Montrose Environmental(MEG)2025-02-26 21:30Revenue Performance - Record quarterly revenue of 21.3 million, or 14.1% compared to Q4 2023[6] - Full year 2024 total revenue reached 72.2 million, or 11.6% over the prior year[12] - Revenues for the year ended December 31, 2024, increased to 624,208 thousand in 2023[25] Net Loss and Income - Net loss for Q4 2024 was 0.90 loss per share, compared to a net loss of 0.18 loss per share in Q4 2023[9] - Net loss for the year ended December 31, 2024, was 30,859 thousand in 2023, representing a 102.5% increase in losses[25] - Adjusted Net Income for Q4 2024 was 0.29 Adjusted EPS, equal to the prior year quarter[10] - Adjusted Net Income attributable to stockholders for the year ended December 31, 2024, was 39,713,000 in 2023, reflecting an increase of about 13%[40] - Basic Adjusted Net Income per share for the year ended December 31, 2024, was 1.32 for the previous year, indicating a slight increase of 2%[40] EBITDA and Financial Metrics - Consolidated Adjusted EBITDA for Q4 2024 was 9.8 million, or 55.8%, representing 14.4% of revenue[11] - Full year 2024 Consolidated Adjusted EBITDA was 17.2 million, or 21.9%, representing 13.8% of revenue[14] - The company reported an Adjusted EBITDA of 116,452 thousand in 2023, indicating a 17.6% growth[31] - Consolidated Adjusted EBITDA for the year ended December 31, 2024, was 78,576,000 in 2023, representing a growth of approximately 22%[47] Segment Performance - Organic revenue growth for the full year 2024 was 8.3%, driven by strong performance in Assessment, Permitting and Response, and Measurement and Analysis segments[12] - The Assessment, Permitting and Response segment generated revenues of 220,727 thousand in 2023, a decrease of 2.0%[31] - The Remediation and Reuse segment saw revenues increase to 206,386 thousand in 2023, representing a 24.6% increase[31] Financial Position and Liquidity - As of December 31, 2024, the leverage ratio was 2.1x, with 500 million Senior Secured Credit Agreement to enhance financial flexibility[17] - Total current assets rose to 200,924 thousand in 2023, reflecting an 18.4% increase[27] - Cash, cash equivalents, and restricted cash decreased to 23,240 thousand in 2023, a decline of 44.8%[27] - Total liabilities increased to 342,606 thousand in 2023, marking a 31.7% rise[27] Shareholder Information - The weighted average common shares outstanding increased to 33,061 thousand in 2024 from 30,058 thousand in 2023, an increase of 10.0%[25] - The increase in fully diluted shares to 41,328,000 as of December 31, 2024, was primarily due to a public offering and changes in the conversion rate of Series A-2 Preferred Stock[45] Future Outlook - 2025 revenue guidance is projected to be in the range of 785.0 million, with organic growth expectations of 7% to 9% per year[6] - The company expects variability in certain items, such as stock-based compensation and income tax expenses, to significantly impact future GAAP financial results[36] - Organic growth is defined as revenue changes excluding contributions from acquisitions and certain other factors, indicating a focus on sustainable growth strategies[37] - The company anticipates continued organic growth in the long term, leveraging its existing operations and market position[37] Expenses - The company incurred interest expense of 7,793 thousand in 2023, reflecting a 103.5% increase[25] - The company reported stock-based compensation expenses of 47,267,000 in 2023, marking a rise of approximately 37%[40]