April 29, 2026
Norwalk, Connecticut - Financial Overview
1st quarter of 2026
-Revenue was $1.85 billion, up 26.7 percent, or 23.6 percent in constant currency¹. On a pro forma basis², revenue declined by 3.7 percent.
-GAAP net loss was $105 million, or $0.84 per share—an improvement of $15 million, or $0.09 per share, compared to the previous year.
-Normalized adjusted net loss was $(10) million, or $(0.11) per share, an improvement of $3 million, or $0.02 per share, compared to the prior year.
-Adjusted net loss was $(51) million, or $(0.43) per share, an improvement of $47 million, or $0.37 per share, compared to the prior year.
-Adjusted operating profit was $72 million, an increase of $50 million year-over-year.
-Adjusted operating margin was 3.9 percent, up 240 basis points year-over-year.
-Operating cash flow was $(144) million, a decrease of $55 million year-over-year, reflecting expected first-quarter seasonality.
-Free cash flow was $(165) million, down $56 million from the previous year. The full-year free cash flow forecast of approximately $250 million remains unchanged, implying cash generation of over $400 million during the remaining three quarters.
