HONG
KONG, Oct. 20, 2022 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS),
today announced its financial results for the six months
ended June 30, 2022 and full year of fiscal year
2022.
Unaudited Second Half of Fiscal 2022 Highlights (all results
compared to the six months ended June 30, 2021)
- Revenues increased by 12.3% to $76.1
million from $67.7
million.
- Revenue from IT consulting services increased by 10.6% to
$72.1 million from $65.2 million.
- Revenue from customized IT solution services increased by 67.9%
to $3.5 million from $2.1 million.
- Revenue from wealth management area increased by 23.5% to
$17.0 million from $13.8 million.
- Revenue from e-Commerce area increased by 30.3% to $15.0 million from $11.5
million.
Audited Fiscal Year 2022 Highlights (all results compared to
the twelve months ended June 30, 2021)
- Revenues increased by 20.6% to $152.0
million from $126.1
million.
- Revenue from IT consulting services increased by 17.8% to
$144.1 million from $122.3 million.
- Revenue from customized IT solution services increased by
115.2% to $6.7 million from
$3.1 million.
- Revenue from wealth management area increased by 27.5% to
$32.1 million from $25.2 million.
- Revenue from e-Commerce area increased by 53.5% to $29.4 million from $19.2
million.
- Revenue generated from the United
States market increased by 2,443.1% to $0.9 million from $34.7
thousand.
- Operating income decreased by 11.6% to $7.4 million from $8.4
million. Non-GAAP operating income1 increased by
8.0% to $14.6 million from
$13.5 million.
- EBITDA2 decreased by 3.0% to $8.8 million from $9.1
million. Non-GAAP EBITDA3 increased by 12.6% to
$16.0 million from $14.2 million.
- Net cash provided by operating activities was $3.2 million compared to net cash used in
operating activities of $2.6
million.
- Number of clients increased by 5.6% to 265 from 251.
Mr. Raymond Lin, Chief Executive Officer of CLPS,
commented, "In fiscal year 2022, we continued to achieve good
results primarily driven by the success of our dual-engine
strategy. We are pleased with the underlying strength of our core
competency in IT consulting services, which enable our clients to
grow their businesses, for example through facilitating their
digital transformation initiatives. Going forward, we will boost
our IT consulting services, including the expansion of our offshore
development center (ODC) to offer our clients across the globe with
professional IT services as well as provide flexibility to meet
their specific needs.
In our previous financial report, we highlighted our plan to
strengthen the customized IT solution services to further enhance
our financial performance. As a result, we achieved great progress
in innovation and business development, such as the successful
digital RMB project for a well-known bank in China. Our commitment to investing in advanced
IT products and solutions will continue throughout the new fiscal
year.
By continuously expanding our global footprint, we were able to
better serve our international clients and attract new ones,
resulting in an increase in overseas revenue. Particularly, our
revenue from the U.S. significantly increased by 2,443.1%
year-on-year to $0.9 million. I am
confident that our partners and world-class leadership team will
capture the significant global growth opportunity ahead for
CLPS.
Overall, our business continues to grow as we achieve yet
another record-setting revenue. Despite the prevailing macro
environment, such as the challenges we faced during the lockdowns
in China due to the resurgence of
COVID-19 cases, we kept a clear focus on what could be optimized —
driving operational efficiency to ensure we provide the services
our clients needed while at the same time attaining profitability
and executing our growth strategies.
As we pursue the tremendous opportunity that lies ahead of us,
we will focus on driving both near and long-term sustainable growth
and profitability. While maintaining our competitive position in
providing IT services in banking, we also plan to focus more
heavily on wealth management area, which we believe has also the
potential to be a major revenue source for us going forward. We can
achieve these goals through the execution of our streamlined growth
strategies and delivering innovative capabilities to drive
shareholder value." concluded Mr. Lin.
Ms. Rui Yang, Chief Financial Officer of CLPS,
commented, "Our fiscal year 2022 results provided exemplary
financial resilience with a sustained year-over-year growth of
20.6% in our top line, as well as healthy profitability and
positive operating cash flow. Our dual-engine growth strategy
continued to boost our revenue, with 17.8% increase in IT
consulting services and 115.2% increase in customized IT solution
services. Overall, the fiscal year 2022 was a challenging period
for CLPS, and yet we are pleased with the continued momentum that
we are seeing in our business."
Unaudited Second Half of Fiscal Year 2022 Financial
Results
Revenues
In the second half of fiscal 2022, revenues increased
by $8.4 million, or 12.3%, to $76.1 million from
$67.7 million in the prior year
period. The increase in revenue was mainly due to the increase in
IT consulting and customized IT solution services revenues.
Revenues by Service
- In the second half of fiscal year 2022, revenue from IT
consulting services increased by $6.9
million, or 10.6%, to $72.1
million from $65.2 million in
the prior year period. Revenue from IT consulting services
accounted for 94.8% of total revenue, compared to 96.3% in the
prior year period. The increase was due to the increased demand
from existing and new clients, and our improved capability of
service delivery.
- In the second half of fiscal year 2022, revenue from customized
IT solution services increased by $1.4
million, or 67.9%, to $3.5
million and accounted for 4.6% of total revenue, up from
$2.1 million, or 3.1% of total
revenue in the prior year period. The increase was primarily due to
the increased demand from existing and new clients.
- In the second half of fiscal year 2022, revenue from other
services increased by $54.0 thousand,
or 11.9%, to $508.9 thousand and
accounted for 0.7% of total revenue, up from $454.9 thousand, or 0.7% of total revenue in the
prior year period. The increase was primarily due to the increased
demand for other services, including non-IT consulting
service.
Revenues by Operational Areas
- In the second half of fiscal year 2022, revenue from banking
area increased by $1.5 million, or
4.6% to $32.7 million from
$31.2 million in the prior year
period. Revenue from banking area accounted for 42.9% and 46.1% of
total revenues in the second half of fiscal 2022 and 2021,
respectively.
- In the second half of fiscal year 2022, revenue from wealth
management area increased by $3.2
million, or 23.5% to $17.0
million from $13.8 million in
the prior year period. Revenue from wealth management area
accounted for 22.3% and 20.3% of total revenues in the second half
of fiscal 2022 and 2021, respectively.
- In the second half of fiscal year 2022, revenue from e-Commerce
area increased by $3.5 million, or
30.3% to $15.0 million from
$11.5 million in the prior year
period. Revenue from e-Commerce area accounted for 19.7% and 17.0%
of total revenues in the second half of fiscal 2022 and 2021,
respectively.
- In the second half of fiscal year 2022, revenue from automotive
area increased by $0.4 million, or
7.5% to $5.4 million from
$5.0 million in the prior year
period. Revenue from automotive area accounted for 7.0% and 7.4% of
total revenues in the second half of fiscal 2022 and 2021,
respectively.
Revenues by Geography
- In the second half of fiscal year 2022, revenue generated
outside of mainland China
decreased by 6.7% to $6.5 million
from $6.9 million in the prior year
period. The decrease was primarily due to the disposal of one
subsidiary.
Gross Profit
In the second half of fiscal year 2022, gross profit decreased
by $3.0 million, or 13.9%, to $18.7 million
from $21.7 million in the prior year period. The decrease
was primarily due to the lockdown in cities where our operations
were impacted such as Shanghai,
following the resurgence of COVID-19 cases and the increased
prevention costs associated with it.
Operating Expenses
In the second half of fiscal year 2022, selling and marketing
expenses decreased by $0.2 million, or 7.2%, to $1.8
million from $2.0 million in the prior year period. As a
percentage of total revenues, selling and marketing expenses
decreased to 2.4% in the second half of fiscal 2022 compared to
2.9% in the prior year period. The decrease was primarily due to a
reduced in business activities in the cities affected by lockdown
in mainland China.
In the second half of fiscal year 2022, research and development
expenses decreased by $3.4 million, or 47.1%, to $3.8
million from $7.2 million in the prior year period. As a
percentage of total revenues, research and development expenses
decreased to 5.0% in the second half of fiscal 2022 compared to
10.6% in the prior year period. The decrease was primarily due to
the optimization of our R&D staff structure, which involved
allocating a number of our R&D staff to deliver IT services to
meet the increased demand from clients.
In the second half of fiscal year 2022, general and
administrative expenses increased by $3.7 million, or 36.6%,
to $13.9 million from $10.2 million in the prior
year period. As a percentage of total revenues, general and
administrative expenses increased to 18.2% in the second half of
fiscal 2022 compared to 15.0% in the prior year period. The
increase was primarily due to the hiring of management-level
employees to further drive our growth in the overseas market, the
increase of non-cash share-based compensation expenses, the
year-over-year increase in employee salary, and the increase in
depreciation and amortization resulting from the acquisition of
fixed assets in Hong Kong and
Singapore.
Operating (Loss) Income
In the second half of fiscal year 2022, operating loss
was $0.2 million from operating income of $3.4
million in the same period of the previous year. Operating
margin was -0.2% compared to 5.1% in the prior year period. The
decrease was primarily due to the lockdown in cities where our
operations were impacted such as Shanghai, following the resurgence of COVID-19
cases and the increased prevention costs associated with it, the
hiring of management-level employees to further drive our growth in
the overseas market, and the increase of non-cash share based
compensation expenses.
Other Income and Expenses
In the second half of fiscal year 2022, total other income, net
of other expenses was $0.5 million compared to $0.2
million total other expenses, net of other income in the prior
year period.
Provision for Income Taxes
In the second half of fiscal year 2022, provision for income
taxes increased by $1.0 million to $2.2 million
from $1.2 million in the same period of the previous year,
mainly due to a higher effective tax rate at 25.0%, the standard
statutory corporate income tax rate in mainland China. By renewing our High and New Technology
Enterprise status next fiscal year, we will be entitled to a
corporate income tax preferential rate of 15.0%.
Net (Loss) Income and EPS
In the second half of fiscal year 2022, net loss was
$1.9 million compared to a net income
of $2.1 million in the prior
year period.
In the second half of fiscal year 2022, non-GAAP net
income4 decreased by $2.9 million, or 50.5%,
to $2.8 million from $5.7 million in the same period
of the previous year.
In the second half of fiscal year 2022, net loss attributable to
CLPS Incorporation's shareholders was $1.8 million,
or $0.08 basic and diluted losses per share, compared to
net income attributable to CLPS Incorporation's shareholders
of $2.0 million, or $0.11 basic and $0.10 diluted earnings per share in the second
half of fiscal 2021.
In the second half of fiscal year 2022, non-GAAP net income
attributable to CLPS Incorporation's shareholders5
was $2.9 million, or $0.14 basic and diluted
earnings per share, compared to non-GAAP net income attributable to
CLPS Incorporation's shareholders of $5.6 million,
or $0.30 basic and $0.29 diluted
earnings per share in the second half of fiscal 2021.
Audited Fiscal Year 2022 Financial Results
Revenues
In the fiscal year 2022, revenues increased by $25.9
million, or 20.6%, to $152.0 million from $126.1 million in the prior year period. The
increase in revenue was mainly due to the increase in IT consulting
and customized IT solution services revenues.
Revenues by Service
- In the fiscal year 2022, revenue from IT consulting services
increased by $21.8 million, or 17.8%,
to $144.1 million from $122.3 million in the prior year period. Revenue
from IT consulting services accounted for 94.8% of total revenue,
compared to 97.0% in the prior year period. The increase was due to
the increased demand from existing and new clients, and our
improved capability of service delivery.
- In the fiscal year 2022, revenue from customized IT solution
services increased by $3.6 million,
or 115.2%, to $6.7 million and
accounted for 4.4% of total revenue, up from $3.1 million, or 2.5% of total revenue in the
prior year period. The increase was primarily due to the increased
demand from existing and new clients.
- In the fiscal year 2022, revenue from other services increased
by $0.5 million, or 81.2%, to
$1.2 million and accounted for 0.8%
of total revenue, up from $0.7
million, or 0.5% of total revenue in the prior year period.
The increase was primarily due to the increased demand for other
services, including non-IT consulting services.
Revenues by Operational Areas
- In the fiscal year 2022, revenue from banking area increased by
$7.7 million, or 12.9% to
$67.7 million from $60.0 million in the prior year period. Revenue
from banking area accounted for 44.5% and 47.6% of total revenues
in the fiscal year 2022 and 2021, respectively.
- In the fiscal year 2022, revenue from wealth management area
increased by $6.9 million, or 27.5%
to $32.1 million from $25.2 million in the prior year period. Revenue
from wealth management area accounted for 21.1% and 20.0% of total
revenues in the fiscal year 2022 and 2021, respectively.
- In the fiscal year 2022, revenue from e-Commerce area increased
by $10.2 million, or 53.5% to
$29.4 million from $19.2 million in the prior year period. Revenue
from e-Commerce area accounted for 19.3% and 15.2% of total
revenues in the fiscal year 2022 and 2021, respectively.
- In the fiscal year 2022, revenue from automotive area increased
by $1.9 million, or 22.7% to
$10.4 million from $8.5 million in the prior year period. Revenue
from automotive area accounted for 6.8% and 6.7% of total revenues
in the fiscal year 2022 and 2021, respectively.
Revenues by Geography
- In the fiscal year 2022, revenue generated outside of mainland
China increased by 4.1% to
$14.1 million from $13.6 million in the prior year period. The
increase in revenue generated outside of mainland China was primarily due to a revenue growth
from the United States market,
which reflects the Company's successful and continuous
implementation of our global expansion strategy.
Gross Profit
In the fiscal year 2022, gross profit increased by $0.8
million, or 2.0%, to $41.0 million from $40.2
million in the prior year period.
Operating Expenses
In the fiscal year 2022, selling and marketing expenses
increased by $0.3 million, or 9.3%, to $4.1 million
from $3.8 million in the prior year period. The increase
was primarily due to a year-over-year increase of sales and
marketing staff salary expenses. As a percentage of total revenues,
selling and marketing expenses decreased to 2.7% in the fiscal year
2022 compared to 3.0% in the prior year period. The decrease
reflects an increase in operational efficiency as a result of
economies of scale.
In the fiscal year 2022, research and development expenses
decreased by $5.3 million, or 40.2%, to $8.0 million
from $13.3 million in the prior year period. As a
percentage of total revenues, research and development expenses
decreased to 5.2% in the fiscal year 2022 compared to 10.6% in the
prior year period. The decrease was primarily due to the
optimization of our R&D staff structure, which involved
allocating a number of our R&D staff to deliver IT services to
meet the increased demand from clients.
In the fiscal year 2022, general and administrative expenses
increased by $6.2 million, or 37.3%, to $23.0 million
from $16.8 million in the prior year period. As a
percentage of total revenues, general and administrative expenses
increased to 15.2% in the fiscal year 2022 compared to 13.3% in the
prior year period. The increase was primarily due to the hiring of
management-level employees to further drive our growth in the
overseas market, the increase of non-cash share-based compensation
expenses, the year-over-year increase in employee salary, and the
increase in depreciation and amortization resulting from the
acquisition of fixed assets in Hong
Kong and Singapore.
Operating Income
In the fiscal year 2022, operating income decreased by
$1.0 million, or 11.6%, to $7.4
million from $8.4 million in the same period of the
previous year. Operating margin was 4.9% in the fiscal year 2022,
compared to 6.6% in the prior year period. The decrease was
primarily due to the lockdown in cities where our operations were
impacted such as Shanghai,
following the resurgence of COVID-19 cases and the increased
prevention costs associated with it, the hiring of management-level
employees to further drive our growth in the overseas market, and
the increase of non-cash share based compensation expenses.
Other Income and Expenses
In the fiscal year 2022, total other income, net of other
expenses was $0.3 million, compared to $0.1 million total
other expenses, net of other income in the prior year
period.
Provision for Income Taxes
In the fiscal year 2022, provision for income taxes increased
by $1.7 million to $3.0 million from $1.3
million in the same period of the previous year, mainly due to a
higher effective tax rate at 25.0%, the standard statutory
corporate income tax rate in mainland China. By renewing our High and New Technology
Enterprise status next fiscal year, we will be entitled to a
corporate income tax preferential rate of 15.0%.
Net Income and EPS
In the fiscal year 2022, net income decreased by $2.4
million, or 34.6%, to $4.6 million from $7.0 million in the prior year period.
In the fiscal year 2022, non-GAAP net
income4 decreased by $0.3 million, or 3.1%,
to $11.8 million from $12.1 million in the same
period of the previous year.
In the fiscal year 2022, net income attributable to CLPS
Incorporation's shareholders was $4.5 million,
or $0.21 basic and diluted earnings per share, compared
to net income attributable to CLPS Incorporation's shareholders
of $6.8 million, or $0.39 basic and diluted earnings per
share in fiscal year 2021.
In the fiscal year 2022, non-GAAP net income attributable to
CLPS Incorporation's shareholders5 was $11.6
million, or $0.56 basic and $0.55 diluted earnings per share, compared to
non-GAAP net income attributable to CLPS Incorporation's
shareholders of $11.9 million, or $0.69 basic and
$0.68 diluted earnings per share in
the fiscal year 2021.
Cash Flow
As of June 30, 2022, the Company had cash and cash
equivalents of $18.4 million compared to $24.7
million as of June 30, 2021.
Net cash provided by operating activities was $3.2
million for the twelve months ended June 30, 2022. Net
cash used in investing activities was $16.3 million. Net cash
provided by financing activities was approximately $7.5 million. The effect of exchange rate change
on cash was approximately negative $0.7 million. The Company
believes that its current cash position and cash flow from
operations are sufficient to meet its anticipated cash needs for at
least the next 12 months.
Financial Outlook
Undeterred by the short-term challenges, we remain confident
about our long-term business growth. For fiscal year 2023, the
Company expects, considering our financial numbers could be
affected by the floating exchange rate, and absent material
acquisitions or non-recurring transactions, total sales growth in
the range of approximately 20% to 25%, non-GAAP net income growth
in the range of approximately 22% to 27% compared to fiscal year
2022 financial results.
This forecast reflects the Company's current and preliminary
views, which are subject to change and are subject to risks and
uncertainties, including, but not limited to various risks and
uncertainties facing the Company's business and operations as
identified in its public filings.
Exchange Rate
The balance sheet amounts with the exception of equity as
of June 30, 2022, were translated at 6.6981
RMB to 1.00 USD compared to 6.4566
RMB to 1.00 USD as of June 30, 2021. The equity
accounts were stated at their historical rate. The average
translation rates applied to the income statements accounts for the
periods ended June 30, 2022 and 2021 were 6.4554
RMB to 1.00 USD and 6.6212
RMB to 1.00 USD, respectively. The change in the value of
the RMB relative to the U.S. dollar may affect our financial
results reported in the U.S. dollar terms without giving
effect to any underlying change in our business or results of
operation.
Conference Call Information
The Company will hold a conference call at 8:30 am
ET on October 20, 2022 to discuss second half and
full year of fiscal 2022 results. Listeners may access the call by
dialing:
U.S. Toll-Free:
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+1-888-204-4368
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U.S. Local/International:
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+1-323-794-2588
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Mainland China:
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400 613 7997
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Hong Kong:
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800 938 765
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To access the live audio webcast of the conference call, please
visit this link. The live and archived audio webcast will also
be available through the Company's investor relations website
at https://ir.clpsglobal.com/.
A replay of the call will be available through November 3,
2022 by dialing:
U.S. Toll-Free:
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+1-844-512-2921
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U.S. Local/International:
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+1-412-317-6671
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Passcode:
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6928331
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About CLPS Incorporation
Headquartered in Hong Kong,
CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global
leading information technology ("IT") consulting and solutions
service provider focusing on the banking, insurance, and financial
service sectors. The Company serves as an IT solutions provider to
a growing network of clients in the global financial service
industry, including large financial institutions in the US,
Europe, Australia, Southeast
Asia and Hong Kong SAR, and their PRC-based IT centers. The
Company maintains 19 delivery and/or research & development
centers to serve different customers in various geographic
locations. Mainland China centers
are located in Shanghai,
Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining nine global centers are
located in Hong Kong SAR, USA,
Japan, Singapore, Australia, Malaysia, India, Philippines and Vietnam. For further information regarding the
Company, please visit: https://ir.clpsglobal.com/, or
follow CLPS on Facebook,
Instagram, LinkedIn,
Twitter, and YouTube.
Forward-Looking Statements
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond the Company's control, and which
may cause the actual results, performance, capital, ownership or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. All such statements attributable to us
are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties related to the Company's financial and operational
performance in the second half and full year of fiscal 2022, its
expectations of the Company's future performance, its preliminary
outlook and guidance offered in this presentation, as well as the
risks and uncertainties described in the Company's most recently
filed SEC reports and filings. Such reports are available
upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet
website at http://www.sec.gov. We have no obligation and do
not undertake to update, revise or correct any of the
forward-looking statements after the date hereof, or after the
respective dates on which any such statements otherwise are
made.
Use of Non-GAAP Financial Measures
The consolidated financial information is prepared in conformity
with accounting principles generally accepted in the
United States of
America ("U.S. GAAP"), except that the consolidated
statement of changes in shareholders' equity, consolidated
statements of cash flows, and the detailed notes have not been
presented. The Company uses non-GAAP operating income, non-GAAP
general and administrative expenses, non-GAAP operating margin,
non-GAAP net income attributable to CLPS Incorporation's
shareholders, and basic and diluted non-GAAP net income per share,
which are non-GAAP financial measures. Non-GAAP operating income is
operating income excluding share-based compensation expenses.
Non-GAAP general and administrative expenses is a non-GAAP
financial measure, which is defined as general and administrative
expenses excluding share-based compensation expenses. Non-GAAP
operating margin is non-GAAP operating income as a percentage of
revenues. Non-GAAP net income attributable to CLPS Incorporation's
shareholders is net income attributable to CLPS Incorporation's
shareholders excluding share-based compensation expenses. Basic and
diluted non-GAAP net income per share is non-GAAP net income
attributable to common shareholders divided by weighted average
number of shares used in the calculation of basic and diluted net
income per share. The Company believes that separate analysis and
exclusion of the non-cash impact of share-based compensation
expenses clarity to the constituent parts of its performance. The
Company reviews these non-GAAP financial measures together with
GAAP financial measures to obtain a better understanding of its
operating performance. It uses the non-GAAP financial measure for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measure is useful
supplemental information for investors and analysts to assess its
operating performance without the effect of non-cash share-based
compensation expenses, which have been and will continue to be
significant recurring expenses in its business. However, the use of
non-GAAP financial measures has material limitations as an
analytical tool. One of the limitations of using non-GAAP financial
measures is that they do not include all items that impact the
Company's net income for the period. In addition, because non-GAAP
financial measures are not measured in the same manner by all
companies, they may not be comparable to other similar titled
measures used by other companies. In light of the foregoing
limitations, you should not consider non-GAAP financial measure in
isolation from or as an alternative to the financial measure
prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. The Company encourages investors to
carefully consider its results under GAAP, as well as its
supplemental non-GAAP information and the reconciliation between
these presentations, to more fully understand its business. For
more information on these non-GAAP financial measures, please see
the table captioned "Reconciliations of Non-GAAP and GAAP Results"
near the end of this release.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
1
Non-GAAP operating income is a non-GAAP financial measure, which is
defined as operating income excluding share-based compensation
expenses. Please refer to the section titled "Reconciliation of
Non-GAAP and GAAP Results" for details.
|
2
"EBITDA" refers to earnings before interest, taxes, depreciation
and amortization.
|
3
Non-GAAP EBITDA is a non-GAAP financial measure, which is defined
as EBITDA excluding share-based compensation expenses.
|
4
Non-GAAP net income is a non-GAAP financial measure, which is
defined as net income excluding share-based compensation expenses.
Please refer to the section titled "Reconciliation of Non-GAAP and
GAAP Results" for details
|
5
Non-GAAP net income attributable to CLPS Incorporation's
shareholders is a non-GAAP financial measure, which is defined as
net income attributable to CLPS Incorporation's shareholders
excluding share-based compensation expenses. Please refer to the
section titled "Reconciliation of Non-GAAP and GAAP Results" for
details.
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CLPS INCORPORATION
CONSOLIDATED
BALANCE SHEETS
(Amounts in
U.S. dollars ("$"), except for number of shares)
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As of June
30,
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As of December
31,
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2022
(Audited)
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2021
(Unaudited)
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ASSETS
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Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
18,396,987
|
|
|
$
|
21,741,601
|
|
Short-term
investments
|
|
|
-
|
|
|
|
6,512,256
|
|
Accounts receivable,
net
|
|
|
53,769,887
|
|
|
|
43,819,782
|
|
Prepayments, deposits
and other assets, net
|
|
|
4,215,414
|
|
|
|
3,318,639
|
|
Prepaid income
tax
|
|
|
-
|
|
|
|
181,886
|
|
Amounts due from
related parties
|
|
|
377,642
|
|
|
|
430,614
|
|
Total Current
Assets
|
|
|
76,759,930
|
|
|
|
76,004,778
|
|
|
|
|
|
|
|
|
|
|
Non-Current
assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
20,601,098
|
|
|
|
20,886,477
|
|
Intangible assets,
net
|
|
|
970,044
|
|
|
|
1,106,806
|
|
Goodwill
|
|
|
2,363,841
|
|
|
|
2,441,368
|
|
Long-term
investments
|
|
|
610,386
|
|
|
|
835,041
|
|
Prepayments, deposits
and other assets, net
|
|
|
248,456
|
|
|
|
407,821
|
|
Deferred tax
assets, net
|
|
|
327,040
|
|
|
|
408,445
|
|
Total
Assets
|
|
$
|
101,880,795
|
|
|
$
|
102,090,736
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank
loans
|
|
$
|
14,474,363
|
|
|
$
|
13,294,897
|
|
Accounts
payable
|
|
|
343,597
|
|
|
|
515,918
|
|
Accrued expenses and
other current liabilities
|
|
|
352,402
|
|
|
|
424,356
|
|
Tax payables
|
|
|
2,355,066
|
|
|
|
2,238,739
|
|
Contract
liabilities
|
|
|
587,140
|
|
|
|
1,161,507
|
|
Salaries and benefits
payable
|
|
|
12,203,933
|
|
|
|
14,839,684
|
|
Amounts due to related
party
|
|
|
66,884
|
|
|
|
61,845
|
|
Total Current
Liabilities
|
|
|
30,383,385
|
|
|
|
32,536,946
|
|
|
|
|
|
|
|
|
|
|
Non-Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
-
|
|
|
|
-
|
|
Deferred tax
liabilities
|
|
|
150,547
|
|
|
|
144,253
|
|
Other non-current
liabilities
|
|
|
3,546,263
|
|
|
|
2,101,145
|
|
TOTAL
LIABILITIES
|
|
|
34,080,195
|
|
|
|
34,782,344
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized;
22,444,822 shares issued and outstanding as of June 30, 2022;
20,293,552 shares issued and outstanding as of June 30,
2021
|
|
|
2,244
|
|
|
|
2,021
|
|
Additional paid-in
capital
|
|
|
55,705,209
|
|
|
|
50,988,671
|
|
Statutory
reserves
|
|
|
5,071,876
|
|
|
|
4,826,600
|
|
Retained
earnings
|
|
|
6,323,792
|
|
|
|
8,376,104
|
|
Accumulated other
comprehensive (loss) income
|
|
|
(550,248)
|
|
|
|
1,715,151
|
|
|
|
|
|
|
|
|
|
|
Total CLPS
Incorporation Shareholders' Equity
|
|
|
66,552,873
|
|
|
|
65,908,547
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
1,247,727
|
|
|
|
1,399,845
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
|
67,800,600
|
|
|
|
67,308,392
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
101,880,795
|
|
|
$
|
102,090,736
|
|
|
|
|
|
|
|
|
|
|
CLPS INCORPORATION
UNAUDITED
CONSOLIDATED statements of INCOME AND COMPREHENSIVE
INCOME
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
|
|
For the six
months ended
June
30,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
76,100,776
|
|
|
$
|
67,743,485
|
|
Less: Cost of revenues
(note 1)
|
|
|
(57,423,736)
|
|
|
|
(46,050,474)
|
|
Gross
profit
|
|
|
18,677,040
|
|
|
|
21,693,011
|
|
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses (note 1)
|
|
|
(1,818,662)
|
|
|
|
(1,959,429)
|
|
Research and
development expenses
|
|
|
(3,795,772)
|
|
|
|
(7,176,725)
|
|
General and
administrative expenses (note 1)
|
|
|
(13,877,275)
|
|
|
|
(10,155,688)
|
|
Subsidies and other
operating income
|
|
|
658,311
|
|
|
|
1,041,167
|
|
Total operating
expenses
|
|
|
(18,833,398)
|
|
|
|
(18,250,675)
|
|
(Loss) Income from
operations
|
|
|
(156,358)
|
|
|
|
3,442,336
|
|
Other
income
|
|
|
558,546
|
|
|
|
149,323
|
|
Other
expenses
|
|
|
(100,336)
|
|
|
|
(301,821)
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax and share of income
in equity
investees
|
|
|
301,852
|
|
|
|
3,289,838
|
|
Provision for income
taxes
|
|
|
2,181,071
|
|
|
|
1,164,910
|
|
(Loss) income before
share of (loss) income
in equity investees
|
|
|
(1,879,219)
|
|
|
|
2,124,928
|
|
Share of
(loss) in equity investees, net of tax
|
|
|
(3,215)
|
|
|
|
(37,994)
|
|
Net (loss)
income
|
|
|
(1,882,434)
|
|
|
|
2,086,934
|
|
Less: Net (loss) income
attributable to noncontrolling interests
|
|
|
(75,398)
|
|
|
|
130,478
|
|
Net (loss) income
attributable to CLPS Incorporation's
shareholders
|
|
$
|
(1,807,036)
|
|
|
$
|
1,956,456
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) income
|
|
$
|
(2,328,918)
|
|
|
$
|
468,792
|
|
Less: Foreign currency
translation (loss) income attributable
to noncontrolling interest
|
|
|
(63,519)
|
|
|
|
8,853
|
|
Other comprehensive
(loss) income attributable to CLPS
Incorporation's shareholders
|
|
$
|
(2,265,399)
|
|
|
$
|
459,939
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss) income attributable to
|
|
|
|
|
|
|
|
|
CLPS
Incorporation's shareholders
|
|
$
|
(4,072,435)
|
|
|
$
|
2,416,395
|
|
Comprehensive (loss)
income attributable to noncontrolling
interests
|
|
|
(138,917)
|
|
|
|
139,331
|
|
Comprehensive (loss)
income
|
|
$
|
(4,211,352)
|
|
|
$
|
2,555,726
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per common
share
|
|
$
|
(0.08)
|
|
|
$
|
0.11
|
|
Weighted average number
of share outstanding – basic
|
|
|
21,484,828
|
|
|
|
18,514,807
|
|
Diluted earnings per
common share
|
|
$
|
(0.08)
|
|
|
$
|
0.10
|
|
Weighted average number
of share outstanding – diluted
|
|
|
21,484,828
|
|
|
|
19,097,170
|
|
Note:
|
|
|
|
|
|
|
|
|
(1) Includes share-based compensation expenses as
follows:
Cost of
revenues
|
|
|
13,983
|
|
|
|
4,221
|
|
Selling and marketing
expenses
|
|
|
55,834
|
|
|
|
42,556
|
|
General and
administrative expenses
|
|
|
4,646,944
|
|
|
|
3,586,593
|
|
|
|
|
|
|
|
|
|
|
|
CLPS
INCORPORATION
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
|
|
For the six
months ended
|
June
30,
|
|
|
|
|
2022
|
|
|
|
2021
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
$
|
(57,423,736)
|
|
|
$
|
(46,050,474)
|
Less: share-based
compensation expenses
|
|
|
|
(13,983)
|
|
|
|
(4,221)
|
Non-GAAP cost of
revenues
|
|
|
$
|
(57,409,753)
|
|
|
$
|
(46,046,253)
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
$
|
(1,818,662)
|
|
|
$
|
(1,959,429)
|
Less: share-based
compensation expenses
|
|
|
|
(55,834)
|
|
|
|
(42,556)
|
Non-GAAP selling and
marketing expenses
|
|
|
$
|
(1,762,828)
|
|
|
$
|
(1,916,873)
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
$
|
(13,877,275)
|
|
|
$
|
(10,155,688)
|
Less: share-based
compensation expenses
|
|
|
|
(4,646,944)
|
|
|
|
(3,586,593)
|
Non-GAAP general and
administrative expenses
|
|
|
$
|
(9,230,331)
|
|
|
$
|
(6,569,095)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
$
|
(156,358)
|
|
|
$
|
3,442,336
|
Add: share-based
compensation expenses
|
|
|
|
4,716,761
|
|
|
|
3,633,370
|
Non-GAAP operating
income
|
|
|
$
|
4,560,403
|
|
|
$
|
7,075,706
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
|
(0.2 %)
|
|
|
|
5.1 %
|
Add: share-based
compensation expenses
|
|
|
|
6.2 %
|
|
|
|
5.3 %
|
Non-GAAP operating
margin
|
|
|
|
6.0 %
|
|
|
|
10.4 %
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
$
|
(1,882,434)
|
|
|
$
|
2,086,934
|
Add: share-based
compensation expenses
|
|
|
|
4,716,761
|
|
|
|
3,633,370
|
Non-GAAP net
income
|
|
|
$
|
2,834,327
|
|
|
$
|
5,720,304
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to CLPS
Incorporation's shareholders
|
|
|
$
|
(1,807,036)
|
|
|
$
|
1,956,456
|
Add: share-based
compensation expenses
|
|
|
|
4,716,761
|
|
|
|
3,633,370
|
Non-GAAP net income
attributable to CLPS
Incorporation's shareholders
|
|
|
|
2,909,725
|
|
|
|
5,589,826
|
$
|
$
|
|
|
|
|
|
|
|
|
|
Weighted average number
of share outstanding used
in computing GAAP and non-GAAP basic earnings
|
|
|
|
21,484,828
|
|
|
|
18,514,807
|
GAAP basic (loss)
earnings per common share
|
|
|
$
|
(0.08)
|
|
|
$
|
0.11
|
Add: share-based
compensation expenses
|
|
|
|
0.22
|
|
|
|
0.19
|
Non-GAAP basic
earnings per common share
|
|
|
$
|
0.14
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
Weighted average number
of share outstanding used
in computing GAAP diluted earnings
|
|
|
|
21,484,828
|
|
|
|
19,097,170
|
Weighted average number
of share outstanding used
in computing non-GAAP diluted earnings
|
|
|
|
21,522,447
|
|
|
|
19,097,170
|
|
|
|
|
|
|
|
|
|
GAAP diluted (loss)
earnings per common share
|
|
|
$
|
(0.08)
|
|
|
$
|
0.10
|
Add: share-based
compensation expenses
|
|
|
|
0.22
|
|
|
|
0.19
|
Non-GAAP diluted
earnings per common share
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
CLPS INCORPORATION
audited
CONSOLIDATED BALANCE SHEETS
(Amounts in
U.S. dollars ("$"), except for number of shares)
|
|
|
|
|
|
As of June
30,
|
|
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
18,396,987
|
|
|
$
|
24,739,382
|
|
Short-term
investments
|
|
|
-
|
|
|
|
4,158,535
|
|
Accounts receivable,
net
|
|
|
53,769,887
|
|
|
|
44,138,997
|
|
Prepayments, deposits
and other assets, net
|
|
|
4,215,414
|
|
|
|
2,530,458
|
|
Amounts due from
related parties
|
|
|
377,642
|
|
|
|
546,128
|
|
Total Current
Assets
|
|
|
76,759,930
|
|
|
|
76,113,500
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
20,601,098
|
|
|
|
600,791
|
|
Intangible assets,
net
|
|
|
970,044
|
|
|
|
1,050,499
|
|
Goodwill
|
|
|
2,363,841
|
|
|
|
2,444,950
|
|
Long-term
investments
|
|
|
610,386
|
|
|
|
1,014,784
|
|
Prepayments, deposits
and other assets, net
|
|
|
248,456
|
|
|
|
896,145
|
|
Deferred tax assets,
net
|
|
|
327,040
|
|
|
|
607,773
|
|
Total
Assets
|
|
$
|
101,880,795
|
|
|
$
|
82,728,442
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
14,474,363
|
|
|
$
|
7,536,839
|
|
Accounts
payable
|
|
|
343,597
|
|
|
|
559,450
|
|
Accrued expenses and
other current liabilities
|
|
|
352,402
|
|
|
|
245,408
|
|
Tax payables
|
|
|
2,355,066
|
|
|
|
1,715,009
|
|
Contract
liabilities
|
|
|
587,140
|
|
|
|
326,912
|
|
Salaries and benefits
payable
|
|
|
12,203,933
|
|
|
|
12,466,921
|
|
Amounts due to related
party
|
|
|
66,884
|
|
|
|
183,148
|
|
Total Current
Liabilities
|
|
|
30,383,385
|
|
|
|
23,033,687
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
-
|
|
|
|
9,644
|
|
Deferred tax
liabilities
|
|
|
150,547
|
|
|
|
155,033
|
|
Other non-current
liabilities
|
|
|
3,546,263
|
|
|
|
1,799,383
|
|
TOTAL
LIABILITIES
|
|
|
34,080,195
|
|
|
|
24,997,747
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized;
22,444,822 shares issued and outstanding as of June 30, 2022;
20,293,552 shares issued and outstanding as of June 30,
2021
|
|
|
2,244
|
|
|
|
2,029
|
|
Additional paid-in
capital
|
|
|
55,705,209
|
|
|
|
48,516,695
|
|
Statutory
reserves
|
|
|
5,071,876
|
|
|
|
4,214,075
|
|
Retained
earnings
|
|
|
6,323,792
|
|
|
|
2,726,165
|
|
Accumulated other
comprehensive (loss) income
|
|
|
(550,248)
|
|
|
|
1,230,083
|
|
|
|
|
|
|
|
|
|
|
Total CLPS
Incorporation's Shareholders' Equity
|
|
|
66,552,873
|
|
|
|
56,689,047
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
1,247,727
|
|
|
|
1,041,648
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
|
|
67,800,600
|
|
|
|
57,730,695
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
101,880,795
|
|
|
$
|
82,728,442
|
|
CLPS INCORPORATION
AUDITED
CONSOLIDATED statements of INCOME AND COMPREHENSIVE
INCOME
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
For the years
ended
June
30,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
152,022,381
|
|
|
$
|
126,061,693
|
|
Less: Cost of revenues
(note 1)
|
|
|
(111,033,345)
|
|
|
|
(85,890,757)
|
|
Gross
profit
|
|
|
40,989,036
|
|
|
|
40,170,936
|
|
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses (note 1)
|
|
|
(4,103,066)
|
|
|
|
(3,753,236)
|
|
Research and
development expenses
|
|
|
(7,971,145)
|
|
|
|
(13,337,913)
|
|
General and
administrative expenses (note 1)
|
|
|
(23,045,664)
|
|
|
|
(16,784,688)
|
|
Subsidies and other
operating income
|
|
|
1,536,394
|
|
|
|
2,080,087
|
|
Total operating
expenses
|
|
|
(33,583,481)
|
|
|
|
(31,795,750)
|
|
Income from
operations
|
|
|
7,405,555
|
|
|
|
8,375,186
|
|
Other income
|
|
|
854,250
|
|
|
|
296,319
|
|
Other
expenses
|
|
|
(575,605)
|
|
|
|
(351,045)
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax and share of income
in equity
investees
|
|
|
7,684,200
|
|
|
|
8,320,460
|
|
Provision for income
taxes
|
|
|
3,045,992
|
|
|
|
1,257,124
|
|
Income before share
of income in equity investees
|
|
|
4,638,208
|
|
|
|
7,063,336
|
|
Share of
(loss) in equity investees, net of tax
|
|
|
(50,297)
|
|
|
|
(44,121)
|
|
Net
income
|
|
|
4,587,911
|
|
|
|
7,019,215
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
132,483
|
|
|
|
202,643
|
|
Net
income attributable to CLPS Incorporation's
shareholders
|
|
$
|
4,455,428
|
|
|
$
|
6,816,572
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) income
|
|
$
|
(1,828,542)
|
|
|
$
|
2,695,223
|
|
Less: Foreign currency
translation (loss) income
attributable
to noncontrolling interests
|
|
|
(48,211)
|
|
|
|
102,475
|
|
Other comprehensive
(loss) income attributable to CLPS
Incorporation's shareholders
|
|
$
|
(1,780,331)
|
|
|
$
|
2,592,748
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to
|
|
|
|
|
|
|
|
|
CLPS
Incorporation's shareholders
|
|
$
|
2,675,097
|
|
|
$
|
9,409,320
|
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
84,272
|
|
|
|
305,118
|
|
Comprehensive
income
|
|
$
|
2,759,369
|
|
|
$
|
9,714,438
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$
|
0.21
|
|
|
$
|
0.39
|
|
Weighted average number
of share outstanding – basic
|
|
|
20,924,683
|
|
|
|
17,279,443
|
|
Diluted earnings per
common share
|
|
$
|
0.21
|
|
|
$
|
0.39
|
|
Weighted average number
of share outstanding – diluted
|
|
|
21,057,063
|
|
|
|
17,569,440
|
|
Note:
|
|
|
|
|
|
|
|
|
(1) Includes share-based compensation
expenses as follows:
Cost of
revenues
|
|
|
36,906
|
|
|
|
8,403
|
|
Selling and marketing
expenses
|
|
|
165,209
|
|
|
|
122,087
|
|
General and
administrative expenses
|
|
|
6,982,747
|
|
|
|
4,998,206
|
|
CLPS
INCORPORATION
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
|
|
|
|
|
|
For the years
ended
|
June
30,
|
|
|
|
|
2022
|
|
|
|
2021
|
(Audited)
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
$
|
(111,033,345)
|
|
|
$
|
(85,890,757)
|
Less: share-based
compensation expenses
|
|
|
|
(36,906)
|
|
|
|
(8,403)
|
Non-GAAP cost of
revenues
|
|
|
$
|
(110,996,439)
|
|
|
$
|
(85,882,354)
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
$
|
(4,103,066)
|
|
|
$
|
(3,753,236)
|
Less: share-based
compensation expenses
|
|
|
|
(165,209)
|
|
|
|
(122,087)
|
Non-GAAP selling and
marketing expenses
|
|
|
$
|
(3,937,857)
|
|
|
$
|
(3,631,149)
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
$
|
(23,045,664)
|
|
|
$
|
(16,784,688)
|
Less: share-based
compensation expenses
|
|
|
|
(6,982,747)
|
|
|
|
(4,998,206)
|
Non-GAAP general and
administrative expenses
|
|
|
$
|
(16,062,917)
|
|
|
$
|
(11,786,482)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
$
|
7,405,555
|
|
|
$
|
8,375,186
|
Add: share-based
compensation expenses
|
|
|
|
7,184,862
|
|
|
|
5,128,696
|
Non-GAAP operating
income
|
|
|
$
|
14,590,417
|
|
|
$
|
13,503,882
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
|
4.9 %
|
|
|
|
6.6 %
|
Add: share-based
compensation expenses
|
|
|
|
4.7 %
|
|
|
|
4.1 %
|
Non-GAAP operating
margin
|
|
|
|
9.6 %
|
|
|
|
10.7 %
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
4,587,911
|
|
|
$
|
7,019,215
|
Add: share-based
compensation expenses
|
|
|
|
7,184,862
|
|
|
|
5,128,696
|
Non-GAAP net
income
|
|
|
$
|
11,772,773
|
|
|
$
|
12,147,911
|
|
|
|
|
|
|
|
|
|
Net income attributable
to CLPS Incorporation's
shareholders
|
|
|
$
|
4,455,428
|
|
|
$
|
6,816,572
|
Add: share-based
compensation expenses
|
|
|
|
7,184,862
|
|
|
|
5,128,696
|
Non-GAAP net income
attributable to CLPS
Incorporation's shareholders
|
|
|
$
|
11,640,290
|
|
|
$
|
11,945,268
|
|
|
|
|
|
|
|
|
|
Weighted average number
of share outstanding used
in computing GAAP and non-GAAP basic earnings
|
|
|
|
20,924,683
|
|
|
|
17,279,443
|
GAAP basic earnings per
common share
|
|
|
$
|
0.21
|
|
|
$
|
0.39
|
Add: share-based
compensation expenses
|
|
|
|
0.35
|
|
|
|
0.30
|
Non-GAAP basic
earnings per common share
|
|
|
$
|
0.56
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
Weighted average number
of share outstanding used
in computing GAAP and non-GAAP diluted earnings
|
|
|
|
21,057,063
|
|
|
|
17,569,440
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per common share
|
|
|
$
|
0.21
|
|
|
$
|
0.39
|
Add: share-based
compensation expenses
|
|
|
|
0.34
|
|
|
|
0.29
|
Non-GAAP diluted
earnings per common share
|
|
|
$
|
0.55
|
|
|
$
|
0.68
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/clps-incorporation-reports-financial-results-for-the-second-half-and-full-year-of-fiscal-2022-301654861.html
SOURCE CLPS