- Revenues of BaiJiaYun Limited grow by 65% as real-time video
communications solutions see high adoption, penetrate new vertical
markets
BEIJING, Jan. 20,
2023 /PRNewswire/ -- Baijiayun Group Ltd ("Baijiayun"
or the "Company") (Nasdaq: RTC), a video-centric technology
solution provider with core expertise in SaaS/PaaS solutions, today
announced the financial results for the fiscal year ended
June 30, 2022 of BaiJiaYun Limited,
its wholly-owned subsidiary.
Financial Highlights for the Fiscal Year Ended June 30, 2022 of BaiJiaYun Limited
- Total revenues increased by 65.5% year over year to
$68.6 million for FY 2022
- Selling and marketing expenses as a percentage of total
revenues decreased from 15.8% for FY 2021to 10.8% for FY 2022
- Net loss was $12.6 million for FY
2022 as compared to net income of $3.6
million for FY 2021
- Non-GAAP net loss[1] was $1.7
million for FY 2022 compared to non-GAAP net income of
$3.6 million for FY 2021
- Non-GAAP adjusted EBITDA1 was negative $5.5 million for FY 2022 compared to positive
$2.6 million for FY 2021
"We delivered blistering revenue growth last fiscal year,
benefiting from our differentiated value proposition as a one-stop
video technology solutions provider in China," commented Mr. Gangjiang Li, chairman
and CEO of the Company.
"We have built industry-leading proprietary Real-Time
Communications (RTC) video capabilities as the core of our
competitive advantages. Our cloud-based network architecture
provides one of the highest compatibility, availability, and
scalability of video-centric solutions in China. This technology enables our customers
to benefit from ultra-low latency, high-concurrency capacity, and
data security in real-time interactions.
"In the future, we will continue to focus on further enhancing
the functionality of our platform, cultivating multiple vertical
markets, and developing AI-enabled services while improving the
customer experience to seize greater market share in the
fast-growing video cloud total solutions marketplace. Real-time
video represents the future of scalable communications across a
wide range of use cases, including education, sales, leadership and
training, healthcare, customer service, and R&D and technology
collaboration. We believe that we have the opportunity to build an
industry-leading platform while transforming the way that people
learn, collaborate, heal, and work," Mr. Li
concluded.
Operating Highlights for the Fiscal Year Ended June 30, 2022 of BaiJiaYun Limited
- To take advantage of the rapid growth of the video cloud
solutions industry in China, the
Company formed a new strategic pattern to comprehensively develop
three main business lines, with video-centric software-as-a-service
(SaaS) and platform-as-a-service (PaaS) solutions as the
foundation. This platform is bolstered by cloud and software
related solutions and AI and system solutions to deliver total
solution to the customers and increase customer stickiness.
- Baijiayun has successfully expanded its service scope from
audio and video SaaS /PaaS services focused on the education sector
to a wide range of additional industries, including finance,
medical services, automotive, and IT.
- Expansion into new vertical markets and uses cases has driven
the explosive business growth. The total number of customers of
BaiJiaYun Limited reached 2,830 as of June
30, 2022, representing an increase of 17.7% compared with
June 30, 2021.
- For BaiJiaYun Limited, in FY 2022, the total number of user
visits to live-streaming large-class courses reached 70.1
million, the total duration of such live streaming courses exceeded
4.3 million hours, and the cumulative viewing time of such live
streaming courses was 70.6 million hours, representing a
year-over-year increase of 21.6%, 12.7%, and 24.3%,
respectively.
Mr. Yi Ma, president of the
Company, added, "From our inception in 2017, we have delivered
standardized and customized solutions to 2,830 customers of all
sizes and across industries through June
30, 2022. Our deep understanding of digital
transformation in various verticals and our superb track record of
delivering reliable, high-quality video experiences to customers
have enabled us to establish a foothold in important new massive
markets, including financial services and public education. To meet
the demands of these customers for security and data privacy, we
have increased the contribution of our private cloud solutions and
AI embedded in hardware components, both of which have a higher
delivery cost and compressed our margins in FY 2022. Over time, we
believe that this strategic investment will provide us with a
first-mover advantage and enable us to earn attractive returns as
an industry leader.
"Our one-stop vertically integrated approach as a comprehensive
video technology solutions provider will enhance our value
propositions to our customers in solving their pain points in video
technology applications, speeding deployments, reducing costs, and
improving efficiency and scalability through intelligent
automation."
Fiscal Year 2022 Financial Results of BaiJiaYun
Limited
Revenues
Total revenues were $68.6 million
in FY 2022, representing an increase of 65.5% from $41.4 million in FY2021, primarily due to
acquisition of new customers and expansion of solutions and
services offerings.
BaiJiaYun Limited breaks down its total revenues into three main
categories:
- SaaS/PaaS solutions
- Cloud-related services
- AI solution services
The increase in total revenues was due to 1) a 46.8% increase in
the revenues from SaaS/PaaS solutions to $31.3 million in FY 2022 from $21.3 million in FY 2021 due to an increased
number of customers and new vertical markets, 2) a surge in
customized platform development services from nil in FY 2021 to
$10.3 million in FY 2022, and 3) a
43.7% increase in the revenues from AI solution services to
$25.1 million in FY 2022 from
$17.5 million in FY 2021 resulting
from increasing customer demand to integrate AI-enabled devices and
applications with real-time communications solutions.
Cost of Revenues
Cost of revenues was $50.2 million
in FY 2022, a significant increase compared to $22.9 million recorded in FY 2021, primarily due
to a significant increase in AI solutions cost and software
development and customization costs associated with the growth of
private cloud-related services and AI solution services, along with
the increase in SMS cost.
Gross Profit and Gross Margin
Gross profit remained stable at $18.5
million and $18.4 million in
FY 2021 and FY 2022, respectively. Gross profit margin decreased
from 44.7% in FY 2021 to 26.9% in FY 2022, primarily due to 1) the
introduction of customized platform development services, which had
a relatively lower profit margin, 2) the decrease in gross profit
margin of AI solution services from 29.5% in FY 2021 to 23.9% in FY
2022 as hardware products were purchased and integrated into AI and
system solutions projects, and 3) an increase in the percentage of
revenues contributed by SMS solutions, which has a relatively low
gross profit margin.
Operating Expenses
Total operating expenses increased significantly to $35.2 million in FY 2022 from $16.1 million in FY 2021.
- Selling and marketing (S&M) expenses were $7.4 million in FY 2022, representing an increase
of 12.8% from $6.5 million in FY
2021. S&M expenses included $1.0
million of share-based compensation expenses in FY 2022 to
incentivize its sales and marketing personnel as compared to nil in
FY 2021. General staff compensation for sales and marketing
personnel increased from $3.8 million
in FY 2021 to $4.5 million in FY 2022
as a result of the expansion of its sale team to accommodate
business growth. As a percentage of total revenues, the sales and
marketing expenses decreased from 15.8% in FY 2021 to 10.8% in FY
2022.
- General and administrative (G&A) increased significantly to
$14.8 million in FY 2022 from
$3.7 million in FY 2021. G&A
expenses included $2.0 million of
share-based compensation expenses to our management and employees
in recognition of their continued services as compared to nil in
the prior fiscal year. BaiJiaYun Limited recorded bad debt expenses
of $7.8 million in FY 2022 versus
$0.6 million in FY 2021. The bad debt
expenses were a result of increasing accounts receivables due to
the negative impacts from China's
restrictive zero-Covid policy in 2022 and entry into market
segments where customers often face payment delays. BaiJiaYun
Limited remains optimistic that most of these receivables will
eventually be collected as business practices normalize now that
COVID restrictions are being lifted in China.
- Research and development (R&D) expenses increased
significantly to $13.0 million in FY
2022 from $5.8 million in FY 2021.
R&D expenses included $6.3
million of share-based compensation expenses to motivate its
R&D personnel as compared to nil in FY 2021. BaiJiaYun Limited
expects that share-based compensation expenses will move to a
moderate level in the future following the completion of the
going-public transaction.
Operating Income/(Loss)
Operating loss was $16.8 million
in FY 2022 as compared to operating income of $2.4 million in FY 2021. The operating margin
decreased from 5.8% in FY 2021 to (24.5%) in FY 2022, reflecting
the decrease in gross margin, and increases in share-based
compensation expenses and bad debt expenses.
Income Tax Benefits/(Expenses)
Income tax benefits were $1.6
million in FY 2022 as compared to income tax expenses of
$0.3 million in FY 2021.
Net Income/(Loss)
Net loss was $12.6 million in FY
2022 as compared to net income of $3.6
million in FY 2021.
Non-GAAP net loss was $1.7 million
in FY 2022 compared to non-GAAP net income of $3.7 million in FY 2021.
Basic and diluted loss per share was $0.38 in FY 2022, compared to $0.04 in FY 2021.
Financial Outlook for the Fiscal Year 2023 of BaiJiaYun
Limited
Based on currently available information, BaiJiaYun Limited
expects total revenues for the fiscal year ending June 30, 2023 to be between $90 million and $103
million, and expects to return to profitability under
non-GAAP measures with non-GAAP net income of between $5 and $7 million.
This outlook reflects the current and preliminary views of
BaiJiaYun Limited on the market and operational conditions, and is
subject to various changes and uncertainties, including but not
limited to the impact of the COVID-19 pandemic.
Use of Non-GAAP Financial Measures of BaiJiaYun
Limited
BaiJiaYun Limited 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"), including non-GAAP net income/(loss)
and non-GAAP adjusted EBITDA. BaiJiaYun Limited uses these non-GAAP
financial measures internally in analyzing its financial results
and for financial and operational decision-making purposes.
BaiJiaYun Limited believes that such non-GAAP financial measures
provide useful information to investors and others 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 consolidated
financial statements of BaiJiaYun Limited prepared in accordance
with GAAP. Non-GAAP financial measures presented here may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
the data of BaiJiaYun Limited. A reconciliation of the historical
non-GAAP financial measures to the most directly comparable GAAP
measures has been provided in the table 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 non-GAAP financial measures of BaiJiaYun
Limited included in this press release are presented below.
Non-GAAP Net Income/(Loss)
BaiJiaYun Limited defines non-GAAP net income/(loss) as net
income/(loss) adjusted to exclude share-based compensation expenses
and reverse acquisition related expenses.
Non-GAAP Adjusted EBITDA
BaiJiaYun Limited defines non-GAAP adjusted EBITDA as net
income/(loss) before interest income, income tax
benefits/(expenses), depreciation and amortization expenses,
exchange gain/(loss), investment income/(loss), gain/(loss) from
equity method investments, other income, net and amortization of
internally developed software, and adjusted to exclude the effects
of share-based compensation expenses and reverse acquisition
related expenses.
Change of Fiscal Year End and Auditor The board of
directors of the Company approved a change of fiscal year end from
December 31 to June 30 upon
completion of the transaction between BaiJiaYun Limited and Fuwei
Films (Holdings) Co., Ltd. On January 12,
2023, the Company appointed MaloneBailey, LLP
("MaloneBailey") as its independent registered public accounting
firm for the fiscal year ending June 30,
2023. The appointment of MaloneBailey was made after a
careful and thorough evaluation process, and was approved by the
board and its audit committee. MaloneBailey succeeds Shandong
Haoxin Certified Public Accountants Co., Ltd. ("Shandong Haoxin"),
the Company's previous independent registered public accounting
firm. The Company's decision to change its auditor was not the
result of any disagreement between the Company and Shandong Haoxin
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure. The Company
is working closely with Shandong Haoxin and MaloneBailey to ensure
a seamless transition.
Safe Harbor Statement
This press release contains certain "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 parties' perspectives and expectations, are
forward-looking statements. The words "will, " "expect, " "believe,
" "estimate, " "intend, " "plan" and similar expressions indicate
forward-looking statements.
Such forward-looking statements are inherently uncertain, and
shareholders and other potential investors must recognize that
actual results may differ materially from the expectations as a
result of a variety of factors. Such forward-looking statements are
based upon management's current expectations and include known and
unknown risks, uncertainties, and other factors, many of which are
hard to predict or control, that may cause the actual results,
performance, or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. The forward-looking information provided herein
represents the Company's estimates as of the date of this press
release, and subsequent events and developments may cause the
Company's estimates to change.
The Company specifically disclaims any obligation to update the
forward-looking information in the future. Therefore, this
forward-looking information should not be relied upon as
representing the Company's estimates of its future financial
performance as of any date subsequent to the date of this press
release.
A further list and description of risks and uncertainties can be
found in the documents that the Company has filed or furnished or
may file or furnish with the U.S. Securities and Exchange
Commission, which you are encouraged to read. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements. Forward-looking
statements relate only to the date they were made, and the Company
undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
About Baijiayun Group Ltd
Baijiayun is a video-centric technology solution provider with
core expertise in SaaS/PaaS solutions. Baijiayun is committed to
delivering reliable, high-quality video experiences across devices
and localities and has grown rapidly since the inception in 2017.
Premised on its industry-leading video-centric technologies,
Baijiayun offers a wealth of video-centric technology solutions
including Video SaaS/PaaS, Video Cloud and Software, and Video AI
and System Solutions. Baijiayun is catered to the evolving
communications and collaboration needs of enterprises of all sizes
and industries, which makes Baijiayun a one-stop video-centric
technology solution provider.
The following financial statements are derived from Form-20 F to
be filed with US Securities and Exchange Commission (SEC) by the
Company.
BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(All amounts in US$ thousands, except for share and
per share data)
|
|
|
|
|
|
|
|
|
For the Years Ended
June 30,
|
|
|
2022
|
|
2021
|
Revenues
|
|
$
|
68,600
|
|
$
|
41,449
|
Cost of
revenues
|
|
|
(50,168)
|
|
|
(22,921)
|
Gross
profit
|
|
|
18,432
|
|
|
18,528
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
(7,379)
|
|
|
(6,539)
|
General and
administrative expenses
|
|
|
(14,781)
|
|
|
(3,746)
|
Research and
development expenses
|
|
|
(13,048)
|
|
|
(5,806)
|
Total operating
expenses
|
|
|
(35,208)
|
|
|
(16,091)
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
|
|
(16,776)
|
|
|
2,437
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
51
|
|
|
316
|
Investment
income
|
|
|
768
|
|
|
777
|
Gain (loss) from equity
method investments
|
|
|
581
|
|
|
(4)
|
Other income,
net
|
|
|
1,118
|
|
|
465
|
(Loss) Income Before
Income Taxes
|
|
|
(14,258)
|
|
|
3,991
|
|
|
|
|
|
|
|
Income tax
benefit/(expenses)
|
|
|
1,638
|
|
|
(342)
|
|
|
|
|
|
|
|
Net (Loss)
Income
|
|
|
(12,620)
|
|
|
3,649
|
Less: Net income (loss)
attributable to non-controlling interests
|
|
|
195
|
|
|
192
|
Net (Loss) Income
attributable to BaiJiaYun Limited
|
|
|
(12,815)
|
|
|
3,457
|
Accretion of
convertible redeemable preferred shares
|
|
|
(3,865)
|
|
|
(3,029)
|
Deemed dividends to
convertible redeemable preferred shareholders
|
|
|
—
|
|
|
(2,085)
|
Net income attributable
to BaiJiaYun Limited's preferred shareholders
|
|
|
—
|
|
|
—
|
Net (Loss)
attributable to BaiJiaYun Limited's ordinary
shareholders
|
|
$
|
(16,680)
|
|
$
|
(1,657)
|
|
|
|
|
|
|
|
Net (Loss)
Income
|
|
$
|
(12,620)
|
|
$
|
3,649
|
Other comprehensive
(Loss) Income
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(294)
|
|
|
(334)
|
Comprehensive (Loss)
Income
|
|
|
(12,914)
|
|
|
3,315
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
|
|
195
|
|
|
192
|
Comprehensive (loss)
income available to BaiJiaYun Limited
|
|
|
(13,109)
|
|
|
3,123
|
Accretion of
convertible redeemable preferred shares
|
|
|
(3,865)
|
|
|
(3,030)
|
Deemed dividends to
convertible redeemable preferred shareholders
|
|
|
—
|
|
|
(2,085)
|
Net income attributable
to BaiJiaYun Limited's preferred shareholders
|
|
|
—
|
|
|
—
|
Comprehensive (loss)
income attributable to BaiJiaYun Limited's ordinary
shareholders
|
|
$
|
(16,974)
|
|
$
|
(1,991)
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding used in computing (loss)
earnings per share
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
44,069,300
|
|
|
41,204,699
|
(Loss) earnings per
share
|
|
|
|
|
|
|
Basic and
Diluted
|
|
$
|
(0.38)
|
|
$
|
(0.04)
|
BAIJIAYUN LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts in US$
thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
As of June
30,
|
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
16,603
|
|
$
|
48,295
|
Restricted
cash
|
|
|
8,376
|
|
|
8,865
|
Short-term
investments
|
|
|
7,855
|
|
|
7,788
|
Notes
receivable
|
|
|
108
|
|
|
—
|
Accounts receivable,
net
|
|
|
22,522
|
|
|
9,057
|
Accounts receivable –
related party
|
|
|
96
|
|
|
—
|
Prepayments
|
|
|
4,008
|
|
|
967
|
Prepayments – related
party
|
|
|
314
|
|
|
329
|
Inventories
|
|
|
1,832
|
|
|
569
|
Deferred contract
costs
|
|
|
10,024
|
|
|
2,611
|
Due from related
parties
|
|
|
90
|
|
|
564
|
Prepaid expenses and
other current assets, net
|
|
|
3,105
|
|
|
2,095
|
Total current
assets
|
|
|
74,933
|
|
|
81,140
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
585
|
|
|
367
|
Intangible assets,
net
|
|
|
3,345
|
|
|
554
|
Operating lease right
of use assets
|
|
|
1,328
|
|
|
1,258
|
Deferred tax
assets
|
|
|
2,194
|
|
|
176
|
Long-term
deposits
|
|
|
—
|
|
|
243
|
Long-term
investments
|
|
|
25,012
|
|
|
795
|
Goodwill
|
|
|
1,145
|
|
|
—
|
Other non-current
assets
|
|
|
366
|
|
|
348
|
Total non-current
assets
|
|
|
33,975
|
|
|
3,741
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
108,908
|
|
$
|
84,881
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Deposit
payable
|
|
$
|
—
|
|
$
|
11,616
|
Short-term
borrowing
|
|
|
149
|
|
|
—
|
Accounts and notes
payable
|
|
|
23,280
|
|
|
8,356
|
Advance from
customers
|
|
|
5,906
|
|
|
5,380
|
Advance from customers
– related parties
|
|
|
269
|
|
|
1,706
|
Income tax
payable
|
|
|
417
|
|
|
21
|
Deferred
revenue
|
|
|
1,001
|
|
|
251
|
Deferred revenue –
related party
|
|
|
64
|
|
|
181
|
Due to related
parties
|
|
|
12,993
|
|
|
488
|
Operating lease
liabilities, current
|
|
|
625
|
|
|
575
|
Accrued expenses and
other liabilities
|
|
|
4,599
|
|
|
4,852
|
Total current
liabilities
|
|
|
49,303
|
|
|
33,426
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
210
|
|
|
—
|
Operating lease
liabilities, noncurrent
|
|
|
551
|
|
|
628
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
50,064
|
|
|
34,054
|
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
|
Series Seed convertible
redeemable preferred shares (par value $0.0001 per share, 4,675,347
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
1,078
|
|
|
1,119
|
Series A convertible
redeemable preferred shares (par value $0.0001 per share, 5,205,637
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
3,136
|
|
|
3,078
|
Series A-1 convertible
redeemable preferred shares (par value $0.0001 per share, 5,202,768
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
6,592
|
|
|
6,500
|
Series A-2 convertible
redeemable preferred shares (par value $0.0001 per share, 3,540,046
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
4,630
|
|
|
4,514
|
Series A-3 convertible
redeemable preferred shares (par value $0.0001 per share, 3,789,358
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
4,843
|
|
|
4,715
|
Series B convertible
redeemable preferred shares (par value $0.0001 per share,
11,047,269 shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
23,677
|
|
|
23,076
|
Series B+ convertible
redeemable preferred shares (par value $0.0001 per share, 5,424,746
shares authorized, issued
and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
12,708
|
|
|
12,316
|
Series C convertible
redeemable preferred shares (par value $0.0001 per share, 2,419,909
shares and nil shares authorized,
issued and outstanding as of June 30, 2022 and 2021,
respectively)
|
|
|
12,206
|
|
|
—
|
Total Mezzanine
Equity
|
|
|
68,870
|
|
|
55,318
|
|
|
|
|
|
|
|
Shareholders'
deficit
|
|
|
|
|
|
|
Ordinary shares (par
value $0.0001 per share, 458,694,920 shares authorized, 44,069,300
shares issued and outstanding
as of June 30, 2022 and 2021, respectively)
|
|
|
4
|
|
|
4
|
Additional paid-in
capital
|
|
|
5,657
|
|
|
—
|
Statutory
reserve
|
|
|
919
|
|
|
18
|
Accumulated
deficit
|
|
|
(18,411)
|
|
|
(4,695)
|
Accumulated other
comprehensive loss
|
|
|
(276)
|
|
|
(67)
|
Total shareholders'
deficit attributable to BaiJiaYun Limited
|
|
|
(12,107)
|
|
|
(4,740)
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
|
2,081
|
|
|
250
|
|
|
|
|
|
|
|
Total shareholders'
deficit
|
|
|
(10,026)
|
|
|
(4,490)
|
|
|
|
|
|
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT
|
|
$
|
108,908
|
|
$
|
84,882
|
BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(All amounts in US$ thousands)
|
|
|
|
|
|
|
|
|
For the Years Ended
June 30,
|
|
|
2022
|
|
2021
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(12,620)
|
|
$
|
3,649
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization expenses
|
|
|
347
|
|
|
128
|
Amortization of
operating lease right of use assets
|
|
|
621
|
|
|
583
|
Provision for doubtful
accounts
|
|
|
7,785
|
|
|
631
|
Deferred income tax
expenses
|
|
|
(2,116)
|
|
|
325
|
Deemed dividends from
disposal of a subsidiary
|
|
|
—
|
|
|
113
|
Investment income on
short-term investments
|
|
|
(768)
|
|
|
(778)
|
Gain (loss) from equity
method investments
|
|
|
(581)
|
|
|
4
|
Share-based
compensation
|
|
|
9,522
|
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(20,343)
|
|
|
(6,777)
|
Accounts receivable,
net - related party
|
|
|
(99)
|
|
|
—
|
Notes
receivable
|
|
|
(68)
|
|
|
—
|
Prepayments
|
|
|
(3,173)
|
|
|
(221)
|
Prepayments - related
party
|
|
|
3
|
|
|
3
|
Inventories
|
|
|
(893)
|
|
|
1,130
|
Deferred contract
costs
|
|
|
(7,789)
|
|
|
(2,461)
|
Due from related
parties
|
|
|
231
|
|
|
(388)
|
Prepaid expenses and
other current assets, net
|
|
|
(3,502)
|
|
|
(697)
|
Long-term
deposits
|
|
|
243
|
|
|
(47)
|
Other non-current
assets
|
|
|
(32)
|
|
|
—
|
Accounts and notes
payable
|
|
|
15,761
|
|
|
6,657
|
Accounts and notes
payable - related parties
|
|
|
—
|
|
|
—
|
Advance from
customers
|
|
|
696
|
|
|
(936)
|
Advance from customers
- related parties
|
|
|
(1,428)
|
|
|
1,657
|
Income tax
payable
|
|
|
411
|
|
|
21
|
Deferred
revenue
|
|
|
788
|
|
|
122
|
Deferred revenue -
related party
|
|
|
(114)
|
|
|
169
|
Operating lease
liabilities
|
|
|
(723)
|
|
|
(599)
|
Accrued expenses and
other liabilities
|
|
|
18
|
|
|
2,541
|
Net cash provided by
(used in) operating activities
|
|
|
(17,823)
|
|
|
4,829
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
|
(544)
|
|
|
(250)
|
Capitalization of
software development cost
|
|
|
(1,467)
|
|
|
(540)
|
Acquisition of
long-term investments
|
|
|
(25,938)
|
|
|
(741)
|
Purchases of short-term
investments
|
|
|
(172,619)
|
|
|
(281,980)
|
Redemption of
short-term investments
|
|
|
173,027
|
|
|
293,337
|
Business combinations,
net of cash acquired
|
|
|
25
|
|
|
—
|
Net cash provided by
(used in) investing activities
|
|
|
(27,516)
|
|
|
9,826
|
BAIJIAYUN LIMITED
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(All amounts in US$ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended
June 30,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
Deposits received from
a Series C preferred shareholder
|
|
|
—
|
|
|
11,326
|
Return of deposits
received from a Series C preferred shareholder
|
|
|
(11,820)
|
|
|
—
|
Payment of deferred
offering costs
|
|
|
—
|
|
|
(98)
|
Contribution from the
non-controlling shareholders
|
|
|
—
|
|
|
303
|
Proceeds from issuance
of Series B and Series B+ convertible redeemable preferred
shares
|
|
|
—
|
|
|
28,029
|
Issuance cost in
connection with issuance of Series B and Series B+ convertible
redeemable
preferred shares
|
|
|
—
|
|
|
(303)
|
Proceeds from issuance
of Series C convertible redeemable preferred shares
|
|
|
11,807
|
|
|
—
|
Loans from related
parties
|
|
|
15,049
|
|
|
79
|
Repayment to a related
party
|
|
|
(2,071)
|
|
|
—
|
Proceeds from
short-term borrowing
|
|
|
155
|
|
|
—
|
Net cash provided by
financing activities
|
|
|
13,120
|
|
|
39,336
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
|
39
|
|
|
2,152
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
(32,181)
|
|
|
56,144
|
Cash, cash equivalents
and restricted cash at beginning of the year
|
|
|
57,160
|
|
|
1,016
|
Cash, cash
equivalents and restricted cash at end of the year
|
|
$
|
24,979
|
|
$
|
57,160
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
|
|
|
|
Cash paid for interest
expense
|
|
$
|
417
|
|
$
|
78
|
Cash paid for income
tax
|
|
|
53
|
|
|
812
|
|
|
|
|
|
|
|
Non-cash Operating,
Investing and Financing activities
|
|
|
|
|
|
|
Operating lease right
of use assets obtained in exchange for operating lease
liabilities
|
|
$
|
739
|
|
$
|
953
|
Remeasurement of
operating lease liabilities and right of use assets due to
lease
modification
|
|
|
1
|
|
|
—
|
Accretion of
convertible redeemable preferred shares
|
|
|
3,865
|
|
|
3,030
|
Receivables from
related parties settled with payables to related parties
|
|
|
240
|
|
|
—
|
Deemed dividends to
convertible redeemable preferred shareholders
|
|
|
—
|
|
|
2,085
|
Contribution from
preferred shareholders in connection with modification of interest
rate
in the event of redemption
|
|
|
—
|
|
|
102
|
Issuance of shares in
exchange for acquisition of equity interest in controlling
subsidiaries
|
|
|
—
|
|
|
3,332
|
Investment in an equity
investee through borrowing from a related party
|
|
|
—
|
|
|
378
|
BAIJIAYUN LIMITED
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES
(All amounts in US$ thousands)
|
|
|
|
|
|
|
|
|
For the Years Ended
June 30,
|
|
|
|
2022
|
|
2021
|
|
Revenues
|
|
$
|
68,600
|
|
$
|
41,449
|
|
Cost of
revenues
|
|
|
(50,169)
|
|
|
(22,922)
|
|
Total operating
expenses
|
|
|
(35,208)
|
|
|
(16,091)
|
|
(Loss) income from
operations
|
|
|
(16,777)
|
|
|
2,436
|
|
(Loss) income before
income taxes
|
|
|
(14,258)
|
|
|
3,991
|
|
Income tax
benefit/(expenses)
|
|
|
1,637
|
|
|
(342)
|
|
Net (Loss) Income
per GAAP
|
|
|
(12,621)
|
|
|
3,649
|
|
Interest
income
|
|
|
51
|
|
|
316
|
|
Income tax
benefit/(expenses)
|
|
|
1,637
|
|
|
(342)
|
|
Depreciation and
amortization expenses
|
|
|
347
|
|
|
128
|
|
EBITDA per
GAAP
|
|
|
(13,962)
|
|
|
3,803
|
|
Cost of revenues -
share-based compensation (SBC)
|
|
|
247
|
|
|
—
|
|
Selling and marketing
expenses - SBC
|
|
|
993
|
|
|
—
|
|
General and
administrative expenses - SBC
|
|
|
1,977
|
|
|
—
|
|
Research and
development expenses - SBC
|
|
|
6,305
|
|
|
—
|
|
Total share-based
compensation expense
|
|
|
9,522
|
|
|
—
|
|
Reverse acquisition
related expense
|
|
|
1,417
|
|
|
—
|
|
Non-GAAP Net
Income
|
|
|
(1,682)
|
|
|
3,649
|
|
Exchange gain or
loss
|
|
|
-
|
|
|
—
|
|
Investment income
/(loss)
|
|
|
768
|
|
|
778
|
|
Gain (loss) from equity
method investments
|
|
|
581
|
|
|
(4)
|
|
Other income,
net
|
|
|
1,118
|
|
|
466
|
|
Amortization of
internally developed software
|
|
|
—
|
|
|
—
|
|
Non-GAAP Adjusted
EBITDA
|
|
|
(5,490)
|
|
|
2,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor / Media Contact:
Crocker Coulson
CEO, AUM Media, Inc.
(646) 652 7185
crocker.coulson@aummedia.org
Company Contact:
Yong Fang
CFO, Baijiayun Group Ltd
(267) 939 5080
fangyong@baijiayun.com
[1] Non-GAAP net
income/(loss) and non-GAAP adjusted EBITDA are non-GAAP financial
measures. See section entitled "Use of Non-GAAP Financial Measures"
for information on how BaiJiaYun Limited defines and calculates its
non-GAAP financial measures. A reconciliation of such non-GAAP
financial measures to the most directly comparable GAAP measures is
set forth at the end of this press release.
|
View original
content:https://www.prnewswire.com/news-releases/baijiayun-group-ltd-announces-fiscal-year-2022-financial-results-of-baijiayun-limited-its-wholly-owned-subsidiary-301727447.html
SOURCE Baijiayun Group Limited