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Management s Discussion and Analysis of Financial Condition and Results of Operations. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this Annual Report.
The business is unprofitable at the operating level (-42.22% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$66M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$237M
▼ -2.0% YoY
Net Income (TTM)
-$88M
▲ +54.0% YoY
Op. Margin
-38.88%
▲ +43.3pp YoY
ROIC
-28.57%
▲ +13.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$42M
▲ +48.2% YoY
Op. Cash Flow (TTM)
-$42M
▲ +48.2% YoY
Net Debt
-$175M
Net Cash Position
Cash & Equiv.
$179M
5Y CAGR: +0.3%
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