Jianpu Technology Inc. Reports Second Quarter 2023 Unaudited Financial Results
- Revenues from big data and system-based risk management services increased by 23.2%
- Revenues from marketing and other services increased by 88.6%
- Total revenues from recommendation services decreased by 8.9%
- Net loss was RMB0.9 million
Second Quarter 2023 Operational and Financial Highlights:
- Total revenues from recommendation services for the second quarter of 2023 decreased by
8.9% toRMB186.5 million (US ) from$25.7 million RMB204.7 million in the same period of 2022. The decrease was mainly attributable to the decrease in revenues from recommendation services for credit cards, partially offset by the increase in revenues from recommendation services for loans. Credit card volume decreased by25.0% to approximately 0.9 million in the second quarter of 2023 from 1.2 million in the same period of 2022. The number of loan applications for recommendation services increased by27.9% to approximately 5.5 million in the second quarter of 2023 compared with that in the same period of 2022. - Revenues from big data and system-based risk management services increased by
23.2% toRMB28.1 million (US ) in the second quarter of 2023 from$3.9 million RMB22.8 million in the same period of 2022. The increase was mainly attributable to the increase in average spending per customer. - Revenues from marketing and other services[1] increased by
88.6% toRMB70.9 million (US ) in the second quarter of 2023 from$9.8 million RMB37.6 million in the same period of 2022. The increase was mainly attributable to the growth of insurance brokerage services and other new businesses. - Loss from operations was
RMB10.6 million (US ) in the second quarter of 2023, compared with$1.5 million RMB35.9 million in the same period of 2022. Operating loss margin was3.7% in the second quarter of 2023, compared with13.5% in the same period of 2022. The improvement of loss from operations was mainly attributable to the increase in revenues and the decrease in operating expenses resulting from efficiency improvement and cost optimization. - Net loss was
RMB0.9 million (US ) in the second quarter of 2023, compared with$0.1 million RMB35.9 million in the same period of 2022. Net loss margin was0.3% in the second quarter of 2023, compared with13.5% in the same period of 2022. - Non-GAAP adjusted net loss[2] was
RMB7.3 million (US ) in the second quarter of 2023, compared with$1.0 million RMB32.2 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was2.6% in the second quarter of 2023, compared with12.1% in the same period of 2022.
First Half Year 2023 Operational and Financial Highlights:
- Total revenues from recommendation services for the first half year of 2023 increased by
7.6% toRMB375.2 million (US ) from$51.7 million RMB348.8 million in the same period of 2022. The increase was mainly attributable to the increase in revenues from recommendation services for loans, partially offset by the decrease in revenues from recommendation services for credit cards. The number of loan applications for recommendation services increased by18.3% to approximately 9.7 million in the first half year of 2023 compared with that in the same period of 2022. The credit card volume decreased by4.8% to approximately 2.0 million in the first half year of 2023 compared with that in the same period of 2022. - Revenues from big data and system-based risk management services increased by
17.9% toRMB50.7 million (US ) in the first half year of 2023 from$7.0 million RMB43.0 million in the same period of 2022. The increase was mainly attributable to the increase in average spending per customer. - Revenues from marketing and other services[1] increased by
84.4% toRMB149.0 million (US ) in the first half year of 2023 from$20.5 million RMB80.8 million in the same period of 2022. The increase was mainly attributable to the growth of insurance brokerage services and other new businesses. - Loss from operations was
RMB34.2 million (US ) in the first half year of 2023, compared with$4.7 million RMB90.5 million in the same period of 2022. Operating loss margin was5.9% in the first half year of 2023, compared with19.1% in the same period of 2022. The improvement of loss from operations was mainly attributable to the increase in revenues and the decrease in operating expenses resulting from efficiency improvement and cost optimization. - Net loss was
RMB21.7 million (US ) in the first half year of 2023, compared with$3.0 million RMB89.0 million in the same period of 2022. Net loss margin was3.8% in the first half year of 2023, compared with18.8% in the same period of 2022. - Non-GAAP adjusted net loss[2] was
RMB26.7 million (US ) in the first half year of 2023, compared with$3.7 million RMB82.9 million in the same period of 2022. Non-GAAP adjusted net loss margin[2] was4.6% in the first half year of 2023, compared with17.5% in the same period of 2022.
Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, "Through our capital-light platform model and diversified strategy, we registered a solid year-over-year revenue growth of
"Moreover, our relentless focus on enhancing operational efficiency and optimizing cost structures brought us a remarkable ROI[3] improvement. Through seamless integration of AI technologies into our operations, we achieved heightened productivity and substantial cost savings," concluded Mr. Ye.
"Our solid results in the second quarter of 2023 highlight our continued strategic focus on achieving a diversified revenue structure, improving operational efficiency and executing cost optimization initiatives. In the second quarter of 2023, our revenue growth was mainly attributable to the increase in the loan recommendation, the big data and system-based risk management and marketing and other services[1], leading to a more balanced revenue structure. Driven by our improved productivity and continued cost optimization, we trimmed our Non-GAAP adjusted net loss[2] substantially by
Second Quarter 2023 Financial Results
Total revenues for the second quarter of 2023 increased by
Total revenues from recommendation services decreased by
Revenues from recommendation services for credit cards decreased by
Revenues from recommendation services for loans increased by
Revenues from big data and system-based risk management services increased by
Revenues from marketing and other services[1] increased by
Cost of promotion and acquisition was
Cost of operation decreased by
Sales and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses increased by
Loss from operations was
Others, net increased by
Net loss was
Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries, was
Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the second quarter of 2023 was a loss of
As of June 30, 2023, the Company had cash and cash equivalents and restricted cash and time deposits of
First Half Year 2023 Financial Results
Total revenues for the first half year of 2023 increased by
Total revenues from recommendation services increased by
Revenues from recommendation services for credit cards slightly decreased by
Revenues from recommendation services for loans increased by
Revenues from big data and system-based risk management services increased by
Revenues from marketing and other services[1] increased by
Cost of promotion and acquisition increased by
Cost of operation was
Sales and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses decreased by
Loss from operations was
Others, net increased by
Net loss was
Non-GAAP adjusted net loss[2], which excluded share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries, was
Non-GAAP adjusted EBITDA[5], which excluded share-based compensation expenses, investment impairment loss, investment gain of deconsolidation of subsidiaries, depreciation and amortization, interest income and expenses, and income tax benefits from net loss, for the first half year of 2023 was a loss of
Conference Call
The Company's management will host an earnings conference call at 8:00 AM
Dial-in details for the earnings conference call are as follows:
1-888-346-8982 | |
International: | 1-412-902-4272 |
800-905-945 | |
852-3018-4992 | |
Mainland China: | 400-120-1203 |
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "Jianpu Technology Inc."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.jianpu.ai.
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 28, 2023, by dialing the following telephone numbers:
1-877-344-7529 | |
International: | 1-412-317-0088 |
Replay Access Code: | 4076828 |
About Jianpu Technology Inc.
Jianpu Technology Inc. is a leading independent open platform for the discovery and recommendation of financial products in
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net (loss)/income, each a Non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.
The Company believes that adjusted EBITDA and adjusted net (loss)/income help identify underlying trends in its business that could otherwise be distorted by the effect of the expenses and gains that the Company include in (loss)/income from operations and net (loss)/income. The Company believes that adjusted EBITDA and adjusted net (loss)/income 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 its management in its financial and operational decision-making.
Adjusted EBITDA and adjusted net (loss)/income should not be considered in isolation or construed as alternatives to net (loss)/income or any other measure of performance or as indicators of the Company's operating performance. Investors are encouraged to review the historical Non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net (loss)/income 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 its financial information in its entirety and not rely on a single financial measure.
Adjusted EBITDA represents EBITDA before share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries. EBITDA represents net (loss)/income before interest, tax, depreciation and amortization.
Adjusted net (loss)/income represents net (loss)/income before share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries.
For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth 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
For investor and media inquiries, please contact:
In China:
Jianpu Technology Inc.
(IR) Liting Lu, E-mail: IR@rong360.com
(PR) Amanda Hu, E-mail: Media@rong360.com
Tel: +86 (10) 6242 7068
Christensen
Suri Cheng, E-mail: suri.cheng@christensencomms.com
Tel: +86 185 0060 8364
Crystal Lai, E-mail: crystal.lai@christensencomms.com
Tel: +852 2232 3907
In US:
Christensen
Linda Bergkamp, E-mail: linda.bergkamp@christensencomms.com
Tel: +1 480 353 6648
Jianpu Technology Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(In thousands) | As of December 31, | As of June 30, | |||
2022 | 2023 | ||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 346,539 | 316,601 | 43,661 | ||
Restricted time deposits | 297,634 | 308,796 | 42,585 | ||
Accounts receivable, net | 189,665 | 206,378 | 28,461 | ||
Amount due from related parties | 153 | 158 | 22 | ||
Prepayments and other current assets | 46,537 | 42,574 | 5,871 | ||
Total current assets | 880,528 | 874,507 | 120,600 | ||
Non-current assets: | |||||
Property and equipment, net | 12,578 | 13,126 | 1,810 | ||
Intangible assets, net | 18,339 | 19,888 | 2,743 | ||
Restricted cash and time deposits | 40,059 | 43,130 | 5,948 | ||
Other non-current assets | 10,758 | 13,364 | 1,843 | ||
Total non-current assets | 81,734 | 89,508 | 12,344 | ||
Total assets | 962,262 | 964,015 | 132,944 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Short-term borrowings | 253,481 | 253,209 | 34,919 | ||
Accounts payable (including amounts billed through | 96,729 | 125,388 | 17,292 | ||
Advances from customers | 46,920 | 45,489 | 6,273 | ||
Tax payable | 9,662 | 10,372 | 1,430 | ||
Amount due to related parties | 13,534 | 10,208 | 1,408 | ||
Accrued expenses and other current liabilities | 88,871 | 72,202 | 9,957 | ||
Total current liabilities | 509,197 | 516,868 | 71,279 | ||
Non-current liabilities: | |||||
Deferred tax liabilities | 3,644 | 3,496 | 482 | ||
Other non-current liabilities | 13,096 | 12,542 | 1,731 | ||
Total non-current liabilities | 16,740 | 16,038 | 2,213 | ||
Total liabilities | 525,937 | 532,906 | 73,492 | ||
Shareholders' equity: | |||||
Ordinary shares | 286 | 286 | 39 | ||
Treasury stock, at cost | (77,499) | (74,671) | (10,298) | ||
Additional paid-in capital | 1,891,266 | 1,890,548 | 260,718 | ||
Accumulated losses | (1,424,153) | (1,445,349) | (199,323) | ||
Statutory reserves | 2,027 | 2,027 | 280 | ||
Accumulated other comprehensive income | 37,941 | 57,985 | 7,997 | ||
Total Jianpu's shareholders' equity | 429,868 | 430,826 | 59,413 | ||
Noncontrolling interests | 6,457 | 283 | 39 | ||
Total shareholders' equity | 436,325 | 431,109 | 59,452 | ||
Total liabilities and shareholders' equity | 962,262 | 964,015 | 132,944 |
Jianpu Technology Inc. | |||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Loss | |||||||||||
(In thousands | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||
2022 | 2023 | 2022 | 2023 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
Revenues: | |||||||||||
Recommendation services: | |||||||||||
Loans [a] | 66,520 | 83,849 | 11,563 | 113,072 | 145,479 | 20,062 | |||||
Credit cards | 138,188 | 102,687 | 14,161 | 235,775 | 229,693 | 31,676 | |||||
Total recommendation services | 204,708 | 186,536 | 25,724 | 348,847 | 375,172 | 51,738 | |||||
Big data and system-based risk | 22,788 | 28,093 | 3,874 | 43,017 | 50,740 | 6,997 | |||||
Marketing and other services [b] [1] | 37,568 | 70,904 | 9,778 | 80,758 | 149,009 | 20,549 | |||||
Total revenues | 265,064 | 285,533 | 39,376 | 472,622 | 574,921 | 79,284 | |||||
Costs and expenses: | |||||||||||
Cost of promotion and acquisition [c] | (191,767) | (190,445) | (26,264) | (341,288) | (401,498) | (55,369) | |||||
Cost of operation [d] | (20,432) | (19,962) | (2,753) | (38,908) | (38,353) | (5,289) | |||||
Total cost of services | (212,199) | (210,407) | (29,017) | (380,196) | (439,851) | (60,658) | |||||
Sales and marketing expenses | (33,160) | (32,936) | (4,542) | (67,022) | (64,690) | (8,921) | |||||
Research and development expenses [e] | (29,303) | (24,368) | (3,361) | (59,068) | (49,700) | (6,854) | |||||
General and administrative expenses | (26,283) | (28,442) | (3,922) | (56,831) | (54,879) | (7,568) | |||||
Loss from operations | (35,881) | (10,620) | (1,466) | (90,495) | (34,199) | (4,717) | |||||
Net interest expenses | (1,583) | 1,531 | 211 | (2,904) | 2,034 | 281 | |||||
Others, net | 1,398 | 8,067 | 1,112 | 4,171 | 10,295 | 1,420 | |||||
Loss before income tax | (36,066) | (1,022) | (143) | (89,228) | (21,870) | (3,016) | |||||
Income tax benefits | 124 | 81 | 11 | 249 | 162 | 22 | |||||
Net loss | (35,942) | (941) | (132) | (88,979) | (21,708) | (2,994) | |||||
Less: net income/(loss) attributable to | (1,087) | 152 | 21 | (2,406) | (512) | (71) | |||||
Net loss attributable to Jianpu | (34,855) | (1,093) | (153) | (86,573) | (21,196) | (2,923) | |||||
Accretion of mezzanine equity | (8,740) | - | - | (8,740) | - | - | |||||
Net loss attributable to Jianpu's | (43,595) | (1,093) | (153) | (95,313) | (21,196) | (2,923) | |||||
Other comprehensive income | |||||||||||
Foreign currency translation adjustments | 32,181 | 27,177 | 3,748 | 29,386 | 20,018 | 2,761 | |||||
Total other comprehensive income | 32,181 | 27,177 | 3,748 | 29,386 | 20,018 | 2,761 | |||||
Total comprehensive income/(loss) | (3,761) | 26,236 | 3,616 | (59,593) | (1,690) | (233) | |||||
Less: total comprehensive | (982) | 154 | 21 | (2,237) | (538) | (74) | |||||
Total comprehensive income/(loss) | (2,779) | 26,082 | 3,595 | (57,356) | (1,152) | (159) | |||||
Accretion of mezzanine equity | (8,740) | - | - | (8,740) | - | - | |||||
Total comprehensive income/(loss) | (11,519) | 26,082 | 3,595 | (66,096) | (1,152) | (159) | |||||
Net loss per share attributable to | |||||||||||
Basic | (0.10) | - | - | (0.22) | (0.05) | (0.01) | |||||
Diluted | (0.10) | - | - | (0.22) | (0.05) | (0.01) | |||||
Net loss per ADS attributable to | |||||||||||
Basic | (2.06) | (0.05) | (0.01) | (4.50) | (1.00) | (0.14) | |||||
Diluted | (2.06) | (0.05) | (0.01) | (4.50) | (1.00) | (0.14) | |||||
Weighted average number of shares | |||||||||||
Basic | 423,707,654 | 424,587,819 | 424,587,819 | 423,692,650 | 424,521,907 | 424,521,907 | |||||
Diluted | 423,707,654 | 424,587,819 | 424,587,819 | 423,692,650 | 424,521,907 | 424,521,907 | |||||
[a] Including revenues from related party of RMB117 and | |||||||||||
[b] Including revenues from related party of | |||||||||||
[c] Including cost of promotion and acquisition from related party of | |||||||||||
[d] Including cost of operation from related party of RMB97 and | |||||||||||
[e] Including expenses from related party of RMB251 and |
Jianpu Technology Inc. | ||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results | ||||||||
(In thousands) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||
2022 | 2023 | 2022 | 2023 | |||||
RMB | RMB | US$ | RMB | RMB | US$ | |||
Net loss | (35,942) | (941) | (132) | (88,979) | (21,708) | (2,994) | ||
Add: Share-based compensation expenses | 2,118 | 709 | 98 | 4,439 | 2,086 | 288 | ||
Investment impairment loss | 7,823 | - | - | 7,823 | - | - | ||
Investment gain of deconsolidation of | (6,149) | (7,057) | (973) | (6,149) | (7,057) | (973) | ||
Non-GAAP adjusted net loss[2] | (32,150) | (7,289) | (1,007) | (82,866) | (26,679) | (3,679) | ||
Add: Depreciation and amortization | 1,289 | 1,134 | 156 | 2,724 | 2,216 | 306 | ||
Net interest expenses | 1,583 | (1,531) | (211) | 2,904 | (2,034) | (281) | ||
Income tax benefits | (124) | (81) | (11) | (249) | (162) | (22) | ||
Non-GAAP adjusted EBITDA[5] | (29,402) | (7,767) | (1,073) | (77,487) | (26,659) | (3,676) |
[1] Starting from the fourth quarter of 2022, the Company updated the description of its revenue stream "advertising, marketing and other services" to "marketing and other services", to provide more relevant and clear information. It also updated the revenue description in comparative periods to conform to the current classification. |
[2] Non-GAAP adjusted net loss represents net loss before share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries. There is no income tax impact of the Non-GAAP adjustment of share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries. See "Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release for more details about Non-GAAP adjusted net loss. Non-GAAP adjusted net loss margin equals Non-GAAP adjusted net loss divided by total revenues. |
[3] ROI represents revenue of recommendation services, advertising and marketing services and other services divided by cost of promotion and acquisition. |
[4] In May 2023, the Group (Jianpu, its subsidiaries, and VIEs together are referred to as the "Group".) entered into a share transfer agreement with the founder and minority shareholder of Newsky Wisdom Treasure ( |
In June 2022, Databook Tech Ltd ("Databook"), one of the Company's subsidiaries, made a cash distribution to its shareholders, through which the Company received a portion of the cash distribution. Databook also issued additional shares to one minority shareholder and changed the Company's board seat in Databook to one director. The Company consequently became a minority shareholder of Databook and no longer has control over Databook. The investment gain of |
[5] Non-GAAP adjusted EBITDA represents EBITDA before share-based compensation expenses, investment impairment loss and investment gain of deconsolidation of subsidiaries. EBITDA represents net (loss)/income before interest income and expenses, income tax benefits from net loss and depreciation and amortization. See "Unaudited Reconciliations of GAAP and Non-GAAP Results" for more details. |
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SOURCE Jianpu Technology Inc.