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Unless the context otherwise requires or unless otherwise stated, references to we, us, our, Shoals, the Corporation, the Company and other similar references refer to Shoals Technologies Group, Inc., a Delaware corporation, and, unless otherwise stated, all of its consolidated subsidiaries. Shares of our Class A common stock trade on the Nasdaq Global Market under the symbol, SHLS .
11.86% operating margin is respectable but not wide. ROIC at 6.17%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 19.1%, still solid. Free cash flow declined 122% despite revenue growth, conversion is weakening.
Free cash flow declined 122% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$536M
▲ +19.1% YoY
Net Income (TTM)
$34M
▲ +39.2% YoY
Op. Margin
11.16%
▼ -1.0pp YoY
ROIC
6.88%
▲ +0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$77M
▼ -122.2% YoY
Op. Cash Flow (TTM)
-$40M
▼ -78.8% YoY
Net Debt
$36M
Cash & Equiv.
$2M
5Y CAGR: +22.0%
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