Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -1.89 -10.60
Price to Sales 3.52 5.15 6.46
Book Value Per Common Share 1.66 2.25 2.28 2.52 0.87
Price to Book 0.48 0.47 0.46
Price to Operating Cash Flow -3.27 -4.85 -3.75
Price to Free Cash Flow -3.23 -4.29 -3.74
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-03-31 2020-12-31
Price to Earnings -6.57 -21.58 -9.27 -12.45 -25.25 -24.10
Price to Sales 18.99 53.07 19.50 23.58 16.50 38.25
Book Value Per Common Share 1.38 1.51 1.55 1.66 1.94 1.83 2.25 2.26 2.28 2.44 0.80 0.87
Price to Book 0.67 1.71 0.66 0.48 0.71 0.55 0.47 0.53 0.46
Price to Operating Cash Flow -57.09 -20.32 -5.85 -18.30 -44.30
Price to Free Cash Flow -40.67 -20.04 -5.80 -18.20 -28.97
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY 18.60 20.50 28.18 54.36
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-03-31 2020-12-31
Earning YoY
Revenue YoY -3.78 -15.63 -49.85 99.35 -50.52 381.42
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 1.69 1.96 2.08 2.38 0.14
Quick Ratio 2.83 6.14 24.63 17.77 0.22
Current Ratio 3.11 6.55 24.97 17.96 2.03
Debt to Equity 0.45 0.20 0.11 0.07 0.85
Long-Term Debt to Equity 0.06 0.07 0.07 0.02 0.08
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-03-31 2020-12-31
Cash Per Common Share 1.47 1.53 1.63 1.54 2.09 1.98 1.98 2.06 2.11 2.32 0.40 0.14
Quick Ratio 1.76 2.03 2.28 2.83 2.46 4.60 6.14 16.13 24.63 15.35 0.40 0.22
Current Ratio 1.79 2.05 2.41 3.11 2.57 4.93 6.55 16.55 24.97 15.48 1.62 2.03
Debt to Equity 0.88 0.75 0.62 0.45 0.54 0.25 0.20 0.13 0.11 0.08 1.30 0.85
Long-Term Debt to Equity 0.06 0.06 0.06 0.06 0.06 0.07 0.07 0.07 0.07 0.02 0.06 0.08

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -14.87 -3.21 -11.08 59.42 -72.79
ROE -21.61 -3.85 -12.31 63.73 -134.88
Gross Margin 72.65 67.55 17.77
Operating Margin -252.59 -318.25 -1253.62
EBITDA Margin -235.13 -251.54 -1141.21
Net Profit Margin -184.57 -46.97 -170.39 1268.47 -1403.35
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-03-31 2020-12-31
ROA -5.02 -4.43 -4.10 -3.10 -1.45 -1.98 -3.63 -4.60
ROE -9.42 -7.75 -6.64 -4.76 -1.81 -2.24 -3.94 -10.60
Gross Margin 27.09 79.70 83.19 36.05 44.86
Operating Margin -397.12 -248.35 -215.37 -54.57 -155.52 -967.39
EBITDA Margin -375.20 -198.90 -35.92 -122.00 -774.74
Net Profit Margin -290.28 -250.65 -212.58 -186.17 -71.42 -158.68 -155.52 -665.97

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 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 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 112,687.26 112,016.69 97,729.68 105,803.67 61,900.50
   Current Assets 94,745.63 78,341.06 82,376.85 94,260.85 51,968.95
   Deposits 3,700.00 3,700.00 10,000.00 0 0
      Cash and Short-Term Investments 68,042.80 72,820.58 81,167.44 92,887.03 5,424.22
            Cash and Cash Equivalents 59,242.80 16,320.58 11,167.44 92,887.03 5,424.22
            Short-Term Investments 8,800.00 56,500.00 70,000.00 0 0
      Net Receivables 18,338.72 529.37 72.74 389.04 271.14
      Inventory 0 0 0 0 0
      Other Current Assets 8,364.11 4,991.11 1,136.67 984.78 46,273.58
   Non-Current Assets 17,941.63 33,675.63 15,352.82 11,542.83 9,931.55
      Property, Plant, Equipment Net 7,365.80 9,249.87 9,851.17 6,136.89 9,275.73
      Real Estate 58,890.00 0 0 0 0
      Goodwill 2,796.38 12,729.06 22.84 0 30.82
      Intangible Assets 5,115.69 6,254.73 22.84 26.83 30.82
      Long-Term Investments 49.30 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 2,614.46 5,441.97 5,455.98 0 594.18
Liabilities 35,157.38 18,608.65 9,825.61 7,156.86 28,494.91
   Current Liabilities 30,478.16 11,952.24 3,298.53 5,249.23 25,661.66
      Payables and Expenses 1,963.48 1,027.29 1,645.38 2,691.58 1,987.02
            Account Payables 1,322.14 371.83 317.56 341.16 1,054.25
            Current Accrued Liabilities 641.34 655.46 1,546.81 2,350.42 1,010.73
      Short-Term Debt 27,348.23 10,713.15 1,227.16 0 1,539.06
      Other Current Liabilities 1,166.45 211.80 425.99 0 22,135.59
   Non-Current Liabilities 4,679.22 6,656.41 6,527.07 1,907.63 2,833.25
      Long-Term Debt 4,008.47 5,560.25 6,527.07 0 946.25
      Other Non-Current Liabilities 670.74 1,096.16 0.00 1,907.63 1,887.01
Equity 77,529.88 93,408.04 87,904.07 98,646.81 33,405.58
   Shareholders Equity 73,010.82 82,749.92 87,904.07 98,646.81 33,405.58
      Capital Stock 4.64 3.91 3.91 3.91 3.85
      Share Premium 205,948.57 198,677.13 198,526.61 197,784.97 195,488.18
      Retained Earnings -130,428.31 -113,671.03 -110,235.57 -99,411.68 -162,277.41
      Treasury Shares -2,694.07 -2,693.65 -610.56 0 0
      Accumulated Other Comprehensive Income 180.00 433.56 219.68 269.61 190.97
   Minority Interest 4,519.06 10,658.12 0 0 0
Investments 8,849.30 56,500.00 70,000.00 0 0
Debt 31,356.71 16,273.40 7,754.24 0 2,485.30
Common Shares Outstanding 44,105.50 36,805.69 38,503.72 39,116.91 38,506.84
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 9,079.17 7,655.04 6,352.47 4,956.04 3,210.80
Cost Of Revenue 0 2,093.87 2,061.36 4,075.25 0
Interest Expense 68.34 0.00 0.00 268.75 5,548.58
Net Interest 0 2,957.57 789.30 0 0
Non-Interest Expense 0 0 0 13,347.38 0
Gross Profit 0 5,561.16 4,291.11 880.79 0
Operating Expenses 32,384.82 12,160.78 16,057.31 16,653.28 0
   Selling, General and Administrative Expenses 13,636.26 7,795.90 10,717.23 13,347.38 11,401.52
   Research and Development Expenses 865.59 162.89 0 0 0
   Other Operating Expenses 17,882.97 4,201.99 5,340.07 202.40 0
Operating Income -23,305.65 -6,599.62 -11,766.20 -15,772.49 -31,725.98
Net Non-Operating Income 304.21 0 0 68.92 -14,074.02
EBT -23,001.43 0 0 -15,059.84 -45,800.00
Income Tax 425.42 0.00 10,823.89 0 0.00
Net Income Including Non-Controlling Interests -22,576.02 -3,595.36 10,823.89 62,865.73 -45,058.83
Net Income Non-Controlling Interests 5,818.73 0.00 -21,647.77 0 0.00
Net Income -16,757.28 -3,595.36 -10,823.89 62,865.73 -45,058.83
EBIT -22,933.09 0 0 -15,772.49 -40,251.42
Deprecation and Amortization 1,585.54 1,499.98 2,065.35 3,305.89 3,609.48
EBITDA -21,347.56 0 0 -12,466.59 -36,641.94
EPS -0.00 -0.00 0 0.00 0
Diluted EPS -0.00 -0.00 0 0.00 0
Average Shares Outstanding Basic 40,374.34 37,218.71 39,071.50 39,004.32 0
Average Shares Outstanding Diluted 40,374.34 37,218.71 39,071.50 39,004.32 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow -9,769.38 -8,138.81 -10,934.47 -10,079.05 -8,257.24
   Operating Net Income -22,576.02 -3,595.36 -10,823.89 62,865.73 -45,058.83
   Deprecation and Amortization 1,585.54 1,499.98 2,065.35 3,305.89 3,609.48
   Deferred Income Tax -425.42 0 0 0 0
   Share Based Compensation 1,099.28 150.52 0 1,323.87 0
   Change in Working Capital -303.33 -6,075.47 -691.13 1,209.79 1,082.23
   Other Operating Activities 10,850.57 -118.48 -1,484.81 0 32,109.88
Investing Cash Flow 23,808.48 6,128.08 -70,135.36 105,858.22 -4,638.49
   Capital Expenditure -135.97 -1,046.94 -44.39 0 -356.52
   Net Purchase/Sale of PPE -135.97 -940.03 -44.39 -191.67 -356.52
   Net Purchase/Sale of Investments Net -4,230.34 3,700.00 -41.03 0 -1,500.00
   Net Purchase/Sale of Business 0 -6,431.89 0 106,049.89 0
   Other Investing Activities 28,310.76 10,846.94 -70,005.56 0.00 -2,425.45
Financing Cash Flow 23,929.39 7,147.08 -610.56 -3,421.10 9,847.34
   Net Issuance/Repayment of Debt 17,577.58 9,230.17 0 -3,421.10 2,907.13
   Net Issuance/Repurchase of Equity 2,000.42 2,083.09 610.56 0 7,000.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 4,351.38 -4,166.18 -1,221.12 0.00 -59.79
Net Change in Cash 37,922.22 5,153.14 -81,719.59 92,358.08 -1,503.19
   Cash at Beginning of Period 21,320.58 16,167.44 97,887.03 5,424.22 6,927.42
   Cash at End of Period 59,242.80 21,320.58 16,167.44 97,887.03 5,424.22
Free Cash Flow -9,905.35 -9,185.75 -10,978.86 -10,270.71 -8,613.76
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-03-31 2020-12-31
Assets 106,767.58 108,576.90 117,861.41 112,687.26 129,827.26 117,015.61 112,016.69 95,613.13 97,729.68 103,379.07 72,551.46 61,900.50
   Current Assets 83,070.30 87,528.94 98,009.43 94,745.63 102,805.70 84,331.44 78,341.06 80,419.94 82,376.85 92,420.78 63,510.45 51,968.95
   Deposits 0 0 3,700.00 3,700.00 0 3,700.00 3,700.00 1,146.20 10,000.00 0 0 0
      Cash and Short-Term Investments 55,950.30 59,977.06 70,787.93 68,042.80 77,731.56 76,943.35 72,820.58 78,087.19 81,167.44 90,728.54 15,543.01 5,424.22
            Cash and Cash Equivalents 15,447.13 23,075.97 19,486.19 59,242.80 10,992.24 7,300.97 16,320.58 3,587.19 11,167.44 90,728.54 15,543.01 5,424.22
            Short-Term Investments 40,503.17 36,901.09 51,301.74 8,800.00 66,739.32 69,642.39 56,500.00 74,500.00 70,000.00 0 0 0
      Net Receivables 25,848.31 26,407.19 22,156.50 18,338.72 20,858.71 1,817.94 529.37 306.42 72.74 889.93 62.30 271.14
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 1,271.68 1,144.68 5,065.01 8,364.11 4,215.43 5,570.15 4,991.11 2,026.32 1,136.67 802.32 47,905.14 46,273.58
   Non-Current Assets 23,697.28 21,047.96 19,851.97 17,941.63 27,021.56 32,684.17 33,675.63 15,193.20 15,352.82 10,958.29 9,041.01 9,931.55
      Property, Plant, Equipment Net 5,907.02 6,382.66 6,879.83 7,365.80 7,857.81 8,749.74 9,249.87 9,077.96 9,851.17 5,334.57 8,386.19 9,275.73
      Real Estate 0 0 0 58,890.00 0 0 0 0 0 0 0 0
      Goodwill 2,866.60 2,847.86 2,812.16 2,796.38 12,863.07 12,490.54 12,729.06 0 22.84 0 0 30.82
      Intangible Assets 9,077.58 4,904.99 4,991.93 5,115.69 5,924.35 6,009.07 6,254.73 586.84 22.84 25.83 29.82 30.82
      Long-Term Investments 3,051.30 2,554.81 2,527.21 49.30 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 2,794.79 4,357.65 2,640.84 2,614.46 0 5,434.82 5,441.97 5,528.40 5,455.98 5,597.89 625.00 594.18
Liabilities 49,865.94 46,502.78 44,972.38 35,157.38 45,257.68 23,383.93 18,608.65 11,054.92 9,825.61 8,069.20 41,072.34 28,494.91
   Current Liabilities 46,431.51 42,653.90 40,706.04 30,478.16 40,039.48 17,116.77 11,952.24 4,860.42 3,298.53 5,969.74 39,152.27 25,661.66
      Payables and Expenses 9,079.47 4,450.36 3,924.68 1,963.48 542.78 506.77 1,027.29 2,108.41 1,645.38 3,416.00 2,254.19 1,987.02
            Account Payables 7,053.44 3,376.76 2,718.06 1,322.14 365.51 172.97 371.83 538.23 317.56 388.21 1,346.27 1,054.25
            Current Accrued Liabilities 2,026.03 1,073.60 1,206.63 641.34 177.27 333.79 655.46 1,570.19 1,546.81 2,411.36 1,356.09 1,010.73
      Short-Term Debt 36,796.99 37,618.01 36,126.47 27,348.23 38,806.83 16,341.15 10,713.15 1,279.12 1,227.16 0 1,814.96 1,539.06
      Other Current Liabilities 555.05 585.53 654.89 1,166.45 689.87 268.85 211.80 1,472.89 425.99 2,553.75 35,083.11 22,135.59
   Non-Current Liabilities 3,434.43 3,848.87 4,266.34 4,679.22 5,218.20 6,267.16 6,656.41 6,194.51 6,527.07 2,099.46 1,920.08 2,833.25
      Long-Term Debt 2,763.69 3,178.13 3,595.60 4,008.47 4,443.36 5,191.54 5,560.25 6,194.51 6,527.07 0 92.17 946.25
      Other Non-Current Liabilities 670.74 670.74 670.74 670.74 774.84 1,075.62 1,096.16 0.00 0.00 0 1,827.91 1,887.01
Equity 56,901.64 62,074.12 72,889.02 77,529.88 84,569.57 93,631.68 93,408.04 84,558.21 87,904.07 95,309.87 31,479.12 33,405.58
   Shareholders Equity 52,381.64 57,549.43 68,405.11 73,010.82 74,015.26 83,304.54 82,749.92 84,558.21 87,904.07 95,309.87 31,479.12 33,405.58
      Capital Stock 4.03 4.03 4.63 4.64 4.04 4.78 3.91 3.91 3.91 3.91 3.92 3.85
      Share Premium 199,996.86 199,886.93 206,047.79 205,948.57 199,401.30 205,660.68 198,677.13 198,531.74 198,526.61 198,186.27 196,872.99 195,488.18
      Retained Earnings -145,347.73 -139,986.50 -135,175.37 -130,428.31 -123,201.34 -115,370.14 -113,671.03 -112,129.35 -110,235.57 -103,162.88 -165,614.09 -162,277.41
      Treasury Shares 2,694.07 -2,694.07 -2,694.07 -2,694.07 2,693.65 -2,693.65 -2,693.65 -2,069.64 -610.56 0 0 0
      Accumulated Other Comprehensive Income 422.56 339.05 222.13 180.00 504.91 299.88 433.56 221.56 219.68 282.57 216.30 190.97
   Minority Interest 4,520.01 4,524.70 4,483.91 4,519.06 10,554.31 10,327.13 10,658.12 0 0 0 0 0
Investments 0 39,455.89 53,828.95 8,849.30 0 69,642.39 56,500.00 74,500.00 70,000.00 177.95 0 0
Debt 39,560.67 40,796.14 39,722.07 31,356.71 43,250.20 21,532.69 16,273.40 7,473.62 7,754.24 0 1,907.13 2,485.30
Net Debt 19,694.32 0 0 0 26,264.60 0 0 0 0 0 0 0
Common Shares Outstanding 38,018.88 38,018.88 44,018.86 44,105.50 38,106.01 45,515.31 36,805.69 37,398.12 38,503.72 39,116.91 39,162.81 38,506.84
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 1,846.91 1,919.48 2,275.14 4,536.57 2,163.54 0 2,379.06 1,193.43 2,412.05 501.03
Cost Of Revenue 1,346.51 389.71 382.44 0 1,383.57 0 1,311.90 0 0 0
Interest Income 1,363.81 0 0 0 1,033.36 0 0 0 0 0
Interest Expense 0 66.88 0.00 68.34 0 0 0.00 0.00 0.00 153.11
Net Interest 0 0 0 0 0 0 859.21 734.45 4.46 0
Non-Interest Expense 7,255.18 0 0 0 1,398.86 0 0 0 0 0
Gross Profit 500.40 1,529.77 1,892.70 0 779.97 0 1,067.16 0 0 0
Operating Expenses 7,834.82 7,621.75 7,144.32 26,681.61 1,960.54 0 3,742.66 0 0 0
   Selling, General and Administrative Expenses 7,255.18 6,100.74 5,520.63 9,325.92 1,398.86 0 2,911.49 2,597.95 3,520.91 3,273.49
   Research and Development Expenses 174.77 166.91 180.95 707.42 158.16 0 0 0 0 0
   Other Operating Expenses 0 1,354.10 1,442.74 17,051.80 0 0 831.17 0 0 0
Operating Income -7,334.42 -6,091.98 -5,251.62 -19,449.58 -1,180.57 0 -2,675.50 2,655.69 -3,748.95 -4,875.75
Net Non-Operating Income 376.88 1,258.01 351.74 3,305.04 -3,000.83 0 0 0 -2.25 -124.25
EBT -5,398.98 -4,833.97 -4,899.89 -18,639.95 -4,361.48 0 0 0 -3,751.20 -5,000.00
Income Tax 0 0.00 0.00 758.28 -332.86 0 0.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests -5,398.98 -4,833.97 -4,899.89 -16,717.94 -4,028.62 0 -1,829.45 0 0 0
Net Income Non-Controlling Interests 37.76 22.83 63.40 5,687.71 0.68 0 130.34 0 0 0
Net Income -5,361.23 -4,811.13 -4,836.48 -11,030.23 -4,027.94 0 -1,699.11 -1,893.79 -3,751.20 -3,336.68
EBIT -7,334.42 -4,767.09 -4,899.89 -21,752.52 -1,180.57 0 0 0 -3,751.20 -4,846.89
Deprecation and Amortization 404.86 0.00 374.70 808.28 403.52 0 373.73 578.56 808.61 965.22
EBITDA -6,929.56 0 -4,525.18 -20,570.51 -777.05 0 0 0 -2,942.59 -3,881.68
EPS -0.00 -0.00 -0.00 0.00 -0.00 -0.00 -0.00 -0.00 0 0
Diluted EPS -0.00 -0.00 -0.00 0.00 -0.00 -0.00 -0.00 -0.00 0 0
Average Shares Outstanding Basic 38,167.48 39,312.23 43,508.72 42,207.66 37,219.90 43,212.07 38,857.73 37,924.75 0 0
Average Shares Outstanding Diluted 38,167.48 39,312.23 43,508.72 42,207.66 37,219.90 43,212.07 38,857.73 37,924.75 39,064.46 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow -616.22 0 -2,184.09 -8,709.99 -2,145.32 -1,033.12 -2,124.74 -803.83
   Operating Net Income -5,398.98 -4,833.97 -4,899.89 -4,028.62 -1,829.45 -1,893.79 -3,751.20 -3,336.68
   Deprecation and Amortization 404.86 0 374.70 403.52 373.73 578.56 808.61 965.22
   Deferred Income Tax 0 0 0 0 0 0 0 -14.08
   Share Based Compensation 115.23 190.76 188.44 229.73 471.60 0 0 0
   Change in Working Capital 4,348.03 0 678.29 -5,600.84 -1,071.69 -201.62 -64.32 912.94
   Other Operating Activities -85.36 0 1,474.37 286.22 -89.51 483.73 882.16 668.77
Investing Cash Flow -6,944.70 0 -45,091.87 -26,453.69 -14,493.17 -5,095.38 -50.47 11,003.48
   Capital Expenditure 0 0.00 -32.26 0 -10.64 -545.43 -9.45 -10.20
   Net Purchase/Sale of PPE -53.30 0 -32.26 -35.11 -10.64 -545.43 -9.45 -10.20
   Net Purchase/Sale of Investments Net -3,697.19 0 -1,205.61 -11,939.32 0 0 -41.03 10,000.00
   Net Purchase/Sale of Business -600.00 0 0 0 0 0 0 0
   Other Investing Activities 0 0 -43,821.74 0 -14,471.90 -4,004.52 9.45 1,023.89
Financing Cash Flow -101.83 0 7,505.91 8,180.47 7,626.65 -1,459.08 0 -685.30
   Net Issuance/Repayment of Debt -7.32 0 7,505.91 8,180.47 5,626.65 0 0 0
   Net Issuance/Repurchase of Equity 0 0 0 0 2,000.00 1,459.08 0 0
   Dividends Paid 0 0 0 0 0 0 0 0
   Other Financing Activities -94.51 0 0.00 0.00 0.00 -2,918.16 0 -685.30
Net Change in Cash -7,662.75 0 -39,756.62 -26,983.22 -9,019.62 -7,580.25 -2,158.49 10,118.79
   Cash at Beginning of Period 23,075.97 0 59,242.80 38,303.64 21,320.58 23,747.69 97,887.03 5,424.22
   Cash at End of Period 15,447.13 23,075.97 19,486.19 10,992.24 12,300.97 16,167.44 95,728.54 15,543.01
Free Cash Flow -863.73 0 -2,216.34 -8,795.05 -2,155.96 -1,578.55 -2,134.19 -814.03