Aurora Mobile Ltd (JG) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Aurora Mobile Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Aurora Mobile 第四季度和 2022 財年收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host today, Rene Vanguestaine. Thank you. Please go ahead, sir.

請注意，今天的會議正在錄製中。我現在想把會議交給今天的主持人 Rene Vanguestaine。謝謝。請繼續，先生。

Thank you, Amber. Hello, everyone, and thank you for joining us today. Aurora's earnings release was distributed earlier today and is available on our IR website, ir.jiguang.cn.

謝謝你，琥珀。大家好，感謝您今天加入我們。奧羅拉 (Aurora) 的收益發佈於今天早些時候發布，可在我們的投資者關係網站 ir.jiguang.cn 上獲取。

On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.

今天接聽電話的是董事長兼首席執行官羅衛東先生；首席財務官 Shan-Nen Bong 先生；總經理陳光彥先生。

Following their prepared remarks, they will be available to answer your questions during the Q&A session that will follow.

在他們準備好的發言之後，他們將在隨後的問答環節中回答您的問題。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.

在我們開始之前，我想提醒您，本次電話會議包含經修訂的 1934 年證券交易法第 21E 節和 1995 年美國私人證券訴訟改革法所定義的前瞻性陳述。這些前瞻性陳述基於管理層目前的預期以及當前難以預測的市場和運營狀況，可能導致公司的實際結果、業績或成就與前瞻性陳述中的內容存在重大差異。有關這些和其他風險、不確定性和/或因素的更多信息包含在公司向美國證券交易委員會提交的文件中。公司不承擔因新信息、未來事件或其他原因而更新任何前瞻性陳述的任何義務，適用法律要求的除外。

With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.

說到這裡，我現在想把會議轉交給羅先生。請繼續。

Thanks, Rene. Good morning, and good evening, everyone. Welcome to Aurora Mobile's 2022 Fourth Quarter Earnings Call. Before I comment on our Q4 results, I would like to remind everyone that the quarterly earnings deck is available on our IR website. You may refer to the deck as we proceed with the call today.

謝謝，勒內。大家早上好，晚上好。歡迎來到 Aurora Mobile 的 2022 年第四季度財報電話會議。在我評論我們的第四季度業績之前，我想提醒大家，我們的 IR 網站上提供了季度收益平台。在我們今天進行電話會議時，您可以參考甲板。

Before looking at the fourth quarter, I would like to reflect upon our journey in the past couple of years in a challenging environment caused by pandemic, what we did right, what we learned, how we came from the toughest time, and how much we can grow as an organization. I'm proud to say that we came out of the difficult times and became more resilient and efficient.

在看第四季度之前，我想回顧一下過去幾年我們在疫情帶來的充滿挑戰的環境中的歷程，我們做對了什麼，我們學到了什麼，我們是如何從最艱難的時刻走過來的，我們做了多少可以成長為一個組織。我很自豪地說，我們走出了困難時期，變得更有彈性和更有效率。

Along the way, we have been constantly reviewing our overall strategy, not afraid of making necessary decisions no matter how tough to ensure we are always on the right track to long-term growth.

一路走來，我們一直在不斷審視我們的整體戰略，無論多麼艱難，我們都不怕做出必要的決定，以確保我們始終走在正確的軌道上，實現長期增長。

Throughout this effort, our revenues and margins remained strong as we improved gross profit, while tightly controlling and lowering or pass. We started a fresh as a pure SAAS business in Q1 2021, a major transition period, we didn't stop innovating and harnessing our core business line, Developer Services. This really is bringing us rewards for the long run. I will give you more details later with economic uncertainty going globally. In mid-2021, we acted quickly and proactively to make our organization stronger and nimbler by enacting restructuring and strict cost management across the company.

在整個努力過程中，我們的收入和利潤率保持強勁，因為我們提高了毛利潤，同時嚴格控制和降低或通過。我們在 2021 年第一季度作為一個純粹的 SAAS 業務重新開始，這是一個重要的過渡時期，我們沒有停止創新和利用我們的核心業務線，即開發人員服務。從長遠來看，這確實給我們帶來了回報。隨著全球經濟的不確定性，我稍後會為您提供更多細節。 2021 年年中，我們迅速採取主動行動，通過在全公司實施重組和嚴格的成本管理，使我們的組織更加強大和靈活。

We're also glad we made these decisions, and our efforts are reflected in our financial results. Let me share some of the key results with you.

我們也很高興我們做出了這些決定，我們的努力反映在我們的財務結果中。讓我與您分享一些關鍵結果。

Second positive adjusted EBITDA since 2021 Q4 at RMB 0.6 million. All business, including Developer Services, Subscription, Value-add Services and Vertical Applications have record Q-o-Q growth. Highest gross profit in 2022 at RMB 59.8 million. Lowest adjusted operating expenses since IPO for the past 18 quarters at RMB 52.8 million. Lowest adjusted net loss since Q3 of 2019 at RMB 6.6 million, improved by 18% year-over-year.

自 2021 年第四季度以來第二次調整後的 EBITDA 為 60 萬元人民幣。所有業務，包括開發者服務、訂閱、增值服務和垂直應用程序，都實現了創紀錄的環比增長。 2022年最高毛利5980萬元。自 IPO 以來過去 18 個季度的最低調整後運營費用為 5280 萬元人民幣。調整後淨虧損為 660 萬元人民幣，為 2019 年第三季度以來最低，同比增長 18%。

AR turnover days at 32 days lowest since IPO. Deferred revenue balance is the highest in the history of the company at RMB 142.4 million. Total customer number up 70% year-over-year to 4,719.

應收賬款周轉天數為首次公開募股以來最低的 32 天。遞延收入餘額為1.424億元人民幣，創公司歷史新高。客戶總數同比增長 70% 至 4,719。

I am thrilled to report revenue growth in Q4 2022. Total revenue rose to RMB 86.9 million, up 8% quarter-over-quarter, and both Developer Services, our core business and vertical applications have achieved sequential growth with the biggest revenue growth contribution by Developer Services at 11%.

我很高興地報告 2022 年第四季度的收入增長。總收入增至 8690 萬元人民幣，環比增長 8%，我們的核心業務開發者服務和垂直應用程序都實現了環比增長，其中收入增長貢獻最大的是開發者服務佔 11%。

In this quarter, we recorded the highest quarterly revenue of 2022 and lowered our adjusted OpEx bringing the cash component of OpEx to a historically low level. With that, our adjusted EBITDA was positive for the second quarter since Q4 2021 at RMB 0.6 million, significantly improved by RMB 7.3 million from negative RMB 6.7 million in Q3 2022. Our adjusted net loss was also the lowest -- the lowest since Q3 2019 at RMB 6.6 million improved by 18% year-over-year.

在本季度，我們錄得 2022 年最高的季度收入，並降低了調整後的運營支出，使運營支出的現金部分降至歷史最低水平。因此，我們調整後的 EBITDA 自 2021 年第四季度以來第二季度為正，為 60 萬元人民幣，比 2022 年第三季度的負 670 萬元人民幣大幅改善了 730 萬元人民幣。我們調整後的淨虧損也是最低的——自 2019 年第三季度以來的最低水平人民幣 660 萬元，同比增長 18%。

Furthermore, we ended this quarter on a higher note with more than RMB 142 million in total deferred revenue our remaining performance obligations up 15% versus last year. This is a set of impressive financial numbers for Q4 2022 that our team has worked hard to achieve. And it showed that we are running the business well. I sincerely believe more good things will come. We are confident that the end of the COVID 0 policy in December 2022 marks the beginning of China's emergence from the pandemic.

此外，本季度末我們的遞延收入總額超過 1.42 億元人民幣，剩餘履約義務較去年同期增長 15%。這是我們團隊努力實現的 2022 年第四季度一組令人印象深刻的財務數字。這表明我們的業務運行良好。我真誠地相信會有更多的好事到來。我們相信，2022 年 12 月 COVID 0 政策的結束標誌著中國從大流行中崛起的開始。

Even though there may be some short-term hearings, this, we believe, has put the country on a path to return people's life to normalcy and resume pre-COVID levels of consumer, social and economic growth. Therefore, the outlook for renewed consumer activities and a gradual recovery of our business in 2023 is very promising.

儘管可能會有一些短期聽證會，但我們相信，這已使該國走上了讓人們的生活恢復正常並恢復 COVID 前消費者、社會和經濟增長水平的道路。因此，2023 年消費者活動恢復和業務逐步復甦的前景非常樂觀。

Now let me go through our different revenue streams. Developer Service revenue increased 11% quarter-over-quarter to RMB 63.2 million, which was mainly due to the increase in both Subscription Services and Value-added Services. Year-over-year, Developer Services revenue decreased by 1.5%, mainly due to the weakness in Value-added Services, offset by the growth in Subscription Services.

現在讓我來看看我們不同的收入來源。開發者服務收入環比增長 11% 至人民幣 6320 萬元，這主要是由於訂閱服務和增值服務的增長。開發者服務收入同比下降 1.5%，主要是由於增值服務的疲軟，被訂閱服務的增長所抵消。

Subscription Services revenue were RMB 46.3 million, up 11% quarter-over-quarter and up 4% year-over-year. Subscription services, our core business line includes JPUSH, Analytics, UMS and other products and services that help App developers and enterprises to improve operational efficiency. Our private cloud service revenue increase has contributed to the Subscription revenue growth, and we were able to bring a number of renowned customers on board, including but not limited to (inaudible).

訂閱服務收入為人民幣 4630 萬元，環比增長 11%，同比增長 4%。訂閱服務，我們的核心業務線包括JPUSH、Analytics、UMS等幫助App開發者和企業提高運營效率的產品和服務。我們的私有云服務收入增長促進了訂閱收入的增長，我們能夠帶來許多知名客戶，包括但不限於（聽不清）。

The increase in ARPU also contributed to the growth in revenue, and we managed to grow our customer base with several well-known and sizable customers like IPA, (inaudible), and J&T Express, just to name a few.

ARPU 的增加也促進了收入的增長，我們成功地擴大了我們的客戶群，其中包括 IPA、（聽不清）和 J&T Express 等幾個知名且規模龐大的客戶，僅舉幾例。

Since the launch of the overseas service platform EngageLab in October we have seen encouraging trends and customers have been expressing their strong interest in our products. We are expecting stronger revenue growth going into 2023, and we will continue to improve our products and services to help global developers with higher efficiency and cost-effective user reach.

自10月推出海外服務平台EngageLab以來，我們看到了令人鼓舞的趨勢，客戶對我們的產品表現出了濃厚的興趣。我們預計到 2023 年收入將實現更強勁的增長，我們將繼續改進我們的產品和服務，以更高的效率和更具成本效益的用戶覆蓋範圍幫助全球開發者。

As I mentioned earlier, we are anticipating consumer activities to recover further in 2023. During Q4, we already saw some growth in our value-added services revenue which is a good indicator of overall reviving consumer activities. The value-added services revenue increased quarter-over-quarter by 10%, and it was the first quarter-over-quarter growth in 2022, a major positive sign for us. Year-over-year revenue was down 44% to RMB 16.9 million, and we expect the year-over-year growth trend will continue to recover in 2023. Major customers of the JG Alliance services consisted of repeated customer and market leaders across many industry verticals. Key customers include BAT, Baidu, Alibaba, Tencent, Xiaoshan Bank and Juhu.

正如我之前提到的，我們預計消費者活動將在 2023 年進一步復甦。在第四季度，我們已經看到增值服務收入有所增長，這是消費者活動整體復甦的良好指標。增值服務收入環比增長10%，這是2022年的首次環比增長，對我們來說是一個重要的積極信號。收入同比下降 44% 至人民幣 1,690 萬元，我們預計同比增長趨勢將在 2023 年繼續恢復。JG Alliance 服務的主要客戶包括多個行業的重複客戶和市場領導者垂直領域。主要客戶包括BAT、百度、阿里巴巴、騰訊、蕭山銀行和聚湖。

For our Adpub that was launched back in Q2 2022, we are seeing more and more interest from various apps over 10 million DAUs joined our platform by the end of this quarter. Growth in DAUs of over 300%. And as the overall economy recovers in China, we believe that more DAUs will join our platform going forward.

對於我們於 2022 年第二季度推出的 Adpub，我們看到各種應用程序越來越感興趣，到本季度末，超過 1000 萬的 DAU 加入了我們的平台。 DAU 增長超過 300%。隨著中國整體經濟的複蘇，我們相信未來會有更多的 DAU 加入我們的平台。

Another exciting news, which also marks a major milestone for us. It's our pioneer work in integrating the ChatGPT technology in our JPush, our push notification solution and in our e-mail and SMS service platform.

又一個振奮人心的消息，對我們來說也是一個重要的里程碑。這是我們將 ChatGPT 技術集成到我們的 JPush、我們的推送通知解決方案以及我們的電子郵件和 SMS 服務平台中的開創性工作。

Today, AI has become the cornerstone of many products and services, and it is very important for us to be one of the first movers in applying AI technology. Our proactive integration of interactive language model technology and AIGC really give us the edge and a great opportunity to make our products smarter further benefiting all our customers.

今天，人工智能已經成為許多產品和服務的基石，我們成為應用人工智能技術的先行者之一非常重要。我們主動集成交互式語言模型技術和 AIGC 確實為我們提供了優勢和絕佳機會，使我們的產品更加智能，從而進一步造福於我們所有的客戶。

For a long time, a critical concern of developers has been how to attract users' attention for creative high-quality push content and information click-rate and user conversion. The AI creation to resulting from the integration of ChatGPT into JPush delivers a powerful solution. Using these 2 developers can quickly tap into the AIGC generating a personalized intelligent push content to achieve high click-through rate and high conversion, effectively improving the efficiency of user reach and engagement. And for our e-mail service, integrating ChatGPT will enable customers to generate AIGC personalized e-mail content according to the recipient information profile and preference.

一直以來，開發者非常關心的一個問題是如何通過有創意的優質推送內容和信息的點擊率以及用戶轉化來吸引用戶的注意力。將 ChatGPT 集成到 JPush 中所產生的 AI 創建提供了一個強大的解決方案。利用這2個開發者可以快速接入AIGC生成個性化的智能推送內容，實現高點擊率和高轉化，有效提升用戶觸達和參與效率。對於我們的電子郵件服務，集成 ChatGPT 將使客戶能夠根據收件人信息概況和偏好生成 AIGC 個性化電子郵件內容。

The upgraded e-mail services will not only improve the readily and attractiveness of e-mails, but also increase the response rate and conversion rate of e-mail thereby helping our customers interact with their target users more effectively and achieve higher marketing success.

升級後的電子郵件服務不僅可以提高電子郵件的易用性和吸引力，還可以提高電子郵件的回复率和轉化率，從而幫助我們的客戶更有效地與目標用戶互動，取得更高的營銷成功率。

Furthermore, earlier last month, we became one of the first ecosystem partner of ERNIE Bot, a generative AI chatbot developed by Baidu. We will assess ERNIE Bot and apply Baidu's leading intelligent dialogue technology in our customer engagement and marketing technology surfaces. This initiative is an additional step in our implementation of our AI-driven strategy with the support and empowerment of leading AI chatbot technology.

此外，上個月早些時候，我們成為了百度開發的生成式人工智能聊天機器人 ERNIE Bot 的首批生態系統合作夥伴之一。我們將評估 ERNIE Bot 並將百度領先的智能對話技術應用於我們的客戶參與和營銷技術表面。該計劃是我們在領先的人工智能聊天機器人技術的支持和授權下實施人工智能驅動戰略的又一舉措。

As an ecosystem partner we will be given priority for internal testing with ERNIE Bot and we will integrate ERNIE Bot in our products.

作為生態系統合作夥伴，我們將優先使用 ERNIE Bot 進行內部測試，並將在我們的產品中集成 ERNIE Bot。

Many of renowned companies has joined our new broad ecosystem, including (inaudible) Automobile, Xiaodu, High Enterprise Solution, India, (inaudible) and PC Auto.

許多知名公司已加入我們新的廣泛生態系統，包括（聽不清）Automobile、小度、High Enterprise Solution、India、（聽不清）和 PC Auto。

It's clear that going forward, our businesses are getting ready for this new mega AI trend. We will also carry out in-depth research and development in ChatGPT-related technology, realize interactive dialogue similar to real people for ChatGPT technology and further improve the richness of our push message, e-mail and SMS content to empower the great conversion rate and marketing engagement.

很明顯，展望未來，我們的企業正在為這種新的大型 AI 趨勢做好準備。我們也將在ChatGPT相關技術上進行深入研發，通過ChatGPT技術實現類似真人的互動對話，進一步豐富我們的推送信息、郵件和短信內容，賦能巨大的轉化率和營銷參與。

With that, I will now pass the call over to Shan-Nen, who will share more information about the vertical application and other aspects of our performance.

有了這個，我現在將電話轉給 Shan-Nen，他將分享有關垂直應用和我們性能其他方面的更多信息。

Thanks, Chris. I would like to echo Chris' comment on our revenue trend. With our relentless effort in developing our core developer service, we see a very promising recovering trend in Q4 and going forward. Not only in Developer services, we've also seen sequential growth in vertical application revenues, especially in Market Intelligence. Vertical applications mainly consists of financial risk management and market intelligence. Vertical application revenue increased by 1% quarter-over-quarter and decreased by 11% year-over-year.

謝謝，克里斯。我想回應克里斯對我們收入趨勢的評論。通過我們在開發核心開發人員服務方面的不懈努力，我們看到第四季度和未來的複蘇趨勢非常有希望。不僅在開發者服務方面，我們還看到了垂直應用程序收入的連續增長，尤其是在市場情報方面。垂直應用主要包括金融風險管理和市場情報。垂直應用收入環比增長1%，同比下降11%。

In the Financial Risk Management segment, the revenue decreased by 14% Q-over-Q to RMB 12.4 million and decreased 25% year-over-year. The decrease in financial risk management revenue was due to many of our customers' consumption were impacted by COVID outbreak in November to December last year. We are not too worried about financial risk management revenue in 2023 as we believe the decline in Q4 was temporary, and we are already seeing recovery in consumption so far this year.

在金融風險管理板塊，收入環比下降 14% 至人民幣 1,240 萬元，同比下降 25%。金融風險管理收入減少是由於我們的許多客戶的消費在去年 11 月至 12 月受到 COVID 爆發的影響。我們並不太擔心 2023 年的金融風險管理收入，因為我們認為第四季度的下滑是暫時的，今年到目前為止我們已經看到消費復甦。

Our Market Intelligence Services delivered strong revenue growth, up 16% quarter-over-quarter and 27% year-over-year to RMB 10.4 million.

我們的市場情報服務實現了強勁的收入增長，環比增長 16%，同比增長 27% 至人民幣 1,040 萬元。

During this quarter, our revenue increased as a result of recovery in customer spending and the addition of many well-known and sizable new clients.

在本季度，由於客戶支出的恢復以及許多知名且規模龐大的新客戶的增加，我們的收入有所增加。

Furthermore, our strategy of focusing on KA customers has helped us gain additional market share. The big and renowned customer that we signed up in this quarter include, among others, Tencent, Baidu, Baba, Zhongxin Securities and Sentosa.

此外，我們專注於 KA 客戶的策略幫助我們獲得了額外的市場份額。我們在本季度簽約的知名大客戶包括騰訊、百度、巴巴、中信證券和聖淘沙等。

I'll now go through some of the key expenses and balance sheet items. On to operating expenses. As Chris mentioned earlier, our strategy of active and stringent cost management proved very wise, and our quick action helped us to maintain as a nimble organization. We have had another historical low quarter in terms of operating expenses. Excluding noncash impairment loss of long-lived assets at RMB 73 million, down 21% year-over-year. All 3 components within OpEx category recorded year-over-year noncash reduction in particular, R&D expenses decreased by 22% to RMB 35 million, mainly due to lower headcount that reduced salary costs and associated share-based compensation and a decrease in cloud costs and depreciation expenses as a result of improvement and optimization of our cloud platform.

我現在將介紹一些關鍵費用和資產負債表項目。關於運營費用。正如克里斯之前提到的，我們積極嚴格的成本管理策略被證明是非常明智的，我們的快速行動幫助我們保持了一個靈活的組織。就運營費用而言，我們又經歷了一個歷史最低的季度。不包括長期資產的非現金減值損失為人民幣 0.73 億元，同比下降 21%。運營支出類別中的所有 3 個組成部分均錄得非現金同比減少，尤其是研發費用減少 22% 至人民幣 3500 萬元，主要是由於員工人數減少導致工資成本和相關的股權補償減少，以及云成本和由於我們的雲平台的改進和優化而產生的折舊費用。

Selling and marketing expenses decreased by 26% to RMB 24.5 million, mainly due to decrease in head count by 39%. Marketing expenses and salary costs decreased accordingly in this quarter.

銷售及營銷費用減少 26% 至人民幣 2,450 萬元，主要是由於員工人數減少 39%。本季度營銷費用和薪酬成本相應下降。

G&A expenses increased by 149% to RMB 35.9 million, mainly due to a RMB 22.4 million noncash increase in the long-lived asset impairment due to onetime costs for going cloud in this quarter.

G&A 費用增長 149% 至人民幣 3590 萬元，主要是由於本季度上雲的一次性成本導致的長期資產減值非現金增加人民幣 2240 萬元。

Our adjusted EBITDA delivered second positive quarter since Q4 of 2021, positive RMB 0.6 million. A company-wide prudent and deliberate hiring and expenses control strategy has helped us maintain a comparatively low operating expenses level.

自 2021 年第四季度以來，我們調整後的 EBITDA 實現了第二個正季度，正值人民幣 60 萬元。全公司範圍內審慎而深思熟慮的招聘和費用控制策略幫助我們保持了相對較低的運營費用水平。

And let me recap some of the highlights of this quarter, and we achieved lowest adjusted operating expenses since IPO at RMB 62.8 million, down 19% year-over-year. We had the lowest adjusted net loss since Q3 of 2019 at negative RMB 6.6 million, improved by 18% year-over-year. We had a second positive adjusted EBITDA since '21 Q4 at RMB 0.6 million improved by RMB 7.3 million quarter-over-quarter.

讓我回顧一下本季度的一些亮點，我們實現了自 IPO 以來最低的調整後運營費用，為 6280 萬元人民幣，同比下降 19%。我們的調整後淨虧損為負 660 萬元人民幣，為 2019 年第三季度以來最低，同比改善 18%。自 21 年第四季度以來，我們的第二次調整後 EBITDA 為 60 萬元人民幣，環比增加 730 萬元人民幣。

And on to the balance sheet. I will share 2 very important KPIs that we closely monitor. Firstly, the AR turnover days decreased from 38 days in Q3 to 32 days which is the lowest AR turnover days since IPO. I have to pay tribute to our team who has been working hard and diligently to collect payments from our customers on a tiny basis. Maintaining a low AR turnover days level is very important. And it means that we have short cash collection cycle, which help us to mitigate risk in best and doubtful debts.

並在資產負債表上。我將分享我們密切監控的 2 個非常重要的 KPI。首先，應收賬款周轉天數從第三季度的 38 天減少到 32 天，這是自 IPO 以來的最低應收賬款周轉天數。我必須向我們的團隊致敬，他們一直在努力和勤奮地從我們的客戶那裡收取微薄的款項。保持較低的應收賬款周轉天數水平非常重要。這意味著我們的現金回收週期很短，這有助於我們降低最佳和可疑債務的風險。

Secondly, one of the key financial KPIs for tracking performance of SaaS companies is total deferred revenue, which represents cash collected in advance from customer for future contract performance where we recorded another highest balance in the history of the company standing at RMB 142.4 million. And this is the 11 consecutive quarters that our deferred revenue has exceeded RMB 100 million.

其次，跟踪 SaaS 公司業績的關鍵財務 KPI 之一是總遞延收入，它代表為未來履行合同而從客戶那裡預收的現金，我們創下了公司歷史上的另一個最高餘額，為 1.424 億元人民幣。這也是我們遞延收入連續11個季度過億。

In addition, this quarter also marks the 7 quarters that we have deferred revenue with continuous sequential growth which is another great source of cash flow for us in such a challenging time.

此外，本季度也標誌著我們連續連續增長遞延收入的 7 個季度，這是我們在如此充滿挑戰的時期的另一個重要現金流來源。

And healthy cash flow aside, the level of deferred revenue also signifies that our business is in great shape. Our customer has continued to buy our services quarter-over-quarter and year after year, and we are very pleased with the trending of this deferred revenue balance.

除了健康的現金流，遞延收入水平也表明我們的業務狀況良好。我們的客戶繼續按季度和年復一年地購買我們的服務，我們對這種遞延收入餘額的趨勢感到非常滿意。

Next, total assets were at RMB 420.9 million at December 31, 2022. And this includes cash and cash equivalent of RMB 116.3 million, accounts receivable of RMB 29.7 million; prepayments and other current assets of RMB 30.4 million, fixed assets at RMB 14.9 million; long-term investment of RMB 141.9 million.

其次，截至 2022 年 12 月 31 日，總資產為人民幣 4.209 億元。其中現金及現金等價物人民幣 1.163 億元，應收賬款人民幣 2,970 萬元；預付款項及其他流動資產3040萬元，固定資產1490萬元；長期投資14190萬元。

Goodwill of RMB 37.8 million and intangible assets of RMB 23.9 million resulted from the SendCloud acquisition in March 2022.

2022 年 3 月收購 SendCloud 產生商譽人民幣 3780 萬元和無形資產人民幣 2390 萬元。

And total current liabilities were at RMB 249.6 million as of December 31, 2022. This includes short-term loan of RMB 5 million; accounts payable of RMB 18.2 million; deferred revenue of RMB 138.8 million; and accrued liabilities of RMB 87.6 million.

截至 2022 年 12 月 31 日，流動負債總額為人民幣 249.6 百萬元。其中包括短期貸款人民幣 500 萬元；應付賬款1820萬元；遞延收入人民幣 1.388 億元；及應計負債人民幣8,760萬元。

And lastly, before I conclude, I'll give a quick update on the share repurchase plan. In the quarter ended December 31, 2022, we repurchased 246,000 ADS. Cumulatively, we have repurchased a total of 1.19 million ADS since the start of our repurchase program.

最後，在我結束之前，我將快速更新一下股票回購計劃。在截至 2022 年 12 月 31 日的季度，我們回購了 246,000 份美國存託憑證。自回購計劃啟動以來，我們累計回購了 119 萬份美國存託憑證。

And this concludes the management's prepared remarks. We're happy to take the questions now. Operator, you may proceed.

管理層準備好的發言到此結束。我們很樂意現在回答問題。接線員，您可以繼續。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Brian Kinstlinger from Alliance Global Partners.

我們的第一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Good to see the recovery in your businesses. Can you first talk about the strategic partnership with WhatsApp in your first slide, and maybe I missed it. Can you discuss how and which segments this might drive revenue growth as you see it?

很高興看到您的業務復甦。您能否在第一張幻燈片中先談談與 WhatsApp 的戰略合作夥伴關係，也許我錯過了。您能否討論一下您認為這將如何以及哪些細分市場推動收入增長？

Sure. Brian, this is Shan-Nen. Based on what we have collected from our customers, especially overseas, a lot of our customers are not able to tap on to WhatsApp communication channel. Probably, as you know, outside of China, WhatsApp is huge in Southeast Asia, even the entire Asia, ex-China.

當然。布賴恩，這是山嫩。根據我們從客戶那裡收集到的信息，尤其是海外客戶，我們的很多客戶無法使用 WhatsApp 通信渠道。可能，如你所知，在中國之外，WhatsApp 在東南亞甚至整個亞洲（中國除外）都非常龐大。

So what we are helping the customer to do is they are able to -- as part of the communication channel besides the so-called push notification, they are able to tap on to the channel managed by WhatsApp to reach their users. So this is something that they are able to -- we are able to help them do, ensure that they reach the click-through rate or the usability rate is much higher. So this is something that WhatsApp is happy that we are able to help them as well to reach more customers.

所以我們正在幫助客戶做的是他們能夠——作為除了所謂的推送通知之外的通信渠道的一部分，他們能夠利用 WhatsApp 管理的渠道來聯繫他們的用戶。所以這是他們能夠做到的——我們能夠幫助他們做到，確保他們達到點擊率或可用性率更高。因此，WhatsApp 很高興我們能夠幫助他們接觸更多客戶。

So along that, a lot of our customers are waiting for us to launch this new product, which is already in the market. So what we are doing is we will be able to charge our customers for the communication channel done through WhatsApp channel. And of course, with that, we need to pay a expense or cost to WhatsApp, too.

因此，我們的很多客戶都在等待我們推出這款已經上市的新產品。所以我們正在做的是，我們將能夠向我們的客戶收取通過 WhatsApp 渠道完成的溝通渠道費用。當然，我們也需要為此向 WhatsApp 支付費用或成本。

So essentially, you're going to be able to send push notifications through WhatsApp. Is that right?

所以基本上，您將能夠通過 WhatsApp 發送推送通知。是對的嗎？

Correct. So this is something that in the event that the traditional push notification doesn't get to the customers are able to use the WhatsApp channel to reach their customers.

正確的。因此，如果傳統的推送通知無法到達客戶，則可以使用 WhatsApp 渠道到達他們的客戶。

Now for existing customers that are using push, will this drive increases in the rates they pay? Or will it just be part of the service they already get?

現在對於使用推送的現有客戶，這會推動他們支付的費用增加嗎？或者它只是他們已經獲得的服務的一部分？

Yes, it will be an increase. We will charge every single push notification done through WhatsApp. So there will be additional cost to the customer, additional revenue to us.

是的，它會增加。我們將對通過 WhatsApp 完成的每一個推送通知收費。因此，客戶將付出額外的成本，我們將獲得額外的收入。

Great. And then maybe you can talk about that ChatGPT and with your push and SendCloud, how are the services operated before ChatGPT? Was it not automated or intelligent?

偉大的。然後也許你可以談談那個ChatGPT和你的推送和SendCloud，在ChatGPT之前的服務是如何運作的？它不是自動化或智能的嗎？

No, what we're seeing is probably, as you know, AIGC is very huge for the past 2 months. So they can come up with really creative answer for whatever question that you ask. So what we are seeing is customers are asking us to see if we are able to tap on to ChatGPT's brain so to speak. Because what they are doing is they are seeing -- they really need some creative content for their push so that to improve the click-through rate. So how do they do that is they are able to use our service to tap on to ChatGPT's content creative side.

不，正如你所知，我們所看到的可能是過去 2 個月 AIGC 非常龐大。因此，他們可以針對您提出的任何問題提出真正有創意的答案。因此，我們看到的是客戶要求我們看看我們是否能夠利用 ChatGPT 的大腦，可以這麼說。因為他們所做的就是他們所看到的——他們確實需要一些有創意的內容來進行推送，以提高點擊率。那麼他們如何做到這一點，就是他們能夠使用我們的服務來利用 ChatGPT 的內容創意方面。

So which means that for a traditional customer, they used to be having to come up with their own push content themselves, which might not be creative at all. So what they're able to do is through our service, they can ask ChatGPT to create, say, like 5 optionality in terms of content provision so that they can choose the best to suit their case. So they are able to tap on to that. And with that, they are able to send through their message with the hope that there'll be better click-through rates for that.

所以這意味著對於傳統客戶來說，他們過去不得不自己提出自己的推送內容，這可能根本沒有創意。所以他們能夠做的是通過我們的服務，他們可以要求 ChatGPT 在內容提供方面創建，比如說，5 種可選性，這樣他們就可以選擇最適合他們情況的內容。所以他們能夠利用這一點。這樣一來，他們就能夠通過他們的消息發送希望會有更好的點擊率。

So in a similar fashion,-- yes, for a similar fashion for the e-mail, our customer who uses the SendCloud ChatGPT link, they're able to customize, they use the ChatGPT's AIGC to come up with a template so that they can better customize their e-mail to send to their users, which will be, hopefully, at a better click-through rate and a better result for the customers.

所以以類似的方式——是的，對於電子郵件的類似方式，我們使用 SendCloud ChatGPT 鏈接的客戶，他們能夠自定義，他們使用 ChatGPT 的 AIGC 來提供一個模板，以便他們可以更好地定制他們的電子郵件以發送給他們的用戶，這將有望獲得更高的點擊率，並為客戶帶來更好的結果。

So this is something that we are seeing a lot of customers are asking for this service. And probably, as you know, these services are not available in China as yet. So we need to -- so we have a great opportunity here to help our customers to get around this issue.

所以這是我們看到很多客戶要求這項服務的東西。如您所知，這些服務可能在中國尚不可用。所以我們需要 - 所以我們在這裡有很好的機會幫助我們的客戶解決這個問題。

Great. That's super helpful. Can you talk about the advertising market in China. I know we saw a small recovery in the fourth quarter for revenue sequentially for value-added services. So maybe talk about the trends you're seeing today in advertising and how you see that recovery in 2023.

偉大的。這非常有幫助。你能談談中國的廣告市場嗎？我知道我們在第四季度看到了增值服務收入的小幅回升。因此，也許可以談談您今天在廣告領域看到的趨勢，以及您如何看待 2023 年的複蘇。

Yes. As you see, the quarter-over-quarter, we've achieved sequential growth, which is really encouraging. But if you look ahead for the next 12 months, we still see some weakness or headwinds in the advertising space. As it is more so for us because our platform is not as huge as Tencent or the other bigger player.

是的。如您所見，我們實現了環比增長，這確實令人鼓舞。但如果你展望未來 12 個月，我們仍然會發現廣告領域存在一些疲軟或逆風。對我們來說更是如此，因為我們的平台沒有騰訊或其他更大的玩家那麼大。

So I think we do not expect it to be back to, say, like 2020 or '21 level, but I'm sure will be better than 2022.

所以我認為我們不希望它回到 2020 年或 21 年的水平，但我肯定會比 2022 年更好。

Got it. Outside of that, maybe you did see sequential growth in basically all your business lines. First, we got the holiday in the first quarter. So maybe should we expect seasonality in the first quarter in each segment. And then do you see gradual improvement in each of them. Maybe just touch on the segments. I know you don't give revenue guidance, but maybe from a high level, talk about the segment's outlook for the year.

知道了。除此之外，也許您確實看到了基本上所有業務線的連續增長。首先，我們在第一季度得到了假期。因此，也許我們應該期待每個細分市場第一季度的季節性。然後你會看到他們每個人都在逐漸進步嗎？也許只是觸及細分市場。我知道你沒有給出收入指導，但也許從高層次上談論該部門今年的前景。

So the short answer to your both questions is yes, yes. So yes, we do expect to see a seasonality low in Q1 because of the Chinese New Year and the holidays in the shorter month in February. That is what we expected.

所以對你的兩個問題的簡短回答是肯定的。所以是的，我們確實預計第一季度會出現季節性低谷，因為農曆新年和 2 月份較短月份的假期。這是我們所期望的。

Going forward, yes, we do anticipate Q2, Q3, Q4 to see uptick. Going forward, as 2023 versus 2022, yes, we do expect all business lines to achieve at least a single-digit growth.

展望未來，是的，我們確實預計第二季度、第三季度、第四季度會出現增長。展望未來，與 2023 年和 2022 年相比，是的，我們確實預計所有業務線都將實現至少個位數的增長。

Our next question comes from the line of Kelvin (inaudible) capital.

我們的下一個問題來自開爾文（聽不清）資本。

I would like to ask 2 questions, if I may. First of all, of course, we have already seen very encouraging results from many aspects. Maybe the company could share with us how you have achieved these set of good numbers. That's the first question.

如果可以的話，我想問兩個問題。首先，當然，我們已經從很多方面看到了非常令人鼓舞的結果。也許公司可以與我們分享你們是如何取得這些好成績的。這是第一個問題。

And the second question is a follow-up on this partnership with WhatsApp and platform that -- will there be any other going overseas initiative which is on the table. And if yes, what's the progress of the other going overseas initiatives.

第二個問題是與 WhatsApp 和平台的這種合作關係的後續行動——是否會有任何其他的海外計劃擺在桌面上。如果是，其他出海計劃的進展情況如何。

Okay. If I recap your question -- the first question is you're asking what are the things that...

好的。如果我重述一下你的問題——第一個問題是你問的是什麼……

The drivers for the encouraging numbers for last year and Q4. And the second question is more -- any more color on the going overseas initiatives?

去年和第四季度令人鼓舞的數字的驅動因素。第二個問題更多 - 出海計劃有更多色彩嗎？

Sure. Okay. Sure. I think if you look at the Q4 numbers, I think there are a lot of things that we have done right. So maybe I can just give you the top 3 that internally as an organization, we talk about it and we reflect it on ourselves and how -- what we have done right. And so these are the 3 things.

當然。好的。當然。我想如果你看看第四季度的數字，我認為我們做對了很多事情。因此，也許我可以給你作為一個組織內部的前三名，我們談論它並反思我們自己以及我們如何做對的事情。這就是三件事。

First, I would say is staying focused so what I meant is doing what the market and customer want and do it well. So probably to note despite a very tough environment for past 2 or 3 years, we have been laser-focused on our subscription business. So we continue to develop new functionality and new features to help our customers to operate at a higher efficiency. And as well as Brian has asked earlier. So as soon as we see the ChatGPT become widely available, so we are the first to incorporate the access of ChatGPT to our customers. So this is very important. So all our customers are appreciative that we have this functionality for them.

首先，我想說的是保持專注，所以我的意思是做市場和客戶想要的，並做好。因此可能需要注意的是，儘管過去 2 或 3 年的環境非常艱難，但我們一直專注於我們的訂閱業務。因此，我們不斷開發新功能和新特性，以幫助我們的客戶以更高的效率運營。以及 Brian 之前提出的問題。因此，一旦我們看到 ChatGPT 變得廣泛可用，我們就會率先將 ChatGPT 的訪問權限整合到我們的客戶中。所以這很重要。因此，我們所有的客戶都非常感謝我們為他們提供此功能。

And secondly, if I think what we did right is making the tough decision at the right time. And probably as you have heard for the past couple of earnings calls, we started to reexamine our cost structure as soon as we see the pandemic is staying here longer than what we expect. So during that time, we restructured many departments internally and regrouped the few departments where possible. So in the process, we have trimmed our headcount significantly from a high of, I think, 620-ish employees in 2021 to 415 last month. So this is a very tough decision that we have to make. But if you look back, it was necessary and it was timely.

其次，如果我認為我們做對的事情就是在正確的時間做出艱難的決定。可能正如你在過去幾次財報電話會議上聽到的那樣，一旦我們看到大流行病在這裡停留的時間比我們預期的要長，我們就開始重新審視我們的成本結構。所以在那段時間裡，我們內部重組了很多部門，並在可能的情況下對少數幾個部門進行了重組。因此，在此過程中，我們大幅削減了員工人數，從 2021 年的 620 名左右員工人數大幅削減至上個月的 415 人。所以這是一個我們必須做出的非常艱難的決定。但回過頭來看，這是必要的，也是及時的。

And I think the third is we have executed our cost-cutting initiatives continuously. I believe that the impact of cost savings is minimal, if it's only a onetime exercise. For us in (inaudible), the mentality of cost-conscious is embedded in all departments, be it from the sales VP, all the way to our admin staff. Everyone is tightly controlling all the expenses. And this is important because we need to stay afloat, we need to have a sustainable business model for long-term profitability.

我認為第三是我們不斷執行我們的成本削減計劃。我相信，如果這只是一次性的練習，那麼節省成本的影響是微乎其微的。對於我們（聽不清），成本意識的心態植根於所有部門，從銷售副總裁一直到我們的管理人員。每個人都嚴格控制著所有的開支。這很重要，因為我們需要維持生計，我們需要有一個可持續的商業模式來實現長期盈利。

I guess in summary, I'll just recap what we have read earlier in the earnings call. For those things that we have done well. So that's the reason why this quarter we have achieved quarter-over-quarter revenue growth in all business lines. We have the highest quarterly revenue and gross profit in 2022. And again, we achieved the lowest adjusted OpEx since IPO. And last but not least, we have the adjusted EBITDA turn positive this quarter. It was a bit long-winded, but I hope it answered your question.

我想總而言之，我將回顧一下我們早些時候在財報電話會議上讀到的內容。對於那些我們做得很好的事情。這就是為什麼本季度我們所有業務線的收入都實現了環比增長的原因。我們在 2022 年實現了最高的季度收入和毛利潤。我們再次實現了自 IPO 以來調整後的最低運營支出。最後但並非最不重要的一點是，本季度調整後的 EBITDA 轉正。有點囉嗦，但我希望它能回答你的問題。

Secondly is on the growing overseas. Yes, this has been pretty popular, and we have been asked by a lot of analysts and investors for the past month or so.

其次是在海外的增長。是的，這很受歡迎，在過去一個月左右的時間裡，很多分析師和投資者都問過我們。

In summary, let me conclude the going overseas update. So based on the latest number we are seeing, since we started going overseas in second half of 2022, we have achieved a few milestones that are allowed to share on the call. One is we have signed up more than 50 contracts with overseas customers. All the customers for the contract values are higher than those in China, and we do not offer free trial service overseas, which means that all users of our services overseas are fee paying customers.

綜上所述，讓我總結一下出國更新。因此，根據我們看到的最新數字，自從我們在 2022 年下半年開始出海以來，我們已經實現了一些里程碑，可以在電話會議上分享。一是我們與海外客戶簽訂了50多份合同。合同金額的客戶均高於國內客戶，我們在海外不提供免費試用服務，也就是說在海外使用我們服務的用戶都是付費客戶。

And also at this stage I'd like to elaborate more on how we are doing in terms of how we compare to our peers. And for us, we have actually invested infrastructure overseas to service and support our customers. So we are not just lip servicing that we are going overseas. So we do actually have made investment in the overseas venture.

而且在這個階段，我想詳細說明我們與同行相比的表現。而對於我們來說，我們實際上已經在海外投資了基礎設施來服務和支持我們的客戶。因此，我們不只是口頭上說我們要出國。所以我們確實對海外企業進行了投資。

And secondly, we have the actual product, which is called EngageLab that we launched in Q3 of 2022. And again, WhatsApp, which is a mainstream and very popular overseas, is one of our communication channel that we can help our customers to reach their users.

其次，我們有實際的產品，我們在 2022 年第三季度推出了名為 EngageLab 的產品。再一次，WhatsApp 在海外非常流行，是我們的溝通渠道之一，我們可以幫助客戶聯繫他們用戶。

And number 4 is we are well versed in the legal requirement in all the Southeast Asia country on data privacy that we can help our customers to better manage their data risk. And lastly, with our current presence in Singapore, we can effectively and efficiently help our customers to cover the entire service region.

第四，我們精通所有東南亞國家關於數據隱私的法律要求，我們可以幫助我們的客戶更好地管理他們的數據風險。最後，憑藉我們目前在新加坡的業務，我們可以有效且高效地幫助我們的客戶覆蓋整個服務區域。

So with that, I think we are very confident that we'll do well in the overseas market. Definitely, we will provide more colors of this segment in the future quarters earnings costs.

因此，我認為我們非常有信心在海外市場做得很好。當然，我們將在未來幾個季度的收益成本中提供該細分市場的更多顏色。

(Operator Instructions)

（操作員說明）

I'm showing no further questions. I will now turn the conference back to Rene for closing remarks.

我沒有進一步的問題。我現在將會議轉回 Rene 作閉幕詞。

Thank you, Amber. Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Thank you.

謝謝你，琥珀。謝謝大家今晚加入我們的電話會議。如果您有任何其他問題和意見，請隨時聯繫 IR 團隊。通話到此結束。謝謝。

Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。