Valuation Ratios

Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Price to Earnings -60.00 -68.59 -37.98 -27.97
Price to Sales 112.65 150.52 324.24 969.85 905.18
Book Value Per Common Share 8.41 8.73 9.50 10.14 12.03
Price to Book 4.35 3.85 3.48 5.71 3.92
Price to Operating Cash Flow -23.22 15.02 -22.84 58.64 -83.68
Price to Free Cash Flow -14.32 25.58 -11.45 -110.60 -34.53
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2022-03-31 2021-06-30 2021-03-31 2020-12-31
Price to Earnings 7.51 19.00 73.20 74.80 -54.58 -47.13 -288.09 -57.85
Price to Sales 258.36 337.06 489.30 364.68 451.56 479.88 987.23 4190.82 5939.60 2805.97
Book Value Per Common Share 12.85 9.88 8.41 7.79 7.47 8.01 9.51 9.21 10.14 11.60 12.03 12.46
Price to Book 1.67 2.60 4.35 3.94 5.04 4.94 3.33 4.46 5.71 5.17 3.92 3.02
Price to Operating Cash Flow 285.89 -152.14 -41.07 -74.14 -264.28 -310.02 -73.15 -77.78 -111.98
Price to Free Cash Flow -34.07 -67.22 -30.80 -60.61 -85.44 -94.31 -32.33 -46.38 -67.59
Enterprise Value to EBITDA

Earnings Data

Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Earning YoY
Revenue YoY 43.90 118.40 77.03 17.70
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2022-03-31 2021-06-30 2021-03-31 2020-12-31
Earning YoY 111.85 170.00 21.95
Revenue YoY 9.45 2.09 -11.30 0.97 1.70 150.82 234.07 0.00 -22.88
EBITDA YoY
Net Profit YoY 112.61 173.46 19.43

Financial Strength

Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Cash Per Common Share 2.55 3.23 2.29 5.82 6.65
Quick Ratio 2.11 3.85 1.79 13.64
Current Ratio 2.23 4.07 1.86 12.01 14.05
Debt to Equity 1.13 1.02 0.55 0.49 0.19
Long-Term Debt to Equity 0.95 0.91 0.37 0.44 0.15
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2022-03-31 2021-06-30 2021-03-31 2020-12-31
Cash Per Common Share 2.09 2.22 2.55 1.55 2.32 2.80 1.53 4.64 5.75 5.93 6.65 6.17
Quick Ratio 1.35 1.30 2.11 1.51 3.49 13.64 11.12
Current Ratio 1.70 1.54 2.23 1.65 3.59 3.98 1.34 10.96 12.01 15.20 14.05 11.58
Debt to Equity 0.75 0.95 1.13 1.26 1.28 1.16 0.54 0.51 0.49 0.19 0.19 0.10
Long-Term Debt to Equity 0.61 0.75 0.95 1.09 1.17 1.05 0.36 0.46 0.44 0.15 0.15 0.06

Profitability

Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
ROA -3.41 -2.81 -5.86 -13.49 -21.51
ROE -7.26 -5.67 -9.08 -20.14 -25.62
Gross Margin 100.00 99.54 -74.38
Operating Margin -813.02 -1251.87 -2858.26 -3370.48 -5896.85
EBITDA Margin -803.93 -1231.73 -2784.26 -3236.72 -5513.25
Net Profit Margin -188.56 -217.80 -850.29 -3461.16 -5910.31
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2022-03-31 2021-06-30 2021-03-31 2020-12-31
ROA 12.74 7.00 2.76 2.36 -4.02 -4.83 -0.76 -4.99 -4.82 -5.01
ROE 22.27 13.63 5.88 5.33 -9.18 -10.43 -1.17 -7.56 -5.71 -5.52
Gross Margin -130.08
Operating Margin -621.13 -829.90 -762.42 -651.85 -846.55 -937.84 -387.83 -7140.66 -6485.71 -5056.78
EBITDA Margin -612.56 -821.16 -756.95 -642.78 -836.82 -926.10 -300.82 -6810.99 -6332.97
Net Profit Margin 3449.48 1775.74 662.92 492.34 -823.08 -1017.97 -348.36 -7250.55 -6565.93 -5122.46

Dividends

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

Financial Statements

Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Assets 333,104.00 324,894.00 278,558.00 278,044.00 253,055.00
   Current Assets 60,755.00 73,011.00 59,459.00 115,771.00 121,050.00
      Cash and Short-Term Investments 47,374.00 60,578.00 43,182.00 105,624.00 117,538.00
            Cash and Cash Equivalents 47,374.00 60,578.00 43,182.00 105,624.00 117,538.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 10,033.00 8,521.00 13,834.00 0 4.00
      Inventory 0 0 0 0 0
      Other Current Assets 3,348.00 3,912.00 2,443.00 10,147.00 3,508.00
   Non-Current Assets 272,349.00 251,883.00 219,099.00 162,273.00 132,005.00
      Property, Plant, Equipment Net 6,131.00 6,494.00 6,977.00 6,996.00 8,674.00
      Goodwill 0 0 0 0 0
      Intangible Assets 228,983.00 216,743.00 202,044.00 151,169.00 122,117.00
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 28,944.00 19,772.00 8,853.00 502.00 680.00
      Other Non-Current Assets 0 0 0 3,606.00 534.00
Liabilities 176,503.00 163,862.00 98,765.00 91,746.00 40,547.00
   Current Liabilities 27,201.00 17,951.00 31,900.00 9,636.00 8,615.00
      Payables and Expenses 9,105.00 8,631.00 7,157.00 6,526.00 6,256.00
            Account Payables 1,130.00 696.00 755.00 1,044.00 500.00
            Current Accrued Liabilities 7,055.00 6,987.00 5,869.00 4,730.00 4,753.00
      Short-Term Debt 1,643.00 1,850.00 1,725.00 1,512.00 1,470.00
      Other Current Liabilities 16,453.00 7,470.00 23,018.00 1,598.00 889.00
   Non-Current Liabilities 149,302.00 145,911.00 66,865.00 82,110.00 31,932.00
      Long-Term Debt 3,747.00 3,446.00 2,922.00 4,177.00 5,601.00
      Other Non-Current Liabilities 145,555.00 142,465.00 63,943.00 77,933.00 26,331.00
Equity 156,601.00 161,032.00 179,793.00 186,298.00 212,508.00
   Shareholders Equity 156,601.00 161,032.00 179,793.00 186,298.00 212,508.00
      Capital Stock 2.00 2.00 2.00 2.00 2.00
      Share Premium 548,542.00 533,203.00 518,160.00 500,125.00 472,854.00
      Retained Earnings -391,943.00 -372,173.00 -338,369.00 -313,829.00 -260,348.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0 0
   Minority Interest 0 0 0 0 0
Debt 5,390.00 5,296.00 4,647.00 5,689.00 7,071.00
Common Shares Outstanding 18,612.80 18,452.89 18,922.00 18,377.48 17,669.90
Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 6,031.00 4,191.00 1,919.00 1,084.00 921.00
Cost Of Revenue 0 0 0 5.00 1,606.00
Interest Income 2,159.00 2,374.00 1,140.00 0 0
Interest Expense 0 0 0 0.00 0.00
Non-Interest Expense 48,781.00 50,116.00 50,910.00 0 0
Gross Profit 0 0 1,919.00 1,079.00 -685.00
Operating Expenses 55,064.00 56,657.00 56,769.00 37,927.00 54,124.00
   Selling, General and Administrative Expenses 48,781.00 50,116.00 50,910.00 52,986.00 42,779.00
   Research and Development Expenses 5,735.00 5,697.00 4,439.00 4,293.00 12,743.00
   Other Operating Expenses 0 0 0 -19,352.00 -1,398.00
Operating Income -49,033.00 -52,466.00 -54,850.00 -36,848.00 -54,809.00
Net Non-Operating Income 75.00 233.00 266.00 312.00 499.00
EBT -9,480.00 -7,515.00 -15,055.00 -36,536.00 -54,310.00
Income Tax 1,892.00 1,613.00 1,262.00 983.00 124.00
Equity Method Investments Income 0 0 0 0 39.00
Net Income Including Non-Controlling Interests -11,372.00 -9,128.00 -16,317.00 0 0
Net Income -11,372.00 -9,128.00 -16,317.00 -37,519.00 -54,434.00
EBIT -49,033.00 -52,466.00 -54,850.00 -36,536.00 -54,310.00
Deprecation and Amortization 548.00 844.00 1,420.00 1,450.00 3,533.00
EBITDA -48,485.00 -51,622.00 -53,430.00 -35,086.00 -50,777.00
EPS -0.00 -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 18,562.45 18,765.19 18,841.05 18,142.83 0
Average Shares Outstanding Diluted 18,562.45 18,765.19 18,841.05 18,142.83 0
Breakdown 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow -29,263.00 41,993.00 -27,250.00 17,913.00 -9,959.00
   Operating Net Income -11,372.00 -9,128.00 -16,317.00 -37,519.00 -54,434.00
   Deprecation and Amortization 548.00 844.00 1,420.00 1,450.00 3,533.00
   Deferred Income Tax 325.00 841.00 1,248.00 983.00 124.00
   Share Based Compensation 13,531.00 15,507.00 17,874.00 0 0
   Change in Working Capital 7,138.00 74,761.00 6,238.00 50,837.00 1,711.00
   Other Operating Activities -39,433.00 -40,832.00 -37,713.00 2,162.00 39,107.00
Investing Cash Flow 22,753.00 8,089.00 -27,130.00 -27,411.00 -14,174.00
   Capital Expenditure 0 0 0 -27,411.00 -14,174.00
   Net Purchase/Sale of PPE -87.00 -307.00 -2,126.00 -27,411.00 -14,174.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 22,840.00 8,396.00 -25,004.00 27,411.00 14,174.00
Financing Cash Flow -6,590.00 -25,140.00 -8,062.00 -2,416.00 4,218.00
   Net Issuance/Repayment of Debt 0 0 0 0 0
   Net Issuance/Repurchase of Equity -8,398.00 -24,676.00 -8,223.00 28,966.00 4,218.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 1,808.00 -464.00 161.00 -31,382.00 0.00
Net Change in Cash -13,100.00 24,942.00 -62,442.00 -11,914.00 -19,915.00
   Cash at Beginning of Period 68,124.00 43,182.00 105,624.00 117,538.00 137,453.00
   Cash at End of Period 55,024.00 68,124.00 43,182.00 105,624.00 117,538.00
Free Cash Flow -47,445.00 24,655.00 -54,380.00 -9,498.00 -24,133.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2022-03-31 2021-06-30 2021-03-31 2020-12-31
Assets 420,375.00 359,577.00 333,104.00 326,679.00 317,237.00 321,138.00 279,328.00 264,398.00 278,044.00 248,109.00 253,055.00 241,115.00
   Current Assets 58,804.00 55,361.00 60,755.00 40,281.00 56,774.00 65,686.00 43,836.00 98,336.00 115,771.00 111,592.00 121,050.00 113,032.00
      Cash and Short-Term Investments 39,070.00 41,432.00 47,374.00 28,797.00 43,129.00 51,715.00 29,033.00 86,456.00 105,624.00 106,899.00 117,538.00 108,486.00
            Cash and Cash Equivalents 39,070.00 41,432.00 47,374.00 28,797.00 43,129.00 51,715.00 29,033.00 86,456.00 105,624.00 106,899.00 117,538.00 108,486.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 7,549.00 5,330.00 10,033.00 8,147.00 12,063.00 0 0 0 0 0 4.00 19.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 12,185.00 8,599.00 3,348.00 3,337.00 1,582.00 13,971.00 14,803.00 11,880.00 10,147.00 4,693.00 3,508.00 4,527.00
   Non-Current Assets 361,571.00 304,216.00 272,349.00 286,398.00 260,463.00 255,452.00 235,492.00 166,062.00 162,273.00 136,517.00 132,005.00 128,083.00
      Property, Plant, Equipment Net 5,331.00 5,886.00 6,131.00 6,296.00 6,713.00 6,329.00 5,629.00 6,396.00 6,996.00 8,216.00 8,674.00 9,156.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 325,320.00 265,319.00 228,983.00 246,215.00 221,863.00 219,776.00 215,795.00 154,880.00 151,169.00 126,994.00 122,117.00 118,066.00
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 16.00
      Non-Current Deferred Assets 29,076.00 29,788.00 28,944.00 25,976.00 23,759.00 0 0 0 502.00 0 680.00 0
      Other Non-Current Assets 1,844.00 3,223.00 8,291.00 7,911.00 8,128.00 29,347.00 14,068.00 4,786.00 3,606.00 1,307.00 534.00 845.00
Liabilities 180,028.00 174,806.00 176,503.00 181,934.00 178,174.00 172,355.00 98,133.00 89,848.00 91,746.00 38,884.00 40,547.00 21,948.00
   Current Liabilities 34,621.00 35,948.00 27,201.00 24,403.00 15,807.00 16,523.00 32,600.00 8,973.00 9,636.00 7,340.00 8,615.00 9,762.00
      Payables and Expenses 14,820.00 6,647.00 9,105.00 9,009.00 7,086.00 7,748.00 7,793.00 5,066.00 6,526.00 5,052.00 6,256.00 7,347.00
            Account Payables 14,820.00 6,617.00 1,130.00 9,009.00 7,086.00 0 0 0 1,044.00 0 500.00 0
            Current Accrued Liabilities 0 0 7,055.00 0 0 0 0 0 4,730.00 0 4,753.00 0
      Short-Term Debt 1,430.00 1,531.00 1,643.00 1,745.00 1,806.00 1,807.00 1,662.00 1,571.00 1,512.00 1,431.00 1,470.00 1,529.00
      Other Current Liabilities 18,371.00 27,770.00 16,453.00 13,649.00 6,915.00 6,968.00 23,145.00 2,336.00 1,598.00 857.00 889.00 886.00
   Non-Current Liabilities 145,407.00 138,858.00 149,302.00 157,531.00 162,367.00 155,832.00 65,533.00 80,875.00 82,110.00 31,544.00 31,932.00 12,186.00
      Long-Term Debt 3,300.00 3,673.00 3,747.00 3,609.00 3,845.00 3,453.00 2,597.00 3,791.00 4,177.00 5,263.00 5,601.00 5,928.00
      Other Non-Current Liabilities 142,107.00 135,185.00 145,555.00 153,922.00 158,522.00 152,379.00 62,936.00 77,084.00 77,933.00 26,281.00 26,331.00 6,258.00
Equity 240,347.00 184,771.00 156,601.00 144,745.00 139,063.00 148,783.00 181,195.00 174,550.00 186,298.00 209,225.00 212,508.00 219,167.00
   Shareholders Equity 240,347.00 184,771.00 156,601.00 144,745.00 139,063.00 148,783.00 181,195.00 174,550.00 186,298.00 209,225.00 212,508.00 219,167.00
      Capital Stock 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
      Share Premium 554,562.00 551,532.00 548,542.00 543,939.00 541,551.00 538,505.00 521,680.00 504,298.00 500,125.00 481,521.00 472,854.00 468,578.00
      Retained Earnings -314,217.00 -366,763.00 -391,943.00 -399,196.00 -402,490.00 -389,724.00 -340,487.00 -329,750.00 -313,829.00 -272,298.00 -260,348.00 -249,413.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 16.00
Debt 4,730.00 5,204.00 5,390.00 5,354.00 5,651.00 5,260.00 4,259.00 5,362.00 5,689.00 6,694.00 7,071.00 7,457.00
Common Shares Outstanding 18,707.44 18,695.87 18,612.80 18,586.79 18,618.27 18,581.30 19,047.16 18,944.39 18,377.48 18,038.06 17,669.90 17,584.33
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2021-06-30 2020-12-31
Revenues 1,552.00 1,418.00 1,389.00 1,566.00 1,551.00 1,525.00 608.00 182.00 182.00 236.00
Cost Of Revenue 0 0 0 0 0 0 0 0 0 543.00
Interest Income 379.00 442.00 446.00 434.00 585.00 0 0 0 0 0
Interest Expense 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00
Non-Interest Expense 9,847.00 11,942.00 10,814.00 10,512.00 12,754.00 0 0 0 0 0
Gross Profit 0 0 0 0 0 0 0 0 0 -307.00
Operating Expenses 11,192.00 13,186.00 11,979.00 11,774.00 14,681.00 0 0 0 0 11,757.00
   Selling, General and Administrative Expenses 9,847.00 11,942.00 10,814.00 10,512.00 12,754.00 14,701.00 12,948.00 12,595.00 10,785.00 6,912.00
   Research and Development Expenses 1,212.00 1,120.00 1,089.00 1,120.00 1,776.00 1,750.00 1,069.00 1,096.00 1,003.00 1,098.00
   Other Operating Expenses 0 0 0 0 0 0 0 0 0 3,747.00
Operating Income -9,640.00 -11,768.00 -10,590.00 -10,208.00 -13,130.00 -15,012.00 -2,839.00 -13,072.00 -11,902.00 -12,064.00
Net Non-Operating Income 0 0 40.00 10.00 9.00 710.00 481.00 76.00 98.00 130.00
EBT 61,054.00 22,923.00 9,882.00 7,476.00 -12,536.00 -14,302.00 -2,358.00 -12,996.00 -11,804.00 -11,934.00
Income Tax 7,518.00 -2,257.00 674.00 -234.00 230.00 2,422.00 240.00 200.00 146.00 155.00
Equity Method Investments Income 0 0 0 0 0 0 0 0 0 7.00
Net Income Including Non-Controlling Interests 53,536.00 25,180.00 9,208.00 7,710.00 -12,766.00 0 0 0 0 0
Net Income 53,536.00 25,180.00 9,208.00 7,710.00 -12,766.00 -15,524.00 -2,118.00 -13,196.00 -11,950.00 -12,089.00
EBIT -9,640.00 -11,768.00 -10,590.00 -10,208.00 -13,130.00 -14,302.00 -2,358.00 -12,996.00 -11,804.00 -11,934.00
Deprecation and Amortization 133.00 124.00 76.00 142.00 151.00 179.00 529.00 600.00 278.00 0
EBITDA -9,507.00 -11,644.00 -10,514.00 -10,066.00 -12,979.00 -14,123.00 -1,829.00 -12,396.00 -11,526.00 0
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 18,687.08 18,621.70 18,577.70 18,609.74 18,586.08 18,486.96 18,951.05 18,619.46 0 0
Average Shares Outstanding Diluted 18,705.80 18,704.13 18,709.21 18,783.44 18,586.08 18,486.96 18,951.05 18,619.46 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-06-30 2022-06-30 2021-06-30
Operating Cash Flow 1,404.00 -3,140.00 -16,555.00 -7,699.00 -2,648.00 -2,361.00 -8,209.00 -9,832.00 -9,663.00
   Operating Net Income 53,536.00 25,180.00 9,208.00 7,710.00 -12,766.00 -15,524.00 -2,118.00 -13,196.00 -11,950.00
   Deprecation and Amortization 133.00 124.00 76.00 142.00 151.00 179.00 529.00 600.00 278.00
   Deferred Income Tax 2,387.00 -2,507.00 -130.00 -934.00 332.00 1,057.00 -272.00 200.00 146.00
   Share Based Compensation 2,947.00 3,632.00 2,912.00 2,865.00 3,408.00 0 0 0 0
   Change in Working Capital 13,048.00 5,187.00 -8,808.00 2,877.00 5,829.00 -2,760.00 1,124.00 -615.00 -1,342.00
   Other Operating Activities -70,647.00 -34,756.00 -19,813.00 -20,359.00 398.00 14,687.00 -7,472.00 3,179.00 3,205.00
Investing Cash Flow -604.00 -2,665.00 35,415.00 -1,717.00 -5,545.00 -5,400.00 -5,195.00 -6,656.00 -6,347.00
   Capital Expenditure 0 0 0 0 0 -5,400.00 -10,365.00 -6,656.00 -6,347.00
   Net Purchase/Sale of PPE 0 0 -46.00 0 -41.00 -5,400.00 -5,195.00 -6,656.00 -6,347.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0 0
   Other Investing Activities 0 0 35,461.00 -1,717.00 -5,504.00 5,400.00 10,365.00 6,656.00 6,347.00
Financing Cash Flow -907.00 -642.00 -264.00 -4,893.00 -362.00 -1,071.00 -745.00 -2,680.00 5,371.00
   Net Issuance/Repayment of Debt 0 0 0 0 0 0 0 0 0
   Net Issuance/Repurchase of Equity -990.00 0 -1,955.00 -4,416.00 0 3,644.00 7.00 3,597.00 5,371.00
   Dividends Paid 0 0 0 0 0 0 0 0 0
   Other Financing Activities 83.00 -642.00 1,691.00 -477.00 -362.00 -4,715.00 -752.00 -6,277.00 0.00
Net Change in Cash -107.00 -6,447.00 18,596.00 -14,309.00 -8,555.00 -8,832.00 -14,149.00 -19,168.00 -10,639.00
   Cash at Beginning of Period 48,577.00 55,024.00 36,428.00 50,737.00 59,292.00 68,124.00 43,182.00 105,624.00 117,538.00
   Cash at End of Period 48,470.00 48,577.00 55,024.00 36,428.00 50,737.00 59,292.00 29,033.00 86,456.00 106,899.00
Free Cash Flow -11,777.00 -7,106.00 -22,075.00 -9,416.00 -8,193.00 -7,761.00 -18,574.00 -16,488.00 -16,010.00