iClick Interactive Asia Group Limited (NASDAQ: ICLK)Q1 2019 Earnings CallMay. 29, 2019, 8:00 a.m. ET

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Prepared RemarksQuestions and AnswersCall ParticipantsPrepared Remarks:

Operator

Hello, ladies and gentlemen. Thank you for standing by for iClick Interactive Asia Group Limited First Quarter 2019 Financial Results Conference Call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being record.

I will now turn the call over to your host Ms. Lisa Li, Senior Manager of Investor Relations. Lisa, please go ahead.

Lisa Li — Senior Manager of Investor Relations

Hello, everyone, and welcome to iClick's First Quarter 2019 Financial Results Conference Call. The company's results were issued earlier today and are posted online. You can download the earnings press release and sign up for our distribution list by visiting the IR section of our website at ir.i-click.com. Sammy Hsieh, our Chief Executive Officer and Co-Founder; and Terence Li, our Chief Financial Officer, will provide an overview of the quarter and then we will turn the call over to Q&A.

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's 20-F as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please also note that iClick's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. iClick's press release contains a reconciliation of the unaudited non-GAAP measures to the most directly comparable unaudited GAAP measures.

I will now turn the call over to our CEO and Co-Founder, Sammy Hsieh. Sammy, please go ahead.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Thank you, Lisa. Hello, everyone, and thank you for joining us today. We had a good start to 2019 with strong first quarter results despite a challenging macro environment. In addition to making significant progress with our enterprise and CRM solutions, we achieved another quarter of record high gross profit and generated substantial growth in adjusted EBITDA. 2019 marks iClick's 10th anniversary and when I reflect on all the hard work to get us to this point, I'm proud of what we have accomplished and excited about the Company's prospects as a fully integrated CRM and Marketing Cloud Platform.

Terrence will discuss our financials results in greater detail later in the call, but I would like to point out that generally speaking, our results in the first half of the year are historically seasonally slower than the second half. This year, this seasonality has been compound by extraordinary macro forces. That being said, I'm very pleased with the robust performances we achieved and attraction we have made with our Enterprise Solution business, which I will now discuss.

You may have noticed that in our earnings announcement, we broke out revenues for our Enterprise Solutions and Marketing Solutions business for the first time. As you may recall, we launched the strategic growth initiative to provide fast pace Enterprise Solutions last year. The change in our revenue reporting is reflect our progress in moving beyond the Online Marketing business as we have begun to generate solid contribution from Enterprise Solution business. We took a big leap forward in Enterprise Solutions early this year with the acquisition of a controlling interest in Changyi, a leading independent software vendor that provides smart retail and CRM solutions with the capability of consolidating online and offline customer data.

China is at an inflection point with more offline business going online while generating online traffic is getting more expensive. Brand marketers are eagerly looking for cost effective ways to improve their sales performances. Therefore, managing relationship with customers during this transition is imperative and brand marketers are facing the challenges of integrating their online and offline customers' data to generate useful insights for successful marketing campaigns, customer retentions, and increased sales performances.

As China undergoes this significant digital transformation in smart retail, we believe that iClick is in the right place at the right time to help this business with our fully integrated marketing and enterprise solutions, which enable brand marketers to unlock the full potential of online to offline business. Earlier this month, we announced strategic partnership with BTG WELINK, the online servicing arm of Beijing Tourism Group and Tencent Holdings, China's leading provider of Internet value-added systems. The partnerships represent great opportunities for our Enterprise Solution business as we help BTG establish a new customer relationship management systems for a network that currently spans across more than 7,000 retail outlets, including hotels and lodging facilities, retailers, travel and transportation providers, restaurants and caterers, and entertainment venues.

Under the new partnerships, customers of the BTG business will have access to a wide range of mobile services powered by iClick and Tencent including reservation, quick pay, spending notification via the official WeChat account, mini programs, and WeChat Pay, et cetera, et cetera. With iClick's integrated marketing and CRM cloud solution riding on Tencent ecosystems, we hope to support BTG to achieve more targeted marketing and equip BTG's frontline staff with a more personalized customer servicing tool.

We are pleased with the BTG partnership and consider this relationship to be a milestone achievement for our enterprise solutions. Additionally, we expect to see strong demand from a number of top tiers clients for our enterprise solution in the quarters ahead. We believe that iClick's strength in data and technology will help unleash the enormous potential of the smart retail market, which is estimated to reach USD8 trillion by 2022. Furthermore, we strongly believe that iClick has a natural seat for implementing a fast paced CRM solutions for three distinct reasons. The first one, we have 10 years of experiences in advertising, marketing, and data analytics, which clearly differentiate us from our peers. The second one, we provide an efficient total solution that allows marketers to target new customers and increase sales from existing customers. The third one, and iClick's experienced account servicing team have worked with more than 2,000 top tier accounts.

Now that I have provided a robust picture about the early success and potential of our Enterprise Solution business, I would like to discuss our core marketing technology business, which is always our bread and butter. We remain fully committed to view our core business where we foresee organic growth from the total addressable market. Last month, we announced a joint venture with VGI Global Media, a leading online to offline solution provider across advertising, payment, and logistic platforms in Thailand. The joint venture will give us better access to a geographic region with a rapidly growing digital market, our ability to bring effectively — effective, flexible, and targeted mobile and new media products to the joint venture. While at the same time, allying with one of the most successful media companies in South Asia open up the door to significant cross-border marketing and investment opportunities.

Recently, we start to take into China multi-channel network ecosystem, which has been expanding rapidly due to the growing significance of key opinion leader, marketing and brand communication in the countries. iClick is poised to deliver an integrated marketing solutions to local and international brands that supports both data driven brand marketing and KOL marketing. We have established a network of over 300 mid and top tiers KOLs, who are actively on Xiaohungshu more commonly known as RED, one of the fastest growing integrated social media and e-commerce platforms in China with over 200 million active users.

Moving forward, our priorities for our Marketing Solutions business are to continue to focus on the Chinese markets to generate stable organic growth and enhance profitability within that market, while simultaneously expanding our geographic reach and collaborate with complementary platforms such as VGI when those opportunities arise. As we approach the second half of the year, we are cautiously optimistic about our outlook for growth due to the current macro environment supported by strength and stability of our business model. We view ourselves as well-positioned for continued top line growth as our addressable market continues to grow rapidly. In addition, our core competency in marketing technology and data capabilities set a great barrier to entry and there's huge potential for our Enterprise Solution business and its ability to enhance gross margins.

Our healthy balance sheets coupled with an experienced management team and strong track record of execution from an excellent foundation from which we continue to aggressively seek opportunities.

With that, I would now like to turn the call over to our CFO, Terence Li to review the first quarter financials.

Chi Wai Terence Li — Chief Financial Officer

Thank you, Sammy. Hello, everyone. I will start with a few key financial highlights for the first quarter. Please note that all figures given are in US dollars, unless otherwise noted. During the quarter, revenue growth was solid, we generate another gross profit record and adjusted EBITDA improved both year-over-year and on a sequential basis.

Importantly, we make significant progress in our Enterprise Solutions business, which positions iClick for continued growth this year and into the future. As Sammy mentioned, given the importance of our Enterprise Solutions business to the Company's future, we are now working out our revenue results between two areas, Marketing Solutions and Enterprise Solutions. This should provide you with a much better indicator of our ongoing evolution and how we are now looking at the business internally.

We will no longer be providing revenue result for mobile solution and other solutions in our earning release, because mobile solutions always take a dominant 90% share of our marketing budget now and we expect that we'll continue to grow and stay at a very high percentage. Total revenue grew 11% in the first quarter to $39.2 million from $35.2 million last year, despite of continued weakening of the renminbi which negatively impacted top line.

Excluding the foreign exchange impact vis-a-vis how we grow trend in our top line. On a currency neutral basis, total revenue indeed increased by 19% to $41.8 million. Revenue for Marketing Solutions grew to $37.8 million for the first quarter of 2019, up 7% from $35.2 million for the first quarter of 2018. On a currency neutral basis, revenue increased by 15% to $40.4 million for the first quarter of 2019, compared with the same period last year. Additionally, we generated $1.5 million is sales from our new Enterprise Solutions business. As a reminder, we begun to see revenue from Enterprise Solution in the first quarter of 2019. So there was no revenue from this business in last year's first quarter.

Gross profit once again improved to a record $12.4 million, up 53% from $8.1 million from last year's first quarter. The growth was mainly attributable to contribution from our Enterprise Solutions business and an improvement in Marketing Solutions margins. During the quarter, we continue to invest in high margin new business in both Marketing Solutions and Enterprise Solutions. To drive adoptions, we increased marketing activities for both expanding a sales force and providing high incentive for sales personnel. As a result, our total operating expenses increased to $14.6 million for the first quarter of 2019, compared with $9.9 million for the first quarter of 2018.

We expect a trend of gross profit improvement with equity mix of high margin business. We will outpace the higher operating expenses increase in the short term and ultimately be refracted positively in the bottom line. Our balance sheet remains happy with cash and cash equivalents at $44.7 million as of March 31, 2019. We have no short-term investment deposit as of the end of March. As of December 31, 2018, cash and cash equivalents equal $39.8 million. The rest of my discussions will focus on our non-GAAP results. You can find reconciliations of these non-GAAP results in the press release we post earlier today and which can be accessed at our Investor Relations website.

Adjusted EBITDA grew to $538,000 from $408,000 for last year's first quarter. We also improved from an adjusted EBITDA loss on a sequential basis. This improvement primarily resulted from a gross profit improvement, and again, prove our ability to generate profits operationally on a sustainable basis. In addition, adjusted net loss attributable to iClick shareholders, which excludes share-based compensation expenses, fair value losses on convertible notes and other gains narrowed to $1.2 million for the first quarter of 2019, from an adjusted net loss of $1.4 million, one-year ago. You can find additional financial results in the press release we issued earlier today.

I will end my prepared comments with our outlook for the 2019 second quarter. Our revenue outlook is based on current market condition and reflects our preliminary estimates of the market and operating conditions expect foreign exchange rates and customer demand, all of which are subject to change. For the second quarter of 2019, we estimate revenue to be in the range of $46 million and $50 million, which would translate to grow up between 8% and 17%. On a currency neutral basis, this would translate to grow between 15% and 24%. Gross profit margin expected to be between 26% and 28%. Based on current market conditions and assumptions, we are maintaining our full year guidance and continue to expect revenues between $200 million and $220 million and gross profit margin between 28% and 30%, based on stable growth and marketing solution and a faster ramp up from Enterprise Solutions in the second half.

In closing, the online-offline marketing environment may still face challenges, but we believe that we are well positioned for continued growth and financial improvement in 2019. Our Enterprise Solutions business is adjusting significantly in China and iClick is expected to strongly benefit from providing effective and efficient solutions to marketers' current challenges. We remain focused on becoming the CRM and marketing pile of choices for global brands looking to capture significant opportunities with Chinese consumers. And we are looking forward to the continued healthy development of both our Enterprise Solutions business and our Marketing Services business.

I will now turn the call back to Sammy for closing remarks.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Thank you, Terence. We are proud of our accomplishments in the first quarter, especially the progress we have made with our Enterprise Solution business. In our 10th anniversary year, I think we'll continue to move forward to become a fully integrated CRM and Marketing Cloud platform which has been a long term goal for the company. There are tremendous opportunities for our Company and we are in a solid position to continue to grow our business and take market share.

This conclude our prepared remarks. Thank you for joining us on today's call. We will now open the call to questions. Operator, please go ahead.

Questions and Answers:

Operator

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Fawne Jiang from Benchmark. Please ask your question.

Fawne Jiang — The Benchmark Company — Analyst

Hey, Sammy, Terence. Thanks for taking my questions and congrats on a very solid quarter. My first question is actually regarding your gross margin or gross profitability growth. It has been on a very positive trajectory. Just wonder whether you can elaborate the drivers behind it a bit more, in particular I think the margin — the different margin profile for your Marketing Solutions versus your Enterprise Solutions fronts? And secondly, in relation to that, clearly you have made a very solid headwind on the Enterprise Solutions part. Just wonder whether you can give us a bit more color on your pipeline in the coming quarters and how should that shape up into the guidance for second quarter and from second — as well for the full year? That'll be helpful.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Okay. Thanks for your questions. So, I will let Terrence to answer the gross margin question first and then I will address the second part on the pipeline and also a number of customers sign up on the Enterprise Solutions so far. Okay, Terrence, can you give some color on the margin profile first?

Chi Wai Terence Li — Chief Financial Officer

Okay. I think first of all, we do see a better gross profit margin percentage in the first quarter because we do have a very good start with the Enterprise Solutions and also the sales of some high margins marketing products, which is a result of our strategies and the effort of the teams to really focus on high margin business both in the Marketing side and also the Enterprise Solutions. Right now, the Enterprise Solution do share around 70% plus in terms of the gross margin at the moment and this is basically a really good head start for us. And for the Marketing Solutions, we do improve that to a range of like 26% to 28% and because we are focusing on some proprietary kind of traffic and also some applications that we get something like exclusive rights to sales. So, basically that make ups much better in the first quarter of the margin.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Okay. And also in terms of our customers sign up, so as we mentioned in our previous conference call. So we want to focus on upselling in our current iClick customer database. So we want to focus on those top tier multinational customers, those big names. So far in Q1, we have signed up 10 big key customers so far and also we have over 10 customers in the pipeline.

Fawne Jiang — The Benchmark Company — Analyst

Got it. Sammy, in regards of that for each project, I was just going to get a bit more understanding of the — I guess the nature of the project. Like what's the timeline you normally see from your signing up the customers versus the development stage as to — as we move into the launch? And also how typically these projects are in economics? And currently whether you see the opportunities in terms of increase the size of the — I think the contract going forward as well as the repeated pattern of the contract going forward?

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Okay. Thanks, Fawne, for the questions. I think at this moment so we are targeting those multinational customers, we need to do a little bit of the customization at the moment because every single big customers, they have their own internal system. So — but from the signing and from the launch, it would take us around 30 days to 45 days for the launch. In terms of the charging model, we will charge our clients upfront on a setup fee and then we will charge our client on the maintenance fee and then the maintenance fee will be based on a one-year contract terms. We do see that all this clients so far we have signup, they are highly recurring because we are owning the data and also all this software. So which means that all our client, they have to stay with the system in operating their mobile commerce business.

Chi Wai Terence Li — Chief Financial Officer

Hi, this is Terrence. And just add on a bit to what Sammy said and basically I think on the first couple of contracts or the accounts that we have sign up, right now we do have some initial fee recognitions and we also have some remainings like completion, development fees and we'll amortize over the course of the contract value. So we will be able to recognize substantial or more than 50% of the contract at the beginning and then there would be some would be amortized over the course of the years.

Fawne Jiang — The Benchmark Company — Analyst

Got it. Terence, also quick follow up there for your annual guidance $200 million to $220 million, what is the potential breakdown of your Marketing Solution versus your Enterprise Solutions here you're looking for?

Chi Wai Terence Li — Chief Financial Officer

We still reiterate the guidance. I think since last quarter we've been communicating with the market that we will be able to complete 5%-plus revenue of the whole pipe on Enterprise Solutions. So we are still targeting to complete $10 million, $15 million plus revenue and given the tractions that we have right now, we are still having a competency to go into that number.

Fawne Jiang — The Benchmark Company — Analyst

I do see it. Very helpful. I'll go back to the queue. Thank you.

Operator

Thank you. (Operator Instructions) Our next question comes from the line of Darren Aftahi from Roth Capital Partners. Please ask your question.

Darren Aftahi — Roth Capital Partners — Analyst

Hey, good morning. Could you start with just kind of the backdrop on the marketing services business? Just how much sort of risk have you factored in your current revenue guidance right now in terms of just kind of what's going on in the general economic environment?

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Thanks, Darren, for the questions. So I think we do see that there's some impact from the macro environment, especially with uncertainties associated with the US and also the China trade war. I think it hurts a little bit of the macro sentiment. But we do see that we are in a very good positioning because what we are offering to our client at a certain level are performance based on marketing, which means that the marketing budget they spend which will be tying in with some kind of results we are bringing to our client. So in that sense, we think that on the Marketing Solution part that will be kind of resilient to the slow economy.

Chi Wai Terence Li — Chief Financial Officer

And just to add on Sammy's how — Sammy's statement, I think on our usual experience, we usually see stronger seasonality into the second half of the year. And right now, I think we still believe such trends will continue and expand the momentum to gradually improve in the second half with better visibility now that especially from some of our clients that we do see some of them holding off some budget. But we expect that to see them gradually picking up and also spending in the second half of the year. And we are also seeing some new verticals and verticals that have been less impact on the macro including some of the consumption products, education, luxury brands that we work with and still remain a relatively stable growth as of now. And I just want to highlight also that I think we have a really good start or head start on the Enterprise Solutions. So we are possible to seeing that there will be also some more ramp up into the second half of this new solutions. And with all these contributions, we are still maintaining the full year guidance at the moment based on all the conditions that we could assess.

Darren Aftahi — Roth Capital Partners — Analyst

That's helpful. Just one more if I may. On your Enterprise Solutions business, could you talk about which verticals you're sort of seeing traction with in terms of current business? And then, as you kind of look at your pipeline and perhaps a little bit farther down for the year, which verticals are you seeing kind of traction in terms of the business today versus kind of business in the next six to 12 months?

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

I mean, currently, we are focusing a couple of the industry. So the first one is the cosmetics product, because we see that for the cosmetics products they are kind of like — we don't have any of the impact, no matter how good or how bad the economy is. And the second one is, we target at those traditional retail, because given the current situation, so all this traditional, retailers, they need some help to transform, they're offline business into more like a mobile business, so that they can improve their efficiency. And also now, we are focusing on those like food and beverages. So we think that this three categories, industry will be our core focus in the upcoming 12 months.

Darren Aftahi — Roth Capital Partners — Analyst

And just last one from me. How much stock did you buy back in the quarter?

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Okay. I think we stopped some of the buyback programs in the first quarter. But we are very careful always in using our cash, our priority is on doing our business and funding our new business. So I could tell you as of today, the money that we spend on the buyback is still less than $1 million in value. So that's the latest conditions. But we reveal the market conditions and also the regulatory kind of requirements from time to time to decide the execution strategy.

Darren Aftahi — Roth Capital Partners — Analyst

Great. Thank you.

Operator

Thank you. Our next question comes from Bo Pang from Oppenheimer. Please ask your question.

Bo Pang — Oppenheimer & Co. — Analyst

Good evening, Sammy, Terrence and Lisa. Thanks for taking my question. I had two questions, if you don't mind. So the first one is just a follow up on the macro issue. So you mentioned the macro weakness in 1Q and then the first half of the year. Is there across all channels you work with or is it just related to some specific channels, the marketing platforms you work with? And then you also mentioned you see some customers pushing the advertising budget to the second half. How — I mean your guidance also implies a bit acceleration in second half. So could you just talk more about how — what gives you confidence that the revenue growth will accelerate in the second half? And my second question is on the sales and marketing expense. It seems in 1Q actual expense a little bit more than I thought. And then could you just talk a little bit about, why you spent and this is related to you Enterprise Solutions business? Thank you very much.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Thanks for all the question. So as I mentioned previously, we do see that there is some slowdown in the macro environment. Some clients maybe more cautious on the new product launch, but some may be eager for more cost effective performance marketing solution, the performance marketing. Some of the branding customers, they are still were expecting to spend their regular budgets, but under such market condition, performance marketing solution as we have seen may be able to gain more budget from the traditional marketing dollars from certain client. And also our product position on CRM solution, which focus on helping customers to monetize internal traffic is also expected to get more attention. So I think that I could get sitting at a relatively very favorable position on all this, but we'll try to focus more on those high margin business and existing clients with good relationships and lower risk. So therefore, we reiterate our full year guidance at this moment.

Chi Wai Terence Li — Chief Financial Officer

Also to add a bit color, I think from our experience, close to 20% completion in our first quarter and then add up to 45% completion in the second quarter would always make us to the 100% numbers that we want. So that's why we do have some confidence at the moment to fill up some of the gap. And also because of the ramp up of the enterprise solutions that we believe that, that we at an achievable target at the moment.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

And on your second question, we — you basically asked about the increase in the operating expenses, right? So I think in my remark, I also explained a little bit that we do invest more in terms of higher sales force and also more marketing dollars and mainly is on the new enterprise solutions, but also on some of the new marketing solutions that we are also growing. For example, KOL networks and all these new business. And right now, our headcount do increases to close to 700 people. We do need to invest a bit of fund. But I could say that, basically, this is relatively stable from now on from this quarter, on these expenses basis and on the basis that a ramp up of the gross profit will still be able to help us to overcome these slight increase expenses in the following quarters that coming in.

Bo Pang — Oppenheimer & Co. — Analyst

Got it. Got it. Thank you.

Operator

Thank you. (Operator Instructions) Our next question come from the line of Nelson Cheung of Citibank. Please ask you question.

Nelson Cheung — Citibank — Analyst

Hi, management. Thank you for taking my question, and congratulations on the solid results. I have a follow up question on the overall sentiment in China market. So actually during the first quarter result, we see that many peers talking about a soft sentiment going into 2019. So how do management see overall sentiment in the entire year? And do you see any specific verticals of your client that you believe that will continue to be mostly impacted from current headwinds? And do you expect them to recover in the second half? And one more follow-up question on the Q&A, just now, you mentioned that there are some industry verticals is picking up. Is it from the top five verticals you mentioned last quarter? And my second question is regarding the joint venture with VGI. Can you share or elaborate more about what brand verticals you're actually targeting, and in the long run, how many brands do you want to target and address? And looking ahead, how can iClick share its experience in taking into these opportunities in Southeast Asia markets? Thank you.

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Thanks, Nelson, for all the questions. So let me address your questions one by one. So for the first one, about the soft sentiment, in 2019, right. So I think as I have mentioned that we do see that the macro uncertainty which impact some of the marketers sentiment, but I think at iClick we did very good job, working very closely with our existing client to ensure that healthy growth in the first quarter. And looking ahead, we remain cautiously optimistic, we have had the stable growth from the Marketing Solutions and expecting faster ramp up of our Enterprise Solution into the second half. At the end of last year and early this year, we have seen the growth rate of spending slowdown from some of our gaming, e-commerce clients. However, we do expect a certain level of recovery from this verticals going into the second half, especially those the industry I mentioned, for example, cosmetics, some necessities consumer products categories. I do see that they could be ramping up fast in the second half of the year.

And also regarding your questions, on the JV, our partners, VGI in Thailand. So far there are more than 20 brands across different verticals including luxury fashion, skincare, fast moving consumer goods, which has already expressed strong interest in our cross-border innovative marketing solutions to target the huge number of Chinese outbound travelers. As we have previously addressed, we will leverage our in-depth insights of more than 800 million of the Chinese outbound travelers and our leading marketing technology. Together with VGI's strong network and resources locally, we help the local brands in Thailand to reach out and unlock the great potential from Chinese travelers.

So based on the Chinese government, the one belt one road strategy, we hope to leverage the China's expertise and also our Internet big data capabilities — iClick capabilities, which can help, we can work with our neighbors in Asia more closely. Thailand is our first stop of our Southeast Asia strategy. There are also neighbor countries, which are also the top destination of the Chinese travelers and the Thailand experiences sure help us to duplicate the business model and expand into other countries quickly in longer term.

So I hope, I answered all your questions, Nelson.

Nelson Cheung — Citibank — Analyst

Thanks, that's very helpful. Thank you.

Operator

Thank you. As there are no further questions. I'd like to turn the call back to the management for closing remarks.

Lisa Li — Senior Manager of Investor Relations

Thank you, once again, for joining us today. If you have further questions, please feel free to contact iClick's Investor Relations department through the contact information provided on our website.

Operator

Thank you. This concludes today's conference call. You may now disconnect your line. Thank you.

Duration: 42 minutes

Call participants:

Lisa Li — Senior Manager of Investor Relations

Wing Hong Sammy Hsieh — Chairman, Chief Executive Officer and Co-Founder

Chi Wai Terence Li — Chief Financial Officer

Fawne Jiang — The Benchmark Company — Analyst

Darren Aftahi — Roth Capital Partners — Analyst

Bo Pang — Oppenheimer & Co. — Analyst

Nelson Cheung — Citibank — Analyst

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