ACRE

Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings
Price to Sales 4.60 6.05 4.98 6.04 4.75
Book Value Per Common Share 9.90 11.56 13.73 14.39 14.14
Price to Book 0.59 0.90 0.75 1.01 0.84
Price to Operating Cash Flow 9.02 12.02 9.30 12.75 12.37
Price to Free Cash Flow
Enterprise Value to EBITDA 141564.07 96189.12 126827.31
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Price to Earnings
Price to Sales 5.95 9.51 16.98 7.31 10.20 21.68 6.86 10.74 18.73 6.94 12.16 30.50 8.56 12.39 22.25
Book Value Per Common Share 9.47 9.52 9.88 9.90 10.34 10.68 11.04 11.56 12.62 12.77 13.15 13.73 14.09 14.44 14.54 14.39 14.31 14.45 14.23 14.14
Price to Book 0.48 0.50 0.47 0.59 0.68 0.62 0.67 0.90 0.75 0.79 0.69 0.75 0.74 0.85 1.07 1.01 1.05 1.02 0.96 0.84
Price to Operating Cash Flow 14.79 20.30 31.69 13.38 18.05 35.61 14.10 23.88 44.08 12.61 20.51 45.18 20.34 28.02 47.59
Price to Free Cash Flow
Enterprise Value to EBITDA 191860.16 515577.55 194016.57 1062892.58 165598.92 213944.66 395921.16 138365.05 178149.83 301909.33

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY -25.05 -13.03 4.68 23.43
EBITDA YoY -44.47 126.92
Net Profit YoY -50.74 176.83
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Earning YoY
Revenue YoY 51.27 84.06 46.93 89.86 46.38 94.30 55.46 104.68 60.79 110.88
EBITDA YoY 154.16 -61.13 -25.57 10.39 67.44 32.17 110.69
Net Profit YoY 2.46 61.91 29.84 111.91

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 1.17 2.03 2.73 1.19 2.27
Quick Ratio
Current Ratio
Debt to Equity 2.24 2.64 2.38 2.88 3.08
Long-Term Debt to Equity
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Cash Per Common Share 1.55 1.64 2.29 1.17 1.27 1.30 1.83 2.04 1.12 2.62 2.82 2.59 1.52 0.52 0.29 1.07 0.39 2.01 2.85 2.24
Quick Ratio
Current Ratio
Debt to Equity 1.67 1.75 1.80 2.24 2.44 2.55 2.51 2.64 2.46 2.47 2.40 2.38 2.56 2.43 2.65 2.88 2.67 2.32 2.63 3.08
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -1.70 1.18 2.30 1.13
ROE -6.21 3.98 8.91 4.62
Gross Margin
Operating Margin -50.27 -41.87 28.32 59.94 26.84
EBITDA Margin -36.22 -35.16 37.04 69.82 37.98
Net Profit Margin -41.83 27.88 59.23 26.41
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
ROA 0.21 0.62 -1.25 -0.89 -0.58 0.02 -0.36 -0.26 0.99 0.97 0.64 1.76 1.48 0.75
ROE 0.57 1.72 -4.32 -3.17 -2.05 0.08 -1.25 -0.90 3.50 3.34 2.35 6.44 4.91 2.73
Gross Margin
Operating Margin 7.79 -5.12 64.40 -46.66 -51.98 -65.92 0.79 -16.65 -23.88 35.43 53.76 67.88 61.01 75.85 75.04
EBITDA Margin 31.08 18.50 87.58 -34.75 -40.62 -55.00 6.43 -11.45 -18.89 44.94 63.29 77.37 71.19 86.60 86.67
Net Profit Margin 7.12 62.52 -46.66 -51.98 -65.93 0.72 -16.78 -24.30 35.16 53.35 67.44 60.18 74.53 74.16

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 1,751,206.00 2,279,777.00 2,523,002.00 2,631,838.00 1,929,497.00
      Cash and Short-Term Investments 63,799.00 110,459.00 141,278.00 50,615.00 74,776.00
            Cash and Cash Equivalents 63,799.00 110,459.00 141,278.00 50,615.00 74,776.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 136,224.00 159,885.00 65,969.00 23,939.00 23,604.00
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 0 0 0
      Property, Plant, Equipment Net 0 0 0 0 0
      Real Estate 197,876.00 83,284.00 0 36,602.00 37,283.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0
Liabilities 1,211,074.00 1,653,928.00 1,775,462.00 1,953,210.00 1,456,482.00
      Payables and Expenses 0 0 0 0 0
            Account Payables 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0
      Short-Term Debt 0 0 0 0 0
      Other Current Liabilities 0 0 0 0 0
      Long-Term Debt 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0
Equity 540,132.00 625,849.00 747,540.00 678,628.00 473,015.00
   Shareholders Equity 540,132.00 625,849.00 747,540.00 678,628.00 473,015.00
      Capital Stock 532.00 532.00 537.00 465.00 329.00
      Share Premium 816,923.00 812,184.00 812,788.00 703,950.00 497,803.00
      Retained Earnings -277,360.00 -187,020.00 -73,326.00 -28,631.00 -25,117.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 37.00 153.00 7,541.00 2,844.00 0
   Minority Interest 0 0 0 0 0
Investments 9,067,589.00 902,964,890.00 899,301,043.00 986,836,812.00 9,767,950.00
Debt 128,062.00 254,055.00 253,660.00 221,963.00 231,627.00
Net Debt 64,263.00 143,596.00 112,382.00 171,348.00 156,851.00
Common Shares Outstanding 54,542.18 54,149.22 54,443.98 47,144.06 33,442.33
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 69,650.00 92,926.00 106,849.00 102,069.00 82,696.00
Interest Expense 0.00 0.00 0.00 0.00 0.00
Net Interest 51,732.00 88,956.00 104,177.00 83,551.00 69,103.00
Non-Interest Expense 37,930.00 28,513.00 32,728.00 40,877.00 36,311.00
   Selling, General and Administrative Expenses 10,456.00 10,298.00 9,744.00 7,177.00 6,372.00
EBT -35,011.00 -38,906.00 30,257.00 61,182.00 22,192.00
Income Tax 18.00 39.00 472.00 722.00 352.00
Net Income 0 -38,867.00 29,785.00 60,460.00 21,840.00
EBIT -35,011.00 -38,906.00 30,257.00 61,182.00 22,192.00
Deprecation and Amortization 9,783.00 6,230.00 9,318.00 10,083.00 9,214.00
EBITDA -25,228.00 -32,676.00 39,575.00 71,265.00 31,406.00
EPS 0 0 0 0 0
Average Shares Outstanding Basic 54,446.37 54,282.00 51,679.74 42,399.61 32,977.46
Average Shares Outstanding Diluted 54,446.37 54,282.00 52,126.26 42,681.50 33,196.51
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 35,549.00 46,789.00 57,157.00 48,350.00 31,762.00
   Operating Net Income -139,972.00 -38,867.00 29,785.00 60,460.00 21,840.00
   Deprecation and Amortization 9,783.00 6,230.00 9,318.00 10,083.00 9,214.00
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 4,739.00 3,991.00 2,876.00 1,940.00 1,339.00
   Change in Working Capital -1,649.00 21,690.00 18,836.00 19,737.00 14,793.00
   Other Operating Activities 162,648.00 53,745.00 -3,658.00 -43,870.00 -15,424.00
Investing Cash Flow 427,914.00 127,460.00 193,173.00 -699,685.00 -81,867.00
   Capital Expenditure 0.00 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 0 0 0 0 0
   Net Purchase/Sale of Investments Net 19,333.00 0 27,872.00 144.00 274.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Net Loan & Lease Activity 47,112.00 201,292.00 661,233.00 1,249,628.00 528,692.00
   Other Investing Activities 361,469.00 -73,832.00 -495,932.00 -1,949,457.00 -610,833.00
Financing Cash Flow -507,628.00 -205,068.00 -159,667.00 627,174.00 119,246.00
   Net Issuance/Repayment of Debt 372,896.00 55,051.00 241,966.00 705,466.00 6,967.00
   Net Issuance/Repurchase of Equity 0 4,600.00 106,267.00 204,779.00 73,232.00
   Dividends Paid 59,640.00 75,954.00 71,807.00 58,424.00 42,765.00
   Other Financing Activities -940,164.00 -340,673.00 -579,707.00 -341,495.00 -3,718.00
Net Change in Cash -44,165.00 -30,819.00 90,663.00 -24,161.00 69,141.00
   Cash at Beginning of Period 110,459.00 141,278.00 50,615.00 74,776.00 5,635.00
   Cash at End of Period 66,294.00 110,459.00 141,278.00 50,615.00 74,776.00
Free Cash Flow 0 0 0 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Assets 1,391,867.00 1,438,638.00 1,519,621.00 1,751,206.00 1,940,603.00 2,069,755.00 2,110,697.00 2,279,777.00 2,363,176.00 2,400,011.00 2,444,320.00 2,523,002.00 2,727,186.00 2,696,334.00 2,515,805.00 2,631,838.00 2,466,685.00 2,256,835.00 2,090,803.00 1,929,497.00
      Cash and Short-Term Investments 84,869.00 89,985.00 125,496.00 63,799.00 68,881.00 70,649.00 99,518.00 110,459.00 61,017.00 142,603.00 153,764.00 141,278.00 77,297.00 25,625.00 13,759.00 50,615.00 15,787.00 75,671.00 97,944.00 74,776.00
            Cash and Cash Equivalents 84,869.00 89,985.00 125,496.00 63,799.00 68,881.00 70,649.00 99,518.00 110,459.00 61,017.00 142,603.00 153,764.00 141,278.00 77,297.00 25,625.00 13,759.00 50,615.00 15,787.00 75,671.00 97,944.00 74,776.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 115,345.00 117,695.00 131,433.00 136,224.00 144,068.00 137,403.00 139,763.00 159,885.00 112,432.00 108,114.00 87,502.00 65,969.00 46,060.00 27,613.00 20,452.00 23,939.00 22,691.00 16,893.00 20,895.00 23,604.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Real Estate 189,443.00 192,224.00 194,347.00 197,876.00 416,477.00 177,956.00 82,499.00 83,284.00 84,094.00 0 0 0 0 0 0 36,602.00 36,695.00 36,860.00 37,059.00 37,283.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liabilities 870,884.00 914,939.00 977,477.00 1,211,074.00 1,376,850.00 1,487,492.00 1,509,608.00 1,653,928.00 1,680,218.00 1,708,820.00 1,726,017.00 1,775,462.00 1,960,109.00 1,910,334.00 1,826,471.00 1,953,210.00 1,793,942.00 1,577,798.00 1,514,830.00 1,456,482.00
      Payables and Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
            Account Payables 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Short-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity 520,983.00 523,699.00 542,144.00 540,132.00 563,753.00 582,263.00 601,089.00 625,849.00 682,958.00 691,191.00 718,303.00 747,540.00 767,077.00 786,000.00 689,334.00 678,628.00 672,743.00 679,037.00 575,973.00 473,015.00
   Shareholders Equity 520,983.00 523,699.00 542,144.00 540,132.00 563,753.00 582,263.00 601,089.00 625,849.00 682,958.00 691,191.00 718,303.00 747,540.00 767,077.00 786,000.00 689,334.00 678,628.00 672,743.00 679,037.00 575,973.00 473,015.00
      Capital Stock 532.00 532.00 532.00 532.00 532.00 532.00 532.00 532.00 532.00 532.00 537.00 537.00 537.00 537.00 467.00 465.00 464.00 464.00 399.00 329.00
      Share Premium 819,934.00 818,910.00 817,973.00 816,923.00 815,802.00 814,620.00 813,468.00 812,184.00 811,147.00 810,161.00 813,748.00 812,788.00 812,050.00 811,411.00 707,579.00 703,950.00 701,370.00 700,994.00 598,936.00 497,803.00
      Retained Earnings -299,483.00 -295,771.00 -276,368.00 -277,360.00 -252,771.00 -233,082.00 -213,145.00 -187,020.00 -129,387.00 -120,489.00 -99,111.00 -73,326.00 -56,889.00 -38,337.00 -29,170.00 -28,631.00 -29,110.00 -22,538.00 -23,625.00 -25,117.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 0 28.00 7.00 37.00 190.00 193.00 234.00 153.00 666.00 987.00 3,129.00 7,541.00 11,379.00 12,389.00 10,458.00 2,844.00 19.00 117.00 263.00 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 6,575,557.00 6,956,185.00 7,205,283.00 9,067,589.00 668,217,544.00 751,292,937.00 784,185,333.00 902,964,890.00 885,851,740.00 897,719,228.00 857,854,119.00 899,301,043.00 943,477,959.00 1,040,152,613.00 1,040,843,310.00 986,836,812.00 1,147,818,948.00 1,128,644,679.00 1,198,923,717.00 9,767,950.00
Debt 99,088.00 108,780.00 118,437.00 128,062.00 127,828.00 242,160.00 254,157.00 254,055.00 253,955.00 253,854.00 253,756.00 253,660.00 253,564.00 171,742.00 194,304.00 221,963.00 167,343.00 163,878.00 160,273.00 231,627.00
Net Debt 14,219.00 18,795.00 0 64,263.00 58,947.00 171,511.00 154,639.00 143,596.00 192,938.00 111,251.00 99,992.00 112,382.00 176,267.00 146,117.00 180,545.00 171,348.00 151,556.00 88,207.00 62,329.00 156,851.00
Common Shares Outstanding 55,022.29 55,005.35 54,856.98 54,542.18 54,532.39 54,518.73 54,422.61 54,149.22 54,136.27 54,136.27 54,606.83 54,443.98 54,438.36 54,438.36 47,412.44 47,144.06 47,001.82 47,001.12 40,477.84 33,442.33
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Revenues 41,618.00 27,513.00 14,948.00 -36,671.00 52,141.00 35,488.00 18,692.00 -60,440.00 75,374.00 51,491.00 26,501.00 -42,784.00 76,440.00 49,170.00 24,023.00 -35,866.00 71,958.00 44,754.00 21,223.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Interest 24,777.00 16,307.00 9,291.00 -32,582.00 40,522.00 28,578.00 15,214.00 -63,601.00 74,565.00 51,491.00 26,501.00 -37,440.00 73,768.00 46,498.00 21,351.00 -33,034.00 59,687.00 38,333.00 18,565.00
Non-Interest Expense 31,412.00 21,412.00 10,662.00 -14,849.00 26,769.00 17,459.00 8,551.00 -10,899.00 19,908.00 13,306.00 6,198.00 -20,433.00 24,895.00 17,758.00 10,508.00 -14,404.00 28,814.00 17,929.00 8,538.00
   Selling, General and Administrative Expenses 7,525.00 5,265.00 2,597.00 -5,435.00 7,949.00 5,328.00 2,614.00 -4,772.00 7,494.00 5,120.00 2,456.00 -5,062.00 7,337.00 5,078.00 2,391.00 -3,866.00 5,350.00 3,751.00 1,942.00
EBT 3,243.00 -1,409.00 9,626.00 20,086.00 -24,330.00 -18,446.00 -12,321.00 -24,597.00 594.00 -8,574.00 -6,329.00 -39,567.00 27,083.00 26,435.00 16,306.00 -32,591.00 43,900.00 33,948.00 15,925.00
Income Tax 280.00 281.00 281.00 13.00 1.00 2.00 2.00 -183.00 48.00 64.00 110.00 -45.00 208.00 204.00 105.00 -649.00 593.00 593.00 185.00
Net Income 2,963.00 0 9,345.00 0 -24,329.00 -18,448.00 -12,323.00 -24,336.00 546.00 -8,638.00 -6,439.00 -39,522.00 26,875.00 26,231.00 16,201.00 -31,942.00 43,307.00 33,355.00 15,740.00
EBIT 3,243.00 -1,409.00 9,626.00 20,086.00 -24,330.00 -18,446.00 -12,321.00 -24,597.00 594.00 -8,574.00 -6,329.00 -39,567.00 27,083.00 26,435.00 16,306.00 -32,591.00 43,900.00 33,948.00 15,925.00
Deprecation and Amortization 9,691.00 6,498.00 3,465.00 -2,498.00 6,209.00 4,032.00 2,040.00 -2,027.00 4,255.00 2,679.00 1,323.00 -4,918.00 7,271.00 4,685.00 2,280.00 -4,523.00 7,327.00 4,809.00 2,470.00
EBITDA 12,934.00 5,089.00 13,091.00 17,588.00 -18,121.00 -14,414.00 -10,281.00 -26,624.00 4,849.00 -5,895.00 -5,006.00 -44,485.00 34,354.00 31,120.00 18,586.00 -37,114.00 51,227.00 38,757.00 18,395.00
EPS 0 0 0 0.00 0 0 0 0.00 0 0 0 -0.00 0 0 0 -0.00 0 0 0
Diluted EPS 0 0 0 0.00 0 0 0 0.00 0 0 0 0.00 0 0 0 0.00 0 0 0
Average Shares Outstanding Basic 54,863.82 54,842.96 54,828.75 54,548.81 54,429.01 54,411.25 54,396.40 53,728.15 54,339.44 54,468.75 54,591.65 59,867.91 50,753.92 48,892.75 47,204.40 56,609.64 40,840.45 37,731.32 34,417.04
Average Shares Outstanding Diluted 55,746.94 54,842.96 55,694.94 54,548.81 54,429.01 54,411.25 54,396.40 53,024.38 55,043.21 54,468.75 54,591.65 60,320.97 51,193.24 49,336.27 47,654.55 56,858.39 41,120.75 38,025.93 34,720.95
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Operating Cash Flow 16,727.00 12,890.00 8,010.00 -24,351.00 28,477.00 20,045.00 11,378.00 -24,325.00 36,702.00 23,156.00 11,256.00 -30,277.00 42,067.00 29,152.00 16,215.00 -11,635.00 30,280.00 19,781.00 9,924.00
   Operating Net Income 8,889.00 -5,070.00 37,380.00 -84,872.00 -24,329.00 -18,448.00 -12,323.00 -24,336.00 546.00 -8,638.00 -6,439.00 -39,522.00 26,875.00 26,231.00 16,201.00 -31,942.00 43,307.00 33,355.00 15,740.00
   Deprecation and Amortization 9,691.00 6,498.00 3,465.00 -2,498.00 6,209.00 4,032.00 2,040.00 -2,027.00 4,255.00 2,679.00 1,323.00 -4,918.00 7,271.00 4,685.00 2,280.00 -4,523.00 7,327.00 4,809.00 2,470.00
   Deferred Income Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Share Based Compensation 3,012.00 1,987.00 1,050.00 -2,598.00 3,617.00 2,436.00 1,284.00 -1,884.00 2,950.00 1,965.00 960.00 -1,493.00 2,138.00 1,465.00 766.00 -1,045.00 1,446.00 1,018.00 521.00
   Change in Working Capital -389.00 -417.00 -2,668.00 -2,445.00 23.00 628.00 145.00 -26,304.00 20,238.00 17,482.00 10,274.00 12,947.00 10,303.00 1,066.00 -5,480.00 -8,666.00 17,136.00 9,613.00 1,654.00
   Other Operating Activities -4,476.00 9,892.00 -31,217.00 68,062.00 42,957.00 31,397.00 20,232.00 30,226.00 8,713.00 9,668.00 5,138.00 2,709.00 -4,520.00 -4,295.00 2,448.00 34,541.00 -38,936.00 -29,014.00 -10,461.00
Investing Cash Flow 438,194.00 324,998.00 298,739.00 -95,069.00 255,246.00 133,721.00 134,016.00 -73,513.00 41,613.00 89,302.00 70,058.00 243,647.00 -63,954.00 -76,200.00 89,680.00 314,701.00 -575,079.00 -307,953.00 -131,354.00
   Capital Expenditure 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Investments Net 8,667.00 870.00 88.00 18,222.00 1,111.00 0 0 0 0 0 0 0.00 27,872.00 0 0 32.00 86.00 26.00 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Net Loan & Lease Activity 47,112.00 201,292.00 661,233.00 1,249,628.00 528,692.00
   Other Investing Activities 313,380.00 303,489.00 291,406.00 -89,055.00 218,780.00 109,963.00 121,781.00 21,051.00 -140,903.00 -5,247.00 51,267.00 924,884.00 -683,790.00 -606,729.00 -130,297.00 632,725.00 -1,457,751.00 -773,192.00 -351,239.00
Financing Cash Flow -397,339.00 -310,047.00 -243,960.00 164,118.00 -321,835.00 -193,576.00 -156,335.00 133,469.00 -158,576.00 -111,133.00 -68,828.00 -87,543.00 48,569.00 22,058.00 -142,751.00 -292,301.00 485,810.00 289,067.00 144,598.00
   Net Issuance/Repayment of Debt 338,263.00 318,434.00 304,049.00 -144,095.00 253,710.00 135,055.00 128,226.00 -72,940.00 43,020.00 42,865.00 42,106.00 -45,277.00 196,858.00 62,110.00 28,275.00 -1,069,478.00 622,341.00 578,046.00 574,557.00
   Net Issuance/Repurchase of Equity 0 0 0 0 0 0 0 -4,600.00 4,600.00 4,600.00 0 -109,141.00 106,267.00 106,267.00 2,874.00 -301,411.00 202,660.00 202,660.00 100,870.00
   Dividends Paid 30,645.00 22,278.00 13,924.00 -36,431.00 45,831.00 32,019.00 18,221.00 -39,959.00 57,873.00 38,693.00 19,347.00 -30,892.00 52,611.00 33,414.00 16,674.00 -19,974.00 41,901.00 25,373.00 11,124.00
   Other Financing Activities -766,247.00 -650,759.00 -561,933.00 344,644.00 -621,376.00 -360,650.00 -302,782.00 250,968.00 -264,069.00 -197,291.00 -130,281.00 97,767.00 -307,167.00 -179,733.00 -190,574.00 1,098,562.00 -381,092.00 -517,012.00 -541,953.00
Net Change in Cash 57,582.00 27,841.00 62,789.00 44,698.00 -38,112.00 -39,810.00 -10,941.00 35,631.00 -80,261.00 1,325.00 12,486.00 125,827.00 26,682.00 -24,990.00 -36,856.00 10,765.00 -58,989.00 895.00 23,168.00
   Cash at Beginning of Period 66,294.00 66,294.00 66,294.00 21,596.00 110,459.00 110,459.00 110,459.00 74,828.00 141,278.00 141,278.00 141,278.00 15,451.00 50,615.00 50,615.00 50,615.00 39,850.00 74,776.00 74,776.00 74,776.00
   Cash at End of Period 123,876.00 94,135.00 129,083.00 66,294.00 72,347.00 70,649.00 99,518.00 110,459.00 61,017.00 142,603.00 153,764.00 141,278.00 77,297.00 25,625.00 13,759.00 50,615.00 15,787.00 75,671.00 97,944.00
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0