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Services-prepackaged software company · DE · FY ends Jan · Revenue $513M · -17.46% margin · $23M FCF
The business is unprofitable at the operating level (-17.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.5% YoY. Margins deteriorated 4.3pp alongside, both lines moving the wrong way.
Free cash flow declined 18% versus the prior year, cash generation momentum has weakened. ROIC dropped from -7.19% to -11.41%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$513M
▼ -3.5% YoY
Net Income (TTM)
-$140M
▼ -14.7% YoY
Op. Margin
-17.46%
▼ -4.3pp YoY
ROIC
-11.41%
▼ -4.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$23M
▼ -17.9% YoY
Op. Cash Flow (TTM)
$25M
▼ -16.4% YoY
Net Debt
$485M
Cash & Equiv.
$101M
3Y CAGR: -2.6%
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