WEBTOON Entertainment Inc
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 12, 2024
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Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |
| Revenue1 | $320,972 | $320,663 | $647,716 | $630,920 |
| Cost of revenue2 | (237,915) | (239,518) | (482,300) | (483,925) |
| Marketing3 | (23,448) | (33,142) | (42,926) | (62,386) |
| General and administrative expenses4 | (138,705) | (53,469) | (187,398) | (109,838) |
| Operating Loss | (79,096) | (5,466) | (64,908) | (25,229) |
| Interest income | 2,043 | 1,018 | 3,278 | 1,375 |
| Interest expense | (11) | (18) | (44) | (41) |
| Income (loss) on equity method investments, net | 120 | 2,007 | (932) | 1,483 |
| Other income (loss), net5 | 2,283 | (6,090) | 846 | (2,052) |
| Loss before income tax | (74,661) | (8,549) | (61,760) | (24,464) |
| Income tax expense | (1,907) | (11,201) | (8,575) | (13,578) |
| Net Loss | (76,568) | (19,750) | (70,335) | (38,042) |
| Net Loss attributable to WEBTOON Entertainment Inc. | (76,885) | (20,118) | (70,693) | (37,679) |
| Net Income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 317 | 368 | 358 | (363) |
| Other comprehensive loss: | ||||
| Foreign currency translation adjustments, net of tax | (20,486) | (16,209) | (49,175) | (34,605) |
| Share of other comprehensive loss of equity method investments, net of tax | — | (25) | (9) | (856) |
| Total other comprehensive loss, net of tax | (20,486) | (16,234) | (49,184) | (35,461) |
| Total Comprehensive Loss | $(97,054) | $(35,984) | $(119,519) | $(73,503) |
| Total comprehensive loss attributable to WEBTOON Entertainment Inc. | (97,371) | (36,352) | (119,877) | (73,140) |
| Total comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 317 | 368 | 358 | (363) |
| Weighted average shares outstanding | ||||
| Basic | 110,102,868 | 109,505,150 | 109,804,009 | 109,505,150 |
| Diluted | 110,102,868 | 109,505,150 | 109,804,009 | 109,505,150 |
| Loss Per Share Attributable to WEBTOON Entertainment Inc. | ||||
| Basic | $(0.70) | $(0.18) | $(0.64) | $(0.34) |
| Diluted | $(0.70) | $(0.18) | $(0.64) | $(0.34) |
Includes amounts earned from related parties of$20,880 and $27,663 for the three months ended June 30, 2024 and June 30, 2023, respectively and$34,167 and $46,774 for the six months ended June 30, 2024 and June 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$31,508 and $3,563 for the three months ended June 30, 2024 and June 30, 2023, respectively and$40,462 and $7,143 for the six months ended June 30, 2024 and June 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$(1,036) and $35 for the three months ended June 30, 2024 and June 30, 2023, respectively and$(2,941) and $97 for the six months ended June 30, 2024 and June 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$7,953 and $7,602 for three months ended June 30, 2024 and June 30, 2023, respectively and$14,381 and $16,043 for the six months ended June 30, 2024 and June 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity).
Includes amounts earned from related parties of$2,885 and $(433) for three months ended June 30, 2024 and June 30, 2023, respectively and$2,679 and $(247) for the six months ended June 30, 2024 and June 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
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