Track & Field Co (TFCO4) Q4 2024 earnings summary

Executive summary

• Achieved robust growth in 2024, with net revenue up 21.7% year-over-year and strong performance across physical and digital channels, driven by expansion, digital initiatives, and TFSports platform acceleration.

• Opened 41 new stores and renovated 43, ending the year with 398 stores, 45% remodeled to the new concept.

• TFSports platform accelerated, holding over 3,600 events (+27.7% YoY), reaching 868,900 users (+46.7% YoY), and expanding the wellness ecosystem.

Financial highlights

• Net revenue for 4Q24 was R$273.3 million (+23.1% YoY); full-year net revenue was R$831.8 million (+21.7% YoY).

• Adjusted EBITDA for 4Q24 was R$58.3 million (+17.9% YoY, margin 21.3%); full-year adjusted EBITDA was R$176.7 million (+13.4% YoY, margin 21.2%).

• Adjusted net income for 4Q24 was R$40.3 million (+8.2% YoY, margin 14.7%); full-year adjusted net income was R$125.7 million (+4.1% YoY, margin 15.1%).

• Operating cash generation for 2024 was R$100.4 million (+27.8% YoY); ended the year with R$138.1 million in cash equivalents, R$23.4 million net cash, and no debt.

• Gross profit for 2024 was R$470.6 million (+19.3% YoY, margin 56.6%).

Outlook and guidance

• Plans to continue store openings and renovations, targeting 60% of the network remodeled by end of 2025.

• Expects further dilution of operating expenses as TFSports and digital initiatives scale.

• Continued focus on expanding TFSports and digital integration across the network.