BEIJING, May 29, 2023
/PRNewswire/ -- Jianpu Technology Inc. ("Jianpu," or the
"Company") (NYSE: JT), a leading independent open platform for the
discovery and recommendation of financial products in China, today announced its unaudited financial
results for the first quarter ended March
31, 2023.
First Quarter 2023 Operational and Financial
Highlights:
- Total revenues from recommendation services for the first
quarter of 2023 increased by 30.9% to RMB188.6 million (US$27.5
million) from RMB144.1 million
in the same period of 2022, primarily driven by the increase in the
number of loan applications and average fee per loan application
for loan recommendation services by 7.7% year-over-year to
approximately 4.2 million and 26.7% year-over-year to RMB14.7 (US$2.1),
respectively, as well as the increase in the credit card volume by
22.2% year-over-year to approximately 1.1 million.
- Revenues from big data and system-based risk management
services resumed growth by an increase of 11.9% to RMB22.6 million (US$3.3
million) in the first quarter of 2023 from RMB20.2 million in the same period of 2022,
mainly attributable to the increase in average spending per
customer.
- Revenues from marketing and other services[1]
increased by 80.8% to RMB78.1 million
(US$11.4 million) in the first
quarter of 2023 from RMB43.2 million
in the same period of 2022, mainly attributable to the increase of
revenue from other new business initiatives, demonstrating the
continued growth momentum in terms of category expansion.
- Loss from operations was RMB23.6
million (US$3.4 million) in
the first quarter of 2023, compared with RMB54.6 million in the same period of 2022.
Operating loss margin was 8.1% in the first quarter of 2023,
compared with 26.3% in the same period of 2022. The improvement in
loss from operations was mainly attributable to the increase in
revenues and the decrease in operating expenses resulting from the
Company's continued efforts in efficiency improvement and cost
optimization.
- Net loss was RMB20.8 million
(US$3.0 million) in the first quarter
of 2023, compared with RMB53.0
million in the same period of 2022. Net loss margin was 7.2%
in the first quarter of 2023, compared with 25.6% in the same
period of 2022.
- Non-GAAP adjusted net loss[2] was RMB19.4 million (US$2.8
million) in the first quarter of 2023, compared with
Non-GAAP adjusted net loss[2] of RMB50.7 million in the same period of 2022.
Non-GAAP adjusted net loss margin[2] was 6.7% in the
first quarter of 2023, compared with 24.4% in the same period of
2022.
Mr. David Ye, Co-founder,
Chairman and Chief Executive Officer of Jianpu, commented, "Our
capital-light platform and diversification strategies allowed us to
deliver a robust revenue growth of 39.4% year-over-year in the
first quarter 2023 despite the ongoing challenges caused by the
lagging COVID effects. A noteworthy 60.8% year-over-year reduction
in net losses culminated in a net loss margin of 7.2% in the first
quarter, marking the third consecutive quarter of single-digit net
loss margins."
"We believe our business is well-positioned to benefit from the
economic recovery thanks to our strong technological and
operational capabilities, increasingly diversified revenue mix,
ongoing efficiency gains, and disciplined cost controls. We aim to
continue facilitating the digital transformation of financial
industry and other categories and exploring the use of emerging
Artificial Intelligence technologies like the Large Language
Model to drive intelligent and inclusive finance," concluded
Mr. Ye.
"Our solid results in the first quarter of 2023 highlight our
continued strategic focus on achieving a diversified and balanced
revenue structure, improving operational efficiency and executing
cost optimization initiatives. In the first quarter of 2023, our
robust revenue growth was mainly driven by the increase in the
recommendation services and marketing and other services, as well
as the recovery of the big data and system-based risk management
services. Driven by our improved productivity and continued cost
optimization, we trimmed our Non-GAAP adjusted net
loss[2] by a substantial 61.7% year-over-year to
RMB19.4 million (US$2.8 million) in the first quarter of
2023," said Oscar Chen, Chief
Financial Officer of Jianpu.
First Quarter 2023 Financial Results
Total revenues for the first quarter of 2023 were
RMB289.4 million (US$42.1 million), compared with RMB207.6 million in the same period of
2022.
Total revenues from recommendation
services increased by 30.9% to RMB188.6 million (US$27.5 million) in the first quarter of
2023 from RMB144.1 million in
the same period of 2022.
Revenues from recommendation services for
credit cards increased by 30.1% to RMB127.0 million (US$18.5 million) in the first quarter of
2023 from RMB97.6 million in the same
period of 2022. Credit card volume increased year-over-year by
22.2% to approximately 1.1 million in the first quarter of 2023.
The average fee per credit card was RMB114.3 (US$16.6) in the first quarter of
2023 and RMB110.0 in the same
period of 2022, respectively.
Revenues from recommendation services for
loans increased by 32.2% to RMB61.6 million (US$9.0 million) in the first quarter of 2023
from RMB46.6 million in the same
period of 2022. The number of loan applications was
approximately 4.2 million in the first quarter of 2023,
representing a 7.7% increase from that in the same period
of 2022. The average fee per loan application increased by 26.7% to
RMB14.7 (US$2.1) in the first
quarter of 2023 from RMB11.6 in
the same period of 2022, resulting from a more optimized
product mix.
Revenues from big data and system-based risk management
services increased by 11.9% to RMB22.6 million (US$3.3 million) in the first quarter of 2023
from RMB20.2 million in the same
period of 2022, mainly attributable to the increase in
average spending per customer.
Revenues from marketing and other
services[1] increased by 80.8% to
RMB78.1 million (US$11.4 million) in the first quarter of
2023 from RMB43.2 million in the same
period of 2022, primarily due to the increase of revenue from
other new business initiatives, demonstrating the continued growth
momentum in terms of category expansion.
Cost of promotion and acquisition increased by
41.2% to RMB211.1 million
(US$30.7 million) in the first
quarter of 2023 from RMB149.5 million in the same period of 2022.
The increase was primarily in line with the increase
in the Company's revenues from recommendation services
and marketing and other services.
Cost of operation was RMB18.4 million (US$2.7 million) in the first quarter of
2023, which was relatively stable compared with RMB18.5 million in the same period of
2022.
Sales and marketing expenses decreased by
6.2% to RMB31.8 million
(US$4.6 million) in the first
quarter of 2023 from RMB33.9 million in the same period of 2022.
The decrease was primarily due to the decreases in payroll
expenses, rental expenses and travelling and
entertainment expenses resulting from the Company's continued
efforts in cost optimization, partially offset by an increase in
client service-related expenses.
Research and development expenses decreased by
15.1% to RMB25.3 million
(US$3.7 million) in the first
quarter of 2023 from RMB29.8 million
in the same period of 2022, primarily due to the decreases in
payroll expenses and rental expenses resulting from the Company's
continued efforts in cost optimization.
General and administrative
expenses decreased by 13.4% to RMB26.4 million (US$3.9 million) in the first quarter of 2023 from
RMB30.5 million in the same period of
2022, primarily due to the decreases in allowance for credit losses
and payroll expenses resulting from the Company's continued efforts
in cost optimization, partially offset by an increase in
professional fee.
Loss from operations was RMB23.6
million (US$3.4 million)
in the first quarter of 2023, compared with RMB54.6 million in the same period of 2022.
Operating loss margin was 8.1% in the first quarter of 2023,
compared with 26.3% in the same period of 2022. The decrease
in operating loss was mainly attributable to the increase
in revenues and decrease in operating expenses resulting from the
Company's continued efforts in efficiency improvement and cost
optimization.
Others, net represented a gain of
RMB2.2 million (US$0.3 million) in the first quarter of
2023, compared with a gain of RMB2.8 million in the same period of 2022.
The gain in the first quarter of 2023 was mainly attributable to
the investment gain of RMB1.7 million from the investment in
Conflux Global, a decentralized applications block-chain solution
provider; while the gain in the first quarter of 2022 was mainly
attributable to the gain arising from tax benefit for value-added
tax of RMB2.2 million.
Net loss was RMB20.8
million (US$3.0 million)
in the first quarter of 2023 compared with RMB53.0 million in the same period of 2022. Net
loss margin was 7.2% in the first quarter of 2023, compared
with 25.6% in the same period of 2022.
Non-GAAP adjusted net loss[2], which excluded
share-based compensation expenses, was RMB19.4 million (US$2.8
million) in the first quarter of 2023, compared with
RMB50.7 million in the same period of
2022. Non-GAAP adjusted net loss
margin[2] was 6.7% in the first quarter of
2023 compared with 24.4% in the same period of 2022.
Non-GAAP adjusted EBITDA[3], which excluded
share-based compensation expenses, depreciation and amortization,
interest income and expenses, and income tax benefits from net loss
for the first quarter of 2023 was a loss of RMB18.9 million (US$2.8 million), compared with a loss of
RMB48.1 million in the same
period of 2022.
As of March 31, 2023, the Company
had cash and cash equivalents, restricted cash and time deposits of
RMB613.5 million (US$89.3 million), and working capital of
approximately RMB342.4 million
(US$49.9 million). Compared to those
as of December 31, 2022, cash and
cash equivalents, restricted cash and time deposits decreased by
RMB70.7 million, which was primarily
attributable to net cash used in operating activities.
Subsequent Events
In May 2023, the Company entered
into a share transfer agreement with the founder and minority
shareholder of Newsky Wisdom Treasure (Beijing) Co., Ltd. ("Newsky Wisdom"), which is
one of the subsidiaries of the Company before the completion of the
share transfer. According to the share transfer agreement, at the
closing, which is expected to be around mid-2023, the Company will
transfer 35.5% of its shares to the founder of Newsky Wisdom and
will no longer be the controlling shareholder of Newsky Wisdom. As
of December 31, 2022 and March 31, 2023, the contribution of Newsky Wisdom
to the Company in terms of both revenue and total assets was less
than 5%. The share transfer is expected to have no material impact
on the Company's operations and financial position.
Conference Call
The Company's management will host an earnings conference call
at 8:00 PM U.S. Eastern Time on
May 29, 2023 (8:00 AM
Beijing/Hong Kong Time on May 30, 2023).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong, China (toll
free):
|
800-905-945
|
Hong Kong,
China:
|
852-3018-4992
|
Mainland
China:
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for
"Jianpu Technology Inc."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at http://ir.jianpu.ai.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until June 5, 2023, by dialing the following telephone
numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
2517683
|
About Jianpu Technology Inc.
Jianpu Technology Inc. is a leading independent open platform
for the discovery and recommendation of financial products in
China. The Company connects users
with financial service providers in a convenient, efficient, and
secure way. By leveraging its proprietary technology, Jianpu
provides users with customized search results and recommendations
tailored to each user's particular financial needs and profile. The
Company also enables financial service providers with sales and
marketing solutions to reach and serve their target customers more
effectively through integrated channels and enhance their
competitiveness by providing them with tailored data, risk
management services and solutions. The Company is committed to
maintaining an independent open platform, which allows it to serve
the needs of users and financial service providers impartially. For
more information, please visit http://ir.jianpu.ai.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net (loss)/income,
each a Non-GAAP financial measure, in evaluating its operating
results and for financial and operational decision-making
purposes.
The Company believes that adjusted EBITDA and adjusted net
(loss)/income help identify underlying trends in its business that
could otherwise be distorted by the effect of the expenses and
gains that the Company include in (loss)/income from operations and
net (loss)/income. The Company believes that adjusted EBITDA and
adjusted net (loss)/income 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.
Adjusted EBITDA and adjusted net (loss)/income should not be
considered in isolation or construed as alternatives to net
(loss)/income or any other measure of performance or as indicators
of the Company's operating performance. Investors are encouraged to
review the historical Non-GAAP financial measures to the most
directly comparable GAAP measures. Adjusted EBITDA and adjusted net
(loss)/income presented here may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to the Company's data. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
Adjusted EBITDA represents EBITDA before share-based
compensation expenses. EBITDA represents net (loss)/income
before interest, tax, depreciation and amortization.
Adjusted net (loss)/income represents net (loss)/income before
share-based compensation expenses.
For more information on this Non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliations of GAAP and
Non-GAAP results" set forth at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
Company's expectations regarding demand for, and market acceptance
of, its solutions and services; the Company's expectations
regarding keeping and strengthening its relationships with users,
financial service providers and other parties it collaborates with;
trends, competition and regulatory policies relating to the
industries the Company operates in; general economic and business
conditions globally and in China;
and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in
the Company's filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Jianpu Technology Inc.
(IR) Oscar Chen, E-mail:
IR@rong360.com
(PR) Amanda Hu, E-mail:
Media@rong360.com
Tel: +86 (10) 6242 7068
Christensen
Suri Cheng, E-mail:
suri.cheng@christensencomms.com
Tel: +86 185 0060 8364
Crystal Lai, E-mail:
crystal.lai@christensencomms.com
Tel: +852 2232 3907
In US:
Christensen
Linda Bergkamp, E-mail:
linda.bergkamp@christensencomms.com
Tel: +1 480 353 6648
Jianpu Technology Inc.
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
(In
thousands)
|
As of December
31,
|
|
As of March
31,
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
346,539
|
|
279,387
|
|
40,682
|
Restricted time
deposits
|
297,634
|
|
293,664
|
|
42,761
|
Accounts receivable,
net
|
189,665
|
|
235,973
|
|
34,360
|
Amount due from
related parties
|
153
|
|
150
|
|
22
|
Prepayments and other
current assets
|
46,537
|
|
54,399
|
|
7,921
|
Total current
assets
|
880,528
|
|
863,573
|
|
125,746
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
12,578
|
|
13,350
|
|
1,944
|
Intangible assets,
net
|
18,339
|
|
19,855
|
|
2,891
|
Restricted cash and
time deposits
|
40,059
|
|
40,448
|
|
5,890
|
Other non-current
assets
|
10,758
|
|
9,886
|
|
1,440
|
Total non-current
assets
|
81,734
|
|
83,539
|
|
12,165
|
Total
assets
|
962,262
|
|
947,112
|
|
137,911
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
253,481
|
|
253,481
|
|
36,910
|
Accounts payable
(including amounts billed through
related party of RMB5,652
and RMB2,001 as of
December
31, 2022 and March
31, 2023, respectively)
|
96,729
|
|
121,796
|
|
17,735
|
Advances from
customers
|
46,920
|
|
53,449
|
|
7,783
|
Tax payable
|
9,662
|
|
10,754
|
|
1,566
|
Amount due to related
parties
|
13,534
|
|
12,303
|
|
1,791
|
Accrued expenses and
other current liabilities
|
88,871
|
|
69,361
|
|
10,100
|
Total current
liabilities
|
509,197
|
|
521,144
|
|
75,885
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities
|
3,644
|
|
3,557
|
|
518
|
Other non-current
liabilities
|
13,096
|
|
12,616
|
|
1,838
|
Total non-current
liabilities
|
16,740
|
|
16,173
|
|
2,356
|
Total
liabilities
|
525,937
|
|
537,317
|
|
78,241
|
Shareholders'
equity:
|
|
|
|
|
|
Ordinary
shares
|
286
|
|
286
|
|
42
|
Treasury stock, at
cost
|
(77,499)
|
|
(75,796)
|
|
(11,037)
|
Additional paid-in
capital
|
1,891,266
|
|
1,890,959
|
|
275,345
|
Accumulated
losses
|
(1,424,153)
|
|
(1,444,256)
|
|
(210,300)
|
Statutory
reserves
|
2,027
|
|
2,027
|
|
295
|
Accumulated other
comprehensive income
|
37,941
|
|
30,810
|
|
4,486
|
Total Jianpu's
shareholders' equity
|
429,868
|
|
404,030
|
|
58,831
|
Noncontrolling
interests
|
6,457
|
|
5,765
|
|
839
|
Total shareholders'
equity
|
436,325
|
|
409,795
|
|
59,670
|
Total liabilities
and shareholders' equity
|
962,262
|
|
947,112
|
|
137,911
|
Jianpu Technology Inc.
|
Unaudited Condensed
Consolidated Statements of Comprehensive Loss
|
|
(In thousands
except for number of shares and per
share data)
|
For the Three Months
Ended March 31,
|
|
2022
|
2023
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
Revenues:
|
|
|
|
Recommendation
services:
|
|
|
|
Loans[a]
|
46,552
|
61,630
|
8,974
|
Credit
cards
|
97,587
|
127,006
|
18,494
|
Total recommendation
services
|
144,139
|
188,636
|
27,468
|
Big data and
system-based risk management
services[b]
|
20,229
|
22,647
|
3,298
|
Marketing and
other
services[1] [b]
|
43,190
|
78,105
|
11,373
|
Total
revenues
|
207,558
|
289,388
|
42,139
|
Costs and
expenses:
|
|
|
|
Cost of promotion and
acquisition[c]
|
(149,521)
|
(211,053)
|
(30,732)
|
Cost of
operation[d]
|
(18,476)
|
(18,391)
|
(2,678)
|
Total cost of
services
|
(167,997)
|
(229,444)
|
(33,410)
|
Sales and marketing
expenses[e]
|
(33,862)
|
(31,754)
|
(4,624)
|
Research and
development expenses[e]
|
(29,765)
|
(25,332)
|
(3,689)
|
General and
administrative expenses
|
(30,548)
|
(26,437)
|
(3,850)
|
Loss from
operations
|
(54,614)
|
(23,579)
|
(3,434)
|
Net interest
income/(expenses)
|
(1,321)
|
503
|
73
|
Others, net
|
2,773
|
2,228
|
324
|
Loss before income
tax
|
(53,162)
|
(20,848)
|
(3,037)
|
Income tax
benefits
|
125
|
81
|
12
|
Net
loss
|
(53,037)
|
(20,767)
|
(3,025)
|
Less: net loss
attributable to noncontrolling
interests
|
(1,319)
|
(664)
|
(97)
|
Net loss
attributable to Jianpu's
shareholders
|
(51,718)
|
(20,103)
|
(2,928)
|
|
|
|
|
Other comprehensive
loss, net
|
|
|
|
Foreign currency
translation adjustments
|
(2,795)
|
(7,159)
|
(1,042)
|
Total other
comprehensive loss
|
(2,795)
|
(7,159)
|
(1,042)
|
Total comprehensive
loss
|
(55,832)
|
(27,926)
|
(4,067)
|
Less: total
comprehensive loss attributable to
noncontrolling interests
|
(1,255)
|
(692)
|
(101)
|
Total comprehensive
loss attributable to
Jianpu's shareholders
|
(54,577)
|
(27,234)
|
(3,966)
|
|
|
|
|
Net loss per share
attributable to Jianpu's
shareholders
|
|
|
|
Basic
|
(0.12)
|
(0.05)
|
(0.01)
|
Diluted
|
(0.12)
|
(0.05)
|
(0.01)
|
Net loss per
ADS attributable to Jianpu's
shareholders
|
|
|
|
Basic
|
(2.44)
|
(0.95)
|
(0.14)
|
Diluted
|
(2.44)
|
(0.95)
|
(0.14)
|
Weighted average
number of shares
|
|
|
|
Basic
|
423,677,480
|
424,455,263
|
424,455,263
|
Diluted
|
423,677,480
|
424,455,263
|
424,455,263
|
|
[a] Including revenues from related
party of RMB17 and RMB326 for the three months ended March 31, 2022
and 2023, respectively.
|
[b] Including revenues from related
party of RMB1,172 and RMB813 for the three months ended March 31,
2022 and 2023, respectively.
|
[c] Including cost of promotion and
acquisition from related party of nil and RMB8 for the
three months ended March 31, 2022 and 2023,
respectively.
|
[d] Including cost of operation from
related party of RMB111 and RMB176 for the three months ended March
31, 2022 and 2023,
respectively.
|
[e] Including expenses from related
party of RMB116 and nil for the three months ended March 31, 2022
and 2023, respectively.
|
Jianpu Technology Inc.
|
Unaudited Reconciliations of GAAP and
Non-GAAP Results
|
|
(In
thousands)
|
|
For the Three Months
Ended March 31,
|
|
|
2022
|
2023
|
|
|
RMB
|
RMB
|
US$
|
Net
loss
|
|
(53,037)
|
(20,767)
|
(3,025)
|
Add: Share-based
compensation expenses
|
|
2,321
|
1,377
|
201
|
Non-GAAP adjusted
net loss
|
|
(50,716)
|
(19,390)
|
(2,824)
|
Add: Depreciation and
amortization
|
|
1,435
|
1,082
|
158
|
Net interest
expenses/(income)
|
|
1,321
|
(503)
|
(73)
|
Income tax
benefits
|
|
(125)
|
(81)
|
(12)
|
Non-GAAP adjusted
EBITDA
|
|
(48,085)
|
(18,892)
|
(2,751)
|
[1] Starting
from the fourth quarter of 2022, the Company updated the
description of its revenue stream "advertising, marketing and other
services" to "marketing and other services", to provide more
relevant and clear information. It also updated the revenue
description in comparative periods to conform to the current
classification.
|
[2] Non-GAAP
adjusted net loss represents net loss before share-based
compensation expenses. See "Unaudited Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release for more details
about Non-GAAP adjusted net loss. Non-GAAP adjusted net loss margin
equals Non-GAAP adjusted net loss divided by total
revenues.
|
[3] Non-GAAP
adjusted EBITDA represents EBITDA before share-based compensation
expenses. EBITDA represents net (loss)/income before interest
income and expenses, income tax benefits from net loss and
depreciation and amortization. See "Unaudited Reconciliations of
GAAP and Non-GAAP Results" for more details.
|
View original
content:https://www.prnewswire.com/news-releases/jianpu-technology-inc-reports-first-quarter-2023-unaudited-financial-results-301836589.html
SOURCE Jianpu Technology Inc.