Xunlei Limited (“Xunlei” or the “Company”) (NASDAQ: XNET), a
leading technology company providing distributed cloud services
in China, today announced its unaudited financial results
for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial
Highlights:
- Total revenues
were US$77.1 million, a decrease of 20.4% year-over-year.
- Cloud computing
revenues were US$30.5 million, a decrease of 4.4%
year-over-year.
- Subscription
revenues were US$31.6 million, representing an increase of
26.8% year-over-year.
- Live streaming and other
internet value-added services (“Live streaming and other IVAS”)
revenues were US$15.0 million, a decrease of 62.5%
year-over-year.
- Gross profit was
US$40.1 million, representing an increase of 6.5% year-over-year,
and gross profit margin was 51.9% in the fourth quarter, compared
with 38.8% in the same period of 2022.
- Net income was
US$3.7 million in the fourth quarter, compared with US$1.6 million
in the same period of 2022.
- Non-GAAP net
income was US$4.5 million in the fourth quarter, compared
with US$3.5 million in the same period of 2022.
- Diluted earnings per
ADS was approximately US$0.06 in the fourth quarter,
compared with US$0.02 in the same period of 2022.
Full Year 2023 Financial
Highlights:
- Total revenues
were US$364.9 million, representing an increase of 6.5% from
2022.
- Cloud computing
revenues were US$123.4 million, representing an increase of 3.2%
from 2022.
- Subscription
revenues were US$119.3 million, representing an increase
of 18.7% from 2022.
- Live streaming and other
IVAS revenues were US$122.2 million, representing a
decrease of 0.2% from 2022.
- Gross profit was
US$163.1 million, representing an increase of 15.3% from 2022, and
gross profit margin was 44.7%, compared with 41.3% in the previous
year.
- Net income was
US$14.3 million, compared with US$21.3 million in the previous
year.
- Non-GAAP net
income was US$23.9 million, compared with US$29.5 million
in the previous year.
- Diluted earnings per
ADS was US$0.22, compared with US$0.32 in the previous
year.
“We closed out 2023 with a solid Q4 performance,
beating our upper-end guidance and achieving profitability for the
third consecutive year. Notably, our subscription business
surpassed a significant milestone by reaching almost 6 million
subscribers at the end of 2023, and delivered an impressive 26.8%
increase in subscription revenues year-over-year for the fourth
quarter. The results were attributed not only to our consistent
provision of high-quality services tailored to meet the evolving
needs of our subscribers, but also to the unwavering commitments
and diligent efforts by our dedicated employees," stated Mr. Jinbo
Li, Chairman and CEO of Xunlei Limited.
“In 2024, we will aim high and proactively
explore opportunities to seek breakthroughs in business
developments while leveraging our outstanding research and
development capabilities. We believe that our strong financial
position and synergistic product and service lines will provide us
with stability and flexibility to further our ongoing operations
and pursue growth and innovation to create value for our
shareholders. We look forward to sharing with you our progress in
the near future," concluded Mr. Li.
Fourth Quarter 2023 Financial
Results
Total Revenues
Total revenues were US$77.1 million,
representing a decrease of 20.4% year-over-year. The decrease in
total revenues was mainly attributable to the decreased revenues
generated from our live streaming business as we have downsized
some of our domestic audio live streaming operations since June
2023.
Revenues from cloud computing were US$30.5
million, representing a decrease of 4.4% year-over-year. The
decrease in cloud computing revenues was mainly due to the
decreased revenues generated from certain of our major customers of
cloud computing services.
Revenues from subscription were US$31.6 million,
representing an increase of 26.8% year-over-year. The increase in
subscription revenues was mainly due to an increase in the number
of subscribers and higher average revenue per subscriber for the
quarter. The number of subscribers was 5.99 million as of December
31, 2023, compared with 4.99 million as of December 31, 2022. The
average revenue per subscriber for the fourth quarter was RMB36.5,
compared with RMB35.4 in the same period of 2022. The higher
average revenue per subscriber was due to the continued increase in
the proportion of the users opting for our premium membership.
Revenues from live streaming and other IVAS were
US$15.0 million, representing a decrease of 62.5% year-over-year.
The decrease of live streaming and other IVAS revenues was mainly
due to the downsizing of our domestic audio live streaming
operations during 2023.
Costs of Revenues
Costs of revenues were US$36.8 million,
representing 47.7% of our total revenues, compared with US$59.0
million, or 60.9% of the total revenues, in the same period of
2022. The decrease in costs of revenues was mainly attributable to
the decreased revenue-sharing costs for our live streaming
business, which was consistent with the decrease in live streaming
revenues.
Bandwidth costs, as included in costs of
revenues, were US$26.4 million, representing 34.2% of our total
revenues, compared with US$26.9 million, or 27.7% of the total
revenues, in the same period of 2022.
The remaining costs of revenues mainly consisted
of costs related to the revenue-sharing costs for our live
streaming business, payment handling charges, cost of inventories
sold and depreciation of servers and other equipment.
Gross Profit and Gross Profit
Margin
Gross profit for the fourth quarter of 2023 was
US$40.1 million, representing an increase of 6.5% year-over-year.
Gross profit margin was 51.9% in the fourth quarter, compared with
38.8% in the same period of 2022. The increase in gross profit was
mainly driven by the increase in gross profit of our subscription
business. The increase in gross profit margin was mainly
attributable to the increased portion of subscription revenues to
total revenues, which has a higher profit margin as well as the
decreased portion of live streaming revenues to total revenues,
which has a relatively lower gross profit margin.
Research and Development
Expenses
Research and development expenses for the fourth
quarter were US$19.5 million, representing 25.3% of our total
revenues, compared with US$19.2 million, or 19.8% of our total
revenues, in the same period of 2022. The increase was primarily
due to the increased labor costs incurred during the quarter.
Sales and Marketing
Expenses
Sales and marketing expenses for the fourth
quarter were US$9.3 million, representing 12.1% of our total
revenues, compared with US$8.7 million, or 8.9% of our total
revenues, in the same period of 2022. The increase was primarily
due to an increase in customer service costs and more marketing
activities held for our subscription business as part of our
ongoing efforts on user acquisition, partially offset by the
decrease in employee bonus accrued during the quarter.
General and Administrative
Expenses
General and administrative expenses for the
fourth quarter were US$11.6 million, representing 15.1% of our
total revenues, compared with US$9.8 million, or 10.1% of our total
revenues, in the same period of 2022. The increase was primarily
due to the increase in labor costs and depreciation of Xunlei
headquarters building during the quarter, partially offset by the
decrease in share-based compensation accrued during the
quarter.
Operating (Loss)/Income
Operating loss was US$0.7 million, compared with
an operating income of US$0.4 million in the same period of 2022.
The decrease in operating income was primarily attributable to the
increase in operating expenses during the quarter.
Other Income, Net
Other income, net was US$3.5 million, compared
with other income, net of US$0.7 million in the same period of
2022. The increase was primarily due to the increase in foreign
exchange gains and investment income from short-term investments
during the quarter.
Net Income and Earnings Per
ADS
Net income was US$3.7 million, compared with
US$1.6 million in the same period of 2022. Non-GAAP net income was
US$4.5 million in the fourth quarter of 2023, compared with US$3.5
million in the same period of 2022. The increase of net income and
non-GAAP net income was primarily attributable to the increase in
other income, net, partially offset by the decrease in operating
income as discussed above.
Diluted earnings per ADS in the fourth quarter
of 2023 was approximately US$0.06 as compared to US$0.02 in the
same period of 2022.
Cash Balance
As of December 31, 2023, the Company had cash,
cash equivalents and short-term investments of US$271.9 million,
compared with US$264.7 million as of September 30, 2023. The
increase in cash, cash equivalents and short-term investments was
mainly due to the cash inflow from operating activities and the
release of certain restricted cash, partially offset by repayment
of bank loans and spending on share buybacks during the
quarter.
Full Year 2023 Financial
Results
Total Revenues
Total revenues were US$364.9 million,
representing an increase of 6.5% on a year-over-year basis. The
increase in total revenues was mainly attributable to the increased
revenues from our subscription and cloud computing businesses.
Revenues from cloud computing were US$123.4
million, representing an increase of 3.2% on a year-over-year
basis. The increase in cloud computing was mainly attributable to
the increased sale of our cloud computing hardware devices.
Revenues from subscription were US$119.3
million, representing an increase of 18.7% on a year-over-year
basis. The increase was mainly due to the growing number of
subscribers, which increased from 4.99 million as of December 31,
2022 to 5.99 million as of December 31, 2023.
Revenues from live streaming and other IVAS were
US$122.2 million, representing a decrease of 0.2% on a
year-over-year basis.
Costs of Revenues
Costs of revenues were US$200.6 million,
representing 55.0% of our total revenues, compared with US$200.1
million, or 58.4% of the total revenues, in 2022.
Bandwidth costs, a major component of costs of
revenues, were US$112.5 million, representing 30.8% of our total
revenues, compared with US$104.6 million, or 30.5% of the total
revenues, in the previous year. The increased bandwidth costs were
mainly due to the increased demand for our subscription and cloud
computing services, which was consistent with the increase in
subscription and cloud computing revenues.
The remaining costs of revenues mainly consisted
of costs related to the revenue-sharing costs for our live
streaming business, payment handling charges, cost of inventories
sold and depreciation of servers and other equipment.
Gross Profit and Gross Profit
Margin
Gross profit for the year was US$163.1 million,
representing an increase of 15.3% on the year-over-year basis.
Gross profit margin was 44.7%, compared with 41.3% in the previous
year. The increase in gross profit and gross profit margin was
mainly driven by the increase in gross profit of our subscription
business and increased portion of subscription revenues to total
revenues, which has a higher gross profit margin.
Research and Development
Expenses
Research and development expenses for the year
were US$74.2 million, representing 20.3% of our total revenues,
compared with US$67.7 million, or 19.8% of our total revenues, in
the previous year. The increase was primarily due to the increased
labor costs as a result of the increased headcount as compared with
the previous year.
Sales and Marketing
Expenses
Sales and marketing expenses for the year were
US$43.5 million, representing 11.9% of our total revenues, compared
with US$24.8 million, or 7.3% of our total revenues, in the
previous year. The increase was primarily driven by the increase in
marketing expenses for our subscription and live streaming
businesses.
General and Administrative
Expenses
General and administrative expenses for the year
were US$46.9 million, representing 12.8% of our total revenues,
compared with US$39.7 million, or 11.6% of our total revenues, in
the previous year. The increase was primarily due to the increase
in share-based compensation expenses, deprecation of Xunlei
headquarters building and one-off impairment of servers and network
equipment incurred during the year.
Operating (Loss)/Income
Operating loss was US$1.6 million in 2023,
compared with an operating income of US$10.1 million in the
previous year. The decrease in operating income was primarily
attributable to the increase in operating expenses during the year,
partially offset by the increase in gross profit of subscription
business as mentioned above.
Other Income, Net
Other income, net was US$16.9 million in 2023,
compared with US$13.5 million in the previous year. The increase
was primarily due to the increase in investment income and reversal
of certain payables related to a previously disposed business with
low payment probability during the year.
Net Income and Earnings Per
ADS
Net income was US$14.3 million in 2023, compared
with net income of US$21.3 million in the previous year. Non-GAAP
net income was US$23.9 million in 2023, compared with US$29.5
million in the previous year. The decrease in net income and
non-GAAP net income was primarily driven by the decrease in
operating income as discussed above.
Diluted earnings per ADS in 2023 was
approximately US$0.22 as compared with US$0.32 in the previous
year.
Cash Balance
As of December 31, 2023, the Company had cash,
cash equivalents and short-term investments of US$271.9 million,
compared with US$260.8 million as of December 31, 2022. The
increase in cash and cash equivalents was mainly attributed to the
cash inflow from operating activities and the release of certain
restricted cash, partially offset by repayment of a bank loan,
settlement for the construction of Xunlei headquarters building,
and spending on share buybacks.
Share Repurchase Program
During 2023, the Company had spent US$4.7
million on share buybacks, consisting of US$1.1 million under the
share repurchase program adopted in March 2022 and US$3.6 million
under the share repurchase program adopted in June 2023.
Guidance for the First Quarter of
2024
For the first quarter of 2024, Xunlei estimates total revenues
to be between US$79 million and US$84 million, and the midpoint of
the range represents a quarter-over-quarter increase of
approximately 5.7%. This estimate represents management's
preliminary view as of the date of this press release, which is
subject to change and any change could be material.
Conference Call Information.
Xunlei's management will host a conference
call at 8:00 a.m. U.S. Eastern Time on March 14,
2024 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company's
quarterly and fiscal year results and recent business
developments.
Participant Online Registration:
https://register.vevent.com/register/BIedd8f3b92c45485b9da1107f669ff922
Please register to join the conference using the
link provided above and dial in 10 minutes before the call is
scheduled to begin. Once registered, the participants will receive
an email with personal PIN and dial-in information, and
participants can choose to access either via Dial-In or Call Me. A
kindly reminder that "Call Me" does not work for China number.
The Company will also broadcast a live audio
webcast of the conference call. The webcast will be available at
http://ir.xunlei.com. Following the earnings conference call, an
archive of the call will be available at
https://edge.media-server.com/mmc/p/i7erbhna
About Xunlei
Founded in 2003, Xunlei
Limited (NASDAQ: XNET) is a leading technology company
providing distributed cloud services
in China. Xunlei provides a wide range of products
and services across cloud acceleration, blockchain, shared cloud
computing and digital entertainment to deliver an efficient, smart
and safe internet experience.
Safe Harbor Statement
This press release contains statements of a
forward-looking nature. These statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"future," "intends," "plans," "estimates" and similar statements.
Among other things, the management's quotations and the "Guidance"
section in this press release, as well as the Company's strategic,
operational and acquisition plans, contain forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. Forward-looking statements involve
inherent risks and uncertainties, including but not limited to: the
Company's ability to continue to innovate and provide attractive
products and services to retain and grow its user base; the
Company's ability to keep up with technological developments and
users' changing demands in the internet industry; the Company's
ability to convert its users into subscribers of its premium
services; the Company's ability to deal with existing and potential
copyright infringement claims and other related claims; the
Company’s ability to react to the governmental actions for its
scrutiny of internet content in China and the Company's ability to
compete effectively. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of the press release, and the Company undertakes
no obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law.
About Non-GAAP Financial
Measures
To supplement Xunlei's consolidated financial
results presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), Xunlei uses the following
measures defined as non-GAAP financial measures by the United
States Securities and Exchange Commission: (1) non-GAAP operating
income/(loss), (2) non-GAAP net income, (3) non-GAAP basic and
diluted earnings per share for common shares, and (4) non-GAAP
basic and diluted earnings per ADS. The presentation of the
non-GAAP financial information is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP.
Xunlei believes that these non-GAAP financial
measures provide meaningful supplemental information to investors
regarding the Company's operating performance by excluding
share-based compensation expenses, which is not expected to result
in future cash payments. These non-GAAP financial measures also
facilitate management's internal comparisons to Xunlei's historical
performance and assist the Company's financial and operational
decision making. A limitation of using these non-GAAP financial
measures is that these non-GAAP measures exclude share-based
compensation charge that has been and will continue to be for the
foreseeable future a recurring expense in Xunlei's results of
operations. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying reconciliation tables
at the end of this release include details on the reconciliations
between GAAP financial measures that are most directly comparable
to the non-GAAP financial measures the Company has presented.
|
|
|
XUNLEI LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Amounts expressed in thousands of USD, except for share, per share
(or ADS) data) |
|
|
| |
December 31, |
December 31, |
| |
2023 |
2022 |
| |
US$ |
US$ |
| Assets |
|
|
| |
|
|
| Current
assets: |
|
|
|
Cash and cash equivalents |
170,802 |
|
177,154 |
|
| Short-term investments |
101,078 |
|
83,626 |
|
| Accounts receivable, net |
31,210 |
|
29,763 |
|
| Inventories |
2,219 |
|
457 |
|
| Due from related parties |
12,644 |
|
32,917 |
|
| Prepayments and other current
assets |
9,423 |
|
8,267 |
|
| Total current
assets |
327,376 |
|
332,184 |
|
| |
|
|
| Non-current
assets: |
|
|
| Restricted cash |
- |
|
7,654 |
|
| Long-term investments |
32,134 |
|
30,811 |
|
| Deferred tax assets |
478 |
|
213 |
|
| Property and equipment,
net |
60,028 |
|
61,734 |
|
| Intangible assets, net |
5,697 |
|
6,546 |
|
| Goodwill |
20,826 |
|
21,179 |
|
| Due from a related party,
non-current portion |
19,619 |
|
- |
|
| Long-term prepayments and
other assets |
1,953 |
|
2,137 |
|
| Operating lease assets |
575 |
|
865 |
|
| Total
assets |
468,686 |
|
463,323 |
|
| |
|
|
|
Liabilities |
|
|
| Current
liabilities: |
|
|
| Accounts payable |
24,430 |
|
25,432 |
|
| Due to related parties |
- |
|
1,560 |
|
| Contract liabilities, current
portion |
36,375 |
|
38,967 |
|
| Lease liabilities |
276 |
|
283 |
|
| Income tax payable |
6,391 |
|
5,586 |
|
| Accrued liabilities and other
payables |
53,708 |
|
49,438 |
|
| Bank borrowings, current
portion |
6,906 |
|
7,024 |
|
| Total current
liabilities |
128,086 |
|
128,290 |
|
| |
|
|
| Non-current
liabilities: |
|
|
| Contract liabilities,
non-current portion |
846 |
|
876 |
|
| Lease liabilities, non-current
portion |
229 |
|
299 |
|
| Deferred tax liabilities |
513 |
|
687 |
|
| Bank borrowings, non-current
portion |
15,539 |
|
24,750 |
|
| Total
liabilities |
145,213 |
|
154,902 |
|
| |
|
|
| Equity |
|
|
| Common shares (US$0.00025 par
value, 1,000,000,000 shares authorized, 375,001,940 shares issued
and 325,047,736 shares outstanding as at December 31, 2022;
375,001,940 issued and 323,525,556 shares outstanding as at
December 31, 2023) |
81 |
|
81 |
|
| Additional
paid-in-capital |
482,484 |
|
477,495 |
|
| Accumulated other
comprehensive loss |
(18,913 |
) |
(14,668 |
) |
| Statutory reserves |
8,142 |
|
7,036 |
|
| Treasury shares (49,954,204
shares and 51,476,384 shares as at December 31, 2022 and December
31, 2023, respectively) |
12 |
|
12 |
|
| Accumulated deficits |
(146,944 |
) |
(160,063 |
) |
| Total Xunlei Limited's
shareholders' equity |
324,862 |
|
309,893 |
|
| Non-controlling
interests |
(1,389 |
) |
(1,472 |
) |
| Total liabilities and
shareholders' equity |
468,686 |
|
463,323 |
|
|
XUNLEI LIMITED |
|
Unaudited Condensed Consolidated Statements of
Income |
|
(Amounts expressed in thousands of USD, except for share, per share
(or ADS) data) |
| |
| |
Three months ended |
|
Year ended |
| |
|
|
|
| |
Dec 31, |
Sept 30, |
Dec 31, |
|
Dec 31, |
Dec 31, |
| |
2023 |
2023 |
2022 |
|
2023 |
2022 |
| |
US$ |
US$ |
US$ |
|
US$ |
US$ |
|
Revenues, net of rebates and discounts |
77,143 |
|
84,235 |
|
96,963 |
|
|
364,911 |
|
342,564 |
|
| Business taxes and
surcharges |
(287 |
) |
(286 |
) |
(319 |
) |
|
(1,189 |
) |
(1,067 |
) |
| Net revenues |
76,856 |
|
83,949 |
|
96,644 |
|
|
363,722 |
|
341,497 |
|
| Cost of revenues |
(36,785 |
) |
(46,409 |
) |
(59,027 |
) |
|
(200,649 |
) |
(200,054 |
) |
| Gross
profit |
40,071 |
|
37,540 |
|
37,617 |
|
|
163,073 |
|
141,443 |
|
| |
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
| Research and development
expenses |
(19,497 |
) |
(19,483 |
) |
(19,234 |
) |
|
(74,201 |
) |
(67,680 |
) |
| Sales and marketing
expenses |
(9,350 |
) |
(9,507 |
) |
(8,676 |
) |
|
(43,509 |
) |
(24,841 |
) |
| General and administrative
expenses |
(11,618 |
) |
(11,093 |
) |
(9,799 |
) |
|
(46,875 |
) |
(39,701 |
) |
| Credit loss (expenses)/write
back, net |
(293 |
) |
28 |
|
496 |
|
|
(100 |
) |
844 |
|
| Total operating
expenses |
(40,758 |
) |
(40,055 |
) |
(37,213 |
) |
|
(164,685 |
) |
(131,378 |
) |
| |
|
|
|
|
|
|
| Operating
(loss)/income |
(687 |
) |
(2,515 |
) |
404 |
|
|
(1,612 |
) |
10,065 |
|
| Interest income |
1,318 |
|
1,163 |
|
735 |
|
|
4,619 |
|
1,898 |
|
| Interest expense |
(300 |
) |
(361 |
) |
(23 |
) |
|
(1,514 |
) |
(93 |
) |
| Other income, net |
3,523 |
|
7,329 |
|
703 |
|
|
16,904 |
|
13,545 |
|
| Income before income
taxes |
3,854 |
|
5,616 |
|
1,819 |
|
|
18,397 |
|
25,415 |
|
| Income tax expense |
(137 |
) |
(1,251 |
) |
(247 |
) |
|
(4,131 |
) |
(4,068 |
) |
| Net
income |
3,717 |
|
4,365 |
|
1,572 |
|
|
14,266 |
|
21,347 |
|
| Less: net income/(loss)
attributable to non-controlling interest |
12 |
|
(30 |
) |
(58 |
) |
|
41 |
|
(116 |
) |
| Net income
attributable to common shareholders |
3,705 |
|
4,395 |
|
1,630 |
|
|
14,225 |
|
21,463 |
|
| |
|
|
|
|
|
|
| Earnings per share for
common shares |
|
|
|
|
|
|
| Basic |
0.0114 |
|
0.0134 |
|
0.0049 |
|
|
0.0436 |
|
0.0639 |
|
| Diluted |
0.0114 |
|
0.0134 |
|
0.0049 |
|
|
0.0435 |
|
0.0638 |
|
| |
|
|
|
|
|
|
| Earnings per
ADS |
|
|
|
|
|
|
| Basic |
0.0570 |
|
0.0670 |
|
0.0245 |
|
|
0.2180 |
|
0.3195 |
|
| Diluted |
0.0570 |
|
0.0670 |
|
0.0245 |
|
|
0.2175 |
|
0.3190 |
|
| |
|
|
|
|
|
|
| Weighted average
number of common shares used in calculating: |
|
|
|
|
|
|
| Basic |
325,898,568 |
|
328,229,170 |
|
330,049,995 |
|
|
326,390,687 |
|
336,040,378 |
|
| Diluted |
326,160,722 |
|
328,738,450 |
|
330,277,252 |
|
|
326,849,502 |
|
336,235,501 |
|
| |
|
|
|
|
|
|
| Weighted average
number of ADSs used in calculating: |
|
|
|
|
|
|
| Basic |
65,179,714 |
|
65,645,834 |
|
66,009,999 |
|
|
65,278,137 |
|
67,208,076 |
|
| Diluted |
65,232,144 |
|
65,747,690 |
|
66,055,450 |
|
|
65,369,900 |
|
67,247,100 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
XUNLEI LIMITED |
|
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
(Amounts expressed in thousands of USD, except for share, per share
(or ADS) data) |
|
|
| |
Three months ended |
|
Year ended |
| |
|
|
|
| |
Dec 31, |
Sept 30, |
Dec 31, |
|
Dec 31, |
Dec 31, |
| |
2023 |
2023 |
2022 |
|
2023 |
2022 |
| |
US$ |
US$ |
US$ |
|
US$ |
US$ |
| |
|
|
|
|
|
|
| GAAP operating
(loss)/income |
(687 |
) |
(2,515 |
) |
404 |
|
|
(1,612 |
) |
10,065 |
|
| Share-based compensation
expenses |
787 |
|
1,106 |
|
1,879 |
|
|
9,676 |
|
8,184 |
|
| Non-GAAP operating
income/(loss) |
100 |
|
(1,409 |
) |
2,283 |
|
|
8,064 |
|
18,249 |
|
| |
|
|
|
|
|
|
| GAAP net income |
3,717 |
|
4,365 |
|
1,572 |
|
|
14,266 |
|
21,347 |
|
| Share-based compensation
expenses |
787 |
|
1,106 |
|
1,879 |
|
|
9,676 |
|
8,184 |
|
| Non-GAAP net
income |
4,504 |
|
5,471 |
|
3,451 |
|
|
23,942 |
|
29,531 |
|
| |
|
|
|
|
|
|
| GAAP earnings per
share for common shares: |
|
|
|
|
|
|
| Basic |
0.0114 |
|
0.0134 |
|
0.0049 |
|
|
0.0436 |
|
0.0639 |
|
| Diluted |
0.0114 |
|
0.0134 |
|
0.0049 |
|
|
0.0435 |
|
0.0638 |
|
| |
|
|
|
|
|
|
| GAAP earnings per
ADS: |
|
|
|
|
|
|
| Basic |
0.0570 |
|
0.0670 |
|
0.0245 |
|
|
0.2180 |
|
0.3195 |
|
| Diluted |
0.0570 |
|
0.0670 |
|
0.0245 |
|
|
0.2175 |
|
0.3190 |
|
| |
|
|
|
|
|
|
| Non-GAAP earnings per
share for common shares: |
|
|
|
|
|
|
| Basic |
0.0138 |
|
0.0168 |
|
0.0106 |
|
|
0.0732 |
|
0.0882 |
|
| Diluted |
0.0138 |
|
0.0167 |
|
0.0106 |
|
|
0.0731 |
|
0.0882 |
|
| |
|
|
|
|
|
|
| Non-GAAP earnings per
ADS: |
|
|
|
|
|
|
| Basic |
0.0690 |
|
0.0840 |
|
0.0530 |
|
|
0.3660 |
|
0.4410 |
|
| Diluted |
0.0690 |
|
0.0835 |
|
0.0530 |
|
|
0.3655 |
|
0.4410 |
|
| |
|
|
|
|
|
|
| Weighted average
number of common shares used in calculating: |
|
|
|
|
|
|
| Basic |
325,898,568 |
|
328,229,170 |
|
330,049,995 |
|
|
326,390,687 |
|
336,040,378 |
|
| Diluted |
326,160,722 |
|
328,738,450 |
|
330,277,252 |
|
|
326,849,502 |
|
336,235,501 |
|
| |
|
|
|
|
|
|
| Weighted average
number of ADSs used in calculating: |
|
|
|
|
|
|
| Basic |
65,179,714 |
|
65,645,834 |
|
66,009,999 |
|
|
65,278,137 |
|
67,208,076 |
|
| Diluted |
65,232,144 |
|
65,747,690 |
|
66,055,450 |
|
|
65,369,900 |
|
67,247,100 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
CONTACT: Investor RelationsXunlei LimitedEmail:
ir@xunlei.comTel: +86 755 6111 1571Website:
http://ir.xunlei.com
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