SHANGHAI, April 27, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX"
or the "Company") (NYSE: LAIX), an artificial intelligence (AI)
company in China that creates and
delivers products and services to popularize English learning,
today announced its unaudited financial results for the
fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial and Operating
Highlights
- Gross billings[1] for the fourth quarter of 2020
were RMB171.1 million (US$26.2 million), a 33.4% decrease from
RMB257.1 million for the previous
quarter and a 50.0% decrease from RMB341.9
million for the same quarter last year.
- Net revenues for the fourth quarter of 2020 were RMB235.5 million (US$36.1
million), a 1.7% decrease from RMB239.4 million for the previous quarter and a
1.8% increase from RMB231.4 million
for the same quarter last year.
- Gross margin for the fourth quarter of 2020 was 75.4%, compared
with 72.9% for the previous quarter and 66.7% for the same quarter
last year.
- Sales and marketing expenses for the fourth quarter of 2020
were RMB150.4 million (US$23.1 million), a 18.9% decrease from
RMB185.5 million for the previous
quarter and a 43.6% decrease from RMB266.9
million for the same quarter last year.
- Net loss for the fourth quarter of 2020 was RMB34.7 million (US$5.3
million), compared with RMB70.6
million for the previous quarter and RMB205.6 million for the same quarter last
year.
- Operating cash outflow for the fourth quarter of 2020 was
RMB83.3 million (US$12.8 million), compared with RMB53.1 million for the previous quarter and
RMB63.9 million for the same quarter
last year, primarily due to a decrease in gross billings.
- Approximately 0.4 million paying users purchased the Company's
courses and services for the fourth quarter of 2020, compared with
approximately 0.5 million paying users for the previous quarter and
approximately 0.7 million paying users for the same quarter last
year, primarily attributable to the Company's stringent cost
control in user acquisition expenditures.
|
[1] "Gross billings" for a certain
period refer to the total amount of cash received from the sale of
course packages in that period net of the total amount of cash
refunds paid to users in the same period.
|
Full Year 2020 Financial and Operating
Highlights
- Gross billings were RMB1,087.1
million (US$166.6 million), a
16.0% decrease from RMB1,294.3
million for the full year of 2019.
- Net revenues were RMB972.6
million (US$149.1 million), a
4.9% decrease from RMB1,023.2 million
for the full year of 2019.
- Gross margin was 71.5%, compared with 73.3% for the full year
of 2019.
- Sales and marketing expenses were RMB801.4 million (US$122.8
million), a 17.3% decrease from RMB969.4 million for the full year of 2019.
- Net loss was RMB394.8 million
(US$60.5 million), compared with
RMB574.8 million for the full year of
2019.
- Operating cash outflow was RMB302.6 million (US$46.4 million), compared with RMB148.2 million for the full year of 2019,
primarily due to a decrease in gross billings.
- Approximately 2.4 million paying users purchased the Company's
courses and services for the full year of 2020, compared with
approximately 3.0 million paying users for the full year of 2019,
primarily attributable to the Company's stringent cost control in
user acquisition expenditures.
Management Comments
Dr. Yi Wang, Chairman and Chief
Executive Officer of LAIX, commented, "We saw a steady flow of
positive effects on our streamlined operations after the business
adjustments began in the second quarter of 2020. This is also
reflected in our net loss, which was reduced to RMB34.7 million in the fourth quarter of 2020, a
50.9% decrease from the previous quarter, and is expected to
improve further in the first quarter of 2021. Looking ahead, we aim
to further execute on our growth initiatives, bring our value
proposition to the market and maximize long-term value to all our
stakeholders."
Fourth Quarter 2020 Financial Results
Net Revenues
Net revenues for the fourth quarter of 2020 were RMB235.5 million (US$36.1
million), a 1.7% decrease from RMB239.4 million for the previous quarter
and a 1.8% increase from RMB231.4
million for the same quarter last year. The
quarter-over-quarter decrease was primarily attributable to a
decrease in gross billings caused by the Company's stringent cost
control in user acquisition expenditures.
Cost of Revenues
Cost of revenues for the fourth quarter of 2020 was RMB57.8 million (US$8.9 million), a 11.0% decrease from
RMB65.0 million for the previous
quarter and a 25.0% decrease from RMB77.1 million for the same quarter last
year. The quarter-over-quarter change was primarily due to the cost
control in IT service and the optimization of personnel
management.
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2020 was
RMB177.6 million (US$27.2 million), a 1.8% increase from
RMB174.5 million for the
previous quarter and a 15.1% increase from RMB154.3 million for the same quarter last
year.
Gross margin for the fourth quarter of 2020 was 75.4%, compared
with 72.9% for the previous quarter and 66.7% for the same quarter
last year.
Operating Expenses
Total operating expenses for the fourth quarter of 2020 were
RMB215.2 million (US$33.0 million), a 14.6% decrease from
RMB252.1 million for the
previous quarter and a 41.5% decrease from RMB367.7 million for the same quarter last
year. The changes were primarily due to stringent cost control in
user acquisition expenditures and the optimization of the
operational structure.
Sales and marketing expenses for the fourth quarter of 2020 were
RMB150.4 million (US$23.1 million), a 18.9% decrease from
RMB185.5 million for the previous
quarter and a 43.6% decrease from RMB266.9
million for the same quarter last year. The
decrease was primarily due to (i) the Company's stringent
cost control in advertising and user acquisition expenditures; and
(ii) the decrease in salaries and staff benefits due to the
optimization of personnel management.
Research and development expenses for the fourth quarter of 2020
were RMB37.2
million (US$5.7 million), a
18.9% decrease from RMB45.8 million for the previous quarter and
a 30.1% decrease from RMB53.2 million
for the same quarter last year. The changes were primarily due
to the efficiency optimization in personnel management.
General and administrative expenses for the fourth quarter of
2020 were RMB27.6 million
(US$4.2 million), a 33.0% increase
from RMB20.8 million for the previous
quarter, primarily due to a one-off impairment loss on leasehold
improvement. The general and administrative expenses
decreased by 42.0% from RMB47.7
million for the same quarter last year, primarily due
to the efficiency optimization in personnel management.
Loss from Operations
Loss from operations for the fourth quarter of 2020 was
RMB37.6 million (US$5.8 million), compared with RMB77.6 million for the previous quarter and
RMB211.1 million for the same quarter
last year.
Adjusted
EBITDA[2]
Adjusted EBITDA for the fourth quarter of 2020 was a loss of
RMB21.6 million (US$3.3 million), compared with an adjusted EBITDA
loss of RMB55.6 million for the
previous quarter and an adjusted EBITDA loss of RMB195.7 million for the same quarter last
year.
|
[2]
"Adjusted EBITDA" is a non-GAAP measure, which represents EBITDA
before share-based compensation expenses. EBITDA represents net
loss before interest, tax, depreciation and amortization. See
"Reconciliations of GAAP and Non-GAAP Results" at the end of this
press release.
|
Foreign exchange related gains/ (losses), net
Foreign exchange gain was RMB3.9 million (US$0.6 million) in the fourth quarter
of 2020, compared with a foreign exchange gain of RMB3.0 million for the previous quarter
and a foreign exchange gain of RMB1.1
million for the same quarter last year.
Net Loss
Net loss for the fourth quarter of 2020 was RMB34.7 million (US$5.3
million), compared with RMB70.6
million for the previous quarter and RMB205.6 million for the same quarter last
year.
Adjusted net loss[3] for the fourth quarter
of 2020 was RMB29.9 million
(US$4.6 million), compared with
RMB61.4 million for the previous
quarter and RMB202.3 million for the
same quarter last year.
Basic and diluted net loss per ordinary share attributable to
ordinary shareholders for the fourth quarter of 2020 was
RMB0.70 (US$0.11), compared with RMB1.43 for the previous quarter and RMB4.15 for the same quarter last year.
|
[3]
"Adjusted net loss" is a non-GAAP measure, which excludes
share-based compensation expenses. See "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
|
Full Year 2020 Financial Results
Net Revenues
Net revenues for the full year of 2020 were RMB972.6 million (US$149.1
million), a 4.9% decrease from RMB1,023.2 million for the full year of
2019. The decrease was primarily attributable to a decrease in
gross billings caused by the Company's stringent cost control in
user acquisition expenditures and the decrease in the number of
paying users.
Cost of Revenues
Cost of revenues for the full year of 2020 was RMB277.2 million (US$42.5 million), a 1.4% increase from
RMB273.5 million for the full year of
2019. The change was primarily attributable to the increase in
content-related costs and salaries and benefits for certain
full-time employees due to the expansion of business in the first
half of 2020 and partially offset by the decrease in IT service due
to the stringent cost control.
Gross Profit and Gross Margin
Gross profit for the full year of 2020 was RMB695.4 million (US$106.6
million), a 7.2% decrease from RMB749.7 million for the full year of
2019.
Gross margin for full year of 2020 was 71.5%, compared with
73.3% for the full year of 2019.
Operating Expenses
Total operating expenses for the full year of 2020 were
RMB1,103.1 million (US$169.1 million), a 17.5% decrease from
RMB1,336.8 million for the full
year of 2019. The changes were primarily due to stringent cost
control in advertising and user acquisition expenditures and the
optimization of the operational structure.
Sales and marketing expenses for the full year of 2020 were
RMB801.4 million (US$122.8 million), a 17.3% decrease from
RMB969.4 million for the full year of
2019. The changes were primarily due to the Company's
stringent cost control in advertising and user acquisition
expenditures and the efficiency optimization in personnel
management.
Research and development expenses for the full year of 2020 were
RMB190.7 million (US$29.2 million), a 10.8% decrease from
RMB213.9 million for the full
year of 2019. The changes were primarily due to the
efficiency optimization in personnel management.
General and administrative expenses for the full year of 2020
were RMB111.0 million
(US$17.0 million), a 27.7% decrease
from RMB153.5 million for the full
year of 2019, primarily due to the efficiency optimization in
personnel management.
Loss from Operations
Loss from operations for the full year of 2020 was RMB407.6 million (US$62.5
million), compared with RMB584.7
million for the full year of 2019.
Adjusted EBITDA
Adjusted EBITDA for the full year of 2020 was a loss of
RMB337.5 million (US$51.7 million), compared with an adjusted
EBITDA loss of RMB528.7 million for
the full year of 2019.
Foreign exchange related gains/(losses), net
Foreign exchange gain was RMB4.7 million (US$0.7 million) for the full year of 2020,
compared with a foreign exchange loss of RMB2.5 million for the full year of
2019.
Net Loss
Net loss for the full year of 2020 was RMB394.8 million (US$60.5
million), compared with RMB574.8
million for the full year of 2019.
Adjusted net loss for the full year of 2020 was
RMB365.8 million (US$56.1 million), compared with RMB548.1 million for the full year of 2019.
Basic and diluted net loss per ordinary share attributable to
ordinary shareholders for the full year of 2020 was RMB7.99 (US$1.22), compared with
RMB11.64 for the full year of
2019.
Balance Sheet & Cashflows
As of December 31, 2020, the
Company's cash, cash equivalents, restricted cash and short-term
investments totaled RMB229.6 million
(US$35.2 million), compared with
RMB327.2 million as of
September 30, 2020 and RMB552.6 million as of December 31, 2019.
Net cash used in operating activities were RMB83.3 million (US$12.8 million) and RMB63.9 million for the three months period ended
December 31, 2020 and 2019,
respectively, primarily due to a decrease in gross billings. As of
December 31, 2020, the Company's
total shareholders' deficit was RMB712.6
million (US$109.2 million) and
the current liabilities exceeded the current assets by RMB740.2 million (US$113.4
million).
The Company's liquidity to meet its future working capital is
based on its ability to enhance user engagement and retention by
offering higher quality and diversified courses while optimizing
traffic acquisition strategy to efficiently control and reduce user
related costs. The Company will further preserve liquidity and
manage cash flows by reducing various discretionary expenditure
including labor costs and other operating expenses. The Company's
liquidity is also based on its ability to obtain capital financing
from equity or debt investors. Currently, the Company believes that
it has sufficient cash to fund operations for at
least the next 12 months with the implementation of the
abovementioned measures.
As of December 31, 2020, the
Company's deferred revenue and long-term deferred
revenue totaled RMB746.2 million (US$114.4 million), compared with RMB823.4 million as of September 30, 2020
and RMB696.0 million as of
December 31, 2019.
Director Re-election
Mr. Tiak Koon Loh was re-elected
to serve another two-year term as an independent director of the
Company, effective immediately.
Outlook
For the first quarter of 2021, the Company currently
expects:
- Net revenues to be between RMB180.0
million to RMB200.0 million,
which would represent a decrease of approximately 21.2% to 12.4%
from RMB228.3 million for the same
quarter last year;
This forecast reflects the Company's current and preliminary
view on the current business situation and market conditions, which
is subject to change.
Conference Call
The Company's management will host an earnings conference call
at 9:00 PM U.S. Eastern Time on April
27, 2021 (9:00 AM
Beijing/Hong Kong time on
April 28, 2021).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-877-396-2308
|
|
International:
|
+1-647-689-5527
|
|
Mainland
China:
|
400-048-6136 or
400-043-3098
|
|
Hong Kong:
|
+852-5803-0358
|
|
Conference
ID:
|
6093976
|
Participants should dial-in at least 10 minutes before the
scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.laix.com/investors.
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial
intelligence (AI) company in China
that creates and delivers products and services to popularize
English learning. Its proprietary AI teacher utilizes cutting-edge
deep learning and adaptive learning technologies, big data,
well-established education pedagogies and the mobile internet. LAIX
believes its innovative approach fundamentally transforms learning.
LAIX provides its products and services on demand via its mobile
apps, primarily its flagship "English Liulishuo" mobile app
launched in 2013. On the Company's platform, AI technologies are
seamlessly integrated with diverse learning content incorporating
well-established language learning pedagogies, gamified features
and strong social elements to deliver an engaging, adaptive
learning experience. LAIX provides a variety of courses inspired by
a broad range of topics and culture themes to make English learning
more interesting and is committed to offering a fun, interactive
learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net loss, each a
non-GAAP financial measure, in evaluating its operating results and
for financial and operational decision-making purposes.
The Company believes that adjusted EBITDA and adjusted net loss
help identify underlying trends in its business that could
otherwise be distorted by the effect of certain expenses that the
Company includes in loss from operations and net loss. The Company
believes that adjusted EBITDA and adjusted net loss provide useful
information about its results of operations, enhance the overall
understanding of its past performance and future prospects and
allow for greater visibility with respect to key metrics used by
the management of the Company in its financial and operational
decision-making.
Adjusted EBITDA and adjusted net loss should not be considered
in isolation or construed as an alternative to loss from
operations, net loss or any other measure of performance or as an
indicator of the Company's operating performance. Investors are
encouraged to review the historical non-GAAP financial measures to
the most directly comparable GAAP measures. Adjusted EBITDA and
adjusted net loss 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 our data. The Company
encourages investors and others to review its financial information
in its entirety and not rely on a single financial measure.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from
Renminbi to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the rate in effect as of December 31, 2020 published by the Federal
Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. Among other things, the
Outlook and quotations from management in this announcement, as
well as LAIX's strategic and operational plans, contain
forward-looking statements. LAIX may also make written or oral
forward-looking statements in its periodic reports 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. Statements that are not historical facts, including
but not limited to statements about LAIX's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a variety
of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: LAIX's goals and strategies; LAIX's
future business development, results of operations and financial
condition; the expected growth of the education market; LAIX's
ability to monetize the user base; fluctuations in general economic
and business conditions in China;
the potential impact of the COVID-19 to LAIX's business operations
and the economy in China and
elsewhere generally; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in the Company's filings with the Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of the press release, and
the Company undertakes no duty to update such information, except
as required under applicable law.
For investor and media inquiries, please contact:
LAIX Inc.
Harry He
Investor Relations
Email: ir@laix.com
The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
Email: liulishuo@tpg-ir.com
Emilie Wu
Tel: +86-21-6039-8363
Email: liulishuo@tpg-ir.com
|
LAIX
INC.
|
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|
(Amount in
thousands of Renminbi ("RMB") and US dollars
("US$"))
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
|
December 31,
2019
|
|
December 31, 2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
281,166
|
|
137,996
|
|
21,149
|
|
|
Restricted
cash
|
1,816
|
|
511
|
|
78
|
|
|
Short-term
investments
|
269,643
|
|
91,049
|
|
13,954
|
|
|
Accounts
receivable, net
|
7,360
|
|
5,892
|
|
903
|
|
|
Prepayments and
other current assets
|
86,787
|
|
58,272
|
|
8,931
|
|
|
Total
current assets
|
646,772
|
|
293,720
|
|
45,015
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
71,637
|
|
30,074
|
|
4,609
|
|
|
Investment in
equity fund
|
5,919
|
|
5,711
|
|
875
|
|
|
Intangible
assets, net
|
15,541
|
|
14,341
|
|
2,198
|
|
|
Operating lease
right-of-use assets, net
|
155,525
|
|
82,488
|
|
12,642
|
|
|
Other
non-current assets
|
8,447
|
|
5,866
|
|
899
|
|
|
Deferred tax
assets
|
15,336
|
|
13,547
|
|
2,076
|
|
|
Total
non-current assets
|
272,405
|
|
152,027
|
|
23,299
|
|
|
Total
assets
|
919,177
|
|
445,747
|
|
68,314
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
137,684
|
|
83,576
|
|
12,809
|
|
|
Deferred
revenue
|
695,971
|
|
689,325
|
|
105,644
|
|
|
Salary and
welfare payable
|
153,969
|
|
132,433
|
|
20,296
|
|
|
Tax
payable
|
74,340
|
|
77,327
|
|
11,851
|
|
|
Operating lease
liability, current
|
37,009
|
|
31,845
|
|
4,880
|
|
|
Accrued
liabilities and other current liabilities
|
15,444
|
|
19,382
|
|
2,970
|
|
|
Total
current liabilities
|
1,114,417
|
|
1,033,888
|
|
158,450
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Deferred
revenue, non-current
|
-
|
|
56,905
|
|
8,721
|
|
|
Operating lease
liability, non-current
|
117,124
|
|
56,903
|
|
8,721
|
|
|
Other
non-current liabilities
|
12,441
|
|
10,614
|
|
1,627
|
|
|
Total
non-current liabilities
|
129,565
|
|
124,422
|
|
19,069
|
|
|
Total
liabilities
|
1,243,982
|
|
1,158,310
|
|
177,519
|
|
|
|
|
|
|
|
|
|
|
Shareholders' deficit
|
|
|
|
|
|
|
|
Class A Ordinary
shares
|
208
|
|
212
|
|
32
|
|
|
Class B Ordinary
shares
|
121
|
|
121
|
|
19
|
|
|
Subscriptions
Receivable from
shareholders
|
(122)
|
|
(201)
|
|
(31)
|
|
|
Treasury
Stock
|
(10,730)
|
|
(15,327)
|
|
(2,349)
|
|
|
Additional
paid-in capital
|
1,167,884
|
|
1,198,852
|
|
183,732
|
|
|
Accumulated
other comprehensive
income
|
29,483
|
|
10,256
|
|
1,572
|
|
|
Accumulated
deficit
|
(1,511,649)
|
|
(1,906,476)
|
|
(292,180)
|
|
|
Total
shareholders' deficit
|
(324,805)
|
|
(712,563)
|
|
(109,205)
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' deficit
|
919,177
|
|
445,747
|
|
68,314
|
|
|
LAIX
INC.
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
(Amount in
thousands of Renminbi ("RMB") and US dollars ("US$")
|
|
except for number
of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31
|
|
September
30
|
|
December
31
|
|
December
31
|
|
December
31
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
231,390
|
|
239,426
|
|
235,459
|
36,086
|
|
1,023,213
|
|
972,628
|
149,062
|
|
Cost of
revenues
|
|
(77,135)
|
|
(64,960)
|
|
(57,835)
|
(8,864)
|
|
(273,515)
|
|
(277,240)
|
(42,489)
|
|
Gross
profit
|
|
154,255
|
|
174,466
|
|
177,624
|
27,222
|
|
749,698
|
|
695,388
|
106,573
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(266,855)
|
|
(185,487)
|
|
(150,409)
|
(23,051)
|
|
(969,401)
|
|
(801,362)
|
(122,814)
|
|
Research and
development expenses
|
|
(53,182)
|
|
(45,828)
|
|
(37,182)
|
(5,698)
|
|
(213,866)
|
|
(190,711)
|
(29,228)
|
|
General and
administrative expenses
|
|
(47,672)
|
|
(20,772)
|
|
(27,632)
|
(4,235)
|
|
(153,507)
|
|
(111,004)
|
(17,012)
|
|
Total operating
expenses
|
|
(367,709)
|
|
(252,087)
|
|
(215,223)
|
(32,984)
|
|
(1,336,774)
|
|
(1,103,077)
|
(169,054)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating
income
|
|
2,390
|
|
-
|
|
-
|
-
|
|
2,390
|
|
43
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
(211,064)
|
|
(77,621)
|
|
(37,599)
|
(5,762)
|
|
(584,686)
|
|
(407,646)
|
(62,474)
|
|
Other
income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income/(expenses)
|
|
9,845
|
|
85
|
|
(230)
|
(35)
|
|
11,283
|
|
904
|
139
|
|
Foreign exchange
related gains/(losses), net
|
|
1,084
|
|
2,993
|
|
3,857
|
591
|
|
(2,533)
|
|
4,671
|
716
|
|
Change in fair value
of short-term investment
|
|
(5,705)
|
|
653
|
|
(1,976)
|
(303)
|
|
-
|
|
-
|
-
|
|
Other income,
net
|
|
1,905
|
|
3,282
|
|
3,084
|
473
|
|
3,055
|
|
9,146
|
1,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes expenses
|
|
(203,935)
|
|
(70,608)
|
|
(32,864)
|
(5,036)
|
|
(572,881)
|
|
(392,925)
|
(60,217)
|
|
Income tax
expenses
|
|
(1,635)
|
|
(27)
|
|
(1,818)
|
(279)
|
|
(1,900)
|
|
(1,902)
|
(291)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(205,570)
|
|
(70,635)
|
|
(34,682)
|
(5,315)
|
|
(574,781)
|
|
(394,827)
|
(60,508)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to LAIX Inc.'s ordinary
shareholders
|
|
(205,570)
|
|
(70,635)
|
|
(34,682)
|
(5,315)
|
|
(574,781)
|
|
(394,827)
|
(60,508)
|
|
LAIX
INC.
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
(Amount in
thousands of Renminbi ("RMB") and US dollars ("US$")
|
|
|
except for number
of shares and per share data)
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31
|
|
September
30
|
|
December
31
|
|
December
31
|
|
December
31
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(205,570)
|
|
(70,635)
|
|
(34,682)
|
(5,315)
|
|
(574,781)
|
|
(394,827)
|
(60,508)
|
|
Other comprehensive
(loss) /income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Foreign currency
translation
adjustment, net of nil tax
|
|
(7,213)
|
|
(13,104)
|
|
(12,514)
|
(1,918)
|
|
13,165
|
|
(19,227)
|
(2,947)
|
|
Comprehensive
loss
|
|
(212,783)
|
|
(83,739)
|
|
(47,196)
|
(7,233)
|
|
(561,616)
|
|
(414,054)
|
(63,455)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per Class
A and Class B
ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
Diluted
|
|
(4.15)
|
|
(1.43)
|
|
(0.70)
|
(0.11)
|
|
(11.64)
|
|
(7.99)
|
(1.22)
|
|
Weighted average
number of Class A
and Class B ordinary shares used in per
share calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
Diluted
|
|
49,581,163
|
|
49,465,337
|
|
49,557,682
|
49,557,682
|
|
49,364,429
|
|
49,430,696
|
49,430,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAIX
INC.
|
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
(Amount in
thousands of Renminbi ("RMB") and US dollars("US$")
|
|
except for
percentage data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31
2019
|
|
September 30
2020
|
|
December
31
2020
|
|
December
31
2019
|
|
December
31
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(205,570)
|
|
(70,635)
|
|
(34,682)
|
(5,315)
|
|
(574,781)
|
|
(394,827)
|
(60,508)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
3,233
|
|
9,260
|
|
4,752
|
728
|
|
26,683
|
|
29,027
|
4,449
|
|
Depreciation of
property, plant and equipment
and amortization of Intangible assets
|
7,962
|
|
5,853
|
|
6,322
|
969
|
|
21,587
|
|
27,303
|
4,184
|
|
Amortization of
prepaid interest expense and
service fees to loan companies
|
3
|
|
-
|
|
-
|
-
|
|
304
|
|
-
|
-
|
|
Impairment
loss
|
6,857
|
|
-
|
|
-
|
-
|
|
6,857
|
|
-
|
-
|
|
Income tax
expenses
|
1,635
|
|
27
|
|
1,818
|
279
|
|
1,900
|
|
1,902
|
291
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(income)/expenses
|
(9,845)
|
|
(85)
|
|
230
|
35
|
|
(11,283)
|
|
(904)
|
(139)
|
|
Adjusted
EBITDA
|
(195,725)
|
|
(55,580)
|
|
(21,560)
|
(3,304)
|
|
(528,733)
|
|
(337,499)
|
(51,723)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(205,570)
|
|
(70,635)
|
|
(34,682)
|
(5,315)
|
|
(574,781)
|
|
(394,827)
|
(60,508)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
3,233
|
|
9,260
|
|
4,752
|
728
|
|
26,683
|
|
29,027
|
4,449
|
|
Adjusted net
loss
|
(202,337)
|
|
(61,375)
|
|
(29,930)
|
(4,587)
|
|
(548,098)
|
|
(365,800)
|
(56,059)
|
View original
content:http://www.prnewswire.com/news-releases/laix-inc-announces-fourth-quarter-and-full-year-2020-unaudited-financial-results-301277555.html
SOURCE LAIX Inc.