TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
187% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
40% of assets
Over 40% of assets
Shareholder dissentYes
67% lowest support
Any vote under 80% support
Buyer economics 0 of 4
Low revenue per employeeNo
$515K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.5 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$430M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $551M | $742M | $817M | $879M | $979M | ▲ 11% | |
|---|
| Operating income | $112M | $165M | $189M | $136M | $238M | ▲ 75% | |
|---|
| Net income | $41M | $93M | $57M | $31M | $137M | ▲ 335% | |
|---|
| Operating cash flow | $193M | $218M | $206M | $224M | $256M | ▲ 14% | |
|---|
| Capex | $25M | $48M | $57M | $71M | $119M | ▲ 68% | |
|---|
| Stock-based comp | $14M | $17M | $17M | $23M | $25M | ▲ 9.7% | |
|---|
| Buybacks | $100M | $125M | $100M | $200M | $133M | ▼ 33% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Aug 11, 2023 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 3.6% | Passive |
| Oct 28, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 4.4% | Active |
| Jul 14, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 5.3% | Active |
| Feb 3, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D | 5.0% | Passive |
| Jan 4, 2022 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D/A | 6.7% | Passive |
| Dec 10, 2021 | PLATINUM EQUITY LLC | SC 13D/A | 0.0% | Passive |
| Aug 30, 2021 | INCLUSIVE CAPITAL PARTNERS, L.P. | SC 13D | 11.5% | Active |
| Aug 27, 2021 | PLATINUM EQUITY LLC | SC 13D/A | 8.7% | Passive |
| Aug 24, 2021 | PLATINUM EQUITY LLC | SC 13D/A | 5.8% | Passive |
| Feb 4, 2020 | PLATINUM EQUITY LLC | SC 13D/A | 15.0% | Passive |
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 | $6M | $1M | 167 | 105 |
| FY2024 | $6M | $4M | 180 | 101 |
| FY2023 | $9M | $17M | 172 | 95 |
| FY2022 | $4M | $4M | 103 | 80 |
| FY2021 | $3M | $5M | 115 | 96 |