Income statement
| In USD | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.5B | $4.23B | $5.34B | $4.2B | $3.95B | $3.83B | $4.12B | $4.43B | $4.82B |
| Cost of revenue | $3.07B | $3.63B | $4.45B | $3.7B | $577.46M | $2.4B | $2.51B | $2.71B | $3.06B |
| Gross profit | $425.44M | $599.64M | $889.51M | $503.66M | $3.37B | $1.49B | $1.56B | $1.64B | $1.88B |
| Gross margin | +12.17% | +14.17% | +16.66% | +11.98% | +85.37% | +38.81% | +37.78% | +37.07% | +38.90% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $288.37M | $323.72M | $368.82M | $152.73M | $113.7M | $172.8M | $188.89M | $198.62M | $219.23M |
| Total operating expenses | $319.61M | $361.18M | $414.78M | $291.43M | $3.23B | $1.26B | $1.3B | $1.43B | $1.56B |
| Operating income | $105.83M | $238.46M | $474.72M | $212.23M | $140.29M | $225.31M | $244.74M | $266.13M | $286.16M |
| Operating margin | +3.03% | +5.63% | +8.89% | +5.05% | +3.55% | +5.89% | +5.94% | +6.01% | +5.93% |
| EBITDA | $229.12M | $349.91M | $629.19M | $407.09M | $339.57M | $373.1M | $411.14M | $438.25M | $481.45M |
| EBIT | $105.44M | $219.28M | $475.46M | $222.64M | $147.01M | $222.55M | $252.02M | $261.83M | $289.87M |
| Below the line | |||||||||
| Interest expense | $9.75M | $7.3M | $7.51M | $13.44M | $14.46M | $10.4M | $11.7M | $11.9M | $13.68M |
| Interest income | $403K | $0 | $874K | $10.01M | $6.89M | $5.63M | $5.82M | $6.4M | $6.73M |
| Other income / expense | -$9.73M | -$7.55M | -$6.76M | -$3.03M | -$7.75M | — | — | — | — |
| Pre-tax income | $96.1M | $230.91M | $467.96M | $209.2M | $132.55M | $216.24M | $233.59M | $252.56M | $266.74M |
| Income tax expense | $22.54M | $59.44M | $111.01M | $41.68M | $28.5M | $46.04M | $50.78M | $54.99M | $59.96M |
| Earnings | |||||||||
| Net income | $73.56M | $171.47M | $356.95M | $167.53M | $103.99M | $172.37M | $177.96M | $195.82M | $220.08M |
| Net income · continuing ops | $73.56M | $171.47M | $356.95M | $167.53M | $104.04M | $168.6M | $182.86M | $191.3M | $216.14M |
| Net margin | +2.10% | +4.05% | +6.68% | +3.99% | +2.64% | +4.50% | +4.32% | +4.42% | +4.56% |
| EPS · basic | $1.11 | $2.56 | $5.37 | $2.65 | $1.72 | $1.46 | $2.08 | $2.51 | $3.68 |
| EPS · diluted | $1.10 | $2.53 | $5.32 | $2.62 | $1.70 | $1.44 | $2.04 | $2.48 | $3.66 |
| EPS · low estimate | — | — | — | — | — | $1.36 | $1.91 | $2.36 | $3.49 |
| EPS · high estimate | — | — | — | — | — | $1.54 | $2.21 | $2.63 | $3.89 |
| Shares · basic | 66.36M | 66.87M | 66.42M | 63.32M | 60.62M | 60.63M | 61.06M | 60.67M | 61.18M |
| Shares · diluted | 67.09M | 67.78M | 67.12M | 63.95M | 61.1M | 60.7M | 60.86M | 60.61M | 60.86M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 6 | 4 | 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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