operating margin is about 35% and free cash margin high 20s for last 6 years. 5% lower revenue from this one contract. You do the maths on how much it affects the bottom line. Wouldn't think it'd mattered all that much. Doesn't justify a 12% drop in SP. At current price, the cap rate is over 10% provided FCF remains at the past 5 years average of $70mil a year (this includes a shocking 20-21 with covid) and no growth. If management manages to cut expense like they say they are, by replacing all the human operators with automated system, FCF will go up even more.
