WEIBO Corp - 20-F filing on 2022-03-10

Operations (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of the Company's major subsidiaries, major VIE and major VIE's subsidiary


			Percentage of
			Direct/
			Indirect
	Date of	Place of	Economic
Company	Incorporation	Incorporation	Interest
Major Subsidiaries
Weibo Hong Kong Limited (“Weibo HK”)	July 19, 2010	Hong Kong	100	%

Weibo Internet Technology (China) Co., Ltd. (“Weibo Technology” or “the WFOE”)	October 11, 2010	PRC	100	%

WB Online Investment Limited (“WB Online”)	June 5, 2014	Cayman Islands	100	%

Hangzhou Weishichangmeng Advertising Co., Ltd. (“Weishichangmeng”)	September 25,2018	PRC	100	%
Major VIEs
Beijing Weimeng Technology Co., Ltd (“Weimeng”)	August 9, 2010	PRC	99	%

Beijing Weimeng Chuangke Investment Management Co., Ltd. (“Weimeng Chuangke”)	April 9, 2014	PRC	100	%

Major VIEs’ subsidiary
Beijing Weibo Interactive Internet Technology Co., Ltd. (“Weibo Interactive”)	Acquired in May 2013	PRC	100	%

Schedule of total cost and expenses allocated from SINA


	Year Ended December 31,
	2019		2020		2021

	(In US$ thousands)
Cost of revenues		22,246		19,462		14,749
Sales and marketing		9,770		5,966		3,319
Product development		13,141		10,505		10,083
General and administrative		6,691		7,078		10,119
		51,848		43,011		38,270

Schedule of assets, liabilities, results of operations and cash flows of the VIE and the VIE's subsidiaries taken as a whole.

The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries taken as a whole, which are included in the Group’s consolidated balance sheets and consolidated statements of comprehensive income:


	As of December 31,
	2020		2021

	(In US$ thousands)
Cash and cash equivalents		274,003		183,543
Short-term investments		171,207		110,472
Accounts receivable		431,022		650,278
Prepaid expenses and other current assets		55,653		160,722
Amount due from SINA		31,142		36,211
Property and equipment, net		692		1,812
Operating lease assets		1,783		28,049
Intangible assets, net		146,976		166,930
Goodwill		61,712		130,405
Long-term investments		394,745		439,922
Other non-current assets		15,615		352,008
Total assets		1,584,550		2,260,352

Accounts payable		83,336		129,498
Accrued and other liabilities		341,552		480,866
Income taxes payable		26,417		41,882
Deferred revenues		85,846		57,348
Amount due to the subsidiaries of the Group		968,138		1,462,242
Operating lease liability		1,704		28,022
Deferred tax liability		32,418		39,637
Other non-current liabilities		2,102		15,122
Total liabilities		1,541,513		2,254,617


	Year Ended December 31,
	2019		2020		2021

	(In US$ thousands)
Net revenues		1,472,867		1,319,080		1,821,294
Net income (loss) after intercompany service fee charge		9,874		(129,126)		(36,406)


	Year Ended December 31,
	2019		2020		2021

	(In US$ thousands)
Net cash provided by (used in) operating activities *		(100,987)		157,262		481,541
Net cash used in investing activities		(280,404)		(272,958)		(583,397)
Net cash provided by financing activities		441,952		290,234		11,396

*Net cash provided by operating activities of VIEs and VIEs’ subsidiaries for the year ended December 31, 2020 has been revised to reduce the amount by US$171.2 million to correct an error in previously issued financial statements included in 2020 Form 20-F.