BEIJING, March 21,
2023 /PRNewswire/ -- Jianpu Technology Inc.
("Jianpu," or the "Company") (NYSE: JT), a leading independent open
platform for the discovery and recommendation of financial products
in China, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2022.
Fourth Quarter 2022 Operational and Financial
Highlights:
- Total revenues from recommendation services for the fourth
quarter of 2022 increased by 8.5% to RMB171.3 million (US$24.8
million) from RMB157.9 million
in the same period of 2021, primarily driven by the increase in
revenue from loan recommendation services, partially offset by the
slight decrease in revenue from credit card recommendation
services. The number of loan applications and average fee per loan
application for loan recommendation services increased by 7.6% to
approximately 4.5 million and 31.7% to RMB13.9 (US$2.0) in
the fourth quarter of 2022, respectively, from the same period of
2021.
- Revenues from big data and system-based risk management
services decreased by 20.8% to RMB28.9
million (US$4.2 million) in
the fourth quarter of 2022 from RMB36.5
million in the same period of 2021. The decrease was mainly
attributable to the impact of COVID-19 on our cooperation with
customers and product adjustments.
- Revenues from marketing and other services[1]
decreased by 11.9% to RMB48.0 million
(US$7.0 million) in the fourth
quarter of 2022 from RMB54.5 million
in the same period of 2021, mainly attributable to the decrease of
other new business initiatives.
- Loss from operations was RMB29.6
million (US$4.3 million) in
the fourth quarter of 2022, compared with RMB61.2 million in the same period of 2021.
Operating loss margin was 11.9% in the fourth quarter of 2022,
compared with 24.6% in the same period of 2021. The improvement in
loss from operations was mainly attributable to the Company's
continued efforts in efficiency improvement and cost
optimization.
- Net loss was RMB20.2 million
(US$2.9 million) in the fourth
quarter of 2022, compared with RMB48.3
million in the same period of 2021. Net loss margin was 8.1%
in the fourth quarter of 2022, compared with 19.4% in the same
period of 2021.
- Non-GAAP adjusted net loss[2] was RMB27.9 million (US$4.0
million) in the fourth quarter of 2022, compared with
non-GAAP adjusted net loss[2] of RMB45.9 million in the same period of 2021.
Non-GAAP adjusted net loss margin[2] was 11.2% in the
fourth quarter of 2022, compared with 18.4% in the same period of
2021.
Fiscal Year 2022 Operational and Financial
Highlights:
- The credit card volume and number of loan applications for
recommendation services increased by 12.7% to approximately 4.2
million and 30.1% to approximately 17.7 million, and the average
fee per credit card and loan application increased by 3.4% to
RMB113.6 (US$16.5) and 27.8% to RMB14.6 (US$2.1),
respectively, in the fiscal year of 2022 compared with 2021. As a
result, total revenues from recommendation services for the fiscal
year of 2022 increased by 27.2% to RMB731.7
million (US$106.1 million)
from RMB575.2 million in 2021.
- Revenues from big data and system-based risk management
services decreased by 25.7% to RMB96.9
million (US$14.1 million) in
the fiscal year of 2022 from RMB130.4
million in 2021. The decrease was mainly attributable to the
impact of COVID-19 on our cooperation with customers and product
adjustments.
- Revenues from marketing and other
services[1] increased by 62.0% to RMB161.0 million (US$23.3
million) in the fiscal year of 2022 from RMB99.4 million in 2021. The increase was mainly
attributable to the growth of insurance brokerage services and
other new business initiatives.
- Loss from operations was RMB152.0
million (US$22.0 million) in
the fiscal year of 2022, compared with RMB258.5 million in 2021. Operating loss margin
was 15.4% in the fiscal year of 2022, compared with 32.1% in 2021.
The improvement of loss from operations was mainly attributable to
an increase in revenues and a decrease in operating expenses
resulting from efficiency improvement and cost optimization.
- Net loss was RMB134.3 million
(US$19.5 million) in the fiscal year
of 2022, compared with RMB204.1
million in 2021. Net loss margin was 13.6% in the fiscal
year of 2022, compared with 25.4% in 2021.
- Non-GAAP adjusted net loss[2] was RMB120.2 million (US$17.4
million) in the fiscal year of 2022, compared with Non-GAAP
adjusted net loss[2] of RMB186.7
million in 2021. Non-GAAP adjusted net loss
margin[2] was 12.1% in the fiscal year of 2022,
compared with 23.2% in 2021.
Mr. David Ye, Co-founder,
Chairman and Chief Executive Officer of Jianpu, commented, "Looking
back on the year of 2022, despite the challenging economic
environment, we weathered the storm and achieved sound business
growth overall. Although our growth was hindered in the fourth
quarter, which was one of the toughest quarters in the last few
years, we recorded solid revenue growth of 22.9% on a full year
basis. These defiant results were primarily driven by our
preemptive measures to shore up our businesses and enhance our
market leading position. We continued to differentiate ourselves by
leveraging our unique asset-light platform model in the marketplace
and consequently achieved both growth and efficiency gain on a
full-year basis."
"We remain committed to our vision of 'Becoming everyone's
financial partner' and empowering the digital transformation of
financial industry, as well as other adjacent
categories. Despite some uncertainties at this early stage of
China's reopening, we are
more optimistic about our performance in the longer term. The
improving economic conditions, alongside disruptive trends in
artificial intelligence such as ChatGPT, should open up new
opportunities to facilitate the digital transformation of the
economy and benefit inclusive finance for small and micro
enterprises. We believe our industry-leading position,
advanced technology, and sound execution should generate
sustainable value creation for our shareholders," concluded Mr.
Ye.
"Our overall 2022 results highlight our relentless efforts to
maintain a balanced and diversified revenue structure, improve
operating efficiency and execute disciplined cost optimization
measures. In 2022, revenues from recommendation services increased
by 27.2%, while revenues from our new business initiatives, i.e.
marketing and other services, were up 62.0%. Our ROI[3]
improved by 9 percentage points in the full year of 2022. Driven by
our productivity improvement, as well as continued cost structure
optimization, our non-GAAP adjusted net loss[2] reduced
significantly by 35.6% year-over-year to RMB120.2 million (US$17.4 million) in 2022," said Oscar Chen, Chief Financial Officer of
Jianpu.
Fourth Quarter 2022 Financial Results
Total revenues for the fourth quarter of 2022 were
RMB248.3 million (US$36.0 million), compared with RMB248.9 million in the same period of
2021.
Total revenues from recommendation
services increased by 8.5% to RMB171.3 million (US$24.8 million) in the fourth quarter of
2022 from RMB157.9 million in
the same period of 2021.
Revenues from recommendation services for
credit cards decreased by 3.5% to RMB108.4 million (US$15.7 million) in the fourth quarter of
2022 from RMB112.3 million in the
same period of 2021. Credit card volume slightly decreased year
over year by 5.5% to approximately 1.0 million in the fourth
quarter of 2022. The average fee per credit card were RMB113.0 (US$16.4) in the fourth quarter of
2022 and RMB110.6 in the same
period of 2021, respectively.
Revenues from recommendation services for
loans increased by 37.9% to RMB62.9 million (US$9.1 million) in the fourth quarter of
2022 from RMB45.6 million in the
same period of 2021. The number of loan applications was
approximately 4.5 million in the fourth quarter of 2022,
representing a 7.6% increase from that in the same period
of 2021. The average fee per loan application increased by 31.7% to
RMB13.9 (US$2.0) in the fourth
quarter of 2022 from RMB10.5 in
the same period of 2021, resulting from a more optimized
product mix.
Revenues from big data and system-based risk management
services decreased by 20.8% to RMB28.9 million (US$4.2 million) in the fourth quarter of
2022 from RMB36.5 million in the same
period of 2021. The decrease was mainly attributable to the
impact of COVID-19 on our cooperation with customers and
product adjustments.
Revenues from marketing and other
services[1] decreased by 11.9% to
RMB48.0 million (US$7.0 million) in the fourth quarter of
2022 from RMB54.5 million in the same
period of 2021, primarily due to the decrease of the Company's
other new business initiatives under the COVID-19 impact.
Cost of promotion and acquisition decreased by
8.2% to RMB171.8 million
(US$24.9 million) in the fourth
quarter of 2022 from RMB187.2 million in the same period of 2021.
The decrease was primarily in line with the decrease
in the Company's revenues from credit card recommendation
services and marketing and other services.
Cost of operation decreased by 4.0% to
RMB24.1 million (US$3.5 million) in the fourth quarter of
2022 from RMB25.1 million in the
same period of 2021. The decrease was primarily attributable
to decreases in software development and maintenance costs related
to the big data and system-based risk management services and
depreciation expenses, partially offset by an increase in call
center outsourcing costs.
Sales and marketing expenses decreased by
6.0% to RMB32.7 million
(US$4.7 million) in the fourth
quarter of 2022 from RMB34.8 million in the same period of 2021.
The decrease was primarily due to decreases in payroll
expenses, entertainment expenses and professional fees resulting
from the Company's continued efforts in cost optimization,
partially offset by an increase in client service-related
expenses.
Research and development expenses decreased by
12.9% to RMB26.3 million
(US$3.8 million) in the fourth
quarter of 2022 from RMB30.2 million
in the same period of 2021, primarily due to a decrease in payroll
expenses resulting from the Company's continued efforts in cost
optimization, partially offset by an increase in professional
fee.
General and administrative
expenses decreased by 29.9% to RMB23.0 million (US$3.3 million) in the fourth quarter of 2022
from RMB32.8 million in the same
period of 2021, primarily due to decreases in payroll expenses and
professional fees resulting from the Company's continued efforts in
cost optimization as well as share-based compensation
expenses.
Loss from operations was RMB29.6 million (US$4.3 million) in the fourth
quarter of 2022, compared with RMB61.2 million in the same period of 2021.
Operating loss margin was 11.9% in the fourth quarter of 2022,
compared with 24.6% in the same period of 2021. The decrease
in operating loss was mainly attributable to the Company's
continued efforts in efficiency improvement and cost
optimization.
Others, net represented a gain of
RMB8.9 million (US$1.3 million) in the fourth quarter of
2022, decreased by 36.4% from RMB14.0 million in the same period of 2021.
The Company recognized an investment gain of RMB17.0 million resulting from the
deconsolidation of one of its subsidiaries[4] in the second quarter of 2022 and
an impairment loss of RMB9.1 million on investments; while
the Company recognized a realized investment gain of RMB10.9 million from the investment in
Conflux Global, a decentralized applications block-chain solution
provider, in the same period of 2021.
Net loss was RMB20.2 million (US$2.9 million) in the fourth quarter of
2022 compared with RMB48.3 million in
the same period of 2021. Net loss margin was 8.1% in the
fourth quarter of 2022, compared with 19.4% in the same period
of 2021.
Non-GAAP adjusted net loss[2], which excluded
share-based compensation expenses, investment impairment
loss, impairment of goodwill and intangible
assets, investment gain of deconsolidation of subsidiaries and
tax effects of above Non-GAAP adjustments was RMB27.9 million (US$4.0
million) in the fourth quarter of 2022, compared with
RMB45.9 million in the same period of
2021. Non-GAAP adjusted net loss
margin[2] was 11.2% in the fourth quarter of
2022 compared with 18.4% in the same period of 2021.
Non-GAAP adjusted EBITDA[5], which excluded
share-based compensation expenses, investment impairment
loss, impairment of goodwill and intangible
assets, investment gain of deconsolidation of subsidiaries,
depreciation and amortization, interest income and expenses, and
income tax benefits from net loss, for the fourth quarter of 2022
was a loss of RMB27.8 million
(US$4.0 million), compared with
a loss of RMB42.5 million in the
same period of 2021.
As of December 31, 2022, the
Company had cash and cash equivalents, restricted cash and time
deposits of RMB684.2 million
(US$99.2 million), and working
capital of approximately RMB371.3 million (US$53.8 million). Compared to those as of
December 31, 2021, cash and cash
equivalents, restricted cash and time deposits decreased by
RMB32.6 million, which was primarily
attributable to net cash used in operating activities, partially
offset by net cash inflow from financing activities. Besides, time
deposits and short-term investment were RMB
46.0 million and nil as of December
31, 2021 and December 31,
2022, respectively. The balance as of December 31, 2021 primarily belonged to one of
the Company's subsidiaries. The decrease of time deposits and
short-term investment was mainly attributable to the
deconsolidation of this subsidiary[4].
Fiscal Year 2022 Financial Results
Total revenues for the fiscal year of 2022 increased by
22.9% to RMB989.7 million
(US$143.5 million) from
RMB805.0 million in the prior
year.
Total revenues from recommendation
services increased by 27.2% to RMB731.7 million (US$106.1 million) in the fiscal year of 2022
from RMB575.2 million in the
prior year.
Revenues from recommendation services for
credit cards increased by 16.2% to RMB473.7 million (US$68.7 million) in the fiscal year of 2022
from RMB407.8 million in the prior
year. Credit card volume in the fiscal year of 2022 increased by
12.7% to approximately 4.2 million from 3.7 million in
the prior year. The average fee per credit card were RMB113.6 (US$16.5) in the fiscal year of 2022 and
RMB109.8 in the prior year,
respectively.
Revenues from recommendation services for
loans increased by 54.1% to RMB258.1 million (US$37.4 million) in the fiscal year of 2022
from RMB167.5 million in the prior
year, primarily due to the increase in both the number of loan
applications on our domestic platform and average fee per loan
application, partially offset by less contribution of loan
recommendation revenue generated from overseas markets. The
number of loan applications was approximately 17.7 million in
the fiscal year of 2022, representing a 30.1% increase from
that in the prior year. The average fee per loan application
increased to RMB14.6 (US$2.1) in
the fiscal year of 2022 from RMB11.4 in the prior year.
Revenues from big data and system-based risk management
services decreased by 25.7% to RMB96.9 million (US$14.1 million) in the fiscal year of 2022
from RMB130.4 million in the prior
year, primarily due to the COVID-19 impact on our cooperation with
customers as well as product adjustments.
Revenues from marketing and other
services[1] increased by 62.0% to
RMB161.0 million (US$23.3 million) in the fiscal year of 2022
from RMB99.4 million in the
prior year, primarily due to the growth of the Company's insurance
brokerage services and other new business initiatives.
Cost of promotion and acquisition increased by 23.3%
to RMB693.3 million (US$100.5 million) in the fiscal year of 2022
from RMB562.1 million in the prior
year. The increase was in line with the growth of the
Company's revenues from recommendation services and marketing and
other services.
Cost of operation decreased by 4.5% to
RMB84.0 million (US$12.2 million) in the fiscal year of 2022
from RMB88.0 million in the
prior year. The decrease was primarily attributable to
decreases in payroll costs and depreciation expenses, partially
offset by an increase in call center outsourcing costs.
Sales and marketing expenses decreased by
6.4% to RMB134.3 million
(US$19.5 million) in the fiscal
year of 2022 from RMB143.5 million in the prior year. The
decrease was primarily due to decreases in payroll expenses,
rental expenses and traveling expenses resulting from our continued
efforts in cost optimization, partially offset by an increase in
client service-related expenses.
Research and development expenses decreased by
13.9% to RMB114.0 million
(US$16.5 million) in the fiscal
year of 2022 from RMB132.4 million in the prior year,
primarily due to a decrease in payroll expenses resulting from our
continued efforts in cost optimization.
General and administrative
expenses decreased by 25.2% to RMB102.8 million (US$14.9 million) in the fiscal year of 2022
from RMB137.5 million in the
prior year, primarily due to decreases in professional fees,
share-based compensation expenses and payroll costs resulting from
our continued efforts in cost optimization, partially offset by an
increase in credit loss expenses.
Impairment
of goodwill and intangible assets was RMB13.3
million (US$1.9 million) in the
fiscal year of 2022, which was the impairment of the goodwill
and intangible assets of an acquired subsidiary, Newsky Wisdom
Treasure (Beijing) Co., Ltd. There
was no such impairment loss in the prior year.
Loss from operations was RMB152.0 million (US$22.0 million) in the fiscal year of
2022, compared with RMB258.5 million in the prior year.
Operating loss margin was 15.4% in the fiscal year of 2022,
compared with 32.1% in the prior year. The decrease in
operating loss was mainly attributable to an increase in revenues
and a decrease in operating expenses resulting from efficiency
improvement and cost optimization, partially offset by the
impairment of goodwill and intangible assets.
Others, net, represented a gain of
RMB20.6 million (US$3.0 million) in the fiscal year of 2022,
decreased by 64.5% from RMB58.0 million in the prior year. The Company
recognized a gain from tax benefit for value-added tax of
RMB12.0 million, an investment gain
of RMB23.1 million resulting from the
deconsolidation of one of its subsidiaries[4] and
an impairment loss of RMB17.8 million on investments in the
fiscal year of 2022; while the Company recognized a realized
investment gain of RMB51.2 million from the investment in
Conflux Global, a decentralized applications block-chain solution
provider, in the prior year.
Net loss was RMB134.3 million (US$19.5 million) in the fiscal year of 2022
compared with RMB204.1 million in the
prior year. Net loss margin was 13.6% in the fiscal year of
2022 compared with 25.4% in the prior year.
Non-GAAP adjusted net loss[2], which excluded
share-based compensation expenses, investment impairment loss,
impairment of goodwill and intangible assets, investment gain of
deconsolidation of subsidiaries and tax effects of above Non-GAAP
adjustments, was RMB120.2 million
(US$17.4 million) in the fiscal year
of 2022, compared with RMB186.7
million in the prior year. Non-GAAP adjusted net loss
margin[2] was 12.1% in the fiscal year of 2022
compared with 23.2% in the prior year.
Non-GAAP adjusted EBITDA[5], which excluded
share-based compensation expenses, investment impairment loss,
impairment of goodwill and intangible assets, investment gain of
deconsolidation of subsidiaries, depreciation and amortization,
interest income and expenses, and income tax benefits from net
loss, for the fiscal year of 2022 was a loss
of RMB112.4 million (US$16.3 million), compared with a loss of
RMB172.0 million in the prior
year.
Subsequent Events
Deposits with Silicon Valley Bank
The Company is aware that Silicon Valley Bank ("SVB") was closed
on March 10, 2023 by the California
Department of Financial Protection and Innovation, which appointed
the Federal Deposit Insurance Corporation ("FDIC") as receiver. To
protect insured depositors, the FDIC created the Deposit Insurance
National Bank of Santa Clara. According to the FDIC press release,
the FDIC as receiver will retain all the assets from SVB for later
disposition. On March 12, 2023, the
FDIC, Board of Governors of the Federal Reserve System and the
Department of the Treasury of the United
States issued a joint statement addressing the failure of
SVB. The joint statement indicates that the FDIC will provide
direct protection of 100% of the deposits that depositors held at
SVB, including the uninsured amounts, and that depositors will have
access to all of their funds as of March 13,
2023.
As of December 31, 2022, the
Company had a cash deposit of US$3.3
million with SVB US Branch, representing approximately 3.4%
of the Company's total cash and cash equivalents and restricted
cash and time deposit as of December 31,
2022. As of March 13, 2023,
the Company has a cash deposit of US$2.4
million with SVB US Branch. The rest of the Company's cash
and cash equivalents and restricted cash and time deposit is
distributed across multiple large financial institutions. The
Company's funds with SVB are largely uninsured.
The Company maintains a strong cash position. Notwithstanding
the closure of SVB, the Company continues to believe that its
existing cash and cash equivalent balance will be sufficient to
meet its working capital, capital expenditures, and material cash
requirements from known contractual obligations for the next twelve
months and beyond. There is no disruption to the normal business
operation of the Company.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
March 21, 2023 (8:00 PM
Beijing/Hong Kong Time on March 21, 2023).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong, China (toll
free):
|
800-905-945
|
Hong Kong,
China:
|
852-3018-4992
|
Mainland
China:
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for
"Jianpu Technology Inc."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at http://ir.jianpu.ai.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until March 28, 2023, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
3549844
|
About Jianpu Technology Inc.
Jianpu Technology Inc. is a leading independent open platform
for the discovery and recommendation of financial products in
China. The Company connects users
with financial service providers in a convenient, efficient, and
secure way. By leveraging its proprietary technology, Jianpu
provides users with customized search results and recommendations
tailored to each user's particular financial needs and profile. The
Company also enables financial service providers with sales and
marketing solutions to reach and serve their target customers more
effectively through integrated channels and enhance their
competitiveness by providing them with tailored data, risk
management services and solutions. The Company is committed to
maintaining an independent open platform, which allows it to serve
the needs of users and financial service providers impartially. For
more information, please visit http://ir.jianpu.ai.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net (loss)/income,
each a Non-GAAP financial measure, in evaluating its operating
results and for financial and operational decision-making
purposes.
The Company believes that adjusted EBITDA and adjusted net
(loss)/income help identify underlying trends in its business that
could otherwise be distorted by the effect of the expenses and
gains that the Company include in (loss)/income from operations and
net (loss)/income. The Company believes that adjusted EBITDA and
adjusted net (loss)/income provide useful information about its
operating results, enhance the overall understanding of its past
performance and future prospects and allow for greater visibility
with respect to key metrics used by its management in its financial
and operational decision-making.
Adjusted EBITDA and adjusted net (loss)/income should not be
considered in isolation or construed as alternatives to net
(loss)/income or any other measure of performance or as indicators
of the Company's operating performance. Investors are encouraged to
review the historical Non-GAAP financial measures to the most
directly comparable GAAP measures. Adjusted EBITDA and adjusted net
(loss)/income presented here may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to the Company's data. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
Adjusted EBITDA represents EBITDA before share-based
compensation expenses, investment impairment loss, impairment of
goodwill and intangible assets and investment gain of
deconsolidation of subsidiaries. EBITDA represents net
(loss)/income before interest, tax, depreciation and
amortization.
Adjusted net (loss)/income represents net (loss)/income before
share-based compensation expenses, investment impairment loss,
impairment of goodwill and intangible assets, investment gain of
deconsolidation of subsidiaries and tax effects of above Non-GAAP
adjustments.
For more information on this Non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliations of GAAP and
Non-GAAP results" set forth at the end of this press release.
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," "confident" and similar statements.
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 goals and strategies; the Company's future business
development, financial condition and results of operations; the
Company's expectations regarding demand for, and market acceptance
of, its solutions and services; the Company's expectations
regarding keeping and strengthening its relationships with users,
financial service providers and other parties it collaborates with;
trends, competition and regulatory policies relating to the
industries the Company operates in; 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
the Company's filings with the SEC. 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 obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Jianpu Technology Inc.
(IR) Oscar Chen, E-mail:
IR@rong360.com
(PR) Amanda Hu, E-mail:
Media@rong360.com
Tel: +86 (10) 6242 7068
Christensen Advisory
Suri Cheng, E-mail:
suri.cheng@christensencomms.com
Tel: +86 185 0060 8364
Crystal Lai, E-mail:
crystal.lai@christensencomms.com
Tel: +852 2232 3907
In US:
Christensen Advisory
Linda Bergkamp, E-mail:
linda.bergkamp@christensencomms.com
Tel: +1 480 353 6648
Jianpu Technology
Inc.
Unaudited Condensed
Consolidated Balance Sheets
|
|
(In
thousands)
|
As of December
31,
|
|
As of December
31,
|
2021
|
|
2022
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
444,933
|
|
346,539
|
|
50,243
|
Time
deposits
|
10,000
|
|
-
|
|
-
|
Restricted time
deposits
|
234,601
|
|
297,634
|
|
43,153
|
Short-term
investment
|
35,950
|
|
-
|
|
-
|
Accounts receivable,
net (including amounts billed through
related party of
RMB4,359 and nil as of December 31,
2021 and December 31,
2022, respectively)
|
175,165
|
|
189,665
|
|
27,499
|
Amount due from
related parties
|
140
|
|
153
|
|
22
|
Prepayments and other
current assets
|
53,466
|
|
46,537
|
|
6,747
|
Total current
assets
|
954,255
|
|
880,528
|
|
127,664
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
12,617
|
|
12,578
|
|
1,824
|
Intangible assets,
net
|
21,675
|
|
18,339
|
|
2,659
|
Goodwill
|
10,236
|
|
-
|
|
-
|
Restricted cash and
time deposits
|
37,266
|
|
40,059
|
|
5,808
|
Other non-current
assets
|
33,873
|
|
10,758
|
|
1,560
|
Total non-current
assets
|
115,667
|
|
81,734
|
|
11,851
|
Total
assets
|
1,069,922
|
|
962,262
|
|
139,515
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
181,853
|
|
253,481
|
|
36,751
|
Accounts payable
(including amounts billed through
related party of
RMB2,384 and RMB5,652
as of December
31, 2021 and
December 31, 2022, respectively)
|
103,782
|
|
96,729
|
|
14,024
|
Advances from
customers
|
47,221
|
|
46,920
|
|
6,803
|
Tax payable
|
14,670
|
|
9,662
|
|
1,401
|
Amount due to related
parties
|
29,270
|
|
13,534
|
|
1,962
|
Accrued expenses and
other current liabilities
|
152,521
|
|
88,871
|
|
12,885
|
Total current
liabilities
|
529,317
|
|
509,197
|
|
73,826
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities
|
4,549
|
|
3,644
|
|
528
|
Other non-current
liabilities
|
13,604
|
|
13,096
|
|
1,900
|
Total non-current
liabilities
|
18,153
|
|
16,740
|
|
2,428
|
Total
liabilities
|
547,470
|
|
525,937
|
|
76,254
|
Mezzanine
equity:
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
1,689
|
|
-
|
|
-
|
Shareholders'
equity:
|
|
|
|
|
|
Ordinary
shares
|
286
|
|
286
|
|
41
|
Treasury stock, at
cost
|
(88,130)
|
|
(77,499)
|
|
(11,236)
|
Additional paid-in
capital
|
1,902,587
|
|
1,891,266
|
|
274,208
|
Accumulated
losses
|
(1,299,846)
|
|
(1,424,153)
|
|
(206,483)
|
Statutory
reserves
|
2,027
|
|
2,027
|
|
294
|
Accumulated other
comprehensive (loss)/income
|
(15,419)
|
|
37,941
|
|
5,501
|
Total Jianpu's
shareholders' equity
|
501,505
|
|
429,868
|
|
62,325
|
Noncontrolling
interests
|
19,258
|
|
6,457
|
|
936
|
Total shareholders'
equity
|
520,763
|
|
436,325
|
|
63,261
|
Total liabilities,
mezzanine equity and shareholders'
equity
|
1,069,922
|
|
962,262
|
|
139,515
|
Jianpu Technology
Inc.
Unaudited Condensed
Consolidated Statements of Comprehensive Loss
|
|
(In thousands
except for number of shares and per
share data)
|
|
For the Three Months
Ended December 31,
|
|
For the Year Ended
December 31,
|
|
2021
|
2022
|
|
2021
|
2022
|
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Recommendation
services:
|
|
|
|
|
|
|
|
|
Loans
[a]
|
|
45,640
|
62,883
|
9,117
|
|
167,483
|
258,069
|
37,416
|
Credit
cards
|
|
112,267
|
108,444
|
15,723
|
|
407,759
|
473,673
|
68,676
|
Total recommendation
services
|
|
157,907
|
171,327
|
24,840
|
|
575,242
|
731,742
|
106,092
|
Big data and
system-based risk management
services
[b]
|
|
36,467
|
28,917
|
4,193
|
|
130,408
|
96,917
|
14,052
|
Marketing and
other services
[1][b]
|
|
54,489
|
48,014
|
6,961
|
|
99,397
|
161,016
|
23,345
|
Total
revenues
|
|
248,863
|
248,258
|
35,994
|
|
805,047
|
989,675
|
143,489
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of promotion and
acquisition [c]
|
|
(187,223)
|
(171,784)
|
(24,906)
|
|
(562,081)
|
(693,272)
|
(100,515)
|
Cost of operation
[d]
|
|
(25,103)
|
(24,102)
|
(3,494)
|
|
(88,049)
|
(83,995)
|
(12,178)
|
Total cost of
services
|
|
(212,326)
|
(195,886)
|
(28,400)
|
|
(650,130)
|
(777,267)
|
(112,693)
|
Sales and marketing
expenses [e]
|
|
(34,770)
|
(32,747)
|
(4,748)
|
|
(143,460)
|
(134,308)
|
(19,473)
|
Research and
development expenses [e]
|
|
(30,176)
|
(26,280)
|
(3,810)
|
|
(132,427)
|
(113,965)
|
(16,523)
|
General and
administrative expenses
|
|
(32,825)
|
(22,956)
|
(3,328)
|
|
(137,533)
|
(102,831)
|
(14,909)
|
Impairment of goodwill
and intangible assets
|
|
-
|
-
|
-
|
|
-
|
(13,327)
|
(1,932)
|
Loss from
operations
|
|
(61,234)
|
(29,611)
|
(4,292)
|
|
(258,503)
|
(152,023)
|
(22,041)
|
Net interest
expenses
|
|
(1,171)
|
398
|
58
|
|
(4,193)
|
(3,724)
|
(540)
|
Others, net
|
|
13,978
|
8,935
|
1,295
|
|
58,020
|
20,578
|
2,984
|
Loss before income
tax
|
|
(48,427)
|
(20,278)
|
(2,939)
|
|
(204,676)
|
(135,169)
|
(19,597)
|
Income tax
benefits
|
|
143
|
81
|
12
|
|
582
|
918
|
133
|
Net
loss
|
|
(48,284)
|
(20,197)
|
(2,927)
|
|
(204,094)
|
(134,251)
|
(19,464)
|
Less: net income/
(loss) attributable to
noncontrolling
interests
|
|
(916)
|
24
|
3
|
|
(4,309)
|
(9,944)
|
(1,442)
|
Net loss
attributable to Jianpu Technology
Inc.
|
|
(47,368)
|
(20,221)
|
(2,930)
|
|
(199,785)
|
(124,307)
|
(18,022)
|
Accretion of mezzanine
equity
|
|
-
|
1,387
|
201
|
|
-
|
(7,353)
|
(1,066)
|
Net loss
attributable to Jianpu's
shareholders
|
|
(47,368)
|
(18,834)
|
(2,729)
|
|
(199,785)
|
(131,660)
|
(19,088)
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss), net
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(12,585)
|
(9,713)
|
(1,408)
|
|
(16,453)
|
53,349
|
7,735
|
Total other
comprehensive income/ (loss)
|
|
(12,585)
|
(9,713)
|
(1,408)
|
|
(16,453)
|
53,349
|
7,735
|
Total comprehensive
loss
|
|
(60,869)
|
(29,910)
|
(4,335)
|
|
(220,547)
|
(80,902)
|
(11,729)
|
Less: total
comprehensive loss attributable to
noncontrolling
interests
|
|
(1,579)
|
(137)
|
(20)
|
|
(4,341)
|
(9,955)
|
(1,443)
|
Total
comprehensive loss attributable to
Jianpu Technology
Inc.
|
|
(59,290)
|
(29,773)
|
(4,315)
|
|
(216,206)
|
(70,947)
|
(10,286)
|
Accretion of mezzanine
equity
|
|
-
|
1,387
|
201
|
|
-
|
(7,353)
|
(1,066)
|
Total comprehensive
loss attributable to
Jianpu's shareholders
|
|
(59,290)
|
(28,386)
|
(4,114)
|
|
(216,206)
|
(78,300)
|
(11,352)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Jianpu's
shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.11)
|
(0.04)
|
(0.01)
|
|
(0.47)
|
(0.31)
|
(0.05)
|
Diluted
|
|
(0.11)
|
(0.04)
|
(0.01)
|
|
(0.47)
|
(0.31)
|
(0.05)
|
Net loss per
ADS attributable to Jianpu's
shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
(2.24)
|
(0.89)
|
(0.13)
|
|
(9.43)
|
(6.21)
|
(0.90)
|
Diluted
|
|
(2.24)
|
(0.89)
|
(0.13)
|
|
(9.43)
|
(6.21)
|
(0.90)
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
Basic
|
|
423,677,480
|
424,432,329
|
424,432,329
|
|
423,661,496
|
424,031,623
|
424,031,623
|
Diluted
|
|
423,677,480
|
424,432,329
|
424,432,329
|
|
423,661,496
|
424,031,623
|
424,031,623
|
|
[a] Including revenues
from related party of RMB85 and RMB487 for the three months ended
December 31, 2021 and 2022, respectively, and
RMB488 and RMB903 for
the year ended December 31, 2021 and 2022, respectively.
[b] Including revenues
from related party of RMB795 and RMB985 for the three months ended
December 31, 2021 and 2022, respectively,
and RMB4,282 and
RMB4,803 for the year ended December 31, 2021 and 2022,
respectively.
[c] Including cost of
promotion and acquisition from related party of nil and
RMB22 for the three months ended December 31, 2021 and
2022,
respectively, and
nil and RMB207 for the year ended December 31, 2021 and 2022,
respectively.
[d] Including cost of
operation from related party of RMB116 and RMB103 for the three
months ended December 31, 2021 and 2022,
respectively, and
RMB883 and RMB386 for the year ended December 31, 2021 and 2022,
respectively.
[e] Including expenses
from related party of RMB697 and RMB347 for the three months ended
December 31, 2021 and 2022, respectively,
and RMB809 and RMB871
for the year ended December 31, 2021 and 2022,
respectively.
|
Jianpu Technology
Inc.
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
(In
thousands)
|
|
For the Three Months
Ended December 31,
|
|
For the Year Ended
December 31,
|
|
2021
|
2022
|
|
2021
|
2022
|
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
Net
loss
|
|
(48,284)
|
(20,197)
|
(2,927)
|
|
(204,094)
|
(134,251)
|
(19,464)
|
Add: Share-based
compensation expenses
|
|
2,386
|
182
|
26
|
|
17,357
|
6,578
|
954
|
Investment impairment
loss
|
|
-
|
9,082
|
1,317
|
|
-
|
17,798
|
2,580
|
Impairment of goodwill
and intangible
assets
|
|
-
|
-
|
-
|
|
-
|
13,327
|
1,932
|
Investment gain of
deconsolidation of
subsidiaries[4]
|
|
-
|
(17,000)
|
(2,465)
|
|
-
|
(23,149)
|
(3,356)
|
Tax effects on
Non-GAAP
adjustments[6]
|
|
-
|
-
|
-
|
|
-
|
(464)
|
(67)
|
Non-GAAP adjusted
net loss
|
|
(45,898)
|
(27,933)
|
(4,049)
|
|
(186,737)
|
(120,161)
|
(17,421)
|
Add: Depreciation and
amortization
|
|
2,405
|
651
|
94
|
|
11,112
|
4,457
|
646
|
Net interest
expenses
|
|
1,171
|
(398)
|
(58)
|
|
4,193
|
3,724
|
540
|
Income tax
benefits
|
|
(143)
|
(81)
|
(12)
|
|
(582)
|
(454)
|
(66)
|
Non-GAAP adjusted
EBITDA
|
|
(42,465)
|
(27,761)
|
(4,025)
|
|
(172,014)
|
(112,434)
|
(16,301)
|
|
|
[1] Starting from the
fourth quarter of 2022, we updated the description of our revenue
stream advertising, marketing and other services as
marketing and other
services, to provide more relevant and clear information. We also
updated the revenue description in comparative periods
to conform to the
current classification.
[2] Non-GAAP adjusted
net loss represents net loss before share-based compensation
expenses, investment impairment loss, impairment of
goodwill and intangible
assets, investment gain of deconsolidation of subsidiaries and tax
effects of above Non-GAAP adjustments. See
"Unaudited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
press release for more details about Non-GAAP adjusted
net
loss. Non-GAAP adjusted
net loss margin equals Non-GAAP adjusted net loss divided by total
revenues.
[3] ROI is calculated
as revenues of recommendation services and marketing and other
services divided by cost of promotion and acquisition.
[4] In June 2022,
Databook Tech Ltd ("Databook"), one of the Company's subsidiaries,
made a cash distribution to its shareholders, through
which the Company
received a portion of the cash distribution. Databook also issued
additional shares to one minority shareholder and
changed the Company's
board seat in Databook to one director. The Company consequently
became a minority shareholder of Databook and
no longer has control
over the Databook. The investment gain of RMB6.1 million was
realized in the second quarter of 2022, and RMB17.0
million was realized in
the fourth quarter of 2022.
[5] Non-GAAP adjusted
EBITDA represents EBITDA before share-based compensation expenses,
investment impairment loss, impairment of
goodwill and intangible
assets and investment gain of deconsolidation of subsidiaries.
EBITDA represents net (loss)/income before interest
income and expenses,
income tax benefits from net loss and depreciation and
amortization. See "Unaudited Reconciliations of GAAP and
Non-GAAP Results" for
more details.
[6] Tax effects on
Non-GAAP adjustments was tax effects relating to the impairment of
intangible assets.
|
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SOURCE Jianpu Technology Inc.