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 [8] - Gross margin for the year improved to 42.2%, a 120 basis point increase over 2023, while Q4 gross margin was 40.6% [29][30] - Net income for the quarter declined 25.7% to $8.9 million, with an EPS of $0.32 per share, which would have been $0.35 per share without foreign exchange impacts [65] Business Line Data and Key Metrics Changes - Revenue from the US region grew 6.2% in Q4 to $59.1 million, with dealership services revenue growing around 9% [9][10] - OEM revenue declined slightly due to package changes in the Rivian program, but excluding this impact, OEM business grew approximately 16% in the quarter [19][20] - The total window film product line grew 32.9% in the quarter, driven primarily by automotive sales, which increased 31.7% to $14.3 million [59] Market Data and Key Metrics Changes - The China region reported revenue of $9.2 million, down from $16.6 million in the same quarter last year, marking a tough comparison [21] - The company completed distributor acquisitions in Japan, Thailand, and India, which added SG&A costs but are expected to yield revenue growth in the future [24][25] Company Strategy and Development Direction - The company aims to refine and implement its strategy to deploy capital for future growth, focusing on expanding its services business, particularly in the new car dealership space [43][44] - The company is advancing discussions to establish a direct presence in key markets, including China, to enhance operational leverage [24][42] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting improved customer sentiment in the aftermarket but acknowledging challenges from inflation and interest rates [38][40] - The company is focused on optimizing its expense structure and has initiated a comprehensive review to ensure investments are made in the right areas [34][36] 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 [68] - Cash flow provided by operations was $6.3 million for the quarter and $47.8 million for the year, an increase from $37.4 million in 2023 [67] Q&A Session Summary Question: Can you provide more details on the sell-through situation in China? - Management indicated that the sell-in and sell-through dynamics have improved, with inventory days for new products being much lower, leading to better sales performance [72][73] Question: What are the expectations for gross margin and operating expenses in Q1? - Management expects gross margins to remain around 42%, with some pressure from the strong dollar, and noted uncertainty regarding future quarterly metrics due to external factors [76][78] Question: What are the plans for marketing spend in 2025? - Management aims to increase marketing spend from 3% to potentially 3.5% of revenue, emphasizing the importance of marketing investments [94][95]