0001013871-26-000012
SEC filingRevenue surged 19.5% to $10.3B from the LSP Portfolio acquisition, but operating income plunged 71.1% and free cash flow turned deeply negative, reflecting integration costs and working capital outflows.
Despite negative free cash flow, the company repurchased $481 million of shares in Q1 2026, reducing shares outstanding and providing support to diluted EPS. The company continues to evaluate its capital allocation priorities, including dividends and debt reduction, in the context of the LSP Portfolio integration.
Management believes the company's liquidity and cash flows will be adequate to meet short- and long-term commitments. However, current economic conditions may affect customers' ability to pay bills, potentially increasing credit losses. The company will continue to evaluate the impact of the Corporate Alternative Minimum Tax (CAMT) based on proposed regulations.