SHANGHAI, Nov. 18, 2019 /PRNewswire/ -- CooTek
(Cayman) Inc. (NYSE: CTK) ("CooTek" or the "Company"), a
fast-growing global mobile internet company, today reported
unaudited financial results for the third quarter ended
September 30, 2019.
Third Quarter 2019 Financial Highlights
- Net revenue was US$31.3 million,
a decrease of 15% from US$36.8
million during the same period last year.
- Gross profit was US$27.4 million,
a decrease of 18% from US$33.4
million during the same period last year. Gross profit
margin was 87.5%, a decrease of 3.2% year-over-year.
- Net loss was US$16.2 million,
compared to net income US$2.8 million
during the same period last year.
- Adjusted net loss[1]
(Non-GAAP) was US$15.4 million,
compared to adjusted net income (Non-GAAP) of US$3.5 million during the same period last
year.
Third Quarter 2019 Operational Highlights
- The average daily active users ("DAUs") of the Company's global
products[2] were 164.7
million in September 2019 compared to
143.9 million in September 2018, an
increase of 14% year-over-year.
- The average monthly active users ("MAUs") of the Company's
global products2 were 252.6 million in September 2019 compared to 213.7 million in
September 2018, an increase of 18%
year-over-year.
- The average DAUs of the Company's portfolio
products[3] were 23.9
million in September 2019 compared to
11.0 million in September 2018, an
increase of 117% year-over-year.
- The average MAUs of the Company's portfolio
products[3] were 67.5
million in September 2019 compared to
33.7 million in September 2018, an
increase of 100% year-over-year.
- The user engagement[4] of the Company's portfolio
products in September 2019 was
approximately 35%, compared to approximately 33% in September 2018.
- The average DAUs of TouchPal Smart Input were 140.8 million in
September 2019 compared to 132.9
million in September 2018, an
increase of 6% year-over-year.
- The average MAUs of TouchPal Smart Input were 185.1 million in
September 2019 compared to 180.0
million in September 2018, an
increase of 3% year-over-year.
- The user engagement of TouchPal Smart Input in September 2019 was approximately 76%, compared to
approximately 74% in September
2018.
[1] "Adjusted net income (loss)"
(Non-GAAP) is a non-GAAP measure, which is defined as net income
(loss) excluding share-based compensation. For further information,
please see "Non-GAAP Financial Measures" and "Reconciliations of
GAAP and non-GAAP results" at the bottom of this
release.
|
[2] "global products" is to the
mobile applications that we develop and provide to our users and
business partners, which excludes TouchPal Phonebook. TouchPal
Phonebook targets the Chinese domestic market and is different from
TouchPal Smart Input and portfolio products that are designed for
the global market (including China).
|
[3] "portfolio products" is to the
mobile applications that we develop and provide to our users and
business partners, which exclude TouchPal Smart Input and TouchPal
Phonebook.
|
[4] User engagement is calculated by
dividing DAUs by MAUs of certain products for a certain
period.
|
|
Portfolio
Products
|
|
TouchPal Smart
Input
|
|
DAUs
|
MAUs
|
User
Engagement
|
|
DAUs
|
MAUs
|
User
Engagement
|
|
(in millions, except
for the percentages)
|
|
|
Mar' 17
|
0.1
|
0.5
|
20.0%
|
|
61.7
|
96.6
|
63.9%
|
Jun' 17
|
0.3
|
0.8
|
37.5%
|
|
75.3
|
113.8
|
66.2%
|
Sep'17
|
0.7
|
2.3
|
30.4%
|
|
88.7
|
131.6
|
67.4%
|
Dec'17
|
2.9
|
9.4
|
30.9%
|
|
101.9
|
148.2
|
68.8%
|
Mar' 18
|
4.6
|
14.4
|
31.9%
|
|
115.7
|
161.6
|
71.6%
|
Jun' 18
|
7.3
|
22.2
|
32.9%
|
|
125.4
|
171.7
|
73.0%
|
Sep'18
|
11.0
|
33.7
|
32.6%
|
|
132.9
|
180.0
|
73.8%
|
Dec'18
|
16.9
|
46.1
|
36.7%
|
|
140.8
|
190.5
|
73.9%
|
Mar' 19
|
23.1
|
59.8
|
38.6%
|
|
145.9
|
192.3
|
75.9%
|
Jun'19
|
27.6
|
65.1
|
42.4%
|
|
143.7
|
190.4
|
75.5%
|
Sep'19
|
23.9
|
67.5
|
35.4%
|
|
140.8
|
185.1
|
76.1%
|
- Portfolio products continued to be the main driver of
revenue growth, contributing nearly 80% to the total revenue.
"Our performance this quarter was better than we expected,"
commented Mr. Karl Zhang, CooTek's
Co-Founder and Chairman. "Thanks to our fast-growing in-house ads
network, CooTek Ads Platform, and other successful initiatives, we
have mitigated the impact on
monetization and user growth resulting from Google's decision on
July 17th, 2019
regarding our access to Google Play and Google Admob. Our
business started to bounce back as
both our daily revenue and the number of daily active users
regained growth momentum. This is testament to our strong
execution, core competency and unique value proposition built on
our sophisticated capabilities to drive user growth leveraging our
in-depth user insights. We are optimistic about the coming quarter
and our long-term growth. We will continue to drive growth momentum
by launching new and innovative products, retaining our users, and
facilitating their greater engagement with our products."
Third Quarter 2019 Financial Results
Net Revenues
(in US$ thousands,
except percentage)
|
3Q
2019
|
|
2Q
2019
|
|
3Q
2018
|
|
QoQ %
Change
|
|
YoY %
Change
|
|
|
|
|
|
|
|
|
|
|
Mobile Advertising
Revenue
|
30,548
|
|
36,651
|
|
36,332
|
|
(17%)
|
|
(16%)
|
Other
Revenue
|
722
|
|
942
|
|
455
|
|
(23%)
|
|
59%
|
Total Net
Revenues
|
31,270
|
|
37,593
|
|
36,787
|
|
(17%)
|
|
(15%)
|
Net revenues for the third quarter were US$31.3 million, a decrease of 15% from
US$36.8 million during the third
quarter of 2018 and a decrease of 17% from US$37.6 million last quarter. The sequential
decrease was primarily due to Google's decision to disable some of
our global portfolio apps.
Mobile advertising revenue for the third quarter was
US$30.5 million, a decrease of 16%
from US$36.3 million during the third
quarter of 2018 and a decrease of 17% from US$36.7 million last quarter.
Portfolio products accounted for approximately 81%, TouchPal
Smart Input accounted for approximately 2% and TouchPal Phonebook
accounted for approximately 17% of the mobile advertising revenue
for the third quarter of 2019.
Cost and Operating Expenses
|
3Q
2019
|
|
2Q
2019
|
|
3Q
2018
|
|
QoQ %
Change
|
|
YoY
%
change
|
(in US$ thousands,
except percentage)
|
US$
|
% of
revenue
|
|
US$
|
% of
revenue
|
|
US$
|
% of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,912
|
13%
|
|
3,982
|
11%
|
|
3,408
|
9%
|
|
(2%)
|
|
15%
|
Sales and
marketing
|
33,463
|
107%
|
|
32,693
|
87%
|
|
22,546
|
61%
|
|
2%
|
|
48%
|
Research and
development
|
6,933
|
22%
|
|
7,649
|
20%
|
|
5,169
|
14%
|
|
(9%)
|
|
34%
|
General and
administrative
|
3,387
|
11%
|
|
7,773
|
21%
|
|
2,962
|
8%
|
|
(56%)
|
|
14%
|
Other operating
income, net
|
(58)
|
0%
|
|
(103)
|
(0%)
|
|
(13)
|
0%
|
|
(44%)
|
|
346%
|
Total Cost and
Expenses
|
47,637
|
153%
|
|
51,994
|
139%
|
|
34,072
|
93%
|
|
(8%)
|
|
40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses by function
|
|
|
|
|
Cost of
revenues
|
25
|
0.1%
|
|
23
|
0.1%
|
|
15
|
0.0%
|
|
9%
|
|
67%
|
Sales and
marketing
|
32
|
0.1%
|
|
61
|
0.2%
|
|
33
|
0.1%
|
|
(48%)
|
|
(3%)
|
Research and
development
|
700
|
2.2%
|
|
946
|
2.5%
|
|
501
|
1.4%
|
|
(26%)
|
|
40%
|
General and
administrative
|
129
|
0.4%
|
|
158
|
0.4%
|
|
109
|
0.3%
|
|
(18%)
|
|
18%
|
Total share-based
compensation expense
|
886
|
2.8%
|
|
1,188
|
3.2%
|
|
658
|
1.8%
|
|
(25%)
|
|
35%
|
Cost of revenues for the third quarter was
US$3.9 million, representing a 15%
increase from US$3.4 million during
the same period last year and a 2% decrease from US$4.0 million last quarter. The year-over-year
increase was mainly due to an increase in operational and
maintenance related expenses as the Company's businesses expanded.
The sequential decrease was primarily due to the decrease in
VoIP-related expenses as a result of continuous improvement in
telecommunication services utilization efficiency.
Gross profit for the third quarter was US$27.4 million, a 18% decrease from US$33.4 million during the same period last year
and a decrease of 19% from US$33.6
million last quarter. Gross profit margin was 87.5%,
compared to 90.7%in the same period last year and 89.4% last
quarter.
Sales and marketing expenses for the third quarter were
US$33.5 million, an increase of 48%
from US$22.5 million during the same
period last year and an increase of 2% from US$32.7 million last quarter. As a percentage of
total revenue, sales and marketing expenses accounted for 107%
compared with 61% during the same period last year, and 87% during
last quarter. The year-on-year increase in sales and marketing
expenses as a percentage of total net revenue was primarily due to
the increased investment in user acquisition in line with the
business expansion trend.
Research and development expenses for the third
quarter were US$6.9 million, an
increase of 34% from US$5.2 million
during the same period last year and a decrease of 9% from
US$7.6 million last quarter. The
year-on-year increase was primarily due to the increased cost
associated with technology R&D staff. As a percentage of total
net revenue, research and development expenses accounted for 22%,
as compared to 14% during the same period last year and 20% last
quarter.
General and administrative expenses for the third quarter
were US$3.4 million, an increase of
14% from US$3.0 million during the
same period last year and a decrease of 56% from US$7.8 million last quarter. The sequential
decrease was mainly due to the accrued provision for bad debt of
US$4.7 million in last quarter. As a
percentage of total net revenue, general and administrative
expenses accounted for 11%, compared to 8% during the same period
last year and 21% during last quarter.
Other operating income, net for the third quarter
was US$0.06 million, compared with
other operating income, net US$0.01
million during the same period last year and other operating
income, net US$0.1 million last
quarter. For the third quarter of 2019, the other operating income,
net mainly consisted of government subsidies received by the
Company and contingent liabilities for intellectual property
infringement lawsuit during our business.
Net loss for the third quarter was US$16.2 million, as compared with net income of
US$2.8 million during the same period
last year and net loss of US$14.1
million last quarter.
Adjusted net income (loss), a non-GAAP
financial measure, represents net income (loss) excluding
share-based compensation. Adjusted net loss for the third quarter
was US$15.4 million, compared with
adjusted net income of US$3.5 million
in the same period last year and adjusted net loss of US$12.9 million last quarter. The greater
loss compared to last quarter was mainly due to the decrease in
revenue while total operation cost remained stable in scale
excluding bad debt provision impact.
In US$ thousands,
except percentage
|
3Q
2019
|
|
2Q
2019
|
|
3Q
2018
|
|
QoQ %
Change
|
|
YoY %
change
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
(16,246)
|
|
(14,126)
|
|
2,798
|
|
15%
|
|
(681%)
|
Add: Share-based
Compensation related to share
options and restricted share units
|
886
|
|
1,188
|
|
658
|
|
(25%)
|
|
35%
|
Adjusted Net (Loss)
Income (Non-GAAP)
|
(15,360)
|
|
(12,938)
|
|
3,456
|
|
19%
|
|
(544%)
|
Basic and diluted net loss per ADS were US$0.26 and US$0.26
in the third quarter of 2019, and basic and diluted Adjusted net
loss (Non-GAAP) per ADS were US$0.24
and US$0.24 in this period.
Balance Sheets and Cash Flows
As of September 30, 2019, Cash and cash equivalents and
restricted cash was US$56.3 million
compared to US$62.8 million as of
June 30, 2019.
Net cash outflow from operating activities during the third
quarter of 2019 was US$6.7 million,
compared to inflow from operations of US$5.3
million for the same period in 2018 and outflow of
US$8.9 million during the last
quarter. The cash outflow from operating activities during the
third quarter of 2019 was the result of the loss from
operations.
Share Repurchase Plan
On November 26, 2018, the Company announced a share
repurchase program (the "2018
Program") whereby the Company is authorized to repurchase
its own Class A ordinary shares in the form of ADSs with an
aggregate value of up to US$15
million during the 12-month period from November 30, 2018. As of September 30, 2019, the Company had used an
aggregate of US$12 million to
repurchase 1.4 million ADSs and legally cancelled 0.6 million ADSs
of the repurchased ADSs. As of September 30,
2019, the Company recorded treasury shares of US$6.5 million for the outstanding repurchased
shares and netted the cancellation of treasury stock of
US$5.7 million with additional paid
in capital.
The Company will early terminate the
2018 Program on November 20, 2019,
and take effect a new share repurchase program on the same
day. In the new share repurchase program, the Company is
authorized to repurchase its class A ordinary shares in the form of
American depository shares with an aggregate value of up to
US$6 million during the 6-month
period starting from November 20,
2019. The Company expects to fund the repurchases under this
program with its existing cash balance.
"We announce a new share repurchase program which reflects our
confidence in the long-term growth and the value of our business,"
commented Mr. Karl Zhang, CooTek
co-founder and Chairman.
Business Outlook
For the fourth quarter of 2019,
CooTek raises its revenue
expectation by 28% to about
US$48 million, representing 2%
increase year-over-year.
For the fiscal year of 2019, CooTek raises its expected total revenue to about
US$157 million from previously forecasted US$145 million, representing a 17% increase year-over-year.
Conference Call and Webcast
CooTek's management team
will host a conference call at 8:00
AM U.S. Eastern Time on Monday,
November 18, 2019 (9:00 PM
Beijing Time on the same day), following the results
announcement.
The dial-in details for the live conference call are:
United
States:
|
1-888-346-8982
|
Hong Kong:
|
800-905-945
|
Mainland
China:
|
4001-201-203
|
International:
|
1-412-902-4272
|
Please dial in 15 minutes before the call is scheduled to begin.
When prompted, ask to be connected to the CooTek (Cayman)
Inc. call.
A live webcast and archive of the conference call will be
available on the Investor Relations section of CooTek's website at
https://ir.cootek.com/.
About CooTek (Cayman) Inc.
CooTek is a fast-growing
global mobile internet company. The mission of CooTek is to empower
everyone to express themselves and enjoy relevant content
seamlessly. The Company's user-centric and data-driven approach has
enabled it to release appealing products to capture mobile internet
users' ever-evolving content needs and helps it rapidly attract
targeted users. Focusing on 5 verticals of fitness, lifestyle,
healthcare, short videos and entertainment, CooTek has developed
multiple rapidly growing content-rich portfolio apps with news feed
to deliver relevant content.
Non-GAAP Financial Measure
To supplement the
unaudited consolidated financial information prepared in accordance
with generally accepted accounting principles in the United States of America ("GAAP"), the
Company uses non-GAAP financial measure of adjusted net (loss)
income that is adjusted from results based on GAAP to exclude the
impact of share-based compensation, and Adjusted EBITDA that is net
(loss) income excluding interest income and expense, income taxes,
depreciation, and share-based compensation. The measure should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results.
The Company believes that the non-GAAP measure help identify
underlying financial and business trends relating to the Company's
results of operations that could otherwise be distorted by the
effect of certain expenses that the Company include in (loss)
income from operations and net (loss) income. By making the
Company's financial results comparable period over period, the
Company believes adjusted net (loss) income and Adjusted EBITDA
provides useful information to better understand the Company's
historical business operations and future prospects and allows for
greater visibility with respect to key metrics used by the
management in financial and operational decision-making. In order
to mitigate these limitations, the Company has provided specific
information regarding the GAAP amounts excluded from the non-GAAP
measure. The table at the bottom of this press release includes
details on the reconciliation between GAAP financial measure that
is most directly comparable to the non-GAAP financial measure the
Company has presented.
Safe Harbor Statement
This press release contains
forward-looking statements made under the "safe harbor" provisions
of Section 21E of the Securities Exchange Act of 1934, as amended,
and the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates," "confident" and similar
statements. CooTek may also make written or oral forward-looking
statements in its reports filed with or furnished to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Any statements that are not historical facts,
including statements about CooTek's beliefs and expectations, are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include, but not limited to the following: CooTek's mission
and strategies; future business development, financial conditions
and results of operations; the expected growth of the mobile
internet industry and mobile advertising industry; the expected
growth of mobile advertising; expectations regarding demand for and
market acceptance of our products and services; competition in
mobile application and advertising industry; and relevant
government policies and regulations relating to the industry.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. All information provided in
this press release is current as of the date of the press release,
and CooTek does not undertake any obligation to update such
information, except as required under applicable law.
For investor enquiries, please contact:
CooTek
(Cayman) Inc.
Jean Zhang
Email: IR@cootek.com
Christensen
In China
Mr. Christian Arnell
+86-10-5900-1548
carnell@christensenir.com
In US
Ms. Linda Bergkamp
+1-480-614-3004
lbergkamp@christensenir.com
CooTek (Cayman)
INC.
Unaudited
Condensed Consolidated Statement of Operations
(in thousands, except for share and per share data)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
Net revenues
|
|
36,787
|
|
37,593
|
|
31,270
|
|
87,065
|
|
108,900
|
|
Cost of
revenues
|
|
(3,408)
|
|
(3,982)
|
|
(3,912)
|
|
(11,446)
|
|
(11,435)
|
|
Gross
Profit
|
|
33,379
|
|
33,611
|
|
27,358
|
|
75,619
|
|
97,465
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(22,546)
|
|
(32,693)
|
|
(33,463)
|
|
(48,892)
|
|
(93,534)
|
|
Research and
development expenses
|
|
(5,169)
|
|
(7,649)
|
|
(6,933)
|
|
(13,491)
|
|
(21,198)
|
|
General and
administrative expenses
|
|
(2,962)
|
|
(7,773)
|
|
(3,387)
|
|
(7,104)
|
|
(13,504)
|
|
Other operating
income, net
|
|
13
|
|
103
|
|
58
|
|
83
|
|
229
|
|
Total operating
expenses
|
|
(30,664)
|
|
(48,012)
|
|
(43,725)
|
|
(69,404)
|
|
(128,007)
|
|
Income (loss) from
operations
|
|
2,715
|
|
(14,401)
|
|
(16,367)
|
|
6,215
|
|
(30,542)
|
|
Interest income,
net
|
|
37
|
|
229
|
|
118
|
|
108
|
|
709
|
|
Foreign exchange
(loss) gain
|
|
46
|
|
48
|
|
3
|
|
(13)
|
|
(365)
|
|
Income (loss) before
income taxes
|
|
2,798
|
|
(14,124)
|
|
(16,246)
|
|
6,310
|
|
(30,198)
|
|
Income tax
expense
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
(2)
|
|
Net income
(loss)
|
|
2,798
|
|
(14,126)
|
|
(16,246)
|
|
6,310
|
|
(30,200)
|
|
Net income (loss) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.001
|
|
(0.004)
|
|
(0.005)
|
|
0.002
|
|
(0.01)
|
|
Diluted
|
|
0.001
|
|
(0.004)
|
|
(0.005)
|
|
0.002
|
|
(0.01)
|
|
Weighted average shares
used in
calculating net income (loss)
per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
898,393,690
|
|
3,163,372,938
|
|
3,148,392,266
|
|
898,393,690
|
|
3,163,501,054
|
|
Diluted
|
|
1,038,101,836
|
|
3,163,372,938
|
|
3,148,392,266
|
|
1,021,309,169
|
|
3,163,501,054
|
|
Non-GAAP Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
(loss)
|
|
3,456
|
|
(12,938)
|
|
(15,360)
|
|
7,858
|
|
(26,983)
|
|
Adjusted
EBITDA
|
|
3,662
|
|
(12,547)
|
|
(14,469)
|
|
8,558
|
|
(25,594)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
(in thousands, except for share and per share data)
|
|
|
|
|
As of
|
|
|
|
June 30,
2019
|
|
September 30,
2019
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
62,774
|
|
56,270
|
|
Accounts receivable,
net of allowance for doubtful accounts of $4,665 as
of June 30, 2019 and
$3,249 as of September 30, 2019, respectively
|
|
24,659
|
|
19,408
|
|
Prepaid expenses and
other current assets
|
|
5,954
|
|
6,481
|
|
Total current
assets
|
|
93,387
|
|
82,159
|
|
Long-term
investments
|
|
500
|
|
500
|
|
Property and
equipment, net
|
|
6,370
|
|
6,170
|
|
Other non-current
assets
|
|
377
|
|
282
|
|
TOTAL
ASSETS
|
|
100,634
|
|
89,111
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
26,098
|
|
28,514
|
|
Short-term bank
borrowings
|
|
1,394
|
|
5,100
|
|
Accrued salary and
benefits
|
|
4,410
|
|
3,868
|
|
Accrued expenses and
other current liabilities
|
|
2,402
|
|
2,797
|
|
Deferred
revenue
|
|
319
|
|
584
|
|
Total current
liabilities
|
|
34,623
|
|
40,863
|
|
Other non-current
liabilities
|
|
548
|
|
592
|
|
TOTAL
LIABILITIES
|
|
35,171
|
|
41,455
|
|
Unaudited
Condensed Consolidated Balance Sheets (continued):
(in thousands, except for share and per share data)
|
|
|
|
|
As of
|
|
|
June 30,
2019
|
|
September 30,
2019
|
|
|
US$
|
|
US$
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Ordinary
shares
|
|
32
|
|
32
|
Treasury
Stock
|
|
(4,288)
|
|
(6,503)
|
Additional paid-in
capital
|
|
201,474
|
|
202,458
|
Accumulated
deficit
|
|
(130,707)
|
|
(146,952)
|
Accumulated other
comprehensive loss
|
|
(1,048)
|
|
(1,379)
|
Total Shareholders'
Equity
|
|
65,463
|
|
47,656
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
100,634
|
|
89,111
|
Unaudited
Condensed Consolidated Statement of Cash Flows
(in thousands, except for share and per share data)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating
activities
|
|
5,265
|
|
(8,876)
|
|
(6,689)
|
|
9,805
|
|
(18,899)
|
|
Net cash used in
investing activities
|
|
(915)
|
|
(2,798)
|
|
(775)
|
|
(1,863)
|
|
(4,097)
|
|
Net cash (used in)
provided by financing
activities
|
|
(2,463)
|
|
(2,678)
|
|
1,494
|
|
(3,565)
|
|
(5,233)
|
|
Net increase (decrease)
in cash and cash
equivalents
|
|
1,887
|
|
(14,352)
|
|
(5,970)
|
|
4,377
|
|
(28,229)
|
|
Cash, cash
equivalents, and restricted cash at
beginning of period
|
|
27,689
|
|
77,283
|
|
62,774
|
|
27,026
|
|
84,860
|
|
Effect of exchange rate
changes on cash and
cash equivalents
|
|
(128)
|
|
(157)
|
|
(534)
|
|
(1,955)
|
|
(361)
|
|
Cash, cash
equivalents, and restricted cash at
end of period
|
|
29,448
|
|
62,774
|
|
56,270
|
|
29,448
|
|
56,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of
GAAP and Non-GAAP Results
(in thousands, except for share and per share data)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September 30,
|
|
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
2,798
|
|
(14,126)
|
|
(16,246)
|
|
6,310
|
|
(30,200)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation related to share options and
restricted share units
|
|
658
|
|
1,188
|
|
886
|
|
1,548
|
|
3,217
|
|
Adjusted Net
Income (Loss) (Non-GAAP)*
|
|
3,456
|
|
(12,938)
|
|
(15,360)
|
|
7,858
|
|
(26,983)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
(37)
|
|
(229)
|
|
(118)
|
|
(108)
|
|
(709)
|
|
Income
taxes
|
|
—
|
|
2
|
|
—
|
|
—
|
|
2
|
|
Depreciation
|
|
243
|
|
618
|
|
1,009
|
|
808
|
|
2,096
|
|
Adjusted EBITDA
(Non-GAAP)*
|
|
3,662
|
|
(12,547)
|
|
(14,469)
|
|
8,558
|
|
(25,594)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The tax impact to
the non-GAAP adjustments is zero.
|
View original
content:http://www.prnewswire.com/news-releases/cootek-announces-third-quarter-2019-unaudited-results-300959710.html
SOURCE CooTek