Artificial Intelligence
Qutoutiao Inc. Reports Second Quarter 2021 Unaudited Financial Results
SHANGHAI, China, Sept. 07, 2021 (GLOBE NEWSWIRE) — Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights
- Net revenues was RMB1,202.0 million (US$186.2 million), representing a decrease of 16.6% from 1,441.0 million in the second quarter of 2020, and a decrease of 6.9% quarter-over-quarter from RMB1,291.0 million in the first quarter of 2021, exceeding the Company’s previous guided range for the second quarter of 2021.
- Net loss was RMB209.5 million (US$32.4 million), compared to net loss of RMB222.1 million in the second quarter of 2020 and net loss of RMB149.0 million in the first quarter of 2021. Net loss margin was 17.4%, compared to 15.4% in the second quarter of 2020 and 11.5% in the first quarter of 2021.
- Non-GAAP net loss1 was RMB186.0 million (US$28.8 million), compared to non-GAAP net loss of RMB173.3 million in the second quarter of 2020 and non-GAAP net loss of RMB55.4 million in the first quarter of 2021. Non-GAAP net loss margin was 15.5%, compared to 12.0% in the second quarter of 2020 and 4.3% in the first quarter of 2021.
- Combined average MAUs2 were 132.3 million, representing a decrease of 3.1% from 136.5 million in the second quarter of 2020; and a decrease of 0.8% from 133.3 million in the first quarter of 2021.
- Combined average DAUs3 were 29.1 million, representing a decrease of 32.3% from 43.0 million in the second quarter of 2020; and a decrease of 8.2% from 31.7 million in the previous quarter.
- Average daily time spent per DAU was 47.3minutes, compared to 55.2 minutes in the second quarter of 2020 and 47.1 minutes in the first quarter of 2021.
Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, “We will continue to run a balanced strategy with our overall business, investing into promising growth initiatives while optimizing the financial position of the more mature segments. We will maintain the highest standard of compliance and continue to make positive contributions to the future growth of a dynamic industry and the wider society.”
Second Quarter 2021 Financial Results
Net revenues in the second quarter of 2021 were RMB1,202.0 million (US$186.2 million), a decrease of 16.6% from RMB1,441.0 million in the second quarter of 2020, and a decrease of 6.9% from RMB1,291.0 million in the first quarter of 2021.
Advertising and marketing revenues were RMB1,141.4 million (US$176.8 million) in the second quarter of 2021, a decrease of 17.2% from RMB1,378.1 million in the second quarter of 2020, primarily due to the tightening regulatory environment in internet and technology sector which, to some extent, resulted in constrained budgets of advertisers.
Other revenues were RMB60.6 million (US$9.4 million) in the second quarter of 2021, a slight decrease of 3.7% from RMB62.9 million in the second quarter of 2020. The decrease was primarily due to the decrease in revenues from live-streaming.
Cost of revenues were RMB327.7million (US$50.8 million) in the second quarter of 2021, a decrease of 18.1% from RMB400.2 million in the second quarter of 2020, primarily attributable to decreases in IT infrastructure costs, integrated marketing service costs which are in line with the decrease in integrated markting service revenues; compensation expenses and costs related to live-streaming revenue sharing; the decrease was partially offset by an increase in Midu Novels content and license fee due to the expansion in Midu Novels and the Company’s ongoing investment in improving content quality.
Gross profit was RMB874.2 million (US$135.4 million) in the second quarter of 2021, a decrease of 16.0% from RMB1,040.8 million in the second quarter of 2020. Gross margin was 72.7%, compared to 72.2% in the second quarter of 2020.
Research and development expenses were RMB136.2 million (US$21.1 million) in the second quarter of 2021, a decrease of 39.3% from RMB224.2 million in the second quarter of 2020 primarily due to a reduction in overall research and development headcount and consequentially the decrease in compensation expenses, including share-based compensations.
Sales and marketing expenses were RMB901.3 million (US$139.6 million) in the second quarter of 2021, a decrease of 2.6% from RMB925.3 million in the second quarter of 2020. Sales and marketing expenses as a percentage of net revenues were 75.0% in the second quarter of 2021, compared to 64.2% in the second quarter of 2020 and 62.0% in the first quarter of 2021, primarily due to the expansion of Midu Novels.
User engagement expenses were RMB169.5 million (US$26.3 million) in the second quarter of 2021, representing a decrease of 62.9% year-over-year and a decrease of 5.4% quarter-over-quarter. User engagement expenses per DAU per day were RMB 0.06 in the second quarter of 2021, compared to RMB0.12 in the second quarter of 2020 and RMB0.06 in the first quarter of 2021. The year-over-year decrease of user engagement expenses was primarily due to the Company’s ongoing efforts in optimizing user engagement expenses related to its loyalty program, as well as the enhanced content algorithm facilitated by the Company’s AI platform that aims to match the content more precisely with users’ personalized needs.
User acquisition expenses were RMB685.2 million (US$106.1 million) in the second quarter of 2021, an increase of 57.3% year-over-year and an increase of 16.4% quarter-over-quarter. User acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing. The year-over-year increase was primarily due to the expansion of Midu Novels. User acquisition expenses per new installed user4 in the second quarter of 2021 were RMB7.29, compared to RMB3.30 in the second quarter of 2020 and RMB5.78 in the first quarter of 2021.
Other sales and marketing expenses were RMB46.6 million (US$7.2 million) in the second quarter of 2021, increasing 43.4% year-over-year from RMB32.5 million in the second quarter of 2020.
General and administrative expenses were RMB93.4 million (US$14.5 million) in the second quarter of 2021, a decrease of 11.4% from RMB105.5 million in the second quarter of 2020, mainly due to the reduction in overall general and administrative headcount and consequentially the decrease in compensation expenses, as well as a decrease in share-based compensations; the decrease was partially offset by an additional expected credit loss provision of RMB61.9 million recorded in the second quarter of 2021 under ASC 326, Measurement of Credit Losses on Financial Instruments.
Loss from operations was RMB223.9 million (US$34.7 million) in the second quarter of 2021, compared to RMB189.4 million in the second quarter of 2020. Operating loss margin was 18.6%, compared to 13.1% in the second quarter of 2020.
Non-operating income was RMB14.1 million (US$2.2 million) in the second quarter of 2021, mainly due to a third party’s investment in one of the Company’s subsidiaries which resulted in a deconsolidation and a related disposal gain of RMB23.1 million. Non-operating loss for the second quarter of 2020 was RMB32.4 million (US$5.0 million), which mainly included a RMB22.8 million loss associated with fair value changes on long-term investments, and net interest expenses of RMB6.9 million.
Non-GAAP loss from operations was RMB200.4 million (US$31.0 million) in the second quarter of 2021, compared to a non-GAAP loss from operations of RMB140.6 million in the second quarter of 2020.
Non-GAAP operating loss margin was 16.7%, compared to non-GAAP operating loss margin of 9.8% in the second quarter of 2020.
Net loss was RMB209.5 million (US$32.4 million), compared to net loss of RMB222.1 million in the second quarter of 2020. Net loss margin was 17.4%, compared to 15.4% in the second quarter of 2020.
Non-GAAP net loss was RMB186.0 million (US$28.8 million), compared to non-GAAP net loss of RMB173.3 million in the second quarter of 2020. Non-GAAP net loss margin was 15.5%, compared to 12.0% in the second quarter of 2020.
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB236.1 million (US$36.6 million) in the second quarter of 2021, compared to RMB234.3 million in the second quarter of 2020.
Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB212.6 million (US$32.9 million) in the second quarter of 2021, compared to RMB185.5 million in the second quarter of 2020.
Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.78 (US$0.12) in the second quarter of 2021. Non-GAAP basic and diluted net loss per ADS was RMB0.70 (US$0.11) in the second quarter of 2021. Each four ADSs represent one Class A ordinary share of the Company.
Balance Sheet
As of June 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB1,021.8 million (US$158.3 million), compared to RMB985.8 million as of December 31, 2020. Net operating cash outflow during the second quarter of 2021 was RMB15.0 million.
While the Company continues to execute business plans to improve their liquidity position, the Convertible Loan which the Company issued with principal amounting to US$171.1 million (RMB1,180.6 million) will mature in April 2022 and has been classified as a current liability as of June 30, 2021. Given the significance of the loan, there is uncertainty regarding the Company’s ability to repay the Convertible Loan upon maturity, which raises substantial doubt about the Company’s ability to continue as a going concern. The second quarter 2021 unaudited financial information does not include any adjustment that is reflective of this uncertainty.
Business Outlook
For the third quarter of 2021, the Company expects group net revenues to be between RMB1,050 to RMB1,100 million.
Conference Call
Qutoutiao’s management will host an earnings conference call at 8:00 A.M. U.S. Eastern Time on September 7, 2021 (8:00 P.M. Beijing/Hong Kong time on September 7, 2021).
Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.
Preregistration Information
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/3766584 at least 15 minutes prior to the scheduled call start time.
Please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event Passcode and Registrant ID as instructed to connect to the call.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 09:59 A.M. U.S Eastern Time on September 22, 2021, by dialing the following telephone numbers:
United States: | +1-646-254-3697 |
International: | +61-2-8199-0299 |
Hong Kong : | +852-3051-2780 |
China: | 400-632-2162 |
Replay Access Code: | 3766584 |
About Qutoutiao Inc.
Qutoutiao Inc. operates innovative and fast-growing mobile content platforms in China with a mission to bring fun and value to its users. The eponymous flagship mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of loyal users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Launched in May 2018, Midu Novels is a pioneer in offering free literature supported by advertising and has grown rapidly to become a leading player in the online literature industry. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem.
For more information, please visit: https://ir.qutoutiao.net.
Use of Non-GAAP Financial Measures
We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4566 to US$1.00, the rate in effect as of June 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Qutoutiao’s beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 outbreak; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Qutoutiao Inc.
Investor Relations
Tel: +86-21-5889-0398
E-mail: [email protected]
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousand RMB, or otherwise noted)
As of December 31, | As of June 30, | |||||
2020 | 2021 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 494,475 | 399,940 | ||||
Restricted cash | 100,316 | 39,147 | ||||
Short-term investments | 391,033 | 582,700 | ||||
Accounts receivable, net | 737,789 | 967,615 | ||||
Amount due from related parties | 383,594 | 318,783 | ||||
Prepayments and other current assets | 365,109 | 269,847 | ||||
Total current assets | 2,472,316 | 2,578,032 | ||||
Non-current assets: | ||||||
Accounts receivables, non-current | 54,639 | 15,831 | ||||
Long-term Investments | 82,889 | 91,938 | ||||
Property and equipment, net | 17,213 | 17,292 | ||||
Intangible assets | 83,123 | 193,996 | ||||
Goodwill | 7,268 | 7,268 | ||||
Right-of-use assets, net | 50,319 | 30,404 | ||||
Other non-current assets | 148,091 | 6,164 | ||||
Total non-current assets | 443,542 | 362,893 | ||||
Total assets | 2,915,858 | 2,940,925 | ||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | 70,000 | – | ||||
Accounts payable | 448,981 | 410,340 | ||||
Amount due to related parties | 22,477 | 5,698 | ||||
Registered users’ loyalty payable | 72,627 | 71,100 | ||||
Advance from customers and deferred revenue | 140,776 | 139,195 | ||||
Salary and welfare payable | 149,704 | 110,516 | ||||
Tax payable | 97,144 | 72,754 | ||||
Lease liabilities, current | 20,760 | 15,194 | ||||
Accrued liabilities related to users’ loyalty programs | 100,088 | 91,957 | ||||
Accrued liabilities and other current liabilities | 763,433 | 1,235,700 | ||||
Convertible loan – current | – | 1,180,633 | ||||
Total current liabilities | 1,885,990 | 3,333,087 | ||||
Lease liabilities, non-current | 23,756 | 15,057 | ||||
Convertible loan | 1,174,868 | – | ||||
Deferred tax liabilities | 18,825 | 17,624 | ||||
Other non-current liabilities | 4,256 | 2,987 | ||||
Non-current liabilities | 1,221,705 | 35,668 | ||||
Total liabilities | 3,107,695 | 3,368,755 | ||||
Total redeemable non-controlling interests | 1,093,526 | 1,132,670 | ||||
Shareholders’ deficit | ||||||
Ordinary shares | 47 | 48 | ||||
Treasury stock | (142,229 | ) | (142,229 | ) | ||
Additional paid-in capital | 4,784,315 | 4,901,491 | ||||
Accumulated other comprehensive income | 84,320 | 103,407 | ||||
Accumulated deficit | (6,007,227 | ) | (6,418,283 | ) | ||
Total Qutoutiao Inc. shareholders’ deficit | (1,280,774 | ) | (1,555,566 | ) | ||
Non-controlling interests | (4,589 | ) | (4,934 | ) | ||
Total deficit | (1,285,363 | ) | (1,560,500 | ) | ||
Total liabilities, redeemable non-controlling interests and shareholders’ deficit | 2,915,858 | 2,940,925 |
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousand RMB, except ADS data, or otherwise noted)
For the three months ended | For the six months ended | ||||||||||||||
June 30 | March 31 | June 30 | June 30 | June 30 | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||
Advertising and marketing revenues | 1,378,130 | 1,228,033 | 1,141,370 | 2,742,130 | 2,369,403 | ||||||||||
Other revenues | 62,865 | 62,946 | 60,604 | 110,662 | 123,550 | ||||||||||
Net revenues | 1,440,995 | 1,290,979 | 1,201,974 | 2,852,792 | 2,492,953 | ||||||||||
Cost of revenues | (400,215 | ) | (381,275 | ) | (327,734 | ) | (860,970 | ) | (709,009 | ) | |||||
Gross profit | 1,040,780 | 909,704 | 874,240 | 1,991,822 | 1,783,944 | ||||||||||
Operating expenses: | |||||||||||||||
Research and development expenses | (224,200 | ) | (186,683 | ) | (136,173 | ) | (505,064 | ) | (322,856 | ) | |||||
Sales and marketing expenses | (925,312 | ) | (800,694 | ) | (901,273 | ) | (1,999,840 | ) | (1,701,967 | ) | |||||
General and administrative expenses | (105,472 | ) | (101,611 | ) | (93,442 | ) | (212,968 | ) | (195,053 | ) | |||||
Total operating expenses | (1,254,984 | ) | (1,088,988 | ) | (1,130,888 | ) | (2,717,871 | ) | (2,219,876 | ) | |||||
Other operating income | 24,790 | 31,930 | 32,717 | 31,907 | 64,647 | ||||||||||
Loss from Operations | (189,414 | ) | (147,354 | ) | (223,931 | ) | (694,142 | ) | (371,285 | ) | |||||
Investment income/ (expenses), net | (20,980 | ) | 2,666 | (4,133 | ) | (37,511 | ) | (1,467 | ) | ||||||
Interest expense, net | (6,900 | ) | (7,804 | ) | (8,065 | ) | (10,313 | ) | (15,869 | ) | |||||
Foreign exchange related gain/(loss), net | (271 | ) | (2,814 | ) | 3,142 | (2,797 | ) | 328 | |||||||
Other income/(expense), net | (4,213 | ) | 6,048 | 23,198 | (7,733 | ) | 29,246 | ||||||||
Non-operating income / (loss) | (32,364 | ) | (1,904 | ) | 14,142 | (58,354 | ) | 12,238 | |||||||
Loss before provision for income taxes | (221,778 | ) | (149,258 | ) | (209,789 | ) | (752,496 | ) | (359,047 | ) | |||||
Income tax benefits/ (expense), net | (321 | ) | 224 | 296 | (1,423 | ) | 520 | ||||||||
Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
Net loss attributable to non-controlling interests | 109 | 170 | 175 | 316 | 345 | ||||||||||
Net loss attributable to Qutoutiao Inc. | (221,990 | ) | (148,864 | ) | (209,318 | ) | (753,603 | ) | (358,182 | ) | |||||
Accretion to convertible redeemable preferred shares redemption value of a subsidiary | (12,316 | ) | (26,126 | ) | (26,748 | ) | (24,180 | ) | (52,874 | ) | |||||
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (234,306 | ) | (174,990 | ) | (236,066 | ) | (777,784 | ) | (411,056 | ) | |||||
Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
Other comprehensive income/(loss): | |||||||||||||||
Foreign currency translation adjustment, net of nil tax | 293 | (12,988 | ) | 32,075 | (15,938 | ) | 19,087 | ||||||||
Total comprehensive loss | (221,806 | ) | (162,022 | ) | (177,418 | ) | (769,857 | ) | (339,440 | ) | |||||
Comprehensive loss attributable to non-controlling interests | 109 | 170 | 175 | 316 | 345 | ||||||||||
Comprehensive loss attributable to Qutoutiao Inc. | (221,697 | ) | (161,852 | ) | (177,243 | ) | (769,541 | ) | (339,095 | ) | |||||
Net loss per ADS (1 Class A ordinary share equals 4 ADSs): | |||||||||||||||
– Basic and diluted | (0.81 | ) | (0.58 | ) | (0.78 | ) | (2.71 | ) | (1.36 | ) | |||||
Weighted average number of ADS used in computing basic and diluted earnings per ADS: | |||||||||||||||
– Basic | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
– Diluted | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 |
QUTOUTIAO INC.
Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousand RMB, except ADS data, or otherwise noted)
For the three months ended | For the six months ended | ||||||||||||||
June 30 | March 31 | June 30 | June 30 | June 30 | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||
Loss from Operations | (189,414 | ) | (147,354 | ) | (223,931 | ) | (694,142 | ) | (371,285 | ) | |||||
Add: Share-based compensation expenses | |||||||||||||||
Cost of revenues | 3,077 | 996 | – | 6,561 | 996 | ||||||||||
General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
Sales and marketing | 3,612 | 2,311 | – | 25,300 | 2,311 | ||||||||||
Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
Non-GAAP Loss from Operations | (140,572 | ) | (53,686 | ) | (200,423 | ) | (501,550 | ) | (254,108 | ) | |||||
Net loss | (222,099 | ) | (149,034 | ) | (209,493 | ) | (753,919 | ) | (358,527 | ) | |||||
Add: Share-based compensation expenses | |||||||||||||||
Cost of revenues | 3,077 | 996 | – | 6,561 | 996 | ||||||||||
General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
Sales and marketing | 3,612 | 2,311 | – | 25,300 | 2,311 | ||||||||||
Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
Non-GAAP net loss | (173,257 | ) | (55,366 | ) | (185,985 | ) | (561,327 | ) | (241,350 | ) | |||||
Net loss attributable to Qutoutiao Inc. | (221,990 | ) | (148,864 | ) | (209,318 | ) | (753,603 | ) | (358,182 | ) | |||||
Add: Share-based compensation expenses | |||||||||||||||
Cost of revenues | 3,077 | 996 | – | 6,561 | 996 | ||||||||||
General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
Sales and marketing | 3,612 | 2,311 | – | 25,300 | 2,311 | ||||||||||
Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
Non-GAAP net loss attributable to Qutoutiao Inc. | (173,148 | ) | (55,196 | ) | (185,810 | ) | (561,011 | ) | (241,005 | ) | |||||
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (234,306 | ) | (174,990 | ) | (236,066 | ) | (777,784 | ) | (411,056 | ) | |||||
Add: Share-based compensation expenses | |||||||||||||||
Cost of revenues | 3,077 | 996 | – | 6,561 | 996 | ||||||||||
General and administrative | 13,059 | 41,086 | 3,017 | 65,540 | 44,103 | ||||||||||
Sales and marketing | 3,612 | 2,311 | – | 25,300 | 2,311 | ||||||||||
Research and development | 29,094 | 49,275 | 20,491 | 95,191 | 69,767 | ||||||||||
Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders | (185,464 | ) | (81,322 | ) | (212,558 | ) | (585,192 | ) | (293,879 | ) | |||||
Non-GAAP net loss per ADS (1 Class A ordinary share equals 4 ADSs): | |||||||||||||||
— Basic and diluted | (0.64 | ) | (0.27 | ) | (0.70 | ) | (2.04 | ) | (0.98 | ) | |||||
Weighted average number of ADS used in computing basic and diluted earnings per ADS | |||||||||||||||
— Basic | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 | ||||||||||
— Diluted | 288,538,032 | 299,548,372 | 303,220,624 | 287,085,156 | 301,394,648 |
QUTOUTIAO INC.
Supplementary Operating Information
(RMB in millions, or otherwise noted)
For the three months ended | |||||||||||||||
June 30 | September 30 | December 31 | March 31 | June 30 | |||||||||||
2020 | 2020 | 2020 | 2021 | 2021 | |||||||||||
Net revenues | 1,441.0 | 1,130.0 | 1,302.4 | 1,291.0 | 1,202.0 | ||||||||||
User engagement expenses | 457.2 | 264.7 | 163.2 | 179.1 | 169.5 | ||||||||||
User acquisition expenses | 435.7 | 385.9 | 397.1 | 588.7 | 685.2 | ||||||||||
Other sales and marketing expenses | 32.5 | 50.9 | 119.9 | 32.9 | 46.6 | ||||||||||
Total sales and marketing expenses | 925.4 | 701.5 | 680.2 | 800.7 | 901.3 | ||||||||||
Combined Average MAUs (in millions) | 136.5 | 120.5 | 124.7 | 133.3 | 132.3 | ||||||||||
Combined Average DAUs (in millions) | 43.0 | 39.7 | 32.3 | 31.7 | 29.1 | ||||||||||
New installed users (in millions) | 132.2 | 67.3 | 50.3 | 101.8 | 94.0 | ||||||||||
Average net revenues per DAU per day (RMB) | 0.37 | 0.31 | 0.44 | 0.45 | 0.46 | ||||||||||
User engagement expenses per DAU per day (RMB) | 0.12 | 0.07 | 0.05 | 0.06 | 0.06 | ||||||||||
User acquisition expenses per new installed user (RMB) | 3.30 | 5.73 | 7.89 | 5.78 | 7.29 |
1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.
2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;
3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;
4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.
Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
Artificial Intelligence
ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
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