HONG KONG, March 4, 2022 /PRNewswire/ -- CLPS Incorporation
(the "Company" or "CLPS") (Nasdaq: CLPS), today announced its
unaudited financial results for the six months ended December 31, 2021, or the first half of the
Company's fiscal year 2022.
First Half of Fiscal 2022 Highlights (all results compared to
the six months ended December 31,
2020)
- Revenues increased by 30.2% to $75.9
million from $58.3
million.
- Revenue from IT consulting services increased by 26.2% to
$72.0 million from $57.1 million.
- Revenue from customized IT solution services increased by
208.1% to $3.3 million from
$1.1 million.
- Revenue from e-Commerce area increased by 88.1% to $14.4 million from $7.7
million.
- Operating income increased by 54.2% to $7.6 million from $4.9
million.
- Net income increased by 31.2% to $6.5
million from $4.9
million.
- Net income attributable to CLPS Incorporation's shareholders
increased by 28.9% to $6.3 million
from $4.9 million.
- Non-GAAP net income attributable to CLPS Incorporation's
shareholders[1]
increased by 37.4% to $8.7 million,
compared to $6.4 million. Please
refer to "Use of Non-GAAP Financial Measures" section for the
discussion of such measures used in this press release.
- Net cash provided by operating activities increased by 40.1% to
$13.2 million from $9.4 million.
Mr. Raymond Lin, Chief Executive
Officer of CLPS, commented, "The first half of fiscal year 2022 has
concluded at an amazing pace for CLPS, and yet another period of
solid market share gains, increased profitability, consistent
strategic execution, and technology progress that translated into
stronger financial results. Our disciplined approach to financial
allocation enabled us to grow our top and bottom lines, and we have
been able to make strategic investments into our business to propel
our future growth."
"We are keeping up with that momentum as we continuously
implement our growth and innovation strategies. In particular,
while we continuously grow organically, we are also pursuing new
revenue streams by promoting our customized IT solution services.
New products and business development advancements will be
essential components to achieving this goal. It involves the
development of a next generation loan trading software for overseas
markets, blockchain-based solutions for financial institutions,
CLPS SaaS platform-based credit card products, and digital yuan
business solution which recently gained traction."
"We are further expanding our international presence and
industry reach to new markets. We made significant progress
in penetrating the overseas tourism industry by upgrading our
client's digital infrastructure. Further, our goals for 2022
include attracting more clients and creating more business
opportunities in the United States
and Singapore."
"Our achievements and progress only exemplify the strength of
our business, and the strategies we plan to implement will continue
to drive the success of the Company in the long run."
Ms. Rui Yang, Chief Financial
Officer of CLPS, commented, "We are pleased to announce that our
financial results have grown consistently in the first half of
fiscal year 2022, with revenue rising by 30.2% and net income
growing by 31.2% respectively. Our dual-engine strategy has also
contributed greatly to our financial performance. We achieved
top-line growth horizontally by bringing in new clients and
expanding our services and business scope for existing clients
vertically, which resulted in a 208.1% revenue growth in our
customized IT solution services. With an eye toward the future, we
remain committed to improving the value of the Company over the
long-term. We are optimistic to achieve this goal through the
synergy among our IT services and products, improved capabilities
of service delivery, and enhanced operating efficiencies."
First Half of Fiscal year 2022 Financial Results
Revenues
In the first half of fiscal 2022, revenues increased by
$17.6 million, or 30.2%, to
$75.9 million from $58.3 million in the prior year period. This
increase in revenue was mainly due to an increase in revenue from
IT consulting services.
Revenues by Service
- Revenue from IT consulting services increased by $14.9 million, or 26.2%, to $72.0 million in the first half of fiscal year
2022 from $57.1 million in the prior
year period. Revenue from IT consulting services accounted for
94.8% of total revenue, compared to 97.8% in the prior year period.
The increase was due to the increased demand from existing and new
clients, and our improved service delivery capability.
- Revenue from customized IT solution services increased by
$2.2 million, or 208.1%, to
$3.3 million and accounted for 4.3%
of total revenue in the first half of fiscal 2022 from $1.1 million, or 1.8% of total revenue. The
increase was primarily due to our strengthened relationship and
expanded business scope with our existing clients.
- Revenue from other services increased by $0.5 million, or 236.7%, to $0.7 million and accounted for 0.9% of total
revenue in the first half of fiscal year 2022, 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 non-IT consulting
service.
Revenues by Operational Areas
- Revenue from banking area increased by $6.4 million, or 22.1% to $35.1 million in the first half of fiscal 2022,
from $28.7 million in the prior year
period. Revenue from banking area accounted for 46.2% and 49.3% of
total revenues in the first half of fiscal 2022 and 2021,
respectively.
- Revenue from wealth management area increased by $3.7 million, or 32.4% to $15.1 million in the first half of fiscal 2022,
from $11.4 million in the prior year
period. Revenue from wealth management area accounted for 19.9% and
19.6% of total revenues in the first half of fiscal 2022 and 2021,
respectively.
- Revenue from e-Commerce area increased by $6.7 million, or
88.1% to $14.4 million in the first
half of fiscal 2022, from $7.7
million in the prior year period. Revenue from e-Commerce
area accounted for 19.0% and 13.2% of total revenues in the first
half of fiscal 2022 and 2021, respectively.
- Revenue from automotive area increased by $1.5 million, or 44.5% to $5.0 million in the first half of fiscal 2022,
from $3.5 million in the prior year
period. Revenue from automotive area accounted for 6.6% and 6.0% of
total revenues in the first half of fiscal 2022 and 2021,
respectively.
Revenues by Geography
- Despite the recent macroeconomic volatility and the increased
uncertainty caused by COVID-19 pandemic, our revenue generated
outside of Mainland China continued to grow by 15.4% to
$7.7 million in the first half of
fiscal year 2022 from $6.6 million in
the same period of the previous year. 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 $3.8
million, or 20.7%, to $22.3
million in the first half of fiscal 2022 from $18.5 million in the prior year period.
Operating Expenses
Selling and marketing expenses increased by $0.5 million, or 27.3%, to $2.3 million in the first half of fiscal 2022
from $1.8 million in the prior year
period 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 3.0% in the first half of
fiscal 2022 compared to 3.1% in the prior year period. The decrease
was primarily due to the increase in operational efficiency as a
result of economies of scale.
Research and development expenses decreased by $2.0 million, or 32.2%, to $4.2 million in the first half of fiscal 2022
from $6.2 million in the prior year
period. As a percentage of total revenues, research and development
expenses decreased to 5.5% in the first 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 by
allocating a number of staff to deliver customized IT solution to
meet the increased demand for this service. As a result, the
R&D salary expenses were shifted to costs.
General and administrative expenses increased by $2.6 million, or 38.3%, to $9.2 million in the first half of fiscal 2022
from $6.6 million in the prior year
period. As a percentage of total revenues, general and
administrative expenses increased to 12.1% in the first half of
fiscal 2022 compared to 11.4% in the prior year period. The
increase was primarily due to an increase of share-based
compensation, new staff were hired, and a year-over-year increase
of salary expenses.
Operating Income
Operating income increased by $2.7
million, or 54.2%, to $7.6
million in the first half of fiscal 2022 from $4.9 million in the same period of the previous
year. Operating margin was 10.0% in the first half of fiscal 2022
compared to 8.4% in the prior year period.
Other Income and Expenses
Total other expenses, net of other income was $0.2
million in the first half of fiscal 2022, compared
to $0.1 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 $0.9
million in the first half of fiscal 2022 from $0.1 million in the same period of the previous
year, mainly due to certain subsidiaries made profit and used up
recoverable losses.
Net Income and EPS
Net income increased by $1.6
million, or 31.2%, to $6.5
million in the first half of fiscal 2022 from $4.9 million in the prior year period. After
excluding the impact of non-cash share-based compensation expenses,
non-GAAP net income[2]
increased by $2.5 million, or 39.1%,
to $8.9 million in the first half of
fiscal 2022 from $6.4 million in the
same period of the previous year.
After excluding the impact of non-controlling interests, net
income attributable to CLPS Incorporation's shareholders in the
first half of fiscal 2022 was $6.3
million, or $0.31 basic and
diluted earnings per share compared to net income attributable to
CLPS Incorporation's shareholders of $4.9
million, or $0.30 basic and
diluted earnings per share, in the first half of fiscal 2021. After
excluding the impact of non-cash share-based compensation expenses,
non-GAAP net income attributable to CLPS Incorporation's
shareholders[1] in the
first half of fiscal 2022 was $8.7
million, or $0.43 basic and
diluted earnings per share. This is compared to non-GAAP net income
attributable to CLPS Incorporation's shareholders of $6.4 million, or $0.39 basic and diluted earnings per share, in
the prior year period.
Cash Flow
As of December 31, 2021, the
Company had cash and cash equivalents of $21.7 million compared to $24.7 million as of June
30, 2021.
Net cash provided by operating activities was approximately
$13.2 million. Net cash used in
investing activities was approximately $22.0
million. Net cash provided by financing activities was
approximately $5.6 million. The
effect of exchange rate change on cash was approximately positive
$0.1 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
December 31, 2021, were translated at
6.3726 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
December 31, 2021 and 2020 were
6.4316 RMB to 1.00 USD and 6.7734
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 March 4,
2022 to discuss first half of fiscal 2022 results. Listeners
may access the call by dialing:
U.S.
Toll-Free:
|
+1-888-204-4368
|
U.S. Local
/International:
|
+1-323-994-2093
|
Mainland
China:
|
400 120
9101
|
Hong Kong:
|
800 961
105
|
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 March 18, 2022 by dialing:
U.S.
Toll-Free:
|
+1-844-512-2921
|
U.S.
Local/International:
|
+1-412-317-6671
|
Passcode:
|
2222362
|
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 first half 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 unaudited condensed 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
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 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 "Unaudited 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 the Company
excluding share-based compensation expenses. Please refer to the
section titled "Unaudited Reconciliation of GAAP and Non-GAAP
Results" for details.
|
[2]
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 "Unaudited Reconciliation of
GAAP and Non-GAAP Results" for details.
|
CLPS
INCORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
As of
|
|
|
|
December
31,
|
June 30,
|
|
|
|
2021
(Unaudited)
|
|
|
2021
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
21,741,601
|
|
|
|
24,739,382
|
|
Short-term
investments
|
|
|
6,512,256
|
|
|
|
4,158,535
|
|
Accounts receivable,
net
|
|
|
43,819,782
|
|
|
|
44,138,997
|
|
Prepayments, deposits
and other assets, net
|
|
|
3,318,639
|
|
|
|
2,530,458
|
|
Prepaid income
tax
|
|
|
181,886
|
|
|
|
-
|
|
Amounts due from
related parties
|
|
|
430,614
|
|
|
|
546,128
|
|
Total Current
Assets
|
|
|
76,004,778
|
|
|
|
76,113,500
|
|
Non-Current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
20,886,477
|
|
|
|
600,791
|
|
Intangible assets,
net
|
|
|
1,106,806
|
|
|
|
1,050,499
|
|
Goodwill
|
|
|
2,441,368
|
|
|
|
2,444,950
|
|
Long-term
investments
|
|
|
835,041
|
|
|
|
1,014,784
|
|
Prepayments, deposits
and other assets, net
|
|
|
407,821
|
|
|
|
896,145
|
|
Deferred tax assets,
net
|
|
|
408,445
|
|
|
|
607,773
|
|
Total
Assets
|
|
|
102,090,736
|
|
|
|
82,728,442
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
13,294,897
|
|
|
|
7,536,839
|
|
Accounts
payable
|
|
|
515,918
|
|
|
|
559,450
|
|
Accrued expenses and
other current liabilities
|
|
|
424,356
|
|
|
|
245,408
|
|
Tax
payables
|
|
|
2,238,739
|
|
|
|
1,715,009
|
|
Contract
liabilities
|
|
|
1,161,507
|
|
|
|
326,912
|
|
Salaries and benefits
payable
|
|
|
14,839,684
|
|
|
|
12,466,921
|
|
Amount due to related
parties
|
|
|
61,845
|
|
|
|
183,148
|
|
Total Current
Liabilities
|
|
|
32,536,946
|
|
|
|
23,033,687
|
|
Non-Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
-
|
|
|
|
9,644
|
|
Deferred tax
liabilities
|
|
|
144,253
|
|
|
|
155,033
|
|
Other non-current
liabilities
|
|
|
2,101,145
|
|
|
|
1,799,383
|
|
TOTAL
LIABILITIES
|
|
|
34,782,344
|
|
|
|
24,997,747
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 100,000,000 shares authorized;
20,213,822 shares issued and outstanding as of December 31,
2021; 20,293,552 shares issued and outstanding as of June
30,
2021
|
|
|
2,021
|
|
|
|
2,029
|
|
Additional paid-in
capital
|
|
|
50,988,671
|
|
|
|
48,516,695
|
|
Statutory
reserves
|
|
|
4,826,600
|
|
|
|
4,214,075
|
|
Retained
earnings
|
|
|
8,376,104
|
|
|
|
2,726,165
|
|
Accumulated other
comprehensive income
|
|
|
1,715,151
|
|
|
|
1,230,083
|
|
|
|
|
|
|
|
|
|
|
Total CLPS
Incorporation's Shareholders' Equity
|
|
|
65,908,547
|
|
|
|
56,689,047
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
1,399,845
|
|
|
|
1,041,648
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
|
|
67,308,392
|
|
|
|
57,730,695
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
102,090,736
|
|
|
|
82,728,442
|
|
|
|
|
|
|
|
|
|
|
|
CLPS
INCORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED statements
|
of INCOME AND
COMPREHENSIVE INCOME
|
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
|
|
For the six months
ended
December 31,
|
|
|
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
75,921,605
|
|
|
|
58,318,208
|
|
Less: Cost of
revenues (note 1)
|
|
|
|
(53,609,609)
|
|
|
|
(39,840,283)
|
|
Gross
profit
|
|
|
|
22,311,996
|
|
|
|
18,477,925
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses (note 1)
|
|
|
|
2,284,404
|
|
|
|
1,793,807
|
|
Research and
development expenses
|
|
|
|
4,175,373
|
|
|
|
6,161,188
|
|
General and
administrative expenses (note 1)
|
|
|
|
9,168,389
|
|
|
|
6,629,000
|
|
Subsidies and other
operating income
|
|
|
|
(878,083)
|
|
|
|
(1,011,448
)
|
|
Total operating
expenses
|
|
|
|
14,750,083
|
|
|
|
13,572,547
|
|
Income from
operations
|
|
|
|
7,561,913
|
|
|
|
4,905,378
|
|
Other
income
|
|
|
|
295,704
|
|
|
|
174,468
|
|
Other
expenses
|
|
|
|
(475,269)
|
|
|
|
(49,224)
|
|
Income before income
tax and share of (loss) in equity investees
|
|
|
|
7,382,348
|
|
|
|
5,030,622
|
|
Provision for income
taxes
|
|
|
|
864,921
|
|
|
|
92,214
|
|
Income before share
of (loss) in equity investees
Share of (loss) in
equity investees, net of tax
Net
income
|
|
|
|
6,517,427
(47,082)
6,470,345
|
|
|
|
4,938,408
(6,127)
4,932,281
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
|
207,881
|
|
|
|
72,165
|
|
Net income
attributable to CLPS Incorporation's shareholders
|
|
|
|
6,262,464
|
|
|
|
4,860,116
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation income
|
|
|
|
500,376
|
|
|
|
2,226,431
|
|
Less: foreign
currency translation income attributable to
noncontrolling interest
|
|
|
|
15,308
|
|
|
|
93,622
|
|
Other comprehensive
income attributable to CLPS
Incorporation's shareholders
|
|
|
|
485,068
|
|
|
|
2,132,809
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to
|
|
|
|
|
|
|
|
|
|
CLPS
Incorporation's shareholders
|
|
|
|
6,747,532
|
|
|
|
6,992,925
|
|
Comprehensive income
attributable to noncontrolling interests
|
|
|
|
223,189
|
|
|
|
165,787
|
|
Comprehensive
income
|
|
|
|
6,970,721
|
|
|
|
7,158,712
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share*
|
|
|
|
0.31
|
|
|
|
0.30
|
|
Weighted average
number of share outstanding – basic
|
|
|
|
20,374,035
|
|
|
|
16,147,508
|
|
Diluted earnings per
common share*
|
|
|
|
0.31
|
|
|
|
0.30
|
|
Weighted average
number of share outstanding – diluted
|
|
|
|
20,457,630
|
|
|
|
16,174,530
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
(1)
|
Includes share-based
compensation expenses as follows:
|
|
Cost of
revenues
|
|
|
22,923
|
|
|
|
4,183
|
|
|
Selling and marketing
expenses
|
|
|
109,375
|
|
|
|
79,531
|
|
|
General and
administrative expenses
|
|
|
2,335,803
|
|
|
|
1,411,613
|
|
|
|
|
|
2,468,101
|
|
|
|
1,495,327
|
|
|
*
|
The shares and per
share data are presented on a retroactive basis to reflect the
nominal share
issuance.
|
CLPS
INCORPORATION
|
UNAUDITED
RECONCILIATION OF NON-GAAP AND GAAP RESULTS
|
(Amounts in U.S.
dollars ("$"), except for number of shares)
|
|
|
|
For the six months
ended
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
53,609,609
|
|
|
|
39,840,283
|
|
Less: share-based
compensation expenses
|
|
|
22,923
|
|
|
|
4,183
|
|
Non-GAAP cost of
revenues
|
|
|
53,586,686
|
|
|
|
39,836,100
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
2,284,404
|
|
|
|
1,793,807
|
|
Less: share-based
compensation expenses
|
|
|
109,375
|
|
|
|
79,531
|
|
|
|
Non-GAAP selling
and marketing
expenses
|
|
|
2,175,029
|
|
|
|
1,714,276
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
9,168,389
|
|
|
|
6,629,000
|
|
Less: share-based
compensation expenses
|
|
|
2,335,803
|
|
|
|
1,411,613
|
|
Non-GAAP general
and administrative
expenses
|
|
|
6,832,586
|
|
|
|
5,217,387
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
7,561,913
|
|
|
|
4,905,378
|
|
Add: share-based
compensation expenses
|
|
|
2,468,101
|
|
|
|
1,495,327
|
|
Non-GAAP operating
income
|
|
|
10,030,014
|
|
|
|
6,400,705
|
|
|
|
|
|
|
|
|
|
|
Operating
Margin
|
|
|
10.0%
|
|
|
|
8.4%
|
|
Add: share-based
compensation expenses
|
|
|
3.2%
|
|
|
|
2.6%
|
|
Non-GAAP operating
margin
|
|
|
13.2%
|
|
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
6,470,345
|
|
|
|
4,932,281
|
|
Add: share-based
compensation expenses
|
|
|
2,468,101
|
|
|
|
1,495,327
|
|
Non-GAAP net
income
|
|
|
8,938,446
|
|
|
|
6,427,608
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CLPS
Incorporation's shareholders
|
|
|
6,262,464
|
|
|
|
4,860,116
|
|
Add: share-based
compensation expenses
|
|
|
2,468,101
|
|
|
|
1,495,327
|
|
Non-GAAP net
income attributable to
CLPS Incorporation's shareholders
|
|
|
8,730,565
|
|
|
|
6,355,443
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share
outstanding used in computing GAAP and
non-GAAP basic earnings
|
|
|
20,374,035
|
|
|
|
16,147,508
|
|
GAAP basic earnings
per common share
|
|
|
0.31
|
|
|
|
0.30
|
|
Add: share-based
compensation expenses
|
|
|
0.12
|
|
|
|
0.09
|
|
Non-GAAP basic
earnings per common share
|
|
|
0.43
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of share
outstanding used in computing GAAP
diluted earnings
|
|
|
20,457,630
|
|
|
|
16,174,530
|
|
Weighted average
number of share
outstanding used in computing non-GAAP
diluted earnings
|
|
|
20,457,630
|
|
|
|
16,174,530
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per common share
|
|
|
0.31
|
|
|
|
0.30
|
|
Add: share-based
compensation expenses
|
|
|
0.12
|
|
|
|
0.09
|
|
Non-GAAP diluted
earnings per common
share
|
|
|
0.43
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/clps-incorporation-reports-financial-results-for-the-first-half-of-fiscal-year-2022-301495750.html
SOURCE CLPS