BEIJING, March 14,
2024 /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 fourth quarter and fiscal year
ended December 31, 2023.
"In 2023, we further improved our product's competitiveness and
operating efficiency," said Gaofei Wang, CEO of Weibo. "Our user
community expanded this year, as we have reinforced our content
ecosystem and enhanced core competitiveness of our products. On
monetization front, our advertising business exhibited solid
performance this quarter and gradually recovered throughout the
year. With our continued focus on operating efficiency and
financial discipline, we achieved decent profitability and solid
growth of operating cash flow in 2023. As we are committed to
driving shareholder value, we are pleased to announce that our
board of directors has approved a special cash dividend of
US$200 million to our
shareholders."
Fourth Quarter 2023 Highlights
- Net revenues were US$463.7
million, an increase of 3% year-over-year or an increase of
5% year-over-year on a constant currency
basis [1].
- Advertising and marketing revenues were US$403.7 million, an increase of 3%
year-over-year or an increase of 5% year-over-year on a constant
currency basis [1].
- Value-added services ("VAS") revenues were US$59.9 million, an increase of 4% year-over-year
or an increase of 6% year-over-year on a constant currency
basis [1].
- Income from operations was US$119.0
million, representing an operating margin of 26%.
- Net income attributable to Weibo's shareholders was
US$83.2 million and diluted net
income per share was US$0.34.
- Non-GAAP income from operations was US$145.9 million, representing a non-GAAP
operating margin of 31%.
- Non-GAAP net income attributable to Weibo's shareholders
was US$76.4 million and non-GAAP
diluted net income per share was US$0.31.
- Monthly active users ("MAUs") were 598 million in December 2023, a net addition of approximately 11
million users on a year-over-year basis. Mobile MAUs represented
95% of MAUs.
- Average daily active users ("DAUs") were 257 million in
December 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 fourth
quarter of 2023 had been the same as it was in the fourth quarter
of 2022, or RMB7.13=US$1.00.
|
Fiscal Year 2023 Highlights
- Net revenues were US$1.76
billion, a decrease of 4% year-over-year or an increase of
1% year-over-year on a constant currency
basis [2].
- Advertising and marketing revenues were US$1.53 billion, a decrease of 4% year-over-year
or an increase of 1% year-over-year on a constant currency
basis [2].
- VAS revenues were US$225.8
million, a decrease of 6% year-over-year or a decrease of 1%
year-over-year on a constant currency
basis [2].
- Income from operations was US$472.9
million, representing an operating margin of 27%.
- Net income attributable to Weibo's shareholders was
US$342.6 million and diluted net
income per share was US$1.43.
- Non-GAAP income from operations was US$592.1 million, representing a non-GAAP
operating margin of 34%.
- Non-GAAP net income attributable to Weibo's shareholders
was US$450.6 million and non-GAAP
diluted net income per share was US$1.88.
[2] On a constant
currency (non-GAAP) basis, we assume that the average exchange rate
of 2023 had been the same as 2022, or RMB 6.73=US$1.00.
|
Fourth Quarter 2023 Financial Results
For the fourth quarter of 2023, Weibo's total net revenues were
US$463.7 million, an increase of 3%
compared to US$448.0 million for the
same period last year.
Advertising and marketing revenues for the fourth quarter of
2023 were US$403.7 million, an
increase of 3% compared to US$390.5
million for the same period last year. Advertising and
marketing revenues excluding advertising revenues from Alibaba were
US$358.8 million, an increase of 3%
compared to US$348.3 million for the
same period last year.
VAS revenues for the fourth quarter of 2023 were US$59.9 million, an increase of 4% year-over-year
compared to US$57.5 million for the
same period last year, primarily attributable to increase of
game-related revenues.
Costs and expenses for the fourth quarter of 2023 totaled
US$344.7 million, an increase of 20%
compared to US$287.5 million for the
same period last year. The increase of costs and expenses was
primarily due to lower general and administrative expenses booked
in the fourth quarter of 2022, because of the reversal of
US$58.8 million compensation expenses
previously accrued, based on a contingent payment arrangement
between the Company and the founder of Shanghai Jiamian Information
Technology Co., Ltd. ("JM Tech"), an entity consolidated into the
Company's financial statements since the fourth quarter of
2020.
Income from operations for the fourth quarter of 2023 was
US$119.0 million, compared to
US$160.5 million for the same period
last year. Operating margin was 26%, compared to 36% last year.
Non-GAAP income from operations was US$145.9
million, compared to US$152.0
million for the same period last year. Non-GAAP operating
margin was 31%, compared to 34% last year.
Non-operating income for the fourth quarter of 2023 was
US$42.3 million, compared to a loss
of US$21.1 million for the same
period last year. Non-operating income for the fourth quarter of
2023 mainly included (i) a US$25.4
million gain from fair value change of investments, which
was excluded under non-GAAP measures; and (ii) a US$16.7 million net interest and other
income.
Income tax expenses for the fourth quarter of 2023 were
US$72.6 million, compared to benefits
of US$18.7 million for the same
period last year. The increase was primarily due to (i) the
reversal recorded in the fourth quarter of 2022 of previously
recognized tax liabilities related to uncertain tax positions; and
(ii) withholding tax paid and accrued related to the Company's
wholly-foreign owned enterprise's ("WFOE") earnings, remitted and
to be remitted to Weibo Hong Kong Limited in the foreseeable future
to fund its demand for U.S. dollars in business operations,
payments of dividends and debts, and potential investments,
etc.
Net income attributable to Weibo's shareholders for the fourth
quarter of 2023 was US$83.2 million,
compared to US$141.9 million for the
same period last year. Diluted net income per share attributable to
Weibo's shareholders for the fourth quarter of 2023 was
US$0.34, compared to US$0.60 for the same period last year. Non-GAAP
net income attributable to Weibo's shareholders for the fourth
quarter of 2023 was US$76.4 million,
compared to US$178.5 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo's shareholders for the fourth quarter of 2023
was US$0.31, compared to US$0.75 for the same period last year.
As of December 31, 2023, Weibo's
cash, cash equivalents and short-term investments totaled
US$3.2 billion. For the fourth
quarter of 2023, cash provided by operating activities was
US$218.2 million, capital
expenditures totaled US$7.5 million,
and depreciation and amortization expenses amounted to US$14.7 million.
Fiscal Year 2023 Financial Results
For fiscal year 2023, Weibo's total net revenues were
US$1.76 billion, a decrease of 4%
compared to US$1.84 billion in
2022.
Advertising and marketing revenues for 2023 were US$1.53 billion, a decrease of 4% compared to
US$1.60 billion in 2022, primarily
due to the unfavorable impact from the overall depreciation of RMB
against the U.S. dollar on a year-over-year basis. Advertising and
marketing revenues excluding advertising revenues from Alibaba were
US$1.42 billion, a decrease of 5%
compared to US$1.49 billion for
2022.
VAS revenues for 2023 were US$225.8
million, a decrease of 6% compared to US$239.7 million for 2022.
Costs and expenses for 2023 totaled US$1.29 billion, compared to US$1.36 billion for 2022. The decrease of costs
and expenses was primarily attributable to (i) the unfavorable
impact from the overall depreciation of RMB against the U.S. dollar
on a year-over-year basis; and (ii) the decrease of
personnel-related costs. These decreases were partially offset by
the increase of general and administrative expenses in 2023,
primarily resulted from the fluctuation of compensation expenses
relating to JM Tech.
Income from operations for 2023 was US$472.9 million, compared to US$480.5 million for 2022. Operating margin for
2023 was 27%, compared to 26% last year. Non-GAAP income from
operations was US$592.1 million,
compared to US$601.1 million for
2022. Non-GAAP operating margin was 34%, compared to 33% last
year.
Non-operating income for 2023 was US$29.8
million, compared to a loss of US$352.4 million for 2022. Non-operating income
in 2023 mainly included (i) a US$43.0
million gain from fair value change of investments, which is
excluded under non-GAAP measures; and (ii) a US$25.7 million investment related impairment,
which is excluded under non-GAAP measures; and (iii) net interest
and other income of US$11.3
million.
Income tax expenses for 2023 were US$145.3 million, compared to US$30.3 million for 2022. The increase in income
tax expense was primarily due to (i) the reversal recorded in the
fourth quarter of 2022 of previously recognized tax liabilities
related to uncertain tax positions; and (ii) withholding tax paid
and accrued related to the Company's WFOE's earnings, remitted and
to be remitted to Weibo Hong Kong Limited in the foreseeable future
to fund its demand for U.S. dollars in business operations,
payments of dividends and debts, potential investments, etc.
Net income attributable to Weibo's shareholders for 2023 was
US$342.6 million, compared to
US$85.6 million for 2022. Diluted net
income per share attributable to Weibo's shareholders for 2023 was
US$1.43, compared to US$0.36 for 2022. Non-GAAP net income
attributable to Weibo's shareholders for 2023 was US$450.6 million, compared to US$540.1 million for 2022. Non-GAAP diluted net
income per share attributable to Weibo's shareholders for 2023 was
US$1.88, compared to US$2.27 for 2022.
For fiscal year 2023, cash provided by operating activities was
US$672.8 million, compared to
US$564.1 million for 2022, an
increase of 19% year-over-year. Capital expenditures totaled
US$36.8 million, and depreciation and
amortization expenses amounted to US$58.5
million.
Recent Developments
Completion of Convertible Senior Notes
Offering
In December 2023, the Company
completed an offering of convertible senior notes due 2030 in an
aggregate principal amount of US$330
million (the "Notes"), which reflected the exercise in full
by the initial purchaser of its option to purchase an additional
US$30 million in aggregate principal
amount of the Notes. The Notes bear interest at a rate of 1.375%
per year, payable semi-annually in arrears on June 1 and December
1 of each year, beginning on June 1,
2024. The Notes will mature on December 1, 2030, unless redeemed, repurchased or
converted earlier in accordance with their terms prior to such
date. In order to facilitate the short positions by some holders of
the Notes for purposes of hedging their investment in the Notes,
the Company lent 6,233,785 ADSs to an affiliate of the initial
purchaser of the Notes.
Special Cash Dividend
On March 14, 2024, the Company's
board of directors has approved a special cash dividend of
US$0.82 per ordinary share and ADS to
holders of its ordinary shares and ADSs as of the close of business
on April 12, 2024, Beijing/Hong Kong Time and New York Time,
respectively, payable in U.S. dollars. For holders of Class A
ordinary shares, in order to qualify for the dividend, all valid
documents for the transfer of shares accompanied by the relevant
share certificates must be lodged for registration with the
Company's Hong Kong branch share
registrar, Computershare Hong Kong Investor Services Limited, at
Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road
East, Wanchai, Hong Kong, no later
than 4:30 p.m. on April 12, 2024 (Beijing/Hong Kong Time). The aggregate amount
of the dividend will be approximately US$200
million. The payment date for holders of ordinary shares is
expected to be on or around May 6,
2024. The payment date for holders of ADSs is expected to be
on or around May 13, 2024.
Conference Call
Weibo's management team will host a conference call from
7:00 AM to 8:00 AM Eastern Time on
March 14, 2024 (or 7:00 PM to 8:00 PM Beijing Time on March 14, 2024) 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/BI7140d89e0c3844dd981dcf7b042efa87
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 senior notes, unsecured senior notes
and long-term loans. Adjusted EBITDA excludes interest
income/expense, net, income tax expenses/benefits, 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
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
390,544
|
|
$
389,301
|
|
$
403,739
|
|
$
1,596,650
|
|
$
1,534,014
|
|
Value-added
services
|
57,454
|
|
52,850
|
|
59,928
|
|
239,682
|
|
225,822
|
|
|
Net
revenues
|
447,998
|
|
442,151
|
|
463,667
|
|
1,836,332
|
|
1,759,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
106,087
|
|
93,998
|
|
100,156
|
|
400,585
|
|
374,279
|
|
Sales and marketing
(1)
|
122,665
|
|
109,776
|
|
139,726
|
|
477,107
|
|
461,421
|
|
Product development
(1)
|
99,328
|
|
82,764
|
|
67,243
|
|
415,190
|
|
333,628
|
|
General and
administrative (1)
|
(40,552)
|
|
21,627
|
|
37,537
|
|
52,806
|
|
117,574
|
|
Impairment of intangible
assets
|
-
|
|
-
|
|
-
|
|
10,176
|
|
-
|
|
|
Total costs and
expenses
|
287,528
|
|
308,165
|
|
344,662
|
|
1,355,864
|
|
1,286,902
|
|
Income from
operations
|
160,470
|
|
133,986
|
|
119,005
|
|
480,468
|
|
472,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
Investment related income
(loss), net
|
(3,582)
|
|
(8,915)
|
|
25,544
|
|
(313,109)
|
|
18,594
|
|
Interest and other income
(loss), net
|
(17,508)
|
|
(19,498)
|
|
16,713
|
|
(39,273)
|
|
11,254
|
|
|
|
(21,090)
|
|
(28,413)
|
|
42,257
|
|
(352,382)
|
|
29,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expenses
|
139,380
|
|
105,573
|
|
161,262
|
|
128,086
|
|
502,782
|
|
Less: Income tax expenses
(benefits)
|
(18,701)
|
|
25,407
|
|
72,578
|
|
30,277
|
|
145,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
158,081
|
|
80,166
|
|
88,684
|
|
97,809
|
|
357,495
|
|
Less: Net income
attributable to non-controlling interests
|
16,165
|
|
474
|
|
808
|
|
12,254
|
|
2,095
|
|
Accretion to redeemable non-controlling interests
|
-
|
|
2,203
|
|
4,646
|
|
-
|
|
12,802
|
|
Net income
attributable to Weibo's shareholders
|
$
141,916
|
|
$
77,489
|
|
$
83,230
|
|
$
85,555
|
|
$
342,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share attributable to Weibo's shareholders
|
$
0.61
|
|
$
0.33
|
|
$
0.35
|
|
$
0.36
|
|
$
1.45
|
|
Diluted net income
per share attributable to Weibo's shareholders
|
$
0.60
|
|
$
0.32
|
|
$
0.34
|
|
$
0.36
|
|
$
1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income per share attributable
|
|
|
|
|
|
|
|
|
|
|
to Weibo's shareholders
|
234,040
|
|
235,842
|
|
236,311
|
|
235,164
|
|
235,560
|
|
Shares used in
computing diluted net income per share attributable
|
|
|
|
|
|
|
|
|
|
|
to Weibo's shareholders
|
238,887
|
|
238,655
|
|
246,382
|
|
236,407
|
|
239,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
1,820
|
|
$
2,308
|
|
$
1,851
|
|
$
9,417
|
|
$
8,933
|
|
|
Sales and
marketing
|
3,686
|
|
4,243
|
|
3,559
|
|
18,910
|
|
16,528
|
|
|
Product
development
|
10,774
|
|
13,306
|
|
11,079
|
|
55,294
|
|
51,441
|
|
|
General and
administrative
|
7,097
|
|
5,834
|
|
5,259
|
|
28,092
|
|
24,229
|
|
WEIBO
CORPORATION
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,690,768
|
|
$
2,584,635
|
|
|
|
|
Short-term
investments
|
|
480,428
|
|
641,035
|
|
|
|
|
Accounts receivable,
net
|
|
502,443
|
|
440,768
|
|
|
|
|
Prepaid expenses and
other current assets
|
|
391,502
|
|
359,881
|
|
|
|
|
Amount due from
SINA(1)
|
|
487,117
|
|
486,397
|
|
|
|
|
Current assets
subtotal
|
|
4,552,258
|
|
4,512,716
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
249,553
|
|
220,663
|
|
|
Goodwill and
intangible assets, net
|
|
245,223
|
|
300,565
|
|
|
Long-term
investments
|
|
993,630
|
|
1,320,386
|
|
|
Other non-current
assets
|
|
1,088,790
|
|
926,028
|
|
|
Total
assets
|
|
$
7,129,454
|
|
$
7,280,358
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
|
Liabilities:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
161,029
|
|
$
161,493
|
|
|
|
|
Accrued expenses and
other current liabilities
|
|
923,678
|
|
666,833
|
|
|
|
|
Income tax
payable
|
|
55,282
|
|
94,507
|
|
|
|
|
Deferred
revenues
|
|
79,949
|
|
75,187
|
|
|
|
|
Unsecured senior
notes
|
|
-
|
|
799,325
|
|
|
|
|
Current liabilities
subtotal
|
|
1,219,938
|
|
1,797,345
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Convertible senior
notes
|
|
-
|
|
317,625
|
|
|
|
|
Unsecured senior
notes
|
|
1,540,717
|
|
743,695
|
|
|
|
|
Long-term
loans
|
|
880,855
|
|
791,647
|
|
|
|
|
Other long-term
liabilities
|
|
97,404
|
|
112,430
|
|
|
|
|
Total
liabilities
|
|
3,738,914
|
|
3,762,742
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
45,795
|
|
68,728
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
:
|
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
3,330,250
|
|
3,398,735
|
|
|
|
Non-controlling
interests
|
|
14,495
|
|
50,153
|
|
|
|
|
Total shareholders'
equity
|
|
3,344,745
|
|
3,448,888
|
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$
7,129,454
|
|
$
7,280,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included short-term
loans to and interest receivable from SINA of US$420.4 million as
of December 31, 2022 and US$445.2 million as of December 31,
2023.
|
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands of
U.S. dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
160,470
|
|
$
|
133,986
|
|
$
|
119,005
|
|
$
|
480,468
|
|
$
|
472,934
|
|
Add:
|
Stock-based
compensation
|
|
23,377
|
|
|
25,691
|
|
|
21,748
|
|
|
111,713
|
|
|
101,131
|
|
|
Amortization of
intangible assets resulting from business acquisitions
|
|
4,367
|
|
|
4,209
|
|
|
5,103
|
|
|
19,394
|
|
|
18,022
|
|
|
Reversal of non-cash
compensation cost to non-controlling interest
shareholders
|
|
(36,225)
|
|
|
-
|
|
|
-
|
|
|
(20,638)
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
Non-GAAP income from
operations
|
$
|
151,989
|
|
$
|
163,886
|
|
$
|
145,856
|
|
$
|
601,113
|
|
$
|
592,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Weibo's shareholders
|
$
|
141,916
|
|
$
|
77,489
|
|
$
|
83,230
|
|
$
|
85,555
|
|
$
|
342,598
|
|
Add:
|
Stock-based
compensation
|
|
23,377
|
|
|
25,691
|
|
|
21,748
|
|
|
111,713
|
|
|
101,131
|
|
|
Amortization of
intangible assets resulting from
business acquisitions
|
|
4,367
|
|
|
4,209
|
|
|
5,103
|
|
|
19,394
|
|
|
18,022
|
|
|
Reversal of non-cash
compensation cost to non-controlling
interest shareholders
|
|
(36,225)
|
|
|
-
|
|
|
-
|
|
|
(20,638)
|
|
|
-
|
|
|
Impairment of
intangible assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,176
|
|
|
-
|
|
|
Investment related
gain/loss, net (1)
|
|
3,582
|
|
|
8,915
|
|
|
(25,544)
|
|
|
313,109
|
|
|
(18,594)
|
|
|
Non-GAAP to GAAP
reconciling items on the share of equity
method investments
|
|
24,662
|
|
|
19,430
|
|
|
(10,547)
|
|
|
27,076
|
|
|
1,804
|
|
|
Non-GAAP to GAAP
reconciling items for the income/loss attributable to
non-controlling interests
|
|
15,005
|
|
|
(101)
|
|
|
(311)
|
|
|
9,942
|
|
|
(725)
|
|
|
Tax effects on non-GAAP
adjustments (2)
|
|
394
|
|
|
(645)
|
|
|
(781)
|
|
|
(22,523)
|
|
|
(1,957)
|
|
|
Amortization of
issuance cost of convertible senior notes, unsecured senior
notes
and long-term loans
|
|
1,440
|
|
|
1,607
|
|
|
3,468
|
|
|
6,273
|
|
|
8,287
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
$
|
178,518
|
|
$
|
136,595
|
|
$
|
76,366
|
|
$
|
540,077
|
|
$
|
450,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net
income per share attributable to Weibo's
shareholders
|
$
|
0.75
|
*
|
$
|
0.57
|
|
$
|
0.31
|
*
|
$
|
2.27
|
*
|
$
|
1.88
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income per share attributable to
Weibo's
shareholders
|
|
238,887
|
|
|
238,655
|
|
|
246,382
|
|
|
236,407
|
|
|
239,974
|
|
Add:
|
The number of shares
for dilution resulted from convertible senior notes
(3)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,909
|
|
|
-
|
|
Shares used in
computing non-GAAP diluted net income per share
attributable
to Weibo's shareholders
|
|
238,887
|
|
|
238,655
|
|
|
246,382
|
|
|
242,316
|
|
|
239,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Weibo's shareholders
|
$
|
141,916
|
|
$
|
77,489
|
|
$
|
83,230
|
|
$
|
85,555
|
|
$
|
342,598
|
|
|
Non-GAAP
adjustments
|
|
36,602
|
|
|
59,106
|
|
|
(6,864)
|
|
|
454,522
|
|
|
107,968
|
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
178,518
|
|
|
136,595
|
|
|
76,366
|
|
|
540,077
|
|
|
450,566
|
|
|
|
Interest expense
(income), net
|
|
(11,784)
|
|
|
2,823
|
|
|
(870)
|
|
|
(40,109)
|
|
|
(6,424)
|
|
|
|
Income tax expenses
(benefits)
|
|
(19,095)
|
|
|
26,052
|
|
|
73,359
|
|
|
52,800
|
|
|
147,245
|
|
|
|
Depreciation
expenses
|
|
7,626
|
|
|
9,354
|
|
|
9,303
|
|
|
33,240
|
|
|
39,220
|
|
|
Adjusted
EBITDA
|
$
|
155,265
|
|
$
|
174,824
|
|
$
|
158,158
|
|
$
|
586,008
|
|
$
|
630,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$
|
447,998
|
|
$
|
442,151
|
|
$
|
463,667
|
|
$
|
1,836,332
|
|
$
|
1,759,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
margin
|
|
34 %
|
|
|
37 %
|
|
|
31 %
|
|
|
33 %
|
|
|
34 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 senior notes which
were anti-dilutive under GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net income attributable
to Weibo's shareholders is adjusted for interest expense of
convertible senior notes for calculating diluted EPS.
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED ADDITIONAL
INFORMATION
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
$
348,271
|
|
$
367,633
|
|
$
358,848
|
|
$
1,489,676
|
|
$
1,422,406
|
|
|
Alibaba - as an
advertiser
|
42,273
|
|
21,668
|
|
44,891
|
|
106,974
|
|
111,608
|
|
|
Subtotal
|
390,544
|
|
389,301
|
|
403,739
|
|
1,596,650
|
|
1,534,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
services
|
57,454
|
|
52,850
|
|
59,928
|
|
239,682
|
|
225,822
|
|
|
|
$
447,998
|
|
$
442,151
|
|
$
463,667
|
|
$
1,836,332
|
|
$
1,759,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/weibo-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-and-dividend-302089180.html
SOURCE Weibo Corporation