Revenue and Earnings - Revenue for the three months ended March 31, 2025, was $392.3 million, an increase of 2.0% compared to $384.7 million for the same period in 2024, with foreign exchange rates negatively impacting revenue by approximately 2%[52] - Net earnings for the three months ended March 31, 2025, were $34.5 million, an increase of 11.4% from $30.9 million in 2024[64] Margins and Income - Gross margin improved to 33.6% for the three months ended March 31, 2025, compared to 32.9% in 2024, despite Portfolio Optimization Plan costs reducing gross margin by 50 basis points[53] - Operating income increased by 8.3% to $53.5 million for the three months ended March 31, 2025, from $49.4 million in 2024, with operating margins rising to 13.6%[55] Segment Performance - The Flavors & Extracts segment reported revenue of $193.7 million for the three months ended March 31, 2025, a slight increase from $193.1 million in 2024, with operating income rising approximately 6%[71][72] - The Color segment's revenue increased by approximately 5% to $167.8 million for the three months ended March 31, 2025, with operating income up about 10%[73][74] - Asia Pacific segment revenue grew by approximately 4% to $41.9 million for the three months ended March 31, 2025, despite a 1% negative impact from foreign exchange rates[75] - Asia Pacific segment operating income increased by approximately 8% to $9.4 million for the three months ended March 31, 2025, compared to $8.8 million in 2024[76] Costs and Expenses - The Company incurred Portfolio Optimization Plan costs of $2.9 million for the three months ended March 31, 2025, compared to $2.8 million in 2024, impacting overall financial performance[61] - Corporate & Other operating expenses rose to $15.8 million in Q1 2025 from $14.7 million in Q1 2024, primarily due to higher performance-based executive compensation costs[77] Cash Flow and Investments - Net cash used in operating activities was $9.0 million in Q1 2025, a decrease from net cash provided of $15.1 million in Q1 2024, attributed to increased performance-based compensation payments[81] - Net cash used in investing activities increased to $21.3 million in Q1 2025 from $10.9 million in Q1 2024, with capital expenditures rising to $16.9 million[82] - The Company acquired Biolie SAS for $4.8 million on February 14, 2025, enhancing its capabilities in natural color extraction[58] - The Company acquired Biolie SAS for $4.3 million in Q1 2025 as part of its investment activities[82] Tax and Compliance - The effective income tax rate decreased to 25.4% for the three months ended March 31, 2025, down from 27.0% in 2024, influenced by changes in foreign tax estimates[57] - The Company remains in compliance with loan covenants and anticipates using cash flow from operations and existing debt capacity for future cash requirements[78] Dividends and Tariffs - Dividends paid during Q1 2025 were $17.4 million, consistent with $17.3 million in Q1 2024, with dividends per share remaining at $0.41[83] - The Company expects to manage the impact of increased tariff costs through pricing actions, although additional tariffs could materially affect revenue and profitability[80] Inflation Impact - The impact of inflation was not material to the Company's financial position for the three months ended March 31, 2025, despite increased costs for certain inputs[79]

Q1 2025 Financial Performance - Consolidated revenue increased by 20% to $392325 thousand[37], with local currency revenue up by 41%[38] - Adjusted EBITDA increased by 101% to $74368 thousand[37], resulting in an adjusted EBITDA margin of 190%, a 110 bps improvement[38] - Adjusted diluted EPS increased by 114% to $086[37] Segment Performance (Local Currency Revenue Growth) - Color Group revenue increased by 82%[47] driven by new sales wins in natural colors[12] Adjusted EBITDA Margin was 244%[13], up 120 bps from Q1 2024[13] - Flavors & Extracts Group revenue increased by 17%[47] due to strong growth within Flavors, Extracts, and Flavor Ingredients[16] Adjusted EBITDA Margin was 169%[17], up 70 bps from Q1 2024[17] - Asia Pacific Group revenue increased by 48%[47] driven by new sales wins across the region[20] Adjusted EBITDA Margin was 239%[21], up 50 bps from Q1 2024[21] 2025 Outlook - The company anticipates a mid-single-digit growth rate for local currency revenue[22] and a mid-to-high single-digit growth rate for local currency adjusted EBITDA[23] - The company projects a high single-digit to double-digit growth rate for local currency adjusted EPS[24] - Capital expenditures are expected to be between $80 million and $90 million[41] Strategic Initiatives - The company is focusing on synthetic to natural color conversion, with approximately $110 million in synthetic colors revenue for the food and pharmaceutical market in the US and selectively throughout Latin America[29] - The company is expanding capabilities and capacity to meet rising demand for natural colors[30] Debt and Cash Flow - Net cash used in operating activities was $9 million in Q1 2025, primarily due to higher incentive-based compensation payments[40] - Net debt to credit adjusted EBITDA was 25x in Q1 2025, down from 26x in Q1 2024[40]

Financial Data and Key Metrics Changes - The company reported a 4% local currency revenue growth, 10% local currency adjusted EBITDA growth, and 11% local currency adjusted EPS growth for Q1 2025 compared to the previous year [9][21] - Revenue for Q1 2025 was $392.3 million, up from $384.7 million in Q1 2024, with operating income increasing to $53.5 million from $49.4 million [36] - Adjusted operating income for Q1 2025 was $56.4 million, a 10.3% increase in local currency from $52.2 million in the prior year [36] Business Line Data and Key Metrics Changes - The Color Group achieved 8.2% local currency revenue growth and 13.5% local currency operating profit growth, with an adjusted EBITDA margin improvement to 24.4% from 23.2% [15][16] - The Flavors & Extracts Group reported 1.7% local currency revenue growth and 6.2% local currency operating profit growth, with an adjusted EBITDA margin of 16.9%, up 70 basis points [17][18] - The Asia Pacific Group delivered 4.8% local currency revenue growth and 7% local currency operating profit growth, with an adjusted EBITDA margin of 23.9% [20] Market Data and Key Metrics Changes - The U.S. food market is experiencing flat volume growth, with Europe showing slightly better performance at around 50 basis points growth [98][99] - Asia continues to see positive customer volume growth, particularly in the personal care sector [100] Company Strategy and Development Direction - The company is focusing on the conversion from synthetic to natural colors, which is seen as a significant revenue opportunity, with an estimated $110 million in synthetic colors revenue at stake [10][27] - Capital expenditures are expected to increase to between $80 million and $90 million for 2025 to support growth in natural color capabilities [23][109] - The company is committed to optimizing its cost structure and supply chain to minimize disruptions and capitalize on market trends [14][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in 2025, driven by strong sales execution and customer service [9][34] - The impact of tariffs is anticipated to be around $10 million annually, which the company plans to address through pricing strategies [11][80] - The company maintains its guidance for mid-single-digit revenue growth and high single-digit to double-digit adjusted EPS growth for the year [21][41] Other Important Information - The portfolio optimization plan is on track to be completed by the end of the year, with expected annual cost savings of approximately $8 million to $10 million [15] - The company is investing in natural color innovations, including new products like Marine Blue Capri and Sienna Fortis, to meet market demands [30][32] Q&A Session Summary Question: Can you elaborate on the growth opportunity related to natural colors and your competitive advantages? - Management highlighted the significant revenue opportunity from converting synthetic colors to natural colors, estimating a conversion factor of about 10:1 [51][52] - The company differentiates itself through its ability to formulate natural colors across various applications and manage complex supply chains [56][60] Question: How do you plan to address the $10 million tariff impact? - The company plans to mitigate the tariff impact through pricing adjustments, with approximately two-thirds of the impact affecting the Color segment [80][84] Question: What are the volume trends across key geographies? - The U.S. market is flat, while Europe shows slight growth, and Asia continues to experience positive volume growth, particularly in personal care [98][100] Question: What will the increased capital expenditures focus on? - Capital expenditures will primarily focus on increasing capacity and optimizing the supply chain, with most investments directed towards U.S. operations [106][109]

Sensient Technologies Corporation (NYSE:SXT) Q1 2025 Earnings Conference Call April 25, 2025 9:30 AM ET Company Participants Tobin Tornehl - Vice President and Chief Financial Officer Paul Manning - Chairman, President and Chief Executive Officer Conference Call Participants Ghansham Panjabi - Baird Nicola Tang - BNP Paribas David Green - Boldhaven Operator Good morning, everyone, and welcome to the Sensient Technologies Corporation 2025 First Quarter Earnings Conference Call. All participants will be in li ...

Financial Performance - Reported revenue increased 2.0% to $392.3 million in Q1 2025 compared to $384.7 million in Q1 2024, with a local currency increase of 4.1%[5] - Reported operating income rose 8.3% to $53.5 million in Q1 2025, up from $49.4 million in Q1 2024, with local currency adjusted operating income increasing by 10.3%[5] - Earnings per share increased 11.0% to $0.81 in Q1 2025 compared to $0.73 in Q1 2024, with local currency adjusted diluted EPS rising by 11.4%[5] - Net earnings for the quarter ended March 31, 2025, increased to $34,462 million, up 11.4% from $30,940 million in 2024[29] - Adjusted operating income rose to $56,394 million, reflecting an 8.0% increase compared to $52,218 million in the prior year[29] - Total revenue for the quarter increased by 2.0%, with adjusted revenue growth of 4.1%[33] - Diluted earnings per share (GAAP) increased to $0.81, an 11.0% rise from $0.73 in the previous year[29] Segment Performance - The Flavors & Extracts Group reported revenue of $193.7 million, a slight increase of 0.3% year-over-year, while the Color Group's revenue increased by 4.8% to $167.8 million[8][9] - Operating income from the Color segment increased by 10.0% to $34,852 million, while the Flavors & Extracts segment saw a 5.5% increase to $24,989 million[31] - The Asia Pacific Group's revenue grew by 4.0% to $41.9 million, with segment operating income increasing by 7.6% to $9.4 million[10] Guidance and Future Outlook - The company's guidance for 2025 includes mid-single-digit growth in local currency revenue and diluted EPS expected between $3.13 and $3.23[14] Expenses and Costs - Corporate & Other reported operating expenses of $15.8 million in Q1 2025, up from $14.7 million in Q1 2024, primarily due to higher performance-based compensation costs[12] - The company recorded $2.9 million in costs related to its Portfolio Optimization Plan in Q1 2025, slightly up from $2.8 million in the prior year[5] Assets and Liabilities - Total assets increased to $2.09 billion as of March 31, 2025, compared to $2.02 billion at the end of 2024[26] - Long-term debt rose to $683.3 million as of March 31, 2025, compared to $613.5 million at the end of 2024[26] - Net debt as of March 31, 2025, was $680,676 million, a slight increase from $649,175 million in 2024[36] Cash Flow - Cash flows from operating activities showed a net cash used of $8,978 million, a decrease from $15,134 million in 2024[27] - Net cash used in investing activities was $21,284 million, compared to $10,938 million in the prior year, indicating increased investment[27] - Credit Adjusted EBITDA for the trailing twelve months ended March 31, 2025, was $273,198 million, up from $250,229 million in 2024[36] Dividends - The company paid dividends of $0.41 per share, consistent with the previous year[27]

Core Viewpoint - China SXT Pharmaceuticals, Inc. has regained compliance with Nasdaq's Minimum Bid Price Requirement after a share consolidation, closing the matter with Nasdaq [1][4]. Group 1: Compliance Notification - The Company received a Compliance Notice from Nasdaq on March 13, 2025, confirming compliance with the Minimum Bid Price Requirement [1]. - Previously, on October 3, 2024, the Company was notified of its failure to maintain a minimum bid price of US$1.00 per share for 30 consecutive business days [2]. - The Company was given until April 1, 2025, to regain compliance under Nasdaq Listing Rules [2]. Group 2: Share Consolidation - To meet the Minimum Bid Price Requirement, the Company executed a share consolidation on February 25, 2025, consolidating every eight ordinary shares into one [3]. - Following the consolidation, the Company achieved a closing bid price of at least US$1.00 per share for 10 consecutive business days from February 25, 2025, to March 12, 2025 [4]. Group 3: Company Overview - China SXT Pharmaceuticals, Inc. was founded in 2005 and is headquartered in Taizhou City, Jiangsu Province, China [5]. - The Company specializes in the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces (TCMPs) and TCM Homologous Supplements (TCMHS) [5].

Acquisitions and Divestitures - The Company acquired Endemix, a natural colors business in Turkey, for $23.3 million, net of $1.3 million in debt assumed[17]. - The Company received $2.5 million in net cash from the sale of its yogurt fruit preparations product line in 2022[18]. - The Company acquired Endemix for $23.3 million, net of $1.3 million in debt assumed, with net assets of $9.0 million and identified intangible assets of $4.9 million[223]. Financial Performance - The Company reported revenue of $1,557,228,000 for the year ended December 31, 2024, representing an increase of 6.9% from $1,456,450,000 in 2023[173]. - Net earnings for 2024 were $124,666,000, up from $93,394,000 in 2023, reflecting a year-over-year growth of 33.5%[173]. - Operating income increased to $191,579,000 in 2024, compared to $155,023,000 in 2023, marking a growth of 23.6%[173]. - Basic earnings per share rose to $2.96 in 2024, compared to $2.22 in 2023, reflecting a significant increase of 33.5%[173]. - Total comprehensive income for 2024 decreased to $69,944,000, down 42.5% from $121,965,000 in 2023[175]. - Cash flow from operating activities for 2024 was $157,151,000, compared to $169,697,000 in 2023, reflecting a decrease of 7.5%[179]. - The Company reported net earnings of $124.7 million for the year ended December 31, 2024, compared to $93.4 million in 2023, representing a year-over-year increase of 33.5%[212]. - Basic earnings per share (EPS) increased to $2.96 in 2024 from $2.22 in 2023, while diluted EPS rose to $2.94 from $2.21, reflecting a significant improvement in profitability[212]. Assets and Liabilities - Total assets rose to $2,023,794,000 in 2024, a slight increase of 0.5% from $2,014,507,000 in 2023[177]. - Long-term debt decreased to $613,523,000 in 2024, down 4.9% from $645,085,000 in 2023[177]. - Cash and cash equivalents at the end of 2024 were $26,626,000, a decrease of 7.9% from $28,934,000 at the end of 2023[179]. - The Company had short-term borrowings totaling $19.8 million as of December 31, 2024, up from $13.5 million in 2023[243]. - The fair value of the Company's long-term debt at December 31, 2024, was estimated at $622.0 million, down from $653.7 million in 2023[283]. Operational Metrics - The Company employed 4,014 persons worldwide as of December 31, 2024, with approximately 44% based in the United States and 56% outside[42]. - The Company employed 772 people in research and development, quality assurance, agronomy, and related positions[31]. - The Company’s inventories totaled $600.3 million as of December 31, 2024, compared to $598.4 million in 2023, with finished and in-process products accounting for $426.8 million[193]. - The Company’s principal manufacturing plants are located in multiple countries, including the U.S., Brazil, China, and Turkey, enhancing its global supply chain capabilities[22][25]. Market and Industry Position - The Company believes it is one of the largest producers of synthetic and natural colors globally, with a significant market share in certified food colors[24]. - The Flavors & Extracts Group is a leading supplier of flavor systems for food, beverage, and personal care industries, serving both multinational and regional companies[19]. - The Company focuses on developing high-performance components and specialized solutions for various industries, including food, pharmaceuticals, and personal care[15]. Financial Risks and Management - The Company is exposed to market risks including interest rates, currency exchange rates, and commodity prices, with potential impacts quantified in millions[166]. - The net fair value of foreign exchange contracts was a liability of $0.8 million as of December 31, 2024, compared to an asset of $1.0 million in 2023[168]. - The Company utilizes derivative financial instruments to manage foreign currency and interest rate risks, reflecting a proactive approach to financial risk management[202]. Taxation and Deferred Tax Assets - The effective tax rate for 2024 was 23.4%, a decrease from 28.1% in 2023[266]. - Deferred tax assets decreased from $83.257 million in 2023 to $82.557 million in 2024, while net deferred tax assets increased from $27.304 million to $35.780 million[268]. - The Company recognized interest and penalties related to unrecognized tax benefits amounting to $0.5 million in 2024, up from $0.4 million in 2023[272]. Employee and Leadership Development - The Company has a strong focus on talent acquisition and development, with over half of senior leadership promoted from within[48]. - Total expense for the Company's defined contribution plans was $8.0 million in 2024, slightly down from $8.2 million in 2023[256]. Capital Expenditures and Investments - The Company’s capital expenditures for 2024 totaled $59.212 million, a decrease from $87.868 million in 2023[279]. - The Company plans to adopt ASU No. 2023-09 for income tax disclosures in the fourth quarter of 2025, which may impact its consolidated financial statements[220]. - The Company will adopt ASU No. 2024-03 for disaggregation of income statement expenses in fiscal years beginning after December 15, 2026[221].

Financial Data and Key Metrics Changes - In Q4 2024, the company reported local currency revenue growth of 8.9%, adjusted EBITDA growth of 18.8%, and adjusted EPS growth of 29.4% [9] - For the full year 2024, local currency revenue growth was 7.4%, and adjusted EBITDA growth was 8.3% [10] - Adjusted operating income for Q4 2024 was $42.9 million, a 20.8% increase in local currency compared to the prior year [40] - Cash flow from operations was $157 million in 2024, while free cash flow increased by 19.7% to $98 million [42] Business Line Data and Key Metrics Changes - The Color Group achieved 14% local currency revenue growth and 27.4% operating profit growth in Q4 2024, with full-year revenue growth of 7.3% [14] - The Flavors and Extracts Group reported 3.4% local currency revenue growth and 18.4% operating profit growth in Q4 2024, with full-year revenue growth of 7.1% [16] - The Asia Pacific Group experienced exceptional growth, with 25.2% local currency revenue growth and 41.7% operating profit growth in Q4 2024, and 13% revenue growth for the full year [18] Market Data and Key Metrics Changes - The company noted a stabilization of end customer demand in North America and Europe, despite an overall decline in new product launches in 2024 [12] - Natural colors represent approximately 60% of the food and pharmaceutical revenue of the Color Group, with a significant shift towards natural colors in the U.S. market [30] Company Strategy and Development Direction - The company is focused on optimizing its cost structure and reducing inventory, with a portfolio optimization plan expected to save $8 million to $10 million annually [13] - The acquisition of Seoli, a French startup, aims to enhance the company's capabilities in natural color extraction, benefiting both personal care and food color product lines [26] - The company anticipates mid-single-digit local currency revenue growth for 2025, driven by strong performance in natural colors and flavors [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in natural colors, highlighting a significant market shift from synthetic to natural products [28] - The company expects to maintain healthy EBITDA margins across its groups and anticipates a leverage ratio of 2.3% at the end of 2024 [25] - Management acknowledged potential headwinds from foreign currency translation but remains confident in achieving local currency adjusted EBITDA growth [44] Other Important Information - The company plans to use excess cash for stock buybacks or debt repayment while evaluating acquisition opportunities [26] - The FDA's recent ban on Red 3 is expected to drive further conversions to natural colors, presenting a significant opportunity for the company [30] Q&A Session Summary Question: Can you provide specifics on the increase in activity and business wins for natural colors? - Management reported double-digit revenue and volume growth in the natural colors segment, with approximately 80% of new product launches globally containing natural colors [51][52] Question: What is the margin differential between natural and synthetic colors? - Management indicated that while revenue may increase with natural colors, gross margins could be slightly eroded, but operating profit margins would remain stable [63] Question: What is the current penetration rate of natural colors in the U.S.? - Management estimated that about one-third of the U.S. market has converted to natural colors, with significant growth opportunities ahead [74] Question: What is driving the strong performance in the Asia Pacific Group? - The strong performance is attributed to years of investment in the region, a robust sales force, and geographic expansion efforts [90] Question: What is the long-term EBITDA growth target? - Management confirmed that the long-term EBITDA growth target remains relevant, with expectations for mid to high single-digit growth in 2025 [96]

Financial Performance - Q4 2024 - Revenue increased by 8.9% in local currency, reaching $376.42 million compared to $349.302 million in Q4 2023 [36] - Adjusted operating income rose by 20.8% to $42.852 million from $35.904 million in Q4 2023 [36] - Adjusted diluted EPS increased by 29.4% to $0.65 from $0.51 in Q4 2023 [36] - Adjusted EBITDA increased by 18.8% to $61.100 million from $52.012 million in Q4 2023, with the adjusted EBITDA margin improving by 130 bps to 16.2% [36, 38] Financial Performance - Full Year 2024 - Free cash flow increased by 19.7% to $97.9 million compared to $81.8 million in 2023 [39] - Total debt decreased to $633.4 million, resulting in a net debt to credit adjusted EBITDA ratio of 2.3x [39] Segment Performance - Color Group revenue increased by 7.3% in local currency for the full year [9] - Flavors & Extracts Group revenue increased by 7.1% in local currency for the full year [15] - Asia Pacific Group revenue increased by 13.0% in local currency for the full year [19] 2025 Outlook - The company anticipates mid-single-digit growth in local currency revenue [22] - The company anticipates mid-to-high single-digit growth in local currency adjusted EBITDA [23] - The company anticipates high single-digit to double-digit growth in local currency adjusted EPS [24] Natural Color Trend - Natural colors constitute approximately 60% of the company's food and pharmaceutical product line revenue and about 20% of the total company revenue [33]

Financial Performance - Reported revenue increased by 7.8% to $376.4 million in Q4 2024, compared to $349.3 million in Q4 2023[5] - Reported operating income surged to $42.0 million, a 420.8% increase from $8.1 million in Q4 2023[5] - Earnings per share (EPS) was reported at $0.71 in Q4 2024, compared to a loss of $0.14 in Q4 2023, marking a significant turnaround[5] - Total revenue for the year ended December 31, 2024, was $1.557 billion, reflecting a 6.9% increase from $1.456 billion in 2023[26] - Net earnings for the year ended December 31, 2024, increased to $124,666,000, a 33.5% rise from $93,394,000 in 2023[30] - Adjusted operating income for the year ended December 31, 2024, was $198,210,000, reflecting an 8.4% increase from $182,864,000 in 2023[32] - The company reported a diluted earnings per share (EPS) of $2.94 for 2024, up 33.0% from $2.21 in 2023[32] - Adjusted EBITDA for the year ended December 31, 2024, was $268,623 million, reflecting a 7.6% increase from $249,617 million in 2023[41] - Credit Adjusted EBITDA for the year ended December 31, 2024, was $267,718 million, compared to $248,855 million in 2023[42] Segment Performance - The Flavors & Extracts Group revenue increased by 2.8% to $188.1 million, while the Color Group revenue rose by 11.8% to $158.1 million in Q4 2024[6] - The Asia Pacific Group reported a revenue increase of 26.1% to $41.9 million in Q4 2024, driven by higher volumes across nearly all geographies[9] - Total revenue for the year ended December 31, 2024, grew by 7.4% compared to 2023, with significant contributions from the Flavors & Extracts segment, which saw a 7.1% increase[38] - The Flavors & Extracts segment reported an adjusted operating income of $97,094,000 for the year ended December 31, 2024, up from $87,773,000 in 2023, marking a 10.6% increase[34] - The Color segment achieved an adjusted operating income of $119,529,000 for 2024, a 13.4% increase from $105,370,000 in 2023[34] Cost Management - Corporate & Other operating expenses decreased significantly to $14.4 million in Q4 2024 from $37.2 million in Q4 2023, largely due to reduced costs from the Portfolio Optimization Plan[10] - The company recorded $0.9 million in costs related to its Portfolio Optimization Plan in Q4 2024, down from $27.8 million in the prior year[5] - Portfolio Optimization Plan costs before tax were $6,631 million in 2024, significantly lower than $27,841 million in 2023[42] Balance Sheet and Cash Flow - Cash flows from operating activities for the year ended December 31, 2024, totaled $157,151,000, slightly down from $169,697,000 in 2023[30] - The company’s total assets increased to $2,023,794,000 as of December 31, 2024, compared to $2,014,507,000 in 2023[28] - The company’s total current liabilities increased to $270,639,000 in 2024 from $236,306,000 in 2023[28] - Cash and cash equivalents at the end of the period decreased to $26,626,000 in 2024 from $28,934,000 in 2023[30] Debt and Financing - Net Debt decreased to $620,242 million in 2024 from $641,802 million in 2023, resulting in a Net Debt to Credit Adjusted EBITDA ratio of 2.3x, down from 2.6x[42] - Short-term borrowings rose to $19,848 million in 2024, compared to $13,460 million in 2023[42] - Long-term debt decreased to $613,523 million in 2024 from $645,085 million in 2023[42] Other Financial Metrics - Share-based compensation expense increased to $10,084 million in 2024, up from $8,933 million in 2023[42] - Depreciation and amortization expenses increased to $60,329 million in 2024, up from $57,820 million in 2023[42] Non-GAAP Measures - The company emphasizes the importance of non-GAAP measures for evaluating underlying operating results and performance trends[44]