LAIX Inc.(LAIX) 首席执行官 Yi Wang 于 2019年 第二季度 - 盈利电话会议记录

LAIX Inc. (NYSE:LAIX) Q2 2019 Results Earnings Conference Call August 27, 2019 8:00 AM ET

LAIX Inc.(纽约证券交易所代码:[LAIX])2019年第二季度业绩收益电话会议2019年8月27日美国东部时间上午8:00

公司参与者

Chuhan Wang - IR
Yi Wang - CEO and Founder
Bin Yu - CFO
Zheren Ben Hu - CTO and Co-Founder
Hui Lin - Chief Scientist and Co-Founder

  • Chuhan Wang - IR
  • 王毅 - 首席执行官兼创始人
  • Bin Yu - 首席财务官
  • Zheren Ben Hu - 首席技术官兼联合创始人
  • 惠琳 - 首席科学家兼联合创始人

电话会议参与者

Hello ladies and gentlemen. Thank you for standing by for LAIX Inc.'s 2019 Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded.
I will now turn the call over to your host Ms. Chuhan Wang, Investor Relations for the company. Please go ahead, Chuhan.

  • 女士们,先生们,您好! 感谢您支持LAIX Inc.的2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 在管理层准备好的评论之后,将会有一个问答环节。 今天的电话会议正在录制中。
  • 我现在将把这个电话转给你的主持人王楚汉女士,该公司的投资者关系部。 请继续,楚汉。

Chuhan Wang

Chuhan Wang

Hello everyone and welcome to the 2019 second quarter earnings conference call for LAIX Inc. also known as Liulishuo. The company's results were issued earlier today and you can download earnings press release and sign-up for the company's distribution list by visiting our IR website at ir.laix.com.
Dr. Yi Wang, our CEO and Founder; and Ms. Bin Yu, our CFO will begin with some prepared remarks. Following the prepared remarks, Mr. Zheren Ben Hu our CTO and Co-Founder; and Mr. Hui Lin, our Chief Scientist and Co-Founder will also join us for the Q&A session.
Please note that today's discussion will contain forward-looking statements relating to future performance of the company and are intended to qualify for the Safe Harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's earnings press release and this discussion.
A general discussion of the risk factors that could affect LAIX business and financial results is included in certain filings of the company with the Securities and Exchange Commission including its annual report. The company does not undertake any obligation to update the forward-looking information except as required by law.
During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today.
I will now turn the call over to our CEO, Dr. Yi Wang. Please go ahead.

大家好,欢迎来到LAIX Inc.的2019年第二季度收益电话会议,也称为Liulishuo。该公司的业绩今天早些时候发布,您可以访问我们的IR网站ir.laix.com下载盈利新闻稿并注册该公司的分销名单。

王毅博士,我们的首席执行官兼创始人;我们的首席财务官Bin Yu女士将以一些准备好的言论开始。在准备好的讲话之后,我们的首席技术官兼联合创始人Zheren Ben Hu先生;我们的首席科学家兼联合创始人Hui Lin先生也将加入我们的问答环节。

请注意,今天的讨论将包含与公司未来业绩有关的前瞻性陈述,旨在使安全港符合美国私人证券诉讼改革法案规定的责任。此类声明不是未来业绩的保证,并受某些风险和不确定性,假设和其他因素的影响。其中一些风险超出了公司的控制范围,可能导致实际结果与今天的盈利新闻稿和讨论中提到的结果大不相同。

有关可能影响LAIX业务和财务业绩的风险因素的一般性讨论包括在公司向美国证券交易委员会提交的某些文件中,包括其年度报告。除法律要求外,公司不承担更新前瞻性信息的义务。

在今天的电话会议中,管理层还将讨论某些非GAAP财务指标,仅用于比较目的。有关非GAAP财务指标的定义以及GAAP与非GAAP财务业绩的对账,请参阅今天早些时候发布的收益发布。

我现在将把这个电话转给我们的CEO王毅博士。请继续。

Yi Wang

王毅

Thank you for joining our 2019 second quarter earnings conference call.
During the second quarter, our topline was impacted by tightened WeChat moments sharing policy mostly applicable to our Liuli Reading product and to some extent applicable to our DongNi product as well, which affected our word-of-mouth user growth.
In addition, increased competition for traffic acquisition led by K12 players during the summer months from late May until the end of July drove up the customer acquisition costs, which further affected our user and revenue growth. With these headwinds, we have been taking swift actions to offset the revenue impact by adjusting our marketing strategy and actively exploring alternative marketing channels to grow our user community.
Leveraging our high-quality products and services, we are attracting a great number of users. The second quarter represents another period of healthy user growth for our user community with now more than 138.8 million total registered users on our platform, and more than 900,000 unique paying users who purchased our courses and our services just in the second quarter of 2019 demonstrating our monetization potential.
Aside from our Liuli Reading and DongNi products, we have various initiatives in the pipeline that we've launched in adults, and kids markets, as well as the global market out of which are expected to contribute to our user and topline growth in the coming quarters.
Having the right product is a key to attracting new users and enhancing engagement. Therefore, despite the additional expenses for these initiatives in recent months, we believe upfront investments will better position the company to further solidify our competitive edge in China’s AI-powered language learning market in the long run, and we will continue to invest in and optimize our technologies and products.
Moving on to our other recent month development, in July we are delighted to open our second headquarters in Optics Valley in Wuhan, Hubei Province. Known for being China’s Silicon Valley due to the booming number of innovative and high-tech companies it has attracted, as well as its rich resources of talent, Optics Valley offers favorable conditions for cutting-edge companies such as ours. We aim to hire local talent in order to broaden and optimize our online study advisor personnel while benefiting from improved cost structure and operating efficiency.
In the past few years, we've seen adaptive learning driving innovation in the education industry and becoming a major trend. In this evolving market, the combination of R&D capabilities, data and algorithm is king. And we are best known for our technology capabilities and massive user data. It's worth noting that as of the end of second quarter we have recorded approximately 35.5 billion sentences and 2.67 billion minutes of conversations covering numerous proficiency levels, a wide geographic range and demographic expanse from kids to adults.
With our foresight into industry trends and our years of focus on cutting-edge technologies, we will continue to raise the bar for product quality and improve the learning efficiency. Although we expect the impact on our revenue growth will continue during the remainder of this year, we are committed to the long-term vision that AI-powered learning products will play a pivotal role in people's life-long learning journey.

感谢您参加我们的2019年第二季度收益电话会议。

在第二季度,我们的收入受到紧缩的微信时刻共享政策的影响,该政策主要适用于我们的Liuli Reading产品,并且在某种程度上也适用于我们的DongNi产品,这影响了我们的口碑用户增长。

此外,在5月下旬至7月底的夏季,由K12玩家带来的交通收购竞争加剧推动了客户获取成本,这进一步影响了我们的用户和收入增长。由于存在这些不利因素,我们采取了迅速行动,通过调整营销策略和积极探索替代营销渠道来扩大用户群,从而抵消收入影响。

利用我们的高质量产品和服务,我们吸引了大量用户。第二季度是我们用户社区健康用户增长的另一个时期,我们平台上的注册用户总数超过了1.388亿,并且在2019年第二季度购买我们的课程和服务的超过900,000名独立付费用户展示了我们的货币化潜力。

除了我们的Liuli Reading和DongNi产品之外,我们还在成人,儿童市场以及全球市场推出了各种各样的计划,预计这些计划将为我们的用户做出贡献,并在即将到来的时候实现增长。宿舍。

拥有合适的产品是吸引新用户和提高参与度的关键。因此,尽管近几个月这些举措需要额外支出,但我们认为,从长远来看,前期投资将更好地定位公司,以进一步巩固我们在中国人工智能语言学习市场的竞争优势,我们将继续投资和优化我们的技术和产品。

继续我们最近一个月的发展,7月我们很高兴在湖北省武汉光学谷开设第二个总部。凭借其吸引的大量创新和高科技公司以及丰富的人才资源而闻名的中国硅谷,Optics Valley为我们这样的尖端公司提供了有利条件。我们的目标是聘请当地人才,以扩大和优化我们的在线学习顾问人员,同时从改善的成本结构和运营效率中受益。

在过去几年中,我们看到适应性学习推动了教育行业的创新,并成为一种主流趋势。在这个不断发展的市场中,研发能力,数据和算法的结合是最重要的。我们以技术能力和海量用户数据而闻名。值得注意的是,截至第二季度末,我们已经记录了大约355亿句话和26.7亿分钟的谈话,涵盖了无数的熟练程度,广泛的地理范围以及从孩子到成人的人口扩展。

凭借我们对行业趋势的远见以及我们多年来对尖端技术的关注,我们将继续提高产品质量标准并提高学习效率。虽然我们预计今年剩余时间对我们收入增长的影响将持续,但我们致力于实现人工智能学习产品在人们终身学习之旅中发挥关键作用的长期愿景。

This concludes my prepared remarks. I will now turn the call over to our CFO Ms. Bin Yu who will discuss our key financial results.

以上是我准备的评论。 我现在将把这个电话转给我们的首席财务官Bin Yu女士,她将讨论我们的主要财务业绩。

Bin Yu

宾玉

Thank you, Yi and hello everyone.
The unexpected headwinds in our marketing channel resulted in decelerated topline growth in the second quarter of 2019. While the revenue growth was lower than our previous expectation, we were able to realize significant operating leverage improvement as our business scaled up. This was evidenced by the improvement of sales and marketing expenses as a percentage of net revenues on a year-over-year basis and gross margin remaining stable at approximately 77%.
Let us now look at our key financial metrics in the second quarter of 2019. Net revenues were RMB276.4 million or US$40.3 million, a 104% increase from RMB135.5 million for the same quarter last year. As of June 30, 2019, the company had RMB564.7 million or US$82.3 million of deferred revenues.
The increase was primarily attributable to the overall business growth and the platform wide expansion of our paying user base, as well as to the increased adoption of our proprietary AI-teacher among users in China as an effective learning approach and a better alternative to the traditional ways of English learning.
Cost of revenues were RMB64.9 million or US$9.4 million a 106.6% increase from RMB31.4 million for the same quarter last year. This change was primarily due to increases in salaries and benefits for certain full time employees and IT service cost this all such costs resulting from general business growth and user base expansion.
Gross profit was RMB211.6 million or US$30.8 million, a 103.2% increase from RMB104.1 million for the same quarter last year as a result of increased economies of scale. As a result, gross margin was 76.5% compared with 76.8% for the same quarter last year.
Total operating expenses were RMB300.5 million or US$43.8 million, a 64.5% increase from RMB182.7 million for the same quarter last year primarily resulting from business growth activities, the development and introduction of new product, and the costs associated with the extension of the company’s user base.
Sales and marketing expenses were RMB219.7 million or US$32 million, a 65.3% increase from RMB132.9 million for the same quarter last year. The increase was primarily due to the increases in branding and marketing expense, and the salaries and benefits for the sales and marketing personnel including online study advisors. Importantly, sales and marketing expenses as a percentage of net revenues declined notably to 79.5% for the second quarter of 2019, compared with 98.1% for the same quarter last year.
Research and development expenses were RMB52.9 million or US$7.7 million, a 46.5% increase from RMB36.1 million for the same quarter last year, primarily due to an increase in salaries and benefits for research and development personnel. Research and development expenses were 19.1% of net revenues for the second quarter of 2019, compared with 26.6% for the same quarter last year.
General and administrative expenses were RMB27.9 million or US$4.1 million, a 103.4% increase from RMB13.7 million for the same quarter last year, primarily due to increases in salaries and benefits for general and administrative personnel and professional service fees.

谢谢你,易大家好。

营销渠道出乎意料的逆风导致2019年第二季度的收入增长放缓。虽然收入增长低于我们之前的预期,但随着业务规模的扩大,我们能够实现显着的经营杠杆改善。销售和营销费用占净收入的百分比同比增长,毛利率保持稳定在77%左右。

现在让我们来看看2019年第二季度的主要财务指标。净收入为人民币276.4百万元或4030万美元,比去年同期的人民币135.5百万元增长104%。截至2019年6月30日,该公司的递延收入为人民币5.647亿元或8230万美元。

这一增长主要归功于整体业务增长和我们的付费用户群的平台扩展,以及我们在中国用户中作为有效学习方法和传统的更好替代方案在中国用户中越来越多地采用我们的专有人工智能教师英语学习方式。

收入成本为人民币64.9百万元或940万美元,较去年同期的人民币31.4百万元增加106.6%。这种变化主要是由于某些全职员工的工资和福利增加以及IT服务成本导致的一般业务增长和用户群扩张导致的所有此类成本。

毛利润为人民币211.6百万元或30.8百万美元,较去年同期的人民币104.1百万元增加103.2%,原因是规模经济增加。因此,毛利率为76.5%,而去年同期则为76.8%。

总营业费用为人民币300.5百万元或43.8百万美元,较去年同期的人民币182.7百万元增长64.5%,主要是由于业务增长活动,新产品的开发和推出以及与扩展相关的成本所致。该公司的用户群。

销售和营销费用为人民币219.7百万元或3200万美元,比去年同期的人民币132.9百万元增长65.3%。增加的主要原因是品牌和营销费用的增加,以及包括在线学习顾问在内的销售和营销人员的工资和福利。重要的是,2019年第二季度的销售和营销费用占净收入的比例显着下降至79.5%,而去年同期为98.1%。

研发费用为人民币52.9百万元或770万美元,较去年同期的人民币36.1百万元增加46.5%,主要是由于研发人员的薪酬和福利增加所致。研发费用占2019年第二季度净收入的19.1%,而去年同期为26.6%。

一般及行政开支为人民币27.9百万元或410万美元,较去年同季的人民币13.7百万元增加103.4%,主要是由于一般及行政人员的薪金及福利及专业服务费增加所致。

General and administrative expenses as a percentage of net revenues remained flat at 10.1% for the second quarter of 2019, compared with the same quarter last year. Loss from operations were RMB88.9 million or US$13 million, compared with RMB78.6 million for the same quarter last year, due to the aforementioned reasons including general business growth and user base expansion.
Adjusted EBITDA was a loss of RMB77.2 million or US$11.3 million, compared with an adjusted EBITDA loss of RMB71.1 million for the same quarter last year. Foreign exchange loss was RMB1.7 million or US$0.2 million, compared with a foreign exchange loss of RMB5.1 million for the same quarter last year.
Income tax expenses was RMB0.03 million or US$4,000, a 99.6% decrease from RMB6.4 million for the same quarter last year, primarily due to the company’s estimated taxable loss position in current year.
Net loss was RMB87.8 million or US$12.8 million, compared with RMB89.9 million for the same quarter last year. Adjusted net loss was RMB81.6 million or US$11.9 million, compared with RMB78.5 million for the same quarter last year. Basic and diluted net loss per ordinary share attributable to ordinary shareholders was RMB1.78 or US$0.26, compared with RMB5.00 for the same quarter last year.
In terms of our balance sheet, as of June 30, 2019, the company’s cash, cash equivalents and short-term investments totaled RMB729.5 million or US$106.3 million, compared with RMB747.8 million as of December 31, 2018.
Turning to our outlook, for the third quarter of 2019, the company currently expects, net revenues to be between RMB230 million to RMB250 million, which would represent an increase of approximately 27.4% to 38.5% from RMB180.5 million for the same quarter last year. This forecast reflects the company’s current and preliminary view on the current business situation and market conditions, which is subject to change.
In addition as Dr. Wang just mentioned, while we expect the trend of revenue growth deceleration to continue for the second half of the year, we are continuing to invest in enriching our product portfolio in adults’ and kids’ markets and explore alternative effective marketing channels to reinvigorate our user growth.
This concludes our prepared remarks. We’ll now open the call to questions. As a reminder, Mr. Zheren Ben Hu, our CTO and Co-Founder; and Mr. Lin Hui, our Chief Scientist and Co-Founder are joining us for the Q&A session. Operator, please go ahead.

与去年同期相比,2019年第二季度的一般和管理费用占净收入的百分比保持在10.1%不变。由于上述原因包括一般业务增长和用户群扩张,运营亏损为人民币8,890万元或1,300万美元,而去年同期为人民币78,600,000元。

经调整EBITDA为亏损人民币77,200,000元或1,130,000美元,而去年同季调整后EBITDA亏损为人民币71,100,000元。外汇损失为人民币1.7百万元或20万美元,而去年同期的外汇损失为人民币510万元。

所得税费用为人民币0.03百万元或4,000美元,较去年同期的人民币640万元减少99.6%,主要是由于该公司本年度的应课税亏损情况。

净亏损为人民币87.8百万元或1,280万美元,而去年同期为人民币89.9百万元。经调整净亏损为人民币81.6百万元或11.9百万美元,而去年同季则为人民币78.5百万元。归属于普通股股东的每股普通股基本和摊薄净亏损为人民币1.78元或0.26美元,而去年同期为人民币5.00元。

就资产负债表而言,截至2019年6月30日,公司的现金,现金等价物和短期投资总额为人民币729.5百万元或1.063亿美元,而截至2018年12月31日为人民币747.8百万元。

谈到我们的展望,公司目前预计,2019年第三季度的净收入将在人民币230万元至2.5亿元人民币之间,较去年同期的人民币180.5百万元增长约27.4%至38.5%。年。该预测反映了公司对当前业务状况和市场状况的当前和初步观点,这些观点可能会发生变化。

此外,正如王博士刚才提到的那样,虽然我们预计下半年收入增长减速的趋势将持续,但我们仍在继续投资,以丰富我们在成人和儿童市场的产品组合,并探索其他有效的营销方式重振用户增长的渠道。

以上是我们准备的评论。我们现在打开问题的电话。提醒一下,我们的首席技术官兼联合创始人Zheren Ben Hu先生;我们的首席科学家兼联合创始人林辉先生也加入了我们的问答环节。接线员,请继续。

问答环节

[Operator Instructions] And our first question comes from the line of [Elsie] from Morgan Stanley. Your line is open.

[操作员说明]我们的第一个问题来自摩根士丹利的[Elsie]。 你的线是开放的。

身份不明的分析师

Hello management, I have two questions, first one is about the impact of WeChat policy. I just like to know on what percentage of your users now comes from the WeChat channel. And can you give us more details about how you plan to like increase the source of users from other channels and when do we expect this impact to like begin to fade and the user to begin the growth momentum.
And second question is about the marketing expense, the marketing expense as a percentage of revenue as you just mentioned it dropped year-on-year but as you plan to increase marketing on like other marketing channels and does that mean that marketing expense will increase in the second half of this year, and do you have any guidance on marketing expense and full year guidance? Thank you.

您好管理层,我有两个问题,第一个是关于微信政策的影响。 我只想知道您的用户现在来自微信频道的百分比。 您是否可以向我们提供有关您计划如何从其他渠道增加用户来源的更多详细信息,以及何时我们预计这种影响会逐渐消失并且用户开始增长势头。

第二个问题是关于营销费用,营销费用占收入的百分比,因为你刚才提到它同比下降但是你计划像其他营销渠道那样增加营销,这是否意味着营销费用会增加 今年下半年,您对营销费用和全年指导有什么指导吗? 谢谢。

Bin Yu

宾玉

Thank you for the question, I’ll take the second question first. Currently, as you know with the tightened WeChat moment sharing policies, we do experience a decrease in our growth revenue - growth billing and net revenue especially for our Liuli Reading product which Ben will talk in detail later. But on a CAC again as in the past we’ll continue to invest in the customer acquisition cost going forward.
In addition to the monitoring of the efficiency of our paid traffic, we are also focused on improving our product experience because we still believe with enriched content and the product mix and the brand awareness will attract more organic users in future. Currently, we do not give out any specific guidance on the cost of acquisition, customer acquisition in the second half.

谢谢你的提问,我先回答第二个问题。 目前,正如您所知,收紧微信时刻分享政策,我们确实经历了增长收入的减少 - 增长收入和净收入,特别是我们将在稍后详细讨论的Liuli Reading产品。 但是在过去的CAC上,我们将继续投资未来的客户获取成本。

除了监控我们的付费流量效率外,我们还专注于改善我们的产品体验,因为我们仍然相信丰富的内容和产品组合以及品牌知名度将在未来吸引更多的有机用户。 目前,我们不会对下半年的收购成本,客户收购情况给出任何具体指导。

身份不明的分析师

Okay.

好的。

Zheren Ben Hu

哲仁本虎

This is Ben, I will answer the first question about WeChat. As we mentioned in our earnings release, WeChat impact mostly to our Liuli Reading product which contributed to about 15% of the topline for the past quarter. And for the rest of the product mainly - the revenue mainly from DongNi related products these affect by the WeChat - it does affect the WeChat. This affects the gross of the product but is definitely not a serious as the impact on Liuli Reading. And also it's mainly affect our word of mouth organic growth especially when a lot of users like our product they would love to share on their WeChat.
The WeChat policy changing may actually from our user study that actually have impact on our user psychology of sharing so not particularly related to the product itself. So at this moment, our data shows it has an impact but is under control.

这是本,我将回答关于微信的第一个问题。 正如我们在收益发布中所提到的,微信主要影响我们的Liuli Reading产品,该产品占上一季度收入的15%左右。 而对于产品的其余部分 - 主要来自东尼相关产品的收入受微信影响 - 它确实影响了微信。 这会影响产品的总量,但绝对不会对琉璃雷丁产生影响。 而且它主要影响我们的口碑有机增长,特别是当很多用户喜欢我们的产品时,他们希望在他们的微信上分享。

微信政策的变化实际上可能来自我们的用户研究,这实际上影响了我们的共享用户心理,因此与产品本身无关。 所以在这一刻,我们的数据表明它有影响但受到控制。

会议主持员

[Operator Instructions] As there are no further questions now, I'd like to turn the call back over to the company for closing remarks.

[操作员说明]由于现在没有其他问题,我想将电话转回公司,以便结束发言。

Chuhan Wang

Chuhan Wang

Thank you once again for joining us. If you have further questions, please feel free to contact LAIX Investor Relations through the contact information provided on our website or TPG Investor Relations.

再次感谢您加入我们。 如果您还有其他问题,请随时通过我们网站或TPG投资者关系部提供的联系信息联系LAIX投资者关系部。

会议主持员

This concludes this conference call. You may now disconnect your line. Thank you.

本次电话会议结束。 您现在可以断开线路了。 谢谢。

相关问题

  • 流利说信息技术有限公司 电话会议
  • 流利说信息技术有限公司 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei006006, 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后
  • 美股开户教程, 请查看
  • 港股开户教程, 请查看
  • 美股、港股入金教程, 请查看
  • 美股、港股投资交流群, 请查看
  • 如何购买流利说信息技术有限公司股票
  • 美股、港股付费交流群, 请查看

友情提示 转载请注明出处: https://investguider.com/topics/12407
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册