Revenue Performance - Full year revenue increased by 14.9% to $1.80 billion, with organic revenue decreasing by 2.6% compared to 2023[7] - Fourth quarter revenue was $480.5 million, an increase of 18.6% year-over-year, including $61.0 million from acquisitions[7] - Revenue for Q4 2024 reached $480.5 million, a 18.6% increase from $405.2 million in Q4 2023[44] - For the year ended 2024, total revenue was $1.8 billion, a 14.8% increase from $1.57 billion in 2023[48] Profitability Metrics - Adjusted EBITDA for the full year grew to $175.3 million, or 9.7% of revenue, compared to $157.0 million, or 10.0% of revenue in the prior year[7] - Fourth quarter adjusted operating income was $37.3 million, compared to $28.0 million in the year-ago quarter[7] - Non-GAAP adjusted EBITDA for Q4 2024 was $44.9 million, up from $33.9 million in Q4 2023, representing a 32.5% increase[44] - Adjusted EBITDA for the year 2024 was $175.3 million, up from $157.0 million in 2023, reflecting an increase of 11.6%[48] Operating Income - Operating income for the full year increased by 30.2% to $56.0 million, net of $47.5 million in acquired intangible amortization[7] - Operating income for Q4 2024 was $20,067 thousand, compared to a loss of $289 thousand in Q4 2023[20] - The company reported an operating income of $56.0 million for the year 2024, compared to $43.0 million in 2023[48] - The operating income as a percentage of revenue for 2024 was 3.1%, compared to 2.7% in 2023[48] Net Income and Loss - Diluted loss per share for the year was $0.16, compared to $0.20 in the previous year, while non-GAAP adjusted diluted earnings per share was $1.44[7] - Net loss for the twelve months ended December 31, 2024, was $7,332 thousand, an improvement from a loss of $8,967 thousand in 2023[23] - The company reported a basic loss per share of $0.55 for Q4 2024, compared to a loss of $0.35 in Q4 2023[20] - For the three months ended December 31, 2024, the net loss was $25,925,000 compared to a net loss of $16,330,000 for the same period in 2023[31] Cash Flow and Liquidity - Cash generated from operations for the full year was $56.5 million, with $101.2 million excluding non-recurring acquisition-related costs[7] - The company expanded its credit facility by $255 million, ending the year with total liquidity of $334.7 million[7] - Cash and cash equivalents decreased to $66,479 thousand in 2024 from $83,931 thousand in 2023, a decline of 20.9%[18] Acquisitions and Strategic Initiatives - The company completed five strategic acquisitions in 2024, deploying approximately $216.0 million in capital[4] - Business acquisitions in 2024 totaled $199,423 thousand, compared to $259,835 thousand in 2023, indicating a decrease of 23.2%[23] - The company remains focused on long-term value creation through organic growth and strategic M&A in the industrial distribution sector[5] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44] Balance Sheet Highlights - Total assets increased to $1,727,255 thousand in 2024 from $1,550,331 thousand in 2023, representing an increase of 11.4%[18] - Total liabilities rose to $1,086,712 thousand in 2024, up from $888,730 thousand in 2023, marking an increase of 22.3%[18] Other Financial Metrics - Interest expense for the twelve months ended December 31, 2024, was $55,145,000, compared to $42,774,000 in 2023, reflecting an increase of approximately 28.8%[31] - The company incurred $10,142,000 in acquisition-related costs for the twelve months ended December 31, 2024, down from $11,561,000 in 2023[37] - The company reported a total of $93,397,000 in pretax adjustments for the twelve months ended December 31, 2024, compared to $89,962,000 in 2023[37] - Stock-based compensation expenses for 2024 totaled $5.2 million, a decrease from $7.9 million in 2023[48]
DSG(DSGR) - 2024 Q4 - Annual Results