Revenue Performance:
- Q4 2023 revenue was reported at $1.79 billion, reflecting a 19.44% decrease year-over-year but a robust 66.34% increase quarter-over-quarter.
- Gross profit margin stood at 23.37%, down from 24.44% in the previous year, indicating pressures on margins due to competitive pricing and inventory management challenges.
Profitability Metrics:
- Net income surged to $63.1 million, with a 2,135.48% increase on a quarter-over-quarter basis, showing impressive recovery from a challenging Q3.
- Earnings per share (EPS) was $0.21, a significant increase of 31.25% year-over-year.
Balance Sheet Health:
- Total assets amounted to $2.84 billion, showcasing a solid liquidity position with $925.2 million in cash and equivalents.
- The current ratio is at 2.11, indicating strong short-term financial solvency, while the debt-to-equity ratio at 0.162 showcases a low reliance on debt financing.
Cash Flow Analysis:
- Operating cash flow was negative at -$11 million, attributed to working capital changes, particularly inventory adjustments. Free cash flow also exhibited a negative $18.7 million, signaling the need for continued investment in operational efficiency.