Pioneer High Income Municipal Fund Class Y (HIMYX)

Analysis: Margins & Ratios Industry: Asset Management - Income Sector: Financial Services Live Price: $5.63

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Revenue	27,499,363	28,694,346	34,008,095	28,124,356	—	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
Cost of Revenue	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0	0
Cost of Revenue Margin	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%
Gross Profit	27,499,363	28,694,346	34,008,095	28,124,356	—	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
Gross Profit Margin	100.00%	100.00%	100.00%	100.00%	—	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
R&D Expenses	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	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%
SG&A Expenses	2,853,225	2,860,630	3,161,328	2,559,244	—	2,580,565	3,223,994	2,755,117	2,819,136	2,924,337	3,426,427	2,946,015	3,207,640	3,617,905	4,112,142	4,135,929
SG&A Expenses Margin	10.36%	9.99%	9.44%	9.10%	—	9.59%	11.50%	10.00%	9.28%	9.56%	10.86%	8.64%	8.06%	8.20%	8.74%	7.62%
Operating Expenses	42,781,145	46,014,510	41,591,482	6,769,552	—	40,634,982	21,476,538	66,231,914	80,432,327	21,296,791	10,775,845	37,185,137	73,132,737	63,326,007	1,422,544	13,909,959
Operating Expenses Margin	156.00%	160.48%	127.59%	24.07%	—	150.97%	76.61%	240.42%	264.82%	69.60%	34.17%	109.00%	183.76%	143.59%	3.02%	25.64%
Operating Income (EBIT)	24,646,138	25,833,716	30,846,767	25,565,116	—	24,336,083	24,809,427	24,792,904	27,553,816	27,676,349	28,113,737	31,168,479	36,590,308	40,485,529	42,941,040	50,114,370
Operating Income (EBIT) Margin	89.64%	90.01%	90.56%	90.90%	—	90.41%	88.50%	90.00%	90.72%	90.44%	89.14%	91.36%	91.94%	91.80%	91.26%	92.38%
Interest Income	2,216,705	2,963,795	2,487,578	6,114,050	—	4,017,480	1,265,000	1,367,636	3,957,900	4,210,958	3,310,065	3,309,973	1,938,750	1,427,538	70,477	0
Interest Income Margin	8.13%	10.24%	7.97%	21.74%	—	14.93%	4.51%	4.96%	13.03%	13.76%	10.49%	9.70%	4.87%	3.24%	0.15%	0.00%
Interest Expense	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Margin	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 Interest Income	2,216,705	2,121,603	1,060,802	6,114,050	—	4,017,480	1,265,000	1,367,636	3,957,900	0	0	0	0	0	0	0
Net Interest Income Margin	8.13%	7.49%	3.74%	21.74%	—	14.93%	4.51%	4.96%	13.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-4,226,690	16,661,115	17,746,744	-9,328,794	—	38,054,417	18,252,544	-68,987,031	77,613,191	18,372,454	7,349,419	-40,131,152	69,925,098	59,708,102	-2,689,598	-18,045,888
Unusual Items Margin	-14.65%	54.33%	48.27%	-33.17%	—	141.38%	65.11%	-250.42%	255.53%	60.04%	23.30%	-117.64%	175.70%	135.38%	-5.72%	-33.26%
EBT Excluding Unusual Items	30,882,813	-10,452,309	-7,134,299	38,108,654	—	-55,790,231	-12,960,661	161,399,330	-131,630,466	-13,279,517	10,104,834	108,120,810	-105,198,638	-80,358,213	48,249,759	86,206,146
EBT Excluding Unusual Items Margin	110.79%	-28.88%	-13.94%	135.50%	—	-207.27%	-46.23%	585.88%	-433.38%	-43.40%	32.04%	316.94%	-264.33%	-182.20%	102.54%	158.90%
Pre-Tax Income	26,656,123	6,208,806	10,612,445	28,779,860	—	-17,735,814	5,291,883	92,412,299	-54,017,275	5,092,937	17,454,253	67,989,658	-35,273,540	-20,650,111	45,560,161	68,160,258
Pre-Tax Income Margin	96.15%	25.45%	34.33%	102.33%	—	-65.89%	18.88%	335.46%	-177.85%	16.64%	55.34%	199.30%	-88.63%	-46.82%	96.83%	125.64%
Income Tax Expense	0	0	261,912	0	—	0	0	0	0	0	0	0	0	0	2,619,121	18,045,888
Income Tax Expense Margin	0.00%	0.00%	0.56%	0.00%	—	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.57%	33.26%
Net Income	26,656,123	6,208,806	10,597,729	28,779,860	—	-17,735,814	5,291,883	92,412,299	-54,017,275	5,092,937	17,454,253	67,989,658	-35,273,540	-20,650,111	45,412,998	67,922,007
Net Income Margin	96.15%	25.45%	34.29%	102.33%	—	-65.89%	18.88%	335.46%	-177.85%	16.64%	55.34%	199.30%	-88.63%	-46.82%	96.51%	125.20%
Depreciation and Amortization	-24,646,138	-25,833,716	-30,846,767	245,630	—	-24,336,083	-24,809,427	-24,792,904	-27,553,816	-27,676,349	-28,113,737	-31,168,479	-36,590,308	-40,485,529	-42,941,040	-50,114,370
Depreciation and Amortization Margin	-89.64%	-90.01%	-90.56%	0.87%	—	-90.41%	-88.50%	-90.00%	-90.72%	-90.44%	-89.14%	-91.36%	-91.94%	-91.80%	-91.26%	-92.38%
EBITDA	2,009,985	-19,624,910	-20,249,038	3,214,744	—	-42,071,897	-19,517,544	67,619,395	-81,571,091	-22,583,412	-10,659,484	36,821,179	-71,863,848	-61,135,640	2,471,958	17,807,637
EBITDA Margin	6.51%	-64.57%	-56.26%	11.43%	—	-156.30%	-69.62%	245.46%	-268.56%	-73.80%	-33.80%	107.93%	-180.57%	-138.62%	5.25%	32.82%
NOPAT	24,646,138	25,833,716	30,599,912	25,565,116	—	24,336,083	24,809,427	24,792,904	27,553,816	27,676,349	28,113,737	31,168,479	36,590,308	40,485,529	40,472,485	36,846,253
NOPAT Margin	89.64%	90.01%	90.03%	90.90%	—	90.41%	88.50%	90.00%	90.72%	90.44%	89.14%	91.36%	91.94%	91.80%	86.01%	67.92%
Owner's Earnings	26,656,123	6,208,806	10,597,729	28,779,860	—	-17,735,814	5,291,883	92,412,299	-54,017,275	5,092,937	17,454,253	67,989,658	-35,273,540	-20,650,111	45,412,998	67,922,007
Owner's Earnings Margin	96.15%	25.45%	34.29%	102.33%	—	-65.89%	18.88%	335.46%	-177.85%	16.64%	55.34%	199.30%	-88.63%	-46.82%	96.51%	125.20%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Revenue	27,499,363	28,694,346	34,008,095	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
Cash & Cash Equivalents	4,773,922	3,396,764	5,731,766	497,948	18,686	13,805,132	1,815,431	846,625	1,303,583	850,773	2,129,802	5,254,851	30,794,833	5,989,935
Cash & Cash Equivalents Margin	17.34%	12.15%	15.01%	1.85%	0.07%	50.11%	5.98%	2.77%	4.13%	2.49%	5.35%	11.91%	65.45%	11.04%
Short-Term Investments	0	6,986	44,561	0	0	0	0	34,930	410,683	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.02%	0.14%	0.00%	0.00%	0.00%	0.00%	0.11%	1.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	4,773,922	3,403,750	5,776,328	497,948	18,686	13,805,132	1,815,431	881,555	1,714,266	850,773	2,129,802	5,254,851	30,794,833	5,989,935
Cash & Short-Term Investments Margin	17.34%	12.18%	15.15%	1.85%	0.07%	50.11%	5.98%	2.88%	5.44%	2.49%	5.35%	11.91%	65.45%	11.04%
Net Receivables	6,709,360	7,391,706	9,293,214	6,334,150	6,747,550	7,046,381	8,005,056	8,825,391	7,891,207	10,479,794	13,889,043	12,121,361	11,592,204	14,674,836
Net Receivables Margin	24.39%	25.68%	27.11%	23.53%	24.07%	25.58%	26.36%	28.84%	25.02%	30.72%	34.90%	27.48%	24.64%	27.05%
Inventory	0	-6,986	-44,561	0	0	0	0	-34,930	-410,683	0	0	0	0	0
Inventory Margin	0.00%	-0.02%	-0.14%	0.00%	0.00%	0.00%	0.00%	-0.11%	-1.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	628,963	762,705	1,504,000	1,767,116	119,773	0	1,324,939	601,698	746,835	2,517,493	4,482,598	3,142,134	337,414	16,989,019
Other Current Assets Margin	2.33%	2.66%	4.22%	6.57%	0.43%	0.00%	4.36%	1.97%	2.37%	7.38%	11.26%	7.12%	0.72%	31.32%
Total Current Assets	12,112,246	11,551,176	16,528,981	8,599,215	6,886,010	20,851,513	11,145,426	10,273,714	9,941,625	13,848,060	20,501,444	20,518,347	42,724,452	37,653,790
Total Current Assets Margin	44.07%	40.49%	46.34%	31.95%	24.56%	75.69%	36.70%	33.57%	31.52%	40.59%	51.51%	46.52%	90.80%	69.41%
Property, Plant & Equipment	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property, Plant & Equipment Margin	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%
Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	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%
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	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%
Long-Term Investments	363,441,709	360,780,277	404,728,979	322,905,489	373,760,571	393,659,068	302,886,465	410,689,790	424,595,292	430,175,725	378,945,328	482,229,743	527,442,321	530,393,987
Long-Term Investments Margin	1,320.64%	1,260.25%	1,207.49%	1,199.65%	1,333.27%	1,428.99%	997.22%	1,342.09%	1,346.21%	1,260.98%	952.17%	1,093.41%	1,120.95%	977.68%
Tax Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	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%
Other Non-Current Assets	-363,441,709	-360,780,277	-404,728,979	-322,905,489	-373,760,571	-393,659,068	-302,886,465	-410,689,790	-424,595,292	-430,175,725	-378,945,328	-482,229,743	-527,442,321	-530,393,987
Other Non-Current Assets Margin	-1,320.64%	-1,260.25%	-1,207.49%	-1,199.65%	-1,333.27%	-1,428.99%	-997.22%	-1,342.09%	-1,346.21%	-1,260.98%	-952.17%	-1,093.41%	-1,120.95%	-977.68%
Other Assets	1,680	2,871	1,974	122	112	4,805	192	9,123	5,381	0	0	0	0	112,923
Other Assets Margin	0.01%	0.01%	0.01%	0.00%	0.00%	0.02%	0.00%	0.03%	0.02%	0.00%	0.00%	0.00%	0.00%	0.21%
Total Non-Current Assets	363,441,709	360,780,277	404,728,979	322,905,489	373,760,571	393,659,068	302,886,465	410,689,790	424,595,292	430,175,725	378,945,328	482,229,743	527,442,321	530,393,987
Total Non-Current Assets Margin	1,320.64%	1,260.25%	1,207.49%	1,199.65%	1,333.27%	1,428.99%	997.22%	1,342.09%	1,346.21%	1,260.98%	952.17%	1,093.41%	1,120.95%	977.68%
Total Assets	375,555,635	372,334,323	421,259,940	331,504,826	380,646,693	414,515,386	314,032,083	420,972,627	434,542,298	444,023,851	399,446,772	502,748,090	570,166,773	568,160,700
Total Assets Margin	1,364.71%	1,300.75%	1,253.84%	1,231.60%	1,357.83%	1,504.70%	1,033.92%	1,375.70%	1,377.74%	1,301.57%	1,003.69%	1,139.93%	1,211.75%	1,047.30%
Accounts Payable	4,423,236	3,851,580	4,384,418	30,656	2,062,100	11,176,951	1,612,194	4,376,000	1,550,000	4,870,603	1,584,791	5,374,960	11,205,927	10,095,363
Accounts Payable Margin	16.01%	13.53%	12.68%	0.11%	7.36%	40.57%	5.31%	14.30%	4.91%	14.28%	3.98%	12.19%	23.82%	18.61%
Short-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Margin	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%
Tax Payables	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	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%
Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	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%
Other Current Liabilities	906,990	726,390	712,318	2,072,880	174,804	473,287	466,811	444,167	581,907	583,073	897,247	416,693	1,012,307	2,447,194
Other Current Liabilities Margin	3.35%	2.61%	2.19%	7.70%	0.62%	1.72%	1.54%	1.45%	1.84%	1.71%	2.25%	0.94%	2.15%	4.51%
Total Current Liabilities	5,330,226	4,577,970	5,096,736	2,103,536	2,236,904	11,650,238	2,079,005	4,820,167	2,131,907	5,453,676	2,482,038	5,791,653	12,218,234	12,542,557
Total Current Liabilities Margin	19.36%	16.14%	14.88%	7.81%	7.98%	42.29%	6.84%	15.75%	6.76%	15.99%	6.24%	13.13%	25.97%	23.12%
Long-Term Debt	115,333,333	114,216,001	124,808,000	106,500,000	116,500,000	123,000,000	100,080,003	125,000,000	125,000,000	125,000,000	125,000,000	151,000,000	151,000,000	0
Long-Term Debt Margin	419.24%	399.15%	373.58%	395.67%	415.58%	446.49%	329.50%	408.49%	396.32%	366.41%	314.09%	342.38%	320.91%	0.00%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	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%
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	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%
Other Non-Current Liabilities	-115,333,333	-114,216,001	-124,808,000	-106,500,000	-116,500,000	-123,000,000	-100,080,003	-125,000,000	-125,000,000	-125,000,000	-125,000,000	-151,000,000	-151,000,000	0
Other Non-Current Liabilities Margin	-419.24%	-399.15%	-373.58%	-395.67%	-415.58%	-446.49%	-329.50%	-408.49%	-396.32%	-366.41%	-314.09%	-342.38%	-320.91%	0.00%
Total Non-Current Liabilities	115,333,333	114,216,001	124,808,000	106,500,000	116,500,000	123,000,000	100,080,003	125,000,000	125,000,000	125,000,000	125,000,000	151,000,000	151,000,000	0
Total Non-Current Liabilities Margin	419.24%	399.15%	373.58%	395.67%	415.58%	446.49%	329.50%	408.49%	396.32%	366.41%	314.09%	342.38%	320.91%	0.00%
Total Liabilities	120,663,559	119,115,524	130,320,570	108,603,536	118,736,904	134,650,238	102,170,705	131,416,238	127,131,907	131,266,933	127,546,937	158,399,067	163,283,234	12,654,432
Total Liabilities Margin	438.61%	416.33%	389.62%	403.48%	423.55%	488.78%	336.39%	429.46%	403.08%	384.78%	320.49%	359.15%	347.02%	23.33%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	151,007,996
Preferred Stock Margin	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%	278.35%
Common Stock	372,606,358	372,247,026	388,876,841	372,933,578	372,967,794	371,917,702	371,680,871	371,735,184	373,852,594	416,091,387	414,903,601	413,812,053	408,873,646	404,804,748
Common Stock Margin	1,355.34%	1,300.91%	1,175.93%	1,385.51%	1,330.44%	1,350.07%	1,223.72%	1,214.79%	1,185.32%	1,219.69%	1,042.53%	938.28%	868.96%	746.18%
Retained Earnings	-117,714,282	-119,028,227	-97,937,471	-150,032,288	-111,058,005	-92,052,554	-159,819,493	-82,178,796	-66,442,203	-103,334,469	-143,003,766	-69,463,030	-1,990,107	-306,476
Retained Earnings Margin	-429.24%	-416.49%	-311.71%	-557.40%	-396.16%	-334.15%	-526.19%	-268.55%	-210.66%	-302.90%	-359.32%	-157.50%	-4.23%	-0.56%
Accumulated OCI	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	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%
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	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%
Total Shareholders’ Equity	254,892,076	253,218,799	290,939,370	222,901,290	261,909,789	279,865,148	211,861,378	289,556,388	307,410,391	312,756,918	271,899,835	344,349,023	406,883,539	555,506,268
Total Shareholders’ Equity Margin	926.10%	884.42%	864.22%	828.12%	934.28%	1,015.92%	697.53%	946.24%	974.66%	916.79%	683.20%	780.78%	864.73%	1,023.97%
Total Equity	254,892,076	253,218,799	290,939,370	222,901,290	261,909,789	279,865,148	211,861,378	289,556,388	307,410,391	312,756,918	271,899,835	344,349,023	406,883,539	555,506,268
Total Equity Margin	926.10%	884.42%	864.22%	828.12%	934.28%	1,015.92%	697.53%	946.24%	974.66%	916.79%	683.20%	780.78%	864.73%	1,023.97%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	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%
Total Investments	363,441,709	360,787,263	404,773,541	322,905,489	373,760,571	393,659,068	302,886,465	410,724,720	425,005,975	430,175,725	378,945,328	482,229,743	527,442,321	530,393,987
Total Investments Margin	1,320.64%	1,260.27%	1,207.64%	1,199.65%	1,333.27%	1,428.99%	997.22%	1,342.21%	1,347.51%	1,260.98%	952.17%	1,093.41%	1,120.95%	977.68%
Net Debt	-4,773,922	-3,396,764	-5,731,766	-497,948	-18,686	-13,805,132	-1,815,431	-846,625	-1,303,583	-850,773	-2,129,802	-5,254,851	-30,794,833	-5,989,935
Net Debt Margin	-17.34%	-12.15%	-15.01%	-1.85%	-0.07%	-50.11%	-5.98%	-2.77%	-4.13%	-2.49%	-5.35%	-11.91%	-65.45%	-11.04%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Revenue	27,499,363	28,694,346	34,008,095	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
Working Capital	6,782,020	6,973,206	11,432,245	6,495,679	4,649,106	9,201,275	9,066,421	5,453,547	7,809,718	8,394,384	18,019,406	14,726,694	30,506,218	25,111,233
Working Capital Margin	24.71%	24.36%	31.47%	24.13%	16.58%	33.40%	29.85%	17.82%	24.76%	24.61%	45.28%	33.39%	64.83%	46.29%
Total Capital	370,225,409	367,434,799	415,747,370	329,401,290	378,409,789	402,865,148	311,941,381	414,556,388	432,410,391	437,756,918	396,899,835	495,349,023	557,883,539	555,506,268
Total Capital Margin	1,345.35%	1,283.56%	1,237.81%	1,223.78%	1,349.85%	1,462.41%	1,027.04%	1,354.73%	1,370.98%	1,283.20%	997.29%	1,123.15%	1,185.64%	1,023.97%
Capital Employed	370,225,409	367,756,353	416,163,204	329,401,290	378,409,789	402,865,148	311,953,078	416,152,460	432,410,391	438,570,175	396,964,734	496,956,437	557,948,539	555,618,143
Capital Employed Margin	1,345.35%	1,284.61%	1,238.97%	1,223.78%	1,349.85%	1,462.41%	1,027.08%	1,359.94%	1,370.98%	1,285.58%	997.45%	1,126.80%	1,185.78%	1,024.18%
Invested Capital	365,451,487	364,038,035	410,015,604	328,903,342	378,391,103	389,060,016	310,125,950	413,709,763	431,106,808	436,906,145	394,770,033	490,094,172	527,088,706	549,516,333
Invested Capital Margin	1,328.01%	1,271.41%	1,222.80%	1,221.93%	1,349.79%	1,412.30%	1,021.06%	1,351.96%	1,366.85%	1,280.71%	991.94%	1,111.24%	1,120.20%	1,012.93%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Revenue	27,499,363	28,694,346	34,008,095	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
Net Income	26,656,123	6,208,806	10,612,445	-17,735,814	5,291,883	92,412,299	-54,017,275	5,092,937	17,454,253	67,989,658	-35,273,540	-20,650,111	45,560,161	68,160,258
Net Income Margin	96.15%	25.45%	34.33%	-65.89%	18.88%	335.46%	-177.85%	16.64%	55.34%	199.30%	-88.63%	-46.82%	96.83%	125.64%
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation & Amortization Margin	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%
Deferred Income Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	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%
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	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%
Change in Working Capital	200,722	302,254	748,694	344,257	570	257,338	624,938	284,165	-394,935	2,559,285	-100,779	829,465	3,082,632	0
Change in Working Capital Margin	0.74%	1.04%	1.96%	1.28%	0.00%	0.93%	2.06%	0.93%	-1.25%	7.50%	-0.25%	1.88%	6.55%	0.00%
Accounts Receivable	200,722	302,254	748,694	344,257	570	257,338	624,938	284,165	-394,935	2,559,285	-100,779	829,465	3,082,632	0
Accounts Receivable Margin	0.74%	1.04%	1.96%	1.28%	0.00%	0.93%	2.06%	0.93%	-1.25%	7.50%	-0.25%	1.88%	6.55%	0.00%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	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%
Accounts Payable	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	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%
Other Working Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Working Capital Margin	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%
Other Non-Cash Items	-6,278,594	20,689,963	21,591,710	50,768,335	10,667,503	-80,271,620	106,439,408	15,846,189	6,852,181	-45,390,631	95,841,207	35,819,535	19,344,995	-68,160,258
Other Non-Cash Items Margin	-21.57%	67.50%	58.93%	188.61%	38.05%	-291.39%	350.44%	51.78%	21.73%	-133.05%	240.82%	81.22%	41.11%	-125.64%
Net Cash from Operating Activities	20,578,250	27,201,023	32,952,849	33,376,778	15,959,956	12,398,017	53,047,071	21,223,291	23,911,499	25,158,312	60,466,888	15,998,889	67,987,788	0
Net Cash from Operating Activities Margin	75.31%	93.99%	95.22%	124.00%	56.93%	45.01%	174.65%	69.36%	75.81%	73.75%	151.93%	36.28%	144.49%	0.00%
Capital Expenditures (PPE)	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditures (PPE) Margin	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%
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	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%
Purchases of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	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%
Sales / Maturities of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	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%
Other Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Investing Activities Margin	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 Cash from Investing Activities	-441,013	-201,416	-100,708	0	0	-1,323,039	0	315,961	0	0	0	0	0	0
Net Cash from Investing Activities Margin	-1.60%	-0.75%	-0.38%	0.00%	0.00%	-4.80%	0.00%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	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%
Long-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	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%
Short-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	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 Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Stock Issuance Margin	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%
Common Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	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%
Common Stock Repurchased	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	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%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	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 Dividends Paid	-23,895,220	-23,662,067	-30,057,749	-22,959,829	-24,317,301	-24,408,529	-23,677,735	-22,946,940	-22,800,780	-27,132,575	-38,877,766	-46,212,245	-47,243,790	0
Net Dividends Paid Margin	-86.88%	-82.72%	-86.83%	-85.30%	-86.74%	-88.60%	-77.96%	-74.99%	-72.29%	-79.53%	-97.69%	-104.78%	-100.41%	0.00%
Common Dividends Paid	-23,895,220	-23,662,067	-30,057,749	-22,959,829	-24,317,301	-24,408,529	-23,677,735	-22,946,940	-22,800,780	-27,132,575	-38,877,766	-46,212,245	-47,243,790	0
Common Dividends Paid Margin	-86.88%	-82.72%	-86.83%	-85.30%	-86.74%	-88.60%	-77.96%	-74.99%	-72.29%	-79.53%	-97.69%	-104.78%	-100.41%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	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%
Other Financing Activities	2,877,750	-3,480,767	-3,331,298	-9,937,687	-5,429,101	24,000,038	-27,633,159	1,596,072	-748,257	748,257	-25,640,296	5,670,254	4,060,900	0
Other Financing Activities Margin	10.28%	-10.99%	-9.80%	-36.92%	-19.37%	87.12%	-90.98%	5.22%	-2.37%	2.19%	-64.43%	12.86%	8.63%	0.00%
Net Cash from Financing Activities	-21,017,470	-27,142,834	-33,389,047	-32,897,516	-29,746,402	-408,491	-51,310,894	-21,350,868	-23,549,037	-26,384,318	-64,518,062	-40,541,991	-43,182,890	0
Net Cash from Financing Activities Margin	-76.60%	-93.70%	-96.63%	-122.22%	-106.11%	-1.48%	-168.94%	-69.77%	-74.66%	-77.34%	-162.11%	-91.92%	-91.77%	0.00%
Effect of FX on Cash	58	-17,900	-12,293	0	0	175	5,727	-95,401	90,348	-53,023	926,125	-996,880	0	0
Effect of FX on Cash Margin	0.00%	-0.06%	-0.01%	0.00%	0.00%	0.00%	0.02%	-0.31%	0.29%	-0.16%	2.33%	-2.26%	0.00%	0.00%
Net Change in Cash	-880,174	-161,127	-549,199	479,262	-13,786,446	10,666,662	1,741,904	92,983	452,810	-1,279,029	-3,125,049	-25,539,982	24,804,898	0
Net Change in Cash Margin	-2.89%	-0.53%	-1.80%	1.78%	-49.18%	38.72%	5.74%	0.30%	1.44%	-3.75%	-7.85%	-57.91%	52.72%	0.00%
Cash at Beginning of Period	5,654,096	3,932,487	6,468,263	18,686	13,805,132	3,138,470	1,396,566	1,303,583	850,773	2,129,802	5,254,851	30,794,833	5,989,935	0
Cash at Beginning of Period Margin	20.24%	13.91%	17.43%	0.07%	49.25%	11.39%	4.60%	4.26%	2.70%	6.24%	13.20%	69.82%	12.73%	0.00%
Cash at End of Period	4,773,922	3,771,360	5,919,064	497,948	18,686	13,805,132	3,138,470	1,396,566	1,303,583	850,773	2,129,802	5,254,851	30,794,833	0
Cash at End of Period Margin	17.34%	13.39%	15.63%	1.85%	0.07%	50.11%	10.33%	4.56%	4.13%	2.49%	5.35%	11.91%	65.45%	0.00%
Operating Cash Flow	20,578,250	27,201,023	32,952,849	33,376,778	15,959,956	12,398,017	53,047,071	21,223,291	23,911,499	25,158,312	60,466,888	15,998,889	67,987,788	0
Operating Cash Flow Margin	75.31%	93.99%	95.22%	124.00%	56.93%	45.01%	174.65%	69.36%	75.81%	73.75%	151.93%	36.28%	144.49%	0.00%
Capital Expenditure	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditure Margin	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%
Free Cash Flow	20,578,250	27,201,023	32,952,849	33,376,778	15,959,956	12,398,017	53,047,071	21,223,291	23,911,499	25,158,312	60,466,888	15,998,889	67,987,788	0
Free Cash Flow Margin	75.31%	93.99%	95.22%	124.00%	56.93%	45.01%	174.65%	69.36%	75.81%	73.75%	151.93%	36.28%	144.49%	0.00%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31
Revenue	27,499,363	28,694,346	34,008,095	26,916,648	28,033,421	27,548,021	30,372,952	30,600,686	31,540,164	34,114,494	39,797,948	44,103,434	47,053,182	54,250,299
EBITDA	2,009,985	-19,624,910	-20,249,038	-42,071,897	-19,517,544	67,619,395	-81,571,091	-22,583,412	-10,659,484	36,821,179	-71,863,848	-61,135,640	2,471,958	17,807,637
EBITDA Margin	6.51%	-64.57%	-56.26%	-156.30%	-69.62%	245.46%	-268.56%	-73.80%	-33.80%	107.93%	-180.57%	-138.62%	5.25%	32.82%
(-) Tax Adjustment	0	0	14,211	0	0	0	0	0	0	0	0	0	142,106	4,714,692
(-) Tax Adjustment Margin	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.30%	8.69%
(-) Change In Working Capital	200,722	302,254	748,694	344,257	570	257,338	624,938	284,165	-394,935	2,559,285	-100,779	829,465	3,082,632	0
(-) Change In Working Capital Margin	0.74%	1.04%	1.96%	1.28%	0.00%	0.93%	2.06%	0.93%	-1.25%	7.50%	-0.25%	1.88%	6.55%	0.00%
(-) Capital Expenditure	0	0	0	0	0	0	0	0	0	0	0	0	0	0
(-) Capital Expenditure Margin	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%
Unlevered Free Cash Flow	1,809,263	-19,927,163	-21,011,943	-42,416,154	-19,518,114	67,362,057	-82,196,029	-22,867,577	-10,264,549	34,261,894	-71,763,069	-61,965,105	-752,780	13,092,945
Unlevered Free Cash Flow Margin	5.77%	-65.61%	-58.26%	-157.58%	-69.62%	244.53%	-270.62%	-74.73%	-32.54%	100.43%	-180.32%	-140.50%	-1.60%	24.13%
(-) Net Interest Income After Taxes	2,216,705	2,963,795	2,487,173	4,017,480	1,265,000	1,367,636	3,957,900	4,210,958	3,310,065	3,309,973	1,938,750	1,427,538	66,425	0
(-) Net Interest Income After Taxes Margin	8.13%	10.24%	7.96%	14.93%	4.51%	4.96%	13.03%	13.76%	10.49%	9.70%	4.87%	3.24%	0.14%	0.00%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	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%
Levered Free Cash Flow	-407,442	-22,890,958	-23,499,115	-46,433,634	-20,783,114	65,994,421	-86,153,929	-27,078,535	-13,574,614	30,951,921	-73,701,819	-63,392,643	-819,205	13,092,945
Levered Free Cash Flow Margin	-2.36%	-75.85%	-66.22%	-172.51%	-74.14%	239.56%	-283.65%	-88.49%	-43.04%	90.73%	-185.19%	-143.74%	-1.74%	24.13%