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BEIJING, Feb. 29, 2024 /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights Revenues were RMB250.4 million (US$35.3 million), compared with RMB260.7 million in the same period last year. Gross profit was RMB178.2 million (US$25.1 million), compared with RMB181.0 million in the same period last year. Operating income was RMB21.9 million (US$3.1 million), compared with RMB39.1 million in the same period last year. Net income was RMB33.3 million (US$4.7 million), compared with RMB35.4 million in the same period last year. Average total MAUs[1] reached a record-high of 25.38 million, a year-over-year increase of 14.2%. Fiscal Year 2023 Highlights Revenues were RMB1,018.1 million (US$143.4 million), compared with RMB985.5 million in fiscal year 2022. Gross profit was RMB721.3 million (US$101.6 million), compared with RMB691.2 million in fiscal year 2022. Operating income was RMB159.9 million (US$22.5 million), compared with RMB111.6 million in fiscal year 2022. Net income was RMB180.9 million (US$25.5 million), compared with RMB109.8 million in fiscal year 2022. Average total MAUs were 23.04 million, a year-over-year increase of 16.0%. [1] "Average total MAUs" refers to the monthly average of the sum of the MAUs of each of the Company's apps during a specific period, which is counted based on the number of unique mobile devices through which such app is accessed at least once in a given month, and duplicate access to different apps is not eliminated from the total MAUs calculation.[2] "Paying users" refers to users who paid subscription fees for premium content on any of the Company's apps during a specific period; a user who makes payments across different apps using the same registered account is counted as one paying user, and a user who makes payments for the same app multiple times in the same period is counted as one paying user. Dr. Peng Dai, Director and Chief Executive Officer of iHuman, commented, "As we look back on 2023, I am truly inspired by the accomplishments that we have achieved, especially considering the decline in China's newborn population over the past few years. In response to the challenges posed by the declining birth rate, we have been actively expanding our presence in the international markets, diversifying our product portfolio, and developing products that cover a broader age demographic. These strategic efforts have helped us achieve remarkable progress. For instance, our globally-oriented app, Aha World, delivered impressive performance in 2023. By the end of the year, its YouTube and TikTok accounts collectively attracted over 200 million views. It also earned YouTube's Silver Creator Award and rose to rank among the top three most popular children's apps on the U.S. Apple app store in the fourth quarter. Meanwhile, our flagship product, iHuman Chinese, has consistently held the No.1 spot in the top-grossing category for children's apps on the Apple app store in China for iPad users for nearly 4.5 years, according to Appfigures, a reputable American data analytics company. This past year has been marked by revenue growth and sustained profitability, and we once again set a new record for average total MAUs in the fourth quarter which further solidified our position as an industry leader." "We are also thrilled to announce the acquisition of intellectual property assets related to "Cosmicrew" from Kunpeng, an animation production studio within the Perfect World Group. This strategic acquisition is expected to generate significant synergies with our business. Firstly, "Cosmicrew" is a popular cartoon adventure series that has established a strong presence in the children's entertainment sector. The light-hearted and delightful nature of this cartoon IP seamlessly compliments our overall product style and aesthetic. With the IP already integrated into some of our products before the acquisition, we now have greater autonomy over our creative content. In addition, we now can expand our product range further by developing additional IP offerings and derivatives, including animations, toys, and more. At the market level, "Cosmicrew" is a popular cartoon with a large audience base, and this acquisition will enable us to further extend our market reach and engage with a broader audience." "As we continue to progress on our strategic initiatives, we remain fully dedicated to strengthening our core competencies through ongoing product enhancement. We have been enriching the content and functionality of our app products to elevate the digital experience of our users and have made further strides in integrating our online and offline offerings to create a more immersive and holistic journey for users. For example, we rolled out both multi-leveled physical books and a specially developed smart reading pen that complement our leveled English reading app, iHuman Fantastic Friends. This combination allows kids to explore captivating original English stories tailored to their proficiency level in physical and digital formats, offering them a flexible and simple reading experience while enhancing their understanding and engagement with the content." "In 2023, we further strengthened our comprehensive product suite, significantly expanded our international presence, and earned increased market recognition with several prestigious industry accolades. We achieved all these milestones despite a highly volatile and challenging macroeconomic climate, which I believe is a testament to the caliber of our products, the effectiveness of our strategies, and the resilience of our team in overcoming diverse economic challenges. As we enter 2024, I am filled with anticipation for the continued success that lies ahead." Ms. Vivien Weiwei Wang, Director and Chief Financial Officer of iHuman, added, "Our fourth quarter results ended 2023 on a positive note despite a turbulent global economic environment. While our fourth quarter results saw a marginal decrease year-over-year, it reflected a normalization from the exceptional fourth quarter performance last year, which was caused by a heightened demand driven by more indoor activities during the pandemic. From a full year perspective in 2023, despite the fact that everybody shifted back to regular routines and spent less time at home after the pandemic, we still achieved satisfactory growth as both revenues and MAUs increased compared to fiscal year 2022. We are also proud to announce our eighth consecutive quarter of profitability, with annual net income reaching RMB180.9 million. This achievement marks our second straight year of profitability since our IPO in 2020 and demonstrates that we have successfully charted a path of healthy and sustainable growth. The momentum we have sustained in our business operations has further solidified our financial position, which not only bolsters our capacity for ongoing growth and innovation, but also enables us to enhance returns to our shareholders through issuing a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS. The approval of the special dividend by our board of directors reflects our confidence in our long-term growth potential and strong balance sheet. Moving forward, we will continue to execute on our strategic priorities and maintain a growth-oriented approach to create even greater value for our users and shareholders." Fourth Quarter 2023 Unaudited Financial Results Revenues Revenues were RMB250.4 million (US$35.3 million), compared with RMB260.7 million in the same period last year. Average total MAUs for the quarter were 25.38 million, an increase of 14.2% year-over-year from 22.22 million in the same period last year. The number of paying users[2] was 1.45 million. Cost of Revenues Cost of revenues was RMB72.2 million (US$10.2 million), a decrease of 9.4% from RMB79.7 million in the same period last year, primarily due to decreased channel costs. Gross Profit and Gross Margin Gross profit was RMB178.2 million (US$25.1 million), compared with RMB181.0 million in the same period last year. Gross margin was 71.2%, compared with 69.4% in the same period last year. Operating Expenses Total operating expenses were RMB156.4 million (US$22.0 million), an increase of 10.2% from RMB141.9 million in the same period last year. Research and development expenses were RMB66.3 million (US$9.3 million), compared with RMB66.8 million in the same period last year. Sales and marketing expenses were RMB64.5 million (US$9.1 million), an increase of 40.8% from RMB45.8 million in the same period last year, primarily due to increased strategic spending on promotional activities and brand enhancement. General and administrative expenses were RMB25.5 million (US$3.6 million), a decrease of 12.7% from RMB29.3 million in the same period last year, primarily due to payroll related cost-savings and other decreased expenses as a result of the continued optimization of our operational efficiency. Operating Income Operating income was RMB21.9 million (US$3.1 million), compared with RMB39.1 million in the same period last year. Net Income Net income was RMB33.3 million (US$4.7 million), compared with RMB35.4 million in the same period last year. Basic and diluted net income per ADS were RMB0.63 (US$0.09) and RMB0.61 (US$0.09), respectively, compared with RMB0.67 and RMB0.66 in the same period last year. Each ADS represents five Class A ordinary shares of the Company. Deferred Revenue and Customer Advances Deferred revenue and customer advances were RMB318.6 million (US$44.9 million) as of December 31, 2023, compared with RMB379.1 million as of December 31, 2022. Cash and Cash Equivalents Cash and cash equivalents were RMB1,213.8 million (US$171.0 million) as of December 31, 2023, compared with RMB1,050.0 million as of December 31, 2022. Fiscal Year 2023 Unaudited Financial Results Revenues Revenues were RMB1,018.1 million (US$143.4 million), an increase of 3.3% from RMB985.5 million in fiscal year 2022. Average total MAUs were 23.04 million, an increase of 16.0% year-over-year from 19.86 million in fiscal year 2022. The number of paying users for the year was 4.27 million. Cost of Revenues Cost of revenues was RMB296.9 million (US$41.8 million), compared with RMB294.3 million in fiscal year 2022. Gross Profit and Gross Margin Gross profit was RMB721.3 million (US$101.6 million), an increase of 4.4% from RMB691.2 million in fiscal year 2022. Gross margin was 70.8%, compared with 70.1% in fiscal year 2022. Operating Expenses Total operating expenses were RMB561.4 million (US$79.1 million), a decrease of 3.1% from RMB579.6 million in fiscal year 2022. Research and development expenses were RMB257.5 million (US$36.3 million), a decrease of 17.8% from RMB313.5 million in fiscal year 2022, primarily due to cost savings in payroll-related expenses and outsourcing expenses. Sales and marketing expenses were RMB199.5 million (US$28.1 million), an increase of 27.1% from RMB156.9 million in fiscal year 2022, primarily due to increased strategic spending on promotional activities and brand enhancement. General and administrative expenses were RMB104.3 million (US$14.7 million), a decrease of 4.5% from RMB109.2 million in fiscal year 2022. Operating Income Operating income was RMB159.9 million (US$22.5 million), compared with RMB111.6 million in fiscal year 2022. Net Income Net income was RMB180.9 million (US$25.5 million), compared with RMB109.8 million in fiscal year 2022. Basic and diluted net income per ADS were RMB3.43 (US$0.48) and RMB3.30 (US$0.46), respectively, compared with RMB2.06 and RMB2.03 in fiscal year 2022. Each ADS represents five Class A ordinary shares of the Company. Special Cash Dividend To deliver return of capital to shareholders, the Company's board of directors (the "Board") approved a special cash dividend of US$0.02 per ordinary share, or US$0.10 per ADS, to holders of ordinary shares and holders of ADSs as of the close of business on March 28, 2024 New York Time, payable in U.S. dollars. The aggregate amount of the special dividend will be approximately US$5.3 million. The payment date is expected to be on or around May 8, 2024 and May 15, 2024 for holders of ordinary shares and holders of ADSs, respectively. Acquisition of IP Assets The Company, through one of its consolidated affiliated entities, entered into an asset transfer agreement (the "Asset Transfer Agreement") with Kunpeng, an animation production studio within the Perfect World Group (the "Transferors"). Pursuant to the Asset Transfer Agreement, the Company will acquire intellectual property assets related to "Cosmicrew" from Kunpeng, including copyrights and trademarks, among others, for a total consideration of RMB64.0 million. The consideration of the transaction was determined with the assistance of an independent third-party valuation firm. As the Transferors are related parties of the Company, the transaction has been approved by the Board and the audit committee of the Board, and is subject to customary closing conditions. Exchange Rate Information The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the reader. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 29, 2023, which was RMB7.0999 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts. Non-GAAP Financial Measures iHuman considers and uses non-GAAP financial measures, such as adjusted operating income, adjusted net income and adjusted diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). iHuman defines adjusted operating income, adjusted net income and adjusted diluted net income per ADS as operating income, net income and diluted net income per ADS excluding share-based compensation expenses, respectively. Adjusted operating income, adjusted net income and adjusted diluted net income per ADS enable iHuman's management to assess its operating results without considering the impact of share-based compensation expenses, which are non-cash charges. iHuman believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-GAAP financial measures. In addition, the non-GAAP financial measures iHuman uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. 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 iHuman's beliefs and expectations, are forward-looking statements. Among other things, the description of the management's quotations in this announcement contains forward-looking statements. iHuman may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), 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. 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: iHuman's growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users, convert non-paying users into paying users and increase the spending of paying users, the trends in, and size of, the market in which iHuman operates; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; regulatory environment; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in iHuman's filings with the SEC. All information provided in this press release is as of the date of this press release, and iHuman does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About iHuman Inc. iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines over two decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman's unique, fun and interactive product offerings stimulate children's natural curiosity and exploration. The Company's comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children's abilities in speaking, critical thinking, independent reading and creativity, and foster their natural interest in traditional Chinese culture. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children's behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products. For more information about iHuman, please visit https://ir.ihuman.com/. For investor and media enquiries, please contact: iHuman Inc.Mr. Justin ZhangInvestor Relations DirectorPhone: +86 10 5780-6606E-mail: ir@ihuman.com Christensen In ChinaMs. Alice LiPhone: +86-10-5900-1548E-mail: alice.li@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com iHuman Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) December 31, December 31, December 31, 2022 2023 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 1,049,999 1,213,767 170,956 Accounts receivable, net 79,614 60,832 8,568 Inventories, net 19,127 16,518 2,327 Amounts due from related parties 2,286 1,810 255 Prepayments and other current assets 102,765 89,511 12,607 Total current assets 1,253,791 1,382,438 194,713 Non-current assets Property and equipment, net 9,205 6,169 869 Intangible assets, net 24,872 23,245 3,274 Operating lease right-of-use assets 12,782 3,648 514 Long-term investment 26,333 26,333 3,709 Other non-current assets 6,416 8,662 1,218 Total non-current assets 79,608 68,057 9,584 Total assets 1,333,399 1,450,495 204,297 LIABILITIES Current liabilities Accounts payable 24,206 22,139 3,118 Deferred revenue and customer advances 379,063 318,587 44,872 Amounts due to related parties 6,944 4,428 624 Accrued expenses and other current liabilities 144,717 143,677 20,236 Current operating lease liabilities 6,123 1,927 271 Total current liabilities 561,053 490,758 69,121 Non-current liabilities Non-current operating lease liabilities 2,894 1,933 272 Total non-current liabilities 2,894 1,933 272 Total liabilities 563,947 492,691 69,393 SHAREHOLDERS' EQUITY Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2022 and December 31, 2023; 125,122,382 Class A shares issued and 121,722,467 outstanding as of December 31, 2022; 125,122,382 Class A shares issued and 119,704,787 outstanding as of December 31, 2023; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2022 and December 31, 2023; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2022 and December 31, 2023) 185 185 26 Additional paid-in capital 1,079,099 1,088,628 153,330 Treasury stock (7,123) (16,665) (2,347) Statutory reserves 7,967 8,164 1,150 Accumulated other comprehensive income 10,497 17,955 2,529 Accumulated deficit (321,173) (140,463) (19,784) Total shareholders' equity 769,452 957,804 134,904 Total liabilities and shareholders' equity 1,333,399 1,450,495 204,297 iHuman Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) For the three months ended For the year ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2022 2023 2023 2023 2022 2023 2023 RMB RMB RMB US$ RMB RMB US$ Revenues 260,704 261,496 250,447 35,275 985,517 1,018,139 143,402 Cost of revenues (79,707) (74,871) (72,201) (10,169) (294,343) (296,868) (41,813) Gross profit 180,997 186,625 178,246 25,106 691,174 721,271 101,589 Operating expenses Research and development expenses (66,796) (66,168) (66,293) (9,337) (313,481) (257,546) (36,275) Sales and marketing expenses (45,811) (53,994) (64,511) (9,086) (156,916) (199,504) (28,100) General and administrative expenses (29,253) (26,070) (25,547) (3,598) (109,195) (104,334) (14,695) Total operating expenses (141,860) (146,232) (156,351) (22,021) (579,592) (561,384) (79,070) Operating income 39,137 40,393 21,895 3,085 111,582 159,887 22,519 Other income, net 5,315 19,507 8,965 1,263 21,190 42,686 6,012 Income before income taxes 44,452 59,900 30,860 4,348 132,772 202,573 28,531 Income tax (expenses) / benefits (9,019) (7,984) 2,411 340 (22,953) (21,666) (3,052) Net income 35,433 51,916 33,271 4,688 109,819 180,907 25,479 Net income per ADS: - Basic 0.67 0.98 0.63 0.09 2.06 3.43 0.48 - Diluted 0.66 0.95 0.61 0.09 2.03 3.30 0.46 Weighted average number of ADSs: - Basic 53,205,925 52,747,426 52,740,067 52,740,067 53,307,044 52,810,587 52,810,587 - Diluted 54,033,560 54,772,536 54,753,503 54,753,503 54,040,908 54,753,025 54,753,025 Total share-based compensation expenses included in: Cost of revenues 168 67 64 9 348 299 42 Research and development expenses 2,564 1,160 1,115 157 6,377 4,055 571 Sales and marketing expenses 559 147 122 17 1,599 707 100 General and administrative expenses 1,757 1,105 817 115 4,720 4,374 616 iHuman Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares, ADSs, per share and per ADS data) For the three months ended For the year ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2022 2023 2023 2023 2022 2023 2023 RMB RMB RMB US$ RMB RMB US$ Operating income 39,137 40,393 21,895 3,085 111,582 159,887 22,519 Share-based compensation expenses 5,048 2,479 2,118 298 13,044 9,435 1,329 Adjusted operating income 44,185 42,872 24,013 3,383 124,626 169,322 23,848 Net income 35,433 51,916 33,271 4,688 109,819 180,907 25,479 Share-based compensation expenses 5,048 2,479 2,118 298 13,044 9,435 1,329 Adjusted net income 40,481 54,395 35,389 4,986 122,863 190,342 26,808 Diluted net income per ADS 0.66 0.95 0.61 0.09 2.03 3.30 0.46 Impact of non-GAAP adjustments 0.09 0.04 0.04 0.00 0.24 0.18 0.03 Adjusted diluted net income per ADS 0.75 0.99 0.65 0.09 2.27 3.48 0.49 Weighted average number of ADSs – diluted 54,033,560 54,772,536 54,753,503 54,753,503 54,040,908 54,753,025 54,753,025 Weighted average number of ADSs – adjusted 54,033,560 54,772,536 54,753,503 54,753,503 54,040,908 54,753,025 54,753,025
BEIJING, Feb. 27, 2024 /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] Net revenues were RMB761.0 million, increased by 20.9% from RMB629.6 million in the same period of 2022. Gross billings[2] were RMB1,278.1 million, increased by 28.1% from RMB997.4 million in the same period of 2022. Loss from operations was RMB187.9 million, compared with RMB13.2 million in the same period of 2022. Net loss was RMB119.6 million, compared with net income of RMB70.6 million in the same period of 2022. Non-GAAP net loss was RMB104.0 million, compared with non-GAAP net income of RMB87.4 million in the same period of 2022. Net operating cash inflow was RMB491.5 million, increased by 3.1% from RMB476.7 million in the same period of 2022. Fourth Quarter 2023 Key Financial and Operating Data(In thousands of RMB, except for percentages) For the three months ended December 31, 2022 2023 Pct. Change Net revenues 629,631 761,014 20.9 % Gross billings 997,439 1,278,132 28.1 % Loss from operations (13,248) (187,915) 1,318.4 % Net income/(loss) 70,613 (119,649) (269.4) % Non-GAAP net income/(loss) 87,392 (103,970) (219.0) % Net operating cash inflow 476,698 491,493 3.1 % [1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. [2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release. Fiscal Year Ended December 31, 2023 Highlights Net revenues were RMB2,960.8 million, increased by 18.5% from RMB2,498.2 million in the same period of 2022. Gross billings were RMB3,338.8 million, increased by 31.7% from RMB2,534.2 million in the same period of 2022. Loss from operations was RMB149.0 million, compared with RMB118.1 million in the same period of 2022. Net loss was RMB7.3 million, compared with net income of RMB13.2 million in the same period of 2022. Non-GAAP net income was RMB51.1 million, compared with RMB135.8 million in the same period of 2022. Net operating cash inflow was RMB353.7 million, increased by 548.4% from RMB54.5 million in the same period of 2022. Fiscal Year 2023 Key Financial and Operating Data (In thousands of RMB, except for percentages) Fiscal Year ended December 31, 2022 2023 Pct. Change Net revenues 2,498,214 2,960,813 18.5 % Gross billings 2,534,244 3,338,750 31.7 % Loss from operations (118,052) (149,006) 26.2 % Net income/(loss) 13,172 (7,298) (155.4) % Non-GAAP net income 135,826 51,055 (62.4) % Net operating cash inflow 54,545 353,697 548.4 % Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, " During the past quarter, we continued to bolster our core business strengths while simultaneously pushing the boundaries of new initiatives. We observed a notable uptick in demand for high-quality educational products and learning services and our deep industry insights, exceptional organizational capabilities and well-established teacher recruitment and training systems have provided a robust foundation for the sustainable development of our business. Our net revenues increased 20.9% year-over-year to RMB761.0 million, exceeding our expectations. Our gross billings grew 28.1% year-over-year to approximately RMB1.3 billion, indicating an accelerating growth trend compared to prior quarters. We expect this accelerating momentum of our business to continue. We have full confidence in Gaotu's prospects for 2024 and for the further future. Moving forward, we believe that we can achieve promising topline growth while enhancing profitability by consistently delivering top-notch educational products and learning services, thus generating long-term value for both our shareholders and society." Shannon Shen, CFO of the Company, added, " During the quarter, our business entered a healthy phase of rapid and sustainable expansion. Our traditional learning services continue to maintain a leading edge in the online space while our new initiatives focused on non-academic tutoring services have shown excellent growth momentum. For the full year of 2023, the gross billings for traditional services combined with new initiatives achieved nearly 50% year-over-year growth. This outcome was underpinned by a combination of top-notch educational products and high-caliber learning services. Benefiting from ongoing improvements in operational efficiency, our net operating cash inflow reached RMB491.5 million, while our cash, cash equivalents, restricted cash, withdrawable cash balance on third-party payment as well as short and long-term investments exceeded RMB4.0 billion, laying solid groundwork for the long-term growth of our business. By strengthening our core competencies, we were able to swiftly deploy resources based on changes in the market environment and user demand. We will continue to execute stock buybacks in accordance with the guidance of the board of directors, and create long-term value for our shareholders." Financial Results for the Fourth Quarter of 2023 Net Revenues Net revenues increased by 20.9% to RMB761.0 million from RMB629.6 million in the fourth quarter of 2022, which was mainly due to the continuous year-over-year growth of gross billings in 2023 as a result of our sufficient and effective response to the strong market demand. Cost of Revenues Cost of revenues increased by 42.9% to RMB227.7 million from RMB159.3 million in the fourth quarter of 2022. The increase was mainly due to the growth of labor cost of instructors and tutors, as well as the increase of learning materials cost. Gross Profit and Gross Margin Gross profit increased by 13.4% to RMB533.3 million from RMB470.3 million in the fourth quarter of 2022. Gross profit margin decreased to 70.1% from 74.7% in the same period of 2022. Non-GAAP gross profit increased by 13.4% to RMB537.2 million from RMB473.9 million in the fourth quarter of 2022. Non-GAAP gross profit margin decreased to 70.6% from 75.3% in the same period of 2022. Operating Expenses Operating expenses increased by 49.1% to RMB721.2 million from RMB483.6 million in the fourth quarter of 2022. The increase was primarily due to the growth of labor expenses, as well as a higher expenditure on marketing and branding activities. Selling expenses increased to RMB465.7 million from RMB289.8 million in the fourth quarter of 2022. Research and development expenses increased to RMB136.0 million from RMB111.4 million in the fourth quarter of 2022. General and administrative expenses increased to RMB119.5 million from RMB82.4 million in the fourth quarter of 2022. (Loss)/income from Operations Loss from operations was RMB187.9 million, compared with loss from operations of RMB13.2 million in the fourth quarter of 2022. Non-GAAP loss from operations was RMB172.2 million, compared with non-GAAP income from operations of RMB3.5 million in the fourth quarter of 2022. Interest Income and Realized Gains from Investments Interest income and realized gains from investments, on aggregate, were RMB23.9 million, compared with a total of RMB22.4 million in the fourth quarter of 2022. Other Income Other income was RMB32.8 million, compared with RMB26.9 million in the fourth quarter of 2022. Net (Loss)/income Net loss was RMB119.6 million, compared with net income of RMB70.6 million in the fourth quarter of 2022. Non-GAAP net loss was RMB104.0 million, compared with non-GAAP net income of RMB87.4 million in the fourth quarter of 2022. Cash Flow Net operating cash inflow in the fourth quarter of 2023 was RMB491.5 million. Basic and Diluted Net Loss per ADS Basic and diluted net loss per ADS were both RMB0.46 in the fourth quarter of 2023. Non-GAAP basic and diluted net loss per ADS were both RMB0.40 in the fourth quarter of 2023. Share Outstanding As of December 31, 2023, the Company had 172,111,890 ordinary shares outstanding. Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments and Withdrawable Cash Balance on Third-party Payment Platforms As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments and withdrawable cash balance on third-party payment platforms of RMB4,025.2 million in aggregate, compared with a total of RMB3,768.3 million as of December 31, 2022. Withdrawable cash balance on third-party payment platforms consisted of cash payments received from students but held by third-party payment platforms such as WeChat Pay and Alipay, which are highly liquid and can be quickly converted into cash and cash equivalents. Financial Results for the Fiscal Year of 2023 Net Revenues Net revenues increased by 18.5% to RMB2,960.8 million from RMB2,498.2 million in 2022. The increase was mainly due to the growth of gross billings in 2023. Cost of Revenues Cost of revenues increased by 12.7% to RMB790.2 million from RMB701.1 million in 2022. The increase was mainly due to the growth of labor cost of instructors and tutors, as well as the increase of learning materials cost, which was partially offset by the decrease of share-based compensation cost. Gross Profit and Gross Margin Gross profit increased by 20.8% to RMB2,170.6 million from RMB1,797.2 million in 2022. Gross profit margin increased to 73.3% from 71.9% in 2022. Non-GAAP gross profit increased by 18.7% to RMB2,183.6 million from RMB1,839.7 million in 2022. Non-GAAP gross profit margin increased to 73.7% from 73.6% in 2022. Operating Expenses Operating expenses increased by 21.1% to RMB2,319.6 million from RMB1,915.2 million in 2022. The increase was primarily due to the growth of labor expenses, as well as a higher expenditure on marketing and branding activities, which was partially offset by the decrease of share-based compensation expenses. Selling expenses increased to RMB1,501.2 million from RMB1,179.8 million in 2022. Research and development expenses increased to RMB462.0 million from RMB445.1 million in 2022. General and administrative expenses increased to RMB356.4 million from RMB290.3 million in 2022. (Loss)/income from Operations Loss from operations was RMB149.0 million, compared with loss from operations of RMB118.1 million in 2022. Non-GAAP loss from operations was RMB90.7 million, compared with non-GAAP income from operations of RMB4.6 million in 2022. Interest Income and Realized Gains from Investments Interest income and realized gains from investments, on aggregate, were RMB107.1 million, compared with a total of RMB63.6 million in 2022. Other Income Other income was RMB54.5 million, compared with RMB51.9 million in 2022. Net (Loss)/income Net loss was RMB7.3 million, compared with net income of RMB13.2 million in 2022. Non-GAAP net income was RMB51.1 million, compared with non-GAAP net income of RMB135.8 million in 2022. Cash Flow Net operating cash inflow in 2023 was RMB353.7 million. Basic and Diluted Net (Loss)/income per ADS Basic and diluted net loss per ADS were both RMB0.03 in 2023. Non-GAAP basic and diluted net income per ADS were both RMB0.19 in 2023. Share Repurchase In November 2022, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million worth of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to its existing share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025. As of December 31, 2023, the Company had cumulatively repurchased approximately 4.9 million ADSs for approximately US$12.4 million under its existing share repurchase program. In November 2022, Mr. Larry Xiangdong Chen, the Company's founder, Chairman and CEO, announced his plan to personally purchase up to US$20 million of the Company's shares. In 2023, Mr. Larry Xiangdong Chen, had cumulatively purchased approximately 0.88 million ADSs under the existing purchase plan. Business Outlook Based on the Company's current estimates, total net revenues for the first quarter of 2024 are expected to be between RMB908 million and RMB928 million, representing an increase of 28.4% to 31.2% on a year-over-year basis. These estimates reflect the Company's current expectations, which are subject to change. Conference Call The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, February 27, 2024 (9:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: 1-412-317-6061United States: 1-888-317-6003Hong Kong: 800-963-976Mainland China: 400-120-6115Passcode: 4247479 A telephone replay will be available two hours after the conclusion of the conference call through March 5, 2024. The dial-in details are: International: 1-412-317-0088United States: 1-877-344-7529Passcode: 8489727 Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/home. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company 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 reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. About Gaotu Techedu Inc. Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company's business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency. About Non-GAAP Financial Measures The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Exchange Rate The Company's business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.0999 to USD1.0000, the effective noon buying rate for December 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 29, 2023, or at any other rate. For further information, please contact: Gaotu Techedu Inc.Investor RelationsE-mail: ir@gaotu.cn Christensen In ChinaMs. Vivian WangPhone: +852-2232-3978E-mail: gotu@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com Gaotu Techedu Inc. Unaudited condensed consolidated balance sheets (In thousands of RMB and USD, except for share, per share and per ADS data) As of December 31, As of December 31, 2022 2023 2023 RMB RMB USD ASSETS Current assets Cash and cash equivalents 819,911 636,052 89,586 Restricted cash 22 33,901 4,775 Short-term investments 2,923,864 2,253,910 317,457 Inventory, net 22,783 24,596 3,464 Prepaid expenses and other current assets 399,897 638,248 89,895 Total current assets 4,166,477 3,586,707 505,177 Non-current assets Operating lease right-of-use assets 83,663 189,662 26,713 Property, equipment and software, net 552,032 533,531 75,146 Land use rights, net 27,373 26,568 3,742 Long-term investments - 1,029,632 145,021 Deferred tax assets 15,679 11,312 1,593 Rental deposit 9,502 17,742 2,499 Other non-current assets 21,449 18,155 2,557 TOTAL ASSETS 4,876,175 5,413,309 762,448 LIABILITIES Current liabilities Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIE without recourse to the Group of RMB367,477 and RMB484,222 as of December 31, 2022 and December 31, 2023, respectively) 662,189 805,032 113,386 Deferred revenue, current portion of the consolidated VIE without recourse to the Group 906,914 1,113,480 156,830 Operating lease liabilities, current portion (including current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB21,281 and RMB34,401 as of December 31, 2022 and December 31, 2023, respectively) 38,326 50,494 7,112 Income tax payable (including income tax payable of the consolidated VIE without recourse to the Group of RMB260 and RMB4,210 as of December 31, 2022 and December 31, 2023, respectively) 1,793 4,278 603 Total current liabilities 1,609,222 1,973,284 277,931 Gaotu Techedu Inc. Unaudited condensed consolidated balance sheets (In thousands of RMB and USD, except for share, per share and per ADS data) As of December 31, As of December 31, 2022 2023 2023 RMB RMB USD Non-current liabilities Deferred revenue, non-current portion of the consolidated VIE without recourse to the Group 52,419 124,141 17,485 Operating lease liabilities, non-current portion (including non-current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB17,457 and RMB121,277 as of December 31, 2022 and December 31, 2023, respectively) 44,198 137,652 19,388 Deferred tax liabilities(including deferred tax liabilities of the consolidated VIE without recourse to the Group of RMB74,341 and RMB71,850 as of December 31, 2022 and December 31, 2023, respectively) 74,507 71,967 10,136 TOTAL LIABILITIES 1,780,346 2,307,044 324,940 SHAREHOLDERS' EQUITY Ordinary shares 115 116 16 Treasury stock, at cost - (85,178) (11,997) Additional paid-in capital 7,915,899 7,987,957 1,125,080 Accumulated other comprehensive loss (64,062) (33,209) (4,677) Statutory reserve 40,380 50,225 7,074 Accumulated deficit (4,796,503) (4,813,646) (677,988) TOTAL SHAREHOLDERS' EQUITY 3,095,829 3,106,265 437,508 TOTAL LIABILITIES AND TOTAL SHAREHOLDERS' EQUITY 4,876,175 5,413,309 762,448 Gaotu Techedu Inc. Unaudited condensed consolidated statements of operations (In thousands of RMB and USD, except for share, per share and per ADS data) For the three months ended December 31, For the year ended December 31, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Net revenues 629,631 761,014 107,187 2,498,214 2,960,813 417,022 Cost of revenues (159,302) (227,719) (32,074) (701,050) (790,207) (111,298) Gross profit 470,329 533,295 75,113 1,797,164 2,170,606 305,724 Operating expenses: Selling expenses (289,812) (465,686) (65,591) (1,179,760) (1,501,200) (211,440) Research and development expenses (111,401) (136,046) (19,162) (445,117) (462,043) (65,077) General and administrative expenses (82,364) (119,478) (16,828) (290,339) (356,369) (50,194) Total operating expenses (483,577) (721,210) (101,581) (1,915,216) (2,319,612) (326,711) Loss from operations (13,248) (187,915) (26,468) (118,052) (149,006) (20,987) Interest income 7,600 18,603 2,620 21,370 75,829 10,680 Realized gains from investments 14,778 5,269 742 42,264 31,230 4,399 Other income 26,922 32,776 4,616 51,885 54,471 7,672 Income/(loss) before provision for income tax and share of results of equity investees 36,052 (131,267) (18,490) (2,533) 12,524 1,764 Income tax benefits/(expenses) 34,561 11,618 1,636 15,705 (10,657) (1,501) Share of results of equity investees - - - - (9,165) (1,291) Net income/(loss) 70,613 (119,649) (16,854) 13,172 (7,298) (1,028) Net income/(loss) attributable to Gaotu Techedu Inc.'s ordinary shareholders 70,613 (119,649) (16,854) 13,172 (7,298) (1,028) Net income/(loss) per ordinary share Basic 0.41 (0.69) (0.10) 0.08 (0.04) (0.01) Diluted 0.40 (0.69) (0.10) 0.07 (0.04) (0.01) Net income/(loss) per ADS Basic 0.27 (0.46) (0.07) 0.05 (0.03) (0.00) Diluted 0.27 (0.46) (0.07) 0.05 (0.03) (0.00) Weighted average shares used in net income/(loss) per share Basic 172,754,938 172,545,719 172,545,719 172,254,080 173,725,790 173,725,790 Diluted 176,653,111 172,545,719 172,545,719 175,991,484 173,725,790 173,725,790 Note: Three ADSs represent two ordinary shares. Gaotu Techedu Inc. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the three months ended December 31, For the year ended December 31, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Net revenues 629,631 761,014 107,187 2,498,214 2,960,813 417,022 Less: other revenues(1) 11,600 25,237 3,555 62,104 87,912 12,382 Add: VAT and surcharges 38,716 46,509 6,551 153,052 181,001 25,493 Add: ending deferred revenue 959,333 1,237,621 174,315 959,333 1,237,621 174,315 Add: ending refund liability 60,597 67,157 9,459 60,597 67,157 9,459 Less: beginning deferred revenue 638,426 761,301 107,227 996,218 959,333 135,119 Less: beginning refund liability 40,812 47,631 6,709 78,630 60,597 8,535 Gross billings 997,439 1,278,132 180,021 2,534,244 3,338,750 470,253 Note (1): Include miscellaneous revenues generated from services other than courses. For the three months ended December 31, For the year ended December 31, 2022 2023 2023 2022 2023 2023 RMB RMB USD RMB RMB USD Gross profit 470,329 533,295 75,113 1,797,164 2,170,606 305,724 Share-based compensation expenses(1) in cost of revenues 3,572 3,862 544 42,490 12,959 1,825 Non-GAAP gross profit 473,901 537,157 75,657 1,839,654 2,183,565 307,549 Loss from operations (13,248) (187,915) (26,468) (118,052) (149,006) (20,987) Share-based compensation expenses(1) 16,779 15,679 2,208 122,654 58,353 8,219 Non-GAAP income/(loss) from operations 3,531 (172,236) (24,260) 4,602 (90,653) (12,768) Net income/(loss) 70,613 (119,649) (16,854) 13,172 (7,298) (1,028) Share-based compensation expenses(1) 16,779 15,679 2,208 122,654 58,353 8,219 Non-GAAP net income/(loss) 87,392 (103,970) (14,646) 135,826 51,055 7,191 Note (1): The tax effects of share-based compensation expenses adjustments were nil.
PHILADELPHIA and PERTH, Australia, Feb. 23, 2024 /PRNewswire/ -- Merger Between Allkem and Livent Completed on January 4, 2024 Arcadium Lithium 2024 Outlook Highlighted by a 40% Increase in Lithium Carbonate and Hydroxide Volumes as a Combined Company Projecting $60 to 80 million of Realized Synergies / Cost Savings in 2024 Slowing Pace of Expansion in Light of Current Market Conditions and to Optimize Capital Efficiencies Between Co-Located Projects Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium") today reported results for the fourth quarter and full year of 2023 for Livent Corporation ("Livent") and provided select results for Allkem Limited ("Allkem"). The 2023 Form 10-K to be released by Arcadium Lithium will only include the historical results of Livent's operations since the merger closed after December 31, 2023. Full calendar year 2023 revenue for the combined company on a pro forma basis was $2.0 billion. Arcadium Lithium expects to provide additional calendar year 2023 pro forma financials early in the second quarter of 2024 and will release combined results for the new company beginning with the first quarter of 2024. "We are excited to officially begin operating as Arcadium Lithium, leveraging the strengths of two highly complementary organizations and continuing to grow as one of the leading producers of lithium chemicals globally," said Paul Graves, president and chief executive officer of Arcadium Lithium. "While lithium and energy storage market dynamics have changed considerably since our merger announcement in May, the underlying strategic merits of the transaction remain compelling. As a larger, more diversified and vertically integrated company, we are better positioned to meet the needs of our customers and have even greater flexibility to take advantage of opportunities available throughout market cycles." Livent Corporation Results Livent achieved the following results for the fourth quarter and full year of 2023: Metric Units 2023 2022 YoY % Q4 23 Revenue $M 883 813 9 % 182 GAAP Net Income $M 330 274 21 % 38 Adj. EBITDA1 $M 503 367 37 % 91 GAAP EPS $/share 1.58 1.36 16 % 0.18 Adjusted EPS1 $/share 1.89 1.40 35 % 0.34 Adj. cash from operations1,2 $M 326 262 24 % 52 Capital spending3 $M 329 327 — % 90 1. Denotes non-GAAP financial term. 2. Excludes customer advanced payment of $198 million. 3. Capital expenditures and other investing activities; excludes capitalized interest. For the fourth quarter, volumes sold were broadly flat with lower average realized prices across all lithium products versus the third quarter and slightly higher costs. Despite a challenging lithium market environment in the fourth quarter, Livent achieved record results across all key financial metrics in 2023, reflecting higher average realized pricing and lower overall costs. Full year 2023 net income increased 21%, adjusted EBITDA was up 37% and adjusted EBITDA margins expanded by over 10% compared to 2022. Allkem Limited Results1 Olaroz Lithium Facility2 Lithium Carbonate Jujuy Province, Argentina Metric Units CY-23 Dec Q-23 Sep Q-23 QoQ % Total Revenue US$M 511 96 123 (22) % Production metric tons 17,758 4,144 4,453 (7) % Sales metric tons 17,879 6,991 4,554 54 % Average price received1 US$/mt 27,788 13,564 25,981 (48) % 1. Excludes lithium carbonate by-product revenue of $14M, $2M and $5M in CY-23, Dec Q-23 and Sep Q-23, respectively, which amounts are included in Total Revenue. Quarterly production of 4,144 metric tons of lithium carbonate with approximately 43% of quarterly production as battery grade lithium carbonate Quarterly sales of 6,991 metric tons of which 31% was battery grade lithium carbonate with average realized price of US$13,564/metric ton FOB3 Mt Cattlin Spodumene concentrate Ravensthorpe, Western Australia Metric1 Units CY-23 Dec Q-23 Sep Q-23 QoQ % Spodumene Revenue US$M 571 46 201 (77) % Realized price US$/dmt CIF 2,785 763 2,625 (71) % Recovery % 68 72 68 6 % Concentrate produced dmt 239,312 69,789 72,549 (4) % Grade of concentrate produced % Li2O 5.3 5.4 5.3 2 % Concentrate shipped dmt 204,979 60,008 76,631 (22) % Grade of concentrate shipped % Li2O 5.3 5.3 5.3 — % 1. Table includes metrics for spodumene only and does not reflect production, sales or revenue figures for low-grade material (which is sold irregularly) or immaterial amounts of other products. Sales of these excluded products totaled $38M, $0M and $3M in CY-23, Dec Q-23 and Sep Q-23, respectively. Quarterly production of 69,789 metric tons of spodumene concentrate at 5.4% Li2O grade Strong recovery of 72% demonstrates favorable grade and mineralization as mining continues in the main part of the orebody Spodumene concentrate sales of 60,008 metric tons at an SC6 equivalent price of US$850/dmt for the quarter. Realized pricing during the quarter was impacted by a shift to forward looking reference price mechanisms and the timing of shipments all occurring in the second half of the quarter Merger Completion The all-stock merger of equals between Allkem and Livent was completed on January 4, 2024 in-line with expected timelines and following shareholder votes of approval from both companies. Arcadium Lithium ordinary shares are traded on the NYSE under the ticker "ALTM" and on the ASX as a foreign exempt listing via CHESS Depositary Instruments (CDIs) under the ticker "LTM". Synergies / Cost Savings Arcadium Lithium is expecting to realize synergy and cost savings totaling $60 to 80 million in 2024. These benefits will be driven primarily by lower selling, general, and administrative expenses, headcount reduction and elimination of services and other overlaps between the two legacy companies. Expansions Arcadium Lithium expects to increase combined lithium carbonate and lithium hydroxide volumes delivered to customers by roughly 40% in 2024 to 50,000 to 54,000 metric tons on a LCE basis4. This is a result of lithium carbonate expansion ramp-ups at both Olaroz and Fénix (Salar del Hombre Muerto), as well as at downstream hydroxide assets globally. Offsetting some of this higher volume in 2024 is a reduction in planned spodumene production at Mt. Cattlin as part of cost optimization efforts at the mine, reflecting the lower price environment. Arcadium Lithium is growing volumes significantly during 2024 as a result of previous multi-year expansionary investments. However, in light of current market conditions the Company expects to lower near-term capital spending commitments as it evaluates ways to streamline its project pipeline while still delivering additional volumes within the timeframes needed by customers. Mr. Graves stated: "It is clear that very few lithium expansion projects make economic sense at current market prices, and the longer prices stay near these levels the greater the impact will be on future supply shortfalls. As we saw in 2022, this will increase the likelihood of a rapid increase in future lithium prices, although the complexity of the global battery supply chain makes both the timing and extent of such an increase difficult to predict." "One of the many benefits of the merger is the opportunity to both optimize and de-risk our growth projects that have natural overlaps. By slowing capital spending in 2024 we are able to accelerate the work needed to drive capital efficiencies in both Argentina and Québec. We expect this will ultimately help us realize lower overall capital spending across the Fénix and Sal de Vida projects, as well as between the James Bay and Nemaska Lithium projects. We also expect to improve the operating flexibility of these closely located assets as a result of the revised plans." Arcadium Lithium expects $450 to $625 million in growth capital spending in 2024 with an additional $100 to $125 million of maintenance capital spending. As of December 31, 2023 Arcadium Lithium had a combined consolidated cash balance of $892 million and cash, net of debt, of $297 million5. 2024 Outlook Scenarios6 The outlook scenarios for the full year 2024 as set out below are provided by Arcadium Lithium as a combined company. The Company is expecting higher overall volumes, with a 40% increase in combined lithium hydroxide and lithium carbonate sales partially offset by lower spodumene concentrate sales. The majority of Arcadium Lithium's hydroxide volumes are currently sold under multi-year agreements with established pricing terms (pre-agreed price or subject to floors and ceilings). The Company's other lithium specialties (butyllithium, high purity lithium metal, etc.) are typically sold on a customer-by-customer, negotiated price basis with monthly or quarterly price resets. Lithium carbonate and spodumene concentrate volumes are currently sold largely at prevailing market prices set on a monthly basis. The table below reflects Revenue and Adjusted EBITDA outcomes for Arcadium Lithium based on two different lithium market price scenarios. These scenarios should not be interpreted as a forecast by Arcadium Lithium as to the likely range of 2024 lithium prices. It keeps constant the midpoints of the Company's expected sales volumes, synergy/cost savings and SG&A for 2024 while overlaying the pricing mechanisms of existing commercial agreements: Average Lithium Market Price (LCE Basis) Metric Units $15/kg LCE $25/kg LCE Revenue $ million ~1,250 ~1,900 Adjusted EBITDA1 $ million ~420 ~1,000 Adjusted EBITDA Margin1 34 % 53 % 1. Although Arcadium Lithium provides an outlook for Adjusted EBITDA and Adjusted tax rate, the Company is not able to do so for the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for the Company to provide an outlook for such GAAP measures or to reconcile corresponding non-GAAP financial measures to such GAAP measures without unreasonable efforts. For the same reason, the Company is unable to address the probable significance of the unavailable information. Such elements include, but are not limited to, restructuring and transaction related charges. As a result, no GAAP equivalent outlook is provided for these metrics. The table below provides an outlook for other select financial items: Metric Units Full Year 2024 Selling, general and administrative expenses1 $ million ~115 Depreciation & amortization $ million ~145 Adjusted tax rate2 25 % 33 % Full-year weighted average diluted shares outstanding3 million ~1,150 Capital spending $ million 550 750 1. Includes Research and development expenses. 2. Although Arcadium Lithium provides an outlook for Adjusted EBITDA and Adjusted tax rate, the Company is not able to do so for the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for the Company to provide an outlook for such GAAP measures or to reconcile corresponding non-GAAP financial measures to such GAAP measures without unreasonable efforts. For the same reason, the Company is unable to address the probable significance of the unavailable information. Such elements include, but are not limited to, restructuring and transaction related charges. As a result, no GAAP equivalent outlook is provided for these metrics. 3. Inclusive of 67.7 million dilutive share equivalents attributable to potential conversion of 2025 Notes. Arcadium Lithium Contacts Investors:Daniel Rosen +1 215 299 6208daniel.rosen@livent.comPhoebe Lee +61 413 557 780phoebe.lee@allkem.co Media:Karen Vizental +54 9 114 414 4702karen.vizental@allkem.co Address:Arcadium Lithium plcSuite 12, Gateway HubShannon Airport HouseShannon, Ireland Supplemental Information In this press release, Arcadium Lithium uses the financial measures Adjusted EBITDA, Diluted adjusted after-tax earnings per share, Adjusted tax rate, and Adjusted cash from operations. These terms are not calculated in accordance with generally accepted accounting principles (GAAP). Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website: ir.arcadiumlithium.com. Such reconciliations are also set forth in the financial tables that accompany this press release. About Arcadium Lithium Arcadium Lithium is a leading global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people's lives and accelerate the transition to a clean energy future. We collaborate with our customers to drive innovation and power a more sustainable world in which lithium enables exciting possibilities for renewable energy, electric transportation and modern life. Arcadium Lithium is vertically integrated, with industry-leading capabilities across lithium extraction processes, including hard-rock mining, conventional brine extraction and direct lithium extraction (DLE), and in lithium chemicals manufacturing for high performance applications. We have operations around the world, with facilities and projects in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States. For more information, please visit us at www.ArcadiumLithium.com. Important Information and Legal Disclaimer: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for Arcadium Lithium based on currently available information. There are important factors that could cause Arcadium Lithium's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the factors described under the caption entitled "Risk Factors" in Livent Corporation's 2022 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 24, 2023, and the factors described under the caption entitled "Risk Factors" in Arcadium Lithium's registration statement on Form S-4, initially filed with the SEC on July 20, 2023, as amended thereafter and declared effective by the SEC on November 20, 2023, as well as other risks associated with the merger of equals transaction between Livent Corporation and Allkem Limited that resulted in the creation of Arcadium Lithium, as well as other SEC filings and public communications. Although Arcadium Lithium believes the expectations reflected in the forward-looking statements are reasonable, Arcadium Lithium cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Arcadium Lithium nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Arcadium Lithium is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations. ARCADIUM LITHIUM PLC CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Revenue $ 181.8 $ 219.4 $ 882.5 $ 813.2 Costs of sales 138.4 105.5 413.2 417.5 Gross margin 43.4 113.9 469.3 395.7 Selling, general and administrative expenses 16.1 14.6 63.2 55.2 Research and development expenses 2.5 1.3 5.8 3.9 Restructuring and other charges 22.0 2.9 56.7 7.5 Separation-related costs — 0.2 — 0.7 Total costs and expenses 179.0 124.5 538.9 484.8 Income from operations before equity in net loss of unconsolidatedaffiliate, loss on debt extinguishment and other gain 2.8 94.9 343.6 328.4 Equity in net loss of unconsolidated affiliate 1.1 6.7 23.1 15.1 Loss on debt extinguishment — — — 0.1 Other gain (47.1) — (68.5) (22.2) Income from operations before income taxes 48.8 88.2 389.0 335.4 Income tax expense 11.1 5.5 58.9 61.9 Net income $ 37.7 $ 82.7 $ 330.1 $ 273.5 Net income per weighted average share - basic $ 0.21 $ 0.46 $ 1.84 $ 1.59 Net income per weighted average share - diluted $ 0.18 $ 0.39 $ 1.58 $ 1.36 Weighted average common shares outstanding - basic 179.8 179.5 179.7 171.8 Weighted average common shares outstanding - diluted 209.0 209.4 209.2 201.6 ARCADIUM LITHIUM PLC RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION OF NET INCOME TO EBITDA (NON-GAAP) AND ADJUSTED EBITDA (NON-GAAP) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (In Millions) 2023 2022 2023 2022 Net income $ 37.7 $ 82.7 $ 330.1 $ 273.5 Add back: Income tax expense 11.1 5.5 58.9 61.9 Depreciation and amortization 8.1 8.3 29.6 27.7 EBITDA (Non-GAAP) (1) 56.9 96.5 418.6 363.1 Add back: Argentina remeasurement losses (a) 53.4 3.7 73.9 6.7 Restructuring and other charges (b) 22.0 2.9 56.7 7.5 Separation-related costs (c) — 0.2 — 0.7 COVID-19 related costs (d) — 0.3 — 2.4 Loss on debt extinguishment (e) — — — 0.1 Other loss (f) 0.8 4.0 16.9 9.9 Subtract: Blue Chip Swap gain (g) (42.2) — (63.6) (22.2) Argentina interest income (h) — — — (1.5) Adjusted EBITDA (Non-GAAP) (1) $ 90.9 $ 107.6 $ 502.5 $ 366.7 ___________________ 1. We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income plus interest expense, net, income tax (benefit)/expense, depreciation, and amortization, and Adjusted EBITDA, which we define as EBITDA adjusted for Argentina remeasurement losses, restructuring and other charges, separation-related costs, COVID-19 related costs and other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. These measures should not be considered as a substitute for net income or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income. a. Represents impact of currency fluctuations on tax assets and liabilities and on long-term monetary assets associated with our capital expansion, as well as significant currency devaluations. The remeasurement losses are included within "Cost of sales" in our consolidated statement of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country. b. We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three and twelve months ended December 31, 2023 includes costs related to the Transaction of $21.8 million and $54.1 million, respectively. The three and twelve months ended December 31, 2022 includes costs related to the Transaction of $0.6 million and $2.9 million, respectively. c. Represents legal and professional fees and other separation-related activity. d. Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the consolidated statements of operations, including but not limited to, incremental quarantine related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. e. Represents the partial write off of deferred financing costs for the amendments to our Revolving Credit Facility excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring. f. Prior to consolidation of Nemaska Lithium Inc. ("NLI") on October 18, 2023, represents our 50% ownership interest (which was 25% prior to June 6, 2022) in costs incurred for certain project-related costs to align NLI's reported results with Arcadium Lithium's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our consolidated statement of operations. The Company accounts for its investment in NLI on a one-quarter lag basis. g. Represents gains from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds. h. Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. RECONCILIATION OF NET INCOME TO ADJUSTED AFTER-TAX EARNINGS (NON-GAAP) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (In Millions, except per share amounts) 2023 2022 2023 2022 Net income $ 37.7 $ 82.7 $ 330.1 $ 273.5 Special charges: Argentina remeasurement losses(a) 53.4 3.7 73.9 6.7 Restructuring and other charges (b) 22.0 2.9 56.7 7.5 Separation-related costs(c) — 0.2 — 0.7 COVID-19 related costs (d) — 0.3 — 2.4 Loss on debt extinguishment (e) — — — 0.1 Other loss (f) 0.8 4.0 16.9 9.9 Blue Chip Swap gain (g) (42.2) — (63.6) (22.2) Argentina interest income (h) — — — (1.5) Non-GAAP tax adjustments (i) (0.9) (9.6) (18.0) 5.5 Adjusted after-tax earnings (Non-GAAP) (1) $ 70.8 $ 84.2 $ 396.0 $ 282.6 Diluted earnings per common share $ 0.18 $ 0.39 $ 1.58 $ 1.36 Special charges per diluted share, before tax: Argentina remeasurement losses, per diluted share 0.26 0.02 0.35 0.03 Restructuring and other charges, per diluted share 0.11 0.02 0.27 0.04 COVID-19 related costs, per diluted share — — — 0.01 Other loss, per diluted share — 0.02 0.08 0.05 Blue Chip Swap gain, per diluted share (0.20) — (0.30) (0.11) Argentina interest income, per diluted share — — — (0.01) Non-GAAP tax adjustments per diluted share (0.01) (0.05) (0.09) 0.03 Diluted adjusted after-tax earnings per share (Non-GAAP) (1) $ 0.34 $ 0.40 $ 1.89 $ 1.40 Weighted average number of shares outstanding used in diluted adjustedafter-tax earnings per share computations (Non-GAAP) 209.0 209.4 209.2 201.6 ____________________ 1. The company believes that the Non-GAAP financial measures "Adjusted after-tax earnings" and "Diluted adjusted after-tax earnings per share" provide useful information about the company's operating results to management, investors and securities analysts. Adjusted after-tax earnings excludes the effects of nonrecurring charges/(income) and tax-related adjustments. The company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. Diluted adjusted after-tax earnings per share (Non-GAAP) is calculated using weighted average common shares outstanding - diluted. a. Represents charges related to currency fluctuations on tax assets and liabilities and on long-term monetary assets associated with our capital expansion, as well as significant currency devaluations. The remeasurement losses are included within "Cost of sales" in our consolidated statement of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country. b. We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three and twelve months ended December 31, 2023 includes costs related to the Transaction of $21.8 million and $54.1 million, respectively. The three and twelve months ended December 31, 2022 includes costs related to the Transaction of $0.6 million and $2.9 million, respectively. c. Represents legal and professional fees and other separation-related activity. d. Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the consolidated statement of operations, including but not limited to, incremental quarantine related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. e. Represents the partial write off of deferred financing costs for the amendments to our Revolving Credit Facility excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring. f. Prior to consolidation of NLI on October 18, 2023, represents our 50% ownership interest (which was 25% prior to June 6, 2022) in costs incurred for certain project-related costs to align NLI's reported results with Arcadium Lithium's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our consolidated statement of operations. The Company accounts for its investment in NLI on a one-quarter lag basis. g. Represents gains from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds. h. Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. i. The company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure "Diluted adjusted after-tax earnings per share", and instead includes a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to operating results thereby providing investors with useful supplemental information about the company's operational performance. The income tax expense/(benefit) on special charges/(income) is determined using the applicable rates in the taxing jurisdictions in which the special charge or income occurred and includes both current and deferred income tax expense/(benefit) based on the nature of the Non-GAAP performance measure. Three Months Ended Twelve Months Ended December 31, December 31, (in Millions) 2023 2022 2023 2022 Non-GAAP tax adjustments: Income tax benefit on restructuring, separation-related and other corporate costs $ (3.4) $ (0.7) $ (7.0) $ (2.0) Revisions to our tax liabilities due to finalization of prior year tax returns — — (0.4) — Foreign currency remeasurement (net of valuation allowance) and other discrete items (1.1) (7.1) (16.2) 7.6 Blue Chip Swap gain 4.5 — 6.7 2.3 Other discrete items (0.9) (1.8) (1.1) (2.4) Total Non-GAAP tax adjustments $ (0.9) $ (9.6) $ (18.0) $ 5.5 RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED CASH FROM OPERATIONS (NON-GAAP) (Unaudited) Twelve Months Ended December 31, (In Millions) 2023 2022 Cash provided by operating activities $ 297.3 $ 454.7 Restructuring and other charges 28.7 3.5 Separation-related costs — 0.9 COVID-19 related costs (a) — 2.4 Argentina interest income (b) — (1.5) Adjusted cash from operations (Non-GAAP) (1) $ 326.0 $ 460.0 ___________________ 1. The company believes that the Non-GAAP financial measure "Adjusted cash from operations" provides useful information about the company's cash flows to investors and securities analysts. Adjusted cash from operations excludes the effects of transaction-related cash flows. The company also believes that excluding the effects of these items from cash provided by operating activities allows management and investors to compare more easily the cash flows from period to period. a. Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the consolidated statement of operations, including but not limited to, incremental quarantine related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. b. Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO NET DEBT (NON-GAAP) (Unaudited) (In Millions) December 31, 2023 December 31, 2022 Long-term debt (including current maturities) (GAAP) (a) $ 302.0 $ 241.9 Less: Cash and cash equivalents (GAAP) (237.6) (189.0) Net debt (Non-GAAP) (1) $ 64.4 $ 52.9 ___________________ 1. The company believes that the non-GAAP financial measure "Net debt" provides useful information about the company's cash flows and liquidity to investors and securities analysts. a. Presented net of unamortized transaction costs of $2.4 million and $3.9 million as of December 31, 2023 and 2022, respectively. ARCADIUM LITHIUM PLC CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Millions) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 237.6 $ 189.0 Trade receivables, net of allowance of approximately $0.3 in 2023 and 2022 106.7 141.6 Inventories 217.5 152.3 Other current assets 86.4 61.1 Total current assets 648.2 544.0 Investments 34.8 440.3 Property, plant and equipment, net of accumulated depreciation of $269.1 in 2023and $253.1 in 2022 2,237.1 968.3 Right of use assets - operating leases, net 6.8 4.8 Goodwill 120.7 — Other intangibles, net 53.4 — Deferred income taxes 1.4 0.4 Other assets 127.7 116.4 Total assets $ 3,230.1 $ 2,074.2 Total current liabilities 268.6 148.7 Long-term debt 299.6 241.9 Contract liabilities - long term 217.8 198.0 Other long-term liabilities 160.3 42.6 Equity 2,283.8 1,443.0 Total liabilities and equity $ 3,230.1 $ 2,074.2 ARCADIUM LITHIUM PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Twelve Months Ended December 31, (In Millions) 2023 2022 Cash provided by operating activities $ 297.3 $ 454.7 Cash used in investing activities (228.3) (364.7) Cash used in financing activities (20.4) (12.5) Effect of exchange rate changes on cash — (1.5) Increase in cash and cash equivalents 48.6 76.0 Cash and cash equivalents, beginning of period 189.0 113.0 Cash and cash equivalents, end of period $ 237.6 $ 189.0 1 Allkem's select results include property-level financial measures reported according to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, except as otherwise indicated. These select results for Allkem's properties are not intended to be reported regularly in this manner by Arcadium Lithium moving forward and may not be comparable with Arcadium Lithium's results for future periods, which will be reported under U.S. generally accepted accounting principles. 2 All figures on a 100% Olaroz Project basis, in which Allkem had a 66.5% economic interest. 3 "FOB" (Free On Board) excludes insurance and freight charges included in "CIF" (Cost, Insurance, Freight) pricing. Therefore, the Company's FOB reported prices are net of freight (shipping), insurance and sales commission. 4 Lithium Carbonate Equivalents. Includes 100% of Olaroz, in which Arcadium Lithium has a 66.5% economic interest. 5 Cash and debt of the combined company shown on an unaudited basis. Includes $44M of cash and cash equivalents and $59M of debt at Nemaska Lithium. 6 Reflects 100% consolidation of Olaroz and Nemaska Lithium, in which Arcadium Lithium has current economic interest of 66.5% and 50%, respectively. Logo - https://mma.prnasia.com/media2/2310012/Arcadium_Lithium_Horizontal_Logo.jpg?p=medium600
BEIJING, Feb. 13, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS) ("Datasea" or the "Company"), a global technology company that develops and provides products utilizing intelligent acoustics including ultrasound, infrasound and directional sound, and provides 5G multimodal communication, upgraded 5G messaging services, today announced its financial results for the second quarter ended December 31, 2023. "We delivered strong performance in our second quarter of 2024 with revenue of approximately $11.3 million which brought our first half revenue of 2024 to $18.2 million. The increase in revenue during the quarter was mainly due to an increase of our 5G multimodal communication business in China where we signed a number of significant 5G multimodal communication service agreements. Our sales team vigorously and effectively promote our products where we focus on the needs of our customers and constantly optimize and improve our products and services. We believe that our technology has competitive advantages in its accuracy, convenience and technological capabilities," said Datasea CEO Zhixin Liu. "We launched our air sterilization products in China in 2023 across a number of distribution channels and we are currently developing our business operations in the US which include our pursuit of intellectual property rights and the establishment of an online platform. In the post-pandemic era, we believe that there is a global demand for effective solutions for healthy living environments in China, the US and globally. We are committed to providing cutting-edge acoustics technology imbedded with artificial intelligence across a wide range of products for both business and consumer applications," concluded CEO Zhixin Liu of Datasea. First Half Fiscal Year 2024 Financial Highlights For the six months ended December 31, 2023 and 2022, revenues were $18,229,212 and $131,459, respectively. Revenues increased by $18,097,753 over the same period of last year, an increase of 13,766.8% over the same period of last year, mainly due the Company's is current leadership in the research and development of 5G multimodal communication technology, where it has formed a stable customer base after a sustained expansion of its customer base. In addition to Datasea's technological R&D achievements over the years, our improved market positioning is due to extensive market promotion and our exceptional customer support. In addition, the structural dynamics in which we operate have improved with the general development of the 5G upstream and downstream chain, which has led to a thriving 5G market and the formation of a very sizeable and loyal customer base. For the six months ended December 31, 2023 and 2022, the Company's administrative expenses were $1,316,516 and $1,751,359, respectively, a decrease of $434,843 or 24.8%, compared to the same period last year. The main reason is that the Company continues to rationalize its administrative expenses, improve its operational efficiency, and improve the granularity of its expenses to improve management efficiency and reduce expenses. As of December 31, 2023 and June 30, 2023, the Company's accounts receivable balance were $54,123 and $255,725, respectively, a decrease of $201,602 and 78.8% from the prior period. Mainly, the Company reduced the occurrence of bad debts by strengthening the credit evaluation of customers, strengthened its collection processes including collection efficiency and shortened the account period, all of which improved the management efficiency of its accounts receivable. Operations Update Acoustic Intelligence Datasea is a developer and promoter of acoustic intelligence and plans to introduce Its cutting-edge technology and its wide range of applications to China, US and globally. The Company's intelligent acoustics products segment is central to its strategic growth plan. Its acoustic effects are derived by reverse engineering sound characteristics and developing processing mechanisms from the perspective of how sound impacts people and objects. This has led the Company to develop acoustic products that address real-world problems across a range of industries. In 2023, Datasea launched air sterilizer products in China and has been promoting its products through direct sales, channel agents and livestreaming. The Company is currently establishing the protocols for the marketing and sales of such products in the US. International Business Expansion: Datasea established its wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, USA in July 2023. This was a key element in its strategic plan and underlies Datasea's commitment to intelligent acoustics and its intent to offer leading-edge acoustic solutions to the U.S. market. Datasea has developed high-quality ultrasonic air sterilizers, bathroom and cloakroom sterilizers, and odor removal products. Further, it has engaged in the continuous development of new products including ultrasonic Skin Repair Robots and Schumann frequency sleep monitors for the China, US and global markets. The Company has commenced a collaboration with a globally renowned testing organization, to conduct ETL safety and functional certifications for the air disinfection products intended for sale in the US. Datasea anticipates completing these certifications in the next quarter and commencing the sales of its products in the US market. Marketing and sales expansion. Datasea plans to actively seek long-term contracts and collaborations with domestic and international customers, partners, and major corporate clients. On October, 2023, its Delaware operating entity, Datasea Acoustics LLC, entered into a marketing promotion and sales cooperation agreement with Meglio Interiors LLC ("Meglio"), based in Chamblee, Georgia to develop, promote and distribute the Company's intelligent acoustics products in the US and internationally. Meglio has sales channels that include Atlanta, Dallas and New Jersey and broad experience in increasing sales for its clients in the US. The Company believes that Meglio has the know-how in business development, marketing, sales, branding, and channel development in the US furniture market, which the Company believes is an ideal fit for its home health products which include air disinfection machines, bathroom and wardrobe deodorization devices as well as sleep-enhancing products. Technology Collaborations: Datasea believes that it is at the forefront of delivering cutting-edge intelligent acoustics solutions, especially focusing on ultrasound, infrasound, directional sound and Schumann resonance technology, to meet the evolving needs of our customers worldwide. DTSS has entered into collaborations with renowned research institutions such as the Medical Ultrasound Project with the Chinese Academy of Sciences and the ultrasound-based products for mental alertness and attention enhancement. In addition, Datasea plans to foster collaborations with renowned U.S. universities and research institutions through its US subsidiary. By partnering with these institutions. The Company believes that this collaborative approach will help Datasea to develop and sustain a technological leadership position in the ultrasonic, infrasound and directional sound technology fields. US Patent Acquisition and Technology Protection: Datasea prioritizes the acquisition of US patents to protect its innovations and intellectual property. Our attainment of US patents for our technologies is essential to maintain our competitive advantage and defend against potential infringement. We believe that our planned patent acquisition will ensure that Datasea's intellectual property remains protected in the US market and provide opportunities for licensing and monetization. Currently, the Company is actively engaged in obtaining U.S. patents through collaboration with a renowned intellectual property firm. We aim to build an intellectual property matrix in the United States and on an international scale. 5G Multimodal Communication Marketing and sales expansion. Datasea is a first pioneer in the 5G multimodal communication, upgraded 5G messaging services in China, and has built a comprehensive 5G multimodal communication product portfolio with high brand recognition. With the rapid development of 5G multimodal communication in the Chinese market, its application trend will show the characteristics of intelligence, strong connectivity, immersive experience, enabling thousands of industries, personalized service and border blurring, and promote the digital transformation and intelligent development of all walks of life. The Company's communication suite enables users to enjoy various effective interfaces with integrated messages, including texts, pictures, audio, video and emojis, as well as status, location and other communication functions. It has the characteristics of high contact rate, rich media, strong interactivity, convenient service, and high security. Datasea has adopted an integrated sales strategy to boost sales to better promote business development and meet the demand of its customers. Key Customers and Agreements. As of December 31, 2023, Datasea's Chinese operating entities have reached agreements with two important new clients, Hainuo Xintong (Qingdao) Network Technology Co., Ltd. ("Hainuo") and Xiamen Duoqiao Mai Network Technology Co., Ltd. ("Xiamen Duoqiao"). These agreements allow Hainuo and Xiamen Duoqiao to purchase various denominations of 5G message top up cards within 12 months of the agreement, ranging from RMB 10 to RMB 500 ($1.38 to $69.40). Just a few months after signing agreements with Hainuo and Xiamen Duoqiao, DTSS' subsidiaries recorded a 5G multimodal communication service contract worth approximately $10.49 million. In addition, as of December 31, 2023, one of Datasea's operating entities, Guozhong Times (Beijing( Technology Co., Ltd. has agreed to terms with several new clients for 5G multimodal communication business that will result in significant revenue. About Datasea Inc. Datasea Inc. ("Datasea") is a leading provider of products, services, and solutions for enterprise and retail customers in converging and innovative industries, Intelligent Acoustics and 5G multimodal communication especially focusing on ultrasonic, infrasound and directional sound technology. The Company's advanced R&D technology serves as the core infrastructure and backbone for its products. Its 5G multimodal communication segment operates on a cloud platform based on AI. Datasea leverages cutting-edge technologies in intelligent acoustics, utilizing ultrasonic sterilization to combat viruses and prevent human infections, and is also developing innovations in directional sound and medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, in a strategic move to mark its global presence. This underlies Datasea's commitment to Intelligent Acoustics and its intent to offer leading-edge acoustic solutions to the US market. For additional information, please visit: www.dataseainc.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in 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", "target", "going forward", "outlook," "objective" and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Datasea's control, which may cause Datasea's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Datasea as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Datasea's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Datasea does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. Datasea Investor and Media Contact: Email: investorrelations@shuhaixinxi.com Precept Investor Relations LLC David Rudnick+1 646-694-8538david.rudnick@preceptir.com DATASEA INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) THREE MONTHS ENDED DECEMBER 31, SIX MONTHS ENDED DECEMBER 31, 2023 2022 2023 2022 Revenues $ 11,348,469 $ 131,459 $ 18,229,212 $ 131,459 Cost of goods sold 11,246,234 96,030 18,052,242 96,030 Gross profit 102,235 35,429 176,970 35,429 Operating expenses Selling 1,149,944 45,588 1,234,391 149,702 General and administrative 623,456 866,399 1,316,516 1,751,359 Research and development 117,371 148,812 272,375 255,440 Total operating expenses 1,890,771 1,060,799 2,823,282 2,156,501 Loss from operations (1,788,536) (1,025,370) (2,646,312) (2,121,072) Non-operating income (expenses) Other expenses (46,187) (34,326) (54,051) (35,565) Interest income 1,623 29 1,729 93 Total non-operating expenses, net (44,564) (34,297) (52,322) (35,472) Loss before income tax (1,833,100) (1,059,667) (2,698,634) (2,156,544) Income tax - - - 8 Loss before noncontrolling interest from continuingoperation (1,833,100) (1,059,667) (2,698,634) (2,156,552) Income (loss) before noncontrolling interest fromdiscontinued operation - (351,418) 833,546 (688,480) Less: loss attributable to noncontrolling interest fromcontinuing operation (61) (14,002) (9,993) (8,867) Less: loss attributable to noncontrolling interest fromdiscontinued operation - (106,093) - (207,852) Net loss attribute to noncontrolling interest (61) (120,095) (9,993) (216,719) Net loss to the Company from continuing operation (1,833,039) (1,045,665) (2,688,641) (2,147,685) Net income (loss) to the Company from discontinuedoperation - (245,325) 833,546 (480,628) Net loss to the Company (1,833,039) (1,290,990) (1,855,095) (2,628,313) Other comprehensive item Foreign currency translation gain (loss) attributable tothe Company 34,601 (61,105) (126,615) (48,767) Foreign currency translation gain attributable to noncontrolling interest 116 32,426 29,850 28,736 Comprehensive loss attributable to the Company $ (1,798,438) $ (1,352,095) $ (1,981,710) $ (2,677,080) Comprehensive income (loss) attributable tononcontrolling interest $ 55 $ (87,669) $ 19,857 $ (187,983) Basic and diluted net loss per share $ (0.72) $ (0.80) $ (0.82) $ (1.62) Weighted average shares used for computing basic and diluted loss per share * 2,538,286 1,621,642 2,250,711 1,621,642 * Retroactively reflects a 1-for-15 reverse stock split effective on January 19, 2024 DATASEA INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2023 (UNAUDITED) JUNE 30, 2023 ASSETS CURRENT ASSETS Cash $ 437,716 $ 19,728 Accounts receivable 54,123 255,725 Inventory, net 185,806 241,380 Value-added tax prepayment 82,987 71,261 Prepaid expenses and other current assets 3,297,619 701,423 Total current assets 4,058,251 1,289,517 NONCURRENT ASSETS Long-term investment 56,476 55,358 Property and equipment, net 62,512 85,930 Intangible assets, net 660,080 1,185,787 Right-of-use assets, net 107,329 137,856 Total noncurrent assets 886,397 1,464,931 TOTAL ASSETS $ 4,944,648 $ 2,754,448 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 339,897 $ 1,005,059 Unearned revenue 58,456 609,175 Accrued expenses and other payables 670,596 1,409,939 Due to related parties 568,492 1,162,856 Operating lease liabilities 116,594 124,640 Bank loan payable 502,836 594,906 Loan payable 155,308 - Total current liabilities 2,412,179 4,906,575 NONCURRENT LIABILITIES Operating lease liabilities - 26,449 Loan payable 1,310,306 Bank loan payable 672 91,215 Total noncurrent liabilities 672 1,427,970 TOTAL LIABILITIES 2,412,851 6,334,545 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $0.001 par value, 25,000,000 shares authorized,2,538,286 and 1,852,346 shares issued and outstanding asof December 31, 2023 and June 30, 2023, respectively * 2,538 1,852 Additional paid-in capital 32,251,708 24,148,905 Accumulated comprehensive income 266,637 393,252 Accumulated deficit (29,918,353) (28,063,258) TOTAL COMPANY STOCKHOLDERS' EQUITY (DEFICIT) 2,602,530 (3,519,249) Noncontrolling interest (70,733) (60,848) TOTAL EQUITY (DEFICIT) 2,531,797 (3,580,097) TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 4,944,648 $ 2,754,448 * retroactively reflect 1-for-15 reverse stock split effective on January 19, 2024 DATASEA INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY SIX AND THREE MONTHS ENDED DECEMBER 31, 2023 AND 2022 (UNAUDITED) Common Stock Additionalpaid-in Accumulated Accumulatedothercomprehensive Noncontrolling Shares Amount capital deficit income Total interest Balance at July 1, 2023 1,852,346 $ 1,852 $ 24,148,905 $ (28,063,258) $ 393,252 $ (3,519,249) $ (60,848) Net loss - - - (22,056) - (22,056) (9,932) Issuance of common stock for equity financing 685,940 686 8,060,600 - - 8,061,286 - Shares issued for stock compensation expense - - 20,100 - - 20,100 - Foreign currency translation loss - - - - (161,216) (161,216) (8) Balance at September 30, 2023 2,538,286 2,538 32,229,605 (28,085,314) 232,036 4,378,865 (70,788) Net loss - - - (1,833,039) - (1,833,039) (61) Shares issued for stock compensation expense - - 22,103 - - 22,103 - Foreign currency translation gain - - - - 34,601 34,601 116 Balance at December 31, 2023 2,538,286 $ 2,538 $ 32,251,708 $ (29,918,353) $ 266,637 $ 2,602,530 $ (70,733) Balance at July 1, 2022 1,621,642 $ 1,622 $ 20,752,262 $ (18,583,566) $ 283,587 $ 2,453,905 $ (854,273) Net loss - - - (1,337,323) - (1,337,323) (96,624) Shares issued for stock compensation expense - - 116,250 - - 116,250 - Foreign currency translation gain (loss) - - - - 12,338 12,338 (3,690) Balance at September 30, 2022 1,621,642 1,622 20,868,512 (19,920,889) 295,925 1,245,170 (954,587) Net loss - - - (1,290,990) - (1,290,990) (120,095) Shares issued for stock compensation expense - - 117,000 - - 117,000 - Purchase of minority interest ownership - - (982,014) - - (982,014) 982,014 Foreign currency translation gain (loss) - - - - (61,105) (61,105) 32,426 Balance at December 31, 2022 1,621,642 $ 1,622 $ 20,003,498 $ (21,211,879) $ 234,820 $ (971,939) $ (60,242) IMPORTANT NOTICE TO USERS The information provided is a summary only, please refer to the Form 10-Q for the full text of this notice. All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.
BEIJING, Feb.8, 2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S. listed EV charging service company in China, today provided an update on its recent business developments and announced its revised revenue guidance for the financial year ended December 31, 2023. Focusing on improving operational efficiency, the Company has achieved a positive net take rate (NTR, transaction-side gross margin) while maintaining a 49% year-over-year growth in charging volume for its connectivity business during the month of January 2024. This achievement is built on the momentum of the continuous expansion of its charging service, with charging volume in the fourth quarter of 2023 increasing by over 55% as compared to the same period in 2022. The Company currently expects its revenue for the full year of 2023 to be in the range of RMB310 million (US$44 million) to RMB330 million (US$46 million), representing a year-over-year growth of 234% to 256%, respectively. The foregoing is the current and preliminary view of the Company's management and is subject to changes and uncertainties. About NaaS Technology Inc. NaaS Technology Inc. (Nasdaq: NAAS) is the first U.S. listed EV charging service company in China. The Company is a subsidiary of NewLink Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy asset's lifecycle and facilitating energy transition. As of September 30, 2023, NaaS had connected 767,611 chargers covering 73,710 charging stations, representing 41.6% and 50.0% of China's public charging market share respectively. Safe Harbor Statement This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. 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: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC. Exchange Rate This press release contains translations of certain RMB amounts into USD at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. For investor and media inquiries, please contact: Investor RelationsNaaS Technology Inc.E-mail: ir@enaas.comMedia inquiries:E-mail: pr@enaas.com
Coway's 2023 Q4 revenue reached KRW 1,004.4 billion (+2.5% YoY) with an operating profit amounted to KRW 166.2 billion (+1.5% YoY) Annual revenue for FY2023 totaled KRW 3,966.5 billion (+2.9% YoY) with an operating profit of KRW 731.3 billion (+8.0% YoY) Coway plans to foster sleep & wellness brand BEREX as a growth engine and competitive force in the global market SEOUL, South Korea, Feb. 8, 2024 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," has released its financial results for the fourth quarter and fiscal year 2023. Coway Financial Results "We're proud to have achieved such a successful 2023, even in the face of significant challenges present in both domestic and international markets. Our stable performance can be credited to actively investing in product R&D, IT, marketing, and leveraging the growth of the BEREX sleep and wellness brand," stated Jangwon Seo, CEO of Coway. "This year, as we complete our transformation to become a 'New Coway' grown by innovation, and solidify Coway's position as a global leader, we will continue to release pioneering product lines while focusing on BEREX as a new growth engine." Coway reported the following earnings: Fourth-quarter revenue: KRW 1,004.4 billion (+2.5% YoY) Fourth-quarter operating profit: KRW 166.2 billion (+1.5% YoY) Annual revenue: KRW 3,966.5 billion (+2.9% YoY) Annual operating profit: KRW 731.3 billion (+8.0% YoY) *The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement. In FY2023, strong domestic home appliance sales were primarily attributed to strong performance in core product categories like water purifiers, as well as the successful market expansion and sales growth of the BEREX brand. The factors collectively contributed to revenue of KRW 2,373.5 billion (+4.2% YoY). In 2023, Coway's overseas subsidiaries achieved an annual revenue of KRW 1,430.7 billion, marking a 2.1% increase compared to the previous year. Notably, annual revenue from subsidiaries in the United States and Thailand showed remarkable growth, with a 2.8% and 27.6% increase, respectively, compared to the prior year, resulting in revenues of KRW 205.3 billion and KRW 101.1 billion. For additional details about Coway's financial performance, please visit the company's Investor Relations page. About Coway Co., Ltd. Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
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