Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $1.77B | $1.38B | $1.43B | $1.51B | $1.6B | $1.7B | $1.77B | $1.84B |
| Cost of revenue | $887.03M | $588.78M | $660.34M | $680.58M | $922.86M | $849.32M | $872.6M | $916.65M |
| Gross profit | $881.72M | $792.78M | $773.85M | $824.65M | $681.28M | $869.45M | $876.93M | $922M |
| Gross margin | +49.85% | +57.38% | +53.96% | +54.79% | +42.47% | +51.18% | +49.67% | +50.01% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $487.87M | $231.23M | $235.47M | $373.03M | $262.38M | $325.39M | $335.91M | $354.22M |
| Total operating expenses | $822.93M | $536.93M | $557.04M | $545.47M | $376.92M | $563.86M | $596.27M | $592.65M |
| Operating income | $58.79M | $255.85M | $216.81M | $279.18M | $304.36M | $298.62M | $317.57M | $313.88M |
| Operating margin | +3.32% | +18.52% | +15.12% | +18.55% | +18.97% | +17.58% | +17.99% | +17.03% |
| EBITDA | $326.5M | $548.42M | $473.27M | $442.41M | $471.8M | $526.52M | $543.36M | $558.74M |
| EBIT | -$45.61M | $255.07M | $214.93M | $268.41M | $296.85M | $295.47M | $307.47M | $321.4M |
| Below the line | ||||||||
| Interest expense | $349M | $334.06M | $421.43M | $401.54M | $395.65M | $445.34M | $482.31M | $503.42M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$453.39M | -$334.84M | -$399.93M | -$412.31M | -$403.16M | — | — | — |
| Pre-tax income | -$394.6M | -$78.99M | -$183.12M | -$133.13M | -$98.8M | -$153.8M | -$159.86M | -$171.49M |
| Income tax expense | -$36.46M | -$89.91M | -$23.68M | -$9.37M | $4.95M | — | — | — |
| Earnings | ||||||||
| Net income | -$433.82M | -$96.6M | -$310.92M | -$179.25M | -$104.65M | -$230.31M | -$231.28M | -$250.76M |
| Net income · continuing ops | -$358.14M | $10.92M | -$159.44M | -$123.76M | -$103.75M | -$142.72M | -$147.93M | -$155.67M |
| Net margin | -24.53% | -6.99% | -21.68% | -11.91% | -6.52% | -13.56% | -13.10% | -13.60% |
| EPS · basic | $-0.92 | $-0.20 | $-0.65 | $-0.37 | $-0.21 | $-0.07 | $0.01 | $0.07 |
| EPS · diluted | $-0.92 | $-0.20 | $-0.65 | $-0.37 | $-0.21 | $-0.07 | $0.01 | $0.07 |
| EPS · low estimate | — | — | — | — | — | $-0.14 | $-0.00 | $0.01 |
| EPS · high estimate | — | — | — | — | — | $0.04 | $0.02 | $0.14 |
| Shares · basic | 468.49M | 474.36M | 481.73M | 488.95M | 496.79M | 495.51M | 499.22M | 495.23M |
| Shares · diluted | 468.49M | 474.36M | 481.73M | 488.95M | 498.4M | 493.79M | 495.3M | 502.37M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 3 | 3 | 3 |
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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