Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.63B | $3.03B | $3.73B | $4.26B | $5.06B | $5.83B | $6.43B | $7.04B |
| Cost of revenue | $2.16B | $2.51B | $3.14B | $3.59B | $4.26B | $5B | $5.46B | $5.79B |
| Gross profit | $468.21M | $517.99M | $590.76M | $667.59M | $799.45M | $941M | $994.6M | $1.12B |
| Gross margin | +17.82% | +17.12% | +15.84% | +15.67% | +15.81% | +16.13% | +15.47% | +15.94% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $151.76M | $158.81M | $263.01M | $225.14M | $269.82M | $352.68M | $368.88M | $419.25M |
| Total operating expenses | $207.75M | $221.16M | $335.39M | $309.28M | $374.15M | $463.94M | $511.94M | $563.81M |
| Operating income | $260.47M | $296.83M | $255.37M | $358.3M | $425.31M | $449.09M | $515.89M | $553.19M |
| Operating margin | +9.91% | +9.81% | +6.85% | +8.41% | +8.41% | +7.70% | +8.02% | +7.86% |
| EBITDA | $320.84M | $360.38M | $353.24M | $478.52M | $567.94M | $636.83M | $701.46M | $752.16M |
| EBIT | $264.85M | $298.02M | $280.85M | $394.38M | $463.61M | $517.02M | $547.98M | $597.83M |
| Below the line | ||||||||
| Interest expense | $6.85M | $8.93M | $8.09M | $8.29M | $7.99M | $10.8M | $12.26M | $13.06M |
| Interest income | $4.39M | $5.04M | $19.22M | $28.75M | $24.51M | $33.49M | $36.86M | $39.49M |
| Other income / expense | -$2.46M | -$7.74M | $17.4M | $27.79M | $30.32M | — | — | — |
| Pre-tax income | $258M | $289.09M | $272.76M | $386.09M | $455.62M | $502.35M | $530.33M | $608.19M |
| Income tax expense | $60.28M | $64.44M | $62.91M | $87.64M | $111.36M | $112.43M | $130.35M | $137.54M |
| Earnings | ||||||||
| Net income | $194.65M | $224.68M | $209.4M | $297.97M | $343.97M | $388.1M | $425.13M | $447.75M |
| Net income · continuing ops | $197.73M | $224.65M | $209.85M | $298.46M | $344.26M | $380.7M | $412.85M | $456.1M |
| Net margin | +7.41% | +7.43% | +5.61% | +6.99% | +6.80% | +6.65% | +6.61% | +6.36% |
| EPS · basic | $3.57 | $4.09 | $3.76 | $5.26 | $6.00 | $7.86 | $8.52 | $9.53 |
| EPS · diluted | $3.42 | $3.95 | $3.65 | $5.12 | $5.84 | $7.56 | $8.33 | $9.13 |
| EPS · low estimate | — | — | — | — | — | $7.55 | $8.09 | $8.30 |
| EPS · high estimate | — | — | — | — | — | $7.60 | $8.56 | $9.63 |
| Shares · basic | 54.49M | 54.89M | 55.71M | 56.66M | 57.31M | 57.31M | 57.25M | 57.04M |
| Shares · diluted | 56.93M | 56.87M | 57.32M | 58.24M | 58.87M | 58.49M | 59.34M | 59.25M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 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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