Qutoutiao Inc. Reports Fourth Quarter and Fiscal Year 2021 Unaudited Financial Results
Qutoutiao Inc. (NASDAQ: QTT) reported fourth quarter 2021 net revenues of RMB881.1 million (US$138.3 million), down 32.3% year-over-year. The company posted a net loss of RMB298.0 million (US$46.8 million), contrasting with a net loss of RMB81.8 million in Q4 2020. Average MAUs fell to 97.6 million, a 21.7% decline from the previous year. Advertising revenues dropped 33.8%, attributed to regulatory pressures impacting advertiser budgets. Cost reductions led to a gross margin of 77.4%. However, the significant net loss and negative working capital raise concerns about Qutoutiao's future viability.
- Gross margin improved to 77.4%, up from 66.1% year-over-year.
- Cost of revenues decreased 54.9% to RMB199.1 million from RMB441.7 million in Q4 2020.
- Net revenues dropped 32.3% year-over-year and 8.7% quarter-over-quarter.
- Net loss increased significantly to RMB298.0 million from RMB81.8 million in Q4 2020.
- Average MAUs decreased by 21.7% from the previous year.
- Significant decline in advertising revenue by 33.8% due to regulatory pressures.
- Negative working capital raises substantial doubt about ongoing operations.
SHANGHAI, China, May 02, 2022 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”, and together with its subsidiaries and controlled affiliated entities, the “Group”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Net revenues was RMB881.1 million (US
$138.3 million ), representing a decrease of32.3% from RMB1,302.4 million in the fourth quarter of 2020, and a decrease of8.7% quarter-over-quarter from RMB965.5 million in the third quarter of 2021. - Net loss was RMB298.0 million (US
$46.8 million ), compared to net loss of RMB81.8 million in the fourth quarter of 2020 and net loss of RMB583.6 million in the third quarter of 2021. Net loss margin was33.8% , compared to6.3% in the fourth quarter of 2020 and60.4% in the third quarter of 2021. - Non-GAAP net income/(loss)1 was RMB273.5 million (US
$42.9 million ), compared to non-GAAP net income of RMB50.8 million in the fourth quarter of 2020 and non-GAAP net loss of RMB525.1 million in the third quarter of 2021. Non-GAAP net loss margin was31.0% , compared to non-GAAP net income margin of3.9% in the fourth quarter of 2020 and non-GAAP net loss margin of54.4% in the third quarter of 2021. - Combined average MAUs2 were 97.6 million, representing a decrease of
21.7% from 124.7 million in the fourth quarter of 2020; and a decrease of17.6% from 118.5 million in the third quarter of 2021. - Combined average DAUs3 were 25.0 million, representing a decrease of
22.6% from 32.3 million in the fourth quarter of 2020; and a decrease of5.7% from 26.5 million in the previous quarter. - Average daily time spent per DAU was 43.2 minutes, compared to 50.3 minutes in the fourth quarter of 2020 and 51.9 minutes in the third quarter of 2021.
Fourth Quarter 2021 Financial Results
Net revenues in the fourth quarter of 2021 were RMB881.1 million (US
Advertising and marketing revenues were RMB821.8 million (US
Other revenues were RMB59.4 million (US
Cost of revenues were RMB199.1million (US
Gross profit was RMB682.0 million (US
Research and development expenses were RMB88.7 million (US
Sales and marketing expenses were RMB796.0 million (US
User engagement expenses were RMB156.5 million (US
User acquisition expenses were RMB599.8 million (US
Other sales and marketing expenses were RMB39.7 million (US
General and administrative expenses were RMB62.6 million (US
Loss from operations was RMB247.8 million (US
Non-operating loss was RMB45.2 million (US
Non-GAAP loss from operations was RMB223.3 million (US
Non-GAAP operating loss margin was
Net loss was RMB298.0 million (US
Non-GAAP net loss was RMB273.5 million (US
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB326.3 million (US
Non-GAAP net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB301.8 million (US
Basic and diluted net loss per American Depositary Share (“ADS”) was RMB10.69 (US
Balance Sheet
As of December 31, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB658.9 million (US
The Group has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. As of December 31, 2021, the Company had a negative working capital. In addition, the convertible loan of the Company with principal amount of US
The Company is currently exploring a variety of measures to improve the Group’s liquidity and financial position, which include continuing efforts to optimize its user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and continuing to be selective in its content and better leverage its existing content varieties to attract and maintain users. These measures can in turn lead to savings in user related costs. The Company is also planning to preserve liquidity and manage cash flows by reducing expenditure on developing and maintaining smaller and novel applications and limiting other general and administrative expenses, to obtain additional external financing and funds through, including but not limited to, additional credit facilities obtained from banks in the normal course of business, potential additional issuances of equity and/or debt as a Group or through its subsidiaries, and sale of its assets, including the Group’s equity interest in its subsidiaries, to third parties.
The Company and the creditor entered into two supplemental agreements to the original convertible loan agreement on March 28, 2022 and April 29, 2022, respectively. According to the supplemental agreements, the original convertible loan has been extended to May 28, 2022. The total amount of principal and accumulated interest as of May 28, 2022 will be approximately RMB1.5 billion. The Company cannot assure that it will be able to further extend the maturity date of the convertible loan.
Facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working capital and uncertainties on the repayment of the convertible loan, raise substantial doubt about the Group’s ability to continue as a going concern. The fourth quarter and fiscal year 2021 unaudited financial information does not include any adjustment that is reflective of this uncertainty.
Fiscal Year 2021 Financial Results
Net revenues in the fiscal year of 2021 were RMB4,339.6 million (US
Advertising and marketing revenues were RMB4,090.4 million (US
Other revenues were RMB249.2 million (US
Cost of revenues was RMB1,171.6 million (US
Gross profit was RMB3,168.0 million (US
Research and development expenses were RMB551.6 million (US
Sales and marketing expenses were RMB3,483.8 million (US
General and administrative expenses were RMB431.9 million (US
Loss from operations was RMB1,193.2 million (US
Non-GAAP loss from operations was RMB993.0 million (US
Net loss was RMB1,240.2 million (US
Non-GAAP net loss was RMB1,040.0 million (US
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders was RMB1,348.5 million (US
Recent Development
Change to the Board of Directors
Mr. Lei Li resigned as Vice Chairman of the Board of Directors of the Company due to personal reasons. The resignation became effective on April 29, 2022. Following his resignation, the Board of the Company is now comprised of five members.
About Qutoutiao Inc.
Qutoutiao Inc. operates a mobile content platforms in China with a mission to bring fun and value to its users. The eponymous mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Midu, first launched in May 2018 as Midu Novels and with an alternative version Midu Lite launched one year later, pioneered provision of free online literature supported by advertising. It has been one of the market leaders of the free online literature industry since inception. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem.
For more information, please visit: https://ir.qutoutiao.net.
Use of Non-GAAP Financial Measures
We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its 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. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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" and similar statements. Statements that are not historical facts, including statements about Qutoutiao's beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain 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: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 pandemic; 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 Qutoutiao's filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Qutoutiao Inc.
Investor Relations
Tel: +86-21-5889-0398
E-mail: ir@qutoutiao.net
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousand RMB, or otherwise noted)
| As of December 31, | As of December 31, | |||||||
| 2020 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 494,475 | 240,351 | ||||||
| Restricted cash | 100,316 | 75,482 | ||||||
| Short-term investments | 391,033 | 343,017 | ||||||
| Accounts receivable, net | 737,789 | 770,919 | ||||||
| Amount due from related parties | 383,594 | 259,863 | ||||||
| Prepayments and other current assets | 365,109 | 172,877 | ||||||
| Total current assets | 2,472,316 | 1,862,509 | ||||||
| Non-current assets: | ||||||||
| Accounts receivables, non-current | 54,639 | - | ||||||
| Long-term Investments | 82,889 | 1,416 | ||||||
| Property and equipment, net | 17,213 | 12,861 | ||||||
| Intangible assets | 83,123 | 165,270 | ||||||
| Goodwill | 7,268 | 7,268 | ||||||
| Right-of-use assets, net | 50,319 | 26,342 | ||||||
| Other non-current assets | 148,091 | 4,809 | ||||||
| Total non-current assets | 443,542 | 217,966 | ||||||
| Total assets | 2,915,858 | 2,080,475 | ||||||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | 70,000 | 20,000 | ||||||
| Accounts payable | 448,981 | 313,768 | ||||||
| Amount due to related parties | 22,477 | 6,928 | ||||||
| Registered users' loyalty payable | 72,627 | 61,691 | ||||||
| Advance from customers and deferred revenue | 140,776 | 122,597 | ||||||
| Salary and welfare payable | 149,704 | 65,987 | ||||||
| Tax payable | 97,144 | 43,879 | ||||||
| Lease liabilities, current | 20,760 | 11,897 | ||||||
| Accrued liabilities related to users' loyalty programs | 100,088 | 99,360 | ||||||
| Accrued liabilities and other current liabilities | 763,433 | 1,334,603 | ||||||
| Convertible loan - current | - | 1,182,963 | ||||||
| Total current liabilities | 1,885,990 | 3,263,673 | ||||||
| Lease liabilities, non-current | 23,756 | 15,985 | ||||||
| Convertible loan | 1,174,868 | - | ||||||
| Deferred tax liabilities | 18,825 | 16,422 | ||||||
| Other non-current liabilities | 4,256 | 1,733 | ||||||
| Non-current liabilities | 1,221,705 | 34,140 | ||||||
| Total liabilities | 3,107,695 | 3,297,813 | ||||||
| Total redeemable non-controlling interests | 1,093,526 | 1,172,218 | ||||||
| Shareholders' deficit | ||||||||
| Ordinary shares | 47 | 50 | ||||||
| Treasury stock | (142,229 | ) | (142,229 | ) | ||||
| Additional paid-in capital | 4,784,315 | 4,979,353 | ||||||
| Accumulated other comprehensive income | 84,320 | 129,010 | ||||||
| Accumulated deficit | (6,007,227 | ) | (7,355,740 | ) | ||||
| Total Qutoutiao Inc. shareholders' deficit | (1,280,774 | ) | (2,389,556 | ) | ||||
| Non-controlling interests | (4,589 | ) | - | |||||
| Total deficit | (1,285,363 | ) | (2,389,556 | ) | ||||
| Total liabilities, redeemable non-controlling interests and shareholders' deficit | 2,915,858 | 2,080,475 | ||||||
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the fiscal year ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||||||||
| Advertising and marketing revenues | 1,241,938 | 899,215 | 821,765 | 5,046,835 | 4,090,383 | |||||||||||||||
| Other revenues | 60,453 | 66,297 | 59,372 | 238,360 | 249,220 | |||||||||||||||
| Net revenues | 1,302,391 | 965,512 | 881,137 | 5,285,195 | 4,339,603 | |||||||||||||||
| Cost of revenues | (441,691 | ) | (267,268 | ) | (199,139 | ) | (1,674,416 | ) | (1,171,626 | ) | ||||||||||
| Gross profit | 860,700 | 698,244 | 681,998 | 3,610,779 | 3,167,977 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development expenses | (199,688 | ) | (140,014 | ) | (88,741 | ) | (947,871 | ) | (551,612 | ) | ||||||||||
| Sales and marketing expenses | (680,261 | ) | (982,024 | ) | (795,992 | ) | (3,381,560 | ) | (3,483,773 | ) | ||||||||||
| General and administrative expenses | (94,389 | ) | (174,258 | ) | (62,603 | ) | (392,816 | ) | (431,913 | ) | ||||||||||
| Total operating expenses | (974,338 | ) | (1,296,296 | ) | (947,336 | ) | (4,722,247 | ) | (4,467,298 | ) | ||||||||||
| Other operating income | 23,545 | 23,883 | 17,569 | 79,299 | 106,098 | |||||||||||||||
| Loss from Operations | (90,092 | ) | (574,169 | ) | (247,769 | ) | (1,032,169 | ) | (1,193,223 | ) | ||||||||||
| Investment income/ (expenses), net | 19,990 | 705 | (35,856 | ) | (31,788 | ) | (36,041 | ) | ||||||||||||
| Interest expense, net | (9,452 | ) | (8,107 | ) | (8,327 | ) | (27,724 | ) | (32,303 | ) | ||||||||||
| Foreign exchange related gain/(loss), net | (1,571 | ) | (2 | ) | (328 | ) | (7,183 | ) | (1 | ) | ||||||||||
| Other income/(expense), net | (1,033 | ) | (918 | ) | (691 | ) | (7,310 | ) | 27,637 | |||||||||||
| Non-operating income / (loss) | 7,934 | (8,322 | ) | (45,202 | ) | (74,005 | ) | (40,708 | ) | |||||||||||
| Loss before provision for income taxes | (82,158 | ) | (582,491 | ) | (292,971 | ) | (1,106,174 | ) | (1,233,931 | ) | ||||||||||
| Income tax benefits/ (expense), net | 349 | (576 | ) | (2,994 | ) | 1,008 | (3,050 | ) | ||||||||||||
| Equity method loss of affiliate companies | - | (581 | ) | (2,037 | ) | - | (3,195 | ) | ||||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Net loss attributable to non-controlling interests | 250 | 214 | - | 727 | 559 | |||||||||||||||
| Net loss attributable to Qutoutiao Inc. | (81,559 | ) | (583,434 | ) | (298,002 | ) | (1,104,439 | ) | (1,239,617 | ) | ||||||||||
| Accretion to convertible redeemable preferred shares redemption value of a subsidiary | (11,942 | ) | (27,698 | ) | (28,323 | ) | (48,277 | ) | (108,896 | ) | ||||||||||
| Gains on repurchase of preferred shares | 14,842 | - | - | 14,842 | - | |||||||||||||||
| Net loss attributable to Qutoutiao Inc.'s ordinary shareholders | (78,659 | ) | (611,132 | ) | (326,325 | ) | (1,137,874 | ) | (1,348,513 | ) | ||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||||||
| Foreign currency translation adjustment, net of nil tax | 67,967 | (6,727 | ) | 32,330 | 102,254 | 44,690 | ||||||||||||||
| Total comprehensive loss | (13,841 | ) | (590,375 | ) | (265,672 | ) | (1,002,912 | ) | (1,195,486 | ) | ||||||||||
| Comprehensive loss attributable to non-controlling interests | 250 | 214 | - | 727 | 559 | |||||||||||||||
| Comprehensive loss attributable to Qutoutiao Inc. | (13,591 | ) | (590,161 | ) | (265,672 | ) | (1,002,185 | ) | (1,194,927 | ) | ||||||||||
| Net loss per ADS: | ||||||||||||||||||||
| - Basic and diluted | (2.65 | ) | (20.10 | ) | (10.69 | ) | (39.23 | ) | (44.50 | ) | ||||||||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS(Note): | ||||||||||||||||||||
| - Basic | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
| - Diluted | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
QUTOUTIAO INC.
Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the fiscal year ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||||||||
| Loss from Operations | (90,092 | ) | (574,169 | ) | (247,769 | ) | (1,032,169 | ) | (1,193,223 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP Income/(Loss) from Operations | 42,525 | (515,667 | ) | (223,262 | ) | (568,955 | ) | (993,038 | ) | |||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) | 50,808 | (525,146 | ) | (273,495 | ) | (641,952 | ) | (1,039,990 | ) | |||||||||||
| Net loss attributable to Qutoutiao Inc. | (81,559 | ) | (583,434 | ) | (298,002 | ) | (1,104,439 | ) | (1,239,617 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) attributable to Qutoutiao Inc. | 51,058 | (524,932 | ) | (273,495 | ) | (641,225 | ) | (1,039,431 | ) | |||||||||||
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (78,659 | ) | (611,132 | ) | (326,325 | ) | (1,137,874 | ) | (1,348,513 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) attributable to Qutoutiao Inc.’s ordinary shareholders | 53,958 | (552,630 | ) | (301,818 | ) | (674,660 | ) | (1,148,327 | ) | |||||||||||
| Non-GAAP net income/(loss) per ADS: | ||||||||||||||||||||
| — Basic | 1.82 | (18.18 | ) | (9.88 | ) | (23.26 | ) | (37.89 | ) | |||||||||||
| — Diluted | 1.79 | (18.18 | ) | (9.88 | ) | (23.26 | ) | (37.89 | ) | |||||||||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS (Note) | ||||||||||||||||||||
| — Basic | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
| — Diluted | 30,065,951 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
Note: For all the periods presented, basic and diluted loss per ADS assuming the change of ADS ratio from a ratio of four ADSs to one Class A ordinary share to a new Ratio of two ADSs to five Class A ordinary shares occurred at the beginning of the earliest period presented.
QUTOUTIAO INC.
Supplementary Operating Information
(RMB in millions, or otherwise noted)
| For the three months ended | ||||||||||||||||||||
| December 31 | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||
| Net revenues | 1,302.4 | 1,291.0 | 1,202.0 | 965.5 | 881.1 | |||||||||||||||
| User engagement expenses | 163.2 | 179.1 | 169.5 | 161.8 | 156.5 | |||||||||||||||
| User acquisition expenses | 397.1 | 588.7 | 685.2 | 757.3 | 599.8 | |||||||||||||||
| Other sales and marketing expenses | 119.9 | 35.2 | 48.1 | 62.9 | 39.7 | |||||||||||||||
| Total sales and marketing expenses | 680.3 | 803.0 | 902.8 | 982.0 | 796.0 | |||||||||||||||
| Combined Average MAUs (in millions) | 124.7 | 133.3 | 132.3 | 118.5 | 97.6 | |||||||||||||||
| Combined Average DAUs (in millions) | 32.3 | 31.7 | 29.1 | 26.5 | 25.0 | |||||||||||||||
| New installed users (in millions) | 50.3 | 101.8 | 94.0 | 103.8 | 72.6 | |||||||||||||||
| Average net revenues per DAU per day (RMB) | 0.44 | 0.45 | 0.46 | 0.41 | 0.39 | |||||||||||||||
| User engagement expenses per DAU per day (RMB) | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | |||||||||||||||
| User acquisition expenses per new installed user (RMB) | 7.89 | 5.78 | 7.29 | 7.30 | 8.26 | |||||||||||||||
____________________________
1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.
2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;
3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;
4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.
FAQ
What were Qutoutiao's revenues for Q4 2021?
How much did Qutoutiao lose in Q4 2021?
What caused the decline in Qutoutiao's advertising revenues?
What was the average monthly active users (MAUs) for Qutoutiao in Q4 2021?
How does Qutoutiao's gross margin compare year-over-year?
