Photronics(PLAB) - 2024 Q4 - Annual Results

Financial Performance - Full year fiscal 2024 revenue was $866.9 million, down 3$130.7 million, or $2.09 per diluted share, compared to$125.5 million, or $2.03 per diluted share in 2023[4] - Fourth quarter revenue was$222.6 million, down 2% year-over-year but up 6% sequentially[5] - Integrated Circuits (IC) revenue for fiscal 2024 was $638.1 million, down 2$228.8 million, down 5%[4] - Non-GAAP net income for the fourth quarter was $37.1 million, or$0.59 per diluted share, compared to $37.2 million, or$0.60 per diluted share in the same quarter last year[5] - Net income for the year ended October 31, 2024, was $183,848 thousand, a decrease of 7.9$199,634 thousand in the previous year[15] - Non-GAAP net income attributable to Photronics, Inc. shareholders for the year ended October 31, 2024, was $127,590 thousand, slightly up from$126,012 thousand in the previous year[17] - GAAP diluted earnings per share for the year ended October 31, 2024, was $2.09, compared to$2.03 in the previous year, indicating an increase of 2.9%[17] Cash Flow and Investments - Cash generated from operating activities in the fourth quarter was $68.4 million, with$43.2 million invested in organic growth through capital expenditures[5] - Net cash provided by operating activities was $261,444 thousand, down from$302,176 thousand, reflecting a decline of 13.5%[15] - Cash and cash equivalents at the end of the period increased to $601,243 thousand, compared to$501,867 thousand at the end of the previous year, marking a rise of 19.8%[15] - Cash and short-term investments at the end of the fourth quarter were $640.7 million, with debt at$18.0 million[5] Assets and Liabilities - Total current assets increased to $931,062 thousand in October 2024, up from$785,450 thousand in October 2023, representing a growth of 18.5%[13] - Total assets reached $1,712,059 thousand as of October 31, 2024, an increase of 12.2$1,526,221 thousand in October 2023[13] - Current liabilities decreased marginally to $183,811 thousand from$185,223 thousand, a reduction of 0.8%[13] - Long-term debt remained relatively stable at $25 thousand, compared to$17,998 thousand in the previous year, indicating a significant reduction in long-term liabilities[13] Future Outlook - For the first quarter of fiscal 2025, the company expects revenue to be between $208 million and$216 million[6] - The company is optimistic about demand trends continuing into 2025, driven by megatrends such as AI and supply chain regionalization[3] Operational Overview - The company operates 11 manufacturing facilities across Asia, Europe, and North America, employing approximately 1,878 people[8] - The weighted-average number of common shares outstanding on a diluted basis was 62,391 for the year ended October 31, 2024, compared to 61,755 in the previous year[17]