Aurora Mobile Limited Announces Third Quarter 2021 Unaudited Financial Results

StreetInsider2021-11-23

(GLOBE NEWSWIRE) -- Aurora Mobile Limited , a leading mobile developer service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2021. Third ...

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peterongwk
2021-11-23
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Starting from the first quarter of 2021, the Company only has revenues from SAAS Businesses.\nThird Quarter 2021 Financial Highlights (for the Group as a whole, where for the comparative third quarter in 2020, contribution from Targeted Marketing business was included)\n\nRevenues were RMB90.5 million (US$14.0 million), a decrease of 17% year-over-year.\nCost of revenues was RMB23.2 million (US$3.6 million), a decrease of 60% year-over-year.\nGross profit was RMB67.4 million (US$10.5 million), an increase of 32% year-over-year.\nTotal operating expenses were RMB103.7 million (US$16.1 million), an increase of 6% year-over-year.\nNet loss was RMB35.6 million (US$5.5 million), compared with a net loss of RMB43.7 million for the same quarter last year.\nAdjusted net loss (non-GAAP) was RMB26.2 million (US$4.1 million), compared with a RMB36.9 million adjusted net loss for the same quarter last year.\nAdjusted EBITDA (non-GAAP) was negative RMB16.1 million (US$2.5 million), compared with a negative RMB22.0 million for the same quarter last year.\n\nThird Quarter 2021 Operational Highlights \n\nNumber of mobile apps utilizing at least one of the Company’s developer services, or the cumulative app installations, increased to approximately 1,786,000 as of September 30, 2021 from approximately 1,645,000 as of September 30, 2020.\nNumber of monthly active unique mobile devices increased to 1.44 billion in September 2021 from 1.39 billion in September 2020.\nCumulative SDK installations increased to 55.4 billion as of September 30, 2021 from 43.8 billion as of September 30, 2020.\nNumber of paying customers increased to 2,729 in the third quarter of 2021 from 2,405 in the third quarter of 2020.\n\nMr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “This is the third quarter we have been operating under the pure SAAS business model since the beginning of 2021. Our focus on building and growing our SAAS Businesses has been very successful. We have seen a steady and solid upward trend in the results of our SAAS Businesses including revenue, gross profit and a 27% improvement in Adjusted EBITDA from a year ago, demonstrating our strong operating leverage.\nRevenues from our SAAS Businesses set another quarterly record with 48% growth in Developer Services, and 18% in Vertical Applications on a year-over-year basis. Our group margin has greatly improved from 47% a year ago to 74.4%, which was the result of our successful transition into the pure SAAS business model. The strong gross profit growth of our SAAS Businesses was mainly driven by revenue growth of 38% year-over-year.\nThe backbone of our continuous revenue growth has been our relentless team effort and prioritization of innovation in developer services’ products. In Q3’2021, we launched a free version of our core JPush product, featuring a brand-new upgrade to the ‘HUB function’ whereby mobile app developers can easily integrate the ‘7 major mobile phone manufacturers’ and ‘Operating Systems’ push channels into the app. This ‘HUB function’ marks a new milestone of helping developers greatly improve their push results with very simple and efficient integration steps and cements our position as the leading push notification provider in China.\nAs one of several newly introduced products in 2021, our VAAS product has generated much customer interest. For example, during this quarter, one of the most renowned manufacturers in the smart home industry started testing our VAAS product on their smart home appliances intended for a wider roll out in the near future. By providing short videos that are tailored, customized and geared towards different user groups, and displayed on different appliances, our VAAS product continues to satisfy customers’ requirements and increase user stickiness and user retention time. We believe that our VAAS product has vast market potential and applications going forward.”\nMr. Fei Chen, President of Aurora Mobile, added, “Revenues from Developer Services reached RMB64.7 million, a robust 48% growth on a year-over-year basis. The year-over-year revenue growth was the result of strong growth of 32% in Subscription Services and a very impressive 84% growth in Value-added-services.\nSubscription Services revenues were RMB39.8 million, an increase of 32% year-over-year, primarily driven by new customer acquisition. Our revenue contribution of non-push notification products increased to 43% from 31% a year ago, which is a result of our continuous cross-selling of non-push subscription products.\nValue-added-services within Developer Services, which include revenues from JG Alliance services and Advertisement SAAS, achieved outstanding results where revenues grew significantly by 84% year-over-year to RMB24.9 million from RMB13.5 million in Q3’2020. The demand for our JG Alliance products has proven to be continuously strong since its introduction to the market, while the mini-program and app retargeting related demand continued to contribute a majority of the JG Alliance revenue in the third quarter of 2021.\nVertical Applications that cover Financial Risk Management, Market Intelligence and iZone, grew steadily by 18% year-over-year with the lion’s share of the growth coming from the Financial Risk Management business. In the Financial Risk Management segment, revenues increased substantially by 35% year-over-year with the help of the 37% growth in ARPU. The strong demand for our Financial Risk Management products has paved the way for us to acquire new customers and retain many existing customers every quarter.”\nMr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “This is the third quarter where we have delivered SAAS Businesses-only results, and we are very pleased with the top line results we have achieved. We are equally excited to share our balance sheet results.\nOur AR turnover days continued to shorten significantly from 45 days in Q3’2020 to 39 days this quarter. This was similar to the trend seen last quarter, due to both the shift away from the legacy Targeted Marketing to focus on the SAAS Businesses and the disciplined credit granting policy and our focus on improving AR collection. Total deferred revenue balance, which represents cash collected in advance from customers, was RMB119.0 million at quarter-end, exceeding RMB100 million for the 6th consecutive quarter. We believe that the growth momentum of the past three quarters will continue to bring more sound results in the coming quarters.”\nThird Quarter 2021 Financial Results\nRevenues were RMB90.5 million (US$14.0 million), a decrease of 17% from RMB108.6 million in the same quarter of last year, mainly due to a 100% decrease in revenues from the legacy Targeted Marketing business as the Company exited this business by the end of 2020, and offset by the strong growth in revenues of 48% from Developer Services and 18% from Vertical Applications. In particular, the revenues from Value-added-services within Developer Services increased by 84% compared to the same quarter of last year.\nCost of revenues was RMB23.2 million (US$3.6 million), a decrease of 60% from RMB57.5 million in the same quarter of last year. The decrease was mainly due to the decrease in media cost of RMB32.7 million as the Company has completely exited from the legacy Targeted Marketing business by the end of 2020.\nGross profit was RMB67.4 million (US$10.5 million), an increase of 32% from RMB51.1 million in the same quarter of last year despite revenues decreased by 17% on a year-over-year basis. This is the result of our successful strategic shift in focus from a low margin legacy Targeted Marketing model to a high margin pure SAAS business model. Gross profit in the third quarter of 2021 was 100% contributed from the SAAS Businesses.\nTotal operating expenses were RMB103.7 million (US$16.1 million), an increase of 6% from RMB97.7 million in the same quarter of last year.\n\nResearch and development expenses were RMB55.5 million (US$8.6 million), an increase of 22% from RMB45.6 million in the same quarter of last year, mainly due to a RMB5.6 million increase in personnel costs and a RMB6.5 million increase in cloud cost to support the expansion of SAAS Businesses. The impact was partially offset by a RMB1.1 million decrease in depreciation.\nSales and marketing expenses were RMB29.4 million (US$4.6 million), an increase of 5% from RMB28.0 million in the same quarter of last year, mainly due to a RMB1.6 million increase in personnel costs.\nGeneral and administrative expenses were RMB18.8 million (US$2.9 million), a decrease of 22% from RMB24.1 million in the same quarter of last year, mainly due to a RMB6.9 million decrease in bad debt provision which was the result of our company-wide concerted focus on strict financial control measures, and the impact was offset by a RMB0.8 million increase in personnel costs.\n\nLoss from operations was RMB36.4 million (US$5.6 million), compared with RMB46.6 million in the same quarter of last year.\nNet Loss was RMB35.6 million (US$5.5 million), compared with RMB43.7 million in the same quarter of last year.\nAdjusted net loss (non-GAAP) was RMB26.2 million (US$4.1 million), compared with RMB36.9 million in the same quarter of last year.\nAdjusted EBITDA (non-GAAP) was negative RMB16.1 million (US$2.5 million) compared with negative RMB22.0 million for the same quarter of last year.\nThe cash and cash equivalents, restricted cash and short-term investments were RMB281.4 million (US$43.7 million) as of September 30, 2021 compared with RMB436.2 million as of December 31, 2020. The decrease was primarily due to convertible notes valued at US$35.0 million were fully redeemed in April 2021.\nBusiness Outlook\nBased on the current available information, the Company sees full year 2021 revenue guidance to be in the range of RMB350.0 million to RMB360.0 million, representing growth of 36% to 40% year-over-year compared with last year, and guidance for our full year gross margin to remain above 70%.\nPlease note that, for meaningful comparison purposes, the prior year revenue number used to calculate the growth percentage excludes revenues from the Targeted Marketing business. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":875275935,"gmtCreate":1637663729589,"gmtModify":1637663729732,"author":{"id":"3582888287934264","authorId":"3582888287934264","name":"peterongwk","avatar":"https://static.tigerbbs.com/d59b7e35254008f12e8d269f053963b9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3582888287934264","idStr":"3582888287934264"},"htmlText":"[Angry]&nbsp;","listText":"[Angry]&nbsp;","text":"[Angry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875275935","repostId":2185388390,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6692396,"gmtCreate":1637663736869,"gmtModify":1637663736901,"authorId":3582888287934264,"author":{"id":3582888287934264,"idStr":"3582888287934264","authorId":3582888287934264,"name":"peterongwk","avatar":"https://static.tigerbbs.com/d59b7e35254008f12e8d269f053963b9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":875275935,"type":1,"supId":0,"prevId":0,"content":"Hmm","text":"Hmm","html":"Hmm"}],"langContent":"CN"},{"id":875233608,"gmtCreate":1637655234602,"gmtModify":1637655234669,"author":{"id":"3582189889665842","authorId":"3582189889665842","name":"THB","avatar":"https://static.tigerbbs.com/714f3e61faee0b8a2ef01897bed9705d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3582189889665842","idStr":"3582189889665842"},"htmlText":"[Cry]&nbsp;","listText":"[Cry]&nbsp;","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875233608","repostId":2185388390,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6691215,"gmtCreate":1637655241460,"gmtModify":1637655241489,"authorId":3582189889665842,"author":{"id":3582189889665842,"idStr":"3582189889665842","authorId":3582189889665842,"name":"THB","avatar":"https://static.tigerbbs.com/714f3e61faee0b8a2ef01897bed9705d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":875233608,"type":1,"supId":0,"prevId":0,"content":"一","text":"一","html":"一"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":20,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2185388390"}