BEIJING, Sept. 1,
2022 /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, 2022.
"We navigated through the challenges from COVID-19 resurgence in
the second quarter," said Gaofei Wang, CEO of Weibo. "Our user
community and engagement continued with healthy trend despite
cutback in channel investment, leveraging our unique positioning
and competitive advantage in the social media sector. On
monetization, although broad-based headwinds weighed on advertising
demand in the near term, we are encouraged to see resilient
performance of certain sectors and the gradual pick-up of the
overall advertising business after the pandemic. Weibo also
delivered a non-GAAP operating margin of 32% in the second quarter,
which further improved from the first quarter of 2022, as we
executed against our efficiency initiatives to optimize costs and
expenses. Looking ahead, we remain confident in our differentiated
value proposition and long-term monetization opportunities."
Second Quarter 2022 Highlights
- Net revenues were $450.2 million,
a decrease of 22% year-over-year or a decrease of 19%
year-over-year on a constant currency basis [1].
- Advertising and marketing revenues were $385.6 million, a decrease of 23%
year-over-year.
- Value-added services ("VAS") revenues were $64.6 million, a decrease of 10%
year-over-year.
- Income from operations was $93.9
million, representing an operating margin of 21%.
- Net income attributable to Weibo's shareholders was $28.3 million and diluted net income per share
was $0.12.
- Non-GAAP income from operations was $145.3 million, representing a non-GAAP operating
margin of 32%.
- Non-GAAP net income attributable to Weibo's shareholders was $109.7 million and non-GAAP diluted net income
per share was $0.46.
- Monthly active users ("MAUs") were 582 million in June 2022, a net addition of approximately 16
million users on a year-over-year basis. Mobile MAUs represented
95% of MAUs.
- Average daily active users ("DAUs") were 252 million in
June 2022, a net addition of
approximately 7 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 2022 had been the same as it was in
the second quarter of 2021, or RMB6.45=US$1.00.
|
Second Quarter 2022 Financial Results
For the second quarter of 2022, Weibo's total net revenues were
$450.2 million, a decrease of 22%
compared to $574.5 million for the
same period last year.
Advertising and marketing revenues for the second quarter of
2022 were $385.6 million, a decrease
of 23% compared to $502.3 million for
the same period last year. Advertising and marketing revenues
excluding ad revenues from Alibaba were $361.8 million, a decrease of 22% compared to
$462.4 million for the same period
last year. The decrease was primarily resulted from challenges from
COVID-19 resurgence and restriction and lockdown in major areas of
China, as well as macro
uncertainties which have a broad-based negative impact on the
advertising industry in China.
VAS revenues for the second quarter of 2022 were $64.6 million, a decrease of 10% year-over-year
compared to $72.1 million for the
same period last year. The decrease of VAS revenues was mainly due
to less revenue contribution from membership service and
game-related services.
Costs and expenses for the second quarter of 2022 totaled
$356.2 million, a decrease of 7%
compared to $381.2 million for the
same period last year. The decrease was primarily resulted from a
25% year-over-year decrease of sales and marketing expenses, due to
our disciplined channel investments.
Income from operations for the second quarter of 2022 was
$93.9 million, compared to
$193.2 million for the same period
last year. Operating margin was 21%, compared to 34% last year.
Non-GAAP income from operations was $145.3
million, compared to $223.2
million for the same period last year. Non-GAAP operating
margin was 32%, compared to 39% last year.
Non-operating loss for the second quarter of 2022 was
$47.4 million, compared to a loss of
$65.3 million for the same period
last year. Non-operating loss for the second quarter of 2022 mainly
included (i) a $21.7 million net
interest and other loss; (ii) an $18.7
million net loss from fair value change of investments,
which was excluded under non-GAAP measures; (iii) a $7.0 million investment related impairment, which
was excluded under non-GAAP measures.
Income tax expenses were $17.5
million, compared to $46.9
million for the same period last year.
Net income attributable to Weibo's shareholders
for the second quarter of 2022 was $28.3
million, compared to $81.0
million for the same period last year. Diluted net income
per share attributable to Weibo's shareholders for the second quarter of 2022
was $0.12, compared to $0.35 for the same period last year. Non-GAAP net
income attributable to Weibo's shareholders for the second quarter of 2022
was $109.7 million, compared to
$182.8 million for the same period
last year. Non-GAAP diluted net income per share attributable to
Weibo's shareholders for the second
quarter of 2022 was $0.46, compared
to $0.79 for the same period last
year.
As of June 30, 2022, Weibo's cash,
cash equivalents and short-term investments totaled $3.0 billion. For the second quarter of 2022,
cash provided by operating activities was $83.0 million, capital expenditures totaled
$14.8 million, and depreciation and
amortization expenses amounted to $14.1
million.
Environmental, Social and
Governance ("ESG")
Weibo released its first annual ESG report in August 2022, which details Weibo's initiatives
and performance in the respect of environmental, social and
governance, with focuses on the concerns of stakeholders
(http://ir.weibo.com/esg).
Conference Call
Weibo's management team will host a conference call from
7:00 AM to 8:00 AM Eastern Time on
September 1, 2022 (or 7:00 PM – 8:00 PM
Beijing Time on September 1, 2022) 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/BIafafec22bbd342a7aa40d105c47d0e6b
This call will be webcast live and the replay will be available
for 12 months. Both will be available through the Company's
corporate website 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 on,
gain/loss on sale of 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 and impairment 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 convertible debt and senior notes
issuance cost. Adjusted EBITDA excludes interest income, net,
income tax 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, if they so choose. 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 that
relate to, among other things, Weibo's expected financial
performance and strategic and operational plans (as described,
without limitation, in the "Business Outlook" section and in
quotations from management in this press release. Weibo may also
make 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. These forward-looking statements can be
identified by terminology, such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"confidence," "estimates" and similar 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; the continued impact of the COVID-19 pandemic on the
Company's operations and on general economic conditions; risks
associated with weak or uncertain global economic conditions and
their impact on the level of expenditures on advertising; risks
associated with unrest, terrorist threats and the war in
Ukraine and the associated global
effects; 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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
2021
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
385,559
|
|
$
502,338
|
|
$
427,121
|
|
$
812,680
|
|
$
892,349
|
Value-added
services
|
64,593
|
|
72,128
|
|
57,501
|
|
122,094
|
|
141,013
|
|
Net
revenues
|
450,152
|
|
574,466
|
|
484,622
|
|
934,774
|
|
1,033,362
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
95,314
|
|
92,548
|
|
104,801
|
|
200,115
|
|
172,318
|
Sales and marketing
(1)
|
115,512
|
|
154,393
|
|
125,311
|
|
240,823
|
|
298,368
|
Product development
(1)
|
106,403
|
|
101,419
|
|
112,434
|
|
218,837
|
|
197,985
|
General and
administrative (1)
|
28,809
|
|
32,869
|
|
39,227
|
|
68,036
|
|
62,850
|
Impairment of intangible
assets
|
10,176
|
|
-
|
|
-
|
|
10,176
|
|
-
|
|
Total costs and
expenses
|
356,214
|
|
381,229
|
|
381,773
|
|
737,987
|
|
731,521
|
Income from
operations
|
93,938
|
|
193,237
|
|
102,849
|
|
196,787
|
|
301,841
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
loss:
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and fair value change of
investments,
net
|
(25,676)
|
|
(76,814)
|
|
(177,950)
|
|
(203,626)
|
|
(135,014)
|
Interest and other income (loss), net
|
(21,721)
|
|
11,474
|
|
14,416
|
|
(7,305)
|
|
24,978
|
|
|
(47,397)
|
|
(65,340)
|
|
(163,534)
|
|
(210,931)
|
|
(110,036)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expenses
|
46,541
|
|
127,897
|
|
(60,685)
|
|
(14,144)
|
|
191,805
|
Income tax
expenses
|
(17,502)
|
|
(46,910)
|
|
(11,716)
|
|
(29,218)
|
|
(61,855)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
29,039
|
|
80,987
|
|
(72,401)
|
|
(43,362)
|
|
129,950
|
Less: Net income (loss) attributable to non-controlling
interests
|
739
|
|
(41)
|
|
(4,877)
|
|
(4,138)
|
|
(898)
|
Net income (loss)
attributable to Weibo's shareholders
|
$
28,300
|
|
$
81,028
|
|
$
(67,524)
|
|
$
(39,224)
|
|
$
130,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to Weibo's
shareholders
|
$
0.12
|
|
$
0.36
|
|
$
(0.29)
|
|
$
(0.17)
|
|
$
0.57
|
Diluted net income
(loss) per share attributable to Weibo's
shareholders
|
$
0.12
|
|
$
0.35
|
|
$
(0.29)
|
|
$
(0.17)
|
|
$
0.57
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income (loss) per share
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's shareholders
|
235,521
|
|
228,099
|
|
235,206
|
|
235,364
|
|
227,936
|
Shares used in
computing diluted net income (loss) per share
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's shareholders
|
237,025
|
|
229,555
|
|
235,206
|
|
235,364
|
|
229,429
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,716
|
|
$
1,827
|
|
$
2,337
|
|
$
5,053
|
|
$
3,240
|
|
Sales and
marketing
|
5,502
|
|
3,298
|
|
4,615
|
|
10,117
|
|
5,549
|
|
Product
development
|
16,760
|
|
10,137
|
|
13,336
|
|
30,096
|
|
18,213
|
|
General and
administrative
|
6,483
|
|
5,206
|
|
6,763
|
|
13,246
|
|
9,219
|
WEIBO
CORPORATION
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,336,454
|
|
$
2,423,703
|
|
|
|
Short-term
investments
|
|
680,675
|
|
711,062
|
|
|
|
Accounts receivable,
net
|
|
519,029
|
|
723,089
|
|
|
|
Prepaid expenses and
other current assets
|
|
481,738
|
|
450,726
|
|
|
|
Amount due from
SINA(1)
|
|
492,330
|
|
494,200
|
|
|
|
Current assets
subtotal
|
|
4,510,226
|
|
4,802,780
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
61,185
|
|
68,396
|
|
Goodwill and
intangible assets, net
|
|
260,975
|
|
297,335
|
|
Long-term
investments
|
|
1,102,548
|
|
1,207,651
|
|
Other non-current
assets
|
|
1,268,566
|
|
1,143,360
|
|
Total
assets
|
|
$
7,203,500
|
|
$
7,519,522
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
175,754
|
|
$
197,643
|
|
|
|
Accrued expenses and
other current liabilities
|
|
756,960
|
|
828,952
|
|
|
|
Deferred
revenues
|
|
91,397
|
|
91,136
|
|
|
|
Income tax
payable
|
|
78,052
|
|
144,747
|
|
|
|
Convertible
debt
|
|
898,612
|
|
896,541
|
|
|
|
Current liabilities
subtotal
|
|
2,000,775
|
|
2,159,019
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Unsecured senior
notes
|
|
1,539,566
|
|
1,538,415
|
|
|
|
Other long-term
liabilities
|
|
130,561
|
|
134,068
|
|
|
|
Total
liabilities
|
|
3,670,902
|
|
3,831,502
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
69,496
|
|
66,622
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
:
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
3,441,610
|
|
3,593,821
|
|
|
Non-controlling
interests
|
|
21,492
|
|
27,577
|
|
|
|
Total shareholders'
equity
|
|
3,463,102
|
|
3,621,398
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$
7,203,500
|
|
$
7,519,522
|
|
|
|
|
|
|
|
|
|
(1) Included short-term
loans to and interest receivable from SINA of $465.4 million as of
June 30, 2022 and
$479.6 million as of December 31, 2021.
|
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,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
93,938
|
|
$
|
193,237
|
|
$
|
102,849
|
|
$
|
196,787
|
|
$
|
301,841
|
Add:
|
Stock-based
compensation
|
|
31,461
|
|
|
20,468
|
|
|
27,051
|
|
|
58,512
|
|
|
36,221
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
4,895
|
|
|
4,876
|
|
|
5,751
|
|
|
10,646
|
|
|
9,395
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,824
|
|
|
4,649
|
|
|
6,074
|
|
|
10,898
|
|
|
13,280
|
|
Impairment of
intangible assets
|
|
10,176
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
Non-GAAP income from
operations
|
$
|
145,294
|
|
$
|
223,230
|
|
$
|
141,725
|
|
$
|
287,019
|
|
$
|
360,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
28,300
|
|
$
|
81,028
|
|
$
|
(67,524)
|
|
$
|
(39,224)
|
|
$
|
130,848
|
Add:
|
Stock-based
compensation
|
|
31,461
|
|
|
20,468
|
|
|
27,051
|
|
|
58,512
|
|
|
36,221
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
4,895
|
|
|
4,876
|
|
|
5,751
|
|
|
10,646
|
|
|
9,395
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,824
|
|
|
4,649
|
|
|
6,074
|
|
|
10,898
|
|
|
13,280
|
|
Impairment of
intangible assets
|
|
10,176
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
Net results of
impairment on, gain/loss on sale of and fair value
change of investments
|
|
25,676
|
|
|
76,814
|
|
|
177,950
|
|
|
203,626
|
|
|
135,014
|
|
Non-GAAP to GAAP
reconciling items on the share of equity
method investments
|
|
8,571
|
|
|
(8,091)
|
|
|
(2,654)
|
|
|
5,917
|
|
|
(9,166)
|
|
Non-GAAP to GAAP
reconciling items for the income/loss
attributable to non-controlling interests
|
|
(278)
|
|
|
(198)
|
|
|
(4,631)
|
|
|
(4,909)
|
|
|
161
|
|
Tax effects on non-GAAP
adjustments(1)
|
|
(5,541)
|
|
|
1,648
|
|
|
(10,771)
|
|
|
(16,312)
|
|
|
(5,500)
|
|
Amortization of
convertible debt and unsecured senior notes
issuance cost
|
|
1,611
|
|
|
1,611
|
|
|
1,611
|
|
|
3,222
|
|
|
3,223
|
Non-GAAP net income
attributable to Weibo's shareholders
|
$
|
109,695
|
|
$
|
182,805
|
|
$
|
132,857
|
|
$
|
242,552
|
|
$
|
313,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net
income per share attributable to Weibo's
shareholders
|
$
|
0.46
|
*
|
$
|
0.79
|
*
|
$
|
0.56
|
*
|
$
|
1.02
|
*
|
$
|
1.35
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income (loss) per share
attributable to Weibo's shareholders
|
|
237,025
|
|
|
229,555
|
|
|
235,206
|
|
|
235,364
|
|
|
229,429
|
Add:
|
The number of shares
for dilution resulted from convertible
debt(2)
|
|
6,753
|
|
|
6,753
|
|
|
6,753
|
|
|
6,753
|
|
|
6,753
|
|
The number of shares
for dilution resulted from unvested restricted
share units(2)
|
|
-
|
|
|
-
|
|
|
447
|
|
|
976
|
|
|
-
|
Shares used in
computing non-GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
243,778
|
|
|
236,308
|
|
|
242,406
|
|
|
243,093
|
|
|
236,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
28,300
|
|
$
|
81,028
|
|
$
|
(67,524)
|
|
$
|
(39,224)
|
|
$
|
130,848
|
|
Non-GAAP
adjustments
|
|
81,395
|
|
|
101,777
|
|
|
200,381
|
|
|
281,776
|
|
|
182,628
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
109,695
|
|
|
182,805
|
|
|
132,857
|
|
|
242,552
|
|
|
313,476
|
|
|
Interest
income,net
|
|
(8,443)
|
|
|
(3,848)
|
|
|
(10,986)
|
|
|
(19,429)
|
|
|
(7,787)
|
|
|
Income tax
expenses
|
|
23,043
|
|
|
45,262
|
|
|
22,487
|
|
|
45,530
|
|
|
67,355
|
|
|
Depreciation
expenses
|
|
8,616
|
|
|
8,204
|
|
|
8,730
|
|
|
17,346
|
|
|
16,113
|
|
Adjusted
EBITDA
|
$
|
132,911
|
|
$
|
232,423
|
|
$
|
153,088
|
|
$
|
285,999
|
|
$
|
389,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
To exclude the income
tax expenses primarily related to amortization and impairment of
intangible assets resulting from business acquisitions and fair
value change of investments. The Company considered the tax
implication arising from the reconciliation items. Part of these
items were recorded in
entities established in tax free jurisdictions and there were no
relevant tax implications. For impairment on investments, valuation
allowances were made
for those differences as the Company does not expect they can be
realized in the foreseeable future.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
$
361,831
|
|
$
462,372
|
|
$
401,196
|
|
$
763,027
|
|
$
819,083
|
|
Alibaba - as an
advertiser
|
23,728
|
|
39,966
|
|
25,925
|
|
49,653
|
|
73,266
|
|
Subtotal
|
385,559
|
|
502,338
|
|
427,121
|
|
812,680
|
|
892,349
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
services
|
64,593
|
|
72,128
|
|
57,501
|
|
122,094
|
|
141,013
|
|
|
$
450,152
|
|
$
574,466
|
|
$
484,622
|
|
$
934,774
|
|
$
1,033,362
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-second-quarter-2022-unaudited-financial-results-301616218.html
SOURCE Weibo Corporation