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Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk of this annual report.
Operating margin is thin at 0.64%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 6.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 96% versus the prior year, cash generation momentum has weakened. Net debt of $186M represents 86.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$667M
▼ -6.3% YoY
Net Income (TTM)
-$14M
▼ -17.6% YoY
Op. Margin
1.91%
▲ +0.4pp YoY
ROIC
2.63%
▲ +0.7pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$2M
▼ -96.3% YoY
Op. Cash Flow (TTM)
$21M
▼ -73.3% YoY
Net Debt
$210M
Cash & Equiv.
$17M
5Y CAGR: +3.8%
5Y CAGR: -54.3%
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