Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $13.33B | $17.84B | $15.54B | $19.38B | $16.97B | $23.59B | $25.71B | $26.61B | $25.67B |
| Cost of revenue | $13.27B | $14.02B | $10.37B | $11.68B | $14B | $16.5B | $17.87B | $18.16B | $17.46B |
| Gross profit | $60M | $3.81B | $5.17B | $7.69B | $2.97B | $7.33B | $7.53B | $8.17B | $7.68B |
| Gross margin | +0.45% | +21.38% | +33.27% | +39.70% | +17.52% | +31.06% | +29.28% | +30.71% | +29.90% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.05B | $1.18B | $1.26B | $1.47B | $1.64B | $1.94B | $2.15B | $2.24B | $2.2B |
| Total operating expenses | $1.05B | $1.18B | $1.26B | $1.47B | $1.64B | $1.95B | $2.21B | $2.18B | $2.21B |
| Operating income | -$988M | $2.64B | $3.91B | $6.23B | $1.34B | $5.25B | $5.54B | $5.96B | $5.42B |
| Operating margin | -7.41% | +14.79% | +25.18% | +32.14% | +7.87% | +22.24% | +21.56% | +22.38% | +21.13% |
| EBITDA | $852M | $1.29B | $4.62B | $7.19B | $5.25B | $7.47B | $8.43B | $8.83B | $8.28B |
| EBIT | -$1.12B | -$707M | $2.75B | $4.56B | $2.3B | $4.22B | $4.58B | $4.78B | $4.66B |
| Below the line | |||||||||
| Interest expense | $598M | $853M | $749M | $1.09B | $1.18B | $1.39B | $1.53B | $1.52B | $1.45B |
| Interest income | $0 | $19M | $86M | $65M | $0 | $69.4M | $76.34M | $78.75M | $76.92M |
| Other income / expense | -$734M | -$4.2B | -$1.91B | -$2.76B | -$212M | — | — | — | — |
| Pre-tax income | -$1.72B | -$1.56B | $2B | $3.47B | $1.12B | $2.87B | $3.24B | $3.24B | $3.12B |
| Income tax expense | -$458M | -$350M | $508M | $655M | $179M | $602.7M | $637.48M | $671.79M | $628.21M |
| Earnings | |||||||||
| Net income | -$1.27B | -$1.23B | $1.49B | $2.66B | $944M | $2.22B | $2.46B | $2.56B | $2.44B |
| Net income · continuing ops | -$1.26B | -$1.21B | $1.49B | $2.81B | $944M | $2.34B | $2.59B | $2.59B | $2.56B |
| Net margin | -9.56% | -6.88% | +9.61% | +13.72% | +5.56% | +9.39% | +9.57% | +9.60% | +9.49% |
| EPS · basic | $-2.62 | $-3.26 | $3.63 | $7.16 | $2.21 | $8.99 | $11.36 | $13.29 | $14.91 |
| EPS · diluted | $-2.62 | $-3.26 | $3.58 | $7.00 | $2.21 | $8.93 | $11.27 | $13.06 | $14.71 |
| EPS · low estimate | — | — | — | — | — | $8.00 | $9.51 | $10.56 | $10.99 |
| EPS · high estimate | — | — | — | — | — | $10.36 | $13.04 | $16.97 | $18.19 |
| Shares · basic | 482.21M | 422.45M | 369.77M | 344.79M | 339.8M | 337.31M | 338.78M | 339.92M | 339.85M |
| Shares · diluted | 482.21M | 422.45M | 375.19M | 352.57M | 339.8M | 339.58M | 342.56M | 342.94M | 337.8M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 8 | 6 |
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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