买入 原评级:未有评级 市场价格:港币 7.01 板块评级:强于大市 股价表现 (50%) (33%) (15%) 2% 19% 37% Oct-23Nov-23Dec-23Jan-24Jan-24Feb-24Mar-24Apr-24Apr-24May-24Jun-24Jul-24 极兔速递-W 恒生指数 (%) 今年 至今 1 个月 3 个月 绝对 (55.0) (12.4) (24.3) 相对恒生指数 (62.3) (12.8) (32.8) | --- | --- | |----------------------------------|-----------| | 发行股数 (百万) | 8,812.17 | | 流通股 (百万) | 7,832.83 | | 总市值 (港币 百万) | 61,773.29 | | 3 个月日均交易额 (港币 百万) | 160.94 | | 主要股东 | | | Jumping Summit Limited | 11.11 | | 资料来源:公司公告,iFinD,中银证券 | | 以 2024 年 7 月 15 日收市价为标准 中银国际证券股份有限公司 具备证券投 ...

Global Expansion and Market Penetration - J&T Express achieved a peak daily order volume of 50 million in China in 2022[3] - The company expanded into 5 new countries during the pandemic, entering the Middle East, Latin America, and North Africa[3] - J&T Express operates in 17,508 islands in Indonesia, ensuring last-mile delivery even to remote locations[4] - In Saudi Arabia, the company's logistics network spans 5,000 kilometers, overcoming local transportation bottlenecks[4] - The company's global strategy focuses on deep penetration into every island, desert, and remote town[5] - J&T Express emphasizes the importance of respecting and understanding local cultures in its international expansion[4] - The company's entry into the Chinese market in 2019 was described as a high-risk, high-reward move[6] - J&T Express attributes 90% of its success to favorable market opportunities, particularly in Indonesia and China[6] - The company handled 18.81 billion parcels in 2023, a 29.0% YoY increase, with a 369.0% YoY growth in new markets[27] - The company's market share in Southeast Asia increased to 25.4% in 2023 from 22.5% in 2022[27] - The company's market share in China increased to 11.6% in 2023 from 10.9% in 2022[27] - The company's market share in new markets increased to 6.0% in 2023 from 1.6% in 2022[27] - The company achieved over 95% coverage in new markets and over 99% coverage at the county level in China[28] - The company processed a peak of over 16 million parcels per day during the "Double 12" period in Southeast Asia in 2023[29] - The company processed 3.24 billion parcels in Southeast Asia in 2023, a 28.9% YoY increase from 2.51 billion in 2022[30] - The company's market share in Southeast Asia increased to 25.4% in 2023, up 2.9 percentage points from 22.5% in 2022[30] - The company processed 230.3 million parcels in new markets in 2023, a 369.0% YoY increase from 49.1 million in 2022, with market share rising from 1.6% to 6.0%[43][44] - The company strengthened partnerships with cross-border and local e-commerce platforms in new markets, including Shopee, AliExpress, Shein, and Noon[45] - The company invested in infrastructure in new markets, operating 35 transit centers, over 200 trunk vehicles, and more than 1,300 service points as of December 31, 2023[46] - J&T Express holds a 25.4% market share in Southeast Asia by parcel volume in 2023, ranking first for four consecutive years[47] - In China, J&T Express achieved an 11.6% market share in 2023, ranking sixth and increasing by 0.7 percentage points compared to 2022[48] - J&T Express processed 32.4 billion parcels in Southeast Asia in 2023, leading the market[48] - In China, J&T Express handled 153.4 billion parcels in 2023, ranking sixth with an 11.6% market share[50] - J&T Express increased its market share in new markets from 1.6% in 2022 to 6.0% in 2023, a 4.4 percentage point increase[50] - J&T Express operates in Brazil, Mexico, Saudi Arabia, and Egypt, ranking in the top five by parcel volume in these markets in 2023[50] - J&T Express collaborates with major e-commerce platforms including Shopee, Lazada, TikTok, and Temu, enhancing its logistics service competitiveness[49] - The company’s regional agent model enables efficient network management and rapid market entry, reducing capital expenditure[52] - J&T Express focuses on technology R&D, such as developing an order management system tailored for overseas social e-commerce scenarios[49] - The company’s global network supports cross-border e-commerce by providing last-mile delivery services, leveraging its local infrastructure in Southeast Asia and new markets[51] - Geographic coverage in new markets has reached over 95%, with plans to further deepen and densify network coverage[58] - Focus on entering new markets in the Middle East and Latin America, leveraging existing market knowledge and capabilities[59] Financial Performance - Revenue for 2023 reached $8,849,251 thousand, a significant increase from $7,267,428 thousand in 2022[15] - Gross profit for 2023 was $472,798 thousand, compared to a gross loss of $270,238 thousand in 2022[15] - Operating loss for 2023 was $1,766,550 thousand, an increase from $1,389,565 thousand in 2022[15] - Total assets for 2023 amounted to $6,601,414 thousand, up from $5,935,559 thousand in 2022[15] - Adjusted net loss for 2023 was $432,277 thousand, an improvement from $1,488,297 thousand in 2022[15] - Non-current assets for 2023 were $3,464,108 thousand, up from $3,089,262 thousand in 2022[15] - Current assets for 2023 were $3,137,306 thousand, compared to $2,846,297 thousand in 2022[15] - Total equity for 2023 was $2,479,599 thousand, a significant improvement from a deficit of $4,984,248 thousand in 2022[15] - Revenue for 2023 reached $8,849,251 thousand, compared to $7,267,428 thousand in 2022[62] - Gross profit for 2023 was $472,798 thousand, a significant improvement from a gross loss of $270,238 thousand in 2022[62] - Adjusted EBITDA for 2023 was $146,694 thousand, compared to a loss of $894,090 thousand in 2022[62] - Total revenue increased by 21.8% from $7,267.4 million in 2022 to $8,849.3 million in 2023, driven by growth in express services across 13 countries[65] - Express service revenue grew by 24.7% from $6,483.0 million in 2022 to $8,086.8 million in 2023, with parcel volume increasing by 29.0% from 14.59 billion to 18.81 billion[66] - Southeast Asia revenue increased by 10.6% from $2,381.7 million in 2022 to $2,633.4 million in 2023, with parcel volume rising by 28.9% from 2,513.2 million to 3,240.0 million[71] - China revenue grew by 27.7% from $4,096.2 million in 2022 to $5,229.3 million in 2023, with parcel volume increasing by 27.6% from 12,025.6 million to 15,341.4 million[72] - New markets revenue surged by 299.7% from $81.8 million in 2022 to $326.8 million in 2023, with parcel volume growing by 369.0% from 49.1 million to 230.3 million[72] - Cross-border revenue decreased by 6.8% from $707.8 million in 2022 to $659.8 million in 2023 due to business transformation adjustments[72] - Rental income increased by 23.7% from $44.4 million in 2022 to $54.9 million in 2023, driven by vehicle leasing in Southeast Asia and reusable bag leasing in China[68] - Sales of accessories revenue rose by 39.8% from $23.7 million in 2022 to $33.2 million in 2023, primarily due to increased sales of express-related materials[69] - Other income grew by 70.6% from $8.6 million in 2022 to $14.6 million in 2023, mainly due to increased transportation income[69] - Southeast Asia's single-ticket revenue decreased from $0.95 in 2022 to $0.81 in 2023, attributed to promotional activities and strategic price adjustments[73] - Southeast Asia's single-ticket cost decreased from $0.76 in 2022 to $0.67 in 2023, driven by operational optimizations and leveraging China's express delivery experience[74] - The number of Southeast Asia outlets exceeded 10,600, managing over 2,400 network partners, with single-ticket pickup and delivery costs reduced from $0.43 to $0.40[74] - Southeast Asia's transportation fleet grew to over 3,300 vehicles, with single-ticket transportation costs decreasing from $0.22 to $0.17[74] - China's single-ticket revenue remained stable at $0.34 in 2023, with single-ticket costs dropping from $0.40 to $0.34 due to refined management[76][77] - China's transportation fleet exceeded 6,100 vehicles, with single-ticket transportation costs reduced from $0.09 to $0.07[78] - New market single-ticket revenue decreased from $1.67 in 2022 to $1.42 in 2023, while single-ticket costs dropped from $2.05 to $1.41[79][80] - Total operating costs and expenses increased by 21.9% from $8,677.7 million in 2022 to $10,580.0 million in 2023, primarily due to rising fulfillment costs[81] - Fulfillment costs increased by 25.7% from $3,320.2 million in 2022 to $4,172.9 million in 2023, accounting for 45.7% and 47.2% of total operating revenue respectively[82] - Employee costs decreased by 7.5% from $1,290.3 million in 2022 to $1,194.0 million in 2023, primarily due to a decline in share-based compensation expenses[82] - Southeast Asia revenue grew by 13.5% from $1,905.7 million in 2022 to $2,163.1 million in 2023, driven by a 28.9% increase in parcel volume[84] - China revenue increased by 8.6% from $4,760.9 million in 2022 to $5,170.4 million in 2023, with parcel volume rising by 27.6%[85] - New markets revenue surged by 222.5% from $100.8 million in 2022 to $325.2 million in 2023, supported by a 369.0% increase in parcel volume[85] - Gross margin improved from a loss of 3.7% in 2022 to a profit of 5.3% in 2023, marking a turnaround[86] - Adjusted EBITDA turned positive, increasing from a loss of $894.1 million in 2022 to a profit of $146.7 million in 2023[90] - Southeast Asia's adjusted EBITDA rose by 13.3% from $331.6 million in 2022 to $375.7 million in 2023, with margins improving from 13.9% to 14.3%[91] - China achieved its first annual adjusted EBITDA profit of $30.7 million in 2023, compared to a loss of $722.7 million in 2022[91] - Cross-border adjusted EBITDA loss increased to $107.0 million in 2023 from $95.1 million in 2022, primarily due to one-time costs from the shutdown of cross-border parcel business in Q4 2023[92] - New markets adjusted EBITDA loss improved to $81.7 million in 2023 from $73.7 million in 2022, with adjusted EBITDA rate improving from -90.2% to -25.0%[92] - Financial costs remained stable at $80.3 million in 2023 compared to $77.5 million in 2022, mainly due to interest expenses on borrowings[93] - Other income decreased to $46.3 million in 2023 from $98.1 million in 2022, primarily due to policy changes affecting subsidy income[94] - Cash and cash equivalents totaled $1,483.2 million as of December 31, 2023, with operating cash flow of $342.0 million compared to cash used in operations of $519.8 million in 2022[95] - The company's debt-to-asset ratio improved to 62.4% as of December 31, 2023, from 184.0% as of December 31, 2022[95] - Capital expenditures totaled $474.6 million in 2023, down from $580.7 million in 2022[98] - The company acquired Shenzhen Fengwang Information for $63.8 million in May 2023, recognizing goodwill of $33.6 million[100] - The company had 149,186 full-time employees as of December 31, 2023[101] - The company's restricted deposits as collateral amounted to $32.6 million as of December 31, 2023, compared to $41.7 million in the previous year[103] - The company holds convertible bonds issued by Huisen Global Limited with a fair value of approximately $483.5 million, representing 7% of the company's total assets[104] - Huisen Global Limited achieved revenue of RMB 6,960.1 million in 2023, with net assets of RMB 4,037.2 million and current assets of RMB 4,631.8 million as of December 31, 2023[104] - The company recognized a fair value loss of $3.2 million on its investment in Huisen Global Limited's convertible bonds in 2023[104] - Huisen Global Limited plans to expand into new markets including the Philippines, Vietnam, Mexico, and Singapore, in addition to its existing presence in Indonesia and Malaysia[104] - The company has no significant investment or capital asset plans as of December 31, 2023[104] - The company has no significant contingent liabilities as of December 31, 2023[104] - The company raised a net amount of HKD 3,553.50 million from its global offering, with 30% allocated to expanding logistics networks, 30% to entering new markets, 30% to R&D and technological innovation, and 10% for general corporate purposes[161] - As of December 31, 2023, the company had utilized HKD 167.8 million of the net proceeds from the global offering, with HKD 286.5 million remaining unused[162] - The company listed on the Hong Kong Stock Exchange on October 27, 2023, issuing 326,550,400 B shares at HKD 12.00 per share[160] - The company plans to fully utilize the remaining net proceeds from the global offering by the end of 2027[162] Market Trends and Industry Growth - Southeast Asia's nominal GDP reached $3.8 trillion in 2023, with a year-on-year growth of 6.5%[16] - Southeast Asia's social retail total reached $1.0 trillion in 2023, with a year-on-year growth of 5.2%[17] - Southeast Asia's e-commerce retail market transaction volume grew by 22.6% YoY to $189.74 billion in 2023, with e-commerce penetration reaching 18.2%, up 2.6 percentage points[18] - Social e-commerce in Southeast Asia reached $81.95 billion in 2023, accounting for 43.2% of the total e-commerce retail market, with a YoY growth of 36.2%[18] - Southeast Asia's express delivery market handled 12.75 billion parcels in 2023, a YoY increase of 14.4%, with a projected CAGR of 15.0% from 2024 to 2028[19] - China's GDP exceeded RMB 126.1 trillion in 2023, growing by 5.2% YoY, with consumption contributing 82.5% to economic growth[20] - China's e-commerce retail market reached RMB 13.0 trillion in 2023, with a YoY growth of 8.4% and an e-commerce penetration rate of 27.6%[21] - China's social e-commerce market grew from $163.79 billion in 2019 to $742.67 billion in 2023, with a CAGR of 45.9%[21] - China's express delivery industry handled 132.07 billion parcels in 2023, a YoY increase of 19.4%, with service quality improving significantly[22] - New market nominal GDP grew by 8.0% YoY in 2023, reaching $5.9 trillion, with a projected CAGR of 5.1% from 2024 to 2028[23] - New market e-commerce retail transaction volume reached $109.96 billion in 2023, a 27.1% YoY increase, with a projected CAGR of 21.3% from 2024 to 2028[24] - New market express delivery parcel volume reached 3.87 billion in 2023, a 25.0% YoY increase, with a projected CAGR of 18.3% from 2024 to 2028[25] - The global e-commerce retail transaction volume is projected to grow at a CAGR of 9% from 2024 to 2028, with the company's 13 markets exceeding this growth rate[57] - Southeast Asia e-commerce and express delivery market projected to grow at a CAGR of 17.7% and 15.0% respectively over the next five years[58] Operational Efficiency and Cost Management - The company's average single-ticket cost in Southeast Asia decreased by 11.8% YoY to $0.67 in 2023 from $0.76 in 2022[33] - Adjusted EBITDA in Southeast Asia reached $375.7 million in 2023, a 13.3% YoY increase, with an adjusted EBITDA margin of 14.3%, up 0.4 percentage points from 13.9% in 2022[34] - The company's average delivery time in Southeast Asia decreased by 6.5% YoY in 2023, while customer complaint rates continued to decline[32] - The company's cost reduction strategy in Southeast Asia, driven by operational optimization and leveraging China's experience, enabled

2024 年 04 月 11 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 业务量持续高增，成长路径延续 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn ——极兔速递 （ ） 经营数据点 -W 01519 2024Q1 评 最近市场走势 事件 : 2024年4月9日，极兔速递发布2024年第一季度经营数据： 2024Q1，公司完成业务量50.32亿票，同比+48.5%，其中东南亚/中国/ 新 市 场 业 务 量 分 别 完 成 10.26/39.42/0.64 亿 票 ， 同 比 分 别 +55.3%/+46.1%/+120.3%。 投资要点 : 相对恒生指数表现 2024/04/10 表现 1M 3M 12M  2024Q1业务量同比高增长，中国市场2023年单票收入稳定 极兔速递-W -12.5% -32.3% 恒生指数 4.8% 6.5% 量方面，极兔速递国内商流拓客持续，2023H2实现业务量88.96亿 票，同比+38.49%；同期东南亚/新市场在需求红利、产能投放驱动 市场数据 2024/04/10 下分别完成业务量18 ...

Financial Performance - Revenue for the fiscal year 2023 reached $8,849.251 million, a 21.8% increase compared to $7,267.428 million in 2022[1] - Adjusted net loss improved significantly to $432.277 million in 2023, a 71.0% reduction from $1,488.297 million in 2022[1] - Adjusted EBITDA turned positive at $146.694 million in 2023, compared to a negative $894.090 million in 2022[1] - Gross profit for 2023 was $472.798 million, a significant improvement from a gross loss of $270.238 million in 2022[57] - The company reported a net loss of $1,156.378 million for 2023, compared to a net profit of $1,572.567 million in 2022[57] - Adjusted EBITDA for 2023 was $146,694 thousand, a significant improvement from the 2022 loss of $894,090 thousand[108] - The company reported a net loss attributable to owners of $1,100,988 thousand in 2023, compared to a net profit of $1,656,168 thousand in 2022[110] - Basic loss per share for 2023 was 26.3 cents, compared to a basic earnings per share of 54.8 cents in 2022[110] Regional Revenue and Market Share - Southeast Asia segment revenue grew to $2,633.417 million in 2023, up from $2,381.726 million in 2022, with a market share increase to 25.4% from 22.5%[3][4] - China segment revenue increased to $5,229.255 million in 2023, up from $4,096.177 million in 2022, with a market share rise to 11.6% from 10.9%[3][4] - New markets segment revenue surged to $326.802 million in 2023, a significant increase from $81.767 million in 2022, with market share jumping to 6.0% from 1.6%[3][4] - Southeast Asia revenue increased by 10.6% from $2,381.7 million in 2022 to $2,633.4 million in 2023, with parcel volume growing by 28.9% to 3.24 billion pieces and market share reaching 25.4%[67] - China revenue grew by 27.7% from $4,096.2 million in 2022 to $5,229.3 million in 2023, with parcel volume increasing by 27.6% to 15.34 billion pieces and market share reaching 11.6%[68] - New markets revenue surged by 299.7% from $81.8 million in 2022 to $326.8 million in 2023, driven by a 369.0% increase in parcel volume to 230.3 million pieces and market share rising to 6.0%[68] Parcel Volume and Delivery Metrics - Southeast Asia parcel volume grew by 28.9% to 3,240.0 million pieces in 2023, up from 2,513.2 million pieces in 2022[4] - China parcel volume increased by 27.6% to 15,341.4 million pieces in 2023, up from 12,025.6 million pieces in 2022[4] - New markets parcel volume soared by 369.0% to 230.3 million pieces in 2023, up from 49.1 million pieces in 2022[4] - The company processed 18.81 billion parcels in 2023, a 29.0% YoY increase from 14.59 billion in 2022[19] - Southeast Asia parcel volume increased by 28.9% YoY in 2023, with average delivery time reduced by 6.5% and customer complaint rate continuously declining[26][27] - China parcel volume reached 15.34 billion in 2023, a 27.6% YoY increase, capturing 11.6% market share and ranking 6th among Chinese peers[29][30] - New market parcel volume grew by 369.0% year-over-year, with per-parcel revenue decreasing from $1.67 in 2022 to $1.42 in 2023[75] Operational Efficiency and Cost Management - Southeast Asia's per-parcel cost decreased from $0.76 in 2022 to $0.67 in 2023, an 11.8% reduction[27] - Southeast Asia adjusted EBITDA reached $375.7 million in 2023, a 13.3% YoY increase, with adjusted EBITDA margin improving to 14.3% from 13.9% in 2022[28] - China's per-parcel cost decreased from $0.40 in 2022 to $0.34 in 2023, with transportation costs dropping from $0.09 to $0.07 and sorting costs from $0.08 to $0.06[72][74] - New market per-parcel costs decreased from $2.05 in 2022 to $1.41 in 2023 due to rapid parcel volume growth and initial scale effects[76] - The company's single-ticket express cost decreased from $0.40 in 2022 to $0.34 in 2023, benefiting from economies of scale and optimized operational management[34] - Southeast Asia single-ticket revenue decreased from $0.95 in 2022 to $0.81 in 2023 due to promotional activities and strategic price adjustments to maintain competitiveness[69] - Southeast Asia's per-parcel cost decreased from $0.76 in 2022 to $0.67 in 2023, driven by operational optimizations and leveraging China's logistics experience[70] E-commerce and Market Trends - Southeast Asia's e-commerce retail market transaction value grew by 22.6% to $189.74 billion in 2023, with e-commerce penetration reaching 18.2%, up 2.6 percentage points[6] - Social e-commerce retail transaction volume reached $81.95 billion in 2023, a year-on-year increase of 36.2%, accounting for 43.2% of the total e-commerce retail market, and is expected to reach 50.1% by 2028[7] - Southeast Asia's express delivery market handled 12.75 billion parcels in 2023, a year-on-year increase of 14.4%, and is projected to grow to 25.98 billion parcels by 2028 with a CAGR of 15.0%[8] - China's e-commerce retail sales reached 13.0 trillion yuan in 2023, a year-on-year increase of 8.4%, with an e-commerce penetration rate of 27.6%[11] - China's social e-commerce retail market grew from $163.79 billion in 2019 to $742.67 billion in 2023, with a CAGR of 45.9%, and is expected to grow at a CAGR of 18.1% from 2024 to 2028[11] - E-commerce retail transaction volume in new markets reached $109.96 billion in 2023, a 27.1% YoY increase, with a projected CAGR of 21.3% from 2024 to 2028[15] - E-commerce penetration rate in new markets was 14.7% in 2023, expected to grow to 32.5% by 2028[15] Strategic Initiatives and Expansion - The company plans to expand into the Middle East and Latin America markets, leveraging existing market knowledge and capabilities[55] - The company will invest in automation equipment and AI technology to enhance sorting efficiency and accuracy in its logistics centers[54] - The company will increase the use of RFID technology and invest in intelligent management systems to monitor and optimize energy and water usage[56] - The company's express delivery business spans 13 countries, including 5 new market countries: Saudi Arabia, UAE, Mexico, Brazil, and Egypt[18] - The company's network covers over 99% of county-level regions in China and over 95% in new markets, with 8,500 network partners and 19,600 service points[20] - The company operates 237 transit centers, over 3,900 trunk lines, and more than 9,600 trunk vehicles, including over 5,100 self-owned vehicles[20] - The company strengthened partnerships with global and local e-commerce platforms, including Shopee, AliExpress, Shein, Temu, TikTok, and Kwai, to enhance cross-border and local logistics services[37] Corporate Governance and Compliance - The company has deviated from the Corporate Governance Code by having Mr. Li Jie serve as both Chairman and CEO, citing his extensive experience and the need for consistent leadership[116] - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2023[118] - The Board of Directors does not recommend the payment of a final dividend for the year ended December 31, 2023[120] - The Audit Committee reviewed the audited consolidated financial statements for the year ended December 31, 2023, and discussed accounting policies, risk management, and internal controls with senior management and auditors[121] - The company has adopted the Standard Code for Securities Transactions by Directors and confirmed that all directors complied with the code during the reporting period[117] - The company will continue to review and strengthen its corporate governance practices to ensure compliance with the Corporate Governance Code[117] Financial Risks and Capital Expenditure - Foreign exchange risk: If the RMB appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would decrease or increase by $29,000 and $4,055,000 respectively[92] - Foreign exchange risk: If the Indonesian Rupiah appreciates or depreciates by 5% against the USD, the pre-tax profit for 2022 and 2023 would decrease or increase by $1,000 and $2,185,000 respectively[92] - Foreign exchange risk: If the Thai Baht appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would increase or decrease by $2,000 and $185,000 respectively[92] - Foreign exchange risk: If the Vietnamese Dong appreciates or depreciates by 5% against the USD, the pre-tax profit for 2023 would increase or decrease by $351,000[92] - Foreign exchange risk: If the Malaysian Ringgit appreciates or depreciates by 5% against the USD, the pre-tax loss for 2023 would decrease or increase by $451,000[93] - Foreign exchange risk: If the Singapore Dollar appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would increase or decrease by $5,000 and $35,000 respectively[94] - Foreign exchange risk: If the Philippine Peso appreciates or depreciates by 5% against the USD, the pre-tax profit for 2022 and 2023 would decrease or increase by $2,490,000 and $4,454,000 respectively[94] - Capital expenditure: Total capital expenditure for 2023 and 2022 was $474.6 million and $580.7 million respectively[95] - Capital expenditure commitments: As of December 31, 2023, the company had capital expenditure commitments of $134,946 thousand, including $117,311 thousand for buildings and $11,465 thousand for land use rights in China[96] - Acquisition: In June 2023, the company acquired Shenzhen Fengwang Information Technology Co., Ltd. for a total cash consideration of $63,789,000, resulting in goodwill of $33,629,000[97] Cash Flow and Debt Management - The company generated $342.0 million in cash from operating activities in 2023, compared to $519.8 million used in 2022, with cash and cash equivalents totaling $1,483.2 million as of December 31, 2023[91] - The company's debt-to-asset ratio improved to 62.4% as of December 31, 2023, from 184.0% in 2022[91] - Cash flow from operating activities improved to $341,953 thousand in 2023 from a negative $519,817 thousand in 2022[103] - Cash and cash equivalents at the end of 2023 were $1,483,198 thousand, slightly lower than $1,504,048 thousand at the end of 2022[103] Accounting and Financial Reporting - The company adopted new or revised accounting standards effective January 1, 2023, with no material impact on financial statements[104] - The company expects no significant impact from future adoption of new or revised accounting standards, except for IAS 1 amendments[106] - Trade receivables as of the end of 2023 amounted to $555,978 thousand, with $319,037 thousand due within 1 month[114] - Trade payables as of the end of 2023 totaled $466,904 thousand, with $433,167 thousand due within 3 months[115]