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Moatable(MTBL) - 2024 Q1 - Quarterly Report
MTBLMoatable(MTBL)2024-05-15 20:56

Revenue Growth - Total revenues increased from 12,149thousandinQ12023to12,149 thousand in Q1 2023 to 14,023 thousand in Q1 2024, representing a growth of 15.4%[20] - SaaS revenue rose from 12,080thousandinQ12023to12,080 thousand in Q1 2023 to 13,982 thousand in Q1 2024, an increase of 15.7%[20] - For the three months ended March 31, 2024, Lofty reported total revenue of 7,949,000,anincreasefrom7,949,000, an increase from 6,826,000 in the same period of 2023, representing a growth of 16.5%[93] - Trucker Path's revenue for the three months ended March 31, 2024, was 6,033,000,upfrom6,033,000, up from 5,254,000 in the prior year, indicating a growth of 14.8%[93] - Subscription revenue increased by 16.3% from 11.3millionforthethreemonthsendedMarch31,2023to11.3 million for the three months ended March 31, 2023 to 13.2 million for the same period in 2024[122] Profitability and Loss - Net income attributable to Moatable Inc. decreased from 5,970thousandinQ12023toanetlossof5,970 thousand in Q1 2023 to a net loss of 2,814 thousand in Q1 2024[20] - As of March 31, 2024, Moatable, Inc. reported a net loss of 2,841,000comparedtoanetincomeof2,841,000 compared to a net income of 5,334,000 for the three months ended March 31, 2023[30] - The company reported a net loss per share of (0.004)forQ12024comparedtoanetincomepershareof(0.004) for Q1 2024 compared to a net income per share of 0.005 for Q1 2023[20] - The net loss for the three months ended March 31, 2024, was (2,746,000),comparedtoanetlossof(2,746,000), compared to a net loss of (4,383,000) for the same period in 2023, reflecting an improvement of approximately 37.4%[41] Operating Expenses - Operating expenses decreased from 12,845thousandinQ12023to12,845 thousand in Q1 2023 to 11,850 thousand in Q1 2024, a reduction of 7.8%[20] - Selling and marketing expenses decreased by 22.7% from 4.9millionforthethreemonthsendedMarch31,2023to4.9 million for the three months ended March 31, 2023 to 3.8 million for the same period in 2024[127] - Research and development expenses decreased by 9.1% from 4.9millionforthethreemonthsendedMarch31,2023to4.9 million for the three months ended March 31, 2023 to 4.5 million for the same period in 2024[127] - General and administrative expenses increased by 11.5% from 3.0millioninQ12023to3.0 million in Q1 2023 to 3.4 million in Q1 2024, primarily due to legal fees related to a derivative action settlement recovery claim[128] Cash Flow and Liquidity - Cash and cash equivalents slightly decreased from 33,913thousandasofDecember31,2023,to33,913 thousand as of December 31, 2023, to 33,774 thousand as of March 31, 2024[14] - The company experienced a decrease in cash and cash equivalents, ending the period with 25,613,000,downfrom25,613,000, down from 27,960,000 at the beginning of the period[30] - Net cash used in operating activities was 886,000forthethreemonthsendedMarch31,2024,comparedto886,000 for the three months ended March 31, 2024, compared to 2,827,000 for the same period in 2023[30] - Cash flows from financing activities provided 885,000inthethreemonthsendedMarch31,2024,comparedto885,000 in the three months ended March 31, 2024, compared to 1,417,000 in the same period of 2023[30] - Cash and cash equivalents, excluding restricted cash, were 33.8millionasofMarch31,2024,indicatingastrongliquidityposition[133]AssetsandLiabilities−Totalassetsdecreasedfrom33.8 million as of March 31, 2024, indicating a strong liquidity position[133] Assets and Liabilities - Total assets decreased from 69,700 thousand as of December 31, 2023, to 68,096thousandasofMarch31,2024[16]−Totalliabilitiesdecreasedfrom68,096 thousand as of March 31, 2024[16] - Total liabilities decreased from 21,629 thousand as of December 31, 2023, to 21,357thousandasofMarch31,2024[16]−Thecompanyhadatotalof21,357 thousand as of March 31, 2024[16] - The company had a total of 170,258,970 in ordinary shares outstanding as of March 31, 2024[30] - As of March 31, 2024, total assets of the VIE were 6,443,000,downfrom6,443,000, down from 7,001,000 as of December 31, 2023, while total liabilities decreased from 11,877,000to11,877,000 to 8,179,000[41] Share-Based Compensation - Share-based compensation expense for the three months ended March 31, 2024, was 672,000,adecreasefrom672,000, a decrease from 765,000 in the same period of 2023[30] - The total share-based compensation expense for the three months ended March 31, 2024, was 672,000,downfrom672,000, down from 765,000 in the same period of 2023, reflecting a decrease of 12.2%[84] - The total number of nonvested restricted shares outstanding decreased from 20,538,376 as of December 31, 2023, to 16,080,091 as of March 31, 2024[75] - The company has a total unrecognized compensation expense of 1,922thousandrelatedtononvestedrestrictedsharesasofMarch31,2024[76]InvestmentsandImpairments−Thecompanyreportedafairvaluechangeonlong−terminvestmentsof1,922 thousand related to nonvested restricted shares as of March 31, 2024[76] Investments and Impairments - The company reported a fair value change on long-term investments of 1,488,000 for the three months ended March 31, 2024, compared to a loss of 8,276,000inthesameperiodof2023[30]−TheinvestmentinKaixinAutoHoldingsdecreasedsignificantlyfrom8,276,000 in the same period of 2023[30] - The investment in Kaixin Auto Holdings decreased significantly from 1,921 million to 435million,reflectinganunrealizedlossof435 million, reflecting an unrealized loss of 1,488 million for the three months ended March 31, 2024[60] - The company recognized an impairment loss of 588millionrelatedtoitsinvestmentinBeijingFenghouTianyuanInvestmentandManagementCenterL.P.forthethreemonthsendedMarch31,2024[59]DeferredRevenue−Totaldeferredrevenuewas588 million related to its investment in Beijing Fenghou Tianyuan Investment and Management Center L.P. for the three months ended March 31, 2024[59] Deferred Revenue - Total deferred revenue was 4,333,000 as of March 31, 2024, slightly up from 4,322,000asofDecember31,2023,indicatingamarginalincrease[53]−Totaldeferredrevenueremainedstableat4,322,000 as of December 31, 2023, indicating a marginal increase[53] - Total deferred revenue remained stable at 4.3 million as of March 31, 2024, with most expected to be recognized as revenue within one year[109] Future Outlook and Strategy - The company expects to increasingly invest in developing Lofty-related products following the acquisition of LoftyWorks, aiming to enhance service offerings for property managers and landlords[143] - The Company is evaluating the impact of new accounting standards issued by the FASB, which may affect future financial disclosures[54][55]