SHANGHAI, June 3, 2021 /PRNewswire/ -- CooTek (Cayman)
Inc. (NYSE: CTK) ("CooTek" or the "Company"), a global mobile
internet company, today reported unaudited financial results for
the first quarter ended March 31,
2021.
First Quarter 2021 Highlights
- Net revenue was US$81.6 million,
a decrease of 24% from US$107.0
million during the same period last year due to the
restructuring of portfolio products.
- Gross profit was US$72.7 million,
a decrease of 29% from US$102.4
million during the same period last year.
- Gross profit margin was 89.1%, compared with 95.7% during the
same period last year.
- Net loss was US$12.4 million,
compared with net loss US$18.8
million last quarter, and net loss US$9.7 million during the same period last
year.
- Adjusted net loss[1] (Non-GAAP) was US$11.1 million, compared with adjusted net loss
(Non-GAAP) US$17.3 million last
quarter, and adjusted net loss (Non-GAAP) of US$8.8 million during the same period last
year.
- The Company's Portfolio Products[2] contributed
approximately 99% of total revenues, with a focus on three main
categories: online literature, scenario-based content apps, and
mobile games.
March 2021 Operational
Highlights
- Average daily active users ("DAUs") of the Company's portfolio
products were 20.3 million, a decrease of 19% from 25.2 million in
March 2020. Monthly active users
("MAUs") of the Company's portfolio products were 58.6 million, a
decrease of 34% from 89.2 million in March
2020.
- Average DAUs of the Company's online literature products were
7.5 million, an increase of 3% from 7.3 million in March 2020. MAUs of the Company's online
literature products were 20.1 million, decreased from 29.1 million
in March 2020. The average daily
reading time[3] of the key product Fengdu Novel's users
was approximately 148 minutes in March
2021, which continued to grow steadily compared with 130
minutes in December 2020.
- Average DAUs of the Company's TouchPal Smart Input were 119.2
million. MAUs of the Company's TouchPal Smart Input were 154.6
million.
"We have been committed to implementing a balanced approach in
consolidating our business fundamental after the rapid revenue
growth in 2020," commented Mr. Karl
Zhang, CooTek's Chairman. "In the first quarter of 2021, our
Fengdu Novel recorded an encouraging improvement in user retention
rate demonstrating the positive impact from our efforts to optimize
customer acquisition. In addition, we upgraded our mobile games
portfolio both in the domestic and overseas markets by internal
development and external investment and partnership. The revenue
and net profit contributed by mobile games business returned to
quarter-over-quarter growth. Looking forward, we are confident that
the current focused strategy will result in a robust and profitable
business model targeting at a sustainable growth."
Mr. Robert Cui, CooTek's CFO
further commented, "We have been concentrated on optimizing the
resource allocation in order to deliver the balanced development
strategy. With the continued improvement of the monetization
capabilities of our online literature business and the enrichment
of the product portfolio with competitive margin of our mobile
games business, we are optimistic about the profitability
achievement of our user-oriented content business model. The first
quarter of 2021 constituted a good foundation of the execution of
the overall business plan."
(in
millions)
|
Portfolio
Products
|
|
|
Portfolio
Products
|
|
Including: Online
literature
|
|
|
DAUs
|
|
MAUs
|
|
DAUs
|
|
MAUs
|
|
Mar' 19
|
23.1
|
|
59.8
|
|
0.3
|
|
0.9
|
|
Jun' 19
|
27.6
|
|
65.1
|
|
0.3
|
|
1.6
|
|
Sep' 19
|
23.9
|
|
67.5
|
|
2.0
|
|
11.0
|
|
Dec' 19
|
24.7
|
|
74.6
|
|
4.8
|
|
19.3
|
|
Mar' 20
|
25.2
|
|
89.2
|
|
7.3
|
|
29.1
|
|
Jun' 20
|
23.9
|
|
83.5
|
|
8.1
|
|
28.4
|
|
Sep' 20
|
27.7
|
|
94.8
|
|
10.0
|
|
29.5
|
|
Dec' 20
|
27.8
|
|
85.8
|
|
10.2
|
|
29.5
|
|
Mar' 21
|
20.3
|
|
58.6
|
|
7.5
|
|
20.1
|
|
[1] "Adjusted
net loss" (Non-GAAP) is a non-GAAP measure, which is defined as net
loss excluding share-based compensation related to share options
and restricted share units. For further information, please see
"Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" at the bottom of this release.
|
[2] "Portfolio
Products" is to the mobile applications that we develop and provide
to our users and business partners, which exclude TouchPal Smart
Input and TouchPal Phonebook.
|
[3] "Average
daily reading time" for any day is calculated by dividing (i) the
sum of time spent on reading books on our Fengdu Novel for such
day, by (ii) the number of Fengdu Novel users who spent time on
reading books for such day. The average daily reading time for any
month is calculated by dividing (i) the sum of average daily
reading time for each day in such month, by (ii) the number of days
in such month.
|
First Quarter 2021 Financial Results
Net Revenues
(in US$ thousands,
except percentage)
|
1Q
2021
|
|
4Q
2020
|
|
1Q
2020
|
|
QoQ %
Change
|
|
YoY %
Change
|
|
|
|
|
|
|
|
|
|
|
Mobile Advertising
Revenue
|
80,408
|
|
101,347
|
|
106,423
|
|
(21)%
|
|
(24)%
|
Other
Revenue
|
1,144
|
|
1,093
|
|
590
|
|
5%
|
|
94%
|
Total Net
Revenues
|
81,552
|
|
102,440
|
|
107,013
|
|
(20)%
|
|
(24)%
|
Net revenues were US$81.6
million, a decrease of 24% from US$107.0 million during the first quarter of 2020
and a decrease of 20% from US$102.4
million during the last quarter. The decrease was primarily
due to a decrease in mobile advertising revenue.
Mobile advertising revenue was US$80.4 million, a decrease of 24% from
US$106.4 million during the first
quarter of 2020 and a decrease of 21% from US$101.3 million during the last quarter due to
the restructuring of portfolio products.
Our portfolio products focus on three categories: online
literature, scenario-based content apps and mobile games. Online
literature accounted for approximately 40%, scenario-based content
apps accounted for approximately 14%, and mobile games accounted
for approximately 45% of total net revenues in the first quarter of
2021.
Cost and Operating Expenses
|
1Q
2021
|
4Q
2020
|
1Q
2020
|
QoQ %
Change
|
YoY
%
Change
|
(in US$ thousands,
except percentage)
|
US$
|
% of
revenue
|
US$
|
% of
revenue
|
US$
|
% of
revenue
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
8,866
|
11%
|
7,072
|
7%
|
4,582
|
4%
|
25%
|
93%
|
Sales and
marketing
|
70,736
|
87%
|
101,985
|
100%
|
102,436
|
96%
|
(31)%
|
(31)%
|
Research and
development
|
9,037
|
11%
|
6,516
|
6%
|
6,847
|
6%
|
39%
|
32%
|
General and
administrative
|
5,557
|
7%
|
3,873
|
4%
|
3,301
|
3%
|
43%
|
68%
|
Other operating
(income) loss, net
|
(802)
|
(1)%
|
2,047
|
2%
|
(390)
|
(0)%
|
(139)%
|
106%
|
Total Cost and
Expenses
|
93,394
|
115%
|
121,493
|
119%
|
116,776
|
109%
|
(23)%
|
(20)%
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses by function
|
Cost of
revenues
|
79
|
0.1%
|
78
|
0.1%
|
53
|
0.0%
|
1%
|
49%
|
Sales and
marketing
|
41
|
0.1%
|
44
|
0.0%
|
48
|
0.0%
|
(7)%
|
(15)%
|
Research and
development
|
646
|
0.8%
|
876
|
0.9%
|
481
|
0.4%
|
(26)%
|
34%
|
General and
administrative
|
538
|
0.7%
|
533
|
0.5%
|
359
|
0.3%
|
1%
|
50%
|
Total share-based
compensation expenses
|
1,304
|
1.6%
|
1,531
|
1.5%
|
941
|
0.9%
|
(15)%
|
39%
|
Cost of revenues was US$8.9
million, an 93% increase from US$4.6
million during the same period last year, and a 25% increase
from US$7.1 million during the last
quarter. The sequential and year-over-year increase was primarily
due to an increase in content costs we paid to our signed authors
and third-party content providers for the publishing and licensing
of relevant online literature works and an increase in costs
associated with staff.
Gross profit was US$72.7
million, a decrease of 29% from US$102.4 million during the same period last
year, and a decrease of 24% from US$95.4
million last quarter. Gross profit margin was 89.1%,
compared with 95.7% in the same period last year and 93.1% last
quarter.
Sales and marketing expenses were US$70.7 million, a decrease of 31% from
US$102.4 million during the same
period last year, and a decrease of 31% from US$102.0 million last quarter. As a percentage of
total revenue, sales and marketing expenses accounted for 87%,
compared with 96% during the same period last year, and 100% last
quarter. The sequential and year-over-year decrease in sales and
marketing expenses as a percentage of total net revenue was
primarily due to the optimization of the operational efficiency in
relation to the acquisition of new users and the retention of
existing users.
Research and development expenses were US$9.0 million, an increase of 32% from
US$6.8 million during the same period
last year and an increase of 39% from US$6.5
million last quarter. The year-over-year increase was
primarily due to an increase in costs associated with technology
R&D staff and share-based compensation expenses. As a
percentage of total net revenue, research and development expenses
accounted for 11%, compared with 6% during the same period last
year and 6% last quarter.
General and administrative expenses were US$5.6 million, an increase of 68% from
US$3.3 million during the same period
last year and an increase of 43% from US$3.9
million last quarter. The sequential increase was mainly due
to an increase in costs associated with G&A staff and
third-party outsourcing fee. The year-over-year increase was mainly
due to an increase in costs associated with G&A staff,
share-based compensation and third-party outsourcing fee. As a
percentage of total net revenue, general and administrative
expenses accounted for 7%, compared with 3% during the same period
last year and 4% during last quarter.
Other operating income, net was US$0.8 million, compared with other operating
income, net US$0.4 million during the
same period last year and other operating loss, net US$2.0 million last quarter. The other operating
income during this quarter mainly included government subsidy
received. The net operating loss last quarter was mainly due to
accrued liabilities of US$2.0 million
to an ongoing investigation related in an alleged misconduct of
certain customers.
Net loss was US$12.4
million, compared with net loss of US$9.7 million during the same period last year
and a net loss of US$18.8 million
last quarter.
Adjusted net loss was US$11.1 million, compared with adjusted net loss
of US$8.8 million in the same period
last year and adjusted net loss of US$17.3
million last quarter. The narrowing of the adjusted net loss
compared with last quarter was mainly due to the decrease in sales
and marketing expenses as a percentage of total revenue driven by
the optimization of the operational efficiency in relation to the
acquisition of new users and the retention of existing users. The
increase of the adjusted net loss compared with the same period
last year was mainly due to the increase in cost of revenues,
research and development expenses and general and administrative
expenses as a percentage of total revenue, and partially offset by
the decrease in sales and marketing expenses as a percentage of
total revenue.
(in US$ thousands,
except percentage)
|
1Q
2021
|
4Q
2020
|
1Q
2020
|
QoQ %
Change
|
YoY %
Change
|
|
|
|
|
|
|
Net Loss
|
(12,398)
|
(18,784)
|
(9,738)
|
(34)%
|
27%
|
Add: Share-based
Compensation related to share
options and restricted share units
|
1,304
|
1,531
|
941
|
(15)%
|
39%
|
Adjusted Net Loss
(Non-GAAP)
|
(11,094)
|
(17,253)
|
(8,797)
|
(36)%
|
26%
|
For the quarter ended March 31,
2021, basic and diluted net loss per ADS were US$0.20 and US$0.20, and basic and diluted adjusted net loss
(Non-GAAP) per ADS were US$0.18 and
US$0.18, respectively.
Balance Sheet and Cash Flows
As of March 31, 2021, cash, cash
equivalents and restricted cash were US$56.1
million, compared with US$49.6
million as of December 31,
2020. As of March 31, 2021,
restricted cash were US$24.7 million,
mainly consisting of amount of US$3.1
million held in the Company's bank account as guarantee
deposit for loan facility provided by the bank and long-term
restricted cash of US$21.5 million
held in the Company's bank accounts which were frozen by a local
authority in connection with an ongoing investigation related to an
alleged illegal act of certain customers. The Company is still in
the process of cooperating with the relevant authority on such
investigation and expect the funds to be released upon the
completion of such investigation, the timing of which is out of the
Company's control.
Net cash inflow from financing activities during the first
quarter of 2021 was US$30.2 million,
compared with net cash outflow from financing activities of
US$3.9 million for the same period in
2020 and net cash outflow from financing activities of US$5.6 million during the last quarter. Cash
inflow from financing activities during the first quarter of 2021
was mainly due to the Company issued a convertible note for a
principal amount of US$10.0 million
and received a net proceeds of US$8.9
million from this issuance on January
19, 2021, and the Company issued a convertible note for a
principal amount of US$20.0 million
and received a net proceeds of US$ 18.2
million from this issuance on March
19, 2021.
Net cash outflow from operating activities during the first
quarter of 2021 was US$23.0 million,
compared with net cash inflow from operating activities of
US$15.0 million for the same period
in 2020 and net cash outflow from operating activities of
US$6.8 million during the last
quarter. Cash outflow from operating activities during the first
quarter of 2021 was mainly due to loss from operations.
Share Repurchase Plan
On May 18, 2020, the Company
announced a share repurchase program (the "2020 Program") whereby
the Company is authorized to repurchase its class A ordinary shares
in the form of ADSs with an aggregate value of up to US$20 million during the 12-month period starting
from May 18, 2020. The Company
expects to fund the repurchases under this program with its
existing cash balance. As of March 31,
2021, the Company had used an aggregate of US$5.9 million to repurchase 1.3 million ADSs
under the 2020 Program and recorded as treasury stock.
Business Outlook
For the second quarter of 2021, CooTek expects total net revenue
to be about US$83 million. This
outlook is based on information available as of the date of this
press release and reflects the Company's current and preliminary
expectations, which are subject to change in light of various
uncertainties, including those related to the ongoing COVID-19
pandemic.
Conference Call and Webcast
CooTek's management team will host a conference call at
8:00 AM U.S. Eastern Time on
June 3, 2021 (8:00 PM Beijing Time on the same day), following
the results announcement.
The dial-in details for the live conference call are:
United
States:
|
1-888-346-8982
|
Hong Kong:
|
800-905-945
|
Mainland
China:
|
4001-201-203
|
International:
|
1-412-902-4272
|
Please dial in 15 minutes before the call is scheduled to begin.
When prompted, ask to be connected to the CooTek (Cayman)
Inc. call.
A live webcast and archive of the conference call will be
available on the Investor Relations section of CooTek's website at
https://ir.cootek.com/.
About CooTek (Cayman) Inc.
CooTek is a mobile internet company with a global vision that
offers content-rich mobile applications, focusing on three
categories: online literature, scenario-based content apps and
mobile games. CooTek's mission is
to empower everyone to enjoy relevant content seamlessly. CooTek's
user-centric and data-driven approach has enabled it to release
appealing products to capture mobile internet users' ever-evolving
content needs and helps it rapidly attract targeted users.
Non-GAAP Financial Measure
To supplement the unaudited consolidated financial information
prepared in accordance with generally accepted accounting
principles in the United States of
America ("GAAP"), the Company uses non-GAAP financial
measure of adjusted net loss that is adjusted from results based on
GAAP to exclude the impact of share-based compensation, and
Adjusted EBITDA that is net loss excluding interest income and
expense, income taxes, depreciation and amortization, and
share-based compensation. The measure should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, GAAP
results.
The Company believes that the non-GAAP measure help identify
underlying financial and business trends relating to the Company's
results of operations that could otherwise be distorted by the
effect of certain expenses that the Company include in loss from
operations and net loss. By making the Company's financial results
comparable period over period, the Company believes adjusted net
loss and Adjusted EBITDA provides useful information to better
understand the Company's historical business operations and future
prospects and allows for greater visibility with respect to key
metrics used by the management in financial and operational
decision-making. In order to mitigate these limitations, the
Company has provided specific information regarding the GAAP
amounts excluded from the non-GAAP measure. The table at the bottom
of this press release includes details on the reconciliation
between GAAP financial measure that is most directly comparable to
the non-GAAP financial measure the Company has presented.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident," "optimistic" and similar statements.
CooTek may also make written or oral forward-looking statements in
its reports filed with or furnished to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Any
statements that are not historical facts, including statements
about CooTek's beliefs and expectations, are forward-looking
statements that involve factors, risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: CooTek's mission and strategies; future
business development, financial conditions and results of
operations; the expected growth of the mobile internet industry and
mobile advertising industry; the expected growth of mobile
advertising; expectations regarding demand for and market
acceptance of our products and services; competition in mobile
application and advertising industry; relevant government policies
and regulations relating to the industry and the development and
impacts of COVID-19. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is current as of the
date of the press release, and CooTek does not undertake any
obligation to update such information, except as required under
applicable law.
For investor enquiries, please contact:
CooTek (Cayman) Inc.
Mr. Robert Yi Cui
Email: IR@cootek.com
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: cootek@icaasia.com
CooTek (Cayman)
Inc.
Unaudited
Condensed Consolidated Statement of Operations
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
2020
|
|
2020
|
|
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
Net revenues
|
|
107,013
|
|
102,440
|
|
81,552
|
Cost of
revenues
|
|
(4,582)
|
|
(7,072)
|
|
(8,866)
|
Gross
Profit
|
|
102,431
|
|
95,368
|
|
72,686
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(102,436)
|
|
(101,985)
|
|
(70,736)
|
Research and
development expenses
|
|
(6,847)
|
|
(6,516)
|
|
(9,037)
|
General and
administrative expenses
|
|
(3,301)
|
|
(3,873)
|
|
(5,557)
|
Other operating
income (loss), net
|
|
390
|
|
(2,047)
|
|
802
|
Total operating
expenses
|
|
(112,194)
|
|
(114,421)
|
|
(84,528)
|
Loss from
operations
|
|
(9,763)
|
|
(19,053)
|
|
(11,842)
|
Interest income
(expense), net
|
|
23
|
|
168
|
|
(313)
|
Foreign exchange gain
(loss)
|
|
2
|
|
105
|
|
(243)
|
Loss before income
taxes
|
|
(9,738)
|
|
(18,780)
|
|
(12,398)
|
Income tax
expense
|
|
—
|
|
(4)
|
|
—
|
Net
loss
|
|
(9,738)
|
|
(18,784)
|
|
(12,398)
|
Net loss per ordinary
share
|
|
|
|
|
|
|
Basic
|
|
(0.003)
|
|
(0.006)
|
|
(0.004)
|
Diluted
|
|
(0.003)
|
|
(0.006)
|
|
(0.004)
|
Weighted average shares
used in calculating net loss per ordinary share
|
|
|
|
|
|
|
Basic
|
|
3,104,677,914
|
|
3,061,577,781
|
|
3,136,585,226
|
Diluted
|
|
3,104,677,914
|
|
3,061,577,781
|
|
3,136,585,226
|
Non-GAAP Financial
Data
|
|
|
|
|
|
|
Adjusted Net
Loss
|
|
(8,797)
|
|
(17,253)
|
|
(11,094)
|
Adjusted
EBITDA
|
|
(8,068)
|
|
(16,386)
|
|
(9,924)
|
Unaudited
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share data)
|
|
|
|
|
|
As of
|
|
|
|
December
31,
2020
|
|
March 31,
2021
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
24,669
|
|
31,413
|
|
Restricted
cash
|
|
3,264
|
|
3,238
|
|
Short-term
investment
|
|
50
|
|
50
|
|
Accounts receivable,
net of allowance for doubtful accounts of US$1,162 as of
December 31, 2020 and
US$1,126 as of March 31, 2021, respectively
|
|
28,127
|
|
27,425
|
|
Prepaid expenses and
other current assets
|
|
12,073
|
|
9,293
|
|
Total current
assets
|
|
68,183
|
|
71,419
|
|
Long term restricted
cash
|
|
21,689
|
|
21,476
|
|
Property and
equipment, net
|
|
5,394
|
|
4,916
|
|
Operating lease
right-of-use assets[4]
|
|
—
|
|
2,177
|
|
Intangible assets,
net
|
|
397
|
|
360
|
|
Long-term
investments
|
|
307
|
|
304
|
|
Other non-current
assets
|
|
932
|
|
1,015
|
|
TOTAL
ASSETS
|
|
96,902
|
|
101,667
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
76,126
|
|
63,819
|
|
Short-term
borrowings
|
|
10,958
|
|
15,028
|
|
Accrued salary and
benefits
|
|
9,143
|
|
5,389
|
|
Operating lease
liabilities, current[4]
|
|
—
|
|
1,486
|
|
Accrued expenses and
other current liabilities
|
|
10,686
|
|
9,697
|
|
Convertible debt and
embedded derivative liability at fair value
|
|
—
|
|
18,209
|
|
Deferred
revenue
|
|
3,332
|
|
3,114
|
|
Total current
liabilities
|
|
110,245
|
|
116,742
|
|
Other non-current
liabilities
|
|
459
|
|
425
|
|
Operating lease
liabilities, non-current[4]
|
|
—
|
|
688
|
|
TOTAL
LIABILITIES
|
|
110,704
|
|
117,855
|
|
|
|
[4] On
January 1, 2021, the company adopted ASC 842, the new lease
standard, using the modified retrospective method.
|
|
Unaudited
Condensed Consolidated Balance Sheets (continued):
(in thousands, except for share and per share data)
|
|
|
|
As of
|
|
|
December
31,
2020
|
|
March 31,
2021
|
|
|
US$
|
|
US$
|
|
|
|
|
|
Shareholders'
Deficit:
|
|
|
|
|
Ordinary
shares
|
|
31
|
|
33
|
Treasury
stock
|
|
(4,672)
|
|
(5,132)
|
Additional paid-in
capital
|
|
193,919
|
|
203,836
|
Accumulated
deficit
|
|
(200,965)
|
|
(213,363)
|
Accumulated other
comprehensive loss
|
|
(2,115)
|
|
(1,562)
|
Total Shareholders'
Deficit
|
|
(13,802)
|
|
(16,188)
|
TOTAL LIABILITIES
AND SHAREHOLDERS' DEFICIT
|
|
96,902
|
|
101,667
|
Unaudited
Condensed Consolidated Statement of Cash Flows
(in thousands, except for share and per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2020
|
|
2020
|
|
2021
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
14,960
|
|
(6,821)
|
|
(22,974)
|
|
Net cash used in
investing activities
|
|
(769)
|
|
(282)
|
|
(359)
|
|
Net cash (used in)
provided by financing activities
|
|
(3,854)
|
|
(5,563)
|
|
30,150
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
10,337
|
|
(12,666)
|
|
6,817
|
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
|
59,966
|
|
61,011
|
|
49,622
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(277)
|
|
1,277
|
|
(312)
|
|
Cash, cash equivalents,
and restricted cash at end of period
|
|
70,026
|
|
49,622
|
|
56,127
|
|
Reconciliations of
GAAP and Non-GAAP Results
(in thousands, except for share and per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2020
|
|
2020
|
|
2021
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
(9,738)
|
|
(18,784)
|
|
(12,398)
|
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation related to share options and restricted share
units
|
|
941
|
|
1,531
|
|
1,304
|
|
Adjusted Net Loss
(Non-GAAP)*
|
|
(8,797)
|
|
(17,253)
|
|
(11,094)
|
|
Add:
|
|
|
|
|
|
|
|
Interest (income)
expense, net
|
|
(23)
|
|
(168)
|
|
313
|
|
Income
taxes
|
|
—
|
|
4
|
|
—
|
|
Depreciation
|
|
752
|
|
1,031
|
|
857
|
|
Adjusted EBITDA
(Non-GAAP)*
|
|
(8,068)
|
|
(16,386)
|
|
(9,924)
|
|
|
|
* The tax impact to
the non-GAAP adjustments is zero.
|
|
View original
content:http://www.prnewswire.com/news-releases/cootek-announces-first-quarter-2021-unaudited-results-301304773.html
SOURCE CooTek (Cayman) Inc.