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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Converge Solutions
Converge Solutions (CTS) investor relations material
Converge Solutions has been delisted
Converge Solutions Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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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Latest events from Converge Solutions
- Q3 revenue and profit fell, but cash flow and AI, cloud, and cyber growth remained strong.CTS
Q3 2024 - Strong organic growth, ERP-driven efficiency, and strategic focus on high-margin services.CTSCanaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024
- Q2 saw double-digit organic growth and strong cash flow, but a large impairment drove a net loss.CTSQ2 2024
Converge Solutions
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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.