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Management s Discussion and Analysis of Financial Condition and Results of Operations. You should read this annual report on Form 10 K and the documents that we have filed as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect.
The business is unprofitable at the operating level (-49.51% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.1% YoY. Margins deteriorated 70.4pp alongside, both lines moving the wrong way.
ROIC dropped from 5.12% to -13.34%, capital efficiency is deteriorating. Operating margin contracted 70.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.37B
▼ -23.1% YoY
Net Income (TTM)
-$815M
▼ -468.6% YoY
Op. Margin
-57.33%
▼ -70.4pp YoY
ROIC
-16.71%
▼ -18.5pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$241M
▼ -80.2% YoY
Net Debt
$2.86B
Cash & Equiv.
$130M
5Y CAGR: +9.9%
5Y CAGR: +23.7%
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