Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 20.46 -55.41 5.55 53.72 -102.12
Price to Sales 2.11 2.50 1.44 2.40 1.85
Book Value Per Common Share 13.56 11.93 11.19 8.64 8.21
Price to Book 1.98 2.60 1.66 3.30 2.11
Price to Operating Cash Flow 23.70 27.05 8.55 20.62 19.51
Price to Free Cash Flow 33.09 49.44 11.05 51.56 23.18
Enterprise Value to EBITDA 145015.78 2082613.78 108900.72 180040.80 183770.13
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 2021-12-31 2021-03-31 2020-12-31
Price to Earnings 169.06 101.60 95.62 84.95 90.18 124.29 100.70 414.80
Price to Sales 11.02 7.23 6.93 10.11 11.28 6.96 8.62 7.54
Book Value Per Common Share 14.56 14.23 13.93 13.56 13.15 12.15 11.93 11.33 11.19 7.88 8.64 8.22 8.21
Price to Book 2.09 1.43 1.44 1.98 2.52 2.90 2.60 1.87 1.66 3.45 3.30 2.52 2.11
Price to Operating Cash Flow 117.67 132.72 58.00 106.12 210.22 76.75 54.42 96.20
Price to Free Cash Flow 141.14 220.39 87.61 137.18 584.22 153.23 97.25 118.18
Enterprise Value to EBITDA 966491.27 610830.40 519638.89 558310.27 626909.05 601639.22 609868.24 635674.69

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 532.08
Revenue YoY 7.63 3.14 10.78 28.43
EBITDA YoY 1150.56 -90.47 10.04 70.52
Net Profit YoY 541.15
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 2021-12-31 2021-03-31 2020-12-31
Earning YoY -10.00 -4.76 -46.15 0.00 129.41 -37.04 440.00
Revenue YoY -0.13 -0.71 -9.48 5.92 13.67 -1.87 16.99
EBITDA YoY -5.36 -11.15 -33.14 6.04 75.02 -20.53 39.53
Net Profit YoY -10.64 -0.75 -46.82 2.80 150.02 -34.43 434.48

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 6.11 5.69 6.07 4.58 6.62
Quick Ratio 2.49 1.99 1.72 1.86 2.87
Current Ratio 3.98 3.24 2.59 2.90 4.00
Debt to Equity 0.62 0.83 0.95 1.05 1.20
Long-Term Debt to Equity 0.37 0.50 0.51 0.62 0.84
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 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 6.15 6.01 6.12 6.06 5.69 5.31 5.43 5.01 5.86 4.67 4.44 6.74 6.44
Quick Ratio 3.42 3.21 2.80 2.49 2.25 1.87 1.99 1.46 1.72 1.62 1.86 2.66 2.87
Current Ratio 5.36 5.10 4.44 3.98 3.54 3.05 3.24 2.41 2.59 2.58 2.90 3.78 4.00
Debt to Equity 0.47 0.49 0.58 0.62 0.71 0.79 0.83 0.99 0.95 1.28 1.05 1.29 1.20
Long-Term Debt to Equity 0.30 0.31 0.35 0.37 0.42 0.45 0.50 0.54 0.51 0.73 0.62 0.89 0.84

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 5.89 -2.47 14.80 2.90 -0.93
ROE 9.56 -4.52 28.89 5.95 -2.05
Gross Margin 42.38 42.77 40.73 41.54 42.78
Operating Margin 11.14 -2.49 9.67 9.26 3.58
EBITDA Margin 14.64 1.26 13.64 13.73 10.34
Net Profit Margin 10.28 -4.56 25.84 4.46 -1.85
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 2021-12-31 2021-03-31 2020-12-31
ROA 0.82 0.93 0.93 1.77 1.77 0.75 1.45 0.26
ROE 1.21 1.39 1.47 3.01 3.18 1.49 3.30 0.60
Gross Margin 40.81 41.38 40.93 42.86 43.22 40.40 42.20 41.07
Operating Margin 8.46 8.98 10.45 14.90 14.54 7.74 10.62 7.14
EBITDA Margin 11.42 12.05 13.46 18.23 18.21 11.83 14.61 12.24
Net Profit Margin 6.39 7.14 7.14 12.16 12.52 5.69 8.52 1.87

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 2021-12-31 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 1,251,577.00 1,229,041.00 1,128,183.00 898,976.00 898,064.00
   Current Assets 764,532.00 706,278.00 668,901.00 549,387.00 586,931.00
      Cash and Short-Term Investments 344,538.00 305,784.00 302,960.00 224,653.00 320,054.00
            Cash and Cash Equivalents 145,819.00 159,120.00 155,472.00 120,472.00 130,283.00
            Short-Term Investments 198,719.00 146,664.00 147,488.00 104,181.00 189,771.00
      Net Receivables 133,943.00 127,388.00 140,728.00 127,902.00 101,237.00
      Inventory 246,735.00 237,635.00 206,908.00 170,858.00 145,906.00
      Other Current Assets 39,316.00 35,471.00 18,305.00 25,974.00 19,734.00
   Non-Current Assets 487,045.00 522,763.00 459,282.00 349,589.00 311,133.00
      Property, Plant, Equipment Net 140,292.00 142,836.00 133,748.00 128,556.00 75,546.00
      Goodwill 214,964.00 214,964.00 181,943.00 181,943.00 181,943.00
      Intangible Assets 8,832.00 43,945.00 23,887.00 33,905.00 46,185.00
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 120,191.00 117,901.00 116,349.00 1,639.00 1,440.00
      Other Non-Current Assets 2,766.00 3,117.00 3,355.00 3,546.00 6,019.00
Liabilities 480,807.00 556,599.00 550,359.00 461,348.00 489,690.00
   Current Liabilities 192,282.00 218,033.00 257,904.00 189,204.00 146,681.00
      Payables and Expenses 45,605.00 70,704.00 54,481.00 46,316.00 34,570.00
            Account Payables 43,519.00 42,383.00 52,049.00 44,456.00 33,656.00
            Current Accrued Liabilities 2,086.00 28,321.00 2,432.00 1,860.00 914.00
      Short-Term Debt 26,496.00 4,025.00 20,169.00 4,437.00 4,148.00
      Other Current Liabilities 120,181.00 143,304.00 183,254.00 138,451.00 107,963.00
   Non-Current Liabilities 288,525.00 338,566.00 292,455.00 272,144.00 343,009.00
      Long-Term Debt 284,020.00 306,470.00 288,072.00 262,272.00 327,420.00
      Other Non-Current Liabilities 4,505.00 32,096.00 4,383.00 9,872.00 15,589.00
Equity 770,770.00 672,442.00 577,824.00 437,628.00 408,374.00
   Shareholders Equity 770,770.00 672,442.00 577,824.00 437,628.00 408,374.00
      Capital Stock 569.00 564.00 517.00 507.00 497.00
      Share Premium 1,227,134.00 1,202,440.00 1,078,180.00 1,116,921.00 1,113,352.00
      Retained Earnings -458,455.00 -532,169.00 -501,801.00 -681,283.00 -707,321.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 1,522.00 1,607.00 928.00 1,483.00 1,846.00
   Minority Interest 0 0 0 0 0
Investments 198,719.00 146,664.00 147,488.00 104,181.00 189,771.00
Debt 310,516.00 306,470.00 308,241.00 262,272.00 327,420.00
Net Debt 0 686.00 5,281.00 37,619.00 7,366.00
Common Shares Outstanding 56,827.92 56,364.13 51,660.41 50,652.86 49,723.75
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 717,301.00 666,435.00 646,137.00 583,277.00 454,163.00
Cost Of Revenue 413,296.00 381,376.00 382,989.00 341,003.00 259,863.00
Gross Profit 304,005.00 285,059.00 263,148.00 242,274.00 194,300.00
Operating Expenses 237,024.00 215,119.00 202,852.00 185,564.00 171,735.00
   Selling, General and Administrative Expenses 99,663.00 92,756.00 88,952.00 84,536.00 76,251.00
   Research and Development Expenses 124,507.00 112,853.00 103,565.00 88,680.00 78,994.00
   Other Operating Expenses 12,854.00 9,510.00 10,335.00 12,348.00 16,490.00
Operating Income 66,981.00 69,940.00 60,296.00 56,710.00 22,565.00
Net Non-Operating Income 1,853.00 -98,278.00 -9,311.00 -31,030.00 -31,029.00
Interest Income 23,943.00 22,353.00 13,709.00 30,700.00 26,290.00
Interest Expense 11,045.00 11,770.00 11,510.00 28,360.00 24,739.00
Net Interest 12,898.00 10,583.00 2,199.00 2,340.00 1,551.00
EBT 68,834.00 -28,338.00 50,985.00 25,680.00 -8,464.00
Income Tax 4,880.00 2,030.00 115,957.00 358.00 73.00
Net Income 73,714.00 -30,368.00 166,942.00 26,038.00 -8,391.00
EBIT 79,879.00 -16,568.00 62,495.00 54,040.00 16,275.00
Deprecation and Amortization 25,143.00 24,966.00 25,645.00 26,058.00 30,697.00
EBITDA 105,022.00 8,398.00 88,140.00 80,098.00 46,972.00
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 56,426.00 53,769.00 49,906.00 49,073.00 48,362.00
Average Shares Outstanding Diluted 61,596.00 53,769.00 65,607.00 53,643.00 48,362.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 63,815.00 61,674.00 108,483.00 67,742.00 43,021.00
   Operating Net Income 73,714.00 -30,368.00 166,942.00 26,038.00 -8,391.00
   Deprecation and Amortization 25,143.00 24,966.00 25,645.00 26,058.00 30,697.00
   Deferred Income Tax -8,729.00 -2,211.00 -118,040.00 -651.00 -299.00
   Share Based Compensation 35,879.00 28,558.00 22,994.00 15,249.00 12,703.00
   Change in Working Capital -64,187.00 -71,768.00 -41,281.00 12,983.00 4,194.00
   Other Operating Activities 1,995.00 112,497.00 52,223.00 -11,935.00 4,117.00
Investing Cash Flow -64,547.00 -53,330.00 -68,880.00 44,528.00 -71,792.00
   Capital Expenditure -18,113.00 -27,930.00 -24,604.00 -40,643.00 -6,802.00
   Net Purchase/Sale of PPE -16,080.00 -27,930.00 -24,604.00 -38,918.00 2,701.00
   Net Purchase/Sale of Investments Net -48,467.00 4,973.00 -44,276.00 83,446.00 -74,493.00
   Net Purchase/Sale of Business 0 -30,373.00 0 0 0
   Other Investing Activities 18,113.00 27,930.00 24,604.00 40,643.00 6,802.00
Financing Cash Flow -12,579.00 -4,680.00 -4,550.00 -122,029.00 29,098.00
   Net Issuance/Repayment of Debt 0 4,211.00 0 0 120,095.00
   Net Issuance/Repurchase of Equity 373.00 56.00 3,698.00 3,402.00 2,878.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities -12,952.00 -8,947.00 -8,248.00 -125,431.00 -93,875.00
Net Change in Cash -13,301.00 3,648.00 35,000.00 -9,811.00 332.00
   Cash at Beginning of Period 159,120.00 155,472.00 120,472.00 130,283.00 129,951.00
   Cash at End of Period 145,819.00 159,120.00 155,472.00 120,472.00 130,283.00
Free Cash Flow 45,702.00 33,744.00 83,879.00 27,099.00 36,219.00
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 2021-12-31 2021-03-31 2020-12-31
Assets 1,289,911.00 1,274,705.00 1,278,824.00 1,251,577.00 1,272,872.00 1,233,693.00 1,229,041.00 1,167,248.00 1,128,183.00 920,364.00 898,976.00 945,242.00 898,064.00
   Current Assets 810,334.00 791,892.00 794,805.00 764,532.00 760,977.00 715,894.00 706,278.00 643,270.00 668,901.00 569,950.00 549,387.00 618,167.00 586,931.00
      Cash and Short-Term Investments 369,322.00 354,792.00 353,462.00 344,538.00 320,762.00 297,210.00 305,784.00 253,367.00 302,960.00 231,589.00 224,653.00 327,528.00 320,054.00
            Cash and Cash Equivalents 193,192.00 188,902.00 175,067.00 145,819.00 163,228.00 174,324.00 159,120.00 141,197.00 155,472.00 128,312.00 120,472.00 141,386.00 130,283.00
            Short-Term Investments 176,130.00 165,890.00 178,395.00 198,719.00 157,534.00 122,886.00 146,664.00 112,170.00 147,488.00 103,277.00 104,181.00 186,142.00 189,771.00
      Net Receivables 147,538.00 142,999.00 147,954.00 133,943.00 163,142.00 140,868.00 127,388.00 137,818.00 140,728.00 125,081.00 127,902.00 108,049.00 101,237.00
      Inventory 263,311.00 258,984.00 254,051.00 246,735.00 242,123.00 243,266.00 237,635.00 225,717.00 206,908.00 179,066.00 170,858.00 156,216.00 145,906.00
      Other Current Assets 30,163.00 35,117.00 39,338.00 39,316.00 34,950.00 34,550.00 35,471.00 26,368.00 18,305.00 34,214.00 25,974.00 26,374.00 19,734.00
   Non-Current Assets 479,577.00 482,813.00 484,019.00 487,045.00 511,895.00 517,799.00 522,763.00 523,978.00 459,282.00 350,414.00 349,589.00 327,075.00 311,133.00
      Property, Plant, Equipment Net 134,395.00 136,975.00 139,778.00 140,292.00 139,372.00 138,982.00 142,836.00 139,507.00 133,748.00 131,928.00 128,556.00 94,755.00 75,546.00
      Goodwill 214,964.00 214,964.00 214,964.00 214,964.00 214,964.00 214,964.00 214,964.00 214,964.00 181,943.00 181,943.00 181,943.00 181,943.00 181,943.00
      Intangible Assets 6,418.00 7,189.00 8,010.00 8,832.00 38,542.00 42,054.00 43,945.00 50,316.00 23,887.00 31,401.00 33,905.00 42,831.00 46,185.00
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 120,120.00 119,936.00 118,567.00 120,191.00 115,777.00 118,724.00 117,901.00 115,949.00 116,349.00 1,639.00 1,639.00 1,440.00 1,440.00
      Other Non-Current Assets 3,680.00 3,749.00 2,700.00 2,766.00 3,240.00 3,075.00 3,117.00 3,242.00 3,355.00 3,503.00 3,546.00 6,106.00 6,019.00
Liabilities 413,941.00 418,509.00 466,966.00 480,807.00 526,353.00 545,783.00 556,599.00 581,689.00 550,359.00 516,794.00 461,348.00 532,781.00 489,690.00
   Current Liabilities 151,186.00 155,238.00 178,859.00 192,282.00 215,167.00 234,359.00 218,033.00 267,175.00 257,904.00 220,696.00 189,204.00 163,695.00 146,681.00
      Payables and Expenses 83,625.00 85,828.00 59,391.00 45,605.00 100,748.00 54,863.00 70,704.00 64,498.00 54,481.00 57,787.00 46,316.00 43,724.00 34,570.00
            Account Payables 43,580.00 49,529.00 57,845.00 43,519.00 50,049.00 54,011.00 42,383.00 61,973.00 52,049.00 56,154.00 44,456.00 42,638.00 33,656.00
            Current Accrued Liabilities 38,317.00 31,425.00 1,546.00 2,086.00 44,217.00 852.00 28,321.00 2,525.00 2,432.00 1,633.00 1,860.00 1,086.00 914.00
      Short-Term Debt 4,059.00 3,915.00 3,814.00 26,496.00 30,075.00 26,425.00 4,025.00 3,542.00 20,169.00 20,096.00 4,437.00 4,375.00 4,148.00
      Other Current Liabilities 63,502.00 65,495.00 115,654.00 120,181.00 84,344.00 153,071.00 143,304.00 199,135.00 183,254.00 142,813.00 138,451.00 115,596.00 107,963.00
   Non-Current Liabilities 262,755.00 263,271.00 288,107.00 288,525.00 311,186.00 311,424.00 338,566.00 314,514.00 292,455.00 296,098.00 272,144.00 369,086.00 343,009.00
      Long-Term Debt 258,367.00 258,854.00 283,649.00 284,020.00 283,823.00 279,760.00 306,470.00 288,226.00 288,072.00 286,250.00 262,272.00 356,050.00 327,420.00
      Other Non-Current Liabilities 4,388.00 4,417.00 4,458.00 4,505.00 27,363.00 31,664.00 32,096.00 26,288.00 4,383.00 9,848.00 9,872.00 13,036.00 15,589.00
Equity 875,970.00 856,196.00 811,858.00 770,770.00 746,519.00 687,910.00 672,442.00 585,559.00 577,824.00 403,570.00 437,628.00 412,461.00 408,374.00
   Shareholders Equity 875,970.00 856,196.00 811,858.00 770,770.00 746,519.00 687,910.00 672,442.00 585,559.00 577,824.00 403,570.00 437,628.00 412,461.00 408,374.00
      Capital Stock 602.00 602.00 583.00 569.00 570.00 566.00 564.00 517.00 517.00 513.00 507.00 502.00 497.00
      Share Premium 1,297,743.00 1,288,709.00 1,256,153.00 1,227,134.00 1,217,520.00 1,196,180.00 1,202,440.00 1,076,698.00 1,078,180.00 1,057,808.00 1,116,921.00 1,114,959.00 1,113,352.00
      Retained Earnings -424,179.00 -434,775.00 -446,508.00 -458,455.00 -473,420.00 -510,315.00 -532,169.00 -493,060.00 -501,801.00 -655,412.00 -681,283.00 -704,827.00 -707,321.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 1,804.00 1,660.00 1,630.00 1,522.00 1,849.00 1,479.00 1,607.00 1,404.00 928.00 661.00 1,483.00 1,827.00 1,846.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 178,395.00 198,719.00 0 122,886.00 146,664.00 112,170.00 147,488.00 103,277.00 104,181.00 186,142.00 189,771.00
Debt 262,426.00 262,769.00 283,649.00 310,516.00 313,898.00 306,185.00 306,470.00 288,226.00 308,241.00 306,346.00 262,272.00 356,050.00 327,420.00
Net Debt 32,531.00 36,539.00 0 0 112,647.00 8,975.00 686.00 34,859.00 5,281.00 74,757.00 37,619.00 28,522.00 7,366.00
Common Shares Outstanding 60,159.11 60,160.63 58,291.51 56,827.92 56,778.14 56,637.47 56,364.13 51,692.97 51,660.41 51,243.01 50,652.86 50,182.61 49,723.75
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
Revenues 165,881.00 166,104.00 167,292.00 184,807.00 174,484.00 153,504.00 156,426.00 133,714.00
Cost Of Revenue 98,178.00 97,377.00 98,825.00 105,596.00 99,065.00 91,487.00 90,413.00 78,800.00
Interest Income 3,485.00 3,195.00 5,848.00 3,204.00 5,943.00 4,948.00 2,981.00 6,895.00
Interest Expense 2,164.00 2,290.00 2,506.00 2,881.00 2,619.00 2,875.00 2,892.00 6,759.00
Net Interest 0 0 3,342.00 0 3,324.00 2,073.00 89.00 136.00
Non-Interest Expense 27,263.00 23,927.00 0 25,291.00 0 0 0 0
Gross Profit 67,703.00 68,727.00 68,467.00 79,211.00 75,419.00 62,017.00 66,013.00 54,914.00
Operating Expenses 57,149.00 56,357.00 54,319.00 54,876.00 53,374.00 52,211.00 49,496.00 45,499.00
   Selling, General and Administrative Expenses 27,263.00 23,927.00 25,028.00 25,291.00 24,700.00 22,627.00 22,894.00 20,255.00
   Research and Development Expenses 28,988.00 31,560.00 28,514.00 32,216.00 29,642.00 27,562.00 24,117.00 21,844.00
   Other Operating Expenses 127.00 49.00 777.00 -4,318.00 -968.00 2,022.00 2,485.00 3,400.00
Operating Income 10,554.00 12,370.00 14,148.00 24,335.00 22,045.00 9,806.00 16,517.00 9,415.00
Net Non-Operating Income 0 -653.00 836.00 0 705.00 -802.00 -2,803.00 -6,623.00
EBT 11,875.00 12,622.00 14,984.00 24,658.00 22,750.00 9,004.00 13,714.00 2,792.00
Income Tax 1,279.00 889.00 3,037.00 2,707.00 896.00 263.00 384.00 298.00
Net Income Including Non-Controlling Interests 10,596.00 11,733.00 0 21,951.00 0 0 0 0
Net Income 10,596.00 11,858.00 11,947.00 22,466.00 21,854.00 8,741.00 13,330.00 2,494.00
EBIT 14,039.00 14,912.00 17,490.00 27,539.00 25,369.00 11,879.00 16,606.00 9,551.00
Deprecation and Amortization 4,902.00 5,101.00 5,035.00 6,153.00 6,405.00 6,276.00 6,240.00 6,822.00
EBITDA 18,941.00 20,013.00 22,525.00 33,692.00 31,774.00 18,155.00 22,846.00 16,373.00
EPS 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
Average Shares Outstanding Basic 60,077.00 59,076.00 57,753.00 56,410.00 55,968.00 50,559.00 49,614.00 48,624.00
Average Shares Outstanding Diluted 60,950.00 60,237.00 60,234.00 62,654.00 60,764.00 59,856.00 65,285.00 53,050.00
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 15,533.00 9,042.00 19,992.00 17,614.00 9,361.00 13,918.00 24,788.00 10,485.00
   Operating Net Income 10,596.00 11,733.00 11,947.00 21,951.00 21,854.00 8,741.00 13,330.00 2,494.00
   Deprecation and Amortization 4,902.00 5,101.00 5,035.00 6,153.00 6,405.00 6,276.00 6,240.00 6,822.00
   Deferred Income Tax -240.00 -900.00 1,567.00 1,952.00 -842.00 191.00 -16.00 -4.00
   Share Based Compensation 9,145.00 9,651.00 9,208.00 9,459.00 8,082.00 7,027.00 4,481.00 3,237.00
   Change in Working Capital -9,153.00 -16,836.00 5,989.00 -17,579.00 -12,329.00 -17,234.00 -1,063.00 -439.00
   Other Operating Activities 283.00 293.00 -13,754.00 -4,322.00 -13,809.00 8,917.00 1,816.00 -1,625.00
Investing Cash Flow -12,126.00 9,535.00 14,523.00 -29,611.00 20,725.00 -762.00 -11,156.00 1,395.00
   Capital Expenditure -2,578.00 -3,595.00 -6,755.00 -3,991.00 -5,990.00 -6,946.00 -10,918.00 -1,953.00
   Net Purchase/Sale of PPE 0 0 -6,755.00 0 -3,957.00 -6,946.00 -10,918.00 -1,953.00
   Net Purchase/Sale of Investments Net -9,548.00 13,130.00 21,278.00 -25,620.00 24,682.00 36,557.00 -238.00 3,348.00
   Net Purchase/Sale of Business 0 0 0 0 0 -30,373.00 0 0
   Other Investing Activities 0 0 6,755.00 0.00 5,990.00 6,946.00 10,918.00 1,953.00
Financing Cash Flow 820.00 -4,706.00 -5,276.00 895.00 -14,840.00 -27,441.00 -5,789.00 -747.00
   Net Issuance/Repayment of Debt 0 0 0 0 0 -20,173.00 0 0
   Net Issuance/Repurchase of Equity 0 0 0 0 0 1,241.00 998.00 878.00
   Dividends Paid 0 0 0 0 0 0 0 0
   Other Financing Activities 820.00 0 -5,276.00 895.00 -14,840.00 -8,509.00 -6,787.00 -1,625.00
Net Change in Cash 4,227.00 13,871.00 29,248.00 -11,102.00 15,204.00 -14,275.00 7,840.00 11,103.00
   Cash at Beginning of Period 188,989.00 175,067.00 145,819.00 174,453.00 159,120.00 155,472.00 120,472.00 130,283.00
   Cash at End of Period 193,222.00 188,989.00 175,067.00 163,486.00 174,324.00 141,197.00 128,312.00 141,386.00
Free Cash Flow 12,955.00 5,447.00 13,237.00 13,623.00 3,371.00 6,972.00 13,870.00 8,532.00