Glory Star Reports First Half Year 2023 Unaudited Financial Results

PR Newswire2023-08-10

BEIJING, Aug. 10, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star", the "Company" or "we"), a leading digital media platform and content-driven e-commerce ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGlory Star Reports First Half Year 2023 Unaudited Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-10 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/glory-star-reports-first-half-120000961.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BEIJING, Aug. 10, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (\"Glory Star\", the \"Company\" or \"we\"), a leading digital media platform and content-driven e-commerce ...</p>\n\n<a href=\"https://finance.yahoo.com/news/glory-star-reports-first-half-120000961.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CN","symbol_name":"Xtrackers MSCI All China Equity ETF","start_time":0,"source_url":"https://finance.yahoo.com/news/glory-star-reports-first-half-120000961.html","article_id":"2358238725","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/pAOmwqXGvJTNmAq5R1pctQ--~B/aD0xNjt3PTE2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/prnewswire.com/fe5ca767bf31bad6bd804aaebe80da6e"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/glory-star-reports-first-half-120000961.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2358238725","pubTimestamp":1691668800,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BEIJING, Aug. 10, 2023 /PRNewswire/ --Glory Star New Media Group Holdings Limited  , a leading digital media platform and content-driven e-commerce company inChina, today announced its unaudited financial results for the first half year of 2023 endedJune 30, 2023.Downloads of the CHEERS Apps increased to approximately 395 million as of June 30, 2023, representing an increase of 23% compared to approximately 320 million as of June 30, 2022.Monthly Active Users  of the CHEERS Video app increased to approximately 49.8 million from 45.8 million in the same period of 2022, representing an increase of 9%.Daily Time Spent  on CHEERS Video was approximately 51 minutes.MAU of the CHEERS e-Mall app increased to approximately 4.6 million from 3.0 million in the same period of 2022, representing an increase of 53%.Repurchase Rate  for CHEERS e-Mall was approximately 39%.DTS.We measure DTS as an additional metric to evaluate the attractiveness of our video content and stickiness of user","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CN":"Xtrackers MSCI All China Equity ETF","BK4077":"互动媒体与服务","GSMGW":"Cheer Holding Equity Warrant Exp 13 February 2025"},"translate_title":"荣耀之星报告二零二三年上半年未经审核财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CN":1,"GSMG":0.9,"GSMGW":0.9},"content_text":"BEIJING, Aug. 10, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (\"Glory Star\", the \"Company\" or \"we\"), a leading digital media platform and content-driven e-commerce company in China, today announced its unaudited financial results for the first half year of 2023 ended June 30, 2023.\nFirst Half 2023 Operating Highlights\n\nDownloads of the CHEERS Apps increased to approximately 395 million as of June 30, 2023, representing an increase of 23% compared to approximately 320 million as of June 30, 2022.\n\nCHEERS Video\n\nMonthly Active Users (\"MAU\") of the CHEERS Video app increased to approximately 49.8 million from 45.8 million in the same period of 2022, representing an increase of 9%.\nDaily Time Spent (\"DTS\") on CHEERS Video was approximately 51 minutes.\n\nCHEERS e-Mall\n\nMAU of the CHEERS e-Mall app increased to approximately 4.6 million from 3.0 million in the same period of 2022, representing an increase of 53%.\nRepurchase Rate (\"RPR\") for CHEERS e-Mall was approximately 39%.\n\nCheerReal\n\nMAU of the CheerReal app was approximately 1.2 million.\nNumber of Digital Art Collections listed on CheerReal platform was 350 units.\n\nFirst Half 2023 Key Operating Results\nThe Company monitors the following key metrics to evaluate the growth of its business, measure the effectiveness of its marketing efforts, identify trends affecting its business, and make strategic decisions.\nDownloads. We view the number of downloads at the end of a given period as a key indicator of the attractiveness and usability of our CHEERS Apps. As of June 30, 2023, downloads of our CHEERS Video, e-Mall and CheerReal apps in total were approximately 395 million, representing an increase of 23% compared to approximately 320 million as of June 30, 2022.\nMAU. MAU is defined as a user who has logged in or accessed the Company's CHEERS Apps. We calculate MAU using internal company data based on the activity of the user account and as adjusted to remove \"duplicate\" accounts. MAU is a tool that our management uses to manage their operations. In particular, our management sets targets of MAU and monitors the MAU to see whether to make adjustments as to the promotional activities, advertising campaign, and/or online video contents. For the six months ended June 30, 2023, the average MAU of our CHEERS Video and e-Mall apps were approximately 49.8 million and 4.6 million, growing 9% and 53% respectively as compared to the same period in 2022. The average MAU of the CheerReal app was approximately 1.2 million.\nRPR. We track RPR to analyze the effectiveness of our marketing as well as customers retention, which is vital to our e-Mall. RPR is calculated as the percentage of our customers who have placed more than one order within a certain period of time. For the 180 days period during the first half of 2023, our CHEERS e-Mall RPR was approximately 39%.\nDTS. We measure DTS as an additional metric to evaluate the attractiveness of our video content and stickiness of users. The average DTS using our CHEERS Video during first half 2023 was approximately 51 minutes.\nFirst Half 2023 Financial Results\nRevenues in the first half year of 2023 were US$67.4 million compared to US$69.9 million in the same period of 2022, representing a decrease of US$2.5 million, or 3.57% from US$69.9 million for the six months ended June 30, 2022.\nTotal operating expenses in the first half year of 2023 were US$58.7 million, compared to US$59.4 million in the same period of 2022.\n\nCost of revenues were US$16.9 million and US$14.6 million for the first half year of 2023 and 2022. The increase in cost of revenues was primarily driven by the increase in production cost. The Company believes higher production cost would improve product contents with higher quality, which would in turn contribute to our reputation in the industry and attract more customers.\nSales and marketing expenses were US$38.9 million and US$42.5 million for the first half year of 2023 and 2022, mainly due to a decrease in other miscellaneous expenses incurred by sales persons because the Company emphasized cost savings.\nGeneral and administrative expenses in the first half year of 2023 increased by 24.9% to US$2.3 million from US$1.8 million in the same period of 2022, which is mainly attributable to an increase in salary and welfare expenses because of an increase in headcount in our administrative department.\nResearch and development expenses were US$0.6 million and US$0.5 million for the first half year of 2023 and 2022, respectively.\n\nIncome from operations in the first half year of 2023 was US$8.7 million, compared to US$10.5 million in the same period of 2022.\nNet income were US$8.8 million and US$10.6 million, respectively, for the six months ended June 30, 2023 and 2022.\nBasic and diluted earnings per share in the first half year of 2023 were US$0.12 and US$0.12, respectively, compared to US$0.16 and US$0.16, respectively, in the same period of 2022.\nNet cash provided by operating activities in the first half year of 2023 was US$27.2 million, compared to net cash used in operating activities of US$30.6 million in the same period of 2022.\nAs of June 30, 2023, the Company had cash and cash equivalents of US$152.4 million, compared to US$70.5 million as of December 31, 2022.\nAbout Glory Star\nAs a preeminent provider of next-generation mobile internet infrastructure services in China, Glory Star is dedicated to building a digital ecosystem that integrates \"platforms, applications, technology, and industry\" into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.\nGlory Star's portfolio includes a wide range of products and services, such as Polaris Intelligent Cloud, CHEERS Telepathy, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend \"online/offline\" and \"virtual/reality\" elements.\nWith \"CHEERS+\" at the core of Glory Star's ecosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.\nFor more information, please visit http://ir.gsmg.co/.\nSafe Harbor Statement\nCertain statements made in this release are \"forward looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \"estimates,\" \"projected,\" \"expects,\" \"anticipates,\" \"forecasts,\" \"plans,\" \"intends,\" \"believes,\" \"seeks,\" \"may,\" \"will,\" \"should,\" \"future,\" \"propose\" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its metaverse experience centers; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment and technological developments, competition, changes in regulation, or other economic and policy factors; disruptions or other business interruptions that may affect the operations of our products and services, the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors; other factors, risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company's latest Annual Report on Form 20-F filed with the SEC on March 22, 2023, as amended. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.\nFor investor and media inquiries, please contact:\nWealth Financial Services LLCConnie Kang, PartnerEmail: ckang@wealthfsllc.comTel: +86 1381 185 7742 (CN)\n\n\n\n\nGLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars in thousands, except share and per share data) \n\n\n\n\n\n\n\n\n\nJune 30, 2023 \n\n\nDecember 31, 2022 \n\n\n\nAssets \n\n\n\n\n\n\n\n\nCurrent assets: \n\n\n\n\n\n\n\n\nCash and cash equivalents \n\n$ \n152,441 \n\n\n$ \n70,482 \n\n\n\nAccounts receivable, net \n\n\n67,159 \n\n\n\n98,034 \n\n\n\nPrepayment and other current assets \n\n\n27,378 \n\n\n\n15,329 \n\n\n\nTotal current assets \n\n\n246,978 \n\n\n\n183,845 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-current assets: \n\n\n\n\n\n\n\n\n\n\nProperty, plant and equipment, net \n\n\n115 \n\n\n\n160 \n\n\n\nIntangible assets, net \n\n\n18,026 \n\n\n\n20,297 \n\n\n\nDeferred tax assets \n\n\n64 \n\n\n\n103 \n\n\n\nUnamortized produced content, net \n\n\n528 \n\n\n\n807 \n\n\n\nRight-of-use assets \n\n\n593 \n\n\n\n750 \n\n\n\nPrepayment and other non-current assets, net \n\n\n- \n\n\n\n1 \n\n\n\nTotal non-current assets \n\n\n19,326 \n\n\n\n22,118 \n\n\n\nTOTAL ASSETS \n\n$ \n266,304 \n\n\n$ \n205,963 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLiabilities and Equity \n\n\n\n\n\n\n\n\n\n\nCurrent liabilities: \n\n\n\n\n\n\n\n\n\n\nShort-term bank loans \n\n$ \n2,856 \n\n\n$ \n4,421 \n\n\n\nAccounts payable \n\n\n4,992 \n\n\n\n6,405 \n\n\n\nAdvances from customers \n\n\n126 \n\n\n\n147 \n\n\n\nDue to a related party \n\n\n1,000 \n\n\n\n- \n\n\n\nAccrued liabilities and other payables \n\n\n2,203 \n\n\n\n2,632 \n\n\n\nOther taxes payable \n\n\n21,703 \n\n\n\n19,090 \n\n\n\nLease liabilities current \n\n\n368 \n\n\n\n208 \n\n\n\nTotal current liabilities \n\n\n33,248 \n\n\n\n32,903 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLease liabilities non-current \n\n\n191 \n\n\n\n471 \n\n\n\nWarrant liability \n\n\n7 \n\n\n\n86 \n\n\n\nTotal non-current liabilities \n\n\n198 \n\n\n\n557 \n\n\n\nTOTAL LIABILITIES \n\n$ \n33,446 \n\n\n$ \n33,460 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity \n\n\n\n\n\n\n\n\n\n\nPreferred shares (par value of $0.0001 per share; 2,000,000 authorized;    none issued and outstanding) \n\n$ \n- \n\n\n$ \n- \n\n\n\nOrdinary shares (par value of $0.0001 per share; 200,000,000 shares    authorized as of June 30, 2023 and December 31,2022; 92,317,950    shares and 68,124,402 shares issued and outstanding as of June 30,    2023 and December 31, 2022, respectively) \n\n$ \n9 \n\n\n$ \n7 \n\n\n\nAdditional paid-in capital \n\n\n87,470 \n\n\n\n27,009 \n\n\n\nStatutory reserve \n\n\n1,411 \n\n\n\n1,411 \n\n\n\nRetained earnings \n\n\n159,432 \n\n\n\n150,685 \n\n\n\nAccumulated other comprehensive loss \n\n\n(15,539) \n\n\n\n(6,684) \n\n\n\nTOTAL GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED    SHAREHOLDERS' EQUITY \n\n\n232,783 \n\n\n\n172,428 \n\n\n\nNon-controlling interest \n\n\n75 \n\n\n\n75 \n\n\n\nTOTAL EQUITY \n\n\n232,858 \n\n\n\n172,503 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTOTAL LIABILITIES AND EQUITY \n\n$ \n266,304 \n\n\n$ \n205,963 \n\n\n\n\n\n\n\n\n\nGLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME (In U.S. dollars in thousands, except share and per share data) \n\n\n\n\n\n\n\nFor the Six Months EndedJune 30, \n\n\n\n\n\n2023 \n\n\n2022 \n\n\n\n\n\n\n\n\n\n\n\n\nRevenues \n\n$ \n67,435 \n\n\n$ \n69,933 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses: \n\n\n\n\n\n\n\n\n\n\n     Cost of revenues \n\n\n(16,946) \n\n\n\n(14,580) \n\n\n\n     Selling and marketing \n\n\n(38,870) \n\n\n\n(42,502) \n\n\n\n     General and administrative \n\n\n(2,266) \n\n\n\n(1,814) \n\n\n\n     Research and development \n\n\n(641) \n\n\n\n(532) \n\n\n\nTotal operating expenses \n\n\n(58,723) \n\n\n\n(59,428) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome from operations \n\n\n8,712 \n\n\n\n10,505 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther (expenses) income: \n\n\n\n\n\n\n\n\n\n\n     Interest income (expense), net \n\n\n32 \n\n\n\n(60) \n\n\n\n     Change in fair value of warrant liability \n\n\n79 \n\n\n\n2 \n\n\n\n     Other income, net \n\n\n13 \n\n\n\n144 \n\n\n\nTotal other income \n\n\n124 \n\n\n\n86 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income tax \n\n\n8,836 \n\n\n\n10,591 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome tax (expenses) benefits \n\n\n(37) \n\n\n\n46 \n\n\n\nNet income \n\n\n8,799 \n\n\n\n10,637 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLess: net gain (loss) attributable to non-controlling interest \n\n\n52 \n\n\n\n(170) \n\n\n\nNet income attributable to Glory Star New Media Group Holdings      Limited's shareholders \n\n$ \n8,747 \n\n\n$ \n10,807 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther comprehensive loss \n\n\n\n\n\n\n\n\n\n\nUnrealized foreign currency translation loss \n\n\n(8,907) \n\n\n\n(7,620) \n\n\n\nComprehensive (loss) income \n\n\n(108) \n\n\n\n3,017 \n\n\n\nLess: comprehensive loss attributable to non-controlling interests \n\n\n- \n\n\n\n(360) \n\n\n\nComprehensive (loss) income attributable to Glory Star New Media      Group Holdings Limited's shareholders \n\n$ \n(108) \n\n\n$ \n3,337 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per ordinary share \n\n\n\n\n\n\n\n\n\n\n     Basic and Diluted \n\n$ \n0.12 \n\n\n$ \n0.16 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average shares used in calculating earnings per ordinary share \n\n\n\n\n\n\n\n\n\n\n     Basic and Diluted \n\n\n75,075,035 \n\n\n\n68,123,330 \n\n\n\n\n\n\n\n\n\nGLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In U.S. dollars in thousands) \n\n\n\n\n\n\n\n\n\nFor the Six Months EndedJune 30, \n\n\n\n\n\n2023 \n\n\n2022 \n\n\n\n\n\n\n\n\n\n\n\n\nNet cash provided by (used in) operating activities \n\n\n27,179 \n\n\n\n(30,627) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM INVESTING ACTIVITIES: \n\n\n\n\n\n\n\n\n\n\nPurchase of property, plant and equipment \n\n\n(4) \n\n\n\n(28) \n\n\n\nLoans made to a third party \n\n\n(58) \n\n\n\n- \n\n\n\nPrepayments for acquisition of intangible assets \n\n\n- \n\n\n\n(355) \n\n\n\nNet cash used in investing activities \n\n\n(62) \n\n\n\n(383) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n\n\n\n\n\n\n\n\n\n\nProceeds from issuance of ordinary shares in connection with a private placement \n\n\n60,000 \n\n\n\n- \n\n\n\nProceeds from bank loans \n\n\n2,598 \n\n\n\n5,398 \n\n\n\nRepayments of bank loans \n\n\n(4,041) \n\n\n\n(4,473) \n\n\n\nPayment of loan origination fees \n\n\n(11) \n\n\n\n(83) \n\n\n\nBorrowings from a related party \n\n\n1,000 \n\n\n\n- \n\n\n\nContribution from shareholders \n\n\n463 \n\n\n\n- \n\n\n\nNet cash provided by financing activities \n\n\n60,009 \n\n\n\n842 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEffect of exchange rate changes \n\n\n(5,167) \n\n\n\n(2,357) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet increase (decrease) in cash and cash equivalents \n\n\n81,959 \n\n\n\n(32,525) \n\n\n\nCash and cash equivalents, at beginning of period \n\n\n70,482 \n\n\n\n77,302 \n\n\n\nCash and cash equivalents, at end of period \n\n$ \n152,441 \n\n\n\n44,777 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: \n\n\n\n\n\n\n\n\n\n\nInterests paid \n\n$ \n77 \n\n\n$ \n136 \n\n\n\nAmortization of right of use assets \n\n$ \n133 \n\n\n$ \n209 \n\n\n\nAccretion of lease liabilities \n\n$ \n69 \n\n\n$ \n24 \n\n\n\nChange in fair value of warrant liabilities \n\n$ \n(79) \n\n\n$ \n(2) \n\n\n\n\n\n View original content:https://www.prnewswire.com/news-releases/glory-star-reports-first-half-year-2023-unaudited-financial-results-301897741.html\nSOURCE Glory Star New Media Group Holdings 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