0001104659-24-051442 | 20-F | XBRL Viewer

Sales and marketing expenses

Stock-Based Compensation

7. Stock-Based Compensation

In March 2014, the Company adopted the 2014 Share Incentive Plan (the “2014 Plan”), which included the remaining 4.6 million shares from the terminated 2010 Share Incentive Plan, plus an additional 1.0 million shares. On January 1, 2015, shares in the 2014 Plan, which has a term life of ten years, were allowed a one-time increase in the amount equal to 10% of the total number of Weibo shares issued and outstanding on a fully-diluted basis as of December 31, 2014. In March 2023, the Company adopted the 2023 Share Incentive Plan (the “2023 Plan”), which included the sum of 10,000,000 shares and all ordinary shares reserved but unissued as of February 28, 2023 under the 2014 Plan. Each share in the 2014 Plan pool and 2023 Plan pool allows for a grant of a restricted share unit or option share. The Company intends to use such share incentive plan to attract and retain employee talents. Stock-based compensation related to the grants is amortized generally over four years on a straight-line basis (generally one year for performance-based restricted shares).

The following table sets forth the stock-based compensation included in each of the relevant accounts:


	Year Ended December 31,
	2021*		2022*		2023*

	(In US$ thousands)
Cost of revenues	$	8,112	$	9,417	$	8,933
Sales and marketing		15,292		18,910		16,528
Product development		43,622		55,294		51,441
General and administrative		20,970		28,092		24,229
	$	87,996	$	111,713	$	101,131

*	Excluded non-cash stock-based compensation of US$7.9 million, US$9.3 million and US$8.1 million to SINA employees charged through Amount due from SINA in 2021, 2022 and 2023, respectively.

7. Stock-Based Compensation (Continued)

The following table sets forth a summary of the number of shares available for issuance:


		Shares Available
		(In thousands)
December 31, 2020		12,495
Addition		—
Granted*		(5,752)
Cancelled/expired/forfeited		692
December 31, 2021		7,435
Addition		—
Granted*		(4,642)
Cancelled/expired/forfeited		770
December 31, 2022		3,563
Addition		10,000
Granted*		(3,971)
Cancelled/expired/forfeited		351
December 31, 2023		9,943

*For the years ended December 31, 2021, 2022 and 2023, 5.8 million, 1.8 million and 1.8 million restricted share units were granted, respectively. Options of nil, 2.8 million and 2.2 million were granted during 2021, 2022 and 2023, respectively.

Stock Options

The following table sets forth a summary of option activities under the Company’s stock option program:


				Weighted Average
	Options	Weighted Average		Remaining	Aggregate
	Outstanding	Exercise Price		Contractual Life	Intrinsic Value
	(In thousands)	(In US$)		(In years)	(In US$ thousands)
December 31, 2020	551	$	28.85	5.8	$	6,683
Granted	—	$	—
Exercised	(105)	$	12.70
Cancelled/expired/forfeited	(59)	$	32.68
December 31, 2021	387	$	32.68	5.6	$	—
Granted	2,750	$	21.15
Exercised	—	$	—
Cancelled/expired/forfeited	(118)	$	24.12
December 31, 2022	3,019	$	22.51	6.0	$	—
Granted	2,187	$	3.87
Exercised	—	$	—
Cancelled/expired/forfeited	(98)	$	22.07
December 31, 2023	5,108	$	14.54	5.7	$	15,390

Vested and expected to vest as of December 31, 2022	2,752	$	22.54	6.0	$	—
Exercisable as of December 31, 2022	172	$	32.68	4.6	$	—

Vested and expected to vest as of December 31, 2023	4,686	$	14.68	5.7	$	13,905
Exercisable as of December 31, 2023	1,226	$	23.44	4.9	$	—

7. Stock-Based Compensation (Continued)

Stock Options (Continued)

The total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was US$4.0 million, nil and nil, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. As reported by the NASDAQ Global Selected Market, the Company’s ending stock price as of December 31, 2022 and 2023 was US$19.12 and US$10.95, respectively. Cash received from the exercise of stock options during the years ended December 31, 2021, 2022 and 2023 was US$1.3 million,nil and nil, respectively. As of December 31, 2022 and 2023, unrecognized compensation cost (adjusted for estimated forfeitures), related to non-vested stock options granted to the Company’s employees and directors was US$20.5 million and US$30.5 million, respectively. As of December 31, 2023, total unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.9 years and may be adjusted for future changes in estimated forfeitures.

Information regarding stock options outstanding is summarized below:


		Weighted			Weighted		Weighted Average
	Options	Average		Options	Average		Remaining
Range of Exercise Prices	Outstanding	Exercise Price		Exercisable	Exercise Price		Contractual Life
	(In thousands)		(In US$)	(In thousands)		(In US$)	(In years)
As of December 31, 2022
US$ 32.68	356	$	32.68	172	$	32.68	4.6
US$ 21.15	2,663	$	21.15	—	$	—	6.2
	3,019	$	22.51	172	$	32.68	6.0
As of December 31, 2023
US$ 32.68	328	$	32.68	243	$	32.68	3.6
US$ 21.15	2,606	$	21.15	983	$	21.15	5.2
US$ 3.87	2,174	$	3.87	—	$	—	6.5
	5,108	$	14.54	1,226	$	23.44	5.7

No option was granted during the year ended December 31, 2021. The fair value of the options granted during the years ended December 31, 2022 and 2023 is estimated on the measurement date using the Black-Scholes model by applying the assumptions below:


	For the years ended December 31,
	2022		2023
Fair value of ordinary shares (US$)	21.15		11.51-13.1
Expected volatility range	53	%	54.77%-55.77	%
Risk-free interest rate (per annum)	2.17	%	4.42%-4.82	%
Expected dividend yield	—		—
Expected term (in years)	4.66		4.66

The expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. The risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the options in effect on the measurement date. The expected term of options is based on management’s estimate on timing of exercise of options.

7. Stock-Based Compensation (Continued)

Restricted Share Units

Summary of Performance-Based Restricted Share Units without Market Condition

The following table sets forth a summary of performance-based restricted share unit activities without market condition:


		Weighted-Average
		Grant Date
	Shares Granted	Fair Value
	(In thousands)	(In US$)
December 31, 2020	17	$	36.49
Awarded	15	$	54.08
Vested	(2)	$	38.78
Cancelled	(19)	$	40.63
December 31, 2021	11	$	54.17
Awarded	—	$	—
Vested	(9)	$	54.17
Cancelled	(2)	$	54.17
December 31, 2022	—	$	—
Awarded	—	$	—
Vested	—	$	—
Cancelled	—	$	—
December 31, 2023	—	$	—

As of December 31, 2022 and 2023, there was no unrecognized compensation cost (adjusted for estimated forfeitures), related to performance-based restricted share units without market condition granted to the Company’s employees, respectively.

7. Stock-Based Compensation (Continued)

Restricted Share Units (Continued)

Summary of Performance-Based Restricted Share Units with Market Condition

The following table sets forth a summary of performance-based restricted share unit activities with market condition:


		Weighted-
		Average
	Shares	Grant Date
	Granted	Fair Value
	(In thousands)	(In US$)
December 31, 2021	—	$	—
Awarded	1,640	$	8.43
Vested	—	$	—
Cancelled	—	$	—
December 31, 2022	1,640	$	8.43
Awarded	1,640	$	9.66
Vested	—	$	—
Cancelled	—	$	—
December 31, 2023	3,280	$	9.04

As of December 31,2022 and 2023, unrecognized compensation cost (adjusted for estimated forfeitures) was US$4.7 million and US$1.7 million, which was related to non-vested performance-based restricted share units with market condition granted to the Company’s management. As of December 31,2022 and 2023, the cost is expected to be recognized over a weighted-average period of 0.4 years and 0.4 years, respectively. No share was vested during the year ended December 31, 2022 and 2023, respectively.

Summary of Service-Based Restricted Share Units

The following table sets forth a summary of service-based restricted share unit activities:


		Weighted-
		Average
	Shares	Grant Date
	Granted	Fair Value
	(In thousands)	(In US$)
December 31, 2020	4,324	$	41.86
Awarded	5,737	$	47.95
Vested	(1,608)	$	45.66
Cancelled	(614)	$	44.02
December 31, 2021	7,839	$	45.37
Awarded	252	$	20.59
Vested	(2,330)	$	47.09
Cancelled	(651)	$	42.69
December 31, 2022	5,110	$	43.71
Awarded	144	$	17.27
Vested	(2,191)	$	43.04
Cancelled	(253)	$	38.66
December 31, 2023	2,810	$	43.37

As of December 31, 2022 and 2023, unrecognized compensation cost (adjusted for estimated forfeitures) was US$162.0 million and US$84.0 million, respectively, which was related to non-vested service-based restricted share units granted to the Company’s employees and directors. As of December 31,2022 and 2023, this cost is expected to be recognized over a weighted-average period of 2.5 years and 1.7 years, respectively. The total fair value based on the grant date of the restricted share units vested was US$73.4 million, US$109.7 million and US$94.3 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Goodwill, Intangible Assets and Acquisitions - Allocation of Consideration (Details) $ in Thousands, ¥ in Billions						1 Months Ended			3 Months Ended		12 Months Ended
	Oct. 01, 2023 USD ($)	Dec. 23, 2022 USD ($)	Dec. 23, 2022 CNY (¥)	Aug. 01, 2021 USD ($)	May 01, 2021 USD ($)	Jul. 31, 2023 USD ($) installment	Apr. 30, 2022 USD ($) installment	Aug. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business combination allocated based on fair value of the assets and the liabilities
Goodwill									$ 166,436		$ 120,151	$ 130,405	$ 61,712
Identifiable intangible assets acquired on acquisition date									200
Assets									7,280,358		7,129,454
Liabilities									3,762,742		3,738,914
Operating lease asset									170,266		190,368
Sina.com Technology China Co., Ltd.
Business combination allocated based on fair value of the assets and the liabilities
Assets											340,500
Liabilities											281,100
Additional paid in capital											159,000
Sina.com Technology China Co., Ltd. \| Land
Business combination allocated based on fair value of the assets and the liabilities
Operating lease asset											125,800
Sina.com Technology China Co., Ltd. \| Office building
Business combination allocated based on fair value of the assets and the liabilities
Assets											$ 170,600
Wuta application
Goodwill, Intangible Assets and Acquisitions
Aggregate consideration					$ 39,540
Business combination allocated based on fair value of the assets and the liabilities
Consideration					39,540
Fair value of previously held equity interest					26,875
Non-controlling interest					10,811
Cash and short-term investments acquired					5,786
Other assets acquired					6,801
Goodwill					51,034
Liabilities assumed					(2,890)
Total					77,226
Number of installments \| installment						2	2
Cash consideration						$ 10,300	$ 10,300			$ 39,500
Equity interest, percentage						100.00%	100.00%
Equity interest acquired (in percent)						14.00%	14.00%			51.20%
Equity interest held										34.80%
Identifiable intangible assets acquired on acquisition date					$ 16,495					$ 16,500
Wuta application \| Minimum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives										3 years
Wuta application \| Maximum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives										10 years
E-sports team
Goodwill, Intangible Assets and Acquisitions
Aggregate consideration				$ 30,953
Business combination allocated based on fair value of the assets and the liabilities
Consideration				30,953
Goodwill				14,745
Liabilities assumed				(3,066)
Total				30,953
Identifiable intangible assets acquired on acquisition date				$ 19,274				$ 19,300
Identifiable intangible assets acquired, estimated lives								10 years
Sina.com Technology (China) Co., Ltd
Goodwill, Intangible Assets and Acquisitions
Aggregate consideration		$ 218,400	¥ 1.5
Business combination allocated based on fair value of the assets and the liabilities
Consideration		$ 218,400	¥ 1.5
Equity interest acquired (in percent)		100.00%	100.00%								100.00%
Percentage of fair value of the gross assets acquired		90.00%	90.00%
Xi'an Yunrui Network Technology Co Ltd
Goodwill, Intangible Assets and Acquisitions
Aggregate consideration	$ 30,443
Business combination allocated based on fair value of the assets and the liabilities
Consideration	30,443
Fair value of previously held equity interest	13,545
Non-controlling interest	37,043
Cash and short-term investments acquired	4,864
Other assets acquired	1,483
Goodwill	48,669
Liabilities assumed	(5,190)
Total	81,031
Cash consideration									$ 30,400
Equity interest acquired (in percent)									33.10%
Equity interest held									17.90%
Re - measurement gain									$ 3,900
Identifiable intangible assets acquired on acquisition date	$ 31,205								$ 31,200
Xi'an Yunrui Network Technology Co Ltd \| Minimum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives									5 years
Xi'an Yunrui Network Technology Co Ltd \| Maximum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives									10 years
Wuta application
Business combination allocated based on fair value of the assets and the liabilities
Total equity interest					86.00%
Weibo Technology
Business combination allocated based on fair value of the assets and the liabilities
Total equity interest									100.00%
Weibo Technology \| Xi'an Yunrui Network Technology Co Ltd
Business combination allocated based on fair value of the assets and the liabilities
Total equity interest	51.00%

Net Income per Share

12 Months Ended

Dec. 31, 2023

Net Income per Share

Net Income per Share

12. Net Income per Share

Basic net income per share is computed using the weighted average number of the ordinary shares outstanding during the period. Options and RSUs are not considered outstanding in the computation of basic earnings per share (“EPS”). Diluted EPS is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period under the treasury stock method. For the years ended December 31, 2021, 2022 and 2023, options to purchase ordinary shares and RSUs of 1.4 million, 1.2 million and 2.6 million were recognized as dilutive factors and included in the calculation of diluted net income per share, respectively. For the years ended December 31, 2021, 2022 and 2023, options and RSUs which were anti-dilutive and excluded from the calculation of diluted net income per share were 0.4 million, 6.5 million and 7.4 million, respectively. For the years ended December 31, 2021, 2022 and 2023, 6.8 million, 5.9 million and nil shares convertible from the convertible senior notes were anti-dilutive and excluded from the calculation of diluted net income per share, respectively.

The following table sets forth the computation of basic and diluted net income per share for the periods presented:


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands, except share data and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to Weibo’s shareholders	$	428,319	$	85,555	$	342,598
Denominator:
Weighted average ordinary shares outstanding		228,814		235,164		235,560
Basic net income per share attributable to Weibo’s shareholders	$	1.87	$	0.36	$	1.45

Diluted net income per share calculation:
Numerator:
Net income attributable to Weibo	$	428,319	$	85,555	$	342,598
Add: Effect on interest expenses and amortized issuance cost of convertible senior notes		—		—		529
Net income attributable to Weibo’s shareholders for calculating diluted net income per share		428,319		85,555		343,127
Denominator:
Weighted average ordinary shares outstanding		228,814		235,164		235,560
Effects of dilutive securities
Stock options		68		—		14
Unvested restricted share units		1,324		1,243		2,625
Convertible senior notes		—		—		1,775
Shares used in computing diluted net income per share attributable to Weibo’s shareholders		230,206		236,407		239,974
Diluted net income per share attributable to Weibo’s shareholders	$	1.86	$	0.36	$	1.43

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Total	$ 101,131	$ 111,713	$ 87,996
Non-cash stock-based compensation charged through Amount due from SINA	8,100	9,300	7,900
Costs of revenues
Stock-based compensation
Total	8,933	9,417	8,112
Sales and marketing
Stock-based compensation
Total	16,528	18,910	15,292
Product development
Stock-based compensation
Total	51,441	55,294	43,622
General and administrative
Stock-based compensation
Total	$ 24,229	$ 28,092	$ 20,970

Long-term Investments - Equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating data:
Net income (loss) before accretion to redeemable non-controlling interests	$ 357,495	$ 97,809	$ 411,877
Net income attributable to Weibo's shareholders	342,598	85,555	428,319
Balance sheet data:
Current assets	4,512,716	4,552,258
Current liabilities	1,797,345	1,219,938
Long-term Liabilities	1,965,397	2,518,976
Non-controlling interests	50,153	14,495
Equity Method Investment
Operating data:
Revenue	850,102	158,110	225,356
Gross profit	298,736	129,393	206,457
Income (loss) from operations	12,153	(195,636)	243,516
Net income (loss) before accretion to redeemable non-controlling interests	8,188	(200,042)	247,808
Net income attributable to Weibo's shareholders	9,856	(200,042)	$ 247,808
Balance sheet data:
Current assets	1,803,408	904,956
Non-current assets	2,568,567	2,417,452
Current liabilities	1,199,969	683,626
Long-term Liabilities	16,879	$ 119
Non-controlling interests	$ (4,849)

Goodwill, Intangible Assets and Acquisitions - Changes in the Group's Goodwill (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Changes in the Group's goodwill by segment
Balance at the beginning of the year	$ 120,151	$ 120,151	$ 130,405	$ 61,712
Currency translation adjustment		(2,384)	(10,254)	2,914
Balance at the end of the year		$ 166,436	120,151	130,405
Number of reporting units \| item		2
Impairment charge of goodwill recognized	0	$ 0
Wuta application
Changes in the Group's goodwill by segment
Acquisition				51,034
E-sports team
Changes in the Group's goodwill by segment
Acquisition				14,745
Xi'an Yunrui Network Technology Co Ltd
Changes in the Group's goodwill by segment
Acquisition		48,669
Advertising and marketing revenues
Changes in the Group's goodwill by segment
Balance at the beginning of the year	77,161	77,161	83,746	30,899
Currency translation adjustment		(2,331)	(6,585)	1,813
Balance at the end of the year		74,830	77,161	83,746
Advertising and marketing revenues \| Wuta application
Changes in the Group's goodwill by segment
Acquisition				51,034
Advertising and marketing revenues \| E-sports team
Changes in the Group's goodwill by segment
Acquisition				0
Advertising and marketing revenues \| Xi'an Yunrui Network Technology Co Ltd
Changes in the Group's goodwill by segment
Acquisition		0
Value-added services revenues
Changes in the Group's goodwill by segment
Balance at the beginning of the year	$ 42,990	42,990	46,659	30,813
Currency translation adjustment		(53)	(3,669)	1,101
Balance at the end of the year		91,606	$ 42,990	46,659
Value-added services revenues \| Wuta application
Changes in the Group's goodwill by segment
Acquisition				0
Value-added services revenues \| E-sports team
Changes in the Group's goodwill by segment
Acquisition				$ 14,745
Value-added services revenues \| Xi'an Yunrui Network Technology Co Ltd
Changes in the Group's goodwill by segment
Acquisition		$ 48,669

Stock-Based Compensation - Summary of Option Activities (Details) - Employee and Non-Employee stock options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Range of Exercise Prices
Exercise prices, outstanding stock option awards, low end of range (in dollars per share)	$ 3.87
Options Outstanding (in shares)	5,108	3,019
Weighted Average Exercise Price (in dollars per share)	$ 14.54	$ 22.51
Options Exercisable (in shares)	1,226	172
Weighted Average Exercise Price (in dollars per share)	$ 23.44	$ 32.68
Weighted Average Remaining Contractual Life (In years)	5 years 8 months 12 days	6 years
$32.68
Range of Exercise Prices
Exercise prices, outstanding stock option awards, high end of range (in dollars per share)	$ 32.68	$ 32.68
Options Outstanding (in shares)	328	356
Weighted Average Exercise Price (in dollars per share)	$ 32.68	$ 32.68
Options Exercisable (in shares)	243	172
Weighted Average Exercise Price (in dollars per share)	$ 32.68	$ 32.68
Weighted Average Remaining Contractual Life (In years)	3 years 7 months 6 days	4 years 7 months 6 days
$21.15
Range of Exercise Prices
Exercise prices, outstanding stock option awards, low end of range (in dollars per share)	$ 21.15	$ 21.15
Options Outstanding (in shares)	2,606	2,663
Weighted Average Exercise Price (in dollars per share)	$ 21.15	$ 21.15
Options Exercisable (in shares)	983	0
Weighted Average Exercise Price (in dollars per share)	$ 21.15
Weighted Average Remaining Contractual Life (In years)	5 years 2 months 12 days	6 years 2 months 12 days
$3.87
Range of Exercise Prices
Options Outstanding (in shares)	2,174
Weighted Average Exercise Price (in dollars per share)	$ 3.87
Options Exercisable (in shares)	0
Weighted Average Remaining Contractual Life (In years)	6 years 6 months

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Basis of presentation

The preparation of the Group’s consolidated financial statements is in conformity with U.S. GAAP. The consolidated financial statements include the accounts of Weibo, its wholly owned subsidiaries, VIEs, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated.

Use of estimates

Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the management makes about the carrying values of the assets and liabilities, which are not readily apparent from other sources. U.S. GAAP requires making estimates and judgments in several areas, including, but not limited to, the basis of consolidation, revenue recognition, fair value accounting, income taxes, long-term investments, goodwill and other long-lived assets, allowances for credit losses, stock-based compensation, the estimated useful lives of assets, convertible senior notes, business combination, and foreign currency. The management bases the estimates and judgments on historical information and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from such estimates.

Revenue recognition

The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments. Certain customers may receive sales rebates, which are accounted for as variable consideration. The Group estimates annual expected revenue volume of each individual agent with reference to their historical results. The Group recognizes revenue for the amount of fees it receives from its customers, after deducting estimated sales rebates and net of value-added tax (“VAT”) under ASC 606. The Group believes that there will not be significant changes to its estimates of variable consideration.

The Group considers the ultimate beneficiary of its online advertising services as an “advertiser,” meaning the party whose products, brand awareness or marketing activities benefited from the execution of advertisement. The Group considers a party that it enters into an advertisement service contract with as its “customer” from accounting perspective. As such, the Group treats an advertising agency who enters into an advertisement service contract with it as a customer, and such advertising agency may represent and serve multiple advertisers. If an advertiser directly enters into an advertisement service contract with the Group, it will treat such advertiser also as a customer.

Revenue disaggregated by revenue source for the years ended December 31, 2021, 2022 and 2023 consists of the following:


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Advertising and marketing revenues
Revenues from advertisers signing contracts with the Group directly	$	478,874	$	356,503	$	437,276
Revenues from advertising agencies		1,501,921		1,240,147		1,096,738
		1,980,795		1,596,650		1,534,014
Value-added services revenues		276,288		239,682		225,822
Total revenues	$	2,257,083	$	1,836,332	$	1,759,836

The Group enters into contracts with its customers, which may give rise to contract assets (unbilled revenue) or contract liabilities (deferred revenue). The payment terms and conditions within the Group’s contracts vary by the type and location of its customers and products or services purchased, the substantial majority of which are due in less than one year. Deferred revenues related to unsatisfied performance obligations at the end of the period are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, and virtual currency or in-game virtual items sold for game related services. The deferred revenues are recognized based on customers’ consumption or amortized on a straight-line basis through the service period for different products/services. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized that was included in the deferred revenue balance at the beginning of the period was US$126.5 million, US$56.1 million and US$49.9 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Practical Expedients and Exemptions

The Group generally expenses sales commissions when incurred because the amortization period is generally one year or less. These costs are recorded within sales and marketing expenses.

Advertising and marketing revenues

Advertising and marketing revenues are derived principally from online advertising, including social display ads and promoted marketing. Social display ad arrangements allow customers to place advertisements on particular areas of the Group’s platform or website in particular formats and over particular periods of time, which is typically no more than three months. The Group enters into cost per mille (“CPM”), or cost per thousand impressions, advertising arrangements with the customers, under which the Group recognizes revenues based on the number of times that the advertisement has been displayed. The Group also enters into cost per day (“CPD”) advertising arrangements with customers, under which the Group recognizes revenues ratably over the contract periods. Promoted marketing arrangements are primarily priced based on CPM. Under the CPM model, customers are obligated to pay when the advertisement is displayed.

The Group’s majority revenue transactions are based on standard business terms and conditions, which are recognized net of agency rebates. The agency rebates are accounted for as variable consideration and are estimated during interim periods based on estimated annual revenue volume of each individual agent with reference to their historical results, which involves accounting judgment. The Group believes its estimation approach in variable consideration results in revenue recognition in a manner consistent with the underlying economics of the transaction.

The Group’s contracts with customers may include multiple performance obligations, which primarily consist of combinations of service to allow customers to place advertisements on different areas of its platform or website. For such arrangements, advertising arrangements involving multiple deliverables are broken down into single-element arrangements based on their stand-alone selling price for revenue recognition purposes. The estimation of stand-alone selling price involves significant judgment, especially for the deliverables that have not been sold separately. For those deliverables, the Group determines best estimate of the stand-alone selling price by taking into consideration of the pricing of advertising areas of the Group’s platform or website with similar popularities and advertisements with similar formats and quoted prices from competitors and other market conditions. The Group believes the estimation approach in stand-alone selling price and allocation of the transaction price on a relative stand-alone selling price to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. Revenues recognized with reference to best estimation of selling price were immaterial for all periods presented. Most of such contracts have all performance obligations completed within one year. Changes in judgments on these assumptions and estimates could materially impact the timing or amount of revenue recognition. Contracts with customers of online advertising may require cooperation from third parties. The Group pays a predetermined portion of revenues earned from advertising contracts to the third parties such as key opinion leaders who participate in advertising and promotion activities by monetizing their social assets. The Group has determined that it is the principal in these transactions, as it has primary responsibility for fulfilling all the obligations related to advertising contracts. The Group has discretion in establishing pricing of the contracts and controls the advertising inventory before the delivery to customers. The Group records revenues derived from such contracts on a gross basis and the portion paid to the third parties is recognized as cost of revenues.

Value-added services revenues

The Group generates value-added services revenues principally from fee-based services, mainly including membership, and game-related services. Revenues from these services are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services.

Membership. Membership mainly includes a service package consisting of one performance obligation of providing user certification and preferential benefits, such as daily priority listings and higher quota for following user accounts. Prepaid membership fees are recorded as deferred revenue and recognized as revenue ratably over the contract period of the membership service.

Game-related services. Game-related service revenues are mostly generated from the purchase of virtual items by game players through the Group’s platform, including items, avatars, skills, privileges or other in game consumables, features or functionality, within the games. The Group’s performance obligation is to provide on-going game services to players who purchased virtual items to gain an enhanced game-playing experience. Each virtual item is considered as a distinctive performance obligation. The Group collects payments from the game players in connection with the sale of virtual currency, which can be used to purchase virtual items in online games. For games co-operated with third-party developers, revenue is recorded on a gross basis for games that the Group is acting as the principal in fulfilling all obligations related to the games and revenue is recorded net of predetermined revenue sharing with the game developers for games in which the Group is not acting as the principal in fulfilling all obligations. Sales of virtual currencies are recognized as revenues over the estimated lifespans of in-game virtual items. The estimated lifespans of different virtual items are determined by the management based on either the expected user relationship periods or the stipulated period of validity of the relevant virtual items depending on the respective term of virtual items. Virtual currency sold for game-related services in excess of recognized revenues is recorded as deferred revenues.

Cost of revenues

Cost of revenues consists mainly of costs associated with the maintenance of platform, which primarily include bandwidth and other infrastructure costs, revenue-share cost, advertisement production cost, labor cost and turnover taxes levied on the revenues, part of which were allocated from SINA. The Group is subject to 3% cultural business construction fees for its advertising and marketing revenues, which is included in cost of revenues. Starting from July 1 2019, the 3% cultural business construction fees was reduced to 1.5%, valid until December 31, 2024. Moreover, as part of the measures taken by the government to ease the negative impact from COVID-19 pandemic, the cultural business construction fees were exempted for the fiscal years of 2021 and restored to 1.5% since the fiscal year of 2022.

Sales and marketing expenses consist mainly of online and offline advertising and promotional expenses, salary, benefits and commission expenses, and facility expenses. Advertising and promotional expenses generally represent the expenses of promotions of corporate image and product marketing. The Group expenses all advertising and promotional expenses as incurred and classifies these expenses under sales and marketing expenses. For the years ended December 31, 2021, 2022 and 2023, the advertising and promotional expenses were US$418.0 million, US$310.4 million and US$302.3 million, respectively.

Product development expenses

Product development expenses consist mainly of payroll-related expenses and infrastructure costs incurred for enhancement to and maintenance of the Group’s platform, as well as costs associated with new product development and product enhancements, part of which were allocated from SINA. The Group expenses all costs incurred for the planning, post implementation phases of development and costs associated with repair or maintenance of the existing site or the development of platform content. Since inception, the amount of costs qualifying for capitalization has been immaterial and, as a result, all product development costs have been expensed as incurred.

Stock-based compensation

All stock-based awards to employees and directors, such as stock options and restricted share units (“RSUs”), are measured at the grant date based on the fair value of the awards. Stock-based compensation, net of forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.

The Group uses the Black-Scholes option pricing model to estimate the fair value of stock options. The determination of estimated fair value of stock-based payment awards on the grant date using an option pricing model is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee stock option exercise behaviors, a risk-free interest rate and expected dividends, if any. Options granted generally vest over four years.

The Group recognizes the estimated compensation cost of restricted share units based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term of generally four years for service-based restricted share units. The Group uses Monte Carlo simulation model to estimate the fair value of restricted share units with market conditions on the date of the grant and recognizes the estimated compensation cost, net of estimated forfeitures, over the estimated requisite service period. The Group also recognizes the compensation cost of performance-based restricted share units, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period.

Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting option and records stock-based compensation expense only for those awards that are expected to vest. See Note 7 Stock-based Compensation for further discussion on stock-based compensation.

Taxation

Income taxes. Income taxes are accounted for using the asset and liability approach. Under this approach, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry forwards. The Group records a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not.

Uncertain tax positions. To assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.

Short-term investments

Short-term investments represent bank time deposits whose original maturities are of greater than three months but less than one year and wealth management products which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions. In accordance with ASC 825, Financial Instruments, for wealth management products with the interest rate indexed to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and re-measured these investments at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income as interest income.

Credit losses

Pursuant to ASC 326, the Group makes estimates of expected credit and collectability trends for the allowance for credit losses based upon assessment of various factors, including historical experience, the age of the accounts receivable balances, credit-worthiness of the customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers. The Group also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. Expected credit losses for accounts receivable are recorded as general and administrative expenses on the consolidated statements of comprehensive income.

ASC Topic 326 is also applicable to the loans to and interest receivable from other related parties included in the prepaid expenses and other current assets and other non-current assets on the consolidated balance sheets. Management estimates the allowance for credit losses on loans and interest receivable not sharing similar risk characteristics on an individual basis. The key factors considered when determining the above allowances for credit losses include the fair value of the assets held by the borrowers.

Fair value measurements

Financial instruments

All financial assets and liabilities are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The Group measures the equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. For those investments without readily determinable fair value, the Group measures them at fair value when observable price changes are identified or impairment charge was recognized. The fair values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The fair values of the Group’s long-term investments in the equity securities of publicly listed companies are measured using quoted market prices. The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they are determined to be impaired.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

●

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Long-term investments

Long-term investments are comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The Group uses the equity method to account for common shares or in-substance common shares investments on which it has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

The Group measures investments in equity securities, other than equity method investments, at fair value through earnings. For those investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative). Under this measurement alternative, changes in the carrying value of the investments will be recognized in consolidated statement of comprehensive income, whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value for which the Group has elected to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date, applying significant judgement in considering various factors and events including a) adverse performances and business prospects of investees; b) adverse changes in the general market condition affecting investees; c) adverse changes in regulatory, economic or technological environment of the investees and d) adverse changes in cash flow forecasts of investees. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820-Fair Value Measurement. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Significant judgement is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgements include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used, which are related to selection of comparable companies, valuation mutiples, revenue growth rate of investees, scenario probability estimates and lack of marketability discounts.

Business combination

Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income.

Leases

The Group determines if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in operating lease right-of-use assets, operating lease liabilities, short-term, and operating lease liabilities, long-term on the Group’s consolidated balance sheets. The Group has chosen to not recognize lease assets and lease liabilities for leases with a term of twelve months or less on the consolidated balance sheets.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease terms at the lease commencement dates. The Group uses its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what interest the Group would pay in order to obtain a borrowing with an amount equivalent to the lease payments in a similar economic environment over the lease term on a collateralized basis from banks in China.

Certain lease agreements contain an option for the Group to renew a lease for a term agreed by the Group and the lessor or an option to terminate a lease earlier than the maturity dates. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a lease-by-lease basis. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Certain of the Group’s leases contain free or escalating rent payment terms. The Group’s lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group has chosen to combine payments for non-lease components with lease payments and accounted them together as a single lease component. Payments under the lease arrangements are primarily fixed. However, for arrangements accounted for as a single lease component, there may be variability in future lease payments as the amount of the non-lease components is typically revised from one period to the next.

Long-lived assets

Property and equipment

Property and equipment are stated at cost less accumulated depreciation, amortization and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally from three to four years for computers and equipment and five years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining lease term. Office building (SINA Plaza) is amortized over 45 years and office building related facilities are amortized over 20 years. Depreciation expenses were US$32.8 million, US$33.2 million and US$39.2 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions of interests in its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20 (“ASC 350-20”), Intangibles-Goodwill and Other: Goodwill, which requires that goodwill be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. The guidance provides the option that the Group may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test, by taking into consideration of macroeconomics, overall financial performance, industry and market conditions and the share price of the Group. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment. Potential impairment is identified by comparing the fair value of a reporting unit to its carrying value, including goodwill. Application of a goodwill impairment test requires management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit.

Intangible assets other than goodwill

Intangible assets arising from acquisitions are recognized at fair value upon acquisition and amortized on a straight-line basis over their estimated useful lives, generally from three to ten years. Long-lived assets and certain identifiable intangible assets other than goodwill to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the asset’s fair value.

Convertible senior notes and unsecured senior notes

The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt.

The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense over the contractual life. The Group presented the issuance costs of debt as a direct deduction from the related debt during the periods presented.

The unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums, if any, issuance costs and other incidental fees, all of which are recorded as a direct deduction of the proceeds received from issuing the unsecured senior notes and the related accretion is recorded as interest expense in the consolidated statement of comprehensive income over the estimated term using the effective interest method.

Deferred revenues

Deferred revenues consist of contractual billings in excess of recognized revenue and payments received in advance of revenue recognition, which are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, and virtual currency or in-game virtual items sold for game related services.

Non-controlling interests

For the Company’s majority-owned subsidiaries and VIE, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. To reflect the economic interest held by non-controlling shareholders, net income/loss attributable to the non-controlling ordinary shareholders is recorded as non-controlling interests in the Company’s consolidated statements of comprehensive income. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated financial statements to distinguish the interests from that of the Company.

Foreign currency

The Company’s reporting currency and functional currency is the U.S. dollar. The Group’s operations in China and in international regions use their respective currencies as their functional currencies. The financial statements of these subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities and average rates of exchange in the period for revenues, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of shareholders’ equity. Translation gains or losses are not released to net income unless the associated net investment has been sold, liquidated, or substantially liquidated.

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate prevailing on the transactions dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheets dates. Net gains and losses resulting from foreign exchange transactions are included in other income, net.

Foreign currency translation adjustments included in the Group’s consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 were a gain of US$78.2 million, a loss of US$261.7 million and a loss of US$114.7 million, respectively. Net foreign currency transaction gains or losses arise from transacting in a currency other than the functional currency of the entity and the amounts recorded were immaterial for 2021, a loss of US$67.0 million for the year ended 2022 and a loss of US$9.1 million for the year ended 2023, respectively.

Net income per share

Basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period. Options and RSUs are not considered outstanding in the computation of basic earnings per share. Diluted net income per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period, which include options to purchase ordinary shares, restricted share units and conversion of the convertible senior notes. The computation of diluted net income per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income per share. The Group uses the two-class method to calculate net income per share though both classes share the same rights in dividends. Therefore, basic and diluted earnings per share are the same for both classes of ordinary shares.

Segment reporting

In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker (“CODM”), the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole. The Group currently operates and manages its business in two principal business segments globally—advertising and marketing services and value-added services. Information regarding the business segments provided to the Group’s CODM is at the revenue level and the Group currently does not allocate operating costs or assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. As the Group’s long-lived assets are substantially all located in the PRC and substantially the Group’s revenues are derived from within the PRC, no geographical information is presented.

Concentration of risks

Concentration of credit risk. Financial instruments that potentially subject the Group to a concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. In addition, with the majority of its operations in China, the Group is subject to RMB currency risk and offshore remittance risk, both of which have been difficult to hedge and the Group has not done so. The Group limits its exposure to credit loss by depositing its cash and cash equivalents with financial institutions in the US, PRC and Hong Kong, which are among the largest financial institutions with high ratings from internationally-recognized rating agencies, that management believes are of high credit quality. The Group periodically reviews these institutions’ reputations, track records and reported reserves.

As of December 31, 2022 and 2023, the Group had US$2.5 billion and US$2.6 billion, respectively, in cash and cash equivalents and short-term investments, such as bank time deposits with large domestic banks in China. The terms of these deposits are, in general, up to twelve months. China promulgated a Bankruptcy Law that came into effect on June 1, 2007, which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the Bankruptcy Law, a Chinese bank may go bankrupt. In addition, since China’s concession to WTO, foreign banks have been gradually permitted to operate in China and have become significant competitors to Chinese banks in many aspects, especially since the opening of RMB business to foreign banks in late 2006. Therefore, the risk of bankruptcy on Chinese banks in which the Group holds cash and bank deposits has increased. In the event that a Chinese bank that holds the Group’s deposits goes bankrupt, the Group is unlikely to claim its deposits back in full, since it is unlikely to be classified as a secured creditor to the bank under the PRC laws. The Group’s total cash and cash equivalents and short-term investments held at two financial institutions in mainland China, representing 35% and 25% of the Group’s total cash and cash equivalents and short-term investments as of December 31, 2023. As of December 31, 2023, an immaterial amount of cash was restricted under certain foreign currency purchase contracts.

Alibaba, as an advertiser, accounted for 6%, 6% and 6% of the Group’s total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. No customer nor advertising agency accounted for 10% or more of the Group’s revenues. The Group’s top 10 advertising agencies contributed to 35%, 42% and 37% of the Group’s revenues for the years ended December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2022 and 2023, substantially all accounts receivable were derived from the Group’s China operations. Excluding accounts receivable due from Alibaba and other related parties, accounts receivable primarily consist of amounts due from advertising agencies and direct customers. Alibaba accounted for 15% and 14% of the Group’s net accounts receivable as of December 31, 2022 and 2023, respectively.

Concentration of foreign currency risks. The majority of the Group’s operations were in RMB. As of December 31, 2022 and 2023, the Group’s cash, cash equivalents and short-term investments balance denominated in RMB was US$1,816.8 million and US$1,878.9 million, accounting for 57% and 58% of the Group’s total cash, cash equivalents and short-term investments balance at the respective dates. As of December 31, 2022 and 2023, the Group’s aggregate net accounts receivable balance (including accounts receivable due from third parties, Alibaba and other related parties) denominated in RMB was US$502.4 million and US$440.8 million, respectively, accounting for almost all of its net accounts receivable balance. As of December 31, 2022 and 2023, the Group’s current liabilities balance denominated in RMB was US$971.6 million and US$964.7 million, accounting for 80% and 54% of its total current liabilities balance. The decrease in proportion of total current liabilities in RMB in 2023 was mainly due to the US$800 million unsecured senior note, which is denominated in US dollar and will mature within one year. The Group may experience economic losses and negative impacts on earnings and equity, as well as translation risk, because of exchange rate fluctuations of the RMB against the U.S. dollars. Moreover, the Chinese government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency out of the PRC. The Group may experience difficulties in completing the necessary administrative procedures on a timely basis to remit its RMB out of the PRC and convert it into foreign currency.

Recent accounting pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures to address improvements to reportable segment disclosures. ASU No. 2023-07 requires an enhanced disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, on an annual and interim basis. This guidance is effective for fiscal years beginning after December 15, 2023 and applies retrospectively unless impracticable, with early adoption permitted. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis, with early adoption permitted. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements.

Goodwill, Intangible Assets and Acquisitions - Intangible assets arising from acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill, Intangible Assets and Acquisitions
Cost	$ 196,085	$ 169,073
Accumulated Amortization	(61,956)	(44,001)
Intangible assets, net	134,129	125,072
Game related
Goodwill, Intangible Assets and Acquisitions
Cost	136,155	140,328
Accumulated Amortization	(43,406)	(30,029)
Intangible assets, net	92,749	110,299
Technology
Goodwill, Intangible Assets and Acquisitions
Cost	10,596	2,808
Accumulated Amortization	(2,831)	(2,596)
Intangible assets, net	7,765	212
Trademark and domain name
Goodwill, Intangible Assets and Acquisitions
Cost	25,436	12,892
Accumulated Amortization	(5,765)	(4,280)
Intangible assets, net	19,671	8,612
Others
Goodwill, Intangible Assets and Acquisitions
Cost	23,898	13,045
Accumulated Amortization	(9,954)	(7,096)
Intangible assets, net	$ 13,944	$ 5,949

Goodwill, Intangible Assets and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of the changes in the Group's goodwill by segment


	Advertising &		Value-added
	Marketing		services		Total

	(In US$ thousands)
Balance as of December 31, 2020	$	30,899	$	30,813	$	61,712
Acquisition of the company operating Wuta application		51,034		—		51,034
Acquisition of an E-sports team		—		14,745		14,745
Currency translation adjustment		1,813		1,101		2,914
Balance as of December 31, 2021		83,746		46,659		130,405
Currency translation adjustment		(6,585)		(3,669)		(10,254)
Balance as of December 31, 2022		77,161		42,990		120,151
Acquisition of Yunrui		—		48,669		48,669
Currency translation adjustment		(2,331)		(53)		(2,384)
Balance as of December 31, 2023	$	74,830	$	91,606	$	166,436

Summary of the Group's intangible assets arising from acquisitions


	As of December 31, 2022						As of December 31, 2023
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net

	(In US$ thousands)						(In US$ thousands)
Game related	$	140,328	$	(30,029)	$	110,299	$	136,155	$	(43,406)	$	92,749
Technology		2,808		(2,596)		212		10,596		(2,831)		7,765
Trademark and domain name		12,892		(4,280)		8,612		25,436		(5,765)		19,671
Others		13,045		(7,096)		5,949		23,898		(9,954)		13,944
Total	$	169,073	$	(44,001)	$	125,072	$	196,085	$	(61,956)	$	134,129

Schedule of estimated amortization expenses


Year Ended December 31,	(In US$ thousands)
2024	$	21,483
2025		17,980
2026		17,943
2027		17,660
2028		17,326
Thereafter		41,528
Total expected amortization expense *	$	133,920

*	The table above excludes US$0.2 million of indefinite-lived intangible assets which was included in the category of others.

Wuta application

Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed


	As of May 1, 2021
	(In US$ thousands)
Consideration	$	39,540
Fair value of previously held equity interest		26,875
Non-controlling interest		10,811
Total	$	77,226

Cash and short-term investments acquired	$	5,786
Other assets acquired		6,801
Identifiable intangible assets acquired		16,495
Goodwill		51,034
Liabilities assumed		(2,890)
Total	$	77,226

E-sports team

Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed


	As of August 1, 2021
	(In US$ thousands)
Consideration	$	30,953

Identifiable intangible assets acquired	$	19,274
Goodwill		14,745
Liabilities assumed		(3,066)
Total	$	30,953

Yunrui

Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed


	As of October 1, 2023
	(In US$ thousands)
Consideration	$	30,443
Fair value of previously held equity interest		13,545
Non-controlling interest		37,043
Total	$	81,031

Cash and short-term investments acquired	$	4,864
Other assets acquired		1,483
Identifiable intangible assets acquired		31,205
Goodwill		48,669
Liabilities assumed		(5,190)
Total	$	81,031

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of changes in the Group's long-term investments

Long-term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Long-term Investments



	Equity Securities
	Without Readily				Equity Securities With
	Determinable Fair				Readily Determinable
	Values		Equity Method		Fair Values		Total

	(In US$ thousands)
Balance at December 31, 2020	$	579,084	$	311,161	$	289,221	$	1,179,466
Investments made/transfers from prepayments		96,768		182,200		—		278,968
Income from equity method investments, net		—		14,217		—		14,217
Dividend declared from equity method investments		—		(11,695)		—		(11,695)
Disposal of investments		(75,667)		—		(4,946)		(80,613)
Changes from measurement alternative to consolidation (Note 6)		(66,415)		—		—		(66,415)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values		(142,000)		—		142,000		—
Impairment on investments		(106,800)		—		—		(106,800)
Fair value change through earnings		(23,316)		—		9,877		(13,439)
Currency translation adjustment		7,062		6,900		—		13,962
Balance at December 31, 2021		268,716		502,783		436,152		1,207,651
Investments made/transfers from prepayments		36,423		114,909		—		151,332
Loss from equity method investments, net		—		(24,069)		—		(24,069)
Dividend declared from equity method investments		—		(5,772)		—		(5,772)
Disposal of investments		(29,974)		(6,293)		—		(36,267)
Impairment on investments		(63,515)		—		—		(63,515)
Fair value change through earnings		—		—		(196,602)		(196,602)
Currency translation adjustment		(15,071)		(24,057)		—		(39,128)
Balance at December 31, 2022		196,579		557,501		239,550		993,630
Investments made/transfers from prepayments/other non-current assets		70,864		303,845		—		374,709
Income from equity method investments, net		—		13,392		—		13,392
Dividend declared from equity method investments		—		(4,683)		—		(4,683)
Disposal of investments		(3,463)		(14,250)		—		(17,713)
Changes from measurement alternative to consolidation (Note 6)		(43,988)		—		—		(43,988)
Reclassification of equity investment with readily determinable fair value to equity-method investment		—		153,407		(153,407)		—
Impairment on investments		(25,706)		—		—		(25,706)
Fair value change through earnings		10,877		—		32,125		43,002
Currency translation adjustment		(3,873)		(8,384)		—		(12,257)
Balance at December 31, 2023	$	201,290	$	1,000,828	$	118,268	$	1,320,386

Schedule of the total carrying value of the equity investments accounted for under the measurement alternative

The following table summarizes the total carrying value of the equity investments accounted for under the measurement alternative as of December 31, 2022 and 2023, respectively, including cumulative upward and downward adjustments made to the initial cost basis of the securities.


	Cumulative Results
	(In US$ thousands)
Initial cost basis	$	662,460
Upward adjustments		85,710
Downward adjustments		(554,013)
Foreign currency translation		2,422
Total carrying value at December 31, 2022	$	196,579

Initial cost basis	$	689,724
Upward adjustments		92,736
Downward adjustments		(579,719)
Foreign currency translation		(1,451)
Total carrying value at December 31, 2023	$	201,290

Schedule of the carrying amount and fair value of the marketable security


			Gross		Gross
	Cost		Unrealized		Unrealized		Fair
	Basis		Gains		Losses		Value

	(In US$ thousands)
INMYSHOW	$	81,385	$	62,952	$	—	$	144,337
Didi		142,000		—		(46,787)		95,213
December 31, 2022	$	223,385	$	62,952	$	(46,787)	$	239,550

Didi	$	142,000	$	—	$	(23,732)	$	118,268
December 31, 2023	$	142,000	$	—	$	(23,732)	$	118,268

Summary of condensed financial information on equity method investments


	Year ended December 31,
	2021		2022		2023

	(In US$ thousands)
Operating data:
Revenue	$	225,356	$	158,110	$	850,102
Gross profit	$	206,457	$	129,393	$	298,736
Income (loss) from operations	$	243,516	$	(195,636)	$	12,153
Net income (loss)	$	247,808	$	(200,042)	$	8,188
Net income (loss) attributable to the investees	$	247,808	$	(200,042)	$	9,856


	As of December 31,
	2022		2023

	(In US$ thousands)
Balance sheet data:
Current assets	$	904,956	$	1,803,408
Non-current assets	$	2,417,452	$	2,568,567
Current liabilities	$	683,626	$	1,199,969
Long-term liabilities	$	119	$	16,879
Non-controlling interests	$	—	$	(4,849)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Schedule of assets measured at fair value on a recurring basis, the respective fair value and the classification by level of input within the fair value hierarchy


	Fair Value Measurements
			Quoted Prices in
			Active Market		Significant Other		Significant
			for Identical Assets		Observable Inputs		Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(In US$ thousands)
As of December 31, 2022:
Wealth management products ⁽¹⁾	$	212,195	$	—	$	212,195	$	—
Equity securities with readily determinable market value ⁽²⁾		239,550		239,550		—		—
Total	$	451,745	$	239,550	$	212,195	$	—

As of December 31, 2023:
Wealth management products ⁽¹⁾	$	24,535	$	—	$	24,535	$	—
Equity securities with readily determinable market value ⁽²⁾		118,268		118,268		—		—
Total	$	142,803	$	118,268	$	24,535	$	—

(1) Included in short-term investments on the Group’s consolidated balance sheets.

(2) Included in long-term investments on the Group’s consolidated balance sheets.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

11. Employee Benefit Plans

China Contribution Plan

The Company’s subsidiaries, VIEs and VIEs’ subsidiaries in China participate in a government-mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor laws require the entities incorporated in China to pay to the local labor and welfare authorities a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The local labor bureau is responsible for meeting all retirement benefit obligations. The Group has no further commitments beyond its monthly contribution. For the years ended December 31, 2021, 2022 and 2023, the Group’s total contribution was US$83.2 million, US$91.2 million and US$79.5 million, respectively.

The entire disclosure for retirement benefits.

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Stock-Based Compensation - Fair value of the options granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of ordinary shares (US$)		$ 21.15
Expected volatility range		53.00%
Risk-free interest rate (per annum)		2.17%
Expected term (in years)	4 years 7 months 28 days	4 years 7 months 28 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of ordinary shares (US$)	$ 11.51
Expected volatility range	54.77%
Risk-free interest rate (per annum)	4.42%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of ordinary shares (US$)	$ 13.1
Expected volatility range	55.77%
Risk-free interest rate (per annum)	4.82%
Employee and Non-Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of ordinary shares (US$)	$ 10.95	$ 19.12

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of future minimum lease payments commitments

Profit Appropriation and Restricted Net Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Profit Appropriation And Restricted Net Assets
Minimum percentage of after-tax profit transferred by VIEs to statutory reserve fund	10.00%
Maximum percentage criteria for in appropriation of after-tax profit by VIEs to certain statutory reserve funds	50.00%
Reserves made to non-distributable general reserve/statutory surplus funds (in dollars)	$ 130.4	$ 133.6
Net assets subject to restriction for the Group (in dollars)	$ 567.2
Percent of restricted net assets of total consolidated net assets	16.10%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,759,836	$ 1,836,332	$ 2,257,083
Costs and Expenses
Cost of revenues	374,279	400,585	403,841
Sales and marketing	461,421	477,107	591,682
Product development	333,628	415,190	430,673
General and administrative	117,574	52,806	133,475
Impairment of intangible assets		10,176
Total costs and expenses	1,286,902	1,355,864	1,559,671
Income from operations	472,934	480,468	697,412
Income (loss) from equity method investments	13,392	(24,069)	14,217
Realized gain (loss) from investments	(766)	1,591	3,243
Fair value changes through earnings on investments, net	43,002	(243,619)	(72,787)
Investment-related impairment and provision	(23,642)	(71,081)	(106,800)
Interest income	118,209	105,434	77,280
Interest expense	(120,070)	(71,598)	(71,006)
Other income (loss), net	(277)	(49,040)	9,159
Income before income tax expenses	502,782	128,086	550,718
Less: income tax expenses	145,287	30,277	138,841
Net income	357,495	97,809	411,877
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	2,095	12,254	(16,442)
Accretion to redeemable non-controlling interests	12,802
Net income attributable to Weibo's shareholders	342,598	85,555	428,319
Other comprehensive income (loss)
Currency translation adjustments (for which there were no taxes)	(114,683)	(261,729)	78,196
Total comprehensive income (loss)	242,812	(163,920)	490,073
Less: comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests	15,291	10,197	(15,652)
Comprehensive income (loss) attributable to Weibo's shareholders	$ 227,521	$ (174,117)	$ 505,725
Shares used in computing net income per share attributable to Weibo's shareholders:
Basic (in shares)	235,560	235,164	228,814
Diluted (in shares)	239,974	236,407	230,206
Income per share:
Basic (in dollars per share)	$ 1.45	$ 0.36	$ 1.87
Diluted (in dollars per share)	$ 1.43	$ 0.36	$ 1.86
Advertising and marketing revenues
Revenues:
Total revenues	$ 1,534,014	$ 1,596,650	$ 1,980,795
Advertising and marketing revenues \| Third parties
Revenues:
Total revenues	1,344,354	1,392,723	1,633,242
Advertising and marketing revenues \| Other related parties
Revenues:
Total revenues	32,733	40,524	69,953
Advertising and marketing revenues \| Alibaba \| Related party
Revenues:
Total revenues	111,608	107,197	181,241
Advertising and marketing revenues \| SINA \| Related party
Revenues:
Total revenues	45,319	56,206	96,359
Value-added services revenues
Revenues:
Total revenues	$ 225,822	$ 239,682	$ 276,288

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies


			Less than One		One to		Three to		More than
Operating lease commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
As of December 31, 2023	$	68,163	$	13,374	$	24,185	$	5,576	$	25,028

Schedule of purchase commitments


			Less than One		One to		Three to		More than
Purchase commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
As of December 31, 2023	$	705,536	$	687,853	$	15,622	$	1,988	$	73

Schedule of other commitments


			Less than One		One to		Three to		More than
Other commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
2024 Senior Notes	$	828,000	$	828,000	$	—	$	—	$	—
2030 Senior Notes		927,188		25,313		50,625		50,625		800,625
2030 Convertible Notes		361,746		4,538		9,075		9,075		339,058
2027 Loans		1,002,698		53,650		107,301		841,747		—
Total	$	3,119,632	$	911,501	$	167,001	$	901,447	$	1,139,683

Long-term Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Long-term Investments
Fair Value	$ 118,268	$ 239,550
INMYSHOW
Long-term Investments
Fair value change gain (loss)	9,100	(142,700)
Didi
Long-term Investments
Fair Value	118,268	95,213	$ 142,000
Showworld
Long-term Investments
Fair Value		144,337
Equity Securities Without Readily Determinable Fair Values
Long-term Investments
Impairment	25,700	63,500
Equity Method Investment
Long-term Investments
Fair Value	$ 23,100	$ 53,900

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Other Balance Sheets Components

Other Balance Sheets Components

12 Months Ended

Dec. 31, 2023

Other Balance Sheets Components

8. Other Balance Sheets Components


	As of December 31,
	2022		2023

	(In US$ thousands)
Accounts receivable, net:
Due from third parties	$	416,125	$	396,043
Due from Alibaba		75,347		61,094
Due from other related parties		49,151		38,188
Total gross amount		540,623		495,325
Allowance for credit losses:
Balance at the beginning of the year		(42,650)		(38,180)
Additional provision charged to expenses, net		(4,440)		(19,208)
Write-off		4,695		1,435
Currency translation adjustment		4,215		1,396
Balance at the end of the year		(38,180)		(54,557)
	$	502,443	$	440,768

Prepaid expenses and other current assets:
Rental and other deposits	$	1,583	$	1,606
Deductible value-added taxes		3,865		4,860
Investment prepayment		30,938		29,055
Proceeds receivable from disposal of investments		13,371		—
Loans to and interest receivable from other related parties⁽¹⁾ (Note 10)		110,000		100,000
Loans to and interest receivable from third parties⁽¹⁾		136,683		137,042
Advertising prepayment		9,126		8,563
Prepayment to outsourced service providers		3,479		3,380
Amounts deposited by users⁽²⁾		52,216		50,194
Content fees		15,859		15,796
Others		14,382		9,385
	$	391,502	$	359,881

Property and equipment, net:
Office building	$	196,223	$	190,295
Office building related facilities		3,298		3,199
Computers and equipment		228,599		213,637
Leasehold improvements		13,064		13,178
Furniture and fixtures		8,139		7,950
Others		17,733		18,644
Property and equipment, gross		467,056		446,903
Accumulated depreciation		(217,503)		(226,240)
	$	249,553	$	220,663
Other non-current assets
Investment-related deposits⁽³⁾	$	373,252	$	325,895
Loans to and interest receivable from other related parties⁽¹⁾ (Note 10)		454,912		349,716
Deferred tax assets		39,989		43,262
Others		30,269		36,889
	$	898,422	$	755,762
Accrued and other liabilities⁽⁴⁾:
Payroll and welfare	$	156,274	$	161,579
Marketing expenses		74,093		62,267
Sales rebates		266,455		244,868
Professional fees		8,836		8,083
VAT and other tax payable		51,037		56,548
Amounts due to users⁽²⁾		52,216		50,194
Payable to SINA for the acquisition of the equity of STC (Note 6)		218,402		—
Unpaid consideration for acquisitions		687		5,674
Unpaid consideration for investment		4,320		2,186
Proceeds received in advance from disposal of investment		14,496		—
Interest payable for convertible senior notes, unsecured senior notes and long-term loans		28,257		28,812
Others		38,911		36,234
	$	913,984	$	656,445

(1)	Loans to related parties and third parties incurred for the years ended December 31, 2022 and 2023 were non-trade in nature.

(2)

Weibo wallet enables users to conduct interest-generation activities on Weibo, such as handing out “red envelopes” and coupons to users and purchase different types of products and services on Weibo, including those offered by the Group, such as marketing services and membership, and those offered by Weibo’s platform partners, such as e-commerce merchandises, financial products and virtual gifts. Amounts deposited by users primarily represent the receivable temporarily held in Weibo’s account on a third-party online payment platform for Weibo wallet users. Amounts due to users represent the balances that are payable on demand to Weibo wallet users and therefore are reflected as current liability on the consolidated balance sheets.

(3)	Investment-related deposits primarily included a game company amounted to US$249.4 million and US$154.0 million as of December 31, 2022 and 2023, respectively.

(4)	Include amounts due to third parties, employees, related parties (Note 10) and Weibo wallet users.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income before income taxes


	Year Ended December 31,
	2021			2022			2023

	(In US$ thousands, except percentage)
Loss from non-China operations	$	(232,830)		$	(422,860)		$	(145,244)
Income from China operations		783,548			550,946			648,026
Total income before income tax expenses	$	550,718		$	128,086		$	502,782
Income tax expense (benefits) applicable to non-China operations	$	1,355		$	(14,176)		$	45,441
Income tax expense applicable to China operations		137,486			44,453			99,846
Total income tax expenses	$	138,841		$	30,277		$	145,287
Effective tax rate for China operations		17.5	%		8.1	%		15.4	%
Effective tax rate for the Group		25.2	%		23.6	%		28.9	%

Schedule of current and deferred portion of income tax expenses


	Year Ended December 31,
	2021		2022		2023

		(In US$ thousands)
Current income tax expenses	$	151,319	$	55,098	$	121,249
Deferred tax expenses (benefits)		(12,478)		(24,821)		24,038
Income tax expenses	$	138,841	$	30,277	$	145,287

Schedule of reconciliation between the statutory EIT rate and the effective tax rate for China operations


	Year Ended December 31,
	2021		2022		2023
PRC Statutory EIT rate⁽¹⁾	25.0	%	25.0	%	25.0	%
Effect on tax holiday and preferential tax treatment	(13.1)	%	(29.7)	%	(9.5)	%
Research and development super-deduction	(7.5)	%	(21.1)	%	(4.4)	%
Non-deductible expenses and non-taxable income and others ⁽²⁾	9.2	%	(30.1)	%	(3.5)	%
Change in valuation allowance	0.7	%	8.2	%	5.0	%
Effect of PRC withholding tax	—		—		8.7	%
Tax rate difference from statutory rate in other jurisdictions	10.9	%	71.3	%	7.6	%
Effective tax rate for the Group	25.2	%	23.6	%	28.9	%

(1)	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

(2)	The item included the impact of uncertain tax positions recognized in 2021 and the reversal of uncertain tax positions in 2022.

Schedule of significant components of deferred tax assets and liabilities for China operations


	As of December 31,
	2022		2023

	(In US$ thousands)
Deferred tax assets:
Net operating loss carry forwards	$	18,289	$	49,802
Investment-related impairment		52,363		50,441
Depreciation, accounts receivable, accrued and other liabilities		73,557		72,207
Valuation allowance		(104,220)		(129,188)
Net deferred tax assets	$	39,989	$	43,262

Deferred tax liabilities:
Acquired intangible assets	$	27,435	$	28,528
Depreciation		1,731		1,769
Unrealized investment-related gain		12,414		12,282
Withholding tax		—		23,365
Others		114		207
Total deferred tax liabilities	$	41,694	$	66,151

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 357,495	$ 97,809	$ 411,877
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,509	54,694	55,008
Stock-based compensation	101,131	111,713	87,996
Amortization of operating lease assets	13,792	11,461	6,224
Non-cash compensation cost to non-controlling interest shareholders	11,541	(20,638)	23,246
Provision of allowance for credit losses	19,092	4,440	19,702
Deferred income taxes	24,038	(24,821)	(12,478)
Foreign currency exchange loss	9,142	66,975
(Income) loss from equity method investments	(13,392)	24,069	(14,217)
Dividend received from equity method investments	771	5,772	11,695
(Gain) loss on sale of investments	766	(1,591)	(3,243)
Fair value changes through earnings on investments, net	(43,002)	243,619	72,787
Investment-related impairment and provision	(23,642)	(71,081)	(106,800)
Impairment of intangible assets		10,176
Gain on disposal of property and equipment	(444)	(240)	(172)
Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans	8,287	6,273	6,445
Changes in assets and liabilities:
Prepaid expenses and other current assets	6,157	(20,686)	2,589
Other non-current assets	(13,156)	(27,980)	(14,512)
Accounts payable	19,665	(35,481)	41,809
Accrued and other liabilities	(197)	(38,058)	274,803
Deferred revenues	(1,905)	(3,925)	(56,181)
Operating lease liabilities	(9,612)	(10,128)	(6,684)
Income taxes payable	40,656	(79,623)	38,910
Net cash provided by operating activities	672,820	564,104	814,020
Cash flows from investing activities:
Purchases of bank time deposits and wealth management products	(755,315)	(629,889)	(1,170,070)
Maturities of bank time deposits and wealth management products	585,466	859,075	2,040,599
Investment in and prepayment on long-term investments	(602,740)	(193,784)	(1,593,880)
Proceeds from disposal of/refund of prepayment on long-term investments	347,766	141,806	447,381
Proceeds from disposal of property and equipment	463	269	383
Purchases of property and equipment	(36,772)	(43,136)	(35,094)
Prepayment for purchase of SINA Plaza		(153,572)	(132,531)
Cash received from (paid for) acquisitions, net of cash acquired	(243,385)	939	(61,160)
Prepayment to agent for share repurchase		(2,318)
Return of prepayment to agent for share repurchase	2,318
Net cash used in investing activities	(736,846)	(33,014)	(423,960)
Cash flows from financing activities:
Proceeds from employee options exercised	1	0	1,313
Payments for share repurchases		(57,682)
Cash received from (paid for) global offering, net of issuance costs		(8,414)	188,129
Proceeds from long-term loans, net of issuance costs	4,982	880,353
Repayment of convertible senior notes		(899,992)
Repayment of long-term loans	(100,000)
Proceeds from convertible senior notes, net of issuance costs	321,707
Proceeds from ADS lending arrangement in connection with issuance of convertible senior notes	2
Purchase of a subsidiary's shares from non-controlling shareholders	(4,871)	(5,406)
Dividends paid to shareholders	(200,131)
Net cash provided by (used in) financing activities	21,690	(91,141)	189,442
Effect of exchange rate changes on cash and cash equivalents	(63,797)	(172,884)	29,357
Net increase (decrease) in cash and cash equivalents	(106,133)	267,065	608,859
Cash and cash equivalents at the beginning of the year	2,690,768	2,423,703	1,814,844
Cash and cash equivalents at the end of the year	2,584,635	2,690,768	2,423,703
Supplemental disclosures of cash flow information:
Cash paid for interest expenses on convertible senior notes, unsecured senior notes and long-term loans	(111,231)	(64,562)	(37,906)
Cash paid for income taxes	(79,476)	(135,055)	(111,260)
Non-cash investing and financing activities
Property and equipment in accounts payable	4,179	17,641	5,520
Unpaid consideration for acquisition of STC		218,402
Unpaid consideration for other acquisitions	(5,674)	(687)	(6,293)
Third parties
Changes in assets and liabilities:
Accounts receivable due from	7,291	159,365	(273,728)
Related party \| Alibaba
Changes in assets and liabilities:
Accounts receivable due from	12,321	10,162	49,003
Related party \| SINA
Changes in assets and liabilities:
Amount due from SINA	30,741	(47,303)	(7,787)
Cash flows from investing activities:
Loans to SINA	(1,105,747)	(1,261,880)	(978,162)
Repayment of loans by SINA	1,071,100	1,249,476	1,058,574
Other related parties
Changes in assets and liabilities:
Accounts receivable due from	$ 9,491	$ (3,031)	$ (5,872)

Significant Accounting Policies - Concentration of Risks (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer Agency	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Significant Accounting Policies
Cash, cash equivalents and short-term investments	$ 3,225,670	$ 3,171,196
Percentage Of Cash And Cash Equivalents Held Financial Institution	35.00%
Percentage Of Short Term Investments Held Financial Institution	25.00%
Accounts receivable	$ 440,768	502,443
Current liabilities denominated in RMB	1,797,345	1,219,938
Cash Cash Equivalents And Short Term Investments \| Concentration of credit risk \| China
Significant Accounting Policies
Cash, cash equivalents and short-term investments	2,600,000	2,500,000
Cash Cash Equivalents And Short Term Investments \| Concentration of foreign currency risks \| RMB
Significant Accounting Policies
Cash, cash equivalents and short-term investments	$ 1,878,900	$ 1,816,800
Percentage of benchmark derived from specified source	58.00%	57.00%
Consolidated net revenues benchmark \| Customer concentration risk
Significant Accounting Policies
Other customers or advertising agencies accounting for 10% or more of the Group's revenues \| customer	0
Consolidated net revenues benchmark \| Customer concentration risk \| Alibaba
Significant Accounting Policies
Percentage of benchmark derived from specified source	6.00%	6.00%	6.00%
Consolidated net accounts receivables benchmark \| Concentration of credit risk \| Alibaba
Significant Accounting Policies
Percentage of benchmark derived from specified source	14.00%	15.00%
Consolidated net accounts receivables benchmark \| Concentration of foreign currency risks \| RMB
Significant Accounting Policies
Accounts receivable	$ 440,800	$ 502,400
Current liabilities \| Concentration of foreign currency risks \| RMB
Significant Accounting Policies
Percentage of benchmark derived from specified source	54.00%	80.00%
Current liabilities denominated in RMB	$ 964,700	$ 971,600
Current liabilities \| Concentration of foreign currency risks \| RMB \| Convertible notes
Significant Accounting Policies
Current liabilities denominated in RMB	$ 800,000
Advertising and marketing revenues \| Consolidated net revenues benchmark \| Customer concentration risk \| Top 10 advertising agencies \| China
Significant Accounting Policies
Percentage of benchmark derived from specified source	37.00%	42.00%	35.00%
Number of advertising agencies \| Agency	10

Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans

12 Months Ended

Dec. 31, 2023

Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans

Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans

15. Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans

Convertible Senior Notes due 2022

In October 2017, the Company issued US$900 million in aggregate principal amount of 1.25% coupon interest convertible senior notes due on November 15, 2022 (“2022 Convertible Notes”) at par. The net proceeds received by the Company from the issuance of the 2022 Convertible Notes were US$879.3 million, net of issuance cost of US$20.7 million. The Company pays cash interest at an annual rate of 1.25%, payable semiannually in arrears on May 15 and November 15 of each year, beginning May 15, 2018. The issuance costs of the 2022 Convertible Notes are being amortized to interest expenses over the contractual life. The 2022 Convertible Notes related interest expenses were US$15.4 million and US$13.2 million for each of the years ended December 31, 2021 and 2022, respectively. The Company has repaid all outstanding principal amount and accrued interest expenses of 2022 Convertible Notes in November 2022.

Unsecured Senior Notes due 2024

In July 2019, the Company issued US$800 million in aggregate principal amount of unsecured senior notes due on July 5, 2024 (“2024 Senior Notes”), unless previously repurchased or redeemed in accordance with the terms prior to maturity. The 2024 Senior Notes were issued at par value and bear an annual interest rate of 3.50%, payable semiannually in arrears on January 5 and July 5 of each year, beginning on January 5, 2020. The net proceeds to the Company from the issuance of the 2024 Senior Notes were US$793.3 million, net of issuance cost of US$6.7 million. The issuance costs of the 2024 Senior Notes are being amortized to interest expenses over the contractual life. The 2024 Senior Notes related interest expenses were US$29.3 million for each of the three years ended December 31, 2023.

15. Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans (Continued)

Unsecured Senior Notes due 2030

In July 2020, the Company issued US$750 million in aggregate principal amount of unsecured senior notes due on July 8, 2030 (“2030 Senior Notes”), unless previously repurchased or redeemed in accordance with the terms prior to maturity. The 2030 Senior Notes bear an annual interest rate of 3.375%, payable semiannually in arrears on January 8 and July 8 of each year, beginning on January 8, 2021. The net proceeds to the Company from the issuance of the 2030 Notes were US$740.3 million, net of issuance cost of US$9.7 million. The issuance costs of the 2030 Senior Notes are being amortized to interest expenses over the contractual life. For each of the three years ended December 31, 2023, the Group recognized US$26.3 million interest expenses from the 2030 Notes.

Term and revolving facilities agreement due 2027

On August 22, 2022, the Company signed a five-year US$1.2 billion term and revolving facilities agreement with a group of 23 arrangers. The facilities consist of a US$900 million five-year bullet maturity term loan and a US$300 million five-year revolving facility. The term and revolving loans under this facility are priced at 128 basis points over Term SOFR (the applicable reference rate). As of December 31, 2023, the Company has fully withdrawn the US$900 million term loan and partially withdrawn US$5 million revolving facility (“2027 Loans”) and repaid US$100 million term loan in the fourth quarter of 2023. The Company used the proceeds from the term loan to refinance of existing indebtedness, general corporate purposes and payment of transaction related fees and expenses. For the years ended December 31, 2022 and 2023, the Group recognized US$2.8 million and US$63.9 million interest expenses from the 2027 Loans, respectively.

Convertible Senior Notes due 2030

In December 2023, the Company issued US$330 million in aggregate principal amount of 1.375% coupon interest convertible senior notes due on December 1, 2030 (“2030 Convertible Notes”) at par. The net proceeds received by the Company from the issuance of the 2030 Convertible Notes were approximately US$317.4 million, net of issuance cost of US$12.6 million. The Company pays cash interest at an annual rate of 1.375%, payable semiannually in arrears on June 1 and December 1 of each year, beginning June 1, 2024. The holders may require the Company to repurchase all or part of the notes for cash on December 6, 2027 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. The issuance cost related to the notes was recorded in the consolidated balance sheet as a direct deduction from the principal amount of the notes, and amortized over the period from December 4, 2023, the date of issuance, to December 6, 2027, the first put date of the notes, using the effective interest method.

ADS Lending Agreement in connection with Convertible Senior Notes due 2030

Concurrent with the offering of the 2030 Convertible Notes, the Company entered into an ADS lending agreement with an affiliate of the initial purchaser of the 2030 Convertible Notes (the “ADS Borrower”), pursuant to which the Company lent to the ADS Borrower 6,233,785 ADSs (the “Borrowed ADSs”) for loan processing fees of $0.00025 per Borrowed ADS (“ADS lending arrangement”). The purpose of the ADS lending arrangement is to facilitate short sales and/or privately negotiated derivative transactions by which some investors in the 2030 Convertible Notes may hedge their exposure to the 2030 Convertible Notes. As of December 31, 2023, the outstanding number of the Borrowed ADSs was 6,233,785.

Subject to the terms of the ADS lending agreement, the Borrowed ADSs must generally be returned to the Company as soon as practicable after the termination of the ADS lending facility and in any event no later than the twenty-fifth trading day following the earliest of (a) the date on which the Company notifies the ADS Borrower in writing of its intention to terminate the ADS lending agreement at any time after the date on which the entire principal amount of the 2030 Convertible Notes ceases to be outstanding, whether as a result of conversion, repurchase, redemption, cancellation or otherwise, and (b) the date on which the ADS Lending Agreement terminates in accordance with its terms. The Company is not required to make any payment to the initial purchaser or the ADS Borrower upon the return of the Borrowed ADSs.

15. Convertible Senior Notes, Unsecured Senior Notes and Long-term Loans (Continued)

ADS Lending Agreement in connection with Convertible Senior Notes due 2030 (Continued)

No collateral is required to be posted for the Borrowed ADSs. The ADS Borrower is required to remit to the Company any dividends paid to the holders of the Borrowed ADSs (net of any fees, costs or tax withholdings and deductions). The ADS Borrower is not entitled to vote on the Borrowed ADSs.

In accordance with ASC 815-40 and ASC 470-20, the Company has accounted for the ADS lending arrangement as equity, initially measured at fair value and recognized it as an issuance cost associated with the 2030 Convertible Notes. As a result, additional issuance cost of US$2 million was recorded on the issuance date with a corresponding increase to additional paid-in-capital. This issuance cost has also been amortized from the date of issuance to the put date of notes, using the effective interest method.

For the year ended December 31, 2023, the Group recognized US$0.5 million interest expense from the 2030 Convertible Senior Notes.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Schedule of revenue disaggregated by revenue source

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Advertising and marketing revenues
Revenues from advertisers signing contracts with the Group directly	$	478,874	$	356,503	$	437,276
Revenues from advertising agencies		1,501,921		1,240,147		1,096,738
		1,980,795		1,596,650		1,534,014
Value-added services revenues		276,288		239,682		225,822
Total revenues	$	2,257,083	$	1,836,332	$	1,759,836

Other Balance Sheets Components - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, net:
Property and equipment, gross	$ 446,903	$ 467,056
Accumulated depreciation	(226,240)	(217,503)
Property and equipment, net	220,663	249,553
Office building
Property and equipment, net:
Property and equipment, gross	190,295	196,223
Office building related facilities
Property and equipment, net:
Property and equipment, gross	3,199	3,298
Computers and equipment
Property and equipment, net:
Property and equipment, gross	213,637	228,599
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	13,178	13,064
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	7,950	8,139
Others
Property and equipment, net:
Property and equipment, gross	$ 18,644	$ 17,733

Special Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2023	May 31, 2023	Dec. 31, 2023
Special Cash Dividend
Cash dividend		$ 0.85
Dividends paid	$ 200,100		$ 200,131

Profit Appropriation and Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Profit Appropriation And Restricted Net Assets

Profit Appropriation and Restricted Net Assets

13. Profit Appropriation and Restricted Net Assets

The Company’s subsidiaries, VIEs and VIEs’ subsidiaries in China are required to make appropriations to certain non-distributable reserve funds, in accordance with the China Company Laws. They have to make appropriations from their after-tax profit (as determined under Generally Accepted Accounting Principles in the PRC (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund, and (ii) discretionary surplus fund. Statutory surplus fund is at least 10% of the after-tax profits calculated in accordance with the PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of the respective company.

Statutory surplus fund is restricted for set off against losses, expansion of production and operation or increase in registered capital of the respective companies. These reserves are not transferable to the Company in the form of cash dividends, loans or advances. These reserves are therefore not available for distribution except in liquidation.

As of December 31, 2022 and 2023 the Group’s PRC subsidiaries accrued approximately US$133.6 million and US$130.4 million in the general reserve/statutory surplus funds, respectively.

Under the PRC laws and regulations, the subsidiaries, VIEs and VIEs’ subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Group either in the form of dividends, loans or advances of the consolidated net assets. The amounts restricted for the Group amounted to US$567.2 million, or 16.1% of the Group’s total consolidated net assets as of December 31, 2023.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of presentation

Use of estimates

Revenue recognition

Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations.

2. Significant Accounting Policies (Continued)

Revenue recognition (Continued)

Revenue disaggregated by revenue source for the years ended December 31, 2021, 2022 and 2023 consists of the following:


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Advertising and marketing revenues
Revenues from advertisers signing contracts with the Group directly	$	478,874	$	356,503	$	437,276
Revenues from advertising agencies		1,501,921		1,240,147		1,096,738
		1,980,795		1,596,650		1,534,014
Value-added services revenues		276,288		239,682		225,822
Total revenues	$	2,257,083	$	1,836,332	$	1,759,836

Practical Expedients and Exemptions

The Group generally expenses sales commissions when incurred because the amortization period is generally one year or less. These costs are recorded within sales and marketing expenses.

Advertising and marketing revenues

2. Significant Accounting Policies (Continued)

Revenue recognition (Continued)

Advertising and marketing revenues (Continued)

Value-added services revenues

2. Significant Accounting Policies (Continued)

Cost of revenues

Sales and marketing expenses

Product development expenses

Stock-based compensation

2. Significant Accounting Policies (Continued)

Taxation

Short-term investments

Credit losses

Fair value measurements

Financial instruments

2. Significant Accounting Policies (Continued)

Fair value measurements (Continued)

Financial instruments (Continued)

●

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

●

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Long-term investments

2. Significant Accounting Policies (Continued)

Long-term investments (Continued)

Business combination

Leases

2. Significant Accounting Policies (Continued)

Long-lived assets

Property and equipment

Goodwill

Intangible assets other than goodwill

Convertible senior notes and unsecured senior notes

2. Significant Accounting Policies (Continued)

Deferred revenues

Non-controlling interests

Foreign currency

Net income per share

Segment reporting

2. Significant Accounting Policies (Continued)

Concentration of risks

2. Significant Accounting Policies (Continued)

Recent accounting pronouncements

Subsequent Events (Details) - Subsequent events $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($) $ / shares
Subsequent events
Special cash dividend per share \| $ / shares	$ 0.82
Aggregate amount of dividend payable \| $	$ 200

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

9. Income Taxes

The Company is registered in the Cayman Islands and mainly operates in two taxable jurisdictions—the PRC and Hong Kong.

The Group’s income before income taxes is as follows:


	Year Ended December 31,
	2021			2022			2023

	(In US$ thousands, except percentage)
Loss from non-China operations	$	(232,830)		$	(422,860)		$	(145,244)
Income from China operations		783,548			550,946			648,026
Total income before income tax expenses	$	550,718		$	128,086		$	502,782
Income tax expense (benefits) applicable to non-China operations	$	1,355		$	(14,176)		$	45,441
Income tax expense applicable to China operations		137,486			44,453			99,846
Total income tax expenses	$	138,841		$	30,277		$	145,287
Effective tax rate for China operations		17.5	%		8.1	%		15.4	%
Effective tax rate for the Group		25.2	%		23.6	%		28.9	%

The Group generated the majority of its operating income from PRC operations and has recorded income tax provision for the periods presented. The Group’s loss from non-China operations primarily included stock-based compensation, fair value changes through earnings on investments, investment-related impairment and interest expenses recorded by the Group’s non-China entities. The substantial majority of these items were recognized by the Group’s non-China entities in the Cayman Islands. The Group’s non-China operations have reversed US$14.2 million deferred tax charges which were previously recognized from fair value change of investments in 2022 and recognized US$43.7 million withholding tax in connection with the dividends paid and to be paid by Weibo Technology to Weibo HK in the foreseeable future in 2023.

Cayman Islands

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is required.

Hong Kong

Weibo HK is subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Commencing from the year of assessment 2018/2019, the first HK$2 million of profits earned by entities incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Hong Kong does not impose a withholding tax on dividends. As of December 31, 2023, Weibo HK had a net operating loss of US$2.4 million, which can be carried forward indefinitely to offset future taxable income.

9. Income Taxes (Continued)

China

Effective January 1, 2008, the Enterprise Income Tax Law (the “EIT Law”) in China unifies the enterprise income tax rate for the entities incorporated in China at 25%, unless they are eligible for preferential tax treatment. Preferential tax treatments will be granted to companies conducting businesses in certain encouraged sectors and to entities qualified as “software enterprise”, “key software enterprise” (“KSE”) and/or “high and new technology enterprise” (“HNTE”). Weibo Technology, the Group’s WFOE, was granted the HNTE status for the fiscal years from 2017 to 2023, which entitled the qualified entity a preferential tax rate of 15% in 2021, 2022 and 2023. Its qualification as a HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China. Upon the expiration of qualification, re-accreditation of certification from the relevant authorities is necessary for Weibo Technology to continue enjoying the preferential tax treatment. In addition, certain of the Group’s other PRC entities are also qualified as a “software enterprise”, and/or HNTE, and currently enjoy the respective preferential tax treatments.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities were entitled to claim 150% of their research and development expenses incurred as tax deductible expenses when determining their assessable profits for that year (the “R&D Deduction”). The State Taxation Administration of the PRC (“STA”) announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as R&D Deduction from January 1, 2018 to December 31, 2020. The deadline for enjoying this preferential R&D deduction policy was extended to December 31, 2023 as announced in March 2021 by STA. In March 2023, the STA announced that enterprises engaging in research and development activities would be entitled to claim 200% of their research and development expenses as R&D Deduction since January 1, 2023.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, should Weibo be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC tax on worldwide income at a uniform tax rate of 25%.

The EIT Law also imposes a withholding income tax rate of 10% on dividends distributed by a WFOE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006 and subsequent amendments, dividends paid by a WFOE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the WFOE).

The operations of the Group’s WFOE in China are invested and held by Weibo HK. If the Company is regarded as a PRC non-resident enterprise and Weibo HK is regarded as a PRC resident enterprise, Weibo HK may be required to pay a 10% withholding tax on any dividends payable to the Company. Under such circumstances, if Weibo HK is deemed to be a “PRC resident enterprise”, the dividends distributed from Weibo Technology to Weibo HK is not subject to dividend withholding tax. Also, Weibo HK would be subject to PRC enterprise income tax on at a rate of 25%. If the Company and Weibo HK is regarded as a PRC non-resident enterprise and subject to specific conditions, Weibo Technology may be allowed to pay a 5% withholding tax for any dividends payable to Weibo HK. For the year ended December 31, 2023, Weibo HK received special cash dividend of US$406.1 million from Weibo Technology, the WFOE, and withholding tax of US$20.5 million in connection with the dividend was fully paid. Except for the withholding tax paid in 2023, Weibo HK accrued additional withholding tax of US$23.1 million on retained earnings generated in 2023 by Weibo Technology, because Weibo Technology’s earnings are to be remitted to Weibo HK in the foreseeable future to fund its demand on US dollars in business operations, payments of dividends and debts, potential investments, etc. As of December 31, 2022 and December 31, 2023, the Group had a total undistributed PRC earnings of RMB 22.4 billion and RMB 19.9 billion, respectively, which are expected to be indefinitely reinvested in the Group’s business for the foreseeable future.

9. Income Taxes (Continued)

Composition of income tax expenses

The following table sets forth current and deferred portion of income tax expenses of the Group:


	Year Ended December 31,
	2021		2022		2023

		(In US$ thousands)
Current income tax expenses	$	151,319	$	55,098	$	121,249
Deferred tax expenses (benefits)		(12,478)		(24,821)		24,038
Income tax expenses	$	138,841	$	30,277	$	145,287

Reconciliation of the statutory tax rate to the effective tax rate

The following table sets forth reconciliation between the PRC statutory EIT rate of 25% and the effective tax rate for the Group:


	Year Ended December 31,
	2021		2022		2023
PRC Statutory EIT rate⁽¹⁾	25.0	%	25.0	%	25.0	%
Effect on tax holiday and preferential tax treatment	(13.1)	%	(29.7)	%	(9.5)	%
Research and development super-deduction	(7.5)	%	(21.1)	%	(4.4)	%
Non-deductible expenses and non-taxable income and others ⁽²⁾	9.2	%	(30.1)	%	(3.5)	%
Change in valuation allowance	0.7	%	8.2	%	5.0	%
Effect of PRC withholding tax	—		—		8.7	%
Tax rate difference from statutory rate in other jurisdictions	10.9	%	71.3	%	7.6	%
Effective tax rate for the Group	25.2	%	23.6	%	28.9	%

(1)	The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.

(2)	The item included the impact of uncertain tax positions recognized in 2021 and the reversal of uncertain tax positions in 2022.

The provision for income taxes for China operations for the years ended December 31, 2021, 2022 and 2023 differs from the amounts computed by applying the statutory EIT rate primarily due to the preferential tax treatments described above enjoyed by the WFOE, Weibo Technology, during the periods presented. Weibo Technology enjoyed a tax reduction of US$55.1 million, US$26.9 million and US$42.2 million for the HNTE status in 2021, 2022 and 2023, respectively. The WFOE recognized tax benefits of research and development super deduction of US$41.4 million, US$26.9 million and US$22.2 million in 2021, 2022 and 2023, respectively. If the Group assessed that the benefits were more-likely-than-not to be sustained in the corresponding year, it would accordingly recognize the tax benefits. The preferential tax treatments benefited by the Group during the three-year period ended December 31, 2023 amounting to US$72.3 million, US$37.9 million and US$48.0 million, resulted in an effect of US$0.32, US$0.16 and US$0.20 on basic net income per share in 2021, 2022 and 2023, respectively.

9. Income Taxes (Continued)

Deferred tax assets and liabilities

The following table sets forth the significant components of deferred tax assets and liabilities for the Group:


	As of December 31,
	2022		2023

	(In US$ thousands)
Deferred tax assets:
Net operating loss carry forwards	$	18,289	$	49,802
Investment-related impairment		52,363		50,441
Depreciation, accounts receivable, accrued and other liabilities		73,557		72,207
Valuation allowance		(104,220)		(129,188)
Net deferred tax assets	$	39,989	$	43,262

Deferred tax liabilities:
Acquired intangible assets	$	27,435	$	28,528
Depreciation		1,731		1,769
Unrealized investment-related gain		12,414		12,282
Withholding tax		—		23,365
Others		114		207
Total deferred tax liabilities	$	41,694	$	66,151

Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carry forwards; and (iii) tax planning strategies. The valuation allowance on deferred tax assets as of December 31, 2022 and 2023 was US$104.2 million and US$129.2 million, respectively. The valuation allowance primarily relates to credit loss allowances and investment impairment charges, as well as net operating loss carry forwards. Historically, deferred tax assets were valued using the tax rate applicable to each entity for China operations. Net operating loss carry forwards for China operations as of December 31, 2023 will expire, if unused, in the years ending December 31, 2024 through December 31, 2028.

Uncertain tax position

Except for the lag recognition of preferential tax treatment of research and development super deduction and stock based related deduction, the Group did not record any liability or decrease in deferred tax asset related to uncertain tax positions as of December 31, 2022 and 2023, and thus, no interest and penalties related to uncertain tax positions were recorded.

For the year ended December 31, 2021, based on interactions with the tax authorities, the Group received additional guidance regarding certain areas with heightened requirements, and updated its estimate of related tax benefit amount that is expected to be sustained upon settlement with tax authorities. Additional US$27.9 million tax liability related to the uncertain tax positions was recognized for 2021, which is based on the updated estimate of the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the tax authorities. For the year ended December 31, 2022, the Group reversed US$21.4 million tax liability related to the uncertain tax positions based on further interactions with the tax authorities.

In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2019 through 2023 remain subject to the review by the relevant PRC tax authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

16. Commitments and Contingencies

Operating lease commitments include the commitments under the lease agreements for the Group’s office premises. The Group leases its office facilities under non-cancelable operating leases with various expiration dates. For the years ended December 31, 2021, 2022 and 2023, the Group recorded US$17.7 million, US$21.9 million and US$19.5 million lease expenses, respectively. Based on the current rental lease agreements, future minimum lease payments commitments as of December 31, 2023 were as follows:


			Less than One		One to		Three to		More than
Operating lease commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
As of December 31, 2023	$	68,163	$	13,374	$	24,185	$	5,576	$	25,028

Purchase commitments mainly include minimum commitments for marketing activities and internet connection. Purchase commitments as of December 31, 2023 were as follows:


			Less than One		One to		Three to		More than
Purchase commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
As of December 31, 2023	$	705,536	$	687,853	$	15,622	$	1,988	$	73

2024 Senior Notes represent future maximum commitment relating to the principal amount and interests in connection with the issuance of US$800 million in aggregate principal amount of unsecured senior notes bearing an annual interest rate of 3.50%, which will mature on July 5, 2024. 2030 Senior Notes represent future maximum commitment relating to the principal amount and interests in connection with the issuance of US$750 million in aggregate principal amount of unsecured senior notes bearing an annual interest rate of 3.375%, which will mature on July 8, 2030. 2027 Loans represent future estimated commitment relating to the principal amount and interests in connection with the issuance of US$900 million term loan (US$100 million repaid in the fourth quarter of 2023) and US$5 million revolving facility bearing annual rate at 128 basis points over Term SOFR as of December 31, 2023, which will mature on August 22, 2027. 2030 Convertible Notes represent future maximum commitment relating to the principal amount and interests in connection with the issuance of US$330 million in aggregate principal amount of convertible senior notes bearing an annual interest rate of 1.375%, which will mature on December 1, 2030. Other commitments as of December 31, 2023 were as follows:


			Less than One		One to		Three to		More than
Other commitments	Total		Year		Three Years		Five Years		Five Years

	(In US$ thousands)
2024 Senior Notes	$	828,000	$	828,000	$	—	$	—	$	—
2030 Senior Notes		927,188		25,313		50,625		50,625		800,625
2030 Convertible Notes		361,746		4,538		9,075		9,075		339,058
2027 Loans		1,002,698		53,650		107,301		841,747		—
Total	$	3,119,632	$	911,501	$	167,001	$	901,447	$	1,139,683

16. Commitments and Contingencies (Continued)

There are uncertainties regarding the legal basis of the Group’s ability to operate an Internet business in China. Although China has implemented a wide range of market-oriented economic reforms, the telecommunication, information and media industries remain highly regulated. Not only are such restrictions currently in place, the existing regulations are unclear as to which specific segments of these industries companies with foreign investors, including the Company, may operate. Therefore, the Group may be required to limit the scope of its operations in China, and this could have a material adverse effect on its financial position, results of operations and cash flows.

There are no claims, lawsuits, investigations or proceedings, including unasserted claims that are probable to be assessed, that have in the recent past had, or to the Group’s knowledge, are reasonably possible to have, a material impact on the Group’s financial statements.

Long-term Investments - Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term Investments
Investment related impairment	$ 23,642	$ 71,081	$ 106,800
Intangible assets writeoff	15,400	15,400
Impairment charges		$ 14,200
Online education company
Long-term Investments
Impairment charges	$ 15,900
Yixia Tech
Long-term Investments
Investment related impairment			$ 75,300

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of significant related parties and their relationships with the company

Stock-Based Compensation - Restricted Share Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance-Based Restricted Share Units without Market Condition
Shares Granted
Outstanding at the beginning of the period (in shares)		11,000	17,000
Awarded (in shares)	0		15,000
Vested (in shares)		(9,000)	(2,000)
Cancelled (in shares)		(2,000)	(19,000)
Outstanding at the end of the period (in shares)	0		11,000
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)		$ 54.17	$ 36.49
Awarded (in dollars per share)	$ 0		54.08
Vested (in dollars per share)		54.17	38.78
Cancelled (in dollars per share)		$ 54.17	40.63
Outstanding at the end of the period (in dollars per share)	$ 0		$ 54.17
Unrecognized compensation cost	$ 0.0	$ 0.0
Number of shares vested		9,000	2,000
Performance-Based Restricted Share Units with Market Condition
Shares Granted
Outstanding at the beginning of the period (in shares)	1,640,000	0
Awarded (in shares)	1,640,000	1,640,000
Vested (in shares)	0	0
Cancelled (in shares)	0	0
Outstanding at the end of the period (in shares)	3,280,000	1,640,000	0
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 8.43
Awarded (in dollars per share)	9.66	$ 8.43
Outstanding at the end of the period (in dollars per share)	$ 9.04	$ 8.43
Unrecognized compensation cost	$ 1.7	$ 4.7
Expected weighted-average recognition period for unrecognized compensation cost	4 months 24 days	4 months 24 days
Number of shares vested	0	0
Service Based Restricted Stock Units RSU
Shares Granted
Outstanding at the beginning of the period (in shares)	5,110,000	7,839,000	4,324,000
Awarded (in shares)	144,000	252,000	5,737,000
Vested (in shares)	(2,191,000)	(2,330,000)	(1,608,000)
Cancelled (in shares)	(253,000)	(651,000)	(614,000)
Outstanding at the end of the period (in shares)	2,810,000	5,110,000	7,839,000
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 43.71	$ 45.37	$ 41.86
Awarded (in dollars per share)	17.27	20.59	47.95
Vested (in dollars per share)	43.04	47.09	45.66
Cancelled (in dollars per share)	38.66	42.69	44.02
Outstanding at the end of the period (in dollars per share)	$ 43.37	$ 43.71	$ 45.37
Unrecognized compensation cost	$ 84.0	$ 162.0
Expected weighted-average recognition period for unrecognized compensation cost	1 year 8 months 12 days	2 years 6 months
Number of shares vested	2,191,000	2,330,000	1,608,000
Total fair value vested	$ 94.3	$ 109.7	$ 73.4

Fair Value Measurement - Recurring and Non-recurring Basis (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement
Fair value wealth management		$ 0	$ 0
Impairment charge of goodwill recognized	$ 0	0
Impairment charge of intangible assets recognized			10,200,000
Recurring
Fair Value Measurement
Fair value change loss for equity securities with readily determinable fair values			196,600,000
Fair value change gain for equity securities with readily determinable fair values		32,100,000
Recurring \| Wealth Management Products
Fair Value Measurement
Fair value loss			47,000,000.0
Non-recurring
Fair Value Measurement
Impairment charge of goodwill recognized		$ 0	0	$ 0
Significant Unobservable Inputs (Level 3)
Fair Value Measurement
Valuation technique		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Measurement input		wb:MeasurementInputDiscountCurveOfMarketInterestRatesMember
Significant Unobservable Inputs (Level 3) \| Non-recurring
Fair Value Measurement
Carrying value of impaired investments		$ 0	$ 17,800,000
Investment, Type [Extensible Enumeration]		wb:CertainInvestmentsUnderCostMethodAndEquityMethodUsingUnobservableInputsMember	wb:CertainInvestmentsUnderCostMethodAndEquityMethodUsingUnobservableInputsMember	wb:CertainInvestmentsUnderCostMethodAndEquityMethodUsingUnobservableInputsMember
Impairment		$ 25,700,000	$ 63,500,000	$ 106,800,000
Significant Other Observable Inputs (Level 2) \| Recurring \| Unsecured senior notes
Fair Value Measurement
Fair value debt amount		1,438,200,000	$ 1,355,600,000
Significant Other Observable Inputs (Level 2) \| Recurring \| Convertible notes
Fair Value Measurement
Fair value debt amount		$ 356,000,000.0

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

5. Leases

The Group has operating leases primarily for land-use rights and office spaces in China. The determination of whether an arrangement is or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in operating lease right-of-use assets, operating lease liabilities, short-term, and operating lease liabilities, long-term on the Group’s consolidated balance sheets. The Group has chosen to not recognize lease assets and lease liabilities for leases with a term of twelve months or less on the consolidated balance sheets.

5. Leases (Continued)

The components of lease cost for the years ended December 31, 2021, 2022 and 2023 were as follows:


	Year Ended December 31,
	2021		2022			2023

	(In US$ thousands)
Operating lease cost	$	7,625	$	13,949	$	15,824
Short-term lease cost		4,776		2,631		3,675
Variable lease cost		5,287		5,348		—
Total lease cost	$	17,688	$	21,928	$	19,499

Other information related to leases was as follows:


	Year Ended December 31,
	2021		2022			2023

	(In US$ thousands)
Supplemental Cash Flows Information:
Cash paid for operating leases	$	(8,948)	$	(12,877)	$	(12,246)
Operating lease assets obtained in exchange for operating lease liabilities	$	65,459	$	19,728	$	1,378

Maturities of lease liabilities under operating leases as of December 31, 2023 were as follows:


Year Ended December 31,	(In US$ thousands)
2024	$	13,374
2025		12,786
2026		11,399
2027		3,174
2028		2,402
Thereafter		25,028
Total future payments for recognized leasing assets		68,163
Less: leases not yet commenced		—
Less: imputed interest		14,918
Total lease liabilities	$	53,245

As of December 31, 2023, operating leases recognized in lease liabilities have average remaining lease terms of 10.5 years and weighted-average discount rate of 5%. As of December 31, 2023, the Group had no lease contract that has been entered into but not yet commenced.

Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues				$ 1,759,836	$ 1,836,332	$ 2,257,083
Revenue recognized that was included in the deferred revenue				49,900	56,100	126,500
Sales and Marketing Expenses
Advertising and promotional expenses				$ 302,300	310,400	418,000
Options
Stock-based compensation
Vesting period				4 years
Service-based restricted share units
Stock-based compensation
Vesting period				4 years
Advertising and marketing revenues
Revenues:
Total revenues				$ 1,534,014	$ 1,596,650	$ 1,980,795
Costs and Expenses
Cultural business construction fees (as a percent)	1.50%	3.00%	1.50%	1.50%	1.50%	1.50%	1.50%
Advertising and marketing revenues \| Maximum
Revenues:
Period over social display ad arrangements allow customers to place advertisements on particular areas of the Group's platform in particular formats				3 months
Revenues from advertisers signing contracts with company directly
Revenues:
Total revenues				$ 437,276	$ 356,503	$ 478,874
Revenues From Advertising Agencies
Revenues:
Total revenues				1,096,738	1,240,147	1,501,921
Value-added services revenues
Revenues:
Total revenues				$ 225,822	$ 239,682	$ 276,288

Leases (Details) - USD ($)	12 Months Ended
Leases (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of lease cost
Operating lease cost	$ 15,824,000	$ 13,949,000	$ 7,625,000
Short-term lease cost	3,675,000	2,631,000	4,776,000
Variable lease cost	0	5,348,000	5,287,000
Total lease cost	19,499,000	21,928,000	17,688,000
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases	(12,246,000)	(12,877,000)	(8,948,000)
Operating lease assets obtained in exchange for operating lease liabilities	1,378,000	$ 19,728,000	$ 65,459,000
Maturities of lease liabilities under operating leases as of December 31, 2023
2024	13,374,000
2025	12,786,000
2026	11,399,000
2027	3,174,000
2028	2,402,000
Thereafter	25,028,000
Total future payments for recognized leasing assets	$ 68,163,000
Less: leases not yet commenced	0
Less: imputed interest	$ 14,918,000
Total lease liabilities	$ 53,245,000
Average remaining lease term	10 years 6 months
Weighted-average discount rate (as a percent)	5.00%

Other Balance Sheets Components - Accounts Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net:
Total gross amount	$ 495,325,000	$ 540,623,000
Allowance for credit losses:
Balance at the beginning of the year	(38,180,000)	(42,650,000)
Additional provision charged to expenses, net	(19,208,000)	(4,440,000)
Write-off	1,435,000	4,695,000
Currency translation adjustment	1,396,000	4,215,000
Balance at the end of the year	(54,557,000)	(38,180,000)
Accounts receivable, net	440,768,000	502,443,000
Third parties
Accounts receivable, net:
Total gross amount	396,043,000	416,125,000
Allowance for credit losses:
Balance at the beginning of the year	(37,625,000)
Balance at the end of the year	(54,557,000)	(37,625,000)
Accounts receivable, net	341,486,000	378,500,000
Related Parties [Member] \| Alibaba
Accounts receivable, net:
Total gross amount	61,094,000	75,347,000
Allowance for credit losses:
Balance at the beginning of the year	0
Balance at the end of the year	0	0
Accounts receivable, net	61,094,000	75,347,000
Related Parties [Member] \| Other related parties
Accounts receivable, net:
Total gross amount	38,188,000	49,151,000
Other related parties
Allowance for credit losses:
Balance at the beginning of the year	(555,000)
Balance at the end of the year	0	(555,000)
Accounts receivable, net	$ 38,188,000	$ 48,596,000

Secondary Listing in Hong Kong (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 08, 2021	Dec. 31, 2021
Secondary Listing in Hong Kong
Underwriters borrowed (in shares)		1,650,000
Over-allotment option
Secondary Listing in Hong Kong
Shares lent to underwriters for settlement of over-allocations	1,453,620
Class A ordinary shares \| Over-allotment option
Secondary Listing in Hong Kong
Shares lent to underwriters for settlement of over-allocations	1,650,000
Class A ordinary shares \| HKEX
Secondary Listing in Hong Kong
Issuance of shares - global offering	5,500,000
Net proceeds from the global offering	$ 178.4
Related Parties [Member] \| SINA \| Class A ordinary shares \| HKEX
Secondary Listing in Hong Kong
Issuance of shares - global offering	5,500,000

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions


Company Name		Relationship with the Company
SINA		Parent and affiliates under common control.

Alibaba		Strategic partner and significant shareholder of the Company.

Schedule of significant related party transactions with the group


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Transactions with SINA
Revenue billed through SINA	$	68,351	$	44,962	$	41,557
Revenue from services provided to SINA		43,170		31,984		25,253
Total	$	111,521	$	76,946	$	66,810

Costs and expenses allocated from SINA⁽¹⁾	$	38,270	$	47,178	$	36,483
Interest income on loans to SINA	$	17,943	$	14,770	$	14,913

Transactions with Alibaba
Advertising and marketing revenues from Alibaba – as an advertiser	$	139,561	$	106,974	$	111,608
Advertising and marketing revenues from Alibaba – as an agent	$	41,680	$	223	$	—
Services provided by Alibaba	$	44,006	$	33,745	$	23,366

(1)

Costs and expenses allocated from SINA represented the charges for certain services provided by SINA or SINA’s affiliates and charged to the Group using actual cost allocation based on proportional utilization (Note 1). In addition to the allocated costs and expenses, SINA also billed US$48.0 million,US $37.7 million and US$24.9 million for other costs and expenses incurred by Weibo but paid by SINA for the years ended December 31, 2021, 2022 and 2023, respectively. During the years ended December 31, 2021, 2022 and 2023, Weibo allocated US$0.8 million, US$0.6 million and US$9.9 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments, respectively.


	As of December 31,
	2022		2023

		(In US$ thousands)
Amount due from SINA⁽²⁾	$	487,117	$	486,397
Payable to SINA for the acquisition of the equity of STC (Note 6)	$	218,402	$	—
Accounts receivable due from Alibaba	$	75,347	$	61,094

Loans to and interest receivable from other related parties⁽³⁾ ⁽⁴⁾
-Company A (an investee providing online brokerage services)	$	110,000	$	100,000
Subtotal (included in prepaid expenses and other current assets)		110,000		100,000
-Company B (an investee in real estate business)		454,912		349,716
Subtotal (included in other non-current assets)		454,912		349,716
Total	$	564,912	$	449,716

(2)

The Group uses amount due from/to SINA to settle balances arising from costs and expenses allocated from SINA based on proportional utilization, other expenditures incurred by Weibo business but paid by SINA, transactions with third-party customers and suppliers settled through SINA, as well as business transactions between Weibo and SINA. As of December 31, 2022 and 2023, the amount due from SINA also included loans to and interest receivable from SINA of US$420.4 million and US$445.2 million at an annual interest rate ranging from 1% to 4% of maturity within one year, respectively, which are non-trade in nature.

(3)

The annual interest rates of the loans were ranging from 4.0% to 6.7% at both dates. These balances are non-trade in nature. The contractual terms of the loans were up to 5 years while subject to extension and the Group will determine the liquidity (current versus non-current) of the loans pursuant to the expected cash collection. In 2023, several loans were extended and the Group accounted for such extension as loan modification.

(4)

The Group estimates the allowance for credit losses on loans and interest receivables not sharing similar risk characteristic on an individual basis. The key factors considered when determining the above allowances for credit losses include the fair value of the assets held by the borrowers. For the years ended December 31, 2021, 2022 and 2023, the Group recognized nil, US$7.6 million credit losses and a reversal of US$2.1 million credit losses on loans to and interest receivable from other related parties based on the expected collection schedule of these loans, respectively.

Related Parties [Member] | SINA

Related Party Transactions

Schedule of significant related party transactions with the group


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Transactions with SINA
Advertising and marketing revenues	$	96,359	$	56,206	$	45,319
Value-added services revenues		15,162		20,740		21,491
Total	$	111,521	$	76,946	$	66,810

Significant Accounting Policies - Intangible Assets Other Than Goodwill, Foreign Currency and Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Foreign currency
Currency translation adjustments	$ (114,683)	$ (261,729)	$ 78,196
Net foreign currency transaction loss	$ (9,100)	$ (67,000)
Segment reporting
Number of principal business segments \| segment	2
Minimum
Intangible assets other than goodwill
Estimated useful lives of intangible assets	3 years
Maximum
Intangible assets other than goodwill
Estimated useful lives of intangible assets	10 years

Operations (Tables)

12 Months Ended

Dec. 31, 2023

Operations

Schedule of the Company's major subsidiaries and major VIEs


			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	%

Schedule of total costs and expenses allocated from SINA


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Cost of revenues	$	14,749	$	17,255	$	12,313
Sales and marketing		3,319		1,953		—
Product development		10,083		12,192		6,850
General and administrative		10,119		15,778		17,320
	$	38,270	$	47,178	$	36,483

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,
	2022		2023

	(In US$ thousands)
Cash and cash equivalents	$	657,578	$	625,486
Short-term investments		53,822		35,870
Accounts receivable		467,083		426,420
Prepaid expenses and other current assets		179,516		165,557
Amount due from SINA		17,908		12,919
Property and equipment, net		1,641		1,721
Operating lease assets		25,776		23,082
Intangible assets, net		124,856		133,920
Goodwill		120,151		166,436
Long-term investments		327,423		266,718
Other non-current assets		295,500		202,695
Total assets	$	2,271,254	$	2,060,824

Accounts payable	$	97,269	$	118,773
Accrued and other liabilities		405,979		380,810
Income taxes payable		25,055		31,987
Deferred revenues		45,433		42,254
Amount due to the subsidiaries of the Group		1,676,499		1,393,967
Operating lease liability		26,756		25,791
Deferred tax liability		28,665		29,732
Other non-current liabilities		—		3,422
Total liabilities		2,305,656		2,026,736

Redeemable non-controlling interests		45,795		68,728

Total shareholders’ equity		(80,197)		(34,640)

Total liabilities, redeemable non-controlling interests and shareholders’ equity	$	2,271,254	$	2,060,824


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Total revenues	$	1,821,294	$	1,540,585	$	1,531,675
Net income (loss)	$	(36,406)	$	(18,356)	$	25,343


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Net cash provided by (used in) operating activities	$	335,940	$	(136,442)	$	159,891
Net cash provided by (used in) investing activities	$	(583,397)	$	410,164	$	88,119
Net cash provided by (used in) financing activities	$	156,997	$	226,938	$	(260,289)

Redeemable Non-controlling Interests

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Redeemable Non-controlling Interests

12 Months Ended

Dec. 31, 2023

Redeemable Non-controlling Interests

17. Redeemable Non-controlling Interests

In the fourth quarter of 2020, the Group entered into a series of share purchase agreements with then existing shareholders of Shanghai Jiamian Information Technology Co., Ltd. (“JM Tech”) to acquire the majority of the company’s equity interest. The Group agreed to redeem the non-controlling interests held by the founder and CEO of the company under certain circumstances during the following years subsequent to the acquisition (“redemption period”). The Group determined that the non-controlling interest with redemption rights should be classified as redeemable non-controlling interest since they are contingently redeemable upon the occurrence of certain conditional events, which are not solely within the control of the Group. The redemption price will be established by applying a predetermined multiple to adjusted earnings and could be higher if the founder and CEO of JM Tech is still under employment during the redemption period. The difference of redemption price caused by whether the founder and CEO is still employed is deemed as compensation cost to the founder and CEO with a credit to redeemable non-controlling interests.

The redeemable non-controlling interests is recognized at fair value on the acquisition date. The Group records accretion on the redeemable non-controlling interests to the redemption value over the period from the date of the acquisition to the date of earliest redemption. The accretion using the effective interest method, is recorded as deemed dividends to preferred shareholders, which reduce retained earnings and equity classified non-controlling interests, and earnings available to common shareholders in calculating basic and diluted earnings per share.

The process of adjusting redeemable non-controlling interests to its redemption value (the “Mezzanine Adjustment”) should be performed after attribution of the subsidiary’s net income or loss pursuant to ASC 810, Consolidation. The carrying amount of redeemable non-controlling interests will equal the higher of the amount resulting from application of ASC 810 or the amount resulting from the Mezzanine Adjustment. As the expected redemption value is less than the carrying value of redeemable non-controlling interests, there is nil mezzanine adjustment recognized for the years ended December 31, 2021 and 2022.

Pursuant to the agreements between the Group and the founder and CEO who is also an employee of JM Tech, the founder and CEO is required to be incumbent and JM Tech should meet certain performance conditions during the following two years till December 31, 2022 for the founder and CEO to be entitled to his proportionate share in JM Tech’s existing and future retained earnings during the period. Such entitlement will automatically be forfeited upon the termination of his employment during the period. The Company considered this arrangement as certain economic interests associated with the founder and CEO’s non-controlling interests in JM Tech till December 31, 2022. Therefore, the Company recognized compensation costs for the founder and CEO’s share of JM Tech’s retained earnings with the credit increasing non-controlling interests and redeemable non-controlling interests. During the year ended December 31, 2021, US$23.2 million compensation costs were recognized, of which US$20.0 million was recorded to increase redeemable non-controlling interests. As of December 31, 2022, the management of the Company had assessed the performance of JM Tech since the acquisition date and concluded that JM Tech did not meet the performance conditions defined in the share purchase agreements, which entitles the founder and CEO of JM Tech his proportionate share in the retained earnings during the period. Thus, the Group has reversed the accumulated US$36.2 million compensation costs related to JM Tech’s retained earnings recognized during the period, of which US$31.9 million was recorded to reduce redeemable non-controlling interests and US$4.3 million was recorded to reduce non-controlling interests. The reduction recorded in 2022 in redeemable non-controlling interests led to the carrying value below the redemption amount; therefore, accretion to redeemable non-controlling interests amounting US$12.8 million was recorded for the year ended December 31, 2023. For the year ended December 31, 2023, US$11.5 million of compensation costs was recognized with the founder and CEO’s incumbency.

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Fair Value Measurement

14. Fair Value Measurement

The following table summarizes, for assets measured at fair value on a recurring basis, the respective fair value and the classification by level of input within the fair value hierarchy as of December 31, 2022 and 2023:


	Fair Value Measurements
			Quoted Prices in
			Active Market		Significant Other		Significant
			for Identical Assets		Observable Inputs		Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(In US$ thousands)
As of December 31, 2022:
Wealth management products ⁽¹⁾	$	212,195	$	—	$	212,195	$	—
Equity securities with readily determinable market value ⁽²⁾		239,550		239,550		—		—
Total	$	451,745	$	239,550	$	212,195	$	—

As of December 31, 2023:
Wealth management products ⁽¹⁾	$	24,535	$	—	$	24,535	$	—
Equity securities with readily determinable market value ⁽²⁾		118,268		118,268		—		—
Total	$	142,803	$	118,268	$	24,535	$	—

(1) Included in short-term investments on the Group’s consolidated balance sheets.

(2) Included in long-term investments on the Group’s consolidated balance sheets.

Recurring

The Group measures short-term investments and equity securities with readily determinable fair values at fair value on a recurring basis. The fair values of the Group’s equity securities with readily determinable fair values are determined based on the quoted market price (Level 1). The fair values of the Group’s short-term investments are determined based on the quoted market price for similar products (Level 2). The fair value of certain wealth management products was determined based on market approach using unobservable inputs including selection of comparable debt securities and lack of marketability discounts. The fair value of these wealth management products was both nil as of December 31, 2022 and 2023, respectively, with US$47.0 million fair value change loss recognized for these wealth management products for the year ended December 31, 2022. The Group recorded US$196.6 million fair value change loss and US$32.1 million fair value change gain for equity securities with readily determinable fair values for the year ended December 31, 2022 and 2023, respectively.

14. Fair Value Measurement (Continued)

Non-recurring

For those equity investments without readily determinable fair value, the Group measures them at market value when observable price changes are identified or impairment charges are recognized. The market values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The Group classifies the valuation techniques on those investments that use similar identifiable transaction prices as Level 2 of fair value measurements. The Group measures equity method investments at fair value on a non-recurring basis only if an impairment charge is recognized.

Certain privately held investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the investees’ financial performance, assumptions about future growth, and future financing plan, with impairment charges incurred and recorded in earnings for the period then ended. For the years ended December 31, 2021, 2022 and 2023, US$106.8 million, US$63.5 million and US$25.7 million impairment charges were recorded for those equity investments without readily determinable fair values. As of December 31, 2022 and 2023, the carrying value of these impaired investments measured at Level 3 inputs were US$17.8 million and nil, respectively. The fair value of the privately held investments was measured either based on discounted cash flow with unobservable inputs including the discount curve of market interest rates, or based on comparing the operating metrics of public peer companies with the investees.

The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they were determined to be impaired. In accordance with the Group’s policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheets date or when facts and circumstances warrant a review, the Group performed an impairment assessment on its goodwill by reporting unit at least annually. The Group recognized no impairment charge of goodwill arising from previous acquisitions for the years ended December 31, 2021, 2022 and 2023, respectively.

The carrying amount of cash and cash equivalents, short-term investments, accounts receivable due from third parties, accounts receivable due from Alibaba, accounts receivable due from other related parties, amount due from SINA, accounts payable, accrued and other liabilities approximates fair values because of their short-term nature. The Group determines the fair value of its unsecured senior notes using quoted prices in less active markets, and accordingly the Group categorizes the unsecured senior notes and convertible senior notes as Level 2 in the fair value hierarchy. The fair value of unsecured senior notes amounted to US$1,355.6 million and US$1,438.2 million as of December 31, 2022 and 2023, respectively. The fair value of convertible senior notes amounted to US$356.0 million as of December 31, 2023.

Stock-Based Compensation - Number of Shares Available for Issuance (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of shares available for issuance
Number of shares available for issuance, beginning		3,563,000	7,435,000	12,495,000
Addition (in shares)		10,000,000	0	0
Granted (in shares)		(3,971,000)	(4,642,000)	(5,752,000)
Cancelled/expired/forfeited (in shares)		351,000	770,000	692,000
Number of shares available for issuance, ending		9,943,000	3,563,000	7,435,000	12,495,000
Aggregate Intrinsic Value
Fair value per ordinary share (in dollars per share)			$ 21.15
Cash received from the exercise of stock option		$ 1,000	$ 0	$ 1,313,000
2014 Plan
Number of shares available for issuance
Addition (in shares)	1,000,000.0
Employee and Non-Employee stock options
Options Outstanding
Outstanding at the beginning of the year (in shares)		3,019,000	387,000	551,000
Granted (in shares)		2,187,000	2,750,000	0
Exercised (in shares)				(105,000)
Cancelled/expired/forfeited (in shares)		(98,000)	(118,000)	(59,000)
Outstanding at the end of the year (in shares)		5,108,000	3,019,000	387,000	551,000
Vested and expected to vest at the end of the year (in shares)		4,686,000	2,752,000
Exercisable at the end of the year (in shares)		1,226,000	172,000
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)		$ 22.51	$ 32.68	$ 28.85
Granted (in dollars per share)		3.87	21.15
Exercised (in dollars per share)				12.70
Cancelled/expired/forfeited (in dollars per share)		22.07	24.12	32.68
Outstanding at the end of the year (in dollars per share)		14.54	22.51	$ 32.68	$ 28.85
Vested and expected to vest at the end of the year (in dollars per share)		14.68	22.54
Exercisable at the end of the year (in dollars per share)		$ 23.44	$ 32.68
Weighted Average Remaining Contractual Life (In years)
Outstanding at the end of the year		5 years 8 months 12 days	6 years	5 years 7 months 6 days	5 years 9 months 18 days
Vested and expected to vest at the end of the year		5 years 8 months 12 days	6 years
Exercisable at the end of the year		4 years 10 months 24 days	4 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding at the end of the year		$ 15,390,000			$ 6,683,000
Vested and expected to vest at the end of the year		13,905,000
Total intrinsic value of options exercised		$ 0	$ 0	$ 4,000,000.0
Fair value per ordinary share (in dollars per share)		$ 10.95	$ 19.12
Cash received from the exercise of stock option		$ 0	$ 0	$ 1,300,000
Unrecognized compensation cost		$ 30,500,000	$ 20,500,000
Expected weighted-average recognition period for unrecognized compensation cost		3 years 1 month 6 days
Restricted share units
Aggregate Intrinsic Value
Restricted shares units granted (in shares)		1,800,000	1,800,000	5,800,000

Goodwill, Intangible Assets and Acquisitions

12 Months Ended

Dec. 31, 2023

Goodwill, Intangible Assets and Acquisitions

6. Goodwill, Intangible Assets and Acquisitions

In the second quarter of 2021, the Group acquired another 51.2% equity interest of an investee operating a leading mobile photo and video application in China, Wuta application, in which the Group previously held 34.8% equity interest, with a cash consideration of US$39.5 million. The Group obtained the control and held 86% equity interest in the investee upon completion of the transaction on May 1, 2021. A third-party valuation firm was engaged by the Group to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on the acquisition date included user base, domain names and operating system of US$16.5 million with estimated lives ranging from three to ten years. The intangible assets were measured at fair value upon acquisition primarily using the royalty savings method, multi-periods excess earning model and cost approach. Key assumptions and estimates used in determining the fair value of these intangible assets include cash flow forecasts, the revenue growth rates, the discount rates, the customer attrition rate and replacements costs.

The consideration of the acquisition of the company operating Wuta application was allocated based on the fair value of the assets acquired and the liabilities assumed as follows:


	As of May 1, 2021
	(In US$ thousands)
Consideration	$	39,540
Fair value of previously held equity interest		26,875
Non-controlling interest		10,811
Total	$	77,226

Cash and short-term investments acquired	$	5,786
Other assets acquired		6,801
Identifiable intangible assets acquired		16,495
Goodwill		51,034
Liabilities assumed		(2,890)
Total	$	77,226

In April 2022 and July 2023, the Group acquired the remaining 14% equity interest of the company operating Wuta application through two installments of total cash payment of US$10.3 million. The Group owns 100% equity interest of the company operating Wuta application after the transaction.

In August 2021, the Group acquired an E-sports team and the related assets. A third-party valuation firm was engaged by the Group to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on acquisition date included game related assets of US$19.3 million with estimated lives of ten years. The intangible assets were measured at fair value upon acquisition primarily using royalty savings method and multi-periods excess earning method. Key assumptions and estimates used in determining the fair value of these intangible assets include discount rates, terminal growth rate and royalty rate.

The consideration of the acquisition of the E-sports team and the related assets was allocated based on the fair value of the assets acquired and the liabilities assumed as follows:


	As of August 1, 2021
	(In US$ thousands)
Consideration	$	30,953

Identifiable intangible assets acquired	$	19,274
Goodwill		14,745
Liabilities assumed		(3,066)
Total	$	30,953

6. Goodwill, Intangible Assets and Acquisitions (Continued)

On December 23, 2022, Weibo Hong Kong Limited, the Company’s wholly owned subsidiary, entered into certain agreement for the sale and purchase of 100% of the equity interest of Sina.com Technology (China) Co., Ltd., with SINA Hong Kong Limited, a wholly owned subsidiary of SINA, pursuant to which Weibo Hong Kong Limited agrees to purchase all equity interests in Sina.com Technology (China) Co., Ltd., a wholly-owned subsidiary of SINA Hong Kong Limited and the owner of SINA Plaza in Beijing, China, for an aggregate consideration of approximately US$218.4 million (RMB1.5 billion). The acquisition date was December 31, 2022 and the Group settled the payment for the consideration in the first quarter of 2023.

The Group involved a third-party appraiser to assess the fair value of assets acquired and liabilities assumed from the transaction. As more than 90% of the fair value of the gross assets acquired by the Group is concentrated in the office building, SINA Plaza, and the land-use right related to the building, the acquisition is considered an asset acquisition. Furthermore, as the Group and SINA Hong Kong Limited are under the common control of SINA, the transaction is considered an asset acquisition under common control. According to ASC 805-50, for a transfer of assets between entities under common control, the acquirer entity shall initially measure the assets and liabilities transferred at their carrying values in the accounts of the transferring entity. Therefore, the carrying values of assets of US$340.5 million and liabilities of US$281.1 million of STC was recorded in the Group’s consolidated balance sheets, and the difference between consideration paid by the Group and net assets (carrying value) of STC of US$159.0 million was recognized in additional paid-in capital as a distribution on the acquisition date. The assets recognized in the consolidated balance sheets mainly included office building and related facilities of US$170.6 million and land use right (recorded in operating lease assets) of US$125.8 million.

In the fourth quarter of 2023, the Group acquired another 33.1% equity interest of an investee, Xi’an Yunrui Network Technology Co., Ltd. (“Yunrui”), operating an online interactive entertainment application “Werewolf”, in which the Group previously held 17.9% equity interest, with a cash consideration of US$30.4 million. The Group obtained the control and held 51% equity interest in the investee upon completion of the transaction on October 1, 2023. In accordance with ASC805-accounting for step-up acquisition, the 17.9% equity interest previously held by the Group was re-measured to fair value at the acquisition date and a re-measurement gain of US$3.9 million was recognized. The Group engaged a third-party valuation firm to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on the acquisition date mainly included trademark, software copyright and cooperation agreement with a famous third-party IT company of US$31.2 million with estimated lives ranging from five to ten years. The intangible assets were measured at fair value upon acquisition primarily using the royalty savings method, multi-periods excess earning model and cost approach. Key assumptions and estimates used in determining the fair value of these intangible assets include cash flow forecasts, the revenue growth rates, and the discount rates.

The consideration of the acquisition of Yunrui was allocated based on the fair value of the assets acquired and the liabilities assumed as follows:


	As of October 1, 2023
	(In US$ thousands)
Consideration	$	30,443
Fair value of previously held equity interest		13,545
Non-controlling interest		37,043
Total	$	81,031

Cash and short-term investments acquired	$	4,864
Other assets acquired		1,483
Identifiable intangible assets acquired		31,205
Goodwill		48,669
Liabilities assumed		(5,190)
Total	$	81,031

The acquisitions completed in 2021 and 2023 individually contributed immaterial amounts to revenues and net income for 2021 and 2023, respectively. Since they did not have a material impact on the Group’s consolidated financial statements, pro forma disclosures have not been presented. Apart from what have been disclosed above, there was no other acquisitions during the years ended December 31, 2021, 2022 and 2023, respectively.

6. Goodwill, Intangible Assets and Acquisitions (Continued)

The following sets forth the changes in the Group’s goodwill by reporting units:


	Advertising &		Value-added
	Marketing		services		Total

	(In US$ thousands)
Balance as of December 31, 2020	$	30,899	$	30,813	$	61,712
Acquisition of the company operating Wuta application		51,034		—		51,034
Acquisition of an E-sports team		—		14,745		14,745
Currency translation adjustment		1,813		1,101		2,914
Balance as of December 31, 2021		83,746		46,659		130,405
Currency translation adjustment		(6,585)		(3,669)		(10,254)
Balance as of December 31, 2022		77,161		42,990		120,151
Acquisition of Yunrui		—		48,669		48,669
Currency translation adjustment		(2,331)		(53)		(2,384)
Balance as of December 31, 2023	$	74,830	$	91,606	$	166,436

The Group performs at least annually a qualitative analysis on the goodwill arising from acquisitions taking into consideration the events and circumstances, including consideration of macroeconomic factors, industry and market conditions, share price of the Group, and overall financial performance, in addition to other entity-specific factors. For the years ended December 31, 2021 and 2022, no impairment indicator was noted by performing qualitative analysis, therefore, no provision was recorded. During the year ended December 31, 2023, a sustained decrease of the share price was noted by the Group and deemed as an impairment indicator of the goodwill. The Group performed quantitative analysis as of June 30, 2023 and December 31, 2023. A third-party valuation firm was engaged to help the management determine the fair value of the two reporting units by applying income approach. Significant assumptions in estimating the fair value of reporting units included revenue growth rates and discount rates. In order to assess the impact of changes in certain significant assumptions, which could materially affect the determination of the fair value of each reporting unit, the Group also performed a sensitivity analysis by decreasing the revenue growth rates and increasing the discount rates. The analysis still resulted in the fair value of each reporting unit exceeding the carrying value by a sufficient amount. Therefore, the Group concluded that there was no impairment of goodwill as of June 30, 2023 and December 31, 2023, respectively.

For the year ended December 31, 2022, the Group recognized an impairment charge of US$10.2 million for the intangible assets arising from certain acquisitions due to no more sustainable future revenues expected for the certain business.

The following table summarizes the Group’s intangible assets arising from acquisitions:


	As of December 31, 2022						As of December 31, 2023
			Accumulated						Accumulated
	Cost		Amortization		Net		Cost		Amortization		Net

	(In US$ thousands)						(In US$ thousands)
Game related	$	140,328	$	(30,029)	$	110,299	$	136,155	$	(43,406)	$	92,749
Technology		2,808		(2,596)		212		10,596		(2,831)		7,765
Trademark and domain name		12,892		(4,280)		8,612		25,436		(5,765)		19,671
Others		13,045		(7,096)		5,949		23,898		(9,954)		13,944
Total	$	169,073	$	(44,001)	$	125,072	$	196,085	$	(61,956)	$	134,129

6. Goodwill, Intangible Assets and Acquisitions (Continued)

The amortization expense for the years ended December 31, 2021, 2022 and 2023 was US$22.2 million, US$21.5 million and US$19.3 million, respectively. As of December 31, 2023, estimated amortization expenses for future periods are expected as follows:


Year Ended December 31,	(In US$ thousands)
2024	$	21,483
2025		17,980
2026		17,943
2027		17,660
2028		17,326
Thereafter		41,528
Total expected amortization expense *	$	133,920

*	The table above excludes US$0.2 million of indefinite-lived intangible assets which was included in the category of others.

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
China Contribution Plan
Employee Benefit Plans
Employer contribution under China contribution plan	$ 79.5	$ 91.2	$ 83.2

Other Balance Sheets Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets:
Rental and other deposits	$ 1,606	$ 1,583
Deductible value-added taxes	4,860	3,865
Investment prepayment	29,055	30,938
Proceeds receivable from disposal of investments	0	13,371
Advertising prepayment	8,563	9,126
Prepayment to outsourced service providers	3,380	3,479
Amounts deposited by users	50,194	52,216
Content fees	15,796	15,859
Others	9,385	14,382
Prepaid expenses and other current assets	359,881	391,502
Related Parties [Member] \| Other related parties
Prepaid expenses and other current assets:
Loans to and interest receivable	100,000	110,000
Other related parties
Prepaid expenses and other current assets:
Loans to and interest receivable	100,000	110,000
Third parties
Prepaid expenses and other current assets:
Loans to and interest receivable	$ 137,042	$ 136,683

Other Balance Sheets Components - Accrued and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued and other liabilities:
Payroll and welfare	$ 161,579	$ 156,274
Marketing expenses	62,267	74,093
Sales rebates	244,868	266,455
Professional fees	8,083	8,836
VAT and other tax payable	56,548	51,037
Amounts due to users	50,194	52,216
Payable to SINA for the acquisition of the equity of STC (5) (Note 6)	0	218,402
Unpaid consideration for acquisitions	5,674	687
Unpaid consideration for investment	2,186	4,320
Proceeds received in advance from disposal of investment	0	14,496
Interest payable for convertible senior notes, unsecured senior notes and long-term loans	28,812	28,257
Others	36,234	38,911
Total accrued and other liabilities	656,445	913,984
Investment-related deposits	325,895	373,252
Related Parties [Member] \| SINA
Accrued and other liabilities:
Payable to SINA for the acquisition of the equity of STC (5) (Note 6)	0	218,402
Game company
Accrued and other liabilities:
Investment-related deposits	$ 154,000	$ 249,400

Operations (Details) $ in Millions	1 Months Ended		12 Months Ended
Operations (Details) $ in Millions	Dec. 31, 2021 USD ($)	Apr. 30, 2014 USD ($)	Dec. 31, 2023 Vote
Operations
Net proceeds from Offering \| $	$ 178.4
Class A Ordinary shares
Operations
Number of votes each share is entitled to \| Vote			1
Number of Class A shares converted from Class B shares			1
Class B ordinary shares
Operations
Number of votes each share is entitled to \| Vote			3
IPO \| Class A Ordinary shares
Operations
Proceeds from IPO \| $		$ 306.5
Weimeng
Operations
Percentage of Direct/Indirect Economic Interest in VIEs			99.00%
Weimeng Chuangke
Operations
Percentage of Direct/Indirect Economic Interest in VIEs			100.00%
Weibo HK
Operations
Percentage of Direct/Indirect Economic Interest			100.00%
Weibo Technology
Operations
Percentage of Direct/Indirect Economic Interest			100.00%
Wb Online
Operations
Percentage of Direct/Indirect Economic Interest			100.00%
Weishichangmeng
Operations
Percentage of Direct/Indirect Economic Interest			100.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of components of lease cost


	Year Ended December 31,
	2021		2022			2023

	(In US$ thousands)
Operating lease cost	$	7,625	$	13,949	$	15,824
Short-term lease cost		4,776		2,631		3,675
Variable lease cost		5,287		5,348		—
Total lease cost	$	17,688	$	21,928	$	19,499

Schedule of other information related to leases


	Year Ended December 31,
	2021		2022			2023

	(In US$ thousands)
Supplemental Cash Flows Information:
Cash paid for operating leases	$	(8,948)	$	(12,877)	$	(12,246)
Operating lease assets obtained in exchange for operating lease liabilities	$	65,459	$	19,728	$	1,378

Schedule of maturities of lease liabilities under operating leases


Year Ended December 31,	(In US$ thousands)
2024	$	13,374
2025		12,786
2026		11,399
2027		3,174
2028		2,402
Thereafter		25,028
Total future payments for recognized leasing assets		68,163
Less: leases not yet commenced		—
Less: imputed interest		14,918
Total lease liabilities	$	53,245

Fair Value Measurement - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement
Wealth management products	$ 24,535	$ 212,195
Equity securities with readily determinable market value	118,268	239,550
Financial instruments measured on a recurring basis
Fair Value Measurement
Wealth management products	24,535	212,195
Equity securities with readily determinable market value	118,268	239,550
Total	142,803	451,745
Financial instruments measured on a recurring basis \| Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Measurement
Wealth management products	0	0
Equity securities with readily determinable market value	118,268	239,550
Total	118,268	239,550
Financial instruments measured on a recurring basis \| Significant Other Observable Inputs (Level 2)
Fair Value Measurement
Wealth management products	24,535	212,195
Equity securities with readily determinable market value	0	0
Total	24,535	212,195
Financial instruments measured on a recurring basis \| Significant Unobservable Inputs (Level 3)
Fair Value Measurement
Wealth management products	0	0
Equity securities with readily determinable market value	0	0
Total	$ 0	$ 0

Operations

12 Months Ended

Dec. 31, 2023

Operations

Operations

1. Operations

Weibo Corporation (“Weibo” or the “Company”) is a leading social media platform in China for people to create, discover and distribute content. By providing a simple and inspirational way for people and organizations in China and the global Chinese communities to express themselves publicly in real time, interact with others on a platform with vast scale and stay connected with the world, Weibo has had a profound social impact in China. Launched in 2009, Weibo has been committed to enabling faster, easier, and richer connection among people and has become an integral part of many of Weibo users’ daily lives.

Incorporated in the Cayman Islands, Weibo Corporation is a controlled subsidiary of Sina Corporation (the “Parent” or “SINA”). In April 2014, the Company completed an initial public offering (the “IPO”) and received US$306.5 million in net proceeds. Immediately prior to the completion of the IPO, all the ordinary shares held by SINA were converted into an equal number of the Class B ordinary shares, all the ordinary shares held by other shareholders converted into an equal number of the Class A ordinary shares, and all of its outstanding preferred shares automatically converted into Class A ordinary shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to three votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares.

In December 2021, the Company successfully listed its Class A ordinary shares on the main board of the Hong Kong Stock Exchange. Net proceeds from the offering, after deducting estimated underwriting fees and other offering expenses, were approximately US$178.4 million.

Weibo Corporation is an exempted company with limited liability under the laws of the Cayman Islands. WB Online and Weibo HK are wholly owned subsidiaries of the Company, and Weibo Technology, a wholly foreign-owned enterprise, (“the WFOE”), is a subsidiary of Weibo HK. The operation of Weibo business is carried out by various subsidiaries and variable interest entities (“VIE”) of the Company. The Company’s VIEs and VIEs’ subsidiaries are controlled by the WFOE through a series of contractual agreements. Weibo Corporation, its subsidiaries, VIEs and VIEs’ subsidiaries together are referred to as “the Group”.

The following sets forth the Company’s major subsidiaries and major VIEs:


			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	%

1. Operations (Continued)

Intellectual Property License Agreement

The intellectual property license agreement was entered into by and between SINA and the Company in April 2013. Under this agreement, SINA granted the Company and its subsidiaries a perpetual, worldwide, royalty-free, fully paid-up, non-sub licensable, non-transferable, limited, exclusive license of certain trademarks and a non-exclusive license of certain other intellectual property owned by SINA to make, sell, offer to sell and distribute products, services and applications on a microblogging and social networking platform. The Company granted SINA and its affiliates a non-exclusive, perpetual, worldwide, non-sub licensable, non-transferable limited license of certain of the Company’s intellectual property to use, reproduce, modify, prepare derivative works of, perform, display or otherwise exploit such intellectual property. This agreement commenced on April 29, 2013 and will continue to be in effect unless and until terminated as provided in the agreement.

Transactions between SINA and Weibo

Accounts receivable directly related to the Group but for which SINA will receive payments and remit payments to the Group, as well as accounts receivable directly from SINA, are included in the amount due from SINA. Liabilities directly related to the Group but for which SINA will make payments and receive reimbursements from the Group, as well as liabilities directly to SINA, are included in the amount due to SINA. The amount due from/to SINA is presented as an offsetting balance on the Group’s consolidated balance sheets. Loans from SINA are presented under cash flow from financing activities, whereas loans to SINA are presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated to the Group is presented under operating activities in the consolidated statements of cash flows. The Group’s consolidated statements of comprehensive income contain all the related costs and expenses of the Weibo business, including allocation to the cost of revenues, sales and marketing expenses, product development expenses, and general and administrative expenses, which are incurred by SINA but related to the Weibo business. These allocations were based on proportional cost allocation by considering proportion of the revenues, infrastructure usage metrics and labor usage metrics, among other things, attributable to the Group and are made on a basis considered reasonable by mutual managements. Refer to Note 6 for information related to the acquisition of STC.

Total costs and expenses allocated from SINA were as follows:


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Cost of revenues	$	14,749	$	17,255	$	12,313
Sales and marketing		3,319		1,953		—
Product development		10,083		12,192		6,850
General and administrative		10,119		15,778		17,320
	$	38,270	$	47,178	$	36,483

While the costs and expenses allocated to the Group for these items are not necessarily indicative of the costs and expenses that would have been incurred if the Group had transactions with independent third-party suppliers directly or hired more employees, the Company does not believe there would be any significant difference between the nature and amounts of these allocated costs and expenses and the ones that would have been incurred if the Group had transactions with independent third-party suppliers directly or hired more employees.

1. Operations (Continued)

Consolidation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, VIEs controlled by the WFOE through a series of contractual agreements, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated.

To comply with PRC laws and regulations, the Group provides a substantial amount of its services in China via the VIEs, which hold critical operating licenses that enable the Group to do business in China. Most of the Group’s revenues, costs and expenses, and net income before intercompany transactions in China were generated directly or indirectly through the VIEs and VIEs’ subsidiaries. The Company relies on contractual arrangements among its PRC subsidiaries, the VIEs and their shareholders to control the business operations of the VIEs and VIEs’ subsidiaries and the Group has determined that Weibo Technology, the WFOE, is the primary beneficiary of the VIEs through its contractual arrangements with the VIEs. Accordingly, the Company has consolidated the results of operations and assets and liabilities of VIEs and VIEs’ subsidiaries in the Group’s financial statements pursuant to the United States Generally Accepted Accounting Principles (“US GAAP”) for all the periods presented.

Shareholders of the VIEs are certain nominee shareholders from the Company or SINA. The capital for their investments in the VIEs is funded by the Company and recorded as interest-free loans to these individuals. These loans were eliminated with the capital of the VIEs during consolidation. Each shareholder of the VIEs has agreed to transfer their equity interest in the VIEs to Weibo Technology when permitted by PRC laws and regulations or to designees of the Company at any time for the amount of loans outstanding. All voting rights of the VIEs, including without limitation the right to appoint all directors of the VIEs, has been assigned to Weibo Technology. Weibo Technology has also entered into exclusive technical service agreements with the VIEs under which Weibo Technology provides technical and other services to the VIEs in exchange for substantially all net income of the VIEs. In addition, the shareholders of the VIEs have pledged their shares in the VIEs as collateral for the non-payment of loans or for the technical and other services fees due to Weibo Technology. As of December 31, 2022 and 2023, the total amounts of interest-free loans to the VIEs’ shareholders were US$84.8 million and US$82.2 million, respectively. The VIEs and VIEs’ subsidiaries had accumulated deficit of US$150.8 million and US$125.5 million as of December 31, 2022 and 2023,respectively, which were included in the Group’s consolidated financial statements.

1. Operations (Continued)

Consolidation (Continued)


	As of December 31,
	2022		2023

	(In US$ thousands)
Cash and cash equivalents	$	657,578	$	625,486
Short-term investments		53,822		35,870
Accounts receivable		467,083		426,420
Prepaid expenses and other current assets		179,516		165,557
Amount due from SINA		17,908		12,919
Property and equipment, net		1,641		1,721
Operating lease assets		25,776		23,082
Intangible assets, net		124,856		133,920
Goodwill		120,151		166,436
Long-term investments		327,423		266,718
Other non-current assets		295,500		202,695
Total assets	$	2,271,254	$	2,060,824

Accounts payable	$	97,269	$	118,773
Accrued and other liabilities		405,979		380,810
Income taxes payable		25,055		31,987
Deferred revenues		45,433		42,254
Amount due to the subsidiaries of the Group		1,676,499		1,393,967
Operating lease liability		26,756		25,791
Deferred tax liability		28,665		29,732
Other non-current liabilities		—		3,422
Total liabilities		2,305,656		2,026,736

Redeemable non-controlling interests		45,795		68,728

Total shareholders’ equity		(80,197)		(34,640)

Total liabilities, redeemable non-controlling interests and shareholders’ equity	$	2,271,254	$	2,060,824

1. Operations (Continued)

Consolidation (Continued)


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Total revenues	$	1,821,294	$	1,540,585	$	1,531,675
Net income (loss)	$	(36,406)	$	(18,356)	$	25,343


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Net cash provided by (used in) operating activities	$	335,940	$	(136,442)	$	159,891
Net cash provided by (used in) investing activities	$	(583,397)	$	410,164	$	88,119
Net cash provided by (used in) financing activities	$	156,997	$	226,938	$	(260,289)

Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs through Weibo Technology and can have assets transferred freely out of the VIEs without restrictions. Therefore, the Company considers that there is no asset of the VIEs that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries, except for the registered capital and non-distributable reserve funds of the VIEs and VIEs’ subsidiaries, amounting to US$228.0 million and US$209.3 million as of December 31, 2022 and 2023, respectively. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Company is conducting certain businesses mainly through the VIEs, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. The total amount of costs and expenses allocated from SINA to the VIEs was US$3.4 million, US$4.2 million and US$6.6 million for 2021, 2022 and 2023, respectively.

The VIEs hold assets with no carrying value in the consolidated balance sheets that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs include the Internet Content Provision License, the Online Culture Operating Permit, the domain names of Weibo.com, Weibo.cn and Weibo.com.cn and so on. Recognized revenue-producing assets held by the VIEs include game technology, supplier-relationship contracts, and trademark and domain names, which were acquired through the previous acquisitions. Unrecognized revenue-producing assets, including customer lists relating to advertising and marketing services, membership, and game-related services, as well as trademarks, are also held by Weibo Technology.

The following is a summary of the VIE agreements with Weimeng. The VIE agreements with Weimeng Chuangke are substantially the same as those described below:

Loan Agreements. Weibo Technology has granted interest-free loans to the shareholders of Weimeng, who are senior officers of the Group or SINA, but not the controlling shareholders of SINA, with the sole purpose of providing funds necessary for those shareholders to make capital injections to Weimeng. The term of the loans is 10 years and Weibo Technology has the right, at its own discretion, to shorten or extend the term of the loans if necessary. In the consolidated financial statements, these loans are eliminated with the capital of Weimeng during consolidation.

Share Transfer Agreements. Each shareholder of Weimeng has granted Weibo Technology an option to purchase his shares in Weimeng at a purchase price equal to the amount of capital injection. Weibo Technology may exercise such option at any time until it has acquired all shares of Weimeng, subject to applicable PRC laws. The options will be effective until the earlier of (i) Weibo Technology and the shareholders of Weimeng have fully performed their obligations under these agreements, and (ii) Weibo Technology and the shareholders of Weimeng agree in writing to terminate these agreements.

Loan Repayment Agreements. Each shareholder of Weimeng has agreed with Weibo Technology that the interest-free loans under the loan agreements shall only be repaid through share transfers. Once the share transfers are completed, the purchase price for the share transfer will be set off against the loan repayment. These agreements will be effective until the earlier of (i) Weibo Technology and the shareholders of Weimeng have fully performed their obligations under these agreements, and (ii) Weibo Technology and the shareholders of Weimeng agree in writing to terminate these agreements.

1. Operations (Continued)

Consolidation (Continued)

Agreement on Authorization to Exercise Shareholder’s Voting Power. Each shareholder of Weimeng has authorized Weibo Technology to exercise all his voting power as a shareholder of the applicable VIE on all matters requiring shareholders’ approval under PRC laws and regulations and the articles of association of Weimeng, including without limitation to the appointment of directors, transfer, mortgage or dispose of Weimeng’s assets, transfer of any equity interest in Weimeng, and merger, split, dissolution and liquidation of Weimeng. The authorizations are irrevocable and will not expire until Weimeng dissolves.

Share Pledge Agreements. Each shareholder of Weimeng has pledged all of his shares in Weimeng and all other rights relevant to his rights in those shares to Weibo Technology as security for his obligations to pay off all debts to Weibo Technology under the loan agreement. In the event of default of such obligations, Weibo Technology will be entitled to certain rights, including transferring the pledged shares to itself and disposing of the pledged shares through sale or auction. During the term of the agreements, Weibo Technology is entitled to receive all dividends and distributions paid on the pledged shares. The pledges will be effective until the earlier of (i) the third anniversary of the due date of the last guaranteed debt, (ii) Weimeng and its shareholders have fully performed their obligations under these agreements, and (iii) Weibo Technology consents to terminate these agreements. Weimeng has completed registration of equity pledges with the relevant office of the administration for industry and commerce in accordance with the PRC Civil Code.

Exclusive Technical Services Agreement, Exclusive Sales Agency Agreement and Trademark License Agreement. Weimeng has entered into an exclusive technical services agreement, an exclusive sales agency agreement and a trademark license agreement with Weibo Technology. Under the exclusive technical services agreement, Weibo Technology is engaged to provide technical services for Weimeng’s online advertising and other related businesses. Under the exclusive sales agency agreement, Weimeng has granted Weibo Technology the exclusive right to distribute, sell and provide agency services for all the products and services provided by Weimeng. Due to its control over Weimeng, Weibo Technology has the right to determine the service fee to be charged to Weimeng under these agreements by considering, among other things, the technical complexity of the services, the actual cost that may be incurred for providing such services, the operations of Weimeng, applicable tax rates, planned capital expenditure and business strategies. These agreements can only be prematurely terminated by Weibo Technology, and will not expire until Weimeng dissolves. Under the trademark license agreement, Weibo Technology has granted Weimeng trademark licenses to use the trademarks held by or licensed to Weibo Technology in specific areas, and Weimeng is obligated to pay license fees to Weibo Technology. The term of this agreement is one year and is automatically renewed provided there is no objection from Weibo Technology.

Spousal Consent Letters. Each of the spouses of the shareholders of Weimeng signed the spousal consent letters. The shareholders, except for the third-party minority stakeholder, collectively hold 99% equity interest in Weimeng. Pursuant to the spousal consent letters, each signing spouse unconditionally and irrevocably agreed that the spouse is aware of the abovementioned loan agreements, share transfer agreements, loan repayment agreements, agreement on authorization to exercise shareholder’s voting power and share pledge agreements and has read and understood the contractual arrangements. Each signing spouse has committed not to make any assertions in connection with the equity interests of the relevant shareholder’s interest in Weimeng, to execute all necessary documents and take all necessary actions to ensure appropriate performance of the abovementioned agreements, and, if the spouse obtains any equity interests of Weimeng, to be bound by the abovementioned agreements, comply with the obligations thereunder as a shareholder of Weimeng and sign a series of written documents in substantially the same format and content as the abovementioned agreements.

These VIE agreements provide Weibo Technology with the power to direct the activities that most significantly affect the economic performance of the Group’s consolidated VIEs and enable the Group to receive substantially all of the economic benefits generated by them. For the years ended December 31, 2021, 2022 and 2023, the total amount of service fees that Weibo Technology charged to Weimeng under these service agreements and trademark license agreement was US$1,026.2 million, US$745.1 million and US$714.8 million, respectively, which were based on the actual cost incurred from providing the services and the operations of Weimeng.

Weibo Technology, Weimeng Chuangke and Weimeng Chuangke’s shareholders have entered into contractual arrangements which contain agreements and terms substantially similar to Weibo Technology’s contractual arrangements with Weimeng and Weimeng’s shareholders described above.

1. Operations (Continued)

Consolidation (Continued)

Minority Investment in Weimeng

In April 2020, WangTouTongDa (Beijing) Technology Co., Ltd., a subsidiary of a state-owned enterprise, China Internet Investment Fund Management Co., Ltd., which is owned by several state-owned enterprises, made an investment of approximately RMB10.7 million in Weimeng for 1% of Weimeng’s enlarged registered capital. Such third-party minority stake holder is entitled to customary economic rights in proportion to its equity ownership, and certain minority shareholder rights such as the right to appoint a director to Weimeng’s three-member board of directors, and veto rights over certain matters related to content decision, and certain future financings of Weimeng.

The third-party minority stake holder is not a party to the contractual arrangements mentioned above that are currently in effect among Weimeng, Weibo Technology and Weimeng’s other shareholders. As such, despite the fact that the Company is still able to enjoy economic benefits and exercise effective control over Weimeng and its subsidiaries, the Company is not able to purchase or have the third-party minority stake holder pledge its 1% equity interests in Weimeng in the same manner as agreed under existing contractual arrangements, nor is it granted the authorization of voting rights over these 1% equity interests. The Company believes Weibo Technology, the wholly-owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests.

The Company believes that the contractual arrangements among the WFOE, VIEs and VIEs’ shareholders are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or other actions. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

Long-term Investments

12 Months Ended

Dec. 31, 2023

Long-term Investments

Long-term Investments

4. Long-term Investments

Long-term investments comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The following sets forth the changes in the Group’s long-term investments:



	Equity Securities
	Without Readily				Equity Securities With
	Determinable Fair				Readily Determinable
	Values		Equity Method		Fair Values		Total

	(In US$ thousands)
Balance at December 31, 2020	$	579,084	$	311,161	$	289,221	$	1,179,466
Investments made/transfers from prepayments		96,768		182,200		—		278,968
Income from equity method investments, net		—		14,217		—		14,217
Dividend declared from equity method investments		—		(11,695)		—		(11,695)
Disposal of investments		(75,667)		—		(4,946)		(80,613)
Changes from measurement alternative to consolidation (Note 6)		(66,415)		—		—		(66,415)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values		(142,000)		—		142,000		—
Impairment on investments		(106,800)		—		—		(106,800)
Fair value change through earnings		(23,316)		—		9,877		(13,439)
Currency translation adjustment		7,062		6,900		—		13,962
Balance at December 31, 2021		268,716		502,783		436,152		1,207,651
Investments made/transfers from prepayments		36,423		114,909		—		151,332
Loss from equity method investments, net		—		(24,069)		—		(24,069)
Dividend declared from equity method investments		—		(5,772)		—		(5,772)
Disposal of investments		(29,974)		(6,293)		—		(36,267)
Impairment on investments		(63,515)		—		—		(63,515)
Fair value change through earnings		—		—		(196,602)		(196,602)
Currency translation adjustment		(15,071)		(24,057)		—		(39,128)
Balance at December 31, 2022		196,579		557,501		239,550		993,630
Investments made/transfers from prepayments/other non-current assets		70,864		303,845		—		374,709
Income from equity method investments, net		—		13,392		—		13,392
Dividend declared from equity method investments		—		(4,683)		—		(4,683)
Disposal of investments		(3,463)		(14,250)		—		(17,713)
Changes from measurement alternative to consolidation (Note 6)		(43,988)		—		—		(43,988)
Reclassification of equity investment with readily determinable fair value to equity-method investment		—		153,407		(153,407)		—
Impairment on investments		(25,706)		—		—		(25,706)
Fair value change through earnings		10,877		—		32,125		43,002
Currency translation adjustment		(3,873)		(8,384)		—		(12,257)
Balance at December 31, 2023	$	201,290	$	1,000,828	$	118,268	$	1,320,386

4. Long-term Investments (Continued)

For the years ended December 31, 2021, 2022 and 2023, the Group invested in private companies totaling US$96.8 million, US$36.4 million and US$70.9 million, respectively, which were accounted for under investments without readily determinable fair values. These investments were primarily to further expand and strengthen the Group’s ecosystem and mainly included a further investment of US$39.5 million in the company operating Wuta application in 2021 and follow-on investments of US$20.0 million and US$40.0 million in a company providing online brokerage services during 2021 and 2023, respectively. The Group obtained control of the company operating the Wuta application through the step acquisition and recorded US$27.6 million fair value change loss in 2021 for the equity interest previously held by the Group immediately prior to the step acquisition. The impact of the transaction was reflected in the changes from measurement alternative to consolidation. The Group also invested US$182.2 million, US$114.9 million and US$303.8 million in companies, which were accounted for under equity method, for the years ended December 31, 2021, 2022 and 2023, respectively. These investments mainly included several investment funds in 2021 and 2022, and US$230.8 million investment in INMYSHOW Digital Technology (Group) Co., Ltd. (“INMYSHOW”, a Shanghai Stock Exchange listed company, providing social and new media marketing services) in 2023, respectively. In March 2023, the Group purchased all equity interests in ShowWorld HongKong Limited, a shareholder of INMYSHOW. As the shares of INMYSHOW was the only asset held by ShowWorld HongKong Limited, the transaction was considered an asset acquisition. Furthermore, as the Group and ShowWorld HongKong Limited are under the common control of SINA, the transaction was considered an asset acquisition under common control. According to ASC 805-50, for a transfer of assets between entities under common control, the acquirer entity shall initially measure the assets and liabilities transferred at their carrying values in the accounts of the transferring entity. Therefore, the newly acquired shares of INMYSHOW was recorded in the Group’s consolidated balance sheets using their carrying value at SINA, and the difference between the consideration paid by the Group and the carrying value of US$230.8 million of the assets was recognized in additional paid-in capital as a distribution on the acquisition date. Immediately following this transaction and together with the Group’s existing shareholding in INMYSHOW, the Group held in the aggregate approximately 26.57% of the total issued shares of INMYSHOW. Consequently, the Group reclassified its investment in INMYSHOW from equity securities with readily determinable fair values to equity method.

The Group used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes. Changes in the carrying value of the equity investment under measurement alternative will be recognized whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is lower than the carrying value. The Group classifies the valuation techniques on investments that use similar identifiable transaction prices as Level 2 of fair value measurements.


	Cumulative Results
	(In US$ thousands)
Initial cost basis	$	662,460
Upward adjustments		85,710
Downward adjustments		(554,013)
Foreign currency translation		2,422
Total carrying value at December 31, 2022	$	196,579

Initial cost basis	$	689,724
Upward adjustments		92,736
Downward adjustments		(579,719)
Foreign currency translation		(1,451)
Total carrying value at December 31, 2023	$	201,290

4. Long-term Investments (Continued)

The Group assessed or engaged third-party valuation firms to help the management assess the fair value of certain investments, using Level 3 of fair value measurement and concluded that impairment was warranted for those investments at the year-end. Thus, the Group recognized US$63.5 million and US$25.7 million impairment charges to investments without readily determinable fair value for the years ended December 31, 2022 and 2023, respectively. The impairment charges mainly included a US$15.4 million write-off in a community software and a US$14.2 million impairment charge to a company running a business social platform in 2022 and a US$15.9 million write-off on an online education company in 2023, due to their negative financial performance with no obvious upturn or potential financing solutions in the foreseeable future.

Investments in marketable equity securities are valued using the market approach based on the quoted prices in active markets at the reporting dates. The Group classified the valuation techniques that use these inputs as Level 1 of fair value measurements. The Group recorded a fair value change loss of US$142.7 million in 2022 and a fair value change gain of US$9.1 million in 2023 for INMYSHOW. One of the Group’s investees, Didi Global Inc. (“Didi”), a company operating a mobility technology platform, completed its initial public offering in and started trading on July 1, 2021, China time. Therefore, investment in Didi amounting to US$142.0 million was transferred from measurement alternative to equity securities with readily determinable fair value, and a fair value change loss of US$53.9 million and a gain of US$23.1 million was recorded in 2022 and 2023, respectively. Didi has officially delisted from NYSE in June 2022 and trade under the “DIDIY” ticker on the OTC exchange. The Group continues to record the investment in Didi under equity securities with readily determinable fair values.

The following table shows the carrying amount and fair value of the marketable securities:


			Gross		Gross
	Cost		Unrealized		Unrealized		Fair
	Basis		Gains		Losses		Value

	(In US$ thousands)
INMYSHOW	$	81,385	$	62,952	$	—	$	144,337
Didi		142,000		—		(46,787)		95,213
December 31, 2022	$	223,385	$	62,952	$	(46,787)	$	239,550

Didi	$	142,000	$	—	$	(23,732)	$	118,268
December 31, 2023	$	142,000	$	—	$	(23,732)	$	118,268

4. Long-term Investments (Continued)

For the year ended December 31, 2023, equity method investments held by the Group in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. The condensed financial information of the Group’s equity method investments are summarized as a group as follow:


	Year ended December 31,
	2021		2022		2023

	(In US$ thousands)
Operating data:
Revenue	$	225,356	$	158,110	$	850,102
Gross profit	$	206,457	$	129,393	$	298,736
Income (loss) from operations	$	243,516	$	(195,636)	$	12,153
Net income (loss)	$	247,808	$	(200,042)	$	8,188
Net income (loss) attributable to the investees	$	247,808	$	(200,042)	$	9,856


	As of December 31,
	2022		2023

	(In US$ thousands)
Balance sheet data:
Current assets	$	904,956	$	1,803,408
Non-current assets	$	2,417,452	$	2,568,567
Current liabilities	$	683,626	$	1,199,969
Long-term liabilities	$	119	$	16,879
Non-controlling interests	$	—	$	(4,849)

The Group recorded investment-related impairment and provision of US$106.8 million, US$71.1 million and US$23.6 million for the years ended December 31, 2021, 2022 and 2023, respectively, due to various adverse factors affecting the performance of the investees. The impairment charges in 2021 was mainly caused by a full impairment of US$75.3 million on the investment in Yixia Tech and the investment-related impairment in 2022 primarily resulted from a US$15.4 million write-off in a community software and a US$14.2 million impairment charge to a company running a business social platform. The impairment charges recorded in 2023 mainly included a US$15.9 million write-off on an online education company.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interests	Total
Balance at beginning at Dec. 31, 2020	$ 57		$ 1,201,622	$ 79,526	$ 1,531,220	$ 16,191	$ 2,828,616
Balance at beginning (in shares) at Dec. 31, 2020	227,688
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan	$ 1		1,312				1,313
Issuance of ordinary shares pursuant to stock plan (in shares)	1,715
Issuance of shares - global offering, net of issuance costs	$ 1		178,739				178,740
Issuance of shares - global offering, net of issuance costs (in shares)	5,500
Shares lent to underwriters for settlement of over-allocations	1,650
Compensation cost to non-controlling interest shareholders						3,215	3,215
Disposal of subsidiaries with non-controlling interests			(278)			12	(266)
Acquisition of a subsidiary with non-controlling interests						10,811	10,811
Non-cash stock-based compensation			95,896				95,896
Net income (loss) before accretion to redeemable non-controlling interests					428,319	(16,442)	411,877
Net loss attributable to redeemable non-controlling interests						13,000	13,000
Currency translation adjustments				77,406		790	78,196
Balance at ending at Dec. 31, 2021	$ 59		1,477,291	156,932	1,959,539	27,577	3,621,398
Balance at ending (in shares) at Dec. 31, 2021	236,553
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan (in shares)	2,339
Shares returned from underwriters for settlement of over-allocations (in shares)	(1,650)
Repurchase of American depositary shares ("ADSs")		$ (57,682)					(57,682)
Repurchase of American depositary shares ("ADSs") (in shares)		(3,056)
Compensation cost to non-controlling interest shareholders						1,368	1,368
Reversal of compensation cost to non-controlling interest shareholders						(4,274)	(4,274)
Non-cash stock-based compensation			119,006				119,006
Net income (loss) before accretion to redeemable non-controlling interests					85,555	12,254	97,809
Net loss attributable to redeemable non-controlling interests						10,298	10,298
Contribution from non-controlling interest shareholders			8,520			(25,535)	(17,015)
Purchase of a subsidiary's shares from non-controlling shareholders			(270)			(5,136)	(5,406)
Acquisition of Sina.com Technology (China) Co., Ltd ("STC")			(159,028)				(159,028)
Currency translation adjustments				(259,672)		(2,057)	(261,729)
Balance at ending at Dec. 31, 2022	$ 59	$ (57,682)	1,445,519	(102,740)	2,045,094	14,495	$ 3,344,745
Balance at ending (in shares) at Dec. 31, 2022	237,242						237,242,000
Balance at ending (in shares) at Dec. 31, 2022		(3,056)					3,056
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan	$ 1						$ 1
Issuance of ordinary shares pursuant to stock plan (in shares)	2,191
Acquisition of a subsidiary with non-controlling interests						37,071	37,071
Retirement of repurchased American depositary shares ("ADSs")	$ (1)	$ 57,682	(57,681)
Retirement of repurchased American depositary shares ("ADSs") (in shares)	(3,056)	3,056
ADS lending arrangement in connection with issuance of convertible senior notes	$ 2		2,000				2,002
ADS lending arrangement in connection with issuance of convertible senior notes (in shares)	6,234
Non-cash stock-based compensation			107,883				107,883
Net income (loss) before accretion to redeemable non-controlling interests					342,598	2,095	344,693
Changes due to investment in INMYSHOW			(71,695)				(71,695)
Contribution from non-controlling interest shareholders			3,869				3,869
Purchase of a subsidiary's shares from non-controlling shareholders			(960)			(3,902)	(4,862)
Dividends to shareholders					(200,136)		(200,136)
Currency translation adjustments				(115,077)		394	(114,683)
Balance at ending at Dec. 31, 2023	$ 61		$ 1,428,935	$ (217,817)	$ 2,187,556	$ 50,153	$ 3,448,888
Balance at ending (in shares) at Dec. 31, 2023	242,611
Balance at ending (in shares) at Dec. 31, 2023							0

Special Cash Dividend

12 Months Ended

Dec. 31, 2023

Special Cash Dividend

Special Cash Dividend

19. Special Cash Dividend

In May 2023, the Company’s board of directors approved a special cash dividend of US$0.85 per ordinary share and ADS to the holders of its ordinary shares and ADSs as of the close of business on June 26, 2023. The aggregate amount of the special cash dividend was US$200.1 million and paid in July, 2023.

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

20. Subsequent Events

In March 2024, the Company’s board of directors has approved a special cash dividend of US$0.82 per ordinary share and ADS to holders of its ordinary shares and ADSs as of the close of business on April 12, 2024. The aggregate amount of the dividend will be approximately US$200 million and expected to be paid in May 2024.

Other Balance Sheets Components (Tables)

12 Months Ended

Dec. 31, 2023

Other Balance Sheets Components

Schedule of other balance sheet components


	As of December 31,
	2022		2023

	(In US$ thousands)
Accounts receivable, net:
Due from third parties	$	416,125	$	396,043
Due from Alibaba		75,347		61,094
Due from other related parties		49,151		38,188
Total gross amount		540,623		495,325
Allowance for credit losses:
Balance at the beginning of the year		(42,650)		(38,180)
Additional provision charged to expenses, net		(4,440)		(19,208)
Write-off		4,695		1,435
Currency translation adjustment		4,215		1,396
Balance at the end of the year		(38,180)		(54,557)
	$	502,443	$	440,768

Prepaid expenses and other current assets:
Rental and other deposits	$	1,583	$	1,606
Deductible value-added taxes		3,865		4,860
Investment prepayment		30,938		29,055
Proceeds receivable from disposal of investments		13,371		—
Loans to and interest receivable from other related parties⁽¹⁾ (Note 10)		110,000		100,000
Loans to and interest receivable from third parties⁽¹⁾		136,683		137,042
Advertising prepayment		9,126		8,563
Prepayment to outsourced service providers		3,479		3,380
Amounts deposited by users⁽²⁾		52,216		50,194
Content fees		15,859		15,796
Others		14,382		9,385
	$	391,502	$	359,881

Property and equipment, net:
Office building	$	196,223	$	190,295
Office building related facilities		3,298		3,199
Computers and equipment		228,599		213,637
Leasehold improvements		13,064		13,178
Furniture and fixtures		8,139		7,950
Others		17,733		18,644
Property and equipment, gross		467,056		446,903
Accumulated depreciation		(217,503)		(226,240)
	$	249,553	$	220,663
Other non-current assets
Investment-related deposits⁽³⁾	$	373,252	$	325,895
Loans to and interest receivable from other related parties⁽¹⁾ (Note 10)		454,912		349,716
Deferred tax assets		39,989		43,262
Others		30,269		36,889
	$	898,422	$	755,762
Accrued and other liabilities⁽⁴⁾:
Payroll and welfare	$	156,274	$	161,579
Marketing expenses		74,093		62,267
Sales rebates		266,455		244,868
Professional fees		8,836		8,083
VAT and other tax payable		51,037		56,548
Amounts due to users⁽²⁾		52,216		50,194
Payable to SINA for the acquisition of the equity of STC (Note 6)		218,402		—
Unpaid consideration for acquisitions		687		5,674
Unpaid consideration for investment		4,320		2,186
Proceeds received in advance from disposal of investment		14,496		—
Interest payable for convertible senior notes, unsecured senior notes and long-term loans		28,257		28,812
Others		38,911		36,234
	$	913,984	$	656,445

(1)	Loans to related parties and third parties incurred for the years ended December 31, 2022 and 2023 were non-trade in nature.

(2)

(3)	Investment-related deposits primarily included a game company amounted to US$249.4 million and US$154.0 million as of December 31, 2022 and 2023, respectively.

(4)	Include amounts due to third parties, employees, related parties (Note 10) and Weibo wallet users.

Net Income per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Income per Share

Schedule of basic and diluted net income per share


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands, except share data and per share data)
Basic net income per share calculation:
Numerator:
Net income attributable to Weibo’s shareholders	$	428,319	$	85,555	$	342,598
Denominator:
Weighted average ordinary shares outstanding		228,814		235,164		235,560
Basic net income per share attributable to Weibo’s shareholders	$	1.87	$	0.36	$	1.45

Diluted net income per share calculation:
Numerator:
Net income attributable to Weibo	$	428,319	$	85,555	$	342,598
Add: Effect on interest expenses and amortized issuance cost of convertible senior notes		—		—		529
Net income attributable to Weibo’s shareholders for calculating diluted net income per share		428,319		85,555		343,127
Denominator:
Weighted average ordinary shares outstanding		228,814		235,164		235,560
Effects of dilutive securities
Stock options		68		—		14
Unvested restricted share units		1,324		1,243		2,625
Convertible senior notes		—		—		1,775
Shares used in computing diluted net income per share attributable to Weibo’s shareholders		230,206		236,407		239,974
Diluted net income per share attributable to Weibo’s shareholders	$	1.86	$	0.36	$	1.43

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Currency translation adjustments, tax	$ 0	$ 0	$ 0

Cash, Cash Equivalents and Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents and Short-term Investments

Schedule of cash, cash equivalents and short-term investments


	As of December 31,
	2022		2023

	(In US$ thousands)
Cash and cash equivalents:	$	2,690,768	$	2,584,635
Short-term investments:
Bank time deposits		268,233		616,500
Wealth management products		212,195		24,535
Subtotal		480,428		641,035
Total cash, cash equivalents and short-term investments	$	3,171,196	$	3,225,670

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

10. Related Party Transactions

The following sets forth significant related parties and their relationships with the Company:


Company Name		Relationship with the Company
SINA		Parent and affiliates under common control.

Alibaba		Strategic partner and significant shareholder of the Company.

During the years ended December 31, 2021, 2022 and 2023, the Group entered in to a series of one-year loan agreements with SINA pursuant to which SINA is entitled to borrow from the Group to facilitate SINA’s business operations. SINA has withdrawn a total of US$978.2 million, US$1,261.9 million and US$1,105.7 million from the Group and repaid US$1,058.6 million, US$1,249.5 million and US$1,071.1 million to the Group during the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the loans to and interest receivable from SINA were US$420.4 million and US$445.2 million, respectively.

The following sets forth significant related party transactions with the Group:


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Transactions with SINA
Revenue billed through SINA	$	68,351	$	44,962	$	41,557
Revenue from services provided to SINA		43,170		31,984		25,253
Total	$	111,521	$	76,946	$	66,810

Costs and expenses allocated from SINA⁽¹⁾	$	38,270	$	47,178	$	36,483
Interest income on loans to SINA	$	17,943	$	14,770	$	14,913

Transactions with Alibaba
Advertising and marketing revenues from Alibaba – as an advertiser	$	139,561	$	106,974	$	111,608
Advertising and marketing revenues from Alibaba – as an agent	$	41,680	$	223	$	—
Services provided by Alibaba	$	44,006	$	33,745	$	23,366

(1)

The following table sets forth the details of the revenues from SINA by advertising and marketing revenues and value-added services revenues for the periods specified.


	Year Ended December 31,
	2021		2022		2023

	(In US$ thousands)
Transactions with SINA
Advertising and marketing revenues	$	96,359	$	56,206	$	45,319
Value-added services revenues		15,162		20,740		21,491
Total	$	111,521	$	76,946	$	66,810

10. Related Party Transactions (Continued)

The following sets forth related party outstanding balance:


	As of December 31,
	2022		2023

		(In US$ thousands)
Amount due from SINA⁽²⁾	$	487,117	$	486,397
Payable to SINA for the acquisition of the equity of STC (Note 6)	$	218,402	$	—
Accounts receivable due from Alibaba	$	75,347	$	61,094

Loans to and interest receivable from other related parties⁽³⁾ ⁽⁴⁾
-Company A (an investee providing online brokerage services)	$	110,000	$	100,000
Subtotal (included in prepaid expenses and other current assets)		110,000		100,000
-Company B (an investee in real estate business)		454,912		349,716
Subtotal (included in other non-current assets)		454,912		349,716
Total	$	564,912	$	449,716

(2)

(3)

(4)

Other related parties mainly include investee companies on which SINA or Weibo has significant influence. These investees are generally high-tech companies operating in different internet-related business. For the years ended December 31, 2021, 2022 and 2023, the Group recognized US$70.0 million, US$40.5 million and US$32.7 million of advertising and marketing revenues, US$3.3 million, US$8.1 million and US$2.7 million of value-added services revenues, and US$62.6 million, US$32.3 million and US$33.9 million of costs and expenses from other related parties, respectively. As of December 31, 2022 and 2023, other related parties accounted for outstanding balances of net accounts receivable of US$48.6 million and US$38.2 million, accounts payable of US$21.7 million and US$36.8 million, and accrued and other liabilities of US$6.6 million and US$6.0 million, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Stock-Based Compensation - Incentive Plan Details (Details) - shares		1 Months Ended	12 Months Ended
	Jan. 01, 2015	Mar. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Stock-Based Compensation
Number of additional shares for the plan			10,000,000	0	0
Stock based compensation, amortization period			4 years
Performance-based restricted shares
Stock-Based Compensation
Stock based compensation, amortization period			1 year
2014 Plan
Stock-Based Compensation
Ordinary shares reserved for issuance		4,600,000
Number of additional shares for the plan		1,000,000.0
Term of share incentive plan	10 years
One-time percentage increase on January 1, 2015 for maximum aggregate number of shares which may be issued (as a percent)	10.00%
2023 Plan
Stock-Based Compensation
Ordinary shares reserved for issuance						10,000,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cash, Cash Equivalents and Short-term Investments

Goodwill, Intangible Assets and Acquisitions - Future Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill, Intangible Assets and Acquisitions
Amortization expense	$ 19,300	$ 21,500	$ 22,200
Future estimated amortization expenses
2024	21,483
2025	17,980
2026	17,943
2027	17,660
2028	17,326
Thereafter	41,528
Total expected amortization expense	133,920
Identifiable intangible assets acquired	$ 200

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income attributable to Weibo's shareholders	$ 342,598	$ 85,555	$ 428,319
Denominator:
Weighted average ordinary shares outstanding	235,560	235,164	228,814
Basic net income (loss) per share attributable to Weibo's shareholders (in dollars per share)	$ 1.45	$ 0.36	$ 1.87
Numerator:
Net income attributable to Weibo's shareholders	$ 342,598	$ 85,555	$ 428,319
Add: Effect on interest expenses and amortized issuance cost of convertible senior notes	529
Net income attributable to Weibo's shareholders for calculating diluted net income per share	$ 343,127	$ 85,555	$ 428,319
Denominator:
Weighted average ordinary shares outstanding	235,560	235,164	228,814
Shares used in computing diluted net income per share attributable to Weibo's shareholders	239,974	236,407	230,206
Diluted net income (loss) per share attributable to Weibo's shareholders (in dollars per share)	$ 1.43	$ 0.36	$ 1.86
Options and RSUs
Anti-dilutive share
Effects of dilutive securities	2,600,000	1,200,000	1,400,000
Anti-dilutive share excluded from the calculation of diluted net income per share	7,400,000	6,500,000	400,000
Employee and Non-Employee stock options
Denominator:
Effects of dilutive securities	14		68
Restricted share units
Denominator:
Effects of dilutive securities	2,625	1,243	1,324
Convertible Debt [Member]
Anti-dilutive share
Anti-dilutive share excluded from the calculation of diluted net income per share	0	5,900,000	6,800,000
Denominator:
Effects of dilutive securities	1,775

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Interest income	$ 118,209,000	$ 105,434,000	$ 77,280,000
Related party outstanding balance:
Payable to SINA for the acquisition of the equity of STC (Note 6)	0	218,402,000
Accounts receivable	440,768,000	502,443,000
Prepaid expenses and other current assets	359,881,000	391,502,000
Other non-current assets	755,762,000	898,422,000
Accounts receivable	440,768,000	502,443,000
Accounts payable	161,493,000	161,029,000
Accrued and other liabilities	$ 656,445,000	913,984,000
Related Parties [Member] \| Loans to and interest receivable
Related Party Transactions
Loan agreement term	5 years
Related party outstanding balance:
Other non-current assets	$ 349,716,000	454,912,000
Total of expenses	449,716,000	564,912,000
Other related parties
Related Party Transactions
Costs and expenses	33,900,000	32,300,000	62,600,000
Related party outstanding balance:
Accounts receivable	38,200,000	48,600,000
Accounts receivable	38,200,000	48,600,000
Accounts payable	36,800,000	21,700,000
Accrued and other liabilities	6,000,000.0	6,600,000
Other related parties \| Loans to and interest receivable
Related party outstanding balance:
Prepaid expenses and other current assets	100,000,000	110,000,000
Credit losses recognized (reversal)	$ 2,100,000	$ 7,600,000	$ 0
SINA \| Related Parties [Member]
Related Party Transactions
Loan agreement term	1 year	1 year	1 year
Loan to SINA	$ 1,105,700,000	$ 1,261,900,000	$ 978,200,000
Loan repaid by SINA	1,071,100,000	1,249,476,000	1,058,574,000
Revenue	66,810,000	76,946,000	111,521,000
Costs and expenses	36,483,000	47,178,000	38,270,000
Interest Income, Operating	14,913,000	14,770,000	17,943,000
Related party outstanding balance:
Amount due from SINA	486,397,000	487,117,000
Payable to SINA for the acquisition of the equity of STC (Note 6)	0	218,402,000
SINA \| Related Parties [Member] \| Loans to and interest receivable
Related party outstanding balance:
Amount due from SINA	445,200,000	420,400,000
SINA \| Related Parties [Member] \| Revenue billed through
Related Party Transactions
Revenue	41,557,000	44,962,000	68,351,000
SINA \| Related Parties [Member] \| Revenue from services provided to
Related Party Transactions
Revenue	25,253,000	31,984,000	43,170,000
SINA \| Related Parties [Member] \| Costs and expenses incurred by Weibo but paid by SINA
Related Party Transactions
Costs and expenses	24,900,000	37,700,000	48,000,000.0
SINA \| Related Parties [Member] \| Costs and expenses related to certain of SINA's activities for which Weibo made the payments
Related Party Transactions
Costs and expenses	9,900,000	600,000	800,000
Alibaba \| Related Parties [Member]
Related Party Transactions
Services provided by Alibaba	23,366,000	33,745,000	44,006,000
Related party outstanding balance:
Accounts receivable	61,094,000	75,347,000
Accounts receivable	61,094,000	75,347,000
Alibaba \| Related Parties [Member] \| Advertising and marketing revenues as an advertiser
Related Party Transactions
Revenue	111,608,000	106,974,000	139,561,000
Alibaba \| Related Parties [Member] \| Advertising and marketing revenues as an agent
Related Party Transactions
Revenue		223,000	41,680,000
Company A \| Other related parties \| Loans to and interest receivable
Related party outstanding balance:
Prepaid expenses and other current assets	100,000,000	110,000,000
Company B \| Other related parties \| Loans to and interest receivable
Related party outstanding balance:
Other non-current assets	$ 349,716,000	$ 454,912,000
Minimum \| Loans to and interest receivable
Related party outstanding balance:
Annual interest rate	4.00%	4.00%
Minimum \| SINA \| Related Parties [Member] \| Loans to and interest receivable
Related party outstanding balance:
Annual interest rate	1.00%
Maximum \| Related Parties [Member] \| Loans to and interest receivable
Related party outstanding balance:
Annual interest rate	6.70%	6.70%
Maximum \| SINA \| Related Parties [Member] \| Loans to and interest receivable
Related party outstanding balance:
Annual interest rate	4.00%
Advertising and marketing revenues \| Other related parties
Related Party Transactions
Revenue	$ 32,700,000	$ 40,500,000	70,000,000.0
Advertising and marketing revenues \| SINA \| Related Parties [Member]
Related Party Transactions
Revenue	45,319,000	56,206,000	96,359,000
Value-added services revenues \| Other related parties
Related Party Transactions
Revenue	2,700,000	8,100,000	3,300,000
Value-added services revenues \| SINA \| Related Parties [Member]
Related Party Transactions
Revenue	$ 21,491,000	$ 20,740,000	$ 15,162,000

Operations - Assets, Liabilities, Statement of Operations and Cash Flows (Details) $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020 CNY (¥) director	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operations
Costs and expenses allocated from SINA		$ 36,483	$ 47,178	$ 38,270
Interest-free loans to the VIE's shareholders		82,200	84,800
VIEs and VIEs' subsidiaries accumulated deficit		(125,500)	(150,800)
Assets and liabilities of the VIEs and their subsidiaries
Cash and cash equivalents		2,584,635	2,690,768
Short-Term Investments		641,035	480,428
Accounts receivable		440,768	502,443
Prepaid expenses and other current assets		359,881	391,502
Property and equipment, net		220,663	249,553
Operating lease assets		170,266	190,368
Intangible assets, net		133,920
Goodwill		166,436	120,151	130,405	$ 61,712
Long-term investments		1,320,386	993,630	1,207,651	1,179,466
Other non-current assets		36,889	30,269
Total assets		7,280,358	7,129,454
Accounts payable		161,493	161,029
Accrued and other liabilities		656,445	913,984
Income taxes payable		94,507	55,282
Deferred revenues		$ 75,187	$ 79,949
Other Liability, Current, Related Party, Type [Extensible Enumeration]		srt:SubsidiariesMember	srt:SubsidiariesMember
Operating lease liability		$ 53,245
Deferred tax liability		66,151	$ 41,694
Other non-current liabilities		3,422
Total liabilities		3,762,742	3,738,914
Redeemable non-controlling interests		50,153	14,495
Total shareholders' equity		3,448,888	3,344,745	3,621,398	$ 2,828,616
Total liabilities, redeemable non-controlling interests and shareholders' equity		7,280,358	7,129,454
Results of operations of the VIEs and their subsidiaries
Total revenues		1,759,836	1,836,332	2,257,083
Net income (loss)		342,598	85,555	428,319
Cash flows of the VIE and its subsidiary
Net cash provided by (used in) operating activities		672,820	564,104	814,020
Net Cash Provided by (Used in) Investing Activities		(736,846)	(33,014)	(423,960)
Net cash provided by (used in) financing activities		21,690	(91,141)	189,442
Contractual Arrangements with the VIE
Assets, except for registered capital of VIEs, that can only be used to settle obligations of the respective VIEs		0
Registered capital and non-distributable reserve funds of VIE and its subsidiaries		$ 209,300	228,000
Term of loan agreements		10 years
Term of trademark license agreements		1 year
Service fees revenue charged to VIE		$ 714,800	745,100	1,026,200
Revenues From Advertising Agencies [Member]
Results of operations of the VIEs and their subsidiaries
Total revenues		1,096,738	1,240,147	1,501,921
Revenues from advertisers signing contracts with company directly
Results of operations of the VIEs and their subsidiaries
Total revenues		437,276	356,503	478,874
Third parties
Assets and liabilities of the VIEs and their subsidiaries
Accounts receivable		341,486	378,500
Other related parties
Assets and liabilities of the VIEs and their subsidiaries
Accounts receivable		$ 38,188	48,596
Weimeng
Contractual Arrangements with the VIE
Equity interest		99.00%
New Weimeng Shareholder
Minority Investment In Weimeng
Sale of subsidiaries' shares to non-controlling interests \| ¥	¥ 10.7
Percentage of enlarged registered capital invested	1.00%
Number of member of board of directors the entity has right to appoint \| director	3
Consolidated VIEs
Assets and liabilities of the VIEs and their subsidiaries
Cash and cash equivalents		$ 625,486	657,578
Short-Term Investments		35,870	53,822
Prepaid expenses and other current assets		165,557	179,516
Property and equipment, net		1,721	1,641
Operating lease assets		23,082	25,776
Intangible assets, net		133,920	124,856
Goodwill		166,436	120,151
Long-term investments		266,718	327,423
Other non-current assets		202,695	295,500
Total assets		2,060,824	2,271,254
Accounts payable		118,773	97,269
Accrued and other liabilities		380,810	405,979
Income taxes payable		31,987	25,055
Deferred revenues		42,254	45,433
Amount due to the subsidiaries of the Group		1,393,967	1,676,499
Operating lease liability		25,791	26,756
Deferred tax liability		29,732	28,665
Other non-current liabilities		3,422
Total liabilities		2,026,736	2,305,656
Redeemable non-controlling interests		68,728	45,795
Total shareholders' equity		(34,640)	(80,197)
Total liabilities, redeemable non-controlling interests and shareholders' equity		2,060,824	2,271,254
Results of operations of the VIEs and their subsidiaries
Total revenues		1,531,675	1,540,585	1,821,294
Net income (loss)		25,343	(18,356)	(36,406)
Cash flows of the VIE and its subsidiary
Net cash provided by (used in) operating activities		159,891	(136,442)	335,940
Net Cash Provided by (Used in) Investing Activities		88,119	410,164	(583,397)
Net cash provided by (used in) financing activities		(260,289)	226,938	156,997
Contractual Arrangements with the VIE
Costs and expenses		6,600	4,200	3,400
Consolidated VIEs \| Third parties
Assets and liabilities of the VIEs and their subsidiaries
Accounts receivable		$ 426,420	467,083
Weimeng
Minority Investment In Weimeng
Percentage of equity interests the entity will not be able to purchase or have the New Weimeng Shareholder pledge		1.00%
Percentage of equity interests for which the authorization of voting rights will not be granted to entity		1.00%
Percentage of equity interests issued		1.00%
SINA \| Related Parties [Member]
Contractual Arrangements with the VIE
Costs and expenses		$ 36,483	47,178	38,270
SINA \| Consolidated VIEs \| Related Parties [Member]
Assets and liabilities of the VIEs and their subsidiaries
Accounts receivable		12,919	17,908
Costs of revenues
Operations
Costs and expenses allocated from SINA		12,313	17,255	14,749
Sales and marketing
Operations
Costs and expenses allocated from SINA		0	1,953	3,319
Product development
Operations
Costs and expenses allocated from SINA		6,850	12,192	10,083
General and administrative
Operations
Costs and expenses allocated from SINA		$ 17,320	$ 15,778	$ 10,119

Cash, Cash Equivalents and Short-term Investments

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents and Short-term Investments

3. Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and short-term investments consist of the following:


	As of December 31,
	2022		2023

	(In US$ thousands)
Cash and cash equivalents:	$	2,690,768	$	2,584,635
Short-term investments:
Bank time deposits		268,233		616,500
Wealth management products		212,195		24,535
Subtotal		480,428		641,035
Total cash, cash equivalents and short-term investments	$	3,171,196	$	3,225,670

The carrying amounts of cash, cash equivalents and short-term investments approximate the fair value.

Secondary Listing in Hong Kong

12 Months Ended

Dec. 31, 2023

Secondary Listing in Hong Kong

Secondary Listing in Hong Kong

18. Secondary Listing in Hong Kong

On December 8, 2021, the Company completed its global offering and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”). Weibo offered 5,500,000 Class A ordinary shares of the Company and Sina Corporation (the “Selling Shareholder”) offered 5,500,000 Class A ordinary shares of the Company, which were converted from the same number of Class B ordinary shares of the Company prior to the listing of Weibo’s Class A ordinary shares on the HKEX. Net proceeds from the global offering, after deducting estimated underwriting fees and other offering expenses, were US$178.4 million. The Company did not receive any proceeds from the sale of the Class A ordinary shares offered by the Selling Shareholder.

In addition, the Selling Shareholder granted an over-allotment option to the underwriters, to require the Selling Shareholder to sell up to an aggregate of 1,650,000 additional Class A ordinary shares of the Company (converted from the same number of Class B ordinary shares). The Selling Shareholder sold 1,453,620 shares to the underwriters for the option granted.

The underwriters borrowed 1,650,000 shares, which were included in the Company’s total outstanding shares as of December 31, 2021, from WB HZGS Estate (Hong Kong) Limited (a wholly-owned subsidiary of Weibo) to facilitate the settlement of over-allocations. The borrowed shares were returned to WB HZGS Estate (Hong Kong) Limited in the first quarter of 2022.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 $ / shares shares
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36397
Entity Registrant Name	WEIBO CORPORATION
Entity Incorporation, State or Country Code	KY
Entity Address, Address Line One	8/F, QIHAO Plaza
Entity Address, Address Line Two	No. 8 Xinyuan S. Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100027
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Beijing, the People’s Republic of China
Entity Central Index Key	0001595761
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Entity Information
Entity Address, Address Line One	8/F, QIHAO Plaza
Entity Address, Address Line Two	No. 8 Xinyuan S. Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100027
Contact Personnel Name	Fei Cao
Country Region	+86
City Area Code	10
Local Phone Number	5898-3095
Contact Personnel Fax Number	+86 10 8260-8888
ADS
Document Entity Information
Title of 12(b) Security	American depositary shares, each representing one Class A ordinary share
Trading Symbol	WB
Security Exchange Name	NASDAQ
Entity Listing, Depository Receipt Ratio	1
Common Stock
Document Entity Information
Entity Common Stock, Shares Outstanding	242,610,942
Class A Ordinary shares
Document Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.00025 per share
Entity Listing, Par Value Per Share \| $ / shares	$ 0.00025
Entity Common Stock, Shares Outstanding	154,788,918
No Trading Symbol Flag	true
Class B ordinary shares
Document Entity Information
Entity Common Stock, Shares Outstanding	87,822,024

Long-term Investments - Changes in Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term investments
Balance at the beginning of the year	$ 993,630	$ 1,207,651	$ 1,179,466
Investments made/transfers from prepayments	374,709	151,332	278,968
Income from equity method investments, net	13,392	(24,069)	14,217
Dividend declared from equity method investments	(4,683)	(5,772)	(11,695)
Disposal of investments	(17,713)	(36,267)	(80,613)
Changes from measurement alternative to consolidation (Note 6)	(43,988)		(66,415)
Impairment on investments	(25,706)	(63,515)	(106,800)
Fair value change through earnings	43,002	(196,602)	(13,439)
Currency translation adjustment	(12,257)	(39,128)	13,962
Balance at the end of year	1,320,386	993,630	1,207,651
Equity Securities Without Readily Determinable Fair Values
Long-term investments
Balance at the beginning of the year	196,579	268,716	579,084
Investments made/transfers from prepayments	70,864	36,423	96,768
Disposal of investments	(3,463)	(29,974)	(75,667)
Changes from measurement alternative to consolidation (Note 6)	(43,988)		(66,415)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values			(142,000)
Impairment on investments	(25,706)	(63,515)	(106,800)
Fair value change through earnings	10,877		(23,316)
Currency translation adjustment	(3,873)	(15,071)	7,062
Balance at the end of year	201,290	196,579	268,716
Equity Method Investment
Long-term investments
Balance at the beginning of the year	557,501	502,783	311,161
Investments made/transfers from prepayments	303,845	114,909	182,200
Income from equity method investments, net	13,392	(24,069)	14,217
Dividend declared from equity method investments	(4,683)	(5,772)	(11,695)
Disposal of investments	(14,250)	(6,293)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values	153,407
Currency translation adjustment	(8,384)	(24,057)	6,900
Balance at the end of year	1,000,828	557,501	502,783
Equity Securities With Readily Determinable Fair Values
Long-term investments
Balance at the beginning of the year	239,550	436,152	289,221
Disposal of investments			(4,946)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values	(153,407)		142,000
Fair value change through earnings	32,125	(196,602)	9,877
Balance at the end of year	$ 118,268	$ 239,550	$ 436,152

Redeemable Non-controlling Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Non-controlling Interests
Mezzanine adjustment recognized		$ 0	$ 0
Compensation costs recognized	$ 101,131,000	111,713,000	87,996,000
Redeemable non-controlling interest increased		1,368,000	3,215,000
Redeemable non-controlling interest decreased		$ 4,274,000
Accretion to redeemable non-controlling interests	$ 12,802,000
JM Tech
Redeemable Non-controlling Interests
Term for employment required by founders to be entitled to their proportionate share in existing and future retained earnings	2 years
Compensation costs recognized	$ 11,500,000		23,200,000
Redeemable non-controlling interest increased			$ 20,000,000.0
Amount of accumulated compensation costs reversed	36,200,000
Redeemable non-controlling interest decreased	31,900,000
Reduction in non-controlling interest	$ 4,300,000

Income Taxes (Details) $ / shares in Units, $ in Millions, ¥ in Billions	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023 USD ($) jurisdiction $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Income taxes
Number of taxable jurisdictions \| jurisdiction		2
Components of income before income taxes
Loss from non-China operations		$ (145,244,000)	$ (422,860,000)	$ (232,830,000)
Income from China operations		648,026,000	550,946,000	783,548,000
Income before income tax expenses		502,782,000	128,086,000	550,718,000
Total income tax expenses		$ 145,287,000	$ 30,277,000	$ 138,841,000
Effective tax rate		28.90%	23.60%	25.20%
Income tax rate (as a percent)		25.00%	25.00%	25.00%
Percentage research and development expenses	200.00%	150.00%			175.00%	175.00%	175.00%
Composition of income tax expenses for China operations
Current income tax expenses		$ 121,249,000	$ 55,098,000	$ 151,319,000
Deferred tax expenses (benefits)		24,038,000	(24,821,000)	(12,478,000)
Income tax expenses		$ 145,287,000	$ 30,277,000	$ 138,841,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate		25.00%	25.00%	25.00%
Effect on tax holiday and preferential tax treatment (as a percent)		(9.50%)	(29.70%)	(13.10%)
Research and development super-deduction (as a percent)		(4.40%)	(21.10%)	(7.50%)
Non-deductible expenses and non-taxable income and others (as a percent)		(3.50%)	(30.10%)	9.20%
Change in valuation allowance (as a percent)		5.00%	8.20%	0.70%
Effect of PRC withholding tax		8.70%
Tax rate difference from statutory rate in other jurisdictions (as percent)		7.60%	71.30%	10.90%
Effective tax rate for the Group (as a percent)		28.90%	23.60%	25.20%
Deferred tax assets:
Net operating loss carry forwards		$ 49,802,000	$ 18,289,000
Investment-related impairment		50,441,000	52,363,000
Depreciation, accounts receivable, accrued and other liabilities		72,207,000	73,557,000
Valuation allowance		(129,188,000)	(104,220,000)
Net deferred tax assets		43,262,000	39,989,000
Deferred tax liabilities:
Acquired intangible assets		28,528,000	27,435,000
Depreciation		1,769,000	1,731,000
Unrealized investment-related gain		12,282,000	12,414,000
Withholding tax		23,365,000
Others		207,000	114,000
Total deferred tax liabilities		66,151,000	41,694,000
Valuation allowance on deferred tax assets		129,200,000	104,200,000
Interest and penalties related to uncertain tax positions		$ 0	0
Liability related to uncertain tax positions expected to be recognized				$ 27,900,000
Tax liability related to the uncertain tax positions			21,400,000
State Administration of Taxation, China
Components of income before income taxes
Income tax rate (as a percent)		25.00%
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate		25.00%
Non-China
Components of income before income taxes
Total income tax expenses		$ 45,441,000	(14,176,000)	1,355,000
Deferred tax charges from fair value change of investments			14,200,000
Composition of income tax expenses for China operations
Income tax expenses		45,441,000	$ (14,176,000)	$ 1,355,000
Deferred tax liabilities:
Withholding tax in connection with the dividends paid and to be paid		$ 43,700,000
Cayman Islands
Components of income before income taxes
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)		0.00%
Hong Kong
Components of income before income taxes
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)		0.00%
Income tax rate (as a percent)		16.50%	16.50%	16.50%	16.50%	16.50%	16.50%
Withholding profits earned						$ 2	$ 2
Withholding income tax rate for dividend paid to foreign tax resident investors (as a percentage)						8.25%	8.25%
Net operating loss carry forwards		$ 2,400,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate		16.50%	16.50%	16.50%	16.50%	16.50%	16.50%
China
Components of income before income taxes
Total income tax expenses		$ 99,846,000	$ 44,453,000	$ 137,486,000
Effective tax rate		15.40%	8.10%	17.50%
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)		10.00%
Income tax rate (as a percent)		25.00%
Maximum percentage of withholding income tax on dividends distributed by subsidiaries to its immediate holding entity in Hong Kong		5.00%
Percentage of ownership interests held by foreign investors		25.00%						25.00%
Composition of income tax expenses for China operations
Income tax expenses		$ 99,846,000	$ 44,453,000	$ 137,486,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate		25.00%
Effective tax rate for the Group (as a percent)		15.40%	8.10%	17.50%
Deferred tax liabilities:
Percentage of withholding income tax on dividends distributed by PRC subsidiaries to its immediate holding company in Hong Kong		5.00%
China \| High and New Technology Enterprises
Components of income before income taxes
Preferential tax rate		15.00%	15.00%	15.00%
Weibo Technology
Reconciliation of the statutory tax rate to the effective tax rate
Preferential tax treatment recognized		$ 48,000,000.0	$ 37,900,000	$ 72,300,000
Effect of tax exemption and preferential tax on basic net income per share (USD per share) \| $ / shares		$ 0.20	$ 0.16	$ 0.32
Weibo Technology \| Weibo HK
Components of income before income taxes
Proceeds from dividends received		$ 406,100,000
Withholding tax In connection with dividends received		20,500,000
Accrued additional withholding tax on retained earnings		23,100,000
Deferred tax liabilities:
Total undistributed PRC earnings \| ¥								¥ 19.9	¥ 22.4
Weibo Technology \| Research and development
Components of income before income taxes
Total income tax expenses		(22,200,000)	$ 26,900,000	$ 41,400,000
Composition of income tax expenses for China operations
Income tax expenses		(22,200,000)	26,900,000	41,400,000
Weibo Technology \| High and New Technology Enterprises
Reconciliation of the statutory tax rate to the effective tax rate
Effect of preferential tax treatment		$ 42,200,000	$ 26,900,000	$ 55,100,000

Convertible Debt, Unsecured Senior Notes and Long-term Loans (Details)		1 Months Ended			3 Months Ended	12 Months Ended
	Aug. 22, 2022 USD ($) item	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Oct. 31, 2017 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Convertible Debt and Unsecured Senior Notes
Amount withdrawn						$ 4,982,000	$ 880,353,000
Laons repaid						100,000,000
Net proceeds from issuance of the Notes						321,707,000
Unsecured senior notes \| 2024 Senior Notes
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount			$ 800,000,000		$ 800,000,000	$ 800,000,000
Coupon interest (as a percent)			3.50%		3.50%	3.50%
Net proceeds to the company from the issuance			$ 793,300,000
Issuance costs			$ 6,700,000
Interest expense						$ 29,300,000
Unsecured senior notes \| 2030 Unsecured Senior Notes
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount		$ 750,000,000			$ 750,000,000	$ 750,000,000
Coupon interest (as a percent)		3.375%			3.375%	3.375%
Net proceeds to the company from the issuance		$ 740,300,000
Issuance costs		$ 9,700,000
Interest expense						$ 26,300,000	26,300,000	$ 26,300,000
Convertible Debt [Member]
Convertible Debt and Unsecured Senior Notes
Coupon interest (as a percent)					1.375%	1.375%
Convertible Debt [Member] \| 2022 Convertible Notes
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount				$ 900,000,000
Coupon interest (as a percent)				1.25%
Due date of the Notes				Nov. 15, 2022
Net proceeds to the company from the issuance				$ 879,300,000
Issuance costs				$ 20,700,000
Interest expense							13,200,000		$ 15,400,000
Convertible Debt [Member] \| 2030 Unsecured Senior Notes
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount					$ 330,000,000	$ 330,000,000
Convertible Debt [Member] \| Convertible Senior 2030 Notes
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount					$ 330,000,000	$ 330,000,000
Coupon interest (as a percent)					1.375%	1.375%
Repurchase price						100.00%
Net proceeds to the company from the issuance						$ 317,400,000
Issuance costs						12,600,000
Interest expense						500,000
Convertible Debt [Member] \| ADS \| 2030 Unsecured Senior Notes
Convertible Debt and Unsecured Senior Notes
Collateral posted					$ 0	$ 0
Convertible Debt [Member] \| ADS \| Convertible Senior 2030 Notes
Convertible Debt and Unsecured Senior Notes
Company lent \| shares					6,233,785	6,233,785
Loan processing fee per share \| $ / shares						$ 0.00025
Outstanding number of borrowed \| shares					6,233,785	6,233,785
Additional issuance cost						$ 2,000,000
Term and revolving facilities agreement
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount	$ 1,200,000,000
Number of arrangers \| item	23
Maturity term (in years)	5 years
Laons repaid					$ 100,000,000
Term and revolving facilities agreement \| SOFR
Convertible Debt and Unsecured Senior Notes
Margin rate						1.28%
Term and revolving facilities agreement \| 2027 Loans
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount	$ 900,000,000
Interest expense						$ 63,900,000	$ 2,800,000
Maturity term (in years)	5 years
Amount withdrawn						900,000,000
Term and revolving facilities agreement \| Revolving facility
Convertible Debt and Unsecured Senior Notes
Aggregate principal amount	$ 300,000,000
Maturity term (in years)	5 years
Amount withdrawn						$ 5,000,000

Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
Long-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Investments
Investments made/transferred from prepayments	$ 374,709	$ 151,332	$ 278,968
Long-term investments	1,320,386	993,630	1,207,651	$ 1,179,466
INMYSHOW
Long-term Investments
Investments made/transferred from prepayments	230,800
Long-term investments	$ 230,800
INMYSHOW
Long-term Investments
Percentage of interest in total issued shares	26.57%
Cost Method Or Without Readily Determinable Fair Values
Long-term Investments
Investments made/transferred from prepayments	$ 70,864	36,423	96,768
Long-term investments	201,290	196,579	268,716	579,084
Cost Method Or Without Readily Determinable Fair Values \| Private companies
Long-term Investments
Investments made/transferred from prepayments	70,900	36,400	96,800
Cost Method Or Without Readily Determinable Fair Values \| Wuta application
Long-term Investments
Investment fund invested			39,500
Fair value change loss for equity interest previously held by Group immediately before step acquisition			27,600
Cost Method Or Without Readily Determinable Fair Values \| A company providing consumer finance services
Long-term Investments
Investments made/transferred from prepayments	40,000		20,000
Equity Method Investment
Long-term Investments
Investments made/transferred from prepayments	303,845	114,909	182,200
Long-term investments	$ 1,000,828	$ 557,501	$ 502,783	$ 311,161

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 22, 2022	Jul. 31, 2020	Jul. 31, 2019
Commitments and Contingencies
Operating lease expense		$ 19,500	$ 21,900	$ 17,700
Operating lease commitments
Total	$ 68,163	68,163
Less than One Year	13,374	13,374
One to Three Years	24,185	24,185
Three to Five Years	5,576	5,576
More than Five Years	25,028	25,028
Purchase commitments
Total	705,536	705,536
Less than One Year	687,853	687,853
One to Three Years	15,622	15,622
Three to Five Years	1,988	1,988
More than Five Years	73	73
2022, 2024 and 2030 Senior Notes
Laons repaid		100,000
2027 Notes \| Revolving facility
2022, 2024 and 2030 Senior Notes
Aggregate principal amount	5,000	5,000
Unsecured senior notes \| Unsecured Senior Notes 2024 Notes [Member]
2022, 2024 and 2030 Senior Notes
Aggregate principal amount	$ 800,000	$ 800,000					$ 800,000
Interest rate (as a percent)	3.50%	3.50%					3.50%
Unsecured senior notes \| Unsecured Senior 2030 Notes [Member]
2022, 2024 and 2030 Senior Notes
Aggregate principal amount	$ 750,000	$ 750,000				$ 750,000
Interest rate (as a percent)	3.375%	3.375%				3.375%
Unsecured senior notes \| 2027 Notes
2022, 2024 and 2030 Senior Notes
Aggregate principal amount	$ 900,000	$ 900,000
Margin rate		1.28%
Convertible Debt [Member]
2022, 2024 and 2030 Senior Notes
Interest rate (as a percent)	1.375%	1.375%
Total	$ 3,119,632	$ 3,119,632
Less than One Year	911,501	911,501
One to Three Years	167,001	167,001
Three to Five Years	901,447	901,447
More than Five Years	1,139,683	1,139,683
Convertible Debt [Member] \| Unsecured Senior Notes 2024 Notes [Member]
2022, 2024 and 2030 Senior Notes
Total	828,000	828,000
Less than One Year	828,000	828,000
One to Three Years	0	0
Three to Five Years	0	0
More than Five Years	0	0
Convertible Debt [Member] \| Unsecured Senior 2030 Notes [Member]
2022, 2024 and 2030 Senior Notes
Aggregate principal amount	330,000	330,000
Total	927,188	927,188
Less than One Year	25,313	25,313
One to Three Years	50,625	50,625
Three to Five Years	50,625	50,625
More than Five Years	800,625	800,625
Convertible Debt [Member] \| 2030 Convertible Notes
2022, 2024 and 2030 Senior Notes
Total	361,746	361,746
Less than One Year	4,538	4,538
One to Three Years	9,075	9,075
Three to Five Years	9,075	9,075
More than Five Years	339,058	339,058
Convertible Debt [Member] \| 2027 Notes
2022, 2024 and 2030 Senior Notes
Total	1,002,698	1,002,698
Less than One Year	53,650	53,650
One to Three Years	107,301	107,301
Three to Five Years	841,747	841,747
More than Five Years	0	$ 0
Term and revolving facilities agreement
2022, 2024 and 2030 Senior Notes
Laons repaid	$ 100,000
Aggregate principal amount					$ 1,200,000

Long-term Investments - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2021
Carrying amount and fair value of the marketable security
Cost Basis	$ 142,000	$ 223,385
Gross Unrealized Gains		62,952
Gross Unrealized Losses	(23,732)	(46,787)
Fair Value	118,268	239,550
Showworld
Carrying amount and fair value of the marketable security
Cost Basis		81,385
Gross Unrealized Gains		62,952
Gross Unrealized Losses		0
Fair Value		144,337
Didi
Carrying amount and fair value of the marketable security
Cost Basis	142,000	142,000
Gross Unrealized Gains		0
Gross Unrealized Losses	(23,732)	(46,787)
Fair Value	$ 118,268	$ 95,213	$ 142,000

Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents:
Cash and cash equivalents:	$ 2,584,635	$ 2,690,768
Short-term investments:
Bank time deposits	616,500	268,233
Wealth management products	24,535	212,195
Subtotal	641,035	480,428
Total cash, cash equivalents and short-term investments	$ 3,225,670	$ 3,171,196

Other Balance Sheets Components - Other non-current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment-related deposits	$ 325,895	$ 373,252
Loans to and interest receivable from other related parties	755,762	898,422
Deferred tax assets	43,262	39,989
Others	36,889	30,269
Related party \| Loans to and interest receivable
Loans to and interest receivable from other related parties	$ 349,716	$ 454,912

Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Depreciation expenses	$ 39.2	$ 33.2	$ 32.8
Office building
Significant Accounting Policies
Estimated useful lives of assets	45 years
Office building related facilities
Significant Accounting Policies
Estimated useful lives of assets	20 years
Computers and equipment \| Minimum
Significant Accounting Policies
Estimated useful lives of assets	3 years
Computers and equipment \| Maximum
Significant Accounting Policies
Estimated useful lives of assets	4 years
Furniture and fixtures
Significant Accounting Policies
Estimated useful lives of assets	5 years

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of the stock-based compensation


	Year Ended December 31,
	2021*		2022*		2023*

	(In US$ thousands)
Cost of revenues	$	8,112	$	9,417	$	8,933
Sales and marketing		15,292		18,910		16,528
Product development		43,622		55,294		51,441
General and administrative		20,970		28,092		24,229
	$	87,996	$	111,713	$	101,131

*	Excluded non-cash stock-based compensation of US$7.9 million, US$9.3 million and US$8.1 million to SINA employees charged through Amount due from SINA in 2021, 2022 and 2023, respectively.

Summary of the number of shares available for issuance


		Shares Available
		(In thousands)
December 31, 2020		12,495
Addition		—
Granted*		(5,752)
Cancelled/expired/forfeited		692
December 31, 2021		7,435
Addition		—
Granted*		(4,642)
Cancelled/expired/forfeited		770
December 31, 2022		3,563
Addition		10,000
Granted*		(3,971)
Cancelled/expired/forfeited		351
December 31, 2023		9,943

Summary of option activities under the Company's stock option program


				Weighted Average
	Options	Weighted Average		Remaining	Aggregate
	Outstanding	Exercise Price		Contractual Life	Intrinsic Value
	(In thousands)	(In US$)		(In years)	(In US$ thousands)
December 31, 2020	551	$	28.85	5.8	$	6,683
Granted	—	$	—
Exercised	(105)	$	12.70
Cancelled/expired/forfeited	(59)	$	32.68
December 31, 2021	387	$	32.68	5.6	$	—
Granted	2,750	$	21.15
Exercised	—	$	—
Cancelled/expired/forfeited	(118)	$	24.12
December 31, 2022	3,019	$	22.51	6.0	$	—
Granted	2,187	$	3.87
Exercised	—	$	—
Cancelled/expired/forfeited	(98)	$	22.07
December 31, 2023	5,108	$	14.54	5.7	$	15,390

Vested and expected to vest as of December 31, 2022	2,752	$	22.54	6.0	$	—
Exercisable as of December 31, 2022	172	$	32.68	4.6	$	—

Vested and expected to vest as of December 31, 2023	4,686	$	14.68	5.7	$	13,905
Exercisable as of December 31, 2023	1,226	$	23.44	4.9	$	—

Schedule of stock options outstanding


		Weighted			Weighted		Weighted Average
	Options	Average		Options	Average		Remaining
Range of Exercise Prices	Outstanding	Exercise Price		Exercisable	Exercise Price		Contractual Life
	(In thousands)		(In US$)	(In thousands)		(In US$)	(In years)
As of December 31, 2022
US$ 32.68	356	$	32.68	172	$	32.68	4.6
US$ 21.15	2,663	$	21.15	—	$	—	6.2
	3,019	$	22.51	172	$	32.68	6.0
As of December 31, 2023
US$ 32.68	328	$	32.68	243	$	32.68	3.6
US$ 21.15	2,606	$	21.15	983	$	21.15	5.2
US$ 3.87	2,174	$	3.87	—	$	—	6.5
	5,108	$	14.54	1,226	$	23.44	5.7

Schedule of fair value of the options granted


	For the years ended December 31,
	2022		2023
Fair value of ordinary shares (US$)	21.15		11.51-13.1
Expected volatility range	53	%	54.77%-55.77	%
Risk-free interest rate (per annum)	2.17	%	4.42%-4.82	%
Expected dividend yield	—		—
Expected term (in years)	4.66		4.66

Performance-Based Restricted Share Units without Market Condition

Summary of restricted share unit activities


		Weighted-Average
		Grant Date
	Shares Granted	Fair Value
	(In thousands)	(In US$)
December 31, 2020	17	$	36.49
Awarded	15	$	54.08
Vested	(2)	$	38.78
Cancelled	(19)	$	40.63
December 31, 2021	11	$	54.17
Awarded	—	$	—
Vested	(9)	$	54.17
Cancelled	(2)	$	54.17
December 31, 2022	—	$	—
Awarded	—	$	—
Vested	—	$	—
Cancelled	—	$	—
December 31, 2023	—	$	—

Performance-Based Restricted Share Units with Market Condition

Summary of restricted share unit activities


		Weighted-
		Average
	Shares	Grant Date
	Granted	Fair Value
	(In thousands)	(In US$)
December 31, 2021	—	$	—
Awarded	1,640	$	8.43
Vested	—	$	—
Cancelled	—	$	—
December 31, 2022	1,640	$	8.43
Awarded	1,640	$	9.66
Vested	—	$	—
Cancelled	—	$	—
December 31, 2023	3,280	$	9.04

Service Based Restricted Stock Units RSU