BEIJING, Nov. 21, 2016 /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, 2016.
Third Quarter 2016 Highlights
- Net revenues increased 42% year over year to $176.9 million, exceeding the Company's guidance
between $168 million and $173
million.
- Advertising and marketing revenue increased 48% year over year
to $156.7 million.
- Weibo Value-Added Services ("VAS") revenue increased 7% year
over year to $20.2 million.
- Net income attributable to Weibo increased 122% year over year
to $32.1 million, and diluted net
income per share was $0.14, compared
to $0.07 for the same period last
year.
- Non-GAAP net income attributable to Weibo increased 147% year
over year to $54.6 million, and
non-GAAP diluted net income per share was $0.24, compared to $0.10 for the same period last year.
- Adjusted EBITDA increased 117% year over year to $57.7 million, reaching an adjusted EBITDA margin
of 33%.
- Monthly active users ("MAUs") in September 2016 grew 34% year over year to 297
million, 89% of which were mobile users. Average daily active users
("DAUs") in September 2016 grew 32%
year over year to 132 million.
"Weibo's key account and SME ad revenue has doubled from last
year in constant currency for the third consecutive quarter, as we
benefited from our brand, breadth of product offering and ad
spending shifting toward mobile, social and video." said Gaofei
Wang, Weibo's CEO. "Our efforts to build a content ecosystem that
attracts premium user-generated content and our relentless focus on
user experience have led to strong traffic growth. In the third
quarter, we also saw strong operating leverage from our
platform."
Third Quarter 2016 Financial Results
For the third quarter of 2016, Weibo reported net revenues of
$176.9 million, compared to
$124.7 million for the same period
last year. Advertising and marketing revenue totaled $156.7 million, compared to $105.9 million for the same period last year.
Advertising and marketing revenue from key accounts and small &
medium-sized enterprises (SME) was $147.4
million, compared to $73.3
million for the same period last year. Revenue from Alibaba
was $9.3 million, compared to
$32.5 million for the same period
last year. Weibo VAS revenue totaled $20.2
million, compared to $18.9
million for the same period last year.
Costs and expenses for the third quarter of 2016 totaled
$134.0 million, compared to
$110.8 million for the same period
last year. Non-GAAP costs and expenses were $122.4 million, compared to $103.2 million for the same period last year. The
increase in non-GAAP costs and expenses was primarily due to an
increase in marketing expenses, value added taxes and bad debt
expenses, with the latter two impacted by higher revenues.
Income from operations for the third quarter of 2016 was
$42.9 million, compared to
$13.9 million for the same period
last year. Non-GAAP income from operations was $54.5 million, compared to $21.5 million for the same period last
year.
Non-operating loss for the third quarter of 2016 was
$9.2 million, which included
investment impairment of $11.1
million. Non-operating income for the same period last year
was $1.4 million.
Net income attributable to Weibo for the third quarter of 2016
was $32.1 million, or diluted net
income per share of $0.14, compared
to $14.5 million for the same period
last year, or diluted net income per share of $0.07. Non-GAAP net income attributable to Weibo
for the third quarter of 2016 was $54.6
million, or diluted net income per share of $0.24, compared to $22.1
million for the same period last year, or diluted net income
per share of $0.10.
As of September 30, 2016, Weibo's
cash, cash equivalents and short-term investments totaled
$479.4 million. For the third quarter
of 2016, cash provided by operating activities was $89.8 million, capital expenditures totaled
$1.3 million, and depreciation and
amortization expenses amounted to $3.5
million.
Business Outlook
For the fourth quarter of 2016, Weibo estimates that its net
revenues to be between $205 million and $210
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 from operations,
non-GAAP net income attributable to Weibo, non-GAAP diluted net
income per share attributable to Weibo and adjusted EBITDA. These
non-GAAP financial measures should be considered in addition to,
not as a substitute for, measures of the Company's financial
performance prepared in accordance with U.S. GAAP.
The Company's non-GAAP financial measures exclude stock-based
compensation, amortization of intangible assets, net gain on the
sale of investments and impairment on investments, and dividend
income, loss attributable to non-controlling interest, and income
tax provision related to the amortization of intangible assets.
Adjusted EBITDA excludes interest income, income tax expenses, and
depreciation expenses. The Company's management uses these non-GAAP
financial measures in their financial and operating
decision-making, because management believes these measures reflect
the Company's ongoing operating performance in a manner that allows
more meaningful period-to-period comparisons. The Company believes
that these non-GAAP financial measures provide useful information
to investors and others in the following ways: (i) in comparing the
Company's current financial results with the Company's past
financial results in a consistent manner, and (ii) in understanding
and evaluating the Company's current operating performance and
future prospects in the same manner as management does, if they so
choose. The Company also believes that the non-GAAP financial
measures provide useful information to both management and
investors by excluding certain expenses, gains (losses) and other
items (i) that are not expected to result in future cash payments
or (ii) that are non-recurring in nature or may not be indicative
of the Company's core operating results and business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may
not be comparable to non-GAAP financial measures used by other
companies. Accordingly, care should be exercised in
understanding how the Company defines its non-GAAP financial
measures. Reconciliations of the Company's non-GAAP measures to the
nearest comparable GAAP measures are set forth in the section below
titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."
Conference Call
Weibo will host a conference call at 8
PM – 9 PM Eastern Time on
November 21, 2016 (or 9 AM – 10 AM
Beijing Time on November 22, 2016) 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: 17722600
A replay of the conference call will be available through
midnight, Eastern Time on November 28,
2016. The dial-in number is +61 2-8199-0299. The passcode
for the replay is 17722600.
About Weibo Corporation
Weibo is a leading social media for people to create, share and
discover Chinese-language content. Weibo combines the means of
public self-expression in real time with a powerful platform for
social interaction, as well as content aggregation and
distribution. Any user can create and post a feed of up to 140
Chinese characters 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
variety of advertising and marketing solutions to its customers,
ranging from large brand advertisers to Alibaba/e-commerce
merchants 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, promoted feeds and event-based ad solutions. 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 develop the
small and medium enterprise market by the Company or through
cooperation with other parties, including Alibaba; 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, 2015 filed with the SEC on
April 28, 2016 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,
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
156,693
|
|
$
105,861
|
|
$
127,173
|
|
$
383,112
|
|
$
272,888
|
Weibo VAS
|
20,184
|
|
18,873
|
|
19,712
|
|
59,940
|
|
55,978
|
Total net revenues
|
176,877
|
|
124,734
|
|
146,885
|
|
443,052
|
|
328,866
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
44,494
|
|
37,241
|
|
40,657
|
|
121,777
|
|
99,855
|
Sales and marketing
(a)
|
38,070
|
|
30,106
|
|
32,166
|
|
100,277
|
|
89,806
|
Product development
(a)
|
39,674
|
|
37,493
|
|
37,611
|
|
114,219
|
|
106,830
|
General and
administrative (a)
|
11,718
|
|
5,996
|
|
9,200
|
|
29,456
|
|
20,660
|
Total costs and expenses
|
133,956
|
|
110,836
|
|
119,634
|
|
365,729
|
|
317,151
|
Income from
operations
|
42,921
|
|
13,898
|
|
27,251
|
|
77,323
|
|
11,715
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
Gain on sale of and impairment on investments, net
|
(11,087)
|
|
(462)
|
|
(3,440)
|
|
(15,395)
|
|
146
|
Interest and other income , net
|
1,911
|
|
1,818
|
|
2,411
|
|
5,742
|
|
4,895
|
|
(9,176)
|
|
1,356
|
|
(1,029)
|
|
(9,653)
|
|
5,041
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
33,745
|
|
15,254
|
|
26,222
|
|
67,670
|
|
16,756
|
Income tax
expenses
|
(1,917)
|
|
(1,030)
|
|
(1,796)
|
|
(4,261)
|
|
(1,439)
|
Net
income
|
31,828
|
|
14,224
|
|
24,426
|
|
63,409
|
|
15,317
|
Less: Net loss attributable to
noncontrolling interest
|
(274)
|
|
(253)
|
|
(1,431)
|
|
(1,648)
|
|
(306)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
32,102
|
|
$
14,477
|
|
$
25,857
|
|
$
65,057
|
|
$
15,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.15
|
|
$
0.07
|
|
$
0.12
|
|
$
0.30
|
|
$
0.08
|
Diluted net income
per share attributable to Weibo
|
$
0.14
|
|
$
0.07
|
|
$
0.12
|
|
$
0.29
|
|
$
0.07
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
215,671
|
|
209,356
|
|
213,537
|
|
213,832
|
|
207,287
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
223,861
|
|
217,681
|
|
221,611
|
|
222,110
|
|
217,426
|
|
|
|
|
|
|
|
|
|
|
(a) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
$
764
|
|
$
380
|
|
$
543
|
|
$
1,815
|
|
$
921
|
Sales and marketing
|
1,784
|
|
924
|
|
900
|
|
3,702
|
|
2,353
|
Product
development
|
5,304
|
|
3,028
|
|
2,501
|
|
11,360
|
|
7,737
|
General and
administrative
|
3,536
|
|
2,917
|
|
3,364
|
|
10,306
|
|
8,778
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Assets
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
181,841
|
|
$
237,440
|
|
|
Short-term
investments
|
297,588
|
|
98,439
|
|
|
Accounts
receivable, net
|
116,341
|
|
120,230
|
|
|
Prepaid expenses
and other current assets
|
51,970
|
|
42,295
|
|
|
Current assets
subtotal
|
647,740
|
|
498,404
|
|
|
|
|
|
|
Property and
equipment, net
|
19,947
|
|
22,850
|
Goodwill and
intangible assets, net
|
11,986
|
|
13,083
|
Investments
|
284,481
|
|
294,679
|
Other
assets
|
7,691
|
|
10,173
|
Total
assets
|
$
971,845
|
|
$
839,189
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
Liabilities:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
*
|
$
42,061
|
|
$
40,456
|
|
|
Accrued
liabilities *
|
155,446
|
|
117,040
|
|
|
Deferred
revenues
|
48,940
|
|
39,091
|
|
|
Amount due to
SINA
|
12,434
|
|
12,188
|
|
|
Current liabilities
subtotal
|
258,881
|
|
208,775
|
|
|
|
|
|
|
|
Long-term
liability
|
1,925
|
|
2,385
|
|
|
Total
liabilities
|
260,806
|
|
211,160
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
Weibo
shareholders' equity
|
706,626
|
|
620,672
|
|
Non-controlling
interest
|
4,413
|
|
7,357
|
|
|
Total
shareholders' equity
|
711,039
|
|
628,029
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
971,845
|
|
$
839,189
|
|
|
|
|
|
|
* Commencing on
January 1, 2016, in order to enhance comparability with industry
peers, payables that have been invoiced or formally agreed with the
suppliers were recorded in accounts payable. To conform to current
period presentations, the relevant amounts in prior periods have
been reclassified from accrued liabilities accordingly. Such
reclassification amounted to $37.9 million as of December 31,
2015.
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2016
|
|
September 30,
2015
|
|
June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
156,693
|
|
|
|
$
156,693
|
|
$
105,861
|
|
|
|
$
105,861
|
|
$
127,173
|
|
|
|
$
127,173
|
Weibo
VAS
|
20,184
|
|
|
|
20,184
|
|
18,873
|
|
|
|
18,873
|
|
19,712
|
|
|
|
19,712
|
Net revenues
|
$
176,877
|
|
|
|
$
176,877
|
|
$
124,734
|
|
|
|
$
124,734
|
|
$
146,885
|
|
|
|
$
146,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,388)
|
(a)
|
|
|
|
|
(7,249)
|
(a)
|
|
|
|
|
(7,308)
|
(a)
|
|
|
|
|
(160)
|
(b)
|
|
|
|
|
(364)
|
(b)
|
|
|
|
|
(161)
|
(b)
|
|
Total costs and
expenses
|
$
133,956
|
|
$
(11,548)
|
|
$
122,408
|
|
$
110,836
|
|
$
(7,613)
|
|
$
103,223
|
|
$
119,634
|
|
$
(7,469)
|
|
$
112,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
7,249
|
(a)
|
|
|
|
|
7,308
|
(a)
|
|
|
|
|
160
|
(b)
|
|
|
|
|
364
|
(b)
|
|
|
|
|
161
|
(b)
|
|
Income from
operations
|
$
42,921
|
|
$
11,548
|
|
$
54,469
|
|
$
13,898
|
|
$
7,613
|
|
$
21,511
|
|
$
27,251
|
|
$
7,469
|
|
$
34,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,388
|
(a)
|
|
|
|
|
7,249
|
(a)
|
|
|
|
|
7,308
|
(a)
|
|
|
|
|
160
|
(b)
|
|
|
|
|
364
|
(b)
|
|
|
|
|
161
|
(b)
|
|
|
|
|
11,087
|
(c)
|
|
|
|
|
462
|
(c)
|
|
|
|
|
3,440
|
(c)
|
|
|
|
|
(101)
|
(d)
|
|
|
|
|
(323)
|
(d)
|
|
|
|
|
(1,177)
|
(d)
|
|
|
|
|
(40)
|
(e)
|
|
|
|
|
(91)
|
(e)
|
|
|
|
|
(40)
|
(e)
|
|
Net income
attributable to Weibo
|
$
32,102
|
|
$
22,494
|
|
$
54,596
|
|
$
14,477
|
|
$
7,661
|
|
$
22,138
|
|
$
25,857
|
|
$
9,692
|
|
$
35,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
attributable to Weibo
|
$
0.14
|
|
|
|
$
0.24
|
|
$
0.07
|
|
|
|
$
0.10
|
|
$
0.12
|
|
|
|
$
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
223,861
|
|
|
|
223,861
|
|
217,681
|
|
|
|
217,681
|
|
221,611
|
|
|
|
221,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
54,596
|
|
|
|
|
|
$
22,138
|
|
|
|
|
|
$
35,549
|
Interest income, net
|
|
|
|
|
(2,201)
|
|
|
|
|
|
(1,433)
|
|
|
|
|
|
(1,893)
|
Income tax expenses
|
|
|
|
|
1,957
|
|
|
|
|
|
1,121
|
|
|
|
|
|
1,836
|
Depreciation expenses
|
|
|
|
|
3,312
|
|
|
|
|
|
4,696
|
|
|
|
|
|
3,316
|
Adjusted EBITDA
|
|
|
|
|
$
57,664
|
|
|
|
|
|
$
26,522
|
|
|
|
|
|
$
38,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
2016
|
|
September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
383,112
|
|
|
|
$
383,112
|
|
$
272,888
|
|
|
|
$
272,888
|
|
|
|
|
|
|
Weibo
VAS
|
59,940
|
|
|
|
59,940
|
|
55,978
|
|
|
|
55,978
|
|
|
|
|
|
|
Net revenues
|
$
443,052
|
|
|
|
$
443,052
|
|
$
328,866
|
|
|
|
$
328,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27,183)
|
(a)
|
|
|
|
|
(19,789)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
(562)
|
(b)
|
|
|
|
|
(1,108)
|
(b)
|
|
|
|
|
|
|
|
Total costs and
expenses
|
$
365,729
|
|
$
(27,745)
|
|
$
337,984
|
|
$
317,151
|
|
$
(20,897)
|
|
$
296,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,183
|
(a)
|
|
|
|
|
19,789
|
(a)
|
|
|
|
|
|
|
|
|
|
|
562
|
(b)
|
|
|
|
|
1,108
|
(b)
|
|
|
|
|
|
|
|
Income from
operations
|
$
77,323
|
|
$
27,745
|
|
$
105,068
|
|
$
11,715
|
|
$
20,897
|
|
$
32,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,183
|
(a)
|
|
|
|
|
19,789
|
(a)
|
|
|
|
|
|
|
|
|
|
|
562
|
(b)
|
|
|
|
|
1,108
|
(b)
|
|
|
|
|
|
|
|
|
|
|
15,395
|
(c)
|
|
|
|
|
(146)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
(1,558)
|
(d)
|
|
|
|
|
(253)
|
(d)
|
|
|
|
|
|
|
|
|
|
|
(140)
|
(e)
|
|
|
|
|
(276)
|
(e)
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
65,057
|
|
$
41,442
|
|
$
106,499
|
|
$
15,623
|
|
$
20,222
|
|
$
35,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
attributable to Weibo
|
$
0.29
|
|
|
|
$
0.48
|
|
$
0.07
|
|
|
|
$
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
222,110
|
|
|
|
222,110
|
|
217,426
|
|
|
|
217,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
106,499
|
|
|
|
|
|
$
35,845
|
|
|
|
|
|
|
Interest income, net
|
|
|
|
|
(5,394)
|
|
|
|
|
|
(4,376)
|
|
|
|
|
|
|
Income tax expenses
|
|
|
|
|
4,401
|
|
|
|
|
|
1,716
|
|
|
|
|
|
|
Depreciation expenses
|
|
|
|
|
9,928
|
|
|
|
|
|
15,476
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
$
115,434
|
|
|
|
|
|
$
48,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
adjust stock-based compensation.
|
(b) To
adjust amortization of intangible assets.
|
(c) To
adjust net gain on the sale of investments and impairment on
investments, and dividend income.
|
(d) To
adjust loss attributable to non-controlling
interests.
|
(e) To
adjust income tax provision 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, full valuation allowances were made due
to as the Company does not expect they can be realized in the
foreseeable future.
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
Key accounts and small
& medium-sized enterprises
|
$
147,437
|
|
$
73,331
|
|
$
114,324
|
|
$
349,887
|
|
$
177,442
|
Alibaba
|
9,256
|
|
32,530
|
|
12,849
|
|
33,225
|
|
95,446
|
Subtotal
|
156,693
|
|
105,861
|
|
127,173
|
|
383,112
|
|
272,888
|
|
|
|
|
|
|
|
|
|
|
Weibo
VAS
|
20,184
|
|
18,873
|
|
19,712
|
|
59,940
|
|
55,978
|
|
$
176,877
|
|
$
124,734
|
|
$
146,885
|
|
$
443,052
|
|
$
328,866
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/weibo-reports-third-quarter-2016-financial-results-300366709.html
SOURCE Weibo Corporation