BEIJING, Nov. 9, 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 third quarter ended September 30, 2023.
"We further improved our platform's
traffic structure and enhanced our operating efficiency this
quarter," said Gaofei Wang, CEO of Weibo. "On user front,
our MAUs crossed the 600 million milestone and continued to grow
healthily. On content operation, we focused on reinforcing our
content ecosystem through developing key content verticals, aiming
to drive traffic growth across various content verticals, improve
user engagement and unlock monetization potentials of our platform.
On monetization, our advertising business exhibited modest recovery
this quarter. We also achieved further margin expansion through
solid execution of our efficiency initiatives, with operating margin and non-GAAP operating margin
reaching 30% and 37% this quarter, respectively."
Third Quarter 2023 Highlights
- Net revenues were US$442.2
million, a decrease of 3% year-over-year or an increase of
2% year-over-year on a constant currency basis [1].
- Advertising and marketing revenues were US$389.3 million, a decrease of 1% year-over-year
or an increase of 3% year-over-year on a constant currency basis
[1].
- Value-added services ("VAS") revenues were US$52.9 million, a decrease of 12% year-over-year
or a decrease of 7% year-over-year on a constant currency basis
[1].
- Income from operations was US$134.0
million, representing an operating margin of 30%.
- Net income attributable to Weibo's shareholders was
US$77.5 million and diluted net
income per share was US$0.32.
- Non-GAAP income from operations was US$163.9 million, representing a non-GAAP
operating margin of 37%.
- Non-GAAP net income attributable to Weibo's shareholders was
US$136.6 million and non-GAAP diluted
net income per share was US$0.57.
- Monthly active users ("MAUs") were 605 million in September 2023, a net addition of approximately
21 million users on a year-over-year basis. Mobile MAUs represented
95% of MAUs.
- Average daily active users ("DAUs") were 260 million in
September 2023, a net addition of
approximately 8 million users on a year-over-year basis.
[1] On
a constant currency (non-GAAP) basis, we assume that the exchange
rate in the third quarter of 2023 had been the same as it was in
the third quarter of 2022, or RMB6.85=US$1.00.
|
Third Quarter 2023 Financial Results
For the third quarter of 2023, Weibo's total net revenues were
US$442.2 million, a decrease of 3%
compared to US$453.6 million for the
same period last year.
Advertising and marketing revenues for the third quarter of 2023
were US$389.3 million, a decrease of
1% compared to US$393.4 million for
the same period last year. Advertising and marketing revenues
excluding ad revenues from Alibaba were US$367.6 million, a decrease of 3% compared to
US$378.4 million for the same period
last year.
VAS revenues for the third quarter of 2023 were US$52.9 million, a decrease of 12% year-over-year
compared to US$60.1 million for the
same period last year, primarily due to decrease of game-related revenues.
Costs and expenses for the third quarter of
2023 totaled US$308.2 million, a
decrease of 7% compared to US$330.3
million for the same period last year. The decrease of costs
and expenses was mainly resulted from unfavorable foreign exchange
impact on the reported numbers as well as decrease of personnel
related costs.
Income from operations for the third quarter of 2023 was
US$134.0 million, compared to
US$123.2 million for the same period
last year. Operating margin was 30%, compared to 27% last year.
Non-GAAP income from operations was US$163.9
million, compared to US$162.1
million for the same period last year. Non-GAAP operating
margin was 37%, compared to 36% last year.
Non-operating loss for the third quarter of 2023 was
US$28.4 million, compared to
US$120.4 million for the same period
last year. Non-operating loss for the third quarter of 2023 mainly
included (i) a US$19.5 million net
interest and other loss; (ii) a US$15.9
million investment related impairment, which was excluded
under non-GAAP measures; and (iii) a US$6.9
million gain from fair value change of investments in DiDi
Global Inc. (OTC Pink: DIDIY), which was excluded under non-GAAP
measures.
Income tax expenses were US$25.4
million, compared to US$19.8
million for the same period last year.
Net income attributable to Weibo's shareholders for the third
quarter of 2023 was US$77.5 million,
compared to a loss of US$17.1 million
for the same period last year. Diluted net income per share
attributable to Weibo's shareholders for the third quarter of 2023
was US$0.32, compared to diluted net
loss per share attributable to Weibo's shareholders of US$0.07 for the same period last year. Non-GAAP
net income attributable to Weibo's shareholders for the third
quarter of 2023 was US$136.6 million,
compared to US$119.0 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo's shareholders for the third quarter of 2023
was US$0.57, compared to US$0.50 for the same period last year.
As of September 30, 2023, Weibo's
cash, cash equivalents and short-term investments totaled
US$2.8 billion. For the third quarter
of 2023, cash provided by operating activities was US$131.6 million, capital expenditures totaled
US$7.8 million, and depreciation and
amortization expenses amounted to US$13.9
million.
Conference Call
Weibo's management team will host a conference call from
6:00 AM to 7:00 AM Eastern Time on
November 9, 2023 (or 7:00 PM to 8:00 PM Beijing Time on November 9, 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/BI29b93112bc7446d5b0a9680e9ba2f1d7
Additionally, a live and archived webcast of this conference
call will 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/expense, 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. 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
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$ 393,426
|
|
$ 385,674
|
|
$ 389,301
|
|
$
1,206,106
|
|
$
1,130,275
|
|
Value-added
services
|
60,134
|
|
54,566
|
|
52,850
|
|
182,228
|
|
165,894
|
|
|
Net
revenues
|
453,560
|
|
440,240
|
|
442,151
|
|
1,388,334
|
|
1,296,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
94,383
|
|
94,272
|
|
93,998
|
|
294,498
|
|
274,123
|
|
Sales and marketing
(1)
|
113,619
|
|
105,425
|
|
109,776
|
|
354,442
|
|
321,695
|
|
Product development
(1)
|
97,025
|
|
92,945
|
|
82,764
|
|
315,862
|
|
266,385
|
|
General and
administrative (1)
|
25,322
|
|
24,145
|
|
21,627
|
|
93,358
|
|
80,037
|
|
Impairment of intangible
assets
|
-
|
|
-
|
|
-
|
|
10,176
|
|
-
|
|
|
Total
costs and expenses
|
330,349
|
|
316,787
|
|
308,165
|
|
1,068,336
|
|
942,240
|
|
Income from
operations
|
123,211
|
|
123,453
|
|
133,986
|
|
319,998
|
|
353,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
loss:
|
|
|
|
|
|
|
|
|
|
|
Investment related loss,
net
|
(105,901)
|
|
(25,190)
|
|
(8,915)
|
|
(309,527)
|
|
(6,950)
|
|
Interest and other income
(loss), net
|
(14,460)
|
|
11,357
|
|
(19,498)
|
|
(21,765)
|
|
(5,459)
|
|
|
|
(120,361)
|
|
(13,833)
|
|
(28,413)
|
|
(331,292)
|
|
(12,409)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expenses
|
2,850
|
|
109,620
|
|
105,573
|
|
(11,294)
|
|
341,520
|
|
Less: Income tax
expenses
|
19,760
|
|
25,450
|
|
25,407
|
|
48,978
|
|
72,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(16,910)
|
|
84,170
|
|
80,166
|
|
(60,272)
|
|
268,811
|
|
Less: Net income (loss)
attributable to non-controlling interests
|
227
|
|
257
|
|
474
|
|
(3,911)
|
|
1,287
|
|
Accretion to redeemable
non-controlling interests
|
-
|
|
2,526
|
|
2,203
|
|
-
|
|
8,156
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
(17,137)
|
|
$
81,387
|
|
$
77,489
|
|
$
(56,361)
|
|
$ 259,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to Weibo's
shareholders
|
$
(0.07)
|
|
$
0.35
|
|
$
0.33
|
|
$
(0.24)
|
|
$
1.10
|
|
Diluted net income
(loss) per share attributable to Weibo's
shareholders
|
$
(0.07)
|
|
$
0.34
|
|
$
0.32
|
|
$
(0.24)
|
|
$
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's shareholders
|
235,894
|
|
235,361
|
|
235,842
|
|
235,543
|
|
235,307
|
|
Shares used in
computing diluted net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
attributable to Weibo's shareholders
|
235,894
|
|
237,886
|
|
238,655
|
|
235,543
|
|
237,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,544
|
|
$
2,238
|
|
$
2,308
|
|
$
7,597
|
|
$
7,082
|
|
|
Sales and
marketing
|
5,107
|
|
4,113
|
|
4,243
|
|
15,224
|
|
12,969
|
|
|
Product
development
|
14,424
|
|
13,256
|
|
13,306
|
|
44,520
|
|
40,362
|
|
|
General and
administrative
|
7,749
|
|
6,460
|
|
5,834
|
|
20,995
|
|
18,970
|
|
WEIBO
CORPORATION
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 2,690,768
|
|
$ 2,455,007
|
|
|
|
|
Short-term
investments
|
|
480,428
|
|
314,629
|
|
|
|
|
Accounts receivable,
net
|
|
502,443
|
|
434,069
|
|
|
|
|
Prepaid expenses and
other current assets
|
|
391,502
|
|
374,940
|
|
|
|
|
Amount due from
SINA(1)
|
|
487,117
|
|
497,108
|
|
|
|
|
Current assets
subtotal
|
|
4,552,258
|
|
4,075,753
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
249,553
|
|
216,765
|
|
|
Goodwill and
intangible assets, net
|
|
245,223
|
|
218,428
|
|
|
Long-term
investments
|
|
993,630
|
|
1,283,578
|
|
|
Other non-current
assets
|
|
1,088,790
|
|
916,013
|
|
|
Total
assets
|
|
$ 7,129,454
|
|
$ 6,710,537
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
|
Liabilities:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
161,029
|
|
$
156,243
|
|
|
|
|
Accrued expenses and
other current liabilities
|
923,678
|
|
606,608
|
|
|
|
|
Income tax
payable
|
|
55,282
|
|
74,887
|
|
|
|
|
Deferred
revenues
|
|
79,949
|
|
79,028
|
|
|
|
|
Unsecured senior
notes
|
|
-
|
|
798,991
|
|
|
|
|
Current liabilities
subtotal
|
|
1,219,938
|
|
1,715,757
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Unsecured senior
notes
|
|
1,540,717
|
|
743,453
|
|
|
|
|
Long-term
loans
|
|
880,855
|
|
888,947
|
|
|
|
|
Other long-term
liabilities
|
|
97,404
|
|
84,930
|
|
|
|
|
Total
liabilities
|
|
3,738,914
|
|
3,433,087
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
45,795
|
|
59,296
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
:
|
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
3,330,250
|
|
3,207,129
|
|
|
|
Non-controlling
interests
|
|
14,495
|
|
11,025
|
|
|
|
|
Total shareholders'
equity
|
|
3,344,745
|
|
3,218,154
|
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$ 7,129,454
|
|
$ 6,710,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included short-term
loans to and interest receivable from SINA of US$420.4 million as
of December 31, 2022 and US$429.0 million as of
September 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
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
123,211
|
|
$
|
123,453
|
|
$
|
133,986
|
|
$
|
319,998
|
|
$
|
353,929
|
|
Add:
|
Stock-based
compensation
|
|
29,824
|
|
|
26,067
|
|
|
25,691
|
|
|
88,336
|
|
|
79,383
|
|
|
Amortization of
intangible assets resulting from business acquisitions
|
|
4,381
|
|
|
4,271
|
|
|
4,209
|
|
|
15,027
|
|
|
12,919
|
|
|
Accrual of non-cash
compensation cost to non-controlling interest
shareholders
|
|
4,689
|
|
|
-
|
|
|
-
|
|
|
15,587
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
Non-GAAP income from
operations
|
$
|
162,105
|
|
$
|
153,791
|
|
$
|
163,886
|
|
$
|
449,124
|
|
$
|
446,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
(17,137)
|
|
$
|
81,387
|
|
$
|
77,489
|
|
$
|
(56,361)
|
|
$
|
259,368
|
|
Add:
|
Stock-based
compensation
|
|
29,824
|
|
|
26,067
|
|
|
25,691
|
|
|
88,336
|
|
|
79,383
|
|
|
Amortization of
intangible assets resulting from business acquisitions
|
|
4,381
|
|
|
4,271
|
|
|
4,209
|
|
|
15,027
|
|
|
12,919
|
|
|
Accrual of non-cash
compensation cost to non-controlling interest
shareholders
|
|
4,689
|
|
|
-
|
|
|
-
|
|
|
15,587
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
|
Investment related
gain/loss, net (1)
|
|
105,901
|
|
|
25,190
|
|
|
8,915
|
|
|
309,527
|
|
|
6,950
|
|
|
Non-GAAP to GAAP
reconciling items on the share of equity method
investments
|
|
(3,503)
|
|
|
(11,262)
|
|
|
19,430
|
|
|
2,414
|
|
|
12,351
|
|
|
Non-GAAP to GAAP
reconciling items for the income/loss
attributable to non-controlling interests
|
|
(154)
|
|
|
(156)
|
|
|
(101)
|
|
|
(5,063)
|
|
|
(414)
|
|
|
Tax effects on non-GAAP
adjustments (2)
|
|
(6,605)
|
|
|
(727)
|
|
|
(645)
|
|
|
(22,917)
|
|
|
(1,176)
|
|
|
Amortization of
issuance cost of convertible debt, unsecured senior
notes and long-term loans
|
|
1,611
|
|
|
1,606
|
|
|
1,607
|
|
|
4,833
|
|
|
4,819
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
$
|
119,007
|
|
$
|
126,376
|
|
$
|
136,595
|
|
$
|
361,559
|
|
$
|
374,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net
income per share attributable to Weibo's
shareholders
|
$
|
0.50
|
*
|
$
|
0.53
|
|
$
|
0.57
|
|
$
|
1.52
|
*
|
$
|
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income (loss) per share
attributable to Weibo's shareholders
|
|
235,894
|
|
|
237,886
|
|
|
238,655
|
|
|
235,543
|
|
|
237,817
|
|
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)
|
|
1,550
|
|
|
-
|
|
|
-
|
|
|
1,167
|
|
|
-
|
|
Shares used in
computing non-GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
244,197
|
|
|
237,886
|
|
|
238,655
|
|
|
243,463
|
|
|
237,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
(17,137)
|
|
$
|
81,387
|
|
$
|
77,489
|
|
$
|
(56,361)
|
|
$
|
259,368
|
|
|
Non-GAAP
adjustments
|
|
136,144
|
|
|
44,989
|
|
|
59,106
|
|
|
417,920
|
|
|
114,832
|
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
119,007
|
|
|
126,376
|
|
|
136,595
|
|
|
361,559
|
|
|
374,200
|
|
|
|
Interest (income)
expense, net
|
|
(8,896)
|
|
|
1,366
|
|
|
2,823
|
|
|
(28,325)
|
|
|
(5,554)
|
|
|
|
Income tax
expenses
|
|
26,365
|
|
|
26,177
|
|
|
26,052
|
|
|
71,895
|
|
|
73,886
|
|
|
|
Depreciation
expenses
|
|
8,268
|
|
|
9,962
|
|
|
9,354
|
|
|
25,614
|
|
|
29,917
|
|
|
Adjusted
EBITDA
|
$
|
144,744
|
|
$
|
163,881
|
|
$
|
174,824
|
|
$
|
430,743
|
|
$
|
472,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
$
378,378
|
|
$
358,894
|
|
$
367,633
|
|
$
1,141,405
|
|
$
1,063,558
|
|
|
Alibaba - as an
advertiser
|
15,048
|
|
26,780
|
|
21,668
|
|
64,701
|
|
66,717
|
|
|
Subtotal
|
393,426
|
|
385,674
|
|
389,301
|
|
1,206,106
|
|
1,130,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
services
|
60,134
|
|
54,566
|
|
52,850
|
|
182,228
|
|
165,894
|
|
|
|
$
453,560
|
|
$
440,240
|
|
$
442,151
|
|
$
1,388,334
|
|
$
1,296,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-third-quarter-2023-unaudited-financial-results-301982934.html
SOURCE Weibo Corporation