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Recent Developments On December 20, 2025, we entered into the Merger Agreement to be acquired in a transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, and also including Temasek Holdings (Private) Limited ( Temasek ) and Francisco Partners Management, L.P. ( Francisco Partners and, collectively with Permira, Warburg and Temasek, the Investor …
$24.40
+$0.06 (+0.25%)
Price from 2 days ago
The business is unprofitable at the operating level (-1.05% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 61.9%, still solid. Margins contracted 3.8pp, which offsets some of the top-line progress.
Net debt of $777M represents 4.7x FCF, leverage limits flexibility. Operating margin contracted 3.8pp YoY, cost discipline may be slipping.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$826M
▲ +61.9% YoY
Net Income (TTM)
-$49M
▼ -109.1% YoY
Op. Margin
-0.70%
▼ -3.8pp YoY
ROIC
-0.16%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$153M
▲ +138.0% YoY
Op. Cash Flow (TTM)
$169M
▲ +136.7% YoY
Net Debt
$787M
Cash & Equiv.
$82M
5Y CAGR: +29.2%
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