Jianpu Technology Inc. Reports First Six Months 2021 Unaudited Financial Results

<br /> Jianpu Technology Inc. Reports First Six Months 2021 Unaudited Financial Results<br />

PR Newswire


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 margin

    1

    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 EBITDA

2, 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.