Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform
for real-time engagement APIs, today announced its financial
results for the second quarter ended June 30, 2021.
“We have been a public company for one year now.
Looking back at the past year, we are very proud to have helped
people around the world stay connected during this challenging
period. Together with developers on our platform, we are changing
the way people work and study, and how people play and live their
lives,” said Tony Zhao, founder, chairman and CEO of Agora. “I
would like to thank our developers, customers, and partners for
their trust in Agora. We will continue to invest in enabling
meaningful human connections and creating more real-time engagement
possibilities.”
Second Quarter 2021
Highlights
- Total revenues for
the quarter were $42.3 million, an increase of 24.9% from $33.9
million in the second quarter of 2020.
- Active Customers
as of June 30, 2021 were 2,449, excluding those for Easemob, an
increase of 64.8% from 1,486 as of June 30, 2020.
- Constant Currency
Dollar-Based Net Expansion Rate, excluding Easemob, was
110% for the trailing 12-month period ended June 30, 2021.
- Net loss for the
quarter was $15.4 million, compared to net income of $3.0 million
in the second quarter of 2020. After excluding share-based
compensation expense, acquisition related expenses, amortization
expense of acquired intangible assets and income tax related to
acquired intangible assets, non-GAAP net loss for the quarter was
$5.8 million, compared to the non-GAAP net income of $5.8 million
in the second quarter of 2020. Adjusted EBITDA for
the quarter was negative $7.3 million, compared to $6.9 million in
the second quarter of 2020.
- Total cash, cash
equivalents and short-term investments as of June 30, 2021
was $826.6 million.
- Net cash used in operating
activities for the quarter was $8.3 million, compared to
net cash generated from operating activities of $7.5 million in the
second quarter of 2020. Free cash flow for the
quarter was negative $11.5 million, compared to $3.6 million in the
second quarter of 2020.
Second Quarter 2021 Financial
Results
RevenuesTotal revenues were
$42.3 million in the second quarter of 2021, an increase of 24.9%
from $33.9 million in the same period last year, primarily due to
increased usage of our video and voice products as a result of our
business expansion and usage growth in emerging use cases.
Cost of RevenuesCost of
revenues was $16.5 million in the second quarter of 2021, an
increase of 44.8% from $11.4 million in the same period last year,
primarily due to increase in bandwidth and co-location costs and
depreciation of servers and network equipment as we continue to
scale our business.
Gross Profit and Gross
MarginGross profit was $25.9 million in the second quarter
of 2021, an increase of 14.8% from $22.5 million in the same period
last year. Gross margin was 61.1% in the second quarter of 2021, a
decrease of 5.3% from 66.4% in the same period last year, primarily
due to international expansion to regions with higher
infrastructure costs and capacity expansion in anticipation of
future usage growth.
Operating ExpensesOperating
expenses were $45.3 million in the second quarter of 2021, an
increase of 123.9% from $20.2 million in the same period last
year.
- Research and
development expenses were $27.0 million in the second
quarter of 2021, an increase of 147.3% from $10.9 million in the
same period last year, primarily due to increased personnel costs
as we continue to build our research and development team,
including an increase in share-based compensation from $1.2 million
in the second quarter of 2020 to $5.4 million in the second quarter
of 2021, as well as the consolidation of Easemob’s research and
development team.
- Sales and
marketing expenses were $11.0 million in the second
quarter of 2021, an increase of 86.2% from $5.9 million in the same
period last year, primarily due to increased personnel costs as we
continue to build our sales and marketing team, including an
increase in share-based compensation from $0.5 million in the
second quarter of 2020 to $1.3 million in the second quarter of
2021, as well as higher advertising expenses compared to prior
year.
- General and
administrative expenses were $7.3 million in the second
quarter of 2021, an increase of 114.1% from $3.4 million in the
same period last year, primarily due to increased personnel costs
as we continue to build our administration team, including an
increase in share-based compensation from $1.0 million in the
second quarter of 2020 to $1.6 million in the second quarter of
2021, as well as higher professional services expensed compared to
the prior year.
Other Operating IncomeOther
operating income was $0.3 million in the second quarter of 2021,
compared to $0.8 million in the same period last year, primarily
due to less VAT related deductions.
(Loss) Income from
OperationsLoss from operations was $19.1 million in the
second quarter of 2021, compared to income from operations of $3.1
million in the same period last year.
Interest and Investment
IncomeInterest and investment income were $3.4 million in
the second quarter of 2021, compared to $0.1 million in the same
period last year, primarily due to an increase in the average
balance of cash and cash equivalents and short-term investments due
to proceeds from our initial public offering and concurrent private
placement in the second quarter of 2020 and the private placement
in the first quarter of 2021, as well as fair value change in
equity investments of $1.3 million in the second quarter of
2021.
Income Taxes Income taxes were
$0.4 million in the second quarter of 2021, compared to $0.2
million in the same period last year.
Net (Loss) IncomeNet loss was
$15.4 million in the second quarter of 2021, compared to net income
of $3.0 million in the same period last year.
Net Loss Attributable to Ordinary
ShareholdersNet loss attributable to ordinary shareholders
for the quarter was $15.4 million, compared to net loss
attributable to ordinary shareholders of $157.8 million in the same
period last year, primarily due to accretion of preferred shares to
redemption value before the completion of our initial public
offering.
Net Loss per American Depositary
ShareNet loss per American Depositary Share (“ADS”)1 was
$0.14, compared to net loss of $4.60 per ADS in the same period
last year.
_________________________1 One ADS represents
four Class A ordinary shares.
Financial Outlook
Based on currently available information, Agora
has adjusted the previous guidance and now expects total revenues
for the year ending December 31, 2021 to be between $159 million
and $161 million. This outlook reflects the company’s current and
preliminary views on the market and operational conditions, and the
outlook ranges for year 2021 reflect various assumptions that are
subject to change based on uncertainties such as the impact of the
COVID-19 pandemic and the new regulation on K12 academic tutoring
sector in China.
Earnings Call
Agora will host a conference call to discuss the
financial results at 6 p.m. Pacific Time / 9:00 p.m. Eastern Time
on the same day. Details for the conference call are as
follows:Event title: Agora, Inc. 2Q 2021 Financial
ResultsConference ID: 8897989Direct Event online registration:
http://apac.directeventreg.com/registration/event/8897989Please
register in advance of the conference using the link provided
above. Upon registering, you will be provided with participant
dial-in numbers, Direct Event passcode and unique registrant ID.A
digital recording of the conference call will be available for
replay two hours after the call’s completion (dial-in number: US
18554525696, International +61 2 81990299; same conference ID as
shown above).Please visit Agora’s investor relations website at
https://investor.agora.io/investor-relations on August 9, 2021 to
view the earnings release and accompanying slides prior to the
conference call.
Use of Non-GAAP Financial
Measures
Agora has provided in this press release
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). Agora uses these non-GAAP financial measures internally in
analyzing its financial results and believes that use of these
non-GAAP financial measures is useful to investors as an additional
tool to evaluate ongoing operating results and trends and in
comparing Agora’s financial results with other companies in its
industry, many of which present similar non-GAAP financial
measures. Besides free cash flow (as defined below), each of these
non-GAAP financial measures represents the corresponding GAAP
financial measure before share-based compensation expenses,
acquisition related expenses, amortization expense of acquired
intangible assets and income tax related to acquired intangible
assets. We believe that such non-GAAP financial measures help
identify underlying trends in our business that could otherwise be
distorted by the effect of such share-based compensation expenses,
acquisition related expenses, amortization expense of acquired
intangible assets and income tax related to acquired intangible
assets that we include in cost of revenues, total operating
expenses and net income (loss). We believe that all such non-GAAP
financial measures also provide useful information about our
operating results, enhance the overall understanding of our past
performance and future prospects and allow for greater visibility
with respect to key metrics used by our management in its financial
and operational decision-making.
Non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures and should be read only in conjunction with
Agora’s consolidated financial statements prepared in accordance
with GAAP. A reconciliation of Agora’s historical non-GAAP
financial measures to the most directly comparable GAAP measures
has been provided in the tables captioned “Reconciliation of GAAP
to Non-GAAP Measures” included at the end of this press release,
and investors are encouraged to review the reconciliation.
Definitions of Agora’s non-GAAP financial
measures included in this press release are presented below.
Non-GAAP Net Income (Loss)
Agora defines non-GAAP net income (loss) as net
income (loss) adjusted to exclude share-based compensation expense,
acquisition related expenses, amortization expense of acquired
intangible assets and income tax related to acquired intangible
assets.
Adjusted EBITDA
Agora defines Adjusted EBITDA as net income
(loss) before exchange gain (loss), interest and investment income,
income taxes, depreciation and amortization, and adjusted to
exclude the effects of share-based compensation expense,
acquisition related expenses, amortization expense of acquired
intangible assets and income tax related to acquired intangible
assets.
Free Cash Flow
Agora defines free cash flow as net cash
provided by operating activities less purchases of property and
equipment. Agora considers free cash flow to be a liquidity measure
that provides useful information to management and investors
regarding net cash provided by operating activities and cash used
for investments in property and equipment required to maintain and
grow the business.
Operating Metrics
Agora also uses other operating metrics included
in this press release and defined below to assess the performance
of its business.
Active Customers
Agora defines an active customer at the end of
any particular period as an organization or individual developer
from which Agora generated more than $100 of revenue during the
preceding 12 months. Agora counts customers based on unique
customer account identifiers. Generally, one software application
uses the same customer account identifier throughout its life cycle
while one account may be used for multiple applications.
Constant Currency Dollar-Based Net
Expansion Rate
Agora calculates Dollar-Based Net Expansion Rate
for a trailing 12-month period by first identifying all customers
in the prior 12-month period, and then calculating the quotient
from dividing the revenue generated from such customers in the
trailing 12-month period by the revenue generated from the same
group of customers in the prior 12-month period. Constant Currency
Dollar-Based Net Expansion Rate is calculated the same way as
Dollar-Based Net Expansion Rate but using fixed exchange rates
based on the daily average exchange rates prevailing during the
prior 12-month period to remove the impact of foreign currency
translations. Agora believes Constant Currency Dollar-Based Net
Expansion Rate facilitates operating performance comparisons on a
period-to-period basis as Agora does not consider the impact of
foreign currency fluctuations to be indicative of its core
operating performance.
Impact of the Recently Adopted
Accounting Pronouncement
Agora adopted ASU 2016-02, Leases (“ASC 842”)
beginning January 1, 2021 and elected to use the modified
retrospective method with the optional transition that allows for a
cumulative-effect adjustment to the opening balance of retained
earnings recorded on January 1, 2021, with no adjustments to prior
periods presented. No cumulative effect adjustment to the opening
balance of retained earnings was required. Upon adoption of ASC 842
on January 1, 2021, Agora recognized right of use assets as well as
lease liabilities of $6.5 million for operating leases. Agora does
not have any finance leases. The adoption of the new guidance did
not have a material effect on our results of operations, financial
condition or liquidity.
Safe Harbor Statements
This press release contains ‘‘forward-looking
statements’’ within the meaning of Section 27A of the Securities
Act of 1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended and the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical or current fact included in this press release are
forward-looking statements, including but not limited to statements
regarding Agora’s financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as “expect,” “anticipate,” “believe,” “project,” “will” and similar
expressions intended to identify forward-looking statements. Among
other things, the Financial Outlook in this announcement contain
forward-looking statements. These forward-looking statements are
based on Agora’s current expectations and involve risks and
uncertainties. Agora’s actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks related to
the growth of the RTE-PaaS market; Agora’s ability to manage its
growth and expand its operations; the continued impact of the
COVID-19 pandemic on global markets and Agora’s business,
operations and customers; Agora’s ability to attract new developers
and convert them into customers; Agora’s ability to retain existing
customers and expand their usage of Agora’s platform and products;
Agora’s ability to drive popularity of existing use cases and
enable new use cases, including through quality enhancements and
introduction of new products, features and functionalities; Agora’s
fluctuating operating results; competition; the effect of broader
technological and market trends on Agora’s business and prospects;
general economic conditions and their impact on customer and
end-user demand; and other risks and uncertainties included under
the caption “Risk Factors” and elsewhere in our filings with the
Securities and Exchange Commission, including, without limitation,
the final prospectus related to the IPO filed with the SEC on June
26, 2020. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and Agora undertakes
no obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
About Agora
Agora’s mission is to make real-time engagement
ubiquitous, allowing everyone to interact with anyone, in any app,
anytime and anywhere. Agora’s cloud platform provides developers
simple, flexible and powerful application programming interfaces,
or APIs, to embed real-time video, voice and chat experiences into
their applications. Agora maintains dual headquarters in Shanghai,
China and Santa Clara, California.
For more information, please visit:
www.agora.io.
Agora, Inc.Condensed
Consolidated Balance Sheets(Unaudited, in US$
thousands)
|
As of |
|
As of |
|
June 30, |
|
December 31, |
|
2021 |
|
2020 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
160,460 |
|
|
111,218 |
|
Short-term investments |
666,178 |
|
|
524,220 |
|
Accounts receivable, net |
33,382 |
|
|
27,840 |
|
Prepayments and other current assets |
8,205 |
|
|
7,459 |
|
Contract assets |
884 |
|
|
- |
|
Total current assets |
869,109 |
|
|
670,737 |
|
Property and equipment, net |
18,703 |
|
|
16,754 |
|
Operating lease right-of-use assets |
6,080 |
|
|
- |
|
Intangible assets |
7,785 |
|
|
209 |
|
Goodwill |
56,142 |
|
|
3,089 |
|
Long-term investments |
26,532 |
|
|
- |
|
Deferred tax assets |
516 |
|
|
511 |
|
Other non-current assets |
2,257 |
|
|
1,604 |
|
Total assets |
987,124 |
|
|
692,904 |
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
6,100 |
|
|
7,721 |
|
Advances from customers |
7,915 |
|
|
1,339 |
|
Taxes payable |
1,698 |
|
|
2,172 |
|
Current operating lease liabilities |
2,743 |
|
|
- |
|
Accrued expenses and other current liabilities |
75,263 |
|
|
25,075 |
|
Total current liabilities |
93,719 |
|
|
36,307 |
|
Long-term payable |
571 |
|
|
82 |
|
Long-term operating lease liabilities |
3,204 |
|
|
- |
|
Deferred tax liabilities |
1,157 |
|
|
52 |
|
Total liabilities |
98,651 |
|
|
36,441 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
Class A ordinary shares |
37 |
|
|
33 |
|
Class B ordinary shares |
8 |
|
|
8 |
|
Additional paid-in-capital |
1,080,043 |
|
|
818,428 |
|
Accumulated other comprehensive income |
2,417 |
|
|
1,941 |
|
Accumulated deficit |
(194,032 |
) |
|
(163,947 |
) |
Total shareholders' equity |
888,473 |
|
|
656,463 |
|
Total liabilities and shareholders’ equity |
987,124 |
|
|
692,904 |
|
Agora, Inc.Condensed
Consolidated Statements of Comprehensive Income
(Loss)(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Six Month Ended |
|
June 30, |
|
June 30, |
|
2021 |
2020 |
|
2021 |
2020 |
Real-time engagement service revenues |
40,357 |
|
33,672 |
|
|
79,844 |
|
69,118 |
|
Other revenues |
1,976 |
|
232 |
|
|
2,714 |
|
346 |
|
Total revenues |
42,333 |
|
33,904 |
|
|
82,558 |
|
69,464 |
|
Cost of revenues |
16,474 |
|
11,377 |
|
|
33,327 |
|
22,459 |
|
Gross profit |
25,859 |
|
22,527 |
|
|
49,231 |
|
47,005 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
27,003 |
|
10,919 |
|
|
52,219 |
|
22,607 |
|
Sales and marketing |
11,009 |
|
5,913 |
|
|
19,744 |
|
11,915 |
|
General and administrative |
7,271 |
|
3,396 |
|
|
12,992 |
|
6,941 |
|
Total operating expenses |
45,283 |
|
20,228 |
|
|
84,955 |
|
41,463 |
|
Other operating income |
342 |
|
770 |
|
|
630 |
|
793 |
|
(Loss) income from operations |
(19,082 |
) |
3,069 |
|
|
(35,094 |
) |
6,335 |
|
Exchange gain (loss) |
676 |
|
7 |
|
|
(19 |
) |
- |
|
Interest and investment income |
3,437 |
|
120 |
|
|
5,474 |
|
217 |
|
(Loss) income before income taxes |
(14,969 |
) |
3,196 |
|
|
(29,639 |
) |
6,552 |
|
Income taxes |
(425 |
) |
(190 |
) |
|
(446 |
) |
(559 |
) |
Net (loss) income |
(15,394 |
) |
3,006 |
|
|
(30,085 |
) |
5,993 |
|
Less: cumulative undeclared dividends on convertible redeemable
preferred shares |
- |
|
(3,316 |
) |
|
- |
|
(6,715 |
) |
Less: accretion on convertible redeemable preferred shares to
redemption value |
- |
|
(157,502 |
) |
|
- |
|
(193,466 |
) |
Net loss attributable to ordinary shareholders |
(15,394 |
) |
(157,812 |
) |
|
(30,085 |
) |
(194,188 |
) |
Other comprehensive loss: |
|
|
|
|
|
Foreign currency translation adjustments |
513 |
|
31 |
|
|
389 |
|
(470 |
) |
Unrealized gain on available-for-sale debt securities |
87 |
|
- |
|
|
87 |
|
- |
|
Total comprehensive loss attributable to ordinary shareholders |
(14,794 |
) |
(157,781 |
) |
|
(29,609 |
) |
(194,658 |
) |
|
|
|
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted |
(0.14 |
) |
(4.60 |
) |
|
(0.28 |
) |
(6.04 |
) |
|
|
|
|
|
|
Weighted-average shares used in computing net loss per ADS
attributable to ordinary shareholders, basic and diluted |
441,449,908 |
|
137,167,618 |
|
|
436,570,420 |
|
128,524,877 |
|
|
|
|
|
|
|
Share-based compensation expenses* included in: |
|
|
|
|
|
Cost of revenues |
171 |
|
118 |
|
|
304 |
|
234 |
|
Research and development expenses |
5,420 |
|
1,169 |
|
|
9,180 |
|
2,290 |
|
Sales and marketing expenses |
1,321 |
|
492 |
|
|
2,277 |
|
1,056 |
|
General and administrative expenses |
1,612 |
|
1,040 |
|
|
2,838 |
|
1,911 |
|
* In the fourth quarter of 2020, Agora formally
implemented the Venture Partners Plan, which was a new incentive
plan that can be settled in shares or cash at the discretion of the
plan administrator. Therefore, $1.2M, $1.1M and $1.1M accrued in
the first, second and third quarter of 2020, respectively, was
reclassified from cash bonus expenses to share-based compensation
expenses to reflect the costs related to the new incentive
plan.
Agora, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in US$ thousands)
|
Three Month Ended |
|
Six Month Ended |
|
June 30, |
|
June 30, |
|
2021 |
2020 |
|
2021 |
2020 |
Cash flows from operating activities: |
|
|
|
|
|
Net (loss) income |
(15,394 |
) |
3,006 |
|
|
(30,085 |
) |
5,993 |
|
Adjustments to reconcile net (loss) income to net cash (used in)
generated from operating activities: |
|
|
|
|
|
Share-based compensation expense |
8,524 |
|
2,819 |
|
|
14,599 |
|
5,491 |
|
Depreciation of property and equipment |
2,084 |
|
1,005 |
|
|
3,983 |
|
1,750 |
|
Amortization of intangible assets |
574 |
|
- |
|
|
781 |
|
- |
|
Deferred tax expense |
(84 |
) |
- |
|
|
(114 |
) |
- |
|
Amortization of right-of-use asset and interest on lease
liabilities |
947 |
|
- |
|
|
1,742 |
|
- |
|
Change in the fair value of investments |
(1,230 |
) |
- |
|
|
(1,280 |
) |
- |
|
Interest income on available-for-sale debt securities |
(93 |
) |
- |
|
|
(93 |
) |
- |
|
Changes in assets and liabilities, net of effect of
acquisition: |
|
|
|
|
|
Accounts receivable |
1,603 |
|
3,320 |
|
|
(4,830 |
) |
(12,126 |
) |
Contract assets |
(48 |
) |
- |
|
|
(176 |
) |
- |
|
Prepayments and other current assets |
249 |
|
(980 |
) |
|
(553 |
) |
(3,146 |
) |
Other non-current assets |
(105 |
) |
(17 |
) |
|
45 |
|
2 |
|
Accounts payable |
(4,328 |
) |
(3,236 |
) |
|
135 |
|
1,552 |
|
Advances from customers |
(194 |
) |
184 |
|
|
(170 |
) |
46 |
|
Taxes payable |
(125 |
) |
(631 |
) |
|
(565 |
) |
(399 |
) |
Operating lease liabilities |
(796 |
) |
- |
|
|
(1,823 |
) |
- |
|
Accrued expenses and other liabilities |
90 |
|
1,981 |
|
|
7,336 |
|
7,368 |
|
Net cash (used in) generated from operating activities |
(8,326 |
) |
7,451 |
|
|
(11,068 |
) |
6,531 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchase of short-term investments |
(196,966 |
) |
- |
|
|
(390,447 |
) |
- |
|
Proceeds from sale and maturity of short-term investments |
200,078 |
|
- |
|
|
250,078 |
|
- |
|
Purchase of property and equipment |
(3,209 |
) |
(3,825 |
) |
|
(8,442 |
) |
(6,321 |
) |
Purchase of intangible assets |
(37 |
) |
- |
|
|
(202 |
) |
- |
|
Purchase of long-term investment |
(26,352 |
) |
- |
|
|
(26,352 |
) |
- |
|
Cash paid for acquisition, net of cash received |
(14,309 |
) |
- |
|
|
(15,728 |
) |
- |
|
Net cash used in investing activities |
(40,795 |
) |
(3,825 |
) |
|
(191,093 |
) |
(6,321 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from the private placement, net of issuance costs
paid |
(50 |
) |
- |
|
|
249,950 |
|
- |
|
Proceeds from issuance of Series C+ convertible redeemable
preferred shares, net of issuance costs of nil |
- |
|
- |
|
|
- |
|
50,000 |
|
Proceeds from the IPO and concurrent private placement, net of
underwriter discounts and commissions and other offering costs
paid |
- |
|
485,555 |
|
|
- |
|
485,324 |
|
Proceeds from exercise of employees’ share options |
418 |
|
- |
|
|
1,453 |
|
- |
|
Net cash provided by financing activities |
368 |
|
485,555 |
|
|
251,403 |
|
535,324 |
|
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash |
(241 |
) |
20 |
|
|
76 |
|
(283 |
) |
Net (decrease) increase in cash, cash equivalents and restricted
cash |
(48,994 |
) |
489,201 |
|
|
49,318 |
|
535,251 |
|
Cash, cash equivalents and restricted cash at beginning of period
* |
209,610 |
|
151,733 |
|
|
111,298 |
|
105,683 |
|
Cash, cash equivalents and restricted cash at end of period ** |
160,616 |
|
640,934 |
|
|
160,616 |
|
640,934 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Income taxes paid |
966 |
|
724 |
|
|
966 |
|
724 |
|
Cash payments included in the measurement of operating lease
liabilities |
796 |
|
- |
|
|
1,822 |
|
- |
|
Right-of-use assets obtained in exchange for operating lease
obligations |
1,076 |
|
- |
|
|
1,489 |
|
- |
|
Non-cash financing and investing activities: |
|
|
|
|
|
Payables for acquisition |
- |
|
- |
|
|
39,441 |
|
- |
|
Proceeds receivable from exercise of employees’ share options |
156 |
|
- |
|
|
156 |
|
- |
|
Payables for property and equipment |
331 |
|
921 |
|
|
331 |
|
921 |
|
Accretion to redemption value of convertible redeemable preferred
shares |
- |
|
157,502 |
|
|
- |
|
193,466 |
|
Payables for deferred initial public offering cost |
- |
|
1,690 |
|
|
- |
|
1,690 |
|
* includes restricted cash balance |
156 |
|
80 |
|
|
80 |
|
80 |
|
** includes restricted cash balance |
156 |
|
80 |
|
|
156 |
|
80 |
|
Agora,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Six Month Ended |
|
June 30, |
|
June 30, |
|
2021 |
2020 |
|
2021 |
2020 |
GAAP net (loss) income |
(15,394 |
) |
3,006 |
|
|
(30,085 |
) |
5,993 |
|
Add: |
|
|
|
|
|
Share-based compensation expense |
8,524 |
|
2,819 |
|
|
14,599 |
|
5,491 |
|
Acquisition related expenses |
577 |
|
- |
|
|
4,699 |
|
- |
|
Amortization expense of acquired intangible assets |
556 |
|
- |
|
|
748 |
|
- |
|
Income tax related to acquired intangible assets |
(84 |
) |
- |
|
|
(114 |
) |
- |
|
Non-GAAP net (loss) income |
(5,821 |
) |
5,825 |
|
|
(10,153 |
) |
11,484 |
|
|
|
|
|
|
|
Net (loss) income |
(15,394 |
) |
3,006 |
|
|
(30,085 |
) |
5,993 |
|
Excluding: |
|
|
|
|
|
Exchange gain (loss) |
676 |
|
7 |
|
|
(19 |
) |
- |
|
Interest and investment income |
3,437 |
|
120 |
|
|
5,474 |
|
217 |
|
Income taxes |
(425 |
) |
(190 |
) |
|
(446 |
) |
(559 |
) |
Depreciation of property and equipment |
2,084 |
|
1,005 |
|
|
3,983 |
|
1,750 |
|
Share-based compensation expense |
8,524 |
|
2,819 |
|
|
14,599 |
|
5,491 |
|
Acquisition related expenses |
577 |
|
- |
|
|
4,699 |
|
- |
|
Amortization expense of acquired intangible assets |
556 |
|
- |
|
|
748 |
|
- |
|
Adjusted EBITDA |
(7,341 |
) |
6,893 |
|
|
(11,065 |
) |
13,576 |
|
|
|
|
|
|
|
Net cash (used in) generated from operating activities |
(8,326 |
) |
7,451 |
|
|
(11,068 |
) |
6,531 |
|
Purchase of property and equipment |
(3,209 |
) |
(3,825 |
) |
|
(8,442 |
) |
(6,321 |
) |
Free Cash Flow |
(11,535 |
) |
3,626 |
|
|
(19,510 |
) |
210 |
|
Net cash used in investing activities |
(40,795 |
) |
(3,825 |
) |
|
(191,093 |
) |
(6,321 |
) |
Net cash provided by financing activities |
368 |
|
485,555 |
|
|
251,403 |
|
535,324 |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Fionna Chen
investor@agora.io
Media Contact:
Suzanne Nguyen
press@agora.io
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