SAN FRANCISCO--(BUSINESS WIRE)--Mobvista, a leading mobile technology company providing a complete suite of advertising and analytics tools for app developers, has unveiled its 2022 financial results, showcasing strong growth across key financial indicators. The company reported an 18.4% YoY increase in revenue, reaching $894 million. After accounting for costs allocated to traffic publishers, net income rose to $225 million, marking a 51.1% YoY growth. Gross profit also experienced significant growth, achieving $177 million with a 45.2% YoY increase. Additionally, adjusted EBITDA registered a 53.6% YoY rise, totaling $36.14 million.
Mintegral, Mobvista's leading revenue-driving subsidiary dedicated to programmatic advertising, recorded $825 million in revenue, marking a 43.5% YoY growth.
In addition to rapid revenue growth, Mobvista's profitability also significantly improved. In 2022, the company saw a 45.2% YoY increase in gross profit, achieving a gross profit margin of 19.8%. As per the financial report, the company's enhanced profitability can be attributed to two key factors:
Firstly, the company invested in Mintegral's infrastructure, enhancing business efficiency.
In 2022, the company's R&D expenses grew by 55.4% YoY, primarily due to Mintegral's technology infrastructure upgrades. To this end, Mintegral recruited numerous technical talents to focus on system streamlining. Following the system upgrade, Mintegral reduced manual inspection and maintenance costs while enhancing its algorithmic capabilities. This improvement allowed for greater profit control and facilitated continued business expansion. As evidenced in the financial results, in Q4 2022, Mintegral's revenue grew while costs and expenses declined, leading to a record-breaking single-quarter profit.
Secondly, notable progress has been made in cost reduction and efficiency improvement.
In 2022, the company adopted a prudent management strategy, reducing investments in loss-making verticals while actively optimizing costs and enhancing departmental efficiency through informatization and automation. As profitability improved, the company's cash flow saw significant growth. In 2022, Mobvista's operating cash flow reached $97.9 million, marking a 130.4% YoY increase.
While financial data such as revenue, profit, and cash flow showed impressive performance, Mobvista's various operating indicators performed steadily. Since last year, the company has made breakthroughs in more verticals beyond casual games, including hardcore games, e-commerce, and utilities. As a result, the quarter-on-quarter growth of new partnered publishers is 16.6%, with the number of partnered apps increasing by 23.5%. Simultaneously, the value of Mintegral's retained customers experienced growth. As of December 31, 2022, the net expansion rate for Mintegral's platform customers, based on the US dollar, reached 125.1%. Additionally, the overall trade receivable turnover days reduced to 52, a decrease from the previous year's 102 days.
Since the start of 2023, Mobvista has made steady progress, with the number of advertisers and budgets consistently growing. From the beginning of 2023, Mintegral's revenue showed signs of double-digit growth, and its profit margin improved compared to the same period in 2022. As scale increases and overseas market expansion continues, the company's rapid business growth is expected to persist.
Mobvista is a leading mobile technology company providing a complete suite of advertising and analytics tools for app developers and marketers seeking global growth. By providing a range of tailored solutions, such as user acquisition, monetization, analytics, creative automation, and cross-channel media buying, Mobvista enables mobile businesses to maximize their potential.
To learn more about Mobvista, please visit www.mobvista.com.