/
MARKET FOR REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 32 I TEM 6. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33 I TEM 7A .
The business is unprofitable at the operating level (-3.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 22.0%, still solid. Margins contracted 14.2pp, which offsets some of the top-line progress.
ROIC dropped from 5.83% to -1.16%, capital efficiency is deteriorating. Net debt of $6.12B represents 10.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.32B
▲ +22.0% YoY
Net Income (TTM)
-$21M
▼ -121.9% YoY
Op. Margin
6.81%
▼ -14.2pp YoY
ROIC
2.92%
▼ -7.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$924M
▲ +254.4% YoY
Op. Cash Flow (TTM)
$1.05B
▲ +175.0% YoY
Net Debt
$5.78B
Cash & Equiv.
$1.02B
5Y CAGR: -10.5%
Continue Research