Mr.
Firstly, in Q4 of 2023 we have recorded, for the first time in history, consecutive quarters of positive adjusted EBITDA. Secondly, our total revenue grew every single quarter in 2023. Similarly, Developer Subscription revenues also recorded sequential revenue growth in all quarters of 2023. Fourthly, our gross profits also grew in every quarter of 2023. Last but not least, our overseas messaging service platform, EngageLab, continued to expand globally and record great results this quarter.
For our total group revenues, we achieved positive growth of 5% quarter-over-quarter driven mainly by the growth in Developer Services revenues. Subscription Services revenues were
EngageLab business continued to see great growth between the quarters where global customer number grew by more than 70% and cumulative contract value grew by more than 50%. We are very pleased with the growth trajectory and looking forward to more growth going forward.”
Mr.
Our AR turnover days quarter-over-quarter improved by a 2 days reduction to 38 days in this quarter. Total Deferred Revenue, which represents cash collected in advance from customers for future contract performance, continued to be at high balance of
Fourth Quarter 2023 Financial Highlights
- Revenues were
RMB77.4 million (US$10.9 million ), a decrease of 11% year-over-year. - Cost of revenues was
RMB24.1 million (US$3.4 million ), a decrease of 11% year-over-year. - Gross profit was
RMB53.3 million (US$7.5 million ), a decrease of 11% year-over-year. - Total operating expenses were
RMB61.2 million (US$8.6 million ), a decrease of 36% year-over-year. - Net loss was
RMB17.9 million (US$2.5 million ), compared with a net loss ofRMB31.8 million for the same quarter last year. - Net loss attributable to Aurora Mobile Limited’s shareholders was
RMB17.9 million (US$2.5 million ), compared with a net loss attributable to Aurora Mobile Limited’s shareholders ofRMB32.7 million for the same quarter last year. - Adjusted net loss (non-GAAP) was
RMB1.8 million (US$0.3 million ), compared with aRMB6.6 million adjusted net loss for the same quarter last year. - Adjusted EBITDA (non-GAAP) was at positive
RMB0.1 million (US$21 thousand ), compared with a positiveRMB0.6 million for the same quarter last year.
Fourth Quarter 2023 Financial Results
Revenues were
Cost of revenues was
Gross profit was
Total operating expenses were
- Research and development expenses were
RMB27.1 million (US$3.8 million ), a decrease of 23% fromRMB35.0 million in the same quarter of last year, mainly due to aRMB2.4 million decrease in personnel costs, aRMB5.0 million decrease in bandwidth cost, and aRMB4.6 million decrease in depreciation expense. The impact is partially offset by aRMB5.1 million increase in cloud cost. - Sales and marketing expenses were
RMB22.1 million (US$3.1 million ), a decrease of 10% fromRMB24.5 million in the same quarter of last year, mainly due to aRMB3.0 million decrease in personnel costs. - General and administrative expenses were
RMB12.1 million (US$1.7 million ), a decrease of 66% fromRMB35.9 million in the same quarter of last year, mainly due to aRMB22.4 million decrease in long-lived assets impairment.
Loss from operations was
Net Loss was
Adjusted net loss (non-GAAP) was
Adjusted EBITDA (non-GAAP) was at positive
The cash and cash equivalents and restricted cash were
Fiscal year 2023 Financial Highlights
- Revenues were
RMB290.2 million (US$40.9 million ), a decrease of 12% year-over-year. - Cost of revenues was
RMB90.9 million (US$12.8 million ), a decrease of 12% year-over-year. - Gross profit was
RMB199.3 million (US$28.1 million ), a decrease of 12% year-over-year. - Total operating expenses were
RMB250.2 million (US$35.2 million ), a decrease of 30% year-over-year. - Net loss was
RMB63.9 million (US$9.0 million ), compared with a net loss ofRMB108.5 million in 2022. - Net loss attributable to Aurora Mobile Limited’s shareholders was
RMB62.7 million (US$8.8 million ), compared with a net loss attributable to Aurora Mobile Limited’s shareholders ofRMB107.0 million in 2022. - Adjusted net loss (non-GAAP) was
RMB20.1 million (US$2.8 million ), compared with aRMB56.5 million adjusted net loss in 2022. - Adjusted EBITDA (non-GAAP) was at negative
RMB7.4 million (US$1.1 million ), compared with a negativeRMB23.0 million in 2022.
Fiscal year 2023 Financial Results
Revenues were
Cost of revenues was
Gross profit was
Total operating expenses were
- Research and development expenses were
RMB121.8 million (US$17.2 million ), a decrease of 21% fromRMB154.5 million in last year, mainly due to aRMB12.8 million decrease in personnel costs, aRMB12.0 million decrease in bandwidth cost, and aRMB17.0 million decrease in depreciation expense. The impact is partially offset by aRMB11.3 million increase in cloud cost. - Sales and marketing expenses were
RMB82.7 million (US$11.6 million ), a decrease of 16% fromRMB98.3 million in last year, mainly due to aRMB17.0 million decrease in personnel costs. - General and administrative expenses were
RMB45.7 million (US$6.4 million ), a decrease of 57% fromRMB105.4 million in last year, mainly due to aRMB22.4 million decrease in long-lived assets impairment, aRMB13.0 million decrease in personnel costs, aRMB8.8 million decrease in professional fee, and a one-timeRMB7.6 million gain on disposal of property and equipment.
Loss from operations was
Net Loss was
Adjusted net loss (non-GAAP) was
Adjusted EBITDA (non-GAAP) was at negative
Update on Share Repurchase
As of
The Company’s board of directors has extended its previous share repurchase program and also approved a new program under which the Company may repurchase up to
Conference Call
The Company will host an earnings conference call on
All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: https://register.vevent.com/register/BId10de20d3a844f879ebd944ed635ee57
A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.
The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.
The non-GAAP financial measures are not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest
Reconciliations of the non-GAAP financial measures to the most comparable
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
About
Founded in 2011,
For more information, please visit https://ir.jiguang.cn/.
For investor and media inquiries, please contact:
Aurora Mobile Limited
ir@jiguang.cn
Christensen
In
Ms.
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com
In
Ms.
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Footnote:
This announcement contains translations of certain RMB amounts into
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) | |||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||
2022 | 2023 | 2023 | 2022 | 2023 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
Revenues | 86,914 | 74,058 | 77,410 | 10,903 | 328,822 | 290,232 | 40,878 | ||||||||||||||
Cost of revenues | (27,118 | ) | (21,756 | ) | (24,129 | ) | (3,398 | ) | (103,057 | ) | (90,946 | ) | (12,809 | ) | |||||||
Gross profit | 59,796 | 52,302 | 53,281 | 7,505 | 225,765 | 199,286 | 28,069 | ||||||||||||||
Operating expenses | |||||||||||||||||||||
Research and development | (35,009 | ) | (32,797 | ) | (27,085 | ) | (3,815 | ) | (154,476 | ) | (121,806 | ) | (17,156 | ) | |||||||
Sales and marketing | (24,480 | ) | (21,750 | ) | (22,056 | ) | (3,107 | ) | (98,324 | ) | (82,705 | ) | (11,649 | ) | |||||||
General and administrative(1) | (35,893 | ) | (5,436 | ) | (12,071 | ) | (1,700 | ) | (105,404 | ) | (45,653 | ) | (6,430 | ) | |||||||
Total operating expenses | (95,382 | ) | (59,983 | ) | (61,212 | ) | (8,622 | ) | (358,204 | ) | (250,164 | ) | (35,235 | ) | |||||||
Loss from operations | (35,586 | ) | (7,681 | ) | (7,931 | ) | (1,117 | ) | (132,439 | ) | (50,878 | ) | (7,166 | ) | |||||||
Foreign exchange gain/(loss), net | 847 | 26 | 49 | 7 | (2,866 | ) | (18 | ) | (3 | ) | |||||||||||
Interest income | 406 | 269 | 247 | 35 | 2,321 | 1,200 | 169 | ||||||||||||||
Interest expenses | (321 | ) | (209 | ) | (158 | ) | (22 | ) | (3,136 | ) | (808 | ) | (114 | ) | |||||||
Share of loss from equity method investment | - | - | (450 | ) | (63 | ) | - | (450 | ) | (63 | ) | ||||||||||
Other income/ (expenses) | 2,308 | 411 | (9,843 | ) | (1,386 | ) | 26,318 | (13,630 | ) | (1,920 | ) | ||||||||||
Change in fair value of structured deposits | 7 | 11 | 6 | 1 | 59 | 30 | 4 | ||||||||||||||
Change in fair value of foreign currency swap contract | 74 | - | - | - | 838 | - | - | ||||||||||||||
Loss before income taxes | (32,265 | ) | (7,173 | ) | (18,080 | ) | (2,545 | ) | (108,905 | ) | (64,554 | ) | (9,093 | ) | |||||||
Income tax benefits | 480 | 177 | 136 | 19 | 455 | 642 | 90 | ||||||||||||||
Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 871 | (225 | ) | (48 | ) | (7 | ) | (1,486 | ) | (1,163 | ) | (164 | ) | ||||||||
Net loss attributable to Aurora Mobile Limited’s shareholders | (32,656 | ) | (6,771 | ) | (17,896 | ) | (2,519 | ) | (106,964 | ) | (62,749 | ) | (8,839 | ) | |||||||
Net loss attributable to common shareholders | (32,656 | ) | (6,771 | ) | (17,896 | ) | (2,519 | ) | (106,964 | ) | (62,749 | ) | (8,839 | ) | |||||||
Net loss per share, for Class A and Class B common shares: | |||||||||||||||||||||
Class A and B Common Shares - basic and diluted | (0.41 | ) | (0.08 | ) | (0.23 | ) | (0.03 | ) | (1.35 | ) | (0.79 | ) | (0.11 | ) | |||||||
Shares used in net loss per share computation: | |||||||||||||||||||||
Class A Common Shares - basic and diluted | 62,674,291 | 62,731,319 | 62,310,910 | 62,310,910 | 62,296,172 | 62,686,822 | 62,686,822 | ||||||||||||||
Class B Common Shares - basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | ||||||||||||||
Other comprehensive (loss)/income | |||||||||||||||||||||
Foreign currency translation adjustments | (1,447 | ) | (343 | ) | (721 | ) | (102 | ) | 5,853 | 919 | 129 | ||||||||||
Total other comprehensive (loss)/income, net of tax | (1,447 | ) | (343 | ) | (721 | ) | (102 | ) | 5,853 | 919 | 129 | ||||||||||
Total comprehensive loss | (33,232 | ) | (7,339 | ) | (18,665 | ) | (2,628 | ) | (102,597 | ) | (62,993 | ) | (8,874 | ) | |||||||
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 871 | (225 | ) | (48 | ) | (7 | ) | (1,486 | ) | (1,163 | ) | (164 | ) | ||||||||
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders | (34,103 | ) | (7,114 | ) | (18,617 | ) | (2,621 | ) | (101,111 | ) | (61,830 | ) | (8,710 | ) | |||||||
(1) Starting from |
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||
As of | |||||||||
2022 | 2023 | ||||||||
RMB | RMB | US$ | |||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 116,128 | 114,521 | 16,130 | ||||||
Restricted cash | 132 | 486 | 68 | ||||||
Accounts receivable | 29,727 | 34,344 | 4,837 | ||||||
Prepayments and other current assets | 30,401 | 20,225 | 2,849 | ||||||
Amounts due from a related party | 255 | - | - | ||||||
Total current assets | 176,643 | 169,576 | 23,884 | ||||||
Non-current assets: | |||||||||
Long-term investments | 141,901 | 112,912 | 15,903 | ||||||
Property and equipment, net | 14,947 | 1,433 | 202 | ||||||
Operating lease right-of-use assets | 33,756 | 4,081 | 575 | ||||||
Intangible assets, net | 23,947 | 17,941 | 2,527 | ||||||
37,785 | 37,785 | 5,322 | |||||||
Other non-current assets | 4,128 | 5,387 | 759 | ||||||
Total non-current assets | 256,464 | 179,539 | 25,288 | ||||||
Total assets | 433,107 | 349,115 | 49,172 | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Short-term loan | 5,000 | - | - | ||||||
Accounts payable | 18,169 | 21,073 | 2,968 | ||||||
Deferred revenue and customer deposits | 138,804 | 141,518 | 19,932 | ||||||
Operating lease liabilities | 18,133 | 4,007 | 564 | ||||||
Accrued liabilities and other current liabilities | 75,333 | 74,682 | 10,519 | ||||||
Total current liabilities | 255,439 | 241,280 | 33,983 | ||||||
Non-current liabilities: | |||||||||
Deferred revenue | 3,585 | - | - | ||||||
Operating lease liabilities | 6,959 | 629 | 89 | ||||||
Deferred tax liabilities | 4,824 | 4,166 | 587 | ||||||
Other non-current liabilities | 4,058 | 563 | 79 | ||||||
Total non-current liabilities | 19,426 | 5,358 | 755 | ||||||
Total liabilities | 274,865 | 246,638 | 34,738 | ||||||
Redeemable noncontrolling interests | 30,552 | - | - | ||||||
Shareholders’ equity: | |||||||||
Common shares | 50 | 50 | 7 | ||||||
(1,689 | ) | (2,453 | ) | (345 | ) | ||||
Additional paid-in capital | 1,037,007 | 1,045,285 | 147,225 | ||||||
Accumulated deficit | (925,982 | ) | (989,320 | ) | (139,343 | ) | |||
Accumulated other comprehensive income | 18,304 | 19,223 | 2,708 | ||||||
Total Aurora Mobile Limited’s shareholders’ equity | 127,690 | 72,785 | 10,252 | ||||||
Noncontrolling interests | - | 29,692 | 4,182 | ||||||
Total shareholders’ equity | 127,690 | 102,477 | 14,434 | ||||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | 433,107 | 349,115 | 49,172 |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||
2022 | 2023 | 2023 | 2022 | 2023 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
Reconciliation of Net Loss to Adjusted Net (Loss)/ Income: | |||||||||||||||||||||
Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
Add: | |||||||||||||||||||||
Share-based compensation | 861 | 2,848 | 1,520 | 214 | 15,515 | 11,574 | 1,630 | ||||||||||||||
Reduction in force charges | 1,584 | 619 | 3,480 | 490 | 7,487 | 5,838 | 822 | ||||||||||||||
Share of loss from equity method investment | - | - | 450 | 63 | - | 450 | 63 | ||||||||||||||
Impairment of long-term investments | 415 | 5,604 | 10,655 | 1,501 | 7,431 | 25,919 | 3,651 | ||||||||||||||
Impairment of long-lived assets | 22,400 | - | - | - | 22,400 | - | - | ||||||||||||||
Change in fair value of foreign currency swap contract | (74 | ) | - | - | - | (838 | ) | - | - | ||||||||||||
Adjusted net (loss)/ income | (6,599 | ) | 2,075 | (1,839 | ) | (258 | ) | (56,455 | ) | (20,131 | ) | (2,837 | ) | ||||||||
Reconciliation of Net Loss to Adjusted EBITDA: | |||||||||||||||||||||
Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
Add: | |||||||||||||||||||||
Income tax (benefits)/ expenses | (480 | ) | (177 | ) | (136 | ) | (19 | ) | (455 | ) | (642 | ) | (90 | ) | |||||||
Interest expenses | 321 | 209 | 158 | 22 | 3,136 | 808 | 114 | ||||||||||||||
Depreciation of property and equipment | 5,517 | 868 | 448 | 63 | 24,371 | 5,301 | 747 | ||||||||||||||
Amortization of intangible assets | 1,631 | 1,519 | 1,509 | 213 | 6,043 | 6,223 | 876 | ||||||||||||||
Amortization of land use right | 183 | - | - | - | 366 | 994 | 140 | ||||||||||||||
EBITDA | (24,613 | ) | (4,577 | ) | (15,965 | ) | (2,247 | ) | (74,989 | ) | (51,228 | ) | (7,216 | ) | |||||||
Add: | |||||||||||||||||||||
Share-based compensation | 861 | 2,848 | 1,520 | 214 | 15,515 | 11,574 | 1,630 | ||||||||||||||
Reduction in force charges | 1,584 | 619 | 3,480 | 490 | 7,487 | 5,838 | 822 | ||||||||||||||
Share of loss from equity method investment | - | - | 450 | 63 | - | 450 | 63 | ||||||||||||||
Impairment of long-term investments | 415 | 5,604 | 10,655 | 1,501 | 7,431 | 25,919 | 3,651 | ||||||||||||||
Impairment of long-lived assets | 22,400 | - | - | - | 22,400 | - | - | ||||||||||||||
Change in fair value of foreign currency swap contract | (74 | ) | - | - | - | (838 | ) | - | - | ||||||||||||
Adjusted EBITDA | 573 | 4,494 | 140 | 21 | (22,994 | ) | (7,447 | ) | (1,050 | ) |
UNAUDITED SAAS BUSINESSES REVENUE | |||||||||||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||
2022 | 2023 | 2023 | 2022 | 2023 | |||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
Developer Services | 63,222 | 51,534 | 55,581 | 7,828 | 235,231 | 204,652 | 28,824 | ||||||||||||||
Subscription | 46,331 | 46,659 | 48,830 | 6,877 | 160,722 | 173,523 | 24,440 | ||||||||||||||
Value-Added Services | 16,891 | 4,875 | 6,751 | 951 | 74,509 | 31,129 | 4,384 | ||||||||||||||
Vertical Applications | 23,692 | 22,524 | 21,829 | 3,075 | 93,591 | 85,580 | 12,054 | ||||||||||||||
Total Revenue | 86,914 | 74,058 | 77,410 | 10,903 | 328,822 | 290,232 | 40,878 | ||||||||||||||
Gross Profits | 59,796 | 52,302 | 53,281 | 7,505 | 225,765 | 199,286 | 28,069 | ||||||||||||||
Gross Margin | 68.8 | % | 70.6 | % | 68.8 | % | 68.8 | % | 68.7 | % | 68.7 | % | 68.7 | % |
Source:
2024 GlobeNewswire, Inc., source