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Services-prepackaged software company · E9 · FY ends Jun · Revenue $164M · -3.27% margin · -$4M FCF
The business is unprofitable at the operating level (-3.27% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 15.2%, still solid. Free cash flow declined 156% despite revenue growth, conversion is weakening.
Free cash flow declined 156% versus the prior year, cash generation momentum has weakened. ROIC dropped from -2.44% to -4.77%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$164M
▲ +15.2% YoY
Net Income (TTM)
-$7M
▼ -202.6% YoY
Op. Margin
-3.27%
▼ -1.5pp YoY
ROIC
-4.77%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -155.8% YoY
Op. Cash Flow (TTM)
-$3M
▼ -128.5% YoY
Net Debt
$5M
Cash & Equiv.
$29M
5Y CAGR: +13.0%
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