Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in
real-time engagement technology, today announced its unaudited
financial results for the first quarter ended March 31, 2024.
“Despite a challenging operating environment, we
continued to focus on enhancing the fundamental performance of our
products, for example, launching our new Adaptive Video
Optimization technology and improving the stability of our SDKs to
highest levels in our history,” said Tony Zhao, founder, chairman
and CEO of Agora, Inc. “I firmly believe such improvements will
create value for use cases of today and the future. For instance,
our earlier prediction that generative AI models will interact with
human directly through voice and video is rapidly materializing,
which could benefit from our work today and develop into a core use
case for our real-time engagement technology.”
First Quarter 2024
Highlights
- Total revenues for
the quarter were $33.0 million, a decrease of 9.4% from $36.4
million in the first quarter of 2023.
- Agora: $15.8
million for the quarter, an increase of 4.6% from $15.1 million in
the first quarter of 2023.
- Shengwang:
RMB122.6 million ($17.2 million) for the quarter, a decrease of
16.0% from RMB145.9 million ($21.3 million) in the first quarter of
2023.
- Active Customers
- Agora: 1,720 as of
March 31, 2024, an increase of 16.1% from 1,481 as of March 31,
2023.
- Shengwang: 3,833
as of March 31, 2024, a decrease of 2.2% from 3,919 as of March 31,
2023.
- Dollar-Based Net Retention
Rate
- Agora: 92% for the
trailing 12-month period ended March 31, 2024.
- Shengwang: 78% for
the trailing 12-month period ended March 31, 2024.
- Net loss for the
quarter was $9.5 million, compared to net loss of $16.8 million in
the first quarter of 2023. After excluding share-based compensation
expenses, acquisition related expenses, amortization expenses of
acquired intangible assets and income tax related to acquired
intangible assets, non-GAAP net loss for the quarter was $4.8
million, compared to the non-GAAP net loss of $9.1 million in the
first quarter of 2023.
- Adjusted EBITDA
for the quarter was negative $6.1 million, compared to negative
$6.4 million in the first quarter of 2023.
- Total cash, cash
equivalents, bank deposits and financial products issued by
banks as of March 31, 2024 was $380.8 million.
- Net cash used in operating
activities for the quarter was $6.5 million, compared to
$8.9 million in the first quarter of 2023. Free cash
flow for the quarter was negative $7.1 million, compared
to negative $9.1 million in the first quarter of 2023.
First Quarter 2024 Financial
Results
RevenuesTotal revenues were
$33.0 million in the first quarter of 2024, a decrease of 9.4% from
$36.4 million in the same period last year. Revenues of Agora were
$15.8 million in the first quarter of 2024, an increase of 4.6%
from $15.1 million in the same period last year, primarily due to
our business expansion and usage growth in sectors such as live
shopping. Revenues of Shengwang were RMB122.6 million ($17.2
million) in the first quarter of 2024, a decrease of 16.0% from
RMB145.9 million ($21.3 million) in the same period last year,
primarily due to challenging macroeconomic and regulatory
environment.
Cost of RevenuesCost of
revenues was $12.8 million in the first quarter of 2024, a decrease
of 5.9% from $13.6 million in the same period last year, primarily
due to the decrease in bandwidth usage and co-location costs.
Gross Profit and Gross
MarginGross profit was $20.2 million in the first quarter
of 2024, a decrease of 11.5% from $22.8 million in the same period
last year. Gross margin was 61.2% in the first quarter of 2024, a
decrease of 1.5% from 62.7% in the same period last year, mainly
due to product mix change.
Operating ExpensesOperating
expenses were $33.3 million in the first quarter of 2024, a
decrease of 17.3% from $40.3 million in the same period last
year.
- Research and
development expenses were $18.1 million in the first
quarter of 2024, a decrease of 13.8% from $21.0 million in the same
period last year, primarily due to a decrease in personnel costs as
the Company optimized its global workforce, including a decrease in
share-based compensation from $3.5 million in the first quarter of
2023 to $3.0 million in the first quarter of 2024.
- Sales and
marketing expenses were $6.8 million in the first quarter
of 2024, a decrease of 35.0% from $10.5 million in the same period
last year, primarily due to a decrease in personnel costs as the
Company optimized its global workforce, including a decrease in
share-based compensation from $1.7 million in the first quarter of
2023 to $0.3 million in the first quarter of 2024.
- General and
administrative expenses were $8.4 million in the first
quarter of 2024, a decrease of 4.9% from $8.8 million in the same
period last year, primarily due to a decrease in personnel costs as
the Company optimized its global workforce, including a decrease in
share-based compensation from $1.9 million in the first quarter of
2023 to $1.0 million in the first quarter of 2024.
Loss from OperationsLoss from
operations was $12.6 million in the first quarter of 2024, compared
to $17.0 million in the same period last year.
Interest IncomeInterest income
was $4.7 million in the first quarter of 2024, compared to $4.4
million in the same period last year, primarily due to the increase
in interest rates realized on deposits.
Investment LossInvestment loss
was $2.0 million in the first quarter of 2024, compared to $3.2
million in the same period last year, primarily due to the fair
value change in equity investments.
Net LossNet loss was $9.5
million in the first quarter of 2024, compared to $16.8 million in
the same period last year.
Net Loss per American Depositary Share
attributable to ordinary shareholdersNet loss per American
Depositary Share (“ADS”)1 attributable to ordinary shareholders was
$0.10 in the first quarter of 2024, compared to $0.16 in the same
period last year.
______________1 One ADS represents four Class A
ordinary shares.
Share Repurchase Program
During the three months ended March 31, 2024,
the Company repurchased approximately 4.8 million of its class A
ordinary shares (equivalent to approximately 1.2 million ADSs) for
approximately US$3.2 million under its share repurchase program,
representing 1.6% of its US$200 million share repurchase
program.
As of March 31, 2024, the Company had
repurchased approximately 118.6 million of its class A ordinary
shares (equivalent to approximately 29.7 million ADSs) for
approximately US$107.5 million under its share repurchase program,
representing 54% of its US$200 million share repurchase
program.
As of March 31, 2024, the Company had 368.5
million ordinary shares (equivalent to approximately 92.1 million
ADSs) outstanding, compared to 449.8 million ordinary shares
(equivalent to approximately 112.5 million ADSs) outstanding as of
January 31, 2022 before the share repurchase program commenced.
The current share repurchase program will expire
at the end of February 2025.
Financial Outlook
Based on the currently available information,
the Company expects total revenues for the second quarter of 2024
to be between $34 million and $36 million. This outlook reflects
the Company's current and preliminary views on the market and
operational conditions, which are subject to change.
Earnings Call
The Company will host a conference call to
discuss the financial results at 6 p.m. Pacific Time / 9 p.m.
Eastern Time on May 22, 2024. Details for the conference call are
as follows:Event title: Agora, Inc. 1Q 2024 Financial ResultsThe
call will be available at
https://edge.media-server.com/mmc/p/r6zm2238Investors who want to
hear the call should log on at least 15 minutes prior to the
broadcast. Participants may register for the call with the link
below.https://register.vevent.com/register/BIaa27d7a5123c45dab001be03c5b76e47Please
visit the Company’s investor relations website at
https://investor.agora.io on May 22, 2024 to view the earnings
release and accompanying slides prior to the conference call.
Use of Non-GAAP Financial
Measures
The Company has provided in this press release
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(“GAAP”). The Company uses these non-GAAP financial measures
internally in analyzing its financial results and believe that the
use of these non-GAAP financial measures is useful to investors as
an additional tool to evaluate ongoing operating results and trends
and in comparing its financial results with other companies in its
industry, many of which present similar non-GAAP financial
measures. Besides free cash flow (as defined below), each of these
non-GAAP financial measures represents the corresponding GAAP
financial measure before share-based compensation expenses,
acquisition related expenses, amortization expenses of acquired
intangible assets and income tax related to acquired intangible
assets. The Company believes that such non-GAAP financial measures
help identify underlying trends in its business that could
otherwise be distorted by the effects of such share-based
compensation expenses, acquisition related expenses, amortization
expenses of acquired intangible assets and income tax related to
acquired intangible assets that it includes in its cost of
revenues, total operating expenses and net income (loss). The
Company believes that all such non-GAAP financial measures also
provide useful information about its operating results, enhance the
overall understanding of its past performance and future prospects
and allow for greater visibility with respect to key metrics used
by its management in its financial and operational
decision-making.
Non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures and should be read only in conjunction with the
Company’s consolidated financial statements prepared in accordance
with GAAP. A reconciliation of its historical non-GAAP financial
measures to the most directly comparable GAAP measures has been
provided in the tables captioned “Reconciliation of GAAP to
Non-GAAP Measures” included at the end of this press release, and
investors are encouraged to review the reconciliation.
Definitions of the Company’s non-GAAP financial
measures included in this press release are presented below.
Non-GAAP Net Income (Loss)
Non-GAAP net income (loss) is defined as net
income (loss) adjusted to exclude share-based compensation
expenses, acquisition related expenses, amortization expenses of
acquired intangible assets and income tax related to acquired
intangible assets.
Adjusted EBITDA
Adjusted EBITDA is defined as net income (loss)
before exchange gain (loss), interest income, investment income
(loss), other income, equity in income of affiliates, income taxes,
depreciation of property and equipment, amortization of land use
right, and adjusted to exclude the effects of share-based
compensation expenses, acquisition related expenses and
amortization expenses of acquired intangible assets.
Free Cash Flow
Free cash flow is defined as net cash provided
by operating activities less purchases of property and equipment
(excluding the acquisition of land use right and the construction
in progress for the headquarters project). The Company considers
free cash flow to be a liquidity measure that provides useful
information to management and investors regarding net cash provided
by operating activities and cash used for investments in property
and equipment required to maintain and grow the business.
Operating Metrics
The Company also uses other operating metrics
included in this press release and defined below to assess the
performance of its business.
Active Customers
An active customer at the end of any particular
period is defined as an organization or individual developer from
which the Company generated more than $100 of revenue during the
preceding 12 months. Customers are counted based on unique customer
account identifiers. Generally, one software application uses the
same customer account identifier throughout its life cycle while
one account may be used for multiple applications.
Dollar-Based Net Retention
Rate
Dollar-Based Net Retention Rate is calculated
for a trailing 12-month period by first identifying all customers
in the prior 12-month period, and then calculating the quotient
from dividing the revenue generated from such customers in the
trailing 12-month period by the revenue generated from the same
group of customers in the prior 12-month period. As the vast
majority of revenue generated from Agora’s customers is denominated
in U.S. dollars, while the vast majority of revenue generated from
Shengwang’s customers is denominated in Renminbi, Dollar-Based Net
Retention Rate is calculated in U.S. dollars for Agora and in
Renminbi for Shengwang, which has substantially removed the impact
of foreign currency translations. Shengwang excluded the revenues
from Easemob’s CEC business and K12 academic tutoring sector. The
Company believes Dollar-Based Net Retention Rate facilitates
operating performance comparisons on a period-to-period basis.
Safe Harbor Statements
This press release contains ‘‘forward-looking
statements’’ within the meaning of Section 27A of the Securities
Act of 1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended and the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical or current fact included in this press release are
forward-looking statements, including but not limited to statements
regarding the Company’s financial outlook, beliefs and
expectations. Forward-looking statements include statements
containing words such as “expect,” “anticipate,” “believe,”
“project,” “will” and similar expressions intended to identify
forward-looking statements. Among other things, the Financial
Outlook in this announcement contain forward-looking statements.
These forward-looking statements are based on the Company’s current
expectations and involve risks and uncertainties. The Company’s
actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of these risks and uncertainties, which include, without
limitation, risks related to the growth of the RTE-PaaS market; the
Company’s ability to manage its growth and expand its operations;
the continued impact of COVID-19 on global markets and the
Company’s business, operations and customers; the Company’s ability
to attract new developers and convert them into customers; the
Company’s ability to retain existing customers and expand their
usage of its platform and products; the Company’s ability to drive
popularity of existing use cases and enable new use cases,
including through quality enhancements and introduction of new
products, features and functionalities; the Company’s fluctuating
operating results; competition; the effect of broader technological
and market trends on the Company’s business and prospects; general
economic conditions and their impact on customer and end-user
demand; and other risks and uncertainties included elsewhere in the
Company’s filings with the Securities and Exchange Commission
(“SEC”), including, without limitation, the final prospectus
related to the IPO filed with the SEC on June 26, 2020. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and the Company undertakes no obligation
to revise or update any forward-looking statements to reflect
events or circumstances after the date hereof.
About Agora, Inc.
Agora, Inc. is the Cayman Islands holding
company of two independent divisions, under Agora brand and
Shengwang brand, respectively, whose businesses are conducted
through separate entities.
Headquartered in Santa Clara, California, Agora
is a pioneer and global leader in Real-Time Engagement
Platform-as-a-Service (PaaS), providing developers with simple,
flexible, and powerful application programming interfaces, or APIs,
to embed real-time voice, video, interactive live-streaming, chat,
whiteboard, and artificial intelligence capabilities into their
applications.
Headquartered in Shanghai, China, Shengwang is a
pioneer and leading Real-Time Engagement PaaS provider in the China
market.
For more information on Agora, please visit:
www.agora.ioFor more information on Shengwang, please visit:
www.shengwang.cn
Agora, Inc.Condensed Consolidated Balance
Sheets(Unaudited, in US$ thousands) |
|
As of |
|
|
|
As of |
|
|
March 31, |
|
|
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
41,902 |
|
|
|
36,894 |
|
Short-term bank deposits |
238,008 |
|
|
|
86,924 |
|
Short-term financial products issued by banks |
94,852 |
|
|
|
84,853 |
|
Short-term investments |
5,919 |
|
|
|
7,983 |
|
Accounts receivable, net |
36,843 |
|
|
|
34,668 |
|
Prepayments and other current assets |
19,388 |
|
|
|
9,059 |
|
Contract assets |
1,075 |
|
|
|
1,048 |
|
Total current assets |
437,987 |
|
|
|
261,429 |
|
Property and equipment, net |
4,544 |
|
|
|
5,365 |
|
Construction in progress for the headquarters project |
19,420 |
|
|
|
17,343 |
|
Operating lease right-of-use assets |
3,725 |
|
|
|
4,011 |
|
Intangible assets |
1,001 |
|
|
|
1,274 |
|
Long-term bank deposits |
- |
|
|
|
143,127 |
|
Long-term financial products issued by banks |
6,000 |
|
|
|
20,000 |
|
Long-term investments |
44,596 |
|
|
|
43,893 |
|
Land use right, net |
166,097 |
|
|
|
167,246 |
|
Other non-current assets |
7,084 |
|
|
|
10,907 |
|
Total assets |
690,454 |
|
|
|
674,595 |
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
15,419 |
|
|
|
12,996 |
|
Advances from customers |
8,256 |
|
|
|
7,765 |
|
Taxes payable |
1,346 |
|
|
|
906 |
|
Current operating lease liabilities |
2,350 |
|
|
|
2,447 |
|
Accrued expenses and other current liabilities |
28,484 |
|
|
|
32,780 |
|
Total current liabilities |
55,855 |
|
|
|
56,894 |
|
Long-term payable |
3 |
|
|
|
3 |
|
Long-term operating lease liabilities |
1,314 |
|
|
|
1,726 |
|
Deferred tax liabilities |
154 |
|
|
|
196 |
|
Long-term borrowings |
17,870 |
|
|
|
11,027 |
|
Other non-current liabilities |
19,301 |
|
|
|
- |
|
Total liabilities |
94,497 |
|
|
|
69,846 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares |
39 |
|
|
|
39 |
|
Class B ordinary shares |
8 |
|
|
|
8 |
|
Additional paid-in-capital |
1,139,187 |
|
|
|
1,138,346 |
|
Treasury shares, at cost |
(79,546 |
) |
|
|
(79,716 |
) |
Accumulated other comprehensive loss |
(10,367 |
) |
|
|
(10,027 |
) |
Accumulated deficit |
(453,364 |
) |
|
|
(443,901 |
) |
Total shareholders’ equity |
595,957 |
|
|
|
604,749 |
|
Total liabilities and shareholders’ equity |
690,454 |
|
|
|
674,595 |
|
Agora, Inc.Condensed Consolidated
Statements of Comprehensive Loss(Unaudited, in US$
thousands, except share and per ADS amounts) |
|
Three Months Ended March 31, |
|
2024 |
|
|
|
2023 |
|
Real-time engagement service revenues |
32,222 |
|
|
|
35,101 |
|
Real-time engagement on-premise solution and other revenues |
799 |
|
|
|
1,342 |
|
Total revenues |
33,021 |
|
|
|
36,443 |
|
Cost of revenues |
12,797 |
|
|
|
13,597 |
|
Gross profit |
20,224 |
|
|
|
22,846 |
|
Operating expenses: |
|
|
Research and development |
18,139 |
|
|
|
21,031 |
|
Sales and marketing |
6,814 |
|
|
|
10,476 |
|
General and administrative |
8,380 |
|
|
|
8,809 |
|
Total operating expenses |
33,333 |
|
|
|
40,316 |
|
Other operating income |
476 |
|
|
|
496 |
|
Loss from operations |
(12,633 |
) |
|
|
(16,974 |
) |
Exchange (loss) gain |
(45 |
) |
|
|
117 |
|
Interest income |
4,734 |
|
|
|
4,406 |
|
Interest expense |
(60 |
) |
|
|
- |
|
Investment loss |
(2,035 |
) |
|
|
(3,198 |
) |
Losses from extinguishment of convertible note |
- |
|
|
|
(1,230 |
) |
Loss before income taxes |
(10,039 |
) |
|
|
(16,879 |
) |
Income tax (expenses) benefits |
(140 |
) |
|
|
10 |
|
Equity in income of affiliates |
716 |
|
|
|
67 |
|
Net loss |
(9,463 |
) |
|
|
(16,802 |
) |
Net loss attributable to ordinary shareholders |
(9,463 |
) |
|
|
(16,802 |
) |
Other comprehensive loss: |
|
|
Foreign currency translation adjustments |
(340 |
) |
|
|
2,169 |
|
Gain on available-for-sale debt securities |
- |
|
|
|
1,385 |
|
Total comprehensive loss attributable to ordinary shareholders |
(9,803 |
) |
|
|
(13,248 |
) |
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted |
(0.10 |
) |
|
|
(0.16 |
) |
Weighted-average shares used in computing net loss per ADS
attributable to ordinary shareholders, basic and diluted |
372,186,672 |
|
|
|
424,016,857 |
|
|
|
|
Share-based compensation expenses included in: |
|
|
Cost of revenues |
101 |
|
|
|
217 |
|
Research and development expenses |
3,045 |
|
|
|
3,543 |
|
Sales and marketing expenses |
303 |
|
|
|
1,733 |
|
General and administrative expenses |
985 |
|
|
|
1,931 |
|
Agora, Inc.Condensed Consolidated
Statements of Cash Flows(Unaudited, in US$
thousands) |
|
Three Months Ended March 31, |
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
Net loss |
(9,463 |
) |
|
|
(16,802 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
Share-based compensation expenses |
4,434 |
|
|
|
7,424 |
|
Allowance for current expected credit losses |
2,291 |
|
|
|
1,554 |
|
Depreciation of property and equipment |
1,008 |
|
|
|
2,214 |
|
Amortization of intangible assets |
273 |
|
|
|
346 |
|
Amortization of land use right |
858 |
|
|
|
593 |
|
Deferred tax expense |
(42 |
) |
|
|
(53 |
) |
Amortization of right-of-use asset and interest on lease
liabilities |
660 |
|
|
|
810 |
|
Investment loss |
2,035 |
|
|
|
3,198 |
|
Losses from extinguishment of convertible note |
- |
|
|
|
1,230 |
|
Interest income on debt securities and investments |
- |
|
|
|
(105 |
) |
Equity in income of affiliates |
(716 |
) |
|
|
(67 |
) |
Gain on disposal of property and equipment |
(2 |
) |
|
|
(42 |
) |
Interest expense |
60 |
|
|
|
- |
|
Changes in assets and liabilities, net of effect of
acquisition: |
|
|
Accounts receivable |
(4,507 |
) |
|
|
(2,383 |
) |
Contract assets |
(29 |
) |
|
|
(752 |
) |
Prepayments and other current assets |
(10,358 |
) |
|
|
468 |
|
Other non-current assets |
7,246 |
|
|
|
(848 |
) |
Accounts payable |
2,448 |
|
|
|
1,379 |
|
Advances from customers |
501 |
|
|
|
(295 |
) |
Taxes payable |
441 |
|
|
|
(1,155 |
) |
Deferred income |
(257 |
) |
|
|
- |
|
Operating lease liabilities |
(883 |
) |
|
|
(853 |
) |
Accrued expenses and other liabilities |
(2,485 |
) |
|
|
(4,789 |
) |
Net cash used in operating activities |
(6,487 |
) |
|
|
(8,928 |
) |
Cash flows from investing activities: |
|
|
Purchase of short-term bank deposits |
(31,100 |
) |
|
|
(129,521 |
) |
Purchase of short-term financial products issued by banks |
- |
|
|
|
(10,005 |
) |
Proceeds from maturity of short-term bank deposits |
23,143 |
|
|
|
304,537 |
|
Proceeds from maturity of short-term financial products issued by
banks |
10,029 |
|
|
|
8,310 |
|
Purchase of long-term bank deposits |
- |
|
|
|
(112,606 |
) |
Purchase of long-term financial products issued by banks |
(6,000 |
) |
|
|
(20,000 |
) |
Purchase of long-term investments |
- |
|
|
|
(15 |
) |
Purchase of property and equipment |
(587 |
) |
|
|
(185 |
) |
Purchase of land use right |
- |
|
|
|
(5,133 |
) |
Purchase of construction in progress for the headquarters
project |
(6,778 |
) |
|
|
(2,047 |
) |
Cash received for business disposal |
- |
|
|
|
3,062 |
|
Disposal of property and equipment |
7 |
|
|
|
43 |
|
Cash paid for a business combination |
- |
|
|
|
(3,680 |
) |
Net cash (used in) provided by investing activities |
(11,286 |
) |
|
|
32,760 |
|
Cash flows from financing activities: |
|
|
Proceeds from long-term borrowings |
6,855 |
|
|
|
- |
|
Deposits returned for business disposal |
- |
|
|
|
(1,000 |
) |
Proceeds from exercise of employees’ share options |
208 |
|
|
|
24 |
|
Deposit received in relation to headquarters project |
19,280 |
|
|
|
- |
|
Repurchase of Class A ordinary shares |
(3,408 |
) |
|
|
(19,403 |
) |
Repayment of interest |
(111 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
22,824 |
|
|
|
(20,379 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents
and restricted cash |
(43 |
) |
|
|
(413 |
) |
Net increase in cash, cash equivalents and restricted cash |
5,008 |
|
|
|
3,040 |
|
Cash balance recorded in held-for sale assets at beginning of
period |
- |
|
|
|
1,488 |
|
Cash, cash equivalents and restricted cash at beginning of period
* |
37,174 |
|
|
|
45,827 |
|
Cash, cash equivalents and restricted cash at end of period ** |
42,182 |
|
|
|
50,355 |
|
Supplemental disclosure of cash flow information: |
|
|
Income taxes paid |
108 |
|
|
|
22 |
|
Cash payments included in the measurement of operating lease
liabilities |
883 |
|
|
|
853 |
|
Right-of-use assets obtained in exchange for operating lease
obligations |
336 |
|
|
|
3,694 |
|
Non-cash financing and investing activities: |
|
|
Proceeds receivable from exercise of employees’ share options |
90 |
|
|
|
167 |
|
Payables for property and equipment |
1 |
|
|
|
182 |
|
Payables for construction in progress for the headquarters
project |
1,796 |
|
|
|
272 |
|
Payables for business disposal |
- |
|
|
|
93 |
|
Proceeds receivable for disposal |
- |
|
|
|
2,800 |
|
Payables for interest |
17 |
|
|
|
- |
|
Payables for treasury shares, at cost |
25 |
|
|
|
730 |
|
|
|
|
* Includes restricted cash balance |
280 |
|
|
|
154 |
|
** includes restricted cash balance |
280 |
|
|
|
130 |
|
Agora, Inc.Reconciliation of GAAP to
Non-GAAP Measures(Unaudited, in US$ thousands,
except share and per ADS amounts) |
|
Three Months Ended March 31, |
|
2024 |
|
|
|
2023 |
|
GAAP net loss |
(9,463 |
) |
|
|
(16,802 |
) |
Add: |
|
|
Share-based compensation expenses |
4,434 |
|
|
|
7,424 |
|
Acquisition related expenses |
- |
|
|
|
(44 |
) |
Amortization expenses of acquired intangible assets |
273 |
|
|
|
345 |
|
Income tax related to acquired intangible assets |
(42 |
) |
|
|
(53 |
) |
Non-GAAP net loss |
(4,798 |
) |
|
|
(9,130 |
) |
|
|
|
GAAP Net loss |
(9,463 |
) |
|
|
(16,802 |
) |
Excluding: |
|
|
Exchange loss (gain) |
45 |
|
|
|
(117 |
) |
Interest income |
(4,734 |
) |
|
|
(4,406 |
) |
Interest expense |
60 |
|
|
|
- |
|
Losses from extinguishment of convertible note |
- |
|
|
|
1,230 |
|
Investment loss |
2,035 |
|
|
|
3,198 |
|
Equity in income of affiliates |
(716 |
) |
|
|
(67 |
) |
Income tax expenses (benefits) |
140 |
|
|
|
(10 |
) |
Depreciation of property and equipment |
1,008 |
|
|
|
2,214 |
|
Amortization of land use right |
858 |
|
|
|
593 |
|
Share-based compensation expenses |
4,434 |
|
|
|
7,424 |
|
Acquisition related expenses |
- |
|
|
|
(44 |
) |
Amortization expenses of acquired intangible assets |
273 |
|
|
|
345 |
|
Adjusted EBITDA |
(6,060 |
) |
|
|
(6,442 |
) |
|
|
|
Net cash used in operating activities |
(6,487 |
) |
|
|
(8,928 |
) |
Purchase of property and equipment |
(587 |
) |
|
|
(185 |
) |
Free Cash Flow |
(7,074 |
) |
|
|
(9,113 |
) |
Net cash (used in) provided by investing activities |
(11,286 |
) |
|
|
32,760 |
|
Net cash provided by (used in) financing activities |
22,824 |
|
|
|
(20,379 |
) |
Investor Contact:
investor@agora.io
Media Contact:
press@agora.io
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