知乎2023年第一季度财务报告ZH1Q23EarningsRelease_0522_HS-英_市场营.docx

ZhihuInc.ReportsUnauditedFirstQuarter2023FinancialResultsBEIJING,China,May24,2023ZhihuInc.("Zhihu“orthe“Company")(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChina,todayannounceditsunauditedfinancialresultsforthequarterendedMarch31,2023.FirstQuarter2023Highlights TotalrevenueswereRMB994.2million(US$144.8million)inthefirstquarterof2023,representinga33.8%increasefromthesameperiodof2022. NetlosswasRMBl79.0million(US$26.1million)inthefirstquarterof2023,narrowedby70.9%fromthesameperiodin2022. Adjustednetloss(non-GAAP)u,wasRMB120.2million(US$17.5million)inthefirstquarterof2023,narrowedby67.3%fromthesameperiodof2022. Averagemonthlyactiveusers(MAUS)reached102.4millioninthefirstquarterof2023,comparedwith101.6millioninthesameperiodof2022. Averagemonthlysubscribingmembers131reached14.9millioninthefirstquarterof2023,representinga116.0%increasefromthesameperiodof2022.“Wearepleasedtoreportastrongfirstquarterof2023,withimpressiverevenuegrowthandanotherquarterofsignificantlynarrowedloss.Ourusergrowthreacceleratedduringthisquarter,andinMarchourMAUssurpassed110million,drivenbyourdiversecontentformatsandenrichedconsumptionscenarios.Ourpaidmembershiprevenuereachedthehistoricalhighwhilevocationaltrainingrevenuecontinuedtogrowrapidly,asweextendedourusercoveragebeyondtheZhihucommunityanddeepenedourservicesalongtheindustryvaluechain.Ouroutstandingperformanceisatestamenttoourcontinuedinnovationincontentcommunitydevelopmentandintegrationofcutting-edgeAItechnoIogy.saidMr.YuanZhou,chairmanandchiefexecutiveofficerofZhihu.Mr.HenrySha,chieffinancialofficerofZhihu,added,44Weoutperformedthisquarterbybeatingmarketconsensusintermsofbothtoplineandbottomline.Ourtotalrevenuesforthequarterincreasedby33.8%yearoveryeartoRMB994.2million,drivenbyrobustgrowthinbothpaidmembershipandvocationaltrainingbusinesses,andourgrossmarginexpandedto51.5%from45.1%inthesameperiodlastyear.WealsoachievedRMB59.9millionoperatingcashflowduringthefirstquarter.ItisthefirsttimethatZhihugeneratespositiveoperatingcashflowsinceitsinitialpublicoffering.Wewillcontinuetofocusonourcorebusinessdevelopmentandremainprudentinexploringpotentialopportunities.FirstQuarter2023FinancialResultsTotalrevenueswereRMB994.2million(US$144.8million)inthefirstquarterof2023,representinggrowthof33.8%fromRMB743.2millioninthesameperiodof2022.MarketingSerViCeSrevenue141wasRMB392.1million(US$57.1million),comparedwithRMB444.1millioninthesameperiodof2022.Thedecreasewasprimarilyduetothechallengingmacroeconomicenvironment.PaidmembershiprevenuewasRMB454.8million(US$66.2million),representinga105.2%increasefromRMB221.7millioninthesameperiodof2022.Theincreasewasprimarilyattributabletothecontinuedgrowthofouraveragemonthlysubscribingmemberswhichreached14.9millionfrom6.9millioninthesameperiodof2022.VocationaltrainingrevenuewasRMB107.0million(US$15.6million),representinga170.6%increasefromRMB39.5millioninthefirstquarterof2022.Thesignificantincreasewasprimarilyattributabletoourfurtherenrichedonlinecourseofferingsandtherevenuecontributionsfromourrecentlyacquiredbusinessesintheperiod.OtherrevenueswereRMB40.3million(US$5.9million),representinga6.3%increasefromRMB37.9millioninthesameperiodof2022.Theyear-over-yearincreasewasprimarilyattributabletotheincreasedsalesofourprivatelabelproductsandbookseries.Costofrevenuesincreasedby18.2%toRMB482.0million(US$70.2million)fromRMB407.7millioninthesameperiodof2022.Theincreasewasprimarilyduetoanincreaseincontentandoperatingcoststoenhanceourcontentattractiveness,aswellasanincreaseinpaymentprocessingcostsinconnectionwithourrevenuegrowth,partiallyoffsetbythedecreaseincloudservicesandbandwidthcostsresultingfromourimprovedtechnologyefficiency.GrossprofitwasRMB512.2million(US$74.6million),representinga52.7%increasefromRMB335.5millioninthesameperiodof2022.Grossmarginexpandedto51.5%from45.1%inthesameperiodof2022,primarilyattributabletoourenhancedmonetizationeffortsandtheimprovementofcloudservicesandbandwidthutilizationefficiency.Totaloperatingexpensesdecreasedby25.9%toRMB729.0million(US$106.1million)fromRMB983.7millioninthesameperiodof2022.Sellingandmarketingexpensesdecreasedby12.0%toRMB445.6million(US$64.9million)fromRMB506.6millioninthesameperiodof2022,primarilyduetomoredisciplinedpromotionalspendinganddecreaseinsalariesandwelfareexpenses.ResearchanddevelopmentexpensesincreasedtoRMB183.0million(US$26.6million)fromRMB166.5millioninthesameperiodof2022.Theincreasewasprimarilyattributabletotheincreaseinthesalariesandwelfareofresearchanddevelopmentpersonnel,aswellastheincreasedspendingintechnologyinnovation.Generalandadministrativeexpensesdecreasedby67.7%toRMB100.4million(US$14.6million)fromRMB310.6millioninthesameperiodof2022,primarilyduetolowershare-basedcompensationexpensesrecognizedandthedecreaseinprofessionalservicefees.1.ossfromoperationsdecreasedby66.6%toRMB216.7million(US$31.6million)fromRMB648.2millioninthesameperiodof2022.Adjustedlossfromoperations(non-GAAP)lljdecreasedby60.7%toRMB157.3million(US$22.9million)fromRMB400.7millioninthesameperiodof2022.Netlossdecreasedby70.9%toRMB179.0million(US$26.1million)fromRMB614.3millioninthesameperiodof2022.Adjustednetloss(non-GAAP)111decreasedby67.3%toRMB120.2million(US$17.5million)fromRMB367.4millioninthesameperiodof2022.DilutednetlossperAmericanDepositaryShare("ADS")wasRMB0.30(US$0.04),comparedwithRMB1.02inthesameperiodof2022.Cashandcashequivalents,termdepositsandshort-terminvestmentsAsofMarch31,2023,theCompanyhadcashandcashequivalents,termdepositsandshort-terminvestmentsofRMB6,257.7million(US$911.2million),comparedwithRMB6,261.5millionasofDecember31,2022.ShareRepurchaseProgramTheCompanyannouncedasharerepurchaseprograminMay2022underwhichtheCompanymayrepurchaseuptoUS$100millionofClassAordinarysharesorADSsfora12-monthperiod,whichwasapprovedbyshareholdersattheCompany,sannualgeneralmeetingheldonJune10,2022.AsofMarch31,2023,approximately6.9millionClassAordinaryshares(includingClassAordinarysharesunderlyingtheADSs)hadbeenrepurchasedonboththeNewYorkStockExchangeandTheStockExchangeofHongKongLimitedundertheprogramforatotalpriceofUS$17.8million.TheboardofdirectorsoftheCompanyhasapprovedtoextendthesharerepurchaseprogramuntilJune10,2024,whichissubjecttotheshareholders,approvalforgrantingageneralmandatetotheboardofdirectorstorepurchasesharesand/orADSsoftheCompanynotexceeding10%ofthetotalnumberofissuedsharesoftheCompanyasofthedateofsuchapprovalattheforthcomingannualgeneralmeetingoftheCompany.11 Adjustedlossfromoperationsandadjustednetlossarenon-GAAPfinancialmeasures.Formoreinformationonthenon-GAAPfinancialmeasures,pleaseseethesectionof“UseofNon-GAAPFinancialMeasures“andthetablecaptioned44UnauditedReconciliationsofGAAPandNon-GAAPResults“setforthattheendofthispressrelease.MAUsreferstothesumofthenumberofmobiledevicesthatlaunchourmobileappatleastonceinagivenmonth,ormobileMAUs,andthenumberoflogged-inuserswhovisitourPCormobilewebsiteatleastonceinagivenmonth,aftereliminatingduplicates.MonthlysubscribingmembersreferstothenumberofourYanSelectionmembersinaspecifiedmonth.Averagemonthlysubscribingmembersforaperiodiscalculatedbydividingthesumofmonthlysubscribingmembersforeachmonthduringthespecifiedperiodbythenumberofmonthsinsuchperiod.l41Startingwiththefirstquarterof2023,wereportrevenuesgeneratedfromadvertisingandcontentcommercesolutionscollectivelyasttmarketingservicesrevenuetobetterpresentourbusinessandresultsofoperationinlinewithouroverallstrategies.Revenuesfortheapplicablecomparisonperiodsof2022havebeenretrospectivelyre-classified.ConferenceCallTheCompany,smanagementwillhostanearningsconferencecallat7:30a.m.U.S.EasternTimeonMay24,2023(7:30p.m.Beijing/HongKongtimeonMay24,2023).Allparticipantswishingtojointheconferencecallmustpre-registeronlineusingthelinkprovidedbelow.Oncethepre-registrationhasbeencompleted,eachparticipantwillreceiveasetofdial-innumbers,apasscode,andauniqueregistrantIDwhichcanbeusedtojointheconferencecall.Participantsmaypre-registeratanytime,includinguptoandafterthecallstarttime.ParticipantOnlineRegistration:Additionally,aliveandarchivedwebcastoftheconferencecallwillbeavailableontheCompany5sinvestorrelationswebsiteatAreplayoftheconferencecallwillbeaccessibleapproximatelyonehouraftertheconclusionofthelivecall,untilMay31,2023,bydialingthefollowingtelephonenumbers:UnitedStates(tollfree):÷1-International:+1-ReplayAccessCode:1172692AboutZhihuInc.ZhihuInc.(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChinawherepeoplecometofindsolutions,makedecisions,seekinspiration,andhavefun.Sincetheinitiallaunchin2010,WehavegrownfromaQ&AcommunityintooneofthetopcomprehensiveonlinecontentcommunitiesandthelargestQ&A-inspiredonlinecontentcommunityinChina.Formoreinformation,pleasevisitUseofNon-GAAPFinancialMeasureInevaluatingthebusiness,theCompanyconsidersandusesnon-GAAPfinancialmeasures,suchasadjustedlossfromoperationsandadjustednetloss,tosupplementthereviewandassessmentofitsoperatingperformance.TheCompanydefinesnon-GAAPfinancialmeasuresbyexcludingtheimpactofshare-basedcompensationexpenses,amortizationofintangibleassetsresultingfrombusinessacquisitionsandthetaxeffectsofthenon-GAAPadjustments,whicharenon-cashexpenses.TheCompanybelievesthatthenon-GAAPmeasuresfacilitatecomparisonsofoperatingperformancefromperiodtoperiodandcompanytocompanybyadjustingforpotentialimpactsofitems,whichtheCompany'smanagementconsiderstobeindicativeofitsoperatingperformance.TheCompanybelievesthatthenon-GAAPfinancialmeasuresprovideusefulinformationtoinvestorsandothersinunderstandingandevaluatingtheCompany,sconsolidatedresultsofoperationsinthesamemannerasithelpstheCompany,smanagement.Thenon-GAAPfinancialmeasuresarenotdefinedunderU.S.GAAPandarenotpresentedinaccordancewithU.S.GAAP.Thepresentationofthenon-GAAPfinancialmeasuresmaynotbecomparabletosimilarlytitledmeasurespresentedbyothercompanies.Theuseofthenon-GAAPmeasureshaslimitationsasananalyticaltool,andinvestorsshouldnotconsideritinisolationfrom,orasasubstituteforanalysisof,ourresultsofoperationsorfinancialconditionasreportedunderU.S.GAAP.Formoreinformationonthenon-GAAPfinancialmeasures,pleaseseethetablescaptioned44UnauditedReconciliationsofGAAPandNon-GAAPResultssetforthattheendofthispressrelease.ExchangeRateInformationThisannouncementcontainstranslationsofcertainRenminbiamountsintoU.S.dollarsataspecifiedratesolelyfortheconvenienceofthereader.Unlessotherwisenoted,alltranslationsfromRenminbitoU.S.dollarsweremadeatarateofRMB6.8676toUS$1.00,theexchangerateineffectasofMarch31,2023assetforthintheH.10statisticalreleaseoftheFederalReserveBoard.SafeHarborStatementThisannouncementcontainsforward-lookingstatements.Thesestatementsaremadeunderthettsafeharbof,provisionsoftheU.S.PrivateSecuritiesLitigationReformActof1995.Statementsthatarenothistoricalfacts,includingstatementsabouttheCompany'sbeliefsandexpectations,areforward-lookingstatements.Forward-lookingstatementsinvolveinherentrisksanduncertainties,andanumberoffactorscouldcauseactualresultstodiffermateriallyfromthosecontainedinanyforward-lookingstatement.Insomecases,forward-lookingstatementscanbeidentifiedbywordsorphrasessuchas"may,”"will,”“expect,”“anticipate,”“target,”"aim,"“estimate,”“intend,”“PIanJ“believe,”“potential,“"continue,“"isarelikelyto,“orothersimilarexpressions.Furtherinformationregardingtheseandotherrisks,uncertaintiesorfactorsisincludedintheCompany,sfilingswiththeSECandtheHongKongStockExchange.Allinformationprovidedinthispressreleaseisasofthedateofthispressrelease,andtheCompanydoesnotundertakeanydutytoupdatesuchinformation,exceptasrequiredunderapplicablelaw.Forinvestorandmediainquiries,pleasecontact:InChina:ZhihuInc.Email:irPiacenteFinancialCommunicationsHelenWuTel:+86-10-6508-0677Email:zhihutpg-IntheUnitedStates:PiacenteFinancialCommunicationsBrandiPiacentePhone:+1-Email:ZhihU(5)Sg-FortheThreeMonthsEndedMarch31,December31,March31,202220222023RMBRMBRMBUS$Revenues:Marketingse,ices444,104572,387392,13757,100Paidmembership221,670402,531454,76966,219VocationalTraining39,54484,591106,99815,580Others37,90954,45640.3165,870Totalrevenues743,2271,113,965994,220144,769Costofrevenues(407.684)(485,442)(482,001)(70,185)GroSSprofit335,543628323_512,2197454Sellingandmarketingexpenses(506,585)(509,229)(445,565)(64,879)Researchanddevelopmentexpenses(166,518)(212,495)(182,960)(26,641)Generalandadministrativeexpenses(310.632)(123J07)(IoO438)(14.625)Totaloperatingexpenses(983.735)(844.831)(728.963)(106J45)Lossfromoperations(648,192)(216308)(216,744)(31j561)Otherincome(expenses):Investmentincome20,7245,9226,006875Interestincome9,35533,67139,4935,751Fairvaluechangeoffinancialinstruments8,453(4,619)(3,582)(522)Exchangelosses(4,155)(1,524)(5,649)(823)Others,net19306,0996.333922Lossbeforeincometax(611,885)(176,759)(174,143)(25358)Incometaxexpense(2.398)(2,755)(4,829)(703)Netloss(614283)(179514)(178,972)(26,061)Netincomeattributabletononcontrollinginterests.(164)383)(347)NetlossattributabletoZhihulnc.,sshareholders(614283)(179.678)(181r355)6408)NetlosspershareBasic(2.04)(0.59)(0.59)(0.09)Diluted(2.04)(0.59)(0.59)(0.09)NetlossperDS(TwoADSsrepresentoneClassordinaryshare)Basic(1.()2)(0.29)(0.30)(0.(M)Diluted(1.02)(0.29)(0.30)(0.04)WeightedaveragenumberofordinarysharesoutstandingBasic3(X),483,336304,665,906305,245,036305,245,036Diluted3(X),483,336304,665,906305,245,036305,245,036FortheThreeMonthsEndedMarch31,December31,March31,202220222023RMBRMBRMBUS$Share-basedcompensationexpensesincludedin:Costofrevenues4,7703,6634,400641Sellingandmarketingexpenses6,4725,0198,7581,275Researchanddevelopmentexpenses15,77015,83121,2053,088Generalandadministrativeexpenses218,05518,03221,5553,138ZHIHUINC.UNAUDITEDCONDENSEDCONSOLIDATEDBALANCESHEETS(Allamountsinthousands)AsofDecember31,2022AsofMarch31,2023RMBRMBUS$ASSETSCurrentassets:Cashandcashequivalents4,525,8524,172,007607,491Termdeposits948,390744,020108,338Short-terminvestments787,2591,341,687195,365Tradereceivables834,251758,352110,425Amountsduefromrelatedparlies24,79819,1272,785Prepaymentsandothercurrentassets199,2492150873139Totalcurrentassets7J19.7997250N801.055.723Non-currentassets:Propertyandequipment,net7,2907,0571,028Intangibleassets,net80,23776,66711J64Goodwill126,344126,34418,397Long-terminvestments.30,0004,368Right-of-useassets100,11994,18813,715Othernon-currentassets22,450224503,270Totalnon-currentassets336,440356.70651.942Totalassets7/502397.606.9