Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $4.23B | $4.11B | $10.37B | $11.3B | $13.02B | $14.18B | $14.77B | $15.34B |
| Cost of revenue | $3.67B | $3.5B | $6.47B | $7.15B | $9.35B | $9.16B | $9.74B | $9.79B |
| Gross profit | $567M | $614M | $3.9B | $4.15B | $3.67B | $4.77B | $4.98B | $5.22B |
| Gross margin | +13.39% | +14.94% | +37.61% | +36.76% | +28.18% | +33.66% | +33.72% | +34.03% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.21B | $1.38B | $1.55B | $1.67B | $579M | $1.59B | $1.64B | $1.75B |
| Total operating expenses | $1.21B | $1.38B | $1.55B | $1.69B | $579M | $1.57B | $1.71B | $1.7B |
| Operating income | -$643M | -$770M | $2.36B | $2.47B | $3.09B | $3.26B | $3.32B | $3.49B |
| Operating margin | -15.19% | -18.73% | +22.71% | +21.83% | +23.73% | +23.01% | +22.47% | +22.75% |
| EBITDA | $188M | $351M | $3.92B | $4.11B | $4.5B | $5.14B | $5.33B | $5.45B |
| EBIT | -$853M | -$685M | $2.59B | $2.69B | $2.96B | $3.43B | $3.54B | $3.68B |
| Below the line | ||||||||
| Interest expense | $621M | $702M | $818M | $727M | $746M | $957.93M | $960.65M | $1.02B |
| Interest income | $4M | $116M | $288M | $275M | $161M | $304.59M | $316.99M | $323.91M |
| Other income / expense | -$831M | -$617M | -$580M | -$506M | -$876M | — | — | — |
| Pre-tax income | -$1.47B | -$1.39B | $1.78B | $1.96B | $2.21B | $2.41B | $2.53B | $2.63B |
| Income tax expense | -$5M | $154M | $344M | $208M | $347M | $374.51M | $387.58M | $402.53M |
| Earnings | ||||||||
| Net income | -$961M | -$1.02B | $1.22B | $1.45B | $1.63B | $1.73B | $1.79B | $1.86B |
| Net income · continuing ops | -$1.47B | -$1.54B | $1.43B | $1.75B | $1.87B | $2.03B | $2.21B | $2.27B |
| Net margin | -22.70% | -24.82% | +11.77% | +12.80% | +12.50% | +12.24% | +12.12% | +12.12% |
| EPS · basic | $-1.26 | $-1.40 | $1.60 | $1.97 | $2.35 | $3.33 | $3.58 | $3.97 |
| EPS · diluted | $-1.51 | $-1.40 | $1.60 | $1.96 | $2.35 | $3.32 | $3.60 | $3.91 |
| EPS · low estimate | — | — | — | — | — | $3.10 | $3.27 | $3.74 |
| EPS · high estimate | — | — | — | — | — | $3.54 | $3.98 | $4.24 |
| Shares · basic | 764M | 764M | 763M | 735M | 691M | 692.79M | 687.47M | 692.03M |
| Shares · diluted | 764M | 764M | 765M | 737M | 693M | 690.16M | 695.63M | 687.87M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 8 |
| Analysts (EPS) | — | — | — | — | — | 9 | 10 | 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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