Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
Weibo Announces Fourth Quarter and Fiscal Year
2025 Unaudited Financial Results and Annual Dividend
BEIJING, China – March 18, 2026 –
Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB and HKEX: 9898), a leading social media in China, today
announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 and annual dividend.
“We ended the year 2025 with solid
performance in the fourth quarter,” said Gaofei Wang, CEO of Weibo. “On the user front, we focused on enhancing user
value through reinforcing our social features and optimizing recommendation content ecosystem to improve content consumption. On the
AI technology front, we continued to see robust growth of the user scale and search queries of our intelligent search function
throughout this year, which further enhanced users’ content consumption efficiency and drove more coherent and in-depth search
demands on the platform. On the monetization front, our advertising business exhibited stabilized trend in 2025, driven by strong
performance of certain key industries. We continued to beef up our efforts in strengthening our position in content marketing and
strengthening AI capability to improve advertising efficiency. As our commitment to enhancing shareholder return, we are pleased to
announce that our board of directors has approved an annual dividend payout of US$150 million to our shareholders for fiscal year
2025.”
Fourth Quarter 2025 Highlights
| · | Net revenues were US$473.3 million, an increase of 4% year-over-year or an
increase of 1% year-over-year on a constant currency basis [1]. |
| · | Advertising and marketing revenues were US$403.8 million, an increase of
5% year-over-year or an increase of 2% year-over-year on a constant currency basis [1]. |
| · | Value-added services (“VAS”) revenues were US$69.5 million, a
decrease of 2% year-over-year or a decrease of 4% year-over-year on a constant currency basis [1]. |
| · | Income from operations was US$91.6 million, representing an operating margin
of 19%. |
| · | Net loss attributable to Weibo’s shareholders was US$4.7 million and
diluted net loss per share was US$0.02. |
| · | Non-GAAP income from operations was US$100.4 million, representing a non-GAAP
operating margin of 21%. |
| · | Non-GAAP net income attributable to Weibo’s shareholders was US$66.4
million and non-GAAP diluted net income per share was US$0.25. |
| · | Monthly active users (“MAUs”) were 567 million in December 2025. |
| · | Average daily active users (“DAUs”) were 252 million in December 2025. |
[1] We define constant currency (non-GAAP) by
assuming that the average exchange rate in the fourth quarter of 2025 had been the same as it was in the fourth quarter of 2024, or RMB7.17=US$1.00.
Fiscal Year 2025 Highlights
| · | Net revenues were US$1.76 billion, flat year-over-year and flat year-over-year
on a constant currency basis [1]. |
| · | Advertising and marketing revenues were US$1.50 billion, flat year-over-year
and flat year-over-year on a constant currency basis [1]. |
| · | Value-added services (“VAS”) revenues were US$255.6 million,
flat year-over-year and flat year-over-year on a constant currency basis [1]. |
| · | Income from operations was US$464.8 million, representing an operating margin
of 26%. |
| · | Net income attributable to Weibo’s shareholders was US$449.0 million
and diluted net income per share was US$1.70. |
| · | Non-GAAP income from operations was US$523.6 million, representing a non-GAAP
operating margin of 30%. |
| · | Non-GAAP net income attributable to Weibo’s shareholders was US$439.8
million and non-GAAP diluted net income per share was US$1.65. |
Fourth Quarter 2025 Financial Results
For the fourth quarter of 2025, Weibo’s total net revenues were
US$473.3million, an increase of 4% compared to US$456.8 million for the same period last year.
Advertising and marketing revenues for the fourth quarter of 2025 were
US$403.8 million, an increase of 5% compared to US$385.9 million for the same period last year. The increase was primarily driven by robust
growth of advertising revenues from the ecommerce and local service sectors. Advertising and marketing revenues excluding advertising
revenues from Alibaba were US$353.8 million, an increase of 2% compared to US$345.5 million for the same period last year.
VAS revenues for the fourth quarter of 2025 were US$69.5 million, a
decrease of 2% year-over-year compared to US$71.0 million for the same period last year.
Costs and expenses for the fourth quarter of 2025
totaled US$381.7 million, an increase of 13% compared to US$338.9 million for the same period last year. The increase was mainly resulted
from increased ad production cost and marketing expense.
[1] We define constant currency (non-GAAP) by
assuming that the average exchange rate of 2025 had been the same as it was in 2024, or RMB7.18=US$1.00.
Income from operations for the fourth quarter of 2025 was US$91.6 million,
compared to US$117.9 million for the same period last year. Operating margin was 19%, compared to 26% last year. Non-GAAP income from
operations was US$100.4 million, compared to US$136.2 million for the same period last year. Non-GAAP operating margin was 21%, compared
to 30% last year.
Non-operating loss for the fourth quarter of 2025 was US$57.6 million,
compared to non-operating loss of US$85.1 million for the same period last year. Non-operating loss for the fourth quarter of 2025 mainly
included (i) net interest and other loss of US$28.4 million; and (ii) loss from fair value change of investments of US$28.1
million, which was excluded under non-GAAP measures.
Income tax expenses for the fourth quarter of 2025 were US$31.3
million, compared to US$20.0 million for the same period last year. The increase of tax expense was primarily due to increased
withholding tax accrued related to all of the Company’s wholly-foreign owned enterprises’ ("WFOE") earnings,
to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for U.S. dollars in business operations and
potential investments, etc.
Net loss attributable to Weibo’s shareholders for the fourth
quarter of 2025 was US$4.7 million, compared to net income of US$8.9 million for the same period last year. Diluted net loss per share
attributable to Weibo’s shareholders for the fourth quarter of 2025 was US$0.02, compared to diluted net income per share attributable
to Weibo’s shareholders of US$0.04 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders
for the fourth quarter of 2025 was US$66.4 million, compared to US$106.6 million for the same period last year. Non-GAAP diluted net income
per share attributable to Weibo’s shareholders for the fourth quarter of 2025 was US$0.25, compared to US$0.40 for the same period
last year.
As of December 31, 2025, Weibo’s cash, cash equivalents
and short-term investments totaled US$2.4 billion. For the fourth quarter of 2025, cash provided by operating activities was US$181.4
million, capital expenditures totaled US$10.4 million, and depreciation and amortization expenses amounted to US$15.3 million.
Fiscal Year 2025 Financial Results
For fiscal year 2025, Weibo’s total net revenues were US$1.76
billion, relatively flat compared to US$1.75 billion in 2024.
Advertising and marketing revenues for 2025 were US$1.50 billion, relatively
flat compared to US$1.50 billion in 2024. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$1.33
billion, a decrease of 4% compared to US$1.38 billion for 2024.
VAS revenues for 2025 were US$255.6 million, relatively flat compared
to US$256.0 million for 2024.
Costs and expenses for 2025 totaled US$1.29 billion, an increase of
3% compared to US$1.26 billion for 2024.
Income from operations for 2025 was US$464.8 million, compared to US$494.3
million for 2024. Operating margin for 2025 was 26%, compared to 28% last year. Non-GAAP income from operations was US$523.6 million,
compared to US$584.1 million for 2024. Non-GAAP operating margin was 30%, compared to 33% last year.
Non-operating income for 2025 was US$140.8 million, compared to non-operating
loss of US$73.7 million for 2024. Non-operating income in 2025 mainly included (i) net interest and other income of US$125.0 million,
compared to US$0.9 million last year, with the increase mainly due to the equity pick up gain of US$76.7 million in 2025, compared to equity
pick up loss of US$12.2 million in 2024; (ii) gain from fair value change of investments of US$21.3 million, which was excluded under
non-GAAP measures; and (iii) investment related impairment of US$6.0 million, which was excluded under non-GAAP measures.
Income tax expenses for 2025 were US$144.5 million, compared to
US$110.6 million for 2024. The increase was primarily due to i) increased withholding tax accrued related to all of the
Company’s WFOEs’earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future to fund its demand for
U.S. dollars in business operations and potential investments, etc.; and ii) the recognition of deferred tax liability related
to equity pick up gains in 2025.
Net income attributable to Weibo’s shareholders for 2025 was
US$449.0 million, compared to US$300.8 million for 2024. Diluted net income per share attributable to Weibo’s shareholders for 2025
was US$1.70, compared to US$1.16 for 2024. Non-GAAP net income attributable to Weibo’s shareholders for 2025 was US$439.8 million,
compared to US$478.6 million for 2024. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for 2025 was US$1.65,
compared to US$1.82 for 2024.
For fiscal year 2025, cash provided by operating activities was US$519.5
million, compared to US$639.9 million for 2024. Capital expenditures totaled US$42.4 million, and depreciation and amortization expenses
amounted to US$59.1 million.
Annual Cash Dividend
The Company announced that its board of directors (the “Board”)
approved an annual cash dividend for the year ended December 31, 2025 of US$0.61 per ordinary share, or US$0.61 per ADS, to holders
of ordinary shares and holders of ADSs, respectively, as of the close of business on April 17, 2026 Beijing/Hong Kong Time and New
York Time, respectively, payable in U.S. dollars. The aggregate amount of cash dividends to be paid will be approximately US$150 million.
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 April 17, 2026 (Beijing/Hong Kong Time). The payment date is expected to be on or around May 15, 2026
for holders of ordinary shares and on or around May 22, 2026 for holders of ADSs.
Conference Call
Weibo’s management team will host a conference call from 7:00
AM to 8:00 AM Eastern Time on March 18, 2026 (or 7:00 PM to 8:00 PM Beijing Time on March 18, 2026) 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-conf.media-server.com/register/BI9a9688ac375946edb8d4042347b0d850
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, 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/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 senior notes, unsecured senior notes and
long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholders before interest income/expense,
net, income tax expenses/benefits, 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. 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. Weibo 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. Weibo displays content in a simple information feed format and
offers native advertisement that conform to the information feed on our platform. We are 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 sustain or 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; and adverse 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 included in Weibo’s annual reports on Form 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 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 | | |
Twelve months ended | |
| | |
December 31, | | |
December 31, | | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | | |
2024 | | |
2025 | |
| Net revenues: | |
| | | |
| | | |
| | | |
| | |
| Advertising and marketing | |
$ | 385,850 | | |
$ | 403,799 | | |
$ | 1,498,693 | | |
$ | 1,501,630 | |
| Value-added services | |
| 70,977 | | |
| 69,459 | | |
| 255,984 | | |
| 255,586 | |
| Net revenues | |
| 456,827 | | |
| 473,258 | | |
| 1,754,677 | | |
| 1,757,216 | |
| | |
| | | |
| | | |
| | | |
| | |
| Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues (1) | |
| 100,529 | | |
| 123,396 | | |
| 369,521 | | |
| 421,837 | |
| Sales and marketing (1) | |
| 139,863 | | |
| 153,478 | | |
| 480,791 | | |
| 490,434 | |
| Product development (1) | |
| 75,921 | | |
| 92,224 | | |
| 308,747 | | |
| 324,222 | |
| General and
administrative (1) | |
| 22,634 | | |
| 12,557 | | |
| 101,294 | | |
| 55,898 | |
| Total costs and expenses | |
| 338,947 | | |
| 381,655 | | |
| 1,260,353 | | |
| 1,292,391 | |
| Income from operations | |
| 117,880 | | |
| 91,603 | | |
| 494,324 | | |
| 464,825 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-operating income (loss): | |
| | | |
| | | |
| | | |
| | |
| Investment related income (loss), net | |
| (86,737 | ) | |
| (29,186 | ) | |
| (74,557 | ) | |
| 15,792 | |
| Interest and other income (loss), net | |
| 1,618 | | |
| (28,402 | ) | |
| 888 | | |
| 124,979 | |
| | |
| (85,119 | ) | |
| (57,588 | ) | |
| (73,669 | ) | |
| 140,771 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income before income tax expenses | |
| 32,761 | | |
| 34,015 | | |
| 420,655 | | |
| 605,596 | |
| Less: Income tax expenses | |
| 20,034 | | |
| 31,283 | | |
| 110,550 | | |
| 144,521 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 12,727 | | |
| 2,732 | | |
| 310,105 | | |
| 461,075 | |
| Less: Net income attributable to non-controlling interests | |
| 992 | | |
| 1,335 | | |
| 2,556 | | |
| 2,968 | |
| Accretion to redeemable non-controlling interests | |
| 2,870 | | |
| 6,119 | | |
| 6,748 | | |
| 9,087 | |
| Net income (loss) attributable to Weibo’s shareholders | |
$ | 8,865 | | |
$ | (4,722 | ) | |
$ | 300,801 | | |
$ | 449,020 | |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic net income (loss) per share attributable to Weibo’s shareholders | |
$ | 0.04 | | |
$ | (0.02 | ) | |
$ | 1.27 | | |
$ | 1.88 | |
| Diluted net income (loss) per share attributable to Weibo’s shareholders | |
$ | 0.04 | | |
$ | (0.02 | ) | |
$ | 1.16 | | |
$ | 1.70 | |
| | |
| | | |
| | | |
| | | |
| | |
| Shares
used in computing basic net income (loss) per share attributable to Weibo’s shareholders | |
| 237,970 | | |
| 239,281 | | |
| 237,324 | | |
| 238,787 | |
| Shares
used in computing diluted net income (loss) per share attributable to Weibo’s shareholders | |
| 239,983 | | |
| 239,281 | | |
| 265,241 | | |
| 268,560 | |
| | |
| | | |
| | | |
| | | |
| | |
| (1) Stock-based compensation in each category: | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues | |
$ | 1,115 | | |
$ | 429 | | |
$ | 5,954 | | |
$ | 3,502 | |
| Sales and marketing | |
| 2,553 | | |
| 768 | | |
| 13,041 | | |
| 7,901 | |
| Product development | |
| 6,079 | | |
| 1,868 | | |
| 33,403 | | |
| 18,537 | |
| General and administrative | |
| 3,650 | | |
| 1,512 | | |
| 17,316 | | |
| 12,127 | |
WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
| | |
As of | |
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | |
| | |
| | |
| |
| Assets | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 1,890,632 | | |
$ | 2,298,941 | |
| Short-term investments | |
| 459,852 | | |
| 106,139 | |
| Accounts receivable, net | |
| 339,754 | | |
| 400,209 | |
| Prepaid expenses and other current assets | |
| 348,774 | | |
| 330,356 | |
| Amount due from SINA(1) | |
| 452,769 | | |
| 441,143 | |
| Current assets subtotal | |
| 3,491,781 | | |
| 3,576,788 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 215,034 | | |
| 282,442 | |
| Goodwill and intangible assets, net | |
| 272,004 | | |
| 265,573 | |
| Long-term investments | |
| 1,389,199 | | |
| 1,663,346 | |
| Other non-current assets | |
| 1,136,481 | | |
| 1,303,037 | |
| Total assets | |
$ | 6,504,499 | | |
$ | 7,091,186 | |
| | |
| | | |
| | |
| Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity | |
| Liabilities: | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 158,435 | | |
$ | 248,977 | |
| Accrued expenses and other current liabilities | |
| 652,369 | | |
| 648,492 | |
| Income tax payable | |
| 84,690 | | |
| 80,049 | |
| Deferred revenues | |
| 72,642 | | |
| 78,315 | |
| Current liabilities subtotal | |
| 968,136 | | |
| 1,055,833 | |
| | |
| | | |
| | |
| Long-term liabilities: | |
| | | |
| | |
| Convertible senior notes | |
| 320,803 | | |
| 323,944 | |
| Unsecured senior notes | |
| 744,662 | | |
| 745,630 | |
| Long-term loans | |
| 795,311 | | |
| 793,976 | |
| Other long-term liabilities | |
| 96,701 | | |
| 164,240 | |
| Total liabilities | |
| 2,925,613 | | |
| 3,083,623 | |
| | |
| | | |
| | |
| Redeemable non-controlling interests | |
| 45,103 | | |
| 32,828 | |
| | |
| | | |
| | |
| Shareholders’ equity : | |
| | | |
| | |
| Weibo shareholders’ equity | |
| 3,482,771 | | |
| 3,920,729 | |
| Non-controlling interests | |
| 51,012 | | |
| 54,006 | |
| Total shareholders’ equity | |
| 3,533,783 | | |
| 3,974,735 | |
| Total liabilities, redeemable non-controlling interests and shareholders’ equity | |
$ | 6,504,499 | | |
$ | 7,091,186 | |
(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$401.9 million as of December 31, 2025.
WEIBO CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands of U.S. dollars, except per share data)
| | |
Three months ended | | |
Twelve months ended | |
| | |
December 31, | | |
December 31, | | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | | |
2024 | | |
2025 | |
| Income from operations | |
$ | 117,880 | | |
$ | 91,603 | | |
$ | 494,324 | | |
$ | 464,825 | |
| Add: Stock-based compensation | |
| 13,397 | | |
| 4,577 | | |
| 69,714 | | |
| 42,067 | |
| Amortization of intangible assets resulting from business acquisitions | |
| 4,874 | | |
| 4,247 | | |
| 20,056 | | |
| 16,727 | |
| Non-GAAP income from operations | |
$ | 136,151 | | |
$ | 100,427 | | |
$ | 584,094 | | |
$ | 523,619 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) attributable to Weibo’s shareholders | |
$ | 8,865 | | |
$ | (4,722 | ) | |
$ | 300,801 | | |
$ | 449,020 | |
| Add: Stock-based compensation | |
| 13,397 | | |
| 4,577 | | |
| 69,714 | | |
| 42,067 | |
| Amortization of intangible assets resulting from business acquisitions | |
| 4,874 | | |
| 4,247 | | |
| 20,056 | | |
| 16,727 | |
| Investment related gain/loss, net (1) | |
| 86,737 | | |
| 29,186 | | |
| 74,557 | | |
| (15,792 | ) |
| Non-GAAP to GAAP reconciling items on the share of equity method investments | |
| (5,598 | ) | |
| 44,959 | | |
| 13,323 | | |
| (71,866 | ) |
| Non-GAAP to GAAP reconciling items for the income/loss
attributable to non-controlling interests | |
| (346 | ) | |
| (511 | ) | |
| (1,718 | ) | |
| (2,086 | ) |
| Tax effects on non-GAAP adjustments (2) | |
| (3,284 | ) | |
| (13,278 | ) | |
| (6,581 | ) | |
| 14,004 | |
| Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans | |
| 1,943 | | |
| 1,943 | | |
| 8,485 | | |
| 7,772 | |
| Non-GAAP net income attributable to Weibo’s shareholders | |
$ | 106,588 | | |
$ | 66,401 | | |
$ | 478,637 | | |
$ | 439,846 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP diluted net income per share attributable to Weibo’s shareholders | |
$ | 0.40 | * | |
$ | 0.25 | * | |
$ | 1.82 | * | |
$ | 1.65 | * |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in
computing GAAP diluted net income (loss) per share attributable to Weibo’s shareholders | |
| 239,983 | | |
| 239,281 | | |
| 265,241 | | |
| 268,560 | |
| Add:
The number of shares for dilution resulted from convertible senior notes (3) | |
| 26,411 | | |
| 29,492 | | |
| - | | |
| - | |
| The
number of shares for dilution resulted from stock options and unvested restricted share units (3) | |
| - | | |
| 1,191 | | |
| - | | |
| - | |
| Shares used in computing non-GAAP
diluted net income per share attributable to Weibo’s shareholders | |
| 266,394 | | |
| 269,964 | | |
| 265,241 | | |
| 268,560 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA: | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) attributable to Weibo’s shareholders | |
$ | 8,865 | | |
$ | (4,722 | ) | |
$ | 300,801 | | |
$ | 449,020 | |
| Non-GAAP adjustments | |
| 97,723 | | |
| 71,123 | | |
| 177,836 | | |
| (9,174 | ) |
| Non-GAAP net income attributable to Weibo’s shareholders | |
| 106,588 | | |
| 66,401 | | |
| 478,637 | | |
| 439,846 | |
| Interest income, net | |
| (1,514 | ) | |
| (12,942 | ) | |
| (26,423 | ) | |
| (42,158 | ) |
| Income tax expenses | |
| 23,318 | | |
| 44,561 | | |
| 117,131 | | |
| 130,517 | |
| Depreciation expenses | |
| 9,248 | | |
| 10,763 | | |
| 36,819 | | |
| 41,254 | |
| Adjusted EBITDA | |
$ | 137,640 | | |
$ | 108,783 | | |
$ | 606,164 | | |
$ | 569,459 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net revenues | |
$ | 456,827 | | |
$ | 473,258 | | |
$ | 1,754,677 | | |
$ | 1,757,216 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP operating margin | |
| 30 | % | |
| 21 | % | |
| 33 | % | |
| 30 | % |
| (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 amortization 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, stock options 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 senior notes for calculating diluted EPS. |
WEIBO CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(In thousands of U.S. dollars)
| | |
Three months ended | | |
Twelve months ended | |
| | |
December 31, | | |
December 31, | | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | | |
2024 | | |
2025 | |
| Net revenues | |
| | | |
| | | |
| | | |
| | |
| Advertising and marketing | |
| | | |
| | | |
| | | |
| | |
| Non-Ali advertisers | |
$ | 345,528 | | |
$ | 353,803 | | |
$ | 1,381,908 | | |
$ | 1,327,796 | |
| Alibaba | |
| 40,322 | | |
| 49,996 | | |
| 116,785 | | |
| 173,834 | |
| Subtotal | |
| 385,850 | | |
| 403,799 | | |
| 1,498,693 | | |
| 1,501,630 | |
| | |
| | | |
| | | |
| | | |
| | |
| Value-added services | |
| 70,977 | | |
| 69,459 | | |
| 255,984 | | |
| 255,586 | |
| | |
$ | 456,827 | | |
$ | 473,258 | | |
$ | 1,754,677 | | |
$ | 1,757,216 | |
