Overview: Q1 FY2025 revenue of $4.904b, gross profit $1.811b, gross margin 36.94%, operating income $0.957b, operating margin 19.52%, EBITDA $1.218b, net income $0.698b, EPS $5.43 (basic), $5.34 (diluted). YoY changes: revenue +1.17%, gross profit +3.05%, operating income +6.93%, net income +7.31%, EPS +7.10%. QoQ changes: revenue -5.45%, gross profit -3.38%, operating income -10.63%, net income -11.03%, EPS -10.98%. Balance sheet: cash $0.371b; total debt $10.189b; net debt $9.818b; cash and equivalents to short-term liquidity remains tight with current ratio 0.959 and quick ratio 0.567. Free cash flow $0.649b; capex $0.095b; financing activity net -$0.711b. Leverage: debt/EBITDA approx 8.0x (based on trailing EBITDA $1.217b); interest coverage ~8.5x. Valuation signals: P/E ~28.8x, P/B ~6.24x, P/S ~16.4x, EV/EBITDA ~74x. Note: four-quarter data shows a softer Q1 2025 vs prior quarter, with higher seasonal volumes in Q4 prior year. Highlights on cash-generating efficiency and deleveraging needs are central to the investment thesis.