Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform
for real-time engagement APIs, today announced its unaudited
financial results for the third quarter ended September 30, 2022.
“We delivered robust operational results this
quarter despite a very challenging global macroeconomic
environment,” said Tony Zhao, founder, chairman and CEO of Agora.
“In recent months, we have been working hard to improve our
operational efficiency and focus our efforts on priorities
including enhancing the quality of experience and ease of use of
our core products, strengthening our go-to-market efforts, and
winning benchmark customers, which will help us navigate near term
uncertainties and emerge as a stronger and healthier company.”
Third Quarter 2022
Highlights
- Total revenues for
the quarter were $41.0 million, a decrease of 9.0% from $45.0
million in the third quarter of 2021.
- Active Customers
as of September 30, 2022 were 2,987, excluding those for Easemob,
an increase of 16.5% from 2,564 as of September 30, 2021.
- Constant Currency
Dollar-Based Net Expansion Rate (DBNER), excluding
Easemob, was 84% for the trailing 12-month period ended September
30, 2022. Specifically, DNBER was above 130% for the US and
International business, and approximately 70% for the China
business.
- Net loss for the
quarter was $27.7 million, compared to net loss of $21.1 million in
the third quarter of 2021. After excluding share-based compensation
expenses, acquisition related expenses, financing related expenses,
amortization expenses of acquired intangible assets and income tax
related to acquired intangible assets, non-GAAP net loss for the
quarter was $17.6 million, compared to non-GAAP net loss of $11.4
million in the third quarter of 2021. Adjusted
EBITDA for the quarter was negative $16.4 million,
compared to negative $9.1 million in the third quarter of
2021.
- Total cash, cash
equivalents and short-term investments as of September 30,
2022 was $483.4 million.
- Net cash used in operating
activities for the quarter was $8.8 million, compared to
$14.0 million in the third quarter of 2021. Free cash
flow for the quarter was negative $9.9 million, compared
to negative $15.6 million in the third quarter of 2021.
Third Quarter 2022 Financial
Results
RevenuesTotal revenues were
$41.0 million in the third quarter of 2022, a decrease of 9.0% from
$45.0 million in the same period last year, primarily due to a
challenging global macro environment and restrictive regulations in
certain markets, which were offset in part by our business
expansion and usage growth in other sectors and regions.
Cost of RevenuesCost of
revenues was $16.6 million in the third quarter of 2022, an
increase of 6.1% from $15.7 million in the same period last year,
primarily due to the increase in bandwidth and co-location
costs.
Gross Profit and Gross
MarginGross profit was $24.3 million in the third quarter
of 2022, a decrease of 17.0% from $29.3 million in the same period
last year. Gross margin was 59.4% in the third quarter of 2022, a
decrease of 5.8% from 65.2% in the same period last year, mainly
due to an increase in revenue from our broadcast streaming product
which had lower gross margin.
Operating ExpensesOperating
expenses were $55.6 million in the third quarter of 2022, an
increase of 10.4% from $50.4 million in the same period last
year.
- Research and
development expenses were $29.8 million in the third
quarter of 2022, a slight increase of 0.3% from $29.7 million in
the same period last year.
- Sales and
marketing expenses were $14.6 million in the third quarter
of 2022, an increase of 14.7% from $12.7 million in the same period
last year, mainly due to team expansion in the US and certain
international markets as well as higher advertising expenses
compared to the same period last year.
- General and
administrative expenses were $11.3 million in the third
quarter of 2022, an increase of 40.8% from $8.0 million in the same
period last year, primarily due to increased professional services
expenses.
Other Operating IncomeOther
operating income was $2.4 million in the third quarter of 2022,
compared to $0.2 million in the same period last year, primarily
due to the receipt of government subsidies in the third quarter of
2022.
Loss from OperationsLoss from
operations was $28.9 million in the third quarter of 2022, compared
to $20.8 million in the same period last year.
Interest incomeInterest income
was $2.5 million in the third quarter of 2022, compared to $2.2
million in the same period last year, primarily due to the increase
in interest rate.
Net LossNet loss was $27.7
million in the third quarter of 2022, compared to $21.1 million in
the same period last year.
Net Loss per American Depositary Share
attributable to ordinary shareholdersNet loss per American
Depositary Share (“ADS”)1 attributable to ordinary shareholders was
$0.25 in the third quarter of 2022, compared to $0.19 in the same
period last year.
____________________1 One ADS represents four
Class A ordinary shares.
Share Repurchase Program
During the quarter ended September 30, 2022, we
repurchased approximately 3.5 million of our class A ordinary
shares (equivalent to approximately 0.9 million ADSs) for
approximately US$3.5 million under our share repurchase program,
representing 2% of our US$200 million share repurchase program.
During the nine months ended September 30, 2022, we repurchased
approximately 13.2 million of our class A ordinary shares
(equivalent to approximately 3.3 million ADSs) for approximately
US$23.2 million under our share repurchase program, representing
12% of our US$200 million share repurchase program. As of September
30, 2022, we had approximately 463.6 million ordinary shares
(equivalent to approximately 115.9 million ADSs) issued and
outstanding. Our current share repurchase program will expire by
the end of February 2023.
Financial Outlook
Based on currently available information, Agora
has adjusted the previous guidance and now expects that total
revenues for the fiscal year ending December 31, 2022 are estimated
to be between $160 million and $162 million. This revised outlook
reflects Agora’s current and preliminary views on the market and
operational conditions, and the outlook ranges for the year ending
December 31, 2022 reflect various assumptions that are subject to
change based on uncertainties, including but not limited to 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. 3Q 2022 Financial ResultsThe call
will be available at
https://edge.media-server.com/mmc/p/6rshpuvmInvestors who want to
hear the call should log on at least 15 minutes prior to the
broadcast. Participants may register for the call with the link
below:https://register.vevent.com/register/BIe9583c1e69af4c4e991651496aa4b338Please
visit Agora’s investor relations website at
https://investor.agora.io/investor-relations on November 21, 2022
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 the use of
these non-GAAP financial measures is useful to investors as an
additional tool to evaluate ongoing operating results and trends
and in comparing Agora’s financial results with other companies in
its industry, many of which present similar non-GAAP financial
measures. Besides free cash flow (as defined below), each of these
non-GAAP financial measures represents the corresponding GAAP
financial measure before share-based compensation expenses,
acquisition related expenses, financing related expenses,
amortization expenses of acquired intangible assets and income tax
related to acquired intangible assets. Agora believes that such
non-GAAP financial measures help identify underlying trends in its
business that could otherwise be distorted by the effects of such
share-based compensation expenses, acquisition related expenses,
financing related expenses, amortization expenses of acquired
intangible assets and income tax related to acquired intangible
assets that it includes in its cost of revenues, total operating
expenses and net income (loss). Agora believes that all such
non-GAAP financial measures also provide useful information about
its operating results, enhance the overall understanding of its
past performance and future prospects and allow for greater
visibility with respect to key metrics used by its 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
expenses, acquisition related expenses, financing related expenses,
amortization expenses of acquired intangible assets and income tax
related to acquired intangible assets.
Adjusted EBITDA
Agora defines Adjusted EBITDA as net income
(loss) before exchange gain (loss), interest income, investment
income (loss), other income, equity in income of affiliates, income
taxes, depreciation of property and equipment, and adjusted to
exclude the effects of share-based compensation expenses,
acquisition related expenses, financing related expenses and
amortization expenses of acquired intangible assets.
Free Cash Flow
Agora defines free cash flow as net cash
provided by operating activities less purchases of property and
equipment. Agora considers free cash flow to be a liquidity measure
that provides useful information to management and investors
regarding net cash provided by operating activities and cash used
for investments in property and equipment required to maintain and
grow the business.
Operating Metrics
Agora also uses other operating metrics included
in this press release and defined below to assess the performance
of its business.
Active Customers
Agora defines an active customer at the end of
any particular period as an organization or individual developer
from which Agora generated more than $100 of revenue during the
preceding 12 months. Agora counts customers based on unique
customer account identifiers. Generally, one software application
uses the same customer account identifier throughout its life cycle
while one account may be used for multiple applications.
Constant Currency Dollar-Based Net
Expansion Rate
Agora calculates Dollar-Based Net Expansion Rate
for a trailing 12-month period by first identifying all customers
in the prior 12-month period, and then calculating the quotient
from dividing the revenue generated from such customers in the
trailing 12-month period by the revenue generated from the same
group of customers in the prior 12-month period. Constant Currency
Dollar-Based Net Expansion Rate is calculated the same way as
Dollar-Based Net Expansion Rate but using fixed exchange rates
based on the daily average exchange rates prevailing during the
prior 12-month period to remove the impact of foreign currency
translations. Agora believes Constant Currency Dollar-Based Net
Expansion Rate facilitates operating performance comparisons on a
period-to-period basis as Agora does not consider the impact of
foreign currency fluctuations to be indicative of its core
operating performance.
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
elsewhere in our filings with the Securities and Exchange
Commission, including, without limitation, the final prospectus
related to the IPO filed with the SEC on June 26, 2020. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and Agora undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date hereof.
About Agora
Agora’s mission is to make real-time engagement
ubiquitous, allowing everyone to interact with anyone, in any app,
anytime and anywhere. Agora’s cloud platform provides developers
simple, flexible and powerful application programming interfaces,
or APIs, to embed real-time video, voice and chat experiences into
their applications. Agora maintains dual headquarters in Shanghai,
China and Santa Clara, California.
For more information, please visit:
www.agora.io.
Agora, Inc.Condensed
Consolidated Balance Sheets(Unaudited, in US$
thousands)
|
As of |
|
As of |
|
September 30, |
|
December 31, |
|
2022 |
|
2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
30,819 |
|
|
285,668 |
|
Short-term investments |
452,587 |
|
|
469,636 |
|
Accounts receivable, net |
33,130 |
|
|
32,619 |
|
Prepayments and other current assets |
7,639 |
|
|
8,801 |
|
Contract assets |
1,316 |
|
|
962 |
|
Total current assets |
525,491 |
|
|
797,686 |
|
Property and equipment, net |
13,616 |
|
|
19,194 |
|
Operating lease right-of-use assets |
4,194 |
|
|
7,436 |
|
Intangible assets |
4,947 |
|
|
6,697 |
|
Goodwill |
56,142 |
|
|
56,142 |
|
Long-term investments |
63,388 |
|
|
53,925 |
|
Other non-current assets |
167,960 |
|
|
3,919 |
|
Total assets |
835,738 |
|
|
944,999 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
8,551 |
|
|
5,309 |
|
Advances from customers |
9,027 |
|
|
9,068 |
|
Taxes payable |
852 |
|
|
2,435 |
|
Current operating lease liabilities |
3,278 |
|
|
3,957 |
|
Accrued expenses and other current liabilities |
41,827 |
|
|
53,034 |
|
Total current liabilities |
63,535 |
|
|
73,803 |
|
Long-term payable |
546 |
|
|
495 |
|
Long-term operating lease liabilities |
793 |
|
|
3,452 |
|
Deferred tax liabilities |
735 |
|
|
988 |
|
Total liabilities |
65,609 |
|
|
78,738 |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
Class A ordinary shares |
38 |
|
|
37 |
|
Class B ordinary shares |
8 |
|
|
8 |
|
Additional paid-in-capital |
1,126,441 |
|
|
1,099,369 |
|
Treasury shares, at cost |
(23,221 |
) |
|
- |
|
Accumulated other comprehensive income |
(11,516 |
) |
|
3,149 |
|
Accumulated deficit |
(321,621 |
) |
|
(236,302 |
) |
Total shareholders’ equity |
770,129 |
|
|
866,261 |
|
Total liabilities and shareholders’ equity |
835,738 |
|
|
944,999 |
|
|
|
|
|
|
|
Agora, Inc.Condensed
Consolidated Statements of Comprehensive Income
(Loss)(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Nine Month Ended |
|
September 30, |
|
September 30, |
|
2022 |
2021 |
|
2022 |
2021 |
Real-time engagement service revenues |
38,860 |
|
42,390 |
|
|
115,120 |
|
122,234 |
|
Other revenues |
2,128 |
|
2,648 |
|
|
5,432 |
|
5,362 |
|
Total revenues |
40,988 |
|
45,038 |
|
|
120,552 |
|
127,596 |
|
Cost of revenues |
16,639 |
|
15,689 |
|
|
45,520 |
|
49,016 |
|
Gross profit |
24,349 |
|
29,349 |
|
|
75,032 |
|
78,580 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
29,771 |
|
29,668 |
|
|
93,247 |
|
81,887 |
|
Sales and marketing |
14,607 |
|
12,734 |
|
|
41,580 |
|
32,478 |
|
General and administrative |
11,257 |
|
7,996 |
|
|
29,439 |
|
20,988 |
|
Total operating expenses |
55,635 |
|
50,398 |
|
|
164,266 |
|
135,353 |
|
Other operating income |
2,365 |
|
210 |
|
|
3,593 |
|
840 |
|
Loss from operations |
(28,921 |
) |
(20,839 |
) |
|
(85,641 |
) |
(55,933 |
) |
Exchange gain (loss) |
62 |
|
(189 |
) |
|
(4,969 |
) |
(208 |
) |
Interest income |
2,490 |
|
2,154 |
|
|
6,468 |
|
6,280 |
|
Investment loss |
(971 |
) |
(2,314 |
) |
|
(1,059 |
) |
(967 |
) |
Loss before income taxes |
(27,340 |
) |
(21,188 |
) |
|
(85,201 |
) |
(50,828 |
) |
Income taxes |
(132 |
) |
93 |
|
|
(384 |
) |
(353 |
) |
Equity in income of affiliates |
(227 |
) |
- |
|
|
264 |
|
- |
|
Net loss |
(27,699 |
) |
(21,095 |
) |
|
(85,321 |
) |
(51,181 |
) |
Net loss attributable to ordinary shareholders |
(27,699 |
) |
(21,095 |
) |
|
(85,321 |
) |
(51,181 |
) |
Other comprehensive loss: |
|
|
|
|
|
Foreign currency translation adjustments |
(11,696 |
) |
493 |
|
|
(13,526 |
) |
882 |
|
Unrealized (loss) gain
on available-for-sale debt securities |
(613 |
) |
65 |
|
|
(1,139 |
) |
152 |
|
Total comprehensive loss attributable to ordinary shareholders |
(40,008 |
) |
(20,537 |
) |
|
(99,986 |
) |
(50,147 |
) |
|
|
|
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted |
(0.25 |
) |
(0.19 |
) |
|
(0.76 |
) |
(0.47 |
) |
|
|
|
|
|
|
Weighted-average shares outstanding used in computing net loss per
ADS attributable to ordinary shareholders, basic and diluted |
448,554,483 |
|
443,732,607 |
|
|
448,733,032 |
|
438,984,051 |
|
|
|
|
|
|
|
Share-based compensation expenses included in: |
|
|
|
|
|
Cost of revenues |
165 |
|
152 |
|
|
760 |
|
456 |
|
Research and development expenses |
4,150 |
|
5,873 |
|
|
14,342 |
|
15,053 |
|
Sales and marketing expenses |
1,244 |
|
1,326 |
|
|
5,050 |
|
3,603 |
|
General and administrative expenses |
1,671 |
|
1,179 |
|
|
5,492 |
|
4,017 |
|
Agora, Inc.Condensed
Consolidated Statements of Cash Flows(Unaudited,
in US$ thousands)
|
Three Month Ended |
|
Nine Month Ended |
|
September 30, |
|
September 30, |
|
2022 |
2021 |
|
2022 |
2021 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
(27,699 |
) |
(21,095 |
) |
|
(85,321 |
) |
(51,181 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Share-based compensation expense |
7,230 |
|
8,530 |
|
|
25,644 |
|
23,129 |
|
Allowance for current expected credit losses |
788 |
|
1,758 |
|
|
3,697 |
|
3,031 |
|
Depreciation of property and equipment |
2,334 |
|
1,994 |
|
|
7,231 |
|
5,978 |
|
Amortization of intangible assets |
576 |
|
574 |
|
|
1,732 |
|
1,355 |
|
Deferred tax expense |
(84 |
) |
(84 |
) |
|
(252 |
) |
(199 |
) |
Amortization of right-of-use asset and interest on lease
liabilities |
1,013 |
|
985 |
|
|
3,124 |
|
2,727 |
|
Change in the fair value of investments |
976 |
|
2,345 |
|
|
861 |
|
1,064 |
|
Interest income on available-for-sale debt securities |
(101 |
) |
(101 |
) |
|
(300 |
) |
(194 |
) |
Equity in income of affiliates |
227 |
|
(66 |
) |
|
(264 |
) |
(66 |
) |
Changes in assets and liabilities, net of effect of
acquisition: |
|
|
|
|
|
Accounts receivable |
155 |
|
(4,456 |
) |
|
(6,545 |
) |
(10,559 |
) |
Contract assets |
(34 |
) |
(97 |
) |
|
(498 |
) |
(273 |
) |
Prepayments and other current assets |
(163 |
) |
(344 |
) |
|
(6 |
) |
(897 |
) |
Other non-current assets |
3,142 |
|
(344 |
) |
|
3,112 |
|
(299 |
) |
Accounts payable |
2,088 |
|
(1,611 |
) |
|
4,031 |
|
(1,476 |
) |
Advances from customers |
671 |
|
49 |
|
|
784 |
|
(121 |
) |
Taxes payable |
(631 |
) |
(167 |
) |
|
(1,509 |
) |
(732 |
) |
Operating lease liabilities |
(1,148 |
) |
(1,150 |
) |
|
(3,335 |
) |
(2,972 |
) |
Deferred income |
- |
|
185 |
|
|
145 |
|
185 |
|
Accrued expenses and other liabilities |
1,827 |
|
(887 |
) |
|
(822 |
) |
6,450 |
|
Net cash used in operating activities |
(8,833 |
) |
(13,982 |
) |
|
(48,491 |
) |
(25,050 |
) |
Cash flows from investing activities: |
|
|
|
|
|
Purchase of short-term investments |
(159,340 |
) |
(42,298 |
) |
|
(531,279 |
) |
(432,745 |
) |
Proceeds from sale and maturity of short-term investments |
193,501 |
|
157,834 |
|
|
542,631 |
|
407,912 |
|
Purchase of long-term investment |
(1,657 |
) |
(20,759 |
) |
|
(19,762 |
) |
(47,111 |
) |
Prepayment for long-term investments |
(1,476 |
) |
- |
|
|
(1,949 |
) |
- |
|
Withdrawal of long-term investments |
2,113 |
|
- |
|
|
2,113 |
|
- |
|
Purchase of property and equipment |
(1,085 |
) |
(1,638 |
) |
|
(2,707 |
) |
(10,081 |
) |
Purchase of intangible assets |
- |
|
(42 |
) |
|
- |
|
(243 |
) |
Deposit for land use right purchase |
- |
|
- |
|
|
(34,159 |
) |
- |
|
Withdrawal of deposit for land use right purchase |
34,159 |
|
- |
|
|
34,159 |
|
- |
|
Prepayment for land use right purchase |
(171,592 |
) |
- |
|
|
(171,592 |
) |
- |
|
Cash paid for an acquisition |
- |
|
(20,902 |
) |
|
- |
|
(36,630 |
) |
Net cash (used in) generated from investing activities |
(105,377 |
) |
72,195 |
|
|
(182,545 |
) |
(118,898 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from the private placement, net of issuance costs
paid |
- |
|
- |
|
|
- |
|
249,950 |
|
Proceeds from exercise of employees’ share options |
87 |
|
382 |
|
|
970 |
|
1,835 |
|
Payment of financing cost |
- |
|
- |
|
|
(621 |
) |
- |
|
Repurchase of Class A ordinary shares |
(3,079 |
) |
- |
|
|
(22,839 |
) |
- |
|
Net cash (used in) provided by financing activities |
(2,992 |
) |
382 |
|
|
(22,490 |
) |
251,785 |
|
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash |
(2,829 |
) |
194 |
|
|
(1,326 |
) |
270 |
|
Net (decrease) increase in cash, cash equivalents and restricted
cash |
(120,031 |
) |
58,789 |
|
|
(254,852 |
) |
108,107 |
|
Cash, cash equivalents and restricted cash at beginning of period
* |
151,004 |
|
160,616 |
|
|
285,825 |
|
111,298 |
|
Cash, cash equivalents and restricted cash at end of period ** |
30,973 |
|
219,405 |
|
|
30,973 |
|
219,405 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Income taxes paid |
- |
|
- |
|
|
55 |
|
966 |
|
Cash payments included in the measurement of operating lease
liabilities |
1,148 |
|
1,150 |
|
|
3,335 |
|
2,972 |
|
Right-of-use assets obtained in exchange for operating lease
obligations |
198 |
|
2,148 |
|
|
198 |
|
3,636 |
|
Non-cash financing and investing activities: |
|
|
|
|
|
Payables for acquisition |
- |
|
- |
|
|
- |
|
18,539 |
|
Proceeds receivable from exercise of employees’ share options |
66 |
|
33 |
|
|
66 |
|
33 |
|
Deposits utilized for employees’ share option exercises |
- |
|
- |
|
|
7 |
|
- |
|
Payables for property and equipment |
228 |
|
917 |
|
|
228 |
|
917 |
|
Payables for long-term investment |
- |
|
5,897 |
|
|
- |
|
5,897 |
|
Payables for treasury shares, at cost |
383 |
|
|
|
383 |
|
|
* includes restricted cash balance |
155 |
|
156 |
|
|
156 |
|
80 |
|
** includes restricted cash balance |
154 |
|
156 |
|
|
154 |
|
156 |
|
Agora,
Inc.Reconciliation of GAAP to Non-GAAP
Measures(Unaudited, in US$ thousands, except share
and per ADS amounts)
|
Three Month Ended |
|
Nine Month Ended |
|
September 30, |
|
September 30, |
|
2022 |
2021 |
|
2022 |
2021 |
GAAP net loss |
(27,699 |
) |
(21,095 |
) |
|
(85,321 |
) |
(51,181 |
) |
Add: |
|
|
|
|
|
Share-based compensation expense |
7,230 |
|
8,530 |
|
|
25,644 |
|
23,129 |
|
Acquisition related expenses |
236 |
|
656 |
|
|
749 |
|
5,355 |
|
Financing related expenses |
2,166 |
|
- |
|
|
2,166 |
|
- |
|
Amortization expense of acquired intangible assets |
556 |
|
556 |
|
|
1,668 |
|
1,305 |
|
Income tax related to acquired intangible assets |
(84 |
) |
(84 |
) |
|
(252 |
) |
(199 |
) |
Non-GAAP net loss |
(17,595 |
) |
(11,437 |
) |
|
(55,346 |
) |
(21,591 |
) |
|
|
|
|
|
|
Net loss |
(27,699 |
) |
(21,095 |
) |
|
(85,321 |
) |
(51,181 |
) |
Excluding: |
|
|
|
|
|
Exchange gain (loss) |
62 |
|
(189 |
) |
|
(4,969 |
) |
(208 |
) |
Interest income |
2,490 |
|
2,154 |
|
|
6,468 |
|
6,280 |
|
Investment loss |
(971 |
) |
(2,314 |
) |
|
(1,059 |
) |
(967 |
) |
Equity in income of affiliates |
(227 |
) |
- |
|
|
264 |
|
- |
|
Income taxes |
(132 |
) |
93 |
|
|
(384 |
) |
(353 |
) |
Depreciation of property and equipment |
2,334 |
|
1,994 |
|
|
7,231 |
|
5,978 |
|
Share-based compensation expense |
7,230 |
|
8,530 |
|
|
25,644 |
|
23,129 |
|
Acquisition related expenses |
236 |
|
656 |
|
|
749 |
|
5,355 |
|
Financing related expenses |
2,166 |
|
- |
|
|
2,166 |
|
- |
|
Amortization expense of acquired intangible assets |
556 |
|
556 |
|
|
1,668 |
|
1,305 |
|
Adjusted EBITDA |
(16,399 |
) |
(9,103 |
) |
|
(48,183 |
) |
(20,166 |
) |
|
|
|
|
|
|
Net cash used in operating activities |
(8,833 |
) |
(13,982 |
) |
|
(48,491 |
) |
(25,050 |
) |
Purchase of property and equipment |
(1,085 |
) |
(1,638 |
) |
|
(2,707 |
) |
(10,081 |
) |
Free Cash Flow |
(9,918 |
) |
(15,620 |
) |
|
(51,198 |
) |
(35,131 |
) |
Net cash (used in) generated from investing activities |
(105,377 |
) |
72,195 |
|
|
(182,545 |
) |
(118,898 |
) |
Net cash (used in) provided by financing activities |
(2,992 |
) |
382 |
|
|
(22,490 |
) |
251,785 |
|
Investor Contact:
Fionna Chen
investor@agora.io
Media Contact:
Timothy Gray
press@agora.io
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