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WB(WB) - 2023 Q4 - Annual Report
WBWB(WB)2024-04-25 10:08
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Financial Performance - Net income attributable to Weibo's shareholders for the year ended December 31, 2022, was 10,000,downfrom10,000, down from 214,709 in 2021[3] - The company reported a net income of 351,340fortheyearendedDecember31,2023,comparedto351,340 for the year ended December 31, 2023, compared to 198,267 in 2021[3] Costs and Expenses - Total costs and expenses for the year ended December 31, 2021, were reported at 1,587,290,anincreasefrom1,587,290, an increase from 1,370,286 in 2022[2] - Interest expense for the year ended December 31, 2023, was (122,498),comparedto(122,498), compared to (56,462) in 2021[3] - The cost of revenues for the year ended December 31, 2023, was 369,321,adecreasefrom369,321, a decrease from 406,643 in 2021[3] - Sales and marketing expenses for the year ended December 31, 2023, were 456,648,downfrom456,648, down from 480,010 in 2022[3] - Product development costs for the year ended December 31, 2023, were 320,258,adecreasefrom320,258, a decrease from 441,539 in 2021[3] - General and administrative expenses for the year ended December 31, 2023, were 100,913,adecreasefrom100,913, a decrease from 142,090 in 2021[3] Investments and Fair Value - Fair value changes through earnings on investments for the year ended December 31, 2022, were reported at (252,475),asignificantdecreasefrom(252,475), a significant decrease from (266,472) in 2021[2] - The company reported a fair value change of 63,336throughearningsoninvestmentsfortheyearendedDecember31,2023[3]−Long−terminvestmentsincreasedto63,336 through earnings on investments for the year ended December 31, 2023[3] - Long-term investments increased to 1,320,386, reflecting a fair value adjustment of 55,921[4]−Thefairvalueofinvestmentsmeasuredatfairvaluethroughprofitorlosswasadjustedtoreflectmarketconditions[4]BalanceSheetHighlights−TotalassetsasofDecember31,2023,reportedunderU.S.GAAPwere55,921[4] - The fair value of investments measured at fair value through profit or loss was adjusted to reflect market conditions[4] Balance Sheet Highlights - Total assets as of December 31, 2023, reported under U.S. GAAP were 7,280,358, with total liabilities of 3,762,742[4]−Totalshareholders′equityamountedto3,762,742[4] - Total shareholders' equity amounted to 3,448,888, with a decrease in accumulated other comprehensive loss to (217,817)[4]−Theredeemablenon−controllinginterestwasrecordedat(217,817)[4] - The redeemable non-controlling interest was recorded at 68,728, indicating a significant change in ownership structure[4] - The company reported a total of 317,625inconvertibleseniornotes,withafairvalueadjustmentof317,625 in convertible senior notes, with a fair value adjustment of 38,920[4] - Retained earnings for Weibo shareholders reached 2,187,556,afteraccountingforvariousadjustments[4]−Thetotalliabilities,redeemablenon−controllinginterests,andshareholders′equitycombinedwere2,187,556, after accounting for various adjustments[4] - The total liabilities, redeemable non-controlling interests, and shareholders' equity combined were 7,280,358[4] - The company recognized a financial liability of 79,623relatedtoleaseobligations[4]−Thecompany’sadditionalpaid−incapitalwasreportedat79,623 related to lease obligations[4] - The company’s additional paid-in capital was reported at 1,428,935, with adjustments for share-based compensation[4]