Financial Performance - For the full year 2024, Drilling Tools International Corp. generated total consolidated revenue of $154.4 million, with tool rental revenue at approximately $117.9 million and product sales revenue totaling $36.5 million[3]. - In Q4 2024, total consolidated revenue was $39.8 million, with tool rental revenue around $31.5 million and product sales revenue of $8.3 million[4]. - Adjusted EBITDA for 2024 was $40.1 million, while adjusted free cash flow was $17.2 million[3]. - The company reported a net income of $3.0 million for 2024, with diluted EPS of $0.09[3]. - Net income for 2024 was $3,014 million, a decrease from $14,748 million in 2023, indicating a decline of 79.6%[17]. - Adjusted EBITDA for the year ended December 31, 2024, was $40,101,000, down 21.5% from $51,042,000 in 2023[30]. - Adjusted Free Cash Flow for the year ended December 31, 2024, increased to $17,209,000 from $7,292,000 in 2023, representing a 135.5% increase[30]. - For the three months ended December 31, 2024, net loss was $1,345,000 compared to a net income of $3,823,000 in the same period of 2023[30]. - Adjusted Net Income for the three months ended December 31, 2024, was $600,000, a decrease of 84.4% from $3,840,000 in 2023[32]. - Adjusted Basic earnings per share for the year ended December 31, 2024, was $0.32, down from $0.88 in 2023[32]. Future Projections - For 2025, the company expects consolidated revenue to range between $163 million and $183 million, with adjusted EBITDA projected between $40 million and $50 million[6]. - The adjusted EBITDA margin for 2025 is anticipated to be between 25% and 27%[6]. - Estimated revenue for the twelve months ending December 31, 2025, is projected to be between $163,000,000 and $183,000,000[34]. - Adjusted EBITDA margin for the twelve months ending December 31, 2025, is expected to be between 25% and 27%[34]. Cash and Debt Management - As of December 31, 2024, the company had approximately $6.2 million in cash and cash equivalents, with net debt of $47.6 million[3]. - Cash and cash equivalents at the end of the period rose to $6,185 million, up from $6,003 million in 2023, a 3.0% increase[17]. - Net cash flows from operating activities decreased to $6,058 million in 2024 from $23,334 million in 2023, a drop of 74.0%[17]. Asset and Liability Changes - Total assets increased to $222,431 million in 2024 from $132,498 million in 2023, representing a 67.8% growth[15]. - Accounts receivable increased significantly to $39,606 million in 2024, compared to $29,929 million in 2023, marking a 32.5% rise[15]. - Inventories surged to $17,502 million in 2024, up from $5,034 million in 2023, reflecting a 248.5% increase[15]. - The company reported a total liabilities increase to $102,472 million in 2024, up from $43,808 million in 2023, a 133.3% increase[15]. Acquisitions and Growth Strategy - Drilling Tools International Corp. plans to significantly grow its international revenue in 2025, despite a flat market environment forecasted for the year[5]. - The company is actively pursuing additional acquisitions to enhance value and expand its geographic reach, having already acquired several companies in the past year[5]. - The company engaged in acquisitions, with cash outflow of $47,258 million for business acquisitions in 2024[17]. Performance Metrics - Adjusted EBITDA is used to evaluate operating performance, excluding non-recurring items and providing a clearer view of ongoing business performance[19]. - Adjusted Free Cash Flow for the company is defined as Adjusted EBITDA less Gross Capital Expenditures, aiding in performance evaluation[21]. - Transaction expenses for the year ended December 31, 2024, were $7,036,000, an increase from $5,979,000 in 2023[30]. - Gross capital expenditures for the year ended December 31, 2024, were $(22,892,000), compared to $(43,750,000) in 2023[30].
ROC ENERGY ACQUI(ROC) - 2024 Q4 - Annual Results