Agora, Inc.

Ladies and gentlemen, thank you for standing by and welcome to 4Q and fiscal year 2020 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. I'd like to have the conference over to your first speaker today, Ms. Fiona Chen. Thank you. Please go ahead.

Thank you, operator. Good evening and good morning, everyone. My name is Fiona. I'm the Ambassador Relations at Agora. Thank you for joining Agora's fourth quarter 2020 earnings conference call. Joining me today are Tony Zhao, Founder, Chairman, and CEO, and Jingbo Wang, our CFO. Our earnings results press release in a slide deck can be found on our IR website at investor.agora.io. Reconciliations between our GAAP and non-GAAP results can be found in our earnings press release. During this call, we will make forward-looking statements about our future financial performance and other future events and trends, including guidance. These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks, uncertainty, assumptions, and other factors that could affect our financial results and the performance of our business. We will discuss them in detail in our filings with SEC, including today's earnings press release, and the risk factors and other information contained in the final prospectus relating to our initial public offering. Agora assumes no obligation to update any forward-looking statements we may make on today's call. With that, let me turn over to Tony.

Thank you, Fiona, and welcome everyone. Reflecting on the year, the global pandemic has brought tremendous changes and challenges to every one of us. Despite the year's trauma, we have seen a significant acceleration in the demand for online ways of living and working. There is a growing need for contextual real-time video or voice engagement in almost any app we use. We are proud to be there when the world needed the real-time engagement more than ever before. Now, on earnings, we finished the first quarter with revenue of $33.3 million, up 74% year-over-year. We reached more than 270,000 registered apps at the end of December, adding nearly 9,000 per month in the fourth quarter. Our number of active customers reached nearly 2,100, up 101% year-over-year. The full year of 2020, our revenue was $134 million, which represents an increase of 107% year-over-year. Besides numbers, 2020 was a year of innovation. We crossed a number of noteworthy milestones, such as powering 40 billion minutes of engagement per month. We continued to create industry first, such as our experience level agreement, or XRA. We further broadened our product offerings, optimized our technology, and helped developers around the world to create many innovative use cases. All of the many new use cases we impart, I want to elaborate on two of them here. The first one is interactive lecture hall. A large-size classroom with more than 100 students is widely considered as the most economical model for live online education. Preferably, such classes are taught through one-way video broadcasting powered by traditional content delivery technology. where latency is anywhere between 3 and 10 seconds or even more. Given the high and uneven latency, there is very little room for students to interact with teachers or among themselves. Recently, we have been working with leading online education institutions on redefining the lecture hall experience. Here, the interactive lecture hall runs entirely on our real-time engagement platform and switches between one-way broadcasting session and fully interactive breakout sessions. During the one-way broadcasting session, students can enjoy real-time non-video interactions such as voting and posting emojis. During the breakout sessions, students form small groups to work on assignments together. We believe that interactive lecture hall combines engaging learning experience of small class and the cost effectiveness of large classroom and is an emerging trend in online education. The second one is audio livecast. I believe most people are familiar with audio podcast, but what is audio livecast? Podcast is like radio channels. There is one speaker or sometimes multiple speakers in the same physical room and all the audience simply listen to the speakers. Livecast, on the other hand, creates a virtual in the same room experience. Here, multiple speakers can join from different locations worldwide and discuss spontaneously thanks to ultra-low latency audio. Instead of just listening, the audience can raise their hand and come on stage to join the speakers anytime. We believe LiveCast represents a new way for people to connect and learn, and we are particularly proud that our proprietary NOAA audio codec further enhances the experience by offering crystal clear actual audio. These are just two examples out of the many new use cases we see, such as virtual events, remote assistance, remote collaboration, and virtual tours. We are really encouraged by the enthusiasm and creativity from our developers. We also made solid progress on new products in this quarter. Recently, We released the first version of Agora Flexible Classroom, a low-code application path solution for education providers. It combines video, voice, messaging, whiteboard, and recording functionalities into one cloud-based solution that allows developers to build an online classroom in a matter of minutes. Compared with our standard SDK, Agora Flexible Classroom can significantly simplify software software development and shorten time to market. Compared with out-of-the-box SaaS solution, Agora Flexible Classroom allows developers to use their own brands and have complete control of their own user data. In addition, Agora Flexible Classroom is modular, which means developers can customize their application to create differentiated User Experience. Agora flexible classroom represents an important step in our low-code, no-code effort, which we believe will reduce the friction of adoption and expand our addressable markets. Moving on to the M&A slide, we recently agreed to acquire Ismob, a leading instant messaging API provider. and complete the acquisition of Netlist, a leading interactive whiteboard API provider. Both companies share our developer-first philosophy, and they bring highly complementary APIs to our product portfolio, which our developers and customers often ask for. As a pioneer and long-time market leader, Izmo also has a large and vibrant developer community, We believe that with these two acquisitions, we are uniquely well positioned to help developers build more immersive real-time engagement use cases. Last but not the least, security, compliance, and privacy protection are critical to our success. Recently, we received SOC2 Type 1 certificate as certified by Deloitte. Our network penetration, application vulnerability, and compliance assessment were also recently completed by Trustwave Holdings, a global security specialist. Looking forward, we will continue to work with leading experts to ensure that our security practice remains back in place. Overall, 2020 was a milestone year for us in many ways. We launched Agora seven years ago in a garage in Silicon Valley, and it's amazing how much we have accomplished in the past seven years. I want to take this moment to thank all the developers, customers, partners, and investors for your trust in us, and above all, to all Agorans, including new Agorans from InSmall and NetList. Thank you for your hard work. and commitment serving our developers and customers. There is a long journey ahead of us toward Ubiquiti's real-time engagement. Let's start fresh, just like seven years ago. Now, let me turn things over to Jingbo, who will reveal our financial results.