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公 司 研 究 声网（API.NASDAQ）2023Q4 财报点 2024年2月29日 推荐/维持 评：降本增效成果显著，海外成为 东 声网 公司报告 兴 主要驱动力 证 券 股 份 事件：声网发布2023年Q4财报：2023年第四季度，公司实现营业收入 36 公司简介： 有 百万美元，同比减少 10.2%，环比增长 2.9%；净利润亏损 2.61 百万美元， 2014 年公司正式成立，致力于为企业开发 限 Non-GAAP净利润1.4百万美元。 者提供可调用的实时互动SDK，实现在应用 内构建实时音视频互动场景。 公 点评： 资料来源：公司公告，恒生聚源 司 2023Q4整体营收同比有所下滑，预计2024年下半年实现加速增长。2023年 未来3-6个月重大事项提示： 证 券 第四季度，公司实现营业收入 36 百万美元，其中海外品牌 Agora 收入 15.3 无。 百万美元，同比减少 3.16%,主要源于东南亚等新兴市场初创企业客户业务下 研 发债及交叉持股介绍： 滑，受到全球经济放缓以及全球风险投资金额及数量减少影响；国内品牌声网 究 无。 收入20.7百万美元，同比下降10.39%，主要源于国内互联网行 ...

Core Viewpoint - Agora, Inc. Sponsored ADR (API) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks Consensus Estimate for Agora, Inc. indicates an expected earnings per share (EPS) of -$0.23 for the fiscal year ending December 2024, reflecting a year-over-year change of 73.9% [5]. - Over the past three months, the consensus estimate for Agora has increased by 28.6%, suggesting a positive trend in earnings expectations [5]. Impact of Earnings Estimates on Stock Prices - Changes in earnings estimates are strongly correlated with near-term stock price movements, primarily due to institutional investors who adjust their valuations based on these estimates [3]. - The upgrade in Agora's earnings estimates and the corresponding Zacks rating upgrade signal an improvement in the company's underlying business, which is likely to drive the stock price higher [3][7]. Zacks Rating System - The Zacks Rank system categorizes stocks based on earnings estimate revisions, with a proven track record of generating significant returns, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [4]. - Agora's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [6][7].

Agora, Inc. Reports Fourth Quarter and Fiscal Year 2023 Financial Results SANTA CLARA, Calif., February 26, 2024 (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 fourth quarter and the fiscal year ended December 31, 2023. "We ended 2023 with strong financial results in the fourth quarter, as we delivered sequential quarterly revenue growth and a non-GAAP net income of $1.4 million, a ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2023 were $36 million, a 2.9% increase quarter-over-quarter but a 10.2% decrease year-over-year [14] - Agora's revenues were $15.3 million, flat compared to the previous quarter and down 3.2% year-over-year [14] - Shengwang revenues were RMB 148.7 million, a 5% increase quarter-over-quarter but a 9.6% decrease year-over-year [15] - Non-GAAP net income was $1.4 million in Q4, translating to a 3.9% net income margin, a significant improvement from a non-GAAP net loss margin of 39.3% in Q4 last year [18] Business Line Data and Key Metrics Changes - Agora had close to 1,700 active customers, an 18% increase year-over-year, while Shengwang had over 4,100 active customers, a 12% increase [4] - Dollar-based net retention rate was 93% for Agora and 82% for Shengwang, excluding revenues from discontinued business [15] Market Data and Key Metrics Changes - The company noted a challenging macroeconomic environment affecting customer usage in emerging markets, contributing to revenue declines [14] - The competitive landscape in the U.S. and international markets showed strong growth momentum in media and entertainment, telehealth, and IoT sectors [31] Company Strategy and Development Direction - The company aims to focus on creating customer value and enhancing competitive advantage to expand market share globally [13] - The introduction of new products and features, such as the virtual sound card and mini games, is part of the strategy to drive user engagement and monetization [11][10] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the macroeconomic environment and regulatory changes but expressed optimism about achieving profitability and revenue growth in 2024 [23] - The company expects Q1 2024 revenues to be between $32 million and $34 million, reflecting seasonal impacts and a lower usage period due to the Lunar New Year [20] Other Important Information - The company ended Q4 with $371.8 million in cash and equivalents, with a share repurchase program returning approximately $104.3 million to shareholders [19] - The board has authorized a 12-month extension of a $200 million share repurchase program, indicating confidence in the company's financial strength [19] Q&A Session Summary Question: What is the management outlook for 2024 profitability? - Management indicated that while Q1 may see a revenue decline, they expect to achieve year-on-year revenue growth starting from Q2 and aim for double-digit growth by Q4 [22][23] Question: Can Agora benefit from domestic Internet companies going abroad? - Management believes they are well-positioned to assist Chinese Internet companies in expanding globally, leveraging their existing customer base and market knowledge [24] Question: What will be the revenue model for the partnership with Vision Pro? - The revenue model will be API-based, tied to consumer usage, with potential for diverse pricing models as new use cases emerge [26] Question: What is the demand outlook and competitive landscape? - Management noted strong growth in developed markets, particularly in media and entertainment, while facing price pressures in emerging markets [31][32] Question: What is the impact of Twilio's exit on Agora? - Management sees Twilio's exit as an opportunity to gain market share, with ongoing efforts to convert Twilio's customer base to Agora's services [35][38]

Agora, Inc. 2023 Q4 Earnings Disclaimer Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this presentation a ...

Core Insights - Agora, Inc. reported strong financial results for Q4 2023, achieving non-GAAP net income of $1.4 million, marking quarterly profitability for the first time in over three years, despite a challenging operating environment [2][3][4] - The company returned approximately $104.3 million to shareholders through share repurchases over the past two years, reducing its share count by more than 18% [2][4] - The board has authorized a 12-month extension of its $200 million share repurchase program, reflecting confidence in the company's financial strength and growth prospects [2][4] Fourth Quarter 2023 Highlights - Total revenues for Q4 2023 were $36.0 million, a decrease of 10.2% from $40.1 million in Q4 2022 [3][6] - Agora's revenue was $15.3 million, down 3.2% from $15.8 million in the same period last year [3][6] - Shengwang's revenue was RMB148.3 million ($20.7 million), a decrease of 13.9% from RMB172.3 million ($24.3 million) in Q4 2022 [3][6] - Active customers for Agora increased by 18.4% year-over-year to 1,683, while Shengwang's active customers rose by 11.8% to 4,144 [3][4] - The net loss for Q4 2023 was $2.6 million, significantly improved from a net loss of $35.1 million in Q4 2022 [3][14] Fiscal Year 2023 Highlights - Total revenues for 2023 were $141.5 million, down 11.9% from $160.7 million in 2022 [4][16] - Agora's revenue for 2023 was $61.0 million, a decrease of 2.4% from $62.5 million in 2022 [4][16] - Shengwang's revenue was RMB567.1 million ($80.5 million), down 14.0% from RMB659.4 million ($98.2 million) in 2022 [4][16] - The net loss for 2023 was $87.2 million, an improvement from a net loss of $120.4 million in 2022 [4][24] Cash Flow and Financial Position - Total cash and cash equivalents as of December 31, 2023, were $371.8 million [3][4] - Net cash generated from operating activities for Q4 2023 was $3.7 million, compared to a net cash used of $4.6 million in Q4 2022 [3][5] - Free cash flow for Q4 2023 was $3.4 million, a significant improvement from negative $6.1 million in Q4 2022 [3][5] Operating Expenses and Profitability - Operating expenses in Q4 2023 were $31.2 million, down 26.8% from $42.7 million in Q4 2022 [9][19] - Research and development expenses decreased by 23.3% to $16.3 million, while sales and marketing expenses fell by 42.1% to $7.1 million [10][19] - Gross profit for Q4 2023 was $22.7 million, with a gross margin of 62.9%, an increase from 60.8% in the same period last year [8][19] Share Repurchase Program - During Q4 2023, the company repurchased approximately 14.1 million Class A ordinary shares for about $10.0 million, representing 5% of its $200 million share repurchase program [25][26] - As of December 31, 2023, the company had repurchased approximately 113.8 million Class A ordinary shares for about $104.3 million, representing 52% of the program [25][26] Financial Outlook - The company expects total revenues for Q1 2024 to be between $32 million and $34 million, reflecting current market and operational conditions [27]

Financial Data and Key Metrics Changes - Total revenues for Q3 2023 were $35 million, an increase of 2.9% quarter-over-quarter but a decrease of 14.6% year-over-year [14] - Agora revenues were $15.3 million, flat compared to the previous quarter and down 8.9% year-over-year, primarily due to reduced usage and increased pricing sensitivity in emerging markets [14][15] - Adjusted gross margin for Q3 was 66.9%, up 3.3% from Q3 2022, attributed to changes in product mix and infrastructure optimization [16] - Adjusted EBITDA was negative $4.4 million, translating to a 12.7% adjusted EBITDA loss margin [18] - Non-GAAP net loss, excluding investment loss, was $2.2 million, resulting in a 6.3% net loss margin for the quarter [19] Business Line Data and Key Metrics Changes - Shengwang's revenue increased by 7.4% quarter-over-quarter, but decreased by 9.2% year-over-year, excluding revenues from the disposed CIC business [15] - The digital transformation business for Shengwang grew more than 50% this year, indicating strong demand from large enterprises [26] - Dollar-based net retention rate was 98% for Agora and 89% for Shengwang, excluding revenues from discontinued business [15] Market Data and Key Metrics Changes - The U.S. live shopping market is projected to be worth $35 billion by 2024, with live shopping potentially accounting for 20% of e-commerce sales by 2026 [5] - The company noted stable demand from Internet customers in China, with some bright spots in online karaoke and premium broadcasting streaming products [27] Company Strategy and Development Direction - The company aims to stabilize existing business and expand into new regions and use cases, particularly in the digital transformation sector [26] - The focus remains on driving revenues and improving efficiency, with an emphasis on emerging AIGC use cases [21] - The company is positioned to become critical infrastructure for interactions between human users and AI models through video and audio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about mid- to long-term demand despite current macroeconomic challenges [24] - The pandemic has shifted consumer behavior towards more real-time engagement activities, which is expected to drive growth [24] - Pricing pressure exists in emerging markets, but pricing remains stable in developed markets [27] Other Important Information - A change in the Board of Directors was announced, with Mr. Tuck Lye Koh resigning and Mr. Shawn Zhong appointed as a director [12][13] - The company has returned approximately $94.3 million to shareholders through share repurchase, reflecting confidence in long-term prospects [20] Q&A Session Summary Question: 2024 outlook and breakdown between Agora and Shengwang business - Management is optimistic about demand in the mid- to long-term, with growth in both Agora and Shengwang expected, particularly in digital transformation [24][26] Question: Competitive landscape in China and overseas - The macro environment is challenging, but some small competitors are facing financial difficulties, indicating potential opportunities for the company [25] Question: AI applications and revenue contribution - Management sees potential in various AI use cases, but emphasizes that development is ongoing and significant revenue contributions may take time [30]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Agora achieved sequential revenue growth in Q3 2023, significantly reducing adjusted EBITDA loss and operating cash outflow through disciplined cost control, and is strategically integrating generative AI - The company delivered **sequential revenue growth** and reduced **adjusted EBITDA loss** and **operating cash outflow** to the **lowest levels in over two years** due to **cost discipline**[2](index=2&type=chunk) - Agora is **strategically positioning itself** to enable interactions between human users and **AI models** through **video and audio**, targeting use cases like AI companions, social games, and AI tutors[2](index=2&type=chunk) Q3 2023 Key Metrics vs. Q3 2022 | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $35.0M | $41.0M | -14.6% | | **Agora Active Customers** | 1,664 | 1,319 | +26.2% | | **Shengwang Active Customers** | 4,034 | 3,796 | +6.3% | | **Agora Dollar-Based Net Retention** | 98% | N/A | N/A | | **Shengwang Dollar-Based Net Retention** | 89% | N/A | N/A | Q3 2023 Profitability and Cash Flow vs. Q3 2022 | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **Net Loss** | $22.5M | $27.7M | | **Non-GAAP Net Loss** | $15.6M | $17.6M | | **Adjusted EBITDA** | -$4.4M | -$16.4M | | **Net Cash Used in Operating Activities** | $3.0M | $8.8M | | **Free Cash Flow** | -$3.2M | -$9.9M | [Detailed Financial Results](index=2&type=section&id=Third%20quarter%202023%20Financial%20Results) Total revenues declined 14.6% YoY to $35.0 million in Q3 2023, yet gross margin improved and operating expenses significantly decreased, narrowing the loss from operations despite an investment loss [Revenues](index=2&type=section&id=Revenues) Total revenues decreased 14.6% to $35.0 million in Q3 2023, with both Agora and Shengwang segments experiencing declines due to market pressures and business disposal Q3 2023 Revenue Breakdown (YoY) | Segment | Q3 2023 Revenue | Q3 2022 Revenue | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Total** | $35.0M | $41.0M | -14.6% | - | | **Agora** | $15.3M | $16.8M | -8.9% | Decrease in usage and pricing in emerging markets | | **Shengwang** | $19.7M (RMB141.2M) | $24.2M (RMB165.3M) | -14.6% | Macroeconomic slowdown, regulations, and disposal of CEC business | [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Gross margin improved to 64.0% in Q3 2023, and operating expenses significantly decreased, narrowing the loss from operations despite a substantial investment loss contributing to a $22.5 million net loss Q3 2023 Gross Profit and Margin (YoY) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Gross Profit** | $22.4M | $24.3M | -7.9% | | **Gross Margin** | 64.0% | 59.4% | +4.6% | Q3 2023 Operating Expenses (YoY) | Expense Category | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Operating Expenses** | $36.9M | $55.6M | -33.7% | | Research and development | $20.0M | $29.8M | -32.7% | | Sales and marketing | $7.8M | $14.6M | -46.7% | | General and administrative | $9.1M | $11.3M | -19.4% | Q3 2023 Loss Summary (YoY) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **Loss from Operations** | $13.9M | $28.9M | | **Investment Loss** | $13.4M | $0.0M (not material) | | **Net Loss** | $22.5M | $27.7M | | **Net Loss per ADS** | $0.23 | $0.25 | [Corporate Developments](index=4&type=section&id=Corporate%20Developments) Agora actively repurchased shares, utilizing 47% of its $200 million program, and announced a board change with Mr. Sheng (Shawn) Zhong replacing Mr. Tuck Lye Koh [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) Agora repurchased 17.0 million shares for $12.3 million in Q3 2023, bringing total repurchases to 99.7 million shares for $94.3 million, utilizing 47% of the $200 million program Share Repurchase Program Status as of Sep 30, 2023 | Metric | Value | | :--- | :--- | | **Shares Repurchased in Q3 2023** | 17.0M (4.3M ADSs) | | **Cost of Q3 2023 Repurchases** | $12.3M | | **Total Shares Repurchased to Date** | 99.7M (24.9M ADSs) | | **Total Cost to Date** | $94.3M | | **Program Utilization** | 47% of $200M | | **Program Expiration** | End of February 2024 | [Change to Board of Directors](index=4&type=section&id=Change%20to%20Board%20of%20Directors) Mr. Tuck Lye Koh resigned from the Board of Directors and was replaced by Mr. Sheng (Shawn) Zhong, the company's Chief Technology Officer and Chief Scientist - Mr. Tuck Lye Koh **resigned** from the board of directors[13](index=13&type=chunk) - Mr. Sheng (Shawn) Zhong, the company's Chief Technology Officer and Chief Scientist, was **appointed as a new director**[13](index=13&type=chunk)[14](index=14&type=chunk) [Business Outlook](index=5&type=section&id=Financial%20Outlook) Agora projects Q4 2023 total revenues to be between $35.5 million and $37.5 million, based on current market and operational conditions Q4 2023 Revenue Guidance | Metric | Range | | :--- | :--- | | **Total Revenues** | $35.5M - $37.5M | [Financial Statements](index=10&type=section&id=Financial%20Statements) Unaudited financial statements for Q3 2023 show decreased total assets to $666.7 million, a narrowed net loss of $22.5 million, and improved net cash used in operating activities to $3.0 million [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets decreased to $666.7 million, primarily due to lower cash, while total liabilities also decreased to $58.2 million, resulting in $608.5 million in shareholders' equity Key Balance Sheet Items (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash, cash equivalents, bank deposits & financial products** | $373,444 | $401,256 | | **Total Assets** | $666,674 | $800,715 | | **Total Liabilities** | $58,173 | $72,455 | | **Total Shareholders' Equity** | $608,501 | $728,260 | [Condensed Consolidated Statements of Comprehensive Loss](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Q3 2023 total revenues were $35.0 million with a net loss of $22.5 million, or $0.23 per ADS, an improvement from the prior year due to reduced operating expenses Q3 Income Statement Summary (in thousands, except per ADS data) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **Total Revenues** | $35,016 | $40,988 | | **Gross Profit** | $22,422 | $24,349 | | **Loss from Operations** | $(13,857) | $(28,921) | | **Net Loss** | $(22,513) | $(27,699) | | **Net Loss per ADS** | $(0.23) | $(0.25) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q3 2023 saw improved net cash used in operating activities to $3.0 million, net cash provided by investing activities of $5.7 million, and increased net cash used in financing activities to $12.4 million Q3 Cash Flow Summary (in thousands) | Cash Flow Activity | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(3,033) | $(8,833) | | **Net cash provided by (used in) investing activities** | $5,677 | $(105,377) | | **Net cash used in financing activities** | $(12,388) | $(2,992) | | **Net decrease in cash** | $(9,691) | $(120,031) | [Non-GAAP Financial Measures & Metrics](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Metrics) Agora uses non-GAAP measures to assess operational performance, showing improved Q3 2023 Non-GAAP net loss of $15.6 million, Adjusted EBITDA of negative $4.4 million, and free cash flow outflow of $3.2 million [Reconciliation of GAAP to Non-GAAP Measures](index=15&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Non-GAAP reconciliation shows significant improvement in Q3 2023, with non-GAAP net loss narrowing to $15.6 million, Adjusted EBITDA loss reduced to $4.4 million, and free cash flow outflow decreasing to $3.2 million Q3 Non-GAAP Reconciliation Summary (in thousands) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | **GAAP Net Loss** | $(22,513) | $(27,699) | | **Non-GAAP Net Loss** | $(15,565) | $(17,595) | | **Adjusted EBITDA** | $(4,448) | $(16,399) | | **Free Cash Flow** | $(3,239) | $(9,918) | [Operating Metrics Definitions](index=7&type=section&id=Operating%20Metrics%20Definitions) Key operating metrics are defined, including 'Active Customer' as an entity generating over $100 in 12 months, and 'Dollar-Based Net Retention Rate' measuring cohort revenue changes over two 12-month periods - An **Active Customer** is defined as an organization or individual from whom the company generated more than **$100 of revenue** during the **preceding 12 months**[24](index=24&type=chunk) - **Dollar-Based Net Retention Rate** is calculated for a **trailing 12-month period** by dividing revenue from a **customer cohort** in the current period by the revenue from the same cohort in the prior period[25](index=25&type=chunk)

Agora, Inc. 2023 Q2 Earnings Disclaimer Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this presentation a ...