Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | ICLK |
Entity Registrant Name | iClick Interactive Asia Group Ltd |
Entity Central Index Key | 1,697,818 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Ordinary Shares - Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 21,238,825 |
Ordinary Shares - Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,820,608 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 19,401 | $ 27,280 |
Time deposit | 25,000 | 0 |
Restricted cash | 0 | 5,234 |
Accounts receivable, net of allowance for doubtful receivables of US$1,693 and US$1,478 as of December 31, 2016 and 2017, respectively | 40,798 | 30,694 |
Rebates receivable | 1,334 | 2,250 |
Prepaid media costs | 37,784 | 34,409 |
Other current assets | 3,107 | 3,055 |
Income tax receivable | 3 | 47 |
Total current assets | 127,427 | 102,969 |
Non-current assets | ||
Deferred tax assets | 850 | 682 |
Property and equipment, net | 1,165 | 2,318 |
Intangible assets, net | 10,600 | 14,804 |
Goodwill | 48,496 | 48,496 |
Other assets | 284 | 371 |
Total non-current assets | 61,395 | 66,671 |
Total assets | 188,822 | 169,640 |
Current liabilities | ||
Accounts payable (including accounts payable of the consolidated variable interest entity ("VIE") and its subsidiary without recourse to the Company of US$28 and US$29 as of December 31, 2016 and 2017, respectively) | 3,904 | 9,189 |
Deferred revenue (including deferred revenue of the consolidated VIE and its subsidiary without recourse to the Company of US$11,878 and US$5,986 as of December 31, 2016 and 2017, respectively) | 33,037 | 25,697 |
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated VIE and its subsidiary without recourse to the Company of US$404 and US$804 as of December 31, 2016 and 2017, respectively) | 16,129 | 15,091 |
Derivative liabilities | 0 | 60,525 |
Bank borrowings | 10,486 | 12,982 |
Income tax payable | 2,123 | 2,021 |
Total current liabilities | 65,679 | 125,505 |
Non-current liabilities | ||
Deferred tax liabilities | 3,159 | 3,705 |
Derivative liabilities | 0 | 359 |
Total non-current liabilities | 3,159 | 4,064 |
Total liabilities | 68,838 | 129,569 |
Commitments and contingencies | 0 | |
Mezzanine equity | ||
Total mezzanine equity | 0 | 104,383 |
Shareholders' (deficit)/equity | ||
Treasury shares (2,149,280 and 2,123,382 shares as of December 31, 2016 and 2017, respectively) | (2,093) | (2,468) |
Additional paid-in capital | 274,294 | 65,687 |
Statutory reserves | 81 | 81 |
Accumulated other comprehensive losses | (3,320) | (3,241) |
Accumulated deficit | (149,004) | (124,385) |
Total shareholders' (deficit)/equity | 119,984 | (64,312) |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 188,822 | 169,640 |
Series A Preferred Stock [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 5,597 |
Series B Preferred Stock [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 9,807 |
Series C Preferred Stock [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 10,733 |
Series D Preferred Stock [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 43,956 |
Series E Preferred Stock [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 18,845 |
Ordinary Shares [Member] | ||
Mezzanine equity | ||
Total mezzanine equity | 0 | 15,445 |
Ordinary Shares - Class A [Member] | ||
Shareholders' (deficit)/equity | ||
Ordinary shares | 21 | 14 |
Ordinary Shares - Class B [Member] | ||
Shareholders' (deficit)/equity | ||
Ordinary shares | $ 5 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful receivables | $ 1,478 | $ 1,693 |
Accounts payable of the consolidated variable interest entity ("VIE") and its subsidiary without recourse to the Company | 3,904 | 9,189 |
Deferred revenue of the consolidated VIE and its subsidiary without recourse to the Company | 33,037 | 25,697 |
Accrued liabilities and other current liabilities of the consolidated VIE and its subsidiary without recourse to the Company | $ 16,129 | $ 15,091 |
Treasury stock, shares | 2,123,382 | 2,149,280 |
Ordinary shares, par value | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 100,000,000 | 37,150,000 |
Ordinary shares, shares outstanding | 26,059,433 | 13,609,208 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Accounts payable of the consolidated variable interest entity ("VIE") and its subsidiary without recourse to the Company | $ 29 | $ 28 |
Deferred revenue of the consolidated VIE and its subsidiary without recourse to the Company | 5,986 | 11,878 |
Accrued liabilities and other current liabilities of the consolidated VIE and its subsidiary without recourse to the Company | $ 804 | $ 404 |
Series A Preferred Stock [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares authorized | 2,500,000 | |
Convertible redeemable preferred shares, shares issued | 0 | 2,476,190 |
Convertible redeemable preferred shares, shares outstanding | 0 | 2,476,190 |
Convertible redeemable preferred shares, redemption amount | $ 6,737 | |
Series B Preferred Stock [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares authorized | 3,000,000 | |
Convertible redeemable preferred shares, shares issued | 0 | 1,889,249 |
Convertible redeemable preferred shares, shares outstanding | 0 | 1,889,249 |
Convertible redeemable preferred shares, redemption amount | $ 14,625 | |
Series C Preferred Stock [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares authorized | 1,650,000 | |
Convertible redeemable preferred shares, shares issued | 0 | 1,599,186 |
Convertible redeemable preferred shares, shares outstanding | 0 | 1,599,186 |
Convertible redeemable preferred shares, redemption amount | $ 22,288 | |
Series D Preferred Stock [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares authorized | 4,500,000 | |
Convertible redeemable preferred shares, shares issued | 0 | 2,493,018 |
Convertible redeemable preferred shares, shares outstanding | 0 | 2,493,018 |
Convertible redeemable preferred shares, redemption amount | $ 58,874 | |
Series E Preferred Stock [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares authorized | 1,200,000 | |
Convertible redeemable preferred shares, shares issued | 0 | 1,068,114 |
Convertible redeemable preferred shares, shares outstanding | 0 | 1,068,114 |
Convertible redeemable preferred shares, redemption amount | $ 20,000 | |
Ordinary Shares [Member] | ||
Convertible redeemable preferred shares, par value | $ 0.001 | $ 0.001 |
Convertible redeemable preferred shares, shares issued | 0 | 742,320 |
Convertible redeemable preferred shares, shares outstanding | 0 | 742,320 |
Ordinary Shares - Class A [Member] | ||
Ordinary shares, par value | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 80,000,000 | 37,150,000 |
Ordinary shares, shares issued | 21,238,825 | 13,609,208 |
Ordinary shares, shares outstanding | 21,238,825 | 13,609,208 |
Ordinary Shares - Class B [Member] | ||
Ordinary shares, par value | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 20,000,000 | 0 |
Ordinary shares, shares issued | 4,820,608 | 0 |
Ordinary shares, shares outstanding | 4,820,608 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net revenues | $ 125,258 | $ 95,357 | $ 65,242 |
Cost of revenues | (95,733) | (61,048) | (34,531) |
Gross profit | 29,525 | 34,309 | 30,711 |
Operating expenses | |||
Research and development expenses | (5,778) | (8,584) | (8,106) |
Sales and marketing expenses | (25,935) | (28,266) | (31,385) |
General and administrative expenses | (12,983) | (26,767) | (12,745) |
Total operating expenses | (44,696) | (63,617) | (52,236) |
Operating loss | (15,171) | (29,308) | (21,525) |
Interest expense | (551) | (713) | (107) |
Other gains/(losses), net | 1,841 | (1,082) | 791 |
Fair value (losses)/gains on derivative liabilities | (10,190) | 3,995 | (19,390) |
Loss before income tax expense | (24,071) | (27,108) | (40,231) |
Income tax benefit/(expense) | (548) | (222) | 555 |
Share of loss from an equity investee | 0 | 0 | (38) |
Net loss | (24,619) | (27,330) | (39,714) |
Accretion of convertible redeemable preferred shares redemption value | (1,662) | (773) | (2,692) |
Accretion to redeemable ordinary shares redemption value | (3,650) | (1,556) | (1,982) |
Deemed contribution from Series B-1 preferred shareholders | 0 | 0 | 2,591 |
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders | (29,931) | (29,659) | (41,797) |
Net loss | (24,619) | (27,330) | (39,714) |
Other comprehensive loss: | |||
Foreign currency translation adjustment, net of US$nil tax | (79) | (139) | (129) |
Comprehensive loss attributable to iClick Interactive Asia Group Limited | $ (24,698) | $ (27,469) | $ (39,843) |
Net loss per share attributable to iClick Interactive Asia Group Limited | |||
- Basic | $ (2.15) | $ (2.26) | $ (3.58) |
- Diluted | $ (2.15) | $ (2.26) | $ (3.58) |
Weighted average number of ordinary shares used in per share calculation: | |||
- Basic | 13,931,503 | 13,151,063 | 11,661,049 |
- Diluted | 13,931,503 | 13,151,063 | 11,661,049 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit ) Equity - USD ($) $ in Thousands | Total | Ordinary shares [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Statutory Reserves [Member] | Accumulated Other Comprehensive Losses [Member] |
Beginning balance at Dec. 31, 2014 | $ (62,813) | $ 11 | $ (59,932) | $ 81 | $ (2,973) | ||
Beginning balance, shares at Dec. 31, 2014 | 11,102,278 | 1,143,044 | |||||
Issuance of ordinary shares and reissuance of treasury shares upon acquisition of OptAim Limited | 51,644 | $ 3 | $ 51,641 | ||||
Issuance of ordinary shares and reissuance of treasury shares upon acquisition of OptAim Limited, shares | 2,535,091 | (600,169) | |||||
Reissuance of treasury shares upon acquisition of Buzzinate Company Limited | 2,027 | 2,027 | |||||
Reissuance of treasury shares upon acquisition of Buzzinate Company Limited, shares | 142,151 | (142,151) | |||||
Issuance of ordinary shares and held as treasury shares, shares | 1,578,244 | ||||||
Repurchase of ordinary shares | (11,638) | $ (1) | $ (11,637) | ||||
Repurchase of ordinary shares, shares | (803,217) | 803,217 | |||||
Reissuance of treasury shares upon exercise of employee share options | 283 | $ 1,854 | (1,571) | ||||
Reissuance of treasury shares upon exercise of employee share options, shares | 127,997 | (127,997) | |||||
Share-based compensation expense | 6,494 | 6,494 | |||||
Preferred shares accretion | (2,692) | (2,692) | |||||
Redeemable ordinary shares accretion | (1,982) | (1,982) | |||||
Deemed contribution upon repurchase of Series B-1 preferred shares | 2,591 | 2,591 | |||||
Net loss for the year | (39,714) | (39,714) | |||||
Foreign currency translation | (129) | (129) | |||||
Ending balance at Dec. 31, 2015 | (55,929) | $ 13 | $ (9,783) | 53,917 | (97,055) | 81 | (3,102) |
Ending balance, shares at Dec. 31, 2015 | 13,104,300 | 2,654,188 | |||||
Reissuance of treasury shares as share-based compensation | $ 1 | $ 6,328 | (6,329) | ||||
Reissuance of treasury shares as share-based compensation, shares | 436,773 | (436,773) | |||||
Reissuance of treasury shares upon exercise of employee share options | $ 171 | $ 987 | (816) | ||||
Reissuance of treasury shares upon exercise of employee share options, shares | 68,135 | 68,135 | (68,135) | ||||
Share-based compensation expense | $ 21,244 | 21,244 | |||||
Preferred shares accretion | (773) | (773) | |||||
Redeemable ordinary shares accretion | (1,556) | (1,556) | |||||
Net loss for the year | (27,330) | (27,330) | |||||
Foreign currency translation | (139) | (139) | |||||
Ending balance at Dec. 31, 2016 | $ (64,312) | $ 14 | $ (2,468) | 65,687 | (124,385) | 81 | (3,241) |
Ending balance, shares at Dec. 31, 2016 | 13,609,208 | 13,609,208 | 2,149,280 | ||||
Reissuance of treasury shares upon exercise of employee share options | $ 60 | $ 375 | (315) | ||||
Reissuance of treasury shares upon exercise of employee share options, shares | 25,898 | 25,898 | (25,898) | ||||
Share-based compensation expense | $ 5,072 | 5,072 | |||||
Preferred shares accretion | (1,662) | (1,662) | |||||
Redeemable ordinary shares accretion | (3,650) | (3,650) | |||||
Derecognition of derivative liabilities | 71,074 | 71,074 | |||||
Issuance of ordinary shares upon Initial public offering ("IPO") | 28,405 | $ 2 | 28,403 | ||||
Issuance of ordinary shares upon Initial public offering ("IPO"),shares | 2,156,250 | ||||||
Conversion of preferred shares to Class A ordinary shares | 109,695 | $ 10 | 109,685 | ||||
Conversion of preferred shares to Class A ordinary shares,shares | 10,268,077 | ||||||
Net loss for the year | (24,619) | (24,619) | |||||
Foreign currency translation | (79) | (79) | |||||
Ending balance at Dec. 31, 2017 | $ 119,984 | $ 26 | $ (2,093) | $ 274,294 | $ (149,004) | $ 81 | $ (3,320) |
Ending balance, shares at Dec. 31, 2017 | 26,059,433 | 26,059,433 | 2,123,382 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net loss | $ (24,619) | $ (27,330) | $ (39,714) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation of property and equipment | 1,363 | 1,512 | 1,138 |
Amortization of intangible assets | 4,221 | 4,312 | 2,043 |
Loss on disposal of property and equipment | 0 | 0 | 4 |
Allowance for doubtful accounts | 910 | 99 | 1,886 |
Recovery of doubtful debts previously provided for | (40) | 0 | (185) |
Share of loss from an equity investee | 0 | 0 | 38 |
Share-based compensation | 5,072 | 21,244 | 6,494 |
Fair value losses/(gains) on derivative liabilities | 10,190 | (3,995) | 19,390 |
Fair value gain on re-measurement of equity investee | 0 | 0 | (1,161) |
Deferred tax | (714) | (1,021) | (1,292) |
Changes in operating assets and liabilities, net | |||
Accounts receivable | (9,816) | (2,330) | (13,746) |
Prepayments and other assets | 46 | 881 | (155) |
Accrued liabilities and other current liabilities | 644 | 284 | 9,308 |
Deferred revenue | 5,750 | 10,763 | (3,765) |
Rebates receivables | 935 | 1,392 | 172 |
Prepaid media costs | (2,491) | (9,617) | 8,100 |
Accounts payable | (5,478) | (2,036) | 1,885 |
Income tax payable | 146 | 1,935 | (237) |
Net cash used in operating activities | (13,881) | (3,907) | (9,797) |
Cash flows from investing activities | |||
Prepayment of property and equipment | 0 | (122) | 0 |
Purchase of property and equipment | (148) | (884) | (2,628) |
Purchase of intangible assets | (17) | (22) | (121) |
(Increase)/decrease in short-term investments | 0 | 1,552 | (1,552) |
Purchase of time deposit | (25,000) | 0 | 0 |
Decrease/(increase) in restricted cash | 5,234 | (4,234) | 692 |
Acquisition of business, net of cash received | 0 | 0 | (14,486) |
Net cash used in investing activities | (19,931) | (3,710) | (18,095) |
Cash flows from financing activities | |||
Repurchase of Series B convertible redeemable preferred shares | 0 | 0 | (11,581) |
Proceeds from exercise of share options | 60 | 171 | 284 |
Proceeds from bank borrowings | 5,897 | 8,232 | 7,589 |
Repayments of bank borrowings | (8,816) | (3,793) | (1,642) |
Repurchase of ordinary shares | 0 | 0 | (11,639) |
Repayment of amounts due to related parties | 0 | (46) | (623) |
Net proceeds from issuance of ordinary shares upon IPO | 28,405 | 0 | 0 |
Net cash (used in)/provided by financing activities | 25,546 | 24,564 | (2,612) |
Net (decrease)/increase in cash and cash equivalents | (8,266) | 16,947 | (30,504) |
Cash and cash equivalents at the beginning of year | 27,280 | 10,395 | 41,131 |
Effect on exchange rate changes on cash and cash equivalents | 387 | (62) | (232) |
Cash and cash equivalents at the end of year | 19,401 | 27,280 | 10,395 |
Supplemental disclosure of cash flow information: | |||
Interests paid | (582) | (713) | (103) |
Cash (paid)/refunded for income taxes | (1,119) | 665 | (912) |
Non-cash investing and financing activities: | |||
Fair value of replacement awards attributable to pre-acquisition services for acquisition of OptAim Limited | 0 | 0 | 801 |
Accretion to redeemable ordinary shares redemption value | 3,650 | 1,556 | 1,982 |
IPO costs in form of other payables | 1,724 | 0 | 0 |
OptAim Limited [Member] | |||
Non-cash investing and financing activities: | |||
Acquisition of company Limited in form of share issuance | 0 | 0 | 50,843 |
Buzzinate Company Limited [Member] | |||
Non-cash investing and financing activities: | |||
Acquisition of company Limited in form of share issuance | 0 | 0 | 2,027 |
Series D Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of convertible redeemable preferred shares | 0 | 0 | 15,000 |
Series E Preferred Stock [Member] | |||
Cash flows from financing activities | |||
Proceeds from issuance of convertible redeemable preferred shares | 0 | 20,000 | 0 |
Series A Preferred Stock [Member] | |||
Non-cash investing and financing activities: | |||
Accretion to preferred shares redemption value | 235 | 110 | 307 |
Series B Preferred Stock [Member] | |||
Non-cash investing and financing activities: | |||
Accretion to preferred shares redemption value | $ 1,427 | $ 662 | $ 2,385 |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal activities | 1 Organization and principal activities (a) Organization and nature of operation iClick Interactive Asia Group Limited (the “Company”) and its subsidiaries are collectively referred to as the Group. The Company was incorporated under the law of Cayman Islands as a limited company on February 3, 2010. The Group is principally engaged in the provision of online marketing services. The Group’s principal operations and geographic market are in Greater China and have offices in Hong Kong and the People’s Republic of China (“the PRC”). There are also sales teams in Singapore, Taiwan and the United Kingdom. In November 2014, the Company entered into a sale and purchase agreement (“SPA”) with Buzzinate Company Limited (“Buzzinate”) and its shareholders and acquired 33.3% and 66.7% equity interest in Buzzinate in 2014 and 2015, respectively. As a result, Buzzinate became a wholly owned subsidiary of the Company in 2015. Buzzinate is engaged in the provision of online marketing services and mainly focuses on the PRC market. Refer to note 4(a) to the consolidated financial statements for more details in relation to this transaction. In July 2015, the Company entered into a SPA with OptAim Limited (“OptAim”) and its shareholders where the Company agreed to subscribe for the entire equity interests in OptAim, with certain operations of OptAim conducted through VIE arrangements. Upon completion of this transaction in 2015, OptAim and its subsidiaries became wholly-owned subsidiaries of the Company. OptAim is engaged in the provision of online marketing services with a focus of mobile device in the PRC market. Refer to note 4(b) to the consolidated financial statements for more details in relation to this transaction. The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs and the VIE’s subsidiary (defined in Note 1(b)) as follows: Name Relationship % of direct or indirect Date of incorporation Place of incorporation/ establishment Principal activities Digital Marketing Group Limited Subsidiary 100 % October 2006 Hong Kong Dormant Tetris Media Limited Subsidiary 100 % July 2007 Hong Kong Internet marketing services and solutions iClick Interactive Asia Limited Subsidiary 100 % December 2008 Hong Kong Internet marketing services and solutions Optimix Media Asia Limited Subsidiary 100 % March 2009 Hong Kong Investment holding China Search (Asia) Limited Subsidiary 100 % September 2010 Hong Kong Internet marketing services and solutions Diablo Holdings Corporation Subsidiary 100 % August 2010 British Virgin Islands (“BVI”) Investment holding Harmattan Capital Holdings Corporation Subsidiary 100 % August 2010 BVI Investment holding iClick Interactive (Singapore) Pte. Ltd. Subsidiary 100 % January 2011 Singapore Internet marketing services and solutions The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs and the VIE’s subsidiary (defined in Note 1(b)) as follows: Name Relationship % of direct or indirect Date of incorporation Place of incorporation/ establishment Principal activities iClick Interactive (Beijing) Advertisement Co., Ltd Subsidiary 100 % January 2011 The PRC Internet marketing services and solutions Search Asia Technology (Shenzhen) Co., Ltd. Subsidiary 100 % January 2011 The PRC Internet marketing services and solutions i-Click Subsidiary’s 100 % September 2011 Taiwan Internet marketing services and solutions Performance Media Group Limited Subsidiary 100 % January 2013 Hong Kong Internet marketing services and solutions Tetris Media (Shanghai) Co., Ltd. Subsidiary 100 % July 2013 The PRC Internet marketing services and solutions Buzzinate Company Limited Subsidiary 100 % March 2009 Hong Kong Technology development Buzzinate (Shanghai) Information Technology Co., Ltd. Subsidiary 100 % July 2009 The PRC Technology development service OptAim Limited Subsidiary 100 % July 2014 Cayman Islands Investment holding OptAim (HK) Limited Subsidiary 100 % July 2014 Hong Kong Investment holding OptAim (Beijing) Information Technology Co., Ltd. Subsidiary 100 % November 2014 The PRC Internet marketing services and solutions Anhui Zhiyunzhong Information Technology Co., Ltd. Subsidiary 100 % November 2017 The PRC Internet marketing services and solutions Beijing OptAim Network Technology Co., Ltd. VIE 100 % September 2012 The PRC Internet marketing services and solutions Zhiyunzhong (Shanghai) Technology Co., Ltd. VIE’s subsidiary 100 % September 2014 The PRC Internet marketing services and solutions Arda Holdings Limited VIE 100 % May 2010 BVI To hold treasury shares (b) Consolidated VIE and VIE’s subsidiary When the Company acquired OptAim WFOE in July 2015, OptAim WFOE is considered as a foreign invested enterprise and any foreign ownership in advertising business was subject to certain restrictions under the PRC laws and regulations at that time. To comply with the then-effective PRC laws and regulations, certain of the Group’s operations are conducted through Beijing OptAim Network Technology Co., Ltd. (“Beijing OptAim”) and Zhiyun Zhong (Shanghai) Technology Co., Ltd. (“Shanghai OptAim”) (or “OptAim VIE”). OptAim (Beijing) Information Technology Co., Ltd, (“OptAim WFOE”), a wholly-owned subsidiary of the Company, or a wholly foreign owned enterprise (“WFOE”) of the Company entered into a series of contractual agreements among Beijing OptAim and Beijing OptAim’s legal shareholders. OptAim VIE The Company’s relationships with Beijing OptAim and its shareholders are governed by the following contractual arrangements: • Cooperative Agreement Under the cooperative agreement between OptAim WFOE, Beijing OptAim and Shanghai OptAim, OptAim WFOE has the exclusive right to provide to Beijing OptAim and Shanghai OptAim, among others, technical consulting, technical support, business consulting, and appointment and dismissal of employees. OptAim WFOE will collect a fee from Beijing OptAim and Shanghai OptAim to be determined at the sole discretion of OptAim WFOE. The term of this agreement will not expire unless OptAim WFOE provides prior written notice to Beijing OptAim and Shanghai OptAim. There was no service fee paid and payable from Beijing OptAim and Shanghai OptAim to OptAim WFOE for the years ended December 31, 2015, 2016 and 2017 as Beijing OptAim and Shanghai OptAim, in aggregated, have been incurring losses. • Purchase Option Agreement The parties to the purchase option agreement are OptAim WFOE, Beijing OptAim and each of the shareholders of Beijing OptAim. Under the purchase option agreement, each of the shareholder of Beijing OptAim irrevocably granted OptAim WFOE or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of its equity interests in Beijing OptAim. OptAim WFOE or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without OptAim WFOE’s prior written consent, Beijing OptAim’s shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Beijing OptAim. The agreement will not expire until all shares of Beijing OptAim are transferred to OptAim WFOE or its designated representative(s). • Power of Attorney Pursuant to the irrevocable power of attorney executed by the shareholders of Beijing OptAim, Beijing OptAim appointed OptAim WFOE as its attorney-in-fact • Pledge Agreement Pursuant to the pledge agreement between OptAim WFOE and the shareholders of Beijing OptAim, the shareholders of Beijing OptAim have pledged all of their equity interests in Beijing OptAim to OptAim WFOE to guarantee the performance by Beijing OptAim under the cooperative agreement, purchase option agreement, and powers of attorney. If Beijing OptAim and/or its shareholders breach their contractual obligations under those agreements, OptAim WFOE, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. Under the pledge agreement, the shareholders of Beijing OptAim are not able to provide any other guarantee by pledging the shares of Beijing OptAim, transfer or sell their pledged shares to other individual, change share capital of Beijing OptAim or transfer or sell the assets out of Beijing OptAim. The shareholders of Beijing OptAim have completed the registration of the equity pledge with the relevant office of the Administration for Industry and Commerce in accordance with the PRC Property Rights Law on June 21, 2017. Through the aforementioned contractual agreements, OptAim VIE are considered VIE in accordance with Generally Accepted Accounting Principles in the United States (“US GAAP”) because the Company, through OptAim WFOE, has the ability to: • exercise effective control over OptAim VIE whereby having the power to direct OptAim VIE’s activities that most significantly drive the economic results of OptAim VIE; • receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from the OptAim VIE as if it was their sole shareholder; and • have an exclusive option to purchase all of the equity interests in OptAim VIE. Management evaluated the relationships among the Company, OptAim WFOE and OptAim VIE, and concluded that OptAim WFOE is the primary beneficiary of the VIEs. As a result, OptAim VIE’s results of operations, assets and liabilities have been included in the Group’s consolidated financial statements. As of December 31, 2016 and 2017, the total assets of OptAim VIE and its subsidiary were US$27,135 and US$7,867, respectively, mainly comprising cash and cash equivalents, accounts receivable, prepayments and other current assets, property and equipment. As of December 31, 2016 and 2017, the total liabilities of the OptAim VIE and its subsidiary were US$12,310 and US$6,819 respectively, mainly comprising deferred revenue, accrued liabilities and other current liabilities. In accordance with the aforementioned agreements, the Company has power to direct activities of the OptAim VIE, and can have assets transferred out of OptAim VIE. Therefore the Company considers that there is no asset in OptAim VIE that can be used only to settle obligations of the OptAim VIE, except for registered capital and PRC statutory reserves of the OptAim VIE amounting to US$2,081 and US$2,081, respectively, as of December 31, 2016 and 2017. As the OptAim VIE and its subsidiary were incorporated as limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of the OptAim VIE. Currently there is no contractual arrangement that could require the Company to provide additional financial support to OptAim VIE. As the Company is conducting its PRC online marketing services business through OptAim VIE, the Company will, if needed, provide such support on a discretion basis in the future, which could expose the Company to a loss. There is no VIE where the Company has variable interest but is not the primary beneficiary. The Group believes that the contractual arrangements among its shareholders and OptAim WFOE are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of OptAim VIE were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. The Company’s ability to control the OptAim VIE also depends on the power of attorney and the effect of the share pledge under the Pledge Agreement and OptAim WFOE has to vote on all matters requiring shareholder approval in OptAim VIE. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership. (c) Initial Public Offering The Company completed its initial public offering (“IPO”) on December 22, 2017 on the NASDAQ Global Market and the underwriters subsequently exercised their over-allotment option on December 27, 2017. The Company issued and sold a total of 4,312,500 American Depositary Shares (“ADSs”) pursuant to these transactions. Each ADS represents 0.5 common share. The net proceeds received by the Company, after deducting commissions and offering expenses, amounted to US$28,405. Upon the completion of the IPO, all of the Company’s outstanding preferred shares were converted into common shares immediately as of the same date. |
Principal accounting policies
Principal accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principal accounting policies | 2 Principal accounting policies (a) Basis of presentation The consolidated financial statements have been prepared in accordance with the US GAAP. Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. (b) Use of estimates The preparation of the Group’s consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that revenue recognition, consolidation of VIE, determination of share-based compensation, measurement of redemption value of redeemable preferred shares and impairment assessment of long-lived assets and intangible assets that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements. Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from these estimates. (c) Consolidation The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and a VIE’s subsidiary for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Group’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. OptAim WFOE and ultimately the Company hold all the variable interests of the VIE and its subsidiary, and has been determined to be the primary beneficiary of the VIE. (d) Foreign currency translation The reporting currency of the Company is the United States dollars (“US$”). The Company is a holding company engaged in capital raising and financing activities denominated in US$. As such, the Company’s functional currency has been determined to be the US$. The functional currency of the Company’s subsidiaries is the local currency of the country in which they are domiciled. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange existing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing at the transaction date. Transaction gains and losses are recognized in “Other losses, net”. Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive loss in the consolidated statements of changes in shareholders’ deficit/equity and comprehensive loss. (e) Fair value of financial instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy, based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Observable inputs are based on market data obtained from independent sources. At December 31, 2016 and 2017 the Company’s derivative liabilities are measured using unobservable inputs that require a high level of judgment to determine fair value, and thus classified as Level 3 (Note 3(c)). The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, prepayment and other current assets, accounts payable, accrued liabilities and other current liabilities, deferred revenue and amounts due to a related party, approximate to their fair value due to the short-term nature of these instruments. Based on the borrowing rates currently available to the Group for debt with similar terms, the carrying value of the short-term loan approximates to its fair value (using Level 2 inputs). Certain assets, including intangible assets, are also subject to measurement at fair value on a non-recurring non-recurring (f) Cash and cash equivalents Cash and cash equivalents include cash on hand, cash in bank and time deposits placed with banks or other financial institutions, which have original maturities of three months or less and are readily convertible to known amounts of cash. (g) Time deposit Time deposit represents demand deposit placed with a bank with an original maturity of more than three months but less than one year. Interest income is recognized using the effective interest method in the consolidated statements of comprehensive loss during the periods. Time deposit is valued based on the prevailing interest rates in the market. (h) Restricted Cash Restricted cash represented bank deposits in accounts that are restricted as to withdrawal or usage. For restriction which is expected to be released within one year of the balance sheet date, the respective restricted cash balance is classified as current. As of December 31, 2016, the Group’s restricted cash represents balance held in restricted bank accounts as required by certain loan agreement. As of December 31, 2017, the Group did not have any restricted cash. (i) Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. (j) Rebates receivable Rebates receivable represent sales rebates that have already been earned but not received from third party publishers. The Company earns its rebates from purchasing advertising spaces from these website publishers. (k) Equity method investment The Group holds investments in privately held companies. The Group accounts for these investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method of accounting. The Group assesses its equity method investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investments in privately-held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. As noted in Note 1 to the consolidated financial statements, the Company accelerated the purchase of up to 57.1% equity interests in Buzzinate by exercising the option in February 2015 and at the same time purchased the remaining 42.9% equity interest. Prior to the acquisition, the equity interest held in Buzzinate was accounted for using the equity method. When Buzzinate became a wholly-owned subsidiary of the Company, and accordingly the previously held interest was remeasured at fair value with the revaluation gain was recorded in “other gains/(losses), net”. Furthermore, as of December 31, 2016 and 2017, there was no equity method investment. (l) Property and equipment, net Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. The estimated useful lives are as follows: Leasehold improvements Over the shorter of lease term or 2 - 5 years Furniture and fixtures 2 - 5 years Office equipment 3 - 5 years Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. (m) Business combinations The Group accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Group allocates the purchase price of the acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related costs are expensed as incurred. (n) Intangible assets, net Intangible assets mainly consist of computer software licenses purchased from external parties and computer software and systems acquired through the acquisition of OptAim and Buzzinate, respectively. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite lived intangible assets is computed using the straight-line method over the following estimated useful lives, which are as follows: Computer software and systems 2 - 5 years (o) Impairment of long-lived assets and intangible assets For other long-lived assets including property and equipment and amortizable intangible assets, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. (p) Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. (q) Impairment of goodwill Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step (r) Deferred revenue The Group receives prepayments for services in advance of service performance from certain customers. The amounts received in advance are recorded as deferred revenue and recognized as revenue in the period which the corresponding services are performed. (s) Derivative financial instruments ASC 815, “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815”) requires every derivative financial instrument (including certain derivative financial instruments embedded in other contracts) to be recorded on the balance sheet at fair value as either an asset or a liability. ASC 815 also requires that changes in the fair value of recorded derivatives be recognized currently in earnings unless specific hedge accounting criteria are met. (t) Revenue recognition and cost of revenues The Group’s services are the provisions of online marketing services. The Group utilizes a combination of pricing models and revenue is recognized when the related services are delivered based on the specific terms of the contract, which are commonly based on (i) agreed incentive to be earned for being a sales agent of a publisher, (ii) cost-plus or (iii) specified actions (i.e. cost per impression (“CPM”), cost per click (“CPC”), cost per action (“CPA”), cost per sale (“CPS”), cost per lead (“CPL”) or return on investment (“ROI”)) and related campaign budgets, depending on the customers’ preferences and their campaigns launched. The Group recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement with the customer exists reflecting the terms and conditions under which the services will be provided; (2) services have been provided or delivery has occurred; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Collectability is assessed based on a number of factors, including the creditworthiness of a customer, the size and nature of a customer’s business and transaction history. Amounts collected in excess of revenue recognized are included as deferred revenue. Sales agent In the arrangement with a particular publisher, the Group acts as a sales agent for this publisher by having marketing clients market with this publisher. In return, the Group earns incentives from this publisher based on contractually stipulated amounts once certain spending thresholds are achieved. The Group considers this particular publisher as our customer and record such incentives as net revenues. Incentives from this publisher are calculated on both a quarterly and an annual basis in accordance with the terms as set out in the arrangement. Under the sales agent arrangement, the Group grant rebates to clients under this arrangement. The majority of the clients under our sales agent arrangement are not our customers under either the cost-plus arrangement or specified action arrangement. The Group record rebates granted to clients under the sales agent arrangement as cost of revenues as (i) the Group consider these rebates are for an identifiable benefit that is separable from the clients’ purchase of our services and (ii) the Group is able to reasonably estimate the fair value of the benefit received from granting these rebates. Cost-plus For cost-plus advertisement campaigns, sales are valued at the fair value of the amount received. Discounts granted to clients under cost-plus marketing campaigns, along with free or extended marketing campaigns, are recorded as a deduction from revenue. In the normal course of business, the Group acts as an intermediary in executing transactions with third parties, specifically, the Group is not the principal in executing these transactions as the Group is acting on behalf of the website publishers. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Group is acting as the principal or an agent in the transactions. In determining whether the Group acts as the principal or an agent, the Group follows the accounting guidance for principal-agent considerations. The determination of whether the Group acts as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement. While none of the factors individually are considered presumptive or determinative, because the Group is facilitating the customers and the publishers to purchase and to sell advertising inventory and the pricing is generally restricted by the costs incurred through purchasing the advertising inventory, the Group concludes that it is not the principal in these arrangements and therefore report revenue earned and costs incurred related to these transaction on a net basis. Specified actions The Group also generates revenue from performing specified actions (i.e. a CPM, CPC, CPA, CPS, CPL or ROI basis). Revenue is recognized on a CPM or CPC basis as impressions or clicks are delivered while revenue on a CPA, CPS, CPL or ROI basis is recognized once agreed actions are performed. While none of the factors individually are considered presumptive or determinative, because the Group is the primary obligor and are responsible for (1) identifying and contracting with third-party customers; (2) identifying website publishers to provide website spaces where the Group views the website publishers as suppliers; (3) establishing the selling prices of each of the CPM, CPC, CPA, CPS, CPL or ROI pricing model; (4) performing all billing and collection activities, including retaining credit risk; and (5) bearing sole responsibility for fulfillment of the marketing, the Group acts as the principal of these arrangements and therefore reports revenue earned and costs incurred related to these transactions on a gross basis. Cost of revenues consists of the costs to purchase space for the online marketing operations, amortization expenses related to the Group’s computer software and systems, salaries and benefits of relevant operations and support personnel and depreciation of relevant property and equipment depreciation. The Group becomes obligated to make payments related to website publishers in the period the marketing impressions and click-through occur. Such expenses are classified as cost of revenues in the consolidated statements of operations as incurred. Cost of revenues also includes rebates received from website publishers which are recorded as a deduction against the cost of revenues when the Group is acting as a principal in a transaction. Following recent reforms of PRC tax laws, business tax is gradually being replaced by VAT, which is recorded as a reduction of revenue. The Group’s PRC subsidiaries, OptAim VIE and its subsidiary are subjected to VAT at a rate of 6%. (u) Rebates Throughout the various services delivered to clients under the cost-plus and specified action arrangements, the Group earns rebates from publishers and grant rebates to clients. The rebates that the Group grants to clients under cost-plus/specified actions arrangement are recorded as deduction from revenue and are recorded based on the amount the customers would ultimately need to spend to earn the corresponding level of rebates. The Group is also able to reasonably estimate the spending the customers can ultimately achieve based on the historical spending patterns of the customers with similar arrangements. The rebates that the Group receives from publishers under the cost-plus and specified action arrangements are recorded as reduction of cost of revenue under the specified actions arrangement while under the cost-plus arrangement, they are recorded as revenue. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred. Furthermore, no rebates has been received from the publisher under the sales agent arrangement. (v) Prepaid media costs Prepaid media costs represent prepayments for online space paid by the Group to third party publishers of websites. Upon utilization, media costs are recognized in cost of revenues when the Group is determined as acting as the principal. However, when the Group is determined as acting as the agent, those costs are recognized as deduction to revenue by the Group. These prepayments are classified as current considering the corresponding online spaces are expected to be purchased and utilized within twelve months from the date of payments. (w) Research and development expenses Research and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) rental expenses and (iii) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred. The Company accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software’s application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. For the years ended December 31, 2016 and 2017, the Company has not capitalized any costs related to internal use software. The research and development expenses amounted to US$8,106, US$8,584 and US$5,778 during the years ended December 31, 2015, 2016 and 2017, respectively. (x) Sales and marketing expenses Sales and marketing expenses consist primarily of (i) advertising and marketing expenses, and (ii) salary and welfare for sales and marketing personnel. Advertising expenses are recorded as sales and marketing expenses when incurred, and totaled US$1,764, US$1,246 and US$1,727 for the years ended December 31, 2015, 2016 and 2017, respectively. (y) General and administrative expenses General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, (ii) allowance for doubtful receivables, and (iii) professional service fees. The general and administrative expenses amounted to US$12,745, US$26,767 and US$12,983 during the years ended December 31, 2015, 2016 and 2017, respectively. (z) Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease periods. The Group had no capital leases for the years ended December 31, 2015, 2016 and 2017. (aa) Employee social security and welfare benefits Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to contribute to the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. The Group also makes payments to other defined contribution plans for employees employed by subsidiaries outside the PRC. (ab) Income taxes Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Uncertain tax positions The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its statements of operations and comprehensive loss. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2015, 2016 and 2017. As of December 31, 2016 and 2017, the Group did not have any significant unrecognized uncertain tax positions. (ac) Share-based compensation The Group accounts for share-based compensation expenses in accordance with ASC subtopic 718-10 718-10”), 718-10, Option granted to employees For the options granted to employees, the compensation expense is recognized using the graded-vesting attribution approach over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of the Company’s share options, the binomial option pricing model has been applied. Option modification According to ASC 718, a change in any of the terms or conditions of equity based awards shall be accounted for as a modification of the award. Therefore, the Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Company would recognize incremental compensation costs on the date of modification and for unvested options, the Company would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation costs and the remaining unrecognized compensation costs for the original award. Option granted to non-employees For share-based awards granted to non-employees, 505-50 505-50”), Non-Employees. 505-50, non-employees non-employee non-employee’s (ad) Statutory reserves The Group’s subsidiaries, consolidated VIE and its subsidiaries incorporated in the PRC are required on an annual basis to make appropriations of retained earnings set at certain percentage of after-tax Appropriation to the statutory general reserve should be at least 10% of the after tax net income determined in accordance with the legal requirements in the PRC until the reserve is equal to 50% of the entities’ registered capital. The Group is not required to make appropriation to other reserve funds and the Group does not have any intentions to make appropriations to any other reserve funds. The general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves. There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group was not done so. Relevant laws and regulations permit payments of dividends by the PRC subsidiaries and affiliated companies only out of their retained earnings, if any, as determined in accordance with respective accounting standards and regulations. Accordingly, the above balances are not allowed to be transferred to the Company in terms of cash dividends, loans or advances. (ae) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. (af) Dividends Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2015, 2016 and 2017, respectively. The Group does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business. (ag) Loss per share Basic loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two class method. Using the two class method, net loss is allocated between ordinary shares and other participating securities (i.e. preferred shares) based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s convertible non-redeemable if-converted (ah) Comprehensive loss Comprehensive loss is defined as the change in shareholders’ deficit of t |
Certain risks and concentration
Certain risks and concentration | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Certain risks and concentration | 3 Certain risks and concentration (a) PRC regulations The Chinese market in which the Company operates poses certain macro-economic and regulatory risks and uncertainties. These uncertainties extend to the ability of the Company to engage in online marketing businesses through contractual arrangements in the PRC since the internet and marketing services industries remain regulated. The Company conducts certain of its operations in China through its variable interest entity, which it consolidates as a result of a series contractual arrangements enacted. Though the PRC has, since 1978, implemented a wide range of market-oriented economic reforms, continued reforms and progress towards a full market-oriented economy are uncertain. In addition, the telecommunication, information, and media industries remain highly regulated. Restrictions are currently in place and are unclear with respect to which segments of these industries foreign owned entities, like the Company, may operate. The Chinese government may issue from time to time new laws or new interpretations on existing laws to regulate areas such as telecommunication, information and media. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws, and the Group’s legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Company’s ability to conduct business in the PRC. There are uncertainties regarding the interpretation and application of current and future PRC laws, rules and regulations, including but not limited to the laws, rules and regulations governing the validity and enforcement of the contractual arrangements with consolidated VIE. The Company believes that the structure for operating its business in China (including the ownership structure and the contractual arrangements with the consolidated VIE is in compliance with all applicable existing PRC laws, rules and regulations, and does not violate, breach, contravene or otherwise conflict with any applicable PRC laws, rules or regulations. However, the Company cannot assure that the PRC regulatory authorities will not adopt any new regulation to restrict or prohibit foreign investments in the online marketing business through contractual arrangements in the future or that it will not determine that the ownership structure and contractual arrangements violate PRC laws, rules or regulations. If the Company and its consolidated VIE are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including: • revoking the business licenses of such entities; • discontinuing or restricting the conduct of any transactions between the Company’s PRC subsidiaries and the OptAim VIE; • imposing fines, confiscating the income of the OptAim VIE or the Company’s PRC subsidiaries, or imposing other requirements with which the Company or its PRC subsidiaries and consolidated VIEs may not be able to comply; • requiring the Company to restructure its ownership structure or operations, including terminating the contractual arrangements with OptAim VIE and deregistering the equity pledges of OptAim VIE, which in turn would affect its ability to consolidate, derive economic interests from, or exert effective control over OptAim VIE; or • restricting or prohibiting its use of the proceeds of any offering to finance its business and operations in China. If the imposition of any of these penalties precludes the Company from operating its business, it would no longer be in a position to generate revenue or cash from it. If the imposition of any of these penalties causes the Company to lose its rights to direct the activities of its consolidated VIEs or its rights to receive its economic benefits, the Company would no longer be able to consolidate these entities, and its financial statements would no longer reflect the results of operations from the business conducted by VIEs except to the extent that the Company receives payments from VIEs under the contractual arrangements. Either of these results, or any other significant penalties that might be imposed on the Company in this event, would have a material adverse effect on its financial condition and results of operations. Nevertheless, the laws and regulations that imposed restrictions on foreign ownership in advertising companies, including the Administrative Provisions on Foreign-Invested Advertising Enterprises were abolished in June 2015. To the extent any current or future business of OptAim VIE can be directly operated by the Company’s wholly owned subsidiaries under PRC law, the Company is in the process of transferring such business to the Company’s wholly owned subsidiaries. The Company expects that by the end of 2018, OptAim WFOE will replace OptAim VIE and its subsidiary as contracting party for their businesses that are operated by OptAim VIE and its subsidiary. On January 19, 2015, the Ministry of Commerce of the PRC, or (the “MOFCOM”) released on its Website for public comment a proposed PRC law (the “Draft FIE Law”) that appears to include VIEs within the scope of entities that could be considered to be foreign invested enterprises (or “FIEs”) that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual arrangements within the definition of “actual control”. If the Draft FIE Law is passed by the People’s Congress of the PRC and goes into effect in its current form, these provisions regarding control through contractual arrangements could be construed to reach the Group’s VIE arrangement, and as a result the Group’s VIE could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would exempt from the definition of foreign invested enterprises entities where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The Draft FIE Law does not make clear how “control” would be determined for such purpose, and is silent as to what type of enforcement action might be taken against existing VIEs that operate in restricted industries and are not controlled by entities organized under PRC law or individuals who are PRC citizens. If a finding were made by PRC authorities under the Draft FIE Law if it becomes effective, that the Company’s operation of certain of its operations and businesses through VIE violates the Draft FIE Law, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses may require the Company to take various actions as discussed in the paragraph above. The Group’s management considers the possibility of such a finding by PRC regulatory authorities under the Draft VIE law, if it becomes effective, to be remote. OptAim VIE holds assets that are important to the operation of the Group’s business, including patents for proprietary technology and trademarks. If OptAim VIE falls into bankruptcy and all or part of its assets become subject to liens or rights of third-party creditors, the Group may be unable to conduct major part of its business activities in China, which could have a material adverse effect on the Group’s future financial position, results of operations or cash flows. However, the Group believes this is a normal business risk many companies face. The Group will continue to closely monitor the financial conditions of OptAim VIE. OptAim VIE’s assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include leasehold improvements, computers and network equipment and self-developed computer software which are recognized in the Company’s consolidated balance sheet. The unrecognized revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not recorded in the financial statements of OptAim VIE as it did not meet the recognition criteria set in ASC 350-30-25. The following financial information of the OptAim VIE and its subsidiary excluding the intercompany items with the Company’s subsidiaries was included in the accompanying financial statements as of December 31, 2016 and 2017 and for the years ended December 31, 2015, 2016 and 2017: As of December 31, 2016 2017 Assets Current assets Cash and cash equivalents 1,046 1,585 Accounts receivable, net 8,129 5,553 Other current assets 17,761 552 Total current assets 26,936 7,690 Non-current Property and equipment, net 36 14 Other non-current 163 163 Total non-current 199 177 Total assets 27,135 7,867 Liabilities Current liabilities Accounts payable 28 29 Deferred revenue 11,878 5,986 Accrued liabilities and other current liabilities 404 804 Total current liabilities 12,310 6,819 Total liabilities 12,310 6,819 For the years ended December 31, 2015 2016 2017 Net revenues 11,653 52,215 25,302 Net (loss)/profit (172 ) (322 ) 1,646 For the years ended December 31, 2015 2016 2017 Net cash (used in)/provided by operating activities (1,144 ) 1,043 539 Net cash used in investing activities (19 ) (3 ) — Net (decrease)/increase in cash and cash equivalents (1,163 ) 1,040 539 In accordance with the VIE arrangements, the Group has the power to direct activities of the OptAim VIE, and can have assets transferred out of the OptAim VIE. Therefore, the Group considers that there is no assets of the OptAim VIE can be used only to settle their obligations. (b) Foreign exchange risk Assets and liabilities of non-US$ Certain of the Group’s operating activities are transacted in Renminbi (“RMB”), which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. The revenues and expenses of the Group’s subsidiaries and the VIE in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies, and remittances of foreign currencies into the PRC and exchange of foreign currencies into RMB require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Certain of the Group’s operating activities are transacted in Hong Kong Dollars (“HK$”). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$. (c) Fair value measurement Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The estimated fair values of the Company’s financial assets and liabilities classified under the appropriate level of the fair value hierarchy as described above was as follows: Fair value measurements using Total fair value Quoted in active market for identical assets (Level 1) Significant other observable inputs (Level 2) Significant Unobservable inputs (Level 3) As of December 31, 2016 Cash and cash equivalents 27,280 27,280 — — Restricted cash 5,234 5,234 — — Bank borrowings 12,982 — 12,982 — Derivative liabilities 60,525 — — 60,525 As of December 31, 2017 Cash and cash equivalents 19,401 19,401 — — Time deposit 25,000 25,000 — — Bank borrowings 10,486 — 10,486 — (d) Concentration risk (i) Concentration of revenues For the year ended December 31, 2017, no individual customer accounted for more than 10% of the net revenues. For the year ended December 31, 2016, two customers accounted for 18% and 11% of the net revenues, respectively. No individual customer accounted for more than 10% of the net revenues for the year ended December 31, 2015. (ii) Concentration of accounts receivable The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group conducts credit evaluations on its customers and generally does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing customers in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers. As of December 31, 2016 and 2017, no individual customer accounted for more than 10% of the consolidated accounts receivable. The top 10 accounts receivable accounted for 39% and 42% of the consolidated accounts receivable as of December 31, 2016 and 2017, respectively. (iii) Credit risk As of December 31, 2016 and 2017, substantially all of the Group’s cash and cash equivalents were placed with financial institutions in Hong Kong and the PRC. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions’ reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits will be chosen with similar criteria for soundness. The balances in the PRC are not insured since it is not a market practice in the PRC. Nevertheless under the PRC law, it is required that a commercial bank in the PRC that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve fund for protecting the depositors’ rights over their interests in deposited money. PRC banks are subject to a series of risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. The Group believes that it is not exposed to unusual risks as these financial institutions are PRC banks with high credit quality. The Group had not experienced any losses on its deposits of cash and cash equivalents during the years ended December 31, 2015, 2016 and 2017 and believes that its credit risk to be minimal. |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Acquisition | 4 Business Acquisition The Company accounted for its acquisitions in accordance with ASC 805, “Business Combination” (“ASC 805”). The results of the acquirees’ operations have been included in the consolidated financial statements since the acquisition date. The excess of the fair value of the acquired entities over the fair value of net tangible and intangible assets acquired was recorded as goodwill, which is not deductible for corporate income taxation purposes. (a) Acquisition of Buzzinate In November 2014, the Company entered into a SPA with Buzzinate and its shareholders and acquired 33.3% equity interest in Buzzinate as the first tranche, at a cash consideration of US$750. In the SPA, the Company has also agreed to purchase up to 57.1% equity interests in Buzzinate in stages from April 2015 to April 2016, and there was an agreement to purchase the remaining 42.9% equity interests in Buzzinate when the purchase of equity interests up to 57.1% was completed. Pursuant to the SPA, the Company had an option to accelerate the completion dates of the remaining tranches by paying the cash consideration upon exercising the option. On February 13, 2015, the Company acquired in one go the equity interests in Buzzinate of the remaining five tranches at cash considerations of US$250 for each tranche purchased, and exercised the option to acquire the remaining equity interests in Buzzinate by issuing 142,151 shares of the Company which amounted to US$2,027. Buzzinate then became a wholly owned subsidiary of the Company. The movement of carrying value of the equity method investment in Buzzinate from January 1, 2015 to February 13, 2015 (the “period”) is as follows: Balance at beginning of the period 533 Share of loss of equity investee for the period (38 ) Balance at February 13, 2015 495 Fair value gain on re-measurement 1,161 1,656 Fair value of consideration transferred: Cash 1,250 Ordinary shares of the Company 2,027 Total 3,277 Fair value of previously held interest in Buzzinate 1,656 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 1,439 Other current assets 207 Property and equipment 375 Intangible asset 644 Current liabilities (529 ) Deferred tax liabilities (161 ) Total identifiable net assets acquired 1,975 Goodwill (Note 11) 2,958 Total purchase consideration, net of cash acquired 3,494 The excess of purchase price over tangible assets and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill. Goodwill associated with acquisition of Buzzinate was attributable to the expected synergy arising from the consolidated operations. The acquired goodwill is not deductible for tax purposes. Acquisition-related costs were insignificant and were included in general and administrative expenses for the year ended December 31, 2015. In determining the fair value of previously held interest in Buzzinate, a business valuation of Buzzinate was undertaken by management with the assistance of an external valuer. Significant factor, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach. Such approach involves certain significant estimates, which are terminal growth rate of 3.0%, weighted average cost of capital of 18.6%, and growth rate on average spending per customer ranges from 3.0% to 10.0%. In determining the fair value of the intangible asset, an income approach was used. In this approach, significant estimates consist of discount rate of 19.6% and growth rate on average spending per customer ranges from 3.0% to 10.0%. The estimated amounts recognized on the acquired identifiable intangible asset and its estimated useful life are shown in the following table: Estimated useful life Gross carrying amount A self-developed computer software and systems 5 years 644 Pro-forma (b) Acquisition of OptAim In July 2015, the Company acquired 100% equity interest of OptAim from several independent third parties. OptAim, through its VIE and its underlying subsidiary, is engaged in the provision of online and mobile marketing services in the PRC. The Company expects to increase its market shares in the PRC online marketing segment, particularly in relation to mobile platforms. The total purchase consideration for all the equity interest of OptAim amounted to US$67,620. This is comprised of cash consideration of US$15,976, 2,535,091 shares of the Company amounted to US$50,843 and fair value of replacement awards attributable to pre-acquisition The acquisition was recorded as a business combination. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: Fair value of consideration transferred: Cash 15,976 Ordinary shares of the Company 50,843 Fair value of replacement awards attributable to pre-acquisition 801 67,620 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 1,301 Other current assets 13,193 Property and equipment 84 Intangible asset 20,100 Current liabilities (7,571 ) Deferred tax liabilities (5,025 ) Total identifiable net assets acquired 22,082 Goodwill (Note 11) 45,538 Total purchase consideration, net of cash acquired 50,343 As of December 31, 2015, purchase consideration payable of US$15,976 was settled and there is no adjustment to the purchase consideration amounts. The excess of purchase price over tangible assets, identifiable intangible asset acquired and liabilities assumed was recorded as goodwill. Goodwill associated with the acquisition of OptAim was attributable to the expected synergy arising from the consolidated marketing operations. The acquired goodwill is not deductible for tax purposes. Acquisition-related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2015. In determining the fair value of shares of the Company issued as part of the consideration of acquiring OptAim, a business valuation of the Company was performed by management with the assistance of an external valuer. Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach. Such approach involves certain significant estimates. They are terminal growth rate of 3.0%, weighted average cost of capital of 16.1%, and growth rate on average spending per customer ranges from 1.0% to 4.0%. In determining the fair value of the intangible asset, an income approach was used. In this approach, significant estimates consist of discount rate of 20.6% and a growth rate on average spending per customer ranges from 3.0% to 8.0%. The estimated amounts recognized on the acquired identifiable intangible asset and its estimated useful life are shown in the following table: Estimated useful life Gross carrying amount A self-developed computer software and systems 5 years 20,100 Unaudited pro forma operating results for the Company, assuming the acquisition of OptAim occurred on January 1, 2015 is as follows: For the year ended December 31, 2015 Net revenues 69,025 Net loss (39,688 ) Net loss per share (3.80 ) Diluted loss per share (3.80 ) The Company did not have any material, non-recurring pro-forma pro-forma The pro forma information is not necessarily indicative of the actual results that would have been achieved had OptAim acquisition occurred as of January 1, 2015 or the results that may be achieved in future periods. |
Cash and cash equivalents and t
Cash and cash equivalents and time deposit | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents and time deposit | 5 Cash and cash equivalents and time deposit Cash and cash equivalents represent cash on hand, cash held at bank, and short-term deposits placed with banks or other financial institutions, which have original maturities of three months or less. As of December 31, 2017, the Group had a time deposit of US$25,000 with an original maturity of 3.2 months denominated in US dollars (2016: US$nil). Cash on hand and cash held at bank balance as of December 31, 2016 and 2017 primarily consist of the following currencies: As of December 31, 2016 2017 Amount equivalent Amount equivalent RMB 67,697 9,771 50,600 7,694 HK$ 15,666 2,019 18,099 2,332 US$ 15,064 15,064 33,639 33,639 SGD 235 165 432 323 TWD 2,855 88 7,014 235 Euro (“EUR”) 125 133 106 126 Others 292 40 67 52 27,280 44,401 |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Restricted cash | 6 Restricted cash The Group’s restricted cash amounting to US$5,234 as of December 31, 2016 represented balance held in a restricted bank account pursuant to certain short term loan agreements (see Note 15 for details). The restricted cash was held in US$ and carried fixed interest at the rate of 0.05% per annum as of December 31, 2016. As of December 31, 2017, the Group did not have any restricted cash. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts receivable, net | 7 Accounts receivable, net As of December 31, 2016 2017 Accounts receivable, gross 32,387 42,276 Less: allowance for doubtful accounts (1,693 ) (1,478 ) Accounts receivable, net 30,694 40,798 The following table presents the movement in the allowance for doubtful accounts: For the years ended December 31, 2016 2017 Balance at the beginning of year 1,733 1,693 Additions for the year 99 910 Recoveries — (40 ) Accounts receivable written off (99 ) (1,134 ) Exchange differences (40 ) 49 Balance at the end of year 1,693 1,478 |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 8 Other assets The other assets consist of the following: As of December 31, 2016 2017 Current Deposits 2,202 2,248 Prepayments 417 266 VAT receivable 372 379 Others 64 214 3,055 3,107 Non-current Prepayment for acquisition of fixed assets 122 — Rental deposits 249 284 371 284 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 9 Property and equipment, net Property and equipment consist of the following: As of 2016 2017 Cost: Office equipment 4,629 4,661 Leasehold improvements 1,653 1,763 Furniture and fixtures 747 753 Total cost 7,029 7,177 Less: Accumulated depreciation (4,519 ) (5,882 ) Exchange differences (192 ) (130 ) Property and equipment, net 2,318 1,165 Depreciation expense recognized for the years ended December 31, 2015, 2016 and 2017 are summarized as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 9 11 6 Research and development 161 199 108 Sales and marketing expenses 662 838 582 General and administrative expenses 306 464 667 Total 1,138 1,512 1,363 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net | 10 Intangible assets, net Intangible assets consist of the following: As of December 31, 2016 2017 Cost: Computer software 21,576 21,593 Less: Accumulated amortization Computer software (6,773 ) (10,994 ) Exchange differences 1 1 Intangible assets, net 14,804 10,600 Amortization expense recognized for the years ended December 31, 2015, 2016 and 2017 are summarized as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 1,874 4,149 4,147 Research and development 30 28 3 Sales and marketing expenses 16 19 17 General and administrative expenses 123 116 54 2,043 4,312 4,221 The estimated aggregate amortization expense for each of the next five years as of December 31, 2017 is: Computer software 2018 4,168 2019 4,149 2020 2,283 2021 — 2022 — 10,600 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 11 Goodwill Movements on goodwill during the year were as follows: Buzzinate OptAim Total Balance as of January 1, 2016, December 31, 2016 and 2017 2,958 45,538 48,496 Goodwill is not deductible for tax purposes. The Group performs the annual impairment test on December 31 of each year using a two-step |
Deferred revenue
Deferred revenue | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred revenue | 12 Deferred revenue As of December 31, 2016 2017 Deferred revenue, current 25,697 33,037 |
Accrued liabilities and other c
Accrued liabilities and other current liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued liabilities and other current liabilities | 13 Accrued liabilities and other current liabilities As of December 31, 2016 2017 Rebates payable to customers 5,214 3,257 VAT and other taxes payable 1,679 2,659 Security deposit received from customers 772 686 Accrued employee benefits 3,257 2,741 Accrued professional fees 1,544 4,167 Accrued marketing and hosting expense 1,424 1,831 Others 1,201 788 15,091 16,129 |
Bank borrowings
Bank borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Bank borrowings | 14 Bank borrowings As of December 31, 2016 2017 1-year 4,330 7,603 1-year 2,950 2,800 2-year 1,083 83 6-month 1,444 — 1-year 1,732 — 3-month 1,443 — 12,982 10,486 Note: (i) On December 19, 2016, the Company, through its PRC subsidiaries, renewed a one-year (ii) On December 21, 2016, the Company, through its Hong Kong subsidiaries, renewed a one-year (iii) On January 20, 2016, the Company, through its Hong Kong subsidiaries, entered into a two-year (iv) On May 20, 2016, the Company, through one of its PRC subsidiaries, entered into a six-month (v) On July 28, 2016, the Company, through one of its PRC subsidiaries, entered into a one-year (vi) On November 14, 2016, the Company, through one of its PRC subsidiaries, entered into a three-month revolving loan agreement with a bank amounting to a total of RMB10 million (equivalent to US$1,443). The interest rate of this loan facility was the benchmark interest rate determined by the People’s Bank of China for loans over three months granted by financial institutions plus 0.435% per annum. Restricted cash amounting to US$1,666 was held in a restricted bank account as required by this loan agreement as of December 31, 2016. The loan was repaid on February 14, 2017. (vii) As of December 31, 2016 and 2017, certain financial covenants (minimum monthly adjusted quick ratio and minimum quarterly EBITDA as defined in the banking facilities agreements) as set out in these loan agreements have been breached. The relevant subsidiaries have obtained waiver letters for waiving the requirements to meet the financial covenants. As of the date of this report, the bank cannot demand for immediate repayment. (viii) In March 2017, the Company entered into a facility agreement for working capital loans with a bank, which provides for a RMB30 million (US$4.3 million) 18-month revolving loan. The Company provide corporate guarantee and account receivables as pledge to secure the obligations under this revolving loan. The interest rate of this loan facility is fixed at 5.75% per annum. As of December 31, 2017, the Company had not drawn down under this revolving loan. The weighted average interest rate for bank loans outstanding as of December 31, 2016 and 2017 was 5.99% and 6.33% per annum, respectively. Other than those shown above, the Company did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2016 and 2017. |
Redeemable convertible preferre
Redeemable convertible preferred shares | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Redeemable convertible preferred shares | 15 Redeemable convertible preferred shares Series A preferred shares On February 17, 2010, the Company entered into an agreement (“Series A Agreement”) to issue Series A preferred shares and preferred share warrants to a third-party investor (“Investor A”) for a total cash consideration of US$1,200. Accordingly, the Company issued 1,142,857 Series A preferred shares at US$1.05 per share; and warrants to purchase 342,857 Series A preferred shares at US$1.05 per share (“Series A Warrants”) at the option of Investor A. Pursuant to the Series A Agreement, the Company also granted an option, exercisable within one year from the date of agreement, to Investor A where the Company would issue 761,905 Series A preferred shares at US$1.05 per share (“Series A-1 A-1 A-1 In December 2017, Series A preferred shares had been automatically converted into 2,476,190 Class A ordinary shares after closing of IPO. Series B preferred shares On February 21, 2011, the Company entered into agreements (“Series B Agreements”) to issue Series B preferred shares and preferred share warrants to two other third-party investors (“Investors B”) for an aggregate cash consideration of US$7,000. Pursuant to the Series B Agreements, the Company issued 1,266,667 Series B preferred shares at US$5.53 per share; and warrants to purchase 542,858 Series B preferred shares at US$5.53 per share (“Series B Warrants”) at the option of Investors B. During the year ended December 31, 2013, the Series B Warrants were fully exercised. On May 16, 2011, the Company entered into an agreement (“Series B-1 B-1”) B-1 B-1 B-1 On September 24, 2015, the Company repurchased from Investor B-1 B-1 For accounting purposes, the Company determined the per share fair value of Series B-1 B-1. B-1 B-1 B-1. B-1 B-1 In December 2017, Series B preferred shares had been automatically converted into 1,889,249 Class A ordinary shares after closing of IPO. Series C preferred shares On December 16, 2013, the Company entered into an agreement (“Series C Agreement”) to issue Series C preferred shares to another third-party investor (“Investor C”) for a total cash consideration of US$13,000. Pursuant to the Series C Agreement, the Company issued 1,599,186 Series C preferred shares at US$8.13 per share. In December 2017, Series C preferred shares had been automatically converted into 1,599,186 Class A ordinary shares after closing of IPO. Series D preferred shares On December 30, 2014, the Company entered into an agreement (“Series D Agreement”) to issue Series D preferred shares to another third-party investor (“Investor D”) for a total cash consideration of US$48,000. Pursuant to the Series D Agreement, the Company issued 2,493,018 Series D preferred shares at US$19.25 per share. The Company was also obligated to issue additional Series D preferred shares to Investor D at no consideration, the total number of which is based on a formula stipulated in the agreement, if the gross billing of the Group as defined in the Series D Agreement for the year ended December 31, 2016 is less than US$85,000. Considering the gross billing of the Group as defined in the Series D Agreement for the year ended December 31, 2016 was more than US$85,000, no additional Series D preferred shares were issued. Furthermore, the Company determines that the fair value of this obligation is zero as of December 31, 2016. In December 2017, Series D preferred shares had been automatically converted into 2,493,018 Class A ordinary shares after closing of IPO. Series E preferred shares On December 28, 2016, the Company entered into an agreement (“Series E Agreement”) to issue Series E preferred shares to another third-party investor (“Investor E”) for a total cash consideration of US$20,000. Pursuant to the Series E Agreement, the Company issued 1,068,114 Series E preferred shares at US$18.72 per share. In December 2017, Series E preferred shares had been automatically converted into 1,068,114 Class A ordinary shares after closing of IPO. The key terms of the Series A, B, C, D and E preferred shares are as follows: Dividend rights Subject to the approval and declaration by the Board of Directors, the holders of the preferred shares are entitled to receive dividends in the following order: • Series E preferred shareholders are entitled to receive dividends at an amount equal to 8% of the issue price prior to and in preference to any dividend on the Series D preferred Shares, Series B preferred shares, Series A preferred shares, Series C preferred shares and ordinary shares or any other class or series of shares • the Series D preferred shareholders are entitled to receive dividends at an amount equal to 8% of the issue price prior to and in preference to any dividends on the Series B, Series A and Series C preferred shares and ordinary shares or any other class or series of shares; • the Series B preferred shareholders are entitled to receive dividends at an amount equal to 8% of the issue price prior to and in preference to any dividends on the Series A and Series C preferred shares and ordinary shares or any other class or series of shares; • the Series A preferred shareholders are entitled to receive dividends at an amount equal to 8% of the issue price prior to and in preference to any dividends on the Series C preferred shares and ordinary shares or any other class or series of shares; • any remaining dividends shall be distributed on a pro rata basis to holders of all the preferred shares and ordinary shares on a fully diluted and as-if Voting rights The holders of the Series A, B, C, D and E preferred shares shall be entitled to such number of votes equal to the whole number of ordinary shares into which such Series A, B, C, D and E preferred shares are convertible. Liquidation preference In the event of a liquidating transaction as defined in the Company’s Memorandum and Articles of Association as 1) a winding up or other dissolution of the Company or any of its subsidiaries, 2) a merger or acquisition of the Company or any of its subsidiaries in which the shareholders of the Company do not directly or indirectly own a majority of the outstanding shares of the surviving corporation, 3) a sale of all or substantially all of the assets of the Company or assets of its subsidiaries, or 4) government policies promulgated or interpreted after the closing that prohibit investment or exit of the Company by foreign investors, provided, that, in the case of 2) and 3), only when such merger, acquisition or sale implies a valuation of the Company on a fully diluted basis of less than US$550,000, available assets and funds are distributed as following manner. The holders of Series E, Series D, Series B and Series A preferred shares are entitled to receive an amount equal to i) 110% prior to or on December 28, 2017 or ii) 120% from January 1, 2018, 150%, 150% and 200%, respectively, of the issue price as defined in the Company’s Memorandum and Articles of Association (adjusted for share dividends, splits, combinations, recapitalizations or similar events, and plus all accrued or declared but unpaid dividends thereon minus all paid cash or non-cash If the liquidating transaction is a qualified merger or acquisition of the Company in which the shareholders of the Company do not directly or indirectly own a majority of the outstanding shares of the surviving corporation or a sale of all or substantially all of the assets of the Company, in each case, which implies i) an equity valuation of the Group of US$300,000 or higher, the distribution to the holders of Series B and Series A preferred shares shall be reduced to 0% of issue price or ii) an equity valuation of the Group of US$250,000 or higher, but lower than US$300,000, the distribution to the holders of Series B and Series A preferred shares shall be reduced to 100% of issue price as defined in the Company’s Memorandum and Articles of Association. After the full amount has been paid to holders of Series E, Series D, Series B and Series A, any remaining funds or assets of the Company legally available for distribution shall be distributed pro rata among the holders of preferred shares on an as-converted Conversion rights Each share of the Series A, B, C, D and E preferred shares is convertible at the option of the holder, at any time after the issuance of such shares, and each share can be converted into one ordinary share of the Company. The conversion is subject to adjustments for certain events, including but not limited to additional equity securities issuance share dividends, distribution, subdivisions, redemptions, combinations, or consolidation of ordinary shares. The conversion price is also subject to adjustment in the event the Company issues additional ordinary shares at a price per share that is less than such conversion price. In such case, the conversion price shall be reduced to adjust for dilution on a weighted average basis. In addition, each share of the Series A, B, C, D and E preferred shares would automatically be converted into ordinary shares of the Company (i) upon the closing of an initial public offering of the Company’s shares or (ii) upon the election of holders of at least a majority of the then issued and outstanding preferred shares, voting together as a single class on an as-if-converted The Company has determined that there was no beneficial conversion feature attributable to the Series A, A-1, B-1, Anti-dilution provision Pursuant to the provisions of Series B Agreement, there is an anti-dilution provision which prevents the original ownership interest of ordinary shares, Series B preferred shares and Series B preferred share warrants (as if converted into Series B preferred shares) owned by Investors B to be diluted. In May 2011, the Company issued 457,611 ordinary shares of the Company to Mr. Cong and Mr. Liu in exchange for Mr. Cong and Mr. Liu would procure the grant of an exclusive reseller agreement from Baidu Online Network Technology (Beijing) Co. Ltd. (“Baidu”) for Hong Kong, Macau, Taiwan and Singapore for a period up to December 31, 2012. In accordance with the Series B Agreement, the issuance of the ordinary shares was considered an event which triggered the anti-dilution provision. As a result, the Company was required to issue additional 100,452 ordinary shares and 55,807 Series B preferred shares and to amend the conversion price of Series B preferred share warrants to maintain the original ownership interests of these ordinary shares, preferred shares and preferred shares warrants owned by Investors B. There were no beneficial conversion features for the issuance of additional Series B preferred shares and the value of the additional ordinary shares and Series B preferred shares issued amounted to US$421 and US$320, respectively, was charged to additional paid-in Although the anti-dilution provision was triggered in May 2011, the Company only issued the additional ordinary shares and Series B preferred shares in May 2013. Accordingly, the Company recorded such obligation to issue additional ordinary shares and Series B preferred shares as liabilities until the corresponding ordinary shares and preferred shares were issued in May 2013. Redemption right The Series A and B preferred shares are redeemable at any time after the earlier of: (i) the 4th anniversary of the closing of sale and purchase of the Series A Agreement and Series B Agreement, respectively; or (ii) the occurrence of a material breach as defined in the subscription agreements. The holders of Series C preferred shares can redeem the preferred shares at any time after the earlier of: (i) the 2 nd day-to-day The holders of Series D preferred shares can redeem the preferred shares at any time after the earlier of: (i) the 2 nd day-to-day The holders of Series E preferred shares can redeem the preferred shares at any time after the earlier of: (i) the occurrence of any liquidating transaction as defined in the subscription agreements; (i) the failure of the Group to achieve the following targets: (1) the audited consolidated revenues from the principal business (excluding any non-operating non-recurring non-operating non-recurring The redemption price for Series A and B preferred shares is equal to the greater of (1) 200% or 150%, respectively, of the original issue price (plus all declared but unpaid dividends) or (2) the fair market value of the preferred shares subject to redemption as determined by an independent appraiser. With respect to the redemption price for Series C preferred shares, it is equal to 200% of the original issue price (proportionally adjusted for share splits and stack dividends). For the redemption price for Series D preferred shares, it shall be equal to the greater of (1) a price reflecting an implied valuation (on a fully-diluted basis) of the Company at US$500,000, (2) the highest redemption price that would have been received by any other shareholders of the Company if their shares have become redeemable (proportionally adjusted for share splits and stack dividends), or (3) a price reflecting the implied valuation (on a fully-diluted basis) of the Company used in any liquidating transaction as defined in the Company’s Memorandum and Articles of Association. For the redemption price for Series E preferred shares is equal to the greater of (1) 100% of the Series E issue price, plus 9.5% annual compound interest thereon calculated from the Series E original issue date to the date of receipt of the Series E redemption price, plus all declared but unpaid dividends thereon to the date of redemption, proportionally adjusted for stock splits, stock dividends, and the like, or (2) the highest redemption price that would have been received by any other shareholder of the Company if their shares have become redeemable, proportionally adjusted for stock splits, stock dividends, or (3) a price reflecting the implied valuation (on a fully-diluted basis) of the Company used in any Liquidating Transaction as defined in the Company’s Memorandum and Articles of Association. Upon the completion of Series D Agreement, the redemption date of Series A, A-1, B-1 A-1, non-current The Company has determined that the Series A, A-1, B-1, A-1 A-1, B-1, A-1, B-1, The Company has determined that conversion feature embedded in the Series A, A-1, B-1, The Company has also determined the redemption feature embedded in the Series C, D and E preferred shares is required to be bifurcated and accounted for as derivative liabilities as the economic characteristics and risk of the embedded redemption features are not clearly and closely related to that of the preferred shares. For Series A, A-1, B-1 As of December 31, 2016, the fair values of these conversion features and redemption features which required to be bifurcated and accounted for as derivative liabilities are as follows: As of December 31, 2016 Financial derivatives - conversion features 56,916 Financial derivatives - redemption features 3,968 60,884 Less: current portion (60,525 ) Non-current 359 Due to the redemption features described above with respect to Series A, A-1, B-1 paid-in In determining the fair value of these preferred shares for purposes of determining the conversion feature and redemption feature as of December 31, 2016, a business valuation of the Company was estimated. Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates which are as follows: As of December 31, 2016 Terminal growth rate 3.0% Weighted average cost of capital 18.3% Growth rate on average spending per customer 3.0% - 19.0% Series A Years ended December 31, 2016 2017 Beginning balance 5,487 5,597 Accretion to redemption value 110 235 Conversion to Class A ordinary shares — (5,832 ) Ending balance 5,597 — Series B Years ended December 31, 2016 2017 Beginning balance 9,145 9,807 Accretion to redemption value 662 1,427 Conversion to Class A ordinary shares — (11,234 ) Ending balance 9,807 — Series C Years ended December 31, 2016 2017 Beginning balance 10,733 10,733 Conversion to Class A ordinary shares — (10,733 ) Ending balance 10,733 — Series D Years ended December 31, 2016 2017 Beginning balance 43,956 43,956 Gain from wavier on anti-dilution — (632 ) Conversion to Class A ordinary shares — (43,324 ) Ending balance 43,956 — Series E Years ended December 31, 2016 2017 Beginning balance — 18,845 Issuance of preferred shares 18,845 — Conversion to Class A ordinary shares — (18,845 ) Ending balance 18,845 — |
Redeemable ordinary shares
Redeemable ordinary shares | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Redeemable ordinary shares | 16 Redeemable ordinary shares On December 30, 2014, concurrent with the issuance of Series D preferred shares to Investor D, the Company issued 742,320 ordinary shares to Investor D at US$16.17 per share, of which 99,022 shares were transferred from treasury shares held by the Company and 643,298 shares were newly issued shares. The aggregate consideration was US$12,000. Investor D shall have an option to require the Company to repurchase all of the ordinary shares if a qualified IPO is not consummated by the 2 nd non-compound As these ordinary shares are contingently redeemable, they are classified as mezzanine equity. The Company recognizes the accretion charge using the effective interest method. In December 2017, redeemable ordinary shares had been automatically converted into 742,320 Class A ordinary shares after the closing of IPO. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Ordinary shares | 17 Ordinary shares The Company’s Memorandum and Articles of Association authorizes the Company to issue 37,150,000 shares and 100,000,000 shares of US$0.001 par value per ordinary share as of December 31, 2016 and 2017, respectively. Each ordinary share is entitled to one vote in shareholders meeting of the Company. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, which is subject to the approval by the holders of the number of ordinary shares and Series A, B, C, D and E preferred shares representing a majority of the aggregate voting power of all outstanding shares. As of December 31, 2016 and 2017, there were 13,609,208 and 26,059,433 ordinary shares outstanding, respectively. At the time the Company adopted the 2010 Employee Share Option Plan (the “2010 Share Option Plan”), the Company, together with the then shareholders, also decided to allot ordinary shares with par value of US$0.001 to Arda Holdings Limited (“Arda”), a British Virgin Islands company owned by the Group’s chairman and chief executive officer at no consideration. Arda will only hold these ordinary shares on trust for the benefit of the employees who are under the 2010 Share Option Plan and the dealing of these ordinary shares is under the direction of the board of directors of the Company. The Company considered Arda to be a variable interest entity as this entity has no equity at risk. The Company further considered that it is the primary beneficiary because the purchase of Arda is to hold treasury shares on behalf of the Company and the dealings of those transactions are under the direction of the Company’s board of directors. Given the structure of this arrangement, while these ordinary shares have been legally issued, they do not bear the attributes of unrestricted, issued and outstanding shares. Therefore, the ordinary shares issued to Arda are accounted for as treasury shares of the Company until these ordinary shares are earned by the Company’s employees, officers, directors or consultants for service provided to the Group. The Company allotted 627,811 shares during the year the 2010 Share Option Plan was adopted, and 788,459 and 762,561 shares during the years ended December 31, 2016 and 2017 to Arda. Arda does not hold any other assets or liabilities as at December 31, 2016 and 2017, nor earn any income nor incur any expenses for the years ended December 31, 2015, 2016 and 2017. In December 2017, the Company completed its initial public offering in which the Company newly issued 2,156,250 Class A ordinary shares and all of the Company’s Series A, Series B, Series C, Series D, Series E preferred shares and redeemable ordinary shares were automatically converted into 10,268,077 Class A ordinary shares. Immediately prior to the completion of IPO in December 2017, the Company redesignated 2,500,580 Class A ordinary shares held by Wing Hong Sammy Hsieh and 2,320,028 Class A ordinary shares held by Jian Tang into Class B ordinary shares on a one-for-one As of December 31, 2017, the Company is authorized to issue 100,000,000 shares of US$0.001 par value per ordinary share, out of which 80,000,000 shares are Class A ordinary shares and 20,000,000 shares are Class B ordinary shares. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation | 18 Share-based compensation (a) Share option plan The Company’s 2010 Share Option Plan provides for the grant of incentive share options to the Company’s employees, officers, directors or consultants. The Company’s board of directors administers the 2010 Share Option Plan, selects the individuals to whom options will be granted, determines the number of options to be granted, and the term and exercise price of each option. During the years ended December 31, 2015, 2016 and 2017, the Company granted share options to non-employees, Grant Date Number of shares Term (year) Vesting period (year) Exercise price at grant date (US$) January 1, 2015 (Note ii) 6,000 0.16 0.00 6.0000 January 1, 2015 (Note ii) 18,500 0.16 0.00 1.8227 January 1, 2015 (Note ii) 11,938 0.16 0.00 2.1669 January 1, 2015 206,845 10.01 4.00 8.1300 February 1, 2015 (Note i) 10,000 10.17 4.16 16.1700 June 30, 2015 36,000 10.01 4.00 16.1700 July 6, 2015 25,000 10.25 4.24 20.0000 July 6, 2015 15,000 11.25 5.24 20.0000 August 1, 2015 (Note iii) 58,058 10.01 1.67 0.3224 August 1, 2015 (Note iv) 25,308 10.01 1.75 0.4299 August 1, 2015 (Note v) 7,444 10.01 2.25 0.8598 August 1, 2015 (Note vi) 49,871 10.01 2.33 1.0748 August 1, 2015 (Note vii) 32,750 10.01 2.67 1.2897 August 1, 2015 (Note vii) 10,421 10.01 2.67 0.4299 August 1, 2015 (Note viii) 82,995 10.01 3.33 1.6122 August 1, 2015 (Note ix) 11,165 10.01 3.42 0.2687 August 1, 2015 (Note x) 78,156 10.01 3.67 2.6869 August 1, 2015 (Note xi) 147,007 10.01 3.83 4.0304 August 1, 2015 (Note xii) 21,884 10.01 4.00 5.3739 December 31, 2015 113,311 10.01 0.00 0.0100 April 1, 2016 32,200 10.25 4.00 20.0000 April 1, 2016 79,116 10.25 4.00 6.0000 July 1, 2016 10,000 10.00 4.00 20.0000 July 1, 2016 1,000 10.00 4.00 12.0000 January 1, 2017 4,400 10.01 4.00 20.0000 January 1, 2017 180,000 10.01 4.00 8.1290 January 1, 2017 100,800 10.01 4.00 8.1290 April 1, 2017 5,000 10.01 4.00 12.0000 July 1, 2017 12,000 8.51 2.50 8.1290 (i) The Company modified certain terms of the options in 2016 previously granted which these modifications were related to either the vesting period or the exercise price. The incremental costs resulting from such modifications were assessed to be insignificant. (ii) These share options were granted to employees for their past services and immediately vested on grant date. The holders of the options are entitled to exercise the vested options during January 1, 2015 to February 28, 2015. (iii) 58.33% of the options were vested on August 1, 2015 and the remaining 41.67% of the options are vested over a 1.67-year (iv) 56.25% of the options were vested on August 1, 2015 and the remaining 43.75% of the options are vested over a 1.75-year (v) 43.75% of the options were vested on August 1, 2015 and the remaining 56.25% of the options are vested over a 2.25-year (vi) 41.67% of the options were vested on August 1, 2015 and the remaining 58.3% of the options are vested over a 2.33-year (vii) 33.67% of the options were vested on August 1, 2015 and the remaining 66.33% of the options are vested over a 2.67-year (viii) 16.67% of the options were vested on August 1, 2015 and the remaining 83.33% of the options are vested over a 3.33-year (ix) 14.58% of the options were vested on August 1, 2015 and the remaining 85.42% of the options are vested over a 3.42-year (x) 8.33% of the options were vested on August 1, 2015 and the remaining 91.67% of the options are vested over a 3.67-year (xi) 4.17% of the options were vested on August 1, 2015 and the remaining 95.83% of the options are vested over a 3.83-year (xii) The options are vested over a 4-year The following table summarizes the share option activity for the years ended December 31, 2016 and 2017: Number of shares Weighted Weighted average grant date fair value Weighted average remaining contractual life years Aggregate intrinsic value At January 1, 2016 1,592,443 4.90 8.58 23,641 Granted 122,316 10.42 13.81 Exercised (68,135 ) 2.51 Forfeited (154,439 ) 7.14 At December 31, 2016 1,492,185 5.23 7.80 18,631 Vested and expected to vest at December 31, 2016 1,083,293 4.25 9.64 7.15 14,494 Exercisable to vest at December 31, 2016 928,597 3.68 10.77 7.44 12,615 At January 1, 2017 1,492,185 5.23 7.80 18,631 Granted 302,200 8.37 11.67 Exercised (25,898 ) 2.37 Forfeited (225,911 ) 7.34 At December 31, 2017 1,542,576 5.62 7.24 19,387 Vested and expected to vest at December 31, 2017 1,199,712 4.75 10.71 6.55 16,081 Exercisable to vest at December 31, 2017 1,118,812 4.72 11.35 6.87 15,035 Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates. Based upon the Company’s historical and expected forfeitures for share options granted, the directors of the Company estimated that its future forfeiture rate would be 9% and 6% for employees and 0% and 23% for senior management in 2016 and 2017 respectively. The aggregate intrinsic value in the table above represents the difference between the estimated fair value of the Company’s ordinary shares as of December 31, 2016 and 2017 and the exercise price. All share-based payments to employees are measured based on their grant-date fair values. Compensation expense is recognized based on the vesting schedule over the requisite service period. Total fair values of options vested and recognized as expenses as of December 31, 2015, 2016 and 2017 were US$6,494, US$3,688 and US$ 3,681 respectively. As of December 31, 2016 and 2017, there were 150,000 share options granted to certain employees which the vesting was subject to the earlier occurrence of any of the following events, either: the Company being approved to be listed on a stock exchange with an expected market capitalization of no less than US$500,000; or (ii) a merger or acquisition of the Company or any of its subsidiaries at a valuation of US$500,000 or above in which the shareholders of the Company shall no longer hold a majority of the outstanding shares of the surviving corporation. None of the options were vested as of December 31, 2016 and 2017. As of December 31, 2016 and 2017, there were US$5,647 and US$4,666 of unrecognized share-based compensation expenses related to share options, which were expected to be recognized over a weighted-average vesting period of 2.20 and 2.04 years, respectively. To the extent the actual forfeiture rate is different from the Company’s estimate, the actual share-based compensation related to these awards may be different from the expectation. The binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. Grant Date Risk-free interest rate (Note i) Dividend yield (Note ii) Volatility rate (Note iii) Expected term (in years) (Note iv) April 1, 2016 2.00 % 0 % 49.37 % NA July 1, 2016 1.62 % 0 % 50.52 % NA January 1, 2017 2.67 % 0 % 50.75 % NA April 1, 2017 2.59 % 0 % 50.79 % NA July 1, 2017 2.35 % 0 % 47.59 % NA Notes: (i) The risk-free interest rate of periods within the contractual life of the share option is based on the yield of US Treasury Strips sourced from Bloomberg as of the valuation dates. (ii) The Company has no history or expectation of paying dividends on its ordinary shares. (iii) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (iv) The time to expire is assumed to be the option’s contractual term while early exercise multiples, being 2.2x and 2.8x for general staff and management staff, respectively, and post-vesting employment termination behavior have been factored into the model to derive the fair values of the share options. (b) Issuance of shares to certain employees with performance conditions On December 28, 2016, the Company authorized and communicated the issuance of restricted ordinary shares of 1,068,114 and 801,086 of the Company to certain employees upon fulfillment of certain performance conditions (mainly financial performance related) for the fiscal years of 2017 and 2018, respectively and these employees have to be remained employed by the Company. Considering the likelihood of achieving the performance conditions are not probable as of December 31, 2017, no share-based compensation expense has been recorded. Total fair value of these shares were US$32,869. Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates. They are terminal growth rate of 3.0%, weighted average cost of capital of 18.3% and growth rate on average spending per customer ranges from 3.0% to 19.0%. In addition, none of these restricted ordinary shares were vested, forfeited, and expired during the year ended December 31, 2017. (c) Issuance of shares to certain employees On December 28, 2016, the Company and three of the Company’s shareholders agreed to transfer a total of 998,338 shares of the Company’s ordinary shares held by them to certain employees of the Company at no cost for services previously provided for. The fair value of the shares transferred and the corresponding share-based compensation expense and additional paid in capital was US$17,555 and included in general and administrative expenses. In determining the fair value of shares of the Company transferred to these employees, a business valuation of the Company was performed by management with the assistance of an external valuer. Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates. They are terminal growth rate of 3.0%, weighted average cost of capital of 18.3% and growth rate on average spending per customer ranges from 3.0% to 19.0%. Total compensation costs recognized for the years ended December 31, 2015, 2016 and 2017 are as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 80 52 49 Research and development 1,526 985 937 Sales and marketing 4,099 2,160 2,179 General and administrative expenses 789 18,047 1,907 Total 6,494 21,244 5,072 |
Other gains_(losses), net
Other gains/(losses), net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other gains/(losses), net | 19 Other gains/(losses), net For the years ended December 31, 2015 2016 2017 Fair value gain on re-measurement 1,161 — — Net exchange (loss)/gain (923 ) (1,147 ) 1,257 Management fee income 375 — — Forfeiture of advances from customers — — 432 Others 178 65 152 Total 791 (1,082 ) 1,841 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax | 20 Income tax (i) Cayman Islands Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. (ii) Hong Kong profits tax Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the years ended December 31, 2015, 2016 and 2017. (iii) PRC Enterprise Income Tax (“EIT”) The Company’s subsidiaries and VIEs in China are governed by the Enterprise Income Tax Law (“EIT Law”). Pursuant to the EIT Law and its implementation rules, enterprises in China are generally subjected to tax at a statutory rate of 25%. In addition, according to the EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in the PRC shall be subject to PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The 10% WHT is applicable to any dividends to be distributed from the Group’s PRC subsidiaries to the Group’s overseas companies unless otherwise exempted pursuant to applicable tax treaties or tax arrangements between the PRC government and the government of other jurisdiction which the WHT is reduced to 5%. Although there are undistributed earnings of the Company’s subsidiaries in the PRC that are available for distribution to the Company, the undistributed earnings of the Company’s subsidiaries located in the PRC are considered to be indefinitely reinvested, because the Group does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future and intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. Accordingly, no deferred tax liability has been accrued for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to the Company as of December 31, 2016 and 2017. The undistributed earnings from the Company’s subsidiaries in the PRC as of December 31, 2016 and 2017 amounted US$305 and US$330 would be due if these earnings were remitted as dividends as of December 31, 2016 and 2017. An estimated foreign withholding taxes of US$31 and US$17 would be due if these earnings were remitted as dividends as of December 31, 2016 and 2017, respectively. Composition of income tax expense The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: For the years ended December 31, 2015 2016 2017 Current income tax expense 737 1,283 1,262 Deferred tax benefits (1,292 ) (1,061 ) (714 ) Income tax (benefit)/expense (555 ) 222 548 Deferred tax assets and liabilities Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2016 and 2017 are as follows: As of December 31, 2016 2017 Deferred tax assets Tax losses carried forward 6,838 7,573 Share-based payments 682 850 Less: Valuation allowance (Note (a)) (6,838 ) (7,573 ) 682 850 Deferred tax liabilities Acquired intangible assets (3,677 ) (2,638 ) Outside basis difference (Note (b)) — (486 ) Others (28 ) (35 ) (3,705 ) (3,159 ) Note: (a) Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating loss carryforwards because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. Movement of valuation allowance is as follows: For the years ended December 31, 2016 2017 Beginning balance 5,804 6,838 Additions 1,034 735 Ending balance 6,838 7,573 (b) The deferred tax liabilities are recorded for the undistributed earnings in the Group’s VIE and its subsidiary. Tax loss carryforwards As of December 31, 2016 and 2017, the Group had tax loss carryforwards of approximately US$28,201 and US$31,745, respectively, which can be carried forward to offset future taxable income. The net operating tax loss carryforwards will begin to expire as follows: As of December 31, 2016 2017 2017 1,993 — 2018 1,630 1,717 2019 1,709 1,542 2020 12,344 7,235 2021 8,025 8,226 2022 — 8,751 Tax loss with no expiry 2,500 4,274 28,201 31,745 In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities’ tax years from 2010 to 2016 remain subject to examination by the tax authorities. There were no ongoing examinations by tax authorities as of December 31, 2016 and 2017. Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: For the years ended December 31, 2015 2016 2017 Tax benefit calculated at Hong Kong statutory tax rate (Note i) (6,553 ) (4,509 ) (3,972 ) Effect of differences between Hong Kong statutory tax rate and foreign effective tax rates (527 ) 213 (1,172 ) Non-taxable (448 ) (738 ) (275 ) Non-deductible 4,684 4,208 4,861 Valuation allowance 2,342 1,034 735 Outside basis difference — — 486 Others (53 ) 14 (115 ) Income tax (benefit)/expense (555 ) 222 548 Note: (i) The Group’s major operation, prior to the acquisition of OptAim, was conducted out of Hong Kong. Accordingly, the Group prepared its tax rate reconciliation starting with the Hong Kong statutory tax rate. |
Basic and diluted net loss per
Basic and diluted net loss per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted net loss per share | 21 Basic and diluted net loss per share Basic and diluted net loss per share for the years ended December 31, 2015, 2016 and 2017 are calculated as follows: For the years ended December 31, 2015 2016 2017 Numerator: Net loss attributable to ordinary shareholders of the Company (39,714 ) (27,330 ) (24,619 ) Accretion of convertible redeemable preferred shares redemption value (2,692 ) (773 ) (1,662 ) Accretion to redeemable ordinary shares redemption value (1,982 ) (1,556 ) (3,650 ) Deemed contribution from Series B-1 2,591 — — Numerator of basic net loss per share (41,797 ) (29,659 ) (29,931 ) Denominator: Denominator for basic and diluted net loss per share - weighted average shares outstanding 11,661,049 13,151,063 13,931,503 Basic net loss per share (3.58 ) (2.26 ) (2.15 ) Diluted net loss per share (3.58 ) (2.26 ) (2.15 ) The Company’s preferred shares are participating securities and as such would be included in the calculation of basic earnings per share under the two-class The preferred shares, share options and preferred share warrants were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect. The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect: As of December 31, 2015 2016 2017 Preferred shares - weighted average (thousands) 8,458 8,469 — Share options - weighted average (thousands) 1,194 1,091 1,071 Redeemable ordinary shares - weighted average (thousands) 742 742 — |
Segment
Segment | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment | 22 Segment The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company has one business activity, and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single operating and reportable segment. Revenue generated for the respective countries are summarized as follows: For the years ended December 31, 2015 2016 2017 PRC 30,505 71,214 105,380 Hong Kong 34,442 22,766 18,287 Others 295 1,377 1,591 65,242 95,357 125,258 The Group’s long-lived assets are located in the following countries: As of December 31, 2016 2017 PRC 1,666 858 Hong Kong 637 300 Others 15 7 2,318 1,165 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 23 Commitments and contingencies (a) Operating lease commitments The Group leases facilities under non-cancellable Total office rental expenses under all operating leases were US$2,637, US$3,024 and US$1,862 for the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2017, future minimum payments under non-cancellable 2018 1,796 2019 66 1,862 (b) Purchase commitments As of December 31, 2016 and 2017, no purchase commitments were related to the purchase of space for its online marketing services. (c) Litigation In the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. As of December 31, 2016 and 2017, the Group is not a party to any legal or administrative proceedings which will have a material adverse effect on the Group’s business, financial position, results of operations and cash flows. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Restricted net assets | 24 Restricted net assets Relevant PRC laws and regulations permit payments of dividends by the Group’s subsidiary and the VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiary and the VIE in the PRC are required to annually appropriate 10% of their net after-tax As of December 31, 2016 and 2017, the total restricted net assets of the Company’s subsidiaries, OptAim VIE and its subsidiary incorporated in PRC and subjected to restriction amounted to approximately US$4,294 and US$9,631, respectively. Except for the above and the amounts classified as restricted cash of US$5,234 and US$nil as of December 31, 2016 and 2017, respectively, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries, VIEs and VIE subsidiaries to satisfy any obligations of the Company. |
Additional Information_ Condens
Additional Information: Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Information: Condensed Financial Statements of Parent Company | ADDITIONAL INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Rules 12-04(a) 4-08(e)(3) S-X The following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the Company used the equity method to account for its investment in its subsidiaries and VIEs. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries and VIEs” and “Accumulated losses in excess of investment in subsidiaries and VIEs.” The Company, its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and transactions were eliminated upon consolidation. The Company’s share of income from its subsidiaries and VIEs is reported as share of income from subsidiaries and VIEs in the condensed financial statements. The Company is a Cayman Islands company and, therefore, is not subjected to income taxes for all years presented. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. As of December 31, 2016 and 2017, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. Inter-company charges, share-based compensation and other miscellaneous expenses for the years ended December 31, 2015, 2016 and 2017, which were previously recognized at the parent company level, had been pushed down to the WFOE/VIE level given the majority of services were provided to the WFOE/VIE entities. The condensed financial statements of the parent company should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, the Company’s wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method). iCLICK INTERACTIVE ASIA GROUP LIMITED CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2016 AND 2017 (US$’000, except share data and per share data, or otherwise noted) As of December 31, 2016 2017 Assets Current assets Cash and cash equivalents 12,005 6,440 Amounts due from subsidiaries and VIEs 47,006 74,193 Other assets 15 1,194 Total current assets 59,026 81,827 Non-current Investments in subsidiaries and VIEs 45,050 41,407 Total assets 104,076 123,234 Liabilities, mezzanine equity and shareholders’ (deficit)/equity Current liabilities Accrued liabilities and other current liabilities 1,012 3,250 Derivative liabilities 60,525 — Amounts due to subsidiaries and VIEs 2,109 — Total current liabilities 63,646 3,250 Non-current Derivative liabilities 359 — Total non-current 359 — Total liabilities 64,005 3,250 Commitments and contingencies — — As of December 31, 2016 2017 Mezzanine equity Series A convertible redeemable preferred shares (US$0.001 par value; 2,500,000 shares authorized as of December 31, 2016; 2,476,190 shares issued and outstanding as of December 31, 2016; redemption amount of US$6,737 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 5,597 — Series B convertible redeemable preferred shares (US$0.001 par value; 3,000,000 shares authorized as of December 31, 2016; 1,889,249 shares issued and outstanding as of December 31, 2016; redemption amount of US$14,625 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 9,807 — Series C convertible redeemable preferred shares (US$0.001 par value; 1,650,000 shares authorized as of December 31, 2016; 1,599,186 shares issued and outstanding as of December 31, 2016; redemption amount of US$22,288 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 10,733 — Series D convertible redeemable preferred shares (US$0.001 par value; 4,500,000 shares authorized as of December 31, 2016; 2,493,018 shares issued and outstanding as of December 31, 2016; redemption amount of US$58,874 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 43,956 — Series E convertible redeemable preferred shares (US$0.001 par value; 1,200,000 shares authorized as of December 31, 2016; 1,068,114 shares issued and outstanding as of December 31, 2016; redemption amount of US$20,000 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 18,845 — Redeemable ordinary shares (US$0.001 par value; 742,320 shares issued and outstanding as of December 31, 2016; none issued and outstanding as of December 31, 2017) 15,445 — Total mezzanine equity 104,383 — Shareholders’ (deficit)/equity Ordinary shares 14 26 Treasury shares (2,468 ) (2,093 ) Other shareholders’ (deficit)/equity (61,858 ) 122,051 Total shareholders’ (deficit)/equity (64,312 ) 119,984 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 104,076 123,234 iCLICK INTERACTIVE ASIA GROUP LIMITED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017 (US$’000, except share data and per share data, or otherwise noted) For the years ended December 31, 2015 2016 2017 Operating expenses General and administrative expenses (7,455 ) (21,655 ) (6,928 ) Total operating expenses (7,455 ) (21,655 ) (6,928 ) Operating loss Other gains, net 101 145 (116 ) Fair value (loss)/gain on derivative liabilities (19,390 ) 3,995 (10,190 ) Loss from subsidiaries and VIEs (12,970 ) (9,815 ) (7,385 ) Loss before income tax expense (39,714 ) (27,330 ) (24,619 ) Income tax expense — — — Net loss (39,714 ) (27,330 ) (24,619 ) Accretion to convertible redeemable preferred shares redemption value (2,692 ) (773 ) (1,662 ) Accretion to redeemable ordinary shares redemption value (1,982 ) (1,556 ) (3,650 ) Net loss attributable to iClick Interactive Asia Group Limited’s ordinary shareholders (44,388 ) (29,659 ) (29,931 ) Net loss (39,714 ) (27,330 ) (24,619 ) Other comprehensive loss: Foreign currency translation adjustment, net of tax (129 ) (139 ) (79 ) Comprehensive loss attributable to iClick Interactive Asia Group Limited (39,843 ) (27,469 ) (24,698 ) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017 For the years ended December 31, 2015 2016 2017 Cash flows from operating activities: Net cash used in operating activities (86,738 ) (8,083 ) (34,030 ) Cash flows from financing activities: Proceeds from issuance of Series E convertible redeemable preferred shares — 20,000 — Proceeds from exercise of share options 284 171 60 Net proceeds from issuance of ordinary shares upon IPO — — 28,405 Others 2,210 — — Net cash from financing activities 2,494 20,171 28,465 Net (decrease)/increase in cash and cash equivalents (84,244 ) 12,088 (5,565 ) |
Principal accounting policies (
Principal accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements have been prepared in accordance with the US GAAP. Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. |
Use of estimates | (b) Use of estimates The preparation of the Group’s consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that revenue recognition, consolidation of VIE, determination of share-based compensation, measurement of redemption value of redeemable preferred shares and impairment assessment of long-lived assets and intangible assets that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements. Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from these estimates. |
Consolidation | (c) Consolidation The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and a VIE’s subsidiary for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Group’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. OptAim WFOE and ultimately the Company hold all the variable interests of the VIE and its subsidiary, and has been determined to be the primary beneficiary of the VIE. |
Foreign currency translation | (d) Foreign currency translation The reporting currency of the Company is the United States dollars (“US$”). The Company is a holding company engaged in capital raising and financing activities denominated in US$. As such, the Company’s functional currency has been determined to be the US$. The functional currency of the Company’s subsidiaries is the local currency of the country in which they are domiciled. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange existing at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing at the transaction date. Transaction gains and losses are recognized in “Other losses, net”. Assets and liabilities denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive loss in the consolidated statements of changes in shareholders’ deficit/equity and comprehensive loss. |
Fair value of financial instruments | (e) Fair value of financial instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy, based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Observable inputs are based on market data obtained from independent sources. At December 31, 2016 and 2017 the Company’s derivative liabilities are measured using unobservable inputs that require a high level of judgment to determine fair value, and thus classified as Level 3 (Note 3(c)). The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, prepayment and other current assets, accounts payable, accrued liabilities and other current liabilities, deferred revenue and amounts due to a related party, approximate to their fair value due to the short-term nature of these instruments. Based on the borrowing rates currently available to the Group for debt with similar terms, the carrying value of the short-term loan approximates to its fair value (using Level 2 inputs). Certain assets, including intangible assets, are also subject to measurement at fair value on a non-recurring non-recurring |
Cash and cash equivalents | (f) Cash and cash equivalents Cash and cash equivalents include cash on hand, cash in bank and time deposits placed with banks or other financial institutions, which have original maturities of three months or less and are readily convertible to known amounts of cash. |
Time deposit | (g) Time deposit Time deposit represents demand deposit placed with a bank with an original maturity of more than three months but less than one year. Interest income is recognized using the effective interest method in the consolidated statements of comprehensive loss during the periods. Time deposit is valued based on the prevailing interest rates in the market. |
Restricted Cash | (h) Restricted Cash Restricted cash represented bank deposits in accounts that are restricted as to withdrawal or usage. For restriction which is expected to be released within one year of the balance sheet date, the respective restricted cash balance is classified as current. As of December 31, 2016, the Group’s restricted cash represents balance held in restricted bank accounts as required by certain loan agreement. As of December 31, 2017, the Group did not have any restricted cash. |
Accounts receivable, net | (i) Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. |
Rebates receivable | (j) Rebates receivable Rebates receivable represent sales rebates that have already been earned but not received from third party publishers. The Company earns its rebates from purchasing advertising spaces from these website publishers. |
Equity method investment | (k) Equity method investment The Group holds investments in privately held companies. The Group accounts for these investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method of accounting. The Group assesses its equity method investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investments in privately-held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. As noted in Note 1 to the consolidated financial statements, the Company accelerated the purchase of up to 57.1% equity interests in Buzzinate by exercising the option in February 2015 and at the same time purchased the remaining 42.9% equity interest. Prior to the acquisition, the equity interest held in Buzzinate was accounted for using the equity method. When Buzzinate became a wholly-owned subsidiary of the Company, and accordingly the previously held interest was remeasured at fair value with the revaluation gain was recorded in “other gains/(losses), net”. Furthermore, as of December 31, 2016 and 2017, there was no equity method investment. |
Property and equipment, net | (l) Property and equipment, net Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. The estimated useful lives are as follows: Leasehold improvements Over the shorter of lease term or 2 - 5 years Furniture and fixtures 2 - 5 years Office equipment 3 - 5 years Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. |
Business combinations | (m) Business combinations The Group accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. The Group allocates the purchase price of the acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related costs are expensed as incurred. |
Intangible assets, net | (n) Intangible assets, net Intangible assets mainly consist of computer software licenses purchased from external parties and computer software and systems acquired through the acquisition of OptAim and Buzzinate, respectively. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite lived intangible assets is computed using the straight-line method over the following estimated useful lives, which are as follows: Computer software and systems 2 - 5 years |
Impairment of long-lived assets and intangible assets | (o) Impairment of long-lived assets and intangible assets For other long-lived assets including property and equipment and amortizable intangible assets, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. |
Goodwill | (p) Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. |
Impairment of goodwill | (q) Impairment of goodwill Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step |
Deferred revenue | (r) Deferred revenue The Group receives prepayments for services in advance of service performance from certain customers. The amounts received in advance are recorded as deferred revenue and recognized as revenue in the period which the corresponding services are performed. |
Derivative financial instruments | (s) Derivative financial instruments ASC 815, “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815”) requires every derivative financial instrument (including certain derivative financial instruments embedded in other contracts) to be recorded on the balance sheet at fair value as either an asset or a liability. ASC 815 also requires that changes in the fair value of recorded derivatives be recognized currently in earnings unless specific hedge accounting criteria are met. |
Revenue recognition and cost of revenues | (t) Revenue recognition and cost of revenues The Group’s services are the provisions of online marketing services. The Group utilizes a combination of pricing models and revenue is recognized when the related services are delivered based on the specific terms of the contract, which are commonly based on (i) agreed incentive to be earned for being a sales agent of a publisher, (ii) cost-plus or (iii) specified actions (i.e. cost per impression (“CPM”), cost per click (“CPC”), cost per action (“CPA”), cost per sale (“CPS”), cost per lead (“CPL”) or return on investment (“ROI”)) and related campaign budgets, depending on the customers’ preferences and their campaigns launched. The Group recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement with the customer exists reflecting the terms and conditions under which the services will be provided; (2) services have been provided or delivery has occurred; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Collectability is assessed based on a number of factors, including the creditworthiness of a customer, the size and nature of a customer’s business and transaction history. Amounts collected in excess of revenue recognized are included as deferred revenue. Sales agent In the arrangement with a particular publisher, the Group acts as a sales agent for this publisher by having marketing clients market with this publisher. In return, the Group earns incentives from this publisher based on contractually stipulated amounts once certain spending thresholds are achieved. The Group considers this particular publisher as our customer and record such incentives as net revenues. Incentives from this publisher are calculated on both a quarterly and an annual basis in accordance with the terms as set out in the arrangement. Under the sales agent arrangement, the Group grant rebates to clients under this arrangement. The majority of the clients under our sales agent arrangement are not our customers under either the cost-plus arrangement or specified action arrangement. The Group record rebates granted to clients under the sales agent arrangement as cost of revenues as (i) the Group consider these rebates are for an identifiable benefit that is separable from the clients’ purchase of our services and (ii) the Group is able to reasonably estimate the fair value of the benefit received from granting these rebates. Cost-plus For cost-plus advertisement campaigns, sales are valued at the fair value of the amount received. Discounts granted to clients under cost-plus marketing campaigns, along with free or extended marketing campaigns, are recorded as a deduction from revenue. In the normal course of business, the Group acts as an intermediary in executing transactions with third parties, specifically, the Group is not the principal in executing these transactions as the Group is acting on behalf of the website publishers. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Group is acting as the principal or an agent in the transactions. In determining whether the Group acts as the principal or an agent, the Group follows the accounting guidance for principal-agent considerations. The determination of whether the Group acts as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement. While none of the factors individually are considered presumptive or determinative, because the Group is facilitating the customers and the publishers to purchase and to sell advertising inventory and the pricing is generally restricted by the costs incurred through purchasing the advertising inventory, the Group concludes that it is not the principal in these arrangements and therefore report revenue earned and costs incurred related to these transaction on a net basis. Specified actions The Group also generates revenue from performing specified actions (i.e. a CPM, CPC, CPA, CPS, CPL or ROI basis). Revenue is recognized on a CPM or CPC basis as impressions or clicks are delivered while revenue on a CPA, CPS, CPL or ROI basis is recognized once agreed actions are performed. While none of the factors individually are considered presumptive or determinative, because the Group is the primary obligor and are responsible for (1) identifying and contracting with third-party customers; (2) identifying website publishers to provide website spaces where the Group views the website publishers as suppliers; (3) establishing the selling prices of each of the CPM, CPC, CPA, CPS, CPL or ROI pricing model; (4) performing all billing and collection activities, including retaining credit risk; and (5) bearing sole responsibility for fulfillment of the marketing, the Group acts as the principal of these arrangements and therefore reports revenue earned and costs incurred related to these transactions on a gross basis. Cost of revenues consists of the costs to purchase space for the online marketing operations, amortization expenses related to the Group’s computer software and systems, salaries and benefits of relevant operations and support personnel and depreciation of relevant property and equipment depreciation. The Group becomes obligated to make payments related to website publishers in the period the marketing impressions and click-through occur. Such expenses are classified as cost of revenues in the consolidated statements of operations as incurred. Cost of revenues also includes rebates received from website publishers which are recorded as a deduction against the cost of revenues when the Group is acting as a principal in a transaction. Following recent reforms of PRC tax laws, business tax is gradually being replaced by VAT, which is recorded as a reduction of revenue. The Group’s PRC subsidiaries, OptAim VIE and its subsidiary are subjected to VAT at a rate of 6%. |
Rebates | (u) Rebates Throughout the various services delivered to clients under the cost-plus and specified action arrangements, the Group earns rebates from publishers and grant rebates to clients. The rebates that the Group grants to clients under cost-plus/specified actions arrangement are recorded as deduction from revenue and are recorded based on the amount the customers would ultimately need to spend to earn the corresponding level of rebates. The Group is also able to reasonably estimate the spending the customers can ultimately achieve based on the historical spending patterns of the customers with similar arrangements. The rebates that the Group receives from publishers under the cost-plus and specified action arrangements are recorded as reduction of cost of revenue under the specified actions arrangement while under the cost-plus arrangement, they are recorded as revenue. These rebates are recognized when a particular milestone is achieved (i.e. applying the relevant rebates based on the level of spending threshold actually achieved) and spending has actually occurred. Furthermore, no rebates has been received from the publisher under the sales agent arrangement. |
Prepaid media costs | (v) Prepaid media costs Prepaid media costs represent prepayments for online space paid by the Group to third party publishers of websites. Upon utilization, media costs are recognized in cost of revenues when the Group is determined as acting as the principal. However, when the Group is determined as acting as the agent, those costs are recognized as deduction to revenue by the Group. These prepayments are classified as current considering the corresponding online spaces are expected to be purchased and utilized within twelve months from the date of payments. |
Research and development expenses | (w) Research and development expenses Research and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) rental expenses and (iii) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred. The Company accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software’s application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. For the years ended December 31, 2016 and 2017, the Company has not capitalized any costs related to internal use software. The research and development expenses amounted to US$8,106, US$8,584 and US$5,778 during the years ended December 31, 2015, 2016 and 2017, respectively. |
Sales and marketing expenses | (x) Sales and marketing expenses Sales and marketing expenses consist primarily of (i) advertising and marketing expenses, and (ii) salary and welfare for sales and marketing personnel. Advertising expenses are recorded as sales and marketing expenses when incurred, and totaled US$1,764, US$1,246 and US$1,727 for the years ended December 31, 2015, 2016 and 2017, respectively. |
General and administrative expenses | (y) General and administrative expenses General and administrative expenses consist primarily of (i) salary and welfare for general and administrative personnel, (ii) allowance for doubtful receivables, and (iii) professional service fees. The general and administrative expenses amounted to US$12,745, US$26,767 and US$12,983 during the years ended December 31, 2015, 2016 and 2017, respectively. |
Operating leases | (z) Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease periods. The Group had no capital leases for the years ended December 31, 2015, 2016 and 2017. |
Employee social security and welfare benefits | (aa) Employee social security and welfare benefits Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to contribute to the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. The Group also makes payments to other defined contribution plans for employees employed by subsidiaries outside the PRC. |
Income taxes | (ab) Income taxes Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Uncertain tax positions The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses in its statements of operations and comprehensive loss. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2015, 2016 and 2017. As of December 31, 2016 and 2017, the Group did not have any significant unrecognized uncertain tax positions. |
Share-based compensation | (ac) Share-based compensation The Group accounts for share-based compensation expenses in accordance with ASC subtopic 718-10 718-10”), 718-10, Option granted to employees For the options granted to employees, the compensation expense is recognized using the graded-vesting attribution approach over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of the Company’s share options, the binomial option pricing model has been applied. Option modification According to ASC 718, a change in any of the terms or conditions of equity based awards shall be accounted for as a modification of the award. Therefore, the Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Company would recognize incremental compensation costs on the date of modification and for unvested options, the Company would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation costs and the remaining unrecognized compensation costs for the original award. Option granted to non-employees For share-based awards granted to non-employees, 505-50 505-50”), Non-Employees. 505-50, non-employees non-employee non-employee’s |
Statutory reserves | (ad) Statutory reserves The Group’s subsidiaries, consolidated VIE and its subsidiaries incorporated in the PRC are required on an annual basis to make appropriations of retained earnings set at certain percentage of after-tax Appropriation to the statutory general reserve should be at least 10% of the after tax net income determined in accordance with the legal requirements in the PRC until the reserve is equal to 50% of the entities’ registered capital. The Group is not required to make appropriation to other reserve funds and the Group does not have any intentions to make appropriations to any other reserve funds. The general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves. There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group was not done so. Relevant laws and regulations permit payments of dividends by the PRC subsidiaries and affiliated companies only out of their retained earnings, if any, as determined in accordance with respective accounting standards and regulations. Accordingly, the above balances are not allowed to be transferred to the Company in terms of cash dividends, loans or advances. |
Related parties | (ae) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. |
Dividends | (af) Dividends Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2015, 2016 and 2017, respectively. The Group does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business. |
Loss per share | (ag) Loss per share Basic loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two class method. Using the two class method, net loss is allocated between ordinary shares and other participating securities (i.e. preferred shares) based on their participating rights. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s convertible non-redeemable if-converted |
Comprehensive loss | (ah) Comprehensive loss Comprehensive loss is defined as the change in shareholders’ deficit of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive losses of the Group include the foreign currency translation adjustments. |
Segment reporting | (ai) Segment reporting Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers in deciding how to allocate resources and assess performance. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment and one reportable segment. |
Recently issued accounting pronouncements | (aj) Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”), issued ASU 2014-09—Revenue 2014-09”). 2014-09 Management has completed an assessment to determine the impact on the Company’s consolidated financial statements by analyzing the Company’s primary revenue generating transaction types, and concluded that there was no impact on the Company’s results of operations as a result of adopting this standard, except for the reclassification of rebates granted to clients under the sales agent arrangement from cost of revenues to net against revenues. The amounts of such rebates included in cost of revenues for the years ended December 31, 2016 and 2017 were US$2,568 and US$2,236, respectively. Meanwhile, there will also be additional disclosure requirements upon the adoption of this standard. The Company will adopt this new standard on a modified retrospective basis as of January 1, 2018. In November 2015, the FASB issued ASU No. 2015-17, non-current 2015-17 In February 2016, the FASB issued ASU 2016-02: 2016-02 On August 6, 2016, the FASB issued ASU 2016-15, In October 2016, the FASB issued ASU 2016-16, 2016-16 2016-16 In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01 In November 2016, the FASB issued ASU 2016-18, In January 2017, the FASB issued ASU 2017-04, In January 2016, the FASB issued ASU 2016-01—Financial 825-10): 2016-01”). 2016-01 In June 2016, the FASB issued ASU 2016-13—Financial 2016-13”), 2016-13, available-for-sale In May 2017, the FASB issued ASU 2017-09—Compensation—Stock 2017-09”) |
Organization and principal ac34
Organization and principal activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Subsidiaries of Company and Consolidated Variable Interest Entities | The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs and the VIE’s subsidiary (defined in Note 1(b)) as follows: Name Relationship % of direct or indirect Date of incorporation Place of incorporation/ establishment Principal activities Digital Marketing Group Limited Subsidiary 100 % October 2006 Hong Kong Dormant Tetris Media Limited Subsidiary 100 % July 2007 Hong Kong Internet marketing services and solutions iClick Interactive Asia Limited Subsidiary 100 % December 2008 Hong Kong Internet marketing services and solutions Optimix Media Asia Limited Subsidiary 100 % March 2009 Hong Kong Investment holding China Search (Asia) Limited Subsidiary 100 % September 2010 Hong Kong Internet marketing services and solutions Diablo Holdings Corporation Subsidiary 100 % August 2010 British Virgin Islands (“BVI”) Investment holding Harmattan Capital Holdings Corporation Subsidiary 100 % August 2010 BVI Investment holding iClick Interactive (Singapore) Pte. Ltd. Subsidiary 100 % January 2011 Singapore Internet marketing services and solutions The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs and the VIE’s subsidiary (defined in Note 1(b)) as follows: Name Relationship % of direct or indirect Date of incorporation Place of incorporation/ establishment Principal activities iClick Interactive (Beijing) Advertisement Co., Ltd Subsidiary 100 % January 2011 The PRC Internet marketing services and solutions Search Asia Technology (Shenzhen) Co., Ltd. Subsidiary 100 % January 2011 The PRC Internet marketing services and solutions i-Click Subsidiary’s 100 % September 2011 Taiwan Internet marketing services and solutions Performance Media Group Limited Subsidiary 100 % January 2013 Hong Kong Internet marketing services and solutions Tetris Media (Shanghai) Co., Ltd. Subsidiary 100 % July 2013 The PRC Internet marketing services and solutions Buzzinate Company Limited Subsidiary 100 % March 2009 Hong Kong Technology development Buzzinate (Shanghai) Information Technology Co., Ltd. Subsidiary 100 % July 2009 The PRC Technology development service OptAim Limited Subsidiary 100 % July 2014 Cayman Islands Investment holding OptAim (HK) Limited Subsidiary 100 % July 2014 Hong Kong Investment holding OptAim (Beijing) Information Technology Co., Ltd. Subsidiary 100 % November 2014 The PRC Internet marketing services and solutions Anhui Zhiyunzhong Information Technology Co., Ltd. Subsidiary 100 % November 2017 The PRC Internet marketing services and solutions Beijing OptAim Network Technology Co., Ltd. VIE 100 % September 2012 The PRC Internet marketing services and solutions Zhiyunzhong (Shanghai) Technology Co., Ltd. VIE’s subsidiary 100 % September 2014 The PRC Internet marketing services and solutions Arda Holdings Limited VIE 100 % May 2010 BVI To hold treasury shares |
Principal accounting policies35
Principal accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property and Equipment | Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. The estimated useful lives are as follows: Leasehold improvements Over the shorter of lease term or 2 - 5 years Furniture and fixtures 2 - 5 years Office equipment 3 - 5 years |
Summary of Estimated Useful Lives of Intangible Assets | Amortization of finite lived intangible assets is computed using the straight-line method over the following estimated useful lives, which are as follows: Computer software and systems 2 - 5 years |
Certain risks and concentrati36
Certain risks and concentration (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of Financial Information of VIEs and its subsidiary Excluding Intercompany Items with Company's Subsidiaries | The following financial information of the OptAim VIE and its subsidiary excluding the intercompany items with the Company’s subsidiaries was included in the accompanying financial statements as of December 31, 2016 and 2017 and for the years ended December 31, 2015, 2016 and 2017: As of December 31, 2016 2017 Assets Current assets Cash and cash equivalents 1,046 1,585 Accounts receivable, net 8,129 5,553 Other current assets 17,761 552 Total current assets 26,936 7,690 Non-current Property and equipment, net 36 14 Other non-current 163 163 Total non-current 199 177 Total assets 27,135 7,867 Liabilities Current liabilities Accounts payable 28 29 Deferred revenue 11,878 5,986 Accrued liabilities and other current liabilities 404 804 Total current liabilities 12,310 6,819 Total liabilities 12,310 6,819 For the years ended December 31, 2015 2016 2017 Net revenues 11,653 52,215 25,302 Net (loss)/profit (172 ) (322 ) 1,646 For the years ended December 31, 2015 2016 2017 Net cash (used in)/provided by operating activities (1,144 ) 1,043 539 Net cash used in investing activities (19 ) (3 ) — Net (decrease)/increase in cash and cash equivalents (1,163 ) 1,040 539 |
Schedule of Estimated Fair Values of Financial Assets and Liabilities | The estimated fair values of the Company’s financial assets and liabilities classified under the appropriate level of the fair value hierarchy as described above was as follows: Fair value measurements using Total fair value Quoted in active market for identical assets (Level 1) Significant other observable inputs (Level 2) Significant Unobservable inputs (Level 3) As of December 31, 2016 Cash and cash equivalents 27,280 27,280 — — Restricted cash 5,234 5,234 — — Bank borrowings 12,982 — 12,982 — Derivative liabilities 60,525 — — 60,525 As of December 31, 2017 Cash and cash equivalents 19,401 19,401 — — Time deposit 25,000 25,000 — — Bank borrowings 10,486 — 10,486 — |
Business Acquisition (Tables)
Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Buzzinate Company Limited [Member] | |
Schedule of Movement of Carrying Value of Equity Method Investment | The movement of carrying value of the equity method investment in Buzzinate from January 1, 2015 to February 13, 2015 (the “period”) is as follows: Balance at beginning of the period 533 Share of loss of equity investee for the period (38 ) Balance at February 13, 2015 495 Fair value gain on re-measurement 1,161 1,656 |
Schedule of Fair value of Consideration Transferred | Fair value of consideration transferred: Cash 1,250 Ordinary shares of the Company 2,027 Total 3,277 Fair value of previously held interest in Buzzinate 1,656 |
Schedule of Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 1,439 Other current assets 207 Property and equipment 375 Intangible asset 644 Current liabilities (529 ) Deferred tax liabilities (161 ) Total identifiable net assets acquired 1,975 Goodwill (Note 11) 2,958 Total purchase consideration, net of cash acquired 3,494 |
Schedule of Estimated Amounts Recognized on Acquired Identifiable Intangible Asset and its Estimated Useful Life | The estimated amounts recognized on the acquired identifiable intangible asset and its estimated useful life are shown in the following table: Estimated useful life Gross carrying amount A self-developed computer software and systems 5 years 644 |
OptAim Limited [Member] | |
Schedule of Fair value of Consideration Transferred | Fair value of consideration transferred: Cash 15,976 Ordinary shares of the Company 50,843 Fair value of replacement awards attributable to pre-acquisition 801 67,620 |
Schedule of Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 1,301 Other current assets 13,193 Property and equipment 84 Intangible asset 20,100 Current liabilities (7,571 ) Deferred tax liabilities (5,025 ) Total identifiable net assets acquired 22,082 Goodwill (Note 11) 45,538 Total purchase consideration, net of cash acquired 50,343 |
Schedule of Estimated Amounts Recognized on Acquired Identifiable Intangible Asset and its Estimated Useful Life | The estimated amounts recognized on the acquired identifiable intangible asset and its estimated useful life are shown in the following table: Estimated useful life Gross carrying amount A self-developed computer software and systems 5 years 20,100 |
Schedule of Unaudited Pro Forma Operating Results | Unaudited pro forma operating results for the Company, assuming the acquisition of OptAim occurred on January 1, 2015 is as follows: For the year ended December 31, 2015 Net revenues 69,025 Net loss (39,688 ) Net loss per share (3.80 ) Diluted loss per share (3.80 ) |
Cash and cash equivalents and38
Cash and cash equivalents and time deposit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash on Hand and Cash Held at Bank | Cash on hand and cash held at bank balance as of December 31, 2016 and 2017 primarily consist of the following currencies: As of December 31, 2016 2017 Amount equivalent Amount equivalent RMB 67,697 9,771 50,600 7,694 HK$ 15,666 2,019 18,099 2,332 US$ 15,064 15,064 33,639 33,639 SGD 235 165 432 323 TWD 2,855 88 7,014 235 Euro (“EUR”) 125 133 106 126 Others 292 40 67 52 27,280 44,401 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | 2016 2017 Accounts receivable, gross 32,387 42,276 Less: allowance for doubtful accounts (1,693 ) (1,478 ) Accounts receivable, net 30,694 40,798 |
Summary of Movement in Allowance for Doubtful Accounts | The following table presents the movement in the allowance for doubtful accounts: For the years ended December 31, 2016 2017 Balance at the beginning of year 1,733 1,693 Additions for the year 99 910 Recoveries — (40 ) Accounts receivable written off (99 ) (1,134 ) Exchange differences (40 ) 49 Balance at the end of year 1,693 1,478 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | The other assets consist of the following: As of December 31, 2016 2017 Current Deposits 2,202 2,248 Prepayments 417 266 VAT receivable 372 379 Others 64 214 3,055 3,107 Non-current Prepayment for acquisition of fixed assets 122 — Rental deposits 249 284 371 284 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consist of the following: As of 2016 2017 Cost: Office equipment 4,629 4,661 Leasehold improvements 1,653 1,763 Furniture and fixtures 747 753 Total cost 7,029 7,177 Less: Accumulated depreciation (4,519 ) (5,882 ) Exchange differences (192 ) (130 ) Property and equipment, net 2,318 1,165 |
Summary of Depreciation Expense Recognized | Depreciation expense recognized for the years ended December 31, 2015, 2016 and 2017 are summarized as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 9 11 6 Research and development 161 199 108 Sales and marketing expenses 662 838 582 General and administrative expenses 306 464 667 Total 1,138 1,512 1,363 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible assets | Intangible assets consist of the following: As of December 31, 2016 2017 Cost: Computer software 21,576 21,593 Less: Accumulated amortization Computer software (6,773 ) (10,994 ) Exchange differences 1 1 Intangible assets, net 14,804 10,600 |
Summary of Amortization Expense Recognized | Amortization expense recognized for the years ended December 31, 2015, 2016 and 2017 are summarized as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 1,874 4,149 4,147 Research and development 30 28 3 Sales and marketing expenses 16 19 17 General and administrative expenses 123 116 54 2,043 4,312 4,221 |
Summary of Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for each of the next five years as of December 31, 2017 is: Computer software 2018 4,168 2019 4,149 2020 2,283 2021 — 2022 — 10,600 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Movements on Goodwill | Movements on goodwill during the year were as follows: Buzzinate OptAim Total Balance as of January 1, 2016, December 31, 2016 and 2017 2,958 45,538 48,496 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Summary of Deferred Revenue | As of December 31, 2016 2017 Deferred revenue, current 25,697 33,037 |
Accrued liabilities and other45
Accrued liabilities and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities and Other Current Liabilities | As of December 31, 2016 2017 Rebates payable to customers 5,214 3,257 VAT and other taxes payable 1,679 2,659 Security deposit received from customers 772 686 Accrued employee benefits 3,257 2,741 Accrued professional fees 1,544 4,167 Accrued marketing and hosting expense 1,424 1,831 Others 1,201 788 15,091 16,129 |
Bank borrowings (Tables)
Bank borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Bank Borrowings | As of December 31, 2016 2017 1-year 4,330 7,603 1-year 2,950 2,800 2-year 1,083 83 6-month 1,444 — 1-year 1,732 — 3-month 1,443 — 12,982 10,486 Note: (i) On December 19, 2016, the Company, through its PRC subsidiaries, renewed a one-year (ii) On December 21, 2016, the Company, through its Hong Kong subsidiaries, renewed a one-year (iii) On January 20, 2016, the Company, through its Hong Kong subsidiaries, entered into a two-year (iv) On May 20, 2016, the Company, through one of its PRC subsidiaries, entered into a six-month (v) On July 28, 2016, the Company, through one of its PRC subsidiaries, entered into a one-year (vi) On November 14, 2016, the Company, through one of its PRC subsidiaries, entered into a three-month revolving loan agreement with a bank amounting to a total of RMB10 million (equivalent to US$1,443). The interest rate of this loan facility was the benchmark interest rate determined by the People’s Bank of China for loans over three months granted by financial institutions plus 0.435% per annum. Restricted cash amounting to US$1,666 was held in a restricted bank account as required by this loan agreement as of December 31, 2016. The loan was repaid on February 14, 2017. (vii) As of December 31, 2016 and 2017, certain financial covenants (minimum monthly adjusted quick ratio and minimum quarterly EBITDA as defined in the banking facilities agreements) as set out in these loan agreements have been breached. The relevant subsidiaries have obtained waiver letters for waiving the requirements to meet the financial covenants. As of the date of this report, the bank cannot demand for immediate repayment. (viii) In March 2017, the Company entered into a facility agreement for working capital loans with a bank, which provides for a RMB30 million (US$4.3 million) 18-month revolving loan. The Company provide corporate guarantee and account receivables as pledge to secure the obligations under this revolving loan. The interest rate of this loan facility is fixed at 5.75% per annum. As of December 31, 2017, the Company had not drawn down under this revolving loan. |
Redeemable convertible prefer47
Redeemable convertible preferred shares (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Fair Values of Conversion Features and Redemption Features Which Required to Be Bifurcated and Accounted for as Derivative Liabilities | As of December 31, 2016, the fair values of these conversion features and redemption features which required to be bifurcated and accounted for as derivative liabilities are as follows: As of December 31, 2016 Financial derivatives - conversion features 56,916 Financial derivatives - redemption features 3,968 60,884 Less: current portion (60,525 ) Non-current 359 |
Schedule of Significant Estimates Used to Calculate Fair Value of Preferred Shares for Determining Conversion Feature and Redemption Feature | In determining the fair value of these preferred shares for purposes of determining the conversion feature and redemption feature as of December 31, 2016, a business valuation of the Company was estimated. Significant factors, assumptions and methodologies used in determining the business valuation include applying the discounted cash flow approach, and such approach involves certain significant estimates which are as follows: As of December 31, 2016 Terminal growth rate 3.0% Weighted average cost of capital 18.3% Growth rate on average spending per customer 3.0% - 19.0% Series A Years ended December 31, 2016 2017 Beginning balance 5,487 5,597 Accretion to redemption value 110 235 Conversion to Class A ordinary shares — (5,832 ) Ending balance 5,597 — Series B Years ended December 31, 2016 2017 Beginning balance 9,145 9,807 Accretion to redemption value 662 1,427 Conversion to Class A ordinary shares — (11,234 ) Ending balance 9,807 — Series C Years ended December 31, 2016 2017 Beginning balance 10,733 10,733 Conversion to Class A ordinary shares — (10,733 ) Ending balance 10,733 — Series D Years ended December 31, 2016 2017 Beginning balance 43,956 43,956 Gain from wavier on anti-dilution — (632 ) Conversion to Class A ordinary shares — (43,324 ) Ending balance 43,956 — Series E Years ended December 31, 2016 2017 Beginning balance — 18,845 Issuance of preferred shares 18,845 — Conversion to Class A ordinary shares — (18,845 ) Ending balance 18,845 — |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Options Granted | During the years ended December 31, 2015, 2016 and 2017, the Company granted share options to non-employees, Grant Date Number of shares Term (year) Vesting period (year) Exercise price at grant date (US$) January 1, 2015 (Note ii) 6,000 0.16 0.00 6.0000 January 1, 2015 (Note ii) 18,500 0.16 0.00 1.8227 January 1, 2015 (Note ii) 11,938 0.16 0.00 2.1669 January 1, 2015 206,845 10.01 4.00 8.1300 February 1, 2015 (Note i) 10,000 10.17 4.16 16.1700 June 30, 2015 36,000 10.01 4.00 16.1700 July 6, 2015 25,000 10.25 4.24 20.0000 July 6, 2015 15,000 11.25 5.24 20.0000 August 1, 2015 (Note iii) 58,058 10.01 1.67 0.3224 August 1, 2015 (Note iv) 25,308 10.01 1.75 0.4299 August 1, 2015 (Note v) 7,444 10.01 2.25 0.8598 August 1, 2015 (Note vi) 49,871 10.01 2.33 1.0748 August 1, 2015 (Note vii) 32,750 10.01 2.67 1.2897 August 1, 2015 (Note vii) 10,421 10.01 2.67 0.4299 August 1, 2015 (Note viii) 82,995 10.01 3.33 1.6122 August 1, 2015 (Note ix) 11,165 10.01 3.42 0.2687 August 1, 2015 (Note x) 78,156 10.01 3.67 2.6869 August 1, 2015 (Note xi) 147,007 10.01 3.83 4.0304 August 1, 2015 (Note xii) 21,884 10.01 4.00 5.3739 December 31, 2015 113,311 10.01 0.00 0.0100 April 1, 2016 32,200 10.25 4.00 20.0000 April 1, 2016 79,116 10.25 4.00 6.0000 July 1, 2016 10,000 10.00 4.00 20.0000 July 1, 2016 1,000 10.00 4.00 12.0000 January 1, 2017 4,400 10.01 4.00 20.0000 January 1, 2017 180,000 10.01 4.00 8.1290 January 1, 2017 100,800 10.01 4.00 8.1290 April 1, 2017 5,000 10.01 4.00 12.0000 July 1, 2017 12,000 8.51 2.50 8.1290 (i) The Company modified certain terms of the options in 2016 previously granted which these modifications were related to either the vesting period or the exercise price. The incremental costs resulting from such modifications were assessed to be insignificant. (ii) These share options were granted to employees for their past services and immediately vested on grant date. The holders of the options are entitled to exercise the vested options during January 1, 2015 to February 28, 2015. (iii) 58.33% of the options were vested on August 1, 2015 and the remaining 41.67% of the options are vested over a 1.67-year (iv) 56.25% of the options were vested on August 1, 2015 and the remaining 43.75% of the options are vested over a 1.75-year (v) 43.75% of the options were vested on August 1, 2015 and the remaining 56.25% of the options are vested over a 2.25-year (vi) 41.67% of the options were vested on August 1, 2015 and the remaining 58.3% of the options are vested over a 2.33-year (vii) 33.67% of the options were vested on August 1, 2015 and the remaining 66.33% of the options are vested over a 2.67-year (viii) 16.67% of the options were vested on August 1, 2015 and the remaining 83.33% of the options are vested over a 3.33-year (ix) 14.58% of the options were vested on August 1, 2015 and the remaining 85.42% of the options are vested over a 3.42-year (x) 8.33% of the options were vested on August 1, 2015 and the remaining 91.67% of the options are vested over a 3.67-year (xi) 4.17% of the options were vested on August 1, 2015 and the remaining 95.83% of the options are vested over a 3.83-year (xii) The options are vested over a 4-year |
Summary of Share Option Activity | The following table summarizes the share option activity for the years ended December 31, 2016 and 2017: Number of shares Weighted Weighted average grant date fair value Weighted average remaining contractual life years Aggregate intrinsic value At January 1, 2016 1,592,443 4.90 8.58 23,641 Granted 122,316 10.42 13.81 Exercised (68,135 ) 2.51 Forfeited (154,439 ) 7.14 At December 31, 2016 1,492,185 5.23 7.80 18,631 Vested and expected to vest at December 31, 2016 1,083,293 4.25 9.64 7.15 14,494 Exercisable to vest at December 31, 2016 928,597 3.68 10.77 7.44 12,615 At January 1, 2017 1,492,185 5.23 7.80 18,631 Granted 302,200 8.37 11.67 Exercised (25,898 ) 2.37 Forfeited (225,911 ) 7.34 At December 31, 2017 1,542,576 5.62 7.24 19,387 Vested and expected to vest at December 31, 2017 1,199,712 4.75 10.71 6.55 16,081 Exercisable to vest at December 31, 2017 1,118,812 4.72 11.35 6.87 15,035 |
Summary of Fair Values of Share Options Granted | The binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. Grant Date Risk-free interest rate (Note i) Dividend yield (Note ii) Volatility rate (Note iii) Expected term (in years) (Note iv) April 1, 2016 2.00 % 0 % 49.37 % NA July 1, 2016 1.62 % 0 % 50.52 % NA January 1, 2017 2.67 % 0 % 50.75 % NA April 1, 2017 2.59 % 0 % 50.79 % NA July 1, 2017 2.35 % 0 % 47.59 % NA Notes: (i) The risk-free interest rate of periods within the contractual life of the share option is based on the yield of US Treasury Strips sourced from Bloomberg as of the valuation dates. (ii) The Company has no history or expectation of paying dividends on its ordinary shares. (iii) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (iv) The time to expire is assumed to be the option’s contractual term while early exercise multiples, being 2.2x and 2.8x for general staff and management staff, respectively, and post-vesting employment termination behavior have been factored into the model to derive the fair values of the share options. |
Summary of Compensation Costs Recognized | Total compensation costs recognized for the years ended December 31, 2015, 2016 and 2017 are as follows: For the years ended December 31, 2015 2016 2017 Cost of revenues 80 52 49 Research and development 1,526 985 937 Sales and marketing 4,099 2,160 2,179 General and administrative expenses 789 18,047 1,907 Total 6,494 21,244 5,072 |
Other gains_(losses), net (Tabl
Other gains/(losses), net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Tabular Disclosure of Gain (Loss) Related to Nonoperating Activities, Classified as Other | For the years ended December 31, 2015 2016 2017 Fair value gain on re-measurement 1,161 — — Net exchange (loss)/gain (923 ) (1,147 ) 1,257 Management fee income 375 — — Forfeiture of advances from customers — — 432 Others 178 65 152 Total 791 (1,082 ) 1,841 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Disclosure of Current and Deferred Portions of Income Tax Expense | The current and deferred portions of income tax expense included in the consolidated statements of comprehensive loss are as follows: For the years ended December 31, 2015 2016 2017 Current income tax expense 737 1,283 1,262 Deferred tax benefits (1,292 ) (1,061 ) (714 ) Income tax (benefit)/expense (555 ) 222 548 |
Disclosure of Deferred Tax Assets and Liabilities | Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2016 and 2017 are as follows: As of December 31, 2016 2017 Deferred tax assets Tax losses carried forward 6,838 7,573 Share-based payments 682 850 Less: Valuation allowance (Note (a)) (6,838 ) (7,573 ) 682 850 Deferred tax liabilities Acquired intangible assets (3,677 ) (2,638 ) Outside basis difference (Note (b)) — (486 ) Others (28 ) (35 ) (3,705 ) (3,159 ) Note: (a) Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating loss carryforwards because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. (b) The deferred tax liabilities are recorded for the undistributed earnings in the Group’s VIE and its subsidiary. |
Disclosure of Movement of Valuation Allowance | Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating loss carryforwards because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. Movement of valuation allowance is as follows: For the years ended December 31, 2016 2017 Beginning balance 5,804 6,838 Additions 1,034 735 Ending balance 6,838 7,573 |
Disclosure of Operating Tax Loss Carry Forwards Expiring Years | As of December 31, 2016 and 2017, the Group had tax loss carryforwards of approximately US$28,201 and US$31,745, respectively, which can be carried forward to offset future taxable income. The net operating tax loss carryforwards will begin to expire as follows: As of December 31, 2016 2017 2017 1,993 — 2018 1,630 1,717 2019 1,709 1,542 2020 12,344 7,235 2021 8,025 8,226 2022 — 8,751 Tax loss with no expiry 2,500 4,274 28,201 31,745 |
Disclosure of Reconciliation Between Expense of Income Taxes | Reconciliation between the expense of income taxes computed by applying the statutory tax rate to loss before income taxes and the actual provision for income taxes is as follows: For the years ended December 31, 2015 2016 2017 Tax benefit calculated at Hong Kong statutory tax rate (Note i) (6,553 ) (4,509 ) (3,972 ) Effect of differences between Hong Kong statutory tax rate and foreign effective tax rates (527 ) 213 (1,172 ) Non-taxable (448 ) (738 ) (275 ) Non-deductible 4,684 4,208 4,861 Valuation allowance 2,342 1,034 735 Outside basis difference — — 486 Others (53 ) 14 (115 ) Income tax (benefit)/expense (555 ) 222 548 Note: (i) The Group’s major operation, prior to the acquisition of OptAim, was conducted out of Hong Kong. Accordingly, the Group prepared its tax rate reconciliation starting with the Hong Kong statutory tax rate. |
Basic and diluted net loss pe51
Basic and diluted net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share for the years ended December 31, 2015, 2016 and 2017 are calculated as follows: For the years ended December 31, 2015 2016 2017 Numerator: Net loss attributable to ordinary shareholders of the Company (39,714 ) (27,330 ) (24,619 ) Accretion of convertible redeemable preferred shares redemption value (2,692 ) (773 ) (1,662 ) Accretion to redeemable ordinary shares redemption value (1,982 ) (1,556 ) (3,650 ) Deemed contribution from Series B-1 2,591 — — Numerator of basic net loss per share (41,797 ) (29,659 ) (29,931 ) Denominator: Denominator for basic and diluted net loss per share - weighted average shares outstanding 11,661,049 13,151,063 13,931,503 Basic net loss per share (3.58 ) (2.26 ) (2.15 ) Diluted net loss per share (3.58 ) (2.26 ) (2.15 ) |
Computation of Diluted Net Loss Per Ordinary Share | The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect: As of December 31, 2015 2016 2017 Preferred shares - weighted average (thousands) 8,458 8,469 — Share options - weighted average (thousands) 1,194 1,091 1,071 Redeemable ordinary shares - weighted average (thousands) 742 742 — |
Segment (Tables)
Segment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Revenue Generated for the Respective Countries | Revenue generated for the respective countries are summarized as follows: For the years ended December 31, 2015 2016 2017 PRC 30,505 71,214 105,380 Hong Kong 34,442 22,766 18,287 Others 295 1,377 1,591 65,242 95,357 125,258 |
Summary of Long-Lived Assets | The Group’s long-lived assets are located in the following countries: As of December 31, 2016 2017 PRC 1,666 858 Hong Kong 637 300 Others 15 7 2,318 1,165 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Operating Leases for Office Rental | As of December 31, 2017, future minimum payments under non-cancellable 2018 1,796 2019 66 1,862 |
Additional Information_ Conde54
Additional Information: Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Condensed Balance Sheets | CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2016 AND 2017 (US$’000, except share data and per share data, or otherwise noted) As of December 31, 2016 2017 Assets Current assets Cash and cash equivalents 12,005 6,440 Amounts due from subsidiaries and VIEs 47,006 74,193 Other assets 15 1,194 Total current assets 59,026 81,827 Non-current Investments in subsidiaries and VIEs 45,050 41,407 Total assets 104,076 123,234 Liabilities, mezzanine equity and shareholders’ (deficit)/equity Current liabilities Accrued liabilities and other current liabilities 1,012 3,250 Derivative liabilities 60,525 — Amounts due to subsidiaries and VIEs 2,109 — Total current liabilities 63,646 3,250 Non-current Derivative liabilities 359 — Total non-current 359 — Total liabilities 64,005 3,250 Commitments and contingencies — — As of December 31, 2016 2017 Mezzanine equity Series A convertible redeemable preferred shares (US$0.001 par value; 2,500,000 shares authorized as of December 31, 2016; 2,476,190 shares issued and outstanding as of December 31, 2016; redemption amount of US$6,737 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 5,597 — Series B convertible redeemable preferred shares (US$0.001 par value; 3,000,000 shares authorized as of December 31, 2016; 1,889,249 shares issued and outstanding as of December 31, 2016; redemption amount of US$14,625 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 9,807 — Series C convertible redeemable preferred shares (US$0.001 par value; 1,650,000 shares authorized as of December 31, 2016; 1,599,186 shares issued and outstanding as of December 31, 2016; redemption amount of US$22,288 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 10,733 — Series D convertible redeemable preferred shares (US$0.001 par value; 4,500,000 shares authorized as of December 31, 2016; 2,493,018 shares issued and outstanding as of December 31, 2016; redemption amount of US$58,874 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 43,956 — Series E convertible redeemable preferred shares (US$0.001 par value; 1,200,000 shares authorized as of December 31, 2016; 1,068,114 shares issued and outstanding as of December 31, 2016; redemption amount of US$20,000 as of December 31, 2016; none issued and outstanding as of December 31, 2017) 18,845 — Redeemable ordinary shares (US$0.001 par value; 742,320 shares issued and outstanding as of December 31, 2016; none issued and outstanding as of December 31, 2017) 15,445 — Total mezzanine equity 104,383 — Shareholders’ (deficit)/equity Ordinary shares 14 26 Treasury shares (2,468 ) (2,093 ) Other shareholders’ (deficit)/equity (61,858 ) 122,051 Total shareholders’ (deficit)/equity (64,312 ) 119,984 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 104,076 123,234 |
Summary of Condensed Statements of Comprehensive Loss | CONDENSED STATEMENTS OF COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017 (US$’000, except share data and per share data, or otherwise noted) For the years ended December 31, 2015 2016 2017 Operating expenses General and administrative expenses (7,455 ) (21,655 ) (6,928 ) Total operating expenses (7,455 ) (21,655 ) (6,928 ) Operating loss Other gains, net 101 145 (116 ) Fair value (loss)/gain on derivative liabilities (19,390 ) 3,995 (10,190 ) Loss from subsidiaries and VIEs (12,970 ) (9,815 ) (7,385 ) Loss before income tax expense (39,714 ) (27,330 ) (24,619 ) Income tax expense — — — Net loss (39,714 ) (27,330 ) (24,619 ) Accretion to convertible redeemable preferred shares redemption value (2,692 ) (773 ) (1,662 ) Accretion to redeemable ordinary shares redemption value (1,982 ) (1,556 ) (3,650 ) Net loss attributable to iClick Interactive Asia Group Limited’s ordinary shareholders (44,388 ) (29,659 ) (29,931 ) Net loss (39,714 ) (27,330 ) (24,619 ) Other comprehensive loss: Foreign currency translation adjustment, net of tax (129 ) (139 ) (79 ) Comprehensive loss attributable to iClick Interactive Asia Group Limited (39,843 ) (27,469 ) (24,698 ) |
Summary of Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017 For the years ended December 31, 2015 2016 2017 Cash flows from operating activities: Net cash used in operating activities (86,738 ) (8,083 ) (34,030 ) Cash flows from financing activities: Proceeds from issuance of Series E convertible redeemable preferred shares — 20,000 — Proceeds from exercise of share options 284 171 60 Net proceeds from issuance of ordinary shares upon IPO — — 28,405 Others 2,210 — — Net cash from financing activities 2,494 20,171 28,465 Net (decrease)/increase in cash and cash equivalents (84,244 ) 12,088 (5,565 ) |
Organization and Principal Ac55
Organization and Principal Activities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | Nov. 30, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Total assets | $ 188,822 | $ 169,640 | |||||
Total Liabilities | 68,838 | 129,569 | |||||
American Depositary Shares [Member] | IPO [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Sale of stock, number of shares issued in transaction | 4,312,500 | ||||||
Sale of stock, price per share | $ 0.5 | ||||||
Net proceeds received after deducting commissions and offering expenses | $ 28,405 | ||||||
OptAim VIE [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Total assets | 7,867 | 27,135 | |||||
Total Liabilities | 6,819 | 12,310 | |||||
Registered capital and statutory reserve | $ 2,081 | $ 2,081 | |||||
Buzzinate Company Limited [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Equity interest acquired | 66.70% | 42.90% | 33.30% | 33.30% |
Organization and Principal Ac56
Organization and Principal Activities - Summary of Subsidiaries of Company and Consolidated Variable Interest Entities (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 21, 2017 | |
Digital Marketing Group Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2006-10 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Dormant | |
Tetris Media Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2007-07 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Internet marketing services and solutions | |
iClick Interactive Asia Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2008-12 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Internet marketing services and solutions | |
Optimix Media Asia Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2009-03 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Investment holding | |
China Search Asia Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2010-09 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Internet marketing services and solutions | |
Diablo Holdings Corporation [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2010-08 | |
Place of incorporation/ establishment | British Virgin Islands ("BVI") | |
Principal activities | Investment holding | |
Harmattan Capital Holdings Corporation [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2010-08 | |
Place of incorporation/ establishment | BVI | |
Principal activities | Investment holding | |
iClick Interactive Singapore Pte Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2011-01 | |
Place of incorporation/ establishment | Singapore | |
Principal activities | Internet marketing services and solutions | |
iClick Interactive Beijing Advertisement Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2011-01 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Search Asia Technology Shenzhen Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2011-01 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
iClick Interactive Taiwan Limited Taiwan Branch [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2011-09 | |
Place of incorporation/ establishment | Taiwan | |
Principal activities | Internet marketing services and solutions | |
Performance Media Group Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2013-01 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Internet marketing services and solutions | |
Tetris Media Shanghai Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2013-07 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Buzzinate Company Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2009-03 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Technology development | |
Buzzinate Shanghai Information Technology Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2009-07 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Technology development service | |
OptAim Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2014-07 | |
Place of incorporation/ establishment | Cayman Islands | |
Principal activities | Investment holding | |
OptAim HK Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2014-07 | |
Place of incorporation/ establishment | Hong Kong | |
Principal activities | Investment holding | |
OptAim Beijing Information Technology Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2014-11 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Anhui Zhiyunzhong Information Technology Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2017-11 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Beijing OptAim Network Technology Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2012-09 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Zhiyunzhong Shanghai Technology Co Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2014-09 | |
Place of incorporation/ establishment | The PRC | |
Principal activities | Internet marketing services and solutions | |
Arda Holdings Limited [Member] | ||
Noncontrolling Interest [Line Items] | ||
% of direct or indirect economic ownership | 100.00% | |
Date of incorporation | 2010-05 | |
Place of incorporation/ establishment | BVI | |
Principal activities | To hold treasury shares |
Principal Accounting Policies -
Principal Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($)Segment | Jul. 31, 2015 | Feb. 13, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Impairments of assets | $ 0 | $ 0 | $ 0 | ||||
Restricted cash | 0 | 5,234,000 | |||||
Equity method investment | 0 | 0 | |||||
Goodwill impairment losses recognized | 0 | 0 | 0 | ||||
Capitalized costs related to internal use software | 0 | 0 | |||||
Research and development expenses | 5,778,000 | 8,584,000 | 8,106,000 | ||||
General and administrative expenses | $ 12,983,000 | $ 26,767,000 | $ 12,745,000 | ||||
Percentage of after tax net income transferred to statutory general reserve | 10.00% | 10.00% | 10.00% | ||||
Statutory general reserve as percent of registered capital | 50.00% | 50.00% | 50.00% | ||||
Dividends declared | $ 0 | $ 0 | $ 0 | ||||
Number of operating segments | Segment | 1 | 1 | 1 | ||||
Number of reportable segments | Segment | 1 | 1 | 1 | ||||
Cost of revenues | $ 95,733,000 | $ 61,048,000 | $ 34,531,000 | ||||
Sales and marketing expenses [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Advertising expenses | 1,727,000 | 1,246,000 | $ 1,764,000 | ||||
ASU 2014-09 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Cost of revenues | $ 2,236,000 | 2,568,000 | |||||
ASU 2015-17 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Deferred tax liabilities, current | $ 1,067,000 | ||||||
OptAim Limited [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Remaining equity interest purchased | 100.00% | ||||||
VAT rate | 6.00% | ||||||
Buzzinate Company Limited [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Purchase of equity interest by exercising option | 57.10% | ||||||
Remaining equity interest purchased | 66.70% | 42.90% | 33.30% | 33.30% | |||
Equity method investment | $ 495,000 | $ 533,000 |
Principal Accounting Policies58
Principal Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful lives | Over the shorter of lease term or 2 - 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful lives | 2 years |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful lives | 3 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful lives | 5 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, useful lives | 5 years |
Principal Accounting Policies59
Principal Accounting Policies - Summary of Estimated Useful Lives of Intangible Assets (Detail) - Computer Software [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible asset useful life | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible asset useful life | 5 years |
Certain Risks and Concentrati60
Certain Risks and Concentration - Schedule of Financial Information of VIEs and its subsidiary Excluding Intercompany Items with Company's Subsidiaries (Consolidated Balance Sheets) (Detail) - OptAim VIE [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 1,585 | $ 1,046 |
Accounts receivable, net | 5,553 | 8,129 |
Other current assets | 552 | 17,761 |
Total current assets | 7,690 | 26,936 |
Non-current assets | ||
Property and equipment, net | 14 | 36 |
Other non-current assets | 163 | 163 |
Total non-current assets | 177 | 199 |
Total assets | 7,867 | 27,135 |
Current liabilities | ||
Accounts payable | 29 | 28 |
Deferred revenue | 5,986 | 11,878 |
Accrued liabilities and other current liabilities | 804 | 404 |
Total current liabilities | 6,819 | 12,310 |
Total liabilities | $ 6,819 | $ 12,310 |
Certain Risks and Concentrati61
Certain Risks and Concentration - Schedule of Financial Information of VIEs and its subsidiary Excluding Intercompany Items with Company's Subsidiaries (Consolidated Statements of Comprehensive Loss) (Detail) - OptAim VIE [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||
Net revenues | $ 25,302 | $ 52,215 | $ 11,653 |
Net (loss)/profit | $ 1,646 | $ (322) | $ (172) |
Certain Risks and Concentrati62
Certain Risks and Concentration - Schedule of Financial Information of VIEs and its subsidiary Excluding Intercompany Items with Company's Subsidiaries (Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | $ (13,881) | $ (3,907) | $ (9,797) |
Net cash used in investing activities | (19,931) | (3,710) | (18,095) |
OptAim VIE [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash (used in)/provided by operating activities | 539 | 1,043 | (1,144) |
Net cash used in investing activities | 0 | (3) | (19) |
Net (decrease)/increase in cash and cash equivalents | $ 539 | $ 1,040 | $ (1,163) |
Certain Risks and Concentrati63
Certain Risks and Concentration - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 19,401 | $ 27,280 |
Restricted cash | 5,234 | |
Time deposit | 25,000 | 0 |
Bank borrowings | 10,486 | 12,982 |
Derivative liabilities | 0 | 60,525 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 19,401 | 27,280 |
Restricted cash | 5,234 | |
Time deposit | 25,000 | |
Bank borrowings | 0 | 0 |
Derivative liabilities | 0 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | |
Time deposit | 0 | |
Bank borrowings | 10,486 | 12,982 |
Derivative liabilities | 0 | |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | |
Time deposit | 0 | |
Bank borrowings | $ 0 | 0 |
Derivative liabilities | $ 60,525 |
Certain Risks and Concentrati64
Certain Risks and Concentration - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Revenues [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of customers with revenues greater than 10% | 0 | 2 | 0 |
Net Revenues [Member] | Customer One [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 18.00% | ||
Net Revenues [Member] | Customer Two [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 11.00% | ||
Accounts Receivable [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of customers with more than 10% of consolidated accounts receivable | 0 | 0 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Concentration risk percentage | 42.00% | 39.00% |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) | Jul. 31, 2015 | Feb. 13, 2015 | Jul. 31, 2015 | Nov. 30, 2014 | Feb. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||
Estimated weighted average cost of capital | 18.30% | |||||||
Adjustment on cash consideration | $ 0 | |||||||
OptAim Limited [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interest acquired | 100.00% | 100.00% | ||||||
Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 3.00% | |||||||
Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 19.00% | |||||||
Buzzinate Company Limited [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interest acquired | 42.90% | 33.30% | 42.90% | 66.70% | 33.30% | |||
Cash consideration paid for equity method investment | $ 250,000 | $ 750,000 | ||||||
Subsequent purchase of equity interest by exercising option | 57.10% | 57.10% | ||||||
Equity consideration paid | 142,151 | |||||||
Equity consideration paid amount | $ 2,027,000 | |||||||
Estimated terminal growth rate | 3.00% | |||||||
Estimated weighted average cost of capital | 18.60% | |||||||
Fair value measurements, valuation technique | Discounted cash flow | |||||||
Total purchase consideration | $ 3,277,000 | |||||||
Cash consideration | 1,250,000 | |||||||
Ordinary shares of the Company | $ 2,027,000 | |||||||
Buzzinate Company Limited [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value inputs, discount rate | 19.60% | |||||||
Buzzinate Company Limited [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 3.00% | |||||||
Buzzinate Company Limited [Member] | Minimum [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 3.00% | |||||||
Fair value measurements, valuation technique | Income approach | |||||||
Buzzinate Company Limited [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 10.00% | |||||||
Percentage of net revenue and net loss of acquired entities | 5.00% | |||||||
Buzzinate Company Limited [Member] | Maximum [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 10.00% | |||||||
OptAim Limited [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated terminal growth rate | 3.00% | |||||||
Estimated weighted average cost of capital | 16.10% | |||||||
Fair value measurements, valuation technique | Discounted cash flow | |||||||
Total purchase consideration | $ 67,620,000 | |||||||
Cash consideration | $ 15,976,000 | |||||||
Ordinary shares of the Company, number of shares | 2,535,091 | |||||||
Ordinary shares of the Company | $ 50,843,000 | |||||||
Fair value of replacement awards attributable to pre-acquisition services | $ 801,000 | |||||||
OptAim Limited [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value measurements, valuation technique | Income approach | |||||||
Fair value inputs, discount rate | 20.60% | |||||||
OptAim Limited [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 1.00% | |||||||
OptAim Limited [Member] | Minimum [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 3.00% | |||||||
OptAim Limited [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 4.00% | |||||||
OptAim Limited [Member] | Maximum [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Growth rate on average spending per customer | 8.00% |
Business Acquisition - Schedule
Business Acquisition - Schedule of Movement of Carrying Value of Equity Method Investment (Detail) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Feb. 13, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsidiary or Equity Method Investee [Line Items] | ||||
Balance at beginning of the period | $ 0 | |||
Share of loss of equity investee for the period | 0 | $ 0 | $ 38,000 | |
Balance at end of the period | 0 | 0 | ||
Fair value gain on re-measurement of equity investee | $ 0 | $ 0 | (1,161,000) | |
Buzzinate Company Limited [Member] | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Balance at beginning of the period | $ 533,000 | $ 533,000 | ||
Share of loss of equity investee for the period | (38,000) | |||
Balance at end of the period | 495,000 | |||
Fair value gain on re-measurement of equity investee | 1,161,000 | |||
Equity method investment, fair value | $ 1,656,000 |
Business Acquisition - Schedu67
Business Acquisition - Schedule of Fair value of Consideration Transferred (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended |
Jul. 31, 2015 | Feb. 13, 2015 | |
Buzzinate Company Limited [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 1,250 | |
Ordinary shares of the Company | 2,027 | |
Total | 3,277 | |
Fair value of previously held interest in Buzzinate | $ 1,656 | |
OptAim Limited [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 15,976 | |
Ordinary shares of the Company | 50,843 | |
Fair value of replacement awards attributable to pre-acquisition services | 801 | |
Total | $ 67,620 |
Business Acquisition - Schedu68
Business Acquisition - Schedule of Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2015 | Feb. 13, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 48,496 | $ 48,496 | ||
Buzzinate Company Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 1,439 | |||
Other current assets | 207 | |||
Property and equipment | 375 | |||
Intangible asset | 644 | |||
Current liabilities | (529) | |||
Deferred tax liabilities | (161) | |||
Total identifiable net assets acquired | 1,975 | |||
Goodwill | 2,958 | |||
Total purchase consideration, net of cash acquired | $ 3,494 | |||
OptAim Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 1,301 | |||
Other current assets | 13,193 | |||
Property and equipment | 84 | |||
Intangible asset | 20,100 | |||
Current liabilities | (7,571) | |||
Deferred tax liabilities | (5,025) | |||
Total identifiable net assets acquired | 22,082 | |||
Goodwill | 45,538 | |||
Total purchase consideration, net of cash acquired | $ 50,343 |
Business Acquisition - Schedu69
Business Acquisition - Schedule of Estimated Amounts Recognized on Acquired Identifiable Intangible Asset and its Estimated Useful Life (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Jul. 31, 2015 | Feb. 13, 2015 | |
Buzzinate Company Limited [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 644 | ||
OptAim Limited [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 20,100 | ||
Computer Software [Member] | Buzzinate Company Limited [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Gross carrying amount | $ 644 | ||
Computer Software [Member] | OptAim Limited [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Gross carrying amount | $ 20,100 |
Business Acquisition - Schedu70
Business Acquisition - Schedule of Unaudited Pro Forma Operating Results (Detail) - OptAim Limited [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Net revenues | $ | $ 69,025 |
Net loss | $ | $ (39,688) |
Pro forma basic net loss per share | $ / shares | $ (3.80) |
Pro forma diluted net loss per share | $ / shares | $ (3.80) |
Cash and Cash Equivalents and71
Cash and Cash Equivalents and Time Deposit - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | ||
Time deposit | $ 25,000 | $ 0 |
Maturity of time deposit | 3 months 6 days |
Cash and Cash Equivalents and72
Cash and Cash Equivalents and Time Deposit - Schedule of Cash on Hand and Cash Held at Bank (Detail) € in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017EUR (€) | Dec. 31, 2017HKD ($) | Dec. 31, 2017SGD ($) | Dec. 31, 2017TWD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016EUR (€) | Dec. 31, 2016HKD ($) | Dec. 31, 2016SGD ($) | Dec. 31, 2016TWD ($) |
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | $ 44,401 | ¥ 50,600 | € 106 | $ 18,099 | $ 432 | $ 7,014 | $ 27,280 | ¥ 67,697 | € 125 | $ 15,666 | $ 235 | $ 2,855 |
RMB [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 7,694 | 9,771 | ||||||||||
HK$ [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 2,332 | 2,019 | ||||||||||
US$ [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 33,639 | 15,064 | ||||||||||
SGD (Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 323 | 165 | ||||||||||
TWD [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 235 | 88 | ||||||||||
Euro [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 126 | 133 | ||||||||||
Other Currency [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | 52 | 40 | ||||||||||
Other Currency [Member] | Other Foreign Country [Member] | ||||||||||||
Cash and Cash Equivalents [Line Items] | ||||||||||||
Cash and cash equivalents and time deposits | $ 67 | $ 292 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||
Restricted cash | $ 0 | $ 5,234 |
Restricted cash deposit bank rate | 0.05% |
Accounts Receivables, Net - Sum
Accounts Receivables, Net - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable, Net, Current [Abstract] | |||
Accounts receivable, gross | $ 42,276 | $ 32,387 | |
Less: allowance for doubtful accounts | (1,478) | (1,693) | $ (1,733) |
Accounts receivable, net | $ 40,798 | $ 30,694 |
Accounts Receivables, Net - S75
Accounts Receivables, Net - Summary of Movement in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for doubtful accounts receivable | |||
Balance at the beginning of year | $ 1,693 | $ 1,733 | |
Additions for the year | 910 | 99 | $ 1,886 |
Recoveries | (40) | 0 | (185) |
Accounts receivable written off | (1,134) | (99) | |
Exchange differences | 49 | (40) | |
Balance at the end of year | $ 1,478 | $ 1,693 | $ 1,733 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Deposits | $ 2,248 | $ 2,202 |
Prepayments | 266 | 417 |
VAT receivable | 379 | 372 |
Others | 214 | 64 |
Other assets, Current | 3,107 | 3,055 |
Non-current | ||
Prepayment for acquisition of fixed assets | 0 | 122 |
Rental deposits | 284 | 249 |
Other assets, Non-current | $ 284 | $ 371 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,177 | $ 7,029 |
Less: Accumulated depreciation | (5,882) | (4,519) |
Exchange differences | (130) | (192) |
Property and equipment, net | 1,165 | 2,318 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,661 | 4,629 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,763 | 1,653 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 753 | $ 747 |
Property and Equipment, Net -78
Property and Equipment, Net - Summary of Depreciation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 1,363 | $ 1,512 | $ 1,138 |
Cost of Revenues [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 6 | 11 | 9 |
Research and development expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 108 | 199 | 161 |
Sales and marketing expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 582 | 838 | 662 |
General and administrative expenses [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 667 | $ 464 | $ 306 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Cost: Computer software | $ 21,593 | $ 21,576 |
Less: Accumulated amortization Computer software | (10,994) | (6,773) |
Exchange differences | 1 | 1 |
Intangible assets, net | $ 10,600 | $ 14,804 |
Intangible Assets, Net - Summ80
Intangible Assets, Net - Summary of Amortization Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 4,221 | $ 4,312 | $ 2,043 |
Cost of Revenues [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 4,147 | 4,149 | 1,874 |
Research and development expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 3 | 28 | 30 |
Sales and marketing expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 17 | 19 | 16 |
General and administrative expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 54 | $ 116 | $ 123 |
Intangible Assets, Net - Summ81
Intangible Assets, Net - Summary of Estimated Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 4,168 | |
2,019 | 4,149 | |
2,020 | 2,283 | |
2,021 | 0 | |
2,022 | 0 | |
Intangible assets, net | $ 10,600 | $ 14,804 |
Goodwill - Summary of Movements
Goodwill - Summary of Movements on Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 48,496 | $ 48,496 |
Buzzinate Company Limited [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2,958 | 2,958 |
OptAim Limited [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 45,538 | $ 45,538 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Reporting_Unit | Dec. 31, 2016USD ($)Reporting_Unit | Dec. 31, 2015USD ($)Reporting_Unit | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $ | $ 0 | $ 0 | $ 0 |
Number of reporting unit | Reporting_Unit | 1 | 1 | 1 |
Deferred Revenue - Summary of D
Deferred Revenue - Summary of Deferred Revenue (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue [Abstract] | ||
Deferred revenue, current | $ 33,037 | $ 25,697 |
Accrued Liabilities and Other85
Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Rebates payable to customers | $ 3,257 | $ 5,214 |
VAT and other taxes payable | 2,659 | 1,679 |
Security deposit received from customers | 686 | 772 |
Accrued employee benefits | 2,741 | 3,257 |
Accrued professional fees | 4,167 | 1,544 |
Accrued marketing and hosting expense | 1,831 | 1,424 |
Others | 788 | 1,201 |
Accrued liabilities and other current liabilities | $ 16,129 | $ 15,091 |
Bank Borrowings - Summary of Ba
Bank Borrowings - Summary of Bank Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Bank borrowings | $ 10,486 | $ 12,982 |
1-Year Revolving Loan Denominated in RMB [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | 7,603 | 4,330 |
1-Year Revolving Loan Denominated in US$ [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | 2,800 | 2,950 |
2-Year Demand Loan Agreement Denominated in US$ [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | 83 | 1,083 |
6-Month Revolving Loan Denominated in RMB [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | $ 0 | 1,444 |
Loan repayment date | Jan. 13, 2017 | |
1-Year Revolving Loan Denominated in RMB [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | $ 0 | 1,732 |
Debt instrument maturity date | Jul. 28, 2017 | |
3-Month Loan Denominated in RMB [Member] | ||
Debt Instrument [Line Items] | ||
Bank borrowings | $ 0 | $ 1,443 |
Debt instrument maturity date | Feb. 14, 2017 |
Bank Borrowings - Summary of 87
Bank Borrowings - Summary of Bank Borrowings (Parenthetical) (Detail) | Dec. 21, 2016USD ($) | Dec. 19, 2016USD ($) | Nov. 14, 2016USD ($) | Jul. 28, 2016USD ($) | May 20, 2016CNY (¥) | Jan. 20, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017CNY (¥) | Mar. 31, 2017USD ($) | Mar. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 19, 2016CNY (¥) | Nov. 14, 2016CNY (¥) | Jul. 28, 2016CNY (¥) |
1-Year Revolving Loan Denominated in RMB [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 1 year | 1 year | |||||||||||||
Loan amount | $ 4,330,000 | $ 7,603,000 | ¥ 50,000,000 | ¥ 30,000,000 | |||||||||||
Loan facility interest rate, description | The interest rate of this loan facility was the benchmark interest rate determined by the People's Bank of China for loans over one year granted by financial institutions plus 1.65% per annum. | ||||||||||||||
1-Year Revolving Loan Denominated in RMB [Member] | People's Bank of China Interest Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.65% | 1.65% | |||||||||||||
1-Year Revolving Loan Denominated in US$ [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 1 year | ||||||||||||||
Loan amount | $ 3,000,000 | ||||||||||||||
Loan amount utilized | $ 2,800,000 | $ 2,950,000 | |||||||||||||
Loan facility interest rate, description | The interest rate of this short-term loan facility was determined by three-month LIBOR plus 5.75% and three-month LIBOR plus 5.55% for the years ended December 31, 2016 and 2017. | ||||||||||||||
1-Year Revolving Loan Denominated in US$ [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 5.55% | 5.75% | |||||||||||||
2-Year Demand Loan Agreement Denominated in US$ [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 2 years | ||||||||||||||
Loan amount | $ 2,000,000 | ||||||||||||||
Loan amount utilized | $ 1,083,000 | $ 83,000 | |||||||||||||
Loan facility interest rate, description | The interest rate of this loan was the benchmark interest rate determined by three-month LIBOR plus 7.00% per annum. | ||||||||||||||
2-Year Demand Loan Agreement Denominated in US$ [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 7.00% | ||||||||||||||
6-Month Revolving Loan Denominated in RMB [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 6 months | ||||||||||||||
Loan amount | ¥ | ¥ 20,000,000 | ||||||||||||||
Loan amount utilized | 1,444,000 | ¥ 10,000,000 | |||||||||||||
Loan facility interest rate, description | The interest rate of this loan facility was the benchmark interest rate determined by the People's Bank of China for loans over six months granted by financial institutions plus 20.0% per annum. | ||||||||||||||
Restricted cash as required by loan agreement | 1,568,000 | ||||||||||||||
6-Month Revolving Loan Denominated in RMB [Member] | People's Bank of China Interest Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 20.00% | ||||||||||||||
1-Year Revolving Loan Denominated in RMB [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 1 year | ||||||||||||||
Loan amount | $ 1,732,000 | ¥ 12,000,000 | |||||||||||||
Loan facility interest rate, description | The interest rate of this loan facility was the benchmark interest rate determined by the People's Bank of China for loans over one year granted by financial institutions plus 0.435% per annum. | ||||||||||||||
Restricted cash as required by loan agreement | 2,000,000 | ||||||||||||||
1-Year Revolving Loan Denominated in RMB [Member] | People's Bank of China Interest Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.435% | ||||||||||||||
3-Month Loan Denominated in RMB [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity term | 3 months | ||||||||||||||
Loan amount | $ 1,443,000 | ¥ 10,000,000 | |||||||||||||
Loan facility interest rate, description | The interest rate of this loan facility was the benchmark interest rate determined by the People's Bank of China for loans over three months granted by financial institutions plus 0.435% per annum | ||||||||||||||
Restricted cash as required by loan agreement | $ 1,666,000 | ||||||||||||||
3-Month Loan Denominated in RMB [Member] | People's Bank of China Interest Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 0.435% | ||||||||||||||
RMB 18 Months Revolving Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loan amount | $ 4,300,000 | ¥ 30,000,000 | |||||||||||||
Debt instrument, fixed instrument | 5.75% | 5.75% |
Bank Borrowings - Additional In
Bank Borrowings - Additional Information (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Weighted average interest rate for bank loans outstanding | 6.33% | 5.99% |
Redeemable Convertible Prefer89
Redeemable Convertible Preferred Shares - Additional Information (Detail) - USD ($) | Dec. 28, 2016 | Sep. 24, 2015 | Dec. 30, 2014 | Dec. 16, 2013 | May 16, 2011 | Feb. 21, 2011 | Sep. 29, 2010 | Feb. 17, 2010 | Dec. 31, 2017 | May 31, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Temporary Equity [Line Items] | ||||||||||||||
Consideration paid for share repurchase | $ 0 | $ 0 | $ 11,581,000 | |||||||||||
Excess of purchase price over carrying value | 2,591,000 | |||||||||||||
Voting rights | The holders of the Series A, B, C, D and E preferred shares shall be entitled to such number of votes equal to the whole number of ordinary shares into which such Series A, B, C, D and E preferred shares are convertible. | |||||||||||||
Amount charged to additional paid-in capital as a deemed dividend | $ 0 | 0 | 0 | |||||||||||
Maximum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidating transaction, valuation of the company on fully diluted basis | 550,000 | |||||||||||||
Maximum [Member] | Equity valuation of the Group of US$250,000 or higher, but lower than US$300,000 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Equity threshold limit for liquidation | 300,000 | |||||||||||||
Minimum [Member] | Equity valuation of the Group of US$300,000 or higher [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Equity threshold limit for liquidation | 300,000 | |||||||||||||
Minimum [Member] | Equity valuation of the Group of US$250,000 or higher, but lower than US$300,000 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Equity threshold limit for liquidation | $ 250,000 | |||||||||||||
Ordinary shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity, shares issued | 2,156,250 | |||||||||||||
Conversion of preferred shares to Class A ordinary shares | (10,268,077) | |||||||||||||
Additional shares required to be issued because anti-dilution provision is triggered | 100,452 | |||||||||||||
Amount charged to additional paid-in capital as a deemed dividend | $ 421,000 | |||||||||||||
Ordinary shares [Member] | Mr. Cong and Mr. Liu [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Ordinary shares issued in exchange for services | 457,611 | |||||||||||||
IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity, shares issued | 2,156,250 | |||||||||||||
Conversion of preferred shares to Class A ordinary shares | (10,268,077) | (742,320) | ||||||||||||
Series A preferred shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 1,200,000 | |||||||||||||
Temporary equity, shares issued | 1,142,857 | |||||||||||||
Temporary equity issued, price per share | $ 1.05 | |||||||||||||
Warrants issued | 342,857 | |||||||||||||
Warrants issued, price per share | $ 1.05 | |||||||||||||
Warrant term | 1 year | |||||||||||||
Dividend percentage | 8.00% | |||||||||||||
Liquidation preference, percentage | 200.00% | |||||||||||||
Ordinary share each share of preferred shares can be converted into | 1 | 1 | ||||||||||||
Series A preferred shares [Member] | Prior to or on December 28, 2017 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 110.00% | |||||||||||||
Series A-1 preferred shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 800,000 | |||||||||||||
Warrants issued | 228,571 | |||||||||||||
Warrants issued, price per share | $ 1.05 | |||||||||||||
Option granted | 761,905 | |||||||||||||
Option granted, exercise price | $ 1.05 | |||||||||||||
Series B preferred shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 7,000,000 | |||||||||||||
Temporary equity, shares issued | 1,266,667 | |||||||||||||
Temporary equity issued, price per share | $ 5.53 | |||||||||||||
Warrants issued | 542,858 | |||||||||||||
Warrants issued, price per share | $ 5.53 | |||||||||||||
Dividend percentage | 8.00% | |||||||||||||
Liquidation preference, percentage | 150.00% | |||||||||||||
Ordinary share each share of preferred shares can be converted into | 1 | 1 | ||||||||||||
Additional shares required to be issued because anti-dilution provision is triggered | 55,807 | |||||||||||||
Amount charged to additional paid-in capital as a deemed dividend | $ 320,000 | |||||||||||||
Series B preferred shares [Member] | Prior to or on December 28, 2017 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 110.00% | |||||||||||||
Series B-1 preferred shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 4,285,000 | |||||||||||||
Temporary equity, shares issued | 723,808 | |||||||||||||
Temporary equity issued, price per share | $ 5.92 | |||||||||||||
Number of shares repurchased | 723,808 | |||||||||||||
Consideration paid for share repurchase | $ 11,581,000 | |||||||||||||
Price per share, fair value | $ 19.58 | |||||||||||||
Repurchase price share | $ 16 | |||||||||||||
Excess of purchase price over carrying value | $ 2,591,000 | |||||||||||||
Series C Redeemable Convertible Preferred Shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity, shares issued | 1,599,186 | |||||||||||||
Temporary equity issued, price per share | $ 8.13 | |||||||||||||
Temporary equity issued, total cash consideration | $ 13,000,000 | |||||||||||||
Ordinary share each share of preferred shares can be converted into | 1 | 1 | ||||||||||||
Series D Redeemable Convertible Preferred Shares [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 48,000,000 | |||||||||||||
Temporary equity, shares issued | 2,493,018 | |||||||||||||
Temporary equity issued, price per share | $ 19.25 | |||||||||||||
Obligation to issue additional shares, description of terms | The Company was also obligated to issue additional Series D preferred shares to Investor D at no consideration, the total number of which is based on a formula stipulated in the agreement, if the gross billing of the Group as defined in the Series D Agreement for the year ended December 31, 2016 is less than US$85,000. | |||||||||||||
Fair value of obligation to issue additional shares at no consideration | 0 | |||||||||||||
Dividend percentage | 8.00% | |||||||||||||
Liquidation preference, percentage | 150.00% | |||||||||||||
Ordinary share each share of preferred shares can be converted into | 1 | 1 | ||||||||||||
Series D Redeemable Convertible Preferred Shares [Member] | Prior to or on December 28, 2017 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 110.00% | |||||||||||||
Series E Redeemable Convertible Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 20,000,000 | |||||||||||||
Temporary equity, shares issued | 1,068,114 | |||||||||||||
Temporary equity issued, price per share | $ 18.72 | |||||||||||||
Temporary equity issued, total cash consideration | $ 0 | 18,845,000 | ||||||||||||
Dividend percentage | 8.00% | |||||||||||||
Liquidation preference, percentage | 120.00% | |||||||||||||
Ordinary share each share of preferred shares can be converted into | 1 | 1 | ||||||||||||
Series E Redeemable Convertible Preferred Stock [Member] | Prior to or on December 28, 2017 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 110.00% | |||||||||||||
Series A and B Redeemable Convertible Preferred Shares [Member] | Equity valuation of the Group of US$300,000 or higher [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 0.00% | |||||||||||||
Series A and B Redeemable Convertible Preferred Shares [Member] | Equity valuation of the Group of US$250,000 or higher, but lower than US$300,000 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Liquidation preference, percentage | 100.00% | |||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 0 | 20,000,000 | 0 | |||||||||||
Redemption price percentage | 100.00% | |||||||||||||
Annual compound interest | 9.50% | 9.50% | ||||||||||||
Series E Preferred Stock [Member] | Minimum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Redeemable Criteria Of Revenue | $ 200,000 | |||||||||||||
Implied market capitalization | 600,000,000 | |||||||||||||
Proceeds for issue of share | $ 150,000,000 | |||||||||||||
Series E Preferred Stock [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Redeemable Criteria Of Revenue | $ 300,000 | |||||||||||||
Series E Preferred Stock [Member] | IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Conversion of preferred shares to Class A ordinary shares | (1,068,114) | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Redemption price percentage | 200.00% | |||||||||||||
Series A Preferred Stock [Member] | IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Conversion of preferred shares to Class A ordinary shares | (2,476,190) | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Redemption price percentage | 150.00% | |||||||||||||
Series B Preferred Stock [Member] | IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Conversion of preferred shares to Class A ordinary shares | (1,889,249) | |||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Redemption price percentage | 200.00% | |||||||||||||
Series C Preferred Stock [Member] | IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Conversion of preferred shares to Class A ordinary shares | (1,599,186) | |||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Temporary equity issued, total cash consideration | $ 0 | $ 0 | $ 15,000,000 | |||||||||||
Implied valuation of preferred stock | $ 500,000 | $ 500,000 | ||||||||||||
Series D Preferred Stock [Member] | IPO [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Conversion of preferred shares to Class A ordinary shares | (2,493,018) |
Redeemable Convertible Prefer90
Redeemable Convertible Preferred Shares - Fair Values of Conversion Features and Redemption Features Which Required to Be Bifurcated and Accounted for as Derivative Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 60,884 | |
Less: current portion | $ 0 | (60,525) |
Non-current portion | $ 0 | 359 |
Financial Derivatives-Conversion Features [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 56,916 | |
Financial Derivatives-Redemption Features [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 3,968 |
Redeemable Convertible Prefer91
Redeemable Convertible Preferred Shares - Schedule of Significant Estimates Used to Calculate Fair Value of Preferred Shares for Determining Conversion Feature and Redemption Feature (Detail) - USD ($) $ in Thousands | Dec. 16, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Temporary Equity [Line Items] | ||||
Percentage of terminal assumed growth rate | 3.00% | |||
Weighted average cost of capital | 18.30% | |||
Beginning balance | $ 104,383 | |||
Accretion to redemption value | 3,650 | $ 1,556 | $ 1,982 | |
Ending balance | 0 | $ 104,383 | ||
Minimum [Member] | ||||
Temporary Equity [Line Items] | ||||
Growth rate on average spending per customer | 3.00% | |||
Maximum [Member] | ||||
Temporary Equity [Line Items] | ||||
Growth rate on average spending per customer | 19.00% | |||
Series B preferred shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance | 9,807 | $ 9,145 | ||
Accretion to redemption value | 1,427 | 662 | ||
Conversion to Class A ordinary shares | (11,234) | 0 | ||
Ending balance | 0 | 9,807 | 9,145 | |
Series A preferred shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance | 5,597 | 5,487 | ||
Accretion to redemption value | 235 | 110 | ||
Conversion to Class A ordinary shares | (5,832) | 0 | ||
Ending balance | 0 | 5,597 | 5,487 | |
Series C Redeemable Convertible Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance | 10,733 | 10,733 | ||
Issuance of preferred shares | $ 13,000 | |||
Conversion to Class A ordinary shares | (10,733) | 0 | ||
Ending balance | 0 | 10,733 | 10,733 | |
Series D Redeemable Convertible Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance | 43,956 | 43,956 | ||
Gain from wavier on anti-dilution | (632) | 0 | ||
Conversion to Class A ordinary shares | (43,324) | 0 | ||
Ending balance | 0 | 43,956 | 43,956 | |
Series E Redeemable Convertible Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance | 18,845 | 0 | ||
Issuance of preferred shares | 0 | 18,845 | ||
Conversion to Class A ordinary shares | (18,845) | 0 | ||
Ending balance | $ 0 | $ 18,845 | $ 0 |
Redeemable Ordinary Shares - Ad
Redeemable Ordinary Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | |||||
Proceeds from common stock | $ 28,405 | $ 0 | $ 0 | ||
IPO [Member] | |||||
Class of Stock [Line Items] | |||||
Newly issued shares | 2,156,250 | ||||
Conversion of preferred shares to Class A ordinary shares | 10,268,077 | 742,320 | |||
Redeemable ordinary shares [Member] | Investor D [Member] | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, issued | 742,320 | ||||
Ordinary shares issued, price per share | $ 16.17 | ||||
Shares transferred from treasury shares | 99,022 | ||||
Newly issued shares | 643,298 | ||||
Proceeds from common stock | $ 12,000 | ||||
Accrued interest at a non-compound interest rate | 0.00% |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010 | |
Class of Stock [Line Items] | ||||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | 37,150,000 | |
Ordinary shares, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Number of vote entitled, ordinary share | The holders of Class A ordinary shares shall have one vote in respect of each Class A ordinary share held, the holders of Class B ordinary shares shall have twenty votes in respect of each Class B ordinary share held. | |||
Ordinary shares, shares outstanding | 26,059,433 | 26,059,433 | 13,609,208 | |
Ordinary Shares - Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, shares authorized | 80,000,000 | 80,000,000 | 37,150,000 | |
Ordinary shares, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Ordinary shares, shares outstanding | 21,238,825 | 21,238,825 | 13,609,208 | |
Ordinary Shares - Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, shares authorized | 20,000,000 | 20,000,000 | 0 | |
Ordinary shares, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Ordinary shares, shares outstanding | 4,820,608 | 4,820,608 | 0 | |
Wing Hong Sammy Hsieh [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of ordinary shares | 2,500,580 | |||
Jian Tang [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of ordinary shares | 2,320,028 | |||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of ordinary shares | 2,156,250 | |||
Conversion of preferred shares to Class A ordinary shares | 10,268,077 | 742,320 | ||
2010 Share Option Plan [Member] | Arda Holdings Limited [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, allotted | 762,561 | 762,561 | 788,459 | 627,811 |
Share-based compensation - Summ
Share-based compensation - Summary of Share Options Granted (Detail) - $ / shares | Jul. 01, 2017 | Apr. 01, 2017 | Jan. 01, 2017 | Jul. 01, 2016 | Apr. 01, 2016 | Dec. 31, 2015 | Aug. 01, 2015 | Jul. 06, 2015 | Jun. 30, 2015 | Feb. 01, 2015 | Jan. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 302,200 | 122,316 | |||||||||||
Exercise price at grant date | $ 8.37 | $ 10.42 | |||||||||||
January 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 6,000 | ||||||||||||
Term (year) | 1 month 27 days | ||||||||||||
Vesting period (year) | 0 years | ||||||||||||
Exercise price at grant date | $ 6 | ||||||||||||
January 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 18,500 | ||||||||||||
Term (year) | 1 month 27 days | ||||||||||||
Vesting period (year) | 0 years | ||||||||||||
Exercise price at grant date | $ 1.8227 | ||||||||||||
January 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 11,938 | ||||||||||||
Term (year) | 1 month 27 days | ||||||||||||
Vesting period (year) | 0 years | ||||||||||||
Exercise price at grant date | $ 2.1669 | ||||||||||||
January 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 206,845 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 8.1300 | ||||||||||||
February 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 10,000 | ||||||||||||
Term (year) | 10 years 2 months 1 day | ||||||||||||
Vesting period (year) | 4 years 1 month 27 days | ||||||||||||
Exercise price at grant date | $ 16.1700 | ||||||||||||
June 30, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 36,000 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 16.1700 | ||||||||||||
July 6, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 25,000 | ||||||||||||
Term (year) | 10 years 2 months 30 days | ||||||||||||
Vesting period (year) | 4 years 2 months 27 days | ||||||||||||
Exercise price at grant date | $ 20 | ||||||||||||
July 6, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 15,000 | ||||||||||||
Term (year) | 11 years 2 months 30 days | ||||||||||||
Vesting period (year) | 5 years 2 months 27 days | ||||||||||||
Exercise price at grant date | $ 20 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 58,058 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 1 year 8 months 2 days | ||||||||||||
Exercise price at grant date | $ 0.3224 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 25,308 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 1 year 9 months | ||||||||||||
Exercise price at grant date | $ 0.4299 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 7,444 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 2 years 2 months 30 days | ||||||||||||
Exercise price at grant date | $ 0.8598 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 49,871 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 2 years 3 months 29 days | ||||||||||||
Exercise price at grant date | $ 1.0748 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 32,750 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 2 years 8 months 2 days | ||||||||||||
Exercise price at grant date | $ 1.2897 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 10,421 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 2 years 8 months 2 days | ||||||||||||
Exercise price at grant date | $ 0.4299 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 82,995 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 3 years 3 months 29 days | ||||||||||||
Exercise price at grant date | $ 1.6122 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 11,165 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 3 years 8 months 2 days | ||||||||||||
Exercise price at grant date | $ 0.2687 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 78,156 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 3 years 8 months 2 days | ||||||||||||
Exercise price at grant date | $ 2.6869 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 147,007 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 3 years 9 months 29 days | ||||||||||||
Exercise price at grant date | $ 4.0304 | ||||||||||||
August 1, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 21,884 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | 4 years | |||||||||||
Exercise price at grant date | $ 5.3739 | ||||||||||||
December 31, 2015 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 113,311 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 0 years | ||||||||||||
Exercise price at grant date | $ 0.0100 | ||||||||||||
April 1, 2016 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 32,200 | ||||||||||||
Term (year) | 10 years 2 months 30 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 20 | ||||||||||||
April 1, 2016 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 79,116 | ||||||||||||
Term (year) | 10 years 2 months 30 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 6 | ||||||||||||
July 1, 2016 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 10,000 | ||||||||||||
Term (year) | 10 years | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 20 | ||||||||||||
July 1, 2016 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 1,000 | ||||||||||||
Term (year) | 10 years | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 12 | ||||||||||||
January 1, 2017 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 4,400 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 20 | ||||||||||||
January 1, 2017 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 180,000 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 8.1290 | ||||||||||||
January 1, 2017 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 100,800 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 8.1290 | ||||||||||||
April 1, 2017 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 5,000 | ||||||||||||
Term (year) | 10 years 4 days | ||||||||||||
Vesting period (year) | 4 years | ||||||||||||
Exercise price at grant date | $ 12 | ||||||||||||
July 1, 2017 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares | 12,000 | ||||||||||||
Term (year) | 8 years 6 months 3 days | ||||||||||||
Vesting period (year) | 2 years 6 months | ||||||||||||
Exercise price at grant date | $ 8.1290 |
Share-based compensation - Su95
Share-based compensation - Summary of Share Options Granted (Parenthetical) (Detail) - August 1, 2015 [Member] | Aug. 01, 2015 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting date | 1 year 8 months 2 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 58.33% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 41.67% | |
Share options, vesting date | 1 year 8 months 2 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Mar. 31, 2017 | |
Share options, vesting date | 1 year 9 months | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date - August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 56.25% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 43.75% | |
Share options, vesting date | 1 year 9 months | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Apr. 30, 2017 | |
Share options, vesting date | 2 years 2 months 30 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date - August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 43.75% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 56.25% | |
Share options, vesting date | 2 years 2 months 30 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Oct. 31, 2017 | |
Share options, vesting date | 2 years 3 months 29 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date - August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 41.67% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 58.30% | |
Share options, vesting date | 2 years 3 months 29 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Nov. 30, 2017 | |
Share options, vesting date | 2 years 8 months 2 days | |
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date - August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 33.67% | |
Share options, vesting date | Aug. 1, 2015 | |
Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 66.33% | |
Share options, vesting date | 2 years 8 months 2 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Mar. 31, 2018 | |
Share options, vesting date | 2 years 8 months 2 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date - August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 33.67% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 66.33% | |
Share options, vesting date | 2 years 8 months 2 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Mar. 31, 2018 | |
Share options, vesting date | 3 years 3 months 29 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 16.67% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 83.33% | |
Share options, vesting date | 3 years 3 months 29 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Nov. 30, 2018 | |
Share options, vesting date | 3 years 8 months 2 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 14.58% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 85.42% | |
Share options, vesting date | 3 years 5 months 1 day | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Dec. 31, 2018 | |
Share options, vesting date | 3 years 8 months 2 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 8.33% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 91.67% | |
Share options, vesting date | 3 years 8 months 2 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | Mar. 31, 2019 | |
Share options, vesting date | 3 years 9 months 29 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 4.17% | |
Share options, vesting date | Aug. 1, 2015 | |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share options, vesting percentage | 95.83% | |
Share options, vesting date | 3 years 9 months 29 days | |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | May 31, 2019 | |
Share options, vesting date | 4 years | 4 years |
Share options, vesting period start date | Aug. 1, 2015 | |
Share options, vesting period end date | May 31, 2019 | |
Share options vesting period description | The holders of the options are entitled to exercise the vested options during the first five business days of January, April, July and October until the expiration date — August 1, 2025 of the share options. | |
Share options, expiration date | Aug. 1, 2025 |
Share-based Compensation - Su96
Share-based Compensation - Summary of Share Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Number of shares, Beginning balance | 1,492,185 | 1,592,443 | |
Weighted average grant date fair value, Beginning balance | $ 0 | $ 0 | |
Number of shares, Granted | 302,200 | 122,316 | |
Number of shares, Exercised | (25,898) | (68,135) | |
Number of shares, Forfeited | (225,911) | (154,439) | |
Number of shares, Ending balance | 1,542,576 | 1,492,185 | 1,592,443 |
Number of shares, Vested and expected to vest | 1,199,712 | 1,083,293 | |
Number of shares, Exercisable to vest | 1,118,812 | 928,597 | |
Weighted average grant date fair value, Beginning balance | $ 0 | ||
Weighted average exercise price, Beginning balance | 5.23 | $ 4.90 | |
Weighted average exercise price, Granted | 8.37 | 10.42 | |
Weighted average grant date fair value, Granted | 11.67 | 13.81 | |
Weighted average exercise price, Exercised | 2.37 | 2.51 | |
Weighted average grant date fair value, Exercised | 0 | 0 | |
Weighted average exercise price, Forfeited | 7.34 | 7.14 | |
Weighted average grant date fair value, Forfeited | 0 | 0 | |
Weighted average exercise price, Ending balance | 5.62 | 5.23 | $ 4.90 |
Weighted average grant date fair value, Ending balance | 0 | 0 | $ 0 |
Weighted average exercise price, Vested and expected to vest | 4.75 | 4.25 | |
Weighted average grant date fair value, Vested and expected to vest | 10.71 | 9.64 | |
Weighted average exercise price, Exercisable to vest | 4.72 | 3.68 | |
Weighted average grant date fair value, Exercisable to vest | $ 11.35 | $ 10.77 | |
Weighted average remaining contractual life years | 7 years 2 months 27 days | 7 years 9 months 18 days | 8 years 6 months 29 days |
Weighted average remaining contractual life years, Vested and expected to vest | 6 years 6 months 18 days | 7 years 1 month 24 days | |
Weighted average remaining contractual life years, Exercisable to vest | 6 years 10 months 13 days | 7 years 5 months 9 days | |
Aggregate intrinsic value | $ 19,387 | $ 18,631 | $ 23,641 |
Aggregate intrinsic value, Vested and expected to vest | 16,081 | 14,494 | |
Aggregate intrinsic value, Exercisable to vest | $ 15,035 | $ 12,615 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) | Dec. 28, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair values of options vested and recognized as expenses | $ 3,681,000 | $ 3,688,000 | $ 6,494,000 | |
Share options granted | 302,200 | 122,316 | ||
Unrecognized share-based compensation expenses | $ 4,666,000 | $ 5,647,000 | ||
Weighted-average expense recognition period | 2 years 15 days | 2 years 2 months 12 days | ||
Share-based compensation expense | $ 5,072,000 | $ 21,244,000 | 6,494,000 | |
Share-based compensation expense and additional paid in capital | 5,072,000 | 21,244,000 | 6,494,000 | |
Vesting Condition One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total merger and acquisition | $ 500,000 | $ 500,000 | ||
Options vested | 0 | 0 | ||
General and administrative expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense and additional paid in capital | $ 1,907,000 | $ 18,047,000 | $ 789,000 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 3.00% | |||
Minimum [Member] | Vesting Condition One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected market capitalization for option vesting | 500,000 | $ 500,000 | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 19.00% | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0 | |||
Total fair value of shares | $ 32,869,000 | |||
Terminal growth rate | 3.00% | |||
Weighted average cost of capital | 18.30% | |||
Performance Shares [Member] | Fiscal Year 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted ordinary shares authorized for issuance | 1,068,114 | |||
Performance Shares [Member] | Fiscal Year 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted ordinary shares authorized for issuance | 801,086 | |||
Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 3.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 19.00% | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Terminal growth rate | 3.00% | |||
Weighted average cost of capital | 18.30% | |||
Ordinary shares transferred from the company and three of its shareholders to certain employees | 998,338 | |||
Employee Stock Option [Member] | General and administrative expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense and additional paid in capital | $ 17,555,000 | |||
Employee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 3.00% | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Growth rate on average spending per customer | 19.00% | |||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected future forfeiture rate | 6.00% | 9.00% | ||
Vesting conditions | As of December 31, 2016, there were 150,000 share options granted to certain employees which the vesting was subject to the earlier occurrence of any of the following events, either: the Company being approved to be listed on a stock exchange with an expected market capitalization of no less than US$500,000; or (ii) a merger or acquisition of the Company or any of its subsidiaries at a valuation of US$500,000 or above in which the shareholders of the Company shall no longer hold a majority of the outstanding shares of the surviving corporation. | |||
Share options granted | 150,000 | 150,000 | ||
Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected future forfeiture rate | 23.00% | 0.00% |
Share-based Compensation - Su98
Share-based Compensation - Summary of Fair Values of Share Options Granted (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Grant Date April 1, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 2.00% |
Dividend yield | 0.00% |
Volatility rate | 49.37% |
Grant Date July 1, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.62% |
Dividend yield | 0.00% |
Volatility rate | 50.52% |
Grant Date January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 2.67% |
Dividend yield | 0.00% |
Volatility rate | 50.75% |
Grant Date April 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 2.59% |
Dividend yield | 0.00% |
Volatility rate | 50.79% |
Grant Date July 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 2.35% |
Dividend yield | 0.00% |
Volatility rate | 47.59% |
Share-based Compensation - Su99
Share-based Compensation - Summary of Compensation Costs Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation cost recognized | $ 5,072 | $ 21,244 | $ 6,494 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation cost recognized | 49 | 52 | 80 |
Research and development expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation cost recognized | 937 | 985 | 1,526 |
Sales and marketing expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation cost recognized | 2,179 | 2,160 | 4,099 |
General and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation cost recognized | $ 1,907 | $ 18,047 | $ 789 |
Other Gains_(Losses), Net - Tab
Other Gains/(Losses), Net - Tabular Disclosure of Gain (Loss) Related to Nonoperating Activities, Classified as Other (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonoperating Gains (Losses) [Abstract] | |||
Fair value gain on re-measurement of previously held equity interests in Buzzinate (Note 4(a)) | $ 0 | $ 0 | $ 1,161 |
Net exchange (loss)/gain | 1,257 | (1,147) | (923) |
Management fee income | 0 | 0 | 375 |
Forfeiture of advances from customers | 432 | 0 | 0 |
Others | 152 | 65 | 178 |
Total | $ 1,841 | $ (1,082) | $ 791 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Tax loss carryforwards | $ 31,745 | $ 28,201 | |
Hong Kong [Member] | |||
Income Tax Contingency [Line Items] | |||
Statutory Income Tax Rate | 16.50% | 16.50% | 16.50% |
PRC [Member] | |||
Income Tax Contingency [Line Items] | |||
Statutory Income Tax Rate | 25.00% | 25.00% | 25.00% |
Statutory withholding tax rate | 10.00% | 10.00% | 10.00% |
Tax arrangements between the PRC government and the government of other jurisdiction | 5.00% | 5.00% | 5.00% |
Undistributed earnings from subsidiaries | $ 330 | $ 305 | |
Estimated foreign withholding taxes that would be due if these earnings were remitted as dividends | $ 17 | $ 31 |
Income Tax - Disclosure of Curr
Income Tax - Disclosure of Current and Deferred Portions of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense | $ 1,262 | $ 1,283 | $ 737 |
Deferred tax benefits | (714) | (1,061) | (1,292) |
Income tax (benefit)/expense | $ 548 | $ 222 | $ (555) |
Income Tax - Disclosure of Defe
Income Tax - Disclosure of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Tax losses carried forward | $ 7,573 | $ 6,838 |
Share-based payments | 850 | 682 |
Less: Valuation allowance | (7,573) | (6,838) |
Deferred tax assets net | 850 | 682 |
Deferred tax liabilities | ||
Acquired intangible assets | (2,638) | (3,677) |
Outside basis difference | (486) | 0 |
Others | (35) | (28) |
Deferred tax liabilities net | $ (3,159) | $ (3,705) |
Income Tax - Disclosure of Move
Income Tax - Disclosure of Movement of Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Abstract] | ||
Beginning balance | $ 6,838 | $ 5,804 |
Additions | 735 | 1,034 |
Ending balance | $ 7,573 | $ 6,838 |
Income Tax - Disclosure of Oper
Income Tax - Disclosure of Operating Tax Loss Carry Forwards Expiring Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | $ 31,745 | $ 28,201 |
2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 0 | 1,993 |
2018 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 1,717 | 1,630 |
2019 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 1,542 | 1,709 |
2020 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 7,235 | 12,344 |
2021 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 8,226 | 8,025 |
2022 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | 8,751 | 0 |
Tax Loss With No Expiry [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry forwards | $ 4,274 | $ 2,500 |
Income Tax - Disclosure of Reco
Income Tax - Disclosure of Reconciliation Between Expense of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax benefit calculated at Hong Kong statutory tax rate | $ (3,972) | $ (4,509) | $ (6,553) |
Effect of differences between Hong Kong statutory tax rate and foreign effective tax rates | (1,172) | 213 | (527) |
Non-taxable other income | (275) | (738) | (448) |
Non-deductible expenses | 4,861 | 4,208 | 4,684 |
Valuation allowance | 735 | 1,034 | 2,342 |
Outside basis difference | 486 | 0 | 0 |
Others | (115) | 14 | (53) |
Income tax (benefit)/expense | $ 548 | $ 222 | $ (555) |
Basic and Diluted Net Loss p107
Basic and Diluted Net Loss per Share - Summary of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||
Net loss | $ (24,619) | $ (27,330) | $ (39,714) |
Accretion of convertible redeemable preferred shares redemption value | (1,662) | (773) | (2,692) |
Accretion to redeemable ordinary shares redemption value | (3,650) | (1,556) | (1,982) |
Deemed contribution from Series B-1 preferred shareholders | 0 | 0 | 2,591 |
Numerator of basic net loss per share | $ (29,931) | $ (29,659) | $ (41,797) |
Denominator: | |||
Denominator for basic and diluted net loss per share - weighted average shares outstanding | 13,931,503 | 13,151,063 | 11,661,049 |
Basic net loss per share | $ (2.15) | $ (2.26) | $ (3.58) |
Diluted net loss per share | $ (2.15) | $ (2.26) | $ (3.58) |
Basic and Diluted Net Loss p108
Basic and Diluted Net Loss per Share - Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Ordinary shares equivalent excluded from computation of diluted net loss per ordinary share | 0 | 8,469 | 8,458 |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Ordinary shares equivalent excluded from computation of diluted net loss per ordinary share | 1,071 | 1,091 | 1,194 |
Redeemable Ordinary Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Ordinary shares equivalent excluded from computation of diluted net loss per ordinary share | 0 | 742 | 742 |
Segment - Additional Informatio
Segment - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | 1 | 1 |
Segment - Summary of Revenue Ge
Segment - Summary of Revenue Generated for the Respective Countries (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 125,258 | $ 95,357 | $ 65,242 |
PRC [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 105,380 | 71,214 | 30,505 |
Hong Kong [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 18,287 | 22,766 | 34,442 |
Others [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 1,591 | $ 1,377 | $ 295 |
Segment - Summary of Long-Lived
Segment - Summary of Long-Lived Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 1,165 | $ 2,318 |
PRC [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 858 | 1,666 |
Hong Kong [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 300 | 637 |
Others [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 7 | $ 15 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Total office rental expenses under all operating leases | $ 1,862,000 | $ 3,024,000 | $ 2,637,000 |
Purchase commitments related to purchase of space | $ 0 | $ 0 | |
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases expiring period | 2 years |
Commitments and Contingencie113
Commitments and Contingencies - Summary of Operating Leases for Office Rental (Detail) | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 1,796,000 |
2,019 | 66,000 |
Operating Leases, Future Minimum Payments Due | $ 1,862,000 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Net Assets [Abstract] | |||
Percentage of net after-tax income of Group's subsidiary and VIE required to be annually appropriated to the statutory general reserve fund prior to payment of any dividends | 10.00% | 10.00% | 10.00% |
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required | 50.00% | 50.00% | 50.00% |
Restricted net assets | $ 9,631 | $ 4,294 | |
Restricted cash | $ 0 | $ 5,234 |
Additional Information_ Cond115
Additional Information: Condensed Financial Statements of Parent Company - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Minimum percentage requirement | 25.00% |
Additional Information_ Cond116
Additional Information: Condensed Financial Statements of Parent Company - Summary of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 19,401 | $ 27,280 | $ 10,395 | $ 41,131 |
Other assets | 3,107 | 3,055 | ||
Total current assets | 127,427 | 102,969 | ||
Non-current asset | ||||
Total assets | 188,822 | 169,640 | ||
Current liabilities | ||||
Accrued liabilities and other current liabilities | 16,129 | 15,091 | ||
Derivative liabilities | 0 | 60,525 | ||
Total current liabilities | 65,679 | 125,505 | ||
Non-current liability | ||||
Derivative liabilities | 0 | 359 | ||
Total non-currentliability | 3,159 | 4,064 | ||
Total Liabilities | 68,838 | 129,569 | ||
Commitments and contingencies | 0 | |||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 104,383 | ||
Shareholders' (deficit)/equity | ||||
Treasury shares | (2,093) | (2,468) | ||
Other shareholders' (deficit)/equity | (149,004) | (124,385) | ||
Total shareholders' (deficit)/equity | 119,984 | (64,312) | $ (55,929) | $ (62,813) |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 188,822 | 169,640 | ||
Series A Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 5,597 | ||
Series B Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 9,807 | ||
Series C Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 10,733 | ||
Series D Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 43,956 | ||
Series E Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 18,845 | ||
Ordinary Shares [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 15,445 | ||
Parent Company [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 6,440 | 12,005 | ||
Amounts due from subsidiaries and VIEs | 74,193 | 47,006 | ||
Other assets | 1,194 | 15 | ||
Total current assets | 81,827 | 59,026 | ||
Non-current asset | ||||
Investments in subsidiaries and VIEs | 41,407 | 45,050 | ||
Total assets | 123,234 | 104,076 | ||
Current liabilities | ||||
Accrued liabilities and other current liabilities | 3,250 | 1,012 | ||
Derivative liabilities | 0 | 60,525 | ||
Amounts due to subsidiaries and VIEs | 0 | 2,109 | ||
Total current liabilities | 3,250 | 63,646 | ||
Non-current liability | ||||
Derivative liabilities | 0 | 359 | ||
Total non-currentliability | 0 | 359 | ||
Total Liabilities | 3,250 | 64,005 | ||
Commitments and contingencies | 0 | 0 | ||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 104,383 | ||
Shareholders' (deficit)/equity | ||||
Ordinary shares | 26 | 14 | ||
Treasury shares | (2,093) | (2,468) | ||
Other shareholders' (deficit)/equity | 122,051 | (61,858) | ||
Total shareholders' (deficit)/equity | 119,984 | (64,312) | ||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 123,234 | 104,076 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 5,597 | ||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 9,807 | ||
Parent Company [Member] | Series C Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 10,733 | ||
Parent Company [Member] | Series D Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 43,956 | ||
Parent Company [Member] | Series E Preferred Stock [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | 0 | 18,845 | ||
Parent Company [Member] | Ordinary Shares [Member] | ||||
Mezzanine equity | ||||
Total mezzanine equity | $ 0 | $ 15,445 |
Additional Information_ Cond117
Additional Information: Condensed Financial Statements of Parent Company - Summary of Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Series A Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares, Authorized | 2,500,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 2,476,190 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 2,476,190 |
Redeemable convertible preference shares, Redemption amount | $ 6,737 | |
Series B Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares, Authorized | 3,000,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,889,249 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,889,249 |
Redeemable convertible preference shares, Redemption amount | $ 14,625 | |
Series C Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares, Authorized | 1,650,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,599,186 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,599,186 |
Redeemable convertible preference shares, Redemption amount | $ 22,288 | |
Series D Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares, Authorized | 4,500,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 2,493,018 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 2,493,018 |
Redeemable convertible preference shares, Redemption amount | $ 58,874 | |
Series E Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares, Authorized | 1,200,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,068,114 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,068,114 |
Redeemable convertible preference shares, Redemption amount | $ 20,000 | |
Ordinary Shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | $ 0.001 |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 742,320 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 742,320 |
Parent Company [Member] | Series A Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares, Authorized | 2,500,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 2,476,190 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 2,476,190 |
Redeemable convertible preference shares, Redemption amount | $ 6,737 | |
Parent Company [Member] | Series B Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares, Authorized | 3,000,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,889,249 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,889,249 |
Redeemable convertible preference shares, Redemption amount | $ 14,625 | |
Parent Company [Member] | Series C Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares, Authorized | 1,650,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,599,186 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,599,186 |
Redeemable convertible preference shares, Redemption amount | $ 22,288 | |
Parent Company [Member] | Series D Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares, Authorized | 4,500,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 2,493,018 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 2,493,018 |
Redeemable convertible preference shares, Redemption amount | $ 58,874 | |
Parent Company [Member] | Series E Preferred Stock [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares, Authorized | 1,200,000 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 1,068,114 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 1,068,114 |
Redeemable convertible preference shares, Redemption amount | $ 20,000 | |
Parent Company [Member] | Ordinary Shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preference shares and ordinary shares, Par value | $ 0.001 | |
Redeemable convertible preference shares and ordinary shares, Issued | 0 | 742,320 |
Redeemable convertible preference shares and ordinary shares, Outstanding | 0 | 742,320 |
Additional Information_ Cond118
Additional Information: Condensed Financial Statements of Parent Company - Condensed Statements of Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating expenses | |||
Total operating expenses | $ (44,696) | $ (63,617) | $ (52,236) |
Operating loss | (15,171) | (29,308) | (21,525) |
Other gains, net | 1,841 | (1,082) | 791 |
Fair value (loss)/gain on derivative liabilities | (10,190) | 3,995 | (19,390) |
Loss before income tax expense | (24,071) | (27,108) | (40,231) |
Income tax expense | (548) | (222) | 555 |
Net loss | (24,619) | (27,330) | (39,714) |
Accretion of convertible redeemable preferred shares redemption value | (1,662) | (773) | (2,692) |
Accretion to redeemable ordinary shares redemption value | (3,650) | (1,556) | (1,982) |
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders | (29,931) | (29,659) | (41,797) |
Net loss | (24,619) | (27,330) | (39,714) |
Other comprehensive loss: | |||
Foreign currency translation adjustment, net of tax | (79) | (139) | (129) |
Comprehensive loss attributable to iClick Interactive Asia Group Limited | (24,698) | (27,469) | (39,843) |
Parent Company [Member] | |||
Operating expenses | |||
General and administrative expenses | (6,928) | (21,655) | (7,455) |
Total operating expenses | (6,928) | (21,655) | (7,455) |
Operating loss | 0 | ||
Other gains, net | (116) | 145 | 101 |
Fair value (loss)/gain on derivative liabilities | (10,190) | 3,995 | (19,390) |
Loss from subsidiaries and VIEs | (7,385) | (9,815) | (12,970) |
Loss before income tax expense | (24,619) | (27,330) | (39,714) |
Income tax expense | 0 | 0 | 0 |
Net loss | (24,619) | (27,330) | (39,714) |
Accretion of convertible redeemable preferred shares redemption value | (1,662) | (773) | (2,692) |
Accretion to redeemable ordinary shares redemption value | (3,650) | (1,556) | (1,982) |
Net loss attributable to iClick Interactive Asia Group Limited's ordinary shareholders | (29,931) | (29,659) | (44,388) |
Net loss | (24,619) | (27,330) | (39,714) |
Other comprehensive loss: | |||
Foreign currency translation adjustment, net of tax | (79) | (139) | (129) |
Comprehensive loss attributable to iClick Interactive Asia Group Limited | $ (24,698) | $ (27,469) | $ (39,843) |
Additional Information_ Cond119
Additional Information: Condensed Financial Statements of Parent Company - Summary of Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net cash used in operating activities | $ (13,881) | $ (3,907) | $ (9,797) |
Cash flows from financing activities: | |||
Proceeds from exercise of share options | 60 | 171 | 284 |
Net proceeds from issuance of ordinary shares upon IPO | 28,405 | 0 | 0 |
Net cash (used in)/provided by financing activities | 25,546 | 24,564 | (2,612) |
Series E Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series E convertible redeemable preferred shares | 0 | 20,000 | 0 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash used in operating activities | (34,030) | (8,083) | (86,738) |
Cash flows from financing activities: | |||
Proceeds from exercise of share options | 60 | 171 | 284 |
Net proceeds from issuance of ordinary shares upon IPO | 28,405 | 0 | 0 |
Others | 0 | 0 | 2,210 |
Net cash (used in)/provided by financing activities | 28,465 | 20,171 | 2,494 |
Net (decrease)/increase in cash and cash equivalents | (5,565) | 12,088 | (84,244) |
Parent Company [Member] | Series E Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series E convertible redeemable preferred shares | $ 0 | $ 20,000 | $ 0 |