HBNC - Horizon Bancorp, Inc.

HBNC

Valuation Ratios

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Price to Earnings	19.89	22.36	7.05	10.48
Price to Sales
Book Value Per Common Share	50.97	48.89	46.25	49.82	47.33
Price to Book	0.32	0.29	0.33	0.42
Price to Operating Cash Flow	18.88	4.30	5.31	7.36
Price to Free Cash Flow
Enterprise Value to EBITDA	30741.69	29815.29	27455.70	42599.66

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	-4.06	15.08	27.42		14.67	19.33	40.09		8.75	12.25	26.33		10.82	15.69	34.57		12.11	17.97	40.39
Price to Sales
Book Value Per Common Share	27.21	35.29	34.60	50.97	17.27	16.62	16.35	48.89	15.72	16.08	15.95	46.25	14.68	15.10	15.55	49.82	16.28	16.16	15.69	47.33
Price to Book	0.59	0.44	0.44	0.32	0.90	0.74	0.78	0.29	0.68	0.65	0.69	0.33	1.22	1.15	1.20	0.42	1.12	1.08	1.18
Price to Operating Cash Flow	16.59	19.38	43.31		12.42	24.07	85.59		6.30	10.30	19.05		10.08	14.77	30.05		8.98	12.60	24.45
Price to Free Cash Flow
Enterprise Value to EBITDA													77932.12	116029.03	258743.51		86007.22

Earnings Data

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Earning YoY	26.56	-70.09	7.54	27.56
Revenue YoY
EBITDA YoY	9.48	-12.29	13.25	14.30
Net Profit YoY	26.62	-70.04	7.25	27.14

Breakdown	2025-06-30	2024-09-30	2024-06-30	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30
Earning YoY	85.45	65.63	100.00	43.53	102.38		49.55	105.56		54.64	110.87
Revenue YoY
EBITDA YoY	93.28	53.98	100.28	57.05	109.90	8.08	54.77	108.07	0.21	51.98	106.01
Net Profit YoY	86.22	64.63	101.07	43.81	102.94		49.19	105.50		54.16	108.57

Financial Strength

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cash Per Common Share	42.28	36.35	8.70	40.84	17.38
Quick Ratio
Current Ratio
Debt to Equity	0.92	0.95	0.96	0.88	0.69
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	58.15	18.90	23.25	41.77	32.23	20.05	18.74	35.96	12.19	15.91	9.49	8.62	7.74	7.76	8.61	41.22	66.82	21.24	36.71	17.69
Quick Ratio
Current Ratio
Debt to Equity	9.16	8.68	8.83	0.92	9.50	9.89	9.89	0.95	10.48	10.23	10.24	0.96	10.97	10.61	9.95	0.88	9.63	7.60	7.78	0.69
Long-Term Debt to Equity

Profitability

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
ROA	0.24	0.19	0.64	0.61	0.54
ROE	0.46	0.37	1.25	1.15	0.91
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31
ROA	-2.64	0.58	0.31	0.58	0.36	0.18	0.67	0.46	0.23	0.94	0.63	0.32	0.87	0.70	0.34
ROE	-26.85	5.64	3.09	6.14	3.87	1.94	7.67	5.22	2.59	11.20	7.36	3.48	9.27	6.00	2.96
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin

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	14,701,689.00	14,792,541.00	14,686,117.00	14,234,374.00	12,703,526.00
Deposits	22,399,740.00	22,651,285.00	22,951,244.00	23,138,322.00	18,113,163.00
Cash and Short-Term Investments	1,847,524.00	1,586,145.00	378,917.00	1,794,949.00	776,199.00
Cash and Cash Equivalents	1,847,524.00	1,586,145.00	378,917.00	1,794,949.00	776,199.00
Short-Term Investments	0	0	0	0	0
Net Receivables	39,747.00	116,130.00	12,173,408.00	78,411.00	64,188.00
Inventory	0	0	0	0	0
Other Current Assets	0	0	0	0	0
Property, Plant, Equipment Net	93,864.00	94,583.00	92,677.00	96,941.00	95,916.00
Goodwill	155,211.00	155,211.00	155,211.00	154,572.00	151,238.00
Intangible Assets	10,223.00	13,626.00	17,239.00	20,941.00	22,955.00
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	7,037,564.00	7,221,673.00	7,195,143.00	6,651,694.00	5,194,398.00
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	7,664,125.00	7,570,868.00	7,490,974.00	7,582,680.00	7,509,128.00
Shareholders Equity	2,254,443.00	2,156,436.00	2,032,125.00	2,169,627.00	2,076,648.00
Capital Stock	0	0	0	0	0
Share Premium	363,761.00	356,400.00	354,188.00	352,122.00	362,945.00
Retained Earnings	436,122.00	429,021.00	429,385.00	363,742.00	301,419.00
Treasury Shares	0	0	0	0	0
Accumulated Other Comprehensive Income	-36,301.00	-66,609.00	-106,198.00	7,345.00	27,852.00
Minority Interest	0	0	0	0	0
Investments	934,708.00	2,736,255.00	13,734,901.00	13,182,192.00	7,490,168.00
Debt	1,232,252.00	1,353,050.00	1,142,949.00	675,753.00	2,204.00
Net Debt	0	0	764,032.00	0	0
Common Shares Outstanding	44,226.82	44,106.17	43,937.89	43,547.94	43,880.56

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cost Of Revenue	0	0	2,219.00	4,168.00	20,751.00
Interest Income	366,163.00	317,272.00	236,339.00	199,995.00	205,378.00
Interest Expense	167,879.00	144,787.00	42,773.00	24,072.00	38,921.00
Net Interest	188,604.00	175,744.00	199,518.00	181,690.00	170,940.00
Non-Interest Income	2,971.00	11,998.00	47,451.00	57,952.00	59,621.00
Non-Interest Expense	158,836.00	146,284.00	143,201.00	139,279.00	131,441.00
Provisions for Credit Losses	0	0	-2,219.00	-4,168.00	20,751.00
Selling, General and Administrative Expenses	26,970.00	27,626.00	25,733.00	24,719.00	24,444.00
EBT	59,974.00	64,994.00	197,632.00	188,163.00	146,009.00
Income Tax	10,884.00	9,032.00	10,816.00	13,981.00	9,011.00
Net Income	35,429.00	27,981.00	93,408.00	87,091.00	68,499.00
EBIT	227,853.00	209,781.00	240,405.00	212,235.00	184,930.00
Deprecation and Amortization	3,895.00	1,901.00	951.00	880.00	1,522.00
EBITDA	231,748.00	211,682.00	241,356.00	213,115.00	186,452.00
EPS	0.00	0.00	0.00	0.00	0.00
Diluted EPS	0.00	0.00	0.00	0.00	0.00
Average Shares Outstanding Basic	43,702.31	43,630.16	43,568.82	43,950.50	44,658.51
Average Shares Outstanding Diluted	44,064.49	43,843.88	43,699.11	44,111.10	44,756.72

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Operating Cash Flow	37,281.00	145,112.00	123,626.00	124,495.00	135,437.00
Operating Net Income	35,429.00	27,981.00	93,408.00	87,091.00	68,499.00
Deprecation and Amortization	3,895.00	1,901.00	951.00	880.00	1,522.00
Deferred Income Tax	-17,000.00	-3,322.00	2,177.00	0	0
Share Based Compensation	4,586.00	3,586.00	2,475.00	68.00	132.00
Change in Working Capital	517,742.00	116,248.00	21,856.00	-9,967.00	15,314.00
Other Operating Activities	-507,371.00	-1,282.00	2,759.00	46,423.00	49,970.00
Investing Cash Flow	-50,947.00	331,280.00	-1,019,932.00	-430,683.00	-511,958.00
Capital Expenditure	0.00	0.00	0.00	0.00	0.00
Net Purchase/Sale of PPE	5,084.00	7,775.00	6,429.00	1,440.00	5,866.00
Net Purchase/Sale of Investments Net	383,811.00	563,541.00	757,999.00	2,088,257.00	948,778.00
Net Purchase/Sale of Business	0	0	0	-622,179.00	0
Other Investing Activities	-439,842.00	-240,036.00	-1,784,360.00	-1,898,201.00	-1,466,602.00
Financing Cash Flow	-212,229.00	-47,730.00	426,493.00	576,848.00	603,484.00
Net Issuance/Repayment of Debt	1,030,164.00	1,518,415.00	1,941,426.00	0	58,824.00
Net Issuance/Repurchase of Equity	0	0	435.00	-1,648.00	1,390.00
Dividends Paid	28,328.00	28,311.00	27,765.00	24,768.00	21,183.00
Other Financing Activities	-1,270,721.00	-1,594,456.00	-1,543,133.00	553,728.00	522,087.00
Net Change in Cash	-225,895.00	428,662.00	-469,813.00	343,797.00	150,880.00
Cash at Beginning of Period	519,326.00	97,853.00	593,318.00	0	0
Cash at End of Period	293,431.00	526,515.00	123,505.00	0	0
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	6,712,497.00	7,652,051.00	7,628,638.00	14,701,689.00	7,927,457.00	7,912,527.00	7,855,707.00	14,792,541.00	7,959,434.00	7,963,353.00	7,897,995.00	14,686,117.00	7,718,695.00	7,640,936.00	7,420,328.00	14,234,374.00	7,534,240.00	6,109,227.00	6,055,528.00	12,703,526.00
Deposits	22,081,134.00	22,795,389.00	23,059,601.00	22,399,740.00	22,904,772.00	22,512,910.00	22,312,630.00	22,651,285.00	22,464,114.00	22,543,100.00	22,460,603.00	22,951,244.00	22,841,375.00	23,009,483.00	23,263,550.00	23,138,322.00	23,868,303.00	19,106,264.00	18,840,574.00	18,113,163.00
Cash and Short-Term Investments	2,751,324.00	827,502.00	1,017,996.00	1,847,524.00	1,409,004.00	876,606.00	818,398.00	1,586,145.00	531,999.00	694,277.00	413,417.00	378,917.00	337,390.00	337,930.00	375,026.00	1,794,949.00	2,932,866.00	933,608.00	1,612,097.00	776,199.00
Cash and Cash Equivalents	2,749,530.00	827,502.00	1,017,996.00	1,847,524.00	1,409,004.00	876,606.00	818,398.00	1,586,145.00	531,999.00	694,277.00	413,417.00	378,917.00	337,390.00	337,930.00	375,026.00	1,794,949.00	2,932,866.00	933,608.00	1,612,097.00	776,199.00
Short-Term Investments	1,794.00	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	28,758.00	39,730.00	38,663.00	39,747.00	39,366.00	43,240.00	120,024.00	116,130.00	12,945,602.00	12,502,702.00	12,443,460.00	12,173,408.00	90,288.00	86,988.00	82,428.00	78,411.00	74,286.00	65,106.00	62,853.00	64,188.00
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	93,413.00	93,398.00	93,499.00	93,864.00	93,544.00	93,695.00	94,303.00	94,583.00	94,716.00	95,053.00	91,814.00	92,677.00	92,356.00	93,778.00	93,075.00	96,941.00	93,866.00	88,604.00	92,109.00	95,916.00
Goodwill	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	155,211.00	154,572.00	154,572.00	154,572.00	162,788.00	151,238.00	151,238.00	151,238.00
Intangible Assets	0	0	0	10,223.00	0	0	0	13,626.00	0	0	0	17,239.00	18,164.00	19,090.00	20,016.00	20,941.00	21,150.00	21,160.00	22,058.00	22,955.00
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	6,051,726.00	6,861,199.00	6,852,577.00	7,037,564.00	7,172,635.00	7,185,862.00	7,134,457.00	7,221,673.00	7,266,065.00	7,254,110.00	7,195,436.00	7,195,143.00	7,073,702.00	6,983,071.00	6,742,878.00	6,651,694.00	6,825,698.00	5,398,853.00	5,366,149.00	5,194,398.00
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	660,771.00	790,852.00	776,061.00	7,664,125.00	754,822.00	726,665.00	721,250.00	7,570,868.00	693,369.00	709,243.00	702,559.00	7,490,974.00	644,993.00	657,865.00	677,450.00	7,582,680.00	708,542.00	710,374.00	689,379.00	7,509,128.00
Shareholders Equity	1,287,267.00	1,545,301.00	1,514,716.00	2,254,443.00	754,822.00	726,665.00	721,250.00	2,156,436.00	693,369.00	709,243.00	702,559.00	2,032,125.00	644,993.00	657,865.00	677,450.00	2,169,627.00	708,542.00	710,374.00	689,379.00	2,076,648.00
Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Share Premium	458,734.00	360,758.00	360,522.00	363,761.00	358,453.00	357,673.00	356,599.00	356,400.00	355,478.00	354,953.00	354,035.00	354,188.00	352,837.00	352,412.00	351,522.00	352,122.00	351,954.00	359,227.00	362,613.00	362,945.00
Retained Earnings	236,312.00	466,497.00	452,945.00	436,122.00	454,050.00	442,977.00	435,927.00	429,021.00	461,325.00	452,209.00	440,556.00	429,385.00	415,277.00	398,517.00	380,700.00	363,742.00	348,943.00	332,509.00	316,080.00	301,419.00
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	-34,275.00	-36,403.00	-37,406.00	-36,301.00	-57,681.00	-73,985.00	-71,276.00	-66,609.00	-123,434.00	-97,919.00	-92,032.00	-106,198.00	-123,121.00	-93,064.00	-54,772.00	7,345.00	7,645.00	18,638.00	10,686.00	27,852.00
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	1,794.00	1,819,087.00	925,724.00	934,708.00	2,705,850.00	2,635,270.00	2,676,595.00	2,736,255.00	12,647,302.00	13,053,595.00	13,416,649.00	13,734,901.00	13,649,127.00	14,158,600.00	14,521,304.00	13,182,192.00	13,093,623.00	10,769,619.00	8,228,949.00	7,490,168.00
Debt	0	0	0	1,232,252.00	0	0	0	1,353,050.00	0	0	0	1,142,949.00	239,832.00	227,939.00	229,973.00	675,753.00	232,324.00	0	0	2,204.00
Net Debt	0	0	0	0	0	0	0	0	0	0	0	764,032.00	0	0	0	0	0	0	0	0
Common Shares Outstanding	0	0	0	44,226.82	43,712.06	43,712.06	44,115.84	44,106.17	44,116.74	44,112.82	44,041.21	43,937.89	43,932.39	43,572.80	43,572.80	43,547.94	43,520.69	43,950.72	43,949.19	43,880.56

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
Cost Of Revenue	266.00	3,838.00	1,376.00	0	0	0	0	0	856.00	741.00	405.00	-1,424.00	1,747.00	1,146.00	750.00	-1,768.00	2,960.00	2,014.00	962.00
Interest Income	278,869.00	183,969.00	91,662.00	-170,403.00	269,325.00	177,480.00	89,761.00	-134,724.00	230,751.00	149,294.00	71,951.00	-98,081.00	172,684.00	109,654.00	52,082.00	-88,480.00	145,877.00	95,009.00	47,589.00
Interest Expense	107,480.00	73,030.00	36,908.00	-85,431.00	127,656.00	83,678.00	41,976.00	-34,347.00	95,304.00	57,269.00	26,561.00	12,277.00	18,110.00	8,475.00	3,911.00	-4,981.00	14,163.00	9,839.00	5,051.00
Net Interest	166,009.00	107,622.00	52,267.00	-78,728.00	135,477.00	88,567.00	43,288.00	-94,377.00	133,487.00	91,397.00	45,237.00	-104,406.00	154,574.00	101,179.00	48,171.00	-77,732.00	131,714.00	85,170.00	42,538.00
Non-Interest Income	-267,913.00	27,419.00	16,499.00	-59,297.00	31,925.00	20,414.00	9,929.00	-50,686.00	32,447.00	20,617.00	9,620.00	-30,070.00	36,777.00	26,589.00	14,155.00	-30,125.00	45,124.00	29,080.00	13,873.00
Non-Interest Expense	131,678.00	78,723.00	39,306.00	-66,801.00	113,901.00	74,629.00	37,107.00	-65,980.00	106,954.00	70,786.00	34,524.00	-77,715.00	111,328.00	72,978.00	36,610.00	-58,362.00	99,909.00	65,560.00	32,172.00
Provisions for Credit Losses	266.00	3,838.00	1,376.00	0	0	0	0	0	856.00	741.00	-405.00	674.00	-1,747.00	-1,146.00	0	-3,043.00	0	-1,492.00	367.00
Selling, General and Administrative Expenses	21,275.00	14,213.00	7,400.00	-12,711.00	19,962.00	13,102.00	6,617.00	-13,454.00	20,652.00	13,663.00	6,765.00	-12,047.00	18,876.00	12,492.00	6,412.00	-12,098.00	18,281.00	12,298.00	6,238.00
EBT	-233,848.00	52,480.00	28,084.00	-35,792.00	49,283.00	31,178.00	15,305.00	-53,198.00	57,795.00	40,306.00	20,091.00	32,824.00	81,770.00	55,936.00	27,102.00	37,534.00	76,942.00	49,815.00	23,872.00
Income Tax	56,444.00	7,893.00	4,141.00	3,551.00	2,972.00	3,047.00	1,314.00	-745.00	4,599.00	3,315.00	1,863.00	-9,764.00	9,527.00	7,514.00	3,539.00	-7,965.00	11,276.00	7,220.00	3,450.00
Net Income	-177,404.00	44,587.00	23,943.00	-53,004.00	46,311.00	28,131.00	13,991.00	-80,434.00	53,196.00	36,991.00	18,228.00	-50,820.00	72,243.00	48,422.00	23,563.00	-41,592.00	65,666.00	42,595.00	20,422.00
EBIT	-126,368.00	125,510.00	64,992.00	-121,223.00	176,939.00	114,856.00	57,281.00	-87,545.00	153,099.00	97,575.00	46,652.00	45,101.00	99,880.00	64,411.00	31,013.00	32,553.00	91,105.00	59,654.00	28,923.00
Deprecation and Amortization	12,377.00	2,228.00	1,097.00	-1,428.00	2,623.00	1,757.00	943.00	244.00	1,010.00	550.00	97.00	-1,846.00	1,364.00	1,006.00	427.00	-1,180.00	806.00	821.00	433.00
EBITDA	-113,991.00	127,738.00	66,089.00	-122,651.00	179,562.00	116,613.00	58,224.00	-87,301.00	154,109.00	98,125.00	46,749.00	43,255.00	101,244.00	65,417.00	31,440.00	31,373.00	91,911.00	60,475.00	29,356.00
EPS	-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
Diluted EPS	-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
Average Shares Outstanding Basic	47,311.64	43,794.49	43,777.11	43,721.53	43,712.06	43,712.06	43,663.61	43,650.49	43,646.61	43,639.99	43,583.55	43,574.41	43,573.37	43,572.80	43,554.71	44,038.76	43,893.19	43,950.50	43,919.55
Average Shares Outstanding Diluted	47,311.64	44,034.66	43,954.16	44,284.42	44,112.32	43,987.19	43,874.04	44,059.53	43,813.95	43,757.32	43,744.72	43,646.29	43,703.79	43,711.82	43,734.56	44,213.68	44,047.04	44,111.10	44,072.58

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	45,658.00	34,745.00	15,244.00	-46,467.00	54,741.00	22,463.00	6,544.00	1,731.00	73,956.00	44,114.00	25,311.00	-32,474.00	77,664.00	51,381.00	27,055.00	-58,473.00	88,819.00	60,778.00	33,371.00
Operating Net Income	-177,404.00	44,587.00	23,943.00	-53,004.00	46,311.00	28,131.00	13,991.00	-80,434.00	53,196.00	36,991.00	18,228.00	-50,820.00	72,243.00	48,422.00	23,563.00	-41,592.00	65,666.00	42,595.00	20,422.00
Deprecation and Amortization	12,377.00	2,228.00	1,097.00	-1,428.00	2,623.00	1,757.00	943.00	244.00	1,010.00	550.00	97.00	3,748.00	-1,364.00	-1,006.00	-427.00	-1,180.00	806.00	821.00	433.00
Deferred Income Tax	0	0	0	-17,000.00	0	0	0	-3,322.00	0	0	0	2,177.00	0	0	0	0	0	0	0
Share Based Compensation	1,164.00	846.00	459.00	-1,255.00	2,893.00	2,041.00	907.00	-1,522.00	2,647.00	1,703.00	758.00	-993.00	1,783.00	1,156.00	529.00	-56.00	55.00	42.00	27.00
Change in Working Capital	155,945.00	38,000.00	-2,292.00	385,545.00	54,286.00	60,095.00	17,816.00	-70,896.00	110,279.00	64,010.00	12,855.00	206,238.00	-184,641.00	14,434.00	-14,175.00	35,020.00	-13,097.00	-16,126.00	-15,764.00
Other Operating Activities	53,576.00	-50,916.00	-7,963.00	-359,325.00	-51,372.00	-69,561.00	-27,113.00	157,661.00	-93,176.00	-59,140.00	-6,627.00	-192,824.00	189,643.00	-11,625.00	17,565.00	-50,665.00	35,389.00	33,446.00	28,253.00
Investing Cash Flow	1,025,754.00	-14,476.00	38,860.00	804,187.00	-322,430.00	-357,479.00	-175,225.00	390,909.00	-55,748.00	15,609.00	-19,490.00	1,248,223.00	-902,327.00	-809,869.00	-555,959.00	-130,732.00	-146,387.00	-209,009.00	55,445.00
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	4,013.00	2,504.00	1,129.00	-1,387.00	3,286.00	2,007.00	1,178.00	-4,509.00	6,440.00	5,277.00	567.00	6,429.00	0	0	0	322.00	0	0	1,118.00
Net Purchase/Sale of Investments Net	2,090,015.00	46,429.00	22,633.00	244,073.00	68,686.00	48,081.00	22,971.00	121,833.00	186,024.00	160,876.00	94,808.00	-1,204,404.00	727,254.00	671,264.00	563,885.00	-789,092.00	1,721,177.00	841,465.00	314,707.00
Net Purchase/Sale of Business	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5,347.00	-616,832.00	0	0
Other Investing Activities	-1,068,274.00	-63,409.00	15,098.00	561,501.00	-394,402.00	-407,567.00	-199,374.00	273,585.00	-248,212.00	-150,544.00	-114,865.00	2,446,198.00	-1,629,581.00	-1,481,133.00	-1,119,844.00	663,385.00	-1,250,732.00	-1,050,474.00	-260,380.00
Financing Cash Flow	-906,588.00	-175,783.00	-177,870.00	-56,093.00	-23,992.00	-45,398.00	-86,746.00	-132,308.00	33,424.00	45,758.00	5,396.00	-244,499.00	340,814.00	273,828.00	56,350.00	-596,326.00	779,674.00	202,691.00	190,809.00
Net Issuance/Repayment of Debt	1,364,918.00	1,007,183.00	728,063.00	-1,844,139.00	1,062,248.00	1,005,514.00	806,541.00	-1,297,890.00	971,389.00	966,670.00	878,246.00	-406,435.00	1,035,352.00	846,483.00	466,026.00	0	0	0	0
Net Issuance/Repurchase of Equity	97,950.00	0	0	0	0	0	0	0	0	0	0	5,291.00	-1,677.00	-1,602.00	-1,577.00	202.00	-578.00	-578.00	-694.00
Dividends Paid	21,293.00	14,212.00	7,120.00	-14,216.00	21,282.00	14,176.00	7,086.00	-14,169.00	21,256.00	14,167.00	7,057.00	-13,195.00	20,708.00	13,647.00	6,605.00	-10,640.00	18,142.00	11,505.00	5,761.00
Other Financing Activities	-2,390,749.00	-1,197,178.00	-913,053.00	1,802,262.00	-1,107,522.00	-1,065,088.00	-900,373.00	1,179,751.00	-959,221.00	-935,079.00	-879,907.00	169,840.00	-713,569.00	-584,700.00	-414,704.00	-585,888.00	762,110.00	191,764.00	185,742.00
Net Change in Cash	164,824.00	-155,514.00	-123,765.00	701,627.00	-291,681.00	-380,414.00	-255,427.00	260,332.00	51,632.00	105,481.00	11,217.00	971,250.00	-483,849.00	-484,660.00	-472,554.00	-712,394.00	722,106.00	54,460.00	279,625.00
Cash at Beginning of Period	293,431.00	293,431.00	293,431.00	-408,196.00	526,515.00	526,515.00	526,515.00	266,183.00	123,505.00	123,505.00	123,505.00	-847,745.00	593,508.00	593,508.00	593,508.00	0.00	0	0	0
Cash at End of Period	458,255.00	137,917.00	169,666.00	293,431.00	234,834.00	146,101.00	271,088.00	526,515.00	175,137.00	228,986.00	134,722.00	123,505.00	109,659.00	108,848.00	120,954.00	0	0	0	0
Free Cash Flow	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0