Sina science and technology news, early in the morning on November 30, Beijing time, litchi (Nasdaq: LIZI) Today announced the company's unaudited financial statements for the third quarter of fiscal year 2021 as of September 30, 2021. The report shows that the net revenue of litchi in the third quarter was 504.8 million yuan (about 78.4 million US dollars), an increase of 40% compared with 361.5 million yuan in the same period last year; The net loss was 37.1 million yuan (about US $5.8 million), an increase compared with the net loss of 6.1 million yuan in the same period last year.
According to the data provided by Yahoo Finance Channel, a Wall Street analyst had predicted that the net revenue of litchi in the third quarter would reach $79.07 million. The financial report showed that the net revenue of Litchi in the third quarter was 504.8 million yuan (about 78.4 million dollars), which fell short of analysts' expectations.
In addition, a Wall Street analyst had predicted that, in the third quarter, Litchi would lose $0.12 per share in violation of the US GAAP. According to the financial report, the basic and diluted net loss per share of Litchi in the third quarter were both 0.54 yuan (about 0.08 dollars), which was better than analysts' expectations, not in accordance with the U.S. general accounting standards (not included in equity incentive expenses).
Financial and operational highlights:
The net revenue of litchi in the third quarter was 504.8 million yuan (about 78.4 million US dollars), an increase of 40% compared with 361.5 million yuan in the same period last year;
The average number of mobile MAUs (monthly active users) in the third quarter of Litchi reached 58.9 million, an increase of 5% compared with 56.2 million in the same period of last year;
In the third quarter, the monthly average number of paying users of Litchi reached 485500, an increase of 8% compared with 448300 in the same period last year;
The net loss of Litchi in the third quarter was 37.1 million yuan (about 5.8 million US dollars), an increase compared with the net loss of 6.1 million yuan in the same period last year.
Executive comments:
Lai Yilong, the founder and CEO of Litchi, said, "In the third quarter of 2021, we will continue to focus on building a competitive audio ecosystem. Our strategic plan in this quarter focuses on improving our operational strategy and utilizing our capabilities in core content categories with high commercialization prospects. By doing these things, we strive to release more commercial potential of our audio entertainment business and lay a solid foundation for our long-term sustainable growth. In the third quarter of 2021, our average audio entertainment mobile MAU increased by 21% year-on-year to 9.17 million. In addition to the optimized operation strategy, we expect that the audio entertainment business will further improve the efficiency of paid user conversion and drive our revenue growth. "
Lai Yilong also said: "On the global front, we continue to improve and enhance the social networking capabilities of TIYA App. We are pleased with the progress made in the past year since the app was launched in the United States, and will continue to launch new functions and features to enhance user participation. On the basis of our technical roadmap and iterative product development framework, we are striving to strengthen the virtuous circle of our own ecosystem and provide better user experience on our platform and applications. We believe that these efforts will strengthen our core competitiveness in China's developing market pattern and further expand in the global audio field. "
Ms. Lu Chengfang, Acting Chief Financial Officer of Litchi, said: "We are very happy to see that the third quarter revenue has once again achieved a steady year-on-year growth. Driven by our improved operation strategy, the gross margin has risen to 30%, 500 basis points year-on-year. We believe that the audio entertainment ecosystem we have established is the basis for long-term growth. Looking forward to the future, we will continue to optimize the audio entertainment business, enhance our commercialization ability, utilize our technological innovation and expertise, and actively explore the international market in order to achieve sustainable growth. "
Financial performance details:
The net revenue of Litchi in the third quarter was 504.8 million yuan (about 78.4 million US dollars), up 40% compared with 361.5 million yuan in the same period last year, mainly due to the growth of paying users and the enhancement of the company's ability to commercialize audio entertainment products. As COVID-19 continues to make a comeback around the world, the impact of the epidemic on the company's operations after the third quarter of 2021 depends on its future development in China and the world. This development may change and there is great uncertainty, so it is unpredictable.
The revenue cost of Litchi in the third quarter was 353.6 million yuan (about US $54.9 million), an increase of 31% compared with 270.9 million yuan in the same period last year, mainly because the revenue sharing expenses, salary and welfare expenses, and bandwidth costs allocated to content creators rose as the company's business grew.
The gross profit of litchi in the third quarter was 151.3 million yuan (about US $23.5 million), up 67% from 90.6 million yuan in the same period last year.
In violation of US GAAP (excluding equity incentive expenses), the gross profit of litchi in the third quarter was 154.5 million yuan (about 24 million US dollars), an increase of 68% compared with 91.9 million yuan in the same period last year.
The gross profit rate of litchi in the third quarter was 30%, up from 25% in the same period last year. The gross profit rate of litchi in the third quarter was 31%, up from 25% in the same period last year, not in accordance with the US GAAP (not included in equity incentive expenses).
The operating expenditure of litchi in the third quarter was 191.3 million yuan (about US $29.7 million), an increase of 91% compared with 100.2 million yuan in the same period last year.
-R&D expenditure was 73.4 million yuan (about US $11.4 million), an increase of 32% compared with 55.6 million yuan in the same period last year. This increase is mainly due to the increase in the number of R&D personnel and the increase in average salary, resulting in an increase in salary and welfare expenditure.
-The sales and marketing expenditure was 88.2 million yuan (about 13.7 million US dollars), compared with 27.1 million yuan in the same period last year. This increase was mainly due to the increase in promotion and marketing activities.
-General and administrative expenses were 29.7 million yuan (about 4.6 million US dollars), an increase of 71% compared with 17.4 million yuan in the same period last year. This increase is mainly due to the increase of salary and welfare expenses and other professional service fees.
The operating loss of Litchi in the third quarter was 40.1 million yuan (about 6.2 million dollars), compared with 9.6 million yuan in the same period last year.
The operating loss of litchi in the third quarter was 30.1 million yuan (about 4.7 million dollars), compared with 2.9 million yuan in the same period last year, which was not in accordance with the U.S. GAAP (not included in equity incentive expenses).
The net loss of Litchi in the third quarter was 37.1 million yuan (about 5.8 million US dollars), an increase compared with the net loss of 6.1 million yuan in the same period last year.
The net loss of litchi in the third quarter was 27.2 million yuan (about 4.2 million dollars), compared with the net profit of 600000 yuan in the same period last year, which was not in accordance with the US GAAP (not included in equity incentive expenses).
The net loss attributable to common shareholders of Lizhi in the third quarter was 37.1 million yuan (about 5.8 million dollars), compared with 6.1 million yuan attributable to common shareholders in the same period last year.
The net loss attributable to common shareholders of Litchi in the third quarter was 27.2 million yuan (about 4.2 million dollars), compared with 600000 yuan attributable to common shareholders who did not comply with the U.S. GAAP in the same period last year.
The basic and diluted net loss per share of Litchi in the third quarter were both 0.73 yuan (about 0.11 dollars), compared with 0.13 yuan in the same period last year. In violation of the US GAAP (not included in equity incentive expenses), the basic and diluted net loss per share of Litchi in the third quarter were both 0.54 yuan (about 0.08 dollars), compared with 0.01 yuan per share of basic and diluted net profit in the same period last year.
Balance Sheet:
As of September 30, 2021, the total amount of cash, cash equivalents and restricted cash held by Litchi was 515.9 million yuan (about 80.1 million dollars).
Teleconferencing:
After the release of the financial report, the management of Litchi will hold a financial report teleconference at 8:00 p.m. on November 29, 2021 (9:00 a.m. on November 30, 2021, Beijing time).
For participants who want to join this teleconference, please complete online registration at the following link at least 15 minutes before the teleconference start time, and dial in at least 10 minutes before the scheduled financial report teleconference start time.
Name of teleconference; Litchi 2021 third quarter financial report teleconference
Meeting ID: 7790167
Registration link: http://apac.directeventreg.com/registration/event/7790167
After registration, participants will receive conference call access information, including dial in number, password, unique registrant ID and further detailed instructions, including detailed instructions for joining the conference call.
In addition, the live broadcast and archive webcast of the teleconference will be carried out on Litchi's investor relations website at: http://ir.lizhi.fm 。
From about two hours after the end of the teleconference to May 29, 2021, investors can dial the following phone numbers to listen to the replay:
United States:+1-855-452-5696
International:+61-2-8199-0299
Hong Kong, China: 800-963-117
Mainland China: 400-632-2162
Replay access code: 7790167
Change in share price:
On the same day, the share price of litchi was NASDAQ In regular trading, it rose $0.11, or 4.56%, to close at $2.52. Subsequently, as of 4:49 p.m. EDT on the 29th (5:49 a.m. Beijing time on the 30th), the share price of litchi fell by 0.08 dollars, or 3.17%, to 2.44 dollars. In the past 52 weeks, the highest price of litchi was $16.75 and the lowest price was $2.15. (Tang Feng)
