Q4 2021 Weibo Corp Earnings Call

March 3, 2022

Good day and thank you for standing by welcome to wastewater Corporation fourth quarter and fiscal year 2021 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question during this session.

Need to press Star one on your telephone please be advised that today's conference is being recorded if you require any further assistance. Please press star zero and now I'd like to turn the call over to the management team of Weibo Corporation. Thank you. Please go ahead.

Thank you operator.

Welcome to Weibo's fourth quarter and fiscal year 2021 earnings conference call.

Joining me today are Chief Executive Officer, Godfrey Walton and our Chief financial Officer and fatal.

The conference call is also being broadcast on the Internet and is available through Weibo's IR website.

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

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

We're looking statements involve risks.

Risks and uncertainties.

Important factors could cause actual result to differ materially from those contained in any forward looking statement Weibo assumes no obligation to update the forward looking statement in this conference call and elsewhere.

So the information regarding these and other risks is included in Weibo's annual report on form 20-F, and other filings with the SEC.

Oh the information provided in this press release is occurring as of the date hereof.

Weibo assumes no obligation to update section information, except as required under 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.

We use non-GAAP financial measures will give you a better understanding of <unk> comparative operating performance and future prospects.

Our non-GAAP financials exclude certain expenses gains and losses and other items that are not expected to be value in future cash payment or non recurring in nature and not indicative of our core offerings about an outlook. Please.

Please refer to our press release for more information about our non-GAAP measures.

No you mentioned in her remarks, we will open the lines for a brief Q&A session with this I would like to turn the call over to our CEO Golfie well.

To cut off.

Hello, everyone.

Thank you Hello, everyone and welcome to Weibo's fourth quarter 2021 earnings Conference call.

This is Hal.

I know Julien.

Okay.

This will be our units.

Great.

Let's put it.

On today's call I'll share with you highlights in Weibo's user product and monetization review the progress made in 2021 and elaborate on our strategies for 2022.

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Let me start we saw fourth quarter financial results in the first quarter, we achieved solid revenue growth on both annual and quarterly basis.

Attributable to our handset sales capability on key advertising industry as well as our efforts to further improve our monetization efficiency, despite macro and industry has been on the advertising business or total revenue reached $616 3 million in the fourth quarter, an increase of 20% year.

Or are you out of a typhoon and marketing revenues reached 558 million, an increase of 21% year over year with 94% of our revenue coming from mobile in the first quarter non-GAAP operating income reached $219 8 million, representing a non-GAAP operating.

Margin of 36%.

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Sure.

So full year 2021 weibo's total revenue reached $2 6 billion, an increase of 34% year over year advertising and marketing revenues were $1 98 billion, an increase of 33% year over year non-GAAP operating income reached eight countries and $29 9 million.

An increase of 43% year over year, representing a non-GAAP operating margin of 37% favorable volume you just would you be more well New York.

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On use of Franck waitlist, and they use reached $573 million and average day used reached $249 million in December 2021, an increase of 10% and 11% year over year, respectively, 95% or LIBOR meus came from mobile.

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As we review 2020, what we bought navigates through industry changes and deliver solid results on user growth product with monetization leveraging our core positioning as a social media platform and differentiated market competitiveness.

Product front, we shoving all edge in core functions like how chat and social attributes coupled with effective channel investment, we achieved double digit percentage growth of our user base year over year exceeding the peak level, we achieved the jewelry and clothing 19th operate in 2020.

Monetization, our revenues reached $2 6 billion up 34% year over year, representing a strong rebound from 2020, we further increased sleep with share of wallet in the advertising market. This year, mainly attributable to a traffic growth at efficient improvement stronger sales capability in key vertical.

As well as more competitive ad product metrics.

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So Judy I'm here.

Actually I apologize.

And that's when you have almost little next let me share with you our progress made in part of the monetization in the fourth quarter and lay out our key initiatives for 2022.

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Mhm.

In the first quarter of 2021 product.

Product accretion, we focused on improving weibo's monetization efficiency.

Renting our competitiveness in core features such as heartburn and social attributes coupled with effective channel investment, we delivered solid user growth and deepening user engagement, which in turn improved monetization efficiency.

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Our internal investment in the fourth quarter, we continued to lavish weibo's advantage in user acquisition cost and kept focusing on improving use of frequency.

Maintaining the number of users acquired our channel strategy on a channel strategy has till towards channels that effective drive use of frequency and the scale of targeted users.

Secondly, the number of users acquired from channel collaboration with smartphone manufacturers and operators continue to grow.

And Meanwhile, we further improve our product offerings to better serve users acquired through channel.

The way that we optimized our content quality and distribution capability of interest based video feed to improve user experience and frequency to consume content.

On the other hand, we.

Enhanced our capability to accurately identify tenant users interests and the characteristics and tailored product strategy to gradually lead user to shift toward a community based products such as Cooper topic.

While enhancing users' content consumption aiming to cultivate their mindset of using weibo and thus improve their willingness to proactively visit us and increased onboard bankruptcy.

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Turning to social attributes in Q4, we continued to enhance social functions of our products aiming to sustain the scale and engagement of our core users are relationship based feed we further enhanced capability of discovering and distributing high quality social content and if that could be promoted user consumption and until that.

Action in the relationship based defeat byproduct tactics, such as emphasizing exposure of social posts with high engagement in the top spot of the relationship our relationship based defeat, especially among users with low and medium user frequency and Meanwhile, we continue to optimize common structure of relationship base.

The seats and enhanced social attributes through increasing exposure from high quality video accounts and super topics.

Optimizing the distribution mechanism in the relationship based feed as a result, the number of engagement per thousand impressions delivered grew double digit percentage percentage percentage compared with that of December 2020.

On community based or product. It has a it has become an increasingly vital part within weibo's ecosystem.

Upon ensuring compliance of pen entertainment.

Entertainment business operations, we have largely reached our content verticals of super topics with emphasis on gaming sports and campus verticals and upgrading product framework, leading to the consumption of community based content by a broader use of a father used to put user group in Richmond.

More verticals.

At this stage the posed to generated from Super topic has reached nearly 20% of our total post on a daily basis.

In December 2021, we saw the number of users who consume consume consume community based content in sports gaming and campus verticals.

Notable growth year over year. These achievements give us confidence that our investment in these products will further enhance use of social stickiness and engagement on weibo and create growth opportunity for us in the new area actually mean from it.

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On the video front, we've continued to focus on expanding the scale of video accounts and improving their engagement as well as facilitating video content creation and consumption so as to deepen user engagement.

As of December 2021.

Over 25 million video accounts and the number of video accounts uploading videos on a monthly basis increased multiple times on annual basis.

I appreciate and user engagement, we focus on original video content creators, who can better drive user engagement and interaction and incentivize them to generate content to traffic and operational resources support, especially for those in our key content verticals.

On product side, we continue to enhance video product production functions and motivated top kols to create content and providing them with more interactive features. Meanwhile, as the number of media accounts increases we continue to improve content quality and distribution accuracy off the rack.

And then recommend to the BD feet further improving recommendation efficiency user engagement and video ad inventories.

Screaming, we kept improving product features and user experience of joined Black joined Mike left dreaming in multiple scenarios and further integrated joined Metlife streaming with key IP and events in core verticals, such as entertainment sports and gaming in order to further county.

They use as consumption behavior.

In December 2021, the da use of Weibo's live streaming.

More than doubled year over year.

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Let me briefly lay out our strategy for 2022 on the part of an operational fronts. We will strive to further grow weibo's user base and engagement from the flowing three aspects first on channel investment in view of Weibo's core user scale and the competitive landscape, we will put more emphasis on keeping.

The balance between user acquisition costs, and the monetization per use them and improving our iOS users acquired through channels and that's to keep the total user acquisition costs within a reasonable range in 2022 to.

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Second on Weibo's core competitiveness, we will continue to beef up our operational efforts around hot trends and social attributes.

To further solidify weibo's competitive mode in our core features to elaborate for one thing we will strengthen our strategic cooperation with partners in the media Entertainment gaming and sports sectors, advocating media and IP holders to lead topic discussion and facilitate the build out of social assets.

So as to enrich the supply of discussion materials are ground trending topics and IP on our platform.

For another.

As another key initiative in 2022, we will upgrade product functionality for Super topic.

Spending content verticals for interest based communities aiming to attract broader user base, especially younger generation to consume content.

To come from new products, and capturing incremental market share.

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Julian.

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To drive the highest earnings for them.

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On the monetization front, our AD revenues continued to post solid growth in Q4 up 21% year over year, despite external factors such as the macro environment and the policies the relative resilience in our advertising business was mainly attributable to two things first we bought <unk>.

From a relatively balanced industry mix with limited with exposure to those sectors hit hard and may directly lead to <unk> last year, such as our application and all our finance.

Lee our integrated brand plus performance at offerings resonate greatly with customers with spending needs and positions position us well in our marketing competition, which not only enable us to secure our wallet share in key industry, but also tap into other industries, and a quiet incremental clients and budgets.

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No.

From an industry perspective, despite a softer demand or demand side, Amit challenges from macro even better than our industry policies are traditionally strong industry, such as beauty and personal care food and beverage to receive products and automobiles continued to deliver solid growth in the fourth quarter and the team.

By our optimization and marketing strategies and service capabilities. Meanwhile, our strategic focus on sector, such as like a jewelry and apparel also paid off time contributing decent growth. This quarter, we have showcased weibo's differentiated value proposition to the market featuring the synergies.

Queen all products use a product and content operation for instance, we leverage trending topics Olympic games to be hot for anti domestic apparel brand and we also assemblies incorporated luxury brand shows two hour live streaming product such at offerings improve outcome.

Thanks, outperformance, leading to notably higher AD wallet share in this industry.

From a product perspective, we focus on optimizing and innovative AD formats to offer clients a diversified product portfolio, while further strengthening the synergies between our product and content operation So as to empower clients accumulate social assets and desert Ridge targeted audit.

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Heading into 2022 on the monetization front underpinned by uptake in traffic, we will step up our efforts and AD product optimization and sales execution to further enhance our monetization scale efficiency as well as market competitiveness.

First on a product leveraging weibo's differentiation and advantages with Janssen that innovation of content base to add product launching more AD product with a competitive edge, such as app opening and Hudson products, and thus driving adient.

Additionally, we will further optimize our AD placement capabilities for outperformance at offerings uplifting the conversion efficiency and clients outplacement experience in order to maximize the monetization efficiency of LIBOR inflammation feet.

Second from an industry perspective, leveraging there.

Resilience of Weibo's integrated brand plus performance at offerings in key verticals, we are dedicated to sustaining Eddie.

Revenue growth in these industries, while is pending the marketing combo of integrated brand plus performance at Wisconsin operation to more industries and clients aiming to attract incremental client and wallet.

As well as reinforce Weibo's competitiveness and market for instance, we plan to further upgrade our e-commerce product solution, mainly LIBOR many shop to enable clients improve conversion speed a closed loop solution a platform.

Finally on sales actually execution will continue to optimize sleep with sales structure and improving synergies with the operational team.

Back to formulate industry specific monetization strategies, which with more closely support weibo's marketing system and improve its overall monetization efficiency.

She was also due to our union trunnion of how would you want.

With that let me turn the call over to <unk> for financial review.

Central Gulf and Hello, everyone.

Welcome to Weibo's fourth quarter and fiscal year 2020, while earnings conference call other lender.

Powder remarks will focus on non-GAAP results.

Monetary amounts are in U S dollar apartment and all the comparisons on a year over year basis, unless otherwise noted.

We had another solid quarter to finish probably isn't what with annual revenues crossing the 2 billion Mark up 34% for the year, despite macro and industry headwinds.

On top of top line momentum, but also deliver the operating leverage in our store operating cash flow generated 820 912 immediate operating income on the 778 9 million in free cash flow.

Starting with user metrics in December to anybody what we've what I mean.

<unk> reached the five five for the 17th Bermuda and the 249, respectively.

Representing a net addition of 52 Amelia and Trevi familiar with her.

A year basis.

And plenty of time to what.

We have achieved a solid growth of user community leveraging our strengths in several public conversation and in fact people traveling you last night.

How do you into 2022 maybe I'll focus on integrating our product roadmap.

Bringing forth our differentiation in studying real time, the topic of conversation.

While navigating through the new regulatory landscape and making way for the go to platform to find out and discuss what's happening.

Meanwhile, they will beef up our investment in key content verticals.

As for online gaming.

Well to tap into a broader user community.

To improve user frequency and engagement.

Now, let me I'll go through our financial highlights for the fourth quarter and fiscal year 2021 .

Weibo's first quarter, but that revenue was $616 million I.

The increase of 30%.

Operating income was 219 8 million, representing an operating margin of 36%.

Net income attributable to Weibo reached about 195 5 million.

Our net margin of 32%.

Diluted EPS was <unk> 83, compared connected to that I mean plenty plenty.

Our full year 2020, what total revenue reached two point put this experience I increase of 34%.

Operating income was 890.

To Amelia Island.

There is a 44% representing operating margin of.

37%.

Net income attributable to Weibo.

718 5 million.

Representing a net margin of 32%.

Diluted EPS was 3.08 compared to 2.38 in 2020.

That may give you more color, our fourth quarter and the full year public company wide revenue growth.

Weibo's advertising and marketing revenues for the fourth quarter talking about he was.

$515 8 million.

The increase of 21%.

Mobile AD revenue reached to Spotify.

The 16 1 million.

Does that mean, I think 4% of our total AD revenue up from 91% last year.

Oh, you're talking you're talking about advertising and marketing revenue reached 1.98 billion I increase I'll start to surface that with mobile AD revenue possibility, 93% of total AD revenue up from 19% in public funding.

Yeah.

Let's start.

With fourth quarter performance.

We will close the year on a solid note sustaining double digit growth, even though the overall advertising market, what's happening at the macro and regulatory headwinds.

In terms of revenue contribution.

<unk> well I got a C T E Commerce, I'm, sorry C products.

In terms of ball luxury what's the fastest growing vertical all major wise.

This consumption sectors, including consumer Staples.

Discretionary demonstrated relative resilience against a tough market environment.

Turning to Weibo's unique value proposition in serving their integrated branding plus performance marketing needs during the ecommerce piece of paper.

From a product with that payer promoting the fees continued to be the largest part.

Over the past social display ads and search and the topic of ad offerings.

With toughening oversight.

Several ad offering.

Large screen at our team drive the two sir.

Our customers were.

Within our ecosystem and to mitigate the impact by facilitating them to switch to a desirable alternative for you.

Leveraging a full spectrum of social AD products they offer.

Yeah.

Moving on to full year talking you're talking about performance.

So any time you bought we bought demonstrated a solid recovery momentum.

The neighboring over 30% in the year over year growth in revenues underpinned abatis bothered about traffic uptake and all going at optimization.

We're also delighted to see stronger sales execution upon the integration between our K I 70 settlement, which enable them to stay softly focus on customers' industry specific needs.

Industry, our largest vertical WAF M C. G E Commerce, I'm, sorry C products.

Weibo has gradually become the product of many advertisers in these construction sectors.

By empowering them to lower H P O L England.

Collect waste generation senior author.

First for feeding their integrated branding plus performance needs.

And can you tell me what that curve like I'd have to say to you first see gaming and luxury outperformed whereas education entertainment and real estate sectors underperformed, mainly due to tobacco unrecognized rehabbing.

The ad product.

Most of the fees, what's the largest followed by social display ads either talking about to start.

Our full funnel social marketing product anywhere to competitive.

And it resonated greatly with Brad on Martinez with Weibo's differentiated ad offerings.

Our search for the topics leading decor.

Overall speaking and put it on Hawaii.

In fact, they've been navigated us through our traditional landscape and increased our AD wallet share among customers.

Whereas resilience in a challenging environment for them.

A supply perspective, because of AD revenue was primarily driven by traffic and sell through rate demonstrating higher monetization efficiency and the strong ourselves capability.

AD revenues from Alibaba for fourth quarter increased 24%.

So 45 plus million alright.

Alright isn't the way it is conservative or marketing strategies plenty of Honeywell.

Full year AD revenues from Alibaba decreased 8%.

$135 6 million.

Broadly cockpits elevates our expectations.

The decrease is all of that inventory build or to other e-commerce platform.

And Bret either at Heather with integrated branding plus performance marketing demand.

Before turning to VAT settlement.

That may give some color on the chest on her and plenty of it too.

Currently we expect with the softness in the overall advertising market.

Macro and regulatory uncertainty is waning a background where they are.

Sentiment.

That said, we believe the headwinds could be transient rather like structural with advertising in that change rate base on the secular growth driver.

Sorry themself.

In 2022, our team will be execution and work.

Leslie to fulfill customer depreciated, the marketing against a tough environment in the hope of Florida, I believe our monetization scale and adding efficiency.

But I did a survey that revenue.

$5 5 million in the fourth quarter increase of 9%.

The increase was primarily attributable to a full quarter of revenue booked from the interactive Entertainment company consolidated in November 20th hunting, well, partially offset by the decrease of revenue from that from last streaming business.

Full year plenty plenty of what that revenue.

276 4 million.

An increase of 36%.

Mainly resulted from incremental revenue derived from the interactive entertainment the company consolidated even though that might put the content on all our online gaming revenue.

Well, partially offset by the decrease of revenue on last or any business.

Turning to costs and expenses total cost and expenses for fourth quarter was 396 5 million an increase of 28%. The increase was primarily due to higher personnel related costs.

As well as desktop AD costs, mainly associated with physical AD campaigns execution.

Full year costs and expenses totaled a 144 billion compared to 111 billion.

Plenty.

Operating income in the fourth quarter, which will have a like an 8 million a increase of export that representing operating margin of 36% compared to 40% last year.

Operating income for full year 2020, but what they put in something like one 2 million, representing an operating margin of 37%.

With 34% in plenty of money.

We continue to balance as well between investment for growth on the margin performance.

Turning to income tax.

They've got better income tax expense for the first quarter was $45 6 million compared to a benefit of 25 plus million last year.

The increase of income taxes was primarily resulting from tax benefit booked in the fourth quarter of last year due to a preferential tax treatment of our subsidiary as a key software enterprise named Mcafee.

With lapsed in talking about what are the scope of detection true up for August for R&D expenses in the fourth quarter of 2000.

Full year income tax expenses.

138, 8 million compared to 51 5 million funding.

The increase was mainly resulted from first.

Higher profits and plenty of thought it was worth it to other countries second tax benefit booked in the plenty plenty due to preferential tax treatment of our subsidiary.

With that.

What.

Third tax liability recognized in plenty of time to what related to uncertain tax positions.

Net income attributable to Weibo in the fourth quarter was about how does that get five 5 million compared to 207 million last year.

That's part of it was 32% compared to 41% of February last year.

Net income for full year. So I just have you up with 718.

Julien representing a net margin of 32% flat with its plenty plenty.

Turning to our balance sheet and the cash flow either.

As of December our circuit.

Weibo's cash cash equivalents.

Short term investments totaled 30 caused by the <unk>.

Compare that to a very fast with gilead adopting kind of arthritic park plenty plenty.

The decrease was primarily resulted from the investment activities. We've made and was partially offset by cash provided of outbreak appetite on the proceeds from our global offering.

The fourth quarter cash provided by operating activities was $249 7 million capital expenditures totaled 11 clubs bright media.

Depreciation and amortization expenses amounted to $14 8 million a full year basis, Pat provided by all played out activities was 814 million capital expenditure totaled 35 million depreciation and amortization expenses amounted to $2 $55 million, we delivered upon.

Lately.

The $78 9 million of free cash flow in 2021 I increase of 10% year over year, representing our capability of delivering high profitability and generating strong operating cash flow.

Lastly, our December eight anybody what we successfully listed on the main board of Hong Kong South East change.

Where does the cold light by.

By eight through a global offering of 11 million class a ordinary shares.

As a newly listed the company on Hong Kong Stock Exchange we.

We need to comply with regulations and forego the common practices adopt by public companies in the Hong Kong market. Therefore, we will no longer provide financial guidance on that revenue growth going forward that that will be.

We remain committed to delivering sustainable growth of our revenue with based on the profitability and free cash flow generation and driving shareholder value in the long run with that let me now.

Third floor to the operator for the Q&A session.

Thank you.

Reminder, if you wish to ask a question. Please press star one on your telephone and wait for your name to be announced if you wish to withdraw your request. Please press the pound or Hashmi. Please standby, while we compile the question and answer roster. So once again the star one for questions.

Our first question comes from Alicia Yap from Citigroup. Please ask your question.

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So I understand company no longer provide the official guidance.

If the Hong Kong listing, but can management provide some colors or the directions as the latest sentiment despite the appetizer E E.

January or February that you are seeing is it more of the same as the fourth quarter. Thank you.

Hum.

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Alright. Thank you very much for your question. So first of all I have to say that in Q1, we're seeing a very good growth in terms of the advertisement placement in terms of the industry itself FMC G. The three D products and automotive some luxury products as well and also due to the external environment and also what is the regulatory headwinds.

The industry is really experienced some kind of negative growth for example.

In Q4 of last year, we've been having a lot of our regulatory activities over the life streaming e-commerce so rich.

Originally the plan to place some of you, but it's been during the Spring Festival period in Q1 of this year, but actually stopping doing doing so because of those headwinds of the renovation. So last year in Q1 actually this types of.

Revenue accounted for about 5% of our total revenue and also next Oh vertical is about the education. So you can see that.

Last year in Q1, they had the budget for the placement of advertisement, but actually this was impacted so apart from these two verticals that are heavily impacted for the other verticals I think that we are or positively enjoining of double digit growth and also apart from that we also had some of the a little bit.

Pat winds on the gaming industry as well as the e-commerce , but still overall speaking I think that develop.

That's pretty much good.

Hmm.

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Right.

Alright. Thank you. Our next question comes from Miranda Shrunk from Bank of America. Please ask your question.

Ladies and gentlemen.

Hong Kong C. Johnson.

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Thank you for taking my question.

Can management elaborate on the vertical realization strategy for 2022.

Verticals will you focus to expense.

Typically we bought had again strong traction in Olympics campaign.

So what kind of strategy will completely take for those sports vertical going forward. This year and also what kind of strategy will accompany you take for the online game vertical and.

Is there any impact from the Titan online game regulation environment.

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Thanks.

So first of all let me share some color in terms of the vertical of entertainment and then also culture. So in this particular vertical for entertainment.

Used to be a very important part for our accumulation of the traffic, but since the second half of last year, we've been seeing some kind of a re modeling and also reshuffling of this entertainment industry. So.

As did Brian no negative impact to our business and performance in Q3, and Q4 of last year, specifically on the traffic part and also in 2022 of course, we've been seen a very good transformation of this entertainment industry that was previously generated in terms of the Idaho based economy to pretty much to focus on that.

Product itself and also the production of the works. So you can see that.

This is the part one but still you know I'm talking about the topic. This is still in the process of being recovered and of course now in terms of the hot trend and also the hot search and we've been seeing that all of those I know listed topics on the <unk> trends are all pretty much based on the product or based on the works.

So in the second half of this year of 2022, we are going to see the traffic volume, which is going to be recovered.

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The entertainment industry.

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Okay.

So second part as you have mentioned something about the sports industry and actually know for the vertical of the sport.

It's also very important as important that stand attainment as one big part of the mass public consumption. So as you can see the last year talking about the Tokyo Olympics because of very much a big focus that would be again, a very good growth in terms of the traffic and also the number of users of using Weibo and also.

But this year's Winter Olympics in Beijing, we have been seeing that in terms of traffic and also the number of this is almost reaching the stages of the Tokyo Olympics and this is Ted.

Be honest with you I'm out of breath expectation.

Also in 2022. This is a big year for all the sports event for example in the second half of the year, we're going to have or Asia games and also at the end of 2022 of the World Cup as well. So that we are going to focus on the investment on the content. So that's how we're going to gain a very good growth in terms of the topics and also the number of users as well.

On this one and also last year in the Tokyo Olympics, and we'd be brining that some of the responses.

Also the sponsors of the athletes et cetera, we've been gaining around 40, plus more customers of placing their ads with us. So that this is another kind of a very good growth.

So previously we had quite conserve our conservative.

Patients on the performance during the Winter Olympics period, So we really believe that in the future in terms of the budget of those advertisers, we're going to have a big room for further improvement.

This is a very important in terms of the sports verticals.

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Okay.

And also a third of all in terms of the vertical of gaming. So now our focus is on the operation of the esports tournaments. So you can see that this has been showing a very good results and performance driven in Q4 of last year joined the adolescent league of legends.

Tournament that series and also another focus is on the investment to the esport teams. So this is going to further provide excellent content. That's what are the services to attract the young users and also sort of thing is that I know this year, we're going to dedicate ourselves continuously to the tournaments.

And these four games as well so of course, all those esports events are pretty much based on the mature and also the existing games. So we don't think that whether or not the licenses are granted to the new games and whether or not the new games are pretty much no lost launched in a massive way or last month with Wayne This year will have a big impact.

The Catholic plenty, but.

And of course, it is going through a little bit impact the budget gaining abilities southwest, but because the percentage of the revenue contribution from the gaming sector.

That is actually a little bit of <unk>.

More to our total revenue so we've been seeing not big impact in Q1 of this year, but of course as long as we are going to focus on the attractions of the new users and also paying attention to the activities of the users and time spent with Weibo off those young users, we're going to have a very big room for further improvement.

Sure.

Yeah.

Sure.

Alright. Thank you. So we have reached the end of the question and answer session I will turn the call back to the management team for closing remarks.

Okay. Thanks.

This wraps up our conference calls this quarter. Thank you for joining US we'll see you next quarter.

Okay. Thank you that does conclude our conference for today. Thank you for participating you may all disconnect.

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The session you will need to press star one on your telephone. Please be advised that today's conference is being recorded if you require any further assistance. Please press star zero.

And now I'd like to turn the call over to the management team of Weibo Corporation.

Please go ahead.

Thank you operator.

We'll come to it was fourth quarter and fiscal year 2021 earnings conference call joining.

Joining me today are chief Executive Officer, Coffee, Wang and our Chief financial officer feet tall.

The conference call is also being broadcast on Internet and is available through Weibo's IR website.

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

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

Looking statements involve inherent risks and uncertainties.

Important factors could cause actual results to differ materially from those contained in any forward looking statements.

<unk> assumes no obligation to update the forward looking statements in this conference call and elsewhere.

Further information regarding these and other risks is included in Weibo's annual report on form 20-F, and other filings with the SEC.

All information provided in this press release is occurring as of the date hereof.

Weibo assumes no obligation to update section information, except as required and the applicable law.

Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures.

<unk> excludes stock based compensation and certain other expenses we.

We use non-GAAP financial measures will be a better understanding of <unk> comparative operating performance and future prospects.

Our non-GAAP financials exclude certain expenses gains and losses and other items that are not expected to be valued future cash payments or non recurring in nature.

Not indicative of our core operating result and outlook. Please.

Please refer to our press release for more information about our non-GAAP measures.

No you mentioned in remarks, we will open the lines for a brief Q&A session with this I would like to turn the call over to our CEO <unk> Wang.

Fair enough.

You're asking about the IP.

Thank you Hello, everyone and welcome to Weibo's fourth quarter 2021 earnings Conference call.

Just have a quick question on the natural neutral viewpoint.

Can you tell me.

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T J b.

I'm going to touch on the R&M and turn it on.

On today's call I will share with you highlights in Weibo's user product and monetization we view the progress made in 2021 and elaborate on our strategies for 2022.

Sure.

Our Union this digital channel.

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Donald.

Let me start with our fourth quarter financial results in the first quarter, we achieved solid revenue growth on both annual and quarterly basis, mainly attributable to our enhanced sales capability on key advertising industry as well as our efforts to further improve our monetization efficiency. Despite <unk>.

And industry has been on the advertising business.

Total revenue reached $616 3 million in the fourth quarter, an increase of 20% year over year advertising and marketing revenues reached $550 8 million, an increase of 21% year over year with 94% of our revenue coming from mobile.

In the fourth quarter non-GAAP operating income reached $219 8 million, representing a non-GAAP operating margin of 36%.

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Thanks.

So full year 2021, Weibo's total revenue reached $2 6 billion, an increase of 34% year over year.

Tyson and marketing revenues were $1 98 billion.

Kris of 33% year over year non-GAAP operating income reached $829 9 million, an increase of 43% year over year, representing a non-GAAP operating margin of 37%.

Global volume just as you do more.

Well no reopening with I know one or two things.

Sure.

And so my balance sheet.

Yes.

You don't diabetes.

Okay.

On the user front Weibo's SME.

You've reached $573 million and average day used reached $249 million in December 2021, an increase of 10% and 11% year over year, respectively, 95% of LIBOR Meu's came from mobile.

Ian do you want to put them all.

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Sundar Grimoire excuse me Sean.

Michael <unk> Deutsche.

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Tony touched on LIBOR.

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So that should ultimately.

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Paul if I heard a theme here.

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Team, which even the people at Washington.

People, who just started to show you tonia, calling it shouldnt be a timing change any potential.

We view 2021, we would maybe get to industry changes and delivered solid results on mutual gross product with monetization leveraging our core positioning as a social media platform and differentiated market competitiveness.

Our monetization our revenues reached $2 6 billion up 34% year over year, representing a strong rebound from 2020, we further increased sleep with share of wallet in the advertising market. This year, mainly attributable to traffic growth and efficient improvement stronger sales capability in key vertical.

As well as more competitive ad product metrics.

I want you to Shanghai, and Suzhou to come here actually I apologize.

We are now open Natalia next let me share with you our progress made in part of the monetization in the fourth quarter and lay out our key initiatives for 2022.

So to do that.

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In the first quarter of 2021.

Accretion, we focus on improving labor monetization efficiency by strengthening our competitiveness in core features such as culture, and social attributes coupled with effective channel investment, we delivered solid user growth and deepening user engagement, which in turn improved monetization efficiency.

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Our internal investments in the fourth quarter, we continued to leverage Weibo's advantage in user acquisition cost and kept focusing on improving user frequency.

While maintaining the number of users acquired our channel strategy on channel strategy has till towards channels that could effectively drive use of frequency and the scale of targeted users.

Currently the number of users acquired from channel collaboration with smartphone manufacturers and <unk> continue to grow.

And Meanwhile, we further improve our product offerings to better serve users acquired through channels on the wellhead, we optimized our content quality and distribution capability of interest based video feed to improve user experience and frequency to consume content.

On the other hand, we.

Enhanced our capability to accurately identify users' interest and the characteristics and tailored product strategy to gradually lead user to shift toward community based products such as Super topic.

While enhancing users' content consumption aiming to cultivate their mindset of using weibo and thus improve their willingness to proactively raise it us and increased onboard bankruptcy.

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Jackie on time here.

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What's your question.

When you look at our motion team, which I tend to yield the shipping cost.

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Curious, how many of them yet and we tend to introduce Danny Chung.

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Patrick.

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Meanwhile, your genes have heightened with a comprehensive internal champion at ABB.

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Thanks, Josh and thanks.

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So credit to the team with you soon.

The label that some of these production out to them with the submission.

Yes.

Turning to social attributes in Q4, we continued to enhance social functions of our products aiming to sustain the scale and engagement of our core users.

Our relationship based feed we further enhanced capability of discovering and distributing high quality social content and if that could be promoted user consumption and interaction in the relationship based feed byproduct tactics such as in emphasizing exposure of social posts with high engagement in the top spot of the relationship the relationship.

With base defeat, especially among users with low and medium use of frequency and Meanwhile, we continue to optimize common structure of relationship based feed and enhance the social attributes to increasing content exposure from high quality video accounts and super topics by optimizing the distribution.

Mechanism in the relationship based feed.

As a result, the number of engagement per thousand impressions delivered grew double digit percentage the percentage percentage compared with that of December 2020.

Community based or product. It has it has become an increasingly vital part within weibo's ecosystem.

Upon ensuring compliance of entertainment.

More verticals.

At this stage the posed to generated from Super topic has reached nearly 20% of our total post on a daily basis.

In December 2021, we saw the number of users who consume consume consume community based content in sports gaming and campus verticals.

Notable growth year over year. These achievements give us confidence that our investment in these products will further enhance use of social stickney.

Statement on LIBOR and create growth opportunity for us in the new area.

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Thank you Tony.

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Leveraging content can be summed up in mix.

On video front, we've continued to focus on expanding the scale of video accounts and improving their engagement as well as facilitating video content creation and consumption so as to deepen user engagement.

As of December 2021, there were over 25 million video accounts and the number of video accounts App loading videos on a monthly basis increased multiple times on an annual basis.

Accretion and user engagement, we focus on original video content creators, who can better drive user engagement interaction and incentivize them to generate content to traffic and operational resources support, especially for those in the key content verticals.

Product side, we continue to enhance video product.

<unk> functions and motivated top kols to create content to providing them with more interactive features.

Meanwhile, as the number of media accounts increases, we continue to improve content quality and distribution accuracy of the recommend recommended a video feed.

Further improving recommendation efficiency user engagement and video ad inventories.

Screening, we kept improving product features and user experience of joined Black joined Mike left screaming in multiple scenarios and further integrated joined Metlife streaming with key IP and events in core verticals, such as entertainment sports and gaming in order to further counties.

They use as consumption behavior in December 2021, the da use of Weibo's live streaming.

<unk> more than doubled year over year.

Okay.

On the T sand along with BMO.

Cogent tornado corcovado colleague I'll be able to get more question I'm glad you.

Congrats Glenn.

But we're patient and the pendulum swung infusion Chataqua alright.

You quoted oxidize chicken.

Let me briefly lay out our strategy for 2022 on a product and operational fronts. We will strive to further grow weibo's user base and engagement from the following three aspects.

First on channel investment in view of Weibo's core user scale and the competitive landscape, we will put more emphasis on keeping the balance between user acquisition costs and the monetization per user and improving our iOS users acquired through channels and that's to keep the total user acquisition costs within a reasonable range in 2010.

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Amit.

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Hi, Thanks to Jim Sheehan with him in that you're not going to attack it.

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And we're able to win that's when we'll get an introduction on television.

Well again, we believe in fibre channel that's helpful. Duncan continues to shrink.

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Second on Weibo's core competitiveness, we will continue to beef up our operational efforts around how trends and social attributes.

To further solidify weibo's competitive mode in our core features to elaborate for one thing we have strengthened our strategic cooperation with partners in the media Entertainment gaming and sports sectors, advocating media and IP holders to lead public discussion and facilitate the build out of social assets.

So as to enrich the supply of discussion materials around trending topics and ip's on our platform.

For another.

Another key initiative in 2022, we will upgrade product functionality specific topics.

Pending content verticals for interest based communities aiming to attract broader user base, especially younger generation to consume content.

Two continued product.

Extremely incremental market share.

Yeah.

Any statements made during the call.

King.

That just got approved it.

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Attention.

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Leveraging.

Sure.

Sports Authority.

We can buy.

Chinese national teams and athletes who joined <unk>.

Sure.

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Subsequent interactions.

Julian.

Yeah.

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And Henry.

From athletes worldwide.

$45 million.

Accumulated.

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And.

Completion of this population.

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Kathy.

Winter holiday.

Our label platform.

Totally totally.

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450 billion.

Please continue.

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David.

That was a unique value proposition.

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Jay.

Uhm.

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System.

One <unk>.

Monetization.

With top content creators.

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Nearly 50%.

Mike.

What's equally.

Looking forward to 2022.

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To drive higher earnings for them, which would imply smartphone.

And in July .

Yeah.

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In Q2.

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My question in English.

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The reason for that.

Adam.

What kind of creatures.

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Jos.

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For Q4.

Okay.

Consulting experience so as to deepen user engagement.

Thanks Shane.

So you can.

Ladies and gentlemen, congrats.

Congrats.

When we usually Asia, they would've gone Shaw video market.

This will hinder you will be able to cope with.

What we do from the Chilean <unk>.

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In terms of suddenly dropped in Q2.

China Pizza, Oklahoma.

On June two.

I feel the cool pool, which I'm going to use it.

Okay.

And when you lose them.

That would put us at Oklahoma yield is truly a woman cohorts you out of all your question.

Cool.

On the monetization front, our AD revenues continued to post solid growth in Q4 up 21% year over year, despite external factors, such as the macro environment and industry.

Policies the relative resilience in our advertising business was mainly attributable to two things first we were benefited from a relatively balanced industry mix with limited with exposure to those sectors hit hard and May directly lead free practice last year, such as our application and all our finance.

Secondly, our integrated brand plus performance at offerings resonate greatly with customers with spending needs and positions position us well in our marketing competition, which not only enable us to secure our wallet share in key industry, but also tap into other industries and a quiet incremental clients and.

Budget.

Haynesville Permian from the usual.

You don't go to the occupancy summa sheetrock chunk in one country.

So the political issues you were talking to <unk>.

Too much of your chartering opportunities.

It's the second quarter.

So as it embarks a equivalent of horizontal.

To ensure continued antonio cargo to come yet.

Pete shift with them.

Okay.

This routine.

Yes.

Got it.

<unk> booked hung in a geography cancun vertical.

No.

And then Liam CFO Ashish Kohli.

Seasonal approvals so it doesn't leave at that.

Okay.

Tissue.

So rod comment Tony Tony to Congress.

Can we get a couple of components attention to them.

Potential Congress.

And the answer is absolutely.

We.

We're able to change it.

No.

From industry perspective, despite a softer demand or demand side, Amit challenges from macro environment industry policies are traditionally strong industry, such as beauty and personal care food and beverage <unk> products and automobiles continue to deliver solid growth in the fourth quarter and the team.

By our optimization and marketing strategies and service capabilities. Meanwhile, our strategic focus on sector, such as luxury and apparel also paid off.

Contributing decent growth this quarter, we have showcased weibo's differentiated value proposition to the market featuring the synergies between our products use a product and content operation for instance, we leverage trending topics Olympic games to build high before and top of domestic apparel.

Our brand and we also simulate incorporated luxury brand shows two hour live streaming product such at offerings improve our clients' outperformance leading to notably higher at wallet share in this industry.

On LIBOR.

Thanks Shannon.

Could you don't like to call attention charging can we keep.

They are pushing work.

Finish on it push it out to me.

Second quarter, mainly due to go live with <unk> touch on two named machine to machine to look and go up to be hygiene linear wrong attention.

So downtime into the single assumption not only with the schedule.

Well done team of Yoga show, we're going to learn the meat treatment a lot of unusual myself.

So you can be looking at anything Sean.

G&A, but can you talk a little more for that.

The confusion.

Turning to Switzerland.

Ladies and gentlemen that Michigan junction telephone call.

Sure.

The control cohort.

Sure.

So new English audience, I mean <unk>.

Yes.

One that you can sell it to fund.

What's your tuna on either cohort.

Shanghai Guangzhou and.

It seems to me too.

The shuttle mainly to conjuncture you want to show you just mean Shouldnt go ahead Cindy.

And the fifth cohort yet.

The entire portfolio.

Either unable to Intouch.

But you can be able to finish up.

Heading into 2022 on the monetization front ended pins by uptake in traffic, we will step up our efforts and AD product optimization and sales execution to further enhance our monetization scale efficiency as well as market competitiveness.

First on a product leveraging wave with differentiation and advantages with Janssen that innovation of content based AD product launching more AD product with a competitive edge, such as app opening and Hudson products and thus driving at the end.

Additionally, we will further optimize ad or AD placement capabilities for outperformance at offerings uplifting the conversion efficiency and clients AD placement experience in order to maximize the monetization efficiency of Weibo's information feed.

From an industry perspective, leveraging the.

Resilience of Weibo's integrated brand plus performance at offerings in key verticals, we are dedicated to sustaining our steady revenue growth in these industries, while is pending the marketing combo of integrated brand plus performance at Wisconsin operation to more industries and clients.

Turning to attract incremental client and wallet.

As well as reinforce Weibo's competitiveness and market for instance, we plan to further upgrade our e-commerce product solution, namely Weibo, many shop to enable clients improve conversions through the closed loop solution on our platform.

Finally on sales execution, we will continue to optimize sleep with sales structure and improving synergies with the operational team.

DAP to formulate industry specific monetization strategies, which with more closely support weibo's marketing system and improve its overall monetization efficiency.

I don't know what the only topic that you do are.

Are you how would you work with that let me turn the call over to <unk> for financial review.

Thank you Godfrey and Hello, everyone.

Welcome to Weibo's fourth quarter and fiscal year 2021 earnings conference call.

The lender my prepared remarks will focus on non-GAAP results or monetary Amas I mean, you asked the other carbon and all the comparisons on a year over year basis, unless otherwise noted.

<unk> had another solid quarter to finish putting aside the what with annual revenues crossing the 2 billion Mark.

34% for the year, despite macro and industry are happening.

A lot of top line momentum, we also delivered a decent operating leverage and a strong operating cash flow generated $829 two immediate operating income.

778, 9 million in free cash flow.

Starting with user metrics in December 2021 we would I mean on average the U S reached five five for the 17th Bermuda and the 249, respectively.

A net addition of $52 million either party familiar with or a year over year basis.

In plenty of time to what we.

We have achieved a solid growth of user community leveraging our strengths in serving the public conversation and effective channel investment.

Heading into 2022, maybe I'll focus on integrating our product roadmap.

To reinforce our differentiation in starting really kind of the topic of conversation.

While navigating through the new regulatory landscape and making way for the go to platform to find out and discuss what's happening.

Meanwhile, they will beef up our investment in key content verticals, such as sports and online gaming.

Additionally, as well to tap into a broader user community.

To improve user frequency and engagement.

Now, let me walk you through our financial highlights for the fourth quarter and fiscal year 'twenty budget what.

Weibo's first quarter for total net revenue was 616 million.

The increase of 20%.

Operating income was $219 8 million, representing an operating margin of 36% net.

Net income attributable to Weibo reached about 195, what's fascinating.

And that margin of 32% diluted EPS was <unk> 83, compared connected to assess I mean plenty plenty.

For full year 2020, what total revenue reached two point 36 billion an increase of 34%.

Operating income was 839 to a median increase of 44% representing operating margin of 37%.

Net income attributable to Weibo.

718 5 million.

Representing a net margin of 32%.

Diluted EPS was 3.08 compared to 2.38 in plenty plenty.

That may give you more color, our fourth quarter and the full year public company wide revenue growth.

Weibo's advertising and marketing revenues for the fourth quarter typically would be what.

$515 8 million.

The increase of 21%.

Mobile AD revenue, it's the first time.

J F 16, but what made it.

19, 94% of our total AD revenue up from 91% last year.

Oh, you're talking you're talking about advertising and marketing revenue reached 1.98 billion, an increase of 35% with mobile AD revenue possibility, 93% of total AD revenue up from 19% in clubs pardon me.

Yeah.

Let's start.

With fourth quarter performance.

We will close the year on a solid note sustaining double digit growth, even though the overall advertising market, what's happening off amid macro and regulatory headwinds.

In terms of revenue contribution.

Top there what do you call it well I got a C. G E Commerce I'm sorry, the paradox.

In terms of both luxury what's the fastest growing vertical all major wise.

This call sub sectors, including consumer staples, and the discretionary demonstrated relative resilience against a tough market environment speaking to weibo's unique provider population in starting their integrated branding plus performance marketing needs the Orient.

E Commerce pick basis.

From a product like that here.

The fee is continues to be the largest part.

Oh, the best social display AD I, just start on the topic of AD offerings.

With <unk> oversight.

Several ad offering.

As large screen at our team drive to serve our customers within our ecosystem and to mitigate the impact.

And then to switch to a desirable alternative here.

Leveraging a full spectrum of social AD products that they offer.

Moving to full year suddenly talking about performance.

So anytime you're what we bought demonstrated a strong recovery momentum.

The neighboring over 30% in the year over year growth in revenues underpinned abatis bothered about traffic uptake and all going at optimization.

We're also delighted to see stronger sales execution upon the integration between our K I 70 settlement, which enable them to assess softly focus on customers' industry specific needs.

Industry, our largest vertical WAF M C. G e-commerce , I'm, sorry fee products.

Weibo has gradually become the product of many advertisers in these construction sectors.

By empowering them to leverage Kols influencers.

Collect with generations they use ours.

Was that for feeding their integrated branding plus from ethylene.

And can you tell me about that.

Paris, like Atlas 83 feet gaming and luxury outperformed that whereas education entertainment and real estate sectors underperformed Lenny do tobacco I recognize were happening.

The ad product for them.

Most of the fees, what's the largest followed by social display at the top you got to start.

Our full funnel social marketing product anywhere to competitive.

And it resonated greatly with Brad and Mark had with Weibo's differentiated ad offerings.

Our search for the topics leading decor.

Overall speaking in public time he was from.

But back to your bill navigated that through our traditional landscape.

Increased our AD wallet share from customers.

Whereas resilience in a challenging environment.

From a supply perspective.

AD revenue was primarily driven by traffic and sell through rate demonstrating higher monetization efficiency.

Hunk ourselves capability.

AD revenues from Alibaba for fourth quarter decreased 24%.

So 45 million.

Alright eating away at the East coast Summer type of marketing strategies and plenty of Honeywell.

Full year AD revenues from Alibaba decreased 8%.

About $135 6 million.

Deposits elevates our expectations.

Okay.

The decrease is all of that inventory build or to other e-commerce platform.

And Bret advertisers with integrated branding plus performance marketing demand.

Before turning to that segment.

It may give some color on the chest on her in a tiny part of it too.

Currently we expect with the softness in the overall advertising market.

In light of macro and regulatory uncertainty waning segment.

Yeah.

You bet.

That said, we believe the headwinds could be transient rather like structural with advertising in that change rate base on the secular growth driver yeah, sorry themself.

In 2022.

Our team will be execution and walk the lumps lately to fulfill customers differentiated marketing against a tough environment.

The whole of Florida of lifting our monetization scale and add efficiency.

But I did a survey of flat revenues.

Five 5 million in the fourth quarter increase of 9%. The increase was primarily attributable to a full quarter of revenue booked from the interactive Entertainment company consolidated hitting on November 20th hunting, well, partially offset by the decrease of revenue or something that from last streaming business.

Full year <unk> that's revenue.

276, 4 million an increase of 36%.

Mainly resulted from incremental revenue derived from the interactive entertainment the company consolidated them all of them are across the country and all are all like any revenues.

While partially offset by the decrease of revenue unless you're in the business.

Turning to costs and expenses total cost and expenses.

Our quarter was.

Like I say 5 million, an increase of 28, but that the increase was primarily due to higher personnel related costs.

Well I'll start AD costs, mainly associated with physical AD compares execution.

Full year costs and expenses totaled the 144 billion compared to 111 billion.

Pardon me.

Operating income in the fourth quarter, which will have a like an 8 million a increase of export that representing an operating margin of 36% compared to a 40% last year.

Operating income for full year 2021 what they put into something like one 2 million, representing an operating margin of 37% compared with 34% and plenty of money.

They continue to balance between investment for growth on the margin performance.

Turning to income tax and the fact bagger income tax expense for the first quarter was $45 6 million compared to a benefit of 25, plus 1 million last year.

The increase of income tax expenses was primarily resulting from the tax benefit booked in the fourth quarter of last year due to a preferential tax treatment of our subsidiary as a key software enterprise named Mcafee works.

Left in talking about what are the software deduction true up for August for R&D expenses in the fourth quarter of 234.

All year income tax expenses were.

<unk> hundred 38, plus eight media compared to 61 5 million increase was mainly resulted from.

Higher profits from 12, you thought it was worth it to put the country second tax benefit booked in the tiny tiny due to preferential tax treatment of our subsidiary thoughts I pass it.

With that he thought he thought he wants and third tax liability recognized in Putney Putney what related to uncertain tax positions.

Net income attributable to a label in the fourth quarter was about how does that get five 5 million compared to 247 million last year.

Boston was 32% compared to 41% of same period last year.

Net income for full year. So I think all of you up with $718 million, representing a net margin of 32% flat with its pretty funny.

Turning to our balance sheet and the cash flow either.

As of December our circuit.

Weibo's cash cash equivalents.

Short term investments totaled 30 caused by the comparator Tewkesbury parthasarathy adopting kind of arthritic park plenty plenty.

The decrease was primarily resulted from the investment activities. We've made and was partially offset by cash provided our appraisal appetite on the part.

Receipts from our global offering.

In the fourth quarter cash provided by operating activities was $249 7 million capital expenditures totaled $11 3 million.

Depreciation and amortization expenses amounted to $14 8 million a full year basis, Pat provided about I'll pick out activities was 800, the fortune media.

The expenditure totaled 35 on the money out of depreciation and amortization expenses amounted to $2 $55 million, we delivered approximately seven.

Hundreds of $78 9 million of free cash flow in 2021 I increase of 10% year over year, representing our capability of delivering high profitability and generating strong operating cash flow.

Lastly, our December eight plenty plenty, what we successfully listed on the main part of Hong Kong stock exchange.

Sort of stopped cold night by eight through a global offering of 11 million class a ordinary shares.

You may listen to the company on Hong Kong stock exchange.

To comply with regulations and forego the common practices adopt by public companies in the Hong Kong market. Therefore, we will no longer provide financial guidance on that revenue growth going forward.

That way they may.

<unk> committed to delivering sustainable growth of our revenue with based on the profitability and free cash flow generation and driving shareholder value in the long run.

With that let me now tell them.

Put a car to the operator for the Q&A session.

Thank you as a reminder, if you wish to ask a question. Please press star one on your telephone and wait for your name to be announced if you wish to withdraw your request. Please press the pound Koharski. Please standby, while we compile the question and answer roster to once again the star one for questions.

Our first question comes from Alicia Yap from Citigroup. Please ask your question.

Hi, Thank you I wanted me to watch on haul are watching them go one way yeah.

To meet that goal certainly it sounds like how would you break it took up on Sunday.

That should Tijuana, and Guadalajara novelty songs young Hot people slaw, one couch, they equal out whole family easy yet.

She oh.

It's one that she should you'll mail pieces you do go how kantar Cisco beat out yeah.

Once these findings.

So I understand company no longer provide the official guidance.

After the Hong Kong listing, but can management provide some colors on the directions as the latest sentiment in spite the appetizer you know if you know January or February that you are seeing is it more of the same as the fourth quarter. Thank you.

Okay.

Switching from <unk> to kind of I don't know.

You heard from Craig.

She Trump our short I am.

Which you don't get a coupon that golf Amit.

Sure.

Today, Youll hear from London, England rugby.

Usually in shock.

Cumulative share equivalent I cannot tell you what <unk> got somebody to ship within the Permian.

We cannot union.

Uh huh.

Our HSM Fujian Guangxi phase one.

The windshield of the time that you did want to get into content digital media TMT nickel Congo, Gisela wholesale that's infants usual opinions on whether you do shows WWE.

On the chart and the introduction in Austria, So many general hydroponics downtown the whole calendar.

Sure Phil.

Got it.

So you don't know yet.

Sure.

It's also hard to say, it's only prudent if not no serious or would you anticipate easily.

She'd highlight kind of on the bulker bulk.

I'll Cook are challenged.

So the other Asia clients Anthony it's Jonathan.

Hum.

Hi.

So there you go downstream.

Uh huh.

Okay. Thanks.

Two.

Okay.

Alright. Thank you very much for your question. So first of all I have to say that in Q1, we're seeing a very good growth in terms of the advertisement placement in terms of the industry itself FMC G. The three D products, and Automotives and luxury products as well and also due to the external environment and also what is the regulatory headwinds some of the <unk>.

Industry is really experience some kind of negative growth for example.

In Q4 of last year, we've been having a lot of our regulatory activities over the live streaming e-commerce . So originally.

Originally they plan to place some of you, but it's been during the Spring Festival period in Q1 of this year, but actually stopping doing doing so because of those headwinds of the regulation. So last year in Q1 actually.

Types of revenue have kind of for about 5% of our total revenue.

So next efecto vertical is about the education. So you can see that.

Last year in Q1, they had the budget for the placement of advertisement, but actually this was the have the impacted so apart from these two verticals that are heavily impacted for the other verticals I think that we are or positively enjoining of double digit growth and also apart from that we also had some of the a little bit.

Headwinds on the gaming industry as well as the e-commerce , but still overall speaking I think the development pretty much good.

Hmm.

Okay.

Uh huh.

Okay.

Alright. Thank you. Our next question comes from Miranda Shrunk from Bank of America. Please ask your question.

Gotcha.

He ran a bunch of Hong Kong C. Johnson.

Now with one issue fancy Johnstown listen Johnny's God. Thank you Sheila.

So how long do you see it you should see hi, Julien.

Yeah, Hello, It's you don't you can see here Youll Tito just constantly woodall Joseph will push out.

So you're going to you don't you're not just you who don't know Johnson Don shot that used to go to it. It's just that I wish you could see what the how do I go do sure Youll see trio Wow Jeez I wish them now, let's see you wanted a whole year to go how either you go down sort of one thing I'll tell you what my emails from younger you're going so just didn't know.

Thank you for taking my question can management elaborate on the vertical realization strategy for 2022.

Which verticals, where you feel because two expense spin.

Specifically, we bought had again strong traction in Olympics campaign.

So what kind of strategy will completely take for those sports vertical going forward this year.

And also what kind of strategy will accompany take for the online game vertical and is there any impact from the Titan online game regulation you Baumann. Thank you Susan.

So gentlemen, tying Jackson.

Some people will go down the FICO.

Uh huh.

And it.

Yes, how many passionate and kind of on a girl play along to the wind, Italy Asia volume or so.

Sure Tycho.

On a year on their own time coming here for me.

No.

For me and John Sheehan.

Thank you.

The Iranians when I say that on the wing.

Sure sure. So we can get them more ship charter nowadays and when you're talking way across national and take on that.

When you look on the Sydney at times.

Two of them, which has all kinds of UBS.

Samsung.

When you show magnified kindergarten, Oregon for Pizza.

We have taken some relatively.

Sure.

And Kevin in terms of.

Uh huh.

We put out.

Sure.

Thanks.

Okay.

So first of all let me share some color in terms of the vertical of entertainment and then also culture. So in this particular vertical for entertainment.

Used to be a very important part for accumulation of the traffic, but since the second half of last year, we've been seeing some kind of a re modeling and also reshuffling of this entertainment industry. So there's did brain no negative impact to our business and performance in Q3, and Q4 last year, specifically on the traffic part and also in 'twenty.

22 of course, we've been seen a very good transformation of this entertainment industry that was previously generated in terms of the Idaho based economy to pretty much to focus on the product itself and also the production of the works. So you can see that.

This is the part one but still you know talking about the traffic. This is still in the process of being recovered and of course now in terms of the hot trend and also the hot search and we've been seeing that all those that know listed topics on the <unk> trends are all pretty much based on the product or based on the works.

So in the second half of this year of 2022, we are going to see the traffic volume, which is going to be recovered.

To the stage before the regulation on the entertainment industry.

No.

It went down to when we're going to make this year.

So yeah, I'm actually in London, They don't talk to anybody.

Sachin you Antonio.

Well, then clearly we cannot horrible daily round.

That's only a few times I mean, you should not go off waiting a final women's at peak.

Upon them down to the kitchen.

Not only are they a cough, we'll touch below you cheat.

And you are in yen.

Can you just touch upon yet so it's both Virginia, it's Kevin Yeah, Yeah real quick.

Thank you Debbie.

Two from me.

Sometimes a tissue and they want them in the Purion, Ms Johnson, <unk> coffee and ship them yet.

With that I don't have a way Bob.

You did ask in the booming, which you don't want be a condo.

The centers from Basel.

<unk>.

Tom Coughlin, whether it turns out how hachure, becoming shadow okay.

There is a little challenging to yet.

Two giant quicker I believe around <unk>.

So it was a couple of your supplement will conduct.

Got it.

Yes.

Hum.

Toyota and junior to them get them they got home.

So second part as you have mentioned something about the sports industry and actually know for the vertical of our sport. This is also very important as important that stand attainment as one big part of the mass public consumption. So as you can see the last year talking about the Tokyo Olympics.

Because of our very much our big focus that would be again, a very good growth in terms of the traffic and also the number of users of using Weibo and also for this year's Winter Olympics in Beijing, we have been seeing that in terms of traffic and also the number this is almost reaching the stages of the Tokyo Olympics and this is.

To be honest with you I'm out of breath expectation and also in 2022. This is a big year for all the sports event for example in the second half of the year, we're going to have or Asia games and also at the end of 2022 of the World Cup as well. So that we are going to focus on the investment on the content. So that's how we're going to gain a very good growth in terms of the traffic.

And also the number of users as well on this one and also last year in the Tokyo Olympics.

Finding that some of the responses.

And also the sponsors of the assets et cetera, we've been gaining around 40, plus more customers of placing their ads.

With us so that this is another kind of a very good growth. So previously we had quite conserve our conservative expectation on the performance during the Winter Olympics period. So we really believe that in the future in terms of the budget of those advertisers, we're going to have a big room for further improvement.

So this is a very important in terms of the sports verticals.

The <unk>.

If I may lag kind of on an opinion, that's why as you know Patrick <unk> Yoshida San.

That she asked you to atrophy this call.

No issue between the two.

With unions that they used to tell me for me its release yet.

To conclude the hydrogen.

In June which until she won't go go go.

I mean, that's one piece of that.

The opinion <unk> Chief Accounting officer.

Oh sure Papoose unit I will come on to sit on them and then they go down and hopefully you'll come a time either.

Okay, Google their hydrogen Chongqing and Youll see the leading genome Italian wish you said I mean no question at all.

Thanks, so much and digital which one cut.

Well.

Well Mohan we are conducting a whim.

I think he was just rounding but I think you said 10 dehydrofreeze onshore the delavan.

Maintaining that until we release actually couldn't afford a complete which you can put up way up sequentially.

Good I should have accordion that wasn't that much anymore.

Jim.

Yes.

And also a third of all in terms of the vertical of gaming. So now our focus is on the operation of the esport tournaments. So you can see that this has been showing a very good results and performance driven.

Q4 of last year joined the league of Legends tournament that series and also another focus is on the investment to the esport teams. So this is going to further provide excellent content. That's what are the services to attract the young users and also sort of thing is that this year.

We're going to dedicate ourselves continuously to the tournament in esport games as well so of course, all those esports events are pretty much based on the mature and also the existing games. So we don't think that whether or not the licenses are granted to the new games and whether or not the new games are pretty much no lost launched in a massive way.

Or last month with Wayne this year will have a big impact on the traffic volume.

Of course, it is going through a little bit impact the budget, gaining abilities southwest, but because the percentage of the revenue contribution from the gaming.

Sector is actually a little bit small to our total revenue. So we've been seeing not big impact in Q1 of this year, but of course as long as we are going to focus on the attractions of the new users and also paying attention to the activities of the users and time spent with weibo off those young users.

Then I have a very big room for further improvement.

Sure.

Alright. Thank you. So we have reached the end of the question and answer session I'll turn the call back to the management team for closing remarks.

Okay. Thanks, operator, this is wrapped up our conference calls this quarter. Thank you for joining US we'll see you next quarter.

Okay. Thank you that does conclude our conference for today. Thank you for participating you may all disconnect.

Q4 2021 Weibo Corp Earnings Call

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