First Quarter 2016 Highlights
- Net revenues increased 24% year over year to
$119.3 million , exceeding the Company's guidance between$111 million and $116 million . - Advertising and marketing revenue increased 25% year over year to
$99.2 million . - Weibo Value-Added Services ("VAS") revenue increased 17% year over year to
$20.0 million . - Net income attributable to
Weibo was$7.1 million , or diluted net income per share was$0.03 , compared to a net loss of$3.1 million , or diluted net loss per share of$0.01 for the same period last year. - Non-GAAP net income attributable to
Weibo increased 491% year over year to$16.4 million , and non-GAAP diluted net income per share increased 483% year over year to$0.07 . - Adjusted EBITDA increased 182% year over year to
$19.0 million , or 16% of net revenues. - Monthly active users ("MAUs") in
March 2016 grew 32% year over year to 261 million, 85% of which were mobile users. Average daily active users ("DAUs") inMarch 2016 grew 35% year over year to 120 million.
"
First Quarter 2016 Financial Results
For the first quarter of 2016,
Costs and expenses for the first quarter of 2016 totaled
Income from operations for the first quarter of 2016 was
Non-operating income for the first quarter of 2016 was
Net income attributable to
As of
Business Outlook
For the second quarter of 2016,
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
The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets net of tax and gain on the sale of investments and impairment on investments, net. In addition, adjusted EBITDA excludes depreciation expenses, interest income, net and income tax 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
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About
Safe Harbor Statement
This press release contains forward-looking statements that relate to, among other things,
Contact:
Investor Relations
Phone: +86 10 5898-3017
Email: ir@staff.weibo.com
WEIBO CORPORATION |
||||||||
Three months ended |
||||||||
March 31, |
December 31, |
|||||||
2016 |
2015 |
2015 |
||||||
Net revenues: |
||||||||
Advertising and marketing |
$ |
99,246 |
$ |
79,160 |
$ |
129,527 |
||
Weibo VAS |
20,044 |
17,130 |
19,498 |
|||||
Total net revenues |
119,290 |
96,290 |
149,025 |
|||||
Costs and expenses: |
||||||||
Cost of revenues (a) |
36,626 |
28,925 |
42,105 |
|||||
Sales and marketing (a) |
30,041 |
31,186 |
36,253 |
|||||
Product development (a) |
36,934 |
34,328 |
36,614 |
|||||
General and administrative (a) |
8,538 |
6,372 |
8,265 |
|||||
Total costs and expenses |
112,139 |
100,811 |
123,237 |
|||||
Income (loss) from operations |
7,151 |
(4,521) |
25,788 |
|||||
Non-operating income (loss): |
||||||||
Gain on sale of and impairment on investments, net |
(868) |
- |
(7,207) |
|||||
Interest and other income , net |
1,420 |
1,456 |
1,443 |
|||||
552 |
1,456 |
(5,764) |
||||||
Income (loss) before income tax expenses |
7,703 |
(3,065) |
20,024 |
|||||
Income tax benefits (expenses) |
(548) |
5 |
(1,152) |
|||||
Net income (loss) |
7,155 |
(3,060) |
18,872 |
|||||
Less: Net income (loss) attributable to |
57 |
(10) |
(250) |
|||||
Net income (loss) attributable to Weibo |
$ |
7,098 |
$ |
(3,050) |
$ |
19,122 |
||
Basic net income (loss) per share attributable to Weibo |
$ |
0.03 |
$ |
(0.01) |
$ |
0.09 |
||
Diluted net income (loss) per share attributable to Weibo |
$ |
0.03 |
$ |
(0.01) |
$ |
0.09 |
||
Shares used in computing basic |
||||||||
net income (loss) per share attributable to Weibo |
212,269 |
204,985 |
210,764 |
|||||
Shares used in computing diluted |
||||||||
net income (loss) per share attributable to Weibo |
219,626 |
204,985 |
219,464 |
|||||
(a) Stock-based compensation in each category: |
||||||||
Cost of revenues |
$ |
508 |
$ |
252 |
$ |
275 |
||
Sales and marketing |
1,018 |
694 |
856 |
|||||
Product development |
3,555 |
2,308 |
2,473 |
|||||
General and administrative |
3,406 |
2,293 |
3,006 |
WEIBO CORPORATION |
|||||||||
March 31, |
December 31, |
||||||||
2016 |
2015 |
||||||||
Assets |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents |
$ |
243,298 |
$ |
237,440 |
|||||
Short-term investments |
130,134 |
98,439 |
|||||||
Accounts receivable, net |
90,147 |
120,230 |
|||||||
Prepaid expenses and other current assets |
58,329 |
42,295 |
|||||||
Current assets subtotal |
521,908 |
498,404 |
|||||||
Property and equipment, net |
22,570 |
22,850 |
|||||||
Goodwill and intangible assets, net |
12,724 |
13,083 |
|||||||
Investments |
299,794 |
294,679 |
|||||||
Other assets |
5,594 |
10,173 |
|||||||
Total assets |
$ |
862,590 |
$ |
839,189 |
|||||
Liabilities and Shareholders' Equity |
|||||||||
Liabilities: |
|||||||||
Current liabilities: |
|||||||||
Accounts payable * |
$ |
42,874 |
$ |
40,456 |
|||||
Accrued liabilities * |
106,230 |
117,040 |
|||||||
Deferred revenues |
37,357 |
39,091 |
|||||||
Amount due to SINA |
26,061 |
12,188 |
|||||||
Current liabilities subtotal |
212,522 |
208,775 |
|||||||
Long-term deferred revenue |
|||||||||
Long-term liability |
2,238 |
2,385 |
|||||||
Total liabilities |
214,760 |
211,160 |
|||||||
Shareholders' equity : |
|||||||||
Weibo shareholders' equity |
640,374 |
620,672 |
|||||||
Non-controlling interest |
7,456 |
7,357 |
|||||||
Total shareholders' equity |
647,830 |
628,029 |
|||||||
Total liabilities and shareholders' equity |
$ |
862,590 |
$ |
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 |
|||||||||||||||||||||||||||
Three months ended |
|||||||||||||||||||||||||||
March 31, 2016 |
March 31, 2015 |
December 31, 2015 |
|||||||||||||||||||||||||
Non-GAAP |
Non-GAAP |
Non-GAAP |
|||||||||||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
|||||||||||||||||||
Advertising and marketing |
$ |
99,246 |
$ |
99,246 |
$ |
79,160 |
$ |
79,160 |
$ |
129,527 |
$ |
129,527 |
|||||||||||||||
Weibo VAS |
20,044 |
20,044 |
17,130 |
17,130 |
19,498 |
19,498 |
|||||||||||||||||||||
Net revenues |
$ |
119,290 |
$ |
119,290 |
$ |
96,290 |
$ |
96,290 |
$ |
149,025 |
$ |
149,025 |
|||||||||||||||
(8,487) |
(a) |
(5,547) |
(a) |
(6,610) |
(a) |
||||||||||||||||||||||
(241) |
(b) |
(371) |
(b) |
(359) |
(b) |
||||||||||||||||||||||
Total costs and expenses |
$ |
112,139 |
$ |
(8,728) |
$ |
103,411 |
$ |
100,811 |
$ |
(5,918) |
$ |
94,893 |
$ |
123,237 |
$ |
(6,969) |
$ |
116,268 |
|||||||||
8,487 |
(a) |
5,547 |
(a) |
6,610 |
(a) |
||||||||||||||||||||||
241 |
(b) |
371 |
(b) |
359 |
(b) |
||||||||||||||||||||||
Income (loss) from operations |
$ |
7,151 |
$ |
8,728 |
$ |
15,879 |
$ |
(4,521) |
$ |
5,918 |
$ |
1,397 |
$ |
25,788 |
$ |
6,969 |
$ |
32,757 |
|||||||||
8,487 |
(a) |
6,610 |
(a) |
||||||||||||||||||||||||
181 |
(b) |
5,547 |
(a) |
269 |
(b) |
||||||||||||||||||||||
868 |
(c) |
279 |
(b) |
7,207 |
(c) |
||||||||||||||||||||||
(280) |
(d) |
(10) |
(d) |
(267) |
(d) |
||||||||||||||||||||||
Net income (loss) attributable to Weibo |
$ |
7,098 |
$ |
9,256 |
$ |
16,354 |
$ |
(3,050) |
$ |
5,816 |
$ |
2,766 |
$ |
19,122 |
$ |
13,819 |
$ |
32,941 |
|||||||||
Diluted net income (loss) per share |
$ |
0.03 |
$ |
0.07 |
$ |
(0.01) |
$ |
0.01 |
$ |
0.09 |
$ |
0.15 |
|||||||||||||||
Shares used in computing diluted |
|||||||||||||||||||||||||||
net income (loss) per share attributable to Weibo |
219,626 |
219,626 |
204,985 |
11,488 |
(e) |
216,473 |
219,464 |
219,464 |
|||||||||||||||||||
Adjusted EBITDA: |
|||||||||||||||||||||||||||
Non-GAAP net income |
$ |
16,354 |
$ |
2,766 |
$ |
32,941 |
|||||||||||||||||||||
Interest income, net |
(1,300) |
(1,381) |
(1,152) |
||||||||||||||||||||||||
Income tax expenses |
608 |
88 |
1,242 |
||||||||||||||||||||||||
Depreciation expenses |
3,300 |
5,259 |
4,006 |
||||||||||||||||||||||||
Adjusted EBITDA |
$ |
18,962 |
$ |
6,732 |
$ |
37,037 |
|||||||||||||||||||||
(a) To adjust stock-based compensation. |
WEIBO CORPORATION |
|||||||||
Three months ended |
|||||||||
March 31, |
December 31, |
||||||||
2016 |
2015 |
2015 |
|||||||
Net revenues |
|||||||||
Advertising and marketing: |
|||||||||
Key accounts and small & medium-sized enterprises |
$ |
88,126 |
$ |
44,667 |
$ |
81,323 |
|||
Alibaba |
11,120 |
34,493 |
48,204 |
||||||
Subtotal |
99,246 |
79,160 |
129,527 |
||||||
Weibo VAS |
20,044 |
17,130 |
19,498 |
||||||
$ |
119,290 |
$ |
96,290 |
$ |
149,025 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/weibo-reports-first-quarter-2016-financial-results-300267010.html
SOURCE