Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.04B | $2.24B | $2.31B | $2.57B | $2.88B | $2.63B | $2.85B | $3.75B |
| Cost of revenue | $1.68B | $1.83B | $1.86B | $2.05B | $2.24B | $2.04B | $2.31B | $2.98B |
| Gross profit | $355.9M | $411.1M | $443.8M | $515.2M | $647.2M | $537.17M | $587.1M | $774.78M |
| Gross margin | +17.48% | +18.33% | +19.23% | +20.05% | +22.45% | +20.39% | +20.59% | +20.66% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $256M | $262.8M | $261.1M | $320M | $307.1M | $305.64M | $321.93M | $440.06M |
| Total operating expenses | $248.6M | $62.1M | $261.1M | $317.6M | $307.1M | $310.04M | $324.95M | $421.68M |
| Operating income | $107.3M | $349M | $182.7M | $197.6M | $340.1M | $240.23M | $263.56M | $352.23M |
| Operating margin | +5.27% | +15.56% | +7.92% | +7.69% | +11.80% | +9.12% | +9.24% | +9.39% |
| EBITDA | $251.3M | $501.3M | $383.5M | $395.9M | $563.1M | $459.02M | $483.7M | $660.25M |
| EBIT | $107M | $347.2M | $224M | $200.9M | $340.1M | $262.33M | $277.72M | $372.24M |
| Below the line | ||||||||
| Interest expense | $23.4M | $31M | $28.1M | $70.9M | $108.8M | $68.32M | $71.9M | $94.02M |
| Interest income | $0 | $1.1M | $4.7M | $7.5M | $6.6M | $6.55M | $6.84M | $9.04M |
| Other income / expense | -$23.7M | -$32.8M | $13.2M | -$67.6M | -$98.8M | — | — | — |
| Pre-tax income | $83.6M | $316.2M | $195.9M | $130M | $241.3M | $187.89M | $208.95M | $277.22M |
| Income tax expense | $14M | $70.4M | $36.7M | $36.3M | $32.9M | $37.97M | $41.04M | $55.32M |
| Earnings | ||||||||
| Net income | $69.6M | $245.8M | $159.2M | $93.7M | $208.4M | $155.53M | $166.91M | $216.87M |
| Net income · continuing ops | $69.6M | $245.8M | $159.2M | $93.7M | $208.4M | $154.72M | $171.13M | $221.33M |
| Net margin | +3.42% | +10.96% | +6.90% | +3.65% | +7.23% | +5.90% | +5.85% | +5.78% |
| EPS · basic | $1.44 | $5.08 | $3.27 | $1.92 | $4.25 | $4.33 | $5.06 | $7.28 |
| EPS · diluted | $1.42 | $5.05 | $3.26 | $1.91 | $4.24 | $4.28 | $5.02 | $7.17 |
| EPS · low estimate | — | — | — | — | — | $4.24 | $4.98 | $7.11 |
| EPS · high estimate | — | — | — | — | — | $4.34 | $5.09 | $7.27 |
| Shares · basic | 48.1M | 48.2M | 48.5M | 48.6M | 48.9M | 48.76M | 49.01M | 48.87M |
| Shares · diluted | 48.6M | 48.5M | 48.7M | 48.8M | 49M | 48.53M | 48.57M | 48.54M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 2 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 2 | 2 | 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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