BEIJING, May 25, 2023
/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 first quarter ended March 31,
2023.
"We witnessed gradual recovery
of our business in the first quarter of 2023 amid reopening," said
Gaofei Wang, CEO of Weibo. "Throughout this quarter, we are encouraged to see solid user engagement
improvement, with our continued execution of operating efficiency initiatives. Looking
ahead to our monetization, with normalization of offline activities
and gradual recovery of consumer spending, we will ramp up our
efforts to capture pent-up demands from advertisers. In addition,
we will focus on sectors that have demonstrated resilience amid
economic challenges as well as those with growth opportunities, to
further unlock monetization potentials of our platform. Lastly, we
are pleased to announce that our board of directors has approved a
special cash dividend to our shareholders. Going forward, we will
remain committed to our long-term growth opportunity, with a focus
on financial discipline and returning value to our
shareholders."
First Quarter 2023 Highlights
- Net revenues were $413.8 million,
a decrease of 15% year-over-year or a decrease of 7% year-over-year
on a constant currency basis [1].
- Advertising and marketing revenues were $355.3 million, a decrease of 17%
year-over-year.
- Value-added service ("VAS") revenues were $58.5 million, an increase of 2%
year-over-year.
- Income from operations was $96.5
million, representing an operating margin of 23%.
- Net income attributable to Weibo's shareholders was
$100.5 million and diluted net income
per share was $0.42.
- Non-GAAP income from operations was $128.6 million, representing a non-GAAP operating
margin of 31%.
- Non-GAAP net income attributable to Weibo's shareholders was
$111.2 million and non-GAAP diluted
net income per share was $0.47.
- Monthly active users ("MAUs") were 593 million in March 2023, a net addition of approximately 11
million users on a year-over-year basis. Mobile MAUs represented
95% of MAUs.
- Average daily active users ("DAUs") were 255 million in
March 2023, a net addition of
approximately 3 million users on a year-over-year basis.
[1] On
a constant currency (non-GAAP) basis, we assume that the exchange
rate in the first quarter of 2023 had been the same as it was in
the first quarter of 2022, or RMB 6.34=US$1.00.
|
First Quarter 2023 Financial Results
For the first quarter of 2023, Weibo's total net revenues were
$413.8 million, a decrease of 15%
compared to $484.6 million for the
same period last year.
Advertising and marketing revenues for the first quarter of 2023
were $355.3 million, a decrease of
17% compared to $427.1 million for
the same period last year. Advertising and marketing revenues
excluding ad revenues from Alibaba were $337.0 million, a decrease of 16% compared to
$401.2 million for the same period
last year. The decrease can be attributable to several factors,
including (i) conservative advertising budget amid reopening; (ii)
seasonality factor; and (iii) an unfavorable foreign exchange
impact on our reported figures.
VAS revenues for the first quarter of 2023 were $58.5 million, an increase of 2% year-over-year
compared to $57.5 million for the
same period last year. The increase of VAS revenues was primary
attributable to incremental revenue contribution from e-commerce
business.
Costs and expenses for the first quarter of 2023 totaled
$317.3 million, a decrease of
17% compared to $381.8 million for
the same period last year. The decrease of costs and expenses was
primarily attributable to less personnel related costs and
marketing expenses.
Income from operations for the first quarter of 2023 was
$96.5 million, compared to
$102.8 million for the same period
last year. Operating margin was 23%, compared to 21% last year.
Non-GAAP income from operations was $128.6
million, compared to $141.7
million for the same period last year. Non-GAAP operating
margin was 31%, compared to 29% last year.
Non-operating income for the first quarter of 2023 was
$29.8 million, compared to a loss of
$163.5 million for the same period
last year. Non-operating income for the first quarter of 2023
mainly included (i) a $27.6 million
net gain from fair value change of investments, mainly including
net gains from fair value change of investments in Didi Global Inc.
(OTC Pink: DIDIY) and INMYSHOW Digital Technology (Group) Co., Ltd.
(SSE: 600556), which was excluded under non-GAAP measures; and (ii)
a $2.7 million net interest and other
income.
Income tax expense were $21.9
million, compared to $11.7
million for the same period last year. The increase in
expense was mainly due to changes in deferred tax liabilities
related to fair value change on certain investments.
Net income attributable to Weibo's shareholders for the first
quarter of 2023 was $100.5 million,
compared to a loss of $67.5 million
for the same period last year. Diluted net income per share
attributable to Weibo's shareholders for the first quarter of 2023
was $0.42, compared to diluted net
loss per share attributable to Weibo's shareholders of $0.29 for the same period last year. Non-GAAP net
income attributable to Weibo's shareholders for the first quarter
of 2023 was $111.2 million, compared
to $132.9 million for the same period
last year. Non-GAAP diluted net income per share attributable to
Weibo's shareholders for the first quarter of 2023 was $0.47, compared to $0.56 for the same period last year.
As of March 31, 2023, Weibo's
cash, cash equivalents and short-term investments totaled
$2.8 billion. For the first quarter
of 2023, cash provided by operating activities was $180.6 million, capital expenditures totaled
$18.2 million, and depreciation and
amortization expenses amounted to $15.4
million.
Special Cash Dividend
The Company's board of directors has approved a special cash
dividend of US$0.85 per ordinary
share and ADS to holders of its ordinary shares and ADSs as of the
close of business on June 26, 2023,
Beijing/Hong Kong Time and New
York Time, respectively, payable in U.S. dollars. For holders of
Class A ordinary shares, in order to qualify for the dividend, all
valid documents for the transfer of shares accompanied by the
relevant share certificates must be lodged for registration with
the Company's Hong Kong branch
share registrar, Computershare Hong Kong Investor Services Limited,
at Shops 1712-1716, 17th Floor, Hopewell Centre, 183
Queen's Road East, Wanchai, Hong
Kong, no later than 4:30 p.m.
on June 26, 2023 (Beijing/Hong Kong Time). The aggregate amount
of the dividend will be approximately $200
million. The payment date for holders of ordinary shares and
ADSs is expected to be on or around July 19,
2023 and on or around July 26,
2023, respectively.
Environmental, Social and Governance ("ESG")
Weibo released its 2022 ESG report in April 2023, outlining the Company's initiatives
and performance in key ESG areas for the fiscal year 2022. The ESG
initiatives described in the report demonstrate our long-term
commitment to sustainable development, covering the impact on our
users, content creators, employees, business partners and other
stakeholders. The report highlights our efforts in various areas,
including cybersecurity and privacy protection, content quality,
employee development, social responsibility and green operations.
To view the 2022 ESG report, please visit:
http://ir.weibo.com/esg.
Conference Call
Weibo's management team will host a conference call from
7:00 AM to 8:00 AM Eastern Time on
May 25, 2023 (or 7:00 PM – 8:00 PM
Beijing Time on May 25, 2023) to
present an overview of the Company's financial performance and
business operations.
Participants who wish to dial in to the teleconference must
register through the below public participant link. Dial in and
instruction will be in the confirmation email upon registering.
Participants Registration Link:
https://register.vevent.com/register/BI844585d64f0c4fa08a241f3dd806dcd7
Additionally, a live and archived webcast of this conference
call will be available at http://ir.weibo.com.
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 and provision 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 issuance cost of convertible debt, senior notes and
long-term loans. Adjusted EBITDA excludes interest income, net,
income tax benefits/expenses, and depreciation expenses.
The Company's management uses these non-GAAP financial measures
in their financial and operating decision-making, because
management believes these measures reflect the Company's ongoing
operating performance in a manner that allows more meaningful
period-to-period comparisons. The Company believes that these
non-GAAP financial measures provide useful information to investors
and others in the following ways: (i) in comparing the Company's
current financial results with the Company's past financial results
in a consistent manner, and (ii) in understanding and evaluating
the Company's current operating performance and future prospects in
the same manner as management does, if they so choose. The Company
also believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gains/losses and other items (i) that are not expected to
result in future cash payments or (ii) that are non-recurring in
nature or may not be indicative of the Company's core operating
results and business outlook.
Use of non-GAAP financial measures has limitations. The
Company's non-GAAP financial measures do not include all income and
expense items that affect the Company's operations. They may not be
comparable to non-GAAP financial measures used by other companies.
Accordingly, care should be exercised in understanding how the
Company defines its non-GAAP financial measures. Reconciliations of
the Company's non-GAAP financial measures to the nearest comparable
GAAP measures are set forth in the section below titled "Unaudited
Reconciliation of Non-GAAP to GAAP Results."
About Weibo
Weibo is a leading social media for people to create, share
and discover content online. Weibo combines the means of public
self-expression in real time with a powerful platform for social
interaction, content aggregation and content distribution. Any user
can create and post a feed and attach multi-media and long-form
content. User relationships on Weibo may be asymmetric;
any user can follow any other user and add comments to a feed while
reposting. This simple, asymmetric and distributed nature
of Weibo allows an original feed to become a live viral
conversation stream.
Weibo enables its advertising and marketing customers to
promote their brands, products and services to
users. Weibo offers a wide range of advertising and
marketing solutions to companies of all sizes. The Company
generates a substantial majority of its revenues from the sale of
advertising and marketing services, including the sale of social
display advertisement and promoted marketing
offerings. Designed with a "mobile first" philosophy, Weibo
displays content in a simple information feed format and offers
native advertisement that conform to the information feed on our
platform. To support the mobile format, we have developed and
continuously refining our social interest graph recommendation
engine, which enables our customers to perform people marketing and
target audiences based on user demographics, social relationships,
interests and behaviors, to achieve greater relevance, engagement
and marketing effectiveness.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology, such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "confidence," "estimates" and similar statements. Among
other things, Weibo's expected financial performance and strategic
and operational plans, as described, without limitation, in
quotations from management in this press release, contain
forward-looking statements. Weibo may also make written or oral
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. 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; adverse changes in economic and
political policies of the PRC government and its impact on the
Chinese economy; and impact of COVID-19 on the Company's operations
and financial performance. 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.
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
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2022
|
|
2022
|
|
2023
|
|
Net
revenues:
|
|
|
|
|
|
|
Advertising and
marketing
|
$
427,121
|
|
$
390,544
|
|
$
355,300
|
|
Value-added
services
|
57,501
|
|
57,454
|
|
58,478
|
|
|
Net
revenues
|
484,622
|
|
447,998
|
|
413,778
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
Cost of revenues
(1)
|
104,801
|
|
106,087
|
|
85,853
|
|
Sales and marketing
(1)
|
125,311
|
|
122,665
|
|
106,494
|
|
Product development
(1)
|
112,434
|
|
99,328
|
|
90,676
|
|
General and
administrative (1)
|
39,227
|
|
(40,552)
|
|
34,265
|
|
|
Total costs and
expenses
|
381,773
|
|
287,528
|
|
317,288
|
|
Income from
operations
|
102,849
|
|
160,470
|
|
96,490
|
|
|
|
|
|
|
|
|
|
Non-operating income
(loss):
|
|
|
|
|
|
|
Investment related gain (loss), net
|
(177,950)
|
|
(3,582)
|
|
27,155
|
|
Interest and other income (loss), net
|
14,416
|
|
(17,508)
|
|
2,682
|
|
|
|
(163,534)
|
|
(21,090)
|
|
29,837
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income tax expenses
|
(60,685)
|
|
139,380
|
|
126,327
|
|
Income tax benefits
(expenses)
|
(11,716)
|
|
18,701
|
|
(21,852)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(72,401)
|
|
158,081
|
|
104,475
|
|
Less: Net income (loss) attributable to non-controlling
interests
|
(4,877)
|
|
16,165
|
|
556
|
|
Accretion to redeemable non-controlling interests
|
-
|
|
-
|
|
3,427
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
(67,524)
|
|
$
141,916
|
|
$
100,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to Weibo's
shareholders
|
$
(0.29)
|
|
$
0.61
|
|
$
0.43
|
|
Diluted net income
(loss) per share attributable to Weibo's
shareholders
|
$
(0.29)
|
|
$
0.60
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income (loss) per share
attributable
|
|
|
|
|
|
|
to Weibo's shareholders
|
235,206
|
|
234,040
|
|
234,705
|
|
Shares used in
computing diluted net income (loss) per share
attributable
|
|
|
|
|
|
|
to Weibo's shareholders
|
235,206
|
|
238,887
|
|
236,895
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation in each category:
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
2,337
|
|
$
1,820
|
|
$
2,536
|
|
|
Sales and
marketing
|
4,615
|
|
3,686
|
|
4,613
|
|
|
Product
development
|
13,336
|
|
10,774
|
|
13,800
|
|
|
General and
administrative
|
6,763
|
|
7,097
|
|
6,676
|
|
WEIBO
CORPORATION
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
March
31,
|
|
|
|
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,690,768
|
|
$
2,284,216
|
|
|
|
Short-term
investments
|
|
480,428
|
|
492,640
|
|
|
|
Accounts receivable,
net
|
|
502,443
|
|
477,490
|
|
|
|
Prepaid expenses and
other current assets
|
|
391,502
|
|
424,184
|
|
|
|
Amount due from
SINA(1)
|
|
487,117
|
|
491,644
|
|
|
|
Current assets
subtotal
|
|
4,552,258
|
|
4,170,174
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
249,553
|
|
241,383
|
|
Goodwill and
intangible assets, net
|
|
245,223
|
|
241,529
|
|
Long-term
investments
|
|
993,630
|
|
1,235,797
|
|
Other non-current
assets
|
|
1,088,790
|
|
1,125,354
|
|
Total
assets
|
|
$
7,129,454
|
|
$
7,014,237
|
|
|
|
|
|
|
|
|
Liabilities,
Redeemable Non-controlling Interests and Shareholders'
Equity
|
|
Liabilities:
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
161,029
|
|
$
155,257
|
|
|
|
Accrued expenses and
other current liabilities
|
|
923,678
|
|
705,885
|
|
|
|
Income tax
payable
|
|
55,282
|
|
70,189
|
|
|
|
Deferred
revenues
|
|
79,949
|
|
88,788
|
|
|
|
Current liabilities
subtotal
|
|
1,219,938
|
|
1,020,119
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Unsecured senior
notes
|
|
1,540,717
|
|
1,541,293
|
|
|
|
Long-term
loans
|
|
880,855
|
|
881,886
|
|
|
|
Other long-term
liabilities
|
|
97,404
|
|
96,324
|
|
|
|
Total
liabilities
|
|
3,738,914
|
|
3,539,622
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
45,795
|
|
52,558
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
:
|
|
|
|
|
|
|
Weibo shareholders'
equity
|
|
3,330,250
|
|
3,406,906
|
|
|
Non-controlling
interests
|
|
14,495
|
|
15,151
|
|
|
|
Total shareholders'
equity
|
|
3,344,745
|
|
3,422,057
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
$
7,129,454
|
|
$
7,014,237
|
|
|
|
|
|
|
|
|
|
(1) Included short-term
loans to and interest receivable from SINA of $420.4 million as of
December 31,
2022 and $431.6 million as of March 31, 2023.
|
WEIBO
CORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP TO GAAP RESULTS
|
(In thousands of
U.S. dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
|
2022
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
102,849
|
|
$
|
160,470
|
|
$
|
96,490
|
|
Add:
|
Stock-based
compensation
|
|
27,051
|
|
|
23,377
|
|
|
27,625
|
|
|
Amortization of
intangible assets resulting from business acquisitions
|
|
5,751
|
|
|
4,367
|
|
|
4,439
|
|
|
Accrual (reversal) of
non-cash compensation cost to non-controlling
interest shareholders
|
|
6,074
|
|
|
(36,225)
|
|
|
-
|
|
Non-GAAP income from
operations
|
$
|
141,725
|
|
$
|
151,989
|
|
$
|
128,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
(67,524)
|
|
$
|
141,916
|
|
$
|
100,492
|
|
Add:
|
Stock-based
compensation
|
|
27,051
|
|
|
23,377
|
|
|
27,625
|
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
5,751
|
|
|
4,367
|
|
|
4,439
|
|
|
Accrual (reversal) of
non-cash compensation cost to non-controlling
interest shareholders
|
|
6,074
|
|
|
(36,225)
|
|
|
-
|
|
|
Investment related
gain/loss, net (1)
|
|
177,950
|
|
|
3,582
|
|
|
(27,155)
|
|
|
Non-GAAP to GAAP
reconciling items on the share of equity
method investments
|
|
(2,654)
|
|
|
24,662
|
|
|
4,183
|
|
|
Non-GAAP to GAAP
reconciling items for the income/loss
attributable to non-controlling interests
|
|
(4,631)
|
|
|
15,005
|
|
|
(157)
|
|
|
Tax effects on non-GAAP
adjustments (2)
|
|
(10,771)
|
|
|
394
|
|
|
196
|
|
|
Amortization of
issuance cost of convertible debt, unsecured
senior notes and long-term loans
|
|
1,611
|
|
|
1,440
|
|
|
1,606
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
$
|
132,857
|
|
$
|
178,518
|
|
$
|
111,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net
income per share attributable to Weibo's
shareholders
|
$
|
0.56
|
*
|
$
|
0.75
|
*
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP diluted net income (loss) per share
attributable to Weibo's shareholders
|
|
235,206
|
|
|
238,887
|
|
|
236,895
|
|
Add:
|
The number of shares
for dilution resulted from convertible debt
(3)
|
|
6,753
|
|
|
-
|
|
|
-
|
|
|
The number of shares
for dilution resulted from unvested restricted
share units (3)
|
|
447
|
|
|
-
|
|
|
-
|
|
Shares used in
computing non-GAAP diluted net income per share
attributable to Weibo's shareholders
|
|
242,406
|
|
|
238,887
|
|
|
236,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Weibo's shareholders
|
$
|
(67,524)
|
|
$
|
141,916
|
|
$
|
100,492
|
|
|
Non-GAAP
adjustments
|
|
200,381
|
|
|
36,602
|
|
|
10,737
|
|
|
Non-GAAP net income
attributable to Weibo's shareholders
|
|
132,857
|
|
|
178,518
|
|
|
111,229
|
|
|
|
Interest income,
net
|
|
(10,986)
|
|
|
(11,784)
|
|
|
(9,743)
|
|
|
|
Income tax (benefits)
expenses
|
|
22,487
|
|
|
(19,095)
|
|
|
21,657
|
|
|
|
Depreciation
expenses
|
|
8,730
|
|
|
7,626
|
|
|
10,601
|
|
|
Adjusted
EBITDA
|
$
|
153,088
|
|
$
|
155,265
|
|
$
|
133,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
To adjust impairment
and provision on, gain/loss on sale of, fair value change of
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
To adjust the income
tax effects of non-GAAP adjustments, which primarily related to
amortization and impairment 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
To adjust the number of
shares for dilution resulted from convertible debt and unvested
restricted share units 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
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2022
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Advertising and
marketing
|
|
|
|
|
|
|
|
Non-Ali
advertisers
|
$
401,196
|
|
$
348,271
|
|
$
337,031
|
|
|
Alibaba - as an
advertiser
|
25,925
|
|
42,273
|
|
18,269
|
|
|
Subtotal
|
427,121
|
|
390,544
|
|
355,300
|
|
|
|
|
|
|
|
|
|
|
Value-added
services
|
57,501
|
|
57,454
|
|
58,478
|
|
|
|
$
484,622
|
|
$
447,998
|
|
$
413,778
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/weibo-reports-first-quarter-2023-unaudited-financial-results-and-dividend-301834486.html
SOURCE Weibo Corporation