Cloopen Group Holding Limited (RAAS) Q3 2021 Earnings Call Transcript

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Cloopen Group Holding Limited (NYSE:RAAS)
Q3 2021 Earnings Call
Nov 18, 2021, 8:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Cloopen’s third quarter 2021 earnings conference call. [Operator instructions] Today’s conference is being recorded. [Operator instructions] I’d now like to turn the call over to Yilin Dai, Cloopen’s investor relations representative. Please go ahead.

Yilin Dai — Investor Relations

Hello, everyone, and thank you for joining Cloopen’s third quarter 2021 earnings conference call. The company’s financial and operating results were issued in a press release with our Newswire services earlier today and are posted online. You can download the earnings press release and sign up for our distribution list by visiting our IR website. Participants on today’s call will be Mr.

Changxun Sun, our founder and chief executive officer; and Mr. Yipeng Li, chief financial officer. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before I hand it over to the management, I would like to remind you of Cloopen’s safe harbor statement in relation to today’s call.

Except for the historical information contained herein, certain matters discussed in this conference call are forward-looking statements. These statements are based on current trends, estimates, and projections, and therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements.

For more information about the potential risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission. With that, I’m now very pleased to turn the call over to our CEO, Mr. Changxun Sun. Please go ahead.

Changxun Sun — Chairman of the Board and Chief Executive Officer

[Foreign language] Hello, everyone, and thank you for Cloopen’s third quarter earnings call. We appreciate your interest. We are excited to announce that we maintained strong top-line growth in the third quarter, delivering revenues of RMB 276.1 million, representing a 44.3% year-over-year increase. With the rapid revenue growth, our third quarter gross margin also remained robust at 43.5%.

Since our IPO, we have strategically focused on our cloud-based CC business and providing SaaS products for marketing and service scenario to our customers. We made great progress executing our strategy during the third quarter and delivered excellent results. This is reflected in our 125.4% year-over-year revenue growth in CC business as the biggest revenue contributor in our group. We also increased the number of large enterprise customers to 219, accounting for 77.4% of our total…