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Management s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the SEC.
Operating margin is thin at 6.25%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.4% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened. Net debt of $31.38B represents 6.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$135.38B
▼ -4.4% YoY
Net Income (TTM)
$4.63B
▲ +17.5% YoY
Op. Margin
6.65%
▲ +1.4pp YoY
ROIC
15.34%
▲ +2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$5.70B
▼ -22.3% YoY
Op. Cash Flow (TTM)
$9.44B
▼ -4.8% YoY
Net Debt
$32.17B
Cash & Equiv.
$2.15B
5Y CAGR: +13.7%
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