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Initial Public Offering And Organizational Transactions of this Report for further discussion of the Reorganization made prior to and in connection with the IPO. Other than the use of IPO Proceeds to finance the cash consideration used to in the acquisition of ALGC and to pay for the installation of machinery equipment, as disclosed above, there has been no material change in the planned use of…
Operating margin is thin at 8.86%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 44.7%, still solid. Margins contracted 2.5pp, which offsets some of the top-line progress.
Free cash flow declined 127% versus the prior year, cash generation momentum has weakened. ROIC dropped from 65.66% to 20.09%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$456M
▲ +44.7% YoY
Net Income (TTM)
$23M
▲ +6.2% YoY
Op. Margin
8.86%
▼ -2.5pp YoY
ROIC
20.09%
▼ -45.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -127.0% YoY
Op. Cash Flow (TTM)
$38M
▼ -11.1% YoY
Net Debt
$48M
Cash & Equiv.
$97M
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