微博 Weibo Corporation（WB）2024年第一季度财报「NASDAQ」（英文版）（6页）.pdf

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1、Weibo Announces First Quarter 2024 Unaudited Financial Results05/23/24BEIJING,May 23,2024/PRNewswire/-Weibo Corporation(Weibo or the Company)(NASDAQ:WB and HKEX:9898),a leading social media inChina,today announced its unaudited financial results for the first quarter ended March 31,2024.We had a sol

2、id start to the year,said Gaofei Wang,CEO of Weibo.On the user front,we focused on the acquisition and engagement of high qualityusers and improving ROI of our channel investments.On the content front,we also made progress in optimizing traffic structure through continuousexecution of vertical conte

3、nt strategy.On the monetization front,Weibos business demonstrated stabilized trend,with enhanced operating efficiencythis quarter.Looking forward,we are committed to consistently driving value of our platform and improving shareholder returns.First Quarter 2024 HighlightsNet revenues were US$395.5

4、million,a decrease of 4%year-over-year or flat year-over-year on a constant currencybasis 1.Advertising and marketing revenues were US$339.0 million,a decrease of 5%year-over-year or flat year-over-year on aconstant currency basis 1.Value-added services(VAS)revenues were US$56.5 million,a decrease o

5、f 3%year-over-year or an increase of 1%year-over-year on a constant currency basis 1.Income from operations was US$99.7 million,representing an operating margin of 25%.Net income attributable to Weibos shareholders was US$49.4 million and diluted net income per share was US$0.19.Non-GAAP income from

6、 operations was US$125.8 million,representing a non-GAAP operating margin of 32%.Non-GAAP net income attributable to Weibos shareholders was US$106.6 million and non-GAAP diluted net income pershare was US$0.41.Monthly active users(MAUs)were 588 million in March 2024.Average daily active users(DAUs)

7、were 255 million in March 2024.1 We define constant currency(non-GAAP)by assuming that the average exchange rate in the first quarter of 2024 had been the same as it was inthe first quarter of 2023,or RMB6.86=US$1.00.First Quarter 2024 Financial ResultsFor the first quarter of 2024,Weibos total net

8、revenues were US$395.5 million,a decrease of 4%compared to US$413.8 million for the same periodlast year.Advertising and marketing revenues for the first quarter of 2024 were US$339.0 million,a decrease of 5%compared to US$355.3 million for the sameperiod last year.Advertising and marketing revenues

9、 excluding advertising revenues from Alibaba were US$316.4 million,a decrease of 6%compared to US$337.0 million for the same period last year,primarily attributable to the unfavorable foreign exchange impact on the reportednumbers.VAS revenues for the first quarter of 2024 were US$56.5 million,a dec

10、rease of 3%year-over-year compared to US$58.5 million for the same periodlast year.Costs and expenses for the first quarter of 2024 totaled US$295.8 million,a decrease of 7%compared to US$317.3 million for the same period lastyear.In addition to the foreign exchange impact,the decrease was mainly re

11、sulted from the decrease in personnel related cost and marketingexpense.Income from operations for the first quarter of 2024 was US$99.7 million,compared to US$96.5 million for the same period last year.Operating marginwas 25%,compared to 23%last year.Non-GAAP income from operations was US$125.8 mil

12、lion,compared to US$128.6 million for the same periodlast year.Non-GAAP operating margin was 32%,compared to 31%last year.Non-operating loss for the first quarter of 2024 was US$23.6 million,compared to non-operating income of US$29.8 million for the same period lastyear.Non-operating loss for the f

13、irst quarter of 2024 mainly included(i)net interest and other loss of US$18.6 million;and(ii)loss from fair valuechange of investments of US$3.6 million,which was excluded under non-GAAP measures.Income tax expenses for the first quarter of 2024 were US$25.0 million,compared to US$21.9 million for t

14、he same period last year.Net income attributable to Weibos shareholders for the first quarter of 2024 was US$49.4 million,compared to US$100.5 million for the same periodlast year.Diluted net income per share attributable to Weibos shareholders for the first quarter of 2024 was US$0.19,compared to U

15、S$0.42 for thesame period last year.Non-GAAP net income attributable to Weibos shareholders for the first quarter of 2024 was US$106.6 million,compared toUS$111.2 million for the same period last year.Non-GAAP diluted net income per share attributable to Weibos shareholders for the first quarter of2

16、024 was US$0.41,compared to US$0.47 for the same period last year.As of March 31,2024,Weibos cash,cash equivalents and short-term investments totaled US$3.3 billion.For the first quarter of 2024,cash providedby operating activities was US$139.6 million,capital expenditures totaled US$21.7 million,an

17、d depreciation and amortization expenses amounted toUS$14.8 million.Conference CallWeibos management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on May 23,2024(or 7:00 PM to 8:00 PM Beijing Timeon May 23,2024)to present an overview of the Companys financial performance and

18、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 theconfirmation email upon registering.Participants Registration Link:https:/ Additionally,a live and archived webcast of this confere

19、nce 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 Weibosshareholders,non-GAAP diluted net income per share attributable to Weibos shareholders and adjusted E

20、BITDA.These non-GAAP financialmeasures should be considered in addition to,not as a substitute for,measures of the Companys financial performance prepared in accordance withU.S.GAAP.The Companys non-GAAP financial measures exclude stock-based compensation,amortization of intangible assets resulting

21、from businessacquisitions,net results of impairment and provision on investments,gain/loss on sale of investments 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/lossattributable to no

22、n-controlling interests,income tax expense related to the amortization of intangible assets resulting from business acquisitions andfair value change of investments(other non-GAAP to GAAP reconciling items have no tax effect),and amortization of issuance cost of convertiblesenior notes,unsecured sen

23、ior 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 expenses.The Companys management uses these non-GAAP financial measures in their financial and operating de

24、cision-making,because managementbelieves these measures reflect the Companys ongoing operating performance in a manner that allows more meaningful period-to-periodcomparisons.The Company believes that these non-GAAP financial measures provide useful information to investors and others in the followi

25、ngways:(i)in comparing the Companys current financial results with the Companys past financial results in a consistent manner,and(ii)inunderstanding and evaluating the Companys current operating performance and future prospects in the same manner as management does.TheCompany also believes that the

26、non-GAAP financial measures provide useful information to both management and investors by excluding certainexpenses,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 beindicative of the Companys core operating re

27、sults 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 thataffect the Companys operations.They may not be comparable to non-GAAP financial measures used by other companies.Accordingly,care sho

28、uldbe exercised in understanding how the Company defines its non-GAAP financial measures.Reconciliations of the Companys non-GAAP financialmeasures to the nearest comparable GAAP measures are set forth in the section below titled Unaudited Reconciliation of Non-GAAP to GAAPResults.About WeiboWeibo i

29、s a leading social media for people to create,share and discover content online.Weibo combines the means of public self-expression in realtime with a powerful platform for social interaction,content aggregation and content distribution.Any user can create and post a feed and attachmulti-media and lo

30、ng-form content.User relationships on Weibo may be asymmetric;any user can follow any other user and add comments to a feedwhile 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 marke

31、ting customers to promote their brands,products and services to users.Weibo offers a wide range ofadvertising and marketing solutions to companies of all sizes.Weibo generates a substantial majority of its revenues from the sale of advertising andmarketing services,including the sale of social displ

32、ay advertisement and promoted marketing offerings.Weibo displays content in a simpleinformation feed format and offers native advertisement that conform to the information feed on our platform.We have developed and continuouslyrefining our social interest graph recommendation engine,which enables ou

33、r customers to perform people marketing and target audiences based onuser demographics,social relationships,interests and behaviors,to achieve greater relevance,engagement and marketing effectiveness.Safe Harbor StatementThis press release contains forward-looking statements.These statements are mad

34、e under the safe harbor provisions of the U.S.Private SecuritiesLitigation 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,Weibos expecte

35、d financial performance andstrategic and operational plans,as described,without limitation,in quotations from management in this press release,contain forward-lookingstatements.Weibo may also make written or oral forward-looking statements in the Companys periodic reports to the U.S.Securities and E

36、xchangeCommission(SEC),in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited(the HongKong Stock Exchange),in press releases and other written materials and in oral statements made by its officers,directors or employees to thirdparties.Stateme

37、nts that are not historical facts,including statements about the Companys 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 fromthose contained in a

38、ny forward-looking statement.Potential risks and uncertainties include,but are not limited to,Weibos limited operating 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 Company

39、s quarterly operating results;the Companys 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 andmarketing spending;failure to succ

40、essfully integrate acquired businesses;risks associated with the Companys investments,including equity pick-upand impairment;failure to compete successfully against new entrants and established industry competitors;changes in the macro-economicenvironment,including the depreciation of the Renminbi;a

41、nd adverse changes in economic and political policies of the PRC government and itsimpact on the Chinese economy.Further information regarding these and other risks is included in Weibos annual reports on Form 20-F and otherfilings with the SEC and the Hong Kong Stock Exchange.All information provid

42、ed in this press release is current as of the date hereof,and Weiboassumes no obligation to update such information,except as required under applicable law.Contact:Investor RelationsWeibo CorporationPhone:+86 10 5898-3336Email: WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIO

43、NS(In thousands of U.S.dollars,except per share data)Three months endedMarch 31,December 31,March 31,202320232024Net revenues:Advertising and marketing$355,300$403,739$338,951 Value-added services58,47859,92856,546Net revenues413,778463,667395,497Costs and expenses:Cost of revenues(1)85,853100,15686

44、,821 Sales and marketing(1)106,494139,726103,627 Product development(1)90,67667,24380,726 General and administrative(1)34,26537,53724,586Total costs and expenses317,288344,662295,760Income from operations96,490119,00599,737Non-operating income(loss):Investment related income(loss),net27,15525,544(4,

45、970)Interest and other income(loss),net2,68216,713(18,611)29,83742,257(23,581)Income before income tax expenses126,327161,26276,156 Less:Income tax expenses21,85272,57825,044Net income104,47588,68451,112 Less:Net income attributable to non-controlling interests556808548 Accretion to redeemable non-c

46、ontrolling interests3,4274,6461,126Net income attributable to Weibos shareholders$100,492$83,230$49,438Basic net income per share attributable to Weibos shareholders$0.43$0.35$0.21Diluted net income per share attributable to Weibos shareholders$0.42$0.34$0.19Shares used in computing basic net income

47、 per share attributable to Weibos shareholders234,705236,311236,694Shares used in computing diluted net income per share attributable to Weibos shareholders236,895246,382263,644(1)Stock-based compensation in each category:Cost of revenues$2,536$1,851$1,773Sales and marketing4,6133,5593,823Product de

48、velopment13,80011,07910,438General and administrative6,6765,2594,978 WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S.dollars)As ofDecember 31,March 31,20232024AssetsCurrent assets:Cash and cash equivalents$2,584,635$2,144,546Short-term investments641,0351,107,904

49、Accounts receivable,net440,768431,515Prepaid expenses and other current assets359,881356,720Amount due from SINA(1)486,397476,007 Current assets subtotal4,512,7164,516,692Property and equipment,net220,663216,684Goodwill and intangible assets,net300,565290,731Long-term investments1,320,3861,251,032Ot

50、her non-current assets926,0281,000,723Total assets$7,280,358$7,275,862Liabilities,Redeemable Non-controlling Interests and Shareholders Equity Liabilities:Current liabilities:Accounts payable$161,493$149,456Accrued expenses and other current liabilities666,833662,803Income tax payable94,507112,388De

51、ferred revenues75,18792,726Unsecured senior notes799,325799,659Dividends payable-199,399 Current liabilities subtotal1,797,3452,016,431Long-term liabilities:Convertible senior notes317,625318,446Unsecured senior notes743,695743,937Long-term loans791,647792,563Other long-term liabilities112,430109,74

52、3 Total liabilities3,762,7423,981,120Redeemable non-controlling interests68,72836,326Shareholders equity:Weibo shareholders equity 3,398,7353,208,844Non-controlling interests50,15349,572Total shareholders equity 3,448,8883,258,416Total liabilities,redeemable non-controlling interests and shareholder

53、s equity$7,280,358$7,275,862(1)Included short-term loans to and interest receivable from SINA of US$445.2 million as ofDecember 31,2023 and US$449.9 million as of March 31,2024.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S.dollars,except per share data)Thr

54、ee months endedMarch 31,December 31,March 31,202320232024Income from operations$96,490$119,005$99,737 Add:Stock-based compensation27,62521,74821,012Amortization of intangible assets resulting from business acquisitions4,4395,1035,059Non-GAAP income from operations$128,554$145,856$125,808Net income a

55、ttributable to Weibos shareholders$100,492$83,230$49,438 Add:Stock-based compensation27,62521,74821,012Amortization of intangible assets resulting from business acquisitions4,4395,1035,059Investment related gain/loss,net(1)(27,155)(25,544)4,970Non-GAAP to GAAP reconciling items on the share of equit

56、y method investments 4,183(10,547)25,358Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests(157)(311)(436)Tax effects on non-GAAP adjustments(2)196(781)(1,103)Amortization of issuance cost of convertible senior notes,unsecured senior notes and long-term l

57、oans1,6063,4682,314Non-GAAP net income attributable to Weibos shareholders$111,229$76,366$106,612Non-GAAP diluted net income per share attributable to Weibos shareholders$0.47$0.31*$0.41*Shares used in computing GAAP diluted net income per share attributable to Weibos shareholders236,895246,382263,6

58、44Shares used in computing non-GAAP diluted net income per share attributable to Weibos shareholders236,895246,382263,644Adjusted EBITDA:Net income attributable to Weibos shareholders$100,492$83,230$49,438Non-GAAP adjustments10,737(6,864)57,174Non-GAAP net income attributable to Weibos shareholders1

59、11,22976,366106,612Interest income,net(9,743)(870)(9,151)Income tax expenses21,65773,35926,147Depreciation expenses10,6019,3039,417Adjusted EBITDA$133,744$158,158$133,025Net revenues$413,778$463,667$395,497Non-GAAP operating margin31%31%32%(1)To adjust impairment and provision on investments,gain/lo

60、ss 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 frombusiness acquisitions and fair value change of investments.Other non-GAAP adjustment items have no tax

61、 effect,because(i)they wererecorded in entities established in tax free jurisdictions,or(ii)full valuation allowances were provided for related deferred tax assets as it ismore-likely-than-not they will not be realized.*Net income attributable to Weibos shareholders is adjusted for interest expense

62、of convertible senior notes for calculating diluted EPS.WEIBO CORPORATIONUNAUDITED ADDITIONAL INFORMATION(In thousands of U.S.dollars)Three months endedMarch 31,December 31,March 31,202320232024Net revenuesAdvertising and marketing Non-Ali advertisers$337,031$358,848$316,400 Alibaba-as an advertiser18,26944,89122,551 Subtotal355,300403,739338,951Value-added services58,47859,92856,546$413,778$463,667$395,497 View original content:https:/ Weibo Corporation