LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an
audio-based social and entertainment platform, today announced its
unaudited financial results for the third quarter ended September
30, 2022.
Third Quarter 2022 Financial and
Operational Highlights
- Net revenues were
RMB565.2 million (US$79.5 million) in the third quarter of 2022,
representing a 12% increase from RMB504.8 million in the third
quarter of 2021.
- Average total mobile
MAUs1 in the third quarter of 2022 was
49.7 million, compared to 58.9 million in the third quarter of
2021, primarily due to reduced advertisement spending on users with
lower commercialization capability.
- Average total monthly
paying users2 in the third quarter of
2022 was 476.7 thousand, compared to 485.5 thousand in the third
quarter of 2021.
Mr. Jinnan (Marco) Lai, Founder and CEO of
LIZHI, commented, “We are pleased to announce a strong performance
for the third quarter, posting new record highs for both revenues
and net income, demonstrating our market competitiveness and
sustainability of our business model amidst the current macro
conditions. In the third quarter, we remained focused on advancing
our dual pillar approach of interactive entertainment plus
audio-based social networking business and diversifying the product
matrix through innovative product features. Internationally, we
continued to strengthen our globalization capabilities; and the
enhancement of our core technologies also empowered our global
business expansion. Next, we will continue solidifying our core
competencies, dedicated to creating greater value for our users and
shareholders.”
Ms. Chengfang Lu, Acting Chief Financial Officer
of LIZHI, said, “Our third quarter results are a testament to our
strategic execution ability, with quarterly revenues growing by 12%
year-over-year and 10% quarter-over-quarter to a new record high of
RMB565.2 million. As we unceasingly endeavor to optimize our
operational efficiency, we achieved a profit for the fourth
consecutive quarter on a GAAP basis in the third quarter of 2022,
with net income growing 5% sequentially to RMB19.8 million. Going
forward, we aim to continuously develop our product matrix,
strengthen core technological capabilities, and unleash our
commercialization potential to achieve sustainable growth over the
long term.”
Third Quarter 2022 Unaudited Financial
Results
Net revenues were RMB565.2
million (US$79.5 million) in the third quarter of 2022,
representing an increase of 12% from RMB504.8 million in the third
quarter of 2021, primarily due to the growth in average user
spending on our audio entertainment products. While certain regions
have started to ease the COVID-19 related restrictions, given the
uncertainties as to the development of the pandemic, it is
difficult to predict the extent to which it might impact the
Company’s operations beyond the third quarter of 2022. This will
depend on the COVID-19’s development in China and overseas, which
may be subject to changes and uncertainties.
Cost of revenues was RMB376.2
million (US$52.9 million) in the third quarter of 2022,
representing a 6% increase from RMB353.6 million in the third
quarter of 2021, mainly attributable to an increase in the revenue
sharing fees to our content creators as the Company’s revenues
grew, and partially offset by decreases in the salary and welfare
benefits expenses related to decreases in our operation’s headcount
and share-based compensation expenses.
Gross profit was RMB189.1
million (US$26.6 million) in the third quarter of 2022,
representing an increase of 25% from RMB151.3 million in the third
quarter of 2021.
Non-GAAP gross
profit3 was RMB190.8 million (US$26.8
million) in the third quarter of 2022, representing an increase of
24% from RMB154.5 million in the third quarter of 2021.
Gross margin in the third
quarter of 2022 was 33%, compared to 30% in the third quarter of
2021. Non-GAAP gross margin in the third quarter
of 2022 was 34%, compared to 31% in the third quarter of 2021.
Operating expenses were
RMB176.6 million (US$24.8 million) in the third quarter of 2022,
compared to RMB191.3 million in the third quarter of 2021.
Research and development expenses were RMB78.3
million (US$11.0 million) in the third quarter of 2022,
representing an increase of 7% from RMB73.4 million in the third
quarter of 2021. The increase was primarily due to the higher
salary and welfare benefits expenses and rental expenses.
Selling and marketing expenses were RMB71.2
million (US$10.0 million) in the third quarter of 2022, compared to
RMB88.2 million in the third quarter of 2021, primarily
attributable to the decrease in branding and marketing expenses,
partially offset by the increased salary and welfare benefits
expenses. The Company will evaluate and adjust its marketing
strategy and budget based on the Company's performance, operational
needs and market conditions.
General and administrative expenses were RMB27.1
million (US$3.8 million) in the third quarter of 2022, compared to
RMB29.7 million in the third quarter of 2021, mainly driven by a
decrease in share-based compensation expenses and other
miscellaneous expenses.
Operating income was RMB12.5
million (US$1.8 million) in the third quarter of 2022, compared to
an operating loss of RMB40.1 million in the third quarter of
2021.
Non-GAAP operating
income4 was RMB20.2 million (US$2.8
million) in the third quarter of 2022, compared to non-GAAP
operating loss of RMB30.1 million in the third quarter of 2021.
Net income was RMB19.8 million
(US$2.8 million) in the third quarter of 2022, compared to net loss
of RMB37.1 million in the third quarter of 2021.
Non-GAAP net income was RMB27.5
million (US$3.9 million) in the third quarter of 2022, compared to
non-GAAP net loss of RMB27.2 million in the third quarter of
2021.
Net income attributable to LIZHI
INC.’s ordinary shareholders was RMB19.8
million (US$2.8 million) in the third quarter of 2022, compared to
net loss attributable to LIZHI INC.’s ordinary shareholders of
RMB37.1 million in the third quarter of 2021.
Non-GAAP net income attributable to
LIZHI INC.’s ordinary
shareholders5 was RMB27.5 million (US$3.9
million) in the third quarter of 2022, compared to non-GAAP net
loss attributable to LIZHI INC.’s ordinary shareholders of RMB27.2
million in the third quarter of 2021.
Basic and diluted net income per
ADS6 were RMB0.38 (US$0.05) in the third
quarter of 2022, compared to basic and diluted net loss per ADS of
RMB0.73 in the third quarter of 2021.
Non-GAAP basic and diluted net income
per ADS7 were RMB0.53 (US$0.07) in the
third quarter of 2022, compared to non-GAAP basic and diluted net
loss of RMB0.54 per ADS in the third quarter of 2021.
Balance Sheets
As of September 30, 2022, the Company had cash
and cash equivalents, short-term investments and restricted cash of
RMB623.1 million (US$87.6 million).
Litigation Update
On October 1, 2022, the U.S. District Court for
the Eastern District of New York (the “Federal Court”) dismissed in
full a putative securities class action that had been filed against
the Company and denied the plaintiff’s request for leave to amend
the complaint. The Federal Court’s dismissal follows the March 2022
dismissal of a substantively similar putative class action filed in
the New York Supreme Court, New York County (the “State Court”).
Both lawsuits were filed in January 2021 on behalf of a putative
class of purchasers of the Company’s ADSs and alleged that LIZHI’s
registration statement on Form F-1 dated January 16, 2020 contained
material misstatements and/or omissions regarding the impact of
COVID-19 on the Company in violation of the U.S. Securities Act of
1933. Both the Federal Court and the State Court granted the
Company’s motions to dismiss all claims, concluding that LIZHI’s
registration statement was not misleading as a matter of law.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on November 16, 2022
(9:00 PM Beijing/Hong Kong Time on November 16, 2022).
For participants who wish to join the call,
please access the link provided below to complete the online
registration 20 minutes prior to the scheduled call start time.
Upon registration, participants will receive details for the
conference call, including dial-in numbers, a personal PIN and an
e-mail with detailed instructions to join the conference call.
Registration Link: |
https://register.vevent.com/register/BIdc851386d54e40d198eab6de87458639 |
Once complete the registration, please dial-in
10 minutes before the scheduled start time of the earnings call and
enter the personal PIN as instructed to connect to the call.
Additionally, a live webcast of the conference
call and a replay of the webcast will be available on the Company's
investor relations website at http://ir.lizhi.fm.
About LIZHI INC.
LIZHI INC. has created a comprehensive
audio-based social ecosystem with a global presence. The Company
aims to cater to users’ interests in audio entertainment and social
networking through its product portfolios. LIZHI INC. envisions an
audio ecosystem where everyone can be connected and interact
through voices. LIZHI INC. has been listed on Nasdaq since January
2020.
For more information, please visit:
http://ir.lizhi.fm.
Use of Non-GAAP Financial
Measures
The unaudited condensed consolidated financial
information is prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S.
GAAP”).
LIZHI uses non-GAAP gross profit, non-GAAP gross
margin, non-GAAP operating loss/income, non-GAAP net loss/income,
non-GAAP net loss/income attributable to LIZHI INC.’s ordinary
shareholders and non-GAAP basic and diluted net loss/income per
ADS, which are non-GAAP financial measures. Non-GAAP gross profit
is gross profit excluding share-based compensation expenses.
Non-GAAP gross margin is non-GAAP gross profit as a percentage of
net revenues. Non-GAAP operating loss/income is operating
loss/income excluding share-based compensation expenses. Non-GAAP
net loss/income is net loss/income, excluding share-based
compensation expenses. Non-GAAP net loss/income attributable to
LIZHI INC.’s ordinary shareholders is net loss/income attributable
to LIZHI INC.’s ordinary shareholders, excluding share-based
compensation expenses. Non-GAAP basic and diluted net loss/income
per ADS is non-GAAP net loss/income attributable to LIZHI INC.’s
ordinary shareholders divided by the weighted average number of ADS
used in the calculation of basic and diluted net loss/income per
ADS. The Company believes that separate analysis and exclusion of
the non-cash impact of the above reconciling item adds clarity to
the constituent parts of its performance. The Company reviews these
non-GAAP financial measures together with GAAP financial measures
to obtain a better understanding of its operating performance. It
uses the non-GAAP financial measure for planning, forecasting and
measuring results against the forecast. The Company believes that
non-GAAP financial measure is useful supplemental information for
investors and analysts to assess its operating performance without
the non-cash effect of share-based compensation expenses.
However, the use of non-GAAP financial measures
has material limitations as an analytical tool. One of the
limitations of using non-GAAP financial measures is that they do
not include all items that impact the Company’s net income for the
period. In addition, because non-GAAP financial measures are not
measured in the same manner by all companies, they may not be
comparable to other similarly titled measures used by other
companies. In light of the foregoing limitations, you should not
consider non-GAAP financial measures in isolation from, superior
to, or as an alternative to the financial measure prepared in
accordance with U.S. GAAP.
The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, or as
a substitute for, the financial information prepared and presented
in accordance with U.S. GAAP. For more information on these
non-GAAP financial measures, please see the table captioned
“Unaudited Reconciliations of GAAP and Non-GAAP Results” near the
end of this release.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars and from U.S. dollars to RMB
are made at a rate of RMB7.1135 to US$1.00, the exchange rate on
September 30, 2022, set forth in the H.10 statistical release of
the Federal Reserve Board. The Company makes no representation that
the RMB or U.S. dollars amounts referred could be converted into
U.S. dollar or RMB, as the case may be, at any particular rate or
at all.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and 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: LIZHI’s goals and strategies; LIZHI’s future business
development, results of operations and financial condition; the
expected growth of the online audio market; the expectation
regarding the rate at which to gain active users, especially paying
users; LIZHI’s ability to monetize the user base; fluctuations in
general economic and business conditions in China and overseas
markets; the impact of the COVID-19 to LIZHI’s business operations
and the economy in China and elsewhere generally; any adverse
changes in laws, regulations, rules, policies or guidelines
applicable to LIZHI; and assumptions underlying or related to any
of the foregoing. In some cases, forward-looking statements can be
identified by words or phrases such as “may,” “will,” “expect,”
“anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “potential,” “continue,” “is/are likely to” or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the Securities Exchange Commission. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
For investor and media inquiries, please
contact:
In China:
LIZHI INC.IR DepartmentTel: +86 (20) 3866-4265E-mail:
ir@lizhi.fm
The Piacente Group, Inc.Jenny CaiTel: +86 (10) 6508-0677E-mail:
Lizhi@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: Lizhi@tpg-ir.com
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in thousands, except for share, ADS,
per share data and per ADS data)
|
December31,2021 |
|
September30,2022 |
|
September30,2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
533,293 |
|
517,470 |
|
72,745 |
Short-term investments |
- |
|
100,136 |
|
14,077 |
Restricted cash |
4,155 |
|
5,538 |
|
779 |
Accounts receivable, net |
6,458 |
|
3,338 |
|
469 |
Prepayments and other current assets |
33,604 |
|
28,852 |
|
4,056 |
|
|
|
|
|
|
Total current
assets |
577,510 |
|
655,334 |
|
92,126 |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
Property, equipment and leasehold improvement, net |
33,391 |
|
30,039 |
|
4,223 |
Intangible assets, net |
2,245 |
|
1,349 |
|
190 |
Right-of-use assets, net |
28,941 |
|
26,652 |
|
3,747 |
Other non-current assets |
799 |
|
296 |
|
42 |
|
|
|
|
|
|
Total non-current
assets |
65,376 |
|
58,336 |
|
8,202 |
|
|
|
|
|
|
TOTAL ASSETS |
642,886 |
|
713,670 |
|
100,328 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable |
80,793 |
|
51,388 |
|
7,224 |
Deferred revenue |
20,657 |
|
26,514 |
|
3,727 |
Salary and welfare payable |
123,075 |
|
133,472 |
|
18,763 |
Taxes payable |
5,564 |
|
5,792 |
|
814 |
Short-term loans |
68,999 |
|
42,000 |
|
5,904 |
Lease liabilities due within one year |
13,929 |
|
18,028 |
|
2,534 |
Accrued expenses and other current liabilities |
53,486 |
|
62,031 |
|
8,720 |
|
|
|
|
|
|
Total current
liabilities |
366,503 |
|
339,225 |
|
47,686 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
Lease liabilities |
17,076 |
|
10,195 |
|
1,433 |
Other non-current liabilities |
4,452 |
|
4,261 |
|
599 |
|
|
|
|
|
|
Total non-current
liabilities |
21,528 |
|
14,456 |
|
2,032 |
|
|
|
|
|
|
TOTAL
LIABILITIES |
388,031 |
|
353,681 |
|
49,718 |
|
|
|
|
|
|
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (CONTINUED)(All amounts in thousands, except for
share, ADS, per share data and per ADS data)
|
|
December31,2021 |
|
|
September30,2022 |
|
|
September30,2022 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
Class A Ordinary shares (US$0.0001 par value, 1,268,785,000 shares
authorized, 798,962,260 shares issued and 782,801,250 shares
outstanding as of December 31, 2021; 1,268,785,000 shares
authorized, 818,962,260 shares issued and 798,323,930 shares
outstanding as of September 30, 2022). |
|
530 |
|
|
543 |
|
|
76 |
|
Class B Ordinary shares
(US$0.0001 par value, 231,215,000 shares authorized, issued and
outstanding as of December 31, 2021 and September 30, 2022,
respectively). |
|
168 |
|
|
168 |
|
|
24 |
|
Treasury stock |
|
(11 |
) |
|
(14 |
) |
|
(2 |
) |
Additional paid in
capital |
|
2,630,456 |
|
|
2,651,759 |
|
|
372,779 |
|
Accumulated deficit |
|
(2,366,531 |
) |
|
(2,311,434 |
) |
|
(324,935 |
) |
Accumulated other
comprehensive (loss)/income |
|
(9,757 |
) |
|
18,971 |
|
|
2,669 |
|
TOTAL LIZHI Inc.’s
shareholders’ equity |
|
254,855 |
|
|
359,993 |
|
|
50,611 |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
- |
|
|
(4 |
) |
|
(1 |
) |
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS’
EQUITY |
|
254,855 |
|
|
359,989 |
|
|
50,610 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
642,886 |
|
|
713,670 |
|
|
100,328 |
|
|
|
|
|
|
|
|
|
|
|
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(All amounts in thousands, except
for share, ADS, per share data and per ADS data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September30,2021 |
|
|
June30,2022 |
|
|
September30,2022 |
|
|
September30,2022 |
|
|
September30,2021 |
|
|
September30,2022 |
|
|
September30,2022 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio entertainment revenues |
|
500,792 |
|
|
513,018 |
|
|
562,573 |
|
|
79,085 |
|
|
1,545,171 |
|
|
1,589,613 |
|
|
223,464 |
|
Podcast, advertising and other
revenues |
|
4,052 |
|
|
2,676 |
|
|
2,655 |
|
|
373 |
|
|
14,011 |
|
|
8,022 |
|
|
1,128 |
|
Total net
revenues |
|
504,844 |
|
|
515,694 |
|
|
565,228 |
|
|
79,458 |
|
|
1,559,182 |
|
|
1,597,635 |
|
|
224,592 |
|
Cost of revenues
(1) |
|
(353,575 |
) |
|
(340,063 |
) |
|
(376,159 |
) |
|
(52,880 |
) |
|
(1,124,099 |
) |
|
(1,064,843 |
) |
|
(149,693 |
) |
Gross
profit |
|
151,269 |
|
|
175,631 |
|
|
189,069 |
|
|
26,578 |
|
|
435,083 |
|
|
532,792 |
|
|
74,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses |
|
(88,230 |
) |
|
(60,756 |
) |
|
(71,167 |
) |
|
(10,004 |
) |
|
(315,345 |
) |
|
(191,932 |
) |
|
(26,981 |
) |
General and administrative
expenses |
|
(29,736 |
) |
|
(30,550 |
) |
|
(27,093 |
) |
|
(3,809 |
) |
|
(72,425 |
) |
|
(80,021 |
) |
|
(11,249 |
) |
Research and development
expenses |
|
(73,377 |
) |
|
(70,262 |
) |
|
(78,320 |
) |
|
(11,010 |
) |
|
(191,183 |
) |
|
(219,676 |
) |
|
(30,882 |
) |
Total operating
expenses |
|
(191,343 |
) |
|
(161,568 |
) |
|
(176,580 |
) |
|
(24,823 |
) |
|
(578,953 |
) |
|
(491,629 |
) |
|
(69,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income |
|
(40,074 |
) |
|
14,063 |
|
|
12,489 |
|
|
1,755 |
|
|
(143,870 |
) |
|
41,163 |
|
|
5,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expenses)/income,
net |
|
(393 |
) |
|
480 |
|
|
1,321 |
|
|
186 |
|
|
(949 |
) |
|
1,746 |
|
|
245 |
|
Foreign exchange losses |
|
(279 |
) |
|
(424 |
) |
|
(311 |
) |
|
(44 |
) |
|
(427 |
) |
|
(1,121 |
) |
|
(158 |
) |
Investment income |
|
8 |
|
|
146 |
|
|
409 |
|
|
57 |
|
|
468 |
|
|
649 |
|
|
91 |
|
Government grants |
|
4,084 |
|
|
4,169 |
|
|
4,178 |
|
|
587 |
|
|
9,664 |
|
|
10,973 |
|
|
1,543 |
|
Others, net |
|
(446 |
) |
|
480 |
|
|
1,736 |
|
|
244 |
|
|
(1,051 |
) |
|
1,787 |
|
|
251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income before
income taxes |
|
(37,100 |
) |
|
18,914 |
|
|
19,822 |
|
|
2,785 |
|
|
(136,165 |
) |
|
55,197 |
|
|
7,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses |
|
- |
|
|
(61 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(104 |
) |
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
(37,100 |
) |
|
18,853 |
|
|
19,822 |
|
|
2,785 |
|
|
(136,165 |
) |
|
55,093 |
|
|
7,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss attributable
to the non-controlling interests shareholders |
|
- |
|
|
(7 |
) |
|
1 |
|
|
- |
|
|
- |
|
|
4 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders |
|
(37,100 |
) |
|
18,846 |
|
|
19,823 |
|
|
2,785 |
|
|
(136,165 |
) |
|
55,097 |
|
|
7,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (CONTINUED)(All amounts in
thousands, except for share, ADS, per share data and per ADS
data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September30,2021 |
|
June30,2022 |
|
September30,2022 |
|
September30,2022 |
|
September30,2021 |
|
September30,2022 |
|
September30,2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(37,100 |
) |
|
18,853 |
|
|
19,822 |
|
2,785 |
|
(136,165 |
) |
|
55,093 |
|
7,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
1,184 |
|
|
15,344 |
|
|
14,602 |
|
2,053 |
|
(2,696 |
) |
|
28,728 |
|
4,039 |
Total comprehensive
(loss)/income |
|
(35,916 |
) |
|
34,197 |
|
|
34,424 |
|
4,838 |
|
(138,861 |
) |
|
83,821 |
|
11,783 |
Comprehensive (income)/loss
attributable to non‑controlling interests shareholders |
|
- |
|
|
(7 |
) |
|
1 |
|
- |
|
- |
|
|
4 |
|
1 |
Comprehensive
(loss)/income attributable to LIZHI INC.’s ordinary
shareholders |
|
(35,916 |
) |
|
34,190 |
|
|
34,425 |
|
4,838 |
|
(138,861 |
) |
|
83,825 |
|
11,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.04 |
) |
|
0.02 |
|
|
0.02 |
|
0.00 |
|
(0.14 |
) |
|
0.05 |
|
0.01 |
—Diluted |
|
(0.04 |
) |
|
0.02 |
|
|
0.02 |
|
0.00 |
|
(0.14 |
) |
|
0.05 |
|
0.01 |
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
1,014,757,633 |
|
|
1,031,036,519 |
|
|
1,040,595,117 |
|
1,040,595,117 |
|
981,348,659 |
|
|
1,031,562,237 |
|
1,031,562,237 |
—Diluted |
|
1,014,757,633 |
|
|
1,035,130,441 |
|
|
1,045,863,031 |
|
1,045,863,031 |
|
981,348,659 |
|
|
1,035,643,138 |
|
1,035,643,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.73 |
) |
|
0.37 |
|
|
0.38 |
|
0.05 |
|
(2.78 |
) |
|
1.07 |
|
0.15 |
—Diluted |
|
(0.73 |
) |
|
0.36 |
|
|
0.38 |
|
0.05 |
|
(2.78 |
) |
|
1.06 |
|
0.15 |
Weighted average
number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
50,737,882 |
|
|
51,551,826 |
|
|
52,029,756 |
|
52,029,756 |
|
49,067,433 |
|
|
51,578,112 |
|
51,578,112 |
—Diluted |
|
50,737,882 |
|
|
51,756,522 |
|
|
52,293,152 |
|
52,293,152 |
|
49,067,433 |
|
|
51,782,157 |
|
51,782,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (CONTINUED)(All amounts in
thousands, except for share, ADS, per share data and per ADS
data)
(1) Share-based compensation was
allocated in cost of revenues and operating expenses as
follows:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September30,2021 |
|
June30,2022 |
|
September30,2022 |
|
September30,2022 |
|
September30,2021 |
|
September30,2022 |
|
September30,2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
3,183 |
|
1,211 |
|
1,728 |
|
243 |
|
8,965 |
|
5,545 |
|
780 |
Selling and marketing
expenses |
|
1,084 |
|
267 |
|
455 |
|
64 |
|
2,392 |
|
1,729 |
|
243 |
General and administrative
expenses |
|
2,968 |
|
2,644 |
|
2,157 |
|
303 |
|
9,617 |
|
7,590 |
|
1,067 |
Research and development
expenses |
|
2,708 |
|
2,993 |
|
3,359 |
|
472 |
|
7,050 |
|
8,713 |
|
1,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIZHI INC.
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS(All amounts in thousands, except for
share, ADS, per share data and per ADS data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September30,2021 |
|
June30,2022 |
|
September30,2022 |
|
September30,2022 |
|
September30,2021 |
|
September30,2022 |
|
September30,2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
151,269 |
|
|
175,631 |
|
189,069 |
|
26,578 |
|
435,083 |
|
|
532,792 |
|
74,899 |
Share-based compensation
expenses |
|
3,183 |
|
|
1,211 |
|
1,728 |
|
243 |
|
8,965 |
|
|
5,545 |
|
780 |
Non-GAAP gross
profit |
|
154,452 |
|
|
176,842 |
|
190,797 |
|
26,821 |
|
444,048 |
|
|
538,337 |
|
75,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income |
|
(40,074 |
) |
|
14,063 |
|
12,489 |
|
1,755 |
|
(143,870 |
) |
|
41,163 |
|
5,787 |
Share-based compensation
expenses |
|
9,943 |
|
|
7,115 |
|
7,699 |
|
1,082 |
|
28,024 |
|
|
23,577 |
|
3,315 |
Non-GAAP operating
(loss)/income |
|
(30,131 |
) |
|
21,178 |
|
20,188 |
|
2,837 |
|
(115,846 |
) |
|
64,740 |
|
9,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
(37,100 |
) |
|
18,853 |
|
19,822 |
|
2,785 |
|
(136,165 |
) |
|
55,093 |
|
7,744 |
Share-based compensation
expenses |
|
9,943 |
|
|
7,115 |
|
7,699 |
|
1,082 |
|
28,024 |
|
|
23,577 |
|
3,315 |
Non-GAAP net
(loss)/income |
|
(27,157 |
) |
|
25,968 |
|
27,521 |
|
3,867 |
|
(108,141 |
) |
|
78,670 |
|
11,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders |
|
(37,100 |
) |
|
18,846 |
|
19,823 |
|
2,785 |
|
(136,165 |
) |
|
55,097 |
|
7,745 |
Share-based compensation
expenses |
|
9,943 |
|
|
7,115 |
|
7,699 |
|
1,082 |
|
28,024 |
|
|
23,577 |
|
3,315 |
Non-GAAP net
(loss)/income attributable to LIZHI INC.’s ordinary
shareholders |
|
(27,157 |
) |
|
25,961 |
|
27,522 |
|
3,867 |
|
(108,141 |
) |
|
78,674 |
|
11,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.03 |
) |
|
0.03 |
|
0.03 |
|
0.00 |
|
(0.11 |
) |
|
0.08 |
|
0.01 |
—Diluted |
|
(0.03 |
) |
|
0.03 |
|
0.03 |
|
0.00 |
|
(0.11 |
) |
|
0.08 |
|
0.01 |
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
1,014,757,633 |
|
|
1,031,036,519 |
|
1,040,595,117 |
|
1,040,595,117 |
|
981,348,659 |
|
|
1,031,562,237 |
|
1,031,562,237 |
—Diluted |
|
1,014,757,633 |
|
|
1,035,130,441 |
|
1,045,863,031 |
|
1,045,863,031 |
|
981,348,659 |
|
|
1,035,643,138 |
|
1,035,643,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net (loss)/income
attributable to LIZHI INC.’s ordinary shareholders per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.54 |
) |
|
0.50 |
|
0.53 |
|
0.07 |
|
(2.20 |
) |
|
1.53 |
|
0.21 |
—Diluted |
|
(0.54 |
) |
|
0.50 |
|
0.53 |
|
0.07 |
|
(2.20 |
) |
|
1.52 |
|
0.21 |
Weighted average
number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
50,737,882 |
|
|
51,551,826 |
|
52,029,756 |
|
52,029,756 |
|
49,067,433 |
|
|
51,578,112 |
|
51,578,112 |
—Diluted |
|
50,737,882 |
|
|
51,756,522 |
|
52,293,152 |
|
52,293,152 |
|
49,067,433 |
|
|
51,782,157 |
|
51,782,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________
1 Refers to the average monthly number of active
users across our platforms and Apps in a given period, calculated
by dividing (i) the sum of mobile active users for each month of
such period, by (ii) the number of months in the same period.2
Refers to the average monthly number of paying users in a given
period, calculated by dividing (i) the total number of paying users
in each month of such period by (ii) the number of months in the
same period.3 Non-GAAP gross profit is a non-GAAP financial
measure, which is defined as gross profit excluding share-based
compensation expenses. This adjustment amounted to RMB1.7 million
(US$0.2 million) in the third quarter of 2022. Please refer to the
section below titled “Unaudited Reconciliations of GAAP and
Non-GAAP Results” for details.4 Non-GAAP operating income is a
non-GAAP financial measure, which is defined as operating income
excluding share-based compensation expenses. This adjustment
amounted to RMB7.7 million (US$1.1 million) in the third quarter of
2022. Please refer to the section below titled “Unaudited
Reconciliations of GAAP and Non-GAAP Results” for details.5
Non-GAAP net income attributable to LIZHI INC.’s ordinary
shareholders is a non-GAAP financial measure, which is defined as
net income attributable to LIZHI INC.’s ordinary shareholders
excluding share-based compensation expenses. These adjustments
amounted to RMB7.7 million (US$1.1 million) and RMB9.9 million in
the third quarter of 2022 and 2021, respectively. Please refer to
the section below titled “Unaudited Reconciliations of GAAP and
Non-GAAP Results” for details.6 ADS refers to American Depositary
Share. Each ADS represents twenty Class A ordinary shares of the
Company. Basic and diluted net income per ADS is net income
attributable to LIZHI INC.’s ordinary shareholders divided by
weighted average number of ADS.7 Non-GAAP basic and diluted net
income per ADS is a non-GAAP financial measure, which is defined as
non-GAAP net income attributable to LIZHI INC.’s ordinary
shareholders divided by weighted average number of ADS used in the
calculation of basic and diluted net income per ADS.
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