Financial Performance - Total revenues for Q4 2024 were $44 million, a 29% year-over-year decrease, while full year revenues reached $205 million, a 6% year-over-year increase[4][6]. - Gross profit for Q4 2024 was $34 million, a 22% year-over-year decrease, and for the full year, it was $156 million, a 14% year-over-year increase[4][6]. - Net income attributable to SBC Medical Group for Q4 2024 was $7 million, a 54% year-over-year decrease, while for the full year, it was $47 million, an 18% year-over-year increase[4][6][7]. - EBITDA for Q4 2024 was $21 million, a 22% year-over-year decrease, while for the full year, it was $89 million, an 8% year-over-year increase[4][6]. - Total revenues for 2024 reached $205.42 million, an increase of 6.4% compared to $193.54 million in 2023[31]. - Net income attributable to SBC Medical Group Holdings for 2024 was $46.61 million, up from $39.37 million in 2023, reflecting an increase of 18.0%[31]. - Gross profit for 2024 was $156.05 million, compared to $137.30 million in 2023, indicating a growth of 13.6%[31]. - Operating expenses for 2024 totaled $85.75 million, compared to $66.64 million in 2023, an increase of 28.6%[31]. - Basic and diluted net income per share for 2024 was $0.48, compared to $0.42 in 2023, reflecting an increase of 14.3%[31]. - Total comprehensive income for 2024 was $30.01 million, up from $26.65 million in 2023, an increase of 12.5%[31]. - The EBITDA for the year ended December 31, 2024, was $89,162,052, an increase from $82,907,008 in 2023, with an EBITDA margin of 43%[38]. Cash Flow and Liabilities - Cash provided by operating activities was $20.58 million in 2024, down from $50.67 million in 2023, a decrease of 59.4%[34]. - The company reported a foreign currency translation adjustment loss of $16.56 million in 2024, compared to a loss of $12.86 million in 2023[31]. - Total liabilities decreased to $71.06 million in 2024 from $114.99 million in 2023, a reduction of 38.3%[29]. - The company reported net cash paid for income taxes of $30,239,002 in 2024, compared to $17,842,407 in 2023[36]. - Borrowings from related parties decreased to $5,481,787 in 2024 from $12,310,106 in 2023[36]. - Cash paid for interest expense decreased to $28,300 in 2024 from $45,292 in 2023[36]. - The company reported a net increase in cash and cash equivalents of $22,021,160 for the year, compared to $51,284,938 in the previous year[36]. - The cash and cash equivalents at the end of the year were $125,044,092, up from $103,022,932 at the beginning of the year[36]. Business Expansion and Strategy - The number of partner clinics increased to 251 as of December 31, 2024, representing an increase of 43 clinics from the previous year[4]. - The company plans to revise its franchise fee structure starting in April 2025 to support long-term expansion of its franchise clinic network[12][13]. - SBC Medical acquired Aesthetic Healthcare Holdings Pte. in Singapore, establishing a strategic business hub in Asia[9]. - The company expects the aesthetic dermatology market to continue expanding in FY2025, despite anticipated intensified competition[12]. Equity and Impairment - Stockholders' equity increased to $195.02 million in 2024, up from $143.81 million in 2023, representing a growth of 35.6%[29]. - The company incurred an impairment loss of $15,058,965 for the year ended December 31, 2024, with no such loss reported in 2023[38]. - Return on equity for the full year 2024 was 28%, representing a year-over-year decrease of 4 percentage points[4].
Pono Capital Two(PTWO) - 2024 Q4 - Annual Results