Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.1B | $1.41B | $1.59B | $1.81B | $2.76B | $2.84B | $2.96B | $3.03B | $3.09B |
| Cost of revenue | $945.64M | $1.19B | $1.37B | $1.63B | $2.4B | $2.53B | $2.59B | $2.68B | $2.71B |
| Gross profit | $159.29M | $223.37M | $223.2M | $182.47M | $355.39M | $347.64M | $372.8M | $365.34M | $389.26M |
| Gross margin | +14.42% | +15.82% | +14.03% | +10.06% | +12.89% | +12.25% | +12.60% | +12.04% | +12.60% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $56.15M | $55.02M | $57.97M | $108.75M | $121.38M | $130.94M | $142.03M | $145.55M | $143.03M |
| Total operating expenses | $86.62M | $55.02M | $57.97M | $108.75M | $121.38M | $134.16M | $138.06M | $145.52M | $143.9M |
| Operating income | $72.67M | $168.34M | $165.24M | $73.72M | $234.01M | $219.47M | $231.04M | $226.72M | $230.79M |
| Operating margin | +6.58% | +11.92% | +10.38% | +4.06% | +8.48% | +7.73% | +7.81% | +7.47% | +7.47% |
| EBITDA | $123.96M | $182.41M | $222.7M | $140.25M | $366.32M | $324.15M | $352.15M | $350.25M | $366.24M |
| EBIT | $96.88M | $149.51M | $186.43M | $92.19M | $268.05M | $256.17M | $253.75M | $265.56M | $272.33M |
| Below the line | |||||||||
| Interest expense | $3.87M | $8.04M | $20.13M | $34.38M | $107.22M | $68.1M | $69.74M | $72.15M | $73.7M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $20.34M | -$26.87M | $1.06M | -$15.91M | -$73.18M | — | — | — | — |
| Pre-tax income | $93.02M | $141.49M | $166.3M | $57.81M | $160.84M | $184.29M | $193.47M | $202.06M | $195.31M |
| Income tax expense | $22.13M | $36.12M | $45.34M | $16.77M | $45.39M | $50.5M | $54.02M | $55.19M | $58.02M |
| Earnings | |||||||||
| Net income | $70.89M | $105.35M | $120.97M | $41.04M | $115.44M | $132.75M | $137.21M | $143.39M | $148.13M |
| Net income · continuing ops | $70.89M | $105.35M | $120.97M | $41.04M | $115.44M | $129.48M | $142.29M | $138.53M | $143.98M |
| Net margin | +6.42% | +7.46% | +7.60% | +2.26% | +4.19% | +4.68% | +4.64% | +4.72% | +4.79% |
| EPS · basic | $1.35 | $2.05 | $2.42 | $0.78 | $1.83 | $4.09 | $4.56 | $5.05 | $5.81 |
| EPS · diluted | $1.32 | $2.01 | $2.39 | $0.78 | $1.83 | $4.07 | $4.49 | $5.02 | $5.77 |
| EPS · low estimate | — | — | — | — | — | $4.04 | $4.39 | $4.98 | $5.73 |
| EPS · high estimate | — | — | — | — | — | $4.11 | $4.65 | $5.05 | $5.81 |
| Shares · basic | 52.64M | 51.5M | 49.99M | 52.38M | 63.24M | 63.48M | 62.82M | 63.55M | 63.74M |
| Shares · diluted | 53.72M | 52.39M | 50.56M | 52.66M | 63.24M | 62.63M | 63.52M | 62.84M | 63.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 4 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 1 | 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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