{"id":464918,"date":"2021-03-25T07:20:36","date_gmt":"2021-03-25T11:20:36","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=464918"},"modified":"2021-03-25T07:20:36","modified_gmt":"2021-03-25T11:20:36","slug":"iclick-interactive-asia-group-limited-reports-fourth-quarter-and-full-year-2020-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iclick-interactive-asia-group-limited-reports-fourth-quarter-and-full-year-2020-unaudited-financial-results\/","title":{"rendered":"iClick Interactive Asia Group Limited Reports Fourth-Quarter and Full-Year 2020 Unaudited Financial Results"},"content":{"rendered":"
\n

– Another Record Year across Key Numbers –<\/h2>\n

– First-ever Full-Year Adjusted Net Income in 2020 –<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n HONG KONG<\/span>, March 25, 2021<\/span> \/PRNewswire\/ — iClick Interactive Asia Group Limited (“iClick” or the “Company”) (Nasdaq: ICLK), an independent online marketing and enterprise data solutions provider in China<\/span>, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2020<\/span>.<\/p>\n

\n

\n
\n \"Logo
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Year Ended December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Percentage<\/b>
\n <\/span>\n <\/p>\n

\n
\n change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Percentage<\/b>
\n <\/span>\n <\/p>\n

\n
\n change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (US$ in thousands)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Financial Metrics:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Marketing Solutions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 68,127<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 53,068<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 28<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 225,852<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 188,972<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 20<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Enterprise Solutions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,565<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3,607<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 193<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 28,893<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,436<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 177<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 78,692<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 56,675<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 39<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 254,745<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 199,408<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 28<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross profit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 23,264<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 17,162<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 36<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 73,263<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 56,705<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 29<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income\/(loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 640<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (5,999)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (14,906)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (10,849)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA[1]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,065<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,507<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 102<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17,274<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 6,005<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 188<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted net income\/(loss)[1]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,091<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 117<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 1687<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 7,563<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,076)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Diluted adjusted net income\/(loss) per ADS[1]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.0214<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.0020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 970<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.0892<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.0365)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating Metrics:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gross billing<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 219,942<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 223,429<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (2)<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 677,815<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 640,767<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n
\n

\n
\n [1]<\/sup> For more details on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this
press release.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Jian “T.J.” Tang, Chief Executive Officer and Co-Founder of iClick, noted: “2020 was another record year for iClick, as we continue to evolve into an\u00a0integrated Enterprise and Marketing Cloud Platform in China<\/span>. Our business achieved record results in gross billings, revenues, gross profit and adjusted EBITDA. More importantly, for the first time ever, we reported positive full-year adjusted net income. This is a tremendous corporate achievement, and it occurred in a year when the COVID-19 pandemic greatly affected businesses across the world, including in China<\/span>.”<\/p>\n

“We are excited to report another year of rapid growth from our Enterprise Solutions business. Revenue in 2020 from this segment grew by 177% to US$28.9 million<\/span> from $10.4 million<\/span> in 2019. Resilient growth in Enterprise Solutions remains a major focus and strategic goal, and we have launched a number of initiatives to ensure this business segment continues its growth trajectory. Marketing Solutions business remains a solid foundation for the Company, with revenue growing by 20% in 2020, a very strong performance given the pandemic’s impact.” <\/p>\n

“While we expect continued growth in both Marketing Solutions and Enterprise Solutions in the coming quarters and beyond, we also expect additional partnerships with other global technology leaders to further complement our product offerings and capabilities, especially in Enterprise Solutions.”<\/p>\n

“For example, we recently announced a strategic partnership with Baozun, a leading brand e-commerce partner in China<\/span>, to jointly establish an industry-leading private domain traffic e-commerce solution based on the Tencent<\/span> ecosystem. Beyond the obvious benefits of partnering with a recognized technology leader to expand our offerings, we also benefit from being able to cross-sell to Baozun’s strong brand partners.\u00a0 This collaboration will accelerate conversion of our existing Marketing Solutions clients to Enterprise SaaS Solutions thanks to the jointly developed turnkey solutions we will be able to provide.\u00a0 Finally, this partnership allows us to focus our resources on developing the standard SaaS products we will use to penetrate the mid-tier client segment, which is yet another growth initiative for the Enterprise Solutions segment.”<\/p>\n

“In summary, 2020 was a fantastic year for iClick, especially given the global impact of the COVID-19 pandemic. We are excited about our prospects for 2021 and beyond and are resolute in our commitment to growing both the Marketing Solutions and Enterprise Solutions segment organically and via partnerships and investments,”<\/span> T.J. concluded.<\/p>\n

\n Fourth Quarter 2020 Results:<\/b>\n <\/p>\n

\n Revenue<\/b>\u00a0for the fourth quarter of 2020 grew to US$78.7 million<\/span>, up 39% from US$56.7 million<\/span> for the same period of the prior year, attributable to the increase in contributions from existing Marketing Solutions and Enterprise Solutions business segments.<\/p>\n

\n Revenue from Marketing Solutions<\/i>\u00a0grew to US$68.1 million<\/span> for the fourth quarter of 2020, up 28% from US$53.1 million<\/span> for the fourth quarter of 2019, primarily as the result of growing market demand from specified action marketing campaigns. <\/p>\n

\n Revenue from Enterprise Solutions<\/i>\u00a0was US$10.6 million<\/span> for the fourth quarter of 2020, up approximately 193% from US$3.6 million<\/span> for the fourth quarter of 2019, primarily due to the increasing need for online and offline consumer behavior data integration. <\/p>\n

\n Gross profit<\/b>\u00a0for the fourth quarter of 2020 was US$23.3 million<\/span>, representing a 36% increase compared with US$17.2 million<\/span> for the fourth quarter of 2019, mainly due to continued expansion of the Company’s Marketing Solutions and contribution from higher-margin Enterprise Solutions.<\/p>\n

\n Total operating expenses<\/b>\u00a0were US$24.5 million<\/span> for the fourth quarter of 2020, up slightly when compared to US$22.4 million<\/span> for the fourth quarter of 2019 and mainly attributed to the increase in share-based compensation expense of US$1.9 million<\/span>.<\/p>\n

\n Operating loss<\/b>\u00a0was US$1.2 million<\/span> for the fourth quarter of 2020, compared with an operating loss of US$5.3 million<\/span> for the fourth quarter of 2019. This improvement was a result of the strong growth in gross profit that was partially offset by the increase in share-based compensation expense.<\/p>\n

\n Net income<\/b>\u00a0totalled US$0.6 million<\/span> for the fourth quarter of 2020, compared with net loss of US$6.0 million<\/span> for the fourth quarter of 2019. This improvement was mainly attributed to increased revenue and gross profit.<\/p>\n

Net income\u00a0attributable to the Company’s shareholders per basic and diluted ADS for the fourth quarter of 2020 was US$0.0140<\/span> and US$0.0132<\/span>, respectively, compared with a net loss per basic and diluted ADS of US$0.1003<\/span> for the fourth quarter of 2019. <\/p>\n

\n Adjusted EBITDA<\/b>\u00a0for the fourth quarter of 2020 was US$5.1 million<\/span>, compared with US$2.5 million<\/span> for the fourth quarter of 2019. For a reconciliation of the Company’s adjusted EBITDA from net income\/(loss), its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results” in the accompanying financial tables.<\/p>\n

\n Adjusted net income<\/b>\u00a0for the fourth quarter of 2020 was US$2.1 million<\/span>, compared with US$0.1 million<\/span> in the fourth quarter of 2019. For a reconciliation of the Company’s adjusted net income from net income\/(loss), its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results” in the accompanying financial tables.<\/p>\n

\n Gross billing<\/b>
\n
\n [2]<\/span>
\n <\/sup>\u00a0for the fourth quarter of 2020 US$219.9 million<\/span>, compared with US$223.4 million<\/span> in the fourth quarter of 2019. This decline was primarily due to the Company’s efforts to optimize its client base to achieve better credit control and to retain and attract customers with a strong financial position amid macroeconomic uncertainties.<\/p>\n

As of December 31<\/span>, 2020,\u00a0the Company had cash and cash equivalents, time deposits and restricted cash of US$94.5 million<\/span>, compared with US$61.1 million<\/span> as of December 31, 2019<\/span>.<\/p>\n

\n Full Year 2020 Results:<\/b>\n <\/p>\n

\n Revenue<\/b>\u00a0for 2020 was US$254<\/span>.7\u00a0million, an increase of 28% from US$199<\/span>.4\u00a0million in 2019, primarily as a result of the increase in contributions from existing Marketing Solutions and Enterprise Solutions business segments.<\/p>\n

\n Revenue from Marketing Solutions<\/i>\u00a0grew to US$225<\/span>.8\u00a0million for 2020, up 20% from US$189<\/span>.0\u00a0million for 2019, primarily as the result of growing market demand\u00a0from specified action marketing campaigns. <\/p>\n

\n Revenue from Enterprise Solutions<\/i>\u00a0was US$28<\/span>.9\u00a0million for 2020, up approximately 177% from US$10<\/span>.4\u00a0million for 2019, primarily due to the increasing need for online and offline consumer behavioral data integration. <\/p>\n

\n Gross profit<\/b>\u00a0increased by 29% to US$73<\/span>.3\u00a0million in 2020 from US$56<\/span>.7\u00a0million in 2019, mainly as a result of continued growth of the Company’s Marketing Solutions and contribution from higher-margin Enterprise Solutions.<\/p>\n

\n Total operating expenses<\/b>\u00a0were US$75.0 million<\/span> for 2020, compared with US$68.8 million<\/span> for 2019. The increased expense was resulted primarily from additional operating expenses for new business developments and share-based compensation expenses of US$4.1 million<\/span>.<\/p>\n

\n Operating loss<\/b>\u00a0for 2020 was US$1.8 million<\/span>, compared with an operating loss of US$12.1 million<\/span> for 2019. The improved operating loss was a result of strong growth in gross profit, partially offset by the expenses incurred on new business developments and an increase in share-based compensation expenses.<\/p>\n

\n\n\n
\n

\n
\n [2]<\/sup>\u00a0Gross billing is defined as the aggregate dollar amount that clients pay the Company after deducting rebates paid and discounts given to clients.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Net loss<\/b>\u00a0totalled US$14<\/span>.9\u00a0million for 2020, compared with US$10<\/span>.8\u00a0million for 2019.\u00a0 The greater net loss is mainly attributed to fair value losses on convertible notes and derivative liabilities of US$11.5 million<\/span> and US$4.4 million<\/span> respectively for 2020, compared with fair value gains on convertible notes of US$0.1 million<\/span> for 2019, and the increase in share-based compensation expense, which was partially offset by the strong growth in gross profit.<\/p>\n

Net loss attributable to the Company’s shareholders per basic and diluted ADS for 2020 was US$0.1603<\/span> compared with a net loss per basic and diluted ADS of US$0.1686<\/span> for 2019. <\/p>\n

\n Adjusted EBITDA<\/b>\u00a0for 2020 was US$17.3 million<\/span>, compared with US$6.0 million<\/span> for 2019. The increased adjusted EBITDA resulted primarily from an improvement in operating loss as described above. For a reconciliation of the Company’s adjusted EBITDA from net loss, its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results” in the accompanying financial tables.<\/p>\n

\n Adjusted net income<\/b>\u00a0for 2020 was US$7.6 million<\/span>, compared with an adjusted net loss of US$2.1 million<\/span> for 2019. For a reconciliation of the Company’s adjusted net income\/(loss) to net loss, its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results” in the accompanying financial tables.<\/p>\n

\n Gross billing<\/b>
\n
\n [2]<\/span>
\n <\/sup>
\n \u00a0<\/b>grew to US$677.8 million<\/span> for 2020, up 6% from 2019. The slight increase was a result of increasing marketers’ demand especially from the e-commerce, online entertainment and media, and online education and training verticals.<\/p>\n

\n Share Repurchase Program<\/b>\n <\/p>\n

On January 15, 2020<\/span>, the Company announced a share repurchase program in which it may purchase its own ADSs with an aggregate value of up to US$10.0 million<\/span> over the 12-month period ending on December 29, 2020<\/span>. On December 10, 2020<\/span>, the Company announced another share repurchase program in which it may purchase its own ADSs with an aggregate value of up to US$15.0 million<\/span> from December 30, 2020<\/span> to December 31, 2021<\/span>. As of December 31, 2020<\/span>, the aggregate value of purchased shares was approximately US$5.7 million<\/span>. <\/p>\n

\n Outlook<\/b>\n <\/p>\n

Based on the information available as of the date of this press release, iClick provides the following outlook for the first quarter of 2021 and for the full year 2021: <\/p>\n

First Quarter 2021:<\/p>\n