Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.14B | $1.42B | $1.54B | $1.54B | $1.57B | $1.56B | $1.6B | $1.66B | $1.76B |
| Cost of revenue | $447.88M | $529.2M | $584.34M | $599.34M | $607.24M | $609.56M | $621.85M | $627.2M | $674.87M |
| Gross profit | $695.71M | $893.56M | $957.68M | $944.51M | $966.31M | $967.76M | $988.46M | $1.03B | $1.08B |
| Gross margin | +60.84% | +62.80% | +62.11% | +61.18% | +61.41% | +62.01% | +61.90% | +61.84% | +61.63% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $59.37M | $60.41M | $62.51M | $72.37M | $79.34M | $71.22M | $73.81M | $75.76M | $79.84M |
| Total operating expenses | $469.53M | $632.25M | $633.87M | $647.24M | $677.4M | $665.84M | $690.57M | $715.52M | $732.67M |
| Operating income | $226.18M | $261.31M | $323.82M | $297.26M | $288.91M | $306.76M | $305.64M | $332.58M | $347.45M |
| Operating margin | +19.78% | +18.37% | +21.00% | +19.25% | +18.36% | +19.66% | +19.14% | +20.01% | +19.78% |
| EBITDA | $832.26M | $840.05M | $1.12B | $885.6M | $1.15B | $1.04B | $1.08B | $1.12B | $1.18B |
| EBIT | $411.57M | $263.03M | $547.6M | $303.58M | $537.16M | $464.62M | $482.63M | $491.08M | $507.86M |
| Below the line | |||||||||
| Interest expense | $97.3M | $113.42M | $133.4M | $129.82M | $138.24M | $136.87M | $139.12M | $140.08M | $155.68M |
| Interest income | $1.22M | $3.02M | $879K | $4.42M | $256K | $1.82M | $1.94M | $2.01M | $2.13M |
| Other income / expense | $88.09M | $403.16M | $90.39M | -$123.5M | $110.01M | — | — | — | — |
| Pre-tax income | $314.27M | $664.47M | $414.2M | $173.77M | $398.92M | $337.26M | $335.87M | $361.1M | $373.85M |
| Income tax expense | $1.89M | $2.97M | $3.65M | $2.93M | $4.02M | $4.02M | $3.93M | $4.29M | $4.42M |
| Earnings | |||||||||
| Net income | $303.91M | $653.61M | $403.31M | $163.29M | $384.46M | $306.69M | $305.87M | $321.43M | $341.63M |
| Net income · continuing ops | $312.38M | $661.51M | $410.55M | $170.84M | $394.9M | $334.3M | $334.56M | $356.28M | $360.6M |
| Net margin | +26.57% | +45.94% | +26.15% | +10.58% | +24.43% | +19.65% | +19.15% | +19.34% | +19.45% |
| EPS · basic | $2.97 | $6.07 | $3.71 | $1.50 | $3.54 | $1.59 | $1.28 | $1.46 | $2.10 |
| EPS · diluted | $2.96 | $6.03 | $3.70 | $1.50 | $3.54 | $1.58 | $1.27 | $1.44 | $2.12 |
| EPS · low estimate | — | — | — | — | — | $1.55 | $1.24 | $0.65 | $2.03 |
| EPS · high estimate | — | — | — | — | — | $1.60 | $1.30 | $2.20 | $2.24 |
| Shares · basic | 102M | 107.61M | 108.65M | 108.49M | 108.38M | 108.07M | 107.98M | 108.96M | 108.47M |
| Shares · diluted | 102.83M | 108.39M | 109.4M | 108.54M | 108.43M | 108.85M | 109.25M | 107.82M | 107.8M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 3 | 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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