Cash and cash equivalents $ 2,584,635 $ 1,203,977
Short-term investments 641,035 993,618
Accounts receivable, net 440,768 419,369
Prepaid expenses and other
current assets 359,881 375,455
Amount due from SINA(1) 486,397 465,676
------------------ ---------------
Current assets subtotal 4,512,716 3,458,095
Property and equipment, net 220,663 227,609
Goodwill and intangible assets,
net 300,565 288,233
Long-term investments 1,320,386 1,445,467
Other non-current assets 926,028 1,205,712
------------------ ---------------
Total assets $ 7,280,358 $ 6,625,116
================== ===============
Liabilities, Redeemable Non-controlling Interests and
Shareholders' Equity
Liabilities:
Current liabilities:
Accounts payable $ 161,493 $ 154,440
Accrued expenses and other
current liabilities 666,833 638,826
Income tax payable 94,507 80,711
Deferred revenues 75,187 94,690
Unsecured senior notes 799,325 -
Current liabilities
subtotal 1,797,345 968,667
Long-term liabilities:
Convertible senior notes 317,625 320,017
Unsecured senior notes 743,695 744,420
Long-term loans 791,647 794,395
Other long-term liabilities 112,430 119,676
------------------ ---------------
Total liabilities 3,762,742 2,947,175
------------------ ---------------
Redeemable non-controlling
interests 68,728 42,377
------------------ ---------------
Shareholders' equity :
Weibo shareholders' equity 3,398,735 3,583,469
Non-controlling interests 50,153 52,095
------------------ ---------------
Total shareholders' equity 3,448,888 3,635,564
------------------ ---------------
Total liabilities, redeemable
non-controlling interests and
shareholders' equity $ 7,280,358 $ 6,625,116
================== ===============
(1) Included short-term loans to and interest
receivable from SINA of US$445.2 million as of
December 31, 2023 and US$423.5 million as of
September 30, 2024.
WEIBO CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands of U.S. dollars, except per share data)
Three months ended Nine months ended
-------------------------------- ----------------------
September September September September
30, June 30, 30, 30, 30,
2023 2024 2024 2023 2024
---------- -------- --------- ---------- ----------
Income from operations $ 133,986 $135,385 $ 141,322 $ 353,929 $ 376,444
Stock-based
Add: compensation 25,691 17,207 18,098 79,383 56,317
Amortization of
intangible
assets resulting
from business
acquisitions 4,209 5,011 5,112 12,919 15,182
Non-GAAP income from
operations $ 163,886 $157,603 $ 164,532 $ 446,231 $ 447,943
========= ======= ======== ========= =========
Net income attributable
to Weibo's shareholders $ 77,489 $111,931 $ 130,567 $ 259,368 $ 291,936
Stock-based
Add: compensation 25,691 17,207 18,098 79,383 56,317
Amortization of
intangible
assets resulting
from business
acquisitions 4,209 5,011 5,112 12,919 15,182
Investment
related
gain/loss, net
(1) 8,915 (245) (16,905) 6,950 (12,180)
Non-GAAP to GAAP
reconciling
items on the
share of equity
method
investments 19,430 (8,412) 1,975 12,351 18,921
Non-GAAP to GAAP
reconciling
items for the
income/loss
attributable to
non-controlling
interests (101) (435) (501) (414) (1,372)
Tax effects on
non-GAAP
adjustments (2) (645) (1,082) (1,112) (1,176) (3,297)
Amortization
of issuance cost
of convertible
senior notes,
unsecured
senior notes
and long-term
loans 1,607 2,277 1,951 4,819 6,542
Non-GAAP net income
attributable to Weibo's
shareholders $ 136,595 $126,252 $ 139,185 $ 374,200 $ 372,049
========= ======= ======== ========= =========
Non-GAAP diluted net
income per share
attributable to Weibo's
shareholders $ 0.57 $ 0.48 *$ 0.53 *$ 1.57 $ 1.42 *
Shares used in computing
GAAP diluted net income
per share attributable
to Weibo's
shareholders 238,655 265,086 265,824 237,817 264,856
Shares used in computing
non-GAAP diluted net
income per share
attributable to Weibo's
shareholders 238,655 265,086 265,824 237,817 264,856
========= ======= ======== ========= =========
Adjusted EBITDA:
Net income
attributable to
Weibo's
shareholders $ 77,489 $111,931 $ 130,567 $ 259,368 $ 291,936
Non-GAAP
adjustments 59,106 14,321 8,618 114,832 80,113
--------- ------- -------- --------- ---------
Non-GAAP net
income
attributable to
Weibo's
shareholders 136,595 126,252 139,185 374,200 372,049
Interest (income)
expense, net 2,823 (9,410) (6,348) (5,554) (24,909)
Income tax
expenses 26,052 34,357 33,309 73,886 93,813
Depreciation
expenses 9,354 9,169 8,985 29,917 27,571
Adjusted EBITDA $ 174,824 $160,368 $ 175,131 $ 472,449 $ 468,524
========= ======= ======== ========= =========
Net revenues $ 442,151 $437,873 $ 464,480 $1,296,169 $1,297,850
Non-GAAP operating margin 37 % 36 % 35 % 34 % 35 %
(1) To adjust impairment and provision on investments,
gain/loss on sale of investments and fair value
change of investments.
(2) To adjust the income tax effects of non-GAAP adjustments, which primarily
related to amortization of intangible assets resulting from
business acquisitions and fair value change of investments. Other non-GAAP
adjustment items have no tax effect, because (i) they were recorded in
entities established in tax free jurisdictions, or (ii) full valuation
allowances were provided for related deferred tax assets as it is
more-likely-than-not they will not be realized.
* Net income attributable to Weibo's shareholders is adjusted for
interest expense of convertible senior notes for calculating
diluted EPS.
WEIBO CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(In thousands of U.S. dollars)
Three months ended Nine months ended
------------------------------------------- --------------------------
September September
September 30, June 30, September 30, 30, 30,
2023 2024 2024 2023 2024
------------- ------------- ------------- ------------ ------------
Net revenues
Advertising and
marketing
Non-Ali
advertisers $ 367,633 $ 342,868 $ 377,112 $ 1,063,558 $ 1,036,380
Alibaba - as
an
advertiser 21,668 32,409 21,503 66,717 76,463
------------- ------------- ------------- ------------ ------------
Subtotal 389,301 375,277 398,615 1,130,275 1,112,843
Value-added
services 52,850 62,596 65,865 165,894 185,007
------------- ------------- ------------- ------------ ------------
$ 442,151 $ 437,873 $ 464,480 $ 1,296,169 $ 1,297,850
============= ============= ============= ============ ============
View original content:https://www.prnewswire.com/news-releases/weibo-announces-third-quarter-2024-unaudited-financial-results-302309557.html
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November 19, 2024 04:15 ET (09:15 GMT)