Financial Performance - Fourth quarter net sales reached $13.3 billion, a 2.5% increase year-over-year, with a 3.3% increase on an FX neutral basis[3] - Fourth quarter net income was $83.1 million, with non-GAAP net income of $213.1 million, resulting in diluted EPS of $0.36 and non-GAAP diluted EPS of $0.92[3] - Full year net sales totaled $48.0 billion, a slight decrease of 0.1% from the prior fiscal year, impacted by foreign currency translation[20] - Net sales for fiscal year 2024 were $47,983,671, a decrease of 2.2% compared to $48,040,364 in 2023[45] - Net income for fiscal year 2024 was $264,222, a decline of 25% from $352,712 in 2023[45] - Basic and diluted earnings per share for fiscal year 2024 were both $1.18, compared to $1.59 in 2023, representing a decrease of 26%[45] - The company reported a net income of $83,116,000 for the thirteen weeks ended December 28, 2024, down from $136,524,000 in the same period of 2023[55] Cash Flow and Capital Expenditures - Full year adjusted free cash flow was $443.3 million, with cash provided by operations totaling $333.8 million[3] - Cash provided by operations increased significantly to $333.8 million from $58.8 million in the prior fiscal year[25] - Capital expenditures for fiscal year 2024 were $142,703, down from $201,535 in 2023[48] - Capital expenditures for the fiscal year ended December 28, 2024, were $142,703,000, compared to $201,535,000 in 2023[57] Profitability Metrics - Gross profit for the fourth quarter was $936.1 million, with a gross margin of 7.01%, down from 7.52% in the prior year[6] - Income from operations for the fourth quarter was $248.5 million, with an income from operations margin of 1.86%, down from 2.54% in the prior year[6] - Adjusted EBITDA for the fourth quarter was $418.1 million, compared to $435.4 million in the prior year[6] - Adjusted EBITDA was $1,318.6 million, down from $1,353.1 million in the prior year[25] - Income from operations margin decreased to 1.70% from 1.97% in the prior fiscal year, primarily due to a shift towards lower-margin solutions[25] - Adjusted EBITDA for the fiscal year ended December 28, 2024, was $1,318,634,000, down 2.5% from $1,353,092,000 in the previous year[52] Regional Sales Performance - North America net sales increased to $4.7 billion, driven by strength in PCs, server, and storage, while EMEA net sales decreased by 1.5% to $4.1 billion[7][10] - Asia-Pacific net sales increased to $12.8 billion from $11.6 billion year-over-year, driven by growth in smartphones and consumer electronics[25] - Latin America net sales decreased to $3.6 billion from $3.8 billion, impacted by declines in advanced solutions[28] - Income from operations margin in Latin America improved to 3.33% from 2.47% due to stronger gross margins and effective expense management[30] Shareholder Returns - The company declared a cash dividend of $0.074 per share, payable on March 25, 2025[3] - A share repurchase plan of up to $75 million has been approved, expiring on February 26, 2026[33] Guidance and Future Outlook - Fiscal first quarter 2025 guidance for net sales is projected between $11,425 million and $11,825 million, with non-GAAP diluted EPS guidance of $0.51 to $0.61[31] - The company plans to focus on restructuring costs and integration initiatives to align its cost structure in certain markets moving forward[50] - The company is unable to provide a reconciliation of forward-looking GAAP diluted EPS to non-GAAP diluted EPS for fiscal first quarter 2025 due to unpredictability of certain information[60] - The forward-looking estimates of both GAAP and non-GAAP measures may differ materially from actual results, indicating potential volatility in future financial performance[60] Restructuring and Costs - The company incurred restructuring costs of $38,354,000 for the fiscal year ended December 28, 2024, compared to $18,797,000 in 2023[52] - Integration, transition, and operational improvement costs contributed $0.26 to GAAP EPS for the thirteen weeks ended December 28, 2024[58] - Tax impact of pre-tax adjustments reduced EPS by $0.14 for the thirteen weeks ended December 28, 2024[58] Foreign Currency Impact - The company reported a net foreign currency exchange loss of $22,901 in fiscal year 2024, compared to a loss of $42,070 in 2023[45] - The company reported a net foreign currency exchange loss of $0.03 for the thirteen weeks ended December 28, 2024[58]
Ingram Micro Holding Corporation(INGM) - 2024 Q4 - Annual Results