Financial Performance - Total revenue for the year ended December 31, 2022, was approximately $5,041.2 million, a decrease of about 2.1% year-on-year[2] - Gross profit for the same period was approximately $1,880.2 million, down approximately 2.3% year-on-year[2] - Profit for the year ended December 31, 2022, was approximately $357.5 million, a decrease of about 22.4% year-on-year[2] - Adjusted net profit for the year was approximately $425.6 million, down approximately 15.3% year-on-year[2] - EBITDA for the year decreased by 12.2% to approximately $624.5 million[2] - Adjusted EBITDA for the year was approximately $673.0 million, a decrease of about 8.2% year-on-year[2] - Total revenue for the year ended December 31, 2022, was $5,041,210 thousand, a decrease from $5,150,593 thousand in 2021, representing a decline of approximately 2.1%[23] - Adjusted profit before tax for the group was $456,705 thousand for the year ended December 31, 2022, compared to $574,835 thousand in 2021, indicating a decrease of approximately 20.5%[16][18] - The group reported a pre-tax profit of $231,416 thousand for 2022, compared to $219,460 thousand in 2021, indicating a growth of 5.4%[28] - The group’s net profit decreased by approximately 22.4% from about $460.7 million in 2021 to about $357.5 million in 2022[92] Revenue Breakdown - SharkNinja segment generated revenue of $3,715,904 thousand, while the Joyoung segment contributed $1,325,306 thousand for the year ended December 31, 2022[16] - North America accounted for $2,928,050 thousand of total revenue, while revenue from mainland China was $1,307,225 thousand for the year ended December 31, 2022[20] - SharkNinja segment revenue was $3,715.9 million, accounting for 73.7% of total revenue, while Joyoung segment revenue was $1,325.3 million, down 7.7% year-on-year[68] - Revenue from the North America region was approximately $2,928.1 million, a decrease of 1.2% year-on-year[72] - Revenue from the China region was approximately $1,307.2 million, down about 6.5% year-on-year, primarily due to a challenging economic environment[72] - Total revenue for the European region was approximately $632.3 million for the year ended December 31, 2022, representing a year-over-year increase of 2.5%[73] - Total revenue for other markets was approximately $173.6 million for the year ended December 31, 2022, reflecting a year-over-year increase of 1.2%[73] Expenses and Costs - Total sales cost for the year was approximately $3,161.0 million, a decrease of about 2.0% compared to $3,226.2 million in 2021[77] - The group's sales and distribution expenses decreased by approximately 2.3% from about $808.8 million in 2021 to about $790.4 million in 2022, primarily due to reduced advertising expenses and lower warehousing and transportation costs resulting from sales decline[85] - Administrative expenses increased by approximately 13.4% from about $537.6 million in 2021 to about $609.9 million in 2022, mainly due to employee investments in new product development and international business expansion[87] - Financing costs rose by approximately 70.1% from about $27.9 million in 2021 to about $47.4 million in 2022, primarily due to an increase in the average interest rate on bank loans[89] - The group's income tax expense decreased by approximately 13.1% from about $114.1 million in 2021 to about $99.2 million in 2022, mainly due to a reduction in pre-tax profits[91] Assets and Liabilities - Total assets less current liabilities amounted to $3,040.8 million as of December 31, 2022[8] - Non-current liabilities totaled approximately $976.1 million, down from $1,096.5 million in the previous year[9] - Total equity as of December 31, 2022, was approximately $2,064.6 million, a slight decrease from $2,088.9 million in 2021[10] - Accounts receivable decreased to $1,198,025 thousand in 2022 from $1,245,748 thousand in 2021, with a provision for impairment rising to $11,829 thousand from $6,818 thousand[43][46] - Accounts payable decreased to $687,506 thousand in 2022 from $879,078 thousand in 2021, with amounts due within one year at $686,698 thousand[49] - Total borrowings as of December 31, 2022, were approximately $857.1 million, a decrease of about 9.0% from approximately $942.1 million as of December 31, 2021[97] - The debt-to-equity ratio as of December 31, 2022, was 45.6%, down from 49.3% as of December 31, 2021, a reduction of 3.7 percentage points[100] Market Performance and Strategy - The company continues to focus on developing innovative products and expanding into new categories and markets[56] - The company’s SharkNinja division focuses on home environment and kitchen appliances, maintaining leading market shares in multiple countries[56] - The company’s Joyoung division remains focused on kitchen appliances and has a leading market share in several innovative product categories in China[56] - The company plans to proceed with the proposed spin-off and separate listing of SharkNinja, having received approval from the Hong Kong Stock Exchange[55] - The company continues to face challenges from inflation and inventory reduction among retailers, impacting product sales[57] - The company aims for sustainable long-term growth through innovative product development and market expansion, focusing on existing product growth, new categories, and global market penetration[105] Employee and Incentive Plans - As of December 31, 2022, the company had approximately 5,661 employees, with total employee costs amounting to $452.1 million, an increase from $394.1 million in 2021[110] - The company has issued a total of 141,602,148 restricted stock units under its incentive plan, with a portion already vested in 2022[110] - The company has approved a stock option incentive plan for its subsidiary, Joyoung, to attract and retain talent, with an initial grant of 15.6 million stock options[111] - The employee stock ownership plan (ESOP) can raise a maximum of RMB 208,000,000, with the company not providing any financial assistance to eligible employees[112] Dividends and Shareholder Returns - The company did not recommend the payment of any final dividend for the year due to a significant strategic restructuring[2] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022, due to a major strategic restructuring[119]
JS环球生活(01691) - 2022 - 年度业绩