《微博 Weibo Corporation（WB）2024年第四季度及全年财务业绩报告「NASDAQ」（英文版）（5页）.pdf》由会员分享，可在线阅读，更多相关《微博 Weibo Corporation（WB）2024年第四季度及全年财务业绩报告「NASDAQ」（英文版）（5页）.pdf（5页珍藏版）》请在三个皮匠报告上搜索。

1、Weibo Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and Annual Dividend03/13/25BEIJING,March 13,2025/PRNewswire/-Weibo Corporation(Weibo or the Company)(Nasdaq:WB and HKEX:9898),a leading social media in China,today announced itsunaudited financial results for the fourth

2、quarter and fiscal year ended December 31,2024 and annual dividend.We capped off the year with solid performance in the fourth quarter of 2024,said Gaofei Wang,CEO of Weibo.In 2024,we have proactively adjusted our user strategy to focus on theacquisition and engagement of high quality users.On the c

3、ontent front,we further optimized our content ecosystem through reinforcement of our core areas of strength,investment intovertical content and construction of AI-empowered content ecosystem.On the monetization front,we delivered solid performance this year,with advertising business in a stabilized

4、trendand good momentum of value-added service.Our operating efficiency remained solid,with operating margin reaching 28%and non-GAAP operating margin reaching 33%for the full yearof 2024.With our decent profitability and healthy cash flow as foundation,we are committed to enhancing shareholder retur

5、n.We are pleased to announce that our board of directors hasapproved the adoption of annual dividend policy and an annual dividend payout of US$200 million to our shareholders for fiscal year 2024.Fourth Quarter 2024 HighlightsNet revenues were US$456.8 million,a decrease of 1%year-over-year or rela

6、tively flat year-over-year on a constant currency basis 1.Advertising and marketing revenues were US$385.9 million,a decrease of 4%year-over-year or a decrease of 3%year-over-year on a constant currencybasis 1.Value-added services(VAS)revenues were US$71.0 million,an increase of 18%year-over-year or

7、 an increase of 18%year-over-year on a constantcurrency basis 1.Income from operations was US$117.9 million,representing an operating margin of 26%.Net income attributable to Weibos shareholders was US$8.9 million and diluted net income per share was US$0.04.Non-GAAP income from operations was US$13

8、6.2 million,representing a non-GAAP operating margin of 30%.Non-GAAP net income attributable to Weibos shareholders was US$106.6 million and non-GAAP diluted net income per share was US$0.40.Monthly active users(MAUs)were 590 million in December 2024.Average daily active users(DAUs)were 260 million

9、in December 2024.1 We define constant currency(non-GAAP)by assuming that the average exchange rate in the fourth quarter of 2024 had been the same as it was in the fourth quarter of 2023,orRMB7.22=US$1.00.Fiscal Year 2024 HighlightsNet revenues were US$1.75 billion,relatively flat year-over-year or

10、an increase of 1%year-over-year on a constant currency basis 2.Advertising and marketing revenues were US$1.50 billion,a decrease of 2%year-over-year or a decrease of 1%year-over-year on a constant currencybasis 2.Value-added services(VAS)revenues were US$256.0 million,an increase of 13%year-over-ye

11、ar or an increase of 15%year-over-year on a constantcurrency basis 2.Income from operations was US$494.3 million,representing an operating margin of 28%.Net income attributable to Weibos shareholders was US$300.8 million and diluted net income per share was US$1.16.Non-GAAP income from operations wa

12、s US$584.1 million,representing a non-GAAP operating margin of 33%.Non-GAAP net income attributable to Weibos shareholders was US$478.6 million and non-GAAP diluted net income per share was US$1.82.2 We define constant currency(non-GAAP)by assuming that the average exchange rate of 2024 had been the

13、 same as it was in 2023,or RMB7.08=US$1.00.Fourth Quarter 2024 Financial ResultsFor the fourth quarter of 2024,Weibos total net revenues were US$456.8 million,a decrease of 1%compared to US$463.7 million for the same period last year.Advertising and marketing revenues for the fourth quarter of 2024

14、were US$385.9 million,a decrease of 4%compared to US$403.7 million for the same period last year.The decreasewas mainly due to the underperformance of online game sector,as we faced a tough year-over-year comparison due to the concentrated release of blockbuster games in the fourthquarter of 2023.Ad

15、vertising and marketing revenues excluding advertising revenues from Alibaba were US$345.5 million,a decrease of 4%compared to US$358.8 million for the sameperiod last year.VAS revenues for the fourth quarter of 2024 were US$71.0 million,an increase of 18%year-over-year compared to US$59.9 million f

16、or the same period last year,primarily driven by thegrowth of membership services and game-related revenues.Costs and expenses for the fourth quarter of 2024 totaled US$338.9 million,a decrease of 2%compared to US$344.7 million for the same period last year.Income from operations for the fourth quar

17、ter of 2024 was US$117.9 million,compared to US$119.0 million for the same period last year.Operating margin was 26%,same as last year.Non-GAAP income from operations was US$136.2 million,compared to US$145.9 million for the same period last year.Non-GAAP operating margin was 30%,compared to 31%last

18、year.Non-operating loss for the fourth quarter of 2024 was US$85.1 million,compared to non-operating income of US$42.3 million for the same period last year.Non-operating loss for thefourth quarter of 2024 mainly included(i)investment related impairment of US$82.8 million,which was excluded under no

19、n-GAAP measures;(ii)loss from fair value change ofinvestments of US$3.9 million,which was excluded under non-GAAP measures;and(iii)net interest and other income of US$1.6 million.Income tax expenses for the fourth quarter of 2024 were US$20.0 million,compared to US$72.6 million for the same period l

20、ast year.The decrease was primarily due to the accrual ofwithholding tax related to the earnings of the companys wholly-foreign owned enterprise(WFOE).In 2024,the Company accrued withholding tax related to its WFOEs earnings for 2024on a quarterly basis.In contrast,in the fourth quarter of 2023,the

21、Company cumulatively accrued a US$43.7 million withholding tax related to its WFOEs earnings for 2023 and certainyears prior to 2023.These earnings have been and are expected to be remitted to Weibo Hong Kong Limited to fund the demand for U.S.dollars in business operations,payments ofdividends and

22、debts,and potential investments,etc.Net income attributable to Weibos shareholders for the fourth quarter of 2024 was US$8.9 million,compared to US$83.2 million for the same period last year.Diluted net income per shareattributable to Weibos shareholders for the fourth quarter of 2024 was US$0.04,co

23、mpared to US$0.34 for the same period last year.Non-GAAP net income attributable to Weibosshareholders for the fourth quarter of 2024 was US$106.6 million,compared to US$76.4 million for the same period last year.Non-GAAP diluted net income per share attributable toWeibos shareholders for the fourth

24、 quarter of 2024 was US$0.40,compared to US$0.31 for the same period last year.As of December 31,2024,Weibos cash,cash equivalents and short-term investments totaled US$2.4 billion.For the fourth quarter of 2024,cash provided by operating activities wasUS$244.0 million,capital expenditures totaled U

25、S$17.7 million,and depreciation and amortization expenses amounted to US$14.4 million.Fiscal Year 2024 Financial ResultsFor fiscal year 2024,Weibos total net revenues were US$1.75 billion,relatively flat compared to US$1.76 billion in 2023.Advertising and marketing revenues for 2024 were US$1.50 bil

26、lion,a decrease of 2%compared to US$1.53 billion in 2023.Advertising and marketing revenues excluding advertisingrevenues from Alibaba were US$1.38 billion,a decrease of 3%compared to US$1.42 billion for 2023.VAS revenues for 2024 were US$256.0 million,an increase of 13%compared to US$225.8 million

27、for 2023.Costs and expenses for 2024 totaled US$1.26 billion,a decrease of 2%compared to US$1.29 billion for 2023.Income from operations for 2024 was US$494.3 million,compared to US$472.9 million for 2023.Operating margin for 2024 was 28%,compared to 27%last year.Non-GAAP income fromoperations was U

28、S$584.1 million,compared to US$592.1 million for 2023.Non-GAAP operating margin was 33%,compared to 34%last year.Non-operating loss for 2024 was US$73.7 million,compared to non-operating income of US$29.8 million for 2023.Non-operating loss in 2024 mainly included(i)investment relatedimpairment of U

29、S$91.9 million,which was excluded under non-GAAP measures;(ii)gain from fair value change of investments of US$18.6 million,which was excluded under non-GAAPmeasures;and(iii)net interest and other income of US$0.9 million.Income tax expenses for 2024 were US$110.6 million,compared to US$145.3 millio

30、n for 2023.In 2024,the Company accrued a US$22.1 million withholding tax related to its WFOEsearnings for 2024.In 2023,the Company cumulatively accrued a US$43.7 million withholding tax related to its WFOEs earnings for 2023 and certain years prior to 2023.Net income attributable to Weibos sharehold

31、ers for 2024 was US$300.8 million,compared to US$342.6 million for 2023.Diluted net income per share attributable to Weibos shareholdersfor 2024 was US$1.16,compared to US$1.43 for 2023.Non-GAAP net income attributable to Weibos shareholders for 2024 was US$478.6 million,compared to US$450.6 million

32、 for2023.Non-GAAP diluted net income per share attributable to Weibos shareholders for 2024 was US$1.82,compared to US$1.88 for 2023.For fiscal year 2024,cash provided by operating activities was US$639.9 million,compared to US$672.8 million for 2023.Capital expenditures totaled US$61.5 million,and

33、depreciationand amortization expenses amounted to US$58.1 million.Adoption of Dividend Policy and Declaration of 2024 DividendOn March 12,2025,the Companys board of directors(the Board)adopted a cash dividend policy(the Dividend Policy),under which the Company may choose to declare anddistribute a c

34、ash dividend each year in accordance with the memorandum and articles of association of the Company and applicable laws and regulations.Under the policy,the Boarddetermines whether to make dividend distributions and the amount of such distributions in any particular year,depending on the Companys re

35、sults of operations and earnings,cash flow,financial condition,capital requirements and other relevant considerations that the Board deems relevant.Accordingly,on the same day,for the fiscal year of 2024,the Board declared a cash dividend of US$0.82 per ordinary share,or US$0.82 per ADS,payable in U

36、.S.dollars,to holders ofrecord of ordinary shares and ADSs as of the close of business on April 9,2025,Beijing/Hong Kong Time and New York Time,respectively,in accordance with the Dividend Policy.Theaggregate amount of cash dividends to be paid will be approximately US$200 million.For holders of Cla

37、ss A ordinary shares,in order to qualify for the dividend,all valid documents for thetransfer of shares accompanied by the relevant share certificates must be lodged for registration with the Companys Hong Kong branch share registrar,Computershare Hong KongInvestor Services Limited,at Shops 1712-171

38、6,17th Floor,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong,no later than 4:30 p.m.on April 9,2025(Beijing/Hong KongTime).The payment date is expected to be on or around May 8,2025 for holders of ordinary shares and on or around May 15,2025 for holders of ADSs.Conference CallWeibos managemen

39、t team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on March 13,2025(or 7:00 PM to 8:00 PM Beijing Time on March 13,2025)to present anoverview of the Companys financial performance and business operations.Participants who wish to dial in to the teleconference must register throug

40、h the below public participant link.Dial in and instruction will be in the confirmation email upon registering.Participants Registration Link:https:/ live and archived webcast of this conference call will be available at http:/.Non-GAAP Financial MeasuresThis release contains the following non-GAAP

41、financial measures:non-GAAP income from operations,non-GAAP net income attributable to Weibos shareholders,non-GAAP diluted netincome per share attributable to Weibos shareholders and adjusted EBITDA.These non-GAAP financial measures should be considered in addition to,not as a substitute for,measur

42、esof the Companys financial performance prepared in accordance with U.S.GAAP.The Companys non-GAAP financial measures exclude stock-based compensation,amortization of intangible assets resulting from business acquisitions,net results of impairment andprovision on investments,gain/loss on sale of inv

43、estments 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 fr

44、ombusiness 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 senior notes,unsecured senior notes and long-term loans.Adjusted EBITDA represents non-GAAP net income attributable to Weibos sha

45、reholders before interest income/expense,net,income taxexpenses/benefits,and depreciation expenses.The Companys management uses these non-GAAP financial measures in their financial and operating decision-making,because management believes these measures reflect theCompanys ongoing operating performa

46、nce in a manner that allows more meaningful period-to-period comparisons.The Company believes that these non-GAAP financial measuresprovide useful information to investors and others in the following ways:(i)in comparing the Companys current financial results with the Companys past financial results

47、 in a consistentmanner,and(ii)in understanding and evaluating the Companys current operating performance and future prospects in the same manner as management does.The Company alsobelieves that the non-GAAP financial measures provide useful information to both management and investors by excluding c

48、ertain expenses,gains/losses and other items(i)that are notexpected to result in future cash payments or(ii)that are non-recurring in nature or may not be indicative of the Companys core operating results and business outlook.Use of non-GAAP financial measures has limitations.The Companys non-GAAP f

49、inancial measures do not include all income and expense items that affect the Companys 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-GAAPfinancial measures.Reconciliat

50、ions of the Companys non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled UnauditedReconciliation of Non-GAAP to GAAP Results.About WeiboWeibo is a leading social media for people to create,share and discover content online.Weibo combines the

51、means of public self-expression in real time with a powerful platform for socialinteraction,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 beasymmetric;any user can follow any other user an

52、d add comments to a feed while reposting.This simple,asymmetric and distributed nature of Weibo allows an original feed to become alive 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

53、advertising and marketing solutions tocompanies of all sizes.Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services,including the sale of social display advertisement andpromoted marketing offerings.Weibo displays content in a simple information fe

54、ed format and offers native advertisement that conform to the information feed on our platform.We arecontinuously refining our social interest graph recommendation engine,which enables our customers to perform people marketing and target audiences based on user demographics,social relationships,inte

55、rests and behaviors,to achieve greater relevance,engagement and marketing effectiveness.Safe Harbor StatementThis 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.Theseforward-look

56、ing statements can be identified by terminology,such as will,expects,anticipates,future,intends,plans,believes,confidence,estimates and similarstatements.Among other things,Weibos expected financial performance and strategic and operational plans,as described,without limitation,in quotations from ma

57、nagement in thispress release,contain forward-looking statements.Weibo may also make written or oral forward-looking statements in the Companys periodic reports to the U.S.Securities and ExchangeCommission(SEC),in announcements,circulars or other publications made on the website of The Stock Exchang

58、e of Hong Kong Limited(the Hong Kong Stock Exchange),in pressreleases 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 aboutthe Companys beliefs and expectations,are forward-l

59、ooking statements.Forward-looking statements involve inherent risks and uncertainties.A number of important factors could causeactual results to differ materially from those contained in any forward-looking statement.Potential risks and uncertainties include,but are not limited to,Weibos limited ope

60、rating history incertain new businesses;failure to sustain or grow active user base and the level of user engagement;the uncertain regulatory landscape in China;fluctuations in the Companys quarterlyoperating results;the Companys reliance on advertising and marketing sales for a majority of its reve

61、nues;failure to successfully develop,introduce,drive adoption of or monetize newfeatures and products;failure to compete effectively for advertising and marketing spending;failure to successfully integrate acquired businesses;risks associated with the Companysinvestments,including equity pick-up and

62、 impairment;failure to compete successfully against new entrants and established industry competitors;changes in the macro-economicenvironment,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

63、.Furtherinformation regarding these and other risks is included in Weibos annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange.All information providedin this press release is current as of the date hereof,and Weibo assumes no obligation to update such informat

64、ion,except as required under applicable law.Contact:Investor RelationsWeibo CorporationPhone:+86 10 5898-3336Email: WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S.dollars,except per share data)Three months endedTwelve months endedDecember 31,September

65、30,December 31,December 31,December 31,20232024202420232024Net revenues:Advertising and marketing$403,739$398,615$385,850$1,534,014$1,498,693 Value-added services59,92865,86570,977225,822255,984 Net revenues463,667464,480456,8271,759,8361,754,677Costs and expenses:Cost of revenues(1)100,15692,381100

66、,529374,279369,521 Sales and marketing(1)139,726123,069139,863461,421480,791 Product development(1)67,24380,41175,921333,628308,747 General and administrative(1)37,53727,29722,634117,574101,294 Total costs and expenses344,662323,158338,9471,286,9021,260,353Income from operations119,005141,322117,880

67、472,934494,324Non-operating income(loss):Investment related income(loss),net25,54416,905(86,737)18,594(74,557)Interest and other income,net16,7136,6991,61811,25488842,25723,604(85,119)29,848(73,669)Income before income tax expenses161,262164,92632,761502,782420,655 Less:Income tax expenses72,57832,1

68、9720,034145,287110,550Net income88,684132,72912,727357,495310,105 Less:Net income attributable to non-controlling interests8085459922,0952,556 Accretion to redeemable non-controlling interests4,6461,6172,87012,8026,748Net income attributable to Weibos shareholders$83,230$130,567$8,865$342,598$300,80

69、1Basic net income per share attributable to Weibos shareholders$0.35$0.55$0.04$1.45$1.27Diluted net income per share attributable to Weibos shareholders$0.34$0.50$0.04$1.43$1.16Shares used in computing basic net income per share attributable to Weibos shareholders236,311237,499237,970235,560237,324S

70、hares used in computing diluted net income per share attributable to Weibos shareholders246,382265,824239,983239,974265,241(1)Stock-based compensation in each category:Cost of revenues$1,851$1,539$1,115$8,933$5,954Sales and marketing3,5593,4542,55316,52813,041Product development11,0798,5936,07951,44

71、133,403General and administrative5,2594,5123,65024,22917,316 WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S.dollars)As ofDecember 31,December 31,20232024AssetsCurrent assets:Cash and cash equivalents$2,584,635$1,890,632Short-term investments641,035459,852Account

72、s receivable,net440,768339,754Prepaid expenses and other current assets359,881348,774Amount due from SINA(1)486,397452,769 Current assets subtotal4,512,7163,491,781Property and equipment,net220,663215,034Goodwill and intangible assets,net300,565272,004Long-term investments1,320,3861,389,199Other non

73、-current assets926,0281,136,481Total assets$7,280,358$6,504,499Liabilities,Redeemable Non-controlling Interests and Shareholders Equity Liabilities:Current liabilities:Accounts payable$161,493$158,435Accrued expenses and other current liabilities666,833652,369Income tax payable94,50784,690Deferred r

74、evenues75,18772,642Unsecured senior notes799,325-Current liabilities subtotal1,797,345968,136Long-term liabilities:Convertible senior notes317,625320,803Unsecured senior notes743,695744,662Long-term loans791,647795,311Other long-term liabilities112,43096,701 Total liabilities3,762,7422,925,613Redeem

75、able non-controlling interests68,72845,103Shareholders equity:Weibo shareholders equity 3,398,7353,482,771Non-controlling interests50,15351,012Total shareholders equity 3,448,8883,533,783Total liabilities,redeemable non-controlling interests and shareholders equity$7,280,358$6,504,499(1)Included sho

76、rt-term loans to and interest receivable from SINA of US$445.2 million as ofDecember 31,2023 and US$417.7 million as of December 31,2024.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S.dollars,except per share data)Three months endedTwelve months endedDecemb

77、er 31,September 30,December 31,December 31,December 31,20232024202420232024Income from operations$119,005$141,322$117,880$472,934$494,324 Add:Stock-based compensation21,74818,09813,397101,13169,714Amortization of intangible assets resulting from business acquisitions5,1035,1124,87418,02220,056Non-GA

78、AP income from operations$145,856$164,532$136,151$592,087$584,094Net income attributable to Weibos shareholders$83,230$130,567$8,865$342,598$300,801 Add:Stock-based compensation21,74818,09813,397101,13169,714Amortization of intangible assets resulting from business acquisitions5,1035,1124,87418,0222

79、0,056Investment related gain/loss,net(1)(25,544)(16,905)86,737(18,594)74,557Non-GAAP to GAAP reconciling items on the share of equity method investments(10,547)1,975(5,598)1,80413,323Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests(311)(501)(346)(725)(

80、1,718)Tax effects on non-GAAP adjustments(2)(781)(1,112)(3,284)(1,957)(6,581)Amortization of issuance cost of convertible senior notes,unsecured senior notes and long-term loans3,4681,9511,9438,2878,485Non-GAAP net income attributable to Weibos shareholders$76,366$139,185$106,588$450,566$478,637Non-

81、GAAP diluted net income per share attributable to Weibos shareholders$0.31*$0.53*$0.40*$1.88*$1.82*Shares used in computing GAAP diluted net income per share attributable to Weibos shareholders246,382265,824239,983239,974265,241 Add:The number of shares for dilution resulted from convertible seniorn

82、otes(3)-26,411-Shares used in computing non-GAAP diluted net income per share attributable to Weibos shareholders246,382265,824266,394239,974265,241Adjusted EBITDA:Net income attributable to Weibos shareholders$83,230$130,567$8,865$342,598$300,801Non-GAAP adjustments(6,864)8,61897,723107,968177,836N

83、on-GAAP net income attributable to Weibos shareholders76,366139,185106,588450,566478,637Interest income,net(870)(6,348)(1,514)(6,424)(26,423)Income tax expenses73,35933,30923,318147,245117,131Depreciation expenses9,3038,9859,24839,22036,819Adjusted EBITDA$158,158$175,131$137,640$630,607$606,164Net r

84、evenues$463,667$464,480$456,827$1,759,836$1,754,677Non-GAAP operating margin31%35%30%34%33%(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

85、 amortization of intangible assets resulting from business acquisitions and fair value change ofinvestments.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 allowanceswere provided for related defer

86、red 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 senior notes which were anti-dilutive under GAAP measures.*Net income attributable to Weibos shareholders is adjusted for interest expense of convertible se

87、nior notes for calculating diluted EPS.WEIBO CORPORATIONUNAUDITED ADDITIONAL INFORMATION(In thousands of U.S.dollars)Three months endedTwelve months endedDecember 31,September 30,December 31,December 31,December 31,20232024202420232024Net revenuesAdvertising and marketing Non-Ali advertisers$358,848$377,112$345,528$1,422,406$1,381,908 Alibaba 44,89121,50340,322111,608116,785 Subtotal403,739398,615385,8501,534,0141,498,693Value-added services59,92865,86570,977225,822255,984$463,667$464,480$456,827$1,759,836$1,754,677 View original content:https:/ Weibo Corporation