UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of August 2023
Commission File Number: 001-36397
Weibo Corporation
(Registrant’s Name)
8/F, QIHAO Plaza, No. 8 Xinyuan S. Road
Chaoyang District, Beijing 100027
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
WEIBO CORPORATION |
| |
|
| |
|
| Date: August 24,
2023 |
By: |
/s/ Fei Cao |
| |
|
Fei Cao |
| |
|
Chief Financial Officer |
Exhibit 99.1
Weibo Reports Second Quarter 2023 Unaudited
Financial Results
BEIJING, China – August 24, 2023 –
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 | |
Weibo (NASDAQ:WB)
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