Financial Data and Key Metrics Changes - The company reported total revenue of $420.4 million for the year, reflecting just over 6% growth compared to 2023 [5] - Q4 revenue excluding China grew at 10.5%, while overall revenue growth for the quarter was 1.9% [6][39] - Gross margin for the year was 42.2%, a 120 basis point improvement over the previous year, while Q4 gross margin was 40.6% [20][21] - Net income for the quarter declined 25.7% to $8.9 million, with an EPS of $0.32, which would have been $0.35 without foreign exchange impacts [42][43] Business Line Data and Key Metrics Changes - The dealership services business grew around 9% in Q4, but average units protected in some dealerships declined or were flat compared to the previous year [7][9] - OEM revenue in Q4 declined slightly due to package changes, but excluding this impact, OEM business grew approximately 16% [14] - The total window film product line grew 32.9% in Q4, primarily driven by automotive sales, which grew 31.7% [39] Market Data and Key Metrics Changes - The U.S. region grew 6.2% in Q4, with dealership services being a significant contributor [6][7] - The China region reported revenue of $9.2 million, down from $16.6 million in the same quarter last year, indicating a tough comparison [16] - The company completed distributor acquisitions in Japan, Thailand, and India, with expectations of accelerated revenue growth post-acquisition [18][19] Company Strategy and Development Direction - The company aims to deepen its presence in key global markets, focusing on direct operations rather than distribution relationships [20][29] - There is a strategic focus on expanding the services business, particularly in the new car dealership space, to drive future growth [30] - The company is also working on enhancing its product offerings, including the launch of colored films and windshield protection films [34][35] Management's Comments on Operating Environment and Future Outlook - Management described 2025 as a pivotal year with mixed and uncertain outlooks, citing macroeconomic challenges such as inflation and interest rates [26][28] - There is cautious optimism regarding the aftermarket sentiment, with management noting improved execution and clarity in operations [26][27] - The company is focused on optimizing its expense structure and has initiated a comprehensive review to ensure investments are made wisely [23][25] Other Important Information - The company completed five acquisitions during the year for a total purchase price of $12.5 million, and its credit facility balance was zero at year-end [44] - Cash flow provided by operations for the year was $47.8 million, an increase from $37.4 million in 2023 [44] Q&A Session Summary Question: Insights on the situation in China regarding sell-throughs - Management indicated that the sell-in and sell-through dynamics have improved, with inventory levels being managed more effectively [47][48] Question: Outlook on gross margin and operating expenses for Q1 - Management expects gross margins to remain around 42%, with some pressure from the strong dollar, and noted uncertainty regarding future quarterly metrics [51][52] Question: Thoughts on the launch of colored films and marketing strategies - Management expressed excitement about the launch of colored films, indicating that marketing these products would be easier due to their visibility [56]