INC Research (INCR) financial statements

· Market cap $284M

INC Research reported revenue of 239M ILS in fiscal 2024, up 93.0% a year over 5 years.

Net income was -68M ILS and the operating margin -28.1%, against -38.3% in 2019.

Free cash flow was -71M ILS.

The diluted share count rose 97% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (ILS).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/INCR/financials">INC Research financials</a> on Investingly</p>

Income statement

Fiscal years, in ILS, from INC Research's 10-K filings with the SEC.

Fiscal year	2019	2020	2021	2022	2023	2024
Revenue	9M ILS	65M ILS	220M ILS	389M ILS	356M ILS	239M ILS
Cost of revenue	7M ILS	35M ILS	124M ILS	230M ILS	247M ILS	203M ILS
Gross profit	1M ILS	32M ILS	91M ILS	155M ILS	105M ILS	30M ILS
Research and development	2M ILS	2M ILS	1M ILS	632,000 ILS	388,000 ILS	414,000 ILS
Selling, general and admin	12M ILS	9M ILS	27M ILS	36M ILS	43M ILS	54M ILS
Operating income	-3M ILS	-38M ILS	28M ILS	51M ILS	-42M ILS	-67M ILS
Pre-tax income	-7M ILS	-38M ILS	19M ILS	44M ILS	-61M ILS	-87M ILS
Income tax	-673,000 ILS	-2M ILS	11M ILS	93,000 ILS	2M ILS	-15M ILS
Net income	-6M ILS	-37M ILS	5M ILS	45M ILS	-62M ILS	-68M ILS
EPS (diluted)	-0.25 ILS	-1.42 ILS	0.11 ILS	0.99 ILS	-1.36 ILS	-1.48 ILS
Diluted shares	23M	25M	38M	45M	46M	46M
Gross margin	16.6%	49.2%	41.5%	39.9%	29.6%	12.7%
Operating margin	-38.3%	-59.0%	12.8%	13.0%	-11.7%	-28.1%
Net margin	-66.0%	-57.2%	2.1%	11.5%	-17.4%	-28.4%

Balance sheet

Fiscal years, in ILS, from INC Research's 10-K filings with the SEC.

Fiscal year	2019	2020	2021	2022	2023	2024
Cash and short-term investments	27M ILS	38M ILS	197M ILS	233M ILS	101M ILS	79M ILS
Inventory	—	19M ILS	62M ILS	140M ILS	105M ILS	120M ILS
Total current assets	—	77M ILS	336M ILS	527M ILS	419M ILS	392M ILS
Property, plant and equipment	—	53M ILS	87M ILS	103M ILS	97M ILS	105M ILS
Goodwill	—	190M ILS	268M ILS	284M ILS	221M ILS	225M ILS
Total assets	282M ILS	326M ILS	697M ILS	958M ILS	787M ILS	763M ILS
Total current liabilities	—	30M ILS	194M ILS	313M ILS	226M ILS	227M ILS
Long-term debt	—	388,000 ILS	12M ILS	100M ILS	82M ILS	114M ILS
Total liabilities	-26M ILS	34M ILS	227M ILS	437M ILS	330M ILS	365M ILS
Shareholders' equity	256M ILS	275M ILS	448M ILS	501M ILS	455M ILS	397M ILS
Net debt	-27M ILS	-37M ILS	-114M ILS	-6M ILS	69M ILS	105M ILS

Cash flow

Fiscal years, in ILS, from INC Research's 10-K filings with the SEC.

Fiscal year	2019	2020	2021	2022	2023	2024
Operating cash flow	-12M ILS	8M ILS	30M ILS	51M ILS	-54M ILS	-67M ILS
Capital spending	28M ILS	21M ILS	14M ILS	20M ILS	3M ILS	4M ILS
Free cash flow	-40M ILS	-13M ILS	16M ILS	32M ILS	-56M ILS	-71M ILS
Stock-based compensation	68M ILS	10M ILS	6M ILS	9M ILS	3M ILS	2M ILS
Net borrowing	-174,000 ILS	665,000 ILS	72M ILS	143M ILS	-57M ILS	13M ILS
Free cash flow margin	-444.9%	-19.9%	7.3%	8.1%	-15.8%	-29.9%

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Questions

What was INC Research's revenue in 2024?

239M ILS in fiscal 2024, from its 10-K filing.

How much free cash flow does INC Research generate?

-71M ILS in fiscal 2024 (operating cash flow minus capital spending).

From INC Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.