SHANGHAI, Dec. 15, 2020
/PRNewswire/ -- CooTek (Cayman) Inc. (NYSE: CTK) ("CooTek" or
the "Company"), a fast-growing global mobile internet company,
today reported unaudited financial results for the third quarter
ended September 30, 2020.
Third Quarter 2020 Highlights
- Net revenue was US$105.7 million,
an increase of 238% from US$31.3
million during the same period last year.
- Gross profit was US$98.9 million,
an increase of 261% from US$27.4
million during the same period last year.
- Gross profit margin was 93.6%, an increase of 6%
year-over-year.
- Net loss was US$22.0 million,
compared with net loss of US$16.2
million during the same period last year.
- Adjusted net loss[1] (Non-GAAP) was US$20.5 million, compared with adjusted net loss
(Non-GAAP) of US$15.4 million during
the same period last year.
- The Company's Portfolio Products[2] contributed approximately
99% of total revenues, with a focus on three main categories:
online literature, scenario-based content apps, and casual
games.
September 2020 Operational
Highlights
- Average daily active users ("DAUs") of the Company's Portfolio
Products were 27.7 million, an increase of 16% from 23.9 million in
September 2019. Monthly active users
("MAUs") of the Company's Portfolio Products were 94.8 million, an
increase of 40% from 67.5 million in September 2019.
- Average DAUs of the Company's online literature products were
10.0 million, increased significantly from 2.0 million in
September 2019. MAUs of the Company's
online literature products were 29.5 million, increased
significantly from 11.0 million in September
2019. The average daily reading time[3] of the key product
Fengdu Novel users further increased to
130 minutes in September 2020
from 110 minutes in June 2020.
- Average DAUs of the Company's TouchPal Smart Input were 130.0
million. MAUs of the Company's TouchPal Smart Input were 169.4
million.
"I am pleased to report a resilient third quarter with revenue
of US$105.7 million compared to
US$31.3 million a year ago,"
commented Mr. Karl Zhang, CooTek's
Chairman. "Driven by the strategic enhancement of our content
ecosystem, we further upgraded and strengthened our core products
aiming at delivering the sustainable business growth. We reinforced the market position of
Fengdu Novel which ranked 3rd in terms of MAUs in free
online literature market in China[4] with continuous growth in
our user base. With its DAUs exceeding 10 million during the third
quarter of 2020, Fengdu Novel constituted the core component of our
content-rich portfolio with a strong emphasis on balancing its user
expansion and user retention. We have been rapidly developing its
customized content production model which contribute to its
competitive user stickiness. Going forward, we will strive to
further expand our content ecosystem by leveraging the core
strength of Fengdu Novel and the growth synergy that we can achieve
among the three main business segments of content-rich mobile
apps."
Mr. Robert Cui, CooTek's CFO
further commented, "Despite the growth pressure in global mobile
internet advertising market, we still increased our revenue by 238%
during the third quarter of 2020 compared to the same period in
2019. More importantly, we have witnessed solid growth in our
online literature business in terms of its user base and revenue
since the first quarter of 2019. We will continue to invest in the
content and user expansion of Fengdu Novel by maintaining a
reasonable return on investment level. We are convinced that our
development strategy will result in building up a synergetic and
diversified content ecosystem."
(in
millions)
|
|
Portfolio
Products
|
|
|
Portfolio
Products
|
|
Including: Online
literature
|
|
|
DAUs
|
MAUs
|
|
DAUs
|
MAUs
|
Sep'
18
|
|
11.0
|
33.7
|
|
-
|
-
|
Dec'
18
|
|
16.9
|
46.1
|
|
-
|
-
|
Mar'
19
|
|
23.1
|
59.8
|
|
0.3
|
0.9
|
Jun'
19
|
|
27.6
|
65.1
|
|
0.3
|
1.6
|
Sep'
19
|
|
23.9
|
67.5
|
|
2.0
|
11.0
|
Dec'
19
|
|
24.7
|
74.6
|
|
4.8
|
19.3
|
Mar'
20
|
|
25.2
|
89.2
|
|
7.3
|
29.1
|
Jun'
20
|
|
23.9
|
83.5
|
|
8.1
|
28.4
|
Sep'
20
|
|
27.7
|
94.8
|
|
10.0
|
29.5
|
Third Quarter 2020
Financial Results
|
Net
Revenues
|
|
(in US$ thousands,
except percentage)
|
3Q
2020
|
|
2Q
2020
|
|
3Q
2019
|
|
QoQ %
Change
|
|
YoY %
Change
|
|
|
|
|
|
|
|
|
|
|
Mobile Advertising
Revenue
|
104,842
|
|
125,774
|
|
30,548
|
|
(17)%
|
|
243%
|
Other
Revenue
|
815
|
|
622
|
|
722
|
|
31%
|
|
13%
|
Total Net
Revenues
|
105,657
|
|
126,396
|
|
31,270
|
|
(16)%
|
|
238%
|
Net revenues were US$105.7
million, an increase of 238% from US$31.3 million during the third quarter of 2019
and a decrease of 16% from US$126.4
million in the last quarter. The fluctuation was primarily
due to changes in our mobile advertising revenue.
Mobile advertising revenue was US$104.8 million, an increase of 243% from
US$30.5 million during the third
quarter of 2019 mainly due to increase in our user base and number
of portfolio products, and a decrease of 17% from US$125.8 million last quarter mainly due to
restructuring of our portfolio products.
Our portfolio products focus on three categories: online
literature, scenario-based content apps and casual games. Online
literature accounted for approximately 34%, scenario-based content
apps accounted for approximately 24%, and casual games accounted
for approximately 41% of total net revenue.
Cost and Operating Expenses
|
3Q
2020
|
|
2Q
2020
|
|
3Q
2019
|
QoQ %
Change
|
|
YoY
%
Change
|
(in US$ thousands,
except percentage)
|
US$
|
|
% of
revenue
|
|
US$
|
|
% of revenue
|
|
US$
|
|
% of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
6,784
|
|
6%
|
|
5,691
|
|
5%
|
|
3,912
|
|
13%
|
|
19%
|
|
73%
|
Sales and
marketing
|
107,842
|
|
102%
|
|
105,999
|
|
84%
|
|
33,463
|
|
107%
|
|
2%
|
|
222%
|
Research and
development
|
8,204
|
|
8%
|
|
8,103
|
|
6%
|
|
6,933
|
|
22%
|
|
1%
|
|
18%
|
General and
administrative
|
3,707
|
|
4%
|
|
4,136
|
|
3%
|
|
3,387
|
|
11%
|
|
(10)%
|
|
9%
|
Other operating loss
(income), net
|
1,064
|
|
1%
|
|
(446)
|
|
(0)%
|
|
(58)
|
|
0%
|
|
(339)%
|
|
(1934)%
|
Total Cost and
Expenses
|
127,601
|
|
121%
|
|
123,483
|
|
98%
|
|
47,637
|
|
153%
|
|
3%
|
|
168%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses by function
|
|
|
|
|
|
|
|
Cost of
revenues
|
75
|
|
0.1%
|
|
71
|
|
0.1%
|
|
25
|
|
0.1%
|
|
6%
|
|
200%
|
Sales and
marketing
|
59
|
|
0.1%
|
|
61
|
|
0.0%
|
|
32
|
|
0.1%
|
|
(3)%
|
|
84%
|
Research and
development
|
815
|
|
0.8%
|
|
862
|
|
0.7%
|
|
700
|
|
2.2%
|
|
(5)%
|
|
16%
|
General and
administrative
|
492
|
|
0.5%
|
|
430
|
|
0.3%
|
|
129
|
|
0.4%
|
|
14%
|
|
281%
|
Total share-based
compensation expenses
|
1,441
|
|
1.5%
|
|
1,424
|
|
1.1%
|
|
886
|
|
2.8%
|
|
1%
|
|
63%
|
Cost of revenues was US$6.8
million, an increase of 73% from US$3.9 million during the same period last year,
and an increase of 19% from US$5.7
million last quarter. The year-over-year increase was mainly
due to an increase in content costs paid to freelancers and
third-party content distributors. The sequential increase was
mainly due to the investment in operational workforce and
maintenance-related expenses.
Gross profit was US$98.9
million, an increase of 261% from US$27.4 million during the same period last year,
and a decrease of 18% from US$120.7
million last quarter. Gross profit margin was 93.6%,
compared with 87.5% in the same period last year and 95.5% last
quarter.
Sales and marketing expenses were US$107.8 million, an increase of 222% from
US$33.5 million during the same
period last year, and an increase of 2% from US$106.0 million last quarter. As a percentage of
total revenue, sales and marketing expenses accounted for 102%,
compared with 107% during the same period last year, and 84% last
quarter. The sequential and year-over-year increases in sales and
marketing expenses were primarily due to increased investment in
user acquisition.
Research and development expenses were US$8.2 million, an increase of 18% from
US$6.9 million during the same period
last year and an increase of 1% from US$8.1
million last quarter. The year-over-year increase was
primarily due to an increase in costs associated with technology
R&D staff. As a percentage of total net revenue, research and
development expenses accounted for 8%, compared with 22% during the
same period last year and 6% last quarter.
General and administrative expenses were US$3.7 million, an increase of 9% from
US$3.4 million during the same period
last year and a decrease of 10% from US$4.1
million last quarter. The year-over-year increase was mainly
due to an increase in costs associated with G&A staff and
share-based compensation expenses. The sequential decrease was
mainly due to the reversal of accrued provision for bad debts on
the collection of accounts receivables. As a percentage of total
net revenue, general and administrative expenses accounted for 4%,
compared with 11% during the same period last year and 3% last
quarter.
Other operating loss, net was US$1.1 million, compared with other operating
income, net US$0.06 million during
the same period last year and other operating income, net
US$0.4 million last quarter. The
other operating loss during this quarter mainly relates to
compensation payment to victims of alleged misconducts of certain
third-party advertisers perpetrated on the Group's platform that
the Group deposited to an escrow account controlled by a local
authority conducting investigation on the advertisers.
Net loss was US$22.0
million, compared with net loss of US$16.2 million during the same period last year
and a net income of US$3.1 million
last quarter.
Adjusted net loss was US$20.5 million, compared with adjusted net loss
of US$15.4 million in the same period
last year and adjusted net income of US$4.5
million last quarter.
In US$ thousands,
except percentage
|
3Q
2020
|
|
2Q
2020
|
|
3Q
2019
|
|
QoQ %
Change
|
|
YoY %
Change
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(21,964)
|
|
3,119
|
|
(16,246)
|
|
(804)%
|
|
35%
|
Add: Share-based
Compensation related to share
options and restricted share units
|
1,441
|
|
1,424
|
|
886
|
|
1%
|
|
63%
|
Adjusted Net Income
(Loss) (Non-GAAP)
|
(20,523)
|
|
4,543
|
|
(15,360)
|
|
(552)%
|
|
34%
|
Basic and diluted net loss per ADS were US$0.36 and US$0.36, and basic and diluted Adjusted net loss
(Non-GAAP) per ADS were US$0.33 and
US$0.33.
Balance Sheet and Cash Flows
As of September 30, 2020, cash,
cash equivalents and restricted cash were US$61.0 million, compared with US$64.9 million as of June
30, 2020. As of September 30,
2020, restricted cash were US$2.5
million, representing amounts held in Group's bank account
as guarantee deposit for payments processing services provided by
the bank, and amounts held in Group's bank accounts which were
frozen by a local authority in connection with its investigation of
alleged misconducts of certain third-party advertisers on the
Group's platform. In October 2020,
additional US$18.4
million were deposited into these frozen bank
accounts. The Group is still in the process of cooperating
with the relevant authority on such investigation to unfreeze these
bank accounts and it is uncontrollable
when they can be unfrozen. In the interim, the Group cannot
dispose of cash and cash equivalents in the frozen bank
accounts.
Net cash outflow from operating activities during the third
quarter of 2020 was US$14.4 million,
compared with net cash outflow from operating activities of
US$6.7 million for the same period in
2019 and net cash inflow from operating activities of US$5.4 million during the last quarter. Cash
outflow from operating activities during the third quarter of 2020
was mainly due to loss from operations.
Share Repurchase Plan
On May 18, 2020, the Company
announced a share repurchase program (the "2020 Program") whereby
the Company is authorized to repurchase its class A ordinary shares
in the form of ADSs with an aggregate value of up to US$20 million during the 12-month period starting
from May 18, 2020. The Company
expects to fund the repurchases under this program with its
existing cash balance. As of September 30,
2020, the Company had used an aggregate of US$3.3 million to repurchase 0.5 million ADSs
under the 2020 Program and recorded as treasury stock.
Business Outlook
For the fourth quarter of 2020, CooTek expects total revenue to
be around US$106 million,
representing a year-over-year increase of around 54%. For the
fiscal year of 2020, CooTek expects total revenue to be around
US$445 million, representing a
year-over-year increase of around 150%. This outlook is based on
information available as of the date of this press release and
reflects the Company's current and preliminary expectations, which
are subject to change in light of various uncertainties, including
those related to the ongoing COVID-19 pandemic.
Conference Call and Webcast
CooTek's management team will host a conference call at
8:00 AM U.S. Eastern Time on
December 15, 2020 (9:00 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
Mainland 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 mobile internet company with a global
vision, offering mobile applications. Our mission is to empower
everyone to 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. CooTek
has developed and brought to market content-rich mobile
applications, focusing on three categories: online literature,
scenario-based content apps and casual games.
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 amortization,
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; relevant government policies and regulations
relating to the industry and the development and impacts of
COVID-19. 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.
Mr. Robert Yi Cui
Email: IR@cootek.com
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: cootek@icaasia.com
CooTek (Cayman)
INC.
|
Unaudited
Condensed Consolidated Statement of Operations
|
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
Net revenues
|
|
31,270
|
|
126,396
|
|
105,657
|
|
108,900
|
|
339,066
|
|
Cost of
revenues
|
|
(3,912)
|
|
(5,691)
|
|
(6,784)
|
|
(11,435)
|
|
(17,057)
|
|
Gross
Profit
|
|
27,358
|
|
120,705
|
|
98,873
|
|
97,465
|
|
322,009
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(33,463)
|
|
(105,999)
|
|
(107,842)
|
|
(93,534)
|
|
(316,277)
|
|
Research and
development expenses
|
|
(6,933)
|
|
(8,103)
|
|
(8,204)
|
|
(21,198)
|
|
(23,154)
|
|
General and
administrative expenses
|
|
(3,387)
|
|
(4,136)
|
|
(3,707)
|
|
(13,504)
|
|
(11,144)
|
|
Other operating
income, net
|
|
58
|
|
446
|
|
(1,064)
|
|
229
|
|
(228)
|
|
Total operating
expenses
|
|
(43,725)
|
|
(117,792)
|
|
(120,817)
|
|
(128,007)
|
|
(350,803)
|
|
(Loss) income from
operations
|
|
(16,367)
|
|
2,913
|
|
(21,944)
|
|
(30,542)
|
|
(28,794)
|
|
Interest income,
net
|
|
118
|
|
211
|
|
(7)
|
|
709
|
|
227
|
|
Foreign exchange gain
(loss)
|
|
3
|
|
(2)
|
|
(13)
|
|
(365)
|
|
(13)
|
|
(Loss) income before
income taxes
|
|
(16,246)
|
|
3,122
|
|
(21,964)
|
|
(30,198)
|
|
(28,580)
|
|
Income tax
expense
|
|
—
|
|
(3)
|
|
—
|
|
(2)
|
|
(3)
|
|
Net (loss)
income
|
|
(16,246)
|
|
3,119
|
|
(21,964)
|
|
(30,200)
|
|
(28,583)
|
|
Net (loss) income per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.005)
|
|
0.001
|
|
(0.007)
|
|
(0.01)
|
|
(0.01)
|
|
Diluted
|
|
(0.005)
|
|
0.001
|
|
(0.007)
|
|
(0.01)
|
|
(0.01)
|
|
Weighted average shares
used in calculating net (loss) income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
3,148,392,266
|
|
3,084,894,043
|
|
3,070,510,051
|
|
3,163,501,054
|
|
3,086,630,271
|
|
Diluted
|
|
3,148,392,266
|
|
3,222,716,303
|
|
3,070,510,051
|
|
3,163,501,054
|
|
3,086,630,271
|
|
Non-GAAP Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net (Loss)
income
|
|
(15,360)
|
|
4,543
|
|
(20,523)
|
|
(26,983)
|
|
(24,777)
|
|
Adjusted
EBITDA
|
|
(14,469)
|
|
5,123
|
|
(19,318)
|
|
(25,594)
|
|
(22,263)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands, except for share and per share data)
|
|
|
|
As of
|
|
|
|
June 30,
2020
|
|
September
30,
2020
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
64,861
|
|
58,478
|
|
Restricted cash - current
portion
|
|
60
|
|
60
|
|
Short-term
investment
|
|
13,550
|
|
550
|
|
Accounts receivable,
net of allowance for doubtful accounts of $2,262
as of June 30, 2020 and $1,962 as of September 30, 2020,
respectively
|
|
34,043
|
|
29,083
|
|
Prepaid expenses and
other current assets
|
|
9,900
|
|
10,764
|
|
Total current
assets
|
|
122,414
|
|
98,935
|
|
Restricted cash - non-current
portion
|
|
-
|
|
2,473
|
|
Long-term
investments
|
|
141
|
|
147
|
|
Property and
equipment, net
|
|
5,544
|
|
5,597
|
|
Intangible assets,
net
|
|
352
|
|
420
|
|
Other non-current
assets
|
|
787
|
|
757
|
|
TOTAL
ASSETS
|
|
129,238
|
|
108,329
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
64,408
|
|
64,805
|
|
Short-term bank
borrowings
|
|
14,686
|
|
14,822
|
|
Accrued salary and
benefits
|
|
6,618
|
|
7,748
|
|
Accrued expenses and
other current liabilities
|
|
8,433
|
|
10,215
|
|
Deferred
revenue
|
|
6,160
|
|
4,697
|
|
Total current
liabilities
|
|
100,305
|
|
102,287
|
|
Other non-current
liabilities
|
|
562
|
|
494
|
|
TOTAL
LIABILITIES
|
|
100,867
|
|
102,781
|
|
Unaudited
Condensed Consolidated Balance Sheets (continued):
|
(in thousands, except for share and per share data)
|
|
|
|
As of
|
|
|
June 30,
2020
|
|
September
30,
2020
|
|
|
US$
|
|
US$
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Ordinary
shares
|
|
31
|
|
31
|
Treasury
Stock
|
|
(6,935)
|
|
(3,323)
|
Additional paid-in
capital
|
|
196,750
|
|
192,376
|
Accumulated
deficit
|
|
(160,217)
|
|
(182,181)
|
Accumulated other
comprehensive loss
|
|
(1,258)
|
|
(1,355)
|
Total Shareholders'
Equity
|
|
28,371
|
|
5,548
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
129,238
|
|
108,329
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by operating
activities
|
|
(6,689)
|
|
5,402
|
|
(14,393)
|
|
(18,899)
|
|
5,969
|
|
Net cash (used in)
provided by investing activities
|
|
(775)
|
|
(13,859)
|
|
12,266
|
|
(4,097)
|
|
(2,362)
|
|
Net cash provided by
(used in) financing activities
|
|
1,494
|
|
3,100
|
|
(2,183)
|
|
(5,233)
|
|
(2,937)
|
|
Net (decrease) increase
in cash and cash
equivalents
|
|
(5,970)
|
|
(5,357)
|
|
(4,310)
|
|
(28,229)
|
|
670
|
|
Cash, cash
equivalents, and restricted cash at
beginning of period
|
|
62,774
|
|
70,026
|
|
64,921
|
|
84,860
|
|
59,966
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(534)
|
|
252
|
|
400
|
|
(361)
|
|
375
|
|
Cash, cash
equivalents, and restricted cash at end
of period
|
|
56,270
|
|
64,921
|
|
61,011
|
|
56,270
|
|
61,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of
GAAP and Non-GAAP Results
|
(in thousands, except for share and per share data)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(16,246)
|
|
3,119
|
|
(21,964)
|
|
(30,200)
|
|
(28,583)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation related to share
options and restricted share units
|
|
886
|
|
1,424
|
|
1,441
|
|
3,217
|
|
3,806
|
|
Adjusted Net
(Loss) Income (Non-GAAP)*
|
|
(15,360)
|
|
4,543
|
|
(20,523)
|
|
(26,983)
|
|
(24,777)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
(118)
|
|
(211)
|
|
7
|
|
(709)
|
|
(227)
|
|
Income
taxes
|
|
—
|
|
3
|
|
—
|
|
2
|
|
3
|
|
Depreciation and
amortization
|
|
1,009
|
|
788
|
|
1,198
|
|
2,096
|
|
2,738
|
|
Adjusted EBITDA
(Non-GAAP)*
|
|
(14,469)
|
|
5,123
|
|
(19,318)
|
|
(25,594)
|
|
(22,263)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The tax impact to the non-GAAP adjustments is zero.
[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] "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.
[3] "Average daily reading time" for
any day is calculated by dividing (i) the sum of time spent on
reading books on our Fengdu Novel for such day, by (ii) the number
of Fengdu Novel users who spent time on reading books for such day.
The average daily reading time for any month is calculated by
dividing (i) the sum of average daily reading time for each day in
such month, by (ii) the number of days in such month.
[4] According to Quest Mobile, a
professional business intelligence services provider in
China's mobile internet
market.
View original
content:http://www.prnewswire.com/news-releases/cootek-announces-third-quarter-2020-unaudited-results-301192548.html
SOURCE 触宝CooTek