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Certain Definitions In this report: Cash Rent Change means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to th…
37.50% operating margin is above average. ROIC at 3.73%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 10.1% YoY with margins expanding 3.2pp. However, free cash flow softened 16%, worth monitoring whether this is timing or structural.
Free cash flow declined 16% versus the prior year, cash generation momentum has weakened. Net debt of $3.28B represents 12.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$864M
▲ +10.1% YoY
Net Income (TTM)
$244M
▲ +44.6% YoY
Op. Margin
37.84%
▲ +3.2pp YoY
ROIC
3.85%
▲ +0.4pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$259M
▼ -16.5% YoY
Op. Cash Flow (TTM)
$477M
▲ +0.7% YoY
Net Debt
$3.23B
Cash & Equiv.
$9M
5Y CAGR: +11.8%
5Y CAGR: +1.7%
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