Revenue and Profitability - Total revenue for the year ended December 31, 2024, was $298.6 million, an increase of approximately 29.8% compared to $230.0 million for the year ended December 31, 2023[5]. - IoT Platform as a Service (PaaS) revenue reached $217.1 million, up approximately 29.4% from $167.7 million in the previous year[5]. - Net profit for the year was $5.0 million, marking a significant recovery from a net loss of $60.3 million in the previous year[7]. - The net profit for the year ended December 31, 2024, was $5.0 million, compared to a net loss of $60.3 million for the year ended December 31, 2023, marking the first fiscal year of net profitability under GAAP[15]. - The adjusted net profit for the year ended December 31, 2024, was $75.3 million, a 268.5% increase from $20.4 million in 2023, indicating strong profitability under non-GAAP measures[15]. - Non-GAAP net profit for 2024 is projected at $75.308 million, with a non-GAAP net profit margin of 25.2%[98]. - The company reported a net loss attributable to common shareholders of $60.315 million for 2023, with a projected profit of $4.997 million for 2024[91]. Cash and Investments - Cash and cash equivalents, along with short-term and long-term investments, totaled $1,016.7 million, up from $984.3 million as of December 31, 2023[7]. - The net cash provided by operating activities for the year ended December 31, 2024, was $80.4 million, a 120.5% increase from $36.4 million in 2023[18]. - The company had no interest-bearing bank loans or other borrowings as of December 31, 2024, resulting in a debt-to-equity ratio of zero[25][28]. - The company made significant investments in government bonds, with total purchases amounting to approximately $156.8 million within an authorized limit of $400 million[30]. - Total cash and cash equivalents are projected to rise to $653,384,000 by the end of 2024, up from $498,688,000 at the end of 2023[68]. Customer Metrics - The number of IoT PaaS customers was approximately 3,700, down from 4,000 in the previous year, while total customers were about 5,800, down from approximately 6,100[7]. - The number of registered IoT developers exceeded 1,316,000, a growth of 32.6% from approximately 993,000 developers in the previous year[7]. - The company’s focus on strategic customers contributed to a net expansion rate (DBNER) of 122%, up from 103% in the previous year[7]. - The DBNER for IoT PaaS for the year ended December 31, 2024, was 122%, indicating revenue growth from existing customers[20]. Operating Performance - Operating profit margin improved to -15.9%, an increase of 30.1 percentage points from -46.0% in the previous year[5]. - The operating loss for the year ended December 31, 2024, was $47.6 million, a 55.0% improvement from the $105.8 million loss in the same period of 2023[14]. - The adjusted operating loss for 2023 was $(105.824) million, expected to improve to $(47.620) million in 2024[96]. Research and Development - The adjusted R&D expenses for the year ended December 31, 2024, were $80.7 million, down from $87.5 million in 2023, reflecting a 7.1% decrease[14]. - Research and development expenses are expected to decrease to $95,049,000 in 2024 from $102,277,000 in 2023, reflecting a focus on cost management[64]. Corporate Governance and Compliance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange, with a noted exception regarding the dual role of the chairman and CEO[38]. - The audit committee reviewed the unaudited consolidated financial statements for the reporting period, with no disagreements on accounting policies[42]. - The company has confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[41]. Future Outlook and Strategy - The company aims to enhance its product and service offerings through the application of emerging technologies like generative AI, while also diversifying revenue sources[21]. - The company plans to allocate 30% of the proceeds to enhance IoT technology and infrastructure, amounting to approximately 21.0 million HKD[47]. - The company is committed to expanding its market presence and enhancing its product offerings through continuous innovation in AI and cloud services[54]. Shareholder Returns - The company has approved a dividend of USD 0.0608 per share, totaling approximately USD 37 million, to be funded from retained earnings[48]. - The company declared a special dividend of $0.0589 per share, totaling $33 million, to be paid in October 2024[90]. - During the reporting period, the company repurchased 223,773 American Depositary Shares for a total consideration of approximately USD 0.4 million[50]. Taxation - The effective tax rate for 2024 is expected to be 30.0%, significantly higher than the statutory rate of 25.0% due to various jurisdictional impacts[86]. - The company has accumulated tax losses of approximately $576,439, primarily from its subsidiaries in China, which will expire between 2025 and 2034[88]. - The company expects to continue benefiting from the preferential tax rate as a qualified high-tech enterprise, impacting its overall tax expenses positively[86].
涂鸦智能-W(02391) - 2024 - 年度业绩