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Our core geographies consist of Alabama, Connecticut, Delaware, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, and West Virginia, with the rest of the U.S. representing our expansion geographies. Overview We were founded in 1921 in Hanover, Pennsylvania …
Operating margin is thin at 1.36%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.1%, essentially flat. Margins also contracted 2.8pp. This is a business that needs a catalyst.
ROIC dropped from 2.85% to 0.74%, capital efficiency is deteriorating. Net debt of $895M represents 95.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.45B
▲ +2.1% YoY
Net Income (TTM)
-$7M
▼ -95.0% YoY
Op. Margin
1.49%
▼ -2.8pp YoY
ROIC
0.76%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$42M
▲ +23.7% YoY
Op. Cash Flow (TTM)
$120M
▲ +5.6% YoY
Net Debt
$952M
Cash & Equiv.
$74M
5Y CAGR: +13.4%
5Y CAGR: +3.3%
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