compared to
$369.9 million for the same period
last year. Advertising and marketing revenues from small &
medium-sized enterprises ("SMEs") and key accounts ("KAs") were
$346.5 million, representing an
increase of 2% compared to $338.7
million for same period last year.
VAS revenues for the second quarter of 2019 were $61.2 million, an increase of 8% year-over-year
compared to $56.6 million for the
same period last year. The increase was mainly attributable to the
revenues derived from the live streaming business acquired in the
fourth quarter of 2018, and was partially offset by the decrease in
gaming revenues.
Costs and expenses for the second quarter of 2019 totaled
$280.6 million, compared to
$271.7 million for the same period
last year. Non-GAAP costs and expenses were $265.6 million, compared to $259.3 million for the same period last year.
Income from operations for the second quarter of 2019 was
$151.3 million, compared to
$154.9 million for the same period
last year. Non-GAAP income from operations was $166.2 million, compared to $167.3 million for the same period last year.
Non-operating loss for the second quarter of 2019 was
$24.0 million, compared to an income
of $10.9 million for the same period
last year. Non-operating loss for the second quarter of 2019
included investment related impairment of $31.7 million, which is excluded under non-GAAP
measures.
Income tax expenses for the second quarter were $26.1million, compared to $25.1 million for the same period last year.
Net income attributable to Weibo for the second quarter of 2019
was $103.0 million, compared to
$140.9 million for the same period
last year. Diluted net income per share attributable to Weibo for
the second quarter of 2019 was $0.46,
compared to $0.62 for the same period
last year. Non-GAAP net income attributable to Weibo for the second
quarter of 2019 was $156.4 million,
compared to $156.1 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo for the second quarter of 2019 was
$0.68, compared to $0.68 for the same period last year.
As of June 30, 2019, Weibo's cash,
cash equivalents and short-term investments totaled $1.56 billion. For the second quarter of 2019,
cash provided by operating activities was $132.8 million, capital expenditures totaled
$3.2 million, and depreciation and
amortization expenses amounted to $6.7
million.
Other Development
On July 5, 2019, the Company
completed the offering of US$800
million in aggregate principal amount of senior notes due
2024 (the "Notes"). The Notes were issued at par value and bear
annual interest at a rate of 3.500% per year, payable semiannually
in arrears on January 5 and
July 5 of each year, beginning on
January 5, 2020. The Notes will
mature on July 5, 2024, unless
previously repurchased or redeemed in accordance with their terms
prior to maturity.
Business Outlook
For the third quarter of 2019, Weibo estimates its net revenues
to increase 6% year-over-year to 9% year over year on a constant
currency basis. 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
7AM – 8AM
Eastern Time on August 19,
2019 (or 7PM – 8PM Beijing Time on August
19, 2019) 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:
|
400-620-8038
|
International:
|
+65
6713-5090
|
Passcode for all
regions:
|
7349347
|
A replay of the conference call will be available from 22:00
China Standard Time on August 19,
2019 to 21:59 China Standard Time on August 27, 2019. The dial-in number is +61
2-8199-0299. The passcode for the replay is 7349347.
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/loss on sale of and fair value change of
investments, non-GAAP to GAAP reconciling items on the share of
equity method investments, non-GAAP to GAAP reconciling items for
the income/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. Weibo 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. Designed with a "mobile first" philosophy, Weibo
displays content in a simple information feed format and offers
native advertisement that conform to the information feed on our
platform. To support the mobile format, we have developed and
continuously refining our social interest graph recommendation
engine, which enables our 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 5898-3336
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,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
370,660
|
|
$
369,942
|
|
$
341,141
|
|
$
711,801
|
|
$
672,891
|
Value-added
service
|
|
61,176
|
|
56,647
|
|
58,036
|
|
119,212
|
|
103,581
|
|
Net
revenues
|
|
431,836
|
|
426,589
|
|
399,177
|
|
831,013
|
|
776,472
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
|
81,972
|
|
61,790
|
|
82,817
|
|
164,789
|
|
124,692
|
Sales and marketing
(1)
|
|
106,405
|
|
139,977
|
|
106,151
|
|
212,556
|
|
245,840
|
Product
development(1)
|
|
70,368
|
|
60,613
|
|
69,853
|
|
140,221
|
|
121,136
|
General and
administrative(1)
|
|
21,825
|
|
9,313
|
|
17,287
|
|
39,112
|
|
20,529
|
|
Total costs and
expenses
|
|
280,570
|
|
271,693
|
|
276,108
|
|
556,678
|
|
512,197
|
Income from
operations
|
|
151,266
|
|
154,896
|
|
123,069
|
|
274,335
|
|
264,275
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and
fair value change of
investments, net
|
|
(41,954)
|
|
(1,535)
|
|
37,797
|
|
(4,157)
|
|
(3,034)
|
Interest and other income , net
|
|
17,999
|
|
12,481
|
|
10,781
|
|
28,780
|
|
21,609
|
|
|
|
(23,955)
|
|
10,946
|
|
48,578
|
|
24,623
|
|
18,575
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
127,311
|
|
165,842
|
|
171,647
|
|
298,958
|
|
282,850
|
Income tax
expenses
|
|
(26,073)
|
|
(25,148)
|
|
(21,073)
|
|
(47,146)
|
|
(43,445)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
101,238
|
|
140,694
|
|
150,574
|
|
251,812
|
|
239,405
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to
non-controlling interests
|
(1,758)
|
|
(220)
|
|
132
|
|
(1,626)
|
|
(594)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
102,996
|
|
$
140,914
|
|
$
150,442
|
|
$
253,438
|
|
$
239,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.46
|
|
$
0.63
|
|
$
0.67
|
|
$
1.13
|
|
$
1.08
|
Diluted net income
per share attributable to Weibo
|
$
0.46
|
|
$
0.62
|
|
$
0.66
|
|
$
1.12
|
|
$
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
225,262
|
|
223,542
|
|
224,924
|
|
225,094
|
|
223,224
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
226,277
|
|
232,768
|
|
232,894
|
|
226,210
|
|
225,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
1,118
|
|
$
1,445
|
|
$
1,112
|
|
$
2,230
|
|
$
2,456
|
|
Sales and
marketing
|
|
2,129
|
|
2,831
|
|
2,039
|
|
4,168
|
|
4,799
|
|
Product
development
|
|
6,618
|
|
6,064
|
|
6,058
|
|
12,676
|
|
11,115
|
|
General and
administrative
|
|
4,269
|
|
1,908
|
|
3,686
|
|
7,955
|
|
4,892
|
WEIBO
CORPORATION
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
961,340
|
|
$
1,234,596
|
|
|
|
|
Short-term
investments
|
|
598,466
|
|
591,269
|
|
|
|
|
Accounts
receivable, net
|
|
465,635
|
|
369,093
|
|
|
|
|
Prepaid expenses
and other current assets
|
|
285,937
|
|
168,821
|
|
|
|
|
Amount due from
SINA(1)
|
|
328,692
|
|
105,319
|
|
|
|
|
Current assets
subtotal
|
|
2,640,070
|
|
2,469,098
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
43,672
|
|
45,623
|
|
|
Goodwill and
intangible assets, net
|
|
48,851
|
|
50,449
|
|
|
Long-term
investments
|
|
907,181
|
|
694,586
|
|
|
Other
assets(2)
|
|
28,362
|
|
14,926
|
|
|
Total
assets
|
|
$
3,668,136
|
|
$
3,274,682
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
133,251
|
|
$
123,730
|
|
|
|
|
Accrued expenses
and other current liabilities(2)
|
|
412,979
|
|
317,437
|
|
|
|
|
Deferred
revenues
|
|
121,438
|
|
99,994
|
|
|
|
|
Income tax
payable
|
|
69,418
|
|
88,683
|
|
|
|
|
Current liabilities
subtotal
|
|
737,086
|
|
629,844
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Convertible
debt
|
|
886,195
|
|
884,123
|
|
|
|
|
Other long-term
liabilities(2)
|
|
20,672
|
|
12,577
|
|
|
|
|
Total
liabilities
|
|
1,643,953
|
|
1,526,544
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
2,025,404
|
|
1,745,459
|
|
|
|
Non-controlling
interests
|
|
(1,221)
|
|
2,679
|
|
|
|
|
Total
shareholders' equity
|
|
2,024,183
|
|
1,748,138
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
3,668,136
|
|
$
3,274,682
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included
short-term loans to SINA of $235.0 million as of June 30, 2019 and
$43.6 million as of December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
(2) The Company
adopted the new leasing guidance (ASU 2016-2) started from January
1, 2019, which requires that a lessee
recognize the assets and liabilities that arise from operating
leases. The Company recognized a right-of-use asset and a
liability
relating to lease payments (the Lease Liability) in the statements
of financial position for lease contracts having terms beyond
12
months period. The adoption of new leasing guidance resulted in
recognition of $13.0 million of right-of-use asset and a total
of
$13.7 million of leasing liability as of June 30, 2019.
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
June 30,
2019
|
|
June 30,
2018
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
370,660
|
|
|
|
$
370,660
|
|
$
369,942
|
|
|
|
$
369,942
|
|
$
341,141
|
|
|
|
$
341,141
|
|
Value-added
service
|
|
61,176
|
|
|
|
61,176
|
|
56,647
|
|
|
|
56,647
|
|
58,036
|
|
|
|
58,036
|
|
|
Net
revenues
|
|
$
431,836
|
|
|
|
$
431,836
|
|
$
426,589
|
|
|
|
$
426,589
|
|
$
399,177
|
|
|
|
$
399,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,134)
|
(a)
|
|
|
|
|
(12,248)
|
(a)
|
|
|
|
|
(12,895)
|
(a)
|
|
|
|
|
|
|
|
|
(849)
|
(b)
|
|
|
|
|
(164)
|
(b)
|
|
|
|
|
(860)
|
(b)
|
|
|
Total costs and
expenses
|
|
$
280,570
|
|
$
(14,983)
|
|
$
265,587
|
|
$
271,693
|
|
$
(12,412)
|
|
$
259,281
|
|
$
276,108
|
|
$
(13,755)
|
|
$
262,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,134
|
(a)
|
|
|
|
|
12,248
|
(a)
|
|
|
|
|
12,895
|
(a)
|
|
|
|
|
|
|
|
|
849
|
(b)
|
|
|
|
|
164
|
(b)
|
|
|
|
|
860
|
(b)
|
|
|
Income from
operations
|
|
$
151,266
|
|
$
14,983
|
|
$
166,249
|
|
$
154,896
|
|
$
12,412
|
|
$
167,308
|
|
$
123,069
|
|
$
13,755
|
|
$
136,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,134
|
(a)
|
|
|
|
|
|
|
|
|
|
|
12,895
|
(a)
|
|
|
|
|
|
|
|
|
849
|
(b)
|
|
|
|
|
12,248
|
(a)
|
|
|
|
|
860
|
(b)
|
|
|
|
|
|
|
|
|
41,954
|
(c)
|
|
|
|
|
164
|
(b)
|
|
|
|
|
(37,797)
|
(c)
|
|
|
|
|
|
|
|
|
(2,820)
|
(d)
|
|
|
|
|
1,535
|
(c)
|
|
|
|
|
1,249
|
(d)
|
|
|
|
|
|
|
|
|
(1,588)
|
(e)
|
|
|
|
|
277
|
(e)
|
|
|
|
|
(45)
|
(e)
|
|
|
|
|
|
|
|
|
(127)
|
(f)
|
|
|
|
|
(41)
|
(f)
|
|
|
|
|
(126)
|
(f)
|
|
|
|
|
|
|
|
|
1,037
|
(g)
|
|
|
|
|
1,035
|
(g)
|
|
|
|
|
1,035
|
(g)
|
|
|
Net income
attributable to Weibo
|
$
102,996
|
|
$
53,439
|
|
$
156,435
|
|
$
140,914
|
|
$
15,218
|
|
$
156,132
|
|
$
150,442
|
|
$
(21,929)
|
|
$
128,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.46
|
|
|
|
$
0.68
|
*
|
$
0.62
|
*
|
|
|
$
0.68
|
*
|
$
0.66
|
*
|
|
|
$
0.56
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
226,277
|
|
6,754
|
(h)
|
233,031
|
|
232,768
|
|
|
|
232,768
|
|
232,894
|
|
|
|
232,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
156,435
|
|
|
|
|
|
$
156,132
|
|
|
|
|
|
$
128,513
|
|
|
|
Interest
income,net
|
|
|
|
|
|
(15,648)
|
|
|
|
|
|
(12,604)
|
|
|
|
|
|
(14,208)
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
26,200
|
|
|
|
|
|
25,189
|
|
|
|
|
|
21,199
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
5,891
|
|
|
|
|
|
4,626
|
|
|
|
|
|
5,305
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
172,878
|
|
|
|
|
|
$
173,343
|
|
|
|
|
|
$
140,809
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
June 30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
711,801
|
|
|
|
$
711,801
|
|
$
672,891
|
|
|
|
$
672,891
|
|
|
|
|
|
|
|
Value-added
service
|
|
119,212
|
|
|
|
119,212
|
|
103,581
|
|
|
|
103,581
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
831,013
|
|
|
|
$
831,013
|
|
$
776,472
|
|
|
|
$
776,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27,029)
|
(a)
|
|
|
|
|
(23,262)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,709)
|
(b)
|
|
|
|
|
(333)
|
(b)
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
$
556,678
|
|
$
(28,738)
|
|
$
527,940
|
|
$
512,197
|
|
$
(23,595)
|
|
$
488,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,029
|
(a)
|
|
|
|
|
23,262
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,709
|
(b)
|
|
|
|
|
333
|
(b)
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
274,335
|
|
$
28,738
|
|
$
303,073
|
|
$
264,275
|
|
$
23,595
|
|
$
287,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,029
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,709
|
(b)
|
|
|
|
|
23,262
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,157
|
(c)
|
|
|
|
|
333
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,571)
|
(d)
|
|
|
|
|
3,034
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,633)
|
(e)
|
|
|
|
|
159
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(253)
|
(f)
|
|
|
|
|
(83)
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,072
|
(g)
|
|
|
|
|
2,070
|
(g)
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
253,438
|
|
$
31,510
|
|
$
284,948
|
|
$
239,999
|
|
$
28,775
|
|
$
268,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
1.12
|
|
|
|
$
1.25
|
*
|
$
1.06
|
|
|
|
$
1.18
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
226,210
|
|
6,753
|
(h)
|
232,963
|
|
225,995
|
|
6,753
|
(h)
|
232,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
284,948
|
|
|
|
|
|
$
268,774
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
|
|
|
(29,856)
|
|
|
|
|
|
(23,513)
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
47,399
|
|
|
|
|
|
43,528
|
|
|
|
|
|
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
11,196
|
|
|
|
|
|
9,147
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
313,687
|
|
|
|
|
|
$
297,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude stock-based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) To
exclude amortization of intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) To
exclude net results of impairment on, gain/loss on sale of and fair
value change of investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) To exclude the non-GAAP to GAAP reconciling items
on the share of equity method investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) To
exclude non-GAAP to GAAP reconciling items for the income/loss
attributable to non-controlling interests.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f) To
exclude the provision for income tax related to item (b). Other
non-GAAP to GAAP reconciling items have no income tax
effect.
|
|
|
|
|
|
|
|
|
|
|
|
The Company considered the tax implication arising from the
reconciliation items and part of these items recorded in entities
in tax free jurisdictions were without relevant tax
implications.
|
For impairment on
investments, valuation allowances were made for those differences
the Company does not expect they can be realized in the foreseeable
future.
|
(g) To
exclude the amortization of convertible debt issuance
cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) 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
|
|
Six months
ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Small & medium-sized
enterprises and key accounts
|
$
346,541
|
|
$
338,662
|
|
$
324,506
|
|
$
671,047
|
|
$
615,275
|
|
|
Alibaba
|
24,119
|
|
31,280
|
|
16,635
|
|
40,754
|
|
57,616
|
|
|
Subtotal
|
370,660
|
|
369,942
|
|
341,141
|
|
711,801
|
|
672,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
61,176
|
|
56,647
|
|
58,036
|
|
119,212
|
|
103,581
|
|
|
|
$
431,836
|
|
$
426,589
|
|
$
399,177
|
|
$
831,013
|
|
$
776,472
|
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-second-quarter-2019-unaudited-financial-results-300903386.html
SOURCE Weibo Corporation