Rogers Communications(US:RCI) Prnewswireยท2024-12-16 21:05Financial Performance - Total revenues for 4Q24 were $73.2 million, a decrease from $75.3 million in 4Q23 [1] - EPS for 4Q24 was $0.03, down from $0.23 in 4Q23 [1] - Non-GAAP EPS for 4Q24 increased to $1.63 from $1.11 in 4Q23 [1] - Net cash provided by operating activities in 4Q24 was $15.7 million, up from $12.1 million in 4Q23 [1] - Free cash flow for 4Q24 was $13.2 million, compared to $11.1 million in 4Q23 [1] Operational Highlights - Nightclubs same-store sales increased for the second consecutive quarter, marking the first time since the first half of FY23 [1] - Total company sales declined due to a hurricane and fire, impacting EPS [1] - The company ended FY24 with 8.955 million shares outstanding, a 4.7% decrease year-over-year [1] - Nightclubs segment revenues decreased by 0.5% to $60.6 million in 4Q24, with same-store sales growth of 2.2% [2] - Bombshells segment revenues declined by 12.1% to $11.9 million in 4Q24, with a 16.2% same-store sales decline [2] Capital Allocation and Strategy - The company has grown significantly since initiating its Capital Allocation Strategy at year-end FY15, with revenue more than doubling from $135 million to $296 million, a CAGR of 9% [1] - Free cash flow has more than tripled from $15 million to $48 million, a CAGR of 14%, while the share count fell by 13% [1] - The "Back-to-Basics" strategy for FY25-29 focuses on the Nightclub business, improving Bombshells, and returning more capital to shareholders through buybacks [1] - Capital allocation priorities include 50% for Nightclub acquisitions and 50% for share buybacks & dividends [1] - Financial targets for FY29 include total revenues of $400 million, free cash flow of $75 million, and shares outstanding of 7.5 million [1] Segment Performance - Nightclubs segment operating income was $13.1 million (21.5% of segment revenues) in 4Q24, compared to $12.1 million (19.8%) in 4Q23 [2] - Bombshells segment operating loss was $2.5 million (-21.1% of segment revenues) in 4Q24, compared to operating income of $1.2 million (8.7%) in 4Q23 [2] - Corporate segment expenses totaled $7.1 million (9.7% of total revenues) in 4Q24, compared to $6.8 million (9.0%) in 4Q23 [2] Share Repurchases and Debt - In 4Q24, the company repurchased 174,790 common shares for $7.8 million ($44.81 average per share) [2] - For all of FY24, the company repurchased 442,639 shares for $20.6 million ($46.55 average per share) [2] - Debt was $238.2 million at September 30, 2024, compared to $245.4 million at June 30, 2024, and $239.8 million at September 30, 2023 [2] Non-GAAP Financial Measures - Non-GAAP operating income for 4Q24 was $20.5 million (33.8% of segment revenues) for Nightclubs and $0.7 million (5.9% of segment revenues) for Bombshells [2] - Adjusted EBITDA for 4Q24 was $17.9 million, compared to $20.2 million in 4Q23 [1] - Non-GAAP net income for 4Q24 was $1.63 per diluted share, compared to $1.11 in 4Q23 [1]