Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $122 million, down 11% from $137 million in the previous year, but up 2% when adjusted for divestitures [30] - Adjusted EBITDA for the quarter was $23 million, representing a 19% margin compared to $13 million in the prior year [10][37] - For the full year 2024, adjusted EBITDA was $74 million, yielding a margin of 15%, more than doubling from the previous year [38] Business Line Data and Key Metrics Changes - Pay TV revenue decreased by 8%, while IPTV revenue increased by 35%, offsetting declines in core pay TV [30] - Consumer Electronics revenue was up 2% when excluding divestitures, driven by strong unit volumes for game consoles [30] - Connected Car revenue increased by 9% as reported and 42% when excluding divested businesses, attributed to minimum guarantee deals [31] - Media Platform revenue decreased by 15% due to a decline in linear ad campaigns and prior year minimum guarantee deals [32] Market Data and Key Metrics Changes - The company ended 2024 with 2.6 million IPTV subscriber households, exceeding the year-end goal of 2.4 million [21] - The connected car business achieved a footprint of over 10 million vehicles, surpassing the original goal of 7 million [19] - HD Radio technology is now implemented in over 110 million vehicles, with penetration approaching 60% of new vehicles in North America [20] Company Strategy and Development Direction - The company is focused on three growth solutions: Connected TV advertising, in-cabin entertainment, and TiVo Video over Broadband [12] - Goals include achieving a monetizable footprint of at least 7 million active devices in homes and over 15 million cars for DTS AutoStage [14] - The strategy emphasizes expanding partnerships with TV manufacturers and enhancing monetization through the TiVo One platform [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business transformation and its impact on profitability despite a challenging market environment [8] - The outlook for 2025 anticipates revenue in the range of $480 million to $500 million, with a focus on media platform growth and slight declines in pay TV revenue [42][44] - Management acknowledged ongoing macroeconomic uncertainties but noted improved clarity in market conditions compared to previous quarters [73] Other Important Information - The company completed a refinancing of $50 million of outstanding debt and ended the year with $131 million in cash and equivalents [11][38] - Non-GAAP tax expense for the quarter was $1 million, lower than planned due to a valuation allowance reversal [37] Q&A Session Summary Question: How does the company plan to balance adding new OEM partners versus growing volume with existing partners? - Management intends to pursue both strategies, focusing on expanding production share with current partners while also exploring new partnerships [48] Question: What are the expectations for ARPU and trends in North America versus Europe? - The company anticipates a combination of growth in ARPU as the year progresses, leveraging both North American and European markets [52] Question: What is the status of delayed TiVo OS smart TVs? - Management reported that shipments have ramped up, with several partners expected to increase shipments in the spring [59] Question: What are the critical variables for success in the media platform business? - Key metrics include active user growth and monetization, which are expected to improve as the year progresses [61][64] Question: How has the market changed since the last earnings call? - Management noted that while uncertainties remain, there is more clarity in market conditions, allowing for a more moderated guidance range [73] Question: Will 2025 be a free cash flow positive year? - The company guided for slightly positive operating cash flow, with potential for free cash flow positivity depending on performance [80] Question: What are the steps to rollout TiVo One? - The rollout involves updating existing devices and working with partners to ensure software updates are implemented effectively [87] Question: What is the competitive environment in the media platform space? - The competitive landscape remains strong, with significant barriers to entry for new players, but the company is confident in its position and strategy [90][92]

Financial Data and Key Metrics Changes - In Q4 2024, sales increased by 3.9% to $437.3 million, marking the eighth consecutive quarter of positive adjusted comparable store sales [11][12] - Adjusted operating income rose to $3.2 million, while adjusted diluted earnings per share was a loss of $0.04 [13][61] - For the full year 2024, net revenue increased by 3.8% to $1.823 billion, with adjusted diluted earnings per share at $0.52, exceeding prior guidance [14][63] Business Line Data and Key Metrics Changes - Adjusted comparable store sales for Q4 were up 1.5%, driven by America's Best's growth of 2%, while Eyeglass World's comparable store sales declined by 1.7% due to Hurricane Helene [11][12] - Managed care sales comped high single digits throughout the year, contributing to approximately 40% of total revenues [14][22] Market Data and Key Metrics Changes - The company experienced a decline in cash-pay sales, which was offset by strong managed care sales [12][14] - The impact of weather and consumer sentiment was noted, particularly in February, leading to a cautious outlook for the near term [25][26] Company Strategy and Development Direction - The company is focusing on transforming its business by enhancing customer segmentation and personalizing messaging to attract higher-value customers [21][23] - A strategic shift is underway to target managed care customers, who now represent a significant portion of the customer base [22][34] - Investments in technology and operational efficiencies are being prioritized to improve customer experience and drive profitability [18][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the early results from transformation initiatives, despite recent negative traffic trends [25][26] - The company is preparing for a wider range of scenarios in its guidance due to uncertainties in consumer sentiment and weather impacts [26][70] Other Important Information - The company announced a leadership change with the appointment of a new CFO, Chris Laden, effective March 31 [9][10] - The company is implementing a comprehensive review of its store fleet, with plans to take action on 43 stores through fiscal year 2026 [20] Q&A Session Summary Question: How has the company factored in resources and risks from the pivot to a more moderate middle-income consumer? - Management indicated that this segment is already a significant part of the current customer base, and efforts are focused on enhancing the customer experience for these groups [78][80] Question: Can you provide context on recent performance trends and their impact on guidance? - Management acknowledged strong performance in January but noted choppy trends in the last two weeks of February, leading to a more conservative guidance approach [86][87] Question: What is the plan for remote rollout in 2025? - The company plans to continue opening remote-enabled stores where laws allow and integrate remote capabilities as part of its ongoing operations [92][95] Question: How is managed care expected to impact top-line guidance in 2025? - Managed care is projected to grow at high single digits, contributing significantly to the overall revenue, while cash-pay consumers face more challenges [108][110] Question: Can you elaborate on the drivers of comparable store sales in 2025? - Management expects growth to come equally from traffic and average ticket increases, with positive trends observed from recent initiatives [100][102]

WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced the expansion of its Food & Agribusiness practice with the appointment of Lauren Chupp as a Senior Managing Director within the Corporate Finance & Restructuring segment. Ms. Chupp, who is based in Atlanta, is an experienced advisor to the global food and agriculture industry with nearly two decades of experience in strategy, transactions and transformation services, helping clients navigate the rapidly changing f ...

Financial Data and Key Metrics Changes - Net sales for Q4 2024 were $1.4 billion, up 1% on a constant currency basis, while full-year sales were $5.4 billion, down 1% at constant currency [36] - Adjusted EBITDA for Q4 was $271 million, down 1% year-over-year, with a full-year adjusted EBITDA of $1.11 billion, relatively flat compared to the prior year [36][39] - Adjusted EPS for Q4 was $0.75, down 15% year-over-year, while full-year adjusted EPS was $3.14, down 1% primarily due to higher tax expenses [37][38] Business Line Data and Key Metrics Changes - Food sales for Q4 were $923 million, up 5% on an organic basis, driven by volume growth in all regions [40] - Protective business net sales for Q4 were $450 million, down 7% from the prior year, with adjusted EBITDA of $67 million, down 26% [42] - Food adjusted EBITDA for Q4 was $208 million, up 7% with a margin of 22.5%, while protective adjusted EBITDA margin was significantly lower due to volume declines [41][42] Market Data and Key Metrics Changes - The Americas region saw a constant dollar growth of 1%, driven by food strength, while EMEA and APAC also reported similar growth rates [43] - The protective segment is expected to face challenges in the first half of 2025, with a projected full-year decline of approximately 2% [48] Company Strategy and Development Direction - The company aims to further unlock potential in each business segment, targeting mid-single-digit earnings growth and high cash flow conversion over the long term [14][15] - A focus on deleveraging the balance sheet to three times is planned, with a return to balanced capital allocation including disciplined M&A and shareholder returns [15] - The company is shifting its culture to become high-performing and accountable, with an emphasis on customer focus and operational excellence [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased volatility in the macro environment due to global trade uncertainties, input costs, and foreign exchange movements [17][33] - The food business is expected to continue its growth trajectory, while the protective segment is anticipated to stabilize and inflect in volumes in the second half of 2025 [29][30] - Management expressed confidence in the company's ability to navigate challenges and drive returns for stakeholders [33][54] Other Important Information - The company plans to close two plants by the end of the year to optimize its footprint [31] - Free cash flow for the year totaled $454 million, with a net leverage ratio of 3.6 times, down from a peak of 4.1 times [44][45] - Full-year 2025 free cash flow is expected to be approximately $400 million, reflecting strong cash generation despite higher restructuring payments [51] Q&A Session Summary Question: Are there parts of the protective business that will significantly drag on volumes? - Management indicated that the industrial portfolio is expected to continue underperforming, with some bright spots in shrink films and fulfillment [58][60] Question: Can you discuss the potential impacts of tariffs? - Management noted that most of the business is domestic production, minimizing potential tariff impacts, but adjustments in the supply chain may be necessary [65][66] Question: What are the initial priorities for the new CEO? - The focus will be on accelerating customer focus, stabilizing the protective business, and enhancing cost takeout initiatives [71][75] Question: What is the outlook for the protective segment in 2024? - The protective segment is expected to face challenges in the first half, with a potential inflection in volumes in the second half [80][84] Question: How is the company addressing pricing pressures? - Management acknowledged slight inflation in resin prices and competitive pressures, but they expect to take modest price increases [87][102] Question: What is the expected growth for automation revenue? - Automation remains a critical part of the business, with expectations for growth driven by new placements and innovations in equipment [111][112]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $9 billion, a decline of 3.1% year over year, an improvement from prior year declines [27] - Adjusted EBITDA for 2024 was $3.4 billion, down 5.4% year over year, with a normalized adjusted EBITDA margin of 38.7% [28][29] - Free cash flow grew by 23% year over year to $149 million despite increased cash interest [31] Business Line Data and Key Metrics Changes - Mobile service revenue grew by 52%, while residential revenue declined by 4.6% [27] - Fiber net additions reached 57,000 in Q4, a 22% increase year over year, with mobile line net additions of 40,000, the best performance in five years [8] - LightPath's revenue grew to $414 million, a 5.5% increase year over year, driven by footprint expansion and increased net bookings [32] Market Data and Key Metrics Changes - Broadband subscriber net losses were 39,000 in Q4, influenced by external factors such as hurricanes and low home sales [9] - Churn improved year over year in the East footprint, while the West faced challenges from increased competition [10] - The West market has seen a 45% overbuild, while the East remains around 70% [41] Company Strategy and Development Direction - The company is focused on a Phase two transformation aimed at business acceleration and maximizing customer value [8] - Plans include expanding fiber networks, enhancing customer experience, and launching new income-constrained programs [10][18] - The company aims to achieve a gross margin target of 70% by 2026 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to compete effectively in both East and West markets despite competitive pressures [42] - The company anticipates continued improvements in EBITDA trends and free cash flow growth in 2025 [52][75] - Management highlighted the importance of customer-centric strategies and the need for flexibility in pricing and offerings [80][94] Other Important Information - The company reduced capital expenditures to $1.4 billion in 2024, a 16% improvement year over year [29] - The total footprint grew by over 2%, adding 210,000 passings, with a focus on fiber expansion [14][36] - The company has a strong liquidity position with approximately $1 billion in undrawn revolver capacity [37] Q&A Session Summary Question: Can you discuss broadband performance in different regions and the competitive environment? - Management noted increased competition in the West, with a 45% overbuild, and emphasized improvements in the East due to better go-to-market strategies [41][42] Question: Can you elaborate on the pressure on EBITDA in Q4? - Management acknowledged one-time costs related to storms and transformation efforts but expressed optimism about future EBITDA stabilization [49][52] Question: What are the plans for improving the capital structure? - Management is actively exploring options to address debt maturity profiles while focusing on operational and financial metrics [56][58] Question: How do you expect CapEx to trend after 2025? - Management indicated that while they expect to maintain a capital target of $1.3 billion, they are optimistic about driving efficiency [60][61] Question: Can you comment on the competitive dynamics in the West and East? - Management highlighted the need for tailored strategies in the West due to low pricing from competitors and emphasized the importance of customer-centric approaches [92][94]