Business
Scienjoy Holding Corporation Reports Fiscal Year 2020 Unaudited Financial Results, Unaudited Quarterly Revenues Exceeded Guidance Forecasts for Third and Fourth Quarters, and Unaudited Annual Revenues Increased by 33.6% Year Over Year
BEIJING, May 3, 2021 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We") (NASDAQ: SJ), a leading live entertainment mobile
About this update from Scienjoy Holding Corporation
[{"type":"text","content":"BEIJING, May 3, 2021 /PRNewswire/ -- Scienjoy Holding Corporation (\"Scienjoy\", the \"Company\", or \"We\") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced its unaudited financial results for the year ended December 31, 2020. The following are all unaudited financial information.\nFiscal Year 2020 Operating and Unaudited Financial Highlights\nTotal net revenues increased by 33.6% to RMB1,222.2 million (US$187.3 million) from RMB914.6 million in fiscal year 2019, and the Company's quarterly net revenues exceeded its guidance forecasts for the third and fourth quarters of fiscal year 2020. Gross profit was RMB262.2 million (US$40.2 million), representing a year-over-year increase of 35.2% in fiscal year 2020 as compared to a year-over-year increase of 30.3% in fiscal year 2019. Gross margin further improved to 21.5% in fiscal year 2020 from 21.2% in fiscal year 2019 and 20.0% in fiscal year 2018. Net income increased by 17.5% to RMB176.1 million (US$27.0 million) from RMB149.9 million in fiscal year 2019. Adjusted net income[1] increased by 24.2% to RMB186.3 million (US$28.5 million) from RMB149.9 million in fiscal year 2019. Earnout targets for both Scienjoy and Beelive in fiscal year 2020 were fulfilled. Total paying users increased by 30% to 904,568 from 697,475 in fiscal year 2019. Total number of active broadcasters increased by 455.2% to 192,389 from 34,651 in fiscal year 2019. As of December 31, 2020, the Company had RMB224.8 million (US$34.4 million) in cash and cash equivalents, which represented an increase of 63.6% from RMB137.4 million as of December 31, 2019. \"Adjusted net income\" is defined as net income excluding change in fair value of contingent consideration and warrant liabilities. For more information, refer to \"Use of Non-GAAP Financial Measures\" and \"Reconciliations of Non-GAAP Results\" at the end of this press release. Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, \"We concluded the full year of 2020 with robust operating and financial performances despite the macro uncertainties. Our success was mainly due to our visionary growth strategies in domestic and international markets as well as our commitment to upgrading our products through state-of-the-art technologies and cultivating a more convenient and engaging social commu...