All values in $Billions unless noted
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $605M | $595M -1.6% | $559M -6.0% | $618M +10.5% | $586M -5.1% | $664M +13.2% | $767M +15.6% | $929M +21.1% | $1.04B +12.2% | $1.08B +3.7% |
| Cost of Revenue | $410M | $409M -0.3% | $425M +4.0% | $502M +18.0% | $472M -5.9% | $529M +12.1% | $614M +16.1% | $719M +17.0% | $781M +8.6% | $802M +2.7% |
| Gross Profit | $194M | $186M -4.5% | $134M -27.9% | $116M -13.4% | $114M -1.6% | $134M +17.8% | $153M +13.7% | $210M +37.4% | $262M +24.6% | $280M +7.0% |
| OPERATING EXPENSES | ||||||||||
| Research & Development | $55M | $58M +5.4% | $72M +24.6% | $88M +21.9% | $84M -3.8% | $98M +15.8% | $112M +14.6% | $127M +13.4% | $138M +8.6% | $145M +5.4% |
| Selling, General & Admin | $48M | $46M -4.7% | $53M +14.3% | $65M +22.8% | $61M -4.9% | $68M +10.8% | $73M +7.3% | $81M +11.1% | $90M +10.6% | $94M +4.4% |
| Depreciation & Amort. | $9M | $9M -0.3% | $9M -4.9% | $8M -7.3% | $9M +12.0% | $8M -11.5% | $7M -15.8% | $6M -13.7% | $6M +9.5% | $6M +0.3% |
| Operating Income (EBIT) | $194M | $186M -4.5% | $134M -27.9% | $116M -13.4% | $114M -1.6% | $134M +17.8% | $153M +13.7% | $210M +37.4% | $262M +24.6% | $280M +7.0% |
| Pre-Tax Income | $194M | $186M -4.5% | $134M -27.9% | $116M -13.4% | $114M -1.6% | $134M +17.8% | $153M +13.7% | $210M +37.4% | $262M +24.6% | $280M +7.0% |
| Income Tax Expense | $72M | $68M -4.9% | $32M -53.9% | $30M -3.9% | $27M -12.5% | $24M -11.1% | $29M +23.6% | $37M +27.2% | $48M +30.6% | $66M +36.1% |
| Net Income | $124M | $116M -6.2% | $105M -10.1% | $86M -18.1% | $87M +1.7% | $110M +26.6% | $129M +16.7% | $177M +36.9% | $218M +23.7% | $220M +0.7% |
| EBITDA | $203M | $195M -4.3% | $143M -26.8% | $124M -13.0% | $123M -0.7% | $142M +15.6% | $159M +12.0% | $216M +35.3% | $268M +24.2% | $286M +6.8% |
| Stock-Based Comp. | $16M | $16M +1.9% | $20M +22.4% | $32M +60.3% | $33M +4.8% | $43M +29.7% | $59M +37.2% | $72M +20.6% | $93M +30.2% | $111M +19.4% |
| PER SHARE DATA | ||||||||||
| EPS (Basic) | $1.73 | $1.68 -2.9% | $1.58 -6.1% | $1.33 -15.8% | $1.37 +3.1% | $1.74 +26.8% | $2.05 +18.0% | $2.86 +39.0% | $3.56 +24.7% | $3.64 +2.1% |
| EPS (Diluted) | $1.73 | $1.68 -2.9% | $1.58 -6.1% | $1.33 -15.8% | $1.37 +3.1% | $1.74 +26.8% | $2.05 +18.0% | $2.86 +39.0% | $3.56 +24.7% | $3.64 +2.1% |
| Shares Outstanding | 72M | 69M -3.5% | 66M -4.3% | 64M -2.7% | 64M -1.3% | 63M -0.1% | 63M -1.1% | 62M -1.5% | 61M -0.8% | 60M -1.4% |
| PROFITABILITY RATIOS | ||||||||||
| Gross Margin | 32.1% | 31.2% -0.9pp | 23.9% -7.3pp | 18.8% -5.2pp | 19.5% +0.7pp | 20.2% +0.8pp | 19.9% -0.3pp | 22.6% +2.7pp | 25.1% +2.5pp | 25.9% +0.8pp |
| Operating Margin | 32.1% | 31.2% -0.9pp | 23.9% -7.3pp | 18.8% -5.2pp | 19.5% +0.7pp | 20.2% +0.8pp | 19.9% -0.3pp | 22.6% +2.7pp | 25.1% +2.5pp | 25.9% +0.8pp |
| Net Margin | 20.5% | 19.6% -1.0pp | 18.7% -0.9pp | 13.9% -4.8pp | 14.9% +1.0pp | 16.6% +1.8pp | 16.8% +0.2pp | 19.0% +2.2pp | 20.9% +1.9pp | 20.3% -0.6pp |
| EBITDA Margin | 33.6% | 32.7% -0.9pp | 25.5% -7.3pp | 20.1% -5.4pp | 21.0% +0.9pp | 21.4% +0.5pp | 20.8% -0.7pp | 23.2% +2.4pp | 25.7% +2.5pp | 26.5% +0.8pp |
All values in $Billions
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| CURRENT ASSETS | ||||||||||
| Cash & Equivalents | $96M | $126M +31.3% | $99M -21.0% | $111M +11.7% | $205M +85.0% | $264M +28.8% | $225M -14.5% | $271M +20.1% | $266M -1.7% | $329M +23.5% |
| Short-term Investments | $0K | $0K | $1M | $0K -100.0% | $0K | $0K | $0K | $0K | $0K | $0K |
| Accounts Receivable | $100M | $92M -8.0% | $100M +8.5% | $101M +0.8% | $109M +8.2% | $124M +13.9% | $167M +34.0% | $181M +8.6% | $205M +13.4% | $215M +4.5% |
| Total Current Assets | $207M | $228M +10.2% | $215M -5.6% | $232M +7.7% | $334M +44.0% | $408M +22.3% | $415M +1.7% | $479M +15.4% | $503M +5.0% | $583M +15.9% |
| NON-CURRENT ASSETS | ||||||||||
| Property, Plant & Equipment | $19M | $15M -18.5% | $14M -7.6% | $23M +58.7% | $18M -21.2% | $14M -22.4% | $13M -7.8% | $12M -7.9% | $14M +18.4% | $23M +65.5% |
| Goodwill | $62M | $62M +0.0% | $62M -0.0% | $62M -0.0% | $62M +0.0% | $62M -0.0% | $62M -0.0% | $62M +0.0% | $62M -0.0% | $62M +0.0% |
| Total Assets | $297M | $315M +6.0% | $307M -2.5% | $372M +21.2% | $465M +25.0% | $540M +16.0% | $570M +5.6% | $673M +18.1% | $758M +12.5% | $839M +10.8% |
| LIABILITIES | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts Payable | $12M | $14M +16.4% | $18M +29.6% | $21M +13.1% | $18M -13.4% | $20M +10.2% | $26M +31.0% | $25M -4.6% | $27M +8.6% | $22M -16.7% |
| Total Current Liabilities | $118M | $124M +5.6% | $145M +16.9% | $182M +25.0% | $197M +8.5% | $249M +26.4% | $316M +26.7% | $366M +15.9% | $400M +9.4% | $456M +13.9% |
| NON-CURRENT LIABILITIES | ||||||||||
| Total Liabilities | $128M | $140M +9.6% | $160M +14.3% | $230M +43.7% | $247M +7.2% | $289M +17.3% | $343M +18.8% | $395M +15.1% | $458M +16.0% | $525M +14.4% |
| EQUITY | ||||||||||
| Retained Earnings | $185M | $186M +0.8% | $163M -12.2% | $159M -2.4% | $237M +48.3% | $270M +14.1% | $254M -6.0% | $305M +20.1% | $329M +8.1% | $345M +4.8% |
| Total Stockholders' Equity | $169M | $175M +3.3% | $147M -15.9% | $142M -3.3% | $219M +53.9% | $251M +14.5% | $227M -9.5% | $278M +22.7% | $299M +7.5% | $315M +5.2% |
| KEY BALANCE SHEET METRICS | ||||||||||
| Working Capital (CA - CL) | $89M | $104M +16.2% | $70M -32.5% | $50M -28.1% | $137M +171.7% | $159M +16.3% | $100M -37.4% | $113M +13.5% | $103M -9.1% | $127M +23.8% |
All values in $Billions
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||||||||
| Net Income | $124M | $116M -6.2% | $105M -10.1% | $86M -18.1% | $87M +1.7% | $110M +26.6% | $129M +16.7% | $177M +36.9% | $218M +23.7% | $220M +0.7% |
| Depreciation & Amort. | $9M | $9M -0.3% | $9M -4.9% | $8M -7.3% | $9M +12.0% | $8M -11.5% | $7M -15.8% | $6M -13.7% | $6M +9.5% | $6M +0.3% |
| Stock-Based Comp. | $16M | $16M +1.9% | $20M +22.4% | $32M +60.3% | $33M +4.8% | $43M +29.7% | $59M +37.2% | $72M +20.6% | $93M +30.2% | $111M +19.4% |
| Net Cash from Operations | $139M | $164M +17.7% | $137M -16.3% | $147M +7.0% | $141M -4.1% | $185M +31.4% | $180M -3.0% | $246M +37.1% | $295M +19.8% | $389M +32.0% |
| INVESTING ACTIVITIES | ||||||||||
| Capital Expenditures | $7M | $6M -9.4% | $7M +17.9% | $15M +108.0% | $3M -82.0% | $4M +47.1% | $7M +64.0% | $5M -28.2% | $9M +83.4% | $15M +78.2% |
| Net Cash from Investing | $3M | -$6M -271.8% | -$10M -70.5% | -$14M -39.8% | -$3M +80.2% | -$4M -47.1% | -$7M -64.0% | -$5M +28.2% | -$9M -83.4% | -$15M -78.2% |
| FINANCING ACTIVITIES | ||||||||||
| Share Repurchases | $168M | $132M -21.6% | $149M +13.4% | $121M -18.6% | $44M -64.1% | $120M +176.4% | $204M +69.8% | $196M -4.1% | $286M +46.1% | $315M +10.1% |
| Net Cash from Financing | -$163M | -$132M +19.0% | -$149M -13.4% | -$121M +18.6% | -$44M +64.1% | -$120M -176.4% | -$204M -69.8% | -$196M +4.1% | -$286M -46.1% | -$315M -10.1% |
| SUMMARY | ||||||||||
| Free Cash Flow (OCF − CapEx) | $133M | $158M +19.1% | $130M -17.6% | $132M +1.3% | $138M +4.9% | $181M +31.1% | $173M -4.5% | $241M +39.6% | $286M +18.6% | $374M +30.6% |
| Ending Cash Position | $96M | $126M +31.3% | $99M -21.0% | $111M +11.7% | $205M +85.0% | $264M +28.8% | $225M -14.5% | $271M +20.1% | $266M -1.7% | $329M +23.5% |
| CASH QUALITY METRICS | ||||||||||
| OCF / Net Income | 112.2% | 140.9% +28.7pp | 131.2% -9.7pp | 171.3% +40.1pp | 161.5% -9.8pp | 167.6% +6.1pp | 139.3% -28.3pp | 139.4% +0.2pp | 135.1% -4.3pp | 177.1% +42.0pp |
| FCF / Revenue | 21.9% | 26.6% +4.6pp | 23.3% -3.3pp | 21.3% -1.9pp | 23.6% +2.2pp | 27.3% +3.7pp | 22.6% -4.7pp | 26.0% +3.4pp | 27.5% +1.5pp | 34.6% +7.1pp |
| CapEx / OCF | 4.9% | 3.8% -1.1pp | 5.3% +1.5pp | 10.3% +5.0pp | 1.9% -8.4pp | 2.2% +0.2pp | 3.7% +1.5pp | 1.9% -1.7pp | 2.9% +1.0pp | 4.0% +1.0pp |