Financial Performance - Total revenue for the year ended December 31, 2022, was $208.2 million, a decrease of approximately 31.1% compared to $302.1 million for the year ended December 31, 2021[10]. - IoT PaaS revenue was $152.9 million, down approximately 41.5% from $261.4 million in the previous year[10]. - SaaS and other revenue increased by approximately 60.6% to $29.8 million, up from $18.6 million in the prior year[10]. - The overall gross margin for the reporting period rose to 43.0%, an increase of 0.7 percentage points from 42.3% in the previous year[10]. - The net loss under non-GAAP measures decreased by 29.4% from $109.3 million in 2021 to $77.2 million in 2022, while maintaining a gross margin of 43%[19]. - The net loss for 2022 was $146.2 million, an improvement of 16.7% compared to $175.4 million in 2021, resulting in a net margin of -70.2%[29]. - The company ended 2022 with a cash balance exceeding $950 million, with no interest-bearing debt or long-term capital commitments[17]. - The company reported a basic and diluted net loss per American Depositary Share of $0.26, compared to $0.36 in the same period of 2021[30]. Market and Product Development - The company is focused on expanding its market presence and developing new products and technologies[2]. - The company plans to focus on three main areas in 2023: IoT developer platform model, collaboration with partners, and continuous iteration of core products to enhance growth and penetration rates[18]. - The company launched the Cube smart private cloud in early 2022, enhancing its IoT PaaS product offerings to meet the needs of large enterprises[18]. - The company aims to diversify revenue sources and optimize operational efficiency despite facing challenges such as high inflation and inventory pressures in the consumer sector[20]. Corporate Governance - The company has a dedicated audit committee and governance structure to ensure compliance and oversight[4]. - The company has a strong commitment to high standards of corporate governance, which is essential for enhancing performance, transparency, and accountability[148]. - The board has adopted the principles and code provisions of the Corporate Governance Code as the basis for its governance practices[149]. - The company emphasizes the importance of corporate governance culture to safeguard shareholder interests and enhance corporate value[148]. - The board consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors[153]. Shareholder Relations - The company encourages shareholders to actively participate in its affairs and has adopted a shareholder communication policy to enhance investor relations[197]. - Shareholders can request a special general meeting if they hold at least 10% of the voting shares, and the request must specify the meeting's purpose and proposed resolutions[194]. - The company will publish announcements and other documents on the Stock Exchange and SEC websites as required by listing rules[199]. Risk Management - The company has established a risk management and internal control system to identify and manage risks associated with business operations and financial reporting[188]. - The board is responsible for evaluating the nature and extent of risks acceptable in achieving strategic objectives and ensuring effective risk management systems are in place[186]. - The company has implemented a whistleblowing policy to allow employees and third parties to report concerns regarding financial reporting and internal controls confidentially[189]. Employee and Director Information - The company had a total of 1,835 employees, with a gender ratio of approximately 2.3 males for every female employee[176]. - The company has established service contracts with executive directors, with a term of three years or until the third annual general meeting post-listing[91]. - Independent non-executive directors receive an annual director's fee of $50,000, while one director receives $75,000[94]. Share Repurchase and Equity Incentive Plans - The company repurchased approximately 25.8 million shares for a total consideration of about $112.8 million as of December 31, 2022[10]. - The company announced a new $50 million share repurchase plan on November 9, 2022, and repurchased approximately 2.8 million ADS for a total consideration of about $4.2 million during the reporting period[128]. - The 2015 equity incentive plan aims to attract and retain top talent by providing additional incentives to selected employees, directors, and consultants[116]. Compliance and Regulatory Matters - The company has adhered to relevant laws and regulations impacting its operations, as disclosed in the annual report[50]. - The company is subject to foreign investment restrictions in the value-added telecommunications services sector, which affects its ability to hold equity in Hangzhou Tuya Technology directly[55]. - The company has received approval from the Hong Kong Stock Exchange to exempt strict compliance with certain announcement requirements under the Listing Rules regarding the cloud services and technology services framework agreement[54].
涂鸦智能-W(02391) - 2022 - 年度财报