/
Management s Discussion and Analysis of Financial Condition and Results of Operations . Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the sections entitled Item 1A.
The business is unprofitable at the operating level (-4.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 11.6%, still solid. Margins contracted 3.2pp, which offsets some of the top-line progress.
Free cash flow declined 161% versus the prior year, cash generation momentum has weakened. ROIC dropped from -0.70% to -3.66%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$959M
▲ +11.6% YoY
Net Income (TTM)
-$51M
▼ -153.5% YoY
Op. Margin
-3.54%
▼ -3.2pp YoY
ROIC
-3.20%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$17M
▼ -161.3% YoY
Op. Cash Flow (TTM)
$8M
▲ +7.2% YoY
Net Debt
$70M
Cash & Equiv.
$89M
5Y CAGR: +0.7%
Continue Research