Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform
for real-time engagement APIs, today announced its financial
results for the fourth quarter and the fiscal year ended December
31, 2020.
“We closed the year with solid fourth quarter
results, which demonstrate the power of contextual real-time
engagement and our developer-first business model. We are happy to
see that Agora powers some of the most exciting innovations and new
experiences on the internet.” said Tony Zhao, founder, chairman and
CEO of Agora. “Looking into 2021, we will continue to invest in
product and technology innovation to solidify our position as the
go-to platform for real-time engagement APIs”.
Fourth Quarter 2020
Highlights
- Total revenues for
the quarter were $33.3 million, an increase of 74.1% from $19.1
million in the fourth quarter of 2019.
- Active Customers
as of December 31, 2020 were 2,095, an increase of 101.2% from
1,041 as of December 31, 2019.
- Constant Currency
Dollar-Based Net Expansion Rate was 179% for the trailing
12-month period ended December 31, 2020.
- Net loss for the
quarter was $6.2 million, compared to net loss of $2.3 million in
the fourth quarter of 2019. After excluding share-based
compensation expense, non-GAAP net loss for the quarter was $3.2
million, compared to the non-GAAP net loss of $1.5 million in the
fourth quarter of 2019. Adjusted EBITDA for the
quarter was negative $3.3 million, compared to negative $1.0
million in the fourth quarter of 2019.
- Total cash, cash
equivalents and short-term investments as of December 31,
2020 was $635.4 million.
- Net cash generated from
operating activities for the quarter was $2.0 million,
compared to $2.1 million in the fourth quarter of 2019.
Free cash flow for the quarter was negative $1.4
million, compared to $0.9 million in the fourth quarter of
2019.
Fiscal Year 2020 Highlights
- Total revenues in
2020 were $133.6 million, an increase of 107.3% from $64.4 million
in 2019.
- Net loss in 2020
was $3.1 million, compared to $6.2 million in 2019. After excluding
share-based compensation expense, non-GAAP net income in 2020 was
$8.9 million, compared to the non-GAAP net loss of $1.9 million in
2019. Adjusted EBITDA in 2020 was $11.2 million,
compared to $0.1 million in 2019.
- Net cash generated from
operating activities in 2020 was $6.6 million, compared to
$0.7 million in 2019. Free cash flow in 2020 was
negative $6.3 million, compared to negative $4.1 million in
2019.
Fourth Quarter 2020 Financial
Results
RevenuesTotal revenues were
$33.3 million in the fourth quarter of 2020, an increase of 74.1%
from $19.1 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.
Cost of RevenuesCost of
revenues was $13.2 million in the fourth quarter of 2020, an
increase of 104.5% from $6.4 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 continued to
scale our business.
Gross Profit and Gross
MarginGross profit was $20.1 million in the fourth quarter
of 2020, an increase of 58.6% from $12.7 million in the same period
last year. Gross margin was 60.4% in the fourth quarter of 2020, a
decrease of 5.9% from 66.3% 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 $28.5 million in the fourth quarter of 2020, an
increase of 89.0% from $15.1 million in the same period last
year.
- Research and
development expenses were $14.4 million in the fourth
quarter of 2020, an increase of 102.6% from $7.1 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 $0.2 million
in the fourth quarter of 2019 to $1.4 million in the fourth quarter
of 2020.
- Sales and
marketing expenses were $7.4 million in the fourth quarter
of 2020, an increase of 33.8% from $5.6 million in the same period
last year, primarily due to increased personnel costs as we
continue to build our team and incur advertising expenses.
- General and
administrative expenses were $6.7 million in the fourth
quarter of 2020, an increase of 175.4% from $2.4 million in the
same period last year, primarily due to increased personnel costs
as we continue to build our team, including an increase in
share-based compensation from $0.3 million in the fourth quarter of
2019 to $1.0 million in the fourth quarter of 2020, as well as
higher professional services expensed compared to prior year.
Other Operating IncomeOther
operating income was $0.7 million in the fourth quarter of 2020,
compared to $31 thousand in the same period last year, primarily
due to government subsidies and additional value added tax
deductions.
Loss from OperationsLoss from
operations was $7.7 million in the fourth quarter of 2020, compared
to loss from operations of $2.4 million in the same period last
year.
Interest and Investment
IncomeInterest and investment income were $1.5 million in
the fourth quarter of 2020, an increase of 536.3% from $0.2 million
in the same period last year, primarily due to an increase in the
average balance of cash and cash equivalents and an increase in
short-term investments purchased due to our initial public offering
and concurrent private placement.
Income Taxes Income taxes were
negative $0.1 million in the fourth quarter of 2020, compared to
$0.2 million in the same period last year, primarily due to
decrease in pre-tax income generated by our subsidiaries.
Net LossNet loss was $6.2
million in the fourth quarter of 2020, compared to net loss of $2.3
million in the same period last year.
Net loss attributable to ordinary
shareholdersNet loss attributable to ordinary shareholders
for the quarter was $6.2 million, compared to net loss attributable
to ordinary shareholders of $21.6 million in the same period last
year, which was primarily due to accretion of preferred shares to
redemption value.
Net loss per American Depositary
ShareNet loss per American Depositary Share (“ADS”)1 was
$0.06, compared to net loss of $0.73 per ADS in the same period
last year.
__________________________________
1. One ADS represents four Class A ordinary
shares.
Fiscal Year 2020 Financial
Results
RevenuesTotal revenues in 2020
were $133.6 million, an increase of 107.3% from $64.4 million in
2019, primarily due to increased usage of our video and voice
products as a result of our business expansion and empowerment of
various use cases, particularly in education and social related
applications.
Cost of RevenuesCost of
revenues in 2020 was $47.2 million, an increase of 131.2% from
$20.4 million in 2019, primarily due to increase in bandwidth and
co-location costs and depreciation of servers and network equipment
as we continued to scale our business.
Gross Profit and Gross
MarginGross profit in 2020 was $86.4 million, an increase
of 96.2% from $44.0 million in 2019. Gross margin in 2020 was
64.7%, a decrease of 3.6% from 68.3% in 2019, primarily due to our
current same standard pricing for all regions and international
expansion to regions with higher infrastructure costs and capacity
expansion in anticipation of future usage growth.
Operating ExpensesOperating
expenses in 2020 were $93.2 million, an increase of 85.7% from
$50.2 million in 2019.
- Research and
development expenses in 2020 were $49.5 million, an
increase of 109.5% from $23.6 million in 2019, primarily due to
increased personnel costs as we continue to build our research and
development team, including an increase in share-based compensation
from $1.5 million in 2019 to $5.3 million in 2020.
- Sales and
marketing expenses in 2020 were $25.7 million, an increase
of 32.5% from $19.4 million in 2019, primarily due to increased
personnel costs as we continue to build our team and incur
advertising expenses.
- General and
administrative expenses in 2020 were $18.0 million, an
increase of 150.9% from $7.2 million in 2019, primarily due to
increased personnel costs as we continue to build our team,
including an increase in share-based compensation from $1.0 million
in 2019 to $4.2 million in 2020, as well as higher professional
services expensed compared to prior year.
Other Operating IncomeOther
operating income in 2020 was $1.7 million, compared to $0.1 million
in 2019, primarily due to government subsidies, additional value
added tax deductions and income tax refund.
Loss from OperationsLoss from
operations in 2020 was $5.2 million, compared to $6.1 million in
2019.
Interest and Investment
IncomeInterest and investment income in 2020 were $2.7
million, an increase of 331.9% from $0.6 million in 2019, primarily
due to an increase in the average balance of cash and cash
equivalents and an increase in short-term investments purchased due
to our initial public offering and concurrent private
placement.
Income TaxesIncome taxes in
2020 were $0.6 million, compared to 0.8 million in 2019, primarily
due to decrease in pre-tax income generated by our
subsidiaries.
Net LossNet loss in 2020 was
$3.1 million, compared to net loss of $6.2 million in 2019.
Net loss attributable to ordinary
shareholdersNet loss attributable to ordinary shareholders
in 2020 was $203.3 million, compared to net loss attributable to
ordinary shareholders of $66.9 million in 2019, primarily due to
accretion of preferred shares to redemption value.
Net loss per American Depositary
ShareNet loss per American Depositary Share (“ADS”) in
2020 was $3.02, compared to net loss of $2.31 per ADS in 2019.
Management Change
Resignation of senior vice president of
products
Agora today announced that Mr. Siming Tao,
Agora’s senior vice president of products, is resigning from his
senior vice president position at Agora for personal reason,
effective from February 28, 2021. Mr. Tao’s resignation did not
result from any disagreement with the company, and he will remain
as Agora’s strategic advisor on areas such as product development
and investments.
“Siming was one of the first members of the
team, and has made important contribution to the business. After
many years of intensive work, I understand Siming wants to spend
more time with his family, and we reached a mutual understanding
that Siming will continue to help the company in a lighter capacity
as strategic advisor. I want to express my sincerest gratitude to
Siming for his camaraderie and invaluable contribution. Siming's
work will be resumed by our aspiring and capable global product
team and I'm sure we will continue to benefit from his insight and
experience.” said Tony Zhao, founder, chairman and CEO of
Agora.
Appointment of chief strategy
officer
Agora today announced that Stanley Wei will join
the company as its chief strategy officer, responsible for overall
strategic planning, investments and global expansion. Stanley will
report directly to Agora CEO Tony Zhao.
“I have known Stanley for more than 10 years.
Stanley is a visionary technologist with proven records and
extensive experiences in management, strategy and investment in the
technology industry globally. We are thrilled to welcome Stanley on
board and look forward to working with him to bring Agora to the
next level.” said Tony Zhao, founder, chairman and CEO of
Agora.
Prior to Agora, Stanley served as managing
director of Hillhouse Capital from 2017 to 2019, where he was
focused on investing in the enterprise services sector. Stanley was
co-chief executive officer of 36Kr from 2015 to 2016, a prominent
technology-focused media platform. As an entrepreneur, Stanley
co-founded two technology companies, which were acquired by Yahoo
and Renren respectively. Stanley was also director of strategy in
Tencent and had extensive experiences in Silicon Valley. Stanley
received bachelor degree from Shanghai Jiaotong University and MBA
degree from the Wharton School, University of Pennsylvania.
Financial Outlook
Based on currently available information, Agora
expects that the preliminary estimates of total revenues for the
fiscal year ending December 31, 2021 to be between $178 million and
$182 million. This outlook reflects the company’s current and
preliminary views on the market and operational conditions, and the
outlook ranges for fiscal year 2021 reflect a number of assumptions
that are subject to change based on uncertainties such as the
impact of the COVID-19 pandemic.
Earnings Call
Agora will host a conference call to discuss the
financial results at 5 p.m. Pacific Time / 8:00 p.m. Eastern Time
on the same day. Details for the conference call are as
follows:Event title: Agora, Inc. 4Q and Fiscal Year 2020 Financial
ResultsConference ID: 7134408Direct Event online registration:
http://apac.directeventreg.com/registration/event/7134408Please
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 February 22, 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. 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 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.
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.
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.
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 and voice engagement
functionalities 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 |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
111,218 |
|
|
105,603 |
|
Short-term investments |
524,220 |
|
|
- |
|
Accounts receivable, net |
27,840 |
|
|
16,248 |
|
Prepayments and other current assets |
7,459 |
|
|
1,381 |
|
Total current assets |
670,737 |
|
|
123,232 |
|
Property and equipment, net |
16,754 |
|
|
6,282 |
|
Goodwill |
3,089 |
|
|
- |
|
Intangible assets |
209 |
|
|
- |
|
Deferred tax assets |
511 |
|
|
836 |
|
Other non-current assets |
1,604 |
|
|
809 |
|
Total assets |
692,904 |
|
|
131,159 |
|
|
|
|
|
Liabilities, mezzanine equity and shareholders' equity
(deficit) |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
7,721 |
|
|
4,088 |
|
Advances from customers |
1,339 |
|
|
921 |
|
Taxes payable |
2,172 |
|
|
2,493 |
|
Accrued expenses and other current liabilities |
25,075 |
|
|
10,979 |
|
Total current liabilities |
36,307 |
|
|
18,481 |
|
Long-term payable |
82 |
|
|
- |
|
Deferred tax liabilities |
52 |
|
|
- |
|
Total liabilities |
36,441 |
|
|
18,481 |
|
|
|
|
|
Mezzanine equity |
- |
|
|
239,970 |
|
|
|
|
|
Shareholders' equity (deficit): |
|
|
|
Ordinary shares |
- |
|
|
12 |
|
Class A ordinary shares |
33 |
|
|
- |
|
Class B ordinary shares |
8 |
|
|
- |
|
Additional paid-in-capital |
818,428 |
|
|
- |
|
Accumulated other comprehensive loss |
1,941 |
|
|
(988 |
) |
Accumulated deficit |
(163,947 |
) |
|
(126,316 |
) |
Total shareholders' equity (deficit) |
656,463 |
|
|
(127,292 |
) |
Total liabilities, mezzanine equity and shareholders’ equity
(deficit) |
692,904 |
|
|
131,159 |
|
|
|
|
|
|
|
Agora, Inc.Condensed
Consolidated Statements of Comprehensive Income
(Loss)(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Real-time engagement service revenues |
31,411 |
|
18,840 |
|
|
131,149 |
|
63,925 |
|
Other revenues |
1,842 |
|
265 |
|
|
2,415 |
|
503 |
|
Total revenues |
33,253 |
|
19,105 |
|
|
133,564 |
|
64,428 |
|
Cost of revenues |
13,157 |
|
6,434 |
|
|
47,199 |
|
20,417 |
|
Gross profit |
20,096 |
|
12,671 |
|
|
86,365 |
|
44,011 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
14,438 |
|
7,128 |
|
|
49,494 |
|
23,623 |
|
Sales and marketing |
7,437 |
|
5,557 |
|
|
25,724 |
|
19,408 |
|
General and administrative |
6,668 |
|
2,421 |
|
|
18,010 |
|
7,177 |
|
Total operating expenses |
28,543 |
|
15,106 |
|
|
93,228 |
|
50,208 |
|
Other operating income |
698 |
|
31 |
|
|
1,672 |
|
108 |
|
Loss from operations |
(7,749 |
) |
(2,404 |
) |
|
(5,191 |
) |
(6,089 |
) |
Exchange gain (loss) |
(31 |
) |
34 |
|
|
(65 |
) |
87 |
|
Interest and investment income |
1,527 |
|
240 |
|
|
2,704 |
|
626 |
|
Loss before income taxes |
(6,253 |
) |
(2,130 |
) |
|
(2,552 |
) |
(5,376 |
) |
Income taxes |
71 |
|
(212 |
) |
|
(562 |
) |
(801 |
) |
Net loss |
(6,182 |
) |
(2,342 |
) |
|
(3,114 |
) |
(6,177 |
) |
Less: cumulative undeclared dividends on convertible redeemable
preferred shares |
- |
|
(2,490 |
) |
|
(6,715 |
) |
(9,962 |
) |
Less: accretion on convertible redeemable preferred shares to
redemption value |
- |
|
(16,741 |
) |
|
(193,466 |
) |
(50,715 |
) |
Net loss attributable to ordinary shareholders |
(6,182 |
) |
(21,573 |
) |
|
(203,295 |
) |
(66,854 |
) |
Other comprehensive loss: |
|
|
|
|
|
Foreign currency translation adjustments |
1,813 |
|
327 |
|
|
2,930 |
|
(358 |
) |
Total comprehensive loss attributable to ordinary shareholders |
(4,369 |
) |
(21,246 |
) |
|
(200,365 |
) |
(67,212 |
) |
|
|
|
|
|
|
Net loss per ADS attributable toordinary shareholders, basic and
diluted |
(0.06 |
) |
(0.73 |
) |
|
(3.02 |
) |
(2.31 |
) |
|
|
|
|
|
|
Weighted-average shares used in computing net loss per ADS
attributable to ordinary shareholders, basic and diluted |
408,001,638 |
|
118,202,221 |
|
|
268,849,967 |
|
115,716,392 |
|
|
|
|
|
|
|
Share-based compensation expenses* included in: |
|
|
|
|
|
Cost of revenues |
18 |
|
20 |
|
|
357 |
|
80 |
|
Research and development expenses |
1,411 |
|
183 |
|
|
5,312 |
|
1,473 |
|
Sales and marketing expenses |
504 |
|
373 |
|
|
2,061 |
|
1,654 |
|
General and administrative expenses |
1,015 |
|
271 |
|
|
4,244 |
|
1,046 |
|
|
|
|
|
|
|
|
|
|
|
* In the fourth quarter of 2020, Agora formally
implemented the Venture Partners Plan, which is a new incentive
plan that can be settled in shares or cash at the discretion of
plan administrator. Therefore, $3.4M accrued in prior quarters of
2020 were reclassified from cash bonus expenses to share-based
compensation expenses to reflect the costs related to the new
incentive plan.
Agora, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in US$ thousands)
|
Three Month Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
2019 |
|
2020 |
2019 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
(6,182 |
) |
(2,342 |
) |
|
(3,114 |
) |
(6,177 |
) |
Adjustments to reconcile net loss to net cash generated from
operating activities: |
|
|
|
|
|
Share-based compensation expense |
2,948 |
|
847 |
|
|
11,974 |
|
3,405 |
|
Depreciation of property and equipment |
1,514 |
|
577 |
|
|
4,460 |
|
1,868 |
|
Change in the fair value of short-term investments |
33 |
|
- |
|
|
- |
|
- |
|
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
2,344 |
|
(3,188 |
) |
|
(9,789 |
) |
(4,807 |
) |
Prepayments and other current assets |
(910 |
) |
123 |
|
|
(5,140 |
) |
206 |
|
Deferred tax |
378 |
|
(336 |
) |
|
378 |
|
(336 |
) |
Other non-current assets |
(93 |
) |
(121 |
) |
|
(692 |
) |
(135 |
) |
Accounts payable |
864 |
|
1,445 |
|
|
1,755 |
|
1,121 |
|
Advances from customers |
151 |
|
(159 |
) |
|
335 |
|
302 |
|
Taxes payable |
(715 |
) |
644 |
|
|
(450 |
) |
1,215 |
|
Accrued expenses and other liabilities |
1,635 |
|
4,587 |
|
|
6,847 |
|
4,044 |
|
Net cash generated from operating activities |
1,967 |
|
2,077 |
|
|
6,564 |
|
706 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchase of short-term investments |
(297,587 |
) |
(83,660 |
) |
|
(522,730 |
) |
(97,558 |
) |
Proceeds from sale and maturity of short-term investments |
- |
|
88,059 |
|
|
- |
|
99,008 |
|
Purchase of property and equipment |
(3,347 |
) |
(1,180 |
) |
|
(12,878 |
) |
(4,802 |
) |
Cash received from acquisition |
556 |
|
- |
|
|
556 |
|
- |
|
Net cash generated from (used in) investing activities |
(300,378 |
) |
3,219 |
|
|
(535,052 |
) |
(3,352 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from issuance of Series C+ convertible redeemable
preferred shares, net of the 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 |
(277 |
) |
- |
|
|
483,628 |
|
- |
|
Proceeds from exercise of employees’ share options |
10 |
|
- |
|
|
10 |
|
- |
|
Net cash provided by (used in) financing activities |
(267 |
) |
- |
|
|
533,638 |
|
- |
|
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash |
114 |
|
48 |
|
|
465 |
|
(269 |
) |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
(298,564 |
) |
5,344 |
|
|
5,615 |
|
(2,915 |
) |
Cash, cash equivalents and restricted cash at beginning of period
* |
409,862 |
|
100,339 |
|
|
105,683 |
|
108,598 |
|
Cash, cash equivalents and restricted cash at end of period ** |
111,298 |
|
105,683 |
|
|
111,298 |
|
105,683 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Income taxes paid |
- |
|
- |
|
|
742 |
|
411 |
|
Non-cash financing and investing activities: |
|
|
|
|
|
Accretion to redemption value of convertible redeemable preferred
shares |
- |
|
16,741 |
|
|
193,466 |
|
50,715 |
|
Deposits utilized for employees’ share option exercises |
(339 |
) |
- |
|
|
(339 |
) |
- |
|
Payables for property and equipment |
2,293 |
|
613 |
|
|
2,293 |
|
613 |
|
Payables for deferred initial public offering cost |
- |
|
287 |
|
|
- |
|
287 |
|
Payables for acquisition |
3,150 |
|
- |
|
|
3,150 |
|
- |
|
Proceeds receivable from exercise of employees’ share options |
612 |
|
- |
|
|
612 |
|
- |
|
|
|
|
|
|
|
* includes restricted cash balance |
80 |
|
80 |
|
|
80 |
|
80 |
|
** includes restricted cash balance |
80 |
|
80 |
|
|
80 |
|
80 |
|
|
|
|
|
|
|
|
|
|
|
Agora,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2020 |
2019 |
|
2020 |
2019 |
GAAP net loss |
(6,182 |
) |
(2,342 |
) |
|
(3,114 |
) |
(6,177 |
) |
Add: |
|
|
|
|
|
Share-based compensation expense |
2,948 |
|
847 |
|
|
11,974 |
|
4,252 |
|
Non-GAAP net income (loss) |
(3,234 |
) |
(1,495 |
) |
|
8,860 |
|
(1,925 |
) |
|
|
|
|
|
|
Net loss |
(6,182 |
) |
(2,342 |
) |
|
(3,114 |
) |
(6,177 |
) |
Excluding: |
|
|
|
|
|
Exchange rate gains (loss) |
(31 |
) |
34 |
|
|
(65 |
) |
87 |
|
Interest and investment income |
1,527 |
|
240 |
|
|
2,704 |
|
626 |
|
Income taxes |
71 |
|
(212 |
) |
|
(562 |
) |
(801 |
) |
Depreciation and amortization expense |
1,514 |
|
577 |
|
|
4,460 |
|
1,868 |
|
Share-based compensation expense |
2,948 |
|
847 |
|
|
11,974 |
|
4,252 |
|
Adjusted EBITDA |
(3,287 |
) |
(980 |
) |
|
11,243 |
|
31 |
|
|
|
|
|
|
|
Net cash generated from operating activities |
1,967 |
|
2,077 |
|
|
6,564 |
|
706 |
|
Purchase of property and equipment |
(3,347 |
) |
(1,180 |
) |
|
(12,878 |
) |
(4,802 |
) |
Free Cash Flow |
(1,380 |
) |
897 |
|
|
(6,314 |
) |
(4,096 |
) |
Net cash generated from (used in) investing activities |
(300,378 |
) |
3,219 |
|
|
(535,052 |
) |
(3,352 |
) |
Net cash provided by (used in) financing activities |
(267 |
) |
- |
|
|
533,638 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Fionna Chen
investor@agora.io
Media Contact:
Suzanne Nguyen
press@agora.io
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