Financial Data and Key Metrics Changes - Sales for Q1 2025 reached $152.2 million, reflecting an 18.9% increase from Q1 2024 [10] - Gross margin improved to 38.6% in Q1 2025, up from 37.5% in Q1 2024, driven by a favorable product mix and cost reduction programs [11][12] - Total backlog of orders reached $395.7 million, an increase of $14.1 million or 4% compared to December 31, 2024 [20] Business Line Data and Key Metrics Changes - Aerospace and defense (A&D) end markets accounted for 38% of global sales, making it the largest segment [7] - Power solutions and protection sales amounted to $83.1 million, a 37.9% increase year-over-year, largely driven by A&D exposure [13] - Connectivity solutions sales for Q1 2025 reached $50.7 million, a decrease of 6.5% compared to Q1 2024, primarily due to a decline in commercial air applications [16] - Magnetic Solutions Group recorded sales of $18.5 million, representing a 36.1% increase compared to Q1 2024 [18] Market Data and Key Metrics Changes - AI contributed $4.6 million in revenue during Q1 2025, with double-digit growth compared to Q1 2024 [8] - Sales into the consumer market decreased by $2.8 million due to trade restrictions on a Chinese supplier [13] - eMobility sales saw a $1.6 million year-over-year decline in Q1 2025 [14] Company Strategy and Development Direction - The recent acquisition of Enercon has diversified the company from an end markets and geographic perspective [7] - The company is focusing on supplier diversification and regional sourcing strategies in response to rising geopolitical tensions and tariff increases [36] - Plans to shift more products from China to India to mitigate tariff impacts and enhance operational flexibility [85] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in defense, space, and AI markets, while acknowledging challenges in the power segment [25][26] - The company anticipates that Q2 will be impacted by customer push-out requests related to tariffs, but expects to navigate through these challenges [32] - Management emphasized the importance of building a nimble and resilient organization to adapt to changing market conditions [34] Other Important Information - R&D expenses reached $7.2 million in Q1 2025, higher than Q1 2024 due to the acquisition of Enercon [20] - Selling, general, and administrative expenses totaled $29.5 million, representing 19.4% of sales, with increases attributed to Enercon expenses [21] - The company is actively working to amend its credit facility to increase capacity and extend maturity [39] Q&A Session Summary Question: Impact of tariffs by product segment - Connectivity is largely unimpacted by US tariffs as most manufacturing occurs in the US and UK, while approximately 60% of Power and Magnetic segments are also not subject to tariffs [50][52] Question: Decline in Connectivity sales - The decline was primarily driven by reduced commercial air production levels, with some softness in the industrial area [55] Question: AI revenue details - AI revenue is largely from GPU manufacturers, focusing on private next-gen companies rather than large public firms [62] Question: Enterprise business growth - The enterprise business is performing better than expected, with strong growth and alignment with customers [72][76] Question: Facility consolidations and operational changes - The company has fully exited a facility in China and is shifting more production to India to mitigate tariff risks [84][86] Question: Design activity and market dynamics - Design activity is stabilizing, with a focus on second and third-tier customers to drive growth [110][111]

Core Insights - Bel Fuse reported revenue of $152.24 million for the quarter ended March 2025, reflecting an 18.9% increase year-over-year [1] - The company's EPS was $1.35, up from $1.26 in the same quarter last year, exceeding the consensus EPS estimate of $1.05 by 28.57% [1] - Revenue surpassed the Zacks Consensus Estimate of $148.3 million, resulting in a surprise of 2.66% [1] Financial Performance Metrics - Connectivity Solutions sales were $50.73 million, below the average estimate of $55.25 million from two analysts [4] - Power Solutions and Protection sales reached $83.05 million, exceeding the average estimate of $78.31 million from two analysts [4] - Magnetic Solutions sales amounted to $18.45 million, surpassing the estimated $16.42 million from two analysts [4] Stock Performance - Bel Fuse shares have declined by 12.2% over the past month, compared to a 5.1% decline in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Company Performance - Bel Fuse reported quarterly earnings of $1.35 per share, exceeding the Zacks Consensus Estimate of $1.05 per share, and up from $1.26 per share a year ago, representing an earnings surprise of 28.57% [1] - The company posted revenues of $152.24 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.66%, compared to $128.09 million in the same quarter last year [2] - Over the last four quarters, Bel Fuse has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - Bel Fuse shares have declined approximately 17.6% since the beginning of the year, while the S&P 500 has decreased by 8.6% [3] - The current consensus EPS estimate for the upcoming quarter is $1.55 on revenues of $166.04 million, and for the current fiscal year, it is $6 on revenues of $645.18 million [7] Industry Outlook - The Electronics - Miscellaneous Products industry, to which Bel Fuse belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Bel Fuse's stock performance [5][6]

Financial Performance - Net sales for Q1 2025 were $152.2 million, an increase from $128.1 million in Q1 2024, with organic sales down 6.4% excluding $32.4 million from Enercon[8] - Gross profit margin improved to 38.6%, up from 37.5% in Q1 2024[8] - GAAP net earnings attributable to Bel shareholders were $17.9 million, compared to $15.9 million in Q1 2024[8] - Non-GAAP net earnings attributable to Bel shareholders were $16.8 million, slightly down from $17.0 million in Q1 2024[8] - Adjusted EBITDA was $30.9 million, representing 20.3% of sales, compared to $22.4 million or 17.5% of sales in Q1 2024[8] - Operating income increased by 40.1% to $25,023 thousand, representing 16.4% of net sales, compared to $17,854 thousand or 13.9% in the prior year[19] - Net earnings attributable to Bel Fuse shareholders reached $17,874 thousand, a 12.6% increase from $15,874 thousand in Q1 2024[19] - Adjusted EBITDA for Q1 2025 was $30,911 thousand, up from $22,407 thousand, with a margin of 20.3%[29] - The earnings per share (EPS) for Class A shareholders was $1.36 for Q1 2025, up from $1.19 in Q1 2024, marking a 14% increase[34] Sales and Market Trends - Projected GAAP net sales for Q2 2025 are expected to be between $145 million and $155 million, with a gross margin of 37% to 39%[5] - Approximately 75% of global sales are not currently subject to recent U.S. tariffs, with about 10% of consolidated sales related to products manufactured in China[5] - The company anticipates continued strength in defense, space, and AI end markets throughout the year[4] - Power Solutions and Protection segment sales grew by 37.9% to $83,054 thousand, while Connectivity Solutions saw a decline of 6.5% to $50,730 thousand[26] Costs and Expenses - Research and development costs rose to $7,222 thousand, up from $5,215 thousand, reflecting a focus on innovation[19] - The company reported a restructuring charge of $2,933,000 in Q1 2025, compared to $371,000 in Q1 2024, indicating a significant increase in restructuring activities[34] - Unrealized foreign currency exchange losses amounted to $3,663,000 in Q1 2025, compared to losses of $868,000 in Q1 2024, highlighting increased volatility in foreign exchange[34] Financial Position - Total current assets decreased slightly to $368,425 thousand from $373,530 thousand year-over-year[22] - Long-term debt decreased to $280,000 thousand from $287,500 thousand, indicating improved financial stability[22] - The effective tax rate increased to 23.0% in Q1 2025 from 22.0% in Q1 2024[19] Non-GAAP Measures - Non-GAAP measures for Q1 2025 showed total earnings of $23,012,000, a decrease from $21,716,000 in Q1 2024, reflecting a 6% decline[34] - The company has revised its definitions of Non-GAAP measures to exclude stock-based compensation and amortization of intangibles, enhancing clarity in operational performance[37] - The company plans to continue utilizing non-GAAP measures for performance comparison and incentive compensation determination[40] Leadership Changes - Farouq Tuweiq has been appointed as Bel's President and CEO, effective immediately after the Annual Meeting of Shareholders in May 2025[8] Additional Information - The supplementary information for Q1 2025 is preliminary and subject to change prior to the filing of the Quarterly Report on Form 10-Q[38]

Core Insights - Bel Fuse Inc. has opened a new facility in Manesar, Gurugram, India, marking a significant milestone following its acquisition of Enercon in November 2024 [1][2] - The new facility will double the manufacturing capacity of Bel's Power Solutions and Protection segment in India, enhancing the company's manufacturing footprint outside of China [1][2] - The original Enercon factory, which opened in 2018, has grown from 17 associates to over 200 associates, indicating substantial growth in workforce and operations [1] Company Overview - Bel Fuse Inc. designs, manufactures, and markets a wide range of products that power, protect, and connect electronic circuits, serving various industries including defense, commercial aerospace, telecommunications, and eMobility [3] - The company's product groups include Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions, with applications in automotive, medical, broadcasting, and consumer electronics markets [3]

Revenue and Sales Performance - The company's revenues decreased by $105.0 million, or 16.4%, in 2024 compared to 2023, with Power Solutions and Protection sales down by 21.8% and Magnetic Solutions sales down by 40.2%[160] - Net sales for Power Solutions and Protection were $245.6 million in 2024, down from $314.1 million in 2023, while gross margin improved to 42.4% from 38.1%[163] - Connectivity Solutions sales increased by $9.8 million, or 4.7%, in 2024, driven by a $3.6 million increase in commercial aerospace sales[165] - Magnetic Solutions sales declined by $46.3 million in 2024, primarily due to reduced demand from networking customers[166] - Net sales for 2024 decreased to $534.792 million, down 16.4% from $639.813 million in 2023[257] - Revenue from North America for 2024 was $362.2 million, down from $447.8 million in 2023, indicating a decrease of about 19.2%[328] - Revenue from direct sales to customers was $357.8 million in 2024, down from $439.3 million in 2023, a decline of about 18.5%[328] Financial Position and Assets - Total assets increased significantly to $949.789 million in 2024, compared to $571.631 million in 2023, marking a growth of 66.1%[255] - The company had $68.3 million in cash and cash equivalents and $1.0 million in held-to-maturity investments as of December 31, 2024, supporting its liquidity position[191] - The company had $287.5 million outstanding under its revolving credit facility as of December 31, 2024, with no mandatory principal payments due in 2025[197] - The total stockholders' equity increased to $360.576 million in 2024, up from $340.558 million in 2023, indicating a growth of 5.9%[255] - The company reported a total of $111.4 million in accounts receivable, net, for 2024, an increase from $84.1 million in 2023, representing a growth of approximately 32.4%[331] Expenses and Costs - The company incurred $3.5 million in restructuring costs in 2024, with annual cost savings from the Glen Rock initiative estimated at $3.1 million[162] - R&D expenses were $23.6 million in 2024, up from $22.5 million in 2023, primarily due to higher salaries and costs related to the Enercon acquisition[175] - SG&A expenses increased to $110.6 million in 2024 from $99.1 million in 2023, driven by acquisition-related costs of $10.9 million[176] - Interest expense rose to $4.1 million in 2024 from $2.9 million in 2023, primarily due to increased debt from the Enercon acquisition[180] - The provision for income taxes was $12.6 million in 2024, up from $9.5 million in 2023, with an effective tax rate of 20.5% compared to 11.4% in 2023[185] Acquisitions and Investments - The Company acquired an 80% stake in Enercon Technologies, Ltd. for a total purchase price of $324 million, with recorded assets including noncontrolling interest valued at $72.3 million, trade names at $21.9 million, and customer relationships at $130.3 million[242] - The total cash paid at closing for the Enercon acquisition was approximately $325.6 million, funded by $85.6 million in cash on hand and $240 million from incremental borrowings[309] - Enercon contributed $20.8 million in revenue and approximately $1.0 million in net earnings to the company's consolidated financial results for the period from November 1, 2024, to December 31, 2024[318] - The company divested its Czech Republic subsidiary for total consideration of $5.1 million, allowing the Connectivity Solutions segment to focus on core product categories[320] Inventory and Backlog - The backlog of orders totaled $381.6 million at December 31, 2024, a decrease of $8.5 million, or 2%, from December 31, 2023, with Power Solutions and Protection backlog decreasing by 44%[160] - Inventories increased by $24.8 million in 2024, including Enercon's inventory balance of $42.7 million, resulting in inventory turns of 2.1 times compared to 3.1 times in 2023[193] Shareholder Returns and Equity - The company declared dividends of $3.5 million in 2024, consistent with previous years, and anticipates additional payments in 2025[201] - The company authorized a share repurchase program of up to $25 million in February 2024, with $9.0 million of repurchases not yet executed as of December 31, 2024[202] - Dividends paid to common shareholders decreased to $3,453 million in 2024 from $3,492 million in 2023, reflecting a reduction of approximately 1.1%[267] Impairments and Goodwill - The Company recorded reserves for excess or obsolete inventory of $14.5 million as of December 31, 2024, an increase from $13.7 million in 2023[213] - The fair value of the Company's goodwill exceeded the associated carrying value by a margin ranging from 44% to 500% as of October 1, 2024[221] - The Company identified a $0.4 million impairment charge related to its CUI tradename during its annual impairment tests conducted on October 1, 2024[223] - The company completed its annual goodwill impairment test in October 2024, concluding that the fair value of its reporting units exceeded their carrying values, indicating no impairment[338] Currency and Commodity Risks - The Company faced significant exposure to foreign currencies, particularly the euro, Chinese renminbi, Mexican peso, and Indian rupee, with intercompany loans at risk valued at approximately $152 million and potential losses of $15.2 million projected from a hypothetical 10% decline in currency rates[229] - The Company actively monitors commodity price risks, particularly for metals such as copper, zinc, tin, gold, and silver, and anticipates increased material costs while implementing strategies like price adjustments and productivity improvements[230] Tax and Regulatory Matters - The effective tax rate will fluctuate based on the geographic region of pretax profits, with Asia having the lowest tax rates among the company's operational regions[162] - The effective tax rate includes the effect of tax contingency liabilities, which are analyzed quarterly and adjusted based on changes in facts and circumstances[294] - The Company has established valuation allowances for deferred tax assets that are not likely to be realized, impacting the provision for income taxes[294]

Financial Data and Key Metrics Changes - In Q4 2024, sales reached $149.9 million, up from $140 million in Q4 2023. Full-year 2024 sales totaled $535 million, down from $640 million in 2023 [35] - Gross margin improved to 37.5% in Q4 2024 from 36.6% in Q4 2023, with a full-year increase of 410 basis points compared to 2023 [36] - Selling, general, and administrative (SG&A) expenses for Q4 2024 were $34.8 million, up 9.9% from $24.9 million in Q4 2023 [47] Business Line Data and Key Metrics Changes - Power solutions and protection products sales in Q4 2024 were $78.1 million, a 13.2% increase from Q4 2023, primarily due to Enercon's contribution of $20.8 million [37] - Connectivity solutions group sales were $52.5 million in Q4 2024, a 4% increase compared to Q4 2023, with full-year sales reaching $220 million, up almost 5% from 2023 [40] - Magnetic solutions group sales declined by 6% from Q4 2023 to $19.2 million, resulting in full-year sales of $58.9 million compared to $115 million in 2023 [44] Market Data and Key Metrics Changes - The consumer end market continues to struggle, with expectations of persistent challenges through much of 2025 due to prior trade restrictions on a supplier in China [23] - Distribution, networking, and industrial markets are showing signs of recovery, with expectations for improvement in 2025 compared to 2024 [23] Company Strategy and Development Direction - The company is focused on future growth and improved cost controls, with successful facility consolidations leading to significant cost savings [9][12] - The acquisition of Enercon is expected to enhance the company's position in mission-critical components for harsh environments, with anticipated revenue growth from this segment [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing favorable trends in AI, defense, and space as potential growth areas [21] - The company expects to see improvements in various markets, with magnetics anticipated to be the largest percentage grower [29] Other Important Information - The company closed the year with $69 million in cash and securities, down from $127 million at the end of 2023, primarily due to the Enercon acquisition [49] - The outstanding debt increased to $287.5 million, largely due to new borrowings related to the Enercon acquisition [50] Q&A Session Summary Question: Can you connect the dots from third-quarter orders momentum for PSP and Magnetics? - Management noted that Magnetics is seasonal, with Q2 and Q3 being the strongest quarters, while Power saw robust pull-ins due to anticipated tariffs [62] Question: What is the outlook for PSP in 2025? - Management indicated a flattish outlook for PSP, impacted by the Chinese supplier and pull-ins in Q4 2024 [66] Question: How much of the Q1 sales guide is attributable to Enercon? - Management stated that PSP would be down year-over-year in Q1 2025, with Enercon being additive to the overall sales [72] Question: What are the cross-selling opportunities with Enercon? - Management expects limited cross-selling opportunities in 2025 due to the slow-moving nature of the defense sector [74] Question: What is the impact of AI on revenue? - AI is expected to significantly benefit the power group, with an estimated $7 million in revenue from AI applications in 2024 [101] Question: What is the status of destocking at major distributors? - Management reported that a major distributor indicated they hit bottom in January, with expectations for improvement [103] Question: How are global tariffs impacting the business? - Approximately 12% to 13% of 2024 revenue was subject to tariffs, with ongoing efforts to manage costs and pass on increases to customers [130] Question: What is the M&A capacity post-Enercon acquisition? - Management remains open to selective M&A opportunities, focusing on quality and size [135]

Core Insights - Bel Fuse reported revenue of $149.86 million for the quarter ended December 2024, marking a year-over-year increase of 7% [1] - The EPS for the same period was -$0.14, a significant decline from $1.37 a year ago, indicating a negative EPS surprise of -118.18% compared to the consensus estimate of $0.77 [1] - The reported revenue exceeded the Zacks Consensus Estimate of $133.3 million by 12.42% [1] Financial Performance Metrics - Sales in Connectivity Solutions reached $52.55 million, slightly above the estimated $52.30 million [4] - Sales in Power Solutions and Protection were reported at $78.07 million, significantly higher than the average estimate of $59.97 million [4] - Sales in Magnetic Solutions totaled $19.24 million, falling short of the estimated $21.12 million [4] Stock Performance - Bel Fuse shares have returned +2.9% over the past month, compared to a +4.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Bel Fuse reported a quarterly loss of $0.14 per share, significantly below the Zacks Consensus Estimate of $0.77, and a decline from earnings of $1.37 per share a year ago, representing an earnings surprise of -118.18% [1] - The company posted revenues of $149.86 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 12.42%, and an increase from year-ago revenues of $140.01 million [2] - Over the last four quarters, Bel Fuse has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Outlook - The immediate price movement of Bel Fuse's stock will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] - Bel Fuse shares have underperformed the market, losing about 0.2% since the beginning of the year compared to the S&P 500's gain of 4% [3] - The current consensus EPS estimate for the coming quarter is $1 on $152 million in revenues, and $5.65 on $654 million in revenues for the current fiscal year [7] Industry Context - The Zacks Industry Rank for Electronics - Miscellaneous Products is currently in the bottom 45% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

Financial Performance - Net sales for the full year 2024 were $534.8 million, down 19.7% from $639.8 million in 2023, excluding Enercon's contribution[3] - In Q4 2024, net sales were $149.9 million, an increase from $140.0 million in Q4 2023, but organic sales decreased by 7.8% when excluding Enercon's $20.8 million contribution[8] - GAAP net loss attributable to Bel shareholders in Q4 2024 was $1.8 million, compared to a net income of $12.0 million in Q4 2023[8] - Non-GAAP net earnings attributable to Bel shareholders for the full year 2024 were $72.1 million, down from $89.6 million in 2023[8] - Adjusted EBITDA for the full year 2024 was $101.9 million, representing 19.0% of sales, a decrease from $116.8 million or 18.3% of sales in 2023[8] - GAAP net sales for Q4 2024 were $149,859 thousand, an increase from $140,010 thousand in Q4 2023, while year-end GAAP net sales decreased to $534,792 thousand from $639,813 thousand[30] - Non-GAAP adjusted net sales for Q4 2024 were $149,859 thousand, compared to $139,585 thousand in Q4 2023, with year-end adjusted net sales at $534,735 thousand, up from $624,963 thousand[30] - GAAP net earnings for Q4 2024 were $6,432 thousand, down from $12,036 thousand in Q4 2023, and year-end net earnings decreased to $49,192 thousand from $73,831 thousand[30] - Non-GAAP operating income for Q4 2024 was $24,629 thousand, slightly up from $23,901 thousand in Q4 2023, while year-end non-GAAP operating income decreased to $85,417 thousand from $103,512 thousand[30] - Adjusted EBITDA for Q4 2024 was $30,327 thousand, compared to $27,251 thousand in Q4 2023, with year-end adjusted EBITDA at $101,874 thousand, down from $116,824 thousand[30] Market and Operational Developments - The acquisition of Enercon, completed in Q4 2024, is expected to enhance scale and diversity, making aerospace and defense Bel's largest end market[5] - The company initiated two facility consolidation projects in 2024 and hired a Global Head of Sales to enhance operational efficiencies and drive growth[5] - Management expressed optimism for 2025, anticipating a slow and steady rebound in demand from networking and distribution partners[6] Sales and Revenue Breakdown - Power Solutions and Protection sales decreased by 21.8% to $245,551 thousand in FY 2024 from $314,105 thousand in FY 2023[28] - Connectivity Solutions sales increased by 4.7% to $220,370 thousand in FY 2024 from $210,572 thousand in FY 2023[28] Tax and Financial Metrics - The effective tax rate for FY 2024 was 20.4%, up from 11.4% in FY 2023[20] - The provision for income taxes for Q4 2024 was $953 thousand, compared to $1,463 thousand in Q4 2023, reflecting a decrease in tax expenses[30] Assets and Liabilities - Total assets increased significantly to $949,789 thousand in 2024 from $571,631 thousand in 2023[22] - Cash and cash equivalents decreased to $68,253 thousand at the end of 2024 from $89,371 thousand at the end of 2023[24] - Total liabilities rose to $508,627 thousand in 2024, compared to $231,073 thousand in 2023[22] Costs and Expenses - Research and development costs increased to $6,934 thousand in Q4 2024, up from $5,966 thousand in Q4 2023[20] - Interest expense for Q4 2024 was $2,815 thousand, significantly higher than $448 thousand in Q4 2023, indicating increased borrowing costs[30] - Restructuring charges for Q4 2024 amounted to $1,669 thousand, down from $3,808 thousand in Q4 2023, while acquisition-related costs were $8,592 thousand in Q4 2024[30] - Restructuring charges for the year ended December 31, 2024, amounted to $3,459 million, compared to $10,114 million in 2023, a reduction of 65.8%[35] - Acquisition-related costs for the year ended December 31, 2024, were $12,884 million, while there were no such costs reported in 2023[35] Earnings Per Share and Non-GAAP Measures - The earnings per share (EPS) for the three months ended December 31, 2024, was $0.14, down from $0.90 in the same period of 2023, reflecting a decrease of 84.4%[35] - Non-GAAP measures for the year ended December 31, 2024, showed net earnings of $90,919 million, compared to $103,350 million in 2023, indicating a decline of 12.0%[36] - The EPS for the year ended December 31, 2024, was $5.47, down from $6.72 in 2023, a decrease of 18.6%[36] - The company has included Non-GAAP financial measures such as Non-GAAP adjusted net sales and Non-GAAP EPS to aid in comparisons with other periods[37] - The company modified its Non-GAAP financial measures to exclude stock-based compensation and amortization of intangibles, enhancing investor insight into operational performance[32] - The use of Non-GAAP measures is intended to provide additional insight into operational performance and assist in trend analysis and budgeting[37] Foreign Currency and Other Losses - Unrealized foreign currency exchange losses for the year ended December 31, 2024, were $1,455 million, compared to $831 million in 2023, indicating an increase of 75.0%[36] - The company reported a loss on liquidation of a foreign subsidiary amounting to $2,724 million for the year ended December 31, 2024, compared to $2,043 million in 2023, an increase of 33.4%[35] - The total revenue for the year ended December 31, 2024, was $61,808 million, a decrease from $73,831 million in 2023, representing a decline of 16.3%[35]