Earl Ellis
Executive VP & CFO at ABM Industries
of standby letters of credit, resulting in a total debt to pro form a adjusted EBITDA ratio of 2.6 times. At the end of Q4, we had available liquidity of $488,200,000 including cash and cash equivalents of $64,600,000 Free cash flow in the Q4 was $15,000,000 This result, which was $106,000,000 below last year, reflected a build in working capital related to supporting the company's strong growth, especially at ATS in the final month of the fiscal year. For full year 2024, we generated $167,000,000 of free cash flow or $217,000,000 after normalizing for in year Elevate and integration costs of $49,000,000 This is down $87,000,000 from last year's normalized free cash flow of $303,000,000 which is adjusted for the receipt of $24,000,000 in employee retention credits, a $66,000,000 repayment of the CARES Act and in year elevate and integration costs of $71,000,000 Free cash flow generation remains a key focus in 2025, driven by our asset light and flexible business model. Interest expense was $21,800,000 slightly higher than the prior year, largely reflecting our recent acquisition. Regarding capital allocation, we purchased a little over 610,000 shares in the 4th quarter at an average cost of $52.42 per share for a total cost of $32,000,000 For the full year, we repurchased approximately 1,200,000 shares at an average cost of $47.86 per share for a total cost of $55,800,000 At year end, we had $154,000,000 remaining under our share repurchase program.
