Business
CLPS Incorporation Reports Financial Results for the Second Half and Full Year of Fiscal 2022
HONG KONG, Oct. 20, 2022 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced its financial results for the six months
About this update from Clps Incorporation
[{"type":"text","content":"HONG KONG, Oct. 20, 2022 /PRNewswire/ -- CLPS Incorporation (the \"Company\" or \"CLPS\") (Nasdaq: CLPS), today announced its financial results for the six months ended June 30, 2022 and full year of fiscal year 2022.\nUnaudited Second Half of Fiscal 2022 Highlights (all results compared to the six months ended June 30, 2021) \nRevenues increased by 12.3% to $76.1 million from $67.7 million.Revenue from IT consulting services increased by 10.6% to $72.1 million from $65.2 million.Revenue from customized IT solution services increased by 67.9% to $3.5 million from $2.1 million.Revenue from wealth management area increased by 23.5% to $17.0 million from $13.8 million.Revenue from e-Commerce area increased by 30.3% to $15.0 million from $11.5 million.Audited Fiscal Year 2022 Highlights (all results compared to the twelve months ended June 30, 2021) \nRevenues increased by 20.6% to $152.0 million from $126.1 million.Revenue from IT consulting services increased by 17.8% to $144.1 million from $122.3 million.Revenue from customized IT solution services increased by 115.2% to $6.7 million from $3.1 million.Revenue from wealth management area increased by 27.5% to $32.1 million from $25.2 million.Revenue from e-Commerce area increased by 53.5% to $29.4 million from $19.2 million.Revenue generated from the United States market increased by 2,443.1% to $0.9 million from $34.7 thousand.Operating income decreased by 11.6% to $7.4 million from $8.4 million. Non-GAAP operating income1 increased by 8.0% to $14.6 million from $13.5 million.EBITDA2 decreased by 3.0% to $8.8 million from $9.1 million. Non-GAAP EBITDA3 increased by 12.6% to $16.0 million from $14.2 million.Net cash provided by operating activities was $3.2 million compared to net cash used in operating activities of $2.6 million.Number of clients increased by 5.6% to 265 from 251.Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, \"In fiscal year 2022, we continued to achieve good results primarily driven by the success of our dual-engine strategy. We are pleased with the underlying strength of our core competency in IT consulting services, which enable our clients to grow their businesses, for example through facilitating their digital transformation initiatives. Going forward, we will boost our IT consulting services, including the expansion of our offshore developmen...