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Company Overview We are a leading provider of Technology Management as a Service (TMaaS) that consists of federally certified communications management, and identity management. We also provide interactive bill presentment and analytics, and Information Technology as a Service Solutions (ITaaS).
The business is unprofitable at the operating level (-1.85% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.6%, steady but not accelerating.
ROIC dropped from -7.63% to -12.67%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$158M
▲ +5.6% YoY
Net Income (TTM)
-$2M
▼ -42.2% YoY
Op. Margin
-1.29%
▼ -0.5pp YoY
ROIC
-9.53%
▼ -5.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$8M
▲ +249.7% YoY
Op. Cash Flow (TTM)
$8M
▲ +239.3% YoY
Net Debt
-$6M
Net Cash Position
Cash & Equiv.
$11M
5Y CAGR: -3.5%
5Y CAGR: -2.3%
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