Weibo Corporation (the "Company" or "Weibo") (Nasdaq:WB), a leading
social media in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31,
2014.
Fourth Quarter 2014 Highlights
- Net revenues increased 47% year over year to $105.2 million,
exceeding the Company's guidance between $102 million and $105
million.
- Advertising and marketing revenues grew 57% year over year to
$88.0 million.
- Weibo Value Added Services ("Weibo VAS") revenues increased 12%
year over year to $17.2 million.
- Net income attributable to Weibo's ordinary shareholders
declined 79% year over year to $4.6 million or $0.02 diluted net
income per share attributable to Weibo's ordinary
shareholders.
- Non-GAAP net income attributable to Weibo's ordinary
shareholders increased 142% year over year to $9.4 million, or
$0.04 non-GAAP diluted net income per share attributable to Weibo's
ordinary shareholders.
- Non-GAAP adjusted EBITDA was $16.2 million, compared to $8.7
million for the same period last year.
- Monthly active users ("MAUs") were 175.7 million for the month
of December 2014, an increase of 36% year over year. Daily active
users ("DAUs") were 80.6 million on average for December 2014, an
increase of 31% year over year.
Fiscal Year 2014 Highlights
- Net revenues increased 77% year over year to $334.2
million.
- Advertising and marketing revenues grew 78% year over year to
$264.8 million.
- Weibo VAS revenues increased 74% year over year to $69.4
million.
- Net loss attributable to Weibo's ordinary shareholders
increased 66% year over year to $63.4 million or $0.34 diluted net
loss per share attributable to Weibo's ordinary shareholders. Net
loss included $47.0 million loss and $21.1 million gain,
respectively, for 2014 and 2013 resulting from the change in fair
value of investor option liability in conjunction with Alibaba's
investment in Weibo.
- Non-GAAP net loss attributable to Weibo's ordinary shareholders
decreased 94% year over year to $1.7 million, or $0.01 non-GAAP
diluted net loss per share attributable to Weibo's ordinary
shareholders.
- Non-GAAP adjusted EBITDA was $16.1 million, compared to a
negative adjusted EBITDA of $6.3 million in last year.
"Our execution has been solid since our IPO last
April. In 2014, Weibo experienced the largest user increase since
our inception, as we continued to focus on building the leading
social media in China for internet users to create, share and
discover multi-media content," stated Gaofei Wang, CEO of Weibo.
"On the monetization front, mobile ad revenues now make up more
than half of Weibo's total ad revenues, and we are seeing
significant interest from customers to learn more about Weibo
marketing. 2015 will be another high growth year for mobile and
social marketing in China, and we are well positioned to take
advantage of this trend."
Fourth Quarter 2014 Financial
Results
For the fourth quarter of 2014, Weibo reported net
revenues of $105.2 million, compared to $71.4 million for the same
period last year. Advertising and marketing revenues for the fourth
quarter of 2014 totaled $88.0 million, compared to $56.0 million
for the same period last year. Weibo VAS revenues for the fourth
quarter of 2014 totaled $17.2 million, compared to $15.4 million
for the same period last year.
Costs and expenses for the fourth quarter of 2014
totaled $100.3 million, compared to $70.2 million for the same
period last year. Non-GAAP costs and expenses for the fourth
quarter of 2014 was $95.5 million, compared to $68.4 million for
the same period last year. The increase in non-GAAP costs and
expenses was mainly due to an increase in personnel-related costs,
marketing expenditures, value-added-tax expenses resulting from
higher revenues and infrastructure-related costs from the growth in
traffic.
Income from operations for the fourth quarter of
2014 was $4.9 million, compared to $1.2 million for the same period
last year. Non-GAAP income from operations for the fourth quarter
of 2014 was $9.8 million, compared to $3.0 million for the same
period last year.
Non-operating income for the fourth quarter of 2014
was $3.0 million, compared to $19.9 million for the same period
last year. Non-operating income for the fourth quarter of 2014
included an interest income of $1.8 million, compared to $0.4
million for the same period last year. Non-operating income for the
fourth quarter of 2013 included a gain of $19.5 million from the
change in fair value of investor option liability in connection
with Alibaba's investment in Weibo.
Net income attributable to Weibo's ordinary
shareholders for the fourth quarter of 2014 was $4.6 million,
compared to $21.6 million for the same period last year. Diluted
net income per share attributable to Weibo's ordinary shareholders
for the fourth quarter of 2014 was $0.02, compared to a diluted net
income of $0.11 per share for the same period last year. Non-GAAP
net income attributable to Weibo's ordinary shareholders for the
fourth quarter of 2014 was $9.4 million, compared to $3.9 million
for the same period last year. Non-GAAP diluted net income per
share attributable to Weibo's ordinary shareholders for the fourth
quarter of 2014 was $0.04, compared to $0.02 per share for the same
period last year.
As of December 31, 2014, Weibo's cash, cash
equivalents and short-term investments totaled $449.9 million. For
the fourth quarter of 2014, cash used in operating activities was
$32.1 million, capital expenditures totaled $3.8 million, and
depreciation and amortization expenses amounted to $6.1
million.
Changes in Management Roles
The Company also announced changes in management
roles, whereby Ms. Bonnie Yi Zhang, the Company's Chief Financial
Officer, will assume a new role as the Chief Financial Officer of
SINA Corporation, Weibo's parent company, and Mr. Herman Yu, SINA
Corporation's Chief Financial Officer, will become the Chief
Financial Officer of the Company. Both changes are effective
immediately.
"I like to thank Bonnie for her hard work and
dedication since joining Weibo last March," stated Mr. Wang. "I
also like to welcome Herman, who has over 20 years in financial
management experience, spanning between the US and China, and
significant capital market experience."
Business Outlook
For the first quarter of 2015, Weibo estimates that
its net revenues to be between $93 million and $96 million. This
forecast reflects Weibo's current and preliminary view, which is
subject to change.
Non-GAAP Measures
This release contains the following non-GAAP
financial measures: non-GAAP costs and expenses, non-GAAP income
(loss) from operations, non-GAAP net income (loss), non-GAAP
diluted net income (loss) per share attributable to Weibo's
ordinary shareholders and non-GAAP 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 of
tax, change in fair value of investor option liability and
remeasurement gain upon obtaining control. In addition, non-GAAP
adjusted EBITDA excludes interest income (expenses), income taxes
(benefits), 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 GAAP measures to the nearest
non-GAAP measures are set forth in the section below titled
"Unaudited Reconciliation of GAAP to Non-GAAP Measures."
Conference Call
Weibo will host a conference call at 9p.m.–10p.m.
Eastern Time on March 10, 2015 (or 9a.m. – 10a.m. Beijing Time on
March 11, 2015) 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: +1 888-346-8982
Hong Kong Toll Free: 800-905-945
China Toll Free: 400-120-1203
International: +1 412-902-4272
Passcode for all regions: Weibo
A replay of the conference call will be available through
midnight Eastern Time, March 24, 2015. The dial-in number is +1
412-317-0088. The passcode for the replay is 10061796.
About Weibo
Weibo is a leading social media for people to create, share and
discover Chinese-language content. By providing an unprecedented
and simple way for people and organizations to publicly express
themselves in real time, interact with others on a massive global
platform and stay connected with the world, Weibo has had a
profound social impact in China. A microcosm of Chinese society and
a cultural phenomenon in China, Weibo allows people to be heard
publicly and exposed to the rich ideas, cultures and experiences of
the broader world. Media outlets use Weibo as a source of news and
a distribution channel for their headline news. Government agencies
and officials use Weibo as an official communication channel for
disseminating timely information and gauging public opinion to
improve public services. Individuals and charities use Weibo to
make the world a better place by launching charitable projects,
seeking donations and volunteers and leveraging celebrities and
organizations on Weibo to amplify their social influence.
Safe Harbor Statement
This press release contains forward-looking
statements that relate to, among other things, Weibo's expected
financial performance and Weibo's 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, 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 a new and unproven market; failure to grow active user base and
user engagement; failure to compete effectively for user traffic or
user engagement; lack of experience operating as a stand-alone
public company; the uncertain regulatory landscape in China;
fluctuations in the Company's quarterly operating results; the
Company's reliance on advertising sales for a majority of its
revenues; failure to successfully develop, introduce, drive
adoption of or monetize new features and products; failure to enter
and develop the small and medium enterprise market by the Company
or through cooperation with other parties, such as Alibaba and
failure to compete successfully against new entrants and
established industry competitors. Further information regarding
these and other risks is included in filings with the Securities
and Exchange Commission. All information provided in this press
release is current as of the date of the press release, and Weibo
does not undertake any obligation to update such information,
except as required under applicable law.
|
WEIBO
CORPORATION |
CONDENSED COMBINED AND
CONSOLIDATED STATEMENTS OF OPERATIONS |
(U.S. Dollars in
thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
Three months
ended |
Twelve months
ended |
|
December
31, |
September 30, |
December
31, |
|
2014 |
2013 |
2014 |
2014 |
2013 |
Net revenues: |
|
|
|
|
|
Advertising and
marketing |
$ 87,973 |
$ 56,045 |
$ 65,373 |
$ 264,782 |
$ 148,426 |
Weibo VAS |
17,239 |
15,379 |
18,757 |
69,390 |
39,887 |
Total net revenues |
105,212 |
71,424 |
84,130 |
334,172 |
188,313 |
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
Cost of revenues
(a) |
25,786 |
16,242 |
20,670 |
83,599 |
59,891 |
Sales and marketing
(a) |
34,045 |
22,860 |
32,414 |
120,314 |
63,069 |
Product development
(a) |
33,112 |
26,131 |
31,757 |
125,832 |
100,740 |
General and administrative
(a) |
7,397 |
4,998 |
6,919 |
25,719 |
22,517 |
Total costs and
expenses |
100,340 |
70,231 |
91,760 |
355,464 |
246,217 |
Income (loss) from
operations |
4,872 |
1,193 |
(7,630) |
(21,292) |
(57,904) |
|
|
|
|
|
|
Non-operating income
(loss): |
|
|
|
|
|
Loss from equity method
investment |
-- |
-- |
-- |
-- |
(1,236) |
Remeasurement gain upon obtaining
control |
-- |
-- |
-- |
-- |
3,116 |
Change in fair value of investor
option liability |
-- |
19,535 |
-- |
(46,972) |
21,064 |
Interest and other income
(expenses), net |
3,017 |
361 |
1,943 |
6,758 |
(2,884) |
|
3,017 |
19,896 |
1,943 |
(40,214) |
20,060 |
|
|
|
|
|
|
Income (loss) before income tax
expenses |
7,889 |
21,089 |
(5,687) |
(61,506) |
(37,844) |
Income tax (expenses)
benefits |
(2,877) |
471 |
441 |
(1,128) |
(271) |
|
|
|
|
|
|
Net income (loss) |
5,012 |
21,560 |
(5,246) |
(62,634) |
(38,115) |
Less: Net income (loss)
attributable to noncontrolling interest |
421 |
-- |
(26) |
744 |
-- |
|
|
|
|
|
|
Net income (loss) attributable to
Weibo's ordinary shareholders |
$ 4,591 |
$ 21,560 |
$ (5,220) |
$ (63,378) |
$ (38,115) |
|
|
|
|
|
|
Basic net income (loss) per share
attributable to Weibo's ordinary shareholders * |
$ 0.02 |
$ 0.12 |
$ (0.03) |
$ (0.34) |
$ (0.26) |
Diluted net income (loss) per share
attributable to Weibo's ordinary shareholders * |
$ 0.02 |
$ 0.11 |
$ (0.03) |
$ (0.34) |
$ (0.26) |
|
|
|
|
|
|
Shares used in computing basic net
income (loss) per share attributable to Weibo's ordinary
shareholders |
202,844 |
149,050 |
201,302 |
186,878 |
146,820 |
Shares used in computing diluted net
income (loss) per share attributable to Weibo's ordinary
shareholders |
216,845 |
166,162 |
201,302 |
186,878 |
146,820 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Stock-based compensation in each
category: |
|
|
|
|
|
Cost of revenues |
$ 194 |
$ 140 |
$ 205 |
$ 755 |
$ 4,253 |
Sales and marketing |
368 |
237 |
525 |
1,583 |
6,150 |
Product development |
1,655 |
445 |
1,156 |
4,392 |
9,209 |
General and
administrative |
2,290 |
798 |
1,757 |
7,049 |
11,630 |
|
|
|
|
|
|
* Net income is adjusted to
reflect the impact of preferred shares issued when calculating the
basic and dilutive earning per share. |
|
|
WEIBO
CORPORATION |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(U.S. Dollars in
thousands) |
(Unaudited) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
Assets |
Current assets: |
|
|
Cash and cash
equivalents |
$ 283,462 |
$ 246,436 |
Short-term
investments |
166,414 |
252,342 |
Accounts receivable,
net |
120,210 |
47,304 |
Prepaid expenses and other
current assets |
16,104 |
5,693 |
Current assets
subtotal |
586,190 |
551,775 |
|
|
|
Property and equipment,
net |
30,874 |
35,702 |
Goodwill and intangible assets,
net |
15,191 |
10,588 |
Investments |
45,199 |
5,500 |
Other assets |
327 |
3,369 |
Total assets |
$ 677,781 |
$ 606,934 |
|
|
|
Liabilities, Mezzanine Equity and Shareholders' Equity
(Deficit) |
Liabilities: |
|
|
Current
liabilities: |
|
|
Accounts payable |
$ 2,420 |
$ 824 |
Accrued liabilities |
87,478 |
56,414 |
Deferred revenues |
20,957 |
15,031 |
Amount due to SINA |
1,717 |
267,722 |
Investor option
liability |
-- |
29,504 |
Current liabilities
subtotal |
112,572 |
369,495 |
|
|
|
Long-term
liabilities |
873 |
768 |
Total liabilities |
113,445 |
370,263 |
|
|
|
Mezzanine equity - preferred
shares |
-- |
479,612 |
|
|
|
Shareholders' equity
(deficit): |
|
|
Weibo ordinary shareholders'
equity (deficit) |
563,281 |
(242,941) |
Non-controlling
interest |
1,055 |
-- |
Total shareholders' equity
(deficit) |
564,336 |
(242,941) |
|
|
|
Total liabilities, mezzanine equity
and shareholders' equity (deficit) |
$ 677,781 |
$ 606,934 |
|
|
WEIBO
CORPORATION |
RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES |
(U.S. Dollars in
thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
December 31,
2014 |
December 31,
2013 |
September 30,
2014 |
|
|
|
|
Non-GAAP |
|
|
|
Non-GAAP |
|
|
|
Non-GAAP |
Non-GAAP Results: |
Actual |
Adjustments |
|
Results |
Actual |
Adjustments |
|
Results |
Actual |
Adjustments |
|
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing |
$ 87,973 |
|
|
$ 87,973 |
$ 56,045 |
|
|
$ 56,045 |
$ 65,373 |
|
|
$ 65,373 |
Weibo VAS |
17,239 |
|
|
17,239 |
15,379 |
|
|
15,379 |
18,757 |
|
|
18,757 |
Net revenues |
$ 105,212 |
|
|
$ 105,212 |
$ 71,424 |
|
|
$ 71,424 |
$ 84,130 |
|
|
$ 84,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,507) |
(a) |
|
|
(1,620) |
(a) |
|
|
(3,643) |
(a) |
|
|
|
(381) |
(b) |
|
|
(229) |
(b) |
|
|
(277) |
(b) |
|
Total costs and
expenses |
$ 100,340 |
$ (4,888) |
|
$ 95,452 |
$ 70,231 |
$ (1,849) |
|
$ 68,382 |
$ 91,760 |
$ (3,920) |
|
$ 87,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,507 |
(a) |
|
|
1,620 |
(a) |
|
|
3,643 |
(a) |
|
|
|
381 |
(b) |
|
|
229 |
(b) |
|
|
277 |
(b) |
|
Income (loss) from
operations |
$ 4,872 |
$ 4,888 |
|
$ 9,760 |
$ 1,193 |
$ 1,849 |
|
$ 3,042 |
$ (7,630) |
$ 3,920 |
|
$ (3,710) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,620 |
(a) |
|
|
|
|
|
|
|
4,507 |
(a) |
|
|
229 |
(b) |
|
|
3,643 |
(a) |
|
|
|
275 |
(b) |
|
|
(19,535) |
(c) |
|
|
214 |
(b) |
|
Net income (loss) attributable to
Weibo's ordinary shareholders |
$ 4,591 |
$ 4,782 |
|
$ 9,373 |
$ 21,560 |
$ (17,686) |
|
$ 3,874 |
$ (5,220) |
$ 3,857 |
|
$ (1,363) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share
attributable to Weibo's ordinary shareholders * |
$ 0.02 |
|
|
$ 0.04 |
$ 0.11 |
|
|
$ 0.02 |
$ (0.03) |
|
|
$ (0.01) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted net
income (loss) per share attributable to Weibo's ordinary
shareholders |
216,845 |
-- |
|
216,845 |
166,162 |
-- |
|
166,162 |
201,302 |
-- |
|
201,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income
(loss) |
|
|
|
$ 9,373 |
|
|
|
$ 3,874 |
|
|
|
$ (1,363) |
Depreciation
expenses |
|
|
|
5,647 |
|
|
|
5,653 |
|
|
|
5,739 |
Interest income,
net |
|
|
|
(1,764) |
|
|
|
(353) |
|
|
|
(1,979) |
Income tax expenses
(benefits) |
|
|
|
2,971 |
|
|
|
(471) |
|
|
|
(378) |
Non-GAAP adjusted
EBITDA |
|
|
|
$ 16,227 |
|
|
|
$ 8,703 |
|
|
|
$ 2,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION |
RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES |
(U.S. Dollars in
thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended |
|
|
|
|
|
December 31,
2014 |
December 31,
2013 |
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
Non-GAAP |
|
|
|
|
Non-GAAP Results: |
Actual |
Adjustments |
|
Results |
Actual |
Adjustments |
|
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing |
$ 264,782 |
|
|
$ 264,782 |
$ 148,426 |
|
|
$ 148,426 |
|
|
|
|
Weibo VAS |
69,390 |
|
|
69,390 |
39,887 |
|
|
39,887 |
|
|
|
|
Net revenues |
$ 334,172 |
|
|
$ 334,172 |
$ 188,313 |
|
|
$ 188,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,779) |
(a) |
|
|
(31,242) |
(a) |
|
|
|
|
|
|
|
(1,211) |
(b) |
|
|
(229) |
(b) |
|
|
|
|
|
Total costs and
expenses |
$ 355,464 |
$ (14,990) |
|
$ 340,474 |
$ 246,217 |
$ (31,471) |
|
$ 214,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,779 |
(a) |
|
|
31,242 |
(a) |
|
|
|
|
|
|
|
1,211 |
(b) |
|
|
229 |
(b) |
|
|
|
|
|
Loss from operations |
$ (21,292) |
$ 14,990 |
|
$ (6,302) |
$ (57,904) |
$ 31,471 |
|
$ (26,433) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,242 |
(a) |
|
|
|
|
|
|
|
13,779 |
(a) |
|
|
229 |
(b) |
|
|
|
|
|
|
|
894 |
(b) |
|
|
(21,064) |
(c) |
|
|
|
|
|
Net loss attributable
to |
|
46,972 |
(c) |
|
|
(3,116) |
(d) |
|
|
|
|
|
Weibo's ordinary
shareholders |
$ (63,378) |
$ 61,645 |
|
$ (1,733) |
$ (38,115) |
$ 7,291 |
|
$ (30,824) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per share
attributable to Weibo's ordinary shareholders * |
$ (0.34) |
|
|
$ (0.01) |
$ (0.26) |
|
|
$ (0.21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted net
loss per share attributable to Weibo's ordinary
shareholders |
186,878 |
-- |
|
186,878 |
146,820 |
-- |
|
146,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
loss |
|
|
|
$ (1,733) |
|
|
|
$ (30,824) |
|
|
|
|
Depreciation
expenses |
|
|
|
21,849 |
|
|
|
21,300 |
|
|
|
|
Interest (income) expenses,
net |
|
|
|
(5,472) |
|
|
|
2,921 |
|
|
|
|
Income tax expenses |
|
|
|
1,433 |
|
|
|
271 |
|
|
|
|
Non-GAAP adjusted
EBITDA |
|
|
|
$ 16,077 |
|
|
|
$ (6,332) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To adjust
stock-based compensation. |
|
|
|
|
(b) To adjust
amortization of intangible assets and tax provision on amortization
of acquired intangible assets. |
|
|
|
|
(c) To adjust the
change in fair value of investor option liability. |
|
|
|
|
(d) To adjust the
remeasurement gain upon obtaining control. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net income is adjusted to
reflect the impact of preferred shares issued when calculating the
dilutive earning per share. |
|
|
|
|
|
|
WEIBO
CORPORATION |
ADDITIONAL
INFORMATION |
(U.S. Dollars in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Three months
ended |
Twelve months
ended |
|
December
31, |
September 30, |
December
31, |
|
2014 |
2013 |
2014 |
2014 |
2013 |
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
Advertising and marketing
revenues: |
|
|
|
|
|
Other than Alibaba |
$ 49,957 |
$ 32,206 |
$ 37,845 |
$ 157,195 |
$ 99,291 |
Alibaba * |
38,016 |
23,839 |
27,528 |
107,587 |
49,135 |
Subtotal |
87,973 |
56,045 |
65,373 |
264,782 |
148,426 |
|
|
|
|
|
|
Weibo VAS |
17,239 |
15,379 |
18,757 |
69,390 |
39,887 |
|
$ 105,212 |
$ 71,424 |
$ 84,130 |
$ 334,172 |
$ 188,313 |
|
|
|
|
|
|
*Revenue related to the formation
of strategic alliance with Alibaba on April 29, 2013. |
CONTACT: Investor Relations
Weibo Corporation
Phone: +8610-5898 3231
Email: ir@staff.weibo.com
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