BEIJING, March 3, 2022 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (NASDAQ: WB and HKEX: 9898), a leading
social media in China, today
announced its unaudited financial results for the fourth quarter
and fiscal year ended December 31,
2021.
"We closed 2021 on a solid note with decent growth of the fourth
quarter, with strong execution of our growth strategies," said
Gaofei Wang, CEO of Weibo. "In 2021, we have achieved solid growth
of user community and engagement, leveraging Weibo's unique
advantage and competitiveness in the social media sector. On
monetization, we surpassed the $2
billion mark in revenues for 2021 and further enhanced our
operation efficiency, demonstrating strong recovery momentum and
resilience of our business. Heading into 2022, we are dedicated to
serving a broader community through enhancement of product
functionalities and enrichment of content ecosystem, and driving
value for customers to market efficiently and innovatively on our
platform."
Fourth Quarter 2021 Highlights
- Net revenues were $616.3 million,
an increase of 20% year-over-year or an increase of 16%
year-over-year on a constant currency basis[1].
- Advertising and marketing revenues were $550.8 million, an increase of 21%
year-over-year.
- Value-added service ("VAS") revenues were $65.5 million, an increase of 9%
year-over-year.
- Income from operations was $182.5
million, representing an operating margin of 30%.
- Net income attributable to Weibo was $115.7 million and diluted net income per share
was $0.50.
- Non-GAAP income from operations was $219.8 million, representing a non-GAAP operating
margin of 36%.
- Non-GAAP net income attributable to Weibo was $195.5 million and non-GAAP diluted net income
per share was $0.83.
- Monthly active users ("MAUs") were 573 million in December 2021, a net addition of approximately 52
million users on year-over-year basis. Mobile MAUs represented 95%
of MAUs.
- Average daily active users ("DAUs") were 249 million in
December 2021, a net addition of
approximately 25 million users on year-over-year basis.
Fiscal Year 2021 Highlights
- Net revenues were $2.26 billion,
an increase of 34% year-over-year or an increase of 25%
year-over-year on a constant currency basis[2].
- Advertising and marketing revenues were $1.98 billion, an increase of 33%
year-over-year.
- VAS revenues were $276.3 million,
an increase of 36% year-over-year.
- Income from operations was $697.4
million, representing an operating margin of 31%.
- Net income attributable to Weibo was $428.3 million and diluted net income per share
was $1.86.
- Non-GAAP income from operations was $829.2 million, representing a non-GAAP operating
margin of 37%.
- Non-GAAP net income attributable to Weibo was $718.5 million and non-GAAP diluted net income
per share was $3.08.
[1] On a constant currency (non-GAAP)
basis, we assume that the exchange rate in the fourth quarter of
2021 had been the same as it was in the fourth quarter of 2020, or
RMB 6.64=US$1.00.
|
[2] On a constant currency (non-GAAP)
basis, we assume that the average exchange rate of 2021 had been
the same as 2020, or RMB 6.91=US$1.00.
|
Fourth Quarter 2021 Financial Results
For the fourth quarter of 2021, Weibo's total net revenues were
$616.3 million, an increase of 20%
compared to $513.4 million for the
same period last year.
Advertising and marketing revenues for the fourth quarter of
2021 were $550.8 million, an increase
of 21% compared to $453.5 million for
the same period last year. Advertising and marketing revenues
excluding ad revenues from Alibaba were $505.3 million, an increase of 28% compared to
$393.9 million for the same period
last year, primarily driven by solid growth of advertising spending
from customers in most key industries.
VAS revenues for the fourth quarter of 2021 were $65.5 million, an increase of 9% year-over-year
compared to $59.9 million for the
same period last year.
Costs and expenses for the fourth quarter of 2021 totaled
$433.8 million, an increase of 31%
compared to $331.8 million for the
same period last year. The increase was primarily due to higher
personnel-related costs and incremental ad costs associated with
seasonal ad campaigns execution.
Income from operations for the fourth quarter of 2021 was
$182.5 million, compared to
$181.6 million for the same period
last year. Non-GAAP income from operations was $219.8 million, compared to $204.1 million for the same period last year.
Non-operating loss for the fourth quarter of 2021 was
$36.8 million, compared to a loss of
$175.8 million for the same period
last year. Non-operating loss for the fourth quarter of 2021 mainly
included (i) a $39.7 million net loss
from fair value change of investments, which is excluded under
non-GAAP measures; (ii) a $4.2
million investment related impairment, which is excluded
under non-GAAP measures; and (iii) a $5.2
million net interest and other income.
Income tax expense were $45.6
million, compared to income tax benefits of $25.3 million for the same period last year. The
increase of income tax expenses was primarily resulted from tax
benefits booked in the fourth quarter of 2020 due to preferential
tax treatment enjoyed by a PRC subsidiary of the Company as a Key
Software Enterprise ("KSE"), which lapsed in 2021, and super
deduction true-up for eligible R&D expenses in the fourth
quarter of 2020.
Net income attributable to Weibo for the fourth quarter of 2021
was $115.7 million, compared to
$29.0 million for the same period
last year. Diluted net income per share attributable to Weibo for
the fourth quarter of 2021 was $0.50,
compared to $0.13 for the same period
last year. Non-GAAP net income attributable to Weibo for the fourth
quarter of 2021 was $195.5 million,
compared to $212.7 million for the
same period last year. Non-GAAP diluted net income per share
attributable to Weibo for the fourth quarter of 2021 was
$0.83, compared to $0.92 for the same period last year.
As of December 31, 2021, Weibo's
cash, cash equivalents and short-term investments totaled
$3.13 billion. For the fourth quarter
of 2021, cash provided by operating activities was $249.7 million, capital expenditures totaled
$11.3 million, and depreciation and
amortization expenses amounted to $14.8
million.
Fiscal Year 2021 Financial Results
For fiscal year 2021, Weibo's total net revenues were
$2.26 billion, an increase of 34%
compared to $1.69 billion in
2020.
Advertising and marketing revenues for 2021 were $1.98 billion, an increase of 33% compared to
$1.49 billion in 2020. Advertising
and marketing revenues excluding ad revenues from Alibaba were
$1.84 billion, an increase of 38%
compared to $1.33 billion for 2020.
The strong momentum of our ad business in 2021 was mainly
attributable to (i) relatively resilient ad demand from our
customers in the key industries amid macro and regulatory
headwinds; (ii) stronger sales capability and execution of our team
to drive value for our clients; and (iii) solid recovery of our
advertising business post the Covid-19 pandemic outbreak in
2020.
VAS revenues for 2021 were $276.3
million, an increase of 36% compared to $203.8 million for 2020. The increase was
primarily resulted from incremental revenue contribution from the
interactive entertainment company acquired and consolidated to the
Company in November 2020 and other
online gaming revenues, and was partially offset by the decrease of
revenues from live streaming business.
Costs and expenses for 2021 totaled $1.56
billion, compared to $1.18
billion for 2020. The increase was primarily due to higher
personnel-related cost and increased marketing spend.
Income from operations for 2021 was $697.4 million, compared to $506.8 million for 2020. Operating margin for
2021 was 31%, compared to 30% last year. Non-GAAP income from
operations was $829.2 million,
compared to $579.6 million for 2020.
Non-GAAP operating margin was 37%, compared to 34% last year.
Non-operating loss for 2021 was $146.7
million, compared to a loss of $130.9
million for 2020. Non-operating loss in 2021 mainly included
(i) a $106.8 million investment
related impairment, including a $75.3
million impairment on the investment in Yixia Tech Co., Ltd,
which is excluded under non-GAAP measures; (ii) a $72.8 million net loss from fair value change of
investments, which is excluded under non-GAAP measures; and (iii) a
$29.7 million net interest and other
income.
Income tax expenses for 2021 were $138.8
million, compared to $61.3
million for 2020. The increase was mainly resulted from (i)
higher profits in 2021 versus 2020; (ii) tax benefits booked in
2020 due to preferential tax treatment enjoyed by a PRC subsidiary
of the Company as a KSE, which lapsed in 2021; and (iii) tax
liability recognized in 2021 related to uncertain tax
positions.
Net income attributable to Weibo for 2021 was $428.3 million, compared to $313.4 million for 2020. Diluted net income per
share attributable to Weibo for 2021 was $1.86, compared to $1.38 for 2020. Non-GAAP net income attributable
to Weibo for 2021 was $718.5 million,
compared to $547.5 million for 2020.
Non-GAAP diluted net income per share attributable to Weibo for
2021 was $3.08, compared to
$2.38 for 2020.
For fiscal year 2021, cash provided by operating activities was
$814.0 million, capital expenditures
totaled $35.1 million, and
depreciation and amortization expenses amounted to $55.0 million.
Secondary Listing in Hong
Kong
On December 8, 2021, Weibo
successfully listed on the Main Board of the Hong Kong Stock
Exchange under the stock code "9898" through a global offering of
11,000,000 Class A ordinary shares. The gross proceeds totaled
HK$1,500.4 million, before deducting
underwriting fees and other offering expenses.
Conference Call
Weibo's management team will host a conference call from
6:00 AM to 7:00 AM Eastern Time on
March 3, 2022 (or 7:00 PM – 8:00 PM
Beijing Time on March 3, 2022) 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/4087626
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 3, 2022 to 20:59
PM China Standard Time on March
11, 2022. 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:
|
4087626
|
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, 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 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
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. 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 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.
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
$
550,826
|
|
$
453,477
|
|
$
537,620
|
|
$
1,980,795
|
|
$
1,486,155
|
Value-added
service
|
65,461
|
|
59,933
|
|
69,814
|
|
276,288
|
|
203,776
|
|
Net
revenues
|
616,287
|
|
513,410
|
|
607,434
|
|
2,257,083
|
|
1,689,931
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
128,545
|
|
87,288
|
|
102,978
|
|
403,841
|
|
302,180
|
Sales and
marketing(1)
|
152,475
|
|
139,136
|
|
140,839
|
|
591,682
|
|
455,619
|
Product
development(1)
|
113,867
|
|
90,229
|
|
118,821
|
|
430,673
|
|
324,110
|
General and
administrative(1)
|
38,878
|
|
15,113
|
|
31,747
|
|
133,475
|
|
101,224
|
|
Total costs and
expenses
|
433,765
|
|
331,766
|
|
394,385
|
|
1,559,671
|
|
1,183,133
|
Income from
operations
|
182,522
|
|
181,644
|
|
213,049
|
|
697,412
|
|
506,798
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (loss):
|
|
|
|
|
|
|
|
|
|
Impairment on, gain/loss on sale of and fair value
change of investments,
net
|
(41,976)
|
|
(185,371)
|
|
646
|
|
(176,344)
|
|
(174,717)
|
Interest and other income (expense), net
|
5,161
|
|
9,531
|
|
(489)
|
|
29,650
|
|
43,832
|
|
|
(36,815)
|
|
(175,840)
|
|
157
|
|
(146,694)
|
|
(130,885)
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
145,707
|
|
5,804
|
|
213,206
|
|
550,718
|
|
375,913
|
Income taxe benefits
(expenses)
|
(45,581)
|
|
25,314
|
|
(31,405)
|
|
(138,841)
|
|
(61,316)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
100,126
|
|
31,118
|
|
181,801
|
|
411,877
|
|
314,597
|
Less: Net income (loss) attributable to
non-controlling
interests
|
(15,607)
|
|
2,076
|
|
63
|
|
(16,442)
|
|
1,233
|
Net income
attributable to Weibo's shareholders
|
$
115,733
|
|
$
29,042
|
|
$
181,738
|
|
$
428,319
|
|
$
313,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Weibo's
shareholders
|
$
0.50
|
|
$
0.13
|
|
$
0.79
|
|
$
1.87
|
|
$
1.38
|
Diluted net income
per share attributable to Weibo's
shareholders
|
$
0.50
|
|
$
0.13
|
|
$
0.78
|
|
$
1.86
|
|
$
1.38
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income
|
|
|
|
|
|
|
|
|
|
per share attributable to Weibo's shareholders
|
230,679
|
|
227,495
|
|
228,675
|
|
228,814
|
|
226,921
|
Shares used in
computing diluted net income
|
|
|
|
|
|
|
|
|
|
per share attributable to Weibo's shareholders
|
231,506
|
|
228,489
|
|
237,183
|
|
230,206
|
|
227,637
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,422
|
|
$
1,475
|
|
$
2,450
|
|
$
8,112
|
|
$
5,384
|
|
Sales and
marketing
|
5,043
|
|
3,097
|
|
4,700
|
|
15,292
|
|
9,983
|
|
Product
development
|
14,362
|
|
10,203
|
|
11,047
|
|
43,622
|
|
33,093
|
|
General and
administrative
|
4,911
|
|
4,545
|
|
6,840
|
|
20,970
|
|
18,645
|
WEIBO
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,423,703
|
|
$
1,814,844
|
|
|
|
Short-term
investments
|
|
711,062
|
|
1,682,048
|
|
|
|
Accounts
receivable, net
|
|
723,089
|
|
492,010
|
|
|
|
Prepaid expenses
and other current assets
|
|
450,726
|
|
296,757
|
|
|
|
Amount due from
SINA(1)
|
|
494,200
|
|
548,900
|
|
|
|
Current assets
subtotal
|
|
4,802,780
|
|
4,834,559
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
68,396
|
|
60,632
|
|
Goodwill and
intangible assets, net
|
|
297,335
|
|
208,688
|
|
Long-term
investments
|
|
1,207,651
|
|
1,179,466
|
|
Other non-current
assets
|
|
1,143,360
|
|
51,772
|
|
Total
assets
|
|
$
7,519,522
|
|
$
6,335,117
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
197,643
|
|
$
149,509
|
|
|
|
Accrued expenses
and other current liabilities
|
|
828,952
|
|
562,333
|
|
|
|
Deferred
revenues
|
|
91,136
|
|
143,684
|
|
|
|
Income tax
payable
|
|
144,747
|
|
102,844
|
|
|
|
Convertible
debt
|
|
896,541
|
|
-
|
|
|
|
Current liabilities
subtotal
|
|
2,159,019
|
|
958,370
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Convertible
debt
|
|
-
|
|
892,399
|
|
|
|
Unsecured senior
notes
|
|
1,538,415
|
|
1,536,112
|
|
|
|
Other long-term
liabilities
|
|
134,068
|
|
61,906
|
|
|
|
Total
liabilities
|
|
3,831,502
|
|
3,448,787
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
66,622
|
|
57,714
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Weibo
shareholders' equity
|
|
3,593,821
|
|
2,812,425
|
|
|
Non-controlling
interests
|
|
27,577
|
|
16,191
|
|
|
|
Total
shareholders' equity
|
|
3,621,398
|
|
2,828,616
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$
7,519,522
|
|
$
6,335,117
|
|
|
|
|
|
|
|
|
|
(1) Included
short-term loans to and interest receivable from SINA of $479.6
million as of December 31,
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
|
|
Twelve months
ended
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
182,522
|
|
$
|
181,644
|
|
$
|
213,049
|
|
$
|
697,412
|
|
$
|
506,798
|
|
Add:
|
Stock-based
compensation
|
|
26,738
|
|
|
19,320
|
|
|
25,037
|
|
|
87,996
|
|
|
67,105
|
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
5,716
|
|
|
3,174
|
|
|
5,478
|
|
|
20,589
|
|
|
5,654
|
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,826
|
|
|
-
|
|
|
5,140
|
|
|
23,246
|
|
|
-
|
|
Non-GAAP income
from operations
|
$
|
219,802
|
|
$
|
204,138
|
|
$
|
248,704
|
|
$
|
829,243
|
|
$
|
579,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo's shareholders
|
$
|
115,733
|
|
$
|
29,042
|
|
$
|
181,738
|
|
$
|
428,319
|
|
$
|
313,364
|
|
Add:
|
Stock-based
compensation
|
|
26,738
|
|
|
19,320
|
|
|
25,037
|
|
|
87,996
|
|
|
67,105
|
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
5,716
|
|
|
3,174
|
|
|
5,478
|
|
|
20,589
|
|
|
5,654
|
|
|
Non-cash compensation
cost to non-controlling interest
shareholders
|
|
4,826
|
|
|
-
|
|
|
5,140
|
|
|
23,246
|
|
|
-
|
|
|
Net results of
impairment on, gain/loss on sale of and fair value
change of investments
|
|
41,976
|
|
|
185,371
|
|
|
(646)
|
|
|
176,344
|
|
|
174,717
|
|
|
Non-GAAP to GAAP
reconciling items on the share of equity
method investments
|
|
4,343
|
|
|
(6,399)
|
|
|
(1,715)
|
|
|
(6,538)
|
|
|
(11,953)
|
|
|
Non-GAAP to GAAP
reconciling items for the income/loss
attributable to non-controlling interests
|
|
(16,844)
|
|
|
(562)
|
|
|
(233)
|
|
|
(16,916)
|
|
|
(468)
|
|
|
Tax effects on
non-GAAP adjustments(1)
|
|
11,405
|
|
|
(18,889)
|
|
|
(6,856)
|
|
|
(951)
|
|
|
(6,897)
|
|
|
Amortization of
convertible debt and unsecured senior notes
issuance cost
|
|
1,611
|
|
|
1,611
|
|
|
1,611
|
|
|
6,445
|
|
|
5,944
|
|
Non-GAAP net
income attributable to Weibo's shareholders
|
$
|
195,504
|
|
$
|
212,668
|
|
$
|
209,554
|
|
$
|
718,534
|
|
$
|
547,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net income per share attributable to Weibo's
shareholders
|
$
|
0.83
|
*
|
$
|
0.92
|
*
|
$
|
0.90
|
*
|
$
|
3.08
|
*
|
$
|
2.38
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
231,506
|
|
|
228,489
|
|
|
237,183
|
|
|
230,206
|
|
|
227,637
|
|
Add:
|
The number of shares
for dilution resulted from convertible
debt(2)
|
|
6,753
|
|
|
6,753
|
|
|
-
|
|
|
6,753
|
|
|
6,753
|
|
Shares used in
computing non-GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
238,259
|
|
|
235,242
|
|
|
237,183
|
|
|
236,959
|
|
|
234,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Weibo's shareholders
|
$
|
115,733
|
|
$
|
29,042
|
|
$
|
181,738
|
|
$
|
428,319
|
|
$
|
313,364
|
|
|
Non-GAAP
adjustments
|
|
79,771
|
|
|
183,626
|
|
|
27,816
|
|
|
290,215
|
|
|
234,102
|
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
195,504
|
|
|
212,668
|
|
|
209,554
|
|
|
718,534
|
|
|
547,466
|
|
|
|
Interest
income,net
|
|
(4,231)
|
|
|
(4,021)
|
|
|
(701)
|
|
|
(12,719)
|
|
|
(34,345)
|
|
|
|
Income tax
expenses
|
|
34,176
|
|
|
(6,425)
|
|
|
38,261
|
|
|
139,792
|
|
|
68,213
|
|
|
|
Depreciation
expenses
|
|
8,593
|
|
|
7,511
|
|
|
8,141
|
|
|
32,847
|
|
|
26,453
|
|
|
Adjusted
EBITDA
|
$
|
234,042
|
|
$
|
209,733
|
|
$
|
255,255
|
|
$
|
878,454
|
|
$
|
607,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
To exclude the income
tax expenses 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. Part of these items were recorded in
entities
established in tax free jurisdictions and there were no 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
|
|
Twelve months
ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
|
$
505,333
|
|
$
393,945
|
|
$
516,818
|
|
$
1,841,234
|
|
$
1,334,155
|
|
Alibaba - as an
advertiser
|
|
45,493
|
|
59,532
|
|
20,802
|
|
139,561
|
|
152,000
|
|
Subtotal
|
|
550,826
|
|
453,477
|
|
537,620
|
|
1,980,795
|
|
1,486,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
service
|
|
65,461
|
|
59,933
|
|
69,814
|
|
276,288
|
|
203,776
|
|
|
|
$
616,287
|
|
$
513,410
|
|
$
607,434
|
|
$
2,257,083
|
|
$
1,689,931
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-fourth-quarter-and-fiscal-year-2021-unaudited-financial-results-301494863.html
SOURCE Weibo Corporation