Financial Data and Key Metrics Changes - In Q4 2024, total revenues were $84.3 million, representing a 9.3% year-over-year increase [22] - Subscription revenues were $34.4 million, a 9% year-over-year increase, with total subscribers reaching 6.38 million, up from 5.99 million in the previous year [23] - Cloud computing revenues fell to $22.7 million, a decrease of 25.6% year-over-year [24] - Live-streaming and IVAS revenues increased to $27.2 million, reflecting an 80.7% year-over-year growth [24] - Operating loss was $20.5 million, compared to an operating loss of $0.7 million in the same period of 2023 [31] - Net loss was $9.9 million, compared to net income of $3.7 million in the same period of 2023 [31] - Non-GAAP net income was $11.3 million, compared to $4.5 million in the same period of 2023 [32] Business Line Data and Key Metrics Changes - Subscription business generated $34.4 million in Q4, with a subscriber count of 6.38 million, up from 5.99 million [23] - Cloud computing revenue decreased by 25.6% year-over-year to $22.7 million due to increased competition and pricing pressure [24][14] - Live-streaming and IVAS revenue surged to $27.2 million, an 80.7% increase year-over-year, driven by growth in overseas audio live-streaming [24][16] Market Data and Key Metrics Changes - The cloud computing sector faced challenges from heightened competition and regulatory changes, impacting revenue [15] - The live-streaming business pivoted towards emerging markets like Southeast Asia and EMEA, resulting in significant revenue growth [16] Company Strategy and Development Direction - The company aims to continue its strategic transformation and growth initiatives, including the acquisition of Hupu to enhance its community and content offerings [18][19] - Focus on integrating advanced technologies to improve user engagement and operational efficiency [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged intensified competition and pricing pressures in the cloud computing sector, which affected revenue [9][15] - The company is optimistic about future growth, particularly in the subscription and live-streaming segments, and plans to explore corporate restructuring for better focus [18][19] Other Important Information - A non-cash goodwill impairment of $20.7 million was recorded due to the decline in cloud computing revenue [27][40] - Cash, cash equivalents, and short-term investments increased to $287.5 million as of December 31, 2024, compared to $271.9 million a year earlier [42] Q&A Session Summary Question: What is the company's plan following the IPO and will the company sell shares? - Management indicated it is too early to address the question as the IPO has not been completed yet, but expressed confidence in the company's future success [46][47] Question: What is the business model of Hupu and its revenue and profit conditions? - Hupu operates as a sports blog providing comprehensive sports coverage and generates revenue primarily from advertising. The acquisition is expected to be earnings accretive after closing [48][50]

Core Viewpoint - A securities fraud lawsuit has been filed against Maravai LifeSciences Holdings, Inc. and certain executives due to issues related to revenue recognition and internal controls [1][3]. Group 1: Company Announcement - On February 25, 2025, Maravai announced a postponement of its fiscal 2024 earnings release and the filing of its annual report on Form 10-K due to an error in revenue recognition, which resulted in approximately $3.9 million being incorrectly recorded [2]. - The company identified a material weakness in its internal controls over revenue recognition and required additional time to assess a potential non-cash impairment charge related to goodwill from its acquisition of Alphazyme LLC [2]. Group 2: Stock Market Reaction - Following the announcement, Maravai's share price fell by $0.87, or 21.70%, closing at $3.14 per share on February 25, 2025, with unusually heavy trading volume [2]. Group 3: Lawsuit Allegations - The lawsuit alleges that Maravai failed to disclose inadequate internal controls over financial reporting related to revenue recognition, leading to inaccurate revenue recognition during fiscal 2024 and an overstated goodwill [3]. - It is claimed that the positive statements made by the defendants regarding the company's business and prospects were materially misleading and lacked a reasonable basis [3]. Group 4: Investor Eligibility - Investors who purchased Maravai common stock between August 7, 2024, and February 24, 2025, and experienced a decline in share value may be eligible to participate in the lawsuit [4]. Group 5: Next Steps for Investors - The deadline for seeking appointment as lead plaintiff is May 5, 2025, and a class has not yet been certified [5]. - Investors are encouraged to contact Block & Leviton for more information regarding their potential claims [5]. Group 6: Whistleblower Information - Individuals with non-public information about Maravai are encouraged to assist in the investigation or file a report with the SEC under the whistleblower program, which may offer rewards of up to 30% of any successful recovery [6]. Group 7: Firm Background - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors and representing many top institutional investors [7].