Glory Star(GSMG) - 2023 Q2 - Quarterly Report

Financial Performance - Total revenues for the six months ended June 30, 2023, were $67,435,000, a decrease of 3.6$69,933,000 for the same period in 2022[6] - Net income attributable to Glory Star New Media Group Holdings Limited's shareholders for the six months ended June 30, 2023, was $8,747,000, down from$10,807,000 in the prior year, representing a decline of 19.3%[6] - The company reported a basic and diluted earnings per share of $0.12 for the six months ended June 30, 2023, down from$0.16 in the same period of 2022[6] - The company experienced a comprehensive loss of $108,000 for the six months ended June 30, 2023, compared to a comprehensive income of$3,337,000 in the same period of 2022[6] - Total consolidated net revenues for the six months ended June 30, 2023, were $67,435, a decrease of 3.6$69,933 in the same period of 2022[114] Revenue Breakdown - Advertising revenue decreased to $64,863, down 3.9$67,231 in the prior year[43] - Copyright revenue increased to $2,451, up 10.9$2,209 in the same period of 2022[43] - CHEERS E-mall marketplace service revenue decreased to $110, down 56.5$252 in the prior year[43] - The Cheers APPs Internet Business generated net revenues of $61,608 for the six months ended June 30, 2023, an increase of 1.5$60,672 in 2022[114] - The Traditional Media Business reported net revenues of $5,827 for the six months ended June 30, 2023, down 37.5$9,261 in the same period of 2022[114] Assets and Liabilities - Total current assets increased to $246,978,000 as of June 30, 2023, compared to$183,845,000 as of December 31, 2022, reflecting a growth of 34.3%[3] - Cash and cash equivalents rose significantly to $152,441,000 from$70,482,000, marking an increase of 116.5%[3] - Total liabilities remained relatively stable at $33,446,000 as of June 30, 2023, compared to$33,460,000 at the end of 2022[4] - Total liabilities decreased to $31,640 as of June 30, 2023, from$38,872 at the end of 2022[21] - Total assets as of June 30, 2023, were $261,493, up from$188,597 at the end of 2022[21] Shareholder Equity - The total shareholders' equity increased to $232,783,000 as of June 30, 2023, compared to$172,428,000 as of December 31, 2022, indicating a growth of 34.9%[4] - As of June 30, 2023, the Company issued and outstanding ordinary shares totaled 92,317,950, an increase from 68,124,402 shares as of December 31, 2022, reflecting a growth of approximately 35.5%[101] Cash Flow - Net cash provided by operating activities for June 2023 was $27,179, compared to a net cash used of$(30,627) in June 2022[12] - Net cash provided by financing activities increased significantly to $60,385 for the six months ended June 30, 2023, compared to$710 in the same period of 2022[21] - The company reported a net increase in cash and cash equivalents of $81,959 for the period, compared to a decrease of$(32,525) in the previous year[12] Operating Expenses - Operating expenses totaled $58,723,000 for the six months ended June 30, 2023, slightly down from$59,428,000 in the previous year[6] - The Company incurred total operating lease expenses of $202 thousand for the six months ended June 30, 2023, compared to$233 thousand for the same period in 2022, a decrease of 13.3%[85] Future Plans - The company plans to continue focusing on market expansion and new product development to drive future growth[6] Customer Concentration - Four customers accounted for 20%, 19%, 17%, and 13% of total revenue for the six months ended June 30, 2023[48] Other Financial Metrics - The allowance for doubtful accounts decreased to $716 from$1,006 in the previous year[58] - The Company recognized share-based compensation expenses of $nil for the six months ended June 30, 2023, compared to$2 for the same period in 2022, indicating a significant reduction in expenses[99] - The Company had capital expenditure commitments of $14,894 as of June 30, 2023, primarily related to the acquisition of CheerCar, CheerReal, and a VR platform[115]