Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.11B | $2.58B | $2.84B | $3.05B | $2.97B | $2.66B | $2.58B | $2.7B | $2.94B |
| Cost of revenue | $623.56M | $783.15M | $859.18M | $909.27M | $922.61M | $792.82M | $774.54M | $813.57M | $905.78M |
| Gross profit | $1.48B | $1.79B | $1.98B | $2.14B | $2.05B | $1.85B | $1.8B | $1.9B | $2.09B |
| Gross margin | +70.42% | +69.60% | +69.77% | +70.19% | +68.94% | +69.84% | +69.85% | +70.12% | +70.90% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $151.46M | $177.28M | $199.35M | $168.36M | $117.05M | $147.79M | $144.46M | $149.02M | $163.18M |
| Total operating expenses | $972.52M | $1.18B | $1.29B | $1.37B | $3.25B | $1.76B | $1.75B | $1.82B | $1.93B |
| Operating income | $512.17M | $613.46M | $690.45M | $769.7M | -$1.2B | $81.34M | $77.7M | $80.31M | $89.21M |
| Operating margin | +24.29% | +23.81% | +24.29% | +25.24% | -40.47% | +3.06% | +3.01% | +2.97% | +3.03% |
| EBITDA | $1.62B | $1.77B | $1.45B | $1.9B | $360.45M | $1.13B | $1.08B | $1.12B | $1.21B |
| EBIT | $796.45M | $764.9M | $355.2M | $696.57M | -$990.03M | $18.15M | $17.2M | $18.15M | $20.14M |
| Below the line | |||||||||
| Interest expense | $142.17M | $94.2M | $74.2M | $185.84M | $226.7M | $141.19M | $138.65M | $145.65M | $157.42M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $142.11M | $57.24M | -$409.46M | -$258.97M | -$14.45M | — | — | — | — |
| Pre-tax income | $654.28M | $670.7M | $280.99M | $510.73M | -$1.22B | -$129.03M | -$122.7M | -$128.8M | -$139.4M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 | -$0 | -$0 | -$0 | -$0 |
| Earnings | |||||||||
| Net income | $571.25M | $521.66M | $103.64M | $322.95M | -$1.43B | -$300.11M | -$294.34M | -$306.05M | -$331.93M |
| Net income · continuing ops | $654.28M | $670.7M | $280.99M | $510.73M | -$1.22B | -$125.6M | -$121.7M | -$132.59M | -$142.87M |
| Net margin | +27.10% | +20.25% | +3.65% | +10.59% | -48.15% | -11.30% | -11.41% | -11.32% | -11.28% |
| EPS · basic | $3.83 | $3.18 | $0.54 | $1.80 | $-8.44 | $1.83 | $-0.20 | $0.11 | $0.38 |
| EPS · diluted | $3.82 | $3.18 | $0.54 | $1.80 | $-8.44 | $1.85 | $-0.19 | $0.11 | $0.38 |
| EPS · low estimate | — | — | — | — | — | $1.84 | $-0.20 | $-0.27 | $0.36 |
| EPS · high estimate | — | — | — | — | — | $1.86 | $-0.18 | $0.64 | $0.40 |
| Shares · basic | 146.92M | 161.66M | 170.91M | 172.07M | 170.39M | 171.71M | 169.26M | 170.9M | 171.04M |
| Shares · diluted | 147.46M | 161.66M | 170.91M | 172.07M | 170.39M | 169.82M | 171.53M | 172.03M | 169.52M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 5 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 4 | 4 | 2 |
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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