Aurora Mobile Limited Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
- Positive financial results for Aurora Mobile Limited in Q4 and fiscal year 2023, with consecutive quarters of positive adjusted EBITDA and revenue growth in all quarters.
- Gross profits increased in every quarter of 2023, despite some revenue declines in specific segments.
- Operating expenses decreased by 36% year-over-year, indicating improved operational efficiency.
- The company had a net operating cash inflow of RMB11.4 million in Q4 2023.
- Aurora Mobile announced a share repurchase program and plans to repurchase up to US$5 million of its shares until December 31, 2024.
- Revenues decreased by 11% year-over-year in Q4 2023.
- Cost of revenues, gross profit, and net loss all decreased year-over-year in Q4 2023.
- Adjusted net loss and adjusted EBITDA figures were negative in Q4 2023.
- Some segments, like Value-added services and Vertical applications, experienced revenue declines in Q4 2023.
Insights
The unaudited financial results released by Aurora Mobile Limited for Q4 and the fiscal year 2023 indicate a complex financial position that stakeholders should analyze with care. While the company has achieved a positive adjusted EBITDA for consecutive quarters, which is a sign of operational efficiency and potentially stabilizing financial health, the overall revenue has decreased by 11% year-over-year in Q4 and 12% year-over-year for the fiscal year. This juxtaposition of positive operational metrics against a backdrop of declining revenue warrants a deeper analysis of the company's revenue streams and cost management strategies.
Particularly noteworthy is the company's ability to reduce operating expenses significantly, by 36% year-over-year in Q4 and manage a net operating cash inflow of RMB11.4 million. The reduction in expenses is a positive sign for the company's cost control measures. However, the decline in revenue, especially in the Value-Added Services and Vertical Applications, raises concerns about the company's growth prospects in these areas. The growth in Developer Services revenue and the expansion of the EngageLab platform globally, with a substantial increase in customer numbers and contract value, provides a counterbalance to these concerns and suggests potential areas of growth for the company.
Another positive indicator is the improvement in accounts receivable turnover days, which suggests enhanced efficiency in the company's credit control and cash collection processes. The high balance of deferred revenue also indicates a strong future contract performance pipeline, which could translate into stable future revenues. However, the net losses reported, despite being lower than the previous year, suggest that profitability remains a challenge.
From a market perspective, Aurora Mobile's performance reflects broader trends in the technology services sector in China, where competition is fierce and customer demands are rapidly evolving. The company's focus on customer engagement and marketing technology services positions it in a highly competitive market, where innovation and adaptability are crucial for maintaining and growing market share.
The significant growth in EngageLab's global customer numbers and contract value indicates a successful scaling of this platform, which could be a strategic advantage in attracting international clients and diversifying revenue sources. This international expansion could mitigate risks associated with market saturation and regulatory challenges in the domestic Chinese market.
The decrease in Value-Added Services revenue, however, is a concern that the company will need to address. As this can be an important driver for profitability in tech companies, understanding the cause of reduced demand in this area is critical. It could be due to increased competition, changes in consumer preferences, or a lack of innovation in the services offered. The company's strategy to revive this segment will be crucial for its long-term success.
Examining Aurora Mobile's financial results from an economic standpoint, the company's cost-cutting measures, such as the decrease in operating expenses, reflect a strategic response to the macroeconomic environment. In periods of economic uncertainty or slowdown, which China has faced due to various internal and external factors, businesses often resort to tightening their operational costs to maintain financial stability.
The company's ability to maintain a high deferred revenue balance indicates strong forward contracts, which can be viewed as a positive economic indicator of future revenue stability. However, the overall decrease in revenues and the net losses indicate that the company is not immune to economic pressures. The tech sector in China is subject to cyclical fluctuations and regulatory changes, which can significantly impact companies like Aurora Mobile.
Furthermore, the share repurchase program, extended until December 31, 2024, signals confidence by the company's board in the intrinsic value of the company's shares. This could be interpreted as a positive signal to the market, potentially indicating underpricing of the shares or a strategic move to consolidate ownership, which can sometimes lead to an increase in the stock price. However, investors should consider the opportunity cost of using cash for share repurchases instead of investing in growth or innovation, especially in a dynamic sector like technology services.
SHENZHEN, China, March 12, 2024 (GLOBE NEWSWIRE) -- Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “We have seen a great Q4 results driven by growth in top-lines and improvement in operational efficiency.
Firstly, in Q4 of 2023 we have recorded, for the first time in history, consecutive quarters of positive adjusted EBITDA. Secondly, our total revenue grew every single quarter in 2023. Similarly, Developer Subscription revenues also recorded sequential revenue growth in all quarters of 2023. Fourthly, our gross profits also grew in every quarter of 2023. Last but not least, our overseas messaging service platform, EngageLab, continued to expand globally and record great results this quarter.
For our total group revenues, we achieved positive growth of
EngageLab business continued to see great growth between the quarters where global customer number grew by more than
Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “Through our tight expense control, operating expenses have decreased by
Our AR turnover days quarter-over-quarter improved by a 2 days reduction to 38 days in this quarter. Total Deferred Revenue, which represents cash collected in advance from customers for future contract performance, continued to be at high balance of RMB141.5 million. This is the 8th consecutive quarter where our deferred revenue balance has exceeded RMB130 million. In this quarter, we achieved net operating cash inflow of RMB11.4 million.”
Fourth Quarter 2023 Financial Highlights
- Revenues were RMB77.4 million (US
$10.9 million ), a decrease of11% year-over-year. - Cost of revenues was RMB24.1 million (US
$3.4 million ), a decrease of11% year-over-year. - Gross profit was RMB53.3 million (US
$7.5 million ), a decrease of11% year-over-year. - Total operating expenses were RMB61.2 million (US
$8.6 million ), a decrease of36% year-over-year. - Net loss was RMB17.9 million (US
$2.5 million ), compared with a net loss of RMB31.8 million for the same quarter last year. - Net loss attributable to Aurora Mobile Limited’s shareholders was RMB17.9 million (US
$2.5 million ), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB32.7 million for the same quarter last year. - Adjusted net loss (non-GAAP) was RMB1.8 million (US
$0.3 million ), compared with a RMB6.6 million adjusted net loss for the same quarter last year. - Adjusted EBITDA (non-GAAP) was at positive RMB0.1 million (US
$21 thousand ), compared with a positive RMB0.6 million for the same quarter last year.
Fourth Quarter 2023 Financial Results
Revenues were RMB77.4 million (US
Cost of revenues was RMB24.1 million (US
Gross profit was RMB53.3 million (US
Total operating expenses were RMB61.2 million (US
- Research and development expenses were RMB27.1 million (US
$3.8 million ), a decrease of23% from RMB35.0 million in the same quarter of last year, mainly due to a RMB2.4 million decrease in personnel costs, a RMB5.0 million decrease in bandwidth cost, and a RMB4.6 million decrease in depreciation expense. The impact is partially offset by a RMB5.1 million increase in cloud cost. - Sales and marketing expenses were RMB22.1 million (US
$3.1 million ), a decrease of10% from RMB24.5 million in the same quarter of last year, mainly due to a RMB3.0 million decrease in personnel costs. - General and administrative expenses were RMB12.1 million (US
$1.7 million ), a decrease of66% from RMB35.9 million in the same quarter of last year, mainly due to a RMB22.4 million decrease in long-lived assets impairment.
Loss from operations was RMB7.9 million (US
Net Loss was RMB17.9 million (US
Adjusted net loss (non-GAAP) was RMB1.8 million (US
Adjusted EBITDA (non-GAAP) was at positive RMB0.1 million (US
The cash and cash equivalents and restricted cash were RMB115.0 million (US
Fiscal year 2023 Financial Highlights
- Revenues were RMB290.2 million (US
$40.9 million ), a decrease of12% year-over-year. - Cost of revenues was RMB90.9 million (US
$12.8 million ), a decrease of12% year-over-year. - Gross profit was RMB199.3 million (US
$28.1 million ), a decrease of12% year-over-year. - Total operating expenses were RMB250.2 million (US
$35.2 million ), a decrease of30% year-over-year. - Net loss was RMB63.9 million (US
$9.0 million ), compared with a net loss of RMB108.5 million in 2022. - Net loss attributable to Aurora Mobile Limited’s shareholders was RMB62.7 million (US
$8.8 million ), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB107.0 million in 2022. - Adjusted net loss (non-GAAP) was RMB20.1 million (US
$2.8 million ), compared with a RMB56.5 million adjusted net loss in 2022. - Adjusted EBITDA (non-GAAP) was at negative RMB7.4 million (US
$1.1 million ), compared with a negative RMB23.0 million in 2022.
Fiscal year 2023 Financial Results
Revenues were RMB290.2 million (US
Cost of revenues was RMB90.9 million (US
Gross profit was RMB199.3 million (US
Total operating expenses were RMB250.2 million (US
- Research and development expenses were RMB121.8 million (US
$17.2 million ), a decrease of21% from RMB154.5 million in last year, mainly due to a RMB12.8 million decrease in personnel costs, a RMB12.0 million decrease in bandwidth cost, and a RMB17.0 million decrease in depreciation expense. The impact is partially offset by a RMB11.3 million increase in cloud cost. - Sales and marketing expenses were RMB82.7 million (US
$11.6 million ), a decrease of16% from RMB98.3 million in last year, mainly due to a RMB17.0 million decrease in personnel costs. - General and administrative expenses were RMB45.7 million (US
$6.4 million ), a decrease of57% from RMB105.4 million in last year, mainly due to a RMB22.4 million decrease in long-lived assets impairment, a RMB13.0 million decrease in personnel costs, a RMB8.8 million decrease in professional fee, and a one-time RMB7.6 million gain on disposal of property and equipment.
Loss from operations was RMB50.9 million (US
Net Loss was RMB63.9 million (US
Adjusted net loss (non-GAAP) was RMB20.1 million (US
Adjusted EBITDA (non-GAAP) was at negative RMB7.4 million (US
Update on Share Repurchase
As of December 31, 2023, the Company had repurchased a total of 187,691 ADS, of which 53,425 ADSs, or around US
The Company’s board of directors has extended its previous share repurchase program and also approved a new program under which the Company may repurchase up to US
Conference Call
The Company will host an earnings conference call on Tuesday, March 12, 2024 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).
All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: https://register.vevent.com/register/BId10de20d3a844f879ebd944ed635ee57
A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, share of loss from equity method investment, impairment of long-lived assets, impairment of long-term investments and change in fair value of foreign currency swap contract. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, amortization of land use right, income tax expenses/(benefits), share-based compensation, reduction in force charges, share of loss from equity method investment, impairment of long-lived assets, impairment of long-term investments and change in fair value of foreign currency swap contract.
The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.
The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
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,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its 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 Aurora Mobile’s beliefs and expectations, are forward-looking statements. 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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China 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 Aurora Mobile undertakes no duty to update such information, except as required under applicable law.
About Aurora Mobile Limited
Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises' digital transformation.
For more information, please visit https://ir.jiguang.cn/.
For investor and media inquiries, please contact:
Aurora Mobile Limited
ir@jiguang.cn
Christensen
In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Footnote:
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US
| AURORA MOBILE LIMITED | |||||||||||||||||||||
| UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||||||
| (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) | |||||||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||||||
| December 31, 2022 | September 30, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2023 | |||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
| Revenues | 86,914 | 74,058 | 77,410 | 10,903 | 328,822 | 290,232 | 40,878 | ||||||||||||||
| Cost of revenues | (27,118 | ) | (21,756 | ) | (24,129 | ) | (3,398 | ) | (103,057 | ) | (90,946 | ) | (12,809 | ) | |||||||
| Gross profit | 59,796 | 52,302 | 53,281 | 7,505 | 225,765 | 199,286 | 28,069 | ||||||||||||||
| Operating expenses | |||||||||||||||||||||
| Research and development | (35,009 | ) | (32,797 | ) | (27,085 | ) | (3,815 | ) | (154,476 | ) | (121,806 | ) | (17,156 | ) | |||||||
| Sales and marketing | (24,480 | ) | (21,750 | ) | (22,056 | ) | (3,107 | ) | (98,324 | ) | (82,705 | ) | (11,649 | ) | |||||||
| General and administrative(1) | (35,893 | ) | (5,436 | ) | (12,071 | ) | (1,700 | ) | (105,404 | ) | (45,653 | ) | (6,430 | ) | |||||||
| Total operating expenses | (95,382 | ) | (59,983 | ) | (61,212 | ) | (8,622 | ) | (358,204 | ) | (250,164 | ) | (35,235 | ) | |||||||
| Loss from operations | (35,586 | ) | (7,681 | ) | (7,931 | ) | (1,117 | ) | (132,439 | ) | (50,878 | ) | (7,166 | ) | |||||||
| Foreign exchange gain/(loss), net | 847 | 26 | 49 | 7 | (2,866 | ) | (18 | ) | (3 | ) | |||||||||||
| Interest income | 406 | 269 | 247 | 35 | 2,321 | 1,200 | 169 | ||||||||||||||
| Interest expenses | (321 | ) | (209 | ) | (158 | ) | (22 | ) | (3,136 | ) | (808 | ) | (114 | ) | |||||||
| Share of loss from equity method investment | - | - | (450 | ) | (63 | ) | - | (450 | ) | (63 | ) | ||||||||||
| Other income/ (expenses) | 2,308 | 411 | (9,843 | ) | (1,386 | ) | 26,318 | (13,630 | ) | (1,920 | ) | ||||||||||
| Change in fair value of structured deposits | 7 | 11 | 6 | 1 | 59 | 30 | 4 | ||||||||||||||
| Change in fair value of foreign currency swap contract | 74 | - | - | - | 838 | - | - | ||||||||||||||
| Loss before income taxes | (32,265 | ) | (7,173 | ) | (18,080 | ) | (2,545 | ) | (108,905 | ) | (64,554 | ) | (9,093 | ) | |||||||
| Income tax benefits | 480 | 177 | 136 | 19 | 455 | 642 | 90 | ||||||||||||||
| Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
| Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 871 | (225 | ) | (48 | ) | (7 | ) | (1,486 | ) | (1,163 | ) | (164 | ) | ||||||||
| Net loss attributable to Aurora Mobile Limited’s shareholders | (32,656 | ) | (6,771 | ) | (17,896 | ) | (2,519 | ) | (106,964 | ) | (62,749 | ) | (8,839 | ) | |||||||
| Net loss attributable to common shareholders | (32,656 | ) | (6,771 | ) | (17,896 | ) | (2,519 | ) | (106,964 | ) | (62,749 | ) | (8,839 | ) | |||||||
| Net loss per share, for Class A and Class B common shares: | |||||||||||||||||||||
| Class A and B Common Shares - basic and diluted | (0.41 | ) | (0.08 | ) | (0.23 | ) | (0.03 | ) | (1.35 | ) | (0.79 | ) | (0.11 | ) | |||||||
| Shares used in net loss per share computation: | |||||||||||||||||||||
| Class A Common Shares - basic and diluted | 62,674,291 | 62,731,319 | 62,310,910 | 62,310,910 | 62,296,172 | 62,686,822 | 62,686,822 | ||||||||||||||
| Class B Common Shares - basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | ||||||||||||||
| Other comprehensive (loss)/income | |||||||||||||||||||||
| Foreign currency translation adjustments | (1,447 | ) | (343 | ) | (721 | ) | (102 | ) | 5,853 | 919 | 129 | ||||||||||
| Total other comprehensive (loss)/income, net of tax | (1,447 | ) | (343 | ) | (721 | ) | (102 | ) | 5,853 | 919 | 129 | ||||||||||
| Total comprehensive loss | (33,232 | ) | (7,339 | ) | (18,665 | ) | (2,628 | ) | (102,597 | ) | (62,993 | ) | (8,874 | ) | |||||||
| Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 871 | (225 | ) | (48 | ) | (7 | ) | (1,486 | ) | (1,163 | ) | (164 | ) | ||||||||
| Comprehensive loss attributable to Aurora Mobile Limited’s shareholders | (34,103 | ) | (7,114 | ) | (18,617 | ) | (2,621 | ) | (101,111 | ) | (61,830 | ) | (8,710 | ) | |||||||
| (1) Starting from January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. | |||||||||||||||||||||
| AURORA MOBILE LIMITED | |||||||||
| UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||
| As of | |||||||||
| December 31, 2022 | December 31, 2023 | ||||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 116,128 | 114,521 | 16,130 | ||||||
| Restricted cash | 132 | 486 | 68 | ||||||
| Accounts receivable | 29,727 | 34,344 | 4,837 | ||||||
| Prepayments and other current assets | 30,401 | 20,225 | 2,849 | ||||||
| Amounts due from a related party | 255 | - | - | ||||||
| Total current assets | 176,643 | 169,576 | 23,884 | ||||||
| Non-current assets: | |||||||||
| Long-term investments | 141,901 | 112,912 | 15,903 | ||||||
| Property and equipment, net | 14,947 | 1,433 | 202 | ||||||
| Operating lease right-of-use assets | 33,756 | 4,081 | 575 | ||||||
| Intangible assets, net | 23,947 | 17,941 | 2,527 | ||||||
| Goodwill | 37,785 | 37,785 | 5,322 | ||||||
| Other non-current assets | 4,128 | 5,387 | 759 | ||||||
| Total non-current assets | 256,464 | 179,539 | 25,288 | ||||||
| Total assets | 433,107 | 349,115 | 49,172 | ||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Short-term loan | 5,000 | - | - | ||||||
| Accounts payable | 18,169 | 21,073 | 2,968 | ||||||
| Deferred revenue and customer deposits | 138,804 | 141,518 | 19,932 | ||||||
| Operating lease liabilities | 18,133 | 4,007 | 564 | ||||||
| Accrued liabilities and other current liabilities | 75,333 | 74,682 | 10,519 | ||||||
| Total current liabilities | 255,439 | 241,280 | 33,983 | ||||||
| Non-current liabilities: | |||||||||
| Deferred revenue | 3,585 | - | - | ||||||
| Operating lease liabilities | 6,959 | 629 | 89 | ||||||
| Deferred tax liabilities | 4,824 | 4,166 | 587 | ||||||
| Other non-current liabilities | 4,058 | 563 | 79 | ||||||
| Total non-current liabilities | 19,426 | 5,358 | 755 | ||||||
| Total liabilities | 274,865 | 246,638 | 34,738 | ||||||
| Redeemable noncontrolling interests | 30,552 | - | - | ||||||
| Shareholders’ equity: | |||||||||
| Common shares | 50 | 50 | 7 | ||||||
| Treasury shares | (1,689 | ) | (2,453 | ) | (345 | ) | |||
| Additional paid-in capital | 1,037,007 | 1,045,285 | 147,225 | ||||||
| Accumulated deficit | (925,982 | ) | (989,320 | ) | (139,343 | ) | |||
| Accumulated other comprehensive income | 18,304 | 19,223 | 2,708 | ||||||
| Total Aurora Mobile Limited’s shareholders’ equity | 127,690 | 72,785 | 10,252 | ||||||
| Noncontrolling interests | - | 29,692 | 4,182 | ||||||
| Total shareholders’ equity | 127,690 | 102,477 | 14,434 | ||||||
| Total liabilities, redeemable noncontrolling interests and shareholders’ equity | 433,107 | 349,115 | 49,172 | ||||||
| AURORA MOBILE LIMITED | |||||||||||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||||||
| (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||||||
| December 31, 2022 | September 30, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2023 | |||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
| Reconciliation of Net Loss to Adjusted Net (Loss)/ Income: | |||||||||||||||||||||
| Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
| Add: | |||||||||||||||||||||
| Share-based compensation | 861 | 2,848 | 1,520 | 214 | 15,515 | 11,574 | 1,630 | ||||||||||||||
| Reduction in force charges | 1,584 | 619 | 3,480 | 490 | 7,487 | 5,838 | 822 | ||||||||||||||
| Share of loss from equity method investment | - | - | 450 | 63 | - | 450 | 63 | ||||||||||||||
| Impairment of long-term investments | 415 | 5,604 | 10,655 | 1,501 | 7,431 | 25,919 | 3,651 | ||||||||||||||
| Impairment of long-lived assets | 22,400 | - | - | - | 22,400 | - | - | ||||||||||||||
| Change in fair value of foreign currency swap contract | (74 | ) | - | - | - | (838 | ) | - | - | ||||||||||||
| Adjusted net (loss)/ income | (6,599 | ) | 2,075 | (1,839 | ) | (258 | ) | (56,455 | ) | (20,131 | ) | (2,837 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | |||||||||||||||||||||
| Net loss | (31,785 | ) | (6,996 | ) | (17,944 | ) | (2,526 | ) | (108,450 | ) | (63,912 | ) | (9,003 | ) | |||||||
| Add: | |||||||||||||||||||||
| Income tax (benefits)/ expenses | (480 | ) | (177 | ) | (136 | ) | (19 | ) | (455 | ) | (642 | ) | (90 | ) | |||||||
| Interest expenses | 321 | 209 | 158 | 22 | 3,136 | 808 | 114 | ||||||||||||||
| Depreciation of property and equipment | 5,517 | 868 | 448 | 63 | 24,371 | 5,301 | 747 | ||||||||||||||
| Amortization of intangible assets | 1,631 | 1,519 | 1,509 | 213 | 6,043 | 6,223 | 876 | ||||||||||||||
| Amortization of land use right | 183 | - | - | - | 366 | 994 | 140 | ||||||||||||||
| EBITDA | (24,613 | ) | (4,577 | ) | (15,965 | ) | (2,247 | ) | (74,989 | ) | (51,228 | ) | (7,216 | ) | |||||||
| Add: | |||||||||||||||||||||
| Share-based compensation | 861 | 2,848 | 1,520 | 214 | 15,515 | 11,574 | 1,630 | ||||||||||||||
| Reduction in force charges | 1,584 | 619 | 3,480 | 490 | 7,487 | 5,838 | 822 | ||||||||||||||
| Share of loss from equity method investment | - | - | 450 | 63 | - | 450 | 63 | ||||||||||||||
| Impairment of long-term investments | 415 | 5,604 | 10,655 | 1,501 | 7,431 | 25,919 | 3,651 | ||||||||||||||
| Impairment of long-lived assets | 22,400 | - | - | - | 22,400 | - | - | ||||||||||||||
| Change in fair value of foreign currency swap contract | (74 | ) | - | - | - | (838 | ) | - | - | ||||||||||||
| Adjusted EBITDA | 573 | 4,494 | 140 | 21 | (22,994 | ) | (7,447 | ) | (1,050 | ) | |||||||||||
| AURORA MOBILE LIMITED | |||||||||||||||||||||
| UNAUDITED SAAS BUSINESSES REVENUE | |||||||||||||||||||||
| (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||||||||
| December 31, 2022 | September 30, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2023 | |||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
| Developer Services | 63,222 | 51,534 | 55,581 | 7,828 | 235,231 | 204,652 | 28,824 | ||||||||||||||
| Subscription | 46,331 | 46,659 | 48,830 | 6,877 | 160,722 | 173,523 | 24,440 | ||||||||||||||
| Value-Added Services | 16,891 | 4,875 | 6,751 | 951 | 74,509 | 31,129 | 4,384 | ||||||||||||||
| Vertical Applications | 23,692 | 22,524 | 21,829 | 3,075 | 93,591 | 85,580 | 12,054 | ||||||||||||||
| Total Revenue | 86,914 | 74,058 | 77,410 | 10,903 | 328,822 | 290,232 | 40,878 | ||||||||||||||
| Gross Profits | 59,796 | 52,302 | 53,281 | 7,505 | 225,765 | 199,286 | 28,069 | ||||||||||||||
| Gross Margin | 68.8 | % | 70.6 | % | 68.8 | % | 68.8 | % | 68.7 | % | 68.7 | % | 68.7 | % | |||||||
FAQ
What were Aurora Mobile Limited's total revenues in Q4 2023?
Did Aurora Mobile Limited achieve positive adjusted EBITDA in Q4 2023?
What was the net loss attributable to Aurora Mobile Limited's shareholders in Q4 2023?
How did operating expenses change in Q4 2023 compared to the same quarter last year?
What was the purpose of Aurora Mobile's share repurchase program?
