Margins Net margin FCF margin-20% 0% 20% FY2012 · Net margin -15.3% · FCF margin 2.7% FY12 Net margin -15.3% FCF margin 2.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin -17.4% · FCF margin 6.2% FY13 Net margin -17.4% FCF margin 6.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin -26.3% · FCF margin 12.7% FY14 Net margin -26.3% FCF margin 12.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin -19.7% · FCF margin 22.9% FY15 Net margin -19.7% FCF margin 22.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin -29.8% · FCF margin 3.8% FY16 Net margin -29.8% FCF margin 3.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin -6.1% · FCF margin 25.7% FY17 Net margin -6.1% FCF margin 25.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin -1.0% · FCF margin 22.5% FY18 Net margin -1.0% FCF margin 22.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 18.1% · FCF margin 28.1% FY19 Net margin 18.1% FCF margin 28.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 2.6% · FCF margin 30.3% FY20 Net margin 2.6% FCF margin 30.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 3.9% · FCF margin 30.5% FY21 Net margin 3.9% FCF margin 30.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 4.5% · FCF margin 30.0% FY22 Net margin 4.5% FCF margin 30.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 19.3% · FCF margin 30.1% FY23 Net margin 19.3% FCF margin 30.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 13.0% · FCF margin 31.1% FY24 Net margin 13.0% FCF margin 31.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 13.2% · FCF margin 34.5% FY25 Net margin 13.2% FCF margin 34.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 13.2% FCF margin 34.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’13 ’16 ’19 ’22 ’25 FY2025: net 13.2% · free cash flow 34.5% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2012 · OCF $48.8M · FCF $6.7M · 0001373715-15-000067 · filed 2015-02-27 FY12 OCF $48.8M FCF $6.7M 0001373715-15-000067 · filed 2015-02-27 FY2013 · OCF $81.7M · FCF $26.4M · 0001373715-16-000324 · filed 2016-02-25 FY13 OCF $81.7M FCF $26.4M 0001373715-16-000324 · filed 2016-02-25 FY2014 · OCF $140.9M · FCF $86.6M · 0001373715-17-000026 · filed 2017-02-28 FY14 OCF $140.9M FCF $86.6M 0001373715-17-000026 · filed 2017-02-28 FY2015 · OCF $317.8M · FCF $230.3M · 0001373715-18-000058 · filed 2018-02-28 FY15 OCF $317.8M FCF $230.3M 0001373715-18-000058 · filed 2018-02-28 FY2016 · OCF $159.1M · FCF $53.5M · 0001373715-19-000070 · filed 2019-02-27 FY16 OCF $159.1M FCF $53.5M 0001373715-19-000070 · filed 2019-02-27 FY2017 · OCF $642.9M · FCF $492.4M · 0001373715-20-000072 · filed 2020-02-20 FY17 OCF $642.9M FCF $492.4M 0001373715-20-000072 · filed 2020-02-20 FY2018 · OCF $811.1M · FCF $586.6M · 0001373715-21-000061 · filed 2021-02-12 FY18 OCF $811.1M FCF $586.6M 0001373715-21-000061 · filed 2021-02-12 FY2019 · OCF $1.24B · FCF $971.0M · 0001373715-22-000024 · filed 2022-02-03 FY19 OCF $1.24B FCF $971.0M 0001373715-22-000024 · filed 2022-02-03 FY2020 · OCF $1.79B · FCF $1.37B · 0001373715-23-000035 · filed 2023-01-31 FY20 OCF $1.79B FCF $1.37B 0001373715-23-000035 · filed 2023-01-31 FY2021 · OCF $2.19B · FCF $1.80B · 0001373715-24-000030 · filed 2024-01-25 FY21 OCF $2.19B FCF $1.80B 0001373715-24-000030 · filed 2024-01-25 FY2022 · OCF $2.72B · FCF $2.17B · 0001373715-25-000010 · filed 2025-01-30 FY22 OCF $2.72B FCF $2.17B 0001373715-25-000010 · filed 2025-01-30 FY2023 · OCF $3.40B · FCF $2.70B · 0001373715-26-000007 · filed 2026-01-29 FY23 OCF $3.40B FCF $2.70B 0001373715-26-000007 · filed 2026-01-29 FY2024 · OCF $4.27B · FCF $3.42B · 0001373715-26-000007 · filed 2026-01-29 FY24 OCF $4.27B FCF $3.42B 0001373715-26-000007 · filed 2026-01-29 FY2025 · OCF $5.44B · FCF $4.58B · 0001373715-26-000007 · filed 2026-01-29 FY25 OCF $5.44B FCF $4.58B 0001373715-26-000007 · filed 2026-01-29 FY25 OCF $5.44B FCF $4.58B 0001373715-26-000007 · filed 2026-01-29 ’13 ’16 ’19 ’22 ’25
FY2025: $5.44B operating cash − $868.0M capex = $4.58B free cash flow
Returns on capital Return on equity Return on assets-100% -50% 0% FY2012 · ROE -15.3% · ROA -7.8% FY12 ROE -15.3% ROA -7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE -18.7% · ROA -6.3% FY13 ROE -18.7% ROA -6.3% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE -41.8% · ROA -12.6% FY14 ROE -41.8% ROA -12.6% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE -35.0% · ROA -11.0% FY15 ROE -35.0% ROA -11.0% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -107.1% · ROA -20.4% FY16 ROE -107.1% ROA -20.4% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -15.0% · ROA -3.3% FY17 ROE -15.0% ROA -3.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE -2.4% · ROA -0.7% FY18 ROE -2.4% ROA -0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 29.5% · ROA 10.4% FY19 ROE 29.5% ROA 10.4% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 4.2% · ROA 1.4% FY20 ROE 4.2% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 6.2% · ROA 2.1% FY21 ROE 6.2% ROA 2.1% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 6.5% · ROA 2.4% FY22 ROE 6.5% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 22.7% · ROA 10.0% FY23 ROE 22.7% ROA 10.0% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 14.8% · ROA 7.0% FY24 ROE 14.8% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 13.5% · ROA 6.7% FY25 ROE 13.5% ROA 6.7% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 13.5% ROA 6.7% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’16 ’19 ’22 ’25 return on equity -15% (FY2012) → 13% (FY2025) · on assets 6.7%
Balance sheet Liabilities Equity$0 $10B $20B FY2011 · Liabilities $145.6M · Equity −$57.4M FY11 Liabilities $145.6M Equity −$57.4M 0001373715-13-000004 · filed 2013-03-08 FY2012 · Liabilities $234.7M · Equity $243.4M FY12 Liabilities $234.7M Equity $243.4M 0001373715-14-000044 · filed 2014-02-28 FY2013 · Liabilities $774.2M · Equity $394.3M FY13 Liabilities $774.2M Equity $394.3M 0001373715-15-000067 · filed 2015-02-27 FY2014 · Liabilities $996.1M · Equity $428.7M FY14 Liabilities $996.1M Equity $428.7M 0001373715-16-000324 · filed 2016-02-25 FY2015 · Liabilities $1.24B · Equity $566.8M FY15 Liabilities $1.24B Equity $566.8M 0001373715-17-000026 · filed 2017-02-28 FY2016 · Liabilities $1.65B · Equity $387.0M FY16 Liabilities $1.65B Equity $387.0M 0001373715-18-000058 · filed 2018-02-28 FY2017 · Liabilities $2.77B · Equity $778.7M FY17 Liabilities $2.77B Equity $778.7M 0001373715-19-000070 · filed 2019-02-27 FY2018 · Liabilities $2.77B · Equity $1.11B FY18 Liabilities $2.77B Equity $1.11B 0001373715-20-000072 · filed 2020-02-20 FY2019 · Liabilities $3.89B · Equity $2.13B FY19 Liabilities $3.89B Equity $2.13B 0001373715-21-000061 · filed 2021-02-12 FY2020 · Liabilities $5.88B · Equity $2.83B FY20 Liabilities $5.88B Equity $2.83B 0001373715-22-000024 · filed 2022-02-03 FY2021 · Liabilities $7.10B · Equity $3.69B FY21 Liabilities $7.10B Equity $3.69B 0001373715-23-000035 · filed 2023-01-31 FY2022 · Liabilities $8.27B · Equity $5.03B FY22 Liabilities $8.27B Equity $5.03B 0001373715-24-000030 · filed 2024-01-25 FY2023 · Liabilities $9.76B · Equity $7.63B FY23 Liabilities $9.76B Equity $7.63B 0001373715-25-000010 · filed 2025-01-30 FY2024 · Liabilities $10.77B · Equity $9.61B FY24 Liabilities $10.77B Equity $9.61B 0001373715-26-000007 · filed 2026-01-29 FY2025 · Liabilities $13.07B · Equity $12.96B FY25 Liabilities $13.07B Equity $12.96B 0001373715-26-000007 · filed 2026-01-29 FY25 Liabilities $13.07B Equity $12.96B 0001373715-26-000007 · filed 2026-01-29 ’13 ’16 ’19 ’22 ’25
FY2025: $26.04B assets · $13.07B liabilities · $12.96B equity