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Converge Solutions (CTS) investor relations material

Converge Solutions Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2024 earnings summary6 Mar, 2025

Executive summary

  • Q4 2024 gross sales rose 2.5% year-over-year to $1.11 billion; revenue up 4.6% to $680.8 million.

  • Fiscal 2024 gross sales increased 2.1% to $4.12 billion, but revenue declined 4.2% to $2.59 billion.

  • Net loss for fiscal 2024 was $181.0 million, mainly due to a $176.1 million non-cash impairment in the Germany segment.

  • Adjusted EBITDA for Q4 grew 3.0% to $47.9 million; for the year, it decreased 1.7% to $167.3 million.

  • On February 7, 2025, Converge agreed to be acquired by H.I.G. Capital for $5.50 per share, a 56% premium to the prior closing price.

Financial highlights

  • Q4 gross profit fell 1.6% year-over-year to $178.6 million; gross margin was 26.2%.

  • Fiscal 2024 gross profit decreased 1.6% to $691.4 million; gross margin held at 26.7%.

  • Adjusted net income for Q4 was $45.6 million (up from $38.2 million); for the year, $130.3 million (up from $108.4 million).

  • Cash from operating activities in Q4 was $57.0 million, down from $114.5 million; for the year, $269.4 million, up from $229.5 million.

  • Returned $82.3 million to shareholders in 2024, up from $23.5 million in 2023.

Outlook and guidance

  • No outlook for 2025 provided due to the pending acquisition by H.I.G. Capital; regular quarterly dividend suspended during the transaction process.

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Frequently asked questions

Converge Technology Solutions Corp., distributes storage devices and systems, computer products, software, and peripherals. It offers servers, servers accessories, hard drives, tape drives and libraries, services for storage products, all flash arrays; converged infrastructure; desktop virtualization; racks and power protection; and software, such as security management solutions. Converge Technology Solutions Corp. was founded in 2016 and is headquartered in Toronto, Canada.

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