- Company Reiterates FY2017 Net Revenues
Outlook and Broadens Relationship with Tencent -
BEIJING, Nov. 28, 2017 /PRNewswire/ -- Gridsum Holding
Inc. ("Gridsum" or the "Company") (NASDAQ:GSUM), a leading provider
of cloud-based big-data analytics and artificial intelligence
("AI") solutions in China, today
reported its unaudited financial results for the third quarter
ended September 30, 2017. The Company
will hold a conference call at 7:30 p.m.
Eastern Time on November 28,
2017, or 8:30 a.m. Beijing
Time on November 29, 2017. Dial-in
details are provided at the end of this release.
Third Quarter 2017 Financial Highlights
- Net revenues increased by 53.4% to RMB151.4 million (US$22.8
million) from RMB98.7 million
in the comparable period of 2016, driven by a 47.8% rise in
Enterprise revenues and a 98.0% increase in e-Government and other
revenues.
- Gross profit increased by 43.8% to RMB125.2 million (US$18.8
million) from RMB87.0 million
in the comparable period of 2016.
Mr. Guosheng Qi, Chief Executive
Officer of Gridsum, commented, "We delivered another strong quarter
of growth driven by our continued effectiveness at attracting new
clients, including companies such as Dyson, Domino's, Stanley Black and Decker, Union Life, Viking
Cruise, and others, to our core marketing automation business, and
cross selling and upselling additional products and features which
drove growth of average revenue per customer ('ARPU') within our
expanding portfolio of clients. We have also made considerable
progress in our strategy to develop solutions for new verticals,
such as an intelligent customer relationship management system
(CRM) which is anticipated to be launched next month and the
industrial internet of things (IIoT). In August, Mr. Xijian Liu
joined us as our chief strategy officer. He also heads our newly
established IIoT division. Mr. Liu's more than three decades
of IT and strategic management experience at one of the largest
state-owned petrochemical companies in China lays a solid foundation for our rapid
development in the IIoT space. Moving forward, we will continue to
consolidate long-term relationships with our clients and delve
deeper into their businesses by offering solutions to multiple
parts of their organizations to help them with their digital
transformations. We continue to target having around half of our
growth being driven by new client additions, and around half from
ARPU expansion."
"Overall, our strategy remains the same -- to leverage our
leading big-data analytics and enterprise-focused artificial
intelligence platform to help companies and other organizations
make better decisions and drive an immediate and quantifiable KPI
impact for our clients. While we have been able to grow quickly by
attracting a number of companies to our platform, there remains
enormous potential to broaden the types of organizations that we
serve, and extensive untapped opportunity across the corporate
world, including different parts of our current clients'
organizations, that we can reach with new products and services.
The enterprise software market in China remains relatively greenfield with few
well developed domestic players. As companies in China become increasingly sophisticated, we
believe that our intelligent cloud-based solutions can help them
make important data-driven decisions that will be vital to their
future growth."
Mr. Ravi Sarathy, co-Chief
Financial Officer of Gridsum, added, "We made exciting progress on
a number of strategic fronts this quarter. In particular, we are
pleased that we were able to broaden our collaboration with
Tencent in a few different areas.
First, we launched the 'Faxin Wei Su' litigation service platform
on WeChat in cooperation with Tencent
and the PRC People's Court Press, which forms a key part of our
broader legal solutions suite. Second, we added the Tencent-JD platform to our Marketing Automation
suite, including its integration into our intelligent
bid-optimization solution. Over time this will allow us to directly
manage and increasingly automate a greater share of our clients'
digital marketing spending, further driving ARPU from our clients.
Lastly, we signed a strategic agreement with Tencent Cloud and Shandong Guohui Investment Co.
Ltd, a company owned by the Shandong Province State-owned Assets
Supervision and Administration Commission, to jointly develop an
IIoT cloud platform in Shandong
Province. This announcement marks the culmination of almost
a year of work within Gridsum and also demonstrates the critical
role played by our chief strategy officer, Mr. Xijian Liu. This
strategic agreement provides for us to jointly advise on, develop
and implement an IIoT platform in Shandong Province to leverage 'Industry 4.0' and 'Made
in China 2025' methodologies to revolutionize and improve
the efficiency, structure and scope of the smart manufacturing
ecosystem there. This will be accomplished through the acquisition
of vast quantities of information, processing of that information
with intelligent analytics and automating key decisioning based on
those analytics. This strategic agreement highlights the
transformative nature of IIoT and represents a substantial
strategic opportunity for us. Developments such as these showcase
the work that we do to innovate across our business, leveraging our
core competencies and competitive advantages. Establishing
long-term relationships with our clients and upselling additional
products and features over a number of years is also critically
important for us. Exemplifying this, we saw the renewal rate among
our most important clients, those representing over 2% of our
revenue, remain at 100% for the third quarter and for the first
nine months of 2017."
Mr. Michael Zhang, co-Chief
Financial Officer of Gridsum, concluded, "During the quarter,
enterprise revenues increased by 47.8% while e-Government and other
revenues increased by an even faster 98.0%, albeit from a smaller
base. We continue to invest for the future while carefully
balancing growth opportunities with a path to profitability. We
believe that with rapid top line growth our operating leverage will
become more significant. We have already started to see solid
leverage from our sales and marketing ('S&M')
spending, and we expect to see greater stability in our research
and development ('R&D') and general and administrative ('G&A')
spending, which should put us on a stronger path to profitability.
R&D remains a critical element of our business to ensure that
we maintain our leading position in the enterprise SaaS space over
the short, medium and long term. As such, we expect that R&D
spending, in absolute terms, to continue growing at a sustainable
level in the coming quarters."
Third Quarter 2017 Financial Results
REVENUES: Net revenues increased by 53.4% to
RMB151.4 million (US$22.8 million) from RMB98.7 million in the comparable period of 2016,
driven by a 47.8% increase in Enterprise revenues and a 98.0%
increase in e-Government and other revenues.
Enterprise revenues increased by 47.8% to RMB129.5 million (US$19.5
million) from RMB87.6 million
in the comparable period of 2016. E-Government and other revenues
increased by 98.0% to RMB25.3 million
(US$3.8 million) from RMB12.8 million in the comparable period of 2016.
The rise in both enterprise revenues and e-Government and other
revenues was mainly due to an increase in number of customers and
higher ARPU. During the quarter, the Company won a number of
additional marquee clients in addition to working to upsell
additional products and features to established clients.
COST OF REVENUES: Cost of revenues was
RMB26.2 million (US$3.9 million), compared with RMB11.7 million in the comparable period of 2016.
The rise was primarily due to a RMB14.4
million increase in technical service fees.
GROSS PROFIT AND GROSS MARGIN: Gross profit
increased by 43.8% to RMB125.2
million (US$18.8 million) from
RMB87.0 million in the comparable
period of 2016. Gross margin decreased to 82.7% from 88.2% in the
comparable period of 2016. The decrease in gross margin was
primarily attributable to incremental investment in optimizing and
enhancing the performance and security of the Company's systems and
databases. The Company believes that it can maintain its gross
margin at around 85% over the long term.
OPERATING EXPENSES: Total operating expenses were
RMB155.7 million (US$23.4 million), compared with RMB102.5 million in the comparable period of
2016. As a percentage of net revenues, operating expenses were
102.8%, compared with 103.8% in the comparable period of
2016.
- Sales and marketing expenses were RMB43.0 million (US$6.5
million), compared with RMB42.3
million in the comparable period of 2016. In an effort to
increase Gridsum's brand awareness, the Company significantly
ramped up its marketing activities in the third quarter of 2016
following the completion of its initial public offering. In the
coming few quarters, while Gridsum will continue to invest in brand
building and in its sales force, the Company expects to maintain
its sales and marketing expenses in line with topline revenue
growth. Over the long term, the Company expects to maintain sales
and marketing expenses at around 20% of total net revenues.
- Research and development expenses were RMB69.5 million (US$10.4
million), compared with RMB39.8
million in the comparable period of 2016. The increase was
primarily due to a RMB12.8 million
increase in outsourcing fees and a RMB10.4
million increase in personnel costs. The increases primarily
reflect the Company's strong commitment to enhance its capabilities
in technology and innovation. Over the long term, the Company
expects to maintain R&D spending at about 25% of total net
revenues.
- General and administrative expenses were RMB43.2 million (US$6.5
million), compared with RMB20.4
million in the comparable period of 2016. The increase was
primarily due to a RMB9.2 million
increase in allowance for doubtful accounts, a RMB7.3 million increase in outsourcing costs and
a RMB5.0 million increase in
personnel cost, including a RMB1.1
million increase in share-based compensation. Over the long
term, the Company aims to bring G&A expenses to below 10% of
total net revenues.
LOSS FROM OPERATIONS: Loss from operations was
RMB30.5 million (US$4.6 million), compared with a loss of
RMB15.4 million in the comparable
period of 2016.
NET LOSS ATTRIBUTABLE TO GRIDSUM'S ORDINARY
SHAREHOLDERS: Net loss attributable to Gridsum's ordinary
shareholders was RMB34.1 million
(US$5.1 million), compared with
RMB24.6 million in the comparable
period of 2016. The increase was primarily due to an increase in
operating expenses, especially R&D as the Company aims to
position itself for its anticipated seasonally strong fourth
quarter.
NON-GAAP NET LOSS ATTRIBUTABLE TO GRIDSUM'S ORDINARY
SHAREHOLDERS: Non-GAAP net loss attributable to
Gridsum's ordinary shareholders, which is defined as net loss
attributable to Gridsum's ordinary shareholders before share-based
compensation expense, was RMB29.4
million (US$4.4 million),
compared with RMB21.9 million in the
comparable period of 2016.
EBITDA: Loss before interest, income tax,
depreciation and amortization for the third quarter of 2017 was
RMB24.6 million (US$3.7 million), compared with RMB8.3 million in the comparable period of 2016.
The increase was mainly due to an increase in loss from operations
of RMB15.1 million, an increase in
foreign exchange expense and interest expenses of RMB2.7 million and RMB1.5
million, respectively, which were partially offset by an
increase in depreciation and amortization expenses of RMB1.7 million.
ADJUSTED EBITDA: Adjusted loss before interest,
income tax, depreciation and amortization, which excludes
share-based compensation expenses, was RMB19.8 million (US$3.0
million), compared with RMB5.6
million in the comparable period of 2016.
NET LOSS PER ADS ATTRIBUTABLE TO GRIDSUM'S ORDINARY
SHAREHOLDERS: Net loss per ADS attributable to Gridsum's
ordinary shareholders was RMB1.15
(US$0.17), compared with RMB2.36 in the comparable period of 2016.
NON-GAAP NET LOSS PER ADS ATTRIBUTABLE TO GRIDSUM'S
ORDINARY SHAREHOLDERS: Non-GAAP net loss per ADS
attributable to Gridsum's ordinary shareholders was RMB0.99 (US$0.15),
compared with RMB2.10 in the
comparable period of 2016.
Each ADS represents one Class B ordinary share. For purposes of
determining net loss per ADS attributable to Gridsum's ordinary
shareholders, the weighted average number of ordinary shares for
the third quarter of 2017 was 29,739,866. As of September 30, 2017, the total number of ordinary
shares outstanding was 30,736,180.
Balance Sheet
As of September 30, 2017, the
Company had cash and cash equivalents of RMB258.0 million (US$38.8
million), and restricted cash of RMB249.5 million (US$37.50
million). Management believes that the Company has a healthy
balance sheet and that it is fully funded on the path to
profitability.
Financial Outlook
For the full year of 2017, the Company maintains its guidance.
Net revenues are expected to be in the range of RMB628 million to RMB640 million, representing
approximately 58% year-over-year growth at the mid-point. These
forecasts reflect the Company's current and preliminary view, which
may be subject to change.
Conference Call
The Company will hold a conference call at 7:30 PM Eastern
Time on Tuesday, November 28, 2017 (or 8:30
AM Beijing Time on Wednesday, November 29, 2017) to
discuss the financial results.
Participants may access the call by dialing the following
numbers:
United
States:
|
+1-845-675-0437
|
International Toll
Free:
|
+1-866-519-4004
|
Hong Kong:
|
+852-3018-6771
|
China
Domestic:
|
400-620-8038
|
Conference
ID:
|
4969718
|
A replay will be accessible through December 6,
2017 by dialing the following numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
4969718
|
A live and archived webcast of the conference call will be
available through the Company's investor relations website
at http://ir.gridsum.com.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.6533 to US$1.00, the noon buying rate in effect on
September 29, 2017 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred could be
converted into USD or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Unaudited Condensed Financial
Information
The unaudited financial information set forth above is
preliminary and subject to potential adjustments. Adjustments to
the consolidated financial statements may be identified when audit
work has been performed for the Company's year-end audit, which
could result in significant differences from this preliminary
unaudited condensed financial information.
Use of Non-GAAP Financial Measures
In evaluating the Company's business, the Company considers and
uses the following non-GAAP financial measures as supplemental
measures to review and assess the Company's operating performance:
non-GAAP net loss attributable to Gridsum's ordinary shareholders,
non-GAAP net loss per share attributable to Gridsum's ordinary
shareholders, EBITDA and adjusted EBITDA. 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
in accordance with U.S. GAAP. Non-GAAP net loss attributable to
Gridsum's ordinary shareholders is net loss attributable to
Gridsum's ordinary shareholders before share-based compensation,
non-GAAP net loss per share attributable to Gridsum's ordinary
shareholders is the per share equivalent and non-GAAP net loss per
ADS attributable to Gridsum's ordinary shareholders is the per ADS
equivalent, EBITDA is net loss before interest income and expenses,
income tax expenses and depreciation expenses, and adjusted EBITDA
is EBITDA before share-based compensation.
The Company presents these non-GAAP financial measures because
they are used by the Company's management to evaluate the Company's
operating performance and formulate the Company's business plans.
These non-GAAP financial measures enable the Company's management
to assess the Company's operating results without considering the
impact of non-cash charges, including depreciation expenses and
share-based compensation, and without considering the impact of
non-operating items such as interest income and expenses and income
tax expenses. The Company also believes that the use of these
non-GAAP measures facilitates investors' assessment of the
Company's operating performance.
These non-GAAP financial measures are not defined under U.S.
GAAP and are not presented in accordance with U.S. GAAP. These
non-GAAP financial measures have limitations as analytical tools.
One of the key limitations of using these non-GAAP financial
measures is that they do not reflect all items of income and
expense that affect the Company's operations. Interest income and
expenses, income tax expenses, depreciation expenses and
share-based compensation have been and may continue to be incurred
in the Company's business and are not reflected in the presentation
of adjusted EBITDA. Further, these non-GAAP financial measures may
differ from the non-GAAP financial measures used by other
companies, including Gridsum's peer companies, so their utility for
comparison purposes may be limited.
The Company compensates for these limitations by reconciling the
Company's non-GAAP financial measures to the most directly
comparable U.S. GAAP financial measures, which should be considered
when evaluating the Company's performance.
About Gridsum
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of
cloud-based big-data analytics and AI solutions for multinational
and domestic enterprises and government agencies in China. Gridsum's core technology, the
Gridsum Big Data Platform, is built on a distributed
computing framework and performs real-time multi-dimensional
correlation analysis of both structured and unstructured data. This
enables Gridsum's customers to identify complex relationships
within their data and gain new insights that help them make better
business decisions. The Company is named "Gridsum" to symbolize the
combination of distributed computing (Grid) and analytics (sum). As
a digital intelligence pioneer, the Company's mission is to help
enterprises and government organizations in China use data in new and powerful ways to
make better informed decisions and be more productive.
For more information, please visit http://www.gridsum.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, Gridsum's financial outlook as well as
Gridsum's strategic and operational plans contain forward-looking
statements. Gridsum may also make written or oral forward-looking
statements in its reports filed with, or furnished to, the U.S.
Securities and Exchange Commission, in its annual reports to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Gridsum's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: unexpected difficulties in Gridsum's pursuit of its
goals and strategies; the unexpected developments, including slow
growth, in the digital intelligence market; reduced demand for, and
market acceptance of, Gridsum's solutions; difficulties keeping and
strengthening relationships with customers; potentially costly
research and development activities; competitions in the digital
intelligence market; PRC governmental policies relating to media,
software, big data, the internet, internet content providers and
online advertising; and general economic and business conditions in
the regions where Gridsum provides solutions and services. Further
information regarding these and other risks is included in
Gridsum's reports filed with, or furnished to, the Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of this press release, and
Gridsum undertakes no duty to update such information except as
required under applicable law.
Investor Relations
Gridsum
ir@gridsum.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email: carnell@christensenir.com
In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: tfleming@christensenir.com
GRIDSUM HOLDING
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands)
|
|
|
|
|
As
of
|
|
December 31,
2016
|
September 30,
2017
|
September 30,
2017
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
524,454
|
258,019
|
38,781
|
Time
deposit
|
69,430
|
-
|
-
|
Restricted
cash
|
-
|
249,499
|
37,500
|
Accounts receivable,
net
|
412,301
|
621,630
|
93,432
|
Prepayments and other
current assets
|
160,087
|
166,355
|
25,003
|
Total current
assets
|
1,166,272
|
1,295,503
|
194,716
|
Non-current
assets:
|
|
|
|
Property, equipment
and software, net
|
56,107
|
62,162
|
9,343
|
Intangible
assets
|
-
|
654
|
98
|
Goodwill
|
-
|
537
|
81
|
Other non-current
assets
|
3,947
|
434
|
65
|
Total non-current
assets
|
60,054
|
63,787
|
9,587
|
|
|
|
|
Total
assets
|
1,226,326
|
1,359,290
|
204,303
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term bank
loans
|
65,093
|
256,019
|
38,480
|
Accounts
payable
|
12,150
|
57,815
|
8,690
|
Salary and
welfare payables
|
54,779
|
56,721
|
8,525
|
Taxes
payable
|
66,589
|
90,591
|
13,616
|
Deferred
revenues
|
50,110
|
59,049
|
8,875
|
Advances from
customers
|
106,570
|
71,467
|
10,742
|
Accrued expenses
and other current liabilities
|
58,473
|
66,118
|
9,938
|
Total current
liabilities
|
413,764
|
657,780
|
98,865
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
Deferred tax
liabilities
|
-
|
259
|
39
|
|
|
|
|
Total
liabilities
|
413,764
|
658,039
|
98,904
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Total Gridsum
shareholders' equity
|
812,231
|
691,175
|
103,885
|
|
|
|
|
Non-controlling
interests
|
331
|
10,076
|
1,514
|
Total shareholders'
equity
|
812,562
|
701,251
|
105,399
|
Total liabilities
and shareholders' equity
|
1,226,326
|
1,359,290
|
204,303
|
GRIDSUM HOLDING
INC.
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
(All amounts in
thousands, except for share, per share and per ADS data)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
June 30,
2017
|
|
September 30,
2017
|
|
September 30,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Enterprise
|
87,631
|
|
101,256
|
|
129,501
|
|
19,464
|
e-Government and
other
|
12,758
|
|
22,758
|
|
25,258
|
|
3,796
|
Less: Business tax
and surcharges
|
(1,671)
|
|
(3,093)
|
|
(3,326)
|
|
(500)
|
Net
revenues
|
98,718
|
|
120,921
|
|
151,433
|
|
22,761
|
Cost of
revenues
|
(11,670)
|
|
(20,166)
|
|
(26,236)
|
|
(3,943)
|
Gross
profit
|
87,048
|
|
100,755
|
|
125,197
|
|
18,817
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and marketing expenses
|
(42,328)
|
|
(39,952)
|
|
(43,025)
|
|
(6,467)
|
Research and development expenses
|
(39,777)
|
|
(60,024)
|
|
(69,465)
|
|
(10,441)
|
General and
administrative expenses
|
(20,372)
|
|
(28,196)
|
|
(43,219)
|
|
(6,496)
|
Total operating
expenses
|
(102,477)
|
|
(128,172)
|
|
(155,709)
|
|
(23,403)
|
Income/(Loss) from
operations
|
(15,429)
|
|
(27,417)
|
|
(30,512)
|
|
(4,586)
|
Other
income/(expense):
|
|
|
|
|
|
|
|
Foreign currency
exchange gain/(loss)
|
(219)
|
|
(2,138)
|
|
(2,901)
|
|
(436)
|
Interest
income/(expense), net
|
(63)
|
|
(400)
|
|
(1,612)
|
|
(242)
|
Other
income/(expense), net
|
1,088
|
|
(1,026)
|
|
891
|
|
134
|
Income/(Loss)
before income tax
|
(14,623)
|
|
(30,981)
|
|
(34,134)
|
|
(5,130)
|
Income tax
expense
|
-
|
|
(1,384)
|
|
(12)
|
|
(2)
|
Net
loss
|
(14,623)
|
|
(32,365)
|
|
(34,146)
|
|
(5,132)
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to non-controlling interests
|
(16)
|
|
(19)
|
|
(19)
|
|
(3)
|
Net loss
attributable to Gridsum Holding Inc.
|
(14,607)
|
|
(32,346)
|
|
(34,127)
|
|
(5,129)
|
|
|
|
|
|
|
|
|
Accretion to
preferred shares redemption value
|
(5,675)
|
|
-
|
|
-
|
|
-
|
Cumulative dividend
to preferred shareholders
|
(4,319)
|
|
-
|
|
-
|
|
-
|
Net loss
attributable to Gridsum's ordinary shareholders
|
(24,601)
|
|
(32,346)
|
|
(34,127)
|
|
(5,129)
|
|
|
|
|
|
|
|
|
Net loss
|
(14,623)
|
|
(32,365)
|
|
(34,146)
|
|
(5,132)
|
Foreign currency
translation adjustment, net of nil tax
|
(2,240)
|
|
(5,341)
|
|
(6,354)
|
|
(955)
|
Comprehensive
loss
|
(16,863)
|
|
(37,706)
|
|
(40,500)
|
|
(6,087)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(16)
|
|
(19)
|
|
(19)
|
|
(3)
|
Comprehensive loss
attributable to Gridsum Holding Inc.
|
(16,847)
|
|
(37,687)
|
|
(40,481)
|
|
(6,084)
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in net loss per share attributable
to Gridsum's ordinary shareholders calculations:
|
|
|
|
|
|
|
|
Basic and diluted
|
10,407,178
|
29,751,812
|
29,739,866
|
29,739,866
|
Net Loss per ordinary
share attributable to Gridsum's ordinary shareholders:
|
|
|
|
|
|
|
|
Basic and diluted
|
(2.36)
|
(1.09)
|
(1.15)
|
(0.17)
|
Net Loss per ADS
attributable to Gridsum's ordinary shareholders:
|
|
|
|
|
|
|
|
Basic and diluted
|
(2.36)
|
(1.09)
|
(1.15)
|
(0.17)
|
GRIDSUM HOLDING
INC.
|
RECONCILIATION OF
GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands, except for share, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
June 30,
2017
|
|
September 30,
2017
|
|
September 30,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Reconciliation of net
loss attributable to Gridsum's ordinary shareholders to non-GAAP
net loss attributable to Gridsum's ordinary shareholders
|
|
|
|
|
|
|
|
Net loss attributable
to Gridsum's ordinary shareholders
|
(24,601)
|
|
(32,346)
|
|
(34,127)
|
|
(5,129)
|
Share-based
compensation
|
2,709
|
|
4,974
|
|
4,747
|
|
713
|
Non-GAAP net loss
attributable to Gridsum's ordinary shareholders
|
(21,892)
|
|
(27,372)
|
|
(29,380)
|
|
(4,416)
|
Weighted average
number of ordinary shares used in net loss per share attributable
to Gridsum's ordinary shareholders and non-GAAP net loss per share
attributable to Gridsum's ordinary shareholders
calculations:
|
10,407,178
|
|
29,751,812
|
|
29,739,866
|
|
29,739,866
|
Basic and diluted
|
Net loss per ordinary
share attributable to Gridsum's ordinary shareholders: Basic and
diluted
|
(2.36)
|
|
(1.09)
|
|
(1.15)
|
|
(0.17)
|
Net loss per ADS
attributable to Gridsum's ordinary shareholders:
|
(2.36)
|
|
(1.09)
|
|
(1.15)
|
|
(0.17)
|
Basic and diluted
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
ordinary share attributable to Gridsum's ordinary
shareholders:
|
(2.10)
|
|
(0.92)
|
|
(0.99)
|
|
(0.15)
|
Basic and diluted
|
Non-GAAP net loss per
ADS attributable to Gridsum's ordinary shareholders:
|
(2.10)
|
|
(0.92)
|
|
(0.99)
|
|
(0.15)
|
Basic and diluted
|
|
|
|
|
|
|
|
|
Reconciliation of net
loss to EBITDA and adjusted EBITDA
|
|
|
|
|
|
|
|
Net loss
|
(14,623)
|
|
(32,365)
|
|
(34,146)
|
|
(5,132)
|
Interest
(income)/expense, net
|
63
|
|
400
|
|
1,612
|
|
242
|
Income tax
expenses
|
-
|
|
1,384
|
|
12
|
|
2
|
Depreciation and
amortization expenses
|
6,224
|
|
7,842
|
|
7,964
|
|
1,197
|
EBITDA
|
(8,336)
|
|
(22,739)
|
|
(24,558)
|
|
(3,691)
|
Share-based
compensation
|
2,709
|
|
4,974
|
|
4,747
|
|
713
|
Adjusted
EBITDA
|
(5,627)
|
|
(17,765)
|
|
(19,811)
|
|
(2,978)
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/gridsum-reports-unaudited-third-quarter-2017-financial-results-300562518.html
SOURCE Gridsum Holding Inc.