Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings -42.76 -14.24 -10.09 87.46
Price to Sales 8.65 6.66 1.21 13.93
Book Value Per Common Share 26.31 31.58 34.00 17.33
Price to Book 2.34 1.29 0.39 8.73
Price to Operating Cash Flow 29.56 -21.33 -1.62 70.20
Price to Free Cash Flow
Enterprise Value to EBITDA
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
Price to Earnings 137.30 2156.00 -1534.33 -28.18 -17.35 -36.34 -11.99 -18.75 -10.06 -32.48 1054.00 279.72 316.44 198.25 920.43
Price to Sales 6.49 13.04 20.34 8.48 8.10 18.31 5.82 11.33 11.11 2.30 4.64 29.26 44.57 29.77 78.19
Book Value Per Common Share 39.52 33.29 27.96 26.31 23.10 25.81 29.88 31.58 27.42 22.79 24.06 34.00 23.39 23.94 21.28 17.33 13.48 14.07 8.58
Price to Book 1.29 1.94 1.65 2.34 1.73 0.91 0.90 1.29 1.04 1.57 0.66 0.39 0.89 1.32 5.13 8.73 23.47 8.88 15.01
Price to Operating Cash Flow -18.93 -45.93 -321.66 11.92 17.55 44.48 -141.43 34.10 -17.19 -4.10 -8.29 -34.44 135.02 69.08 220.16
Price to Free Cash Flow
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY 23.94 -43.39 6.92
EBITDA YoY
Net Profit YoY
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
Earning YoY 1133.33 -92.31 58.73 350.00
Revenue YoY 58.88 120.58 63.48 99.87 56.26 122.66 31.34 82.28 72.46 159.83
EBITDA YoY
Net Profit YoY 1006.49 -91.37 2145.33 61.44 369.08

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 8.83 4.42 5.11 12.73
Quick Ratio
Current Ratio
Debt to Equity 1.46 1.32 1.32 0.88
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
Cash Per Common Share 5.14 4.18 6.37 8.45 5.05 4.28 3.47 4.29 6.22 5.40 4.89 5.21 8.23 9.42 9.00 11.89 13.60 6.74 3.49
Quick Ratio
Current Ratio
Debt to Equity 1.19 1.25 1.18 1.46 1.31 1.30 1.28 1.32 1.50 1.25 1.30 1.32 1.28 1.20 0.91 0.88 1.01 0.69 1.43
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA -2.86 -4.95 -3.31 4.98
ROE -7.04 -11.49 -7.66 9.34
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin -20.20 -46.76 -11.98 15.96
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
ROA 0.51 0.06 -0.06 -3.61 -3.03 -1.41 -4.68 -5.49 -4.13 -1.96 0.11 1.16 3.47 2.57 0.66
ROE 1.13 0.13 -0.12 -8.35 -6.99 -3.21 -11.70 -12.37 -9.50 -4.47 0.23 2.21 6.96 4.34 1.59
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 4.68 0.67 -1.15 -30.13 -46.62 -50.55 -48.51 -60.35 -110.34 -7.10 0.49 10.41 14.07 15.03 8.33

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
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
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 4,498,842.00 4,853,815.00 3,284,548.00 2,721,826.00
      Cash and Short-Term Investments 789,734.00 370,008.00 423,249.00 994,308.00
            Cash and Cash Equivalents 789,734.00 370,008.00 423,249.00 994,308.00
            Short-Term Investments 0 0 0 0
      Net Receivables 2,726,290.00 3,823,999.00 3,379,364.00 572,995.00
      Inventory 0 0 0 0
      Other Current Assets 0 0 0 0
      Property, Plant, Equipment Net 82,468.00 97,349.00 130,503.00 120,377.00
      Goodwill 67,062.00 67,062.00 67,062.00 67,062.00
      Intangible Assets 23,100.00 23,100.00 15,631.00 19,906.00
      Long-Term Investments 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 0 0 0 0
Liabilities 2,672,778.00 2,763,056.00 1,866,489.00 1,272,253.00
      Payables and Expenses 0 0 0 0
            Account Payables 0 0 0 0
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 0 0 0 0
      Other Current Liabilities 0 0 0 0
      Long-Term Debt 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0
Equity 1,826,064.00 2,090,759.00 1,418,059.00 1,449,573.00
   Shareholders Equity 2,459,282.00 2,726,064.00 2,762,929.00 1,449,573.00
      Capital Stock 9.00 9.00 8.00 8.00
      Share Premium 1,044,366.00 917,872.00 714,871.00 740,849.00
      Retained Earnings -411,157.00 -282,576.00 -42,444.00 66,221.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0
   Minority Interest 0 0 0 0
Investments 1,864.00 5,958.00 0 0
Debt 50,278.00 62,324.00 100,787.00 100,366.00
Common Shares Outstanding 93,469.72 86,330.30 81,259.68 83,659.66
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 636,528.00 513,562.00 907,272.00 848,589.00
Operating Expenses 809,384.00 770,087.00 956,307.00 707,708.00
   Selling, General and Administrative Expenses 670,453.00 339,531.00 531,066.00 456,130.00
   Research and Development Expenses 253,653.00 280,138.00 237,247.00 133,999.00
   Other Operating Expenses -114,722.00 150,418.00 187,994.00 117,579.00
Operating Income -172,856.00 -256,525.00 -113,863.00 140,881.00
Interest Income 215,328.00 188,693.00 10,843.00 3,274.00
Interest Expense 50,031.00 41,627.00 10,843.00 3,274.00
Net Interest 1,062.00 -46,869.00 10,843.00 3,274.00
EBT 0 0 0 0
Income Tax 185.00 107.00 409.00 1,712.00
Net Income Including Non-Controlling Interests 0 0 -325,995.00 406,329.00
Net Income Non-Controlling Interests 0 0 217,330.00 -270,886.00
Net Income -128,581.00 -240,132.00 -108,665.00 135,443.00
Deprecation and Amortization 20,549.00 24,903.00 13,513.00 11,741.00
EPS -0.00 -0.00 -0.00 0.00
Diluted EPS -0.00 -0.00 -0.00 0.00
Average Shares Outstanding Basic 89,450.04 83,765.90 82,771.27 78,106.36
Average Shares Outstanding Diluted 89,450.04 83,765.90 82,771.27 94,772.64
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 186,331.00 -160,493.00 -674,681.00 168,353.00
   Operating Net Income -128,581.00 -240,132.00 -325,995.00 406,329.00
   Deprecation and Amortization 20,549.00 24,903.00 13,513.00 11,741.00
   Deferred Income Tax 0 0 -583.00 -1,941.00
   Share Based Compensation 133,400.00 175,039.00 125,945.00 73,186.00
   Change in Working Capital -120,442.00 -232,017.00 -161,173.00 47,357.00
   Other Operating Activities 281,405.00 111,714.00 -326,388.00 -368,319.00
Investing Cash Flow -237,726.00 -118,455.00 -114,125.00 -143,877.00
   Capital Expenditure 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 9,990.00 12,086.00 22,913.00 15,115.00
   Net Purchase/Sale of Investments Net 5,917.00 4,328.00 12,986.00 51,458.00
   Net Purchase/Sale of Business 0 0 0 16,757.00
   Net Loan & Lease Activity 468,362.00 260,641.00 206,898.00 235,333.00
   Other Investing Activities -721,995.00 -395,510.00 -356,922.00 -462,540.00
Financing Cash Flow 559,871.00 214,268.00 130,032.00 855,432.00
   Net Issuance/Repayment of Debt 3,332,156.00 1,391,485.00 1,089,711.00 789,738.00
   Net Issuance/Repurchase of Equity 21,414.00 12,881.00 190,237.00 278,667.00
   Dividends Paid 0 0 0 0
   Other Financing Activities -2,793,699.00 -1,190,098.00 -1,149,916.00 -212,973.00
Net Change in Cash 508,476.00 -64,680.00 -658,774.00 879,908.00
   Cash at Beginning of Period 467,787.00 532,467.00 1,191,241.00 311,333.00
   Cash at End of Period 976,263.00 467,787.00 532,467.00 1,191,241.00
Free Cash Flow 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
Assets 6,798,658.00 5,584,023.00 4,326,067.00 4,498,842.00 3,481,620.00 3,926,120.00 4,575,746.00 4,853,815.00 4,225,474.00 2,866,706.00 3,130,177.00 3,284,548.00 2,723,532.00 2,666,341.00 2,829,280.00 2,721,826.00 2,207,293.00 1,844,439.00 1,540,222.00
      Cash and Short-Term Investments 490,655.00 396,280.00 600,225.00 789,734.00 447,315.00 375,315.00 301,890.00 370,008.00 517,343.00 445,322.00 400,744.00 423,249.00 684,919.00 791,757.00 758,235.00 994,308.00 1,041,460.00 506,287.00 257,017.00
            Cash and Cash Equivalents 490,655.00 396,280.00 600,225.00 789,734.00 447,315.00 375,315.00 301,890.00 370,008.00 517,343.00 445,322.00 400,744.00 423,249.00 684,919.00 791,757.00 758,235.00 994,308.00 1,041,460.00 506,287.00 257,017.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 4,230,297.00 3,490,120.00 2,758,722.00 2,726,290.00 2,264,102.00 2,769,316.00 3,561,671.00 3,823,999.00 3,291,372.00 2,897,456.00 3,319,480.00 3,379,364.00 2,475,210.00 2,238,576.00 2,031,386.00 572,995.00 353,662.00 219,636.00 156,473.00
      Inventory 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
      Property, Plant, Equipment Net 78,905.00 81,562.00 82,964.00 82,468.00 84,646.00 88,872.00 92,491.00 97,349.00 125,349.00 127,359.00 130,359.00 130,503.00 128,465.00 126,406.00 123,035.00 120,377.00 88,923.00 29,757.00 27,363.00
      Goodwill 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 67,062.00 66,866.00 66,866.00 0
      Intangible Assets 8,575.00 8,860.00 23,100.00 23,100.00 23,100.00 23,100.00 23,100.00 23,100.00 12,425.00 13,493.00 14,562.00 15,631.00 16,700.00 17,768.00 18,837.00 19,906.00 20,975.00 22,131.00 0
      Long-Term Investments 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
      Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liabilities 3,698,144.00 3,107,230.00 2,344,080.00 2,672,778.00 1,975,105.00 2,221,627.00 2,565,041.00 2,763,056.00 2,535,141.00 1,594,503.00 1,769,693.00 1,866,489.00 1,527,996.00 1,455,739.00 1,350,201.00 1,272,253.00 1,108,002.00 752,481.00 905,838.00
      Payables and Expenses 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
            Current Accrued Liabilities 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
      Other Current Liabilities 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
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity 3,100,514.00 2,476,793.00 1,981,987.00 1,826,064.00 1,506,515.00 1,704,493.00 2,010,705.00 2,090,759.00 1,690,333.00 1,272,203.00 1,360,484.00 1,418,059.00 1,195,536.00 1,210,602.00 1,479,079.00 1,449,573.00 1,099,291.00 1,091,958.00 634,384.00
   Shareholders Equity 3,844,232.00 3,198,803.00 2,658,629.00 2,459,282.00 2,102,051.00 2,299,203.00 2,623,503.00 2,726,064.00 2,331,097.00 1,910,348.00 1,987,692.00 2,762,929.00 1,914,104.00 1,967,673.00 1,801,838.00 1,449,573.00 1,099,291.00 1,091,958.00 634,384.00
      Capital Stock 10.00 10.00 10.00 9.00 9.00 9.00 9.00 9.00 9.00 8.00 8.00 8.00 8.00 8.00 9.00 8.00 8.00 8.00 7.00
      Share Premium 1,119,900.00 1,129,997.00 1,090,236.00 1,044,366.00 1,003,929.00 996,345.00 959,963.00 917,872.00 880,933.00 838,000.00 798,898.00 714,871.00 705,741.00 688,021.00 777,582.00 740,849.00 711,804.00 737,924.00 379,703.00
      Retained Earnings -376,192.00 -407,997.00 -413,604.00 -411,157.00 -408,402.00 -401,644.00 -347,174.00 -282,576.00 -240,178.00 -199,863.00 -171,698.00 -42,444.00 12,819.00 69,042.00 98,913.00 66,221.00 7,277.00 -21,836.00 -59,120.00
      Treasury Shares 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 1,129.00 1,864.00 2,139.00 5,123.00 5,950.00 5,958.00 9,796.00 10,339.00 0 0 0 0 0 0 0 0 0
Debt 40,551.00 43,833.00 47,074.00 50,278.00 53,348.00 56,374.00 59,364.00 62,324.00 93,354.00 96,239.00 99,050.00 100,787.00 99,418.00 99,865.00 100,051.00 100,366.00 72,175.00 17,778.00 18,621.00
Common Shares Outstanding 97,275.54 96,091.34 95,071.58 93,469.72 90,998.26 89,084.18 87,805.39 86,330.30 85,024.89 83,811.48 82,600.75 81,259.68 81,831.18 82,188.37 84,676.75 83,659.66 81,539.55 77,626.87 73,908.25
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 747,767.00 470,662.00 213,371.00 -164,254.00 417,564.00 255,424.00 127,794.00 -271,994.00 407,585.00 260,830.00 117,141.00 -730,712.00 751,675.00 572,327.00 313,982.00 -131,788.00 543,741.00 315,291.00 121,345.00
Operating Expenses 724,055.00 470,616.00 217,867.00 -349,926.00 585,670.00 378,378.00 195,262.00 -450,821.00 582,274.00 403,872.00 234,762.00 -605,464.00 750,896.00 535,572.00 275,303.00 -124,760.00 463,274.00 263,423.00 105,771.00
   Selling, General and Administrative Expenses 616,899.00 404,915.00 190,494.00 117,103.00 281,845.00 178,742.00 92,763.00 -147,997.00 244,987.00 158,440.00 84,101.00 -408,067.00 433,171.00 329,057.00 176,905.00 -83,957.00 299,240.00 171,452.00 69,395.00
   Research and Development Expenses 190,689.00 126,663.00 57,838.00 -117,413.00 186,431.00 121,544.00 63,091.00 -220,964.00 222,986.00 168,045.00 110,071.00 -92,998.00 173,218.00 107,036.00 49,991.00 -22,912.00 87,504.00 50,419.00 18,988.00
   Other Operating Expenses -83,533.00 -60,962.00 -30,465.00 -349,616.00 117,394.00 78,092.00 39,408.00 -81,860.00 114,301.00 77,387.00 40,590.00 -104,399.00 144,507.00 99,479.00 48,407.00 -17,891.00 76,530.00 41,552.00 17,388.00
Operating Income 23,712.00 46.00 -4,496.00 185,672.00 -168,106.00 -122,954.00 -67,468.00 249,513.00 -209,024.00 -165,179.00 -131,835.00 -96,057.00 -55,365.00 2,726.00 34,833.00 -7,028.00 80,467.00 51,868.00 15,574.00
Interest Income 156,847.00 95,768.00 45,680.00 -132,844.00 167,985.00 120,392.00 59,795.00 145,565.00 24,582.00 11,414.00 7,132.00 290.00 6,322.00 3,272.00 959.00 -3,079.00 2,796.00 2,527.00 1,030.00
Interest Expense 28,592.00 18,309.00 8,869.00 -31,449.00 40,548.00 27,458.00 13,474.00 -1,501.00 24,582.00 11,414.00 7,132.00 290.00 6,322.00 3,272.00 959.00 -3,079.00 2,796.00 2,527.00 1,030.00
Net Interest 62,976.00 44,410.00 27,896.00 43,138.00 -18,626.00 -13,176.00 -10,274.00 -89,997.00 24,582.00 11,414.00 7,132.00 290.00 6,322.00 3,272.00 959.00 -3,079.00 2,796.00 2,527.00 1,030.00
EBT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Tax 202.00 78.00 29.00 68.00 74.00 29.00 14.00 13.00 44.00 34.00 16.00 292.00 55.00 43.00 19.00 -1,311.00 2,035.00 767.00 221.00
Net Income Including Non-Controlling Interests 0 0 0 0 0 0 0 0 0 0 0 -325,995.00 0 0 0 4,368.00 229,497.00 142,158.00 30,306.00
Net Income Non-Controlling Interests 0 0 0 0 0 0 0 0 0 0 0 217,330.00 0 0 0 -2,912.00 -152,998.00 -94,772.00 -20,204.00
Net Income 34,965.00 3,160.00 -2,447.00 180,911.00 -125,826.00 -119,068.00 -64,598.00 244,275.00 -197,734.00 -157,419.00 -129,254.00 -90,776.00 -53,402.00 2,821.00 32,692.00 1,456.00 76,499.00 47,386.00 10,102.00
Deprecation and Amortization 18,374.00 12,243.00 6,400.00 -11,393.00 15,850.00 10,460.00 5,632.00 -8,204.00 15,800.00 10,866.00 6,441.00 -5,262.00 9,859.00 6,135.00 2,781.00 -1,258.00 7,684.00 4,499.00 816.00
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 95,503.38 94,903.91 94,274.54 94,501.67 88,534.49 87,733.29 87,030.70 87,469.60 83,158.15 82,524.40 81,911.43 79,587.39 83,236.13 84,031.11 84,230.45 87,049.88 76,586.40 75,160.04 73,629.12
Average Shares Outstanding Diluted 105,921.59 103,177.58 94,274.54 94,501.67 88,534.49 87,733.29 87,030.70 87,469.60 83,158.15 82,524.40 81,911.43 57,882.11 83,236.13 94,509.06 95,457.78 100,282.51 94,165.32 93,193.15 91,449.57
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 -256,277.00 -133,648.00 -13,486.00 -281,465.00 297,257.00 117,917.00 52,622.00 -154,637.00 -16,781.00 86,652.00 -75,727.00 334,356.00 -421,804.00 -320,438.00 -266,795.00 -190,132.00 179,497.00 135,896.00 43,092.00
   Operating Net Income 34,965.00 3,160.00 -2,447.00 180,911.00 -125,826.00 -119,068.00 -64,598.00 244,275.00 -197,734.00 -157,419.00 -129,254.00 -308,106.00 -53,402.00 2,821.00 32,692.00 4,368.00 229,497.00 142,158.00 30,306.00
   Deprecation and Amortization 18,374.00 12,243.00 6,400.00 -11,393.00 15,850.00 10,460.00 5,632.00 -8,204.00 15,800.00 10,866.00 6,441.00 -5,262.00 9,859.00 6,135.00 2,781.00 -1,258.00 7,684.00 4,499.00 816.00
   Deferred Income Tax 0 0 0 0 0 0 0 0 0 0 0 -583.00 0 0 0 -1,941.00 0 0 0
   Share Based Compensation 99,497.00 65,342.00 29,831.00 -75,967.00 103,604.00 69,986.00 35,777.00 -148,048.00 142,273.00 106,705.00 74,109.00 -46,519.00 92,035.00 55,379.00 25,050.00 -15,369.00 50,125.00 29,808.00 8,622.00
   Change in Working Capital 85,152.00 19,384.00 -13,466.00 213,183.00 -173,698.00 -105,184.00 -54,743.00 109,146.00 -163,043.00 -106,598.00 -71,522.00 -15,352.00 -76,329.00 -47,220.00 -22,272.00 -2,875.00 24,089.00 27,198.00 -1,055.00
   Other Operating Activities -494,265.00 -233,777.00 -33,804.00 -588,199.00 477,327.00 261,723.00 130,554.00 -351,806.00 185,923.00 233,098.00 44,499.00 710,178.00 -393,967.00 -337,553.00 -305,046.00 -173,057.00 -131,898.00 -67,767.00 4,403.00
Investing Cash Flow -308,909.00 -188,403.00 -78,569.00 73,285.00 -159,817.00 -113,647.00 -37,547.00 60,305.00 -88,562.00 -64,346.00 -25,852.00 -85,526.00 -29,012.00 -4,764.00 5,177.00 19,021.00 -124,101.00 -39,699.00 902.00
   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 14,488.00 10,525.00 6,159.00 -2,407.00 6,571.00 4,077.00 1,749.00 -11,266.00 10,420.00 7,474.00 5,458.00 -12,711.00 17,930.00 12,407.00 5,287.00 937.00 9,432.00 4,145.00 601.00
   Net Purchase/Sale of Investments Net 12,895.00 6,521.00 2,685.00 -1,993.00 4,004.00 2,681.00 1,225.00 -3,790.00 3,556.00 2,996.00 1,566.00 -1,501.00 6,508.00 4,912.00 3,067.00 -7,125.00 49,115.00 6,349.00 3,119.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -16,365.00 16,561.00 16,561.00 0
   Net Loan & Lease Activity 468,362.00 260,641.00 206,898.00 235,333.00
   Other Investing Activities -1,275,532.00 -733,577.00 -296,393.00 150,213.00 -466,740.00 -291,553.00 -113,915.00 220,214.00 -302,933.00 -209,111.00 -103,680.00 -141,334.00 -148,448.00 -54,566.00 -12,574.00 8,526.00 -317,462.00 -126,508.00 -27,096.00
Financing Cash Flow 425,828.00 47,248.00 -44,680.00 464,481.00 50,540.00 88,561.00 -43,711.00 50,273.00 187,904.00 -44,880.00 20,971.00 -90,922.00 89,501.00 48,382.00 83,071.00 -140,342.00 805,032.00 210,003.00 -19,261.00
   Net Issuance/Repayment of Debt 2,277,374.00 351,068.00 187,384.00 528,014.00 2,175,188.00 430,955.00 197,999.00 -673,784.00 1,219,620.00 738,014.00 107,635.00 556.00 639,349.00 362,812.00 86,994.00 -43,456.00 732,493.00 68,286.00 32,415.00
   Net Issuance/Repurchase of Equity 14,494.00 9,866.00 8,209.00 5,710.00 12,281.00 2,219.00 1,204.00 -4,803.00 9,475.00 6,672.00 1,537.00 -110,634.00 160,796.00 134,449.00 5,626.00 -263,392.00 273,704.00 266,863.00 1,492.00
   Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Other Financing Activities -1,866,040.00 -313,686.00 -240,273.00 -69,243.00 -2,136,929.00 -344,613.00 -242,914.00 728,860.00 -1,041,191.00 -789,566.00 -88,201.00 19,156.00 -710,644.00 -448,879.00 -9,549.00 166,506.00 -201,165.00 -125,146.00 -53,168.00
Net Change in Cash -139,358.00 -274,803.00 -136,735.00 256,301.00 187,980.00 92,831.00 -28,636.00 -44,059.00 82,561.00 -22,574.00 -80,608.00 157,908.00 -361,315.00 -276,820.00 -178,547.00 -311,453.00 860,428.00 306,200.00 24,733.00
   Cash at Beginning of Period 976,263.00 976,263.00 976,263.00 719,962.00 467,787.00 467,787.00 467,787.00 511,846.00 532,467.00 532,467.00 532,467.00 374,559.00 1,191,241.00 1,191,241.00 1,191,241.00 1,502,694.00 311,333.00 311,333.00 311,333.00
   Cash at End of Period 836,905.00 701,460.00 839,528.00 976,263.00 655,767.00 560,618.00 439,151.00 467,787.00 615,028.00 509,893.00 451,859.00 532,467.00 829,926.00 914,421.00 1,012,694.00 1,191,241.00 1,171,761.00 617,533.00 336,066.00
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0