Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.89B | $3.11B | $3.27B | $3.41B | $3.48B | $3.49B | $3.59B | $3.63B | $3.59B |
| Cost of revenue | $1.03B | $1.14B | $1.22B | $1.32B | $1.37B | $1.37B | $1.34B | $1.39B | $1.42B |
| Gross profit | $1.85B | $1.97B | $2.06B | $2.09B | $2.11B | $2.11B | $2.24B | $2.2B | $2.19B |
| Gross margin | +64.20% | +63.47% | +62.85% | +61.20% | +60.56% | +60.58% | +62.30% | +60.75% | +60.88% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $164.06M | $161.83M | $187.93M | $176.47M | $168.79M | $182.26M | $189.44M | $187.97M | $190.16M |
| Total operating expenses | $881.4M | $911.6M | $1.02B | $1.06B | $168.79M | $774.4M | $783.74M | $827.73M | $805.43M |
| Operating income | $973.08M | $1.06B | $1.04B | $1.02B | $1.94B | $1.38B | $1.39B | $1.38B | $1.43B |
| Operating margin | +33.69% | +34.15% | +31.73% | +29.99% | +55.71% | +39.61% | +38.70% | +38.15% | +39.82% |
| EBITDA | $1.78B | $2.21B | $1.7B | $1.62B | $1.94B | $1.77B | $1.83B | $1.83B | $1.9B |
| EBIT | $1.06B | $1.46B | $871M | $729.31M | $1.03B | $886M | $911.77M | $948.04M | $912.8M |
| Below the line | |||||||||
| Interest expense | $423.35M | $437.14M | $572.87M | $645.12M | $647.66M | $632.45M | $662.93M | $662.58M | $651.89M |
| Interest income | $5.7M | $11.94M | $63.26M | $60.2M | $0 | $41.75M | $43.41M | $45.55M | $45.04M |
| Other income / expense | -$341.14M | -$40.85M | -$747.23M | -$937.74M | -$1.56B | — | — | — | — |
| Pre-tax income | $631.93M | $1.02B | $291.42M | $84.19M | $384M | $263.39M | $271.39M | $276.35M | $262.68M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Earnings | |||||||||
| Net income | $505.2M | $848.95M | $190.22M | $14.27M | $276.8M | $161.21M | $171.59M | $168.18M | $172.61M |
| Net income · continuing ops | $631.93M | $1.02B | $291.42M | $84.19M | $384M | $262.33M | $271.01M | $276.2M | $272.55M |
| Net margin | +17.49% | +27.31% | +5.81% | +0.42% | +7.95% | +4.63% | +4.78% | +4.64% | +4.80% |
| EPS · basic | $3.18 | $5.42 | $1.21 | $0.09 | $1.75 | $1.94 | $1.82 | $2.01 | $2.03 |
| EPS · diluted | $3.17 | $5.40 | $1.21 | $0.09 | $1.74 | $1.96 | $1.79 | $1.99 | $2.01 |
| EPS · low estimate | — | — | — | — | — | $1.94 | $1.74 | $1.55 | $1.89 |
| EPS · high estimate | — | — | — | — | — | $1.96 | $1.82 | $2.48 | $2.11 |
| Shares · basic | 156.12M | 156.73M | 157.2M | 157.47M | 159.08M | 160.04M | 158.96M | 160.04M | 158.76M |
| Shares · diluted | 156.38M | 157.14M | 157.2M | 157.79M | 158.87M | 158.07M | 157.69M | 157.6M | 160.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 4 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 4 | 2 |
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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