微博 Weibo Corporation（WB）2024年第二季度财报「NASDAQ」（英文版）（5页）.pdf

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1、Weibo Announces Second Quarter 2024 Unaudited Financial Results08/22/24BEIJING,Aug.22,2024/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 second quarter ended June 30,2024.Our user en

2、gagement and operating efficiency have further improved this quarter,said Gaofei Wang,CEO of Weibo.On the user front,we emphasized on the acquisition andengagement of high quality users and saw improved user engagement this quarter.On the content front,we further optimized our content ecosystem thro

3、ugh reinforcement of ourcore strength and solid execution of our vertical content strategy.On the monetization front,we are encouraged to see Weibos strength in hot trends and vertical contentecosystem has become the key driver of topline recovery.Underpinned by our stabilized overall business and c

4、onsistent disciplined spending,our operating efficiency hasimproved this quarter.Second Quarter 2024 HighlightsNet revenues were US$437.9 million,a decrease of 1%year-over-year or an increase of 1%year-over-year on a constant currency basis 1.Advertising and marketing revenues were US$375.3 million,

5、a decrease of 3%year-over-year or a decrease of 1%year-over-year on a constantcurrency basis 1.Value-added services(VAS)revenues were US$62.6 million,an increase of 15%year-over-year or an increase of 18%year-over-year on aconstant currency basis 1.Income from operations was US$135.4 million,represe

6、nting an operating margin of 31%.Net income attributable to Weibos shareholders was US$111.9 million and diluted net income per share was US$0.43.Non-GAAP income from operations was US$157.6 million,representing a non-GAAP operating margin of 36%.Non-GAAP net income attributable to Weibos shareholde

7、rs was US$126.3 million and non-GAAP diluted net income per share was US$0.48.Monthly active users(MAUs)were 583 million in June 2024.Average daily active users(DAUs)were 256 million in June 2024.1 We define constant currency(non-GAAP)by assuming that the average exchange rate in the second quarter

8、of 2024 had been the same as it was in the second quarter of2023,or RMB7.03=US$1.00.Second Quarter 2024 Financial ResultsFor the second quarter of 2024,Weibos total net revenues were US$437.9 million,a decrease of 1%compared to US$440.2 million for the same period last year.Advertising and marketing

9、 revenues for the second quarter of 2024 were US$375.3 million,a decrease of 3%compared to US$385.7 million for the same period last year.Advertising and marketing revenues excluding advertising revenues from Alibaba were US$342.9 million,a decrease of 4%compared to US$358.9 million for the same per

10、iod lastyear.VAS revenues for the second quarter of 2024 were US$62.6 million,an increase of 15%year-over-year compared to US$54.6 million for the same period last year,primarily drivenby the growth of revenues from membership services.Costs and expenses for the second quarter of 2024 totaled US$302

11、.5 million,a decrease of 5%compared to US$316.8 million for the same period last year.In addition to theforeign exchange impact,the decrease mainly resulted from lower personnel related costs.Income from operations for the second quarter of 2024 was US$135.4 million,compared to US$123.5 million for

12、the same period last year.Operating margin was 31%,comparedto 28%last year.Non-GAAP income from operations was US$157.6 million,compared to US$153.8 million for the same period last year.Non-GAAP operating margin was 36%,compared to 35%last year.Non-operating income for the second quarter of 2024 wa

13、s US$11.4 million,compared to non-operating loss of US$13.8 million for the same period last year.Non-operatingincome for the second quarter of 2024 mainly included(i)net interest and other income of US$11.2 million;(ii)gain from fair value change of investments of US$9.3 million,whichwas excluded u

14、nder non-GAAP measures;and(iii)impairment in equity investment of US$9.0 million,which was excluded under non-GAAP measures.Income tax expenses for the second quarter of 2024 were US$33.3 million,compared to US$25.5 million for the same period last year.The increase was primarily due towithholding t

15、ax accrued related to earnings to be remitted to Weibo Hong Kong Limited from its wholly-owned subsidiary in China.Net income attributable to Weibos shareholders for the second quarter of 2024 was US$111.9 million,compared to US$81.4 million for the same period last year.Diluted netincome per share

16、attributable to Weibos shareholders for the second quarter of 2024 was US$0.43,compared to US$0.34 for the same period last year.Non-GAAP net incomeattributable to Weibos shareholders for the second quarter of 2024 was US$126.3 million,compared to US$126.4 million for the same period last year.Non-G

17、AAP diluted netincome per share attributable to Weibos shareholders for the second quarter of 2024 was US$0.48,compared to US$0.53 for the same period last year.As of June 30,2024,Weibos cash,cash equivalents and short-term investments totaled US$2.8 billion.For the second quarter of 2024,cash provi

18、ded by operating activities wasUS$132.1 million,capital expenditures totaled US$10.3 million,and depreciation and amortization expenses amounted to US$14.5 million.Conference CallWeibos management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on August 22,2024(or 7:00 PM to 8

19、:00 PM Beijing Time on August 22,2024)topresent an overview of the Companys 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 uponregis

20、tering.Participants Registration Link:https:/ Additionally,a live and archived webcast of this conference call will available at http:/.Non-GAAP Financial MeasuresThis release contains the following non-GAAP financial measures:non-GAAP income from operations,non-GAAP net income attributable to Weibo

21、s shareholders,non-GAAPdiluted net income per share attributable to Weibos shareholders and adjusted EBITDA.These non-GAAP financial measures should be considered in addition to,not as asubstitute for,measures of the Companys financial performance prepared in accordance with U.S.GAAP.The Companys no

22、n-GAAP financial measures exclude stock-based compensation,amortization of intangible assets resulting from business acquisitions,net results ofimpairment and provision on investments,gain/loss on sale of investments and fair value change of investments,non-GAAP to GAAP reconciling items on the shar

23、e of equitymethod investments,non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests,income tax expense related to the amortization ofintangible assets resulting from business acquisitions and fair value change of investments(other non-GAAP to GAAP reconcili

24、ng items have no tax effect),and amortization ofissuance cost of convertible senior notes,unsecured senior notes and long-term loans.Adjusted EBITDA represents non-GAAP net income attributable to Weibos shareholdersbefore interest income/expense,net,income tax expenses/benefits,and depreciation expe

25、nses.The Companys management uses these non-GAAP financial measures in their financial and operating decision-making,because management believes these measures reflectthe Companys ongoing operating performance in a manner that allows more meaningful period-to-period comparisons.The Company believes

26、that these non-GAAP financialmeasures provide useful information to investors and others in the following ways:(i)in comparing the Companys current financial results with the Companys past financialresults in a consistent manner,and(ii)in understanding and evaluating the Companys current operating p

27、erformance and future prospects in the same manner as managementdoes.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

28、payments or(ii)that are non-recurring in nature or may not be indicative of the Companys coreoperating results and business outlook.Use of non-GAAP financial measures has limitations.The Companys non-GAAP financial measures do not include all income and expense items that affect the Companysoperatio

29、ns.They may not be comparable to non-GAAP financial measures used by other companies.Accordingly,care should be exercised in understanding how the Companydefines its non-GAAP financial measures.Reconciliations of the Companys non-GAAP financial measures to the nearest comparable GAAP measures are se

30、t forth in the sectionbelow titled Unaudited Reconciliation 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 means of public self-expression in real time with a powerful platformfor social interaction,con

31、tent aggregation and content distribution.Any user can create and post a feed and attach multi-media and long-form content.User relationshipson 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

32、 allows anoriginal 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 solutionsto companies of all sizes.Weibo generates a substantial majo

33、rity of its revenues from the sale of advertising and marketing services,including the sale of social displayadvertisement and promoted marketing offerings.Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feedon our platform.W

34、e are continuously refining our social interest graph recommendation engine,which enables our customers to perform people marketing and target audiencesbased on user demographics,social relationships,interests and behaviors,to achieve greater relevance,engagement and marketing effectiveness.Safe Har

35、bor 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 of1995.These forward-looking statements can be identified by terminology,such as will,expects,anticipates,future,intends,

36、plans,believes,confidence,estimatesand similar statements.Among other things,Weibos expected financial performance and strategic and operational plans,as described,without limitation,in quotations frommanagement in this press release,contain forward-looking statements.Weibo may also make written or

37、oral forward-looking statements in the Companys periodic reports to theU.S.Securities and Exchange Commission(SEC),in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited(theHong Kong Stock Exchange),in press releases and other written material

38、s and in oral statements made by its officers,directors or employees to third parties.Statements thatare not historical facts,including statements about the Companys beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risksand uncertainties.A number of

39、 important factors could cause actual results to differ materially from those contained in any forward-looking statement.Potential risks anduncertainties include,but are not limited to,Weibos limited operating history in certain new businesses;failure to sustain or grow active user base and the leve

40、l of userengagement;the uncertain regulatory landscape in China;fluctuations in the Companys quarterly operating results;the Companys reliance on advertising and marketing salesfor a majority of its revenues;failure to successfully develop,introduce,drive adoption of or monetize new features and pro

41、ducts;failure to compete effectively for advertising andmarketing spending;failure to successfully integrate acquired businesses;risks associated with the Companys investments,including equity pick-up and impairment;failure tocompete successfully against new entrants and established industry competi

42、tors;changes in the macro-economic environment,including the depreciation of the Renminbi;andadverse 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 includedin Weibos annual reports on Form

43、20-F and other filings with the SEC and the Hong Kong Stock Exchange.All information provided in this press release is current as of the datehereof,and Weibo assumes no obligation to update such information,except as required under applicable law.Contact:Investor RelationsWeibo CorporationPhone:+86

44、10 5898-3336Email: WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S.dollars,except per share data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,20232024202420232024Net revenues:Advertising and marketing$385,674$338,951$375,27

45、7$740,974$714,228 Value-added services54,56656,54662,596113,044119,142Net revenues440,240395,497437,873854,018833,370Costs and expenses:Cost of revenues(1)94,27286,82189,790180,125176,611 Sales and marketing(1)105,425103,627114,232211,919217,859 Product development(1)92,94580,72671,689183,621152,415

46、 General and administrative(1)24,14524,58626,77758,41051,363Total costs and expenses316,787295,760302,488634,075598,248Income from operations123,45399,737135,385219,943235,122Non-operating income(loss):Investment related income(loss),net(25,190)(4,970)2451,965(4,725)Interest and other income(loss),n

47、et11,357(18,611)11,18214,039(7,429)(13,833)(23,581)11,42716,004(12,154)Income before income tax expenses109,62076,156146,812235,947222,968 Less:Income tax expenses25,45025,04433,27547,30258,319Net income84,17051,112113,537188,645164,649 Less:Net income attributable to non-controlling interests257548

48、4718131,019 Accretion to redeemable non-controlling interests2,5261,1261,1355,9532,261Net income attributable to Weibos shareholders$81,387$49,438$111,931$181,879$161,369Basic net income per share attributable to Weibos shareholders$0.35$0.21$0.47$0.77$0.68Diluted net income per share attributable t

49、o Weibos shareholders$0.34$0.19$0.43$0.77$0.63Shares used in computing basic net income per share attributable to Weibos shareholders235,361236,694237,124235,035236,909Shares used in computing diluted net income per share attributable to Weibos shareholders237,886263,644265,086237,393264,365(1)Stock

50、-based compensation in each category:Cost of revenues$2,238$1,773$1,527$4,774$3,300Sales and marketing4,1133,8233,2118,7267,034Product development13,25610,4388,29327,05618,731General and administrative6,4604,9784,17613,1369,154 WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thou

51、sands of U.S.dollars)As ofDecember 31,June 30,20232024AssetsCurrent assets:Cash and cash equivalents$2,584,635$1,922,371Short-term investments641,035915,637Accounts receivable,net440,768371,291Prepaid expenses and other current assets359,881348,135Amount due from SINA(1)486,397466,915 Current assets

52、 subtotal4,512,7164,024,349Property and equipment,net220,663212,451Goodwill and intangible assets,net300,565283,646Long-term investments1,320,3861,281,402Other non-current assets926,0281,300,437Total assets$7,280,358$7,102,285Liabilities,Redeemable Non-controlling Interests and Shareholders Equity L

53、iabilities:Current liabilities:Accounts payable$161,493$150,456Accrued expenses and other current liabilities666,833625,542Income tax payable94,50754,688Deferred revenues75,18788,596Unsecured senior notes799,325799,993 Current liabilities subtotal1,797,3451,719,275Long-term liabilities:Convertible s

54、enior notes317,625319,232Unsecured senior notes743,695744,179Long-term loans791,647793,479Other long-term liabilities112,430112,553 Total liabilities3,762,7423,688,718Redeemable non-controlling interests68,72838,217Shareholders equity:Weibo shareholders equity 3,398,7353,325,636Non-controlling inter

55、ests50,15349,714Total shareholders equity 3,448,8883,375,350Total liabilities,redeemable non-controlling interests and shareholders equity$7,280,358$7,102,285(1)Included short-term loans to and interest receivable from SINA ofUS$445.2 million as of December 31,2023 and US$430.1 million as of June 30

56、,2024.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S.dollars,except per share data)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,20232024202420232024Income from operations$123,453$99,737$135,385$219,943$235,122 Add:Stock-based c

57、ompensation26,06721,01217,20753,69238,219Amortization of intangible assets resulting from business acquisitions4,2715,0595,0118,71010,070Non-GAAP income from operations$153,791$125,808$157,603$282,345$283,411Net income attributable to Weibos shareholders$81,387$49,438$111,931$181,879$161,369 Add:Sto

58、ck-based compensation26,06721,01217,20753,69238,219Amortization of intangible assets resulting from business acquisitions4,2715,0595,0118,71010,070Investment related gain/loss,net(1)25,1904,970(245)(1,965)4,725Non-GAAP to GAAP reconciling items on the share of equity method investments(11,262)25,358

59、(8,412)(7,079)16,946Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests(156)(436)(435)(313)(871)Tax effects on non-GAAP adjustments(2)(727)(1,103)(1,082)(531)(2,185)Amortization of issuance cost of convertible senior notes,unsecured senior notes and long-

60、term loans1,6062,3142,2773,2124,591Non-GAAP net income attributable to Weibos shareholders$126,376$106,612$126,252$237,605$232,864Non-GAAP diluted net income per share attributable to Weibos shareholders$0.53$0.41*$0.48*$1.00$0.89*Shares used in computing GAAP diluted net income per share attributab

61、le to Weibos shareholders237,886263,644265,086237,393264,365Shares used in computing non-GAAP diluted net income per share attributable to Weibos shareholders237,886263,644265,086237,393264,365Adjusted EBITDA:Net income attributable to Weibos shareholders$81,387$49,438$111,931$181,879$161,369Non-GAA

62、P adjustments44,98957,17414,32155,72671,495Non-GAAP net income attributable to Weibos shareholders126,376106,612126,252237,605232,864Interest(income)expense,net1,366(9,151)(9,410)(8,377)(18,561)Income tax expenses26,17726,14734,35747,83460,504Depreciation expenses9,9629,4179,16920,56318,586Adjusted

63、EBITDA$163,881$133,025$160,368$297,625$293,393Net revenues$440,240$395,497$437,873$854,018$833,370Non-GAAP operating margin35%32%36%33%34%(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

64、non-GAAP adjustments,which primarily related to amortization of intangible assets resulting from business acquisitions and fair valuechange 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)fullvalua

65、tion allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.*Net income attributable to Weibos shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.WEIBO CORPORATIONUNAUDITED ADDITIONAL INFORMA

66、TION(In thousands of U.S.dollars)Three months endedSix months endedJune 30,March 31,June 30,June 30,June 30,20232024202420232024Net revenuesAdvertising and marketing Non-Ali advertisers$358,894$316,400$342,868$695,925$659,268 Alibaba-as an advertiser26,78022,55132,40945,04954,960 Subtotal385,674338,951375,277740,974714,228Value-added services54,56656,54662,596113,044119,142$440,240$395,497$437,873$854,018$833,370 View original content:https:/ Weibo Corporation