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Management s Discussion and Analysis of Financial Condition and Results of Operations . We have obtained some of this market share information and industry data from internal surveys, market research, publicly available information and industry publications.
The business is unprofitable at the operating level (-21.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.6% YoY. Margins deteriorated 22.0pp alongside, both lines moving the wrong way.
Free cash flow declined 1459% versus the prior year, cash generation momentum has weakened. ROIC dropped from 0.56% to -17.01%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.85B
▼ -8.6% YoY
Net Income (TTM)
-$528M
▼ -484.8% YoY
Op. Margin
-23.64%
▼ -22.0pp YoY
ROIC
-18.70%
▼ -17.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$156M
▼ -1459.1% YoY
Op. Cash Flow (TTM)
-$74M
▼ -90.5% YoY
Net Debt
$1.65B
Cash & Equiv.
$85M
5Y CAGR: +5.6%
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