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 fourth quarter and fiscal year
ended December 31, 2021.
Fourth Quarter 2021 Financial and
Operational Highlights
- Net revenues were
RMB560.3 million (US$87.9 million) in the fourth quarter of 2021,
representing a 33% increase from RMB420.3 million in the fourth
quarter of 2020.
- Average total mobile
MAUs1 in the fourth quarter of 2021 was
54.1 million, compared to 58.4 million in the fourth quarter of
2020.
- Average total monthly
paying users2 in the fourth quarter of
2021 reached 497.3 thousand, representing an increase of 18% from
422.4 thousand in the fourth quarter of 2020.
Fiscal Year 2021 Financial and
Operational Highlights
- Net revenues were
RMB2,119.5 million (US$332.6 million) in fiscal year 2021,
representing a 41% increase from RMB1,502.9 million in the prior
year.
- Average total mobile
MAUs in fiscal year 2021 reached 58.4 million,
representing a 4% increase from 56.2 million in the prior
year.
- Average total monthly
paying users in fiscal year 2021 reached 488.0 thousand,
representing a 9% increase from 446.1 thousand in the prior
year.
“Having performed robustly in 2021, we are
delighted the Company concluded the year on a high note,” said Mr.
Jinnan (Marco) Lai, founder and CEO of LIZHI. “Our fourth quarter
net revenue posted a solid increase of 33% year-over-year,
achieving an all-time high of RMB560.3 million, along with the
increase in our full year net revenue of 41% to RMB2.1 billion. We
believe our growth strategy has been proven effective as we remain
focused on enhancing the commercial performance of our audio
entertainment products, and the average total monthly paying users
exhibited a substantial increase of 18% year-over-year during the
fourth quarter. Notably, we turned profitable for the first time on
a GAAP basis in this quarter, thanks to our ongoing efforts to
improve efficiencies across our operations.
“We continue to see broad-based momentum across
our global footprint as we further refine and optimize our social
networking product TIYA App. As part of our efforts to build a
global presence, we recently opened our international headquarters
in Singapore to serve as a global hub for innovation and to support
our international business expansion. In the meantime, as our
global audio-based social ecosystem flourishes, we are inspired to
continuously advance and leverage our in-house suite of
technologies, including instant messaging technology VoderX and
streaming technology solution DOREME, which is expected to empower
our constant optimization and innovation tailored to our product
roadmap, as well as enhance our real-time engagement technology
network. Looking ahead, we will continue to strengthen our core
competitive advantages, reinforce our endeavors to seize the
tremendous growth potential in the global audio and social
networking space, and underscore our commitment to creating greater
value for our shareholders, users and the society at large,” Mr.
Lai concluded.
Ms. Chengfang Lu, Acting Chief Financial Officer
of LIZHI, said, “Our strong financial performance in the fourth
quarter and in fiscal 2021 exemplifies the Company’s successful
execution of its strategy in meeting growing user demand for
audio-based entertainment and social networking. Benefiting from
the continuous fine-tuning of our operations and optimization of
the cost structure, our gross margin in the fourth quarter hit a
record high at 32%, up 400 basis points year-over-year, also adding
up to a 400 basis points increase in the full year gross margin. In
the fourth quarter, we achieved a net income of RMB8.9 million and
the non-GAAP net income3 increased by 237% to RMB18.3 million.
We’re encouraged by the robust growth in our audio entertainment
business and our efficient and effective commercialization
execution strategy. As we further unroll our global expansion plans
in 2022, we will maintain our intense focus on providing innovative
and valuable products and services to our users while building a
more competitive audio ecosystem.”
Fourth Quarter 2021 Unaudited Financial
Results
Net revenues were RMB560.3
million (US$87.9 million) in the fourth quarter of 2021,
representing an increase of 33% from RMB420.3 million in the fourth
quarter of 2020, primarily due to the increases in the number of
paying users and the average amount of user spending on our audio
entertainment products. While the COVID-19 resurgence in various
parts of the world continues, the extent to which the COVID-19
impacts on the Company’s operations beyond the fourth 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 RMB378.4
million (US$59.4 million) in the fourth quarter of 2021,
representing an increase of 26% from RMB301.3 million in the fourth
quarter of 2020, mainly attributable to an increase in the revenue
sharing fees to our content creators, the salary and welfare
benefits expenses and bandwidth costs, as we expanded our
business.
Gross profit was RMB181.9
million (US$28.5 million) in the fourth quarter of 2021,
representing an increase of 53% from RMB119.0 million in the fourth
quarter of 2020.
Non-GAAP gross
profit4 was RMB184.4 million (US$28.9
million) in the fourth quarter of 2021, representing an increase of
50% from RMB122.6 million in the fourth quarter of 2020.
Gross margin in the fourth
quarter of 2021 was 32%, compared to 28% in the fourth quarter of
2020. Non-GAAP gross margin in the fourth quarter
of 2021 was 33%, compared to 29% in the fourth quarter of 2020.
Operating expenses were
RMB176.6 million (US$27.7 million) in the fourth quarter of 2021,
representing an increase of 41% from RMB125.4 million in the fourth
quarter of 2020.
Research and development expenses were RMB73.5
million (US$11.5 million) in the fourth quarter of 2021,
representing an increase of 30% from RMB56.4 million in the fourth
quarter of 2020. The increase was primarily due to the increasing
salary and welfare benefits expenses related to the increase in the
number of our research and development staff and average
salary.
Selling and marketing expenses were RMB70.9
million (US$11.1 million) in the fourth quarter of 2021,
representing an increase of 46% from RMB48.7 million in the fourth
quarter of 2020, primarily attributable to the increases in the
marketing expenses to promote the Company’s audio entertainment
products, the promotional expenses for our international business,
and the higher salary and welfare benefits expenses.
General and administrative expenses were RMB32.2
million (US$5.1 million) in the fourth quarter of 2021,
representing an increase of 59% from RMB20.3 million in the fourth
quarter of 2020. The increase was mainly due to the increasing
salary and welfare benefits expenses, rental expenses and other
general and administrative expenses.
Operating income was RMB5.4
million (US$0.8 million) in the fourth quarter of 2021, compared to
operating loss of RMB6.4 million in the fourth quarter of 2020.
Non-GAAP operating
income5 was RMB14.7 million (US$2.3
million) in the fourth quarter of 2021, compared to RMB4.9 million
in the fourth quarter of 2020.
Net income was RMB8.9 million
(US$1.4 million) in the fourth quarter of 2021, compared to net
loss of RMB5.8 million in the fourth quarter of 2020.
Non-GAAP net income was RMB18.3
million (US$2.9 million) in the fourth quarter of 2021, compared to
RMB5.4 million in the fourth quarter of 2020.
Net income attributable to LIZHI
INC.’s ordinary shareholders was RMB8.9
million (US$1.4 million) in the fourth quarter of 2021, compared to
net loss attributable to LIZHI INC.’s ordinary shareholders of
RMB5.8 million in the fourth quarter of 2020.
Non-GAAP net income attributable to
LIZHI INC.’s ordinary
shareholders6 was RMB18.3 million (US$2.9
million) in the fourth quarter of 2021, compared to RMB5.4 million
in the fourth quarter of 2020.
Basic and diluted net income per
ADS7 were RMB0.17 (US$0.03) in the fourth
quarter of 2021, compared to basic and diluted net loss per ADS of
RMB0.13 in the fourth quarter of 2020.
Non-GAAP basic and diluted net income
per ADS8 were RMB0.36 (US$0.06) in the
fourth quarter of 2021 , compared to RMB0.12 per ADS in the fourth
quarter of 2020.
Fiscal Year 2021 Unaudited Financial
Results
Net revenues were RMB2,119.5
million (US$332.6 million) in fiscal year 2021, representing an
increase of 41% from RMB1,502.9 million in the prior year. The
increase was mainly attributable to an increase in the number of
average total monthly paying users and their spending on our audio
entertainment products. While the COVID-19 resurgence in various
parts of the world continues, the extent to which the COVID-19
impacts the Company's operations beyond fiscal year 2021 will
depend on the future development of the pandemic in China and
across the globe, which is subject to changes and substantial
uncertainty and therefore cannot be predicted.
Cost of revenues was RMB1,502.5
million (US$235.8 million) in fiscal year 2021, representing an
increase of 32% from RMB1,134.7 million in the prior year. The
increase was primarily due to the increases in the revenue sharing
fees to our content creators, the salary and welfare benefits
expenses, the payment handling costs and bandwidth costs as the
Company’s business scaled up.
Gross profit was RMB617.0
million (US$96.8 million) in fiscal year 2021, representing an
increase of 68% from RMB368.2 million in the prior year.
Non-GAAP gross profit9 was
RMB628.5 million (US$98.6 million) in fiscal year 2021,
representing an increase of 64% from RMB383.0 million in the prior
year.
Gross margin was 29% in fiscal
year 2021, compared to 25% in the prior year. Non-GAAP
gross margin was 30% in fiscal year 2021, compared to 25%
in the prior year. The increase was mainly due to the lower revenue
sharing percentage to content creators.
Operating expenses were
RMB755.5 million (US$118.6 million) in fiscal year 2021,
representing an increase of 65% from RMB456.9 million in the prior
year.
Research and development expenses were RMB264.7
million (US$41.5 million) in fiscal year 2021, representing an
increase of 17% from RMB225.3 million in the prior year, primarily
due to the increased headcount in research and development
personnel and the average salary.
Selling and marketing expenses were RMB386.2
million (US$60.6 million) in fiscal year 2021, representing an
increase of 171% from RMB142.7 million in the prior year, mainly
attributable to the increased branding and promotional expenses for
promotion of our new Apps and expansion of our international
business, the increased marketing expenses associated with our
audio entertainment products, as well as salary and welfare
benefits expenses.
General and administrative expenses were
RMB104.6 million (US$16.4 million) in fiscal year 2021,
representing an increase of 18% from RMB88.9 million in the prior
year, mainly due to the increasing salary and welfare benefits
expenses, rental expenses and amortization expenses.
Operating loss was RMB138.5
million (US$21.7 million) in fiscal year 2021, compared to RMB88.7
million in the prior year.
Non-GAAP operating loss10 was
RMB101.2 million (US$15.9 million) in fiscal year 2021, compared to
RMB37.9 million in the prior year.
Net loss was RMB127.3 million
(US$20.0 million) in fiscal year 2021, compared to RMB82.2 million
in the prior year.
Non-GAAP net loss11 was RMB89.9
million (US$14.1 million) in fiscal year 2021, compared to RMB31.4
million in the prior year.
Net loss attributable to LIZHI INC.'s
ordinary shareholders was RMB127.3 million (US$20.0
million) in fiscal year 2021, compared to RMB236.3 million in the
prior year.
Non-GAAP net loss attributable to LIZHI
INC.'s ordinary shareholders12 was RMB89.9 million
(US$14.1 million) in fiscal year 2021, compared to RMB31.4 million
in the prior year.
Basic and diluted net loss per
ADS were RMB2.57 (US$0.40) in fiscal year 2021, compared
to RMB5.35 in the prior year.
Non-GAAP basic and diluted net loss per
ADS were RMB1.81 (US$0.28) in fiscal year 2021, compared
to RMB0.71 per ADS in the prior year.
Balance Sheets
As of December 31, 2021, the Company had cash
and cash equivalents and restricted cash of RMB537.4 million
(US$84.3 million).
Conference Call
The Company's management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on March 10, 2022
(9:00 PM Beijing/Hong Kong Time on March 10, 2022).
For participants who wish to join the call,
please access the link provided below to complete the Direct Event
online registration and dial in 10 minutes prior to the scheduled
call start time.
Event Title: |
LIZHI INC. Fourth Quarter and Fiscal Year 2021 Earnings Conference
Call |
Conference ID: |
2676660 |
Registration Link: |
http://apac.directeventreg.com/registration/event/2676660 |
Upon registration, each participant will receive
a set of dial-in numbers by location, a Direct Event passcode, a
unique Registrant ID, and further detailed instructions, which will
be used to join the conference 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 March 17, 2022, 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: |
2676660 |
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 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 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 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 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.
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 RMB6.3726 to US$1.00, the exchange rate on
December 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, 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)
|
|
December31,2020 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
315,459 |
|
533,293 |
|
83,685 |
Short-term investments |
|
73,022 |
|
- |
|
- |
Restricted cash |
|
3,695 |
|
4,155 |
|
652 |
Accounts receivable, net |
|
8,361 |
|
6,458 |
|
1,013 |
Prepayments and other current assets |
|
19,371 |
|
33,604 |
|
5,273 |
|
|
|
|
|
|
|
Total current assets |
|
419,908 |
|
577,510 |
|
90,623 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property, equipment and leasehold improvement, net |
|
34,518 |
|
33,391 |
|
5,240 |
Intangible assets, net |
|
2,929 |
|
2,245 |
|
352 |
Right-of-use assets, net |
|
4,282 |
|
28,941 |
|
4,541 |
Other non-current assets |
|
2,181 |
|
799 |
|
125 |
|
|
|
|
|
|
|
Total non-current assets |
|
43,910 |
|
65,376 |
|
10,258 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
463,818 |
|
642,886 |
|
100,881 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
78,267 |
|
80,793 |
|
12,678 |
Deferred revenue |
|
17,001 |
|
20,657 |
|
3,242 |
Salary and welfare payable |
|
93,288 |
|
123,075 |
|
19,312 |
Taxes payable |
|
5,809 |
|
5,564 |
|
872 |
Short-term loans |
|
39,508 |
|
68,999 |
|
10,827 |
Lease liabilities due within one year |
|
3,709 |
|
13,929 |
|
2,186 |
Accrued expenses and other current liabilities |
|
51,047 |
|
53,486 |
|
8,392 |
|
|
|
|
|
|
|
Total current liabilities |
|
288,629 |
|
366,503 |
|
57,509 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease liabilities |
|
587 |
|
17,076 |
|
2,680 |
Other non-current liabilities |
|
5,411 |
|
4,452 |
|
699 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
5,998 |
|
21,528 |
|
3,379 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
294,627 |
|
388,031 |
|
60,888 |
|
|
|
|
|
|
|
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 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Ordinary shares (US$0.0001 par value, 1,500,000,000 and
1,500,000,000 shares authorized as of December 31, 2020 and
December 31, 2021, respectively, 941,464,520 shares issued and
924,318,450 shares outstanding as of December 31, 2020 and
1,030,177,260 shares issued and 1,014,016,250 shares outstanding as
of December 31, 2021, respectively). |
|
640 |
|
698 |
|
110 |
Treasury stock |
|
(12) |
|
(11) |
|
(2) |
Additional paid in capital |
|
2,409,753 |
|
2,630,456 |
|
412,776 |
Accumulated deficit |
|
(2,239,281) |
|
(2,366,531) |
|
(371,360) |
Accumulated other comprehensive loss |
|
(1,909) |
|
(9,757) |
|
(1,531) |
TOTAL SHAREHOLDERS’ EQUITY |
|
169,191 |
|
254,855 |
|
39,993 |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
463,818 |
|
642,886 |
|
100,881 |
|
|
|
|
|
|
|
LIZHI INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(All amounts in thousands, except
for share, ADS, per share data and per ADS data)
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December31,2020 |
|
September30,2021 |
|
December31,2021 |
|
December31,2021 |
|
December31,2020 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio
entertainment revenues |
|
414,731 |
|
|
500,792 |
|
|
556,304 |
|
|
87,296 |
|
|
1,481,120 |
|
|
2,101,475 |
|
|
329,767 |
|
Podcast,
advertising and other revenues |
|
5,522 |
|
|
4,052 |
|
|
4,028 |
|
|
632 |
|
|
21,788 |
|
|
18,039 |
|
|
2,831 |
|
Total net revenues |
|
420,253 |
|
|
504,844 |
|
|
560,332 |
|
|
87,928 |
|
|
1,502,908 |
|
|
2,119,514 |
|
|
332,598 |
|
Cost of revenues(1) |
|
(301,250 |
) |
|
(353,575 |
) |
|
(378,406 |
) |
|
(59,380 |
) |
|
(1,134,678 |
) |
|
(1,502,505 |
) |
|
(235,776 |
) |
Gross profit |
|
119,003 |
|
|
151,269 |
|
|
181,926 |
|
|
28,548 |
|
|
368,230 |
|
|
617,009 |
|
|
96,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing expenses |
|
(48,682 |
) |
|
(88,230 |
) |
|
(70,859 |
) |
|
(11,119 |
) |
|
(142,734 |
) |
|
(386,204 |
) |
|
(60,604 |
) |
General and
administrative expenses |
|
(20,283 |
) |
|
(29,736 |
) |
|
(32,192 |
) |
|
(5,052 |
) |
|
(88,856 |
) |
|
(104,617 |
) |
|
(16,417 |
) |
Research and
development expenses |
|
(56,442 |
) |
|
(73,377 |
) |
|
(73,523 |
) |
|
(11,537 |
) |
|
(225,329 |
) |
|
(264,706 |
) |
|
(41,538 |
) |
Total operating expenses |
|
(125,407 |
) |
|
(191,343 |
) |
|
(176,574 |
) |
|
(27,708 |
) |
|
(456,919 |
) |
|
(755,527 |
) |
|
(118,559 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)/income |
|
(6,404 |
) |
|
(40,074 |
) |
|
5,352 |
|
|
840 |
|
|
(88,689 |
) |
|
(138,518 |
) |
|
(21,737 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses, net |
|
(366 |
) |
|
(393 |
) |
|
(154 |
) |
|
(24 |
) |
|
(1,796 |
) |
|
(1,103 |
) |
|
(173 |
) |
Foreign
exchange losses |
|
(158 |
) |
|
(279 |
) |
|
(311 |
) |
|
(49 |
) |
|
(836 |
) |
|
(738 |
) |
|
(116 |
) |
Investment
income |
|
464 |
|
|
8 |
|
|
- |
|
|
- |
|
|
1,241 |
|
|
468 |
|
|
73 |
|
Government
grants |
|
3,198 |
|
|
4,084 |
|
|
3,832 |
|
|
601 |
|
|
12,870 |
|
|
13,496 |
|
|
2,118 |
|
Others,
net |
|
(1,582 |
) |
|
(446 |
) |
|
572 |
|
|
90 |
|
|
(3,975 |
) |
|
(479 |
) |
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income before income taxes |
|
(4,848 |
) |
|
(37,100 |
) |
|
9,291 |
|
|
1,458 |
|
|
(81,185 |
) |
|
(126,874 |
) |
|
(19,910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses |
|
(999 |
) |
|
- |
|
|
(376 |
) |
|
(59 |
) |
|
(999 |
) |
|
(376 |
) |
|
(59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
(5,847 |
) |
|
(37,100 |
) |
|
8,915 |
|
|
1,399 |
|
|
(82,184 |
) |
|
(127,250 |
) |
|
(19,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretions
to preferred shares redemption value |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(154,066 |
) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to LIZHI INC.’s ordinary
shareholders |
|
(5,847 |
) |
|
(37,100 |
) |
|
8,915 |
|
|
1,399 |
|
|
(236,250 |
) |
|
(127,250 |
) |
|
(19,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Twelve Months Ended |
|
|
December31,2020 |
|
September30,2021 |
|
December31,2021 |
|
December31,2021 |
|
December31,2020 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(5,847 |
) |
|
(37,100 |
) |
|
8,915 |
|
|
1,399 |
|
|
(82,184 |
) |
|
(127,250 |
) |
|
(19,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(6,609 |
) |
|
1,184 |
|
|
(5,152 |
) |
|
(808 |
) |
|
(6,338 |
) |
|
(7,848 |
) |
|
(1,232 |
) |
Total comprehensive loss |
|
(12,456 |
) |
|
(35,916 |
) |
|
3,763 |
|
|
591 |
|
|
(88,522 |
) |
|
(135,098 |
) |
|
(21,201 |
) |
Accretions to preferred shares redemption value |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(154,066 |
) |
|
- |
|
|
- |
|
Comprehensive loss attributable to LIZHI INC.’s ordinary
shareholders |
|
(12,456 |
) |
|
(35,916 |
) |
|
3,763 |
|
|
591 |
|
|
(242,588 |
) |
|
(135,098 |
) |
|
(21,201 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to LIZHI INC.’s ordinary
shareholders per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.01 |
) |
|
(0.04 |
) |
|
0.01 |
|
|
0.00 |
|
|
(0.27 |
) |
|
(0.13 |
) |
|
(0.02 |
) |
—Diluted |
|
(0.01 |
) |
|
(0.04 |
) |
|
0.01 |
|
|
0.00 |
|
|
(0.27 |
) |
|
(0.13 |
) |
|
(0.02 |
) |
Weighted average number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
929,423,396 |
|
|
1,014,757,633 |
|
|
1,022,278,296 |
|
|
1,022,278,296 |
|
|
883,202,412 |
|
|
991,715,849 |
|
|
991,715,849 |
|
—Diluted |
|
929,423,396 |
|
|
1,014,757,633 |
|
|
1,026,331,428 |
|
|
1,026,331,428 |
|
|
883,202,412 |
|
|
991,715,849 |
|
|
991,715,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to LIZHI INC.’s ordinary
shareholders per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
(0.13 |
) |
|
(0.73 |
) |
|
0.17 |
|
|
0.03 |
|
|
(5.35 |
) |
|
(2.57 |
) |
|
(0.40 |
) |
—Diluted |
|
(0.13 |
) |
|
(0.73 |
) |
|
0.17 |
|
|
0.03 |
|
|
(5.35 |
) |
|
(2.57 |
) |
|
(0.40 |
) |
Weighted average number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
46,471,170 |
|
|
50,737,882 |
|
|
51,113,915 |
|
|
51,113,915 |
|
|
44,160,121 |
|
|
49,585,792 |
|
|
49,585,792 |
|
—Diluted |
|
46,471,170 |
|
|
50,737,882 |
|
|
51,316,571 |
|
|
51,316,571 |
|
|
44,160,121 |
|
|
49,585,792 |
|
|
49,585,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation was
allocated in cost of revenues and operating expenses as
follows:
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December31,2020 |
|
September30,2021 |
|
December31,2021 |
|
December31,2021 |
|
December31,2020 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
3,572 |
|
3,183 |
|
2,519 |
|
395 |
|
14,789 |
|
11,484 |
|
1,802 |
Selling and marketing expenses |
|
438 |
|
1,084 |
|
1,039 |
|
163 |
|
2,370 |
|
3,431 |
|
538 |
General and administrative expenses |
|
4,306 |
|
2,968 |
|
2,879 |
|
452 |
|
16,128 |
|
12,496 |
|
1,961 |
Research and development expenses |
|
2,942 |
|
2,708 |
|
2,898 |
|
455 |
|
17,454 |
|
9,948 |
|
1,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Twelve Months Ended |
|
|
December31,2020 |
|
September30,2021 |
|
December31,2021 |
|
December31,2021 |
|
December31,2020 |
|
December31,2021 |
|
December31,2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
119,003 |
|
|
151,269 |
|
|
181,926 |
|
28,548 |
|
368,230 |
|
|
617,009 |
|
|
96,822 |
|
Share-based compensation expenses |
|
3,572 |
|
|
3,183 |
|
|
2,519 |
|
395 |
|
14,789 |
|
|
11,484 |
|
|
1,802 |
|
Non-GAAP gross profit |
|
122,575 |
|
|
154,452 |
|
|
184,445 |
|
28,943 |
|
383,019 |
|
|
628,493 |
|
|
98,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)/income |
|
(6,404 |
) |
|
(40,074 |
) |
|
5,352 |
|
840 |
|
(88,689 |
) |
|
(138,518 |
) |
|
(21,737 |
) |
Share-based compensation expenses |
|
11,258 |
|
|
9,943 |
|
|
9,335 |
|
1,465 |
|
50,741 |
|
|
37,359 |
|
|
5,862 |
|
Non-GAAP operating income/(loss) |
|
4,854 |
|
|
(30,131 |
) |
|
14,687 |
|
2,305 |
|
(37,948 |
) |
|
(101,159 |
) |
|
(15,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(5,847 |
) |
|
(37,100 |
) |
|
8,915 |
|
1,399 |
|
(82,184 |
) |
|
(127,250 |
) |
|
(19,969 |
) |
Share-based compensation expenses |
|
11,258 |
|
|
9,943 |
|
|
9,335 |
|
1,465 |
|
50,741 |
|
|
37,359 |
|
|
5,862 |
|
Non-GAAP net income/(loss) |
|
5,411 |
|
|
(27,157 |
) |
|
18,250 |
|
2,864 |
|
(31,443 |
) |
|
(89,891 |
) |
|
(14,107 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to LIZHI INC.’s ordinary
shareholders |
|
(5,847 |
) |
|
(37,100 |
) |
|
8,915 |
|
1,399 |
|
(236,250 |
) |
|
(127,250 |
) |
|
(19,969 |
) |
Share-based compensation expenses |
|
11,258 |
|
|
9,943 |
|
|
9,335 |
|
1,465 |
|
50,741 |
|
|
37,359 |
|
|
5,862 |
|
Accretions to preferred shares redemption value |
|
- |
|
|
- |
|
|
- |
|
- |
|
154,066 |
|
|
- |
|
|
- |
|
Non-GAAP net income/(loss) attributable to LIZHI INC.’s
ordinary shareholders |
|
5,411 |
|
|
(27,157 |
) |
|
18,250 |
|
2,864 |
|
(31,443 |
) |
|
(89,891 |
) |
|
(14,107 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income/(loss) attributable to
LIZHI INC.’s ordinary shareholders per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
0.01 |
|
|
(0.03 |
) |
|
0.02 |
|
0.00 |
|
(0.04 |
) |
|
(0.09 |
) |
|
(0.01 |
) |
—Diluted |
|
0.01 |
|
|
(0.03 |
) |
|
0.02 |
|
0.00 |
|
(0.04 |
) |
|
(0.09 |
) |
|
(0.01 |
) |
Weighted average number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
929,423,396 |
|
|
1,014,757,633 |
|
|
1,022,278,296 |
|
1,022,278,296 |
|
883,202,412 |
|
|
991,715,849 |
|
|
991,715,849 |
|
—Diluted |
|
935,239,904 |
|
|
1,014,757,633 |
|
|
1,026,331,428 |
|
1,026,331,428 |
|
883,202,412 |
|
|
991,715,849 |
|
|
991,715,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income/(loss) attributable to
LIZHI INC.’s ordinary shareholders per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
0.12 |
|
|
(0.54 |
) |
|
0.36 |
|
0.06 |
|
(0.71 |
) |
|
(1.81 |
) |
|
(0.28 |
) |
—Diluted |
|
0.12 |
|
|
(0.54 |
) |
|
0.36 |
|
0.06 |
|
(0.71 |
) |
|
(1.81 |
) |
|
(0.28 |
) |
Weighted average number of ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
46,471,170 |
|
|
50,737,882 |
|
|
51,113,915 |
|
51,113,915 |
|
44,160,121 |
|
|
49,585,792 |
|
|
49,585,792 |
|
—Diluted |
|
46,761,995 |
|
|
50,737,882 |
|
|
51,316,571 |
|
51,316,571 |
|
44,160,121 |
|
|
49,585,792 |
|
|
49,585,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________________________________
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 net income is a non-GAAP financial measure,
which is defined as net income excluding share-based compensation
expenses. These adjustments amounted to RMB9.3 million (US$1.5
million) in the fourth quarter of 2021. Please refer to the section
below titled “Unaudited Reconciliations of GAAP and Non-GAAP
Results” for details.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
RMB2.5 million (US$0.4 million) in the fourth quarter of 2021.
Please refer to the section below titled “Unaudited Reconciliations
of GAAP and Non-GAAP Results” for details.5 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 RMB9.3 million (US$1.5 million) in the
fourth quarter of 2021. Please refer to the section below titled
“Unaudited Reconciliations of GAAP and Non-GAAP Results” for
details.6 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 accretions to preferred shares redemption value and
share-based compensation expenses. These adjustments amounted to
RMB9.3 million (US$1.5 million) and RMB11.3 million in the fourth
quarter of 2021 and 2020, respectively. Please refer to the section
below titled “Unaudited Reconciliations of GAAP and Non-GAAP
Results” for details.7 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.8 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 loss per ADS.9 Non-GAAP gross profit is a non-GAAP
financial measure, which is defined as gross profit excluding
share-based compensation expenses. These adjustments amounted to
RMB11.5 million (US$1.8 million) in fiscal year 2021. Please refer
to the section below titled “Unaudited Reconciliations of GAAP and
Non-GAAP Results” for details.10 Non-GAAP operating loss is a
non-GAAP financial measure, which is defined as operating loss
excluding share-based compensation expenses. These adjustments
amounted to RMB37.4 million (US$5.9 million) in fiscal year 2021.
Please refer to the section below titled “Unaudited Reconciliations
of GAAP and Non-GAAP Results” for details.11 Non-GAAP net loss is a
non-GAAP financial measure, which is defined as net loss/income
excluding share-based compensation expenses. These adjustments
amounted to RMB37.4 million (US$5.9 million) in fiscal year 2021.
Please refer to the section below titled “Unaudited Reconciliations
of GAAP and Non-GAAP Results” for details.12 Non-GAAP net loss
attributable to LIZHI INC.’s ordinary shareholders is a non-GAAP
financial measure, which is defined as net loss/income attributable
to LIZHI INC.’s ordinary shareholders excluding accretions to
preferred shares redemption value and share-based compensation
expenses. These adjustments amounted to RMB37.4million (US$5.9
million) and RMB154.1 million in fiscal year 2021 and 2020,
respectively. Please refer to the section below titled “Unaudited
Reconciliations of GAAP and Non-GAAP Results” for details.
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