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Services-computer programming, data processing, etc. company · E9 · FY ends Dec · Revenue $930M · -2.50% margin · -$49M FCF
The business is unprofitable at the operating level (-2.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 11.6%, still solid.
Negative free cash flow of -$49M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$930M
▲ +11.6% YoY
Net Income (TTM)
-$16M
▼ -145.0% YoY
Op. Margin
-2.50%
▲ +0.6pp YoY
ROIC
-2.03%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$49M
▼ -290.4% YoY
Op. Cash Flow (TTM)
-$25M
▼ -295.0% YoY
Net Debt
-$78M
Net Cash Position
Cash & Equiv.
$99M
5Y CAGR: -11.1%
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