Financial Data and Key Metrics Changes - In Q4 2024, total revenues were $45.0 million, a 20% increase year-over-year, with international revenue up by 280%, Canada up by 20%, and the U.S. up by 18% [21][22] - For the full year 2024, revenues reached $162.6 million, a 14% increase compared to 2023, with adjusted gross margin improving to 41% from 39% [23] - Adjusted EBITDA for Q4 2024 was $8.2 million, up from $2.5 million in Q4 2023, while full-year adjusted EBITDA was $22.3 million, significantly higher than $11.9 million in 2023 [26][27] Business Line Data and Key Metrics Changes - The company achieved its highest ever revenue outside of North America in 2024, with international revenue doubling from 5% to 10% of total revenue [12] - Adjusted gross profit for Q4 2024 was $19.4 million, with an adjusted gross margin of 43%, up from 37% in Q4 2023, driven by higher margin international revenues [22] Market Data and Key Metrics Changes - The company reported a significant increase in international revenue, which reached an all-time high of $16.5 million in 2024 [23] - The U.S. revenue for Q1 2025 is expected to be between $8 million and $9 million, while Canadian revenue is projected to be between $32 million and $34 million [28] Company Strategy and Development Direction - The company aims to grow revenue in excess of underlying market activity in 2025, focusing on international markets and new technology introductions [18] - Strategic objectives include enhancing operational efficiency, improving employee engagement, and generating free cash flow [19] - The company is actively looking for M&A opportunities to integrate small tech-related businesses that align with its strategic goals [56] Management's Comments on Operating Environment and Future Outlook - Management expects customer activity in 2025 to be flat to down in the U.S., with slight increases in Canada and core international markets [30] - The strengthening of the U.S. dollar is anticipated to negatively impact revenue and adjusted EBITDA for 2025 [31] - The company is monitoring potential trade actions and has plans to mitigate impacts from increased tariffs [33] Other Important Information - The company ended 2024 with a cash balance of nearly $26 million and expects to generate positive free cash flow in 2025 [36][37] - Capital expenditures for 2025 are expected to be between $1.5 million and $2 million, with free cash flow after distributions projected at $7 million to $10 million [34] Q&A Session Summary Question: Insights on the cadence for the year and spring breakup in Canada - Management expects 2025 seasonality to mimic 2024, with typical activity patterns anticipated [43][44] Question: Factors driving margin expansion - Margin expansion was driven by international growth, operating leverage, and cost reduction actions taken in 2023 [48][50] Question: Interest in small tech-related businesses for M&A - The company is actively looking for M&A opportunities that align strategically and operationally [56][58] Question: R&D developments and upcoming market introductions - Exciting technologies are in development, with some nearing prototype stage and potential market introduction [60][61]