Financial Performance - Revenue for the three months ended March 31, 2023, was $244.554 million, representing a 5.0% year-over-year increase and an 8.8% quarter-over-quarter increase[3]. - Net income for the same period was $64.363 million, up 17.2% year-over-year and 8.7% quarter-over-quarter[3]. - Adjusted EBITDA for Q1 2023 was $26.071 million, a significant increase of 2,193.0% year-over-year[3]. - Total revenue for the first quarter of 2023 reached $244.6 million, a 5.0% increase compared to $232.8 million in the same period of 2022[9]. - Advertising technology business revenue was $241.0 million, representing a 4.9% year-over-year growth from $229.6 million[11]. - Gross profit for the period was $46.9 million, reflecting a 5.1% year-over-year increase, with a stable gross margin of 19.2%[24]. - Net profit for Q1 2023 was $3,201 thousand, a decrease of 89.7% compared to $30,940 thousand in Q1 2022[36]. - Adjusted operating profit, excluding certain costs, increased to $26.1 million, up from $1.1 million year-over-year[30]. Segment Performance - The advertising technology segment generated $240.995 million in revenue, while the marketing technology segment contributed $3.559 million[5]. - Nativex's performance doubled compared to the previous quarter, contributing positively to the advertising technology business[8]. - The marketing technology segment showed slight revenue growth year-over-year, with losses further narrowing due to cost reduction efforts[8]. - In Q1 2023, Mintegral's revenue from mid-core games accounted for 28.5% of total revenue, a significant increase from 23.4% in Q4 2022[20]. - Mintegral platform revenue increased by 13.0% year-over-year to $226.1 million, up from $200.1 million in the same quarter of 2022[13]. - Nativex platform revenue declined by 49.4% year-over-year to $14.9 million, down from $29.5 million in the same period of 2022[12]. Client Metrics - The number of enterprise clients contributing over $100,000 in revenue increased to 421 in the twelve months ending March 31, 2023, from 288 in the previous year[15]. - The retention rate for enterprise clients contributing over $100,000 was 95.9%, with a net expansion rate of 124.0%[17]. - The number of new cooperative traffic publishers increased by 15.1%, while the number of new traffic apps grew by 19.3%[19]. - The average revenue contribution from clients contributing over $100,000 decreased by 20.1% year-over-year to $1,842.0 thousand[15]. Cost Management - Operating expenses decreased by 29.9% year-over-year to $(42.191) million, reflecting improved cost management[3]. - Sales costs increased by 5.0% year-over-year to $197.6 million, primarily driven by rising traffic costs and other business costs associated with advertising technology[22]. - Sales and marketing expenses decreased by 38.7% year-over-year to $12.5 million, mainly due to reduced incentive costs[26]. - Research and development expenses fell by 30.2% year-over-year to $18.7 million, attributed to lower model training costs[26]. - General and administrative expenses decreased by 15.5% year-over-year to $11.0 million[27]. - Variable costs related to advertising decreased by 35.1% year-over-year, reflecting improved platform capabilities[28]. Profitability - The company reported a significant improvement in profitability, with operating profit of $5.172 million compared to a loss of $(3.667) million in the previous quarter[3]. - Operating profit for the period was $5.2 million, a decrease from $31.3 million in the same period last year, which included a one-time gain from the sale of a subsidiary[30]. - The advertising technology business net income for the first quarter of 2023 was $60.8 million, compared to $56.3 million in the previous quarter[10]. Strategic Outlook - The company plans to continue leveraging its competitive advantages in advertising technology to drive sustainable growth despite macroeconomic uncertainties[8]. - The integration of the marketing technology team and strategic optimization are expected to enhance operational efficiency moving forward[8]. - The company aims to expand its platform scale and diversify its offerings as part of its mid-term strategic goals[13]. Balance Sheet - Non-current assets amounted to $290,724 thousand as of March 31, 2023, an increase from $286,200 thousand as of December 31, 2022[39]. - Current assets decreased to $302,293 thousand from $315,874 thousand, with cash and cash equivalents dropping to $76,826 thousand from $105,716 thousand[39]. - Current liabilities decreased to $284,588 thousand from $311,235 thousand, with trade and other payables at $233,423 thousand[40]. - Net assets increased to $255,981 thousand as of March 31, 2023, compared to $248,039 thousand at the end of 2022[40]. - The company reported a total equity attributable to shareholders of $243,812 thousand, up from $235,403 thousand[40]. - The company has non-current liabilities of $52,448 thousand, which includes bank loans of $40,000 thousand[40].
汇量科技(01860) - 2023 Q1 - 季度业绩