Q1 2024 Agora Inc Earnings Call Transcript
Key Points
- Agora Inc (API) reported a 3% quarter-over-quarter increase in revenues, reaching $15.8 million, driven by usage growth from emerging use cases such as live shopping.
- The company launched adaptive video optimization technology, enhancing live video quality and user experience, which has already shown positive results for clients like KUMU.
- Agora Inc (API) made significant progress in engaging with Twilio customers, reflecting growing mindshare among developers.
- The company is positioned to benefit from the anticipated increase in real-time voice and video interactions due to advancements in generative AI models.
- Shengwang launched a new solution for live sports forecasting, offering significant cost savings and operational flexibility compared to traditional satellite-based broadcasting.
- Total revenues for the first quarter decreased by 8.4% quarter-over-quarter and 9.4% year-over-year, indicating a challenging financial environment.
- Shengwang revenues declined by 16% year-over-year, primarily due to macro-economic and regulatory challenges.
- The adjusted gross margin for the first quarter was 63.2%, which is 3.9% lower than the same quarter last year.
- Adjusted EBITDA was negative $6.1 million, translating to an 18.4% adjusted EBITDA loss margin for the quarter.
- Operating cash flow was negative $6.5 million, and free cash flow was negative $7.1 million, indicating ongoing cash flow challenges.
Good day, and thank you for standing by, welcome to Agora Inc's first quarter 2024 financial results conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. The company's earnings results, press release, earnings presentations, SEC filing, and a replay of today's call can be found on its IR website at investor.agora.io.
Joining me today are Tony Zhao, Founder, Chairman and CEO; Jingbo Wang, the company's CFO. Reconciliations between the company's GAAP and non-GAAP results can be found in its earnings press release. During this call, the company will make forward-looking statements about its future financial performance and other future events and trends.
These statements are only predictions that are based on what the company believes today and actual results may differ materially. These forward-looking statements are subject to risks uncertainties, assumptions and other factors that could affect the company's financial results and performance of its business and which the company discuss in detail in its filing with the SEC.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
