BEIJING, Aug. 18, 2021 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB), a leading social media in
China, today announced its
unaudited financial results for second quarter ended June 30, 2021.
"We had a strong quarter with broad-based strength of our
business, and both our community and revenues grew with accelerated
pace," said Gaofei Wang, CEO of Weibo. "On the user front, both our
MAUs and DAUs reached record high in June, leveraging our further
enhanced competitiveness in social products, initiatives on the
video front and effective channel investment. On monetization, the
strong momentum of our ad business was underpinned by our
relentless effort to optimize ad products and improve efficiency to
drive value for our customers." Mr. Wang concluded.
Second Quarter 2021 Highlights
- Net revenues were $574.5 million,
an increase of 48% year-over-year or an increase of 34%
year-over-year on a constant currency basis [1].
- Advertising and marketing revenues were $502.3 million, an increase of 47%
year-over-year.
- Value-added service ("VAS") revenues were $72.1 million, an increase of 54%
year-over-year.
- Income from operations was $193.2
million, an increase of 82% year-over-year, representing an
operating margin of 34%.
- Non-GAAP income from operations was $223.2 million, an increase of 83%
year-over-year, representing a non-GAAP operating margin of
39%.
- Net income attributable to Weibo was $81.0 million and diluted net income per share
was $0.35.
- Non-GAAP net income attributable to Weibo was $182.8 million and non-GAAP diluted net income
per share was $0.79.
- Monthly active users ("MAUs") were 566 million in June 2021, a net addition of 43 million users on
a year-over-year basis. Mobile MAUs represented 94% of MAUs.
- Average daily active users ("DAUs") were 246 million in
June 2021, a net addition of 16
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 2021 had been the same as it was in
the second quarter of 2020, or RMB 7.09=US$1.00.
|
Second Quarter 2021 Financial Results
For the second quarter of 2021, Weibo's total net revenues were
$574.5 million, an increase of 48%
compared to $387.4 million for the
same period last year.
Advertising and marketing revenues for the second quarter of
2021 were $502.3 million, an increase
of 47% compared to $340.6 million for
the same period last year. Advertising and marketing revenues
excluding ad revenues from Alibaba were $462.4 million, an increase of 52% compared to
$304.8 million for the same period
last year, primarily attributable to a broad-based increase in
advertising demand and strong sales execution.
VAS revenues for the second quarter of 2021 were $72.1 million, an increase of 54% year-over-year
compared to $46.8 million for the
same period last year, mainly attributable to revenues derived from
the interactive entertainment company acquired in November 2020 and incremental revenues
contributed from online game services.
Costs and expenses for the second quarter of 2021 totaled
$381.2 million, an increase of 36%
compared to $281.2 million for the
same period last year. The increase was primarily due to higher
marketing expense and personnel-related cost.
Income from operations for the second quarter of 2021 was
$193.2 million, an increase of 82%
compared to $106.2 million for the
same period last year. Operating margin was 34%, compared to 27%
last year. Non-GAAP income from operations was $223.2 million, an increase of 83% compared to
$121.9 million for the same period
last year. Non-GAAP operating margin was 39%, compared to 31% last
year.
Non-operating loss for the second quarter of 2021 was
$65.3 million, compared to a
non-operating income of $132.5
million for the same period last year. Non-operating loss
for the second quarter of 2021 mainly included (i) a $66.6 million impairment charge on equity
investments, which is excluded under non-GAAP measures; (ii) a
$10.9 million net loss on fair value
change of investments, which is excluded under non-GAAP measures;
and (iii) an $11.5 million net
interest and other income.
Income tax expense were $46.9
million, compared to $40.7
million for the same period last year.
Net income attributable to Weibo for the second quarter of 2021
was $81.0 million, compared to
$198.4 million for the same period
last year. Diluted net income per share attributable to Weibo for
the second quarter of 2021 was $0.35,
compared to $0.86 for the same period
last year. Non-GAAP net income attributable to Weibo for the second
quarter of 2021 was $182.8 million,
compared to $114.5 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo for the second quarter of 2021 was
$0.79, compared to $0.50 for the same period last year.
As of June 30, 2021, Weibo's cash,
cash equivalents and short-term investments totaled $2.94 billion. For the second quarter of 2021,
cash provided by operating activities was $94.1 million, capital expenditures totaled
$9.5 million, and depreciation and
amortization expenses amounted to $13.6
million.
Change of Board Committee Member
The Company announced that its board of directors (the "Board")
has appointed Mr. Yan Wang as a
member of the compensation committee of the Board, replacing Mr. P.
Christopher Lu, who resigned from
the compensation committee of the Board, both effective
immediately.
Business Outlook
For the third quarter of 2021, Weibo estimates its net revenues
to increase by 20% to 25% 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
August 18, 2021 (or 7:00 PM – 8:00 PM
Beijing Time on August 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/4468816
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 August 18, 2021 to 21:59
PM China Standard Time on August 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:
|
4468816
|
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, 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
primarily related to the amortization of intangible assets
resulting from business acquisitions and fair value change of
investments, and amortization of convertible debt and unsecured
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
|
|
Six months
ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
$
502,338
|
|
$
340,584
|
|
$
390,011
|
|
$
892,349
|
|
$
616,006
|
Value-added
service
|
|
72,128
|
|
46,809
|
|
68,885
|
|
141,013
|
|
94,776
|
|
Net
revenues
|
|
574,466
|
|
387,393
|
|
458,896
|
|
1,033,362
|
|
710,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
92,548
|
|
63,584
|
|
79,770
|
|
172,318
|
|
137,694
|
Sales and
marketing(1)
|
|
154,393
|
|
112,118
|
|
143,975
|
|
298,368
|
|
211,220
|
Product
development(1)
|
|
101,419
|
|
75,961
|
|
96,566
|
|
197,985
|
|
150,370
|
General and
administrative(1)
|
|
32,869
|
|
29,545
|
|
29,981
|
|
62,850
|
|
47,298
|
|
Total costs and
expenses
|
|
381,229
|
|
281,208
|
|
350,292
|
|
731,521
|
|
546,582
|
Income from
operations
|
|
193,237
|
|
106,185
|
|
108,604
|
|
301,841
|
|
164,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and
fair value change of
investments, net
|
|
(76,814)
|
|
117,379
|
|
(58,200)
|
|
(135,014)
|
|
114,441
|
Interest and other income, net
|
|
11,474
|
|
15,085
|
|
13,504
|
|
24,978
|
|
27,990
|
|
|
|
(65,340)
|
|
132,464
|
|
(44,696)
|
|
(110,036)
|
|
142,431
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
127,897
|
|
238,649
|
|
63,908
|
|
191,805
|
|
306,631
|
Provision of income
taxes
|
|
(46,910)
|
|
(40,744)
|
|
(14,945)
|
|
(61,855)
|
|
(56,627)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
80,987
|
|
197,905
|
|
48,963
|
|
129,950
|
|
250,004
|
Less: Net income (loss) attributable to
non-controlling
interests
|
|
(41)
|
|
(511)
|
|
(857)
|
|
(898)
|
|
(520)
|
Net income
attributable to Weibo's shareholders
|
|
$
81,028
|
|
$
198,416
|
|
$
49,820
|
|
$
130,848
|
|
$
250,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo's
shareholders
|
$
0.36
|
|
$
0.88
|
|
$
0.22
|
|
$
0.57
|
|
$
1.11
|
Diluted net income
per share attributable to Weibo's
shareholders
|
$
0.35
|
|
$
0.86
|
|
$
0.22
|
|
$
0.57
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income
|
|
|
|
|
|
|
|
|
|
|
per share attributable to Weibo's shareholders
|
|
228,099
|
|
226,678
|
|
227,771
|
|
227,936
|
|
226,535
|
Shares used in
computing diluted net income
|
|
|
|
|
|
|
|
|
|
|
per share attributable to Weibo's shareholders
|
|
229,555
|
|
233,983
|
|
229,302
|
|
229,429
|
|
227,129
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
$
1,827
|
|
$
1,155
|
|
$
1,413
|
|
$
3,240
|
|
$
2,502
|
|
Sales and
marketing
|
|
3,298
|
|
2,047
|
|
2,251
|
|
5,549
|
|
4,263
|
|
Product
development
|
|
10,137
|
|
7,543
|
|
8,076
|
|
18,213
|
|
14,452
|
|
General and
administrative
|
|
5,206
|
|
4,149
|
|
4,013
|
|
9,219
|
|
8,971
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Assets
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,005,106
|
|
$
1,814,844
|
|
|
Short-term
investments
|
|
930,822
|
|
1,682,048
|
|
|
Accounts
receivable, net
|
|
631,209
|
|
492,010
|
|
|
Prepaid expenses
and other current assets
|
|
587,293
|
|
296,757
|
|
|
Amount due from
SINA(1)
|
|
498,618
|
|
548,900
|
|
|
Current assets
subtotal
|
|
4,653,048
|
|
4,834,559
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
61,033
|
|
60,632
|
Goodwill and
intangible assets, net
|
|
270,781
|
|
208,688
|
Long-term
investments
|
|
1,123,258
|
|
1,179,466
|
Other non-current
assets
|
|
594,605
|
|
51,772
|
Total
assets
|
|
$
6,702,725
|
|
$
6,335,117
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
Liabilities:
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
159,497
|
|
$
149,509
|
|
|
Accrued expenses
and other current liabilities
|
|
697,984
|
|
562,333
|
|
|
Deferred
revenues
|
|
146,085
|
|
143,684
|
|
|
Income tax
payable
|
|
89,100
|
|
102,844
|
|
|
Current liabilities
subtotal
|
|
1,092,666
|
|
958,370
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
Convertible
debt
|
|
894,470
|
|
892,399
|
|
|
Unsecured senior
notes
|
|
1,537,264
|
|
1,536,112
|
|
|
Other long-term
liabilities
|
|
70,707
|
|
61,906
|
|
|
Total
liabilities
|
|
3,595,107
|
|
3,448,787
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
69,359
|
|
57,714
|
|
|
|
|
|
|
|
Shareholders'
equity :
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
3,010,038
|
|
2,812,425
|
|
Non-controlling
interests
|
|
28,221
|
|
16,191
|
|
|
Total
shareholders' equity
|
|
3,038,259
|
|
2,828,616
|
|
|
|
|
|
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$
6,702,725
|
|
$
6,335,117
|
|
|
|
|
|
|
|
(1) Included
short-term loans to and interest receivable from SINA of $480.7
million as of June 30, 2021 and
$547.9 million as of December 31, 2020.
|
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,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
193,237
|
|
$
|
106,185
|
|
$
|
108,604
|
|
$
|
301,841
|
|
$
|
164,200
|
Add:
|
Stock-based
compensation
|
|
20,468
|
|
|
14,894
|
|
|
15,753
|
|
|
36,221
|
|
|
30,188
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
4,876
|
|
|
816
|
|
|
4,519
|
|
|
9,395
|
|
|
1,644
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,649
|
|
|
-
|
|
|
8,631
|
|
|
13,280
|
|
|
-
|
Non-GAAP income
from operations
|
$
|
223,230
|
|
$
|
121,895
|
|
$
|
137,507
|
|
$
|
360,737
|
|
$
|
196,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo's shareholders
|
$
|
81,028
|
|
$
|
198,416
|
|
$
|
49,820
|
|
$
|
130,848
|
|
$
|
250,524
|
Add:
|
Stock-based
compensation
|
|
20,468
|
|
|
14,894
|
|
|
15,753
|
|
|
36,221
|
|
|
30,188
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
4,876
|
|
|
816
|
|
|
4,519
|
|
|
9,395
|
|
|
1,644
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,649
|
|
|
-
|
|
|
8,631
|
|
|
13,280
|
|
|
-
|
|
Net results of
impairment on, gain/loss on sale of and fair
value change of investments
|
|
76,814
|
|
|
(117,379)
|
|
|
58,200
|
|
|
135,014
|
|
|
(114,441)
|
|
Non-GAAP to GAAP
reconciling items on the share of
equity method investments
|
|
(8,091)
|
|
|
3,389
|
|
|
(1,075)
|
|
|
(9,166)
|
|
|
(1,896)
|
|
Non-GAAP to GAAP
reconciling items for the
income/loss attributable to non-controlling interests
|
|
(198)
|
|
|
112
|
|
|
359
|
|
|
161
|
|
|
115
|
|
Tax effects on
non-GAAP adjustments(1)
|
|
1,648
|
|
|
12,882
|
|
|
(7,148)
|
|
|
(5,500)
|
|
|
13,054
|
|
Amortization of
convertible debt and unsecured senior
notes issuance cost
|
|
1,611
|
|
|
1,369
|
|
|
1,612
|
|
|
3,223
|
|
|
2,738
|
Non-GAAP net
income attributable to Weibo's shareholders
|
$
|
182,805
|
|
$
|
114,499
|
|
$
|
130,671
|
|
$
|
313,476
|
|
$
|
181,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net income per share attributable to
Weibo's shareholders
|
$
|
0.79
|
*
|
$
|
0.50
|
*
|
$
|
0.57
|
*
|
$
|
1.35
|
*
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
229,555
|
|
|
233,983
|
|
|
229,302
|
|
|
229,429
|
|
|
227,129
|
Add:
|
The number of shares
for dilution resulted from convertible
debt(2)
|
|
6,753
|
|
|
-
|
|
|
6,753
|
|
|
6,753
|
|
|
-
|
Shares used in
computing non-GAAP diluted net income per
share attributable to Weibo's shareholders
|
|
236,308
|
|
|
233,983
|
|
|
236,055
|
|
|
236,182
|
|
|
227,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo's shareholders
|
$
|
81,028
|
|
$
|
198,416
|
|
$
|
49,820
|
|
$
|
130,848
|
|
$
|
250,524
|
|
Non-GAAP
adjustments
|
|
101,777
|
|
|
(83,917)
|
|
|
80,851
|
|
|
182,628
|
|
|
(68,598)
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
182,805
|
|
|
114,499
|
|
|
130,671
|
|
|
313,476
|
|
|
181,926
|
|
|
Interest
income,net
|
|
(3,848)
|
|
|
(12,635)
|
|
|
(3,939)
|
|
|
(7,787)
|
|
|
(25,984)
|
|
|
Income tax
expenses
|
|
45,262
|
|
|
27,862
|
|
|
22,093
|
|
|
67,355
|
|
|
43,573
|
|
|
Depreciation
expenses
|
|
8,204
|
|
|
6,074
|
|
|
7,909
|
|
|
16,113
|
|
|
12,048
|
|
Adjusted
EBITDA
|
$
|
232,423
|
|
$
|
135,800
|
|
$
|
156,734
|
|
$
|
389,157
|
|
$
|
211,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) To exclude
the provision for income tax primarily related to amortization of
intangible assets resulting from business acquisitions and fair
value change of
|
investments. 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 as the Company
|
does not
expect they can be realized in the foreseeable future.
|
(2) To adjust
the number of shares for dilution resulted from convertible debt
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,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
|
$
462,372
|
|
$
304,838
|
|
$
356,711
|
|
$
819,083
|
|
$
552,693
|
|
Alibaba - as an
advertiser
|
|
39,966
|
|
35,746
|
|
33,300
|
|
73,266
|
|
63,313
|
|
Subtotal
|
|
502,338
|
|
340,584
|
|
390,011
|
|
892,349
|
|
616,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
|
72,128
|
|
46,809
|
|
68,885
|
|
141,013
|
|
94,776
|
|
|
|
$
574,466
|
|
$
387,393
|
|
$
458,896
|
|
$
1,033,362
|
|
$
710,782
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-second-quarter-2021-unaudited-financial-results-301357723.html
SOURCE Weibo Corporation