Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.34B | $6.99B | $6.98B | $6.57B | $4.27B | $4.07B | $4.13B | $4.21B | $4.49B |
| Cost of revenue | $1.99B | $2.07B | $1.98B | $1.85B | $1.45B | $1.25B | $1.25B | $1.31B | $1.37B |
| Gross profit | $4.35B | $4.92B | $5B | $4.72B | $2.82B | $2.88B | $2.82B | $3.01B | $3.05B |
| Gross margin | +68.56% | +70.40% | +71.64% | +71.88% | +66.07% | +70.83% | +68.29% | +71.38% | +67.84% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $680M | $750M | $759M | $706M | $383M | $405.18M | $428.88M | $434.61M | $452.7M |
| Total operating expenses | $2.35B | $2.49B | $2.63B | $7.66B | $739M | $2.28B | $2.41B | $2.44B | $2.57B |
| Operating income | $2B | $2.43B | $2.37B | -$2.94B | $2.08B | $513.4M | $513.04M | $536.53M | $575.38M |
| Operating margin | +31.56% | +34.71% | +33.93% | -44.73% | +48.75% | +12.63% | +12.41% | +12.74% | +12.82% |
| EBITDA | $3.46B | $4.07B | $4.1B | -$1.24B | $2.77B | $1.38B | $1.44B | $1.47B | $1.53B |
| EBIT | $1.81B | $2.36B | $2.35B | -$2.98B | $2.08B | $509.75M | $524.22M | $507.35M | $540.28M |
| Below the line | |||||||||
| Interest expense | $632M | $673M | $821M | $900M | $959M | $633.75M | $642.33M | $689.42M | $700.92M |
| Interest income | $1M | $3M | $15M | $19M | $13M | $10.81M | $10.88M | $11.53M | $12.1M |
| Other income / expense | -$822M | -$734M | -$841M | -$941M | -$960M | — | — | — | — |
| Pre-tax income | $1.18B | $1.69B | $1.53B | -$3.88B | $1.12B | -$152.22M | -$153.56M | -$157.7M | -$166.14M |
| Income tax expense | $21M | $16M | $26M | $24M | $16M | -$2.32M | -$2.4M | -$2.36M | -$2.49M |
| Earnings | |||||||||
| Net income | $1.1B | $1.68B | $1.5B | -$3.9B | $444M | -$378.09M | -$378.65M | -$383.75M | -$400.11M |
| Net income · continuing ops | $1.16B | $1.68B | $1.5B | -$3.9B | $1.1B | -$166.24M | -$161.7M | -$169.55M | -$181.44M |
| Net margin | +17.29% | +23.98% | +21.52% | -59.42% | +10.41% | -9.30% | -9.16% | -9.11% | -8.91% |
| EPS · basic | $2.54 | $3.87 | $3.46 | $-8.98 | $1.02 | $2.09 | $2.92 | $3.08 | $4.12 |
| EPS · diluted | $2.53 | $3.86 | $3.46 | $-8.98 | $1.02 | $2.10 | $2.88 | $3.05 | $4.09 |
| EPS · low estimate | — | — | — | — | — | $2.07 | $2.63 | $1.95 | $3.97 |
| EPS · high estimate | — | — | — | — | — | $2.13 | $3.14 | $3.91 | $4.39 |
| Shares · basic | 432M | 433M | 434M | 434M | 435M | 435.34M | 438.39M | 434.27M | 438.12M |
| Shares · diluted | 434M | 434M | 434M | 434M | 437M | 440.26M | 436.52M | 440.15M | 437.21M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 8 | 7 | 10 | 4 |
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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