| For the Six Months Ended 30 June | |||
| 2023 | 2022 | YoY | |
|
US$’000 （Unaudited） |
US$’000 （Unaudited） |
Change | |
| Revenue(1) | 506,133 | 455,796 | 11.0% |
| Net Revenue(2) | 136,365 | 111,098 | 22.7% |
| Gross Profit | 102,960 | 89,980 | 14.4% |
| Operating expenses | 95,031 | 118,205 | (19.6%) |
| Other net income | 4,742 | 44,886 | (89.4%) |
| Operating profit | 12,671 | 16,661 | (23.9%) |
|
Profit for the Period(3) |
8,522 | 21,650 | (60.6%) |
| Adjusted EBITDA(4) | 51,802 | 5,824 | 789.5% |
NOTES:
(1)Revenue does not exclude the impact of the top media agency business, which was divested from the Group in March 2022. The revenue from the top media agency business in the first half of 2022 was US$9.7 million. Excluding this portion, the Group’s revenue would be US$446.1 million for the first half of 2022, with a year-on-year increase of 13.5% in the first half of 2023.
(2)Net revenue is not an IFRS measure. We define net revenue as revenue adjusted by deducting cost distributed to the traffic publishers.
(3)The profit for the first half of 2022 included a gain of US$48.8 million from the sale of subsidiaries and the top media agency business. Excluding this portion, the loss for the first half of 2022 would be US$27.1 million.
(4)Adjusted EBITDA is not an IFRS measure. We define adjusted EBITDA as EBITDA (which is profit from operations plus depreciation and amortization expenses) for the Reporting Period adjusted by adding back or deducting share-based compensation expenses, investment gain/(loss) from financial assets at fair value through profit or loss, restructuring expenses of R&D team, attorney expenses of acquisition of Beijing Reyun Technology Co., Ltd., foreign exchange loss and gain on disposal of subsidiaries and top media agency business.