– Another Record Year Across Multiple Financial Metrics
–
–Enterprise Solutions Sales Books Another Year of
Triple-digit Growth, Delivering US$65.1
Million Revenue
– "SaaS+X" Model Provides Solid Foundation to Supercharge
Growth of Enterprise Solutions –
HONG KONG, March 24, 2022 /PRNewswire/ -- iClick Interactive
Asia Group Limited ("iClick" or the "Company") (Nasdaq: ICLK), a
leading enterprise and marketing cloud platform in China that empowers worldwide brands with
full-stack consumer lifecycle solutions, today announced unaudited
financial results for the fourth quarter and full year ended
December 31, 2021.
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Three Months Ended
December 31,
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Year Ended
December 31,
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|
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2021
|
|
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2020
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Percentage
change
|
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|
2021
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2020
|
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Percentage
change
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(US$ in
thousands)
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|
|
|
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|
|
|
|
|
|
|
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|
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(Unaudited)
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Financial
Metrics:
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Revenue
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|
|
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Marketing
Solutions
|
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56,606
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68,127
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(17)
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%
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242,610
|
|
|
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225,852
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|
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7
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%
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Enterprise
Solutions
|
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19,717
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10,565
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87
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%
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65,092
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|
|
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28,893
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|
|
|
125
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%
|
Total
revenue
|
|
|
76,323
|
|
|
|
78,692
|
|
|
|
(3)
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%
|
|
|
307,702
|
|
|
|
254,745
|
|
|
|
21
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%
|
Gross
profit
|
|
|
23,550
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|
|
|
23,264
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|
|
|
1
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%
|
|
|
89,153
|
|
|
|
73,263
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|
|
|
22
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%
|
Net
(loss)/income
|
|
|
(7,093)
|
|
|
|
640
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N/M
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|
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|
(16,598)
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|
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(14,906)
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|
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N/M
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|
Adjusted
EBITDA1
|
|
|
65
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|
|
|
5,065
|
|
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(99)
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%
|
|
|
13,412
|
|
|
|
17,274
|
|
|
|
(22)
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%
|
Adjusted net
(loss)/income1
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|
(2,700)
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|
|
|
2,091
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N/M
|
|
|
|
1,361
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|
|
|
7,563
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(82)
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%
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Diluted adjusted net
(loss)/income per ADS1
|
|
|
(0.03)
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|
|
|
0.02
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N/M
|
|
|
|
0.01
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|
|
|
0.09
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|
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|
(89)
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%
|
Operating
Metrics:
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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|
Gross
billing
|
|
|
207,298
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|
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|
219,942
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(6)
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%
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|
|
796,852
|
|
|
|
677,815
|
|
|
|
18
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%
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|
|
|
|
|
|
|
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|
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|
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1 For
more details on these non-GAAP financial measures, please see the
tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP
Results" set forth at the end of this press release.
|
Jian "T.J." Tang, Chairman, Chief Executive Officer and
Co-Founder of iClick, said, "iClick has once again reported another
record year across a number of key metrics, even amidst a
challenging environment. Our Marketing Solutions revenues managed
to grow by 7% year over year despite multiple headwinds and with
over 100% revenue year-over-year growth for 2021, Enterprise
Solutions' results attest to the success of our digital
transformation strategy which we launched in 2019.
While China's entire
advertising sector has experienced a substantive contraction due to
the changing regulatory environment and heightened macroeconomic
uncertainties, we are confident in the long-term growth potential
of China's digital advertising
industry. However, giving the negative sentiment facing
China-based companies, we need to
fully utilize the resources we have on hand. Therefore, we have
started to strategically reduce lower margin and higher risk
businesses in our more capital-intensive Marketing Solutions
segment in order to focus on the higher growth potential of
Enterprise Solutions.
Additionally, through our successful client collaborations over
the past few years, we have learned a great deal that has shaped
the vision behind our SaaS+X business model. Our unique SaaS+X
model provides a strong executional framework to take advantage of
what we estimate will have significant growth potential. Enterprise
Solutions' growth in 2021 of around 125% reflects the strength of
our approach and gives us confidence that we will continue to
generate impressive momentum throughout 2022 and beyond. Furthering
our capabilities in bringing high value SaaS+X offering to clients,
I am very pleased to report that we have recently acquired the
remaining equity interest in Changyi Information Technology Co.,
Ltd, which will allow iClick to accelerate the expansion of our
Enterprise Solutions business.
With solid financial foundations to withstand the uncertain
macro environment, we remain confident in iClick's business
fundamentals, and we are capitalizing on our strengths as we
weather the impact of the current economic and policy shifts that
may impact some of our clients. As we look to 2022 and beyond, we
are cognizant of the need to be nimble in our strategic allocation
of resources and accelerate cross-selling opportunities and
synergies between Marketing Solutions and Enterprise Solutions. Our
strong key account clients are an important key differentiator for
iClick which we foresee as a key growth driver going forward.
In summary, we believe we have the right approach, the right
resources, and the right strategy to endure the challenges arising
from the current macroeconomic shifts. We have addressed our need
to be agile and adaptive while leveraging the optimal mix of sales
strategies within our SaaS+X model. We are deeply committed to
accomplishing our key objectives and we look forward to an amazing
year of success while delivering long-term sustainable value for
our clients, employees and shareholders."
Fourth Quarter 2021 Results:
Revenue for the fourth quarter of 2021 was
US$76.3 million, which is comparable
to the same period of 2020.
Revenue from Marketing Solutions was US$56.6 million for the fourth quarter of 2021,
decreased 17% from US$68.1 million
for the fourth quarter of 2020, primarily as we have started to
strategically reduce lower margin and higher risk businesses within
the Marketing Solutions segment in order to focus on the higher
growth potential of Enterprise Solutions.
Revenue from Enterprise Solutions was US$19.7 million for the fourth quarter of 2021,
up approximately 87% from US$10.6
million for the fourth quarter of 2020, primarily due to the
increasing need for online and offline consumer behavior data
integration and digital transformation.
Gross profit for the fourth quarter of 2021 was
US$23.6 million, compared with
US$23.3 million for the fourth
quarter of 2020, mainly due to the growth from Enterprise Solutions
segment, which was offset by decline in Marketing Solutions
segment.
Total operating expenses were US$28.6 million for the fourth quarter of 2021,
compared with US$24.5 million for the
fourth quarter of 2020. This was resulted primarily from an
increase in provision of bad debt relating to the changing
regulation environment and heightened macroeconomic
uncertainties.
Operating loss was US$5.1
million for the fourth quarter of 2021, compared with
US$1.2 million for the fourth quarter
of 2020, mainly attributed to increased operating expenses.
Net loss was US$7.1
million for the fourth quarter of 2021, compared with net
income of US$0.6 million for the
fourth quarter of 2020, primarily due to increased operating
expenses and impairment of equity investments.
Net loss attributable to the Company's shareholders per basic
and diluted ADS for the fourth quarter of 2021 were US$0.06,
compared with a net income attributable to the Company's
shareholders per basic and diluted ADS for the fourth quarter of
2020 were US$0.01.
Adjusted EBITDA for the fourth quarter of 2021 was
an income of US$0.1 million, compared
with an income of US$5.1 million for
the fourth quarter of 2020. For a reconciliation of the Company's
adjusted EBITDA from net (loss)/income, its most comparable GAAP
measure, please refer to "Unaudited Reconciliations of GAAP and
Non-GAAP Results".
Adjusted net loss for the fourth quarter of 2021 was
US$2.7 million, compared with
adjusted net income of US$2.1 million
in the fourth quarter of 2020. For a reconciliation of the
Company's adjusted net (loss)/income from net (loss)/income, its
most comparable GAAP measure, please refer to "Unaudited
Reconciliations of GAAP and Non-GAAP Results".
Gross billing2 for the fourth quarter of
2021 US$207.3 million, compared with
US$219.9 million in the fourth
quarter of 2020. The gross billing decreased as we have started to
strategically reduce lower margin and higher risk businesses within
the Marketing Solutions segment in order to focus on the higher
growth potential of Enterprise Solution.
As of December 31, 2021, the
Company had cash and cash equivalents, time deposits and restricted
cash of US$88.7 million, compared
with US$94.5 million as of
December 31, 2020.
2 Gross billing is defined as the
aggregate dollar amount that clients pay the Company after
deducting rebates paid and discounts given to clients.
|
Full Year 2021 Results:
Revenue for 2021 was US$307.7
million, an increase of 21% from US$254.7 million in 2020, attributable to
the increase in contributions from Marketing Solutions and
Enterprise Solutions.
Revenue from Marketing Solutions grew to
US$242.6 million for 2021, up 7%
from US$225.8 million for 2020,
primarily as a result of growing market demand from specified
action marketing campaigns.
Revenue from Enterprise Solutions was US$65.1 million for 2021, up approximately
125% from US$28.9 million for
2020, primarily due to the increasing need for online and offline
consumer behavior data integration and digital transformation.
Gross profit increased by 22% to US$89.2 million in 2021 from US$73.3 million in 2020, mainly as a result
of the growth from Enterprise Solutions segment, which was offset
by decline in Marketing Solutions segment.
Total operating expenses were US$102.0 million for 2021, compared with
US$75.0 million for 2020. The
increased expense was resulted primarily from incremental staff
cost, operating expenses incurred for the expansion of business
scale of US$4.5 million, share-based
compensation expenses of US$7.2
million and provision of bad debt.
Operating loss for 2021 was US$12.9 million, compared with an operating loss
of US$1.8 million for 2020. This
increase was as a result of an increase in operating expenses,
which was partially offset by the growth in gross profit.
Net loss totalled US$16.6
million for 2021, compared with US$14.9 million for 2020. The decrease
was mainly attributed to fair value losses on convertible notes and
derivative liabilities of US$11.5
million and US$4.4 million
respectively in 2020 and a growth in gross profit in 2021, which
was partially offset by the incremental operating loss and
impairment of equity investments.
Net loss attributable to the Company's shareholders per basic
and diluted ADS for 2021 was US$0.14
compared with a net loss per basic and diluted ADS of US$0.16 for 2020.
Adjusted EBITDA for 2021 was US$13.4 million, compared with US$17.3 million for 2020. For a reconciliation of
the Company's adjusted EBITDA from net loss, its most comparable
GAAP measure, please refer to "Unaudited Reconciliations of GAAP
and Non-GAAP Results".
Adjusted net income for 2021 was US$1.4 million, compared with an adjusted net
income of US$7.6 million for 2020.
For a reconciliation of the Company's adjusted net (loss)/income to
net (loss)/income, its most comparable GAAP measure, please refer
to "Unaudited Reconciliations of GAAP and Non-GAAP Results".
Gross billing2 grew to
US$796.9 million for 2021, up 18%
from 2020. The increase was a result of increasing marketers'
demand especially from the entertainment and media, e-commerce,
personal care and beauty verticals.
Share Repurchase Program
On December 10, 2020, the Company
announced a share repurchase program in which it may purchase its
own ADSs with an aggregate value of up to US$15.0 million from December 30, 2020 to December 31, 2021, which was upsized to
US$25.0 million on August 25, 2021. As of December 31, 2021, the aggregate value of
purchased shares was approximately US$10.9
million. Our board of directors had approved a new share
repurchase program in which the company may purchase its own ADSs
with an aggregate value of up to US$20.0
million from January 1, 2022
to December 31, 2022.
Outlook
Based on the information available as of the date of this press
release, iClick provides the following outlook for the first
quarter of 2022 and for the full year 2022:
First Quarter 2022:
- Revenue from Enterprise Solutions is estimated to be between
US$16 million and US$17 million.
Full Year 2022:
- Revenue from Enterprise Solutions is estimated to be between
US$90 million and US$106 million.
The above outlook is based on current market conditions and
reflects the Company's preliminary estimates of market and
operating conditions, expected foreign exchange fluctuation, and
customer demand, which are all subject to change. Please also refer
to the factors set out under the section titled "Safe Harbor
Statement."
We note that the advertising budgets for our clients continue to
be impacted by the changing regulatory environment and
macroeconomic uncertainty. For example, recent regulatory
tightening on several industry verticals including online education
and online gaming have affected the sentiment of advertising
spending of some clients in our Marketing Solutions business.
Despite these headwinds in the current commercial environment, we
anticipate that brands may allocate more of their advertising
budgets to mobile and online targeted marketing, with the potential
to benefit our mobile and performance-focused Marketing Solutions
business. Brands may also see the importance of online and offline
consumer behavioural data integration and analysis, which may
favour our Enterprise Solutions business in the long run. We remain
vigilant in evaluating the risks posed by the changing regulatory
environment and macroeconomic uncertainty and the potential impacts
they have on our expectations.
With iClick's diversified customer base of stable, top-tier
brands and ongoing government efforts to contain the spread of the
coronavirus amid the rollout of vaccine, we remain cautiously
optimistic for the remainder of 2022. However, outbreaks and
resurgence of COVID-19, including recent variants around the world
may continue to impact market conditions and potentially trigger a
longer period of global economic slowdown. This could affect the
overall sentiment and advertising budgets of our branding
customers, which in turn may impact our both Marketing Solution
business and Enterprise Solution business in the short term. The
rapid development and fluidity of the current situation precludes
any prediction as to the ultimate adverse impact of COVID-19.
Management will continue to closely monitor the outbreak's impact
on our operations and financial results this year and will
particularly focus on accounts receivable recoverability.
Conference Call
The Company will host an earnings conference call at
8:00 AM U.S. Eastern Time on
March 24, 2022 (8:00 PM Beijing/Hong
Kong time on March 24, 2022).
Participants may join the call through either of the below
methods:
1. Dial-in to
the conference call:
Participants are asked to pre-register for the call via the
following link:
http://apac.directeventreg.com/registration/event/5097433
Upon registering, participants will be provided with participant
dial-in numbers, Direct Event passcode and unique registrant
ID.
2.
Webcast:
Participants may also join a live and archived webcast of the
call through the below link:
https://ir.i-click.com/news-events/presentations
A live and archived webcast of the conference call will be
available on iClick's investor relations website at
https://ir.i-click.com.
A replay of the call will be available approximately two hours
after the end of the call through April 1,
2022. The webcast replay can be accessed through the above
link. Replay may also be accessed by calling:
United
States:
|
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
Hong Kong:
|
+852
30512780
|
Mainland
China:
|
400
8209035
|
Replay Access
Code:
|
5097433
|
About iClick Interactive Asia Group Limited
Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ:
ICLK) is a leading enterprise and marketing cloud platform in
China. iClick's mission is to
empower worldwide brands to unlock the enormous market potential of
smart retail. With its leading proprietary technologies, iClick's
full suite of data-driven solutions helps brands drive significant
business growth and profitability throughout the full consumer
lifecycle. Headquartered in Hong
Kong, iClick currently operates in eleven locations across
Asia and Europe. For more information, please visit
https://ir.i-click.com.
Non-GAAP Financial Measures
The Company uses adjusted EBITDA, adjusted net (loss)/income,
and diluted adjusted net (loss)/income per ADS, each a non-GAAP
financial measure, in evaluating the Company's operating results
and for financial and operational decision-making purposes.
The Company believes that adjusted EBITDA, adjusted net
(loss)/income, and diluted adjusted net (loss)/income per ADS help
identify underlying trends in the Company's business that could
otherwise be distorted by the effect of the expenses and gains that
the Company includes in net loss. The Company believes that
adjusted EBITDA and adjusted net (loss)/income provide useful
information about the Company's operating results, enhance the
overall understanding of the Company's past performance and future
prospects and allow for greater visibility with respect to key
metrics used by the Company's management in its financial and
operational decision-making.
Adjusted EBITDA, adjusted net (loss)/income, and diluted
adjusted net (loss)/income per ADS should not be considered in
isolation or construed as an alternative to 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, adjusted net
(loss)/income, and diluted adjusted net (loss)/income per ADS
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 Company's data. The Company encourages
investors and others to review the Company's financial information
in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures,
please see the table captioned "Unaudited Reconciliations of GAAP
and Non-GAAP results" set forth at the end of this press
release.
These non-GAAP financial measures were presented with the most
directly comparable GAAP financial measures together for
facilitating a more comprehensive understanding of operating
performance between periods.
Safe Harbor Statement
This announcement contains forward-looking statements, including
those related to the Company's business strategies, operations and
financial performance. These statements constitute
"forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
the Company's control. 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: the Company's fluctuations in growth; its success in
implementing its mobile and new retail strategies, including
extending its solutions beyond its core online marketing business;
its success in structuring a CRM & Marketing Cloud platform;
relative percentage of its gross billing recognized as revenue
under the gross and net models; its ability to retain existing
clients or attract new ones; its ability to retain content
distribution channels and negotiate favourable contractual terms;
market competition, including from independent online marketing
technology platforms as well as large and well-established internet
companies; market acceptance of online marketing technology
solutions and enterprise solutions; effectiveness of its algorithms
and data engines; its ability to collect and use data from various
sources; ability to integrate and realize synergies from
acquisitions, investments or strategic partnership; the duration of
the COVID-19 outbreak and its potential impact on the Company's
business and financial performance; fluctuations in foreign
exchange rates; general economic conditions in China and other jurisdictions where the
Company operates; and the regulatory landscape in China and other jurisdictions where the
Company operates. Further information regarding these and other
risks is included in the Company's annual report on Form 20-F and
other filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In
China:
|
In the United
States:
|
iClick Interactive
Asia Group Limited
|
Core
IR
|
Lisa Li
|
Tom Caden
|
Phone:
+86-21-3230-3931 #866
|
Tel:
+1-516-222-2560
|
E-mail:
ir@i-click.com
|
E-mail:
tomc@coreir.com
|
(financial tables follow)
ICLICK INTERACTIVE
ASIA GROUP LIMITED
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
(Loss)/Income
|
|
(US$'000, except
share data and per share data, or otherwise noted,
unaudited)
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenue
|
|
|
76,323
|
|
|
|
78,692
|
|
|
|
307,702
|
|
|
|
254,745
|
|
Cost of
revenue
|
|
|
(52,773)
|
|
|
|
(55,428)
|
|
|
|
(218,549)
|
|
|
|
(181,482)
|
|
Gross
profit
|
|
|
23,550
|
|
|
|
23,264
|
|
|
|
89,153
|
|
|
|
73,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
(3,197)
|
|
|
|
(1,875)
|
|
|
|
(9,527)
|
|
|
|
(5,349)
|
|
Sales and marketing
expenses
|
|
|
(10,608)
|
|
|
|
(11,877)
|
|
|
|
(52,872)
|
|
|
|
(38,028)
|
|
General and
administrative expenses
|
|
|
(14,813)
|
|
|
|
(10,702)
|
|
|
|
(39,643)
|
|
|
|
(31,648)
|
|
Total operating
expenses
|
|
|
(28,618)
|
|
|
|
(24,454)
|
|
|
|
(102,042)
|
|
|
|
(75,025)
|
|
Operating
loss
|
|
|
(5,068)
|
|
|
|
(1,190)
|
|
|
|
(12,889)
|
|
|
|
(1,762)
|
|
Interest
expense
|
|
|
(894)
|
|
|
|
(863)
|
|
|
|
(4,089)
|
|
|
|
(2,650)
|
|
Interest
income
|
|
|
315
|
|
|
|
193
|
|
|
|
824
|
|
|
|
1,297
|
|
Other (losses)/gains,
net
|
|
|
(752)
|
|
|
|
2,812
|
|
|
|
2,203
|
|
|
|
5,852
|
|
Fair value losses on
derivative liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,466)
|
|
Fair value losses on
convertible notes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,433)
|
|
(Loss)/income
before income tax expense and share of losses
from
an equity investee
|
|
|
(6,399)
|
|
|
|
952
|
|
|
|
(13,951)
|
|
|
|
(13,162)
|
|
Share of losses from
an equity investee
|
|
|
(23)
|
|
|
|
(26)
|
|
|
|
(107)
|
|
|
|
(111)
|
|
Income tax
expense
|
|
|
(671)
|
|
|
|
(286)
|
|
|
|
(2,540)
|
|
|
|
(1,633)
|
|
Net
(loss)/income
|
|
|
(7,093)
|
|
|
|
640
|
|
|
|
(16,598)
|
|
|
|
(14,906)
|
|
Net loss attributable
to noncontrolling interests
|
|
|
1,107
|
|
|
|
646
|
|
|
|
2,967
|
|
|
|
2,288
|
|
Net (loss)/income
attributable to iClick Interactive Asia
Group
Limited's ordinary shareholders
|
|
|
(5,986)
|
|
|
|
1,286
|
|
|
|
(13,631)
|
|
|
|
(12,618)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(7,093)
|
|
|
|
640
|
|
|
|
(16,598)
|
|
|
|
(14,906)
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of
US$nil
tax
|
|
|
1,255
|
|
|
|
991
|
|
|
|
3,484
|
|
|
|
5,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss)/income
|
|
|
(5,838)
|
|
|
|
1,631
|
|
|
|
(13,114)
|
|
|
|
(9,632)
|
|
Comprehensive loss
attributable to noncontrolling
interests
|
|
|
1,039
|
|
|
|
434
|
|
|
|
2,823
|
|
|
|
2,015
|
|
Comprehensive
(loss)/income attributable to iClick
Interactive Asia
Group
Limited's ordinary shareholders
|
|
|
(4,799)
|
|
|
|
2,065
|
|
|
|
(10,291)
|
|
|
|
(7,617)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per ADS attributable to iClick Interactive
Asia
Group Limited's ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
|
(0.06)
|
|
|
|
0.01
|
|
|
|
(0.14)
|
|
|
|
(0.16)
|
|
— Diluted
|
|
|
(0.06)
|
|
|
|
0.01
|
|
|
|
(0.14)
|
|
|
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in per
share
calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
|
97,710,498
|
|
|
|
91,720,956
|
|
|
|
96,374,469
|
|
|
|
78,736,872
|
|
— Diluted
|
|
|
97,710,498
|
|
|
|
97,715,972
|
|
|
|
96,374,469
|
|
|
|
78,736,872
|
|
ICLICK INTERACTIVE
ASIA GROUP LIMITED
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(US$'000, except
share data and per share data, or otherwise noted,
unaudited)
|
|
|
|
|
|
As
of
December 31,
2021
|
|
|
As
of
December 31,
2020
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, time deposits and restricted cash
|
|
|
88,717
|
|
|
|
94,466
|
|
Accounts receivable,
net of allowance for doubtful receivables of US$22,786
and
US$11,749 as of December 31, 2021 and December 31, 2020
respectively
|
|
|
187,261
|
|
|
|
143,142
|
|
Other current
assets
|
|
|
75,288
|
|
|
|
83,568
|
|
Total current
assets
|
|
|
351,266
|
|
|
|
321,176
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
81,674
|
|
|
|
74,419
|
|
Intangible
assets
|
|
|
53,713
|
|
|
|
56,431
|
|
Other
assets
|
|
|
21,081
|
|
|
|
18,089
|
|
Total non-current
assets
|
|
|
156,468
|
|
|
|
148,939
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
507,734
|
|
|
|
470,115
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
66,587
|
|
|
|
43,140
|
|
Bank
borrowings
|
|
|
75,530
|
|
|
|
56,040
|
|
Other current
liabilities
|
|
|
58,728
|
|
|
|
63,667
|
|
Total current
liabilities
|
|
|
200,845
|
|
|
|
162,847
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
15,300
|
|
|
|
28,180
|
|
Total non-current
liabilities
|
|
|
15,300
|
|
|
|
28,180
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
216,145
|
|
|
|
191,027
|
|
Equity
|
|
|
|
|
|
|
|
|
Ordinary shares
– Class A (US$0.001 par value; 80,000,000 shares authorized as
of
December
31, 2021 and December 31, 2020, respectively; 42,865,515 shares
and
40,996,215 shares issued and outstanding as of December 31, 2021
and
December
31, 2020, respectively)
|
|
|
43
|
|
|
|
41
|
|
Ordinary shares –
Class B (US$0.001 par value; 20,000,000 shares authorized as
of
December
31, 2021 and December 31, 2020, respectively; 5,034,427 shares
and
4,820,608 shares issued and outstanding as of December 31, 2021
and
December
31, 2020, respectively)
|
|
|
5
|
|
|
|
5
|
|
Treasury shares
(2,323,802 shares and 2,396,372 shares as of December 31,
2021
and
December 31, 2020, respectively)
|
|
|
(20,908)
|
|
|
|
(10,341)
|
|
Other
reserves
|
|
|
305,212
|
|
|
|
282,397
|
|
Total iClick
Interactive Asia Group Limited shareholders' equity
|
|
|
284,352
|
|
|
|
272,102
|
|
Noncontrolling
interests
|
|
|
7,237
|
|
|
|
6,986
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
291,589
|
|
|
|
279,088
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
|
507,734
|
|
|
|
470,115
|
|
ICLICK INTERACTIVE ASIA GROUP LIMITED
Unaudited
Reconciliations of GAAP and Non-GAAP Results
(US$'000,
except share data and per share data, or otherwise noted,
unaudited)
Adjusted EBITDA represents net (loss)/income before (i)
depreciation and amortization, (ii) interest expense, (iii)
interest income, (iv) income tax expense, (v) share-based
compensation, (vi) fair value losses on derivative liabilities,
(vii) fair value losses on convertible notes, (viii) other
losses/(gains), net, (ix) convertible notes issuance cost, (x) net
loss attributable to noncontrolling interests, (xi) share of losses
from an equity investee, (xii) cost related to new business setup
or acquisitions, and (xiii) cost related to filing of Form F-3.
The table below sets forth a reconciliation of the Company's
adjusted EBITDA from net (loss)/income for the periods
indicated:
|
|
Three Months
Ended
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
(loss)/income
|
|
|
(7,093)
|
|
|
|
640
|
|
|
|
(16,598)
|
|
|
|
(14,906)
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,922
|
|
|
|
2,018
|
|
|
|
6,749
|
|
|
|
6,725
|
|
Interest
expense
|
|
|
894
|
|
|
|
863
|
|
|
|
4,089
|
|
|
|
2,650
|
|
Interest
income
|
|
|
(315)
|
|
|
|
(193)
|
|
|
|
(824)
|
|
|
|
(1,297)
|
|
Income tax
expense
|
|
|
671
|
|
|
|
286
|
|
|
|
2,540
|
|
|
|
1,633
|
|
EBITDA
|
|
|
(3,921)
|
|
|
|
3,614
|
|
|
|
(4,044)
|
|
|
|
(5,195)
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
1,228
|
|
|
|
2,370
|
|
|
|
13,498
|
|
|
|
6,249
|
|
Fair value losses on
derivative liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,466
|
|
Fair value losses on
convertible notes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,433
|
|
Other losses/(gains),
net[3]
|
|
|
1,958
|
|
|
|
(1,767)
|
|
|
|
1,078
|
|
|
|
(2,789)
|
|
Convertible notes and
shares issuance cost[4]
|
|
|
—
|
|
|
|
—
|
|
|
|
202
|
|
|
|
44
|
|
Net loss attributable
to noncontrolling interests[5]
|
|
|
683
|
|
|
|
646
|
|
|
|
2,423
|
|
|
|
2,288
|
|
Share of losses from
an equity investee[6]
|
|
|
23
|
|
|
|
26
|
|
|
|
107
|
|
|
|
111
|
|
Cost related to new
business setup or acquisitions[7]
|
|
|
94
|
|
|
|
154
|
|
|
|
148
|
|
|
|
217
|
|
Cost related to filing
of Form F-3[8]
|
|
|
—
|
|
|
|
22
|
|
|
|
—
|
|
|
|
450
|
|
Adjusted
EBITDA
|
|
|
65
|
|
|
|
5,065
|
|
|
|
13,412
|
|
|
|
17,274
|
|
3 Other losses/(gains), net has been
adjusted out, except for amounts of US$1,206 thousand, US$1,045
thousand, US$3,281 thousand and US$3,063 thousand in relation to
government grants for the three months ended December 31, 2021 and
2020 and for the year ended December 31, 2021 and 2020,
respectively.
|
4 Convertible notes and shares
issuance cost represents legal and professional fee for the issue
of convertible notes and shares.
|
5 Net
loss attributable to noncontrolling interests has been adjusted
back because the Company's management regularly reviews EBITDA
excluding noncontrolling interests as a measure of its operational
performance.
|
6 Share of losses from an equity
investee represents share of losses incurred by the Company's
Thailand business operated through an equity investee over which
the Company has significant influence, and which is not considered
to be a part of the core business that the Company operates through
its consolidated entities.
|
7 Cost related to new business setup
or acquisition represents transaction cost (e.g. legal and
professional fee) in connection therewith.
|
8 Cost related to the filing of Form
F-3 represents audit, legal and professional fees.
|
Adjusted net (loss)/income represents net (loss)/income before
(i) share-based compensation, (ii) fair value losses on derivative
liabilities, (iii) fair value losses on convertible notes, (iv)
other losses/(gains), net, (v) convertible notes issuance cost,
(vi) net loss attributable to noncontrolling interests, (vii) share
of losses from an equity investee, (viii) cost related to new
business setup or acquisitions, and (ix) cost related to filing of
Form F-3. There is no material tax effects on these non-GAAP
adjustments.
The table below sets forth a reconciliation of the Company's
adjusted net (loss)/income from net (loss)/income for the periods
indicated:
|
|
Three Months
Ended
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
(loss)/income
|
|
|
(7,093)
|
|
|
|
640
|
|
|
|
(16,598)
|
|
|
|
(14,906)
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
1,228
|
|
|
|
2,370
|
|
|
|
13,498
|
|
|
|
6,249
|
|
Fair value losses on
derivative liabilities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,466
|
|
Fair value losses on
convertible notes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,433
|
|
Other losses/(gains),
net[3]
|
|
|
1,958
|
|
|
|
(1,767)
|
|
|
|
1,078
|
|
|
|
(2,789)
|
|
Convertible notes and
shares issuance cost[4]
|
|
|
—
|
|
|
|
—
|
|
|
|
202
|
|
|
|
44
|
|
Net loss attributable
to noncontrolling interests[5]
|
|
|
1,090
|
|
|
|
646
|
|
|
|
2,926
|
|
|
|
2,288
|
|
Share of losses from
an equity investee[6]
|
|
|
23
|
|
|
|
26
|
|
|
|
107
|
|
|
|
111
|
|
Cost related to new
business setup or acquisitions[7]
|
|
|
94
|
|
|
|
154
|
|
|
|
148
|
|
|
|
217
|
|
Cost related to filing
of Form F-3[8]
|
|
|
—
|
|
|
|
22
|
|
|
|
—
|
|
|
|
450
|
|
Adjusted net
(loss)/income
|
|
|
(2,700)
|
|
|
|
2,091
|
|
|
|
1,361
|
|
|
|
7,563
|
|
The diluted adjusted net (loss)/income per ADS for the periods
indicated are calculated as follows:
|
|
Three Months
Ended
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
(loss)/income:
|
|
|
(7,093)
|
|
|
|
640
|
|
|
|
(16,598)
|
|
|
|
(14,906)
|
|
Add: Non-GAAP
adjustments to net (loss)/income
|
|
|
4,393
|
|
|
|
1,451
|
|
|
|
17,959
|
|
|
|
22,469
|
|
Adjusted net
(loss)/income
|
|
|
(2,700)
|
|
|
|
2,091
|
|
|
|
1,361
|
|
|
|
7,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for net
(loss)/income per ADS - Weighted
average
ADS
outstanding
|
|
|
97,710,498
|
|
|
|
97,715,972
|
|
|
|
96,374,469
|
|
|
|
78,736,872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for
diluted adjusted net (loss)/income per
ADS -
Weighted average ADS outstanding
|
|
|
97,710,498
|
|
|
|
97,715,972
|
|
|
|
101,600,479
|
|
|
|
84,782,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
(loss)/income per ADS
|
|
|
(0.07)
|
|
|
|
0.01
|
|
|
|
(0.17)
|
|
|
|
(0.19)
|
|
Add: Non-GAAP
adjustments to net (loss)/income per ADS
|
|
|
0.04
|
|
|
|
0.01
|
|
|
|
0.18
|
|
|
|
0.28
|
|
Diluted adjusted net
(loss)/income per ADS
|
|
|
(0.03)
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.09
|
|
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SOURCE iClick Interactive Asia Group Limited