Financial Position - Total assets decreased from $95,656,000 as of December 31, 2022, to $82,679,000 as of June 30, 2023[19] - Cash and cash equivalents declined from $27,960,000 to $20,799,000 during the same period[19] - Total current assets fell from $60,800,000 to $46,867,000[19] - Total liabilities decreased from $28,942,000 to $26,520,000[19] - Shareholders' equity dropped from $80,602,000 to $70,916,000[22] - The accumulated deficit increased from $(697,299,000) to $(707,422,000)[22] - The company reported a decrease in accounts payable from $1,570,000 to $1,390,000[19] - Operating lease liabilities - current reduced from $301,000 to $122,000[19] - Total non-current assets slightly increased from $34,856,000 to $35,812,000[19] Revenue and Profitability - SaaS revenue for the three months ended June 30, 2023, was $12,848,000, representing a 18.3% increase from $10,854,000 in the same period of 2022[24] - Total revenues for the six months ended June 30, 2023, reached $25,017,000, up 17.0% from $21,306,000 in the prior year[24] - Gross profit for the three months ended June 30, 2023, was $10,247,000, a 21.0% increase compared to $8,471,000 for the same period in 2022[24] - Total operating expenses for the six months ended June 30, 2023, were $25,923,000, slightly higher than $24,879,000 in the same period of 2022, indicating a 4.2% increase[24] - The net loss for the three months ended June 30, 2023, was $(8,761,000), compared to $(1,548,000) for the same period in 2022, reflecting a significant increase in losses[27] - Comprehensive loss attributable to Moatable, Inc. for the three months ended June 30, 2023, was $(7,933,000), compared to $(558,000) in the same period of 2022[27] - The company reported a net loss per share of $(0.008) for the three months ended June 30, 2023, compared to $(0.001) for the same period in 2022[24] - The total cost of revenues for the six months ended June 30, 2023, was $5,344,000, an increase from $4,961,000 in the same period of 2022[24] Cash Flow and Investments - Moatable, Inc. reported a net cash used in operating activities of $5,142,000 for the six months ended June 30, 2023, compared to $1,623,000 for the same period in 2022, indicating a significant increase in cash outflow[36] - Cash and cash equivalents at the end of the period on June 30, 2023, were $20,799,000, a decrease from $56,834,000 at the end of the previous period, reflecting a decline of 63.4%[36] - The company generated $1,478,000 in share-based compensation expense for the six months ended June 30, 2023, down from $2,611,000 in the same period of 2022, indicating a 43.4% reduction[36] - The company’s cash flows from investing activities provided $3,921,000 in the six months ended June 30, 2023, compared to a cash outflow of $6,456,000 in the same period of 2022[36] Shareholder Information - The company had a total of 781,081,000 ordinary shares outstanding as of June 30, 2023, with a total stockholder equity of $56,159,000[32] - Moatable, Inc. completed a repurchase of Class A ordinary shares totaling $4,490,000 and Class B ordinary shares totaling $3,346,000 during the reporting period[36] - The total number of ADSs purchased under the Stock Repurchase Program was 6,942,569 for a total value of $7,836 million as of June 30, 2023[85] Operational Performance - The company has approximately 300 engineers and developers, accounting for about 58% of its workforce, focusing on enhancing SaaS services and user experience[160] - The company expects to increase investment in developing Chime products to serve property managers and landlords following the acquisition of Rentancy[161] Internal Controls and Compliance - As of June 30, 2023, the company identified two material weaknesses in its internal control over financial reporting, which remain unremediated[168] - The company concluded that its internal control over financial reporting was not effective as of June 30, 2023, despite the consolidated financial statements presenting fairly in all material respects[171] - The company has implemented a plan to remediate the identified material weaknesses, including recruiting personnel with requisite accounting knowledge and engaging external experts[172] - A consolidated general ledger has been implemented within a single enterprise resource planning application for all legal entities, enhancing consolidation and statutory reporting capabilities[173] - The company is committed to monitoring the effectiveness of remediation steps and making necessary adjustments[172]
Moatable(MTBL) - 2023 Q2 - Quarterly Report