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Financing Transactions for additional details regarding our outstanding indebtedness. For example, it could: increase our vulnerability to general adverse economic and industry conditions; make it more difficult for us to satisfy our other financial obligations; restrict us from making strategic acquisitions or cause us to make non-strategic divestitures; require us to dedicate a substantial po…
The business is unprofitable at the operating level (-32.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.0%, steady but not accelerating. Margins contracted 43.0pp, which offsets some of the top-line progress.
ROIC dropped from 5.59% to -17.23%, capital efficiency is deteriorating. Negative free cash flow of -$440M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3.37B
▲ +5.0% YoY
Net Income (TTM)
-$1.11B
▼ -531.4% YoY
Op. Margin
-31.69%
▼ -43.0pp YoY
ROIC
-16.68%
▼ -22.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$292M
▲ +21.5% YoY
Op. Cash Flow (TTM)
$182M
▲ +1.7% YoY
Net Debt
$2.51B
Cash & Equiv.
$158M
5Y CAGR: +9.7%
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