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Pattern is a global ecommerce acceleration platform that helps consumer brands sell products on global ecommerce marketplaces. Our proprietary technology and on-demand experts operate across more than 70 marketplaces to increase product sales to consumers in more than 100 countries.
Operating margin is thin at 1.02%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 39.3%, still solid. Margins contracted 3.8pp, which offsets some of the top-line progress.
ROIC dropped from 70.40% to 5.35%, capital efficiency is deteriorating. Operating margin contracted 3.8pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (FY)
$2.50B
▲ +39.3% YoY
Net Income (TTM)
$23M
▼ -76.1% YoY
Op. Margin
1.02%
▼ -3.8pp YoY
ROIC
5.35%
▼ -65.1pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$79M
▲ +58.2% YoY
Op. Cash Flow (FY)
$99M
▲ +41.3% YoY
Net Debt
-$313M
Net Cash Position
Cash & Equiv.
$344M
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