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We have obtained the market data from certain publicly available sources of information, including publicly available independent industry publications and other third-party sources. We believe the data that third parties have compiled is reliable, but we have not independently verified the iii accuracy of this information and there is no assurance that any of the forecasted amounts will be ach…
The business is unprofitable at the operating level (-21.86% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 26.6% YoY. Margins deteriorated 20.3pp alongside, both lines moving the wrong way.
ROIC dropped from -1.87% to -20.77%, capital efficiency is deteriorating. Operating margin contracted 20.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.89B
▼ -26.6% YoY
Net Income (TTM)
-$497M
▼ -767.4% YoY
Op. Margin
-22.19%
▼ -20.3pp YoY
ROIC
-20.50%
▼ -18.9pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$33M
▲ +107.0% YoY
Net Debt
$843M
Cash & Equiv.
$142M
5Y CAGR: +15.2%
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