Income Tax Expenses
Income tax expenses were $8.0 million in the six months ended June 30, 2023, compared to $2.8 million in the six months ended June 30,
2022.
Net Income
Net income was
$34.3 million in the six months ended June 30, 2023, increased by 216.7% compared to $10.8 million in the six months ended June 30, 2022.
Basic and Diluted Earnings per Share
Basic and
diluted earnings per share was $0.84 in the six months ended June 30, 2023, increased by 200.0% compared to $0.28 in the six months ended June 30, 2022.
Adjusted EBITDA
Adjusted EBITDA8 was $44.7 million in the six months ended June 30, 2023, increased by 203.9% compared to $14.7 million in the six months ended June 30, 2022.
Balance Sheet
As of June 30, 2023, the Company had
cash of $181.5 million and restricted cash of $0.9 million, compared to $143.5 million and $1.5 million as of December 31, 2022, respectively.
Cash Flow
Net cash provided by operating activities was
$38.6 million in the six months ended June 30, 2023, compared to net cash used in operating activities of $10.3 million in in the six months ended June 30, 2022, primarily attributable to net income of $34.3 million in the
six months ended June 30, 2023, adjusted primarily by accrued expenses and other current liabilities, inventories, and accounts receivable.
Net cash
used in investing activities was $0.2 million in the six months ended June 30, 2023 compared to $0.1 million in the six months ended June 30, 2022, consisting primarily of cash paid for purchase of property and equipment.
Net cash used in financing activities was $1.1 million in the second quarter of 2023, compared to net cash used in financing activities of
$0.6 million in the second quarter of 2022, consisting primarily of cash paid for finance lease obligations and repayment of bank loans.
Business
Outlook
The Company expects its total revenues to be between $162 million and $167 million in the third quarter of 2023. This forecast
reflects the Companys current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
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Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please
see the section of Non-GAAP Financial Measure and the table captioned Unaudited Reconciliation of Adjusted EBITDA set forth at the end of this press release. |
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