EX-99.2 4 iclk-ex992_7.htm EX-99.2 iclk-ex992_7.htm

 

Exhibit 99.2

iCLICK INTERACTIVE ASIA GROUP LIMITED

 

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

 

 

 

 


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2019 AND JUNE 30, 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

 

 

 

 

As of

 

 

 

Note

 

 

December 31,

2019

 

 

June 30,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

5

 

 

 

36,854

 

 

 

39,355

 

Time deposits

 

 

5

 

 

 

410

 

 

 

473

 

Restricted cash

 

 

6

 

 

 

23,852

 

 

 

24,379

 

Short-term investments

 

2(c)

 

 

 

 

 

 

4,952

 

Amount due from an equity investee

 

7(b)

 

 

 

155

 

 

 

199

 

Accounts receivable, net of allowance for credit losses of

   US$3,469 and US$7,147 as of December 31, 2019 and

   June 30, 2020 respectively

 

 

9

 

 

 

143,971

 

 

 

123,245

 

Rebates receivable

 

 

 

 

 

 

5,603

 

 

 

5,971

 

Prepaid media costs

 

 

 

 

 

 

25,565

 

 

 

17,337

 

Other current assets

 

 

10

 

 

 

8,983

 

 

 

13,747

 

Total current assets

 

 

 

 

 

 

245,393

 

 

 

229,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax assets

 

24(e)

 

 

 

1,033

 

 

 

1,091

 

Property and equipment, net

 

 

11

 

 

 

536

 

 

 

511

 

Investment in an equity investee

 

7(a)

 

 

 

158

 

 

 

502

 

Prepayment for long-term investments

 

 

8

 

 

 

1,000

 

 

 

6,785

 

Other long-term investments

 

 

8

 

 

 

1,503

 

 

 

3,445

 

Intangible assets, net

 

 

12

 

 

 

4,418

 

 

 

55,175

 

Goodwill

 

 

13

 

 

 

65,710

 

 

 

65,710

 

Other assets

 

 

10

 

 

 

109

 

 

 

185

 

Right-of-use assets

 

 

 

 

 

 

1,656

 

 

 

1,199

 

Total non-current assets

 

 

 

 

 

 

76,123

 

 

 

134,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

321,516

 

 

 

364,261

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

- 1 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS OF DECEMBER 31, 2019 AND JUNE 30, 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

 

 

 

 

As of

 

 

 

Note

 

 

December 31,

2019

 

 

June 30,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable (including accounts payable of the

   consolidated variable interest entity (“VIE”) and its

   subsidiaries without recourse to the Company of

   US$27 and US$3,460 as of December 31, 2019

   and June 30, 2020, respectively)

 

 

 

 

 

 

66,161

 

 

 

36,131

 

Deferred revenue (including deferred revenue of the

   consolidated VIE and its subsidiaries without

   recourse to the Company of US$866 and

   US$551 as of December 31, 2019 and

   June 30, 2020, respectively)

 

 

15

 

 

 

27,089

 

 

 

25,785

 

Accrued liabilities and other current liabilities (including

   accrued liabilities and other current liabilities of the

   consolidated VIE and its subsidiaries without

   recourse to the Company of US$1,802 and

   US$1,417 as of December 31, 2019 and

   June 30, 2020, respectively)

 

 

16

 

 

 

19,937

 

 

 

30,974

 

Bank borrowings

 

 

17

 

 

 

36,851

 

 

 

41,980

 

Convertible notes at fair value

 

 

18

 

 

 

49,008

 

 

 

4,653

 

Derivatives liabilities

 

 

18

 

 

 

 

 

 

5,123

 

Income tax payable

 

 

 

 

 

 

3,780

 

 

 

4,171

 

Lease liabilities (including lease liabilities of the

   consolidated VIE and its subsidiaries without recourse to

   the Company of US$86 and US$44 as of

   December 31, 2019 and June 30, 2020, respectively)

 

 

 

 

 

 

1,114

 

 

 

452

 

Total current liabilities

 

 

 

 

 

 

203,940

 

 

 

149,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

16

 

 

 

449

 

 

 

512

 

Deferred tax liabilities (including deferred tax liabilities

   of the consolidated VIE and its subsidiaries without

   recourse to the Company of US$187 and US$166 as

   of December 31, 2019 and June 30, 2020, respectively)

 

24(e)

 

 

 

1,865

 

 

 

14,276

 

Lease liabilities (including lease liabilities of the

   consolidated VIE and its subsidiaries without

   recourse to the Company of US$25 and

   US$nil as of December 31, 2019 and

   June 30, 2020, respectively)

 

 

 

 

 

 

706

 

 

 

841

 

Total non-current liabilities

 

 

 

 

 

 

3,020

 

 

 

15,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

 

206,960

 

 

 

164,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

27

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

- 2 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

AS OF DECEMBER 31, 2019 AND JUNE 30, 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

 

 

 

 

As of

 

 

 

Note

 

 

December 31,

2019

 

 

June 30,

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary shares – Class A (US$0.001 par value;

   80,000,000   shares authorized as of December 31, 2019

   and June 30, 2020, respectively; 23,870,027 shares and

   34,467,143 shares issued and outstanding as of

   December 31, 2019 and June 30, 2020, respectively)

 

 

19

 

 

 

24

 

 

 

34

 

Ordinary shares – Class B (US$0.001 par value;

   20,000,000   shares authorized as of December 31, 2019

   and June 30, 2020, respectively; 4,820,608 shares

   issued and outstanding as of December 31, 2019 and

   June 30, 2020, respectively)

 

 

19

 

 

 

5

 

 

 

5

 

Treasury shares (1,744,873 and 1,542,402 shares as of

   December 31, 2019 and June 30, 2020, respectively)

 

 

19

 

 

 

(4,858

)

 

 

(5,429

)

Additional paid-in capital

 

 

 

 

 

 

305,344

 

 

 

394,533

 

Statutory reserves

 

 

 

 

 

 

81

 

 

 

81

 

Accumulated other comprehensive losses

 

 

 

 

 

 

(7,479

)

 

 

(6,849

)

Accumulated deficit

 

 

 

 

 

 

(191,016

)

 

 

(202,339

)

Total iClick Interactive Asia Group Limited shareholders’

   equity

 

 

 

 

 

 

102,101

 

 

 

180,036

 

Non-controlling interest

 

 

 

 

 

 

12,455

 

 

 

19,327

 

Total equity

 

 

 

 

 

 

114,556

 

 

 

199,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

 

 

 

 

321,516

 

 

 

364,261

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

- 3 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

 

 

 

 

For the six months ended

June 30,

 

 

 

Note

 

 

2019

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

22

 

 

 

88,565

 

 

 

107,148

 

Cost of revenues

 

 

 

 

 

 

(62,579

)

 

 

(77,270

)

Gross profit

 

 

 

 

 

 

25,986

 

 

 

29,878

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

 

 

 

 

(2,849

)

 

 

(2,300

)

Sales and marketing expenses

 

 

 

 

 

 

(20,868

)

 

 

(17,116

)

General and administrative expenses

 

 

 

 

 

 

(6,838

)

 

 

(11,127

)

Total operating expenses

 

 

 

 

 

 

(30,555

)

 

 

(30,543

)

Operating loss

 

 

 

 

 

 

(4,569

)

 

 

(665

)

Interest expense

 

 

 

 

 

 

(537

)

 

 

(1,015

)

Interest income

 

 

 

 

 

 

214

 

 

 

362

 

Other gains, net

 

 

23

 

 

 

1,212

 

 

 

1,388

 

Fair value losses on convertible notes

 

 

18

 

 

 

(1,992

)

 

 

(3,007

)

Fair value losses on derivative liabilities

 

 

18

 

 

 

 

 

 

(5,123

)

Loss before income tax expense

 

 

 

 

 

 

(5,672

)

 

 

(8,060

)

Share of losses from an equity investee

 

7(a)

 

 

 

(14

)

 

 

(69

)

Income tax expense

 

 

24

 

 

 

(27

)

 

 

(320

)

Net loss

 

 

 

 

 

 

(5,713

)

 

 

(8,449

)

Less: Net loss attributable to non-controlling interests

 

 

 

 

 

 

437

 

 

 

1,097

 

Net loss attributable to iClick Interactive Asia

   Group Limited’s ordinary shareholders

 

 

 

 

 

 

(5,276

)

 

 

(7,352

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

(5,713

)

 

 

(8,449

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of US$nil

   tax

 

 

 

 

 

 

89

 

 

 

612

 

Comprehensive loss

 

 

 

 

 

 

(5,624

)

 

 

(7,837

)

Comprehensive loss attributable to non-controlling interest

 

 

 

 

 

 

437

 

 

 

1,115

 

Comprehensive loss attributable to iClick

   Interactive Asia Group Limited

 

 

 

 

 

 

(5,187

)

 

 

(6,722

)

Net loss per share attributable to iClick

   Interactive Asia Group Limited

 

 

 

 

 

 

 

 

 

 

 

 

- Basic

 

 

25

 

 

 

(0.19

)

 

 

(0.21

)

- Diluted

 

 

25

 

 

 

(0.19

)

 

 

(0.21

)

Weighted average number of ordinary shares used

   in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

- Basic

 

 

25

 

 

 

28,350,323

 

 

 

34,795,154

 

- Diluted

 

 

25

 

 

 

28,350,323

 

 

 

34,795,154

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

- 4 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

Ordinary shares

 

 

Treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

shares

 

 

Amount

 

 

Number of

shares

 

 

Amount

 

 

Additional

paid-in

capital

 

 

Accumulated

deficit

 

 

Statutory

reserves

 

 

Accumulated

other

comprehensive

losses

 

 

Total iClick

Interactive

Asia Group

Limited

shareholders’

equity

 

 

Non-

controlling

interests

 

 

Total

equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as

   of December

   31, 2018

 

 

27,986,700

 

 

 

28

 

 

 

1,363,860

 

 

 

(576

)

 

 

293,072

 

 

 

(181,413

)

 

 

81

 

 

 

(5,867

)

 

 

105,325

 

 

 

1,315

 

 

 

106,640

 

Reissuance of

   treasury

   shares upon

   exercise of

   employee share

   options and

   vesting

   of restricted

   share units

   (“RSUs”)

 

 

109,926

 

 

 

1

 

 

 

(109,926

)

 

 

47

 

 

 

192

 

 

 

 

 

 

 

 

 

 

 

 

240

 

 

 

 

 

 

240

 

Share-based

   compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,222

 

 

 

 

 

 

 

 

 

 

 

 

1,222

 

 

 

 

 

 

1,222

 

RSUs vested

 

 

11,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business

   combinations

   (Note 4(a))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,815

 

 

 

11,815

 

Capital

   injection in a

   subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(99

)

 

 

(99

)

Repurchase of

   ordinary

   shares

 

 

 

 

 

 

 

 

62,787

 

 

 

(482

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(482

)

 

 

 

 

 

(482

)

Issuance of

   ordinary

   shares

   pursuant to

   convertible

   notes

   conversion

   (Note 18)

 

 

410,241

 

 

 

 

 

 

 

 

 

 

 

 

4,431

 

 

 

 

 

 

 

 

 

 

 

 

4,431

 

 

 

 

 

 

4,431

 

Net loss for

   the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,276

)

 

 

 

 

 

 

 

 

(5,276

)

 

 

(437

)

 

 

(5,713

)

Foreign

   currency

   translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

 

 

89

 

 

 

 

 

 

89

 

Balance as of

   June 30, 2019

 

 

28,518,117

 

 

 

29

 

 

 

1,316,721

 

 

 

(1,011

)

 

 

298,917

 

 

 

(186,689

)

 

 

81

 

 

 

(5,778

)

 

 

105,549

 

 

 

12,594

 

 

 

118,143

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

- 5 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

Ordinary shares

 

 

Treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

shares

 

 

Amount

 

 

Number of

shares

 

 

Amount

 

 

Additional

paid-in

capital

 

 

Accumulated

deficit

 

 

Statutory

reserves

 

 

Accumulated

other

comprehensive

losses

 

 

Total iClick

Interactive

Asia Group

Limited

shareholders’

equity

 

 

Non-

controlling

interests

 

 

Total

equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as

   of December

   31, 2019

 

 

28,690,635

 

 

 

29

 

 

 

1,744,873

 

 

 

(4,858

)

 

 

305,344

 

 

 

(191,016

)

 

 

81

 

 

 

(7,479

)

 

 

102,101

 

 

 

12,455

 

 

 

114,556

 

Cumulative

   effect of

   adoption of

   new accounting

   standard

   (Note 2(f))

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,971

)

 

 

 

 

 

 

 

 

(3,971

)

 

 

 

 

 

(3,971

)

Reissuance of

   treasury

   shares upon

   exercise of

   employee

   share options

   and vesting

   of RSUs

 

 

266,604

 

 

 

 

 

 

(266,604

)

 

 

106

 

 

 

284

 

 

 

 

 

 

 

 

 

 

 

 

390

 

 

 

 

 

 

390

 

Share-based

   compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,267

 

 

 

 

 

 

 

 

 

 

 

 

2,267

 

 

 

 

 

 

2,267

 

RSUs vested

 

 

118,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of

   ordinary

   shares

 

 

 

 

 

 

 

 

64,133

 

 

 

(677

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(677

)

 

 

 

 

 

(677

)

Issuance of

   ordinary

   shares upon

   private investment

   in public equity

   (“PIPE”)

   offering

   (Note 1(b))

 

 

2,107,400

 

 

 

2

 

 

 

 

 

 

 

 

 

18,529

 

 

 

 

 

 

 

 

 

 

 

 

18,531

 

 

 

 

 

 

18,531

 

Issuance of

   ordinary

   shares pursuant

   to convertible

   notes conversion

   (Note 18)

 

 

4,514,617

 

 

 

4

 

 

 

 

 

 

 

 

 

36,164

 

 

 

 

 

 

 

 

 

 

 

 

36,168

 

 

 

 

 

 

36,168

 

Issuance of

   ordinary

    shares upon

   acquisition of

   Optimal Power

   Limited (Note 4(c))

 

 

3,589,744

 

 

 

4

 

 

 

 

 

 

 

 

 

31,945

 

 

 

 

 

 

 

 

 

 

 

 

31,949

 

 

 

7,987

 

 

 

39,936

 

Net loss for

   the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,352

)

 

 

 

 

 

 

 

 

(7,352

)

 

 

(1,097

)

 

 

(8,449

)

Foreign currency

    translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

630

 

 

 

630

 

 

 

(18

)

 

 

612

 

Balance as

   of June

   30, 2020

 

 

39,287,751

 

 

 

39

 

 

 

1,542,402

 

 

 

(5,429

)

 

 

394,533

 

 

 

(202,339

)

 

 

81

 

 

 

(6,849

)

 

 

180,036

 

 

 

19,327

 

 

 

199,363

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

- 6 -


 

iCLICK INTERACTIVE ASIA GROUP LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2020

(US$’000, except share data and per share data, or otherwise noted)

 

 

 

For the six months ended

June 30,

 

 

 

2019

 

 

2020

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities