BEIJING, Aug. 24,
2023 /PRNewswire/ -- Weibo Corporation ("Weibo" or
the "Company") (NASDAQ: WB and HKEX: 9898), a leading social media
in China, today announced its
unaudited financial results for the second quarter ended
June 30, 2023.
"We are pleased with the recovery of our business and
improvement of our operating efficiency this quarter," said Gaofei
Wang, CEO of Weibo. "During this quarter, our user community
experienced continuous healthy growth, with ongoing execution of
effective channel and operational strategies. For content
ecosystem, on top of solid growth of traffic and content
consumption around Weibo's advantageous areas, such as
entertainment and hot trends, we also beefed up our investment in
key vertical areas, in the hope of reinforcing our comprehensive
content ecosystem. On monetization, our advertising business
exhibited a steady recovery from the previous quarter, contributing
to further improvement in our operating margin for the second
quarter. In July 2023, we distributed
special cash dividends of US$0.85 per
ordinary share or ADS, totaling approximately US$200 million, reaffirming our commitment to
returning value to our shareholders."
Second Quarter 2023 Highlights
- Net revenues were US$440.2
million, a decrease of 2% year-over-year or an increase of
5% year-over-year on a constant currency basis[1].
- Advertising and marketing revenues were US$385.7 million, flattish year-over-year or an
increase of 7% year-over-year on a constant currency
basis[1].
- Value-added service ("VAS") revenues were US$54.6 million, a decrease of 16% year-over-year
or a decrease of 10% year-over-year on a constant currency
basis[1].
- Income from operations was US$123.5
million, representing an operating margin of 28%.
- Net income attributable to Weibo's shareholders was
US$81.4 million and diluted net
income per share was US$0.34.
- Non-GAAP income from operations was US$153.8 million, representing a non-GAAP
operating margin of 35%.
- Non-GAAP net income attributable to Weibo's shareholders was
US$126.4 million and non-GAAP diluted
net income per share was US$0.53.
- Monthly active users ("MAUs") were 599 million in June 2023, a net addition of approximately 17
million users on a year-over-year basis. Mobile MAUs represented
95% of MAUs.
- Average daily active users ("DAUs") were 258 million in
June 2023, a net addition of
approximately 5 million users on a year-over-year basis.
[1] On
a constant currency (non-GAAP) basis, we assume that the exchange
rate in the second quarter of 2023 had been the same as it was in
the second quarter of 2022, or RMB6.60=US$1.00.
|
Second Quarter 2023 Financial Results
For the second quarter of 2023, Weibo's total net revenues were
US$440.2 million, a decrease of 2%
compared to US$450.2 million for the
same period last year.
Advertising and marketing revenues for the second quarter of
2023 were US$385.7 million, flattish
compared to US$385.6 million for the
same period last year. Advertising and marketing revenues excluding
ad revenues from Alibaba were US$358.9
million, a decrease of 1% compared to US$361.8 million for the same period last
year.
VAS revenues for the second quarter of 2023 were US$54.6 million, a decrease of 16% year-over-year
compared to US$64.6 million for the
same period last year. The decrease of VAS revenues was mainly due
to the recognition of one-time technical service fee in the same
period last year and less revenue contribution from membership
service.
Costs and expenses for the second quarter of 2023 totaled
US$316.8 million, a decrease of 11%
compared to US$356.2 million for the
same period last year.
Income from operations for the second quarter of 2023 was
US$123.5 million, compared to
US$93.9 million for the same period
last year. Operating margin was 28%, compared to 21% last year.
Non-GAAP income from operations was US$153.8
million, compared to US$145.3
million for the same period last year. Non-GAAP operating
margin was 35%, compared to 32% last year.
Non-operating loss for the second quarter of 2023 was
US$13.8 million, compared to a loss
of US$47.4 million for the same
period last year. Non-operating loss for the second quarter of 2023
mainly included a US$16.9 million net
loss from fair value change of investments, primarily resulted from
fair value change of investment in Didi Global Inc. (OTC Pink:
DIDIY), which was excluded under non-GAAP measures.
Income tax expenses were US$25.5
million, compared to US$17.5
million for the same period last year.
Net income attributable to Weibo's shareholders for the second
quarter of 2023 was US$81.4 million,
compared to US$28.3 million for the
same period last year. Diluted net income per share attributable to
Weibo's shareholders for the second quarter of 2023 was
US$0.34, compared to US$0.12 for the same period last year. Non-GAAP
net income attributable to Weibo's shareholders for the second
quarter of 2023 was US$126.4 million,
compared to US$109.7 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo's shareholders for the second quarter of 2023
was US$0.53, compared to US$0.46 for the same period last year.
As of June 30, 2023, Weibo's cash,
cash equivalents and short-term investments totaled US$2.8 billion. For the second quarter of 2023,
cash provided by operating activities was US$142.5 million, capital expenditures totaled
US$3.3 million, and depreciation and
amortization expenses amounted to US$14.5
million.
Board Change
The Company announced that Mr. Bo
Liu has been appointed as a director to the Board of
Directors of the Company (the "Board") and Mr. Pen
Hung Tung has resigned from the
Board, effective as of August 23,
2023.
Mr. Liu is currently the President of Alibaba's Taobao and Tmall
Group, Alimama, and Xianyu. He was appointed as the Vice President
of Alibaba Group in March 2020. He
joined Alibaba in 2005 and held various positions, including the
President of Taobao University, General Manager of Juhuasuan, and
General Manager of Tmall's Operations Division. Mr. Liu received
his bachelor's degree in Aviation Mechanical Design from
Zhengzhou University of
Aeronautics and held an EMBA degree in Business Administration from
the Chinese University of Hong
Kong.
The Company would like to thank Mr. Pen Hung Tung for his dedicated service to the Board
and contributions to the Company. At the same time, the Company
would like to welcome Mr. Bo Liu to
the Board and believes that Mr. Liu's perspectives and experiences
will provide valuable guidance to the Company's development.
Conference Call
Weibo's management team will host a conference call from
7:00 AM to 8:00 AM Eastern Time on
August 24, 2023 (or 7:00 PM – 8:00 PM
Beijing Time on August 24, 2023) to
present an overview of the Company's financial performance and
business operations.
Participants who wish to dial in to the teleconference must
register through the below public participant link. Dial in and
instruction will be in the confirmation email upon registering.
Participants Registration Link:
https://register.vevent.com/register/BI59522cdba0784489bd072fa4fb46c60e
Additionally, a live and archived webcast of this conference
call will be available at http://ir.weibo.com.
Non-GAAP Financial Measures
This release contains the following non-GAAP financial measures:
non-GAAP income from operations, non-GAAP net income attributable
to Weibo's shareholders, non-GAAP diluted net income per share
attributable to Weibo's shareholders and adjusted EBITDA. These
non-GAAP financial measures should be considered in addition to,
not as a substitute for, measures of the Company's financial
performance prepared in accordance with U.S. GAAP.
The Company's non-GAAP financial measures exclude stock-based
compensation, amortization of intangible assets resulting from
business acquisitions, non-cash compensation cost to
non-controlling interest shareholders, impairment of intangible
assets, net results of impairment and provision on investments,
gain/loss on sale of investments and fair value change of
investments, non-GAAP to GAAP reconciling items on the share of
equity method investments, non-GAAP to GAAP reconciling items for
the income/loss attributable to non-controlling interests, income
tax expense related to the amortization of intangible assets
resulting from business acquisitions and fair value change of
investments (other non-GAAP to GAAP reconciling items have no tax
effect), and amortization of issuance cost of convertible debt,
senior notes and long-term loans. Adjusted EBITDA excludes interest
income, net, income tax benefits/expenses, and depreciation
expenses.
The Company's management uses these non-GAAP financial measures
in their financial and operating decision-making, because
management believes these measures reflect the Company's ongoing
operating performance in a manner that allows more meaningful
period-to-period comparisons. The Company believes that these
non-GAAP financial measures provide useful information to investors
and others in the following ways: (i) in comparing the Company's
current financial results with the Company's past financial results
in a consistent manner, and (ii) in understanding and evaluating
the Company's current operating performance and future prospects in
the same manner as management does. The Company also believes that
the non-GAAP financial measures provide useful information to both
management and investors by excluding certain expenses,
gains/losses and other items (i) that are not expected to result in
future cash payments or (ii) that are non-recurring in nature or
may not be indicative of the Company's core operating results and
business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may not be
comparable to non-GAAP financial measures used by other companies.
Accordingly, care should be exercised in understanding how the
Company defines its non-GAAP financial measures. Reconciliations of
the Company's non-GAAP financial measures to the nearest comparable
GAAP measures are set forth in the section below titled "Unaudited
Reconciliation of Non-GAAP to GAAP Results."
About Weibo
Weibo is a leading social media for people to create, share
and discover content online. Weibo combines the means of public
self-expression in real time with a powerful platform for social
interaction, content aggregation and content distribution. Any user
can create and post a feed and attach multi-media and long-form
content. User relationships on Weibo may be asymmetric;
any user can follow any other user and add comments to a feed while
reposting. This simple, asymmetric and distributed nature
of Weibo allows an original feed to become a live viral
conversation stream.
Weibo enables its advertising and marketing customers to
promote their brands, products and services to
users. Weibo offers a wide range of advertising and
marketing solutions to companies of all sizes. The Company
generates a substantial majority of its revenues from the sale of
advertising and marketing services, including the sale of social
display advertisement and promoted marketing
offerings. Designed with a "mobile first" philosophy, Weibo
displays content in a simple information feed format and offers
native advertisement that conform to the information feed on our
platform. To support the mobile format, we have developed and
continuously refining our social interest graph recommendation
engine, which enables our customers to perform people marketing and
target audiences based on user demographics, social relationships,
interests and behaviors, to achieve greater relevance, engagement
and marketing effectiveness.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology, such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "confidence," "estimates" and similar statements. Among
other things, Weibo's expected financial performance and strategic
and operational plans, as described, without limitation, in
quotations from management in this press release, contain
forward-looking statements. Weibo may also make written or oral
forward-looking statements in the Company's periodic reports to the
U.S. Securities and Exchange Commission ("SEC"), in announcements,
circulars or other publications made on the website of The Stock
Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. 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. Potential risks and uncertainties
include, but are not limited to, Weibo's limited operating history
in certain new businesses; failure to grow active user base and the
level of user engagement; the uncertain regulatory landscape in
China; fluctuations in the
Company's quarterly operating results; the Company's reliance on
advertising and marketing sales for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products; failure to compete effectively
for advertising and marketing spending; failure to successfully
integrate acquired businesses; risks associated with the Company's
investments, including equity pick-up and impairment; failure to
compete successfully against new entrants and established industry
competitors; changes in the macro-economic environment, including
the depreciation of the Renminbi; and adverse changes in economic
and political policies of the PRC government and its impact on the
Chinese economy. Further information regarding these and other
risks is included in Weibo's annual report on Form 20-Fs and other
filings with the SEC and the Hong Kong Stock Exchange. All
information provided in this press release is current as of the
date hereof, and Weibo assumes no obligation to update such
information, except as required under applicable law.
Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com
WEIBO CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In thousands of U.S. dollars, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
385,559
|
|
$
355,300
|
|
$
385,674
|
|
$
812,680
|
|
$
740,974
|
Value-added
services
|
64,593
|
|
58,478
|
|
54,566
|
|
122,094
|
|
113,044
|
|
Net revenues
|
450,152
|
|
413,778
|
|
440,240
|
|
934,774
|
|
854,018
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
95,314
|
|
85,853
|
|
94,272
|
|
200,115
|
|
180,125
|
Sales and marketing
(1)
|
115,512
|
|
106,494
|
|
105,425
|
|
240,823
|
|
211,919
|
Product development
(1)
|
106,403
|
|
90,676
|
|
92,945
|
|
218,837
|
|
183,621
|
General and administrative
(1)
|
28,809
|
|
34,265
|
|
24,145
|
|
68,036
|
|
58,410
|
Impairment of intangible
assets
|
10,176
|
|
-
|
|
-
|
|
10,176
|
|
-
|
|
Total costs and expenses
|
356,214
|
|
317,288
|
|
316,787
|
|
737,987
|
|
634,075
|
Income from operations
|
93,938
|
|
96,490
|
|
123,453
|
|
196,787
|
|
219,943
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (loss):
|
|
|
|
|
|
|
|
|
|
Investment related gain
(loss), net
|
(25,676)
|
|
27,155
|
|
(25,190)
|
|
(203,626)
|
|
1,965
|
Interest and other income
(loss), net
|
(21,721)
|
|
2,682
|
|
11,357
|
|
(7,305)
|
|
14,039
|
|
|
(47,397)
|
|
29,837
|
|
(13,833)
|
|
(210,931)
|
|
16,004
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax
expenses
|
46,541
|
|
126,327
|
|
109,620
|
|
(14,144)
|
|
235,947
|
Less: Income tax expenses
|
17,502
|
|
21,852
|
|
25,450
|
|
29,218
|
|
47,302
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
29,039
|
|
104,475
|
|
84,170
|
|
(43,362)
|
|
188,645
|
Less: Net income (loss) attributable to non-
controlling
interests
|
739
|
|
556
|
|
257
|
|
(4,138)
|
|
813
|
Accretion to redeemable non-controlling
interests
|
-
|
|
3,427
|
|
2,526
|
|
-
|
|
5,953
|
Net income (loss) attributable to Weibo's
shareholders
|
$ 28,300
|
|
$
100,492
|
|
$ 81,387
|
|
$
(39,224)
|
|
$
181,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable
to Weibo's
shareholders
|
$
0.12
|
|
$
0.43
|
|
$
0.35
|
|
$
(0.17)
|
|
$
0.77
|
Diluted net income (loss) per share attributable
to Weibo's
shareholders
|
$
0.12
|
|
$
0.42
|
|
$
0.34
|
|
$
(0.17)
|
|
$
0.77
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's
shareholders
|
235,521
|
|
234,705
|
|
235,361
|
|
235,364
|
|
235,035
|
Shares used in computing diluted net income (loss)
per share
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's shareholders
|
237,025
|
|
236,895
|
|
237,886
|
|
235,364
|
|
237,393
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,716
|
|
$
2,536
|
|
$
2,238
|
|
$
5,053
|
|
$
4,774
|
|
Sales and
marketing
|
5,502
|
|
4,613
|
|
4,113
|
|
10,117
|
|
8,726
|
|
Product
development
|
16,760
|
|
13,800
|
|
13,256
|
|
30,096
|
|
27,056
|
|
General and
administrative
|
6,483
|
|
6,676
|
|
6,460
|
|
13,246
|
|
13,136
|
WEIBO CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
June 30,
|
|
|
|
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Assets
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 2,690,768
|
|
$ 2,360,744
|
|
|
|
Short-term investments
|
|
480,428
|
|
468,735
|
|
|
|
Accounts receivable, net
|
|
502,443
|
|
446,654
|
|
|
|
Prepaid expenses and other current
assets
|
|
391,502
|
|
406,257
|
|
|
|
Amount due from
SINA(1)
|
|
487,117
|
|
492,530
|
|
|
|
Current assets
subtotal
|
|
4,552,258
|
|
4,174,920
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
249,553
|
|
222,612
|
|
Goodwill and intangible assets,
net
|
|
245,223
|
|
224,202
|
|
Long-term investments
|
|
993,630
|
|
1,309,217
|
|
Other non-current assets
|
|
1,088,790
|
|
947,982
|
|
Total assets
|
|
$ 7,129,454
|
|
$ 6,878,933
|
|
|
|
|
|
|
|
|
Liabilities, Redeemable Non-controlling Interests and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
161,029
|
|
$
156,383
|
|
|
|
Accrued expenses and other current
liabilities
|
923,678
|
|
675,959
|
|
|
|
Income tax payable
|
|
55,282
|
|
53,254
|
|
|
|
Deferred revenues
|
|
79,949
|
|
85,571
|
|
|
|
Dividends payable
|
|
-
|
|
200,136
|
|
|
|
Current liabilities
subtotal
|
|
1,219,938
|
|
1,171,303
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
Unsecured senior notes
|
|
1,540,717
|
|
1,541,868
|
|
|
|
Long-term loans
|
|
880,855
|
|
882,916
|
|
|
|
Other long-term liabilities
|
|
97,404
|
|
89,212
|
|
|
|
Total
liabilities
|
|
3,738,914
|
|
3,685,299
|
|
|
|
|
|
|
|
|
|
Redeemable non-controlling
interests
|
|
45,795
|
|
54,875
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
3,330,250
|
|
3,124,261
|
|
|
Non-controlling interests
|
|
14,495
|
|
14,498
|
|
|
|
Total shareholders'
equity
|
|
3,344,745
|
|
3,138,759
|
|
Total liabilities, redeemable non-controlling
interests and
shareholders' equity
|
|
$ 7,129,454
|
|
$ 6,878,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included
short-term loans to and interest receivable from SINA of US$420.4
million as of
December 31, 2022 and US$436.0 million as of June 30,
2023.
|
WEIBO CORPORATION
|
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP
RESULTS
|
(In thousands of U.S. dollars, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
93,938
|
|
$
|
96,490
|
|
$
|
123,453
|
|
$
|
196,787
|
|
$
|
219,943
|
Add:
|
Stock-based
compensation
|
|
31,461
|
|
|
27,625
|
|
|
26,067
|
|
|
58,512
|
|
|
53,692
|
|
Amortization of
intangible assets resulting from business acquisitions
|
|
4,895
|
|
|
4,439
|
|
|
4,271
|
|
|
10,646
|
|
|
8,710
|
|
Accrual of non-cash
compensation cost to non-controlling
interest shareholders
|
|
4,824
|
|
|
-
|
|
|
-
|
|
|
10,898
|
|
|
-
|
|
Impairment of
intangible assets
|
|
10,176
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
Non-GAAP income from operations
|
$
|
145,294
|
|
$
|
128,554
|
|
$
|
153,791
|
|
$
|
287,019
|
|
$
|
282,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
28,300
|
|
$
|
100,492
|
|
$
|
81,387
|
|
$
|
(39,224)
|
|
$
|
181,879
|
Add:
|
Stock-based
compensation
|
|
31,461
|
|
|
27,625
|
|
|
26,067
|
|
|
58,512
|
|
|
53,692
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
4,895
|
|
|
4,439
|
|
|
4,271
|
|
|
10,646
|
|
|
8,710
|
|
Accrual of non-cash
compensation cost to non-controlling
interest shareholders
|
|
4,824
|
|
|
-
|
|
|
-
|
|
|
10,898
|
|
|
-
|
|
Impairment of
intangible assets
|
|
10,176
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
Investment related
gain/loss, net (1)
|
|
25,676
|
|
|
(27,155)
|
|
|
25,190
|
|
|
203,626
|
|
|
(1,965)
|
|
Non-GAAP to GAAP
reconciling items on the share of equity
method investments
|
|
8,571
|
|
|
4,183
|
|
|
(11,262)
|
|
|
5,917
|
|
|
(7,079)
|
|
Non-GAAP to GAAP
reconciling items for the income/loss
attributable to non-controlling interests
|
|
(278)
|
|
|
(157)
|
|
|
(156)
|
|
|
(4,909)
|
|
|
(313)
|
|
Tax effects on non-GAAP
adjustments (2)
|
|
(5,541)
|
|
|
196
|
|
|
(727)
|
|
|
(16,312)
|
|
|
(531)
|
|
Amortization of
issuance cost of convertible debt, unsecured
senior notes and long-term loans
|
|
1,611
|
|
|
1,606
|
|
|
1,606
|
|
|
3,222
|
|
|
3,212
|
Non-GAAP net income attributable to Weibo's
shareholders
|
$
|
109,695
|
|
$
|
111,229
|
|
$
|
126,376
|
|
$
|
242,552
|
|
$
|
237,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net income per share attributable to
Weibo's
shareholders
|
$
|
0.46
|
*
|
$
|
0.47
|
|
$
|
0.53
|
|
$
|
1.02
|
*
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income (loss) per share
attributable to Weibo's shareholders
|
|
237,025
|
|
|
236,895
|
|
|
237,886
|
|
|
235,364
|
|
|
237,393
|
Add:
|
The number of shares
for dilution resulted from convertible debt
(3)
|
|
6,753
|
|
|
-
|
|
|
-
|
|
|
6,753
|
|
|
-
|
|
The number of shares
for dilution resulted from unvested restricted
share units (3)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
976
|
|
|
-
|
Shares used in computing non-GAAP diluted net income
per share
attributable to Weibo's shareholders
|
|
243,778
|
|
|
236,895
|
|
|
237,886
|
|
|
243,093
|
|
|
237,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
28,300
|
|
$
|
100,492
|
|
$
|
81,387
|
|
$
|
(39,224)
|
|
$
|
181,879
|
|
Non-GAAP
adjustments
|
|
81,395
|
|
|
10,737
|
|
|
44,989
|
|
|
281,776
|
|
|
55,726
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
109,695
|
|
|
111,229
|
|
|
126,376
|
|
|
242,552
|
|
|
237,605
|
|
|
Interest (income)
expense, net
|
|
(8,443)
|
|
|
(9,743)
|
|
|
1,366
|
|
|
(19,429)
|
|
|
(8,377)
|
|
|
Income tax
expenses
|
|
23,043
|
|
|
21,657
|
|
|
26,177
|
|
|
45,530
|
|
|
47,834
|
|
|
Depreciation
expenses
|
|
8,616
|
|
|
10,601
|
|
|
9,962
|
|
|
17,346
|
|
|
20,563
|
|
Adjusted EBITDA
|
$
|
132,911
|
|
$
|
133,744
|
|
$
|
163,881
|
|
$
|
285,999
|
|
$
|
297,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
To adjust impairment
and provision on investments, gain/loss on sale of investments and
fair value change of investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
To adjust the income
tax effects of non-GAAP adjustments, which primarily related to
amortization and impairment of intangible assets resulting from
business
acquisitions and fair value change of investments. Other non-GAAP
adjustment items have no tax effect, because (i) they were recorded
in entities established in
tax free jurisdictions, or (ii) full valuation allowances were
provided for related deferred tax assets as it is
more-likely-than-not they will not be realized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
To adjust the number of
shares for dilution resulted from convertible debt and unvested
restricted share units which were anti-dilutive under GAAP
measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net income attributable
to Weibo's shareholders is adjusted for interest expense of
convertible debt for calculating diluted EPS.
|
|
|
|
|
WEIBO CORPORATION
|
UNAUDITED ADDITIONAL
INFORMATION
|
(In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
$
361,831
|
|
$
337,031
|
|
$
358,894
|
|
$
763,027
|
|
$
695,925
|
|
Alibaba - as an
advertiser
|
23,728
|
|
18,269
|
|
26,780
|
|
49,653
|
|
45,049
|
|
Subtotal
|
385,559
|
|
355,300
|
|
385,674
|
|
812,680
|
|
740,974
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added services
|
64,593
|
|
58,478
|
|
54,566
|
|
122,094
|
|
113,044
|
|
|
$
450,152
|
|
$
413,778
|
|
$
440,240
|
|
$
934,774
|
|
$
854,018
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-second-quarter-2023-unaudited-financial-results-301909024.html
SOURCE Weibo Corporation