Q2 2024 Agora Inc Earnings Call Transcript
Key Points
- Agora Inc (API) reported a year-over-year revenue growth of 2% for the second quarter, driven by business extensions in use cases like live shopping.
- The company successfully transitioned its real-time speech-to-text product from beta to general availability, enhancing accessibility and user experience.
- Agora Inc (API) launched a new website with an intuitive interface and enhanced navigation, aimed at both developers and business decision-makers.
- The partnership with Unity China to integrate in-game voice calling capabilities into Unity China's UOS engine is expected to benefit small game studios and developers.
- The company is seeing promising user adoption and engagement trends in conversational AI applications, indicating potential for future growth.
- Agora Inc (API) experienced a quarter-over-quarter revenue decrease of 1.3%, primarily due to reduced usage from customers in emerging markets.
- Adjusted gross margin for the second quarter was 63.4%, which is 3.8% lower than the same period last year.
- Operating cash flow was negative $7.6 million in Q2, compared to negative $5.3 million last year, indicating increased cash outflow.
- Free cash flow was negative $7.9 million, compared to negative $5.6 million last year, showing a deterioration in cash flow.
- The company has terminated the sale of certain low-margin products, which generated approximately $3.3 million in revenue in Q2 2024, impacting short-term revenue.
Good day and thank you for standing by. Welcome to the Agora Inc second 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 presentation, SEC filings 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.
The conciliations between the company's GAAP and non-GAAP results can be found in 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 risk, uncertainties, assumptions and other factors that could affect the company's financial results and the performance of its business and which the company discussed in detail in its filings with the SEC
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