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SINGAPORE, March 14, 2024 /PRNewswire/ -- The 3 winning entries of the second ASEAN Tech for Environmental, Social, Governance (ESG) Awards have been announced. The awards, hosted by ASEAN Innovation Business Platform (AIBP) were presented to the winners at the 2024 AIBP ASEAN Innovation Retreat on 13 March 2024. In a remarkable stride towards sustainable innovation, the ASEAN region has witnessed a surge in commitment to ESG principles. 71% of ASEAN enterprises expect technology and innovation to support data-driven decision-making for ESG risk management, and 64% expect it to support resource efficiency and waste reduction, according to the 2023 AIBP ASEAN Enterprise Innovation Survey. Survey Question: Which ESG aspects do you think have the highest potential to benefit from technology and innovation within your industry? Source: 2023 AIBP ASEAN Enterprise Innovation Survey From Left to right: Mr Victor Lesmana, CEO BukaFinancial & Commerce, Bukalapak; Mr Agi Agung Galuh Purwa, Secretary of the Information and Communication Department of West Java Province; Dr Morgan Carroll, ESG Director, VinGroup; & Irza Suprapto,Irza Suprapto, CFA, CEO, Industry Platform, Executive Director. Bukalapak's winning project showcased their focus on "Empowering MSMEs with Inclusive Financial Infrastructure" through initiatives like Mitra Bukalapak and Kirim Uang. Mitra Bukalapak offers better buying terms and logistics for MSMEs, while Kirim Uang remittance service processes transactions in real-time, enabling instant transfers to 62 destination banks, with users sending up to 10,000,000 Rupiah in a single transaction. With plans for international expansion, Bukalapak aims to address financial inclusion challenges in Indonesia. The winning project from Jabar Digital Services' Desa Digital strives "Towards a Champion Village with Digital Innovation". An initiative under the West Java Communications and Informatics Agency, Jabar Digital Services focuses on reducing the digital divide in West Java Province. In 2022, they significantly reduced blank spot villages from 620 to 359, trained 1,091 graduates, and engaged 43 villages in the Sayembara Desa Digital competition, continuously. In 2023 they plan to expand collaboration to increase digital inclusion in West Java. Thematic villages focus on Agriculture, Fishery, Farm, Education, Health, Waste Management, and Multimedia throughout IoT applications. The dedication to sustainability across its operations in Vingroup's winning project initiative focuses on leveraging frontier technologies like IoT, AI, and blockchain. Through VinFast's EVs which aim to reduce carbon emissions with smart solutions enhance energy efficiency, VinUni incorporates VR and AR into education contributing to a more immersive learning experience, as well as Vingroup's solar energy initiative aims to offset approximately 23,000 tCO2e per year in stage 1 escalating to about 46,000 tCO2e in stage 2, demonstrates a commitment to environment responsibility. These stories of success illuminate the path forward for ASEAN businesses, highlighting the vital role of digital tools and innovative technologies in achieving sustainable and inclusive growth. The AIBP ASEAN Tech for ESG Awards not only honour these achievements but also set a precedent for future endeavours in the region's journey towards a greener and more equitable future. About the ASEAN Tech for Environmental, Social, Governance Awards The ASEAN Tech for Environment, Social, Governance (ESG) Awards, hosted by AIBP, spotlights organisations that are making strides in integrating ESG goals in their operations through digital innovation. These awards celebrate the pioneering efforts of companies making real-world impact, setting benchmarks for sustainability and social responsibility across the region. About ASEAN Innovation Business Platform (AIBP) AIBP serves as an avenue for public and private organisations in Southeast Asia to access information about enterprise growth and innovation. With a current network of over 30,000 stakeholders in Southeast Asia, AIBP continues to develop ecosystems by engaging in activities which create value-adding information for our stakeholders seeking to make transformative impacts within their organisations. For additional information about AIBP, please visit www.aibp.sg
BEIJING, March 14, 2024 /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading mobile social and entertainment platform in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2023. Fourth Quarter of 2023 Highlights Net revenues decreased by 6.5% year over year to RMB3,002.9 million (US$423.0 million*) in the fourth quarter of 2023. Net income attributable to Hello Group Inc. increased to RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, from RMB398.0 million in the same period of 2022. Non-GAAP net income attributable to Hello Group Inc. (note 1) increased to RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, from RMB487.9 million in the same period of 2022. Diluted net income per American Depositary Share ("ADS") was RMB2.32 (US$0.33) in the fourth quarter of 2023, compared to RMB2.01 in the same period of 2022. Non-GAAP diluted net income per ADS (note 1) was RMB2.63 (US$0.37) in the fourth quarter of 2023, compared to RMB2.46 in the same period of 2022. Monthly Active Users ("MAU") on Tantan app were 13.7 million in December 2023, compared to 18.4 million in December 2022. For the Momo app total paying users was 7.4 million for the fourth quarter of 2023, compared to 7.8 million for the same period last year. Tantan had 1.2 million paying users for the fourth quarter of 2023 compared to 1.7 million from the year ago period. Full Year 2023 Highlights Net revenues decreased by 5.5% year over year to RMB12,002.3 million (US$1,690.5 million) for the full year of 2023. Net income attributable to Hello Group Inc. was RMB1,957.6 million (US$275.7 million) for the full year of 2023, compared to RMB1,484.3 million during the same period of 2022. Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB2,224.7 million (US$313.3 million) for the full year of 2023, compared to RMB1,885.8 million during the same period of 2022. Diluted net income per ADS was RMB9.84 (US$1.39) for the full year of 2023, compared to RMB7.31 during the same period of 2022. Non-GAAP diluted net income per ADS (note 1) was RMB11.17 (US$1.57) for the full year of 2023, compared to RMB9.20 during the same period of 2022. "2023 was a busy, yet fruitful year. Despite many changes and challenges in the external environment, our team made steady progress against our strategic priorities." Commented Yan Tang, Chairman and CEO of Hello Group. "With solid improvement in cost efficiency, we were able to meaningfully improve the profitability of the company against economic headwinds. I am also pleased to see that our new endeavors in the overseas market have started bearing fruits, which gives us more confidence to invest more resources and take bigger strides to explore wider markets abroad." * This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.0999 to US$1.00, the effective noon buying rate for December 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. Fourth Quarter of 2023 Financial Results Net revenues Total net revenues were RMB3,002.9 million (US$423.0 million) in the fourth quarter of 2023, a decrease of 6.5% from RMB3,212.7 million in the fourth quarter of 2022. Live video service revenues were RMB1,523.9 million (US$214.6 million) in the fourth quarter of 2023, a decrease of 11.6% from RMB1,724.2 million during the same period of 2022. The decrease was primarily attributable to a soft consumer sentiment in the current macro environment and our proactive operation adjustments to de-emphasise large scale competition events in the Momo app, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service. Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,424.9 million (US$200.7 million) in the fourth quarter of 2023, a decrease of 1.7% from RMB1,449.5 million during the same period of 2022. The decrease was primarily due to the impact of the macro economy on consumer sentiment as well as our product adjustments to improve Momo app's ecosystem, and to a lesser extent, the decline in Tantan's paying users that resulted from a reduction in channel investment, the anti-spam campaign and the adjustments to subscription renewals. The decrease was partially offset by the rapid revenue growth from the new standalone apps. Mobile marketing revenues were RMB44.9 million (US$6.3 million) in the fourth quarter of 2023, an increase of 36.4% from RMB32.9 million during the same period of 2022. Mobile games revenues were RMB5.4 million (US$0.8 million) in the fourth quarter of 2023, an increase of 2.4% from RMB5.3 million in the fourth quarter of 2022. Net revenues from the Momo segment decreased from RMB2,865.8 million in the fourth quarter of 2022 to RMB2,728.7 million (US$384.3 million) in the fourth quarter of 2023, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB346.7 million in the fourth quarter of 2022 to RMB272.2 million (US$38.3 million) in the fourth quarter of 2023, mainly due to the decrease in net revenues from live video service, and to a lesser extent, the decrease from value-added service. Cost and expenses Cost and expenses were RMB2,431.8 million (US$342.5 million) in the fourth quarter of 2023, a decrease of 11.2% from RMB2,738.3 million in the fourth quarter of 2022. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on the Momo app and on the Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on the Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value; (c) a decrease in sales and marketing expenses due to our initiatives to control cost and optimize Tantan's channel marketing strategy and, to a lesser extent, Momo's strategy to trim inefficient channel marketing spend. Non-GAAP cost and expenses (note 1) were RMB2,369.5 million (US$333.7 million) in the fourth quarter of 2023, a decrease of 10.5% from RMB2,648.3 million during the same period of 2022. Other operating income (loss), net Other operating income was RMB30.8 million (US$4.3 million) in the fourth quarter of 2023, compared to a loss of RMB65.2 million during the fourth quarter of 2022. The other operating loss in the fourth quarter of 2022 mainly included a contingent loss accrual of RMB92.9 million related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo's platform. Income from operations Income from operations was RMB602.0 million (US$84.8 million) in the fourth quarter of 2023, compared to RMB409.2 million during the same period of 2022. Income from operations of the Momo segment was RMB576.9 million (US$81.3 million) in the fourth quarter of 2023, which increased from RMB435.8 million in the fourth quarter of 2022. Income from operations of the Tantan segment was RMB26.8 million (US$3.8 million) in the fourth quarter of 2023, compared to a loss from operations of RMB21.7 million in the fourth quarter of 2022. Non-GAAP income from operations (note 1) was RMB664.2 million (US$93.6 million) in the fourth quarter of 2023, compared to RMB499.2 million during the same period of 2022. Non-GAAP income from operations of the Momo segment was RMB638.9 million (US$90.0 million) in the fourth quarter of 2023, which increased from RMB519.2 million in the fourth quarter of 2022. Non-GAAP income from operations of the Tantan segment was RMB27.0 million (US$3.8 million) in the fourth quarter of 2023, compared to a non-GAAP loss from operations of RMB15.2 million in the fourth quarter of 2022. Income tax expenses Income tax expenses were RMB183.4 million (US$25.8 million) in the fourth quarter of 2023, compared to RMB109.4 million in the fourth quarter of 2022. The increase in income tax expenses was primarily due to the higher profit in the fourth quarter of 2023. Net income Net income was RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, compared to RMB397.0 million during the same period of 2022. Net income from the Momo segment was RMB430.0 million (US$60.6 million) in the fourth quarter of 2023, compared to RMB397.1 million in the same period of 2022. Net income from the Tantan segment was RMB24.2 million (US$3.4 million) in the fourth quarter of 2023, compared to RMB4.7 million in the fourth quarter of 2022. Non-GAAP net income (note 1) was RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, compared to RMB487.0 million during the same period of 2022. Non-GAAP net income from the Momo segment was RMB492.1 million (US$69.3 million) in the fourth quarter of 2023, which increased from RMB480.5 million in the fourth quarter of 2022. Non-GAAP net income of the Tantan segment was RMB24.4 million (US$3.4 million) in the fourth quarter of 2023, compared to RMB11.3 million in the fourth quarter of 2022. Net income attributable to Hello Group Inc. Net income attributable to Hello Group Inc. was RMB452.5 million (US$63.7 million) in the fourth quarter of 2023, compared to RMB398.0 million during the same period of 2022. Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB514.7 million (US$72.5 million) in the fourth quarter of 2023, compared to RMB487.9 million during the same period of 2022. Net income per ADS Diluted net income per ADS was RMB2.32 (US$0.33) in the fourth quarter of 2023, compared to RMB2.01 in the fourth quarter of 2022. Non-GAAP diluted net income per ADS (note 1) was RMB2.63 (US$0.37) in the fourth quarter of 2023, compared to RMB2.46 in the fourth quarter of 2022. Cash and cash flow As of December 31, 2023, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled RMB13,478.5 million (US$1,898.4 million), compared to RMB13,398.8 million as of December 31, 2022. Net cash provided by operating activities in the fourth quarter of 2023 was RMB415.9 million (US$58.6 million), compared to RMB538.7 million in the fourth quarter of 2022. Full Year 2023 Financial Results Net revenues for the full year of 2023 were RMB12,002.3 million (US$1,690.5 million), a decrease of 5.5% from RMB12,704.2 million in the same period of 2022. Net income attributable to Hello Group Inc. was RMB1,957.6 million (US$275.7 million) for the full year of 2023, compared to RMB1,484.3 million during the same period of 2022. Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB2,224.7 million (US$313.3 million) for the full year of 2023, compared to RMB1,885.8 million during the same period of 2022. Diluted net income per ADS was RMB9.84 (US$1.39) during the full year of 2023, compared to RMB7.31 in the same period of 2022. Non-GAAP diluted net income per ADS (note 1) was RMB11.17 (US$1.57) during the full year of 2023, compared to RMB9.20 in the same period of 2022. Net cash provided by operating activities was RMB2,277.2 million (US$320.7 million) during the full year of 2023, compared to RMB1,226.9 million in the same period of 2022. Recent Development Declaration of a special cash dividend Hello Group's board of directors has declared a special cash dividend in the amount of US$0.54 per ADS, or US$0.27 per ordinary share. The cash dividend will be paid on April 30, 2024 to shareholders of record at the close of business on April 12, 2024. The ex-dividend date will be April 11, 2024. The aggregate amount of cash dividends to be paid is approximately US$103 million, which will be funded by available cash on the Company's balance sheet. Share repurchase program On June 7, 2022, Hello Group's board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the "Share Repurchase Program"). As of March 14, 2024, the Company has repurchased 16.2 million ADSs for US$86.1 million on the open market under this program, at an average purchase price of US$5.31 per ADS. On March 14, 2024, Hello Group's board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Business Outlook For the first quarter of 2024, the Company expects total net revenues to be between RMB2.45 billion to RMB2.55 billion, representing a decrease of 13.1% to 9.5% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Note 1: Non-GAAP measures To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation. Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release. Conference Call Hello Group's management will host an earnings conference call on Thursday, March 14, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 14, 2024). Participants can register for the conference call by navigating to: https://s1.c-conf.com/diamondpass/10037219-7ww6gf.html. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin. A telephone replay of the call will be available after the conclusion of the conference call through March 21, 2024. The dial-in details for the replay are as follows: U.S. / Canada: 1-855-883-1031 Hong Kong: 800-930-639 Passcode: 10037219 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com. About Hello Group Inc. We are a leading player in China's online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. We also operate a number of other applications to serve different social and entertainment demands from our users. For investor and media inquiries, please contact: Hello Group Inc. Investor RelationsPhone: +86-10-5731-0538Email: ir@hellogroup.com Christensen In China Ms. Xiaoyan SuPhone: +86-10-5900-1548E-mail: Xiaoyan.Su@christensencomms.com In U.S. Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com Safe Harbor Statement This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the first quarter of 2024, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program. Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the fourth quarter of 2023 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first quarter of 2024 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release. Hello Group Inc. Unaudited Condensed Consolidated Statement of Operations (All amounts in thousands, except share and per share data) Three months Year Ended December 31 Ended December 31 2022 2023 2023 2022 2023 2023 RMB RMB US$ RMB RMB US$ Net revenues: Live video service 1,724,228 1,523,885 214,635 6,510,460 6,072,871 855,346 Value-added service 1,449,537 1,424,893 200,692 6,007,018 5,752,571 810,233 Mobile marketing 32,927 44,915 6,326 124,956 133,677 18,828 Mobile games 5,316 5,441 766 55,732 19,610 2,762 Other services 650 3,798 535 6,006 23,594 3,323 Total net revenues 3,212,658 3,002,932 422,954 12,704,172 12,002,323 1,690,492 Cost and expenses: Cost of revenues (1,916,050) (1,770,117) (249,316) (7,421,419) (7,025,394) (989,506) Research and development (272,657) (231,445) (32,598) (1,006,219) (884,590) (124,592) Sales and marketing (407,075) (304,696) (42,916) (2,073,617) (1,414,949) (199,291) General and administrative (142,492) (125,498) (17,676) (596,006) (502,479) (70,773) Total cost and expenses (2,738,274) (2,431,756) (342,506) (11,097,261) (9,827,412) (1,384,162) Other operating (loss) income, net (65,158) 30,821 4,341 20,632 130,105 18,325 Income from operations 409,226 601,997 84,789 1,627,543 2,305,016 324,655 Interest income 88,118 124,354 17,515 368,879 436,253 61,445 Interest expense (10,955) (20,552) (2,895) (83,530) (62,223) (8,764) Other gain or loss, net - (31,250) (4,401) 118,325 (26,685) (3,759) Income before income tax and share of income on equity method investments 486,389 674,549 95,008 2,031,217 2,652,361 373,577 Income tax expenses (109,421) (183,377) (25,828) (562,281) (630,023) (88,737) Income before share of income on equity method investments 376,968 491,172 69,180 1,468,936 2,022,338 284,840 Share of income (loss) on equity method investments 20,040 (38,703) (5,451) 11,073 (70,643) (9,950) Net income 397,008 452,469 63,729 1,480,009 1,951,695 274,890 Less: net loss attributable to non-controlling interest (986) - - (4,274) (5,886) (829) Net income attributable to the shareholders of Hello Group Inc. 397,994 452,469 63,729 1,484,283 1,957,581 275,719 Net income per share attributable to ordinary shareholders Basic 1.05 1.2 0.17 3.8 5.18 0.73 Diluted 1.01 1.16 0.16 3.65 4.92 0.69 Weighted average shares used in calculating net income per ordinary share Basic 377,841,986 376,317,036 376,317,036 390,176,367 377,639,399 377,639,399 Diluted 406,152,757 390,956,175 390,956,175 423,810,279 401,833,328 401,833,328 Hello Group Inc. Unaudited Condensed Consolidated Statement of Comprehensive Income (All amounts in thousands, except share and per share data) Three months Year Ended December 31 Ended December 31 2022 2023 2023 2022 2023 2023 RMB RMB US$ RMB RMB US$ Net income 397,008 452,469 63,729 1,480,009 1,951,695 274,890 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 54,041 (95,774) (13,489) (274,791) 20,414 2,875 Comprehensive income 451,049 356,695 50,240 1,205,218 1,972,109 277,765 Less: comprehensive (loss) income attributed to the non-controlling interest (7,154) (5,020) (707) 10,556 357 50 Comprehensive income attributable to Hello Group Inc. 458,203 361,715 50,947 1,194,662 1,971,752 277,715 Hello Group Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except share and per share data) December 31 December 31 December 31 2022 2023 2023 RMB RMB US$ Assets Current assets Cash and cash equivalents 5,018,129 5,620,466 791,626 Short-term deposits 5,300,000 1,270,626 178,964 Restricted cash 97,706 10,147 1,429 Short-term investments 300,240 - - Accounts receivable, net of allowance for doubtful accounts of RMB5,870 and RMB12,780 as of December 31, 2022 and 2023, respectively 188,711 201,517 28,383 Amounts due from related parties 55 7,258 1,022 Prepaid expenses and other current assets 819,706 723,364 101,884 Total current assets 11,724,547 7,833,378 1,103,308 Long-term deposits 2,600,000 3,924,975 552,821 Long-term restricted cash 82,766 2,652,299 373,569 Right-of-use assets, net 115,520 109,572 15,433 Property and equipment, net 172,984 659,033 92,823 Intangible assets, net 22,203 17,086 2,407 Rental deposits 20,737 12,962 1,826 Long-term investments 893,988 786,911 110,834 Amounts due from RPT-non current - 20,000 2,817 Other non-current assets 162,499 180,052 25,360 Deferred tax assets 34,343 31,741 4,471 Total assets 15,829,587 16,228,009 2,285,669 Liabilities and equity Current liabilities Accounts payable 617,022 616,681 86,857 Deferred revenue 484,775 442,805 62,368 Accrued expenses and other current liabilities 797,504 630,617 88,821 Amounts due to related parties 9,178 4,314 608 Lease liabilities due within one year 88,352 60,008 8,452 Income tax payable 68,765 94,719 13,341 Deferred consideration in connection with business acquisitions 26,483 27,261 3,840 Long-term borrowings, current portion - 215,615 30,369 Convertible senior notes-current 2,646,168 - - Total current liabilities 4,738,247 2,092,020 294,656 Deferred tax liabilities 22,011 24,987 3,519 Convertible Senior Notes - 19,571 2,757 Long-term borrowings - 1,938,385 273,016 Lease liabilities 33,281 52,171 7,348 Other non-current liabilities 105,410 114,085 16,069 Total liabilities 4,898,949 4,241,219 597,365 Shareholder's equity (i) 10,930,638 11,986,790 1,688,304 Total liabilities and shareholder's equity 15,829,587 16,228,009 2,285,669 (i): As of December 31, 2023, the number of ordinary shares outstanding was 375,085,192. Hello Group Inc. Unaudited Condensed Consolidated Statement of Cash Flows (All amounts in thousands, except share and per share data) Three months Year Ended December 31 Ended December 31 2022 2023 2023 2022 2023 2023 RMB RMB US$ RMB RMB US$ Cash flows from operating activities: Net income 397,008 452,469 63,729 1,480,009 1,951,695 274,890 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment 23,908 15,394 2,168 107,015 74,492 10,492 Amortization of intangible assets 1,279 1,279 180 5,116 5,116 721 Share-based compensation 89,944 62,224 8,765 401,484 267,101 37,620 Share of (income) loss on equity method investments (20,040) 38,703 5,451 (11,073) 70,643 9,950 Gain on repurchase of convertible senior notes - - - (129,575) (4,565) (643) Loss on long-term investments - 31,250 4,401 11,250 31,250 4,401 Cash received on distributions from equity method investments - - - 1,708 2,067 291 Gain or loss on disposal of property and equipment 4 2 - (779) (518) (73) Provision of (income) loss on receivable and other assets (75) 1,553 219 (528) 11,624 1,637 Changes in operating assets and liabilities: Accounts receivable 4,643 (11,392) (1,605) 20,338 (21,308) (3,001) Prepaid expenses and other current assets (36,784) (13,492) (1,900) (52,928) 84,802 11,944 Amounts due from related parties (55) (144) (20) (55) (27,203) (3,831) Rental deposits - 5,524 778 1,399 7,776 1,095 Deferred tax assets 1,493 1,728 243 507 2,600 366 Other non-current assets (15,907) 16,033 2,258 60,913 (11,606) (1,635) Accounts payable (8,992) (25,118) (3,538) (115,384) 13,707 1,931 Income tax payable (6,081) 5,456 768 (57,004) 25,952 3,655 Deferred revenue 17,504 (31,253) (4,402) (56,387) (42,390) (5,971) Accrued expenses and other current liabilities 121,638 (11,586) (1,632) (182,708) (183,772) (25,884) Amount due to related parties (265) 639 90 4,162 (4,865) (685) Deferred tax liabilities (15,367) (130,345) (18,359) (187,119) (147) (21) Other non-current liabilities (15,159) 6,953 979 (73,470) 24,710 3,480 Net cash provided by operating activities 538,696 415,877 58,573 1,226,891 2,277,161 320,729 Cash flows from investing activities: Purchase of property and equipment (10,053) (316,847) (44,627) (80,445) (576,310) (81,172) Payment for long-term investments (15,000) (9,750) (1,373) (70,343) (18,750) (2,641) Purchase of short-term deposits - - - (1,700,000) (1,028,556) (144,869) Cash received on maturity of short-term deposits 1,700,000 800,000 112,678 5,410,000 6,209,820 874,635 Payment for short term investments (300,000) - - (300,000) - - Cash received from sales of short-term investment - 308,550 43,458 - 308,550 43,458 Cash received on investment income distribution - - - 3,523 1,517 214 Purchase of long-term deposits (200,000) (361,165) (50,869) (2,750,000) (4,210,025) (592,970) Cash received on maturity of long-term deposits - - - 1,200,000 1,700,000 239,440 Cash received from sales of long-term investment - 10,000 1,408 - 25,000 3,521 Other investing activities 7 1 - 3,110 1,823 257 Net cash provided by investing activities 1,174,954 430,789 60,675 1,715,845 2,413,069 339,873 Cash flows from financing activities: Deferred payment for business acquisition - - - (21,421) - - Proceeds from exercise of share options 112 31 4 163 601 85 Repurchase of ordinary shares (104,684) (150,191) (21,154) (392,374) (212,195) (29,887) Repurchase of subsidiary's share options (1,076) - - (40,943) (4,319) (608) Dividends payment - (20,803) (2,930) (840,997) (958,052) (134,939) Proceeds from long-term borrowings - - - - 2,154,000 303,385 Payment for redemption of convertible bonds - - - (2,136,987) (2,679,942) (377,462) Net cash used in financing activities (105,648) (170,963) (24,080) (3,432,559) (1,699,907) (239,426) Effect of exchange rate changes (30,706) (34,609) (4,872) 41,390 93,988 13,240 Net increase (decrease) in cash and cash equivalents 1,577,296 641,094 90,296 (448,433) 3,084,311 434,416 Cash, cash equivalents and restricted cash at the beginning of period 3,621,305 7,641,818 1,076,328 5,647,034 5,198,601 732,208 Cash, cash equivalents and restricted cash at the end of period 5,198,601 8,282,912 1,166,624 5,198,601 8,282,912 1,166,624 Hello Group Inc. Reconciliation of Non-GAAP financial measures to comparable GAAP measures (All amounts in thousands, except per share data) 1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures. Three months Three months Three months Ended December 31, 2022 Ended December 31, 2023 Ended December 31, 2023 GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP RMB RMB RMB RMB RMB RMB US$ US$ US$ Cost of revenues (1,916,050) 1,707 (1,914,343) (1,770,117) 1,909 (1,768,208) (249,316) 269 (249,047) Research and development (272,657) 22,145 (250,512) (231,445) 13,375 (218,070) (32,598) 1,884 (30,714) Sales and marketing (407,075) 8,480 (398,595) (304,696) 8,653 (296,043) (42,916) 1,219 (41,697) General and administrative (142,492) 57,612 (84,880) (125,498) 38,287 (87,211) (17,676) 5,393 (12,283) Cost and operating expenses (2,738,274) 89,944 (2,648,330) (2,431,756) 62,224 (2,369,532) (342,506) 8,765 (333,741) Income from operations 409,226 89,944 499,170 601,997 62,224 664,221 84,789 8,765 93,554 Net income attributable to Hello Group Inc. 397,994 89,944 487,938 452,469 62,224 514,693 63,729 8,765 72,494 Reconciliation of Non-GAAP financial measures to comparable GAAP measures (All amounts in thousands, except per share data) 1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued. Year Year Year Ended December 31, 2022 Ended December 31, 2023 Ended December 31, 2023 GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP RMB RMB RMB RMB RMB RMB US$ US$ US$ Cost of revenues (7,421,419) 14,195 (7,407,224) (7,025,394) 6,307 (7,019,087) (989,506) 888 (988,618) Research and development (1,006,219) 88,797 (917,422) (884,590) 64,561 (820,029) (124,592) 9,093 (115,499) Sales and marketing (2,073,617) 38,432 (2,035,185) (1,414,949) 29,066 (1,385,883) (199,291) 4,094 (195,197) General and administrative (596,006) 260,060 (335,946) (502,479) 167,167 (335,312) (70,773) 23,545 (47,228) Cost and operating expenses (11,097,261) 401,484 (10,695,777) (9,827,412) 267,101 (9,560,311) (1,384,162) 37,620 (1,346,542) Income from operations 1,627,543 401,484 2,029,027 2,305,016 267,101 2,572,117 324,655 37,620 362,275 Net income attributable to Hello Group Inc. 1,484,283 401,484 1,885,767 1,957,581 267,101 2,224,682 275,719 37,620 313,339 Hello Group Inc. Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Three months Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Net revenues: Live video service 1,423,730 100,155 - 1,523,885 214,635 Value-added service 1,264,358 160,535 - 1,424,893 200,692 Mobile marketing 33,395 11,520 - 44,915 6,326 Mobile games 5,441 - - 5,441 766 Other services 1,760 - 2,038 3,798 535 Total net revenues 2,728,684 272,210 2,038 3,002,932 422,954 Cost and expenses (ii): Cost of revenues (1,638,915) (130,237) (965) (1,770,117) (249,316) Research and development (180,343) (51,102) - (231,445) (32,598) Sales and marketing (244,043) (58,444) (2,209) (304,696) (42,916) General and administrative (117,923) (6,882) (693) (125,498) (17,676) Total cost and expenses (2,181,224) (246,665) (3,867) (2,431,756) (342,506) Other operating income 29,442 1,301 78 30,821 4,341 Income (loss) from operations 576,902 26,846 (1,751) 601,997 84,789 Interest income 124,294 57 3 124,354 17,515 Interest expense (20,552) - - (20,552) (2,895) Other gain or loss, net (31,250) - - (31,250) (4,401) Income (loss) before income tax and share of income on equity method investments 649,394 26,903 (1,748) 674,549 95,008 Income tax expenses (180,669) (2,708) - (183,377) (25,828) Income (loss) before share of income on equity method investments 468,725 24,195 (1,748) 491,172 69,180 Share of loss on equity method investments (38,703) - - (38,703) (5,451) Net income (loss) 430,022 24,195 (1,748) 452,469 63,729 (ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three months Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 1,905 4 - 1,909 269 Research and development 13,194 181 - 13,375 1,884 Sales and marketing 8,653 - - 8,653 1,219 General and administrative 38,279 8 - 38,287 5,393 Total cost and expenses 62,031 193 - 62,224 8,765 Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Three months Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 576,902 26,846 (1,751) 601,997 84,789 Share-based compensation 62,031 193 - 62,224 8,765 Non-GAAP income (loss) from operations 638,933 27,039 (1,751) 664,221 93,554 Net income (loss) 430,022 24,195 (1,748) 452,469 63,729 Share-based compensation 62,031 193 - 62,224 8,765 Non-GAAP net income (loss) 492,053 24,388 (1,748) 514,693 72,494 Hello Group Inc. Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Three months Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$[1] Net revenues: Live video service 1,561,332 162,896 - 1,724,228 249,990 Value-added service 1,265,693 183,844 - 1,449,537 210,164 Mobile marketing 32,927 - - 32,927 4,774 Mobile games 5,316 - - 5,316 771 Other services 483 - 167 650 93 Total net revenues 2,865,751 346,740 167 3,212,658 465,792 Cost and expenses (iii): Cost of revenues (1,722,675) (192,748) (627) (1,916,050) (277,801) Research and development (200,740) (71,917) - (272,657) (39,532) Sales and marketing (307,166) (98,209) (1,700) (407,075) (59,020) General and administrative (131,844) (7,899) (2,749) (142,492) (20,659) Total cost and expenses (2,362,425) (370,773) (5,076) (2,738,274) (397,012) Other operating (loss) income, net (67,499) 2,339 2 (65,158) (9,447) Income (loss) from operations 435,827 (21,694) (4,907) 409,226 59,333 Interest income 87,799 253 66 88,118 12,776 Interest expense (10,955) - - (10,955) (1,588) Income (loss) before income tax and share of income on equity method investments 512,671 (21,441) (4,841) 486,389 70,521 Income tax (expenses) benefits (135,602) 26,181 - (109,421) (15,865) Income (loss) before share of income on equity method investments 377,069 4,740 (4,841) 376,968 54,656 Share of income on equity method investments 20,040 - - 20,040 2,906 Net income (loss) 397,109 4,740 (4,841) 397,008 57,562 (iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three months Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 1,689 18 - 1,707 247 Research and development 15,907 6,238 - 22,145 3,211 Sales and marketing 8,473 7 - 8,480 1,229 General and administrative 57,350 262 - 57,612 8,353 Total cost and expenses 83,419 6,525 - 89,944 13,040 [1] All translations from RMB to U.S. dollars are made at a rate of RMB6.8972 to US$1.00, the effective noon buying rate for December 30, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board. Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Three months Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 435,827 (21,694) (4,907) 409,226 59,333 Share-based compensation 83,419 6,525 - 89,944 13,040 Non-GAAP income (loss) from operations 519,246 (15,169) (4,907) 499,170 72,373 Net income (loss) 397,109 4,740 (4,841) 397,008 57,562 Share-based compensation 83,419 6,525 - 89,944 13,040 Non-GAAP net income (loss) 480,528 11,265 (4,841) 486,952 70,602 Hello Group Inc. Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Year Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Net revenues: Live video service 5,567,894 504,977 - 6,072,871 855,346 Value-added service 5,085,541 667,030 - 5,752,571 810,233 Mobile marketing 109,125 24,552 - 133,677 18,828 Mobile games 19,610 - - 19,610 2,762 Other services 16,337 - 7,257 23,594 3,323 Total net revenues 10,798,507 1,196,559 7,257 12,002,323 1,690,492 Cost and expenses (iv): Cost of revenues (6,404,042) (599,348) (22,004) (7,025,394) (989,506) Research and development (664,340) (220,250) - (884,590) (124,592) Sales and marketing (1,138,505) (268,652) (7,792) (1,414,949) (199,291) General and administrative (467,537) (26,482) (8,460) (502,479) (70,773) Total cost and expenses (8,674,424) (1,114,732) (38,256) (9,827,412) (1,384,162) Other operating income 125,318 4,411 376 130,105 18,325 Income (loss) from operations 2,249,401 86,238 (30,623) 2,305,016 324,655 Interest income 435,451 713 89 436,253 61,445 Interest expense (62,223) - - (62,223) (8,764) Other gain or loss, net (26,685) - - (26,685) (3,759) Income (loss) before income tax and share of income on equity method investments 2,595,944 86,951 (30,534) 2,652,361 373,577 Income tax expenses (623,844) (6,179) - (630,023) (88,737) Income (loss) before share of income on equity method investments 1,972,100 80,772 (30,534) 2,022,338 284,840 Share of loss on equity method investments (70,643) - - (70,643) (9,950) Net income (loss) 1,901,457 80,772 (30,534) 1,951,695 274,890 (iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Year Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 6,167 140 - 6,307 888 Research and development 49,987 14,574 - 64,561 9,093 Sales and marketing 29,061 5 - 29,066 4,094 General and administrative 167,135 32 - 167,167 23,545 Total cost and expenses 252,350 14,751 - 267,101 37,620 Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Year Ended December 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 2,249,401 86,238 (30,623) 2,305,016 324,655 Share-based compensation 252,350 14,751 - 267,101 37,620 Non-GAAP income (loss) from operations 2,501,751 100,989 (30,623) 2,572,117 362,275 Net income (loss) 1,901,457 80,772 (30,534) 1,951,695 274,890 Share-based compensation 252,350 14,751 - 267,101 37,620 Non-GAAP net income (loss) 2,153,807 95,523 (30,534) 2,218,796 312,510 Hello Group Inc. Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Year Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Net revenues: Live video service 5,966,323 544,137 - 6,510,460 943,928 Value-added service 5,183,302 823,716 - 6,007,018 870,936 Mobile marketing 124,956 - - 124,956 18,117 Mobile games 55,732 - - 55,732 8,080 Other services 4,781 - 1,225 6,006 871 Total net revenues 11,335,094 1,367,853 1,225 12,704,172 1,841,932 Cost and expenses (v): Cost of revenues (6,704,020) (714,936) (2,463) (7,421,419) (1,076,005) Research and development (737,380) (268,839) - (1,006,219) (145,888) Sales and marketing (1,346,692) (721,889) (5,036) (2,073,617) (300,646) General and administrative (547,798) (33,234) (14,974) (596,006) (86,413) Total cost and expenses (9,335,890) (1,738,898) (22,473) (11,097,261) (1,608,952) Other operating income 8,753 11,830 49 20,632 2,991 Income (loss) from operations 2,007,957 (359,215) (21,199) 1,627,543 235,971 Interest income 368,051 544 284 368,879 53,482 Interest expense (83,530) - - (83,530) (12,111) Other gain or loss, net 118,325 - - 118,325 17,156 Income (loss) before income tax and share of income on equity method investments 2,410,803 (358,671) (20,915) 2,031,217 294,498 Income tax (expenses) benefits (586,663) 24,382 - (562,281) (81,523) Income (loss) before share of income on equity method investments 1,824,140 (334,289) (20,915) 1,468,936 212,975 Share of income on equity method investments 11,073 - - 11,073 1,605 Net income (loss) 1,835,213 (334,289) (20,915) 1,480,009 214,580 (v) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Year Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 7,166 7,029 - 14,195 2,058 Research and development 67,659 21,138 - 88,797 12,874 Sales and marketing 38,202 230 - 38,432 5,572 General and administrative 259,669 391 - 260,060 37,705 Total cost and expenses 372,696 28,788 - 401,484 58,209 Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Year Ended December 31, 2022 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 2,007,957 (359,215) (21,199) 1,627,543 235,971 Share-based compensation 372,696 28,788 - 401,484 58,209 Non-GAAP income (loss) from operations 2,380,653 (330,427) (21,199) 2,029,027 294,180 Net income (loss) 1,835,213 (334,289) (20,915) 1,480,009 214,580 Share-based compensation 372,696 28,788 - 401,484 58,209 Non-GAAP net income (loss) 2,207,909 (305,501) (20,915) 1,881,493 272,789
SINGAPORE, March 14, 2024 /PRNewswire/ -- Evermos proudly announces its achievement of the Bronze position in the First Time category at the esteemed annual Asia Sustainability Reporting Awards (ASRA) 2023. This recognition reflects Evermos' dedication to high-quality sustainability reporting, showcasing company progress in addressing key sustainability issues. Evermos Founders. From left to right: Iqbal Muslimin (Chief of Sustainability Officer), Ilham Taufiq (Acting CEO), and Arip Tirta (President). "We expressed our heartfelt gratitude for this acknowledgement which marked a meaningful milestone in our journey towards sustainable growth," said Ilham Taufiq, Co-founder & Acting CEO of Evermos. "This recognition underscores the significant work ahead as Evermos continues empowering local entrepreneurs and contributing to Indonesia's economic advancement." Iqbal Muslimim, Co-founder & Chief of Sustainability at Evermos, stated, "ASRA highlights the crucial role sustainability reporting plays in Evermos' operations. It emphasizes our commitment to maintain the highest standards of sustainability reporting to ensure long-term success and positive impact in the communities we serve," "ASRA shines a spotlight on the best of the best of sustainability disclosure across Asia. Having judged these awards since Day One, the task of selecting the top reports gets harder each year as disclosures become more material, focused and data based. As companies grapple with new disclosure requirements and standards, we are seeing a continued evolution of reporting that mirrors both improvements in performance and impacts and enhanced transparency," said Elaine Cohen, an ASRA judge and Managing Director of Beyond Business Ltd. "Evermos has demonstrated a strong commitment to high-quality sustainability reporting. Its sustainability report sets a benchmark in transparently reporting the management of significant sustainability impacts, risks, and opportunities," said Rajesh Chhabara, the founder of ASRA and Managing Director of CSWorks. "Sustainability reporting enables companies to assess and communicate their sustainability performance, manage risks, build trust, and align their business strategies with stakeholders. Therefore, transparent sustainability reporting is crucial for creating sustainable value for companies." The 9th edition of ASRA attracted leading companies from 15 countries across 17 award categories. The success of Evermos is not just a success story of one company, but also represents ASRA's recognition of innovative efforts that drive business sustainability. This award also adds to Evermos' growing list of achievements, strengthening its position as a key player in developing the local entrepreneurial ecosystem. About Evermos Evermos is a connected commerce platform that empowers local brands and underserved communities by providing a distribution network and commerce services focused on curated halal products. It is also a one-stop platform offering comprehensive support services for entrepreneurs, ranging from local brand owners, resellers, to pro sellers. Various free entrepreneurship training programs are available for anyone within the Evermos reseller network to support their success, regardless of gender, educational background, geographic location, or income level. Established in November 2018, Evermos has built the largest reseller-based connected commerce network in Indonesia, with over 165,000 active sellers across the country and 1,600 MSME (Micro, Small, and Medium Enterprises) partners. To date, Evermos has received numerous industry awards, including the Forbes Asia 100 to Watch award in the Asia-Pacific region, the UN Women 2022 Indonesian Women Empowerment Principles (WEPs) award, Nikkei Awards winner 2024, and membership in the global Endeavor Entrepreneur network. Evermos is also a member of the World Economic Forum's Global Innovators Community, an invitation-only group of the most promising startup and scale-up companies worldwide at the forefront of technological innovation and ethical business models. Get Evermos Sustainability Report through www.evermos.id/impact/sustainability-report-2022/
FRANKFURT, Germany, March 13, 2024 /PRNewswire/ -- The Link11 European Cyber Report 2023 highlights a dramatic 70% increase in DDoS attacks, with attacks reaching critical levels in just 14 seconds on average, compared to 55 seconds in 2022. Additionally, two thirds of observed traffic is machine-based, indicating the prevalence of bot activity. The report emphasizes the rising complexity of the threat landscape and the critical role of AI-based and automated security solutions in bolstering cyber resilience. Politically motivated attacks significantly contributed to the surge, targeting prominent entities worldwide, including German federal states, the European Investment Bank, and Microsoft. Geopolitical tensions globally contributed to a rapid escalation in DDoS attacks, particularly targeting critical infrastructure, public institutions, and political organizations. The ongoing conflicts, notably between Russia and Ukraine, and in Israel, fueled politically motivated DDoS attacks by organized groups. The report points out the heightened security risk posed by web applications and APIs, exacerbated by critical vulnerabilities in unpatched software. The EU's mandate for Apple to open its interfaces to third-party providers further intensifies the need for enhanced security measures in this area. Moreover, the rising threat from AI-driven bots presents significant challenges, with projections indicating a 131% surge in online bot fraud by 2027. Jens-Philipp Jung, Group CEO at Link11: "The impact of cyber incidents requires a risk-based, holistic cybersecurity strategy. It's about enabling innovation and growth with secure environments and transforming security concepts into competitive advantages." The report can be downloaded from the Link11 website. About Link11: Link11 is a global IT security provider specializing in protecting infrastructures and web applications from cyberattacks. Its cloud-based solutions help organizations worldwide strengthen cyber resilience and prevent business disruptions. Link11 is ISO 27001 certified, ensuring the highest standards in data security. Press contact: Lisa Froehlich l.froehlich@link11.com
BEIJING, March 13, 2024 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or the "Company"), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced that it will report its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023, before U.S. markets open on Tuesday, March 26, 2024. Waterdrop's management team will hold a conference call on March 26, 2024 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Hong Kong Toll Free: 800-963976 Hong Kong: 852-58081995 Mainland China: 4001-206115 Chinese Line (Mandarin) Entry Number: 8760193 English Interpretation Line (Listen-only Mode) Entry Number: 8792590 Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. Telephone replays will be accessible two hours after the conclusion of the conference call through April 2, 2024 by dialing the following numbers: United States Toll Free: 1-877-344-7529 International: 1-412-317-0088 Chinese Line Access Code: 5345526 English Interpretation Line Access Code: 7228195 Additionally, live and archived webcasts of the conference call will be available at the Company's investor relations website at http://ir.waterdrop-inc.com/. About Waterdrop Inc. Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com. For investor inquiries, please contact Waterdrop Inc.IR@shuidi-inc.com
NANJING, China, March 13, 2024 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Highlights for the Fourth Quarter of 2023 Net revenues in the fourth quarter of 2023 increased by 265.8% year-over-year to RMB99.9 million (US$14.1 million[1]). Revenues from package tours in the fourth quarter of 2023 increased by 1377.1% year-over-year to RMB73.4 million (US$10.3 million). Gross profit in the fourth quarter of 2023 increased by 511.7% year-over-year to RMB74.6 million (US$10.5 million). Highlights for the Fiscal Year 2023 Net revenues in 2023 increased by 140.3% year-over-year to RMB441.3 million (US$62.2 million). Revenues from package tours in 2023 increased by 374.1% year-over-year to RMB333.4 million (US$47.0 million). Gross profit in 2023 increased by 227.9% year-over-year to RMB293.7 million (US$41.4 million). "In 2023, the travel market's robust recovery helped Tuniu achieve a strong performance for the year," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "In the fourth quarter, our net revenues increased by 265.8% year-over-year, while revenues from packaged tours increased by 1377.1%. Tuniu has become a trusted brand in the vacation sector due to our longstanding commitment to delivering high-quality products and services. Reflecting the progress of our business, we are pleased to announce that the Company achieved its first full-year non-GAAP[2] profitability since the COVID-19 pandemic. This demonstrates the effectiveness of the strict cost control measures that we have implemented. In 2024, we will continue to seize upon opportunities presented by the market recovery, leverage Tuniu's core advantages, enhance performance, and continuously demonstrate our growth potential and profitability to the market." [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0999 on December 29, 2023 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm. [2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP. Fourth Quarter 2023 Results Net revenues were RMB99.9 million (US$14.1 million) in the fourth quarter of 2023, representing a year-over-year increase of 265.8% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers. Revenues from packaged tours were RMB73.4 million (US$10.3 million) in the fourth quarter of 2023, representing a year-over-year increase of 1377.1% from the corresponding period in 2022. The increase was primarily due to the growth of organized tours. Other revenues were RMB26.6 million (US$3.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 18.8% from the corresponding period in 2022. The increase was primarily due to the growth in commission fees received from other travel-related products. Cost of revenues was RMB25.3 million (US$3.6 million) in the fourth quarter of 2023, representing a year-over-year increase of 67.3% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 25.3% in the fourth quarter of 2023, compared to 55.4% in the corresponding period in 2022. Gross profit was RMB74.6 million (US$10.5 million) in the fourth quarter of 2023, representing a year-over-year increase of 511.7% from the corresponding period in 2022. Operating expenses were RMB198.0 million (US$27.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 509.3% from the corresponding period in 2022. The increase was primarily due to the impairment of goodwill of RMB114.7 million (US$16.2 million) recorded in the fourth quarter of 2023. Research and product development expenses were RMB10.4 million (US$1.5 million) in the fourth quarter of 2023, representing a year-over-year decrease of 4.5%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2023, decreasing from 40.0% as a percentage of net revenues in the corresponding period in 2022. Sales and marketing expenses were RMB33.2 million (US$4.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 45.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.2% in the fourth quarter of 2023, decreasing from 83.6% as a percentage of net revenues in the corresponding period in 2022. General and administrative expenses were RMB42.1 million (US$5.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 27.0%. The increase was primarily due to the impairment of property and equipment, net, recorded in the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues were 42.1% in the fourth quarter of 2023, decreasing from 121.2% as a percentage of net revenues in the corresponding period in 2022. Loss from operations was RMB123.4 million (US$17.4 million) in the fourth quarter of 2023, compared to a loss from operations of RMB20.3 million in the fourth quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB15.2 million (US$2.1 million) in the fourth quarter of 2023. Net loss was RMB132.9 million (US$18.7 million) in the fourth quarter of 2023, compared to a net loss of RMB9.3 million in the fourth quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB5.6 million (US$0.8 million) in the fourth quarter of 2023. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB132.3 million (US$18.6 million) in the fourth quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB4.4 million in the fourth quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB6.2 million (US$0.9 million) in the fourth quarter of 2023. As of December 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$171.8 million). Fiscal Year 2023 Results Net revenues were RMB441.3 million (US$62.2 million) in 2023, representing a year-over-year increase of 140.3% from 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers. Revenues from packaged tours were RMB333.4 million (US$47.0 million) in 2023, representing a year-over-year increase of 374.1% from 2022. The increase was primarily due to the growth of organized tours. Other revenues were RMB107.9 million (US$15.2 million) in 2023, representing a year-over-year decrease of 4.8% from 2022. The decrease was primarily due to the decrease in revenues generated from financial services. Cost of revenues was RMB147.6 million (US$20.8 million) in 2023, representing a year-over-year increase of 56.9% from 2022. As a percentage of net revenues, cost of revenues was 33.4% in 2023 compared to 51.2% in 2022. Gross profit was RMB293.7 million (US$41.4 million) in 2023, representing a year-over-year increase of 227.9% from 2022. Operating expenses were RMB395.6 million (US$55.7 million) in 2023, representing a year-over-year increase of 32.0% from 2022. Research and product development expenses were RMB57.0 million (US$8.0 million) in 2023, representing a year-over-year increase of 12.2%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 12.9% in 2023, decreasing from 27.7% as a percentage of net revenues in 2022. Sales and marketing expenses were RMB117.7 million (US$16.6 million) in 2023, representing a year-over-year increase of 13.6%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 26.7% in 2023, decreasing from 56.4% as a percentage of net revenues in 2022. General and administrative expenses were RMB113.2 million (US$15.9 million) in 2023, representing a year-over-year increase of 3.9%. The increase was primarily due to the impairment of property and equipment, net, recorded in 2023. General and administrative expenses as a percentage of net revenues were 25.7% in 2023, decreasing from 59.3% as a percentage of net revenues in 2022. Loss from operations was RMB101.9 million (US$14.3 million) in 2023, compared to a loss from operations of RMB210.2 million in 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.0 million (US$7.0 million) in 2023. Net loss was RMB101.1 million (US$14.2 million) in 2023, compared to a net loss of RMB203.0 million in 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.8 million (US$7.2 million) in 2023. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB99.3 million (US$14.0 million) in 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB193.4 million in 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB52.6 million (US$7.4 million) in 2023. Business Outlook For the first quarter of 2024, Tuniu expects to generate RMB101.1 million to RMB107.4 million of net revenues, which represents a 60% to 70% increase year-over-year compared with net revenues in the corresponding period in 2023. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Share Repurchase Program In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares representing ordinary shares. The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance. Conference Call Information Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 13, 2024, (8:00 pm, Beijing/Hong Kong Time, on March 13, 2024) to discuss the fourth quarter and fiscal year 2023 financial results. To participate in the conference call, please dial the following numbers: US 1-888-346-8982 Hong Kong 852-301-84992 Mainland China 4001-201203 International 1-412-902-4272 Conference ID: Tuniu 4Q 2023 Earnings Conference Call A telephone replay will be available one hour after the end of the conference call through March 20, 2024. The dial-in details are as follows: US 1-877-344-7529 International 1-412-317-0088 Replay Access Code: 6212624 Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. About Tuniu Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com. 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. Tuniu 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 Tuniu'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 are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; the impact of the COVID-19 on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. 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 Tuniu does not undertake any obligation to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries, impairment of goodwill and impairment of property and equipment, net. The presentation of this non-GAAP financial measure 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. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. 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. (Financial Tables Follow) Tuniu Corporation Unaudited Consolidated Balance Sheets (All amounts in thousands, except per share information) December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 153,835 377,529 53,174 Restricted cash 44,052 65,764 9,263 Short-term investments 724,413 776,645 109,388 Accounts receivable, net 33,644 44,739 6,301 Amounts due from related parties 1,030 9,515 1,340 Prepayments and other current assets 242,994 236,076 33,251 Total current assets 1,199,968 1,510,268 212,717 Non-current assets Long-term investments 230,562 209,819 29,552 Property and equipment, net 85,182 57,479 8,096 Intangible assets, net 30,672 26,091 3,675 Land use right, net 92,590 90,529 12,751 Operating lease right-of-use assets, net 33,204 12,484 1,758 Goodwill 114,661 - - Other non-current assets 91,091 55,960 7,882 Total non-current assets 677,962 452,362 63,714 Total assets 1,877,930 1,962,630 276,431 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS ANDEQUITY Current liabilities Short-term borrowings 7,517 7,277 1,025 Accounts and notes payable 261,873 317,104 44,663 Amounts due to related parties 4,710 6,405 902 Salary and welfare payable 26,507 21,401 3,014 Taxes payable 4,047 4,305 606 Advances from customers 98,899 271,485 38,238 Operating lease liabilities, current 12,439 2,709 382 Accrued expenses and other current liabilities 358,312 330,343 46,529 Total current liabilities 774,304 961,029 135,359 Non-current liabilities Operating lease liabilities, non-current 26,482 5,348 753 Deferred tax liabilities 6,839 6,027 849 Long-term borrowings 11,959 10,395 1,464 Total non-current liabilities 45,280 21,770 3,066 Total liabilities 819,584 982,799 138,425 Redeemable noncontrolling interests 27,200 27,200 3,831 Equity Ordinary shares 249 249 35 Less: Treasury stock (288,600) (285,983) (40,280) Additional paid-in capital 9,125,655 9,138,720 1,287,162 Accumulated other comprehensive income 298,981 305,416 43,017 Accumulated deficit (8,028,261) (8,127,552) (1,144,742) Total Tuniu Corporation shareholders' equity 1,108,024 1,030,850 145,192 Noncontrolling interests (76,878) (78,219) (11,017) Total equity 1,031,146 952,631 134,175 Total liabilities, redeemable noncontrolling interests and equity 1,877,930 1,962,630 276,431 Tuniu Corporation Unaudited Consolidated Statements of Comprehensive Loss (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 RMB RMB RMB US$ Revenues Packaged tours 4,968 150,052 73,382 10,336 Others 22,358 28,139 26,564 3,741 Net revenues 27,326 178,191 99,946 14,077 Cost of revenues (15,125) (63,424) (25,309) (3,565) Gross profit 12,201 114,767 74,637 10,512 Operating expenses Research and product development (10,922) (18,400) (10,426) (1,468) Sales and marketing (22,858) (39,583) (33,230) (4,680) General and administrative (33,119) (27,089) (42,072) (5,926) Impairment of goodwill - - (114,661) (16,150) Other operating income 34,404 2,005 2,401 338 Total operating expenses (32,495) (83,067) (197,988) (27,886) (Loss)/income from operations (20,294) 31,700 (123,351) (17,374) Other income/(expenses) Interest and investment income/(loss), net 4,960 7,397 (15,151) (2,134) Interest expense (1,186) (1,102) (1,056) (149) Foreign exchange gains, net 5,252 1,983 3,172 447 Other income, net 2,378 1,687 2,499 352 (Loss)/income before income tax expense (8,890) 41,665 (133,887) (18,858) Income tax (expense)/benefit (219) (964) 103 15 Equity in (loss)/income of affiliates (189) (1,630) 866 122 Net (loss)/income (9,298) 39,071 (132,918) (18,721) Net loss attributable to noncontrolling interests (4,916) (332) (583) (82) Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation (4,382) 39,403 (132,335) (18,639) Net (loss)/income (9,298) 39,071 (132,918) (18,721) Other comprehensive loss: Foreign currency translation adjustment, net of nil tax (8,053) (1,413) (5,848) (824) Comprehensive (loss)/income (17,351) 37,658 (138,766) (19,545) Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted (0.01) 0.11 (0.36) (0.05) Net (loss)/income per ADS - basic and diluted* (0.03) 0.33 (1.08) (0.15) Weighted average number of ordinary shares used in computing basic (loss)/income per share 371,365,207 371,473,030 371,526,300 371,526,300 Weighted average number of ordinary shares used in computing diluted (loss)/income per share 371,365,207 374,615,685 371,526,300 371,526,300 Share-based compensation expenses included are as follows： Cost of revenues 19 79 66 9 Research and product development 19 79 66 9 Sales and marketing 57 43 32 5 General and administrative 803 5,356 4,912 692 Total 898 5,557 5,076 715 *Each ADS represents three of the Company's ordinary shares. Tuniu Corporation Unaudited Consolidated Statements of Comprehensive Loss (All amounts in thousands, except per share information) Year Ended Year Ended Year Ended December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB US$ Revenues Packaged tours 70,314 333,357 46,952 Others 113,306 107,913 15,199 Net revenues 183,620 441,270 62,151 Cost of revenues (94,066) (147,581) (20,786) Gross profit 89,554 293,689 41,365 Operating expenses Research and product development (50,799) (56,974) (8,025) Sales and marketing (103,617) (117,706) (16,579) General and administrative (108,935) (113,221) (15,947) Impairment of goodwill (112,102) (114,661) (16,150) Other operating income 75,685 7,009 987 Total operating expenses (299,768) (395,553) (55,714) Loss from operations (210,214) (101,864) (14,349) Other income/(expenses) Interest and investment income 27,181 5,689 801 Interest expense (4,912) (3,525) (496) Foreign exchange losses, net (22,210) (6,483) (913) Other income, net 6,136 7,107 1,001 Loss before income tax expense (204,019) (99,076) (13,956) Income tax benefit/(expense) 731 (1,441) (203) Equity in income/(loss) of affiliates 292 (580) (82) Net loss (202,996) (101,097) (14,241) Net loss attributable to noncontrolling interests (9,614) (1,806) (254) Net loss attributable to ordinary shareholders of Tuniu Corporation (193,382) (99,291) (13,987) Net loss (202,996) (101,097) (14,241) Other comprehensive income: Foreign currency translation adjustment, net of nil tax 27,160 6,435 906 Comprehensive loss (175,836) (94,662) (13,335) Net loss per ordinary share attributable to ordinary shareholders - basic and diluted (0.52) (0.27) (0.04) Net loss per ADS - basic and diluted* (1.56) (0.81) (0.12) Weighted average number of ordinary shares used in computing basic and diluted loss per share 371,208,209 371,453,164 371,453,164 Share-based compensation expenses included are as follows Cost of revenues 411 217 31 Research and product development 571 217 31 Sales and marketing 657 87 12 General and administrative 3,408 15,409 2,170 Total 5,047 15,930 2,244 *Each ADS represents three of the Company's ordinary shares. Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Quarter Ended December 31, 2023 GAAP Result Share-based Amortization of acquired Gain on disposals Impairment Impairment Non-GAAP Compensation intangible assets of subsidiaries of goodwill of property and equipment, net Result (Loss)/income from operations (123,351) 5,076 828 - 114,661 17,986 15,200 Net (loss)/income (132,918) 5,076 828 - 114,661 17,986 5,633 Net (loss)/income attributable to ordinary shareholders (132,335) 5,076 828 - 114,661 17,986 6,216 Quarter Ended September 30, 2023 GAAP Result Share-based Amortization of acquired Gain on disposals Impairment Impairment Non-GAAP Compensation intangible assets of subsidiaries of goodwill of property and equipment, net Result Income from operations 31,700 5,557 828 - - - 38,085 Net income 39,071 5,557 828 - - - 45,456 Net income attributable to ordinary shareholders 39,403 5,557 828 - - - 45,788 Quarter Ended December 31, 2022 GAAP Result Share-based Amortization of acquired Gain on disposals Impairment Impairment Non-GAAP Compensation intangible assets of subsidiaries of goodwill of property and equipment, net Result Loss from operations (20,294) 898 1,434 (32,165) - - (50,127) Net loss (9,298) 898 1,434 (32,165) - - (39,131) Net loss attributable to ordinary shareholders (4,382) 898 1,434 (32,165) - - (34,215) Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Year Ended December 31, 2023 GAAP Result Share-based Amortization of acquired Gain on disposals Impairment Impairment Non-GAAP Compensation intangible assets of subsidiaries of goodwill of property and equipment, net Result (Loss)/income from operations (101,864) 15,930 3,312 - 114,661 17,986 50,025 Net (loss)/income (101,097) 15,930 3,312 - 114,661 17,986 50,792 Net (loss)/income attributable to ordinary shareholders (99,291) 15,930 3,312 - 114,661 17,986 52,598 Year Ended December 31, 2022 GAAP Result Share-based Amortization of acquired Gain on disposals Impairment Impairment Non-GAAP Compensation intangible assets of subsidiaries of goodwill of property and equipment, net Result Loss from operations (210,214) 5,047 7,043 (64,951) 112,102 - (150,973) Net loss (202,996) 5,047 7,043 (64,951) 112,102 - (143,755) Net loss attributable to ordinary shareholders (193,382) 5,047 7,043 (64,951) 112,102 - (134,141)
2023
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