NCS Multistage(US:NCSM)2025-03-10 20:19Financial Performance - Full year revenue for 2024 was $162.6 million, an increase of $20.1 million or 14% compared to 2023, with record international revenues of $16.5 million, representing 10% of total revenue[5][19] - Net income for 2024 was $6.6 million, or $2.55 per diluted share, compared to a net loss of $(3.2) million in 2023[6][19] - Fourth quarter total revenues were $45.0 million, a 28% year-over-year improvement, driven by increases in international and Canadian product sales[10][11] - Total revenues for the year ended December 31, 2024, reached $162,557,000, an increase of 14.1% from $142,471,000 in 2023[39] - Net income for the year ended December 31, 2024, was $8,138,000, compared to a net loss of $3,111,000 in 2023, representing a significant turnaround[37] - Net income for the three months ended December 31, 2024, was $3,720,000, compared to $39,849,000 for the same period in 2023, reflecting a significant decrease[55] Profitability Metrics - Adjusted EBITDA for 2024 was $22.3 million, an increase of $10.4 million compared to 2023, with an Adjusted EBITDA margin improving to 14%[6][19] - Adjusted gross profit for the year ended December 31, 2024, was $67,461,000, up from $55,603,000 in 2023, reflecting a growth of 21.4%[47] - Adjusted EBITDA for the year ended December 31, 2024, was $22,279,000, representing an increase from $11,949,000 in 2023, with an adjusted EBITDA margin of 14% compared to 8% in the previous year[55] - Adjusted net income attributable to NCS Multistage Holdings, Inc. for the year ended December 31, 2024, was $9,328,000, compared to a loss of $1,254,000 in 2023, indicating a turnaround in profitability[55] Cash Flow and Liquidity - Free cash flow after distributions to non-controlling interest reached $9.9 million in 2024, an increase of $7.3 million compared to 2023[7][20] - Cash flows from operating activities for 2024 were $12.7 million, a $7.9 million improvement compared to 2023[20] - Net cash provided by operating activities for the year ended December 31, 2024, was $12,725,000, significantly higher than $4,774,000 in 2023[37] - Free cash flow for the year ended December 31, 2024, was $11,938,000, up from $3,091,000 in 2023, indicating improved cash generation capabilities[59] - Cash and cash equivalents increased to $25,880,000 as of December 31, 2024, compared to $16,720,000 as of December 31, 2023[35] Expenses and Cost Management - SG&A expenses for 2024 totaled $57.8 million, reflecting a higher annual incentive bonus accrual compared to $56.5 million in 2023[13][18] - The company incurred $2,747,000 in share-based compensation for the year ended December 31, 2024, down from $4,164,000 in 2023, reflecting cost management efforts[55] Asset and Liability Management - Total current assets increased to $105,570,000 as of December 31, 2024, compared to $103,217,000 as of December 31, 2023[35] - Total liabilities decreased to $36,703,000 as of December 31, 2024, from $42,639,000 as of December 31, 2023[35] - The company reported a total stockholders' equity of $98,839,000 as of December 31, 2024, up from $91,618,000 in 2023[35] Market Outlook and Growth - The company expects revenue to outperform underlying industry growth in Canada, the U.S., and international markets in 2025[8][9] - The company anticipates continued growth in product sales and services as it expands into U.S. and international markets[30] - The company is focused on developing new technologies and products to align with customer needs, particularly in non-traditional energy markets[30] Foreign Currency and Legal Matters - Foreign currency losses for the year ended December 31, 2024, amounted to $2,963,000, compared to a gain of $462,000 in 2023, highlighting the impact of exchange rate fluctuations[55] - The company expects to continue incurring legal costs related to intellectual property, which may affect future financial performance[52]