UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2023

 

Commission file number: 001-39177

 

 

 

LIZHI INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Yangcheng Creative Industry Zone,

No. 309 Middle Huangpu Avenue,

Tianhe District, Guangzhou 510655,

The People’s Republic of China

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.         Form 20-F x         Form 40-F ¨

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  LIZHI INC.
   
Date: November 29, 2023 By: /s/ Jinnan (Marco) Lai
    Name: Jinnan (Marco) Lai
    Title: Chief Executive Officer, Director

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release

 

 

 

Exhibit 99.1

 

LIZHI INC. Reports Third Quarter 2023 Unaudited Financial Results

 

GUANGZHOU, China, Nov. 29, 2023 /GLOBE NEWSWIRE/ - LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an audio-based social and entertainment platform, today announced its unaudited financial results for the third quarter ended September 30, 2023.

 

Third Quarter 2023 Financial and Operational Highlights

 

Net revenues were RMB425.1 million (US$58.3 million) in the third quarter of 2023, compared with RMB565.2 million in the third quarter of 2022.

 

Average total mobile MAUs1 in the third quarter of 2023 was 42.1 million, compared with 49.7 million in the third quarter of 2022.

 

Average total monthly paying users2 in the third quarter of 2023 was 402.6 thousand, compared with 476.7 thousand in the third quarter of 2022.

 

Mr. Jinnan (Marco) Lai, Founder and CEO of LIZHI, commented, “In the third quarter of 2023, we continued to develop our ecosystem with innovative product features and diverse content offerings by leveraging our accumulated in-house suite of technologies. Amid the challenging and fast-evolving macro environment, we maintained our focus on integrating advanced technologies and fostering a healthy and sustained business ecosystem while promoting innovation across our domestic business and effectively executing our global expansion strategy.”

 

Ms. Chengfang Lu, Acting Chief Financial Officer of LIZHI, stated, “Our net revenues in the third quarter of 2023 were RMB425.1 million. Despite the complex backdrop and market uncertainties that persisted, we remained steadfast in strengthening our core competitiveness through technological innovation during the quarter. Moving forward, we remain committed to further enhancing organizational efficiency, developing globalization capability, and enhancing overall agility, positioning us to deliver enduring value to our stakeholders.”

 

 

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.

 

 1 

 

 

Third quarter 2023 Unaudited Financial Results

 

Net revenues were RMB425.1 million (US$58.3 million) in the third quarter of 2023, compared with RMB565.2 million in the third quarter of 2022, primarily due to the decline in average paying users and user spending on our audio entertainment products.

 

Cost of revenues was RMB317.3 million (US$43.5 million) in the third quarter of 2023, compared with RMB376.2 million in the third quarter of 2022, mainly attributable to (i) the decreased revenue sharing fees, (ii) the decreased share-based compensation expenses, (iii) the decreased payment handling costs, and (iv) the decreased other miscellaneous costs.

 

Gross profit was RMB107.8 million (US$14.8 million) in the third quarter of 2023, compared with RMB189.1 million in the third quarter of 2022.

 

Non-GAAP gross profit3 was RMB107.9 million (US$14.8 million) in the third quarter of 2023, compared with RMB190.8 million in the third quarter of 2022.

 

Gross margin in the third quarter of 2023 was 25%, compared with 33% in the third quarter of 2022, mainly due to an increase in the revenue sharing percentage resulting from the adjustment in revenue sharing policies in the third quarter of 2023.

 

Non-GAAP gross margin in the third quarter of 2023 was 25%, compared with 34% in the third quarter of 2022.

 

Operating expenses were RMB167.9 million (US$23.0 million) in the third quarter of 2023, compared with RMB176.6 million in the third quarter of 2022.

 

Research and development expenses were RMB83.8 million (US$11.5 million) in the third quarter of 2023, representing a 7% increase from RMB78.3 million in the third quarter of 2022, primarily due to the increased salary and welfare benefits expenses related to increased severance pay to optimize the efficiency of the research and development employees, and partially offset by the decreased expenses related to research and development services provided by third parties.

 

Selling and marketing expenses were RMB59.1 million (US$8.1 million) in the third quarter of 2023, compared with RMB71.2 million in the third quarter of 2022, primarily attributable to decreased branding and marketing expenses. The Company will monitor its discretionary advertising and promotion expenses and adjust accordingly depending on market conditions.

 

General and administrative expenses were RMB25.1 million (US$3.4 million) in the third quarter of 2023, compared with RMB27.1 million in the third quarter of 2022, mainly driven by decreased professional service fees provided by third parties, provision for litigation contingencies, and other miscellaneous expenses.

 

Operating loss was RMB60.1 million (US$8.2 million) in the third quarter of 2023, compared to operating income of RMB12.5 million in the third quarter of 2022.

 

Non-GAAP operating loss4 was RMB55.0 million (US$7.5 million) in the third quarter of 2023, compared to non-GAAP operating income of RMB20.2 million in the third quarter of 2022.

 

 

3 Non-GAAP gross profit is a non-GAAP financial measure, which is defined as gross profit excluding share-based compensation expenses. This adjustment amounted to RMB0.1 million (US$0.0 million) and RMB1.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

4 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 RMB5.1 million (US$0.7 million) and RMB7.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

 

 2 

 

 

Other expenses were RMB5.9 million (US$0.8 million) in the third quarter of 2023, compared to other income of RMB1.7 million in the third quarter of 2022, mainly attributable to the remuneration fees to the depositary bank in relation to the ratio change of ADS5 on September 20, 2023.

 

Net loss was RMB62.0 million (US$8.5 million) in the third quarter of 2023, compared to net income of RMB19.8 million in the third quarter of 2022.

 

Non-GAAP net loss was RMB56.9 million (US$7.8 million) in the third quarter of 2023, compared to non-GAAP net income of RMB27.5 million in the third quarter of 2022.

 

Net loss attributable to LIZHI INC.s ordinary shareholders was RMB59.9 million (US$8.2 million) in the third quarter of 2023, compared to net income attributable to LIZHI INC.’s ordinary shareholders of RMB19.8 million in the third quarter of 2022.

 

Non-GAAP net loss attributable to LIZHI INC.s ordinary shareholders6 was RMB54.8 million (US$7.5 million) in the third quarter of 2023, compared to non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders of RMB27.5 million in the third quarter of 2022.

 

Basic and diluted net loss per ADS were both RMB11.01 (US$1.51) in the third quarter of 2023, compared to basic and diluted net income of RMB3.81 and RMB3.79 per ADS in the third quarter of 2022, respectively.

 

Non-GAAP basic and diluted net loss per ADS7 were both RMB10.07 (US$1.38) in the third quarter of 2023, compared to non-GAAP basic and diluted net income RMB5.29 and RMB5.26 per ADS in the third quarter of 2022, respectively.

 

Balance Sheets

 

As of September 30, 2023, the Company had cash and cash equivalents and restricted cash of RMB615.8 million (US$84.4 million).

 

 

5 ADS refers to American Depositary Share. Each ADS represents two hundred 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 the weighted average number of ADS.

6 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 share-based compensation expenses. These adjustments amounted to RMB5.1 million (US$0.7 million) and RMB7.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

7 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 the weighted average number of ADS used in the calculation of basic and diluted net income per ADS.

 

 3 

 

 

Conference Call

 

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on November 29, 2023 (9:00 AM Beijing/Hong Kong Time on November 30, 2023).

 

For participants who wish to join the call, please access the link provided below to complete the online registration 20 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

 

Registration Link:      https://register.vevent.com/register/BI23af8f892c1b4c1ab2e8f0ed20fdbcee

 

Once registration is completed, please dial in 10 minutes before the scheduled start time of the earnings call and enter the personal PIN as instructed to connect to the call.

 

Additionally, a live webcast of the conference call and a replay of the webcast will be available on the Company’s investor relations website at http://ir.lizhi.fm.

 

About LIZHI INC.

 

LIZHI INC. has created a comprehensive audio-based social ecosystem with a global presence. The Company aims to cater to users’ interests in audio entertainment and social networking through its product portfolios. LIZHI INC. envisions an audio ecosystem where everyone can be connected and interact through voices. LIZHI INC. has been listed on Nasdaq since January 2020.

 

For more information, please visit: http://ir.lizhi.fm.

 

Use of Non-GAAP Financial Measures

 

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

LIZHI uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss/income, non-GAAP net loss/income, non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders and non-GAAP basic and diluted net loss/income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses. Non-GAAP gross margin is non-GAAP gross profit as a percentage of net revenues. Non-GAAP operating loss/income is operating loss/income excluding share-based compensation expenses. Non-GAAP net loss/income is net loss/income, excluding share-based compensation expenses. Non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders is net loss/income attributable to LIZHI INC.’s ordinary shareholders, excluding share-based compensation expenses. Non-GAAP basic and diluted net loss/income per ADS is non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS used in the calculation of basic and diluted net loss/income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of the above reconciling item adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of share-based compensation expenses.

 

However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures in isolation from, superior to, or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

 

 4 

 

 

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” near the end of this release.

 

Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2960 to US$1.00, the exchange rate on September 29, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollar or RMB, as the case may be, at any particular rate or at all.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LIZHI’s goals and strategies; LIZHI’s future business development, results of operations and financial condition; the expected growth of the online audio market; the expectation regarding the rate at which to gain active users, especially paying users; LIZHI’s ability to monetize the user base; fluctuations in general economic and business conditions in China and overseas markets; the impact of the COVID-19 to LIZHI’s business operations and the economy in China and elsewhere generally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to LIZHI; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

 

For investor and media inquiries, please contact:

 

In China:

 

LIZHI INC.

IR Department

Tel: +86 (20) 8381-8791

E-mail: ir@lizhi.fm

 

Piacente Financial Communications

Jenny Cai

Tel: +86 (10) 6508-0677

E-mail: Lizhi@tpg-ir.com

 

In the United States:

 

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: Lizhi@tpg-ir.com

 

 5 

 

 

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

  

December
31,

2022

  

September
30,

2023

  

September
30,

2023

 
   RMB   RMB   US$ 
ASSETS               
Current assets               
Cash and cash equivalents   568,192    605,436    82,982 
Short-term investments   111,353    -    - 
Restricted cash   10,323    10,409    1,427 
Accounts receivable, net   3,233    2,238    307 
Prepayments and other current assets   30,391    34,471    4,725 
                
Total current assets   723,492    652,554    89,441 
                
Non-current assets               
Property, equipment and leasehold improvement, net   26,546    17,631    2,417 
Intangible assets, net   1,183    1,554    213 
Right-of-use assets, net   25,116    18,430    2,526 
Other non-current assets   -    10,864    1,489 
                
Total non-current assets   52,845    48,479    6,645 
                
TOTAL ASSETS   776,337    701,033    96,086 
                
LIABILITIES               
Current liabilities               
Accounts payable   53,832    43,943    6,023 
Deferred revenue   35,677    27,222    3,731 
Salary and welfare payable   136,837    136,241    18,673 
Taxes payable   5,421    4,616    633 
Short-term loans   73,765    7,180    984 
Lease liabilities due within one year   18,372    13,134    1,800 
Accrued expenses and other current liabilities   47,622    41,936    5,749 
                
Total current liabilities   371,526    274,272    37,593 
                
Non-current liabilities               
Lease liabilities   8,195    5,780    792 
Other non-current liabilities   3,952    -    - 
                
Total non-current liabilities   12,147    5,780    792 
                
TOTAL LIABILITIES   383,673    280,052    38,385 

 

 6 

 

 

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

      December
31,
      September
30,
      September
30,
  
   2022   2023   2023 
   RMB   RMB   US$ 
SHAREHOLDERS’ EQUITY            
Class A Ordinary shares (US$0.0001 par value, 1,268,785,000 shares authorized, 818,962,260 shares issued and 803,607,050 shares outstanding as of December 31, 2022; 1,268,785,000 shares authorized, 838,962,260 shares issued and 827,140,610 shares outstanding as of September 30, 2023).  543   557   76 
Class B Ordinary shares (US$0.0001 par value, 231,215,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023, respectively).  168   168   23 
Treasury stock  (10)  (8)  (1)
Additional paid in capital  2,657,433   2,683,447   367,797 
Statutory reserves  529   529   73 
Accumulated deficit  (2,280,543)  (2,277,859)  (312,207)
Accumulated other comprehensive income  14,557   20,612   2,826 
TOTAL LIZHI Inc.’s shareholders’ equity  392,677   427,446   58,587 
             
Non-controlling interests  (13)  (6,465)  (886)
             
TOTAL SHAREHOLDERS’ EQUITY  392,664   420,981   57,701 
             
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  776,337   701,033   96,086 

 

 7 

 

 

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

   Three Months Ended   Nine Months Ended 
      September
30,
      June
30,
      September
30,
      September
30,
      September
30,
      September
30,
      September
30,
  
   2022     2023     2023   2023     2022   2023   2023 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net revenues                                   
Audio entertainment revenues   562,573    590,530    423,110    57,992    1,589,613    1,642,406    225,110 
Podcast, advertising and other revenues   2,655    2,327    1,992    273    8,022    6,544    897 
Total net revenues   565,228    592,857    425,102    58,265    1,597,635    1,648,950    226,007 
Cost of revenues (1)   (376,159)   (418,446)   (317,302)   (43,490)   (1,064,843)   (1,170,307)   (160,404)
Gross profit   189,069    174,411    107,800    14,775    532,792    478,643    65,603 
                                    
Operating expenses (1)                                   
Selling and marketing expenses   (71,167)   (67,522)   (59,098)   (8,100)   (191,932)   (185,468)   (25,421)
General and administrative expenses   (27,093)   (23,934)   (25,075)   (3,437)   (80,021)   (71,977)   (9,865)
Research and development expenses   (78,320)   (75,184)   (83,767)   (11,481)   (219,676)   (230,862)   (31,642)
Total operating expenses   (176,580)   (166,640)   (167,940)   (23,018)   (491,629)   (488,307)   (66,928)
                                    
Operating income/(loss)   12,489    7,771    (60,140)   (8,243)   41,163    (9,664)   (1,325)
                                    
Interest expense   (468)   (554)   (70)   (10)   (1,826)   (1,463)   (201)
Foreign exchange losses   (311)   (352)   (283)   (39)   (1,121)   (894)   (123)
Interest income and investment income   2,198    2,973    2,090    286    4,221    8,367    1,147 
Government grants   4,178    2,005    2,290    314    10,973    7,484    1,026 
Others, net   1,736    142    (5,851)   (802)   1,787    (5,441)   (746)
                                    
Income/(loss) before income taxes   19,822    11,985    (61,964)   (8,494)   55,197    (1,611)   (222)
                                    
Income tax expenses   -    (424)   (37)   (5)   (104)   (500)   (69)
                                    
Net income/(loss)   19,822    11,561    (62,001)   (8,499)   55,093    (2,111)   (291)
                                    
Net loss attributable to the non-controlling interests shareholders   1    1,646    2,116    290    4    4,795    657 
                                    
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders   19,823    13,207    (59,885)   (8,209)   55,097    2,684    366 

 

 8 

 

 

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

   Three Months Ended   Nine Months Ended 
      September
30,
      June
30,
      September
30,
      September
30,
      September
30,
      September
30,
      September
30,
  
   2022   2023   2023   2023   2022   2023   2023 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net income/(loss)   19,822    11,561    (62,001)   (8,499)   55,093    (2,111)   (291)
                                    
Other comprehensive income/(loss):                                   
Foreign currency translation adjustments   14,602    10,428    (1,309)   (179)   28,728    5,894    808 
Total comprehensive income/(loss)   34,424    21,989    (63,310)   (8,678)   83,821    3,783    517 
Comprehensive loss attributable to non-controlling interests shareholders   1    1,811    2,085    286    4    4,956    679 
Comprehensive income/(loss) attributable to LIZHI INC.’s ordinary shareholders   34,425    23,800    (61,225)   (8,392)   83,825    8,739    1,196 
                                    
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per share                                   
—Basic   0.02    0.01    (0.06)   (0.01)   0.05    0.00    0.00 
—Diluted   0.02    0.01    (0.06)   (0.01)   0.05    0.00    0.00 
Weighted average number of ordinary shares                                   
—Basic   1,040,595,117    1,074,052,668    1,087,902,701    1,087,902,701    1,031,562,237    1,073,716,117    1,073,716,117 
—Diluted   1,045,863,031    1,079,619,876    1,087,902,701    1,087,902,701    1,035,643,138    1,078,497,199    1,078,497,199 
                                    
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per ADS                                   
—Basic   3.81    2.46    (11.01)   (1.51)   10.68    0.50    0.07 
—Diluted   3.79    2.45    (11.01)   (1.51)   10.64    0.50    0.07 
Weighted average number of ADS                                   
—Basic   5,202,976    5,370,263    5,439,514    5,439,514    5,157,811    5,368,581    5,368,581 
—Diluted   5,229,315    5,398,099    5,439,514    5,439,514    5,178,216    5,392,486    5,392,486 

 

 9 

 

 

LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

(1)        Share-based compensation was allocated in cost of revenues and operating expenses as follows:

 

   Three Months Ended   Nine Months Ended 
  

September
30,

2022

  

June
30,

2023

  

September
30,

2023

  

September
30,

2023

  

September
30,

2022

  

September
30,

2023

  

September
30,

2023

 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Cost of revenues   1,728    1,219    109    15    5,545    3,076    422 
Selling and marketing expenses   455    456    485    66    1,729    1,566    215 
General and administrative expenses   2,157    1,912    2,019    277    7,590    7,425    1,018 
Research and development expenses   3,359    2,194    2,479    340    8,713    8,963    1,228 

 

 10 

 

 

LIZHI INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

 

   Three Months Ended   Nine Months Ended 
  

September
30,

2022

  

June
30,

2023

  

September
30,

2023

  

September
30,

2023

  

September
30,

2022

  

September
30,

2023

  

September
30,

2023

 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Gross profit   189,069    174,411    107,800    14,775    532,792    478,643    65,603 
Share-based compensation expenses   1,728    1,219    109    15    5,545    3,076    422 
Non-GAAP gross profit   190,797    175,630    107,909    14,790    538,337    481,719    66,025 
                                    
Operating income/(loss)   12,489    7,771    (60,140)   (8,243)   41,163    (17,435)   (1,325)
Share-based compensation expenses   7,699    5,781    5,092    698    23,577    15,249    2,883 
Non-GAAP operating income/(loss)   20,188    13,552    (55,048)   (7,545)   64,740    (2,186)   1,558 
                                    
Net income/(loss)   19,822    11,561    (62,001)   (8,499)   55,093    (13,672)   (291)
Share-based compensation expenses   7,699    5,781    5,092    698    23,577    15,249    2,883 
Non-GAAP net income/(loss)   27,521    17,342    (56,909)   (7,801)   78,670    1,577    2,592 
                                    
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders   19,823    13,207    (59,885)   (8,209)   55,097    (10,523)   366 
Share-based compensation expenses   7,699    5,781    5,092    698    23,577    15,249    2,883 
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders   27,522    18,988    (54,793)   (7,511)   78,674    4,726    3,249 
                                    
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per share                                   
—Basic   0.03    0.02    (0.05)   (0.01)   0.08    0.00    0.00 
—Diluted   0.03    0.02    (0.05)   (0.01)   0.08    0.00    0.00 
Weighted average number of ordinary shares                                   
—Basic   1,040,595,117    1,074,052,668    1,087,902,701    1,087,902,701    1,031,562,237    1,073,716,117    1,073,716,117 
—Diluted   1,045,863,031    1,079,619,876    1,087,902,701    1,087,902,701    1,035,643,138    1,078,497,199    1,078,497,199 
                                    
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per ADS                                   
—Basic   5.29    3.54    (10.07)   (1.38)   15.25    0.88    0.61 
—Diluted   5.26    3.52    (10.07)   (1.38)   15.19    0.88    0.60 
Weighted average number of ADS                                   
—Basic   5,202,976    5,370,263    5,439,514    5,439,514    5,157,811    5,368,581    5,368,581 
—Diluted   5,229,315    5,398,099    5,439,514    5,439,514    5,178,216    5,392,486    5,392,486 

 

 11 

 


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