BEIJING, Dec. 28, 2021
/PRNewswire/ -- Jianpu Technology Inc. ("Jianpu," or the
"Company") (NYSE: JT), a leading independent open platform for
discovery and recommendation of financial products in China, today announced its unaudited financial
results for the first six months ended June
30, 2021.
First six months 2021 Operational and Financial
Highlights:
- The credit card volume for recommendation services, was
approximately 1.6 million in the first six months of 2021 remaining
stable compared with the same period of 2020. The revenue from
credit cards recommendation services in the first six months of
2021 was RMB179.8 million
(US$27.8 million), compared with
RMB170.8 million in the same period
of 2020.
- The number of domestic loan applications was approximately 5.2
million in the first six months of 2021, representing an increase
of approximately 58.7% from the same period of 2020. The average
fee per domestic loan application decreased to RMB13.0 (US$2.0) in
the first six months of 2021 from RMB14.1 in the first six months of 2020. As a
result, the revenue from loan recommendation service was
RMB75.1 million (US$11.6 million), a 60.8% increase from the same
period of 2020.
- Total revenues for the first six months of 2021 increased by
13.7% to RMB343.5 million
(US$53.2 million) from RMB302.1 million in the same period of 2020. The
increase was mainly attributable to the recovery of loan
recommendation service and, to a lesser extent, the growth of
insurance brokerage business, which was part of advertising,
marketing services and other services, in the first six months of
2021.
- Net loss was RMB95.8 million
(US$14.8 million) in the first six
months of 2021, compared with RMB125.2
million in the first six months of 2020. Net loss margin was
27.9% in the first six months of 2021, compared with 41.4% in the
same period of 2020.
- Non-GAAP adjusted net loss1 was RMB90.0
million (US$13.9 million) in
the first six months of 2021, compared with Non-GAAP adjusted net
loss of RMB118.3 million in the first
six months of 2020. Non-GAAP adjusted net loss margin1
was 26.2% in the first six months of 2021, improving from 39.2% in
the same period of 2020.
First six months 2021 Financial Results
Total revenues for the first six months of 2021 increased
by 13.7% to RMB343.5 million
(US$53.2 million) from RMB302.1 million in the same period of 2020.
Total revenues from recommendation services increased by
17.2% to RMB254.9 million
(US$39.5 million) in the first six
months of 2021 from RMB217.5 million
in the same period of 2020.
Revenues from recommendation
services for credit cards increased by 5.3% to RMB179.8 million (US$27.8
million) in the first six months of 2021 from RMB170.8 million in the same period of 2020.
Credit card volume for recommendation services in the first six
months of 2021 and 2020 were approximately 1.6 million and 1.6
million, respectively. The average fee per credit card for
recommendation services increased to RMB109.6 (US$17.0)
in the first six months of 2021 from RMB106.8 in the same period of 2020.
Revenues from recommendation
services for loans increased by 60.8% to RMB75.1 million (US$11.6
million) in the first six months of 2021 from RMB46.7 million in the same period of 2020,
primarily due to the increase in number of loan applications on our
platform. The number of domestic loan applications on the Company's
platform was approximately 5.2 million in the first six months of
2021, representing an increase of approximately 58.7% from the same
period of 2020. The average fee per domestic loan application
decreased to RMB13.0 (US$2.0) in the first six months of 2021 from
RMB14.1 in the first six months of
2020.
Revenue from big data and system-based risk management
services decreased slightly to RMB63.1 million (US$9.8
million) in the first six months of 2021 from RMB69.2 million in the same period of 2020,
primarily due to the decrease of revenue in big data services.
Revenues from advertising and marketing services and other
services increased by 64.5% to RMB25.5
million (US$4.0 million) in
the first six months of 2021 from RMB15.5
million in the same period of 2020, primarily due to the
growth of insurance brokerage services.
Cost of revenues increased by 65.7% to RMB92.8 million (US$14.4
million) in the first six months of 2021 from RMB56.0 million in the same period of 2020. The
increase was primarily attributable to the increase in direct costs
relating to credit card business and insurance brokerage
services.
Gross profit increased by 1.9% to RMB250.7 million (US$38.8
million) in the first six months of 2021 from RMB246.1 million in the same period of 2020. The
increase was primarily attributable to the increase of our total
revenues.
Sales and marketing expenses increased by 6.9% to
RMB252.0 million (US$39.0 million) in the first six months of 2021
from RMB235.7 million in the same
period of 2020. The increase was primarily due to the increase in
traffic acquisition costs and payroll expenses.
Research and development expenses decreased by 7.3% to
RMB70.1 million (US$10.9 million) in the first six months of 2021
from RMB75.6 million in the same
period of 2020, primarily due to continued cost optimization
measures, and partially offset by upfront investment in R&D
efforts for new businesses.
General and administrative expenses was RMB65.3 million (US$10.1
million) in the first six months of 2021, which remained
relatively stable compared with RMB64.1
million in the same period of 2020.
Others, net increased by 800.0% to RMB42.3 million (US$6.6
million) in the first six months of 2021 from RMB4.7 million in the same period of 2020. The
increase was primarily from the realized investment gain of
RMB40.1 million from the investment
in Conflux Global, a decentralized applications blockchain solution
provider.
Net loss was RMB95.8
million (US$14.8 million) in
the first six months of 2021 compared with RMB125.2 million in the same period of
2020. Net loss margin was 27.9% in the first six months of
2021 compared with 41.4% in the same period of 2020.
Non-GAAP adjusted net loss, which excluded share-based
compensation expenses from net loss, was RMB90.0 million (US$13.9
million) in the first six months of 2021, compared with
RMB118.3 million in the same period
of 2020.
Non-GAAP adjusted EBITDA2, which excluded share-based
compensation expenses, depreciation and amortization, interest
income and expenses, and income tax benefits from net loss, for the
first six months of 2021 was a loss of RMB84.6 million (US$13.1
million), compared with a loss of RMB108.5 million in the same period of 2020.
As of June 30, 2021, the Company
had cash and cash equivalents, restricted cash and time deposits
and short-term investment of RMB868.3
million (US$134.5 million),
and working capital of approximately RMB521.7 million (US$80.8
million). Compared to as of December
31, 2020, cash and cash equivalents, restricted cash, time
deposits and investment and short-term investment decreased by
RMB127.7 million (US$19.8 million), which was attributable to net
cash used in operating
activities.
About Jianpu Technology Inc.
Jianpu Technology Inc.
is a leading independent open platform for 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 our 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 our 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 our
operating results, enhance the overall understanding of our past
performance and future prospects and allow for greater visibility
with respect to key metrics used by our 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 our 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 our 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.
.
Jianpu Technology
Inc Unaudited Condensed Consolidated Balance
Sheets
|
(In thousands,
|
As of December 31,
|
As of June 30,
|
except for number of shares and per
|
2020
|
2021
|
2021
|
share data)
|
RMB
|
RMB
|
US$
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
549,979
|
545,348
|
84,464
|
Restricted cash, time
deposits and investment
|
391,425
|
238,938
|
37,007
|
Short-term investment
|
20,000
|
48,300
|
7,481
|
Accounts receivable, net (including amounts
billed through related party of nil and RMB2,811 as of December
31,2020 and June 30,2021, respectively)
|
240,124
|
289,107
|
44,777
|
Amount due from related parties
|
872
|
788
|
122
|
Prepayments and other current assets
|
66,295
|
70,822
|
10,969
|
Total current
assets
|
1,268,695
|
1,193,303
|
184,820
|
Non-current
assets:
|
|
|
|
Property and equipment, net
|
18,114
|
14,434
|
2,236
|
Intangible assets, net
|
25,172
|
24,209
|
3,749
|
Goodwill
|
10,236
|
10,236
|
1,585
|
Restricted cash and time deposits
|
34,581
|
35,670
|
5,525
|
Other non-current assets
|
46,936
|
42,457
|
6,576
|
Total non-current
assets
|
135,039
|
127,006
|
19,671
|
Total
assets
|
1,403,734
|
1,320,309
|
204,491
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings
|
158,477
|
165,689
|
25,662
|
Accounts payable
|
185,904
|
193,769
|
30,011
|
Advances from customers
|
54,275
|
51,988
|
8,052
|
Tax payable
|
24,059
|
14,322
|
2,218
|
Amount due to related parties
|
9,495
|
105,416
|
16,327
|
Accrued expenses and other current liabilities
|
220,866
|
140,409
|
21,747
|
Total current
liabilities
|
653,076
|
671,593
|
104,017
|
Non-current
liabilities:
|
|
|
|
Deferred tax liabilities
|
5,146
|
4,843
|
750
|
Other non-current liabilities
|
19,874
|
15,803
|
2,450
|
Total non-current
liabilities
|
25,020
|
20,646
|
3,200
|
Total
liabilities
|
678,096
|
692,239
|
107,217
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
Redeemable noncontrolling interest
|
1,455
|
1,012
|
157
|
Shareholders'
equity:
|
|
|
|
Ordinary shares
|
286
|
286
|
44
|
Treasury stock, at cost
|
(88,855)
|
(88,130)
|
(13,650)
|
Additional paid-in capital
|
1,885,951
|
1,891,063
|
292,888
|
Accumulated losses
|
(1,099,934)
|
(1,193,940)
|
(184,918)
|
Statutory reserves
|
1,900
|
1,900
|
294
|
Accumulated other comprehensive income
|
1,002
|
(6,644)
|
(1,029)
|
Total Jianpu's
shareholders' equity
|
700,350
|
604,535
|
93,629
|
Noncontrolling interests
|
23,833
|
22,523
|
3,488
|
Total
shareholders' equity
|
724,183
|
627,058
|
97,117
|
Total liabilities,
mezzanine equity and shareholders' equity
|
1,403,734
|
1,320,309
|
204,491
|
Jianpu Technology
Inc. Unaudited Interim Condensed Consolidated Statements
of Comprehensive Loss
|
(In thousands,
|
For the Six Months
Ended June 30,
|
except for number of shares and per
|
2020
|
2021
|
2021
|
share data)
|
RMB
|
RMB
|
US$
|
|
|
|
|
Revenues:
|
|
|
|
Recommendation
services:
|
|
|
|
Loans(a)
|
46,668
|
75,094
|
11,631
|
Credit
cards
|
170,813
|
179,804
|
27,848
|
Total recommendation
services
|
217,481
|
254,898
|
39,479
|
Big data and
system-based risk management services(b)
|
69,160
|
63,106
|
9,774
|
Advertising,
marketing and other services
|
15,503
|
25,541
|
3,956
|
Total
revenues
|
302,144
|
343,545
|
53,209
|
Cost of
revenues(c)
|
(56,046)
|
(92,848)
|
(14,380)
|
Gross
profit
|
246,098
|
250,697
|
38,829
|
Operating
expenses:
|
|
|
|
Sales and
marketing(d)
|
(235,659)
|
(251,991)
|
(39,029)
|
Research and
development
|
(75,565)
|
(70,060)
|
(10,851)
|
General and
administrative
|
(64,126)
|
(65,333)
|
(10,119)
|
Loss from
operations
|
(129,252)
|
(136,687)
|
(21,170)
|
Net interest
expenses
|
(852)
|
(1,771)
|
(274)
|
Others,
net
|
4,681
|
42,323
|
6,555
|
Loss before income
tax
|
(125,423)
|
(96,135)
|
(14,889)
|
Income tax
benefits
|
202
|
295
|
46
|
Net
loss
|
(125,221)
|
(95,840)
|
(14,843)
|
Less: net loss
attributable to noncontrolling interests
|
(2,597)
|
(1,834)
|
(284)
|
Net loss
attributable to Jianpu's shareholders
|
(122,624)
|
(94,006)
|
(14,559)
|
Other
comprehensive income/(loss), net
|
|
|
|
Foreign currency
translation adjustments
|
11,647
|
(7,565)
|
(1,172)
|
Total other
comprehensive income/(loss)
|
11,647
|
(7,565)
|
(1,172)
|
Total
comprehensive loss
|
(113,574)
|
(103,405)
|
(16,015)
|
Less: total
comprehensive loss attributable to noncontrolling
interests
|
(2,673)
|
(1,753)
|
(271)
|
Total
comprehensive loss attributable to Jianpu's
shareholders
|
(110,901)
|
(101,652)
|
(15,744)
|
Net loss per share
attributable to Jianpu's shareholders
|
|
|
|
Basic
|
(0.29)
|
(0.22)
|
(0.03)
|
Diluted
|
(0.29)
|
(0.22)
|
(0.03)
|
Net loss per
ADS attributable to Jianpu's shareholders
|
|
|
|
Basic
|
(5.80)
|
(4.44)
|
(0.69)
|
Diluted
|
(5.80)
|
(4.44)
|
(0.69)
|
Weighted average
number of shares
|
|
|
|
Basic
|
422,860,303
|
423,645,337
|
423,645,337
|
Diluted
|
422,860,303
|
423,645,337
|
423,645,337
|
[a] Including revenues from related party of RMB580 and RMB270 for the
six months ended June 30, 2020 and 2021, respectively.
[b] Including revenues from related party of RMB1,716 and RMB2,443 for the six months ended June 30, 2020 and 2021, respectively.
[c] Including cost of revenues from related party of RMB2,371 and RMB372 for the six months ended June 30, 2020 and 2021, respectively.
[d]Including expenses from related party of nil and RMB13 for the six months ended June 30, 2020 and 2021, respectively.
Jianpu Technology
Inc. Unaudited Reconciliations of GAAP and Non-GAAP
Results
|
(In thousands,
|
For the Six Months
Ended June 30,
|
except for number of shares and per
|
2020
|
2021
|
2021
|
share data)
|
RMB
|
RMB
|
US$
|
|
|
|
|
Net
loss
|
(125,221)
|
(95,840)
|
(14,843)
|
Add: Share-based
compensation expenses
|
6,910
|
5,834
|
903
|
Non-GAAP adjusted net
loss
|
(118,311)
|
(90,006)
|
(13,940)
|
Add: Depreciation and
amortization
|
10,488
|
6,841
|
1,060
|
Net interest
expenses
|
(852)
|
(1,771)
|
(274)
|
Income tax
benefits
|
202
|
295
|
46
|
Non-GAAP adjusted
EBITDA
|
(108,473)
|
(84,641)
|
(13,108)
|
1 Non-GAAP adjusted net loss represents net loss before
share-based compensation expenses. There is no income tax impact of
the non-GAAP adjustment of 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.
2 Non-GAAP adjusted EBITDA represents EBITDA before
share-based compensation expenses and impairment loss. EBITDA
represents net (loss)/income before interest, tax, depreciation and
amortization. See "Unaudited Reconciliations of GAAP and Non-GAAP
Results" for more details.
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SOURCE Jianpu Technology Inc.