• Agora, Inc. Reports Second Quarter 2023 Financial Results

    Источник: Nasdaq GlobeNewswire / 21 авг 2023 18:00:00   America/New_York

    SANTA CLARA, Calif., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in real-time engagement technology, today announced its unaudited financial results for the second quarter ended June 30, 2023.

    “We continued to face a very challenging operating environment this quarter. The Agora business was impacted by the tightening financing conditions of certain customers, while the Shengwang business navigated a slowing economy and fast evolving regulations in certain downstream markets,” said Tony Zhao, founder, chairman and CEO of Agora, Inc. “In light of these challenges, we have taken steps to focus our resources on fewer projects with clear customer value, such as our high-definition video initiative, and target emerging use cases, such as vertical social networks. As a result, our non-GAAP net loss and operating cash outflow further narrowed this quarter, both sequentially and year-on-year. Separately, from when the board approved our share repurchase program in February 2022 to the end of June 2023, we have returned approximately $82.0 million to shareholders through share repurchases, demonstrating our commitment to safeguarding shareholder value and confidence in our long-term prospects.”

    Second Quarter 2023 Highlights

    • Total revenues for the quarter were $34.0 million, a decrease of 16.9% from $41.0 million in the second quarter of 2022.
      • Agora: $15.3 million for the quarter, a decrease of 5.6% from $16.2 million in the second quarter of 2022.
      • Shengwang: RMB131.5 million ($18.7 million) for the quarter, a decrease of 19.8% from RMB164.0 million ($24.8 million) in the second quarter of 2022, or a decrease of 11.7% from RMB149.0 million ($22.5 million) in the second quarter of 2022 if excluding revenue from the disposed Customer Engagement Cloud (“CEC”) business and revenue from terminated businesses due to regulatory changes in the education sector.
    • Active Customers
      • Agora: 1,560 as of June 30, 2023, an increase of 23.9% from 1,259 as of June 30, 2022.
      • Shengwang: 3,992 as of June 30, 2023, an increase of 5.1% from 3,798 as of June 30, 2022.
    • Dollar-Based Net Retention Rate
      • Agora: 108% for the trailing 12-month period ended June 30, 2023.
      • Shengwang: 91% for the trailing 12-month period ended June 30, 2023 (excluding revenues from terminated businesses due to regulatory changes in the education sector).
    • Net loss for the quarter was $45.3 million, compared to net loss of $30.7 million in the second quarter of 2022. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill, non-GAAP net loss for the quarter was $6.6 million, compared to the non-GAAP net loss of $20.8 million in the second quarter of 2022. Adjusted EBITDA for the quarter was negative $6.6 million, compared to negative $15.3 million in the second quarter of 2022.
    • Total cash, cash equivalents, bank deposits and financial products issued by banks as of June 30, 2023 was $391.6 million.
    • Net cash used in operating activities for the quarter was $5.3 million, compared to $23.8 million in the second quarter of 2022. Free cash flow for the quarter was negative $5.6 million, compared to negative $24.2 million in the second quarter of 2022.

    Second quarter 2023 Financial Results

    Revenues
    Total revenues were $34.0 million in the second quarter of 2023, a decrease of 16.9% from $41.0 million in the same period last year. Revenues of Agora were $15.3 million in the second quarter of 2023, a decrease of 5.6% from $16.2 million in the same period last year, primarily due to the decrease in usage and pricing from and to certain customers due to their tightening financing conditions. Revenues of Shengwang were RMB131.5 million ($18.7 million) in the second quarter of 2023, a decrease of 19.8% from RMB164.0 million ($24.8 million) in the same period last year, primarily due to macroeconomic slowdown, terminated businesses due to regulatory changes in the education sector and the disposal of the CEC business in the first quarter of 2023.

    Cost of Revenues
    Cost of revenues was $12.5 million in the second quarter of 2023, a decrease of 13.0% from $14.4 million in the same period last year, primarily due to the decrease in bandwidth usage and co-location costs.

    Gross Profit and Gross Margin
    Gross profit was $21.5 million in the second quarter of 2023, a decrease of 19.1% from $26.6 million in the same period last year. Gross margin was 63.3% in the second quarter of 2023, a decrease of 1.6% from 64.9% in the same period last year, mainly due to a change in product mix.

    Operating Expenses
    Operating expenses were $38.1 million in the second quarter of 2023, a decrease of 30.0% from $54.5 million in the same period last year.

    • Research and development expenses were $20.3 million in the second quarter of 2023, a decrease of 37.5% from $32.4 million in the same period last year, primarily due to a decrease in research and development personnel costs as the Company optimized its global workforce, including a decrease in share-based compensation from $4.8 million in the second quarter of 2022 to $3.4 million in the second quarter of 2023.
    • Sales and marketing expenses were $8.6 million in the second quarter of 2023, a decrease of 34.1% from $13.1 million in the same period last year, primarily due to a decrease in sales and marketing personnel costs as the Company optimized its global workforce, including a decrease in share-based compensation from $1.9 million in the second quarter of 2022 to $1.2 million in the second quarter of 2023.
    • General and administrative expenses were $9.2 million in the second quarter of 2023, an increase of 3.0% from $9.0 million in the same period last year, primarily due to increased amortization expenses of land use right.

    Other Operating Income
    Other operating income was $0.4 million in the second quarter of 2023, compared to $0.2 million in the same period last year, primarily due to receiving government subsidies in the second quarter of 2023.

    Impairment of Goodwill
    Impairment of goodwill was $31.9 million in the second quarter of 2023. As a result of the completion of Easemob’s organizational integration in the second quarter of 2023, the Company only identified one reporting unit. Considering the negative impact on market demands as a result of a challenging global macroeconomic environment and regulatory changes in certain sectors, the Company performed quantitative impairment tests on the goodwill and recognized the impairment of goodwill, whereas there were no material transactions in the same period last year.

    Loss from Operations
    Loss from operations was $48.1 million in the second quarter of 2023, compared to $27.7 million in the same period last year.

    Interest Income
    Interest income was $4.8 million in the second quarter of 2023, compared to $2.1 million in the same period last year, primarily due to the increase in interest rates.

    Investment Loss
    Investment loss was $1.9 million in the second quarter of 2023, primarily due to loss on investments in certain private companies of $4.9 million, which was offset in part by the fair value change in equity investments of $3.0 million, whereas there were no material transactions in the same period last year.

    Other income
    Other income was $0.6 million in the second quarter of 2023, primarily due to the income of incentive payments from a depositary bank, whereas there were no material transactions in the same period last year.

    Net Loss
    Net loss was $45.3 million in the second quarter of 2023, compared to $30.7 million in the same period last year.

    Net Loss per American Depositary Share attributable to ordinary shareholders
    Net loss per American Depositary Share (“ADS”)1 attributable to ordinary shareholders was $0.45 in the second quarter of 2023, compared to $0.27 in the same period last year.

    Share Repurchase Program

    During the quarter ended June 30, 2023, the Company repurchased approximately 25.2 million of its class A ordinary shares (equivalent to approximately 6.3 million ADSs) for approximately US$20.7 million under its share repurchase program, representing 10% of its US$200 million share repurchase program.

    As of June 30, 2023, the Company had repurchased approximately 82.7 million of its class A ordinary shares (equivalent to approximately 20.7 million ADSs) for approximately US$82.0 million under its share repurchase program, representing 41% of its US$200 million share repurchase program.

    As of June 30, 2023, the Company had 390.2 million ordinary shares (equivalent to approximately 97.5 million ADSs) outstanding, reflecting a reduction of 59.6 million ordinary shares (equivalent to approximately 14.9 million ADSs) from January 31, 2022 before the share repurchase program commenced.

    The current share repurchase program will expire at the end of February 2024.

    Financial Outlook

    The Company expects total revenues for the third quarter of 2023 to be between $34.5 million and $36.5 million. This outlook reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

    Earnings Call

    The Company will host a conference call to discuss the financial results at 6 p.m. Pacific Time / 9:00 p.m. Eastern Time on August 21, 2023. Details for the conference call are as follows:
    Event title: Agora, Inc. 2Q 2023 Financial Results
    The call will be available at https://edge.media-server.com/mmc/p/vqp9dooj
    Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below.
    https://register.vevent.com/register/BI3ecc15914def449997fdf5f47ff4842f
    Please visit the Company’s investor relations website at https://investor.agora.io on August 21, 2023 to view the earnings release and accompanying slides prior to the conference call.

    Use of Non-GAAP Financial Measures

    The Company has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believe that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing its financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. The Company believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill that it includes in its cost of revenues, total operating expenses and net income (loss). The Company believes that all such non-GAAP financial measures also 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.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of its historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.

    Definitions of the Company’s non-GAAP financial measures included in this press release are presented below.

    Non-GAAP Net Income (Loss)

    Non-GAAP net income (loss) is defined as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income (loss) before exchange gain (loss), interest income, investment income (loss), other income, equity in income of affiliates, income taxes, depreciation of property and equipment, amortization of land use right, and adjusted to exclude the effects of share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and impairment of goodwill.

    Free Cash Flow

    Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment (excluding the acquisition of land use right and the construction in progress for the headquarters project). The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

    Operating Metrics

    The Company also uses other operating metrics included in this press release and defined below to assess the performance of its business.

    Active Customers

    An active customer at the end of any particular period is defined as an organization or individual developer from which the Company generated more than $100 of revenue during the preceding 12 months. Customers are counted based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications.

    Dollar-Based Net Retention Rate

    Dollar-Based Net Retention Rate is calculated for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. As the vast majority of revenue generated from Agora’s customers is denominated in U.S. dollars, while the vast majority of revenue generated from Shengwang’s customers is denominated in Renminbi, Dollar-Based Net Retention Rate is calculated in U.S. dollars for Agora and in Renminbi for Shengwang, which has substantially removed the impact of foreign currency translations. The Company believes Dollar-Based Net Retention Rate facilitates operating performance comparisons on a period-to-period basis.

    Safe Harbor Statements

    This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; the Company’s ability to manage its growth and expand its operations; the continued impact of COVID-19 on global markets and the Company’s business, operations and customers; the Company’s ability to attract new developers and convert them into customers; the Company’s ability to retain existing customers and expand their usage of its platform and products; the Company’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; the Company’s fluctuating operating results; competition; the effect of broader technological and market trends on the Company’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About Agora, Inc.

    Agora, Inc. is the holding company of two independent businesses, Agora and Shengwang.

    Headquartered in Santa Clara, California, Agora is a pioneer and global leader in Real-Time Engagement Platform-as-a-Service (PaaS), providing developers with simple, flexible, and powerful application programming interfaces, or APIs, to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications.

    Headquartered in Shanghai, China, Shengwang is a pioneer and leading Real-Time Engagement PaaS provider in the China market.

    For more information on Agora, please visit: www.agora.io
    For more information on Shengwang, please visit: www.shengwang.cn


    Agora, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in US$ thousands)


     As of  As of 
     June 30,  December 31, 
     2023  2022 
    Assets     
    Current assets:     
    Cash and cash equivalents37,988  45,673 
    Short-term bank deposits116,000  334,537 
    Short-term financial products issued by banks35,469  33,359 
    Short-term investments14,291  14,143 
    Accounts receivable, net32,016  32,803 
    Prepayments and other current assets7,819  7,326 
    Contract assets1,357  634 
    Held-for-sale assets-  17,004 
    Total current assets244,940  485,479 
    Property and equipment, net12,965  12,946 
    Operating lease right-of-use assets4,763  2,344 
    Intangible assets1,967  2,727 
    Goodwill-  31,928 
    Long-term bank deposits143,127  - 
    Long-term financial products issued by banks59,000  39,000 
    Long-term investments50,180  55,159 
    Land use right, net165,621  - 
    Prepayment for land use right-  168,244 
    Other non-current assets5,816  2,888 
    Total assets688,379  800,715 
          
    Liabilities and shareholders’ equity     
    Current liabilities:     
    Accounts payable10,537  10,103 
    Advances from customers7,463  8,352 
    Taxes payable1,209  1,867 
    Current operating lease liabilities2,220  1,932 
    Accrued expenses and other current liabilities31,517  47,011 
    Held-for-sale liabilities-  2,388 
    Total current liabilities52,946  71,653 
    Long-term payable15  55 
    Long-term operating lease liabilities2,437  340 
    Deferred tax liabilities301  407 
    Total liabilities55,699  72,455 
          
    Shareholders’ equity:     
    Class A ordinary shares39  39 
    Class B ordinary shares8  8 
    Additional paid-in-capital1,135,232  1,134,704 
    Treasury shares, at cost(69,956) (41,815)
    Accumulated other comprehensive loss(13,869) (7,994)
    Accumulated deficit(418,774) (356,682)
    Total shareholders’ equity632,680  728,260 
    Total liabilities and shareholders’ equity688,379  800,715 
          

    Agora, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (Unaudited, in US$ thousands, except share and per ADS amounts)

     Three Month Ended Six Month Ended
     June 30, June 30,
     2023 2022  2023 2022 
    Real-time engagement service revenues32,979 39,203  68,080 76,260 
    Other revenues1,059 1,776  2,401 3,304 
    Total revenues34,038 40,979  70,481 79,564 
    Cost of revenues12,502 14,370  26,099 28,881 
    Gross profit21,536 26,609  44,382 50,683 
    Operating expenses:     
    Research and development20,285 32,442  41,316 63,476 
    Sales and marketing8,638 13,117  19,114 26,973 
    General and administrative9,221 8,952  18,030 18,182 
    Total operating expenses38,144 54,511  78,460 108,631 
    Other operating income399 190  895 1,228 
    Impairment of goodwill(31,928)-  (31,928)- 
    Loss from operations(48,137)(27,712) (65,111)(56,720)
    Exchange loss(328)(5,297) (211)(5,031)
    Interest income4,750 2,142  9,156 3,978 
    Investment loss(1,943)(88) (6,371)(88)
    Other income550 -  550 - 
    Loss before income taxes(45,108)(30,955) (61,987)(57,861)
    Income taxes(169)(255) (159)(252)
    Equity in income (loss) of affiliates(16)532  51 491 
    Net loss(45,293)(30,678) (62,095)(57,622)
    Net loss attributable to ordinary shareholders(45,293)(30,678) (62,095)(57,622)
    Other comprehensive loss:     
    Foreign currency translation adjustments(9,430)(1,832) (7,261)(1,830)
    Gain (loss) on available-for-sale debt securities- (429) 1,385 (526)
    Total comprehensive loss attributable to ordinary shareholders(54,723)(32,939) (67,971)(59,978)
          
    Net loss per ADS attributable to ordinary shareholders, basic and diluted(0.45)(0.27) (0.60)(0.51)
          
    Weighted-average shares used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted402,116,231 446,614,083  413,004,785 448,823,787 
          
    Share-based compensation expenses included in:     
    Cost of revenues230 349  447 595 
    Research and development expenses3,356 4,839  6,899 10,192 
    Sales and marketing expenses1,172 1,859  2,905 3,806 
    General and administrative expenses2,077 1,986  4,008 3,821 
              

    Agora, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, in US$ thousands)

     Three Month Ended Six Month Ended
     June 30, June 30,
     2023 2022  2023 2022 
    Cash flows from operating activities:     
    Net loss(45,293)(30,678) (62,095)(57,622)
    Adjustments to reconcile net loss to net cash used in operating activities:     
    Share-based compensation expenses6,835 9,033  14,259 18,414 
    Allowance for current expected credit losses1,947 1,637  3,501 2,909 
    Depreciation of property and equipment1,908 2,424  4,122 4,897 
    Amortization of intangible assets345 577  691 1,156 
    Amortization of land use right869 -  1,462 - 
    Deferred tax expense(53)(84) (106)(168)
    Amortization of right-of-use asset and interest on lease liabilities704 1,034  1,514 2,111 
    Investment loss (income)1,943 (80) 6,371 (115)
    Interest income on debt securities and investments- (100) (105)(199)
    Equity in income of affiliates16 (532) (51)(491)
    Gain on disposal of property and equipment(2)-  (44)- 
    Impairments of goodwill31,928 -  31,928 - 
    Changes in assets and liabilities, net of effect of acquisition:     
    Accounts receivable(970)(8,247) (3,353)(6,700)
    Contract assets(104)(104) (856)(464)
    Prepayments and other current assets(817)(728) (349)157 
    Other non-current assets(2,208)742  (3,056)(30)
    Accounts payable(393)761  986 1,943 
    Advances from customers(364)17  (659)113 
    Taxes payable322 354  (833)(878)
    Operating lease liabilities(692)(817) (1,545)(2,187)
    Deferred income(160)145  (160)145 
    Accrued expenses and other liabilities(1,091)849  (5,880)(2,649)
    Net cash used in operating activities(5,330)(23,797) (14,258)(39,658)
    Cash flows from investing activities:     
    Purchase of short-term bank deposits- (123,738) (129,521)(353,209)
    Purchase of short-term financial products issued by banks(369)-  (10,374)(14,274)
    Purchase of short-term investments- (8,005) - (8,005)
    Proceeds from maturity of short-term bank deposits43,521 122,997  348,058 349,130 
    Proceeds from maturity of short-term financial products issued by banks- 3,549  8,310 3,549 
    Purchase of long-term bank deposits(30,521)(4,175) (143,127)- 
    Purchase of long-term financial products issued by banks- -  (20,000)- 
    Purchase of long-term investments- -  (15)(18,105)
    Prepayment for long-term investments- (473) - (473)
    Purchase of property and equipment(265)(450) (450)(1,622)
    Purchase of land use right- -  (5,133)- 
    Deposit for land use rights purchase- (34,159) - (34,159)
    Purchase of construction in progress for the headquarters project(440)-  (2,487)- 
    Cash received for business disposal2,707 -  5,769 - 
    Disposal of property and equipment8 -  51 - 
    Cash paid for a business combination- -  (3,680)- 
    Net cash provided by (used in) investing activities14,641 (44,454) 47,401 (77,168)
    Cash flows from financing activities:     
    Deposits returned for business disposal- -  (1,000)- 
    Proceeds from exercise of employees’ share options492 260  516 883 
    Payment of financing cost- (621) - (621)
    Repurchase of Class A ordinary shares(20,964)(12,157) (40,367)(19,760)
    Net cash used in financing activities(20,472)(12,518) (40,851)(19,498)
    Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(926)1,387  (1,339)1,503 
    Net decrease in cash, cash equivalents and restricted cash(12,087)(79,382) (9,047)(134,821)
    Cash balance recorded in held-for sale assets at beginning of period- -  1,488 - 
    Cash, cash equivalents and restricted cash at beginning of period *50,355 230,386  45,827 285,825 
    Cash, cash equivalents and restricted cash at end of period **38,268 151,004  38,268 151,004 
    Supplemental disclosure of cash flow information:     
    Income taxes paid10 55  32 55 
    Cash payments included in the measurement of operating lease liabilities692 817  1,545 2,187 
    Right-of-use assets obtained in exchange for operating lease obligations394 -  4,088 - 
    Non-cash financing and investing activities:     
    Proceeds receivable from exercise of employees’ share options52 26  52 26 
    Deposits utilized for employees’ share option exercises- -  - 7 
    Payables for property and equipment8 671  8 671 
    Payables for deferred financing cost- -  - 610 
    Payables for construction in progress for the headquarters project2,857 -  2,857 - 
    Payables for treasury shares, at cost479 -  479 - 
    * includes restricted cash balance130 156  154 156 
    ** includes restricted cash balance280 155  280 155 
              

    Agora, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in US$ thousands, except share and per ADS amounts)

     Three Month Ended Six Month Ended
     June 30, June 30,
     2023 2022  2023 2022 
    GAAP net loss(45,293)(30,678) (62,095)(57,622)
    Add:     
    Share-based compensation expenses6,835 9,033  14,259 18,414 
    Acquisition related expenses(369)357  (413)513 
    Amortization expenses of acquired intangible assets345 556  690 1,112 
    Income tax related to acquired intangible assets(53)(84) (106)(168)
    Impairment of goodwill31,928 -  31,928 - 
    Non-GAAP net loss(6,607)(20,816) (15,737)(37,751)
          
    GAAP net loss(45,293)(30,678) (62,095)(57,622)
    Excluding:     
    Exchange loss328 5,297  211 5,031 
    Interest income(4,750)(2,142) (9,156)(3,978)
    Investment loss1,943 88  6,371 88 
    Equity in income (loss) of affiliates16 (532) (51)(491)
    Other income(550)-  (550)- 
    Income taxes169 255  159 252 
    Depreciation of property and equipment1,908 2,424  4,122 4,897 
    Amortization of land use right869 -  1,462 - 
    Share-based compensation expenses6,835 9,033  14,259 18,414 
    Acquisition related expenses(369)357  (413)513 
    Amortization expenses of acquired intangible assets345 556  690 1,112 
    Impairment of goodwill31,928 -  31,928 - 
    Adjusted EBITDA(6,621)(15,342) (13,063)(31,784)
          
    Net cash used in operating activities(5,330)(23,797) (14,258)(39,658)
    Purchase of property and equipment(265)(450) (450)(1,622)
    Free Cash Flow(5,595)(24,247) (14,708)(41,280)
    Net cash provided by (used in) investing activities14,641 (44,454) 47,401 (77,168)
    Net cash used in financing activities(20,472)(12,518) (40,851)(19,498)

    __________________
    1 One ADS represents four Class A ordinary shares.


    Investor Contact:
investor@agora.io

Media Contact:
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