UP Fintech Holding(TIGR)2025-04-23 10:17Financial Performance - Adjusted net income for 2024 was US43.2 million in 2023, reflecting a significant increase in profitability [762]. - Net cash provided by operating activities in 2024 was US61.4 million, driven by increased payables and receivables due to user base growth [772]. - The company maintained a minimum net capital requirement in compliance with SEC regulations, ensuring financial health [763]. Liquidity and Cash Flow - Cash and cash equivalents increased from US393.6 million in 2024, indicating improved liquidity [765]. - Net cash used in investing activities in 2024 was US103.8 million, mainly from a follow-on public offering [778]. Research and Development - Research and development expenses rose to US63.5 million in 2023, highlighting a focus on technology development [787]. Capital Management - Capital expenditures were US$1.6 million in 2024, indicating a conservative approach to capital investment [781]. - The company has not paid dividends in the past and has no plans to do so in the foreseeable future, dependent on subsidiary earnings and regulatory conditions [783]. Financial Reporting and Compliance - The consolidated financial statements are prepared in accordance with U.S. GAAP, requiring management to make estimates and assumptions affecting reported amounts of assets, liabilities, revenues, and expenses [790]. - Significant judgment is required in determining income tax expense based on tax laws in various jurisdictions, impacting the effective income tax rate [792]. - A valuation allowance is recorded to reduce deferred tax assets, requiring significant judgment regarding past and projected financial performance [793]. Risk Management - The company has not utilized any derivative financial instruments for currency risk hedging, monitoring exchange rate movements closely [762].