Revenue Growth and Financial Improvement
Fourth quarter revenue reached $87.4 million, a 2% increase over the previous year. Adjusted EBITDA for the quarter was $17.2 million, a 44% increase year-over-year, with margins improving from 11.4% in Q1 to 20% by Q4. Cash flow from operations improved by $23 million compared to the previous year, reaching $10.3 million.
Full Year Financial Success
Revenue for fiscal year 2024 was $339 million, exceeding guidance. Adjusted EBITDA was $53.1 million, a 12% increase year-over-year. Cash flow from operations grew to $32 million from just over $1 million the previous year. The leverage ratio was reduced from 4 times to 3 times.
Successful Integration and Growth Initiatives
The integration of Viewgol, acquired in Q4 2023, is on track, with successful customer transitions underway. The nTrust offering showed growth with 24 deals in 2024, up from 18 in 2023 and 14 in 2022.
Operational Improvements and Leadership Enhancements
A new leadership team is in place to drive customer satisfaction and profitability. The global workforce strategy is progressing, with 30% of clients supported by a global team. Corporate governance enhancements included declassifying the Board and adding two independent directors.