Financial Performance - SaaS revenue increased from $10,261 thousand in Q1 2022 to $12,080 thousand in Q1 2023, representing a growth of 17.7%[21] - Total revenues rose from $10,321 thousand in Q1 2022 to $12,149 thousand in Q1 2023, marking an increase of 17.7%[21] - Gross profit improved from $7,874 thousand in Q1 2022 to $9,426 thousand in Q1 2023, reflecting a growth of 19.7%[21] - Operating expenses slightly increased from $12,665 thousand in Q1 2022 to $12,845 thousand in Q1 2023, a rise of 1.4%[21] - Loss from operations widened from $(4,791) thousand in Q1 2022 to $(3,419) thousand in Q1 2023[21] - Net loss attributable to Renren Inc. decreased from $(3,317) thousand in Q1 2022 to $5,970 thousand in Q1 2023, indicating a significant turnaround[21] - Net income per share attributable to Renren Inc. shareholders improved from $(0.003) in Q1 2022 to $0.005 in Q1 2023[21] - Comprehensive income attributable to Renren Inc. increased from $(3,396) thousand in Q1 2022 to $6,055 thousand in Q1 2023[24] - For the three months ended March 31, 2023, the net loss was $4,383, compared to a net loss of $3,765 for the same period in 2022, indicating a year-over-year increase in losses of approximately 16.4%[40] - Total revenue increased from $10.3 million for the three months ended March 31, 2022, to $12.1 million for the same period in 2023, representing a growth of approximately 17.5%[106] - Net income for the three months ended March 31, 2023, was $5.3 million, compared to a net loss of $3.7 million for the same period in 2022, indicating a significant turnaround[106] Assets and Liabilities - Total assets increased from $95,656,000 as of December 31, 2022, to $100,613,000 as of March 31, 2023, representing a growth of approximately 5.1%[15] - Total current liabilities slightly decreased from $28,942,000 to $28,820,000, a reduction of about 0.4%[15] - Total current assets decreased from $60,800,000 to $56,506,000, a decline of about 7.5%[15] - Total liabilities rose from $10,630 as of December 31, 2022, to $13,180 as of March 31, 2023, marking an increase of about 24%[40] - Total deferred revenue was $4,323 million as of December 31, 2022, slightly decreasing to $4,312 million by March 31, 2023[61] - Total assets adjusted from $94,708 million to $95,656 million, reflecting a net adjustment of $948 million[45] - Shareholders' equity increased from $79,654 million to $80,602 million after adjustments[45] Investments and Cash Flow - Long-term investments rose significantly from $25,768,000 to $34,148,000, an increase of approximately 32.5%[15] - Cash flows from operating activities showed a net cash used of $1,824 for the three months ended March 31, 2023, compared to $2,827 for the same period in 2022, reflecting a decrease in cash used by 35.5%[40] - The company reported a net decrease in cash and cash equivalents of $5,572 for the three months ended March 31, 2023, compared to a decrease of $2,498 for the same period in 2022, reflecting a significant increase in cash outflow[40] - As of March 31, 2023, cash and cash equivalents and restricted cash totaled $59,742, down from $65,247 at the beginning of the period[40] - Cash paid for lease liabilities increased from $163 in Q1 2022 to $215 in Q1 2023, reflecting a rise in operating lease costs[69] - The net cash used in investing activities was $8 for the three months ended March 31, 2023, compared to no cash used in the same period in 2022[40] Segment Performance - The company has two main SaaS businesses, Chime and Trucker Path, which generate nearly 100% of their revenue from the U.S. market[33] - SaaS revenue from Chime increased from $5,634 million for the three months ended March 31, 2022 to $6,826 million for the same period in 2023, representing a growth of 21.1%[60] - Subscription services revenue from Trucker Path rose from $3,923 million to $4,886 million, marking a 24.6% increase[60] - The Chime segment generated revenue of $6.8 million, while the Trucker Path segment generated $5.3 million for the three months ended March 31, 2023[96] Internal Controls and Governance - As of March 31, 2023, the company's disclosure controls and procedures were not effective due to two material weaknesses in internal control over financial reporting[153] - The identified material weaknesses include a lack of an integrated risk assessment process and insufficient evaluations of internal control components[155] - Management concluded that the consolidated financial statements fairly present the financial position and results of operations in accordance with U.S. GAAP despite the material weaknesses[156] - The company has recruited personnel with expertise in accounting and disclosure requirements to address the identified weaknesses[158] - A consolidated general ledger has been implemented within a single enterprise resource planning application for all legal entities[159] - New audit committee members with sufficient accounting experience have been designated to oversee risk assessment policies and procedures[159] - Management is taking steps to remediate the material weaknesses and will continue to monitor the effectiveness of these steps[159] - There were no other changes in internal control over financial reporting that materially affected the company during the three months ended March 31, 2023[160] - The company acknowledges that its control systems cannot prevent or detect all errors and fraud due to inherent limitations[161] Stock and Compensation - The Company repurchased 678,882 ADSs for $1,249 at a weighted average price of $1.83 per ADS during the three months ended March 31, 2023[75] - As of March 31, 2023, the Company had 91,646,055 share options outstanding with a weighted average exercise price of $0.01[79] - Compensation expenses related to nonvested restricted shares were recorded at $644 for the three months ended March 31, 2023, down from $927 in the same period of 2022[83] - Total unrecognized compensation expense related to nonvested restricted shares amounted to $4,188 as of March 31, 2023, expected to be recognized over 0.85 years[84] - Share-based compensation expense totaled $765,000 for the three months ended March 31, 2023, down from $1.532 million for the same period in 2022, a decrease of approximately 50%[93]
Moatable(MTBL) - 2023 Q1 - Quarterly Report