WEBTOON Entertainment Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 12, 2024
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Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |
| Revenue1 | $347,915 | $317,764 | $995,631 | $948,684 |
| Cost of revenue2 | (256,534) | (245,666) | (738,834) | (729,591) |
| Marketing3 | (32,719) | (33,066) | (75,645) | (95,452) |
| General and administrative expenses4 | (66,747) | (45,779) | (254,145) | (155,617) |
| Operating loss | (8,085) | (6,747) | (72,993) | (31,976) |
| Interest income | 6,512 | 913 | 9,790 | 2,288 |
| Interest expense | — | (18) | (44) | (59) |
| Income (loss) on equity method investments, net | (138) | 1,056 | (1,070) | 2,539 |
| Other income (loss), net5 | 11,798 | (721) | 12,644 | (2,773) |
| Income (loss) before income tax | 10,087 | (5,517) | (51,673) | (29,981) |
| Income tax benefit (expense) | 9,899 | (5,934) | 1,324 | (19,512) |
| Net income (loss) | 19,986 | (11,451) | (50,349) | (49,493) |
| Net income (loss) attributable to WEBTOON Entertainment Inc. | 19,753 | (11,175) | (50,940) | (48,854) |
| Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 233 | (276) | 591 | (639) |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments, net of tax | 39,570 | (17,173) | (9,605) | (51,778) |
| Share of other comprehensive loss of equity method investments, net of tax | (140) | (53) | (149) | (909) |
| Total other comprehensive income (loss), net of tax | 39,430 | (17,226) | (9,754) | (52,687) |
| Total comprehensive income (loss) | $59,416 | $(28,677) | $(60,103) | $(102,180) |
| Total comprehensive income (loss) attributable to WEBTOON Entertainment Inc. | 59,183 | (28,401) | (60,694) | (101,541) |
| Total comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 233 | (276) | 591 | (639) |
| Weighted average shares outstanding | ||||
| Basic | 128,327,971 | 109,505,150 | 116,023,733 | 109,505,150 |
| Diluted | 130,817,876 | 109,505,150 | 116,023,733 | 109,505,150 |
| Income (loss) per share attributable to WEBTOON Entertainment Inc. | ||||
| Basic | $0.15 | $(0.10) | $(0.44) | $(0.44) |
| Diluted | $0.15 | $(0.10) | $(0.44) | $(0.44) |
Includes amounts earned from related parties of$21,744 and$15,452 for the three months ended September 30, 2024, and September 30, 2023, respectively and$55,911 and$62,226 for the nine months ended September 30, 2024, and September 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$27,318 and$3,143 for the three months ended September 30, 2024, and September 30, 2023, respectively and$67,780 and$10,286 for the nine months ended September 30, 2024 and September 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$(1,920) and$60 for the three months ended September 30, 2024, and September 30, 2023, respectively and$(4,861) and$157 for the nine months ended September 30, 2024 and September 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
Includes amounts incurred from related parties of$9,285 and$7,533 for three months ended September 30, 2024, and September 30, 2023, respectively and$23,666 and$23,576 for the nine months ended September 30, 2024 and September 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity).
Includes amounts earned from related parties of$456 and$298 for three months ended September 30, 2024 and September 30, 2023, respectively and$3,135 and$51 for the nine months ended September 30, 2024 and September 30, 2023, respectively. (See Note 13. Related Parties and Variable Interest Entity)
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