Income statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.77B | $3.23B | $3.1B | $3.18B | $2.96B | $2.71B | $2.65B | $2.66B |
| Cost of revenue | $1.81B | $2.15B | $1.88B | $1.91B | $1.82B | $1.62B | $1.58B | $1.66B |
| Gross profit | $960.56M | $1.07B | $1.21B | $1.27B | $1.14B | $1.08B | $1.06B | $1.05B |
| Gross margin | +34.72% | +33.27% | +39.19% | +39.96% | +38.38% | +39.74% | +39.92% | +39.43% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $648.02M | $833.15M | $924.22M | $969.81M | $978.46M | $846.57M | $832.2M | $832.24M |
| Total operating expenses | $648.02M | $833.15M | $924.22M | $969.81M | $978.46M | $863.21M | $846.69M | $842.12M |
| Operating income | $312.55M | $240.22M | $290.1M | $301.27M | $156.55M | $214.29M | $209.39M | $213.82M |
| Operating margin | +11.30% | +7.44% | +9.36% | +9.47% | +5.29% | +7.91% | +7.90% | +8.04% |
| EBITDA | $383.53M | $322.48M | $317.62M | $328.71M | $185.57M | $238.48M | $239.89M | $244.25M |
| EBIT | $312.55M | $240.22M | $290.1M | $301.27M | $156.55M | $215.51M | $213.92M | $213.34M |
| Below the line | ||||||||
| Interest expense | $49.67M | $56.6M | $39.6M | $18.84M | $508K | $17.33M | $16.54M | $16.81M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$41.57M | -$378.39M | -$49.5M | -$31.41M | -$45.88M | — | — | — |
| Pre-tax income | $270.98M | -$138.17M | $240.6M | $269.86M | $110.67M | $180.96M | $179.6M | $182.26M |
| Income tax expense | $70.88M | -$3.79M | $65.86M | $76.57M | $43.32M | $55.92M | $56.18M | $55.06M |
| Earnings | ||||||||
| Net income | $200.59M | -$133.06M | $176.17M | $193.57M | $67.35M | $125.14M | $125.84M | $122.55M |
| Net income · continuing ops | $200.1M | -$134.38M | $174.74M | $193.29M | $67.35M | $124M | $121.12M | $127.55M |
| Net margin | +7.25% | -4.12% | +5.69% | +6.09% | +2.28% | +4.62% | +4.75% | +4.61% |
| EPS · basic | $4.14 | $-2.82 | $3.84 | $4.35 | $1.58 | $2.14 | $2.38 | $2.94 |
| EPS · diluted | $4.05 | $-2.82 | $3.75 | $4.20 | $1.51 | $2.09 | $2.29 | $2.85 |
| EPS · low estimate | — | — | — | — | — | $2.05 | $2.25 | $2.80 |
| EPS · high estimate | — | — | — | — | — | $2.12 | $2.33 | $2.89 |
| Shares · basic | 48.43M | 47.65M | 45.86M | 44.45M | 42.73M | 42.43M | 42.63M | 42.76M |
| Shares · diluted | 49.52M | 47.65M | 47M | 46.12M | 44.5M | 44.68M | 44.1M | 44.93M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 2 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 1 | 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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