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Services-business services, nec company · L3 · FY ends Dec · Revenue $345M · -9.88% margin · $33M FCF
The business is unprofitable at the operating level (-9.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.2%, steady but not accelerating. Free cash flow declined 15% despite revenue growth, conversion is weakening.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$345M
▲ +5.2% YoY
Net Income (TTM)
-$28M
▲ +21.1% YoY
Op. Margin
-9.88%
▲ +4.7pp YoY
ROIC
-7.37%
▲ +0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$33M
▼ -15.3% YoY
Op. Cash Flow (TTM)
$34M
▼ -14.7% YoY
Net Debt
-$268M
Net Cash Position
Cash & Equiv.
$293M
5Y CAGR: +15.2%
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