BEIJING, Dec, 28, 2020
/PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company")
(NASDAQ: WB), a leading social media in China, today announced its unaudited financial
results for the third quarter ended September 30, 2020.
"We are pleased with Weibo's recovery trend, despite challenges still
persisted," said Gaofei Wang, CEO of Weibo. "Weibo's KA
business delivered broad-based recovery, with a record high number
of brand customers marketing with us. We are glad to see brands
increasingly recognize Weibo's unique value proposition in reaching
young audience, leveraging KOL's influence and serving brand plus
performance needs. For performance ad business, we continued to
drive value for customers, with team's solid execution on
advertising system upgrade, ad product optimization and ROI
improvement," said Mr. Wang.
Third Quarter 2020 Highlights
- Net revenues were $465.7 million,
flat year-over-year or a decrease of 4% year-over-year on a
constant currency basis [1].
- Advertising and marketing revenues were $416.7 million, an increase of 1%
year-over-year.
- Value-added service ("VAS") revenues were $49.1 million, a decrease of 11%
year-over-year.
- Net income attributable to Weibo was $33.8 million and diluted net income per share
was $0.15.
- Non-GAAP net income attributable to Weibo was $152.9 million and non-GAAP diluted net income
per share was $0.66.
- Monthly active users ("MAUs") were 511 million in September 2020, a net addition of approximately
14 million users on year-over-year basis. Mobile MAUs represented
approximately 94% of MAUs.
- Average daily active users ("DAUs") were 224 million in
September 2020, a net addition of
approximately 8 million users on year-over-year basis.
[1] On a constant currency (non-GAAP)
basis, we assume that the exchange rate in the third quarter of
2020 had been the same as it was in the third quarter of 2019, or
RMB 7.02=US$1.00.
|
Third Quarter 2020 Financial Results
For the third quarter of 2020, Weibo's total net revenues were
$465.7 million, compared to
$467.8 million for the same period
last year.
Advertising and marketing revenues for the third quarter of 2020
were $416.7 million, an increase of
1% compared to $412.5 million for the
same period last year. Advertising and marketing revenues from key
accounts ("KAs") and small & medium-sized enterprises ("SMEs")
were $387.5 million, a decrease of 1%
compared to $393.3 million for the
same period last year.
VAS revenues for the third quarter of 2020 were $49.1 million, a decrease of 11% year-over-year
compared to $55.3 million for the
same period last year, which was primarily resulted from the
decrease of live streaming revenues, and was partially offset by
the increase in membership revenues.
Costs and expenses for the third quarter of 2020 totaled
$304.8 million, an increase of 3%
compared to $295.2 million for the
same period last year. The increase was primarily due to higher bad
debt provision and personnel related costs, partially offset by
decreased marketing spend. Non-GAAP costs and expenses were
$286.4 million, compared to
$277.5 million for the same period
last year.
Income from operations for the third quarter of 2020 was
$161.0 million, compared to
$172.5 million for the same period
last year. Non-GAAP income from operations was $179.4 million, compared to $190.2 million for the same period last year.
Non-operating loss for the third quarter of 2020 was
$97.5 million, compared to an income
of $5.3 million for the same period
last year. Non-operating loss for
the third quarter of 2020 mainly included (i) a $110.0 million non-deductible impairment charge
on equity and loan investments in an investee in e-commerce
business, which is excluded under non-GAAP measures; (ii) a
$10.1 million net gain from fair
value change of investments, which is excluded under non-GAAP
measures; and (iii) a $6.3 million
net interest and other income.
Income tax expenses were $30.0
million, compared to $31.4
million for the same period last year.
Net income attributable to Weibo for the third quarter of 2020
was $33.8 million, compared to
$146.2 million for the same period
last year. Diluted net income per share attributable to Weibo for
the third quarter of 2020 was $0.15,
compared to $0.64 for the same period
last year. Non-GAAP net income attributable to Weibo for the third
quarter of 2020 was $152.9 million,
compared to $176.1 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo for the third quarter of 2020 was
$0.66, compared to $0.77 for the same period last year.
As of September 30, 2020, Weibo's
cash, cash equivalents and short-term investments totaled
$3.18 billion. For the third quarter
of 2020, cash provided by operating activities was $235.2 million, capital expenditures totaled
$10.7 million, and depreciation and
amortization expenses amounted to $7.7
million.
Business Outlook
For the fourth quarter of 2020, Weibo estimates its net revenues
to increase by 1% to 3% year-over-year on a constant currency
basis. This forecast includes revenues estimate of an interactive
entertainment company which was acquired and consolidated to the
Company in November 2020 and
represents approximately 2% of our revenues estimate this quarter.
This forecast reflects Weibo's current and preliminary view, which
is subject to change.
Conference Call
Weibo's management team will host a conference call from
6:00 AM to 7:00 AM Eastern Time on
December 28, 2020 (or 7:00 PM – 8:00 PM
Beijing Time on December 28, 2020) to
present an overview of the Company's financial performance and
business operations.
Please register in advance of the conference call using the link
provided below. Upon registering, you will be provided with dial-in
numbers, passcode and unique registrant ID by email. To join the
conference, please use the conference access information provided
in the email received at the point of registering.
PRE-REGISTER LINK:
http://apac.directeventreg.com/registration/event/5558304
Additionally, a live webcast of the call will be available
through the Company's corporate website at http://ir.weibo.com.
A telephone replay will be available from 22:00 PM China Standard Time on December 28, 2020 to 20:59
PM China Standard Time on January
5, 2021. To access the recording, please use the
following dial-in information listed below:
United
States:
|
+1 855 452
5696
|
Hong Kong:
|
800 963
117
|
Mainland
China:
|
400 602
2065
|
International:
|
+61 2 8199
0299
|
Replay
PIN:
|
5558304
|
Non-GAAP Financial Measures
This release contains the following non-GAAP financial measures:
non-GAAP costs and expenses, non-GAAP income from operations,
non-GAAP net income attributable to Weibo, non-GAAP diluted net
income per share attributable to Weibo 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, 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, provision for income tax related to the
amortization of intangible assets 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 represents non-GAAP net income
attributable to Weibo, excluding 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 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; 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. 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,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
416,672
|
|
$
412,489
|
|
$
340,584
|
|
$
1,032,678
|
|
$
1,124,290
|
|
Value-added
service
|
|
49,067
|
|
55,264
|
|
46,809
|
|
143,843
|
|
174,476
|
|
|
Net
revenues
|
|
465,739
|
|
467,753
|
|
387,393
|
|
1,176,521
|
|
1,298,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
|
77,198
|
|
73,471
|
|
63,584
|
|
214,892
|
|
238,260
|
|
Sales and marketing
(1)
|
|
105,263
|
|
129,411
|
|
112,118
|
|
316,483
|
|
341,967
|
|
Product
development(1)
|
|
83,511
|
|
69,036
|
|
75,961
|
|
233,881
|
|
209,257
|
|
General and
administrative(1)
|
|
38,813
|
|
23,323
|
|
29,545
|
|
86,111
|
|
62,435
|
|
|
Total costs and
expenses
|
|
304,785
|
|
295,241
|
|
281,208
|
|
851,367
|
|
851,919
|
|
Income from
operations
|
|
160,954
|
|
172,512
|
|
106,185
|
|
325,154
|
|
446,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and
fair value change of
investments, net
|
|
(103,787)
|
|
644
|
|
117,379
|
|
10,654
|
|
(3,513)
|
|
Interest and other income , net
|
|
6,311
|
|
4,665
|
|
15,085
|
|
34,301
|
|
33,445
|
|
|
|
|
(97,476)
|
|
5,309
|
|
132,464
|
|
44,955
|
|
29,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
63,478
|
|
177,821
|
|
238,649
|
|
370,109
|
|
476,779
|
|
Income tax
expenses
|
|
(30,003)
|
|
(31,362)
|
|
(40,744)
|
|
(86,630)
|
|
(78,508)
|
|
Net
income
|
|
33,475
|
|
146,459
|
|
197,905
|
|
283,479
|
|
398,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to
non-controlling interests
|
(323)
|
|
290
|
|
(511)
|
|
(843)
|
|
(1,336)
|
|
Net income
attributable to Weibo
|
$
33,798
|
|
$
146,169
|
|
$
198,416
|
|
$
284,322
|
|
$
399,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
$
0.15
|
|
$
0.65
|
|
$
0.88
|
|
$
1.25
|
|
$
1.77
|
|
Diluted net income
per share attributable to Weibo
|
$
0.15
|
|
$
0.64
|
|
$
0.86
|
|
$
1.25
|
|
$
1.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
227,110
|
|
225,610
|
|
226,678
|
|
226,728
|
|
225,268
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
227,793
|
|
233,126
|
|
233,983
|
|
227,352
|
|
233,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
1,407
|
|
$
1,533
|
|
$
1,155
|
|
$
3,909
|
|
$
3,763
|
|
|
Sales and
marketing
|
|
2,623
|
|
2,899
|
|
2,047
|
|
6,886
|
|
7,067
|
|
|
Product
development
|
|
8,438
|
|
7,828
|
|
7,543
|
|
22,890
|
|
20,504
|
|
|
General and
administrative
|
|
5,129
|
|
4,637
|
|
4,149
|
|
14,100
|
|
12,592
|
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,411,929
|
|
$
1,452,985
|
|
|
|
Short-term
investments
|
|
1,764,535
|
|
951,235
|
|
|
|
Accounts
receivable, net
|
|
440,495
|
|
422,225
|
|
|
|
Prepaid expenses
and other current assets
|
|
408,055
|
|
424,905
|
|
|
|
Amount due from
SINA(1)
|
|
615,928
|
|
384,828
|
|
|
|
Current assets
subtotal
|
|
4,640,942
|
|
3,636,178
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
57,052
|
|
46,729
|
|
Goodwill and
intangible assets, net
|
|
45,139
|
|
46,513
|
|
Long-term
investments
|
|
1,201,593
|
|
1,027,459
|
|
Other
assets
|
|
34,057
|
|
47,307
|
|
Total
assets
|
|
$
5,978,783
|
|
$
4,804,186
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
114,545
|
|
$
126,247
|
|
|
|
Accrued expenses
and other current liabilities
|
|
452,613
|
|
465,580
|
|
|
|
Deferred
revenues
|
|
153,935
|
|
108,783
|
|
|
|
Income tax
payable
|
|
110,414
|
|
100,245
|
|
|
|
Current liabilities
subtotal
|
|
831,507
|
|
800,855
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Convertible
debt
|
|
891,364
|
|
888,266
|
|
|
|
Senior
notes
|
|
1,535,537
|
|
793,985
|
|
|
|
Other long-term
liabilities
|
|
48,040
|
|
39,261
|
|
|
|
Total
liabilities
|
|
3,306,448
|
|
2,522,367
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
2,673,615
|
|
2,283,267
|
|
|
Non-controlling
interests
|
|
(1,280)
|
|
(1,448)
|
|
|
|
Total
shareholders' equity
|
|
2,672,335
|
|
2,281,819
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
5,978,783
|
|
$
4,804,186
|
|
|
|
|
|
|
|
|
|
(1) Included
short-term loans to and interest receivable from SINA of $537.9
million as of September 30,
2020 and $236.6 million as of December 31, 2019.
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
September 30,
2020
|
|
September 30,
2019
|
|
June 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
416,672
|
|
|
|
$
416,672
|
|
$
412,489
|
|
|
|
$
412,489
|
|
$
340,584
|
|
|
|
$
340,584
|
|
Value-added
service
|
|
49,067
|
|
|
|
49,067
|
|
55,264
|
|
|
|
55,264
|
|
46,809
|
|
|
|
46,809
|
|
|
Net
revenues
|
|
$
465,739
|
|
|
|
$
465,739
|
|
$
467,753
|
|
|
|
$
467,753
|
|
$
387,393
|
|
|
|
$
387,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,597)
|
(a)
|
|
|
|
|
(16,897)
|
(a)
|
|
|
|
|
(14,894)
|
(a)
|
|
|
|
|
|
|
|
|
(836)
|
(b)
|
|
|
|
|
(825)
|
(b)
|
|
|
|
|
(816)
|
(b)
|
|
|
Total costs and
expenses
|
|
$
304,785
|
|
$
(18,433)
|
|
$
286,352
|
|
$
295,241
|
|
$
(17,722)
|
|
$
277,519
|
|
$
281,208
|
|
$
(15,710)
|
|
$
265,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,597
|
(a)
|
|
|
|
|
16,897
|
(a)
|
|
|
|
|
14,894
|
(a)
|
|
|
|
|
|
|
|
|
836
|
(b)
|
|
|
|
|
825
|
(b)
|
|
|
|
|
816
|
(b)
|
|
|
Income from
operations
|
|
$
160,954
|
|
$
18,433
|
|
$
179,387
|
|
$
172,512
|
|
$
17,722
|
|
$
190,234
|
|
$
106,185
|
|
$
15,710
|
|
$
121,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,597
|
(a)
|
|
|
|
|
16,897
|
(a)
|
|
|
|
|
14,894
|
(a)
|
|
|
|
|
|
|
|
|
836
|
(b)
|
|
|
|
|
825
|
(b)
|
|
|
|
|
816
|
(b)
|
|
|
|
|
|
|
|
|
103,787
|
(c)
|
|
|
|
|
(644)
|
(c)
|
|
|
|
|
(117,379)
|
(c)
|
|
|
|
|
|
|
|
|
(3,658)
|
(d)
|
|
|
|
|
11,596
|
(d)
|
|
|
|
|
3,389
|
(d)
|
|
|
|
|
|
|
|
|
(21)
|
(e)
|
|
|
|
|
(21)
|
(e)
|
|
|
|
|
112
|
(e)
|
|
|
|
|
|
|
|
|
(1,062)
|
(f)
|
|
|
|
|
(122)
|
(f)
|
|
|
|
|
12,882
|
(f)
|
|
|
|
|
|
|
|
|
1,595
|
(g)
|
|
|
|
|
1,360
|
(g)
|
|
|
|
|
1,369
|
(g)
|
|
|
Net income
attributable to Weibo
|
$
33,798
|
|
$
119,074
|
|
$
152,872
|
|
$
146,169
|
|
$
29,891
|
|
$
176,060
|
|
$
198,416
|
|
$
(83,917)
|
|
$
114,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.15
|
|
|
|
$
0.66
|
*
|
$
0.64
|
*
|
|
|
$
0.77
|
*
|
$
0.86
|
*
|
|
|
$
0.50
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
227,793
|
|
6,753
|
(h)
|
234,546
|
|
233,126
|
|
|
|
233,126
|
|
233,983
|
|
|
|
233,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
152,872
|
|
|
|
|
|
$
176,060
|
|
|
|
|
|
$
114,499
|
|
|
|
Interest
income,net
|
|
|
|
|
|
(4,340)
|
|
|
|
|
|
(16,785)
|
|
|
|
|
|
(12,635)
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
31,065
|
|
|
|
|
|
31,484
|
|
|
|
|
|
27,862
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
6,894
|
|
|
|
|
|
5,503
|
|
|
|
|
|
6,074
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
186,491
|
|
|
|
|
|
$
196,262
|
|
|
|
|
|
$
135,800
|
|
|
|
|
|
WEIBO
CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
September 30,
2020
|
|
September 30,
2019
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
1,032,678
|
|
|
|
$
1,032,678
|
|
$
1,124,290
|
|
|
|
$
1,124,290
|
|
Value-added
service
|
|
143,843
|
|
|
|
143,843
|
|
174,476
|
|
|
|
174,476
|
|
|
Net
revenues
|
|
$
1,176,521
|
|
|
|
$
1,176,521
|
|
$
1,298,766
|
|
|
|
$
1,298,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47,785)
|
(a)
|
|
|
|
|
(43,926)
|
(a)
|
|
|
|
|
|
|
|
|
(2,480)
|
(b)
|
|
|
|
|
(2,534)
|
(b)
|
|
|
Total costs and
expenses
|
|
$
851,367
|
|
$
(50,265)
|
|
$
801,102
|
|
$
851,919
|
|
$
(46,460)
|
|
$
805,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,785
|
(a)
|
|
|
|
|
43,926
|
(a)
|
|
|
|
|
|
|
|
|
2,480
|
(b)
|
|
|
|
|
2,534
|
(b)
|
|
|
Income from
operations
|
|
$
325,154
|
|
$
50,265
|
|
$
375,419
|
|
$
446,847
|
|
$
46,460
|
|
$
493,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,785
|
(a)
|
|
|
|
|
43,926
|
(a)
|
|
|
|
|
|
|
|
|
2,480
|
(b)
|
|
|
|
|
2,534
|
(b)
|
|
|
|
|
|
|
|
|
(10,654)
|
(c)
|
|
|
|
|
3,513
|
(c)
|
|
|
|
|
|
|
|
|
(5,554)
|
(d)
|
|
|
|
|
10,025
|
(d)
|
|
|
|
|
|
|
|
|
94
|
(e)
|
|
|
|
|
(1,654)
|
(e)
|
|
|
|
|
|
|
|
|
11,992
|
(f)
|
|
|
|
|
(375)
|
(f)
|
|
|
|
|
|
|
|
|
4,333
|
(g)
|
|
|
|
|
3,432
|
(g)
|
|
|
Net income
attributable to Weibo
|
$
284,322
|
|
$
50,476
|
|
$
334,798
|
|
$
399,607
|
|
$
61,401
|
|
$
461,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
1.25
|
|
|
|
$
1.47
|
*
|
$
1.76
|
*
|
|
|
$
2.01
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
227,352
|
|
6,753
|
(h)
|
234,105
|
|
233,019
|
|
|
|
233,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
334,798
|
|
|
|
|
|
$
461,008
|
|
|
|
Interest income,
net
|
|
|
|
|
|
(30,324)
|
|
|
|
|
|
(46,641)
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
74,638
|
|
|
|
|
|
78,883
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
18,942
|
|
|
|
|
|
16,699
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
398,054
|
|
|
|
|
|
$
509,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To
exclude stock-based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) To
exclude amortization of intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) To
exclude net results of impairment on, gain/loss on sale of and fair
value change of investments.
|
|
|
|
|
|
|
|
(d) To
exclude the non-GAAP to GAAP reconciling items on the share of
equity method investments.
|
|
|
|
|
|
|
|
(e) To
exclude non-GAAP to GAAP reconciling items for the income/loss
attributable to non-controlling interests.
|
|
|
|
|
|
(f) To
exclude the provision for income tax related to item (b) and (c).
Other non-GAAP to GAAP reconciling items have no income tax
effect.
|
|
|
|
The Company
considered the tax implication arising from the reconciliation
items and part of these items recorded in entities in tax free
jurisdictions were without relevant tax
implications.
|
For impairment on
investments, valuation allowances were made for those differences
the Company does not expect they can be realized in the foreseeable
future.
|
(g) To
exclude the amortization of convertible debt and senior notes
issuance cost.
|
|
|
|
|
|
|
|
|
|
(h) To
adjust the number of shares for dilution resulted from convertible
debt which were anti-dilutive under GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net
income attributable to Weibo is adjusted for interest expense of
convertible debt for calculating diluted EPS.
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
UNAUDITED
ADDITIONAL INFORMATION
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Key accounts and small
& medium-sized enterprises
|
$
387,517
|
|
$
393,331
|
|
$
304,838
|
|
$
940,210
|
|
$
1,064,378
|
|
|
Alibaba
|
29,155
|
|
19,158
|
|
35,746
|
|
92,468
|
|
59,912
|
|
|
Subtotal
|
416,672
|
|
412,489
|
|
340,584
|
|
1,032,678
|
|
1,124,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
49,067
|
|
55,264
|
|
46,809
|
|
143,843
|
|
174,476
|
|
|
|
$
465,739
|
|
$
467,753
|
|
$
387,393
|
|
$
1,176,521
|
|
$
1,298,766
|
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-third-quarter-2020-unaudited-financial-results-301198589.html
SOURCE Weibo Corporation