ZHIHU(02390)2024-03-26 08:30Financial Performance - Total revenue for Q4 2023 was RMB 1,138.3 million (USD 160.3 million), representing a 2.2% increase compared to RMB 1,114.0 million in Q4 2022[6] - Total revenue for the fiscal year 2023 was RMB 4,198.9 million (USD 591.4 million), a 16.5% increase from 2022[6] - Total revenue for the three months ended September 30, 2023, was RMB 1,022,163 thousand, a decrease from RMB 1,113,965 thousand for the same period in 2022, representing a decline of approximately 8.2%[18] - Total revenue for the nine months ended September 30, 2023, was RMB 1,630,000, a decrease from RMB 3,663,000 in the same period of 2022, reflecting a decline of approximately 55%[19] Profitability Metrics - Gross margin improved from 56.4% in Q4 2022 to 59.1% in Q4 2023[6] - Adjusted net loss for the fiscal year 2023 was RMB 659.1 million (USD 92.8 million), a reduction of 44.9% compared to 2022[6] - Operating loss narrowed by 17.6% from RMB 216.3 million in 2022 to RMB 178.2 million (USD 25.1 million)[9] - Net loss for Q4 2023 narrowed by 42.6% to RMB 103.1 million (USD 14.5 million) from RMB 179.5 million in Q4 2022[6] - Net loss decreased by 42.6% from RMB 179.5 million in 2022 to RMB 103.1 million (USD 14.5 million)[9] - Operating loss for Q3 2023 was RMB (350,103), compared to RMB (216,308) in Q3 2022, marking an increase in operating losses of approximately 62%[21] - Adjusted net loss for Q3 2023 was RMB (225,298), compared to RMB (134,079) in Q3 2022, representing an increase in adjusted losses of approximately 68%[21] User Engagement - Average monthly active users (MAUs) reached 99.0 million in Q4 2023[6] - Monthly active users and average monthly subscribers were highlighted as key metrics for assessing user engagement and growth[11] Revenue Streams - Paid membership revenue grew by 13.3% to RMB 455.9 million (USD 64.2 million) in Q4 2023, driven by an increase in subscription numbers[8] - Revenue from vocational training surged by 100.1% to RMB 169.3 million (USD 23.8 million) in Q4 2023, attributed to enriched online courses and contributions from newly acquired vocational training businesses[8] - Marketing services revenue decreased to RMB 465.2 million (USD 65.5 million) in Q4 2023 from RMB 572.4 million in Q4 2022[8] - Paid membership revenue grew by 48.4% to RMB 1,826.6 million (USD 257.3 million) from RMB 1,230.8 million in 2022, driven by a continuous increase in subscription numbers[9] Expenses - R&D expenses increased from RMB 212.5 million in the same period of 2022 to RMB 232.6 million (USD 32.8 million) due to increased investment in technological innovation[9] - General and administrative expenses decreased by 26.0% from RMB 123.1 million in 2022 to RMB 91.1 million (USD 12.8 million), primarily due to a decline in employee-related expenses[9] - The company reported a total operating expenses of RMB 898,554 thousand for the three months ended September 30, 2023, compared to RMB 844,831 thousand for the same period in 2022, reflecting an increase of approximately 6.3%[18] - Research and development expenses for the three months ended September 30, 2023, were RMB 249,662 thousand, up from RMB 212,495 thousand for the same period in 2022, indicating an increase of about 17.5%[18] - The company reported a significant increase in general and administrative expenses, which rose to RMB 27,662 in Q3 2023 from RMB 18,032 in Q3 2022, an increase of approximately 53%[19] Shareholder Actions - The company repurchased 26.3 million Class A ordinary shares under a USD 100 million share repurchase program, totaling USD 58.5 million[11] Future Outlook - The company aims to enhance operational efficiency and strengthen profitability capabilities moving forward[7] - The company plans to hold an earnings conference call on March 26, 2024, to discuss financial performance and future outlook[12] Financial Position - The company’s cash and cash equivalents decreased to RMB 2,106,639 as of December 31, 2023, down from RMB 4,525,852 as of December 31, 2022, representing a decline of about 53%[20] - The company’s total assets decreased to RMB 6,795,272 as of December 31, 2023, from RMB 7,656,239 as of December 31, 2022, a reduction of about 11%[20] - The company’s total liabilities increased to RMB 2,093,662 as of December 31, 2023, compared to RMB 1,961,971 as of December 31, 2022, reflecting an increase of about 7%[20] Currency and Reporting - The company utilized a specific exchange rate of 7.0999 RMB to 1 USD for currency conversion in the report[16] - The company emphasizes the use of non-GAAP financial measures to provide a clearer view of its operational performance, excluding stock-based compensation and amortization of intangible assets from acquisitions[15] - Forward-looking statements are included in the report, highlighting inherent risks and uncertainties that may cause actual results to differ significantly from those projected[17] Loss Per Share - The company reported a net loss per share of RMB (0.94) for Q3 2023, compared to RMB (0.59) for the same period in 2022, indicating a 59% increase in losses year-over-year[19] Share Count - The weighted average number of ordinary shares outstanding for Q3 2023 was 297,742,064, a decrease from 304,665,906 in Q3 2022, indicating a reduction of about 2%[19]