BEIJING, March 18, 2021 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2020.
"We ended the year of 2020 on a solid note," said Gaofei Wang,
CEO of Weibo. "During the unprecedented times in 2020, Weibo has
demonstrated its indispensable value as China's leading social media platform to serve
public conversations, and further enriched our video and community
product offerings. On monetization, we are pleased to see our
revenue and profit return to a solid growth trajectory in the
fourth quarter. Entering into 2021, Weibo is well positioned to
capture incremental ad wallet, leveraging the accelerated
digitalization of brick-and-mortar, our differentiated social ad
offerings and revamped bidding system," Mr. Wang concluded.
Fourth Quarter 2020 Highlights
- Net revenues were $513.4 million,
an increase of 10% year-over-year or an increase of 3%
year-over-year on a constant currency basis[1].
- Advertising and marketing revenues were $453.5 million, an increase of 12%
year-over-year.
- Value-added service ("VAS") revenues were $59.9million, a decrease of 4%
year-over-year.
- Income from operations was $181.6
million, representing an operating margin of 35%.
- Non-GAAP income from operations was $204.1 million, representing a non-GAAP operating
margin of 40%.
- Net income attributable to Weibo was $29.0 million and diluted net income per share
was $0.13.
- Non-GAAP net income attributable to Weibo was $212.7 million and non-GAAP diluted net income
per share was $0.92.
- Monthly active users ("MAUs") were 521 million in December 2020, a net addition of approximately 5
million users on year-over-year basis. Mobile MAUs represented 94%
of MAUs.
- Average daily active users ("DAUs") were 225 million in
December 2020, a net addition of
approximately 3 million users on year-over-year basis.
Fiscal Year 2020 Highlights
- Net revenues were $1.69 billion,
a decrease of 4% year-over-year or a decrease of 5% year-over-year
on a constant currency basis[2].
- Advertising and marketing revenues were $1.49 billion, a decrease of 3%
year-over-year.
- VAS revenues were $203.8 million,
a decrease of 14% year-over-year.
- Income from operations was $506.8
million, representing an operating margin of 30%.
- Non-GAAP income from operations was $579.6 million, representing a non-GAAP operating
margin of 34%.
- Net income attributable to Weibo was $313.4 million and diluted net income per share
was $1.38.
- Non-GAAP net income attributable to Weibo was $547.5 million and non-GAAP diluted net income
per share was $2.38.
[1] On a constant currency (non-GAAP)
basis, we assume that the exchange rate in the fourth quarter of
2020 had been the same as it was in the fourth quarter of 2019, or
RMB 7.04=US$1.00.
|
[2] On a constant currency (non-GAAP)
basis, we assume that the average exchange rate of 2020 had been
the same as 2019, or RMB 6.90=US$1.00.
|
Fourth Quarter 2020 Financial Results
For the fourth quarter of 2020, Weibo's total net revenues were
$513.4 million, an increase of 10%
compared to $468.1 million for the
same period last year.
Advertising and marketing revenues for the fourth quarter of
2020 were $453.5 million, an increase
of 12% compared to $405.9 million for
the same period last year. Advertising and marketing revenues from
key accounts ("KAs") and small & medium-sized enterprises
("SMEs") were $393.9 million, an
increase of 7% compared to $368.1
million for the same period last year.
VAS revenues for the fourth quarter of 2020 were $59.9 million, a decrease of 4% year-over-year
compared to $62.2 million for the
same period last year, which was primarily resulted from the
decrease of live streaming business, and was partially offset by
the revenue contribution from the interactive entertainment company
which was acquired and consolidated to the Company in November 2020.
Costs and expenses for the fourth quarter of 2020 totaled
$331.8 million, an increase of 5%
compared to $317.4 million for the
same period last year. The increase was primarily due to higher
personal-related cost and step-up in marketing spend, and was
partially offset by decreased general and administrative expenses.
Non-GAAP costs and expenses were $309.3
million, an increase of 3% compared to $299.2 million for the same period last year.
Income from operations for the fourth quarter of 2020 was
$181.6 million, compared to
$150.7 million for the same period
last year. Operating margin was 35%, compared to 32% last year.
Non-GAAP income from operations was $204.1
million, compared to $168.9
million for the same period last year. Non-GAAP operating
margin was 40%, compared to 36% last year.
Non-operating loss for the fourth quarter of 2020 was
$175.8 million, compared to a loss of
$25.1 million for the same period
last year. Non-operating loss for the fourth quarter of 2020 mainly
included (i) a 92.5 million net loss from fair value change of
investments, which is excluded under non-GAAP measures; (ii) a
$94.2 million investment related
impairment, which is excluded under non-GAAP measures; and (iii) a
$9.5 million net interest and other
income.
Income tax benefits were $25.3
million, compared to income tax expenses of $31.1 million for the same period last year. The
income tax benefit was primarily due to the recognition of
preferential tax treatment for certain of the Company's PRC
subsidiaries, as well as reverse of recognition of deferred tax
liabilities in prior periods related to certain investments.
Net income attributable to Weibo for the fourth quarter of 2020
was $29.0 million, compared to
$95.1 million for the same period
last year. Diluted net income per share attributable to Weibo for
the fourth quarter of 2020 was $0.13,
compared to $0.42 for the same period
last year. Non-GAAP net income attributable to Weibo for the fourth
quarter of 2020 was $212.7 million,
compared to $176.5 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo for the fourth quarter of 2020 was
$0.92, compared to $0.77 for the same period last year.
As of December 31, 2020, Weibo's
cash, cash equivalents and short-term investments totaled
$3.50 billion. For the fourth quarter
of 2020, cash provided by operating activities was $321.2 million, capital expenditures totaled
$8.4 million, and depreciation and
amortization expenses amounted to $10.7
million.
Fiscal Year 2020 Financial Results
For fiscal year 2020, Weibo's total net revenues were
$1.69 billion, a decrease of 4%
compared to $1.77 billion in
2019.
Advertising and marketing revenues for 2020 were $1.49 billion, a decrease of 3% compared to
$1.53 billion in 2019. Advertising
and marketing revenues from KAs and SMEs were $1.33 billion, a decrease of 7% compared to
$1.43 billion for 2019, which
primarily resulted from the adverse impact of the Covid-19 pandemic
on the overall advertising demand mainly in the first half of
2020.
VAS revenues for 2020 were $203.8
million, a decrease of 14% compared to $236.7 million for 2019, mainly due to the
decrease of revenues from the live streaming
business.
Costs and expenses for 2020 totaled $1.18
billion, compared to $1.17
billion for 2019. Non-GAAP costs and expenses were
$1.11 billion, compared to
$1.10 billion for 2019.
Income from operations for 2020 was $506.8 million, compared to $597.6 million for 2019. Operating margin for
2020 was 30%, compared to 34% last year. Non-GAAP income from
operations was $579.6 million,
compared to $662.2 million for 2019.
Non-GAAP operating margin was 34%, compared to 37% last year.
Non-operating loss for 2020 was $130.9
million, compared to a non-operating income of $4.8 million for 2019. Non-operating loss in 2020
mainly included (i) a $212.0 million
investment related impairment, which is excluded under non-GAAP
measures; (ii) a $35.1 million net
gain from fair value change of investments, which is excluded under
non-GAAP measures; and (iii) a $43.8
million net interest and other income.
Income tax expenses for 2020 were $61.3
million, compared to $109.6
million for 2019. The decrease was primarily resulted from
changes in deferred tax liabilities related to fair value change on
investments.
Net income attributable to Weibo for 2020 was $313.4 million, compared to $494.7 million for 2019. Diluted net income per
share attributable to Weibo for 2020 was $1.38, compared to $2.18 for 2019. Non-GAAP net income attributable
to Weibo for 2020 was $547.5 million,
compared to $637.5 million for 2019.
Non-GAAP diluted net income per share attributable to Weibo for
2020 was $2.38, compared to
$2.78 for 2019.
For fiscal year 2020, cash provided by operating activities was
$741.6 million, capital expenditures
totaled $34.8 million, and
depreciation and amortization expenses amounted to $32.1 million.
Management Appointments
The Company announced the appointment of Mr. Wei Wang as Weibo's Chief Operating Officer. Mr.
Wang has joined Sina Corporation, the parent of the Company in 2000
and has held various positions in Sina. The Company also announced
the appointment of Ms. Fei Cao as
Weibo's Chief Financial Officer. Both changes are effective
immediately.
Business Outlook
For the first quarter of 2021, Weibo estimates its net revenues
to increase by 25% to 30% year-over-year on a constant currency
basis. 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
7:00 AM to 8:00 AM Eastern Time on
March 18, 2021 (or 7:00 PM – 8:00 PM
Beijing Time on March 18, 2021) 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/4595508
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 March 18, 2021 to 20:59
PM China Standard Time on March
26, 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:
|
4595508
|
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 excludes interest income, net,
income tax expenses (benefit), 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 of
U.S. dollars, except per share data)
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
453,477
|
|
$
405,921
|
|
$
416,672
|
|
$
1,486,155
|
|
$
1,530,211
|
Value-added
service
|
|
59,933
|
|
62,227
|
|
49,067
|
|
203,776
|
|
236,703
|
|
Net
revenues
|
|
513,410
|
|
468,148
|
|
465,739
|
|
1,689,931
|
|
1,766,914
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
87,288
|
|
90,566
|
|
77,198
|
|
302,180
|
|
328,826
|
Sales and marketing
(1)
|
|
139,136
|
|
123,372
|
|
105,263
|
|
455,619
|
|
465,339
|
Product
development(1)
|
|
90,229
|
|
75,187
|
|
83,511
|
|
324,110
|
|
284,444
|
General and
administrative(1)
|
|
15,113
|
|
28,286
|
|
38,813
|
|
101,224
|
|
90,721
|
|
Total costs and
expenses
|
|
331,766
|
|
317,411
|
|
304,785
|
|
1,183,133
|
|
1,169,330
|
Income from
operations
|
|
181,644
|
|
150,737
|
|
160,954
|
|
506,798
|
|
597,584
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and
fair value change of
investments, net
|
|
(185,371)
|
|
(38,372)
|
|
(103,787)
|
|
(174,717)
|
|
(41,885)
|
Interest and other income, net
|
|
9,531
|
|
13,253
|
|
6,311
|
|
43,832
|
|
46,698
|
|
|
|
(175,840)
|
|
(25,119)
|
|
(97,476)
|
|
(130,885)
|
|
4,813
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
5,804
|
|
125,618
|
|
63,478
|
|
375,913
|
|
602,397
|
Income tax benefits
(expenses)
|
|
25,314
|
|
(31,056)
|
|
(30,003)
|
|
(61,316)
|
|
(109,564)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
31,118
|
|
94,562
|
|
33,475
|
|
314,597
|
|
492,833
|
Less: Net income (loss) attributable to
non-controlling interests
|
|
2,076
|
|
(506)
|
|
(323)
|
|
1,233
|
|
(1,842)
|
Net income
attributable to Weibo
|
|
$
29,042
|
|
$
95,068
|
|
$
33,798
|
|
$
313,364
|
|
$
494,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo
|
|
$
0.13
|
|
$
0.42
|
|
$
0.15
|
|
$
1.38
|
|
$
2.19
|
Diluted net income
per share attributable to Weibo
|
|
$
0.13
|
|
$
0.42
|
|
$
0.15
|
|
$
1.38
|
|
$
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
|
227,495
|
|
226,000
|
|
227,110
|
|
226,921
|
|
225,452
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
net
income per share attributable to Weibo
|
|
228,489
|
|
226,844
|
|
227,793
|
|
227,637
|
|
226,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
1,475
|
|
$
1,488
|
|
$
1,407
|
|
$
5,384
|
|
$
5,251
|
|
Sales and
marketing
|
|
3,097
|
|
2,761
|
|
2,623
|
|
9,983
|
|
9,828
|
|
Product
development
|
|
10,203
|
|
8,124
|
|
8,438
|
|
33,093
|
|
28,628
|
|
General and
administrative
|
|
4,545
|
|
4,990
|
|
5,129
|
|
18,645
|
|
17,582
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,814,844
|
|
$
1,452,985
|
|
|
|
Short-term
investments
|
|
1,682,048
|
|
951,235
|
|
|
|
Accounts
receivable, net
|
|
492,010
|
|
422,225
|
|
|
|
Prepaid expenses
and other current assets
|
|
296,757
|
|
424,905
|
|
|
|
Amount due from
SINA(1)
|
|
548,900
|
|
384,828
|
|
|
|
Current assets
subtotal
|
|
4,834,559
|
|
3,636,178
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
60,632
|
|
46,729
|
|
Goodwill and
intangible assets, net
|
|
208,688
|
|
46,513
|
|
Long-term
investments
|
|
1,179,466
|
|
1,027,459
|
|
Other
assets
|
|
51,772
|
|
47,307
|
|
Total
assets
|
|
$
6,335,117
|
|
$
4,804,186
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
149,509
|
|
$
126,247
|
|
|
|
Accrued expenses
and other current liabilities
|
|
562,333
|
|
465,580
|
|
|
|
Deferred
revenues
|
|
143,684
|
|
108,783
|
|
|
|
Income tax
payable
|
|
102,844
|
|
100,245
|
|
|
|
Current liabilities
subtotal
|
|
958,370
|
|
800,855
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Convertible
debt
|
|
892,399
|
|
888,266
|
|
|
|
Senior
notes
|
|
1,536,112
|
|
793,985
|
|
|
|
Other long-term
liabilities
|
|
61,906
|
|
39,261
|
|
|
|
Total
liabilities
|
|
3,448,787
|
|
2,522,367
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
57,714
|
|
-
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
2,812,425
|
|
2,283,267
|
|
|
Non-controlling
interests
|
|
16,191
|
|
(1,448)
|
|
|
|
Total
shareholders' equity
|
|
2,828,616
|
|
2,281,819
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
6,335,117
|
|
$
4,804,186
|
|
|
|
|
|
|
|
|
|
(1) Included
short-term loans to and interest receivable from SINA of $547.9
million as of December 31,
2020 and $236.6 million as of December 31, 2019.
|
WEIBO
CORPORATION
|
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
|
(In thousands of
U.S. dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
September 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
453,477
|
|
|
|
$
453,477
|
|
$
405,921
|
|
|
|
$
405,921
|
|
$
416,672
|
|
|
|
$
416,672
|
|
Value-added
service
|
|
59,933
|
|
|
|
59,933
|
|
62,227
|
|
|
|
62,227
|
|
49,067
|
|
|
|
49,067
|
|
|
Net
revenues
|
|
$
513,410
|
|
|
|
$
513,410
|
|
$
468,148
|
|
|
|
$
468,148
|
|
$
465,739
|
|
|
|
$
465,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,320)
|
(a)
|
|
|
|
|
(17,363)
|
(a)
|
|
|
|
|
(17,597)
|
(a)
|
|
|
|
|
|
|
|
|
(3,174)
|
(b)
|
|
|
|
|
(821)
|
(b)
|
|
|
|
|
(836)
|
(b)
|
|
|
Total costs and
expenses
|
|
$
331,766
|
|
$
(22,494)
|
|
$
309,272
|
|
$
317,411
|
|
$
(18,184)
|
|
$
299,227
|
|
$
304,785
|
|
$
(18,433)
|
|
$
286,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,320
|
(a)
|
|
|
|
|
17,363
|
(a)
|
|
|
|
|
17,597
|
(a)
|
|
|
|
|
|
|
|
|
3,174
|
(b)
|
|
|
|
|
821
|
(b)
|
|
|
|
|
836
|
(b)
|
|
|
Income from
operations
|
|
$
181,644
|
|
$
22,494
|
|
$
204,138
|
|
$
150,737
|
|
$
18,184
|
|
$
168,921
|
|
$
160,954
|
|
$
18,433
|
|
$
179,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,320
|
(a)
|
|
|
|
|
17,363
|
(a)
|
|
|
|
|
17,597
|
(a)
|
|
|
|
|
|
|
|
|
3,174
|
(b)
|
|
|
|
|
821
|
(b)
|
|
|
|
|
836
|
(b)
|
|
|
|
|
|
|
|
|
185,371
|
(c)
|
|
|
|
|
38,372
|
(c)
|
|
|
|
|
103,787
|
(c)
|
|
|
|
|
|
|
|
|
(6,399)
|
(d)
|
|
|
|
|
2,118
|
(d)
|
|
|
|
|
(3,658)
|
(d)
|
|
|
|
|
|
|
|
|
(562)
|
(e)
|
|
|
|
|
6
|
(e)
|
|
|
|
|
(21)
|
(e)
|
|
|
|
|
|
|
|
|
(18,889)
|
(f)
|
|
|
|
|
21,354
|
(f)
|
|
|
|
|
(1,062)
|
(f)
|
|
|
|
|
|
|
|
|
1,611
|
(g)
|
|
|
|
|
1,371
|
(g)
|
|
|
|
|
1,595
|
(g)
|
|
|
Net income
attributable to Weibo
|
$
29,042
|
|
$
183,626
|
|
$
212,668
|
|
$
95,068
|
|
$
81,405
|
|
$
176,473
|
|
$
33,798
|
|
$
119,074
|
|
$
152,872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
0.13
|
|
|
|
$
0.92
|
*
|
$
0.42
|
|
|
|
$
0.77
|
*
|
$
0.15
|
|
|
|
$
0.66
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
228,489
|
|
6,753
|
(h)
|
235,242
|
|
226,844
|
|
6,753
|
(h)
|
233,597
|
|
227,793
|
|
6,753
|
(h)
|
234,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
212,668
|
|
|
|
|
|
$
176,473
|
|
|
|
|
|
$
152,872
|
|
|
|
Interest
income,net
|
|
|
|
|
|
(4,021)
|
|
|
|
|
|
(13,652)
|
|
|
|
|
|
(4,340)
|
|
|
|
Income tax
expenses (benefits)
|
|
|
|
|
|
(6,425)
|
|
|
|
|
|
9,702
|
|
|
|
|
|
31,065
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
7,511
|
|
|
|
|
|
5,719
|
|
|
|
|
|
6,894
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
209,733
|
|
|
|
|
|
$
178,242
|
|
|
|
|
|
$
186,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIBO
CORPORATION
|
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
Actual
|
|
Adjustments
|
|
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
1,486,155
|
|
|
|
$
1,486,155
|
|
$
1,530,211
|
|
|
|
$
1,530,211
|
|
|
|
|
|
|
|
Value-added
service
|
|
203,776
|
|
|
|
203,776
|
|
236,703
|
|
|
|
236,703
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
1,689,931
|
|
|
|
$
1,689,931
|
|
$
1,766,914
|
|
|
|
$
1,766,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(67,105)
|
(a)
|
|
|
|
|
(61,289)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,654)
|
(b)
|
|
|
|
|
(3,355)
|
(b)
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
$
1,183,133
|
|
$
(72,759)
|
|
$
1,110,374
|
|
$
1,169,330
|
|
$
(64,644)
|
|
$
1,104,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,105
|
(a)
|
|
|
|
|
61,289
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,654
|
(b)
|
|
|
|
|
3,355
|
(b)
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
506,798
|
|
$
72,759
|
|
$
579,557
|
|
$
597,584
|
|
$
64,644
|
|
$
662,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,105
|
(a)
|
|
|
|
|
61,289
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,654
|
(b)
|
|
|
|
|
3,355
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
174,717
|
(c)
|
|
|
|
|
41,885
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,953)
|
(d)
|
|
|
|
|
12,143
|
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(468)
|
(e)
|
|
|
|
|
(1,648)
|
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,897)
|
(f)
|
|
|
|
|
20,979
|
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,944
|
(g)
|
|
|
|
|
4,803
|
(g)
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo
|
$
313,364
|
|
$
234,102
|
|
$
547,466
|
|
$
494,675
|
|
$
142,806
|
|
$
637,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share attributable to Weibo
|
$
1.38
|
|
|
|
$
2.38
|
*
|
$
2.18
|
|
|
|
$
2.78
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income per share attributable to Weibo
|
227,637
|
|
6,753
|
(h)
|
234,390
|
|
226,412
|
|
6,753
|
(h)
|
233,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Weibo
|
|
|
|
|
$
547,466
|
|
|
|
|
|
$
637,481
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
|
|
|
(34,345)
|
|
|
|
|
|
(60,293)
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
|
|
|
|
68,213
|
|
|
|
|
|
88,585
|
|
|
|
|
|
|
|
|
|
Depreciation
expenses
|
|
|
|
|
|
26,453
|
|
|
|
|
|
22,418
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
607,787
|
|
|
|
|
|
$
688,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
Key accounts and small
& medium-sized enterprises
|
$
393,945
|
|
$
368,061
|
|
$
387,517
|
|
$
1,334,155
|
|
$
1,432,439
|
|
Alibaba
|
59,532
|
|
37,860
|
|
29,155
|
|
152,000
|
|
97,772
|
|
Subtotal
|
453,477
|
|
405,921
|
|
416,672
|
|
1,486,155
|
|
1,530,211
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
59,933
|
|
62,227
|
|
49,067
|
|
203,776
|
|
236,703
|
|
|
$
513,410
|
|
$
468,148
|
|
$
465,739
|
|
$
1,689,931
|
|
$
1,766,914
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/weibo-reports-fourth-quarter-and-fiscal-year-2020-unaudited-financial-results-301249974.html
SOURCE Weibo Corporation