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Cable & other pay television services company · DE · FY ends Dec · Revenue $1.47B · -14.69% margin · $283M FCF
The business is unprofitable at the operating level (-13.81% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 4.9% YoY. Margins deteriorated 41.8pp alongside, both lines moving the wrong way.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.60% to -3.07%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.47B
▼ -4.9% YoY
Net Income (TTM)
-$323M
▼ -2561.7% YoY
Op. Margin
-14.69%
▼ -41.8pp YoY
ROIC
-3.31%
▼ -10.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$283M
▼ -26.4% YoY
Op. Cash Flow (TTM)
$565M
▼ -15.2% YoY
Net Debt
$2.98B
Cash & Equiv.
$166M
3Y CAGR: -4.2%
3Y CAGR: -5.0%
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