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Our Company SPAR Group, Inc., a Delaware corporation ("SGRP" or the "Corporation"), and its subsidiaries (together with SGRP, "SPAR Group" or the "Company"), is a leading merchandising and brand marketing services company, providing a broad range of sales enhancing services to retailers across most classes of trade and consumer goods manufacturers and distributors. Our goal is to be the most cr…
The business is unprofitable at the operating level (-12.42% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.8% YoY. Margins deteriorated 12.8pp alongside, both lines moving the wrong way.
ROIC dropped from 1.48% to -77.18%, capital efficiency is deteriorating. Negative free cash flow of -$21M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$133M
▼ -16.8% YoY
Net Income (TTM)
-$26M
▼ -681.8% YoY
Op. Margin
-13.56%
▼ -12.8pp YoY
ROIC
-91.62%
▼ -78.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$21M
▼ -1094.0% YoY
Op. Cash Flow (TTM)
-$18M
▼ -2673.4% YoY
Net Debt
$4M
Cash & Equiv.
$4M
5Y CAGR: -10.0%
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