Weibo Corporation (NASDAQ:WB) Q1 2019 Earnings Conference Call - Final Transcript

May 23, 2019 • 07:00 am ET


Weibo Corporation (NASDAQ:WB) Q1 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, standing by. And welcome to Weibo Report's First Quarter 2019 Unaudited 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 must advise you that this conference is being recorded today, Thursday, 23rd of May 2019.

I'd like to hand the conference over to the first speaker today, Mr. Sandra Zhang. Thank you. Please go ahead.

Sandra Zhang

Thank you, operator. Welcome to Weibo's first quarter 2019 earnings conference call. Joining me today are our Chairman of the Board, Charles Chao; our CEO, Gaofei Wang; our Senior Group CFO, Bonnie Zhang and our VP Finance and Interim CFO, Fei Cao. This conference call is also being broadcast on the Internet and it's available available through Weibo's IR website.

Before management remarks, I would like to read you the Safe Harbor statement in connection with today's conference call. During today's call, we may make forward-looking statements, statements that are not historical facts, including statements (Technical Difficulty) Hello (Foreign Language) including statements of our beliefs and expectations. 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. Weibo assumes no obligation to update the forward-looking statements in this call and elsewhere, further information regarding these and other risks, is included Weibo's Annual Report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as of the date hereof. Weibo assumes no obligation to update such information, except as required and for the applicable law.

Additionally, I'd like to remind you that our discussion today includes certain non-GAAP measures, which excludes stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating results and the future prospects. Our non-GAAP financial excludes certain expenses, gains or losses and other items that are now expected to result in future cash payments or that are non-recurring in nature will not be indicative of our core operating results and outlook.

Please refer to our press release for more information about our non-GAAP measures. Following management's prepared remarks, we will open the lines for a brief Q&A session.

With that I'd like to turn the call over to our CEO, Gaofei Wang.

Gaofei Wang

(Foreign Language) Thank you. Hello everyone and welcome to Weibo First Quarter 2019 Earnings Conference Call.

(Foreign Language) On today's call, I'll share with you highlights of Weibo's user growth, product and the monetization, as well as progress we made on key initiatives in 2018

(Foreign Language) Let me start with our first quarter financial results. We continue to see solid growth in revenues and user base this quarter. Our total revenue reached $399.2 million, up 14% year-over-year or 21% on a constant currency basis. Advertising and marketing revenues reached $341.1 million, up 13% year-over-year or 20% on constant currency basis with 85% of our