BEIJING, March 26, 2024 /PRNewswire/ -- Zhihu Inc.
("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online
content community in China, today
announced its unaudited financial results for the quarter and
fiscal year ended December 31,
2023.
Fourth Quarter 2023 Highlights
- Total revenues were RMB1,138.3
million (US$160.3 million) in
the fourth quarter of 2023, representing a 2.2% increase from the
same period of 2022.
- Gross margin expanded to 59.1% in the fourth quarter of
2023 from 56.4% in the same period of 2022.
- Net loss was RMB103.1
million (US$14.5 million) in
the fourth quarter of 2023, narrowed by 42.6% from the same period
of 2022.
- Adjusted net loss (non-GAAP)[1] was
RMB91.3 million (US$12.9 million) in the fourth quarter of 2023,
narrowed by 31.9% from the same period of 2022.
- Average monthly active users (MAUs)[2]
reached 99.0 million in the fourth quarter of 2023.
- Average monthly subscribing members[3]
reached 14.2 million in the fourth quarter of 2023, representing a
9.2% increase from the same period of 2022.
Fiscal Year 2023 Highlights
- Total revenues were RMB4,198.9
million (US$591.4 million) in
2023, representing a 16.5% increase from 2022.
- Gross margin expanded to 54.7% in 2023 from 50.2% in
2022.
- Net loss was RMB839.5
million (US$118.2 million) in
2023, narrowed by 46.8% from 2022.
- Adjusted net loss (non-GAAP)[1] was
RMB659.1 million (US$92.8 million) in 2023, narrowed by 44.9% from
2022.
"In the fourth quarter of 2023, we successfully navigated a
challenging macroeconomic and competitive environment and achieved
meaningful revenue growth and efficiency improvement through our
multi-engine monetization approach, bolstered by our valuable
community ecosystem," said Mr. Yuan Zhou, chairman and chief
executive officer of Zhihu. "We also honed our content strategy to
fortify our position as a trustworthy online content community. By
prioritizing user experience and improving our strategic execution,
cost control and overall efficiency, we have set the stage for
sustainable growth and continued value creation for our users and
stakeholders."
Mr. Han Wang, chief financial
officer of Zhihu, added, "While we faced a myriad of challenges in
2023, we remained resilient and dedicated to our multi-engine
monetization strategy. As a result, our total revenues for the
fourth quarter and full year increased by 2.2% and 16.5% year over
year, respectively. Through prudent cost control and operating
leverage, we were pleased to conclude the year with a further
enhanced gross margin and significantly narrowed bottom-line loss.
Going forward, we will remain committed to boosting our operating
efficiency to reinforce our trajectory towards profitability."
Fourth Quarter 2023 Financial Results
Total revenues were RMB1,138.3
million (US$160.3 million),
representing a 2.2% increase from RMB1,114.0
million in the same period of 2022.
Marketing services revenue[4] was RMB465.2 million (US$65.5
million), compared with RMB572.4
million in the same period of 2022.
Paid membership revenue was RMB455.9 million (US$64.2
million), representing a 13.3% increase from RMB402.5 million in the same period of 2022. The
increase was primarily driven by the continued growth of our
subscribing members.
Vocational training revenue was RMB169.3 million (US$23.8
million), representing a 100.1% increase from RMB84.6 million in the same period of 2022. The
significant increase was primarily attributable to our further
enriched online course offerings and the revenue contributions from
our recently acquired vocational training businesses.
Other revenues were RMB48.0
million (US$6.8 million),
compared with RMB54.5 million in the
same period of 2022.
Cost of revenues decreased by 4.2% to RMB465.2 million (US$65.5
million) from RMB485.4 million
in the same period of 2022, primarily attributable to a decrease in
cloud services and bandwidth costs resulting from our improved
efficiency.
Gross profit increased by 7.1% to RMB673.1 million (US$94.8
million) from RMB628.5 million
in the same period of 2022.
Gross margin expanded to
59.1% from 56.4% in the same period of 2022, primarily attributable
to our enhanced monetization efforts and the improvement of cloud
services and bandwidth utilization efficiency.
Total operating expenses were RMB851.3 million (US$119.9
million), compared with RMB844.8
million in the same period of 2022.
Selling and marketing expenses increased to RMB527.6 million (US$74.3
million) from RMB509.2 million
in the same period of 2022. The increase reflects our continued
efforts in promoting our product and service offerings.
Research and development expenses increased to
RMB232.6 million (US$32.8 million) from RMB212.5 million in the same period of 2022. The
increase was primarily attributable to our increased spending on
technology innovation.
General and administrative expenses decreased by 26.0% to
RMB91.1 million (US$12.8 million) from RMB123.1 million in the same period of 2022. The
decrease was primarily attributable to a decline in
personnel-related expenses.
Loss from operations was narrowed by 17.6% to
RMB178.2 million (US$25.1 million) from RMB216.3 million in the same period of
2022.
Adjusted loss from operations (non-GAAP)[1]
decreased to RMB165.3 million
(US$23.3 million) from RMB170.3 million in the same period of
2022.
Net loss was narrowed by 42.6% to RMB103.1 million (US$14.5
million) from RMB179.5 million
in the same period of 2022.
Adjusted net loss (non-GAAP)[1] was narrowed
by 31.9% to RMB91.3 million
(US$12.9 million) from RMB134.1 million in the same period of 2022.
Diluted net loss per American depositary share ("ADS")
was RMB0.18 (US$0.03), compared with RMB0.29 in the same period of 2022.
Cash and cash equivalents, term deposits and short-term
investments
As of December 31, 2023, the
Company had cash and cash equivalents, term deposits and short-term
investments of RMB5,462.9 million
(US$769.4 million), compared with
RMB6,261.5 million as of December 31, 2022.
Fiscal Year 2023 Financial Results
Total revenues were RMB4,198.9
million (US$591.4 million),
representing a 16.5% increase from RMB3,604.9 million in 2022.
Marketing services revenue[4] was RMB1,653.0 million (US$232.8 million), compared with RMB1,956.5 million in 2022.
Paid membership revenue was RMB1,826.6 million (US$257.3 million), representing a 48.4% increase
from RMB1,230.8 million in 2022. The
increase was primarily driven by the continued growth of our
subscribing members.
Vocational training revenue was RMB565.6 million (US$79.7
million), representing a 127.8% increase from RMB248.3 million in 2022. The significant
increase was primarily attributable to our further enriched online
course offerings and the revenue contributions from our recently
acquired vocational training businesses.
Other revenues were RMB153.8
million (US$21.7 million),
compared with RMB169.4 million in
2022.
Cost of revenues increased to RMB1,903.0 million (US$268.0 million) from RMB1,796.9 million in 2022. The increase was
primarily due to the growth of content and operating costs as we
continued to enhance our content attractiveness, and an increase in
payment processing costs driven by our revenue growth, partially
offset by the decrease in cloud services and bandwidth costs.
Gross profit increased by 27.0% to RMB2,295.8 million (US$323.4 million) from RMB1,808.1 million in 2022. Gross margin
expanded to 54.7% from 50.2% in 2022, primarily attributable to our
enhanced monetization efforts and the improvement of cloud services
and bandwidth utilization efficiency.
Total operating expenses decreased to RMB3,368.1 million (US$474.4 million) from RMB3,411.8 million in 2022.
Selling and marketing expenses were RMB2,048.1 million (US$288.5 million), compared with RMB2,026.5 million in 2022.
Research and development expenses increased to
RMB901.5 million (US$127.0 million) from RMB763.4 million in 2022. The increase was
primarily attributable to our increased spending on technology
innovation.
General and administrative expenses decreased to
RMB418.5 million (US$58.9 million) from RMB622.0 million in 2022. The decrease was
primarily attributable to lower share-based compensation
expenses.
Loss from operations was narrowed by 33.1% to
RMB1,072.2 million (US$151.0 million) from RMB1,603.8 million in 2022.
Adjusted loss from operations (non-GAAP)[1]
was narrowed by 27.1% to RMB888.0
million (US$125.1 million)
from RMB1,218.8 million in 2022.
Net loss was narrowed by 46.8% to RMB839.5 million (US$118.2
million) from RMB1,578.4
million in 2022.
Adjusted net loss (non-GAAP)[1] was narrowed
by 44.9% to RMB659.1 million
(US$92.8 million) from RMB1,195.9 million in 2022.
Diluted net loss per ADS was RMB1.41 (US$0.20),
compared with RMB2.59 in 2022.
Share Repurchase Program
As of December 31, 2023, 26.3
million Class A ordinary shares (including Class A ordinary shares
underlying the ADSs) had been repurchased for a total price of
US$58.5 million on both the New York
Stock Exchange and The Stock Exchange of Hong Kong Limited under
the Company's existing US$100 million
share repurchase program established in May
2022 and extended in May 2023
(the "Repurchase Program"), which is effective until June 10, 2024. The repurchases made under the
Repurchase Program were covered by the general unconditional
mandate to purchase the Company's own shares approved by
shareholders at the Company's annual general meetings held on
June 10, 2022 and June 30, 2023, respectively.
[1]
Adjusted loss from operations and adjusted net loss are non-GAAP
financial measures. For more information on the non-GAAP financial
measures, please see the section of "Use of Non-GAAP Financial
Measures" and the table captioned "Unaudited Reconciliations of
GAAP and Non-GAAP Results" set forth at the end of this press
release.
|
[2]
MAUs refers to the sum of the number of mobile devices that launch
our mobile apps at least once in a given month, or mobile MAUs, and
the number of logged-in users who visit our PC or mobile website at
least once in a given month, after eliminating duplicates.
|
[3]
Monthly subscribing members refers to the number of our Yan
Selection members in a specified month. Average monthly subscribing
members for a period is calculated by dividing the sum of monthly
subscribing members for each month during the specified period by
the number of months in such period.
|
[4]
Starting with the first quarter of 2023, we report revenues
generated from advertising and content-commerce solutions
collectively as "marketing services revenue" to better present our
business and results of operation in line with our overall
strategies. Revenues for the applicable comparison periods of 2022
have been retrospectively re-classified.
|
Conference Call
The Company's management will host an earnings conference call
at 7:00 a.m. U.S. Eastern Time on
March 26, 2024 (7:00 p.m. Beijing/Hong
Kong time on March 26,
2024).
All participants wishing to join the conference call must
pre-register online using the link provided below. Once the
pre-registration has been completed, each participant will receive
a set of dial-in numbers, a passcode, and a unique registrant ID
which can be used to join the conference call. Participants may
pre-register at any time, including up to and after the call start
time.
Participant Online Registration:
https://dpregister.com/sreg/10187223/fbcf65bd2c
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at https://ir.zhihu.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call, until April 2, 2024, by dialing the following telephone
numbers:
United States (toll
free):
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
4320125
|
About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content
community in China where people
come to find solutions, make decisions, seek inspiration, and have
fun. Since the initial launch in 2010, we have grown from a Q&A
community into one of the top comprehensive online content
communities and the largest Q&A-inspired online content
community in China. For more
information, please visit https://ir.zhihu.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP financial measures, such as adjusted loss from operations
and adjusted net loss, to supplement the review and assessment of
its operating performance. The Company defines non-GAAP financial
measures by excluding the impact of share-based compensation
expenses, amortization of intangible assets resulting from business
acquisitions and the tax effects of the non-GAAP adjustments, which
are non-cash expenses. The Company believes that the non-GAAP
financial measures facilitate comparisons of operating performance
from period to period and company to company by adjusting for
potential impacts of items, which the Company's management
considers to be indicative of its operating performance. The
Company believes that the non-GAAP financial measures provide
useful information to investors and others in understanding and
evaluating the Company's consolidated results of operations in the
same manner as it helps the Company's management.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The
presentation of the non-GAAP financial measures may not be
comparable to similarly titled measures presented by other
companies. The use of the non-GAAP financial measures has
limitations as an analytical tool, and investors should not
consider it in isolation from, or as a substitute for analysis of,
our results of operations or financial condition as reported under
U.S. GAAP. For more information on the non-GAAP financial measures,
please see the tables captioned "Unaudited Reconciliations of GAAP
and Non-GAAP Results" set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at a specified rate solely for the
convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars were made at a rate of
RMB7.0999 to US$1.00, the exchange rate in effect as of
December 29, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to," or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC and the Hong Kong Stock Exchange. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any duty to
update such information, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Zhihu Inc.
Email: ir@zhihu.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com
ZHIHU
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
December
31,
2022
|
|
September
30,
2023
|
|
December
31,
2023
|
|
December
31,
2022
|
|
December
31,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
services
|
572,387
|
|
382,962
|
|
465,153
|
|
65,515
|
|
1,956,480
|
|
1,652,992
|
|
232,819
|
Paid
membership
|
402,531
|
|
466,784
|
|
455,906
|
|
64,213
|
|
1,230,804
|
|
1,826,557
|
|
257,265
|
Vocational
training
|
84,591
|
|
144,795
|
|
169,272
|
|
23,841
|
|
248,266
|
|
565,585
|
|
79,661
|
Others
|
54,456
|
|
27,622
|
|
47,966
|
|
6,756
|
|
169,369
|
|
153,755
|
|
21,656
|
Total
revenues
|
1,113,965
|
|
1,022,163
|
|
1,138,297
|
|
160,325
|
|
3,604,919
|
|
4,198,889
|
|
591,401
|
Cost of
revenues
|
(485,442)
|
|
(473,712)
|
|
(465,197)
|
|
(65,522)
|
|
(1,796,867)
|
|
(1,903,041)
|
|
(268,038)
|
Gross
profit
|
628,523
|
|
548,451
|
|
673,100
|
|
94,803
|
|
1,808,052
|
|
2,295,848
|
|
323,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
(509,229)
|
|
(534,328)
|
|
(527,604)
|
|
(74,311)
|
|
(2,026,468)
|
|
(2,048,090)
|
|
(288,467)
|
Research and
development
expenses
|
(212,495)
|
|
(249,662)
|
|
(232,585)
|
|
(32,759)
|
|
(763,362)
|
|
(901,452)
|
|
(126,967)
|
General and
administrative
expenses
|
(123,107)
|
|
(114,564)
|
|
(91,069)
|
|
(12,827)
|
|
(621,973)
|
|
(418,531)
|
|
(58,949)
|
Total operating
expenses
|
(844,831)
|
|
(898,554)
|
|
(851,258)
|
|
(119,897)
|
|
(3,411,803)
|
|
(3,368,073)
|
|
(474,383)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(216,308)
|
|
(350,103)
|
|
(178,158)
|
|
(25,094)
|
|
(1,603,751)
|
|
(1,072,225)
|
|
(151,020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income
|
5,922
|
|
11,617
|
|
12,279
|
|
1,729
|
|
70,380
|
|
41,695
|
|
5,873
|
Interest
income
|
33,671
|
|
40,363
|
|
38,828
|
|
5,469
|
|
68,104
|
|
158,671
|
|
22,348
|
Fair value change of
financial
instruments
|
(4,619)
|
|
(7,352)
|
|
14,780
|
|
2,082
|
|
(176,685)
|
|
(5,170)
|
|
(728)
|
Exchange
(losses)/gains
|
(1,524)
|
|
(393)
|
|
(937)
|
|
(132)
|
|
71,749
|
|
97
|
|
14
|
Others, net
|
6,099
|
|
27,227
|
|
15,032
|
|
2,117
|
|
5,983
|
|
49,236
|
|
6,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
tax
|
(176,759)
|
|
(278,641)
|
|
(98,176)
|
|
(13,829)
|
|
(1,564,220)
|
|
(827,696)
|
|
(116,578)
|
Income tax
(expense)/benefit
|
(2,755)
|
|
256
|
|
(4,929)
|
|
(694)
|
|
(14,183)
|
|
(11,832)
|
|
(1,667)
|
Net
loss
|
(179,514)
|
|
(278,385)
|
|
(103,105)
|
|
(14,523)
|
|
(1,578,403)
|
|
(839,528)
|
|
(118,245)
|
Net income attributable
to
noncontrolling interests
|
(164)
|
|
(289)
|
|
(666)
|
|
(94)
|
|
(2,754)
|
|
(4,113)
|
|
(579)
|
Net loss
attributable to Zhihu
Inc.'s shareholders
|
(179,678)
|
|
(278,674)
|
|
(103,771)
|
|
(14,617)
|
|
(1,581,157)
|
|
(843,641)
|
|
(118,824)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.59)
|
|
(0.94)
|
|
(0.36)
|
|
(0.05)
|
|
(5.19)
|
|
(2.82)
|
|
(0.40)
|
Diluted
|
(0.59)
|
|
(0.94)
|
|
(0.36)
|
|
(0.05)
|
|
(5.19)
|
|
(2.82)
|
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS
(Two ADSs
represent one Class A
ordinary share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.29)
|
|
(0.47)
|
|
(0.18)
|
|
(0.03)
|
|
(2.59)
|
|
(1.41)
|
|
(0.20)
|
Diluted
|
(0.29)
|
|
(0.47)
|
|
(0.18)
|
|
(0.03)
|
|
(2.59)
|
|
(1.41)
|
|
(0.20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
304,665,906
|
|
297,742,064
|
|
291,056,615
|
|
291,056,615
|
|
304,836,318
|
|
299,132,894
|
|
299,132,894
|
Diluted
|
304,665,906
|
|
297,742,064
|
|
291,056,615
|
|
291,056,615
|
|
304,836,318
|
|
299,132,894
|
|
299,132,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZHIHU
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
December
31,
2022
|
|
September
30,
2023
|
|
December
31,
2023
|
|
December
31,
2022
|
|
December
31,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Share-based
compensation
expenses included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,663
|
|
1,630
|
|
1,575
|
|
221
|
|
11,861
|
|
9,751
|
|
1,373
|
Selling and
marketing
expenses
|
5,019
|
|
5,741
|
|
(7,001)
|
|
(986)
|
|
24,334
|
|
13,882
|
|
1,955
|
Research and
development
expenses
|
15,831
|
|
13,758
|
|
(57)
|
|
(8)
|
|
62,503
|
|
49,847
|
|
7,021
|
General and
administrative
expenses
|
18,032
|
|
27,662
|
|
12,983
|
|
1,829
|
|
275,197
|
|
91,176
|
|
12,842
|
ZHIHU
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands)
|
|
|
|
As of December
31,
2022
|
|
As of December
31,
2023
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
4,525,852
|
|
2,106,639
|
|
296,714
|
Term
deposits
|
948,390
|
|
1,586,469
|
|
223,449
|
Short-term
investments
|
787,259
|
|
1,769,822
|
|
249,274
|
Trade
receivables
|
834,251
|
|
664,615
|
|
93,609
|
Amounts due from
related parties
|
24,798
|
|
18,319
|
|
2,580
|
Prepayments and other
current assets
|
199,249
|
|
232,016
|
|
32,679
|
Total current
assets
|
7,319,799
|
|
6,377,880
|
|
898,305
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
7,290
|
|
10,849
|
|
1,528
|
Intangible assets,
net
|
80,237
|
|
122,645
|
|
17,274
|
Goodwill
|
126,344
|
|
191,077
|
|
26,913
|
Long-term
investments
|
-
|
|
44,621
|
|
6,285
|
Right-of-use assets
|
100,119
|
|
40,211
|
|
5,664
|
Other non-current
assets
|
22,450
|
|
7,989
|
|
1,125
|
Total non-current
assets
|
336,440
|
|
417,392
|
|
58,789
|
Total
assets
|
7,656,239
|
|
6,795,272
|
|
957,094
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
916,112
|
|
1,038,531
|
|
146,274
|
Salary and welfare
payables
|
283,546
|
|
342,125
|
|
48,187
|
Taxes
payables
|
25,975
|
|
21,394
|
|
3,013
|
Contract
liabilities
|
355,626
|
|
303,574
|
|
42,758
|
Amounts due to related
parties
|
24,861
|
|
26,032
|
|
3,667
|
Short term lease
liabilities
|
53,190
|
|
42,089
|
|
5,929
|
Other current
liabilities
|
165,531
|
|
171,743
|
|
24,189
|
Total current
liabilities
|
1,824,841
|
|
1,945,488
|
|
274,017
|
Non-current
liabilities
|
|
|
|
|
|
Long term lease
liabilities
|
43,367
|
|
3,642
|
|
513
|
Deferred tax
liabilities
|
11,630
|
|
22,574
|
|
3,179
|
Other non-current
liabilities
|
82,133
|
|
121,958
|
|
17,177
|
Total non-current
liabilities
|
137,130
|
|
148,174
|
|
20,869
|
Total
liabilities
|
1,961,971
|
|
2,093,662
|
|
294,886
|
|
|
|
|
|
|
Total Zhihu Inc.'s
shareholders' equity
|
5,653,696
|
|
4,599,810
|
|
647,870
|
Noncontrolling
interests
|
40,572
|
|
101,800
|
|
14,338
|
Total shareholders'
equity
|
5,694,268
|
|
4,701,610
|
|
662,208
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
7,656,239
|
|
6,795,272
|
|
957,094
|
ZHIHU
INC.
|
UNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands)
|
|
|
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
December
31,
2022
|
|
September
30,
2023
|
|
December
31,
2023
|
|
December
31,
2022
|
|
December
31,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
(216,308)
|
|
(350,103)
|
|
(178,158)
|
|
(25,094)
|
|
(1,603,751)
|
|
(1,072,225)
|
|
(151,020)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expenses
|
42,545
|
|
48,791
|
|
7,500
|
|
1,056
|
|
373,895
|
|
164,656
|
|
23,191
|
Amortization of
intangible
assets resulting from
business acquisitions
|
3,490
|
|
5,365
|
|
5,365
|
|
756
|
|
11,053
|
|
19,585
|
|
2,758
|
Adjusted loss
from
operations
|
(170,273)
|
|
(295,947)
|
|
(165,293)
|
|
(23,282)
|
|
(1,218,803)
|
|
(887,984)
|
|
(125,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(179,514)
|
|
(278,385)
|
|
(103,105)
|
|
(14,523)
|
|
(1,578,403)
|
|
(839,528)
|
|
(118,245)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expenses
|
42,545
|
|
48,791
|
|
7,500
|
|
1,056
|
|
373,895
|
|
164,656
|
|
23,191
|
Amortization of
intangible
assets resulting from
business acquisitions
|
3,490
|
|
5,365
|
|
5,365
|
|
756
|
|
11,053
|
|
19,585
|
|
2,758
|
Tax effects on
non-GAAP
adjustments
|
(600)
|
|
(1,069)
|
|
(1,069)
|
|
(151)
|
|
(2,400)
|
|
(3,806)
|
|
(536)
|
Adjusted net
loss
|
(134,079)
|
|
(225,298)
|
|
(91,309)
|
|
(12,862)
|
|
(1,195,855)
|
|
(659,093)
|
|
(92,832)
|
View original
content:https://www.prnewswire.com/news-releases/zhihu-inc-reports-unaudited-fourth-quarter-and-fiscal-year-2023-financial-results-302099216.html
SOURCE Zhihu Inc.