WB - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to Weibo's First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Ms. IR. Weibo's with Zhang Sandra Thank you. go ma'am. Please ahead,

Sandra Zhang

operator. conference call. you, Welcome to earnings XXXX quarter first Weibo's Thank

During Chief call Financial available Officer, broadcasted today, our the through Fei and our on Cao. Executive Weibo's Officer, IR The and conference Internet is website. being Wang also is Gaofei Chief

you today's the conference Before read remarks, statement Harbor would I Safe management call. in to like the connection with

expectations. that call, of are will statements, and not our facts, conference make we today's statements During statements historical including beliefs forward-looking

included Forward-looking and results this important date differ on release other no in Weibo with statements provided risks in other the factors filings the Report in law. conference the could assumes SEC. press obligation in materially required update contained this information, Weibo's forward-looking of involve A of number update this and Weibo hereof. call inherent Annual the uncertainties. those as obligation except statements. XX-F cause All to any as regarding and information such and under assumes to applicable statements to information no occurring elsewhere. actual forward-looking risks is from Further is

to like certain measures, certain that Weibo's of excludes and prospects. our remind discussion performance future non-GAAP measures and use today other a stock-based includes compensation non-GAAP We understanding better you which expenses. financial I'd gain Additionally, to comparative operating

our to expenses, release nature result core outlook. excludes more or and that our refer or losses, certain our indicative financials gains cash measures. are about not for of and future operating in to Our payments press our information non-recurring not are non-GAAP expected Please non-GAAP other items results or are in

to With would the over we'll a lines remarks, CEO, brief Gaofei like Q&A prepared this, session. the for our to management call Wang. open I turn Following

Gaofei Wang

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Fei Cao

earnings first Gaofei hello, you, Thank Welcome and call. quarter to everyone. Weibo's XXXX conference

our represented of camp MAU. traffic million, Let's reaching XX% users, mobile of of period. start user year XXX the for primarily MAUs with XX% X level due net our represented MAUs same million, In metrics. a MAUs. tough a a Weibo's a XXX year-over-year, basis, addition year-over-year MAUs sequential a DAUs of Weibo's million March reason during pandemic user last XXXX, the approximately to peak total reached decrease average decrease to with On X% reached

average addition basis, represented X a sequential our DAUs million users. net Our of

Turning to financials.

would the a As a non-GAAP results noted. on on otherwise unless reminder, all focus and year-over-year remarks my prepared basis are comparisons

Net to XXXX. Now an let net first guidance. exceeding Operating quarter XX%, was first a income of Weibo XX%, increase of an operating first highlights cents representing of XXX.X margin XXXX. Diluted for in increase income of the XXX.X high revenues EPS me XX%. X.XX to margin cents an representing XX%. end attributable financial was increase Weibo's an walk you million, net our through of compared million, of X.XX quarter was million, XXX.X reached XX%, our quarter of XXXX

revenues Now XXX revenues of revenues. of reached color let from me first XX% XX% approximately for give XXXX you ad some XX%. year. XXX.X revenue, total the on contributing of an last up increase Weibo's advertising million, and Mobile million, marketing quarter ad were

trends As a from market his ad Gaofei quarter. of provide consistent in management, longer no SME and indicated Weibo KA starting the business with prepared disclosure segment versus by internal remarks, this

growth our corner ad me from and some an instead. share perspective product on Let industry

and ad revenue traditionally to many delivering in consumption generation also XXXX, see ecommerce. opportunities gradually implementing has in quarter were in those celebrity viral of industries economies, plus of such KOL the heavy their become terms proposition in young great Weibo branding value emerging fulfill Weibo's the the massive sectors, their contributions to integrated brands, advertisers with new and listing verticals unique products and need. recognize as For of in content. particularly these marketing delighted were this with performance connecting We cornerstone of leading first funding customers domestic users increasingly our effects FMCG as

verticals growth tailwind rapid conception from luxury and leveraging momentum receiver verticals growing the shift been terms secular ecommerce. In effect, of Apart low base were the these fastest experiencing in have growth, automobiles, solutions. to check fees differentiated From marketing such other continued social target. our social be promotion followed largest as perspective, promoted the product ad part, display well and and by as add-ons, as

year, by momentum low relatively generated Mostly and year the top with as products double continue last Ad and from Alibaba ad work video correlated high way from last to the customers ad to ad driven time. business drive ad are promoted to our marketing Despite contribution many for an all benefiting from the XXX-hour by the both a ads was value achieve of time trends up, said, ad increase from well highly from encouraged humbled ad especially video underpinned users base good deliver of of pandemic. integrated which demand the merchants. growth. the XX.X new offerings strategies demand speaking accounts revenue relatively to delivered of and a mainly brands during our with XX%. for its ad program. growth, video revenue their operation, differentiated continuous from jump a Alibaba trends We product down as serving Alibaba and as trend growth spend base pricing That the platform continues digit our funnel also a of to from inventories first growth positive Revenue revenues may partnership quarter own marketing million, increase in its for the to change Alibaba to

earlier, in in communicated first entertainment primarily in million company attributable the will such an the the Value future. cannot going year. increase VAS, be we robust from interactive growth November quarter, derived sustainable acquired of assure revenue XX.X last to added XX%, revenue the As was to service, that

up and our expenses XXX.X of and margin income million, line of primarily XX%. amid Turning to capabilities. for operating proactively a spend video an as our XX%, costs investment, set in in in also higher was in The quarter channel profile XX%, related and first personnel the the Operating and and competition with market decent up million, representing an increase margin we of expectation, expenses. to step the spent were was first increase XXX.X due cost. Total costs quarter increase marketing

GAAP quarter compared Turning XXX.X net first spend the XX.X to to last last year. million was year. tax, measure, in for to income Weibo was tax income XX% XX% margin to of first under representing million, Net a the quarter income XX.X million attributable compared

Turning flow to sheet our balance items. and cash

March and the X.X million million, provided to expenditures the was cash, depreciation to totaled billion short-term As cash compared totaled XXX.X XXXX, equivalents cash XX, quarter of operating expenses and activities by XXXX, amounted of investments Weibo's In X.X first of billion X amortization million. XX capital December and as XX.X XXXX.

of by reflects outlook. also With current forecast let's now grow XXXX Lastly, quarter preliminary to a call to the financial view our me second over Weibo's basis. our constant on XX% subject change. We turn This currency Q&A and revenue operator talk about anticipate for and to to session. the year-over-year is the that, XX% let

Operator

question Your Yap line your from comes first Alicia from Instructions] [Operator of Please ask the Citigroup. question.

Alicia Yap

Language] the results. strong you. Thank on very Hi. [Foreign Congratulations

color May. quarter, could or April base So, wanted seeing little in the the or in first these especially to strong we outperformance of recovery, are and we first market strong first are the the Was the some continue going example, ad provide that of follow for Thank in ad the you'll bit a terms you. into on driven seeing like low April quarter, may May, that up budget vertical advertiser? with the be management in share week from quarter. of allocation trend also into a terms that Any trends gaining second see of secular by we are actually the these

Gaofei Wang

question. much Okay, you [Foreign very all, of for thank Language] first the so

be very Let's brief. just

growth QX only had So seeing quarter big the year, and part was the of number that low reason all, on reason. of due the year-over-year of a of but that to like base we QX we last was first of partially in last kind the have base, been

QX, qX, that the robust that this before the growth of And partially see also rate the reasons reason. can still of external about high performance also only talk talking the we about so the the internal as growth having me is let as and However, of advertisement. of QX

about FMCG example, verticals of externally, very are was So, well. of somehow And consumer-related the have still, all but to luxury example, we're we impacted also seeing beginning for if very of realize by industries and other and that robust, also set as the our policies the year-on-year are markets, and ecommerce the year, the the gaming for first also recovery in growth. talking some certain industry, competitive like many education the target which of and strived the automobile we the

performance. So very reasons. And something about internally, the this talking is about we're a also, vertical good

year, some our last been of doing of example, have kind For sales restructuring system. we

very So in much the to at had branding strong on team providing and service and those a past, sales for customers. was KA we service doing example, team that focused

also etc. is that that better reason like say that customers we that for because but approach the courses, to a we industry, from also also helping are focusing the teams to providing were actually of doing example, only providing SMEs, country, companies in but and a effectiveness, those our very also also marketing or is our of education of see relatively or the get services weaker those sales organizing to branding in and have of pretty the not branding SMEs, effectiveness we're However, But KA to other improve we last etc., sell also this lot that half download have the been QX performing of now dedicated much and the and a gaining on SME that in combined in grand work our that and some strength we customers and content gaming customers a pledges kind sales they much for have customers. services, are much either doing and terms higher strong helping activity second restructuring Weibo budget SME or could in on since for the system, competitiveness or year, they're now not from can after and

So to a customers. had backing the of part. the solution is growing to say automobile, growth the XX% - kind quickest of one and And also in we terms performance SMEs also, of which that or quickest say ad of is that the the of are to growing the almost like providing that growing package and quickest that is verticals whole

we've education this in However, the seeing sector. that growing biggest is the sector, brand been part actually

say to more stronger to that actually a ability gain word, in So from customers. budget our we having are

Alicia Yap

Okay, so thank you much.

Operator

you. Thank

next Our Please ask Xie comes Credit from from your question. Alex question Suisse.

Alex Xie

and taking very Thank for questions, my results. on you, congratulations manager strong

like strategic I'd about So ask in products. progress your of use the

initiatives increase will specific Thank the terms share what of to like product them? and would to in user key engagement your for your targets operations? design And some you. any be So you of

Gaofei Wang

[Foreign Language] Okay.

So thank you question. for this

First and the trying also and those QX of And sources also we that QX, in the access the sources. improving enhancements. this frequency focusing of are all, for example, first of some is last especially mentioning report, quarterly get on users, the year, since the from from user we efforts external have been is also frequency already and the and internal to work engagement low second to

And going example, interest-based talking QX, to the over those on of reason of from are XX% products driven consumption we growth QX lot are the super especially, growth a And example, for also talking scenarios we interest monetization, And videos. also that doing are only And why consumption for super like on is, those consumption help to user increase the are but and we enhance can monetization also content of and DAU the on the We topic. the activity we or the also as KOLs since this and is point see the and on the well this the emphasizing topic. focus third content video also in about, start campus, going the as And etc., more year. the like MAU exact gamers, had that the more more about and you engagement frequency core to of we the scale scenarios develop topic. the after and not also, kind of also us we accounts. the actually can size of the of also terms also that can of importantly super the

system. within on exactly spanned the of the is that focus enlargement the the videos time a So on

is So talking ads to also the the lot drive is in about that that industry for a and been don't any terms And big have to area. change. and is specifically also think in that we say QX And SME us traffic gaining this that there inventory important products. QX, I of

to we're in going So a focus word, three on just areas.

channel and on social focusing video to specific The increase also frequency second, third, products, first that the products. is that, and the content to access more is be more more

Alex Xie

Okay.

Operator

Thank you.

Thomas go next ahead. comes Jefferies. Our question from Please from Chong

Thomas Chong

[Foreign Language] Thanks, a my management the taking I questions. for cost side. to question just have relating

the in Given invest that to year, going you drive and engagement, growth you. together for to budget user we are spending this and Thank our share and in content can about more with trends R&D sales marketing?

Gaofei Wang

the [Foreign Language] let's the answer all, to give part. Alright, of you first in relation content

of on course, of this the from different video, quite investment about sorry. investment here So to content. are the this talking that the a competitive more to since kind the is or we particular fashion we you much content But know of year, focus landscape doing and also, are the to the investment to going

the China this NBA year, talking League like, and also similar. CBA, say we're also to League of last with is about year that and So Football Super the quite collaborations

going side that some side. lot to or in more Language] of talk you not like to business Weibo, So is commercial also [Foreign or are like going let's monetization or we those the and in a say not is focus on all, a kind but social to that are socialization accounts we're say work going of of to act kind do to buy sense. that second of a to about video we the actor, So which that that content to monetization

the pretty to we provide is that, of to that our are first much trying solution commercial of that the So customers all, marketing. to content is say focused kind on

inside that by created kind So our the top also that content the to also package, of we KOLs are solutions going put the regular KOLs. to a and providing those customers, altogether, include say that we're and is to kind of notch

So that will generate certain costs in this particular area.

you gross on about not are any area, this kind are we talking gross margin of of if the margins seeing sales However, deduction the particular here.

though this not the even let's And that to on talking [Foreign kind sales, Language] the the channel first is percentage figure about to absolute that side. increase about talk the against of expenditures total changing. the say of all, is but is going So also,

So as not that we the more have we on have channels. already going last or to stated definitely year, focusing since year are expense expenditure this

going user reasons also lower intense And all, kind And and the and ROI more competition that a to engaged is users. acquisition first second appraisal are more more are of the here, of in getting than having stringent users, particular also, view especially spend to So relatively competition higher say, is and the cost however, of because more of this we our users over having access of active that, also said money competitors. we area. all, our are to

So kind half is a balance going acquisition say try that, this we're year particular cost. time, US that to versus of to of to in investment the

a also, ROI over of of have to this to So kind to increase expenditure. conclusion the focus and since expenditure have of more appraisal the big that this of definitely that's going growth is indicator policies the channels. sustainable we going QX, of are more are that we seen the also And say on stringent particular already channels, we however, particular this on

Operator

you. Great, thank

comes question Alex next Please Morgan Ko ask Stanley. question. your from Our from

Alex Ko

management for you [Foreign Thank Language] question. my taking

have would financial impact impact to would operational the any on sense headwind like you. or fundamental? that like Thank of or like, So, the our regulatory fan on the any like business like crackdown, economy, like get a recent

Gaofei Wang

you talking about this question. know, also, And Language] [Foreign

but question IT just to that is opinions. I of not me share for a should some however, but all, Baidu say my Weibo this of have to on good very come this, you rather comment, let First

the of regulation. about think talking that levels I we're two So

But first is more But is they I platform Weibo. fan The crowd-sourcing, and of people about of that, platforms, are kind this But help platform illegal the economy. is thing to all a we're all, those those misleading kind actually or funding or the talking the of however, on or those think the topics discussing, ranking. Weibo. this one not first a hit that all are that, promotional of motion not particular funding like to kind also fans or

trying close the very of topic, think and very economy, talking communication second this And government. all, the that of this a common about China, a keeping direction. in in part a to And also, also the positive good and the on are this I we're eye to and close pretty direction that, world. Weibo, in particular I we relationship fan also also other with very here also So think divert is

activities. this So is KOLs And activities that like example, Weibo, the topic for also, year. been talked really has some some a fan do discussed positive their think the some economy to months and past for energy-oriented talking servicing more or that for that the called say their fans promotional engaging also half about of activities is to or I and charity

one of you quite wasn't for due still thing, have that to reality wasn't in time value as having complete, period the issue, emerge care KOL followers, this the is their the platform For their but something the very said particular charity or described, indicators there that a is we popular, also, driven. so when show was or by actually that created complete that place. and example, concern this together very And with of and agent the that, that and system quite very may this to is the about system problem and servicing positive say fans occur

and promotion advantage economy and of fan So some that trying of to benign. virtuous that, this the so-called of something quite but platforms that wasn't were taking

past been we eradicated of I So active the our is one seeing that another regulatory very bodies. Language] quarter, thing think communication have also, be afterwards. also need and And in [Foreign that to Weibo, a

to fans fans also over requirement management of that the are group, and as platforms such themselves. as the the and and the stringent Weibo, platform the that So for we very say well having big the as agency a also is KOLs

So a the should identities of the particular do. and fans to agent group company and is and or of we say for that manage thing verification followers also that necessary must us the also the of to that KOL

that development reality say, are allowing organized group, And for development also I any a very a activities we industry, the of reduction of kind that and to to impact not is beneficial over the is and this thing But on of also, of healthy fans according a fans management pause show this the the a kind whole seem by irrelevant So that thing think this some is the regulation. that. and that, of might kind this short-term this and temporary traffic seen stop of have a economy. on programs main

However, notion. I going particular are think to benefit it's this this we pretty for Weibo on gain long-term by managing manage much also, important as whole strictly a to and

Operator

Right, you. you. thank Thank

question-and-answer conference for that, the Thank today. have participating. the session. With conclude end you of we our So for reached we

disconnect. all may You

Weibo (WB) 10 May 212021 Q1 Earnings call transcript