BEIJING, March 24, 2022 /PRNewswire/ -- iHuman Inc. (NYSE:
IH) ("iHuman" or the "Company"), a leading provider of
tech-powered, intellectual development products in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Total revenues were RMB237.8
million (US$37.3 million), a
year-over-year increase of 25.5%.
- Revenues from online subscriptions were RMB220.8 million (US$34.7
million), a year-over-year increase of 40.4%.
- Gross profit was RMB164.9 million
(US$25.9 million), a year-over-year
increase of 24.4%.
- Operating loss was RMB10.6
million (US$1.7 million),
compared with RMB63.8 million in the
same period last year.
- Net loss was RMB7.9 million
(US$1.2 million), compared with
RMB53.8 million in the same period
last year.
- Average total MAUs[1] for the fourth quarter were
16.35 million, a year-over-year increase of 28.0%.
Fiscal Year 2021 Highlights
- Total revenues were RMB944.7
million (US$148.2 million), a
year-over-year increase of 77.6%.
- Revenues from online subscriptions were RMB832.3 million (US$130.6
million), a year-over-year increase of 93.4%.
- Gross profit was RMB660.6 million
(US$103.7 million), a year-over-year
increase of 80.8%.
- Operating loss was RMB54.2
million (US$8.5 million),
compared with RMB44.5 million in the
fiscal year of 2020.
- Net loss was RMB37.1 million
(US$5.8 million), compared with
RMB37.5 million in the fiscal year of
2020.
- Average total MAUs for the fiscal year 2021 were 16.40 million,
a year-over-year increase of 54.6%.
Dr. Peng Dai, Director and Chief
Executive Officer of iHuman, commented, "The fourth quarter capped
off a solid year for our business as our average total MAUs for the
fiscal year 2021 reached 16.40 million, representing an increase of
54.6% year-over-year. This speaks to the unique strengths of our
products which helped further solidify our leading position in the
market. Throughout the year, we remained fully committed to our
vision of making the child-rearing experience easier for parents
and transforming cognitive development into a fun journey for
children. We enhanced our product portfolio by regularly refining
existing offerings, and proactively developing new experiences to
better support the all-around development of children. We have
recently launched two new products, iHuman Coding and iHuman Little
Artists, to further enrich our STEAM offerings and better align our
products with the core values of our company. iHuman Coding was
specifically designed to cultivate kids' logical thinking and
creativity while encouraging them to accomplish
thoughtfully-designed, fun and interactive coding missions. iHuman
Little Artists is an art app aimed to inspire children to create
and develop their artistic vision through immersive art museum
tours and hands-on activities. We believe that the addition of
these two new products will further enhance the competitiveness of
our superior product portfolio and unlock additional growth
opportunities for our business."
Ms. Vivien Weiwei Wang, Director
and Chief Financial Officer of iHuman, added, "As we closed out the
2021 fiscal year, we are pleased to see that our business delivered
steady growth, highlighted by a continuous user base expansion and
a strong top-line growth compared with last year. Our total
revenues for the full year increased by 77.6% year-over-year to
RMB944.7 million. Revenues from
online subscriptions grew even faster at 93.4% year-over-year to
RMB832.3 million, primarily driven by
increased demand for our high-quality self-directed app products
from Millennial and Gen-Z parents. Over the past year, with a
persistent focus on children's healthy growth and well-rounded
development, we further expanded our product lineup and enhanced
our technological capabilities to create a kid-friendly and
integrated online-offline experience. As 2022 unfolds, we will
continue to take advantage of our strong AI/AR functionalities to
support innovation, seize long-term opportunities, cultivate new
growth drivers, and continue scaling our business."
Fourth Quarter 2021 Unaudited Financial Results
Revenues
Total revenues were RMB237.8
million (US$37.3 million), an
increase of 25.5% from RMB189.5
million in the same period last year.
Revenues from online subscriptions were RMB220.8 million (US$34.7
million), an increase of 40.4% from RMB157.3 million in the same period last year,
primarily driven by enhanced user engagement. Average total
MAUs for the quarter were 16.35 million, an increase of 28.0%
year-over-year from 12.77 million in the same period last year. The
number of paying users[2] for the quarter was 1.42
million.
Revenues from offline products and others were RMB17.0 million (US$2.7
million), compared with RMB32.2
million in the same period last year.
Cost of Revenues
Cost of revenues was RMB72.9
million (US$11.4 million), an
increase of 27.9% from RMB57.0
million in the same period last year, primarily due to an
increase in channel costs and payroll-related expenses, which was
in line with the Company's revenue expansion.
Gross Profit and Gross Margin
Gross profit was RMB164.9 million
(US$25.9 million), an increase of
24.4% from RMB132.5 million in the
same period last year. Gross margin was 69.3%, compared with 69.9%
in the same period last year.
Operating Expenses
Total operating expenses were RMB175.5
million (US$27.5 million), a
decrease of 10.6% from RMB196.4
million in the same period last year. Share-based
compensation expenses of RMB1.4
million were recognized during the fourth quarter of 2021,
compared with RMB78.0 million in the
same period last year. Excluding share-based compensation expenses,
total operating expenses were RMB174.1
million, an increase of 47.1% from the same period last
year.
Research and development expenses were RMB109.1 million (US$17.1
million), an increase of 55.9% from RMB70.0 million in the same period last year.
Excluding share-based compensation expenses, the research and
development expenses were RMB108.9
million, an increase of 115.7% from the same period last
year, primarily due to a rise in payroll-related expenses, rental
expenses, and outsourcing expenses as the Company continued to
expand its research and development capabilities, and enhance and
develop its tech-powered, intellectual development
products.
Sales and marketing expenses were RMB36.7
million (US$5.8 million), a
decrease of 17.8% from RMB44.6
million in the same period last year. Excluding share-based
compensation expenses, the sales and marketing expenses were
RMB36.6 million, a decrease of
12.4% from the same period last year, primarily due to a decrease
in advertising and promotion expenses.
General and administrative expenses were RMB29.8 million (US$4.7 million), a decrease of 63.6% from
RMB81.8 million in the same period
last year. Excluding share-based compensation expenses, the general
and administrative expenses were RMB28.7
million, an increase of 9.8% from the same period last year,
primarily due to an increase in payroll-related expenses.
Operating Income
(Loss)
Operating loss was RMB10.6 million
(US$1.7 million), compared with
RMB63.8 million in the same period
last year.
Excluding share-based compensation expenses, adjusted operating
loss[3] was RMB9.0 million
(US$1.4 million), compared with an
adjusted operating income of RMB16.1
million in the same period last year.
Net Income (Loss)
Net loss was RMB7.9 million
(US$1.2 million), compared with
RMB53.8 million in the same period
last year.
Adjusted net
loss[3] was RMB6.4
million (US$1.0 million),
compared with an adjusted net income of RMB26.1 million in the same period last year.
Net loss attributable to ordinary shareholders was
RMB7.9 million (US$1.2 million), compared with RMB54.1 million in the same period last year.
Adjusted net loss attributable to ordinary shareholders was
RMB6.4 million (US$1.0 million), compared with an adjusted net
income attributable to ordinary shareholders of RMB25.8 million in the same period last year.
Basic and diluted net loss per ADS were RMB0.15 (US$0.02),
compared with RMB1.04 in the same
period last year. Each ADS represents five Class A ordinary shares
of the Company.
Adjusted diluted net loss per ADS was RMB0.12 (US$0.02),
compared with an adjusted diluted net income per ADS of
RMB0.48 in the same period last
year.
Deferred Revenue and Customer
Advances
Deferred revenue and customer advances were RMB303.0 million (US$47.5 million) as of December 31, 2021, compared with RMB268.6 million as of December 31, 2020.
Cash and Cash Equivalents
Cash and cash equivalents were RMB855.4
million (US$134.2 million) as
of December 31, 2021, compared with
RMB861.7 million as of December 31, 2020.
Fiscal Year 2021 Unaudited Financial Results
Revenues
Total revenues were RMB944.7
million (US$148.2 million), an
increase of 77.6% from RMB531.9
million in fiscal year 2020.
Revenues from online subscriptions were RMB832.3 million (US$130.6
million), an increase of 93.4% from RMB430.5 million in fiscal year 2020, primarily
driven by user expansion and enhanced user engagement. Average
total MAUs were 16.40 million, an increase of 54.6%
year-over-year from 10.61 million in fiscal year 2020. The number
of paying users for the year was 4.44 million, a year-over-year
increase of 19.0% from 3.73 million in fiscal year 2020.
Revenues from offline products and others were RMB112.4 million (US$17.6
million), an increase of 10.8% from RMB101.4 million in fiscal year 2020.
Cost of Revenues
Cost of revenues was RMB284.1
million (US$44.6 million), an
increase of 70.7% from RMB166.5
million in fiscal year 2020, primarily due to an increase in
channel, product, and payroll-related costs, which was in line with
the Company's revenue expansion.
Gross Profit and Gross Margin
Gross profit was RMB660.6 million
(US$103.7 million), an increase of
80.8% from RMB365.4 million in fiscal
year 2020. Gross margin was 69.9%, compared with 68.7% in fiscal
year 2020.
Operating Expenses
Total operating expenses were RMB714.9
million (US$112.2 million), an
increase of 74.4% from RMB409.9
million in fiscal year 2020. Share-based compensation
expenses of RMB14.2 million were
recognized during the fiscal year of 2021, compared with
RMB78.0 million in fiscal year 2020.
Excluding share-based compensation expenses, total operating
expenses were RMB700.6 million, an
increase of 111.1% from last year.
Research and development expenses were RMB415.3 million (US$65.2
million), an increase of 108.2% from RMB199.5 million in fiscal year 2020. Excluding
share-based compensation expenses, research and development
expenses were RMB409.9 million, an
increase of 127.7% from last year, primarily due to increases in
payroll-related expenses and outsourcing expenses as the Company
continued to expand its research and development capabilities, and
enhance and develop its tech-powered, intellectual development
products.
Sales and marketing expenses were RMB202.1 million (US$31.7
million), an increase of 111.1% from RMB95.7 million in fiscal year 2020. Excluding
share-based compensation expenses, sales and marketing expenses
were RMB199.1 million, an increase of
114.4% from last year, primarily due to an increase in advertising
and promotion expenses as the Company strategically strengthened
its brand recognition as a publicly listed company, as well as an
increase in payroll-related expenses.
General and administrative expenses were RMB97.4 million (US$15.3
million), a decrease of 15.0% from RMB114.7 million in fiscal year 2020. Excluding
share-based compensation expenses, general and administrative
expenses were RMB91.7 million, an
increase of 55.3% from last year, primarily due to increases in
payroll-related expenses and compliance costs related to being a
publicly listed company.
Operating Income
(Loss)
Operating loss was RMB54.2 million
(US$8.5 million), compared with
RMB44.5 million in fiscal year
2020.
Excluding share-based compensation expenses, adjusted operating
loss was RMB39.1 million
(US$6.1 million), compared with an
adjusted operating income of RMB35.4
million in fiscal year 2020.
Net Income (Loss)
Net loss was RMB37.1 million
(US$5.8 million), compared with
RMB37.5 million in fiscal year
2020.
Adjusted net loss was RMB21.9
million (US$3.4 million),
compared with an adjusted net income of RMB42.4 million in fiscal year 2020.
Net loss attributable to ordinary shareholders was
RMB37.1 million (US$5.8 million), compared with RMB48.3 million in fiscal year 2020.
Adjusted net loss attributable to ordinary shareholders was
RMB21.9 million (US$3.4 million), compared with an adjusted net
income attributable to ordinary shareholders of RMB31.6 million in fiscal year 2020.
Basic and diluted net loss per ADS was RMB0.69 (US$0.11),
compared with RMB1.07 in fiscal year
2020. Each ADS represents five Class A ordinary shares of the
Company.
Adjusted diluted net loss per ADS was RMB0.41 (US$0.06),
compared with an adjusted diluted net income per ADS of
RMB0.66 in fiscal year 2020.
[1]"Average total MAUs" refers to the
monthly average of the sum of the MAUs of each of the Company's
apps during a specific period, which is counted based on the number
of unique mobile devices through which such app is accessed at
least once in a given month, and duplicate access to different apps
is not eliminated from the total MAUs calculation.
|
[2]
"Paying users" refers to users who paid subscription fees for
premium content on any of the Company's apps during a specific
period; a user who makes payments across different apps using the
same registered account is counted as one paying user, and a user
who makes payments for the same app multiple times in the same
period is counted as one paying user.
|
[3]
"Adjusted operating income (loss)" and "adjusted net income (loss)"
exclude share-based compensation expenses. Please see "Non-GAAP
Financial Measures" and "Unaudited Reconciliation of GAAP and
non-GAAP Results" at the end of this press release.
|
Exchange Rate Information
The U.S. dollar (US$) amounts disclosed in this press release,
except for those transaction amounts that were settled in U.S.
dollars, are presented solely for the convenience of the reader.
The conversion of Renminbi (RMB) into US$ in this press release is
based on the exchange rate set forth in the H.10 statistical
release of the Board of Governors of the Federal Reserve System as
of December 30, 2021 (conversion data
is not available for December 31,
2021), which was RMB6.3726 to
US$1.00. The percentages stated in
this press release are calculated based on the RMB amounts.
Non-GAAP Financial Measures
iHuman considers and uses non-GAAP financial measures, such as
adjusted operating income (loss), adjusted net income (loss),
adjusted net income (loss) attributable to ordinary
shareholders, and adjusted diluted net income (loss) per ADS,
as supplemental metrics in reviewing and assessing its operating
performance and formulating its business plan. The presentation of
non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"). iHuman defines adjusted operating
income (loss), adjusted net income (loss), adjusted net income
(loss) attributable to ordinary shareholders and adjusted diluted
net income (loss) per ADS excluding share-based compensation
expenses. Adjusted operating income (loss), adjusted net income
(loss), adjusted net income (loss) attributable to ordinary
shareholders and adjusted diluted net income (loss) per ADS enable
iHuman's management to assess its operating results without
considering the impact of share-based compensation expenses, which
are non-cash charges. iHuman believes that these non-GAAP financial
measures provide useful information to investors in understanding
and evaluating the Company's current operating performance and
prospects in the same manner as management does, if they so
choose.
Non-GAAP financial measures are not defined under U.S. GAAP and
are not presented in accordance with U.S. GAAP. Non-GAAP financial
measures have limitations as analytical tools, which possibly do
not reflect all items of expense that affect our operations.
Share-based compensation expenses have been and may continue to be
incurred in our business and are not reflected in the presentation
of adjusted net income (loss) attributable to the Company's
ordinary shareholders. In addition, the non-GAAP financial measures
iHuman uses may differ from the non-GAAP measures used by other
companies, including peer companies, and therefore their
comparability may be limited. 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 GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States 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" and similar statements. Statements
that are not historical facts, including statements about iHuman's
beliefs and expectations, are forward-looking statements. Among
other things, the description of the management's quotations in
this announcement contains forward-looking statements. iHuman may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), 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.
Forward-looking statements involve inherent risks and
uncertainties. 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: iHuman's
growth strategies; its future business development, financial
condition and results of operations; its ability to continue to
attract and retain users, convert non-paying users into paying
users and increase the spending of paying users, the trends in, and
size of, the market in which iHuman operates; its expectations
regarding demand for, and market acceptance of, its products and
services; its expectations regarding its relationships with
business partners; general economic and business conditions;
regulatory environment; and assumptions underlying or related
to any of the foregoing. Further information regarding these and
other risks is included in iHuman's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and iHuman does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About iHuman Inc.
iHuman Inc. is a leading provider of tech-powered, intellectual
development products in China that
is committed to making the child-rearing experience easier for
parents and transforming cognitive development into a fun journey
for children. Benefiting from a deep legacy that combines over two
decades of experience in the parenthood industry, superior original
content, advanced high-tech innovation DNA and research &
development capabilities with cutting-edge technologies, iHuman
empowers parents with tools to make the child-upbringing experience
more efficient. iHuman's unique, fun and interactive product
offerings stimulate children's natural curiosity and exploration.
The Company's comprehensive suite of innovative and high-quality
products include self-directed apps, interactive content and
smart devices that cover a broad variety of areas to develop
children's abilities in speaking, critical thinking, independent
reading and creativity, and foster their natural interest in
traditional Chinese culture. Leveraging advanced technological
capabilities, including 3D engines, AI/AR functionality, and big
data analysis on children's behavior & psychology, iHuman
believes it will continue to provide superior experience that is
efficient and relieving for parents, and effective and fun for
children, in China and all over
the world, through its integrated suite of tech-powered,
intellectual development products.
For more information about iHuman, please visit
https://ir.ihuman.com/.
For investor and media inquiries, please contact:
iHuman Inc.
Mr. Justin Zhang
Investor Relations Director
Phone: +86 10 5780-6606
E-mail: ir@ihuman.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-13801110739
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
iHuman Inc.
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number
of shares, ADSs, per share and per ADS
data)
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
861,682
|
|
855,362
|
|
134,225
|
Accounts receivable,
net
|
77,965
|
|
56,132
|
|
8,808
|
Inventories,
net
|
16,873
|
|
28,054
|
|
4,402
|
Amounts due from
related parties
|
322
|
|
2,845
|
|
446
|
Prepayments and other
current assets
|
64,619
|
|
72,851
|
|
11,431
|
Total current
assets
|
1,021,461
|
|
1,015,244
|
|
159,312
|
Non-current
assets
|
|
|
|
|
|
Property and
equipment, net
|
6,390
|
|
12,286
|
|
1,928
|
Intangible assets,
net
|
11,789
|
|
27,287
|
|
4,282
|
Operating
lease right-of-use assets
|
6,521
|
|
38,237
|
|
6,000
|
Amounts due from
related parties
|
-
|
|
4,223
|
|
663
|
Other non-current
assets
|
784
|
|
3,604
|
|
566
|
Total non-current
assets
|
25,484
|
|
85,637
|
|
13,439
|
Total
assets
|
1,046,945
|
|
1,100,881
|
|
172,751
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
21,551
|
|
30,536
|
|
4,792
|
Deferred revenue and
customer advances
|
268,613
|
|
302,980
|
|
47,544
|
Amounts due to related
parties
|
485
|
|
8,853
|
|
1,389
|
Accrued expenses and
other current liabilities
|
107,029
|
|
115,895
|
|
18,186
|
Current operating
lease liabilities
|
1,544
|
|
24,669
|
|
3,871
|
Total current
liabilities
|
399,222
|
|
482,933
|
|
75,782
|
Non-current
liabilities
|
|
|
|
|
|
Non-current operating
lease liabilities
|
5,070
|
|
9,577
|
|
1,503
|
Total non-current
liabilities
|
5,070
|
|
9,577
|
|
1,503
|
Total
liabilities
|
404,292
|
|
492,510
|
|
77,285
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares (par
value of US$0.0001 per share,
700,000,000 Class A shares authorized as of
December
31, 2020 and December 31, 2021; 122,622,382
Class A
shares issued and outstanding as of December 31,
2020;
125,122,382 Class A shares issued and
123,852,667
outstanding as of December 31, 2021; 200,000,000
Class
B shares authorized, 144,000,000 Class B
ordinary shares
issued and outstanding as of December 31, 2020
and
December 31, 2021; 100,000,000 shares
(undesignated)
authorized, nil shares (undesignated) issued
and
outstanding as of December 31, 2020 and December
31,
2021)
|
184
|
|
185
|
|
29
|
Additional paid-in
capital
|
1,050,304
|
|
1,066,052
|
|
167,287
|
Treasury
stock
|
-
|
|
(164)
|
|
(26)
|
Accumulated other
comprehensive loss
|
(21,861)
|
|
(34,677)
|
|
(5,442)
|
Accumulated
deficit
|
(385,974)
|
|
(423,025)
|
|
(66,382)
|
Total
shareholders' equity
|
642,653
|
|
608,371
|
|
95,466
|
Total liabilities
and shareholders' equity
|
1,046,945
|
|
1,100,881
|
|
172,751
|
iHuman Inc.
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number
of shares, ADSs, per share and per ADS data)
|
|
|
For the three
months ended
|
|
For the year
ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online
subscriptions
|
157,322
|
|
220,461
|
|
220,826
|
|
34,652
|
|
430,466
|
|
832,345
|
|
130,613
|
Offline products and
others
|
32,215
|
|
38,522
|
|
16,996
|
|
2,667
|
|
101,449
|
|
112,377
|
|
17,634
|
Total
revenues
|
189,537
|
|
258,983
|
|
237,822
|
|
37,319
|
|
531,915
|
|
944,722
|
|
148,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online
subscriptions
|
(37,454)
|
|
(55,758)
|
|
(56,252)
|
|
(8,827)
|
|
(107,904)
|
|
(209,625)
|
|
(32,895)
|
Offline products and
others
|
(19,555)
|
|
(23,027)
|
|
(16,661)
|
|
(2,614)
|
|
(58,568)
|
|
(74,473)
|
|
(11,686)
|
Total cost of
revenues
|
(57,009)
|
|
(78,785)
|
|
(72,913)
|
|
(11,441)
|
|
(166,472)
|
|
(284,098)
|
|
(44,581)
|
Gross
profit
|
132,528
|
|
180,198
|
|
164,909
|
|
25,878
|
|
365,443
|
|
660,624
|
|
103,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(69,971)
|
|
(131,088)
|
|
(109,081)
|
|
(17,117)
|
|
(199,510)
|
|
(415,334)
|
|
(65,175)
|
Sales and marketing
expenses
|
(44,605)
|
|
(67,216)
|
|
(36,652)
|
|
(5,751)
|
|
(95,717)
|
|
(202,093)
|
|
(31,713)
|
General and
administrative expenses
|
(81,783)
|
|
(25,761)
|
|
(29,751)
|
|
(4,669)
|
|
(114,667)
|
|
(97,445)
|
|
(15,291)
|
Total operating
expenses
|
(196,359)
|
|
(224,065)
|
|
(175,484)
|
|
(27,537)
|
|
(409,894)
|
|
(714,872)
|
|
(112,179)
|
Operating
loss
|
(63,831)
|
|
(43,867)
|
|
(10,575)
|
|
(1,659)
|
|
(44,451)
|
|
(54,248)
|
|
(8,513)
|
Other income,
net
|
1,853
|
|
5,695
|
|
2,691
|
|
422
|
|
7,441
|
|
17,052
|
|
2,676
|
Loss before income
taxes
|
(61,978)
|
|
(38,172)
|
|
(7,884)
|
|
(1,237)
|
|
(37,010)
|
|
(37,196)
|
|
(5,837)
|
Income tax benefits
(expenses)
|
8,228
|
|
(23)
|
|
(25)
|
|
(4)
|
|
(466)
|
|
145
|
|
23
|
Net
loss
|
(53,750)
|
|
(38,195)
|
|
(7,909)
|
|
(1,241)
|
|
(37,476)
|
|
(37,051)
|
|
(5,814)
|
Accretion to
redemption value of contingently redeemable
ordinary shares
|
(347)
|
|
-
|
|
-
|
|
-
|
|
(10,792)
|
|
-
|
|
-
|
Net loss
attributable to ordinary shareholders
|
(54,097)
|
|
(38,195)
|
|
(7,909)
|
|
(1,241)
|
|
(48,268)
|
|
(37,051)
|
|
(5,814)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
(1.04)
|
|
(0.72)
|
|
(0.15)
|
|
(0.02)
|
|
(1.07)
|
|
(0.69)
|
|
(0.11)
|
-
Diluted
|
(1.04)
|
|
(0.72)
|
|
(0.15)
|
|
(0.02)
|
|
(1.07)
|
|
(0.69)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
51,990,130
|
|
53,324,476
|
|
53,331,950
|
|
53,331,950
|
|
45,267,864
|
|
53,326,360
|
|
53,326,360
|
-
Diluted
|
51,990,130
|
|
53,324,476
|
|
53,331,950
|
|
53,331,950
|
|
45,267,864
|
|
53,326,360
|
|
53,326,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based
compensation expenses included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
1,897
|
|
244
|
|
172
|
|
27
|
|
1,897
|
|
940
|
|
148
|
Research and
development expenses
|
19,499
|
|
(24)
|
|
220
|
|
35
|
|
19,499
|
|
5,431
|
|
852
|
Sales and marketing
expenses
|
2,858
|
|
767
|
|
80
|
|
13
|
|
2,858
|
|
3,010
|
|
472
|
General and
administrative expenses
|
55,637
|
|
1,379
|
|
1,054
|
|
165
|
|
55,637
|
|
5,794
|
|
909
|
iHuman Inc.
|
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number
of shares, ADSs, per share and per ADS data)
|
|
|
For the three
months ended
|
|
For the year
ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(63,831)
|
|
(43,867)
|
|
(10,575)
|
|
(1,659)
|
|
(44,451)
|
|
(54,248)
|
|
(8,513)
|
Share-based
compensation expenses
|
79,891
|
|
2,366
|
|
1,526
|
|
240
|
|
79,891
|
|
15,175
|
|
2,381
|
Adjusted operating
income (loss)
|
16,060
|
|
(41,501)
|
|
(9,049)
|
|
(1,419)
|
|
35,440
|
|
(39,073)
|
|
(6,132)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(53,750)
|
|
(38,195)
|
|
(7,909)
|
|
(1,241)
|
|
(37,476)
|
|
(37,051)
|
|
(5,814)
|
Share-based
compensation expenses
|
79,891
|
|
2,366
|
|
1,526
|
|
240
|
|
79,891
|
|
15,175
|
|
2,381
|
Adjusted net
income (loss)
|
26,141
|
|
(35,829)
|
|
(6,383)
|
|
(1,001)
|
|
42,415
|
|
(21,876)
|
|
(3,433)
|
Accretion to
redemption value of contingently redeemable
ordinary shares
|
(347)
|
|
-
|
|
-
|
|
-
|
|
(10,792)
|
|
-
|
|
-
|
Adjusted net
income (loss) attributable to ordinary
shareholders
|
25,794
|
|
(35,829)
|
|
(6,383)
|
|
(1,001)
|
|
31,623
|
|
(21,876)
|
|
(3,433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per
ADS
|
(1.04)
|
|
(0.72)
|
|
(0.15)
|
|
(0.02)
|
|
(1.07)
|
|
(0.69)
|
|
(0.11)
|
Impact of non-GAAP
adjustments
|
1.52
|
|
0.05
|
|
0.03
|
|
0.00
|
|
1.73
|
|
0.28
|
|
0.05
|
Adjusted diluted
net income (loss) per ADS
|
0.48
|
|
(0.67)
|
|
(0.12)
|
|
(0.02)
|
|
0.66
|
|
(0.41)
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs – diluted
|
51,990,130
|
|
53,324,476
|
|
53,331,950
|
|
53,331,950
|
|
45,267,864
|
|
53,326,360
|
|
53,326,360
|
Incremental dilutive
securities
|
1,934,255
|
|
-
|
|
-
|
|
-
|
|
2,413,145
|
|
-
|
|
-
|
Weighted average
number of ADSs – adjusted
|
53,924,385
|
|
53,324,476
|
|
53,331,950
|
|
53,331,950
|
|
47,681,009
|
|
53,326,360
|
|
53,326,360
|
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SOURCE iHuman Inc.