EnviroStar(EVI) - 2024 Q4 - Annual Results

Financial Performance - Revenue for fiscal 2024 was $353.6 million, flat compared to$ 354.2 million in fiscal 2023[3] - Gross profit increased 2% to a record $105.3 million, with a gross margin of 29.8%, up from 29.3%[3] - Adjusted EBITDA for fiscal 2024 was$ 22.6 million, or 6.4%, compared to $25.6 million, or 7.2% in the previous year[3] - Operating income decreased to$ 11,628 thousand for the 12 months ended June 30, 2024, down from $16,506 thousand in 2023, indicating a decline of 29.6%[18] - Net income for the 12 months ended June 30, 2024, was$ 5,646 thousand, a decrease of 41.5% from $9,719 thousand in 2023[18] - Basic net earnings per share for the 12 months ended June 30, 2024, were$ 0.39, down from $0.68 in the previous year[18] - Adjusted EBITDA for the twelve months ended 06/30/24 was$ 22,585,000, down 11.7% from $25,592,000 in the previous year[24] Cash Flow and Liquidity - Record operating cash flows of$ 33 million for fiscal 2024, a $32 million increase over the prior year[2] - Net cash provided by operating activities increased significantly to$ 32,652,000 from $940,000 year-over-year[21] - Cash at the end of the period decreased to$ 4,558,000 from $5,921,000, a decline of 23.0%[21] - Cash paid for interest increased to$ 2,783,000 from $2,469,000, reflecting a rise of 12.7%[22] - Cash paid for income taxes rose to$ 4,575,000, compared to $3,099,000, marking an increase of 47.7%[22] Debt and Equity - Net debt declined 71% to$ 8.3 million as of June 30, 2024[2] - Long-term debt decreased significantly to $12,903 thousand as of June 30, 2024, from$ 34,869 thousand in the previous year, a decrease of 63.0%[20] - Shareholders' equity increased to $136,606 thousand as of June 30, 2024, compared to$ 130,956 thousand in 2023, reflecting a growth of 4.3%[20] Assets and Liabilities - Total assets decreased to $230,659 thousand as of June 30, 2024, from$ 253,847 thousand a year earlier, representing a decline of 9.1%[20] - Current liabilities decreased to $69,803 thousand as of June 30, 2024, compared to$ 76,445 thousand in 2023, a reduction of 8.5%[20] Operational Developments - The company executed three acquisitions during fiscal 2024, enhancing its sales and service expertise[2] - The company increased its sales team by 6% to over 190 professionals and its service team by 5% to approximately 400 technicians[5] - The company implemented new field service technologies aimed at improving service operations efficiency[5] Revenue Breakdown - Equipment revenue was flat, while parts revenue increased 6.6% and service revenue increased 7.8% during fiscal 2024[4] Dividends and Stock Compensation - A special cash dividend of $0.31 per share was declared, a 10% increase over the previous special cash dividend[7] - The company paid dividends totaling$ 4,071,000 during the period, with no dividends paid in the previous year[21] - Stock compensation expenses increased to $4,974,000 from$ 3,062,000, reflecting a rise of 62.3%[21] Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to $7,028,000 from a decrease of$ 5,664,000 in the prior year[21]