Agiliti(US:AGTI)2024-05-07 17:41Revenue Performance - Total revenue for Q1 2024 was $302.8 million, a 0.9% increase from $299.9 million in Q1 2023[98] - Equipment Solutions revenue decreased by 3.5% to $116.7 million, while Clinical Engineering revenue increased by 10.3% to $125.2 million[98] - Revenue from Onsite Managed Services decreased by 7.1% to $60.9 million, attributed to renewal pricing and contract scope changes[98] Financial Metrics - Gross margin for Q1 2024 was $99.2 million, or 32.8% of revenue, down from $109.4 million, or 36.5% in Q1 2023[100] - Adjusted EBITDA for Q1 2024 was $62.1 million, down from $72.0 million in Q1 2023, mainly due to lower gross margins[106] - Adjusted EBITDA for Q1 2024 was $62.1 million, down 13.5% from $72.0 million in Q1 2023[109] - Consolidated net loss for Q1 2024 was $6.5 million, compared to a net income of $3.1 million in Q1 2023[105] - Net income attributable to Agiliti, Inc. for Q1 2024 was $(6.6) million, a decrease from $3.0 million in Q1 2023[109] Expenses and Costs - Selling, general and administrative expenses decreased by 5.4% to $84.0 million, representing 27.8% of revenue in Q1 2024[102] - Cost of revenue increased by 6.8% to $203.5 million, rising from 63.5% of revenue in 2023 to 67.2% in 2024[99] Cash Flow and Debt - Net cash provided by operating activities decreased to $13.8 million in Q1 2024 from $54.9 million in Q1 2023[114] - Total debt outstanding as of March 31, 2024, was approximately $1,105.8 million, with $569.6 million bearing interest at variable rates[124] - Net cash used in financing activities decreased to $10.7 million in Q1 2024 from $28.2 million in Q1 2023[115] - Availability under the Revolving Credit Facility and Accounts Receivable Securitization Facility is $284.9 million and $150.0 million, respectively[112] - The company expects existing cash balances and anticipated operating cash flows to meet cash needs for the next twelve months[113] Interest and Pension - Interest expense rose by 44.8% to $22.9 million in Q1 2024, primarily due to increased interest rates[103] - A 1.0 percentage point change in interest rates on variable rate debt would result in an annual interest expense increase of approximately $5.7 million[124] - A hypothetical 10% decrease in the fair value of pension plan assets would lead to a decrease in the funded status of the plan by approximately $2.3 million[126] Seasonal Factors - Quarterly operating results are typically affected by seasonal factors, with the first and fourth quarters being the strongest[111]