TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support
Buyer economics 0 of 4
Low revenue per employeeNo
$416K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.9 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$273M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $384M | $276M | $285M | $316M | $333M | ▲ 5.5% | |
|---|
| Operating income | $12M | −$43M | −$8M | −$13M | −$24M | ▼ 90% | |
|---|
| Net income | −$3M | −$41M | −$27M | −$22M | −$38M | ▼ 78% | |
|---|
| Operating cash flow | $54M | $1M | $53M | $41M | $23M | ▼ 44% | |
|---|
| Capex | $55M | $45M | $55M | — | — | | |
|---|
| Stock-based comp | $23M | $18M | −$10M | $6M | $8M | ▲ 21% | |
|---|
| Buybacks | $0 | — | — | — | — | | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Jan 29, 2025 | JS Capital Management LLC | SCHEDULE 13D/A | 73.4% | Passive |
| Sep 13, 2024 | JS Capital Management LLC | SC 13D/A | 38.0% | Passive |
| Dec 27, 2021 | ASALI OMAR | SC 13D/A | 5.0% | Passive |
| Feb 3, 2021 | JS Capital Management LLC | SC 13D/A | 43.4% | Passive |
| Sep 10, 2020 | JS Capital Management LLC | SC 13D/A | 43.5% | Passive |
| Aug 7, 2020 | JS Capital Management LLC | SC 13D/A | 48.1% | Passive |
| Dec 13, 2019 | JS Capital Management LLC | SC 13D/A | 48.3% | Passive |
| Jun 13, 2019 | ASALI OMAR | SC 13D | 11.9% | Passive |
| Jun 13, 2019 | JS Capital Management LLC | SC 13D | 55.2% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|
| FY2025 | $2M | −$1M | 40 | 88 |
| FY2024 | $2M | $515K | 51 | 103 |
| FY2023 | $3M | $733K | 43 | 92 |
| FY2022 | $1M | −$35M | 43 | 87 |
| FY2021 | $23M | $42M | 280 | 109 |