HONG KONG, Oct. 15, 2021 /PRNewswire/ -- CLPS
Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS),
today announced its financial results for the six months
ended June 30, 2021 and full year of fiscal year
2021.
Unaudited Second Half of Fiscal 2021 Highlights (all results
compared to the six months ended June 30, 2020)
- Revenues increased by 44.6% to $67.7
million from $46.8
million.
- Revenue from IT consulting services increased by 43.2% to $65.2
million from $45.5
million.
- Revenue from e-Commerce area increased by 101.2% to
$11.5 million from $5.7 million.
- Revenue from automotive area increased by 204.5% to
$5.0 million from $1.6 million.
- Operating income increased by 417.9% to $3.4 million from $0.7 million.
- Net income increased by 166.0% to $2.1
million from $0.8
million.
- Net income attributable to CLPS Incorporation's shareholders
increased by 243.7% to $2.0 million,
or $0.11 basic and $0.10 diluted earnings per share, compared to net
income attributable to CLPS Incorporation's shareholders of
$0.6 million, or $0.04 basic and diluted earnings per share.
- Non-GAAP net income attributable to CLPS Incorporation's
shareholders1 increased by 59.4% to $5.6 million, or $0.30 basic and $0.29 diluted earnings per share, compared to
$3.5 million, or $0.23 basic and diluted earnings per share.
Please refer to "Use of Non-GAAP Financial Measures" section for
the discussion of such measures used in this press release.
Audited Fiscal Year 2021 Highlights (all results compared to
the twelve months ended June 30, 2020)
- Revenues increased by 41.0% to $126.1
million from $89.4
million.
- Revenue from IT consulting services increased by 40.3% to $122.3 million from
$87.1 million.
- Revenue from e-Commerce area increased by 72.5% to $19.2 million from $11.1
million.
- Revenue from automotive area increased by 132.0% to
$8.5 million from $3.6 million.
- Operating income increased by 161.2% to $8.4 million from $3.2 million.
- Net income increased by 127.9% to $7.0
million from $3.1
million.
- Net income attributable to CLPS Incorporation's shareholders
increased by 132.0% to $6.8 million,
or $0.39 basic and diluted earnings
per share, compared to net income attributable to CLPS
Incorporation's shareholders of $2.9
million, or $0.20 basic and
diluted earnings per share.
- Non-GAAP net income attributable to CLPS Incorporation's
shareholders1 increased by 72.1% to $11.9 million, or $0.69 basic and $0.68 diluted earnings per share, compared to
$6.9 million, or $0.47 basic and diluted earnings per share.
Please refer to "Use of Non-GAAP Financial Measures" section for
the discussion of such measures used in this press release.
- Number of clients increased by 10.6% to 251 from 227.
- Revenues from top five clients accounted for 45.7% of total
revenue, from 47.3% over the previous year period, which reflects
decreased in revenue dependence from major clients.
Mr. Raymond Lin, Co-Founder
and Chief Executive Officer of CLPS, commented, "Our second
half and full year of fiscal 2021 results affirm the unquestionable
value proposition we deliver to our clients and the success of our
pipelined strategies. We continued to execute our 'dual-engine'
development strategy through the improvement of our technology and
product capabilities while maintaining the organic growth of our
business."
"We entered into several investments in our commitment to
contribute in the digital trend of global finance and to further
improve our product roadmap for banking and other financial
institutions. Our controlling interest in CLPS –
Beefinance, allowed us to
navigate into blockchain-based solutions with focused on digital
asset for financial institutions such as custody, exchange,
payment, and non-fungible token (NFT) distribution platforms."
"In pursuit of supporting our clients' digital transformation
journey, our i-Lab, the Company's R&D arm, has been rendering
positive results on its research efforts in advanced technologies
such as big data, robotic process automation, and artificial
intelligence. We also developed a new generation of credit card
system, which is powered by distributed microservices and unitized
concepts; and can be deployed to cloud native. Now on its pilot
phase, the enterprise edition is expected to be launched early next
year."
"As we previously highlighted, CLPS has been aggressive on its
global expansion strategy. We gained IT services contracts in the
U.S. from major players in e-commerce industry, jumpstarting our
U.S. revenue during the fiscal year 2021. Meanwhile, the recent
establishment of CLPS Philippines enabled us to further expand our
footprint in international market. Furthermore, we underwent
corporate restructuring in order to increase our business
efficiency. We implemented corporate consolidation and hired senior
advisors with extensive experience from top tier financial
institutions to guide and streamline our current and business
trajectory."
"Moving into the fiscal year 2022, we remain committed to
delivering professional IT services and innovative products by
leveraging our current and prospect resources. We are confident
that our strategies will further mobilize our growth, thus
providing long-term values to our shareholders," concluded Mr.
Lin.
Ms. Rui Yang, Chief Financial Officer of CLPS,
commented, "Our strong IT service delivery capabilities sustained
our top-line growth, resulting in a 44.6% and 41.0% revenue growth
in the second half and full year of fiscal 2021, respectively. In
addition, our continuous improved operational efficiency delivered
a robust growth in our bottom-line. Our net income significantly
increased by triple digits of 166.0% and 127.9% in the second half
and full year of fiscal 2021, respectively. Going forward, we will
pursue more IT consulting and solution services investments that we
can synergize into our core business and develop innovative
products and services. We believe that our diversified services and
advanced IT products will strengthen our long-term competitive
advantage and edge over our competitors."
Unaudited Second Half of Fiscal Year 2021 Financial
Results
Revenues
In the second half of fiscal 2021, revenues increased
by $20.9 million, or 44.6%, to $67.7 million from
$46.8 million in the prior year
period. The increase in revenue was mainly due to the increase in
IT consulting services revenue.
Revenues by Service
- Revenue from IT consulting services increased by $19.7 million, or 43.2%, to $65.2 million in the second half of fiscal year
2021 from $45.5 million in the prior
year period. Revenue from IT consulting services accounted for
96.3% of total revenue, compared to 97.2% 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.
- Revenue from customized IT solution services increased by
$1.0 million, or 81.0%, to
$2.1 million and accounted for 3.1%
of total revenue in the second half of fiscal year 2021, up from
$1.1 million, or 2.4% of total
revenue in the prior year period. The increase was primarily due to
the increased demand from existing clients.
- Revenue from other services increased by $0.3 million, or 179.5%, to $0.5 million and accounted for 0.7% of total
revenue in the second half of fiscal year 2021, up from
$0.2 million, or 0.3% of total
revenue in the prior year period. The increase was primarily due to
the increased demand for other services, including headhunting
service.
Revenues by Operational Areas
- Revenue from banking area increased by $8.3 million, or 36.3% to $31.2 million in the second half of fiscal 2021
from $22.9 million in the prior year
period. Revenue from banking area accounted for 46.1% and 48.9% of
total revenues in the second half of fiscal 2021 and 2020,
respectively.
- Revenue from wealth management area increased by $4.0 million, or 40.1% to $13.8 million in the second half of fiscal 2021
from $9.8 million in the prior year
period. Revenue from wealth management area accounted for 20.3% and
21.0% of total revenues in the second half of fiscal 2021 and 2020,
respectively.
- Revenue from e-Commerce area increased by $5.8 million, or 101.2% to $11.5 million in the second half of fiscal 2021
from $5.7 million in the prior year
period. Revenue from e-Commerce area accounted for 17.0% and 12.2%
of total revenues in the second half of fiscal 2021 and 2020,
respectively.
- Revenue from automotive area increased by $3.4 million, or 204.5% to $5.0 million in the second half of fiscal 2021
from $1.6 million in the prior year
period. Revenue from automotive area accounted for 7.4% and 3.5% of
total revenues in the second half of fiscal 2021 and 2020,
respectively.
Revenues by Geography
- Revenue generated outside of mainland China increased by 10.4% to $6.9 million in the second half of fiscal year
2021 from $6.3 million in the prior
year period. The increase in revenue generated outside mainland
China reflects the Company's
successful and continuous global expansion strategy.
Gross Profit
Gross profit increased by $6.0 million, or 37.8%,
to $21.7 million in the second half of fiscal year 2021
from $15.7 million in the prior year period.
Operating Expenses
Selling and marketing expenses increased by $0.3 million,
or 18.3%, to $2.0 million in the second half of fiscal
2021 from $1.7 million in the prior year period. The
increase was primarily due to the increase of salary expenses as
new staff were hired to improve the Company's capability of service
delivery to meet clients' demand. As a percentage of total
revenues, selling and marketing expenses decreased to 2.9% in the
second half of fiscal 2021 compared to 3.5% in the prior year
period. The decrease was primarily due to the increased in
operational efficiency as a result of economies of scale.
Research and development expenses increased by $1.8
million, or 32.5%, to $7.2 million in the second half of
fiscal 2021 from $5.4 million in the prior year period.
The increase primarily resulted from the establishment of new
research projects and the Company's continued R&D efforts in
big data, cloud computing, blockchain, robotic process automation
(RPA) and artificial intelligence (AI). As a percentage of total
revenues, research and development expenses decreased to 10.6% in
the second half of fiscal 2021 compared to 11.6% in the prior year
period. The decrease was primarily due to the increase in
operational efficiency as a result of economies of scale.
General and administrative expenses increased by $1.8
million, or 20.2%, to $10.2 million in the second half of
fiscal 2021 from $8.4 million in the prior year period.
The increase was primarily due to the increase of non-cash
share-based compensation expenses and general and administrative
personnel related expenses. After excluding the non-cash
share-based compensation expenses, non-GAAP general and
administrative expenses2 increased by $0.9 million, or 15.3%, to $6.6 million in the second half of fiscal 2021
from $5.7 million in the prior year period. As a
percentage of total revenues, general and administrative expenses
decreased to 15.0% in the second half of fiscal 2021 compared to
18.0% in the prior year period. The decrease was primarily due to
the increase in operational efficiency as result of economies of
scale and refined management.
Operating Income
Operating income increased by $2.7
million, or 417.9%, to $3.4 million in the second
half of fiscal year 2021 from $0.7 million in the same
period of the previous year. Operating margin was 5.1% in the
second half of fiscal 2021, compared to 1.4% in the prior year
period.
Other Income and Expenses
Total other expenses, net of other income was $0.2
million in the second half of fiscal 2021, compared
to $0.5 million total other income, net of other
expenses in the prior year period.
Provision for Income Taxes
Provision for income taxes increased by $0.8
million to $1.2 million in the second half of fiscal
2021 from $0.4 million in the same period of the previous
year, mainly due to recognition of deferred tax liability related
to the dividend of the Company's subsidiary.
Net Income and EPS
Net income for the second half of fiscal 2021 increased
by $1.3 million, or 166.0%, to $2.1 million from
$0.8 million in the prior year
period. After excluding the impact of non-cash share-based
compensation expenses, non-GAAP net
income3 increased by $2.0 million, or 53.7%,
to $5.7 million in the second half of fiscal 2021
from $3.7 million in the same period of the previous
year.
After excluding the impact of noncontrolling interests, net
income attributable to CLPS Incorporation's shareholders in the
second half of fiscal 2021 was $2.0 million,
or $0.11 basic and $0.10
diluted earnings per share, compared to net income attributable to
CLPS Incorporation's shareholders of $0.6 million,
or $0.04 basic and diluted earnings per share, in the second
half of fiscal 2020. After excluding the impact of non-cash
share-based compensation expenses, non-GAAP net income attributable
to CLPS Incorporation's shareholders1 in the second half
of fiscal 2021 was $5.6 million, or $0.30 basic and
$0.29 diluted earnings per share,
compared to non-GAAP net income attributable to CLPS
Incorporation's shareholders of $3.5 million, or $0.23
basic and diluted earnings per share, in the second half of fiscal
2020.
Audited Fiscal Year 2021 Financial Results
Revenues
In the fiscal year 2021, revenues increased by $36.7
million, or 41.0%, to $126.1 million from $89.4 million in the prior year period.
The increase in revenue was mainly
due to the increase in IT consulting services revenue.
Revenues by Service
- Revenue from IT consulting services increased by $35.2 million, or 40.3%, to $122.3 million in the fiscal year 2021 from
$87.1 million in the prior year
period. Revenue from IT consulting services accounted for 97.0% of
total revenue, compared to 97.5% 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.
- Revenue from customized IT solution services increased by
$1.3 million, or 69.7%, to
$3.1 million and accounted for 2.5%
of total revenue in the fiscal year 2021, up from $1.8 million, or 2.1% of total revenue in the
prior year period. The increase was primarily due to the increased
demand from existing clients.
- Revenue from other services increased by $0.3 million,
or 51.5%, to $0.7 million and
accounted for 0.5% of total revenue in the fiscal year 2021, up
from $0.4 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 headhunting
service.
Revenues by Operational Areas
- Revenue from banking area increased by $15.5 million, or 34.8% to $60.0 million in the fiscal year 2021 from
$44.5 million in the prior year
period. Revenue from banking area accounted for 47.6% and 49.8% of
total revenues in the fiscal year 2021 and 2020, respectively.
- Revenue from wealth management area increased by $6.0 million, or 31.2% to $25.2 million in the fiscal year 2021 from
$19.2 million in the prior year
period. Revenue from wealth management area accounted for 20.0% and
21.5% of total revenues in the fiscal year 2021 and 2020,
respectively.
- Revenue from e-Commerce area increased by $8.1 million, or 72.5% to $19.2 million in the fiscal year 2021 from
$11.1 million in the prior year
period. Revenue from e-Commerce area accounted for 15.2% and 12.4%
of total revenues in the fiscal year 2021 and 2020,
respectively.
- Revenue from automotive area increased by $4.9 million, or 132.0% to $8.5 million in the fiscal year 2021 from
$3.6 million in the prior year
period. Revenue from automotive area accounted for 6.7% and 4.1% of
total revenues in the fiscal year 2021 and 2020, respectively.
Revenues by Geography
- Revenue generated outside of mainland China increased by 28.1% to $13.6 million in the fiscal year 2021 from
$10.6 million in the prior year
period. The increase in revenue generated outside of mainland
China reflects the Company's
successful and continuous global expansion strategy.
Gross Profit
Gross profit increased by $9.1 million, or 29.1%,
to $40.2 million in the fiscal year 2021 from $31.1
million in the prior year period.
Operating Expenses
Selling and marketing expenses increased by $0.7 million,
or 22.7%, to $3.8 million in the fiscal year 2021
from $3.1 million in the prior year period. The increase
was primarily due to the increase of salary expenses as new staff
were hired in order to improve the Company's capability of service
delivery to meet clients' demand. As a percentage of total
revenues, selling and marketing expenses decreased to 3.0% in the
fiscal year 2021 compared to 3.4% in the prior year period. The
decrease reflects an increase in operational efficiency as a result
of economies of scale.
Research and development expenses increased by $2.9
million, or 27.8%, to $13.3 million in the fiscal year
2021 from $10.4 million in the prior year period. The
increase primarily resulted from the establishment of new research
projects and the Company's continued R&D efforts in big data,
cloud computing, blockchain, robotic process automation (RPA) and
artificial intelligence (AI). As a percentage of total revenues,
research and development expenses decreased to 10.6% in the fiscal
year 2021 compared to 11.7% in the prior year period. The decrease
reflects an increase in operational efficiency as a result of
economies of scale.
General and administrative expenses increased by $0.5
million, or 2.7%, to $16.8 million in the fiscal year
2021 from $16.3 million in the prior year period. The
increase was primarily due to the increase of non-cash share-based
compensation expenses. After excluding the non-cash share-based
compensation expenses, non-GAAP general and administrative
expenses2 decreased by $0.8
million, or 6.2%, to $11.8
million in fiscal year 2021 from $12.6 million in
the prior year period. As a percentage of total revenues, general
and administrative expenses decreased to 13.3% in the fiscal year
2021 compared to 18.3% in the prior year period. The decrease
reflects an increase in operational efficiency as result of
economies of scale and refined management.
Operating Income
Operating income increased by $5.2
million, or 161.2%, to $8.4 million in the fiscal
year 2021 from $3.2 million in the same period of the
previous year. Operating margin was 6.6% in the fiscal year 2021,
compared to 3.6% in the prior year period.
Other Income and Expenses
Total other expenses, net of other income was $0.1
million in the fiscal year 2021, compared to $0.5 million
total other income, net of other expenses in the prior year
period.
Provision for Income Taxes
Provision for income taxes increased by $0.5
million to $1.3 million in the fiscal year 2021
from $0.8 million in the same period of the previous year,
mainly due to recognition of deferred tax liability related to the
dividend of the Company's subsidiary.
Net Income and EPS
Net income for the fiscal year 2021 increased by $3.9
million, or 127.9%, to $7.0 million from $3.1 million in the prior year period. After
excluding the impact of non-cash share-based compensation expenses,
non-GAAP net income3 increased by $5.0
million, or 71.5%, to $12.1 million in the fiscal year
2021 from $7.1 million in the same period of the previous
year.
After excluding the impact of noncontrolling interests, net
income attributable to CLPS Incorporation's shareholders in the
fiscal year 2021 was $6.8 million, or $0.39 basic
and diluted earnings per share, compared to net income attributable
to CLPS Incorporation's shareholders of $2.9 million,
or $0.20 basic and diluted earnings per share in fiscal year
2020. After excluding the impact of non-cash share-based
compensation expenses, non-GAAP net income attributable to CLPS
Incorporation's shareholders1 in the fiscal year 2021
was $11.9 million, or $0.69 basic and $0.68 diluted earnings per share, compared
to non-GAAP net income attributable to CLPS Incorporation's
shareholders of $6.9 million, or $0.47 basic and diluted
earnings per share in the fiscal year 2020.
Cash Flow
As of June 30, 2021, the Company had cash and cash
equivalents of $24.7 million compared to $12.7
million as of June 30, 2020.
Net cash used in operating activities was $2.6
million for the twelve months ended June 30, 2021. Net
cash used in investing activities was $5.6 million. Net cash
provided by financing activities was approximately $19.3 million. The effect of exchange rate change
on cash was approximately positive $1.0 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
For fiscal year 2022, the Company expects, absent material
acquisitions or non-recurring transactions, total sales growth in
the range of approximately 30% to 35%, non-GAAP net income growth
in the range of approximately 32% to 37% compared to fiscal year
2021 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, 2021, were translated at 6.4566
RMB to 1.00 USD compared to 7.0651
RMB to 1.00 USD as of June 30, 2020. 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, 2021 and 2020 were 6.6212
RMB to 1.00 USD and 7.0309
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 15, 2021 to discuss second half and
full year of fiscal 2021 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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+1-323-994-2093
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Mainland China:
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400 120
9101
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Hong Kong:
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800 961
384
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To access the live webcast of the conference call, please
visit this link. The live and archived 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 October 29,
2021 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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6765992
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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
sectors. The Company serves as an IT solutions provider to a
growing network of clients in the global financial industry,
including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong
Kong, 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, Baoding,
Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining eight
global centers are located in Hong Kong SAR, USA, Japan,
Singapore, Malaysia, Australia, India, and the
Philippines. For further information regarding the Company,
please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, LinkedIn,
and Twitter.
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 2021, 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 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.
|
2
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. Please refer
to the section titled "Reconciliation of Non-GAAP and GAAP Results"
for details.
|
3
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
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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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2021
(Audited)
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2020
(Unaudited)
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ASSETS
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Current
assets:
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|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
24,739,382
|
|
|
$
|
25,981,167
|
|
Short-term
investments
|
|
|
4,158,535
|
|
|
|
-
|
|
Accounts receivable,
net
|
|
|
44,138,997
|
|
|
|
31,205,299
|
|
Prepayments, deposits
and other assets, net
|
|
|
2,530,458
|
|
|
|
1,545,239
|
|
Prepaid income
tax
|
|
|
-
|
|
|
|
884,720
|
|
Amounts due from
related parties
|
|
|
546,128
|
|
|
|
-
|
|
Total Current
Assets
|
|
|
76,113,500
|
|
|
|
59,616,425
|
|
|
|
|
|
|
|
|
|
|
Non-Current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
600,791
|
|
|
|
585,079
|
|
Intangible assets,
net
|
|
|
1,050,499
|
|
|
|
1,202,449
|
|
Goodwill
|
|
|
2,444,950
|
|
|
|
2,234,615
|
|
Long-term
investments
|
|
|
1,014,784
|
|
|
|
900,091
|
|
Prepayments, deposits
and other assets, net
|
|
|
896,145
|
|
|
|
537,063
|
|
Deferred tax assets,
net
|
|
|
607,773
|
|
|
|
448,154
|
|
Total
Assets
|
|
$
|
82,728,442
|
|
|
$
|
65,523,876
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank
loans
|
|
$
|
7,536,839
|
|
|
$
|
5,005,402
|
|
Accounts
payable
|
|
|
559,450
|
|
|
|
535,055
|
|
Accrued expenses and
other current liabilities
|
|
|
245,408
|
|
|
|
238,456
|
|
Tax
payables
|
|
|
1,715,009
|
|
|
|
1,626,017
|
|
Contract
liabilities
|
|
|
326,912
|
|
|
|
868,222
|
|
Salaries and benefits
payable
|
|
|
12,466,921
|
|
|
|
19,472,224
|
|
Amounts due to
related party
|
|
|
183,148
|
|
|
|
67,918
|
|
Total Current
Liabilities
|
|
|
23,033,687
|
|
|
|
27,813,294
|
|
|
|
|
|
|
|
|
|
|
Non-Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
9,644
|
|
|
|
16,925
|
|
Deferred tax
liabilities
|
|
|
155,033
|
|
|
|
143,846
|
|
Other non-current
liabilities
|
|
|
1,799,383
|
|
|
|
311,923
|
|
TOTAL
LIABILITIES
|
|
|
24,997,747
|
|
|
|
28,285,988
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized;
20,293,552 shares issued and outstanding as of
June 30, 2021;
16,345,053 shares issued and outstanding as of
December 31,2020
|
|
|
2,029
|
|
|
|
1,635
|
|
Additional paid-in
capital
|
|
|
48,516,695
|
|
|
|
30,081,334
|
|
Statutory
reserves
|
|
|
4,214,075
|
|
|
|
2,954,993
|
|
Retained
earnings
|
|
|
2,726,165
|
|
|
|
2,028,791
|
|
Accumulated other
comprehensive income
|
|
|
1,230,083
|
|
|
|
770,144
|
|
|
|
|
|
|
|
|
|
|
Total CLPS
Incorporation Shareholders' Equity
|
|
|
56,689,047
|
|
|
|
35,836,897
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
1,041,648
|
|
|
|
1,400,991
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
|
|
57,730,695
|
|
|
|
37,237,888
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
82,728,442
|
|
|
$
|
65,523,876
|
|
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,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
67,743,485
|
|
|
$
|
46,847,534
|
|
Less: Cost of
revenues (note 1)
|
|
|
(46,050,474)
|
|
|
|
(31,104,457)
|
|
Gross
profit
|
|
|
21,693,011
|
|
|
|
15,743,077
|
|
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses (note 1)
|
|
|
(1,959,429)
|
|
|
|
(1,655,650)
|
|
Research and
development expenses
|
|
|
(7,176,725)
|
|
|
|
(5,416,455)
|
|
General and
administrative expenses (note 1)
|
|
|
(10,155,688)
|
|
|
|
(8,446,840)
|
|
Subsidies and other
operating income
|
|
|
1,041,167
|
|
|
|
440,533
|
|
Total operating
expenses
|
|
|
(18,250,675)
|
|
|
|
(15,078,412)
|
|
Income from
operations
|
|
|
3,442,336
|
|
|
|
664,665
|
|
Other
income
|
|
|
149,323
|
|
|
|
535,927
|
|
Other
expenses
|
|
|
(301,821)
|
|
|
|
(77,229)
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax and share of income (loss) in
equity investees
|
|
|
3,289,838
|
|
|
|
1,123,363
|
|
Provision for income
taxes
|
|
|
1,164,910
|
|
|
|
446,601
|
|
Income before share
of income (loss) in equity investees
|
|
|
2,124,928
|
|
|
|
676,762
|
|
Share of (loss)
income in equity investees, net of tax
|
|
|
(37,994)
|
|
|
|
107,895
|
|
Net
income
|
|
|
2,086,934
|
|
|
|
784,657
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
130,478
|
|
|
|
215,359
|
|
Net income
attributable to CLPS Incorporation's
shareholders
|
|
$
|
1,956,456
|
|
|
$
|
569,298
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation income (loss)
|
|
$
|
468,792
|
|
|
$
|
(432,198)
|
|
Less: foreign
currency translation income (loss) attributable
to noncontrolling interest
|
|
|
8,853
|
|
|
|
(30,277)
|
|
Other comprehensive
income (loss) attributable to CLPS
Incorporation's shareholders
|
|
$
|
459,939
|
|
|
$
|
(401,921)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to
|
|
|
|
|
|
|
|
|
CLPS
Incorporation's shareholders
|
|
$
|
2,416,395
|
|
|
$
|
167,377
|
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
139,331
|
|
|
|
184,562
|
|
Comprehensive
income
|
|
$
|
2,555,726
|
|
|
$
|
351,939
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$
|
0.11
|
|
|
$
|
0.04
|
|
Weighted average
number of share outstanding – basic
|
|
|
18,514,807
|
|
|
|
15,169,655
|
|
Diluted earnings per
common share
|
|
$
|
0.10
|
|
|
$
|
0.04
|
|
Weighted average
number of share outstanding – diluted
|
|
|
19,097,170
|
|
|
|
15,212,010
|
|
Note:
|
|
|
|
|
|
|
|
|
(1)
Includes share-based compensation expenses as follows:
Cost of revenues
|
|
|
4,221
|
|
|
|
9,042
|
|
Selling and marketing
expenses
|
|
|
42,556
|
|
|
|
181,257
|
|
General and
administrative expenses
|
|
|
3,586,593
|
|
|
|
2,747,132
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2021
|
|
|
|
2020
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
$
|
(46,050,474)
|
|
|
$
|
(31,104,457)
|
Less: share-based
compensation expenses
|
|
|
|
(4,221)
|
|
|
|
(9,042)
|
Non-GAAP cost of
revenues
|
|
|
$
|
(46,046,253)
|
|
|
$
|
(31,095,415)
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
$
|
(1,959,429)
|
|
|
$
|
(1,655,650)
|
Less: share-based
compensation expenses
|
|
|
|
(42,556)
|
|
|
|
(181,257)
|
Non-GAAP selling
and marketing expenses
|
|
|
$
|
(1,916,873)
|
|
|
$
|
(1,474,393)
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
$
|
(10,155,688)
|
|
|
$
|
(8,446,840)
|
Less: share-based
compensation expenses
|
|
|
|
(3,586,593)
|
|
|
|
(2,747,132)
|
Non-GAAP general
and administrative expenses
|
|
|
$
|
(6,569,095)
|
|
|
$
|
(5,699,708)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
$
|
3,442,336
|
|
|
$
|
664,665
|
Add: share-based
compensation expenses
|
|
|
|
3,633,370
|
|
|
|
2,937,431
|
Non-GAAP operating
income
|
|
|
$
|
7,075,706
|
|
|
$
|
3,602,096
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
|
5.1%
|
|
|
|
1.4%
|
Add: share-based
compensation expenses
|
|
|
|
5.3%
|
|
|
|
6.3%
|
Non-GAAP operating
margin
|
|
|
|
10.4%
|
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,086,934
|
|
|
$
|
784,657
|
Add: share-based
compensation expenses
|
|
|
|
3,633,370
|
|
|
|
2,937,431
|
Non-GAAP net
income
|
|
|
$
|
5,720,304
|
|
|
$
|
3,722,088
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CLPS Incorporation's
shareholders
|
|
|
$
|
1,956,456
|
|
|
$
|
569,298
|
Add: share-based
compensation expenses
|
|
|
|
3,633,370
|
|
|
|
2,937,431
|
Non-GAAP net
income attributable to CLPS
Incorporation's shareholders
|
|
|
|
5,589,826
|
|
|
|
3,506,729
|
$
|
$
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share outstanding used
in computing GAAP and non-GAAP basic earnings
|
|
|
|
18,514,807
|
|
|
|
15,169,655
|
GAAP basic earnings
per common share
|
|
|
$
|
0.11
|
|
|
$
|
0.04
|
Add: share-based
compensation expenses
|
|
|
|
0.19
|
|
|
|
0.19
|
Non-GAAP basic
earnings per common share
|
|
|
$
|
0.30
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share outstanding used
in computing GAAP diluted earnings
|
|
|
|
19,097,170
|
|
|
|
15,212,010
|
Weighted average
number of share outstanding used
in computing non-GAAP diluted earnings
|
|
|
|
19,097,170
|
|
|
|
15,212,010
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per common share
|
|
|
$
|
0.10
|
|
|
$
|
0.04
|
Add: share-based
compensation expenses
|
|
|
|
0.19
|
|
|
|
0.19
|
Non-GAAP diluted
earnings per common share
|
|
|
$
|
0.29
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLPS
INCORPORATION
AUDITED CONSOLIDATED BALANCE
SHEETS
(Amounts in
U.S. dollars ("$"), except for number of shares)
|
|
|
|
|
|
As of June
30,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
24,739,382
|
|
|
$
|
12,652,120
|
|
Short-term
investments
|
|
|
4,158,535
|
|
|
|
636,934
|
|
Accounts receivable,
net
|
|
|
44,138,997
|
|
|
|
25,753,856
|
|
Prepayments, deposits
and other assets, net
|
|
|
2,530,458
|
|
|
|
1,280,967
|
|
Prepaid income
tax
|
|
|
-
|
|
|
|
15,780
|
|
Amounts due from
related parties
|
|
|
546,128
|
|
|
|
169,185
|
|
Total Current
Assets
|
|
|
76,113,500
|
|
|
|
40,508,842
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
600,791
|
|
|
|
452,472
|
|
Intangible assets,
net
|
|
|
1,050,499
|
|
|
|
1,144,579
|
|
Goodwill
|
|
|
2,444,950
|
|
|
|
2,118,700
|
|
Long-term
investments
|
|
|
1,014,784
|
|
|
|
680,131
|
|
Prepayments, deposits
and other assets, net
|
|
|
896,145
|
|
|
|
244,387
|
|
Deferred tax assets,
net
|
|
|
607,773
|
|
|
|
203,247
|
|
Total
Assets
|
|
$
|
82,728,442
|
|
|
$
|
45,352,358
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
7,536,839
|
|
|
$
|
2,161,239
|
|
Accounts
payable
|
|
|
559,450
|
|
|
|
268,661
|
|
Accrued expenses and
other current liabilities
|
|
|
245,408
|
|
|
|
220,382
|
|
Tax
payables
|
|
|
1,715,009
|
|
|
|
1,426,614
|
|
Contract
liabilities
|
|
|
326,912
|
|
|
|
755,178
|
|
Salaries and benefits
payable
|
|
|
12,466,921
|
|
|
|
11,522,268
|
|
Amounts due to
related party
|
|
|
183,148
|
|
|
|
-
|
|
Total Current
Liabilities
|
|
|
23,033,687
|
|
|
|
16,354,342
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
9,644
|
|
|
|
22,554
|
|
Deferred tax
liabilities
|
|
|
155,033
|
|
|
|
163,163
|
|
Other non-current
liabilities
|
|
|
1,799,383
|
|
|
|
194,939
|
|
TOTAL
LIABILITIES
|
|
|
24,997,747
|
|
|
|
16,734,998
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized;
20,293,552 shares issued and outstanding as of June 30, 2021;
15,930,330 shares issued and outstanding as of June
30, 2020
|
|
|
2,029
|
|
|
|
1,593
|
|
Additional paid-in
capital
|
|
|
48,516,695
|
|
|
|
28,586,048
|
|
Statutory
reserves
|
|
|
4,214,075
|
|
|
|
2,803,811
|
|
Retained earnings
(Accumulated deficits)
|
|
|
2,726,165
|
|
|
|
(2,680,143)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
1,230,083
|
|
|
|
(1,362,665)
|
|
|
|
|
|
|
|
|
|
|
Total CLPS
Incorporation's Shareholders' Equity
|
|
|
56,689,047
|
|
|
|
27,348,644
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
1,041,648
|
|
|
|
1,268,716
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
|
|
57,730,695
|
|
|
|
28,617,360
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
82,728,442
|
|
|
$
|
45,352,358
|
|
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,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
126,061,693
|
|
|
$
|
89,415,798
|
|
Less: Cost of
revenues (note 1)
|
|
|
(85,890,757)
|
|
|
|
(58,296,097)
|
|
Gross
profit
|
|
|
40,170,936
|
|
|
|
31,119,701
|
|
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses (note 1)
|
|
|
(3,753,236)
|
|
|
|
(3,059,877)
|
|
Research and
development expenses
|
|
|
(13,337,913)
|
|
|
|
(10,436,975)
|
|
General and
administrative expenses (note 1)
|
|
|
(16,784,688)
|
|
|
|
(16,343,936)
|
|
Subsidies and other
operating income
|
|
|
2,080,087
|
|
|
|
1,927,230
|
|
Total operating
expenses
|
|
|
(31,795,750)
|
|
|
|
(27,913,558)
|
|
Income from
operations
|
|
|
8,375,186
|
|
|
|
3,206,143
|
|
Other
income
|
|
|
296,319
|
|
|
|
608,638
|
|
Other
expenses
|
|
|
(351,045)
|
|
|
|
(107,322)
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax and share of income (loss) in equity
investees
|
|
|
8,320,460
|
|
|
|
3,707,459
|
|
Provision for income
taxes
|
|
|
1,257,124
|
|
|
|
835,444
|
|
Income before share
of income (loss) in equity investees
|
|
|
7,063,336
|
|
|
|
2,872,015
|
|
Share of (loss)
income in equity investees, net of tax
|
|
|
(44,121)
|
|
|
|
207,363
|
|
Net
income
|
|
|
7,019,215
|
|
|
|
3,079,378
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
202,643
|
|
|
|
141,139
|
|
Net
income attributable to CLPS Incorporation's
shareholders
|
|
$
|
6,816,572
|
|
|
$
|
2,938,239
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation income (loss)
|
|
$
|
2,695,223
|
|
|
$
|
(571,943)
|
|
Less: foreign
currency translation income (loss) attributable
to noncontrolling interests
|
|
|
102,475
|
|
|
|
(22,928)
|
|
Other comprehensive
income (loss) attributable to CLPS
Incorporation's shareholders
|
|
$
|
2,592,748
|
|
|
$
|
(549,015)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to
|
|
|
|
|
|
|
|
|
CLPS
Incorporation's shareholders
|
|
$
|
9,409,320
|
|
|
$
|
2,389,224
|
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
305,118
|
|
|
|
118,211
|
|
Comprehensive
income
|
|
$
|
9,714,438
|
|
|
$
|
2,507,435
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
$
|
0.39
|
|
|
$
|
0.20
|
|
Weighted average
number of share outstanding – basic
|
|
|
17,279,443
|
|
|
|
14,689,224
|
|
Diluted earnings per
common share
|
|
$
|
0.39
|
|
|
$
|
0.20
|
|
Weighted average
number of share outstanding – diluted
|
|
|
17,569,440
|
|
|
|
14,692,299
|
|
Note:
|
|
|
|
|
|
|
|
|
(1)
Includes share-based compensation expenses as follows:
Cost of revenues
|
|
|
8,403
|
|
|
|
14,110
|
|
Selling and marketing
expenses
|
|
|
122,087
|
|
|
|
211,573
|
|
General and
administrative expenses
|
|
|
4,998,206
|
|
|
|
3,778,397
|
|
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,
|
|
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
$
|
(85,890,757)
|
|
|
$
|
(58,296,097)
|
Less: share-based
compensation expenses
|
|
|
|
(8,403)
|
|
|
|
(14,110)
|
Non-GAAP cost of
revenues
|
|
|
$
|
(85,882,354)
|
|
|
$
|
(58,281,987)
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
$
|
(3,753,236)
|
|
|
$
|
(3,059,877)
|
Less: share-based
compensation expenses
|
|
|
|
(122,087)
|
|
|
|
(211,573)
|
Non-GAAP selling
and marketing expenses
|
|
|
$
|
(3,631,149)
|
|
|
$
|
(2,848,304)
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
$
|
(16,784,688)
|
|
|
$
|
(16,343,936)
|
Less: share-based
compensation expenses
|
|
|
|
(4,998,206)
|
|
|
|
(3,778,397)
|
Non-GAAP general
and administrative expenses
|
|
|
$
|
(11,786,482)
|
|
|
$
|
(12,565,539)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
$
|
8,375,186
|
|
|
$
|
3,206,143
|
Add: share-based
compensation expenses
|
|
|
|
5,128,696
|
|
|
|
4,004,080
|
Non-GAAP operating
income
|
|
|
$
|
13,503,882
|
|
|
$
|
7,210,223
|
|
|
|
|
|
|
|
|
|
Operating
Margin
|
|
|
|
6.6%
|
|
|
|
3.6%
|
Add: share-based
compensation expenses
|
|
|
|
4.1%
|
|
|
|
4.5%
|
Non-GAAP operating
margin
|
|
|
|
10.7%
|
|
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
7,019,215
|
|
|
$
|
3,079,378
|
Add: share-based
compensation expenses
|
|
|
|
5,128,696
|
|
|
|
4,004,080
|
Non-GAAP net
income
|
|
|
$
|
12,147,911
|
|
|
$
|
7,083,458
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CLPS Incorporation's
shareholders
|
|
|
$
|
6,816,572
|
|
|
$
|
2,938,239
|
Add: share-based
compensation expenses
|
|
|
|
5,128,696
|
|
|
|
4,004,080
|
Non-GAAP net
income attributable to CLPS
Incorporation's shareholders
|
|
|
$
|
11,945,268
|
|
|
$
|
6,942,319
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share outstanding used
in computing GAAP and non-GAAP basic earnings
|
|
|
|
17,279,443
|
|
|
|
14,689,224
|
GAAP basic earnings
per common share
|
|
|
$
|
0.39
|
|
|
$
|
0.20
|
Add: share-based
compensation expenses
|
|
|
|
0.30
|
|
|
|
0.27
|
Non-GAAP basic
earnings per common share
|
|
|
$
|
0.69
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share outstanding used
in computing GAAP diluted earnings
|
|
|
|
17,569,440
|
|
|
|
14,692,299
|
Weighted average
number of share outstanding used
in computing non-GAAP diluted earnings
|
|
|
|
17,569,440
|
|
|
|
14,692,299
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per common share
|
|
|
$
|
0.39
|
|
|
$
|
0.20
|
Add: share-based
compensation expenses
|
|
|
|
0.29
|
|
|
|
0.27
|
Non-GAAP diluted
earnings per common share
|
|
|
$
|
0.68
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/clps-incorporation-reports-financial-results-for-the-second-half-and-full-year-of-fiscal-2021-301401194.html
SOURCE CLPS