Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $6.23B | $7.81B | $8.1B | $8.36B | $8.75B | $9.18B | $9.5B | $9.8B |
| Cost of revenue | $5.26B | $6.76B | $6.97B | $7.24B | $7.72B | $7.91B | $8.06B | $8.32B |
| Gross profit | $970.4M | $1.05B | $1.13B | $1.12B | $1.02B | $1.22B | $1.27B | $1.25B |
| Gross margin | +15.58% | +13.44% | +13.95% | +13.34% | +11.69% | +13.28% | +13.35% | +12.76% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $719.2M | $628.3M | $713M | $751.2M | $697.4M | $802.9M | $806.86M | $854.48M |
| Total operating expenses | $764.1M | $700.3M | $719.9M | $903.1M | $697.4M | $856.11M | $884.05M | $907.05M |
| Operating income | $206.3M | $348.8M | $409.5M | $212M | $325.2M | $352.37M | $365.22M | $375.26M |
| Operating margin | +3.31% | +4.47% | +5.06% | +2.54% | +3.72% | +3.84% | +3.84% | +3.83% |
| EBITDA | $296.1M | $461.1M | $460.6M | $414.4M | $422M | $466.43M | $495.31M | $491.6M |
| EBIT | $206.2M | $348.7M | $339.9M | $307.8M | $316.4M | $354.56M | $368.99M | $374.55M |
| Below the line | ||||||||
| Interest expense | $28.6M | $41.1M | $82.3M | $85M | $96.4M | $97.81M | $96.99M | $102.5M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$26.5M | -$38.8M | -$78.5M | -$78.4M | -$105.3M | — | — | — |
| Pre-tax income | $179.8M | $310M | $331M | $133.6M | $219.9M | $251.01M | $259.26M | $268.91M |
| Income tax expense | $53.5M | $79.6M | $79.7M | $52.2M | $57.6M | $76.13M | $75.07M | $81.84M |
| Earnings | ||||||||
| Net income | $126.3M | $230.4M | $251.3M | $81.4M | $162.4M | $179.76M | $187.87M | $190.61M |
| Net income · continuing ops | $126.3M | $230.4M | $251.3M | $81.4M | $162.3M | $182.34M | $189.93M | $199.33M |
| Net margin | +2.03% | +2.95% | +3.10% | +0.97% | +1.86% | +1.96% | +1.98% | +1.95% |
| EPS · basic | $1.87 | $3.43 | $3.81 | $1.29 | $2.61 | $3.99 | $4.35 | $4.58 |
| EPS · diluted | $1.86 | $3.41 | $3.79 | $1.28 | $2.59 | $3.96 | $4.34 | $4.61 |
| EPS · low estimate | — | — | — | — | — | $3.93 | $4.30 | $4.56 |
| EPS · high estimate | — | — | — | — | — | $4.02 | $4.39 | $4.65 |
| Shares · basic | 67.4M | 67.1M | 66M | 63.2M | 62.3M | 62.58M | 62.79M | 62.6M |
| Shares · diluted | 68M | 67.5M | 66.3M | 63.6M | 62.7M | 62.43M | 62.64M | 62.59M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 4 | 1 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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