Weibo Corporation (“Weibo” or the “Company”) (NASDAQ:WB), a leading
social media in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31,
2015.
Fourth Quarter 2015 Highlights
- Net revenues increased 42% year over year to $149.0 million,
reaching the high end of the Company’s guidance between $146
million and $149 million.
- Advertising and marketing revenue increased 47% year over year
to $129.5 million.
- Weibo Value-Added Services (“Weibo VAS”) revenue increased 13%
year over year to $19.5 million, despite a 31% year-over-year
decline in revenue from data licensing, a deemphasized
business.
- Net income attributable to Weibo’s ordinary shareholders
increased 332% year over year to $19.1 million, and diluted net
income per share was $0.09, compared to $0.02 for the same period
last year.
- Non-GAAP net income attributable to Weibo’s ordinary
shareholders increased 258% to $32.9 million and non-GAAP diluted
net income per share was $0.15, compared to $0.04 for the same
period last year.
- Adjusted EBITDA increased 131% year over year to $37.0
million.
- Monthly active users (“MAUs”) in December 2015 grew 34% year
over year to 236 million, 83% of which were mobile users. Average
daily active users (“DAUs”) in December 2015 grew 32% year over
year to 106 million.
Fiscal Year 2015 Highlights
- Net revenues increased 43% year over year to $477.9
million.
- Advertising and marketing revenue increased 52% year over year
to $402.4 million.
- Weibo VAS revenue increased 9% year over year to $75.5
million.
- Net income attributable to Weibo’s ordinary shareholders
reached $34.7 million, or diluted net income per share of $0.16,
compared to a net loss of $65.3 million for 2014, or diluted net
loss per share of $0.35.
- Non-GAAP net income attributable to Weibo’s ordinary
shareholders was $68.8 million, or non-GAAP diluted net income per
share of $0.32, compared to a non-GAAP net loss of $2.3 million for
2014, or non-GAAP diluted net loss per share of $0.01.
- Adjusted EBITDA increased 454% year over year to $85.7
million.
“Weibo ended 2015 on a high note with non-Alibaba
advertising and marketing revenues growing 69% year over year on a
constant currency basis and adjusted EBITDA margin reaching 25% in
the fourth quarter,” said Gaofei Wang, Weibo’s CEO. “On the user
side, Weibo’s traffic growth continues to be robust, as we are
positioned at the conjuncture of social, mobile and video. For
example, in December 2015, mobile DAUs grew 46% year over year to
94 million and average daily video views grew 53%
sequentially.”
Fourth Quarter 2015 Financial
Results
For the fourth quarter of 2015, Weibo reported net
revenues of $149.0 million, compared to $105.2 million for the same
period last year. Advertising and marketing revenue totaled $129.5
million, compared to $88.0 million for the same period last year.
Weibo VAS revenue totaled $19.5 million, compared to $17.2 million
for the same period last year.
Costs and expenses for the fourth quarter of 2015
totaled $123.2 million, compared to $100.6 million for the same
period last year. Non-GAAP costs and expenses were $116.3 million,
compared to $95.7 million for the same period last year. The
increase in non-GAAP costs and expenses was primarily due to an
increase in infrastructure costs resulting from strong video
consumption and overall growth traffic, an increase in game and
other revenue share, value added taxes associated with higher
revenues, and higher personnel-related costs.
Income from operations for the fourth quarter of
2015 was $25.8 million, compared to $4.7 million for the same
period last year. Non-GAAP income from operations was $32.8
million, compared to $9.5 million for the same period last
year.
Non-operating loss for the fourth quarter of 2015
was $5.8 million, compared to a non-operating income of $3.0
million for the same period last year. Non-operating loss for the
fourth quarter of 2015 included write downs on investments of $7.2
million.
Net income attributable to Weibo’s ordinary
shareholders for the fourth quarter of 2015 was $19.1 million, or
diluted net income per share of $0.09, compared to $4.4 million for
the same period last year, or diluted net income per share of
$0.02. Non-GAAP net income attributable to Weibo’s ordinary
shareholders for the fourth quarter of 2015 was $32.9 million, or
diluted net income per share of $0.15, compared to $9.2 million for
the same period last year, or diluted net income per share of
$0.04.
As of December 31, 2015, Weibo’s cash, cash
equivalents and short-term investments totaled $335.9 million. For
the fourth quarter of 2015, cash provided by operating activities
was $51.7 million, capital expenditures totaled $2.7 million, and
depreciation and amortization expenses amounted to $4.4
million.
Business Outlook
For the first quarter of 2016, Weibo estimates that
its net revenues to be between $111 million and $116 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 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, gain on the
sale of investments and impairment on investments, net, and
dividend income from investments. In addition, adjusted EBITDA
excludes depreciation expenses, interest income (expenses) and
income tax expenses (benefits). 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.”
The unaudited condensed combined and consolidated
statements of operations and balance sheets have been prepared
assuming that the Weibo funds acquired from SINA on June 30, 2015
as if they had been owned by Weibo for all periods. Impact of such
funds to each period was not significant.
Conference Call
Weibo will host a conference call at 8 PM - 9 PM
Eastern Time on March 2, 2016 (or 9 AM – 10 AM Beijing Time on
March 3, 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 (888) 346-8982Hong Kong Toll
Free: +852 800-905-945China Toll Free: +86
400-120-1203International: +1 (412) 902-4272Passcode for all
regions: Weibo
A replay of the conference call will be available through
midnight Eastern Time, March 9, 2016. The dial-in number is +1
(412) 317-0088. The passcode for the replay is 10081694.
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,
2014 filed with the SEC on April 28, 2015 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.
WEIBO CORPORATION |
|
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(U.S. Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
As adjusted
(a) |
|
|
|
|
|
As adjusted
(a) |
|
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing |
|
$ |
129,527 |
|
|
$ |
87,973 |
|
|
$ |
105,861 |
|
|
$ |
402,415 |
|
|
$ |
264,782 |
|
|
Weibo VAS |
|
|
19,498 |
|
|
|
17,239 |
|
|
|
18,873 |
|
|
|
75,476 |
|
|
|
69,390 |
|
|
|
Total net
revenues |
|
|
149,025 |
|
|
|
105,212 |
|
|
|
124,734 |
|
|
|
477,891 |
|
|
|
334,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (b) |
|
|
42,105 |
|
|
|
25,786 |
|
|
|
37,241 |
|
|
|
141,960 |
|
|
|
83,599 |
|
|
Sales and marketing
(b) |
|
|
36,253 |
|
|
|
34,054 |
|
|
|
30,106 |
|
|
|
126,059 |
|
|
|
120,361 |
|
|
Product development
(b) |
|
|
36,614 |
|
|
|
33,112 |
|
|
|
37,493 |
|
|
|
143,444 |
|
|
|
125,832 |
|
|
General and administrative
(b) |
|
|
8,265 |
|
|
|
7,610 |
|
|
|
5,996 |
|
|
|
28,925 |
|
|
|
26,483 |
|
|
|
Total costs
and expenses |
|
|
123,237 |
|
|
|
100,562 |
|
|
|
110,836 |
|
|
|
440,388 |
|
|
|
356,275 |
|
|
Income (loss) from operations |
|
|
25,788 |
|
|
|
4,650 |
|
|
|
13,898 |
|
|
|
37,503 |
|
|
|
(22,103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of and
impairment on investments, net |
|
|
(7,207 |
) |
|
|
- |
|
|
|
(462 |
) |
|
|
(7,061 |
) |
|
|
(2,040 |
) |
|
Interest and other income ,
net |
|
|
1,443 |
|
|
|
3,017 |
|
|
|
1,818 |
|
|
|
6,338 |
|
|
|
6,775 |
|
|
Change in fair value of
investor option liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(46,972 |
) |
|
|
|
|
|
(5,764 |
) |
|
|
3,017 |
|
|
|
1,356 |
|
|
|
(723 |
) |
|
|
(42,237 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax
expenses |
|
|
20,024 |
|
|
|
7,667 |
|
|
|
15,254 |
|
|
|
36,780 |
|
|
|
(64,340 |
) |
|
Income tax expenses |
|
|
(1,152 |
) |
|
|
(2,877 |
) |
|
|
(1,030 |
) |
|
|
(2,591 |
) |
|
|
(1,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
18,872 |
|
|
|
4,790 |
|
|
|
14,224 |
|
|
|
34,189 |
|
|
|
(65,468 |
) |
|
Less: Net income (loss)
attributable to
noncontrolling interest |
|
(250 |
) |
|
|
362 |
|
|
|
(253 |
) |
|
|
(556 |
) |
|
|
(143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Weibo'
ordinary
shareholders |
$ |
19,122 |
|
|
$ |
4,428 |
|
|
$ |
14,477 |
|
|
$ |
34,745 |
|
|
$ |
(65,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable
to Weibo’s ordinary
shareholders |
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.07 |
|
|
$ |
0.17 |
|
|
$ |
(0.35 |
) |
|
Diluted net income (loss) per share attributable
to Weibo’s ordinary
shareholders |
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.07 |
|
|
$ |
0.16 |
|
|
$ |
(0.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic |
|
|
|
|
|
|
|
|
|
|
|
net income (loss) per share
attributable to Weibo’s
ordinary shareholders |
|
210,764 |
|
|
|
202,844 |
|
|
|
209,356 |
|
|
|
208,163 |
|
|
|
186,878 |
|
|
Shares used in computing diluted |
|
|
|
|
|
|
|
|
|
|
|
net income (loss) per share
attributable to Weibo’s
ordinary shareholders |
|
219,464 |
|
|
|
216,845 |
|
|
|
217,681 |
|
|
|
217,918 |
|
|
|
186,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The unaudited condensed combined and consolidated
statements of operations have been prepared assuming that the Weibo
funds acquired from SINA on June 30, 2015 as if they had been owned
by Weibo for all periods. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Stock-based compensation in each
category: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
$ |
275 |
|
|
$ |
194 |
|
|
$ |
380 |
|
|
$ |
1,196 |
|
|
$ |
755 |
|
|
|
Sales and
marketing |
|
|
856 |
|
|
|
368 |
|
|
|
924 |
|
|
|
3,209 |
|
|
|
1,583 |
|
|
|
Product
development |
|
|
2,473 |
|
|
|
1,655 |
|
|
|
3,028 |
|
|
|
10,210 |
|
|
|
4,392 |
|
|
|
General and
administrative |
|
|
3,006 |
|
|
|
2,290 |
|
|
|
2,917 |
|
|
|
11,784 |
|
|
|
7,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO CORPORATION |
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED
BALANCE SHEETS |
(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
As adjusted
(a) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
237,440 |
|
|
$ |
284,865 |
|
|
|
|
|
Short-term
investments |
|
|
98,439 |
|
|
|
166,414 |
|
|
|
|
|
Accounts
receivable, net |
|
120,230 |
|
|
|
120,210 |
|
|
|
|
|
Prepaid
expenses and other current assets |
|
|
42,295 |
|
|
|
18,357 |
|
(b) |
|
|
|
Current assets subtotal |
|
|
498,404 |
|
|
|
589,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
22,850 |
|
|
|
30,874 |
|
|
|
Goodwill and intangible assets, net |
|
13,083 |
|
|
|
15,191 |
|
|
|
Investments |
|
|
|
294,679 |
|
|
|
63,777 |
|
|
|
Other assets |
|
|
|
10,173 |
|
|
|
3,826 |
|
(b) |
|
Total assets |
|
|
$ |
839,189 |
|
|
$ |
703,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
2,532 |
|
|
$ |
2,420 |
|
|
|
|
|
Accrued
liabilities |
|
|
154,964 |
|
|
|
87,595 |
|
|
|
|
|
Deferred
revenues |
|
|
39,091 |
|
|
|
20,957 |
|
|
|
|
|
Amount due to
SINA |
|
|
12,188 |
|
|
|
24,279 |
|
|
|
|
|
Current liabilities subtotal |
|
|
208,775 |
|
|
|
135,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liability |
|
|
2,385 |
|
|
|
873 |
|
|
|
|
|
Total
liabilities |
|
|
211,160 |
|
|
|
136,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity : |
|
|
|
|
|
|
|
Weibo ordinary
shareholders'
equity |
|
|
620,672 |
|
|
|
559,204 |
|
|
|
|
Non-controlling
interest |
|
|
7,357 |
|
|
|
8,186 |
|
|
|
|
|
Total
shareholders'
equity |
|
|
628,029 |
|
|
|
567,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
|
$ |
839,189 |
|
|
$ |
703,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The unaudited condensed combined and consolidated
balance sheets have been prepared assuming that the Weibo funds
acquired from SINA on June 30, 2015 as if they had been owned by
Weibo for all periods. |
|
|
|
(b) In 2015, Weibo early adopted the guidance of ASU
2015-17 issued by FASB in November 2015, which requires entities to
present deferred tax assets ("DTA") and deferred tax liabilities as
non-current in the
balance sheets. Pursuant to
the guidance, Weibo retrospectively reclassified $18 thousand of
current DTA from prepaid expenses and other current assets into
other assets in the consolidated balance sheet as of December 31,
2014. |
WEIBO CORPORATION |
|
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP
RESULTS |
|
(U.S. Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
|
September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
Actual |
|
Adjustments |
|
Results |
|
Actual |
|
Adjustments |
|
Results |
|
Actual |
|
Adjustments |
|
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing |
|
|
$ |
129,527 |
|
|
|
|
$ |
129,527 |
|
|
$ |
87,973 |
|
|
|
|
$ |
87,973 |
|
|
$ |
105,861 |
|
|
|
|
$ |
105,861 |
|
|
Weibo VAS |
|
|
|
19,498 |
|
|
|
|
|
19,498 |
|
|
|
17,239 |
|
|
|
|
|
17,239 |
|
|
|
18,873 |
|
|
|
|
|
18,873 |
|
|
|
Net
revenues |
|
|
$ |
149,025 |
|
|
|
|
$ |
149,025 |
|
|
$ |
105,212 |
|
|
|
|
$ |
105,212 |
|
|
$ |
124,734 |
|
|
|
|
$ |
124,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,610 |
) |
(a) |
|
|
|
|
|
(4,507 |
) |
(a) |
|
|
|
|
|
(7,249 |
) |
(a) |
|
|
|
|
|
|
|
|
|
|
(359 |
) |
(b) |
|
|
|
|
|
(381 |
) |
(b) |
|
|
|
|
|
(364 |
) |
(b) |
|
|
Total costs and expenses |
|
|
$ |
123,237 |
|
|
$ |
(6,969 |
) |
|
$ |
116,268 |
|
|
$ |
100,562 |
|
|
$ |
(4,888 |
) |
|
$ |
95,674 |
|
|
$ |
110,836 |
|
|
$ |
(7,613 |
) |
|
$ |
103,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,610 |
|
(a) |
|
|
|
|
|
4,507 |
|
(a) |
|
|
|
|
|
7,249 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
359 |
|
(b) |
|
|
|
|
|
381 |
|
(b) |
|
|
|
|
|
364 |
|
(b) |
|
|
Income from operations |
|
|
$ |
25,788 |
|
|
$ |
6,969 |
|
|
$ |
32,757 |
|
|
$ |
4,650 |
|
|
$ |
4,888 |
|
|
$ |
9,538 |
|
|
$ |
13,898 |
|
|
$ |
7,613 |
|
|
$ |
21,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,610 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
|
7,249 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
269 |
|
(b) |
|
|
|
|
|
4,507 |
|
(a) |
|
|
|
|
|
273 |
|
(b) |
|
|
|
|
|
|
|
|
|
|
7,207 |
|
(c) |
|
|
|
|
|
287 |
|
(b) |
|
|
|
|
|
462 |
|
(c) |
|
|
|
|
|
|
|
|
|
|
(267 |
) |
(d) |
|
|
|
|
|
(12 |
) |
(d) |
|
|
|
|
|
(323 |
) |
(d) |
|
|
Net income attributable to Weibo's
ordinary shareholders |
|
$ |
19,122 |
|
|
$ |
13,819 |
|
|
$ |
32,941 |
|
|
$ |
4,428 |
|
|
$ |
4,782 |
|
|
$ |
9,210 |
|
|
$ |
14,477 |
|
|
$ |
7,661 |
|
|
$ |
22,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share attributable to
Weibo’s ordinary
shareholders |
|
$ |
0.09 |
|
|
|
|
$ |
0.15 |
|
|
$ |
0.02 |
|
|
|
|
$ |
0.04 |
|
|
$ |
0.07 |
|
|
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing
diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share
attributable to Weibo’s
ordinary shareholders |
|
|
219,464 |
|
|
|
|
|
219,464 |
|
|
|
216,845 |
|
|
|
|
|
216,845 |
|
|
|
217,681 |
|
|
|
|
|
217,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
|
|
|
|
$ |
32,941 |
|
|
|
|
|
|
$ |
9,210 |
|
|
|
|
|
|
$ |
22,138 |
|
|
|
|
Interest income,
net |
|
|
|
|
|
|
|
(1,152 |
) |
|
|
|
|
|
|
(1,766 |
) |
|
|
|
|
|
|
(1,433 |
) |
|
|
|
Income tax
expenses |
|
|
|
|
|
|
|
1,242 |
|
|
|
|
|
|
|
2,971 |
|
|
|
|
|
|
|
1,121 |
|
|
|
|
Depreciation
expenses |
|
|
|
|
|
|
|
4,006 |
|
|
|
|
|
|
|
5,647 |
|
|
|
|
|
|
|
4,696 |
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
$ |
37,037 |
|
|
|
|
|
|
$ |
16,062 |
|
|
|
|
|
|
$ |
26,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO CORPORATION |
|
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP
RESULTS |
|
(U.S. Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
Actual |
|
Adjustments |
|
Results |
|
Actual |
|
Adjustments |
|
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing |
|
|
$ |
402,415 |
|
|
|
|
$ |
402,415 |
|
|
$ |
264,782 |
|
|
|
|
$ |
264,782 |
|
|
|
|
|
|
|
|
|
|
Weibo VAS |
|
|
|
75,476 |
|
|
|
|
|
75,476 |
|
|
|
69,390 |
|
|
|
|
|
69,390 |
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
$ |
477,891 |
|
|
|
|
$ |
477,891 |
|
|
$ |
334,172 |
|
|
|
|
$ |
334,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26,399 |
) |
(a) |
|
|
|
|
|
(13,779 |
) |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,467 |
) |
(b) |
|
|
|
|
|
(1,211 |
) |
(b) |
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
|
|
$ |
440,388 |
|
|
$ |
(27,866 |
) |
|
$ |
412,522 |
|
|
$ |
356,275 |
|
|
$ |
(14,990 |
) |
|
$ |
341,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,399 |
|
(a) |
|
|
|
|
|
13,779 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,467 |
|
(b) |
|
|
|
|
|
1,211 |
|
(b) |
|
|
|
|
|
|
|
|
|
|
Income (loss)
from operations |
|
|
$ |
37,503 |
|
|
$ |
27,866 |
|
|
$ |
65,369 |
|
|
$ |
(22,103 |
) |
|
$ |
14,990 |
|
|
$ |
(7,113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,779 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,399 |
|
(a) |
|
|
|
|
|
906 |
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,103 |
|
(b) |
|
|
|
|
|
2,040 |
|
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,061 |
|
(c) |
|
|
|
|
|
(685 |
) |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(522 |
) |
(d) |
|
|
|
|
|
46,972 |
|
(e) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Weibo's
ordinary shareholders |
|
$ |
34,745 |
|
|
$ |
34,041 |
|
|
$ |
68,786 |
|
|
$ |
(65,325 |
) |
|
$ |
63,012 |
|
|
$ |
(2,313 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share
attributable to Weibo’s ordinary
shareholders |
|
$ |
0.16 |
|
|
|
|
$ |
0.32 |
|
|
$ |
(0.35 |
) |
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income (loss) per share
attributable to Weibo’s
ordinary shareholders |
|
|
217,918 |
|
|
|
|
|
217,918 |
|
|
|
186,878 |
|
|
|
|
|
186,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) |
|
|
|
|
|
|
$ |
68,786 |
|
|
|
|
|
|
$ |
(2,313 |
) |
|
|
|
|
|
|
|
|
|
Interest income,
net |
|
|
|
|
|
|
|
(5,528 |
) |
|
|
|
|
|
|
(5,494 |
) |
|
|
|
|
|
|
|
|
|
Income tax
expenses |
|
|
|
|
|
|
|
2,958 |
|
|
|
|
|
|
|
1,433 |
|
|
|
|
|
|
|
|
|
|
Depreciation
expenses |
|
|
|
|
|
|
|
19,482 |
|
|
|
|
|
|
|
21,849 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
|
$ |
85,698 |
|
|
|
|
|
|
$ |
15,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To adjust
stock-based compensation. |
|
|
|
|
|
|
|
(b) To adjust
amortization of intangible assets and tax provision on acquired
intangible assets. |
|
|
|
|
|
|
|
(c) To adjust net
(gain) on the sale of investments, impairment on investments and
dividend (income) from investments. |
|
|
|
|
|
|
|
(d) To adjust
Non-GAAP to GAAP reconciling items for the gain (loss) attributable
to non-controlling interests. |
|
|
|
|
|
|
|
(e) To adjust the
change in fair value of investor option liability. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO CORPORATION |
UNAUDITED ADDITIONAL INFORMATION |
(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing: |
|
|
|
|
|
|
|
|
|
|
Advertising and marketing other than Alibaba |
$ |
81,323 |
|
|
$ |
49,957 |
|
|
$ |
73,331 |
|
|
$ |
258,765 |
|
|
$ |
157,195 |
|
|
Alibaba |
|
48,204 |
|
|
|
38,016 |
|
|
|
32,530 |
|
|
|
143,650 |
|
|
|
107,587 |
|
|
Subtotal |
|
129,527 |
|
|
|
87,973 |
|
|
|
105,861 |
|
|
|
402,415 |
|
|
|
264,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weibo VAS |
|
19,498 |
|
|
|
17,239 |
|
|
|
18,873 |
|
|
|
75,476 |
|
|
|
69,390 |
|
|
|
$ |
149,025 |
|
|
$ |
105,212 |
|
|
$ |
124,734 |
|
|
$ |
477,891 |
|
|
$ |
334,172 |
|
Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3112
Email: ir@staff.weibo.com
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