LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), a
leading online UGC1 audio community and interactive audio
entertainment platform in China, today announced its unaudited
financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and
Operational Highlights
- Net revenues were
RMB559.3 million (US$86.6 million) in the second quarter of 2021,
representing a 59% increase from RMB350.9 million in the second
quarter of 2020.
- Average total mobile
MAUs2 in the second quarter of 2021 reached 60.9 million,
representing an increase of 9% from 55.9 million in the second
quarter of 2020.
- Average total monthly
paying users3 in the second quarter of 2021 reached 494.4
thousand, representing an increase of 7% from 463.4 thousand in the
second quarter of 2020.
“We are very pleased to continue our strong
growth momentum in the second quarter of 2021, highlighted by 59%
year-on-year revenue increase and growing MAUs and paying user
base. We remain committed to our globalization strategy and
leveraging optimized product features as well as strengthened
technological capabilities to improve user engagement on our
platforms. We believe our robust performance reflects the
widespread appeal of our comprehensive and engaging audio-centric
ecosystem,” said Mr. Jinnan (Marco) Lai, Founder and Chief
Executive Officer of LIZHI. “Our continuous efforts to enhance the
vibrancy of our user community and propel the integration of
pre-recorded content division and audio entertainment division
within the LIZHI App have strengthened our commercialization
capabilities.
“With regards to our overseas business, it is
worth noting that our TIYA App, specializing in audio-based social
networking, continues its strong growth in user base with MAUs in
June surpassing 3.5 million, up by 92% over average MAUs in the
first quarter of 2021. We are also working to execute our product
strategy by optimizing TIYA App’s features as well as enhancing its
social networking capabilities. We see our podcast business and
in-car audio initiatives are also making meaningful progresses as
we leverage our extensive industry know-how and state-of-the-art
proprietary audio technology solution DOREME. In the second
quarter, we formed partnerships with more leading auto companies
and intelligent in-car platforms to make LIZHI Podcast accessible
to more vehicles. We believe innovation and effective execution are
keys to our success and competitiveness in the online audio space.
Going forward, we will continue to enrich user experience across
our audio ecosystem, explore diversified commercialization pathways
and advance our core technologies, increasing values to our users
and all stakeholders,” Mr. Lai concluded.
Ms. Chengfang Lu, Acting Chief Financial Officer
of LIZHI, stated, “As we move forward with our expansion strategy,
our operational and financial performance for the second quarter
continued to demonstrate our strong growth trajectory and
strengthened commercialization capabilities. We’re also pleased to
see gross margin expansion of 400 basis points year-over-year
alongside our strong topline growth during the quarter. Looking
ahead, we will remain focused on our globalization strategy and
improving our operational and technological capabilities to foster
our global audio ecosystem and deliver long-term sustainable
growth.”
________________1 Refers to user-generated
content.2 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.3 Refers to
the average monthly number of paying user 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.
Second Quarter 2021 Unaudited Financial
Results
Net revenues were
RMB559.3 million (US$86.6 million) in the second quarter of
2021, representing an increase of 59% from RMB350.9 million in
the second quarter of 2020, mainly attributable to the Company’s
continuously expanding user base and the increase in the average
spending of paying users in our audio entertainment products. While
the COVID-19 pandemic continues to unfold in various parts of the
world, the extent to which the COVID-19 impacts on the Company’s
operations beyond the second quarter of 2021 depends on the future
development of the pandemic in China and across the globe, which is
subject to change and substantial uncertainty, and therefore cannot
be predicted.
Cost of revenues was RMB400.5
million (US$62.0 million) in the second quarter of 2021,
representing an increase of 51% from RMB265.2 million in the second
quarter of 2020, primarily driven by an increase in revenue sharing
fees to our content creators, payment handling costs and bandwidth
costs, which were generally in line with the Company’s growth in
business.
Gross profit was RMB158.8
million (US$24.6 million) in the second quarter of 2021,
representing an increase of 85% from RMB85.7 million in the second
quarter of 2020.
Non-GAAP gross profit4 was
RMB161.9 million (US$25.1 million) in the second quarter of 2021,
representing an increase of 79% from RMB90.5 million in the second
quarter of 2020.
Gross margin for the second
quarter of 2021 increased to 28% from 24% in the second quarter of
2020. Non-GAAP gross margin for the second quarter
of 2021 grew to 29% from 26% in the second quarter of 2020.
Operating expenses were
RMB190.3 million (US$29.5 million) in the second quarter of 2021,
representing an increase of 72% from RMB110.8 million in the
second quarter of 2020.
Research and development expenses were RMB60.9
million (US$9.4 million) in the second quarter of 2021,
representing an increase of 11% from RMB54.8 million in the second
quarter of 2020. The increase was primarily due to the increasing
salary and welfare benefits expenses related to an increase in the
number of our research and development staff.
Selling and marketing expenses were RMB106.3
million (US$16.5 million) in the second quarter of 2021,
representing an increase of 241% from RMB31.2 million in the second
quarter of 2020, primarily attributable to increased branding and
marketing expenses from our branding and marketing activities for
products and brand name in the second quarter of 2021.
General and administrative expenses were RMB23.1
million (US$3.6 million) in the second quarter of 2021,
representing a decrease of 7% from RMB24.8 million in the second
quarter of 2020. The decrease was mainly due to decreasing other
professional service fee, partially offset by higher salary and
welfare benefits expenses.
Operating loss was RMB31.6
million (US$4.9 million) in the second quarter of 2021, up by 26%
from an operating loss of RMB25.0 million in the second quarter of
2020.
Non-GAAP operating loss5 was
RMB21.7 million (US$3.4 million) in the second quarter of 2021,
compared to RMB11.2 million in the second quarter of 2020.
________________4 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 RMB3.1 million (US$0.5 million) in the second quarter
of 2021. Please refer to the section below titled “Unaudited
Reconciliations of GAAP and Non-GAAP Results” for details.5
Non-GAAP operating loss is a non-GAAP financial measure, which is
defined as operating loss excluding share-based compensation
expenses. This adjustment amounted to RMB9.8 million (US$1.5
million) in the second quarter of 2021. Please refer to the section
below titled “Unaudited Reconciliations of GAAP and Non-GAAP
Results” for details.
Net loss was RMB29.0 million
(US$4.5 million) in the second quarter of 2021, up by 32% from
RMB22.0 million in the second quarter of 2020.
Non-GAAP net loss6 was RMB19.2
million (US$3.0 million) in the second quarter of 2021, compared to
RMB8.2 million in the second quarter of 2020.
Net loss attributable to LIZHI
INC.’s ordinary shareholders was RMB29.0
million (US$4.5 million) in the second quarter of 2021, compared to
RMB22.0 million in the second quarter of 2020.
Non-GAAP net loss attributable to LIZHI
INC.’s ordinary shareholders7 was RMB19.2
million (US$3.0 million) in the second quarter of 2021, compared to
RMB8.2 million in the second quarter of 2020.
Basic and diluted net loss per
ADS8 were RMB0.58 (US$0.09) in the second quarter of 2021,
compared to RMB0.48 in the second quarter of 2020.
Non-GAAP basic and diluted net loss per
ADS9 were RMB0.38 (US$0.06) in the second quarter of 2021,
compared to RMB0.18 per ADS in the second quarter of 2020.
Balance Sheets
As of June 30, 2021, the Company had cash and
cash equivalents, restricted cash and short-term investments of
RMB494.7 million (US$76.6 million).
Completion of Registered Direct Offering
of American Depositary Shares
On April 13, 2021, the Company completed a
registered direct offering of 3,685,504 American Depositary Shares
(the “ADSs”) and warrants to purchase up to 2,764,128 ADSs, at an
offering price of US$8.14 per ADS and corresponding warrant. The
gross proceeds of this registered direct offering were
US$30,000,002 before deducting placement agent fees and other
offering expenses.
________________6 Non-GAAP net loss is a
non-GAAP financial measure, which is defined as net loss excluding
share-based compensation expenses. These adjustments amounted to
RMB9.8 million (US$1.5 million) in the second quarter of 2021.
Please refer to the section below titled “Unaudited Reconciliations
of GAAP and Non-GAAP Results” for details.7 Non-GAAP net loss
attributable to LIZHI INC.’s ordinary shareholders is a non-GAAP
financial measure, which is defined as net loss attributable to
LIZHI INC.’s ordinary shareholders excluding accretions to
preferred shares redemption value and share-based compensation
expenses. These adjustments amounted to RMB9.8 million (US$1.5
million) and RMB13.8 million in the second quarter of 2021 and
2020, respectively. Please refer to the section below titled
“Unaudited Reconciliations of GAAP and Non-GAAP Results” for
details.8 ADS refers to American Depositary Share. Each ADS
represents twenty Class A ordinary shares of the Company. Basic and
diluted net loss per ADS is net loss attributable to LIZHI INC.’s
ordinary shareholders divided by weighted average number of ADS.9
Non-GAAP basic and diluted net loss per ADS is a non-GAAP financial
measure, which is defined as non-GAAP net loss attributable to
LIZHI INC.’s ordinary shareholders divided by weighted average
number of ADS used in the calculation of basic and diluted net loss
per ADS.
Conference Call The
Company’s management will host an earnings conference call at 9:00
PM U.S. Eastern Time on August 30, 2021 (9:00 AM Beijing/Hong Kong
Time on August 31, 2021).
To facilitate all participants dialing into the
earnings conference call, online registration is required prior to
the start of the call.
Please complete the Direct Event online
registration at
http://apac.directeventreg.com/registration/event/1284703 at least
15 minutes prior to the scheduled call start time. Upon
registration, participants will receive by email the conference
call access information, including dial-in numbers, Direct Event
Passcode, unique Registrant ID, and further detailed
instructions.
After the registration is completed, please
dial-in at least 10 minutes before the scheduled start time of the
earnings call and enter the Direct Event Passcode and Registrant ID
as instructed to connect to the call.
Additionally, a live and archived webcast of the
conference call will be available on the Company's investor
relations website at http://ir.lizhi.fm.
A replay of the conference call will be
accessible approximately two hours after the conclusion of the call
until September 6, 2021, by dialing the following telephone
numbers:
|
United States: |
+1-855-452-5696 |
|
International: |
+61-2-8199-0299 |
|
Hong Kong, China: |
800-963-117 |
|
Mainland China: |
400-632-2162 |
|
Replay Access Code: |
1284703 |
About LIZHI INC.
LIZHI INC. has built an audio ecosystem with a
global presence consisting of audio-based social networks, podcast
content portfolios and audio communities. The Company aims to bring
people closer together through voices by its product portfolios.
LIZHI’s audio-based social networking products offering, including
TIYA App, caters to users’ evolving interest in social interactions
in real time online and enables users to connect with friends
having similar interests, entertain, chat online, and share their
daily lives through voices. LIZHI also offers a vertical podcast
platform, LIZHI Podcast, that provides users with curated content
drawn from its extensive content library built over the years, as
well as new podcasts provided by selected content creators. Since
the launch of LIZHI App in 2013, the Company’s flagship platform,
LIZHI has cultivated a vibrant and growing online UGC audio
community and interactive audio entertainment platform where users
are encouraged to create, share, discover and enjoy audio, and
experience immersive and diversified entertainment features through
audio. LIZHI envisions a global audio ecosystem – a place where
everyone can be connected through voices and across cultures. 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 excluding share-based compensation
expenses. Non-GAAP net loss/income attributable to LIZHI INC.’s
ordinary shareholders is net loss attributable to LIZHI INC.’s
ordinary shareholders excluding accretions to preferred shares
redemption value and 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 weighted average number of ADS used in the calculation
of basic and diluted net loss per ADS. The Company believes that
separate analysis and exclusion of the non-cash impact of above
reconciling items 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 accretions to preferred shares redemption value and
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 loss 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 similar titled measures used by other
companies. In light of the foregoing limitations, you should not
consider non-GAAP financial measure 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.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the condensed consolidated financial
statements may be identified when audit work has been performed for
the Company’s year-end audit, which could result in significant
differences from the preliminary unaudited financial information
contained in this earnings 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 RMB6.4566 to US$1.00, the exchange rate on
June 30, 2021 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.
dollars 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. 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) |
|
|
|
|
|
|
|
|
|
|
|
December |
|
June |
|
June |
|
|
|
31, |
|
30, |
|
30, |
|
|
|
2020 |
|
2021 |
|
2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
| ASSETS |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
315,459 |
|
490,082 |
|
75,904 |
|
Short-term investments |
|
73,022 |
|
1,613 |
|
250 |
|
Restricted cash |
|
3,695 |
|
3,022 |
|
468 |
|
Accounts receivable, net |
|
8,361 |
|
7,322 |
|
1,134 |
|
Prepayments and other current assets |
|
19,371 |
|
38,276 |
|
5,928 |
|
|
|
|
|
|
|
|
| Total current
assets |
|
419,908 |
|
540,315 |
|
83,684 |
|
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
Property, equipment and leasehold improvement, net |
|
34,518 |
|
33,416 |
|
5,175 |
|
Intangible assets, net |
|
2,929 |
|
2,741 |
|
425 |
|
Right-of-use assets, net |
|
4,282 |
|
21,106 |
|
3,269 |
|
Other non-current assets |
|
2,181 |
|
1,415 |
|
219 |
|
|
|
|
|
|
|
|
| Total non-current
assets |
|
43,910 |
|
58,678 |
|
9,088 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
463,818 |
|
598,993 |
|
92,772 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
78,267 |
|
71,837 |
|
11,126 |
|
Deferred revenue |
|
17,001 |
|
14,512 |
|
2,248 |
|
Salary and welfare payable |
|
93,288 |
|
95,858 |
|
14,847 |
|
Taxes payable |
|
5,809 |
|
4,888 |
|
757 |
|
Short-term loans |
|
39,508 |
|
35,448 |
|
5,490 |
|
Lease liabilities due within one year |
|
3,709 |
|
9,290 |
|
1,439 |
|
Accrued expenses and other current liabilities |
|
51,047 |
|
82,931 |
|
12,845 |
|
|
|
|
|
|
|
|
| Total current
liabilities |
|
288,629 |
|
314,764 |
|
48,752 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Lease liabilities |
|
587 |
|
12,545 |
|
1,943 |
|
Other non-current liabilities |
|
5,411 |
|
4,934 |
|
764 |
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
5,998 |
|
17,479 |
|
2,707 |
|
|
|
|
|
|
|
|
| TOTAL
LIABILITIES |
|
294,627 |
|
332,243 |
|
51,459 |
|
|
|
|
|
|
|
|
|
LIZHI INC. |
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except for share,
ADS, per share data and per ADS data) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
December31,2020 |
|
|
June30,2021 |
|
|
June30,2021 |
|
| |
|
RMB |
|
|
RMB |
|
|
US$ |
|
| |
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
| Ordinary shares (US$0.0001 par
value, 1,500,000,000 and |
|
|
|
|
|
|
|
|
|
|
1,500,000,000 shares authorized as of December 31, 2020 and June
30, 2021, respectively, 941,464,520 shares issued and 924,318,450
shares outstanding as of December 31, 2020 and 1,030,177,260 shares
issued and 1,005,576,070 shares outstanding as of June 30, 2021,
respectively). |
|
640 |
|
|
698 |
|
|
108 |
|
| Treasury stock |
|
(12 |
) |
|
(17 |
) |
|
(3 |
) |
| Additional paid in
capital |
|
2,409,753 |
|
|
2,610,204 |
|
|
404,269 |
|
| Accumulated deficit |
|
(2,239,281 |
) |
|
(2,338,346 |
) |
|
(362,164 |
) |
| Accumulated other
comprehensive income |
|
(1,909 |
) |
|
(5,789 |
) |
|
(897 |
) |
| TOTAL SHAREHOLDERS’
EQUITY |
|
169,191 |
|
|
266,750 |
|
|
41,313 |
|
| |
|
|
|
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
463,818 |
|
|
598,993 |
|
|
92,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIZHI INC. |
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(All amounts in thousands, except for share,
ADS, per share data and per ADS data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
| |
|
June30,2020 |
|
March31,2021 |
|
June30,2021 |
|
June30,2021 |
|
June
30,2020 |
|
June
30,2021 |
|
June
30,2021 |
| |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio entertainment revenues |
|
344,144 |
|
|
489,306 |
|
|
555,073 |
|
|
85,970 |
|
|
710,579 |
|
|
1,044,379 |
|
|
161,754 |
|
| Podcast, advertising and other
revenues |
|
6,781 |
|
|
5,747 |
|
|
4,212 |
|
|
652 |
|
|
10,616 |
|
|
9,959 |
|
|
1,542 |
|
| Total net
revenues |
|
350,925 |
|
|
495,053 |
|
|
559,285 |
|
|
86,622 |
|
|
721,195 |
|
|
1,054,338 |
|
|
163,296 |
|
| Cost of revenues
(1) |
|
(265,191 |
) |
|
(369,993 |
) |
|
(400,531 |
) |
|
(62,034 |
) |
|
(562,575 |
) |
|
(770,524 |
) |
|
(119,339 |
) |
| Gross
profit |
|
85,734 |
|
|
125,060 |
|
|
158,754 |
|
|
24,588 |
|
|
158,620 |
|
|
283,814 |
|
|
43,957 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling and marketing
expenses |
|
(31,176 |
) |
|
(120,790 |
) |
|
(106,325 |
) |
|
(16,468 |
) |
|
(66,921 |
) |
|
(227,115 |
) |
|
(35,176 |
) |
| General and administrative
expenses |
|
(24,775 |
) |
|
(19,617 |
) |
|
(23,072 |
) |
|
(3,573 |
) |
|
(51,167 |
) |
|
(42,689 |
) |
|
(6,612 |
) |
| Research and development
expenses |
|
(54,815 |
) |
|
(56,868 |
) |
|
(60,938 |
) |
|
(9,438 |
) |
|
(113,262 |
) |
|
(117,806 |
) |
|
(18,246 |
) |
| Total operating
expenses |
|
(110,766 |
) |
|
(197,275 |
) |
|
(190,335 |
) |
|
(29,479 |
) |
|
(231,350 |
) |
|
(387,610 |
) |
|
(60,034 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
loss |
|
(25,032 |
) |
|
(72,215 |
) |
|
(31,581 |
) |
|
(4,891 |
) |
|
(72,730 |
) |
|
(103,796 |
) |
|
(16,077 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expenses, net |
|
(682 |
) |
|
(248 |
) |
|
(308 |
) |
|
(48 |
) |
|
(769 |
) |
|
(556 |
) |
|
(86 |
) |
| Foreign exchange
gains/(losses) |
|
(8 |
) |
|
(149 |
) |
|
1 |
|
|
- |
|
|
(646 |
) |
|
(148 |
) |
|
(23 |
) |
| Investment income |
|
390 |
|
|
407 |
|
|
53 |
|
|
8 |
|
|
395 |
|
|
460 |
|
|
71 |
|
| Government grants |
|
3,782 |
|
|
2,917 |
|
|
2,663 |
|
|
412 |
|
|
5,639 |
|
|
5,580 |
|
|
864 |
|
| Others, net |
|
(478 |
) |
|
(749 |
) |
|
144 |
|
|
22 |
|
|
(2,152 |
) |
|
(605 |
) |
|
(94 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before income
taxes |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(70,263 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(70,263 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accretions to preferred shares
redemption value |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(154,066 |
) |
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to LIZHI INC.’s ordinary shareholders |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(224,329 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Six Months Ended |
| |
|
June30,2020 |
|
March31,2021 |
|
June30,2021 |
|
June30,2021 |
|
June
30,2020 |
|
June
30,2021 |
|
June
30,2021 |
| |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(70,263 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive
income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustments |
|
(119 |
) |
|
1,136 |
|
|
(5,016 |
) |
|
(777 |
) |
|
6,452 |
|
|
(3,880 |
) |
|
(601 |
) |
| Total comprehensive
loss |
|
(22,147 |
) |
|
(68,901 |
) |
|
(34,044 |
) |
|
(5,274 |
) |
|
(63,811 |
) |
|
(102,945 |
) |
|
(15,946 |
) |
| Accretions to preferred shares
redemption value |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(154,066 |
) |
|
- |
|
|
- |
|
| Comprehensive loss
attributable to LIZHI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INC.’s ordinary shareholders |
|
(22,147 |
) |
|
(68,901 |
) |
|
(34,044 |
) |
|
(5,274 |
) |
|
(217,877 |
) |
|
(102,945 |
) |
|
(15,946 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.02 |
) |
|
(0.08 |
) |
|
(0.03 |
) |
|
(0.00 |
) |
|
(0.27 |
) |
|
(0.10 |
) |
|
(0.02 |
) |
|
—Diluted |
|
(0.02 |
) |
|
(0.08 |
) |
|
(0.03 |
) |
|
(0.00 |
) |
|
(0.27 |
) |
|
(0.10 |
) |
|
(0.02 |
) |
| Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
921,450,258 |
|
|
930,843,416 |
|
|
997,522,794 |
|
|
997,522,794 |
|
|
840,088,328 |
|
|
964,367,302 |
|
|
964,367,302 |
|
|
—Diluted |
|
921,450,258 |
|
|
930,843,416 |
|
|
997,522,794 |
|
|
997,522,794 |
|
|
840,088,328 |
|
|
964,367,302 |
|
|
964,367,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.48 |
) |
|
(1.50 |
) |
|
(0.58 |
) |
|
(0.09 |
) |
|
(5.34 |
) |
|
(2.05 |
) |
|
(0.32 |
) |
|
—Diluted |
|
(0.48 |
) |
|
(1.50 |
) |
|
(0.58 |
) |
|
(0.09 |
) |
|
(5.34 |
) |
|
(2.05 |
) |
|
(0.32 |
) |
| Weighted average
number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
46,072,513 |
|
|
46,542,171 |
|
|
49,876,140 |
|
|
49,876,140 |
|
|
42,004,416 |
|
|
48,218,365 |
|
|
48,218,365 |
|
|
—Diluted |
|
46,072,513 |
|
|
46,542,171 |
|
|
49,876,140 |
|
|
49,876,140 |
|
|
42,004,416 |
|
|
48,218,365 |
|
|
48,218,365 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation was
allocated in cost of revenues and operating expenses as
follows:
| |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June30,2020 |
|
March31,2021 |
|
June30,2021 |
|
June30,2021 |
|
June
30,2020 |
|
June
30,2021 |
|
June
30,2021 |
| |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
4,797 |
|
2,670 |
|
3,112 |
|
482 |
|
9,953 |
|
5,782 |
|
896 |
| Selling and marketing
expenses |
|
827 |
|
283 |
|
1,025 |
|
159 |
|
1,696 |
|
1,308 |
|
203 |
| General and administrative
expenses |
|
2,406 |
|
3,228 |
|
3,421 |
|
530 |
|
9,421 |
|
6,649 |
|
1,030 |
| Research and development
expenses |
|
5,774 |
|
2,064 |
|
2,278 |
|
353 |
|
11,772 |
|
4,342 |
|
672 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Six Months Ended |
| |
|
June30,2020 |
|
March31,2021 |
|
June30,2021 |
|
June30,2021 |
|
June
30,2020 |
|
June
30,2021 |
|
June
30,2021 |
| |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
85,734 |
|
|
125,060 |
|
|
158,754 |
|
|
24,588 |
|
|
158,620 |
|
|
283,814 |
|
|
43,957 |
|
| Share-based compensation
expenses |
|
4,797 |
|
|
2,670 |
|
|
3,112 |
|
|
482 |
|
|
9,953 |
|
|
5,782 |
|
|
896 |
|
| Non-GAAP gross
profit |
|
90,531 |
|
|
127,730 |
|
|
161,866 |
|
|
25,070 |
|
|
168,573 |
|
|
289,596 |
|
|
44,853 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
loss |
|
(25,032 |
) |
|
(72,215 |
) |
|
(31,581 |
) |
|
(4,891 |
) |
|
(72,730 |
) |
|
(103,796 |
) |
|
(16,077 |
) |
| Share-based compensation
expenses |
|
13,804 |
|
|
8,245 |
|
|
9,836 |
|
|
1,524 |
|
|
32,842 |
|
|
18,081 |
|
|
2,801 |
|
| Non-GAAP operating
loss |
|
(11,228 |
) |
|
(63,970 |
) |
|
(21,745 |
) |
|
(3,367 |
) |
|
(39,888 |
) |
|
(85,715 |
) |
|
(13,276 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(70,263 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| Share-based compensation
expenses |
|
13,804 |
|
|
8,245 |
|
|
9,836 |
|
|
1,524 |
|
|
32,842 |
|
|
18,081 |
|
|
2,801 |
|
| Non-GAAP net
loss |
|
(8,224 |
) |
|
(61,792 |
) |
|
(19,192 |
) |
|
(2,973 |
) |
|
(37,421 |
) |
|
(80,984 |
) |
|
(12,544 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable
to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders |
|
(22,028 |
) |
|
(70,037 |
) |
|
(29,028 |
) |
|
(4,497 |
) |
|
(224,329 |
) |
|
(99,065 |
) |
|
(15,345 |
) |
| Share-based compensation
expenses |
|
13,804 |
|
|
8,245 |
|
|
9,836 |
|
|
1,524 |
|
|
32,842 |
|
|
18,081 |
|
|
2,801 |
|
| Accretions to preferred shares
redemption value |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
154,066 |
|
|
- |
|
|
- |
|
| Non-GAAP net loss
attributable to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders |
|
(8,224 |
) |
|
(61,792 |
) |
|
(19,192 |
) |
|
(2,973 |
) |
|
(37,421 |
) |
|
(80,984 |
) |
|
(12,544 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net
loss attributable to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —Basic |
|
(0.01 |
) |
|
(0.07 |
) |
|
(0.02 |
) |
|
(0.00 |
) |
|
(0.04 |
) |
|
(0.08 |
) |
|
(0.01 |
) |
| —Diluted |
|
(0.01 |
) |
|
(0.07 |
) |
|
(0.02 |
) |
|
(0.00 |
) |
|
(0.04 |
) |
|
(0.08 |
) |
|
(0.01 |
) |
| Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
921,450,258 |
|
|
930,843,416 |
|
|
997,522,794 |
|
|
997,522,794 |
|
|
840,088,328 |
|
|
964,367,302 |
|
|
964,367,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Diluted |
|
921,450,258 |
|
|
930,843,416 |
|
|
997,522,794 |
|
|
997,522,794 |
|
|
840,088,328 |
|
|
964,367,302 |
|
|
964,367,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net
loss attributable to LIZHI INC.’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —Basic |
|
(0.18 |
) |
|
(1.33 |
) |
|
(0.38 |
) |
|
(0.06 |
) |
|
(0.89 |
) |
|
(1.68 |
) |
|
(0.26 |
) |
| —Diluted |
|
(0.18 |
) |
|
(1.33 |
) |
|
(0.38 |
) |
|
(0.06 |
) |
|
(0.89 |
) |
|
(1.68 |
) |
|
(0.26 |
) |
| Weighted average
number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| —Basic |
|
46,072,513 |
|
|
46,542,171 |
|
|
49,876,140 |
|
|
49,876,140 |
|
|
42,004,416 |
|
|
48,218,365 |
|
|
48,218,365 |
|
| —Diluted |
|
46,072,513 |
|
|
46,542,171 |
|
|
49,876,140 |
|
|
49,876,140 |
|
|
42,004,416 |
|
|
48,218,365 |
|
|
48,218,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIZHI (NASDAQ:LIZI)
Historical Stock Chart
From Mar 2024 to Apr 2024
LIZHI (NASDAQ:LIZI)
Historical Stock Chart
From Apr 2023 to Apr 2024
