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Management s Discussion and Analysis of Financial Condition and Results of Operations and Item 13. Other unknown or unpredictable factors also could have material adverse effects on our future results.
Operating margin is thin at 2.05%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 3.1% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 229% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.67% to 2.18%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.40B
▼ -3.1% YoY
Net Income (TTM)
$22M
▼ -30.7% YoY
Op. Margin
2.23%
▼ -1.7pp YoY
ROIC
2.10%
▼ -2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$95M
▼ -229.4% YoY
Op. Cash Flow (TTM)
$230M
▼ -8.6% YoY
Net Debt
$229M
Cash & Equiv.
$56M
5Y CAGR: +18.4%
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