1、Weibo Announces Third Quarter 2024 Unaudited Financial Results11/19/24BEIJING,Nov.19,2024/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 third quarter ended September 30,2024.We had a

2、 solid quarter,said Gaofei Wang,CEO of Weibo.On the user front,we continued to focus on the acquisition and engagement of high quality users.On the monetizationfront,our advertising business has exhibited a stabilized trend this quarter.We are pleased to see robust growth of ad revenues from certain

3、 key sectors,mainly driven by ad demandduring the Summer Olympics.Our value-added services business also delivered strong momentum this quarter,benefiting from the upgrade of membership services catering to userssocial interactions on the platform.Third Quarter 2024 HighlightsNet revenues were US$46

4、4.5 million,an increase of 5%year-over-year or an increase of 3%year-over-year on a constant currency basis 1.Advertising and marketing revenues were US$398.6 million,an increase of 2%year-over-year or flat year-over-year on a constant currency basis 1.Value-added services(VAS)revenues were US$65.9

5、million,an increase of 25%year-over-year or an increase of 23%year-over-year on a constantcurrency basis 1.Income from operations was US$141.3 million,representing an operating margin of 30%.Net income attributable to Weibos shareholders was US$130.6 million and diluted net income per share was US$0

6、.50.Non-GAAP income from operations was US$164.5 million,representing a non-GAAP operating margin of 35%.Non-GAAP net income attributable to Weibos shareholders was US$139.2 million and non-GAAP diluted net income per share was US$0.53.Monthly active users(MAUs)were 587 million in September 2024.Ave

7、rage daily active users(DAUs)were 257 million in September 2024.1 We define constant currency(non-GAAP)by assuming that the average exchange rate in the third quarter of 2024 had been the same as it was in the third quarter of 2023,orRMB7.23=US$1.00.Third Quarter 2024 Financial ResultsFor the third

8、quarter of 2024,Weibos total net revenues were US$464.5 million,an increase of 5%compared to US$442.2 million for the same period last year.Advertising and marketing revenues for the third quarter of 2024 were US$398.6 million,an increase of 2%compared to US$389.3 million for the same period last ye

9、ar.Advertising andmarketing revenues excluding advertising revenues from Alibaba were US$377.1 million,an increase of 3%compared to US$367.6 million for the same period last year.VAS revenues for the third quarter of 2024 were US$65.9 million,an increase of 25%year-over-year compared to US$52.9 mill

10、ion for the same period last year,primarily driven by thegrowth of membership services and game-related revenues.Costs and expenses for the third quarter of 2024 totaled US$323.2 million,an increase of 5%compared to US$308.2 million for the same period last year.The increase was mainlyresulted from

11、higher marketing spend and personnel related expenses.Income from operations for the third quarter of 2024 was US$141.3 million,compared to US$134.0 million for the same period last year.Operating margin was 30%,same as last year.Non-GAAP income from operations was US$164.5 million,compared to US$16

12、3.9 million for the same period last year.Non-GAAP operating margin was 35%,compared to 37%lastyear.Non-operating income for the third quarter of 2024 was US$23.6 million,compared to non-operating loss of US$28.4 million for the same period last year.Non-operating income for thethird quarter of 2024

13、 mainly included(i)gain from fair value change of investments of US$16.8 million,which was excluded under non-GAAP measures;and(ii)net interest and otherincome of US$6.7 million.Income tax expenses for the third quarter of 2024 were US$32.2 million,compared to US$25.4 million for the same period las

14、t year.The increase was primarily due to withholding taxaccrued 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 third quarter of 2024 was US$130.6 million,compared to US$77.5 million for th

15、e same period last year.Diluted net income pershare attributable to Weibos shareholders for the third quarter of 2024 was US$0.50,compared to US$0.32 for the same period last year.Non-GAAP net income attributable to Weibosshareholders for the third quarter of 2024 was US$139.2 million,compared to US

16、$136.6 million for the same period last year.Non-GAAP diluted net income per share attributable toWeibos shareholders for the third quarter of 2024 was US$0.53,compared to US$0.57 for the same period last year.As of September 30,2024,Weibos cash,cash equivalents and short-term investments totaled US

17、$2.2 billion.For the third quarter of 2024,cash provided by operating activities wasUS$124.2 million,capital expenditures totaled US$11.8 million,and depreciation and amortization expenses amounted to US$14.4 million.Conference CallWeibos management team will host a conference call from 6:00 AM to 7

18、:00 AM Eastern Time on November 19,2024(or 7:00 PM to 8:00 PM Beijing Time on November 19,2024)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 an

19、d instruction will be in the confirmation email upon registering.Participants Registration Link:https:/ Additionally,a live and archived webcast of this conference call will be available at http:/.Non-GAAP Financial MeasuresThis release contains the following non-GAAP financial measures:non-GAAP inc

20、ome from operations,non-GAAP net income attributable to Weibos shareholders,non-GAAP dilutednet income 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,measures of the Companys financial pe

21、rformance 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 investments and fair value change

22、 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 frombusiness acquisitions and fa

23、ir value change of investments(other non-GAAP to GAAP reconciling items have no tax effect),and amortization of issuance cost of convertible seniornotes,unsecured senior notes and long-term loans.Adjusted EBITDA represents non-GAAP net income attributable to Weibos shareholders before interest incom

24、e/expense,net,income tax expenses/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 performance in a manner that allows mo

25、re 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 in a consistentmanner,and(ii)

26、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 certain expenses,gains/losses a

27、nd other items(i)that arenot expected 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 financial measures do not inclu

28、de 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 itsnon-GAAP financial measures.Reconciliations of the Companys non-GAAP

29、financial measures to the nearest comparable GAAP measures are set forth in the section below titledUnaudited 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-expressio

30、n in real time with a powerful platform forsocial 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 beasymmetric;any user can follow any other user and add comments to a feed while

31、 reposting.This simple,asymmetric and distributed nature of Weibo allows an original feed to becomea 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 solu

32、tions 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 feed format and offers native ad

33、vertisement 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,interests and behaviors,to achieve

34、 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.These forward-looking statements can be identif

35、ied 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 management in thispress release

36、,contain forward-looking statements.Weibo may also make written or oral forward-looking statements in the Companys periodic reports to the U.S.Securities andExchange Commission(SEC),in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited(the Ho

37、ng Kong StockExchange),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 Companys beliefs and expectations,are forward-looking statements.Forward-lo

38、oking statements involve inherent risks and uncertainties.A number ofimportant 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,Weibos limited operating history in certain ne

39、w 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 quarterly operating results;the Companys reliance on advertising and marketing sales for a majority of its revenues;failure to successful

40、ly develop,introduce,drive adoption of or monetize new features and products;failure to compete effectively for advertising and marketing spending;failure to successfully integrate acquiredbusinesses;risks associated with the Companys investments,including equity pick-up and impairment;failure to co

41、mpete successfully against new entrants and established industrycompetitors;changes in the macro-economic environment,including the depreciation of the Renminbi;and adverse changes in economic and political policies of the PRC governmentand its impact on the Chinese economy.Further information regar

42、ding these and other risks is included in Weibos annual reports on Form 20-F and other filings with the SEC and theHong 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 asrequired und

43、er 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 endedNine months endedSeptember 30,June 30,September 30,September 30,Sep

44、tember 30,20232024202420232024Net revenues:Advertising and marketing$389,301$375,277$398,615$1,130,275$1,112,843 Value-added services52,85062,59665,865165,894185,007Net revenues442,151437,873464,4801,296,1691,297,850Costs and expenses:Cost of revenues(1)93,99889,79092,381274,123268,992 Sales and mar

45、keting(1)109,776114,232123,069321,695340,928 Product development(1)82,76471,68980,411266,385232,826 General and administrative(1)21,62726,77727,29780,03778,660Total costs and expenses308,165302,488323,158942,240921,406Income from operations133,986135,385141,322353,929376,444Non-operating income(loss

46、):Investment related income(loss),net(8,915)24516,905(6,950)12,180 Interest and other income(loss),net(19,498)11,1826,699(5,459)(730)(28,413)11,42723,604(12,409)11,450Income before income tax expenses105,573146,812164,926341,520387,894 Less:Income tax expenses25,40733,27532,19772,70990,516Net income

47、80,166113,537132,729268,811297,378 Less:Net income attributable to non-controlling interests4744715451,2871,564 Accretion to redeemable non-controlling interests2,2031,1351,6178,1563,878Net income attributable to Weibos shareholders$77,489$111,931$130,567$259,368$291,936Basic net income per share at

48、tributable to Weibos shareholders$0.33$0.47$0.55$1.10$1.23Diluted net income per share attributable to Weibos shareholders$0.32$0.43$0.50$1.09$1.12Shares used in computing basic net income per share attributable to Weibos shareholders235,842237,124237,499235,307237,107Shares used in computing dilute

49、d net income per share attributable to Weibos shareholders238,655265,086265,824237,817264,856(1)Stock-based compensation in each category:Cost of revenues$2,308$1,527$1,539$7,082$4,839Sales and marketing4,2433,2113,45412,96910,488Product development13,3068,2938,59340,36227,324General and administrat

50、ive5,8344,1764,51218,97013,666 WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S.dollars)As ofDecember 31,September 30,20232024AssetsCurrent assets:Cash and cash equivalents$2,584,635$1,203,977Short-term investments641,035993,618Accounts receivable,net440,768419,36

51、9Prepaid expenses and other current assets359,881375,455Amount due from SINA(1)486,397465,676 Current assets subtotal4,512,7163,458,095Property and equipment,net220,663227,609Goodwill and intangible assets,net300,565288,233Long-term investments1,320,3861,445,467Other non-current assets926,0281,205,7

52、12Total assets$7,280,358$6,625,116Liabilities,Redeemable Non-controlling Interests and Shareholders Equity Liabilities:Current liabilities:Accounts payable$161,493$154,440Accrued expenses and other current liabilities666,833638,826Income tax payable94,50780,711Deferred revenues75,18794,690Unsecured

53、senior notes799,325-Current liabilities subtotal1,797,345968,667Long-term liabilities:Convertible senior notes317,625320,017Unsecured senior notes743,695744,420Long-term loans791,647794,395Other long-term liabilities112,430119,676 Total liabilities3,762,7422,947,175Redeemable non-controlling interes

54、ts68,72842,377Shareholders equity:Weibo shareholders equity 3,398,7353,583,469Non-controlling interests50,15352,095Total shareholders equity 3,448,8883,635,564Total liabilities,redeemable non-controlling interests and shareholders equity$7,280,358$6,625,116(1)Included short-term loans to and interes

55、t receivable from SINA of US$445.2 million as of December 31,2023 and US$423.5 millionas of September 30,2024.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S.dollars,except per share data)Three months endedNine months endedSeptember 30,June 30,September 30,S

56、eptember 30,September 30,20232024202420232024Income from operations$133,986$135,385$141,322$353,929$376,444 Add:Stock-based compensation25,69117,20718,09879,38356,317Amortization of intangible assets resulting from business acquisitions4,2095,0115,11212,91915,182Non-GAAP income from operations$163,8

57、86$157,603$164,532$446,231$447,943Net income attributable to Weibos shareholders$77,489$111,931$130,567$259,368$291,936 Add:Stock-based compensation25,69117,20718,09879,38356,317Amortization of intangible assets resulting from business acquisitions4,2095,0115,11212,91915,182Investment related gain/l

58、oss,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)1,97512,35118,921Non-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 adjus

59、tments(2)(645)(1,082)(1,112)(1,176)(3,297)Amortization of issuance cost of convertible senior notes,unsecured senior notes and long-term loans1,6072,2771,9514,8196,542Non-GAAP net income attributable to Weibos shareholders$136,595$126,252$139,185$374,200$372,049Non-GAAP diluted net income per share

60、attributable to Weibos shareholders$0.57$0.48*$0.53*$1.57$1.42*Shares used in computing GAAP diluted net income per share attributable to Weibos shareholders238,655265,086265,824237,817264,856Shares used in computing non-GAAP diluted net income per share attributable to Weibos shareholders238,655265

61、,086265,824237,817264,856Adjusted EBITDA:Net income attributable to Weibos shareholders$77,489$111,931$130,567$259,368$291,936Non-GAAP adjustments59,10614,3218,618114,83280,113Non-GAAP net income attributable to Weibos shareholders136,595126,252139,185374,200372,049Interest(income)expense,net2,823(9

62、,410)(6,348)(5,554)(24,909)Income tax expenses26,05234,35733,30973,88693,813Depreciation expenses9,3549,1698,98529,91727,571Adjusted EBITDA$174,824$160,368$175,131$472,449$468,524Net revenues$442,151$437,873$464,480$1,296,169$1,297,850Non-GAAP operating margin37%36%35%34%35%(1)To adjust impairment a

63、nd 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 changeof investments.Other no

64、n-GAAP adjustment items have no tax effect,because(i)they were recorded in entities established in tax free jurisdictions,or(ii)full valuationallowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.*Net income attributable to Weibos shareholde

65、rs is adjusted for interest expense of convertible senior notes for calculating diluted EPS.WEIBO CORPORATIONUNAUDITED ADDITIONAL INFORMATION(In thousands of U.S.dollars)Three months endedNine months endedSeptember 30,June 30,September 30,September 30,September 30,20232024202420232024Net revenuesAdv

66、ertising and marketing Non-Ali advertisers$367,633$342,868$377,112$1,063,558$1,036,380 Alibaba-as an advertiser21,66832,40921,50366,71776,463 Subtotal389,301375,277398,6151,130,2751,112,843Value-added services52,85062,59665,865165,894185,007$442,151$437,873$464,480$1,296,169$1,297,850 View original content:https:/ Weibo Corporation