Gravity Co., Ltd. (NASDAQ:GRVY)

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Monday, May 1, 2017

Comments & Business Outlook

GRVY ($18.16) - After being down $3.60 on Friday due to subpar year end results filed via 20F friday morning, GRVY released strong Q1 2017 results at the close on Friday.

  • Q1 sales of $20.9 million vs $8.1 million in the prior year

  • Non-GAAP EPS of $0.56 vs a loss of $0.44 in the prior year

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Monday, May 11, 2015

Comments & Business Outlook

SEOUL, South Korea, May 11, 2015 (GLOBE NEWSWIRE) -- Gravity Co., Ltd. (GRVY) ("Gravity" or "Company") announced that it will effect a ratio change of its American Depositary Shares ("ADSs") previously approved by the Company's Board of Directors at a meeting held on April 22, 2015. The company is changing the ratio of its ADS to common share from four ADSs to one common share (4:1) to one ADS to two common shares (1:2), effective as of the start of trading on Monday, May 11, 2015. The ratio change will have the same effect as a 1-for-8 reverse split of its ADSs.

As a result of this ratio change, the total number of ADSs outstanding will be decreased from 13,095,692 to 1,636,961 and there will be no change to its common shares. The reverse ADS split is intended to increase the market price per ADS to allow the Company to maintain the listing on The NASDAQ Capital Market. However, the Company can give no assurance that this event will result in meeting the minimum bid price requirement of The NASDAQ Capital Market.

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Monday, April 27, 2015

Comments & Business Outlook

GRAVITY CO., LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

Years Ended December 31, 2012, 2013 and 2014

 
   2012   2013   2014   2014  
 
    
    
    
   (Note 3)
  
 
   (In millions of Korean Won and in thousands of
US dollars except per share data)
  

Revenue

                          

Online games—subscription revenue

   W 10,150   W 8,206   W 7,962   $ 7,299  

Online games—royalties and license fees (including related party revenue of W24,125, W12,455 and W8,034, respectively)

     32,325     21,726     13,093     12,002  

Mobile games and applications (including related party revenue of W3,296, W4,992 and W3,214, respectively)

     8,262     14,504     15,055     13,801  

Character merchandising, animation and other revenue (including related party revenue of W2,621, W1,104 and W193, respectively)

     7,044     3,249     3,779     3,464  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net revenue

     57,781     47,685     39,889     36,566  

Cost of revenue (including related party cost of W2,072, W119 and W315, respectively)

     34,906     35,399     34,188     31,340  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     22,875     12,286     5,701     5,226  

Selling, general and administrative expenses (including related party expenses of W605, W123 and W7, respectively)

     20,310     17,063     12,682     11,626  

Research and development (including related party expenses of W108, W959 and W277, respectively)

    7,018     6,131     4,847     4,443  

Impairment loss on intangible assets

     14,569     5,822     1     1  

Gain on disposal of equity method investments

     (528 )   —     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating loss

     (18,494 )   (16,730 )   (11,829 )   (10,844 )

Other income (expenses)

                          

Interest income

     1,763     1,334     1,137     1,042  

Interest expense

     (55 )   (41 )   (11 )   (10 )

Foreign currency loss, net

     (902 )   (413 )   (152 )   (139 )

Others, net

     65     1,225     3     2  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss before income tax expense and equity loss on investments

     (17,623 )   (14,625 )   (10,852 )   (9,949 )

Income tax expenses

     2,584     5,108     10,147     9,302  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss before equity loss on investments

     (20,207 )   (19,733 )   (20,999 )   (19,251 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity loss on investments, net

     (333 )   (18 )   —     —  

Net loss

     (20,540 )   (19,751 )   (20,999 )   (19,251 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss attributable to:

                          

Non-controlling interest

     (8,316 )   (1,163 )   (92 )   (84 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Parent company

   W (12,224 ) W (18,588 ) W (20,907 ) $ (19,167 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Losses per share—basic and diluted:

   W (1,759 ) W (2,675 ) W (3,009 ) $ (2.76 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Weighted average number of shares outstanding

                          

Basic and diluted

     6,948,900     6,948,900     6,948,900     6,948,900  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Other comprehensive loss

                          

Foreign currency translation adjustment ("CTA")

                          

Foreign CTA loss

     (39 )   (102 )   (156 )   (143 )

Reclassification adjustment for CTA

     (2 )   (1,225 )   3     2  

Net foreign CTA loss

     (41 )   (1,327 )   (153 )   (141 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive loss

     (20,581 )   (21,078 )   (21,152 )   (19,392 )

Comprehensive loss attributable to:

    
 		    
 		    
 		    
 		  

Non-controlling interest

     (8,316 )   (1,163 )   (92 )   (84 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Parent company

   W (12,265 ) W (19,915 ) W (21,060 ) $ (19,308 )

Management Discussion and Analysis

Revenues

Our total revenues decreased by 16.3% to Won 39,889 million (US$36,566 thousand) in 2014 from Won 47,685 million in 2013, primarily due to:

•a 39.7% decrease in royalties and license fees to Won 13,093 million (US$12,002 thousand) in 2014 from Won 21,726 million in 2013, which was due mainly to decreased revenues from Ragnarok Online in Japan and China resulting from increasing competition and decreasing Ragnarok Online game users due to the relative maturity of such game, and the strengthening of the Korean Won by approximately 12.5% against the Japanese Yen from 2013 to 2014; and

•a 3% decrease in subscription revenue to Won 7,962 million (US$7,299 thousand) in 2014 from Won 8,206 million in 2013, resulting primarily from decreased revenues from Ragnarok Online II in the United States and Canada resulting from increasing competition and weak demand for the game, though such decrease was partially offset by an increase in revenues from Ragnarok Online in Korea and revenues from Ragnarok Online II in Taiwan, Hong Kong and Macau where the game was commercially released in June 2014.
       

Such decreases were offset by:

•a 16.3% increase in character merchandising, animation and other revenue to Won 3,779 million (US$3,464 thousand) in 2014 from Won 3,249 million in 2013, which was due mainly attributable to the increased revenues from NeoCyon's web site development and operation service for third parties; and

•a 3.8% increase in mobile games and applications revenue to Won 15,055 million (US$13,801 thousand) in 2014 from Won 14,504 million in 2013, mostly driven by increased revenues from Ragnarok Online—Uprising: Valkyrie which was launched in May 2012, Road to Dragon which was launched in Korea in January 2014 and Battle Ship which was launched in Korea in November 2013.


Net loss attributable to parent company

As a result of the foregoing, we recorded a net loss attributable to parent company of Won 20,907 million (US$19,167 thousand) in 2014 compared to a net loss attributable to parent company of Won 18,588 million in 2013.

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Tuesday, January 20, 2015

Comments & Business Outlook

SEOUL, South Korea, January 20, 2015 /PRNewswire/ -- GRAVITY Co., Ltd. (NasdaqCM: GRVY) ("Gravity" or the "Company"), today announced that it has entered into business agreements with Shanghai The Dream Network Technology Co., Ltd. ("Dream Square") dated January 15, 2015.

Gravity signed a development agreement with Dream Square. Gravity granted Dream Square a nonexclusive right to develop and distribute mobile games in China by using contents of its principal product, Ragnarok Online. Dream Square is to develop and publish a mobile game within one year and another one within 18 months from the effective date of the agreement.

Gravity also signed a license agreement with Dream Square, which entitles Dream Square to operate and distribute Ragnarok Online II in China. The Company has already entered into license and distribution agreements for Ragnarok Online II with its subsidiary and local licensees for service in Japan, the United States, Europe, Taiwan and 19 other countries.

"We are happy to announce that Ragnarok Online II will be available in China by an excellent business partner such as Dream Square," commented Mr. Hyun Chul Park, the CEO of Gravity. "Also, we are excited about this opportunity for world-renowned Ragnarok Online to reach out to mobile game players."

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Monday, May 5, 2014

Comments & Business Outlook

GRAVITY CO., LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Years Ended December 31, 2011, 2012 and 2013

                           

   2011   2012   2013   2013  

  
 
 
  (Note 3)
  

   (In millions of Korean Won and in thousands of
US dollars except per share data)
  

Revenue

                          

Online games—subscription revenue

   W 11,556   W 10,150   W 8,206   $ 7,776  

Online games—royalties and license fees (including related party revenue of W23,890, W24,125 and W12,455, respectively)

     35,552     32,325     21,726     20,588  

Mobile games and applications (including related party revenue of W4,604, W3,296 and W4,992, respectively)

     6,609     8,262     14,504     13,745  

Character merchandising, animation and other revenue (including related party revenue of W616, W2,621 and W1,104, respectively)

     3,760     7,044     3,249     3,079  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net revenue

     57,477     57,781     47,685     45,188  

Cost of revenue (including related party cost of W953, W2,072 and W119, respectively)

     24,243     34,906     35,399     33,545  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     33,234     22,875     12,286     11,643  

Selling, general and administrative expenses (including related party expenses of W588, W605 and W123, respectively)

     22,759     20,310     17,063     16,171  

Research and development (including related party expenses of W317, W108 and W959, respectively)

    4,136     7,018     6,131     5,810  

Impairment loss on intangible assets

     3,697     14,569     5,822     5,517  

Gain on disposal of equity method investments

     —     (528 )   —     —  

Gain on loss of control in a subsidiary

     (548 )   —     —     —  

Settlement cost of litigation

     29     —     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     3,161     (18,494 )   (16,730 )   (15,855 )

Other income (expenses)

                          

Interest income

     1,844     1,763     1,334     1,265  

Interest expense

     (58 )   (55 )   (41 )   (39 )

Foreign currency income (loss), net

     180     (902 )   (413 )   (391 )

Others, net

     (90 )   65     1,225     1,161  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income tax expense (benefit) and equity loss on investments

     5,037     (17,623 )   (14,625 )   (13,859 )

Income tax expenses (benefit)

     (7,962 )   2,584     5,108     4,840  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before equity loss on investments

     12,999     (20,207 )   (19,733 )   (18,699 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity loss on investments, net

     (242 )   (333 )   (18 )   (18 )

Net income (loss)

     12,757     (20,540 )   (19,751 )   (18,717 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) attributable to:

                          

Non-controlling interest

     (2,171 )   (8,316 )   (1,163 )   (1,103 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Parent company

   W 14,928   W (12,224 ) W (18,588 ) $ (17,614 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Earnings (losses) per share—basic and diluted:

   W 2,148   W (1,759 ) W (2,675 ) $ (2.53 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Weighted average number of shares outstanding

                          

Basic and diluted

     6,948,900     6,948,900     6,948,900     6,948,900  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Other comprehensive loss

                          

Foreign currency translation adjustment ("CTA")

                          

Foreign CTA gains (loss)

     (122 )   (39 )   (102 )   (97 )

Reclassification adjustment for CTA

     (388 )   (2 )   (1,225 )   (1,161 )

Net foreign CTA gain (loss)

     (510 )   (41 )   (1,327 )   (1,258 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income (loss)

     12,247     (20,581 )   (21,078 )   (19,975 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income (loss) attributable to:

                          

Non-controlling interest

     (2,171 )   (8,316 )   (1,163 )   (1,103 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Parent company

   W 14,418   W (12,265 ) W (19,915 ) $ (18,872 )
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Monday, May 20, 2013

Comments & Business Outlook

First Quarter 2013 Financial Results

Revenues were KRW 11,796 million (US$ 10,756 thousand), representing a 11.5% decrease from KRW 13,328 million for the fourth quarter ended December 31, 2012 ("QoQ") and a 27.9% decrease from KRW 16,357 million for the first quarter ended March 31, 2012 ("YoY").

Loss before income tax expenses and others was KRW 1,133 million (US$ 1,033 thousand) for the first quarter of 2013, which represents a 92.9% decrease QoQ from loss before income tax expenses and others of KRW 15,972 million.

As a result of the foregoing factors, Gravity recorded a net loss attributable to parent company of KRW 1,629 million (US$ 1,485 thousand) for the first quarter of 2013 compared to a net loss attributable to parent company of KRW 10,833 million for the fourth quarter of 2012 and a net income attributable to parent company of KRW 1,128 million for the first quarter of 2012.

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Wednesday, August 29, 2012

Comments & Business Outlook

Second Quarter 2012 Results

  • Revenues for the second quarter ended June 30, 2012 was KRW 14,084 million (US$ 12,455 thousand), representing a 13.9% decrease from KRW 16,357 million for the first quarter ended March 31, 2012 ("QoQ") and a 3.4% decrease from KRW 14,584 million for the second quarter ended June 30, 2011 ("YoY").
  • Loss before income tax expenses and others was KRW 1,048 million (US$ 927 thousand) for the second quarter of 2012 compared with income before income tax expenses and others of KRW 1,656 million for the first quarter of 2012 and income before income tax expenses and others of KRW 2,384 million for the second quarter of 2011. Loss per share of $0.04 vs earnings of $0.06 in prior year quarter.
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Wednesday, May 16, 2012

Comments & Business Outlook

First Quarter 2012

  • Revenues for the first quarter ended March 31, 2012 were KRW 16,357 million (US$ 14,421 thousand), representing a 14.4% increase from KRW 14,298 million for the fourth quarter ended December 31, 2011 ("QoQ") and a 18.4% increase from KRW 13,810 million for the first quarter ended March 31, 2011 ("YoY").
  • Income before income tax expenses and others was KRW 1,656 million (US$ 1,460 thousand) for the first quarter of 2012, which represents a 44.8% decrease YoY from KRW 3,002 million.
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Thursday, February 16, 2012

3rd Party Alerts & Research

Grvy's Secret Recipe To Produce 50% YTD

 

The Secret Recipe:

  • ADR – Small Korean online game development company
  • Stock price below $5. “Was” trading below NCAV.
  • Dirt cheap fundamentals for a profitable company
  • No chance for activism because of 51% owner
  • 7+ years of delays for game release
  • Catalyst of impending game release

Mix the ingredients together and you get a value investor’s dream dish in the name of Gravity Co (GRVY).

There is no need for me to go over everything again because I’ve written about GRVY numerous times. Several other value investors have also written detailed analysis of the company, see here, here and here.

Right now, I just want to get straight into an updated valuation because YTD, GRVY has shot up 50% with increasing volume and it is a good time to review the probabilities of downside vs upside.

Full Article

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Friday, August 12, 2011

Comments & Business Outlook

Second Quarter 2011 Results

  • Revenues for the second quarter ended June 30, 2011 was KRW 14,584 million (US$ 13,837 thousand), representing a 5.6% increase from KRW 13,810 million for the first quarter ended March 31, 2011 ("QoQ") and a 28.8% increase from KRW 11,326 million for the second quarter ended June 30, 2010 ("YoY").
  • Gravity recorded a net income attributable to parent company of KRW 1,721 million (US$ 1,633 thousand) for the second quarter of 2011 compared to KRW 2,408 million for the first quarter of 2011 and KRW 465 million for the second quarter of 2010.
  • EPS of the second quarter 2011 was $.06 vs $.01

BUSINESS UPDATES

Ragnarok Online II delayed to the first quarter of 2012

The launch schedule of Ragnarok Online II, a sequel to Ragnarok Online, has been delayed to the first quarter of 2012.

After the second closed beta testing in July 2011, the Company has decided to postpone the release of Ragnarok Online II to work on final tweaks and polish.

Mr. Hyun Chul Park, CEO of Gravity, said, "We want to assure everyone that our development team is working to launch Ragnarok Online II in the earliest time. We really appreciate our users showing continued patience and bearing with us. It will be worth the wait."

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Saturday, August 6, 2011

Liquidity Requirements
We believe that our internal cash flow from operations, together with our proceeds from our initial public offering in February 2005 will be sufficient to satisfy our working capital requirements through at least the first quarter of 2012, including our new game development expenditures for Ragnarok Online II.
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Tuesday, May 25, 2010

GeoSpecial Notes

Added to the GeoSpecial list on July 8, 2009 @ $1.15

Catalyst: Hot sector. Looked like had turned the corner, was selling below book.
Peak performance: Reached a high of $2.63 on 8/9/2009
Current Price: $1.84 

Current road block: Complexity of financial statements; lack of product diversification; lack of IR.

Removing from GeoSpecial list. Value investors may still favor shares as GRVY is still selling below book. There has also been chatter regarding buy out rumors. Will place on the GeoSpecial on the Radar list until the company proves it can sustain EPS growth.

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Thursday, July 9, 2009

Research

Recall that the GeoTeam® mentioned Gravity yesterday, coding the stock as a low tier special situation play.  While this is still the case there a few items that the GeoTeam® uncovered during further due diligence.

1. Originally we indicated that the 2009 first quarter was the company's first profit in some time.  In actuality, the company was able to achieve profits in 2008. a

  • Using the 20F as our guide the company posted a loss of $0.08 per ADR share.  Reviewing the cash flow statement it appears that it contains some non-cash charges that should be added back in order to calculate a non-GAAP Earnings Per Share number. In doing this the GeoTeam® estimated a 2008 fully taxed  $0.04 non-GAAP EPS figure ( $1.1 million). This should also have translated into a non-GAAP profit for the fourth quarter.
  • The company reported a profit in its 2008 third quarter.

2. Inconsistency between net income reported in its 2008 year end release and its 2008 year end SEC 20F Filing, page 74. (Likey due to a GAAP vs. non-GAAP issue, but we could not locate such a reference).

  • 20F: "We recorded a net loss of Won 2,773 million (US$2,172,000) in 2008."
  • Press Release (as reported in 6-K): "The Company recorded net income of KRW 921 million (US$730,000) for 2008."

3.  A Significant portion of the company's year end and quarterly net income includes interest income and foreign currency income.

4. Outstanding legal issues per the 2008 year end SEC 20F Filing, page 95.

  • The filing states, "As of December 31, 2008, we are a defendant in two separate lawsuits claiming damages for breach of contract in which we have been a party. In May 2007, YNK Korea Inc., formerly known as Sunny YNK Inc., our former investor for Ragnarok Online, filed a lawsuit against us claiming that we failed to distribute the earnings from a certain amount of net sales due to the embezzlement of royalty revenue committed by our former chairman and from license fees from overseas licensees. The claim of the lawsuit amounts to approximately Won 1,344 million. In October 2006, Softstar Entertainment Inc., our former licensee in Taiwan, Hong Kong and Macao for R.O.S.E. Online, filed a lawsuit against us insisting that the game program for the open beta testing of the game in Taiwan which was provided by us was different from the program used for the closed beta testing and was materially deficient, thereby causing them to incur a loss in their business."

a The GeoTeam® is still reviewing Gravity's 2008 quarterly financials statements in order to derive non-GAAP EPS  data.  Unfortunately, we were unable to locate quarterly cash flow statements which normally contains information to identify non-GAAP adjustments.  We will email the company on this point and provide more information if warranted.

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Wednesday, July 8, 2009

Research

Gravity shares are quietly rising today in a reaction to its first quarter financial results reported this morning. 

Net income came in at $4.1 million, reversing a prior year loss.  It also appears to be the company's first profit in some time.

The GeoTeam® is attempting to uncover further details on the Gravity story.  The company did not provide much information on its future outlook and impetus for growth.  Part of the improved net income results was due to less amortization expense related to a prior acquisition.  More puzzling is the fact the company did not provide EPS data in its press releases.  Using the 2008 year end outstanding share count of 6,948,900 (27.8 million ADR), the GeoTeam® calculated a first quarter fully tax adjusted EPS figure of $0.49 (0.12 ADR). Using 6,948,900 as the share count seems like a fair assumption due to verbiage in its SEC 20F Filing (Filed June 30, 2009, page 80)

"We believe that our available cash and cash equivalents and net cash provided by operating activities will be sufficient to meet our capital needs through at least the first quarter of 2010."

There are reasons to view this story with trepidation:

1. The company essentially has one product source:

 "Due to the highly dependent revenue structure on Ragnarok OnlineTM , the Company is in need of diversified revenue structure, global market expansion and new business initiatives for sustainable revenue growth."

2. No business direction was provided in the company's press release.  Thus, we are not sure if this quarter's profitability can be sustained.

3. No earnings per share data was provided in the company's press release.

4. We were unable to locate an investor contact person in the United States.

5. Company derives a good deal of revenue from royalty and licensing activities. 

6. The GeoTeam® has not thoroughly dissected the company's financial statements.

7. The GeoTeam® is not absolutely confident that we used the correct share count to calculate an implied first quarter EPS figure. 

Nonetheless, at its current price, the GeoTeam® is coding Gravity as a low tier special situation play.  The key to the Gravity story will be its ability to diversify its product line and consistently generate profits.  The stock may still exhibit some short-term price momentum due to:

  • The company attaining profitability. 
  • Book value per ADR share as of the first quarter was $2.31.
  • Cash per ADR share as of the first quarter was $1.63.
  • Significant event- The company recently regained compliance with NASDAQ.

GeoTeam® urges investors to perform their own due diligence before making an investment decision.

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