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Additional Information-Condensed Financial Statements of Weibo Corporation | 12 Months Ended
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Dec. 31, 2016
Additional Information-Condensed Financial Statements of Weibo Corporation |
Additional Information-Condensed Financial Statements of Weibo Corporation | 18. Additional Information—Condensed Financial Statements of Weibo Corporation The condensed financial information of Weibo Corporation has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Company used the equity method to account for investment in its subsidiaries and VIE. The operations of the Company, its subsidiaries and VIE were included in the consolidated financial statements, whereby the inter-company balances and transactions were eliminated upon consolidation. For the purpose of the Company’s stand-alone financial information, its investment in subsidiaries and VIE were reported using the equity method of accounting. Relevant PRC statutory laws and regulations permit the payment of dividends by the Company’s PRC subsidiaries and VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, PRC laws and regulations require that annual appropriations of 10% of after-tax income should be set aside as a reserve prior to the payment of dividends. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and VIE are restricted in their ability to transfer a portion of their net assets to the Company, either in the form of dividends, loans or advances. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. As of December 31, 2015 and 2016, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Group, except for those which have been separately disclosed in the consolidated financial statements, if any. Condensed Financial Information of Weibo Corporation Balance Sheets (In thousands, except for par value)
|  | As of December 31, |
|  | 2015 |  | 2016 |
ASSETS |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents |  | $ | 60,810 |  | $ | 7,235 |
Short-term investments |  | 98,284 |  | 30,401 |
Prepaid expenses and other current assets |  | 5,905 |  | 5,682 |
Total current assets |  | 164,999 |  | 43,318 |
Long-term investments |  | 256,059 |  | 349,502 |
Investment in subsidiaries, VIE and VIE’s subsidiaries |  | 210,325 |  | 367,114 |
Amount due from SINA |  | 1,002 |  | 89 |
Total assets |  | $ | 632,385 |  | $ | 760,023 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Accrued and other liabilities |  | $ | 10,666 |  | $ | 6,132 |
Long-term Liabilities |  | 1,047 |  | 666 |
Total liabilities |  | $ | 11,713 |  | $ | 6,798 |
Commitments and contingencies |  |  |  |  |
Shareholders’ equity: |  |  |  |  |
Shareholders’ equity: |  |  |  |  |
Ordinary shares: $0.00025 par value; 2,400,000 and 2,400,000 shares (including 1,800,000 Class A ordinary shares, 200,000 Class B ordinary shares and 400,000 shares to be designated)authorized; 212,177 and 218,076 shares (including 109,155 Class A ordinary shares and 108,921 Class B ordinary shares) issued and outstanding as of December 31, 2015 and 2016, respectively. |  | $ | 53 |  | $ | 55 |
Additional paid-in capital |  | 938,922 |  | 979,805 |
Accumulated other comprehensive loss |  | (10,635 | ) | (26,994 | )
Accumulated deficit |  | (307,668 | ) | (199,641 | )
Total shareholders’ equity |  | 620,672 |  | 753,225 |
Total liabilities and shareholders’ equity |  | $ | 632,385 |  | $ | 760,023 |
Condensed Financial Information of Weibo Corporation Statements of Comprehensive Income (Loss) (In thousands)
|  | Year Ended December 31, |
|  | 2014 |  | 2015 |  | 2016 |
Operating loss |  | $ | (1,086 | ) | $ | (1,279 | ) | $ | (1,891 | )
Interest and other income (expenses), net |  | 5,034 |  | 4,759 |  | 1,763 |
Investment related impairment |  | — |  | — |  | (23,822 | )
Change in fair value of investor option liability |  | (46,972 | ) | — |  | — |
Other income (loss), net |  |  |  |  |  |  |
Share of income (loss) of subsidiaries, VIE, and VIE’s subsidiaries |  | (22,301 | ) | 31,265 |  | 131,977 |
Net income (loss) attributable to Weibo |  | (65,325 | ) | 34,745 |  | 108,027 |
Other comprehensive loss |  |  |  |  |  |  |
Currency translation adjustments(net of tax of nil, nil, and nil for 2014, 2015 and 2016, respectively) |  | (1,227 | ) | (7,601 | ) | (18,624 | )
Available-for-sale securities: |  |  |  |  |  |  |
Change in unrealized loss from available-for-sale securities (net of tax of nil, nil, and nil for 2014, 2015, and 2016, respectively) |  | (2,067 | ) | (198 | ) | (2,557 | )
Reclassification adjustment for net loss included in net income (loss) (net of tax of nil, nil, and nil for 2014, 2015, and 2016, respectively) |  | — |  | — |  | 4,822 |
Net change, net of tax |  | (2,067 | ) | (198 | ) | 2,265 |
Total comprehensive income (loss) |  | $ | (68,619 | ) | $ | 26,946 |  | $ | 91,668 |
Condensed Financial Information of Weibo Corporation Statements of Cash flow (In thousands)
|  | 2014 |  | 2015 |  | 2016 |
Net cash provided by (used in) operating activities |  | $ | (627 | ) | $ | 5,317 |  | $ | 1,025 |
Purchase of short-term investments |  | (230,161 | ) | (148,863 | ) | (30,046 | )
Maturity of short-term investments |  | 321,208 |  | 218,762 |  | 97,798 |
Investments and prepayments on equity investments |  | (15,096 | ) | (247,200 | ) | (120,000 | )
Investment in subsidiaries |  | (68,873 | ) | (4,978 | ) | (6,535 | )
Net cash provided by (used in) investing activities |  | 7,078 |  | (182,279 | ) | (58,783 | )
Proceeds from IPO, net of commission |  | 301,270 |  | — |  | — |
Repayment of amount due to SINA |  | (255,688 | ) | — |  | — |
Proceeds from employees options exercised |  | 1,508 |  | 7,822 |  | 4,183 |
Others |  | (6,462 | ) | — |  | — |
Net cash provided by financing activities |  | 40,628 |  | 7,822 |  | 4,183 |
Net increase (decrease) in cash and cash equivalents |  | $ | 47,079 |  | $ | (169,140 | ) | $ | (53,575 | )
Cash and cash equivalents at the beginning of year |  | $ | 182,871 |  | $ | 229,950 |  | $ | 60,810 |
Cash and cash equivalents at the end of year |  | $ | 229,950 |  | $ | 60,810 |  | $ | 7,235 |
Supplemental schedule of non-cash investing and financing activities |  |  |  |  |  |  |
Investment in subsidiaries and VIE directly financed by SINA |  | $ | 6,413 |  | $ | 17,582 |  | $ | 18,277 |

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