Western Asset Premier Bond Fund (WEA)

Analysis: Margins & Ratios Industry: Asset Management - Bonds Sector: Financial Services Live Price: $11.32

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	9,467,359	10,747,751	12,045,249	23,060,285	25,987,464	13,753,694	13,556,792	1,091,592	13,543,225	11,793,454	29,548,701	-8,273,057	18,211,823	12,956,946	14,269,315	15,023,769	15,747,290	15,796,301
Cost of Revenue	542,356	890,279	983,367	2,433,939	0	0	0	1,627,067	1,436,596	1,387,732	1,394,726	1,323,150	1,353,066	1,311,329	0	0	0	0
Cost of Revenue Margin	49.68%	34.29%	17.77%	10.55%	0.00%	0.00%	0.00%	149.05%	10.61%	11.77%	4.72%	-15.99%	7.43%	10.12%	0.00%	0.00%	0.00%	0.00%
Gross Profit	13,416,381	12,552,299	12,409,295	26,381,781	25,987,464	13,753,694	13,556,792	12,938,658	12,106,629	10,405,722	28,153,975	-9,596,207	16,858,757	11,645,617	14,269,315	15,023,769	15,747,290	15,796,301
Gross Profit Margin	461.77%	312.59%	205.67%	114.40%	100.00%	100.00%	100.00%	1,185.30%	89.39%	88.23%	95.28%	115.99%	92.57%	89.88%	100.00%	100.00%	100.00%	100.00%
R&D Expenses	-8	-5	-2	0	0	0	0	-25	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%	0.00%	0.00%	0.00%
SG&A Expenses	956,326	743,287	792,853	2,058,863	2,931,106	1,291,532	1,344,731	232,716	560,825	286,631	368,679	346,061	355,283	1,519,822	1,622,249	2,154,816	1,864,265	1,705,293
SG&A Expenses Margin	13.54%	9.44%	6.93%	8.93%	11.28%	9.39%	9.92%	21.32%	4.14%	2.43%	1.25%	-4.18%	1.95%	11.73%	11.37%	14.34%	11.84%	10.80%
Operating Expenses	996,842	1,044,259	3,695,380	2,201,452	45,786,628	1,291,532	1,344,731	354,263	645,444	1,585,323	426,073	392,890	399,940	9,178,971	21,334,632	3,606,915	2,157,178	21,309,164
Operating Expenses Margin	17.25%	13.99%	28.92%	9.55%	176.19%	9.39%	9.92%	32.45%	4.77%	13.44%	1.44%	-4.75%	2.20%	70.84%	149.51%	24.01%	13.70%	134.90%
Operating Income (EBIT)	-321,459	3,001,620	9,094,066	28,305,371	23,066,702	12,462,162	12,212,061	-25,638,600	3,587,048	12,385,428	29,122,628	-7,109,761	18,852,165	22,420,460	12,647,066	12,868,953	13,883,025	14,091,008
Operating Income (EBIT) Margin	-722.68%	-407.31%	-148.69%	122.75%	88.76%	90.61%	90.08%	-2,348.73%	26.49%	105.02%	98.56%	85.94%	103.52%	173.04%	88.63%	85.66%	88.16%	89.20%
Interest Income	8,798,231	10,331,594	9,050,047	1,524,648	3,357,336	0	13,488,361	12,906,333	12,393,669	12,869,608	13,322,223	12,007,547	12,146,586	766,919	599,223	257,817	0	0
Interest Income Margin	427.28%	296.49%	145.92%	6.61%	12.92%	0.00%	99.50%	1,182.34%	91.51%	109.13%	45.09%	-145.14%	66.70%	5.92%	4.20%	1.72%	0.00%	0.00%
Interest Expense	2,777,195	1,943,776	1,422,988	1,710,294	0	3,689,746	3,014,771	1,627,067	482,332	904,966	1,914,526	1,556,186	1,040,282	0	0	0	0	0
Interest Expense Margin	66.04%	41.87%	20.27%	7.42%	0.00%	26.83%	22.24%	149.05%	3.56%	7.67%	6.48%	-18.81%	5.71%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	6,021,037	8,387,818	7,490,445	-3,234,942	3,357,336	-3,689,746	10,473,590	11,279,266	11,911,337	11,964,642	11,407,697	10,451,361	11,106,304	0	0	0	0	0
Net Interest Income Margin	361.24%	254.62%	124.64%	-14.03%	12.92%	-26.83%	77.26%	1,033.29%	87.95%	101.45%	38.61%	-126.33%	60.98%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-3,498,382	-6,585,737	-4,366,417	7,367,327	42,865,866	9,826,136	-10,669,082	-9,652,199	-11,384,129	-11,049,413	-11,407,697	-8,895,175	-10,066,022	-78,971	19,712,383	1,452,099	292,913	-23,014,457
Unusual Items Margin	-297.16%	-213.85%	-91.81%	31.95%	164.95%	71.44%	-78.70%	-884.23%	-84.06%	-93.69%	-38.61%	107.52%	-55.27%	-0.61%	138.15%	9.67%	1.86%	-145.70%
EBT Excluding Unusual Items	654,268	7,785,277	10,199,840	13,756,363	-66,022,366	-3,500,364	23,076,635	-17,613,468	14,443,969	22,519,612	40,530,325	229,228	27,877,905	21,811,483	-27,376,923	9,706,938	13,297,199	60,119,922
EBT Excluding Unusual Items Margin	-489.60%	-234.24%	-90.72%	59.65%	-254.05%	-25.45%	170.22%	-1,613.56%	106.65%	190.95%	137.16%	-2.77%	153.08%	168.34%	-191.86%	64.61%	84.44%	380.59%
Pre-Tax Income	-2,844,114	1,199,539	5,833,423	21,123,690	-23,156,500	6,325,772	12,407,553	-27,265,667	3,059,840	11,470,199	29,122,628	-8,665,947	17,811,883	21,732,512	-7,664,540	11,159,037	13,590,112	37,105,465
Pre-Tax Income Margin	-786.76%	-448.08%	-182.53%	91.60%	-89.11%	45.99%	91.52%	-2,497.79%	22.59%	97.26%	98.56%	104.75%	97.80%	167.73%	-53.71%	74.28%	86.30%	234.90%
Income Tax Expense	0	0	9,216	0	85,544	0	0	0	0	0	0	-161,141	13,230	32,655	207,418	235,357	260,977	266,647
Income Tax Expense Margin	0.00%	0.00%	0.37%	0.00%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.95%	0.07%	0.25%	1.45%	1.57%	1.66%	1.69%
Net Income	-2,844,114	1,199,539	5,812,682	21,123,690	-23,242,044	6,325,772	12,407,553	-27,265,667	3,059,840	11,470,199	29,122,628	-8,665,947	17,811,883	21,732,512	-7,871,958	10,871,960	13,219,909	36,677,201
Net Income Margin	-786.76%	-448.08%	-182.67%	91.60%	-89.44%	45.99%	91.52%	-2,497.79%	22.59%	97.26%	98.56%	104.75%	97.80%	167.73%	-55.17%	72.37%	83.95%	232.19%
Depreciation and Amortization	-10,971,219	-8,737,488	-10,105,270	-18,474,345	-23,066,702	-12,462,162	-8,968,606	-11,482,890	-10,773,781	0	-11,627,658	-10,540,878	-10,716,362	-11,833,294	-12,647,066	-12,868,953	-13,883,025	-14,091,008
Depreciation and Amortization Margin	-402.90%	-257.65%	-143.90%	-80.11%	-88.76%	-90.61%	-66.16%	-1,051.94%	-79.55%	0.00%	-39.35%	127.41%	-58.84%	-91.33%	-88.63%	-85.66%	-88.16%	-89.20%
EBITDA	-8,007,404	-1,715,389	-739,927	12,196,787	-46,223,202	0	3,243,455	-27,265,667	3,059,840	12,385,428	0	-8,627,558	0	9,805,235	0	0	0	22,852,840
EBITDA Margin	-824.62%	-469.25%	-216.63%	52.89%	-177.87%	0.00%	23.92%	-2,497.79%	22.59%	105.02%	0.00%	104.29%	0.00%	75.68%	0.00%	0.00%	0.00%	144.67%
NOPAT	-321,459	3,001,620	9,136,743	28,305,371	23,151,914	12,462,162	12,212,061	-25,638,600	3,587,048	12,385,428	29,122,628	-6,977,557	18,838,162	22,386,771	12,989,321	12,597,532	13,616,423	13,989,747
NOPAT Margin	-722.68%	-407.31%	-148.64%	122.75%	89.09%	90.61%	90.08%	-2,348.73%	26.49%	105.02%	98.56%	84.34%	103.44%	172.78%	91.03%	83.85%	86.47%	88.56%
Owner's Earnings	-2,844,116	1,199,536	5,812,680	21,123,686	-23,242,044	6,325,769	12,407,553	-27,265,671	3,059,835	11,470,195	29,122,628	-8,665,947	17,811,883	21,732,512	-7,871,958	10,871,960	13,219,909	36,677,201
Owner's Earnings Margin	-786.76%	-448.08%	-182.67%	91.60%	-89.44%	45.99%	91.52%	-2,497.79%	22.59%	97.26%	98.56%	104.75%	97.80%	167.73%	-55.17%	72.37%	83.95%	232.19%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	9,467,359	10,747,751	12,045,249	13,753,694	13,556,792	1,091,592	13,543,225	11,793,454	29,548,701	-8,273,057	18,211,823	12,956,946	14,269,315	15,023,769	15,747,290	15,796,301
Cash & Cash Equivalents	281,955	325,194	323,721	194,437	219,449	431,978	461,862	318,244	196,147	252,660	455,430	393,147	313,852	577,469	627,886	914,993
Cash & Cash Equivalents Margin	14.20%	9.74%	5.41%	1.41%	1.62%	39.57%	3.41%	2.70%	0.66%	-3.05%	2.50%	3.03%	2.20%	3.84%	3.99%	5.79%
Short-Term Investments	739,838	443,903	221,952	2,219,515	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	5.38%	3.23%	1.61%	16.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	1,021,793	705,448	513,848	2,413,952	219,449	431,978	461,862	0	196,147	252,660	455,430	393,147	313,852	577,469	627,886	914,993
Cash & Short-Term Investments Margin	19.58%	12.43%	6.75%	17.55%	1.62%	39.57%	3.41%	0.00%	0.66%	-3.05%	2.50%	3.03%	2.20%	3.84%	3.99%	5.79%
Net Receivables	2,744,858	3,308,796	3,507,030	2,514,820	2,965,023	2,754,730	2,718,549	5,590,860	3,008,453	2,827,027	2,758,576	7,216,260	2,715,997	6,754,321	3,541,529	2,322,875
Net Receivables Margin	97.50%	72.00%	42.59%	18.28%	21.87%	252.36%	20.07%	47.41%	10.18%	-34.17%	15.15%	55.69%	19.03%	44.96%	22.49%	14.71%
Inventory	0	0	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%	0.00%	0.00%
Other Current Assets	-250,217	-217,117	171,282	-2,515,421	2,196,036	-431,265	-333,559	-1,374	-200,201	731,347	209,408	96,665	1,961,179	2,071,925	20,844,731	22,330,584
Other Current Assets Margin	-13.87%	-8.81%	-3.80%	-18.29%	16.20%	-39.51%	-2.46%	-0.01%	-0.68%	-8.84%	1.15%	0.75%	13.74%	13.79%	132.37%	141.37%
Total Current Assets	3,517,210	3,798,094	4,100,093	2,413,952	5,381,345	2,756,334	2,847,387	5,591,450	3,008,453	3,079,687	3,214,006	7,711,569	4,996,748	9,443,346	25,055,145	25,568,452
Total Current Assets Margin	103.25%	75.64%	46.33%	17.55%	39.69%	252.51%	21.02%	47.41%	10.18%	-37.23%	17.65%	59.52%	35.02%	62.86%	159.11%	161.86%
Property, Plant & Equipment	0	0	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%	0.00%	0.00%
Goodwill	0	0	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%	0.00%	0.00%
Intangible Assets	0	0	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%	0.00%	0.00%
Long-Term Investments	193,105,448	211,835,083	216,934,277	199,330,994	179,636,147	200,349,202	239,150,169	240,708,901	238,221,942	214,144,498	229,141,898	219,484,833	209,174,181	226,072,902	224,447,920	223,618,244
Long-Term Investments Margin	7,042.74%	4,987.02%	2,757.09%	1,449.29%	1,325.06%	18,353.85%	1,765.83%	2,041.04%	806.20%	-2,588.46%	1,258.20%	1,693.95%	1,465.90%	1,504.77%	1,425.31%	1,415.64%
Tax Assets	0	0	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%	0.00%	0.00%
Other Non-Current Assets	250,000	150,000	-44,252,091	0	750,000	0	0	0	0	-214,144,498	-229,141,898	7,743	7,743	15,486	0	-223,618,244
Other Non-Current Assets Margin	1.84%	1.11%	133.59%	0.00%	5.53%	0.00%	0.00%	0.00%	0.00%	2,588.46%	-1,258.20%	0.06%	0.05%	0.10%	0.00%	-1,415.64%
Other Assets	146,610	49,379,937	24,692,052	438,939	0	891	157,538	246,302,315	4,054	4,946	11,833	0	0	0	0	0
Other Assets Margin	1.09%	418.58%	209.29%	3.19%	0.00%	0.08%	1.16%	2,088.47%	0.01%	-0.06%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	193,355,448	211,985,083	217,010,825	199,330,994	180,386,147	200,349,202	239,150,169	240,708,901	238,221,942	214,144,498	229,141,898	219,492,576	209,181,924	226,088,388	224,447,920	223,618,244
Total Non-Current Assets Margin	7,044.58%	4,988.12%	2,757.65%	1,449.29%	1,330.60%	18,353.85%	1,765.83%	2,041.04%	806.20%	-2,588.46%	1,258.20%	1,694.01%	1,465.96%	1,504.87%	1,425.31%	1,415.64%
Total Assets	197,019,268	215,903,043	221,172,935	202,183,885	185,767,492	203,106,427	242,155,094	246,302,315	241,234,449	217,229,131	232,367,737	227,204,145	214,178,672	235,531,734	249,503,065	249,186,696
Total Assets Margin	7,148.92%	5,064.65%	2,804.43%	1,470.03%	1,370.29%	18,606.44%	1,788.02%	2,088.47%	816.40%	-2,625.74%	1,275.92%	1,753.53%	1,500.97%	1,567.73%	1,584.42%	1,577.50%
Accounts Payable	1,334,985	1,455,904	1,091,370	3,338,790	273,600	392,565	1,413,123	1,861,441	2,381,253	36,939	1,215,989	0	0	5,638,522	952,734	447,883
Accounts Payable Margin	20.75%	17.69%	10.28%	24.28%	2.02%	35.96%	10.43%	15.78%	8.06%	-0.45%	6.68%	0.00%	0.00%	37.53%	6.05%	2.84%
Short-Term Debt	6,751,477	8,789,786	5,598,774	7,180,175	1,468,977	11,605,280	13,175,186	10,519,313	6,805,438	5,233,375	0	0	0	0	0	0
Short-Term Debt Margin	375.40%	262.53%	127.24%	52.21%	10.84%	1,063.15%	97.28%	89.20%	23.03%	-63.26%	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	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%	0.00%	0.00%
Deferred Revenue	-3,737,572	-6,326,530	-4,125,327	0	0	-11,212,715	-11,762,063	-8,657,872	-4,424,185	-5,196,436	0	0	0	0	0	0
Deferred Revenue Margin	-342.40%	-237.49%	-113.96%	0.00%	0.00%	-1,027.19%	-86.85%	-73.41%	-14.97%	62.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	-2,388,119	-2,110,443	-2,011,243	-7,274,166	197,581	-87,772	-1,413,123	-1,974,736	-2,658,063	-5,373,086	-1,550,365	0	21,299	29,531	74,131	512,860
Other Current Liabilities Margin	-19.82%	-17.33%	-3.91%	-52.89%	1.46%	-8.04%	-10.43%	-16.74%	-9.00%	64.95%	-8.51%	0.00%	0.15%	0.20%	0.47%	3.25%
Total Current Liabilities	1,919,136	1,806,394	1,350,102	3,338,790	2,026,053	392,565	1,413,123	1,861,441	2,381,253	36,939	1,338,394	232,977	479,481	6,138,015	1,291,676	960,743
Total Current Liabilities Margin	25.06%	20.28%	12.15%	24.28%	14.94%	35.96%	10.43%	15.78%	8.06%	-0.45%	7.35%	1.80%	3.36%	40.86%	8.20%	6.08%
Long-Term Debt	54,666,667	55,800,000	56,700,000	59,000,000	47,500,000	57,500,000	57,500,000	57,500,000	57,000,000	57,000,000	58,000,000	58,000,000	58,000,000	53,000,000	0	0
Long-Term Debt Margin	2,015.63%	1,391.80%	763.55%	428.98%	350.38%	5,267.54%	424.57%	487.56%	192.90%	-688.98%	318.47%	447.64%	406.47%	352.77%	0.00%	0.00%
Capital Lease Obligations	0	0	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%	0.00%	0.00%
Deferred Tax Liabilities	0	0	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%	0.00%	0.00%
Other Non-Current Liabilities	0	0	-11,128,348	0	0	0	0	0	0	-57,000,000	-58,000,000	3,716,517	0	0	0	0
Other Non-Current Liabilities Margin	0.00%	0.00%	39.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	688.98%	-318.47%	28.68%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	54,666,667	55,800,000	57,071,652	59,000,000	47,500,000	57,500,000	57,500,000	57,500,000	57,000,000	57,000,000	58,000,000	61,716,517	58,000,000	53,000,000	0	0
Total Non-Current Liabilities Margin	2,015.63%	1,391.80%	766.42%	428.98%	350.38%	5,267.54%	424.57%	487.56%	192.90%	-688.98%	318.47%	476.32%	406.47%	352.77%	0.00%	0.00%
Total Liabilities	63,101,713	66,338,684	64,081,877	69,738,014	49,680,289	69,886,835	72,272,280	70,116,000	66,669,815	62,449,567	59,576,997	61,949,494	58,479,481	59,138,015	1,291,676	960,743
Total Liabilities Margin	2,425.27%	1,680.79%	908.98%	507.05%	366.46%	6,402.29%	533.64%	594.53%	225.63%	-754.85%	327.13%	478.12%	409.83%	393.63%	8.20%	6.08%
Preferred Stock	0	0	190,416	0	0	0	0	0	0	1,904,160	0	0	0	0	72,019,444	72,011,522
Preferred Stock Margin	0.00%	0.00%	-2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23.02%	0.00%	0.00%	0.00%	0.00%	457.35%	455.88%
Common Stock	156,176,121	156,219,699	158,697,835	156,146,340	156,166,075	156,215,947	156,301,491	156,268,641	156,715,569	156,683,725	156,652,749	167,923,120	167,904,689	168,083,329	166,140,158	166,091,944
Common Stock Margin	5,532.69%	3,815.44%	2,104.65%	1,135.30%	1,151.94%	14,310.84%	1,154.09%	1,325.05%	530.36%	-1,893.90%	860.17%	1,296.01%	1,176.68%	1,118.78%	1,055.04%	1,051.46%
Retained Earnings	-22,258,565	-6,655,340	-2,820,617	-23,700,469	-20,078,872	-22,996,355	13,581,323	19,917,675	17,849,065	-1,904,161	177,446	1,153,679	-12,205,498	8,310,390	10,051,787	10,122,487
Retained Earnings Margin	-809.04%	-431.59%	-215.02%	-172.32%	-148.11%	-2,106.68%	100.28%	168.89%	60.41%	23.02%	0.97%	8.90%	-85.54%	55.31%	63.83%	64.08%
Accumulated OCI	0	6,699,800	6,158,230	0	0	0	13,581,323	19,917,675	17,849,065	-1,904,161	15,960,545	-3,822,148	0	0	0	0
Accumulated OCI Margin	0.00%	53.83%	41.07%	0.00%	0.00%	0.00%	100.28%	168.89%	60.41%	23.02%	87.64%	-29.50%	0.00%	0.00%	0.00%	0.00%
Minority Interest	0	0	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%	0.00%	0.00%
Total Shareholders’ Equity	133,917,555	149,564,359	157,091,058	132,445,871	136,087,203	133,219,592	169,882,814	176,186,316	174,564,634	154,779,564	172,790,740	165,254,651	155,699,191	176,393,719	248,211,389	248,225,953
Total Shareholders’ Equity Margin	4,723.66%	3,383.86%	1,895.45%	962.98%	1,003.83%	12,204.16%	1,254.37%	1,493.93%	590.77%	-1,870.89%	948.78%	1,275.41%	1,091.15%	1,174.10%	1,576.22%	1,571.42%
Total Equity	133,917,555	149,564,359	157,091,058	132,445,871	136,087,203	133,219,592	169,882,814	176,186,316	174,564,634	154,779,564	172,790,740	165,254,651	155,699,191	176,393,719	248,211,389	248,225,953
Total Equity Margin	4,723.66%	3,383.86%	1,895.45%	962.98%	1,003.83%	12,204.16%	1,254.37%	1,493.93%	590.77%	-1,870.89%	948.78%	1,275.41%	1,091.15%	1,174.10%	1,576.22%	1,571.42%
Total Liabilities & Equity	0	0	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%	0.00%	0.00%
Total Investments	193,845,286	212,278,986	217,156,228	201,550,509	179,636,147	200,349,202	239,150,169	240,708,901	238,221,942	214,144,498	229,141,898	219,484,833	209,174,181	226,072,902	224,447,920	223,618,244
Total Investments Margin	7,048.12%	4,990.24%	2,758.70%	1,465.43%	1,325.06%	18,353.85%	1,765.83%	2,041.04%	806.20%	-2,588.46%	1,258.20%	1,693.95%	1,465.90%	1,504.77%	1,425.31%	1,415.64%
Net Debt	39,219,589	46,505,868	51,891,810	-194,437	48,749,528	69,103,676	57,371,162	57,499,410	56,803,853	56,747,340	57,544,570	57,606,853	57,686,148	52,422,531	-627,886	-914,993
Net Debt Margin	2,229.57%	1,519.98%	827.10%	-1.41%	359.59%	6,330.54%	423.62%	487.55%	192.24%	-685.93%	315.97%	444.60%	404.27%	348.93%	-3.99%	-5.79%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	9,467,359	10,747,751	12,045,249	13,753,694	13,556,792	1,091,592	13,543,225	11,793,454	29,548,701	-8,273,057	18,211,823	12,956,946	14,269,315	15,023,769	15,747,290	15,796,301
Working Capital	1,598,074	1,991,699	2,749,992	-924,838	3,355,292	2,363,769	1,434,264	3,730,009	627,200	3,042,748	1,875,612	7,478,592	4,517,267	3,305,331	23,763,469	24,607,709
Working Capital Margin	78.19%	55.36%	34.18%	-6.72%	24.75%	216.54%	10.59%	31.63%	2.12%	-36.78%	10.30%	57.72%	31.66%	22.00%	150.91%	155.78%
Total Capital	195,335,699	214,154,145	218,185,951	198,626,046	185,056,180	202,324,872	240,558,000	244,205,629	231,564,634	211,779,564	230,790,740	223,254,651	213,699,191	229,393,719	248,211,389	248,225,953
Total Capital Margin	7,114.68%	5,038.19%	2,790.27%	1,444.17%	1,365.04%	18,534.84%	1,776.22%	2,070.69%	783.67%	-2,559.87%	1,267.26%	1,723.05%	1,497.61%	1,526.87%	1,576.22%	1,571.42%
Capital Employed	195,100,132	214,096,648	219,822,833	198,845,095	183,741,439	202,713,862	240,741,971	244,440,874	238,853,196	217,192,192	231,029,343	226,971,168	213,699,191	229,393,719	248,211,389	248,225,953
Capital Employed Margin	7,123.86%	5,044.37%	2,792.28%	1,445.76%	1,355.35%	18,570.48%	1,777.58%	2,072.68%	808.34%	-2,625.30%	1,268.57%	1,751.73%	1,497.61%	1,526.87%	1,576.22%	1,571.42%
Invested Capital	195,053,745	213,828,951	217,862,230	198,431,609	184,836,731	201,892,894	240,096,138	243,887,385	231,368,487	211,526,904	230,335,310	222,861,504	213,385,339	228,816,250	247,583,503	247,310,960
Invested Capital Margin	7,100.48%	5,028.45%	2,784.86%	1,442.75%	1,363.43%	18,495.27%	1,772.81%	2,067.99%	783.01%	-2,556.82%	1,264.76%	1,720.02%	1,495.41%	1,523.03%	1,572.23%	1,565.63%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	9,467,359	10,747,751	12,045,249	13,753,694	13,556,792	1,091,592	13,543,225	11,793,454	29,548,701	-8,273,057	18,211,823	12,956,946	14,269,315	15,023,769	15,747,290	15,796,301
Net Income	-2,844,114	1,199,539	5,812,682	6,325,772	12,407,553	-27,265,667	3,059,840	11,470,199	29,122,628	-8,665,947	17,811,883	21,732,512	-7,871,958	10,923,680	13,329,135	36,838,818
Net Income Margin	-786.76%	-448.08%	-182.67%	45.99%	91.52%	-2,497.79%	22.59%	97.26%	98.56%	104.75%	97.80%	167.73%	-55.17%	72.71%	84.64%	233.21%
Depreciation & Amortization	0	0	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%	0.00%	0.00%
Deferred Income Tax	0	0	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%	0.00%	0.00%
Stock-Based Compensation	0	0	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%	0.00%	0.00%
Change in Working Capital	720,106	294,754	933,795	3,488,754	-299,943	-1,028,492	2,456,308	-3,142,856	2,178,359	-1,402,832	5,777,876	-2,889,552	4,200,324	-3,326,244	0	0
Change in Working Capital Margin	-23.69%	-15.92%	-1.64%	25.37%	-2.21%	-94.22%	18.14%	-26.65%	7.37%	16.96%	31.73%	-22.30%	29.44%	-22.14%	0.00%	0.00%
Accounts Receivable	227,394	191,211	635,517	450,203	268,457	-36,479	2,872,335	-2,598,462	-164,701	-68,451	4,459,081	-2,865,136	4,038,324	-3,212,792	0	0
Accounts Receivable Margin	0.64%	0.22%	3.20%	3.27%	1.98%	-3.34%	21.21%	-22.03%	-0.56%	0.83%	24.48%	-22.11%	28.30%	-21.38%	0.00%	0.00%
Inventory	0	588	294	0	0	0	-6,864	9,804	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	-0.05%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	530,924	119,761	295,227	3,027,436	-100,532	-1,334,131	-478,206	-515,762	2,373,548	-1,281,641	1,280,441	-18,883	0	0	0	0
Accounts Payable Margin	-33.65%	-21.77%	-7.84%	22.01%	-0.74%	-122.22%	-3.53%	-4.37%	8.03%	15.49%	7.03%	-0.15%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-38,212	-16,806	2,757	11,115	-467,868	342,118	69,043	-38,436	-30,488	-52,740	38,354	-5,533	162,000	-113,452	0	0
Other Working Capital Margin	9.32%	5.63%	3.00%	0.08%	-3.45%	31.34%	0.51%	-0.33%	-0.10%	0.64%	0.21%	-0.04%	1.14%	-0.76%	0.00%	0.00%
Other Non-Cash Items	13,163,413	7,712,361	2,262,494	-16,940,599	17,356,106	39,074,733	1,491,942	-2,420,379	-23,822,414	14,859,546	-9,336,664	-8,867,921	11,230,587	22,093,497	-13,329,135	-36,838,818
Other Non-Cash Items Margin	1,194.82%	714.99%	327.37%	-123.17%	128.03%	3,579.61%	11.02%	-20.52%	-80.62%	-179.61%	-51.27%	-68.44%	78.70%	147.06%	-84.64%	-233.21%
Net Cash from Operating Activities	11,039,406	9,206,654	8,720,568	-7,126,073	29,463,716	10,780,574	7,008,090	5,906,964	7,478,573	4,790,767	14,253,095	7,091,020	7,558,953	29,690,933	0	0
Net Cash from Operating Activities Margin	384.37%	250.99%	140.83%	-51.81%	217.34%	987.60%	51.75%	50.09%	25.31%	-57.91%	78.26%	54.73%	52.97%	197.63%	0.00%	0.00%
Capital Expenditures (PPE)	0	0	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%	0.00%	0.00%
Acquisitions (Net)	0	0	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%	0.00%	0.00%
Purchases of Investments	-103,671,560	-103,801,205	-119,484,373	-93,943,095	-64,841,509	-152,230,076	-82,812,339	-125,179,008	-113,141,422	-236,431,544	-159,424,792	-166,839,947	0	0	0	0
Purchases of Investments Margin	-5,035.68%	-3,355.98%	-1,646.80%	-683.04%	-478.30%	-13,945.69%	-611.47%	-1,061.43%	-382.90%	2,857.85%	-875.39%	-1,287.65%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	109,027,296	106,457,426	120,238,023	79,795,190	89,754,511	157,532,186	75,856,514	129,348,727	108,972,667	234,106,538	159,111,262	167,902,630	0	0	0	0
Sales / Maturities of Investments Margin	5,224.55%	3,466.11%	1,703.91%	580.17%	662.06%	14,431.42%	560.11%	1,096.78%	368.79%	-2,829.75%	873.67%	1,295.85%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	4,715,968	2,829,581	1,414,791	14,147,905	0	0	0	0	0	0	0	0	0	0	0	0
Other Investing Activities Margin	34.29%	20.57%	10.29%	102.87%	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	10,071,703	5,485,801	2,168,440	0	24,913,000	5,302,110	-6,955,825	4,169,718	-4,168,755	-2,325,006	-313,530	1,062,683	0	0	0	0
Net Cash from Investing Activities Margin	223.16%	130.70%	67.40%	0.00%	183.77%	485.72%	-51.36%	35.36%	-14.11%	28.10%	-1.72%	8.20%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-1,498,337	-301,057	266,086	17,211,198	-20,136,303	-1,569,906	2,655,873	333,854	166,146	-1,000,000	0	0	5,000,000	53,000,000	0	0
Net Debt Issuance Margin	-55.74%	-28.95%	-9.71%	125.14%	-148.53%	-143.82%	19.61%	2.83%	0.56%	12.09%	0.00%	0.00%	35.04%	352.77%	0.00%	0.00%
Long-Term Debt Issuance	-23,302	1,359,968	1,760,528	11,500,000	-10,000,000	-1,569,906	2,655,873	4,213,875	1,572,063	4,233,375	0	0	5,000,000	53,000,000	0	0
Long-Term Debt Issuance Margin	-44.66%	-15.73%	-8.94%	83.61%	-73.76%	-143.82%	19.61%	35.73%	5.32%	-51.17%	0.00%	0.00%	35.04%	352.77%	0.00%	0.00%
Short-Term Debt Issuance	-1,475,035	-1,129,851	-1,228,855	5,711,198	-10,136,303	0	2,655,873	-3,880,021	-1,405,917	-5,233,375	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-11.08%	-9.31%	1.20%	41.52%	-74.77%	0.00%	19.61%	-32.90%	-4.76%	63.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	0	-92,549	-46,274	0	0	0	0	-462,743	0	0	0	0	0	0	0	0
Net Stock Issuance Margin	0.00%	-0.78%	-0.39%	0.00%	0.00%	0.00%	0.00%	-3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0	92,549	46,274	0	0	0	0	462,743	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.00%	0.78%	0.39%	0.00%	0.00%	0.00%	0.00%	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	0	-92,549	-46,274	0	0	0	0	-462,743	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	0.00%	-0.78%	-0.39%	0.00%	0.00%	0.00%	0.00%	-3.92%	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	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%	0.00%	0.00%
Net Dividends Paid	-9,634,867	-9,527,559	-10,161,192	-9,967,104	-9,539,942	-9,397,555	-9,363,342	-9,369,853	-9,353,479	-9,345,229	-10,275,794	-12,177,052	-12,822,570	-12,888,600	0	0
Net Dividends Paid Margin	-334.58%	-230.47%	-131.13%	-72.47%	-70.37%	-860.90%	-69.14%	-79.45%	-31.65%	112.96%	-56.42%	-93.98%	-89.86%	-85.79%	0.00%	0.00%
Common Dividends Paid	-9,634,867	-9,527,559	-10,161,192	-9,967,104	-9,539,942	-9,397,555	-9,363,342	-9,369,853	-9,353,479	-9,345,229	-10,275,794	-12,177,052	-12,822,570	-12,888,600	0	0
Common Dividends Paid Margin	-334.58%	-230.47%	-131.13%	-72.47%	-70.37%	-860.90%	-69.14%	-79.45%	-31.65%	112.96%	-56.42%	-93.98%	-89.86%	-85.79%	0.00%	0.00%
Preferred Dividends Paid	0	0	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%	0.00%	0.00%
Other Financing Activities	0	742,775	1,051,931	0	0	0	0	3,713,875	1,572,063	5,233,375	-3,716,517	3,716,517	0	-69,852,750	0	0
Other Financing Activities Margin	0.00%	6.30%	-1.82%	0.00%	0.00%	0.00%	0.00%	31.49%	5.32%	-63.26%	-20.41%	28.68%	0.00%	-464.95%	0.00%	0.00%
Net Cash from Financing Activities	-11,133,204	-9,178,390	-8,889,449	7,244,094	-29,676,245	-10,967,461	-6,707,469	-5,784,867	-7,615,270	-5,111,854	-13,992,311	-8,460,535	-7,822,570	-29,741,350	0	0
Net Cash from Financing Activities Margin	-390.32%	-253.91%	-143.05%	52.67%	-218.90%	-1,004.72%	-49.53%	-49.05%	-25.77%	61.79%	-76.83%	-65.30%	-54.82%	-197.96%	0.00%	0.00%
Effect of FX on Cash	-2,248,136	-791,660	21,045	0	-1,442,298	-5,302,110	6,955,825	-4,169,718	4,168,755	0	0	0	0	0	0	0
Effect of FX on Cash Margin	-165.45%	-96.07%	-46.62%	0.00%	-10.64%	-485.72%	51.36%	-35.36%	14.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-93,798	28,265	-24,000	118,021	-212,529	-186,887	300,621	122,097	-136,697	-321,087	260,784	79,295	-263,617	-50,417	0	0
Net Change in Cash Margin	-5.94%	-2.92%	-1.10%	0.86%	-1.57%	-17.12%	2.22%	1.04%	-0.46%	3.88%	1.43%	0.61%	-1.85%	-0.34%	0.00%	0.00%
Cash at Beginning of Period	423,431	356,937	405,593	219,449	431,978	618,865	318,244	196,147	332,844	653,931	393,147	313,852	577,469	627,886	0	0
Cash at Beginning of Period Margin	20.49%	13.10%	6.73%	1.60%	3.19%	56.69%	2.35%	1.66%	1.13%	-7.90%	2.16%	2.42%	4.05%	4.18%	0.00%	0.00%
Cash at End of Period	329,632	385,201	381,593	337,470	219,449	431,978	618,865	318,244	196,147	332,844	653,931	393,147	313,852	577,469	0	0
Cash at End of Period Margin	14.55%	10.18%	5.64%	2.45%	1.62%	39.57%	4.57%	2.70%	0.66%	-4.02%	3.59%	3.03%	2.20%	3.84%	0.00%	0.00%
Operating Cash Flow	11,039,406	9,206,654	8,720,568	-7,126,073	29,463,716	10,780,574	7,008,090	5,906,964	7,478,573	4,790,767	14,253,095	7,091,020	7,558,953	29,690,933	0	0
Operating Cash Flow Margin	384.37%	250.99%	140.83%	-51.81%	217.34%	987.60%	51.75%	50.09%	25.31%	-57.91%	78.26%	54.73%	52.97%	197.63%	0.00%	0.00%
Capital Expenditure	-2	0	0	-3	0	-4	5	4	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%	0.00%	0.00%
Free Cash Flow	11,039,406	9,206,654	8,720,568	-7,126,073	29,463,716	10,780,574	7,008,090	5,906,964	7,478,573	4,790,767	14,253,095	7,091,020	7,558,953	29,690,933	0	0
Free Cash Flow Margin	384.37%	250.99%	140.83%	-51.81%	217.34%	987.60%	51.75%	50.09%	25.31%	-57.91%	78.26%	54.73%	52.97%	197.63%	0.00%	0.00%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	9,467,359	10,747,751	12,045,249	13,753,694	13,556,792	1,091,592	13,543,225	11,793,454	29,548,701	-8,273,057	18,211,823	12,956,946	14,269,315	15,023,769	15,747,290	15,796,301
EBITDA	-8,007,404	-1,715,389	-739,927	0	3,243,455	-27,265,667	3,059,840	12,385,428	0	-8,627,558	0	9,805,235	0	0	0	22,852,840
EBITDA Margin	-824.62%	-469.25%	-216.63%	0.00%	23.92%	-2,497.79%	22.59%	105.02%	0.00%	104.29%	0.00%	75.68%	0.00%	0.00%	0.00%	144.67%
(-) Tax Adjustment	0	0	17,516	0	0	0	0	0	0	160,427	0	14,733	0	0	0	164,225
(-) Tax Adjustment Margin	0.00%	0.00%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.94%	0.00%	0.11%	0.00%	0.00%	0.00%	1.04%
(-) Change In Working Capital	720,106	294,754	933,795	3,488,754	-299,943	-1,028,492	2,456,308	-3,142,856	2,178,359	-1,402,832	5,777,876	-2,889,552	4,200,324	-3,326,244	0	0
(-) Change In Working Capital Margin	-23.69%	-15.92%	-1.64%	25.37%	-2.21%	-94.22%	18.14%	-26.65%	7.37%	16.96%	31.73%	-22.30%	29.44%	-22.14%	0.00%	0.00%
(-) Capital Expenditure	-2	0	0	-3	0	-4	5	4	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%	0.00%	0.00%
Unlevered Free Cash Flow	-8,727,513	-2,010,146	-1,691,239	-3,488,757	3,543,398	-26,237,179	603,527	15,528,280	-2,178,359	-7,385,153	-5,777,876	12,680,054	-4,200,324	3,326,244	0	22,688,615
Unlevered Free Cash Flow Margin	-800.93%	-453.33%	-214.81%	-25.37%	26.14%	-2,403.57%	4.46%	131.67%	-7.37%	89.27%	-31.73%	97.86%	-29.44%	22.14%	0.00%	143.63%
(-) Net Interest Income After Taxes	6,021,037	8,387,818	7,643,932	-3,689,746	10,473,590	11,279,266	11,911,337	11,964,642	11,407,697	10,645,701	11,098,055	765,767	583,007	252,379	0	0
(-) Net Interest Income After Taxes Margin	361.24%	254.62%	125.40%	-26.83%	77.26%	1,033.29%	87.95%	101.45%	38.61%	-128.68%	60.94%	5.91%	4.09%	1.68%	0.00%	0.00%
Net Debt Issuance	-1,498,337	-301,057	266,086	17,211,198	-20,136,303	-1,569,906	2,655,873	333,854	166,146	-1,000,000	0	0	5,000,000	53,000,000	0	0
Net Debt Issuance Margin	-55.74%	-28.95%	-9.71%	125.14%	-148.53%	-143.82%	19.61%	2.83%	0.56%	12.09%	0.00%	0.00%	35.04%	352.77%	0.00%	0.00%
Levered Free Cash Flow	-16,246,886	-10,699,021	-9,069,084	17,412,187	-27,066,495	-39,086,351	-8,651,937	3,897,492	-13,419,910	-19,030,854	-16,875,931	11,914,287	216,669	56,073,865	0	22,688,615
Levered Free Cash Flow Margin	-1,217.91%	-736.91%	-349.91%	126.60%	-199.65%	-3,580.67%	-63.88%	33.05%	-45.42%	230.03%	-92.66%	91.95%	1.52%	373.23%	0.00%	143.63%