SHANGHAI, Aug. 20, 2019 /PRNewswire/ -- CooTek (Cayman)
Inc. (NYSE: CTK) ("CooTek" or the "Company"), a fast-growing global
mobile internet company, today reported unaudited financial results
for the second quarter ended June 30,
2019.
Second Quarter 2019 Financial Highlights
- Net revenue was US$37.6 million,
an increase of 33% from US$28.4
million during the same period last year.
- Gross profit was US$33.6 million,
an increase of 37% from US$24.5
million during the same period last year. Gross profit
margin was 89.4%, an increase of 2.9% year-over-year.
- Net loss was US$14.1 million,
compared to net income US$2.1 million
during the same period last year.
- Adjusted net loss[1]
(Non-GAAP) was US$12.9 million,
compared to adjusted net income (Non-GAAP) of US$2.8 million during the same period last
year.
Second Quarter 2019 Operational Highlights
- The average daily active users ("DAUs") of the Company's global
products[2] were 171.3
million in June 2019 compared to
132.7 million in June 2018, an
increase of 29% year-over-year.
- The average monthly active users ("MAUs") of the Company's
global products2 were 255.5 million in June
2019 compared to 193.9 million in June 2018, an increase of 32%
year-over-year.
- The average DAUs of the Company's portfolio
products[3] were 27.6
million in June 2019 compared to 7.3
million in June 2018, an increase of
278% year-over-year.
- The average MAUs of the Company's portfolio
products3 were 65.1 million in June 2019 compared to 22.2 million in
June 2018, an increase of 193%
year-over-year.
- The user engagement[4] of the Company's portfolio
products in June 2019 was
approximately 42%, compared to approximately 33% in June 2018 and approximately 39% in March 2019.
- The average DAUs of TouchPal Smart Input were 143.7 million in
June 2019 compared to 125.4 million
in June 2018, an increase of 15%
year-over-year.
- The average MAUs of TouchPal Smart Input were 190.4 million in
June 2019 compared to 171.7 million
in June 2018, an increase of 11%
year-over-year.
- The user engagement of TouchPal Smart Input in June 2019 was approximately 76%, compared to
approximately 73% in June 2018 and
approximately 76% in March 2019.
[1] "Adjusted
net income (loss)" (Non-GAAP) is a non-GAAP measure, which is
defined as net income (loss) excluding share-based compensation.
For further information, please see "Non-GAAP Financial Measures"
and "Reconciliations of GAAP and non-GAAP results" at the bottom of
this release.
|
[2] "global
products" is to the mobile applications that we develop and provide
to our users and business partners, which excludes TouchPal
Phonebook. TouchPal Phonebook targets the Chinese domestic market
and is different from TouchPal Smart Input and portfolio products
that are designed for the global market (including
China).
|
[3] "portfolio products" is to the
mobile applications that we develop and provide to our users and
business partners, which exclude TouchPal Smart Input and TouchPal
Phonebook.
|
[4] User engagement is calculated by
dividing DAUs by MAUs of certain products for a certain
period.
|
|
Portfolio
Products
|
|
TouchPal Smart
Input
|
|
DAUs
|
MAUs
|
User
Engagement
|
|
DAUs
|
MAUs
|
User
Engagement
|
|
(in millions, except
for the percentages)
|
|
|
Mar' 17
|
0.1
|
0.5
|
20.0%
|
|
61.7
|
96.6
|
63.9%
|
Jun' 17
|
0.3
|
0.8
|
37.5%
|
|
75.3
|
113.8
|
66.2%
|
Sep'17
|
0.7
|
2.3
|
30.4%
|
|
88.7
|
131.6
|
67.4%
|
Dec'17
|
2.9
|
9.4
|
30.9%
|
|
101.9
|
148.2
|
68.8%
|
Mar' 18
|
4.6
|
14.4
|
31.9%
|
|
115.7
|
161.6
|
71.6%
|
Jun' 18
|
7.3
|
22.2
|
32.9%
|
|
125.4
|
171.7
|
73.0%
|
Sep'18
|
11.0
|
33.7
|
32.6%
|
|
132.9
|
180.0
|
73.8%
|
Dec'18
|
16.9
|
46.1
|
36.7%
|
|
140.8
|
190.5
|
73.9%
|
Mar' 19
|
23.1
|
59.8
|
38.6%
|
|
145.9
|
192.3
|
75.9%
|
Jun'19
|
27.6
|
65.1
|
42.4%
|
|
143.7
|
190.4
|
75.5%
|
- Portfolio products continued to be the main driver of revenue
growth, contributing nearly 76% to the total revenue.
"We built upon our strong start to the year with net revenue
growing 33% year-over-year during the quarter to US$37.6 million and DAUs of our portfolio of
products expanding to 27.6 million," commented Mr. Karl Zhang, CooTek's Co-Founder and Chairman.
"The engagement rate of our portfolio apps continued to grow,
expanding to 42% from 39% last quarter. We believe the impact from
Google will be short-term and that our sophisticated capabilities
to drive user growth leveraging our in-depth and unique user
insights will continue to offer a unique value proposition. We are
investing now to firmly establish and continuously evolve our
content ecosystem in order to achieve long-term competitiveness and
increase user stickiness. We will continue drive growth momentum by
launching new and innovative products, retaining our users, and
facilitating greater engagement with our products."
Second Quarter 2019 Financial Results
Net Revenues
(in US$ thousands,
except percentage)
|
2Q
2019
|
|
1Q
2019
|
|
2Q
2018
|
|
QoQ %
Change
|
|
YoY %
Change
|
|
|
|
|
|
|
|
|
|
|
Mobile Advertising
Revenue
|
36,651
|
|
39,377
|
|
27,643
|
|
(7%)
|
|
33%
|
Other
Revenue
|
942
|
|
660
|
|
716
|
|
43%
|
|
32%
|
Total Net
Revenues
|
37,593
|
|
40,037
|
|
28,359
|
|
(6%)
|
|
33%
|
Net revenues for the second quarter were
US$37.6 million, an increase of 33%
from US$28.4 million during the
second quarter of 2018 and a decrease of 6% from US$40.0 million last quarter. The sequential
decrease was primarily due to the decrease in advertising revenues
recognized from Google for the last 2 months of the second
quarter.
Mobile advertising revenue for the second quarter
was US$36.7 million, an increase of
33% from US$27.6 million during the
second quarter of 2018 and a decrease of 7% from US$39.4 million last quarter. The year-over-year
increase was primarily due to the rapid growth in the number of
DAUs of portfolio products and improvement in user engagement.
Portfolio products accounted for approximately 78%, TouchPal
Smart Input accounted for approximately 6% and TouchPal Phonebook
accounted for approximately 16% of the mobile advertising revenue
for the second quarter of 2019.
Cost and Operating Expenses
|
2Q
2019
|
1Q
2019
|
2Q
2018
|
QoQ %
Change
|
YoY
%
change
|
(in US$ thousands,
except percentage)
|
US$
|
% of
revenue
|
US$
|
% of
revenue
|
US$
|
% of
revenue
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,982
|
11%
|
3,541
|
8%
|
3,828
|
13%
|
12%
|
4%
|
Sales and
marketing
|
32,693
|
87%
|
27,378
|
68%
|
15,655
|
55%
|
19%
|
109%
|
Research and
development
|
7,649
|
20%
|
6,616
|
17%
|
4,494
|
16%
|
16%
|
70%
|
General and
administrative
|
7,773
|
21%
|
2,344
|
6%
|
2,279
|
8%
|
232%
|
241%
|
Other operating
income, net
|
(103)
|
(0%)
|
(68)
|
(0%)
|
(48)
|
(0%)
|
51%
|
115%
|
Total Cost and
Expenses
|
51,994
|
139%
|
39,811
|
99%
|
26,208
|
92%
|
31%
|
98%
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses by function
|
Cost of
revenues
|
23
|
0.1%
|
18
|
0.0%
|
15
|
0.1%
|
28%
|
53%
|
Sales and
marketing
|
61
|
0.2%
|
59
|
0.1%
|
33
|
0.1%
|
3%
|
85%
|
Research and
development
|
946
|
2.5%
|
918
|
2.3%
|
470
|
1.7%
|
3%
|
101%
|
General and
administrative
|
158
|
0.4%
|
148
|
0.4%
|
95
|
0.3%
|
7%
|
66%
|
Total share-based
compensation expense
|
1,188
|
3.2%
|
1,143
|
2.9%
|
613
|
2.2%
|
4%
|
94%
|
Cost of revenues for the second quarter was
US$4.0 million, representing a 4%
increase from US$3.8 million during
the same period last year and a 12% increase from US$3.5 million last quarter. The year-over-year
increase was mainly due to an increase in operational and
maintenance related expenses as the Company's businesses expanded
and partially offset by a decrease in VoIP-related expenses as a
result of continuous improvement in telecommunication services
utilization efficiency. The sequential increase was primarily due
to the expanding data center capacity and network
infrastructure.
Gross profit for the second quarter was US$33.6 million, a 37% increase from US$24.5 million during the same period last year
and a decrease of 8% from US$36.5
million last quarter. Gross profit margin was 89.4%,
compared to 86.5% in the same period last year and 91.2% last
quarter.
Sales and marketing expenses for the second quarter were
US$32.7 million, an increase of 109%
from US$15.7 million during the same
period last year and an increase of 19% from US$27.4 million last quarter. As a percentage of
total revenue, sales and marketing expenses accounted for 87%
compared with 55% during the same period last year, and 68% during
last quarter. The year-on-year increase in sales and marketing
expenses as a percentage of total net revenue was primarily due to
the increased investment in user acquisition.
Research and development expenses for the second
quarter were US$7.6 million, an
increase of 70% from US$4.5 million
during the same period last year and an increase of 16% from
US$6.6 million last quarter. The
year-on-year and sequential increases were primarily due to the
increased cost associated with technology R&D staff. As a
percentage of total net revenue, research and development expenses
accounted for 20%, as compared to 16% during the same period last
year and 17% compared to last quarter.
General and administrative expenses for the second
quarter were US$7.8 million, an
increase of 241% from US$2.3 million
during the same period last year and an increase of 232% from
US$2.3 million last quarter. The
sequential increase was mainly due to an increase of US$4.7 million in bad debt provision, the
majority of which was accrued for certain customers influenced by
Google's decision to disable some of the global portfolio apps. As
a percentage of total net revenue, general and administrative
expenses accounted for 21%, compared to 8% during the same period
last year and 6% during last quarter.
Other operating income, net for the second quarter
was US$0.1 million, increased from
US$0.05 million during the same
period last year and US$0.07 million
last quarter. It mainly consisted of government subsidies received
by the Company.
Net loss for the second quarter was US$14.1 million, as compared with net income of
US$2.1 million during the same period
last year and net income of US$0.2
million last quarter.
Adjusted net income (loss), a non-GAAP
financial measure, represents net income (loss) excluding
share-based compensation. Adjusted net loss for the second quarter
was US$12.9 million, compared with
adjusted net income of US$2.8 million
in the same period last year and adjusted net income of
US$1.3 million last quarter.
In US$ thousands,
except percentage
|
2Q
2019
|
1Q
2019
|
2Q
2018
|
QoQ %
Change
|
YoY %
change
|
|
|
|
|
|
|
Net (loss) income
|
(14,126)
|
172
|
2,139
|
(8313%)
|
(760%)
|
Add: Share-based
Compensation related to share
options and restricted share units
|
1,188
|
1,143
|
613
|
4%
|
94%
|
Adjusted Net (Loss)
Income (Non-GAAP)
|
(12,938)
|
1,315
|
2,752
|
(1084%)
|
(570%)
|
Basic and diluted net loss per ADS were US$0.22 and US$0.22
in the second quarter of 2019, and basic and diluted Adjusted net
loss (Non-GAAP) per ADS were US$0.20
and US$0.20 in this period.
Balance Sheets and Cash Flows
As of June 30, 2019, Cash and cash
equivalents and restricted cash was US$62.8
million compared to US$77.3
million as of March 31,
2019.
Net cash outflow from operating activities during the second
quarter of 2019 was US$8.9 million,
compared to inflow from operations of US$2.0
million for the same period in 2018 and outflow of
US$3.3 million during the last
quarter. The cash outflow from operating activities during the
second quarter of 2019 was the result of loss from operations.
Share Repurchase Plan
On November 26, 2018, the Company
announced a share repurchase program whereby the Company is
authorized to repurchase its own Class A ordinary shares in the
form of ADSs with an aggregate value of up to US$15 million during the 12-month period from
November 30, 2018. As of June 30, 2019, the Company had used an aggregate
of US$10 million to repurchase 1.1
million ADSs. As of June 30, 2019,
the Company recorded treasury shares of US$4.3 million for the outstanding repurchased
shares and netted the cancellation of treasury stock of
US$5.7 million with additional paid
in capital.
Business Outlook
For the third quarter of 2019, CooTek expects total revenue to
be about US$30 million, representing
18% decrease year-over-year.
For the fiscal year of 2019, CooTek expects total revenue to
about US$145 million, representing
8% increase year-over-year.
Conference Call and Webcast
CooTek's management team will host a conference call at
8:00 AM U.S. Eastern Time on
Tuesday, August 20, 2019
(8:00 PM Beijing Time on the same
day), following the results announcement.
The dial-in details for the live conference call are:
United
States:
|
1-888-346-8982
|
Hong Kong:
|
800-905-945
|
China:
|
4001-201-203
|
International:
|
1-412-902-4272
|
Please dial in 15 minutes before the call is scheduled to begin.
When prompted, ask to be connected to the CooTek (Cayman)
Inc. call.
A live webcast and archive of the conference call will be
available on the Investor Relations section of CooTek's website at
https://ir.cootek.com/.
About CooTek (Cayman) Inc.
CooTek is a fast-growing global mobile internet company. The
mission of CooTek is to empower everyone to express themselves and
enjoy relevant content seamlessly. The Company's user-centric and
data-driven approach has enabled it to release appealing products
to capture mobile internet users' ever-evolving content needs and
helps it rapidly attract targeted users. Focusing on 5 verticals of
fitness, lifestyle, healthcare, short videos and entertainment,
CooTek has developed multiple rapidly growing content-rich
portfolio apps with news feed to deliver relevant content.
Non-GAAP Financial Measure
To supplement the unaudited consolidated financial information
prepared in accordance with generally accepted accounting
principles in the United States of
America ("GAAP"), the Company uses non-GAAP financial
measure of adjusted net (loss) income that is adjusted from results
based on GAAP to exclude the impact of share-based compensation,
and Adjusted EBITDA that is net (loss) income excluding interest
income and expense, income taxes, depreciation, and share-based
compensation. The measure should be considered in addition to
results prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results.
The Company believes that the non-GAAP measure help identify
underlying financial and business trends relating to the Company's
results of operations that could otherwise be distorted by the
effect of certain expenses that the Company include in (loss)
income from operations and net (loss) income. By making the
Company's financial results comparable period over period, the
Company believes adjusted net (loss) income and Adjusted EBITDA
provides useful information to better understand the Company's
historical business operations and future prospects and allows for
greater visibility with respect to key metrics used by the
management in financial and operational decision-making. In order
to mitigate these limitations, the Company has provided specific
information regarding the GAAP amounts excluded from the non-GAAP
measure. The table at the bottom of this press release includes
details on the reconciliation between GAAP financial measure that
is most directly comparable to the non-GAAP financial measure the
Company has presented.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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. CooTek may also
make written or oral forward-looking statements in its reports
filed with or furnished 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. Any statements
that are not historical facts, including statements about CooTek's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: CooTek's mission and strategies; future business
development, financial conditions and results of operations; the
expected growth of the mobile internet industry and mobile
advertising industry; the expected growth of mobile advertising;
expectations regarding demand for and market acceptance of our
products and services; competition in mobile application and
advertising industry; and relevant government policies and
regulations relating to the industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is current as of the
date of the press release, and CooTek does not undertake any
obligation to update such information, except as required under
applicable law.
For investor enquiries, please contact:
CooTek (Cayman) Inc.
Jean Zhang
Email: IR@cootek.com
Christensen
In China
Mr. Christian Arnell
+86-10-5900-1548
carnell@christensenir.com
In US
Ms. Linda Bergkamp
+1-480-614-3004
lbergkamp@christensenir.com
CooTek (Cayman)
INC.
|
Unaudited
Condensed Consolidated Statement of Operations
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
Net revenues
|
|
28,359
|
|
40,037
|
|
37,593
|
|
50,278
|
|
77,630
|
|
Cost of
revenues
|
|
(3,828)
|
|
(3,541)
|
|
(3,982)
|
|
(8,038)
|
|
(7,523)
|
|
Gross
Profit
|
|
24,531
|
|
36,496
|
|
33,611
|
|
42,240
|
|
70,107
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(15,655)
|
|
(27,378)
|
|
(32,693)
|
|
(26,346)
|
|
(60,071)
|
|
Research and
development expenses
|
|
(4,494)
|
|
(6,616)
|
|
(7,649)
|
|
(8,323)
|
|
(14,265)
|
|
General and
administrative expenses
|
|
(2,279)
|
|
(2,344)
|
|
(7,773)
|
|
(4,141)
|
|
(10,117)
|
|
Other operating
income, net
|
|
48
|
|
68
|
|
103
|
|
70
|
|
171
|
|
Total operating
expenses
|
|
(22,380)
|
|
(36,270)
|
|
(48,012)
|
|
(38,740)
|
|
(84,282)
|
|
Income (loss) from
operations
|
|
2,151
|
|
226
|
|
(14,401)
|
|
3,500
|
|
(14,175)
|
|
Interest income,
net
|
|
9
|
|
362
|
|
229
|
|
71
|
|
591
|
|
Foreign exchange
(loss) gain
|
|
(21)
|
|
(416)
|
|
48
|
|
(59)
|
|
(368)
|
|
Income (loss) before
income taxes
|
|
2,139
|
|
172
|
|
(14,124)
|
|
3,512
|
|
(13,952)
|
|
Income tax
expense
|
|
-
|
|
-
|
|
(2)
|
|
-
|
|
(2)
|
|
Net income
(loss)
|
|
2,139
|
|
172
|
|
(14,126)
|
|
3,512
|
|
(13,954)
|
|
Net income (loss) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.001
|
|
0.00005
|
|
(0.004)
|
|
0.001
|
|
(0.004)
|
|
Diluted
|
|
0.001
|
|
0.00005
|
|
(0.004)
|
|
0.001
|
|
(0.004)
|
|
Weighted average shares
used in
calculating net income (loss) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
898,393,690
|
|
3,181,144,897
|
|
3,163,372,938
|
|
898,393,690
|
|
3,171,199,334
|
|
Diluted
|
|
1,047,952,460
|
|
3,310,299,485
|
|
3,163,372,938
|
|
1,045,398,678
|
|
3,171,199,334
|
|
Non-GAAP Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
(loss)
|
|
2,752
|
|
1,315
|
|
(12,938)
|
|
4,403
|
|
(11,623)
|
|
Adjusted
EBITDA
|
|
3,029
|
|
1,422
|
|
(12,547)
|
|
4,897
|
|
(11,125)
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands, except for share and per share data)
|
|
|
|
As of
|
|
|
|
March 31,
2019
|
|
June 30,
2019
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
77,203
|
|
62,774
|
|
Restricted
cash
|
|
80
|
|
-
|
|
Accounts receivable,
net of allowance for doubtful accounts of $1,286 as of
March 31, 2019 and
$4,665 as of June 30, 2019, respectively
|
|
27,295
|
|
24,659
|
|
Prepaid expenses and
other current assets
|
|
5,812
|
|
5,954
|
|
Total current
assets
|
|
110,390
|
|
93,387
|
|
Long-term
investments
|
|
500
|
|
500
|
|
Property and
equipment, net
|
|
4,315
|
|
6,370
|
|
Other non-current
assets
|
|
478
|
|
377
|
|
TOTAL
ASSETS
|
|
115,683
|
|
100,634
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
26,272
|
|
26,098
|
|
Short-term bank
borrowings
|
|
-
|
|
1,394
|
|
Accrued salary and
benefits
|
|
3,003
|
|
4,410
|
|
Accrued expenses and
other current liabilities
|
|
2,664
|
|
2,402
|
|
Deferred
revenue
|
|
329
|
|
319
|
|
Total current
liabilities
|
|
32,268
|
|
34,623
|
|
Other non-current
liabilities
|
|
577
|
|
548
|
|
TOTAL
LIABILITIES
|
|
32,845
|
|
35,171
|
|
Unaudited
Condensed Consolidated Balance Sheets (continued):
|
(in thousands, except for share and per share data)
|
|
|
|
As of
|
|
|
March 31,
2019
|
|
June 30,
2019
|
|
|
US$
|
|
US$
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Ordinary
shares
|
|
32
|
|
32
|
Treasury
Stock
|
|
(5,738)
|
|
(4,288)
|
Additional paid-in
capital
|
|
205,844
|
|
201,474
|
Accumulated
deficit
|
|
(116,580)
|
|
(130,707)
|
Accumulated other
comprehensive loss
|
|
(720)
|
|
(1,048)
|
Total Shareholders'
Equity
|
|
82,838
|
|
65,463
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
115,683
|
|
100,634
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating
activities
|
|
1,961
|
|
(3,334)
|
|
(8,876)
|
|
4,540
|
|
(12,210)
|
|
Net cash used in
investing activities
|
|
(333)
|
|
(524)
|
|
(2,798)
|
|
(948)
|
|
(3,322)
|
|
Net cash used in by
financing activities
|
|
(544)
|
|
(4,049)
|
|
(2,678)
|
|
(1,102)
|
|
(6,727)
|
|
Net increase (decrease)
in cash and cash
equivalents
|
|
1,084
|
|
(7,907)
|
|
(14,352)
|
|
2,490
|
|
(22,259)
|
|
Cash, cash equivalents,
and restricted cash at
beginning of period
|
|
29,018
|
|
84,860
|
|
77,283
|
|
27,026
|
|
84,860
|
|
Effect of exchange rate
changes on cash and
cash equivalents
|
|
(2,413)
|
|
330
|
|
(157)
|
|
(1,827)
|
|
173
|
|
Cash, cash equivalents,
and restricted cash at
end of period
|
|
27,689
|
|
77,283
|
|
62,774
|
|
27,689
|
|
62,774
|
|
Reconciliations of
GAAP and Non-GAAP Results
|
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
March
31,
|
|
June 30,
|
|
June 30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
2,139
|
|
172
|
|
(14,126)
|
|
3,512
|
|
(13,954)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation related to share options and
restricted share units
|
|
613
|
|
1,143
|
|
1,188
|
|
891
|
|
2,331
|
|
Adjusted Net
Income (Loss) (Non-GAAP)*
|
|
2,752
|
|
1,315
|
|
(12,938)
|
|
4,403
|
|
(11,623)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
(9)
|
|
(362)
|
|
(229)
|
|
(71)
|
|
(591)
|
|
Income
taxes
|
|
-
|
|
-
|
|
2
|
|
-
|
|
2
|
|
Depreciation
|
|
286
|
|
469
|
|
618
|
|
565
|
|
1,087
|
|
Adjusted EBITDA
(Non-GAAP)*
|
|
3,029
|
|
1,422
|
|
(12,547)
|
|
4,897
|
|
(11,125)
|
|
|
* The tax impact to
the non-GAAP adjustments is zero.
|
View original
content:http://www.prnewswire.com/news-releases/cootek-announces-second-quarter-2019-unaudited-results-300904114.html
SOURCE CooTek