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Services-management consulting services company · FL · FY ends Dec · Revenue $297M · 9.46% margin
Operating margin is thin at 7.70%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.6% YoY. Margins deteriorated 6.5pp alongside, both lines moving the wrong way.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. ROIC dropped from 24.43% to 10.57%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$297M
▼ -2.6% YoY
Net Income (TTM)
$14M
▼ -56.3% YoY
Op. Margin
9.46%
▼ -6.5pp YoY
ROIC
11.31%
▼ -13.9pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$32M
▼ -25.7% YoY
Op. Cash Flow (TTM)
$31M
▼ -15.6% YoY
Net Debt
$75M
Cash & Equiv.
$6M
5Y CAGR: +5.0%
5Y CAGR: -5.1%
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