Neutech Group Limited (9616.HK)

Analysis: Margins & Ratios Industry: Specialty Business Services Sector: Industrials Live Price: $2.54

Income Statement Margins

Metric	3Y Avg	5Y 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
Revenue	255,309,740	223,104,451	283,706,432	263,386,739	289,831,421	256,335,941	219,761,857	193,468,473	156,124,561	136,001,300	121,089,992	103,806,183
Cost of Revenue	137,017,377	123,387,697	162,210,378	133,320,384	152,364,836	133,555,704	125,131,591	109,526,813	96,359,541	90,157,626	82,444,866	70,533,249
Cost of Revenue Margin	53.87%	55.99%	57.18%	50.62%	52.57%	52.10%	56.94%	56.61%	61.72%	66.29%	68.09%	67.95%
Gross Profit	118,292,363	99,716,754	121,496,054	130,066,355	137,466,585	122,780,237	94,630,266	83,941,660	59,765,020	45,843,674	38,645,126	33,272,934
Gross Profit Margin	46.13%	44.01%	42.82%	49.38%	47.43%	47.90%	43.06%	43.39%	38.28%	33.71%	31.91%	32.05%
R&D Expenses	6,642,087	6,793,508	4,356,541	5,733,120	5,441,738	7,440,113	7,044,412	8,334,697	5,706,580	3,664,633	3,565,424	3,751,068
R&D Expenses Margin	2.66%	3.19%	1.54%	2.18%	1.88%	2.90%	3.21%	4.31%	3.66%	2.69%	2.94%	3.61%
SG&A Expenses	33,700,474	33,103,810	36,976,171	39,476,694	37,218,872	36,938,276	26,944,275	26,561,632	37,855,995	7,657,549	4,979,614	3,138,356
SG&A Expenses Margin	13.17%	15.50%	13.03%	14.99%	12.84%	14.41%	12.26%	13.73%	24.25%	5.63%	4.11%	3.02%
Operating Expenses	26,963,388	26,389,102	139,935,458	34,791,230	42,660,610	28,443,340	9,786,215	20,616,042	30,439,301	20,352,620	17,255,140	14,230,470
Operating Expenses Margin	10.09%	12.08%	49.32%	13.21%	14.72%	11.10%	4.45%	10.66%	19.50%	14.97%	14.25%	13.71%
Operating Income (EBIT)	90,787,275	73,002,632	-18,439,404	95,485,891	93,180,877	94,336,897	84,844,051	63,325,618	29,325,719	33,449,353	29,460,552	27,938,921
Operating Income (EBIT) Margin	35.85%	31.81%	-6.50%	36.25%	32.15%	36.80%	38.61%	32.73%	18.78%	24.59%	24.33%	26.91%
Interest Income	2,046,394	1,631,315	0	-3,579,333	2,144,420	2,306,363	1,688,399	1,346,632	670,761	490,794	289,963	228,649
Interest Income Margin	0.80%	0.71%	0.00%	-1.36%	0.74%	0.90%	0.77%	0.70%	0.43%	0.36%	0.24%	0.22%
Interest Expense	14,878,049	12,041,852	15,224,831	0	15,638,983	14,770,513	14,224,650	9,656,066	5,919,049	5,630,505	5,377,018	5,130,770
Interest Expense Margin	5.88%	5.28%	5.37%	0.00%	5.40%	5.76%	6.47%	4.99%	3.79%	4.14%	4.44%	4.94%
Net Interest Income	-12,831,655	-10,410,537	-15,224,831	-3,259,493	-13,494,562	-12,464,151	-12,536,251	-8,309,434	-5,248,288	-5,200,315	-5,180,587	-4,920,997
Net Interest Income Margin	-5.07%	-4.58%	-5.37%	-1.24%	-4.66%	-4.86%	-5.70%	-4.29%	-3.36%	-3.82%	-4.28%	-4.74%
Unusual Items	21,606,524	19,564,483	-78,505,315	16,476,015	16,096,423	24,796,590	23,926,559	17,868,419	15,134,422	10,349,536	10,276,867	9,907,566
Unusual Items Margin	8.70%	9.01%	-27.67%	6.26%	5.55%	9.67%	10.89%	9.24%	9.69%	7.61%	8.49%	9.54%
EBT Excluding Unusual Items	60,405,881	44,284,204	153,796,058	66,113,194	74,482,593	57,207,867	49,527,183	35,898,213	4,305,163	17,889,993	13,993,872	13,025,910
EBT Excluding Unusual Items Margin	23.52%	18.37%	54.21%	25.10%	25.70%	22.32%	22.54%	18.56%	2.76%	13.15%	11.56%	12.55%
Pre-Tax Income	82,012,405	63,848,687	75,290,743	82,589,209	90,579,016	82,004,457	73,453,743	53,766,632	19,439,584	28,239,528	24,270,740	22,933,475
Pre-Tax Income Margin	32.22%	27.38%	26.54%	31.36%	31.25%	31.99%	33.42%	27.79%	12.45%	20.76%	20.04%	22.09%
Income Tax Expense	21,343,197	15,974,789	19,400,696	21,065,534	24,252,431	21,025,510	18,751,650	11,014,478	4,829,878	3,399,649	1,039,921	2,606,970
Income Tax Expense Margin	8.37%	6.78%	6.84%	8.00%	8.37%	8.20%	8.53%	5.69%	3.09%	2.50%	0.86%	2.51%
Net Income	60,582,915	46,525,222	55,654,727	61,429,575	66,085,305	60,964,612	54,698,828	40,339,628	10,537,735	19,758,501	18,733,483	16,296,119
Net Income Margin	23.82%	19.81%	19.62%	23.32%	22.80%	23.78%	24.89%	20.85%	6.75%	14.53%	15.47%	15.70%
Depreciation and Amortization	24,622,584	22,930,154	26,784,639	24,450,281	22,833,840	26,745,999	24,287,913	20,934,107	19,848,911	15,378,683	15,172,885	17,462,499
Depreciation and Amortization Margin	9.79%	10.58%	9.44%	9.28%	7.88%	10.43%	11.05%	10.82%	12.71%	11.31%	12.53%	16.82%
EBITDA	120,763,884	98,371,200	117,298,794	120,046,665	126,804,378	123,520,969	111,966,306	84,356,805	45,207,544	49,248,716	44,820,642	45,526,744
EBITDA Margin	47.63%	43.09%	41.35%	45.58%	43.75%	48.19%	50.95%	43.60%	28.96%	36.21%	37.01%	43.86%
NOPAT	67,188,613	54,791,665	-13,687,993	71,130,878	68,231,801	70,149,414	63,184,625	50,352,914	22,039,573	29,422,513	28,198,265	24,762,955
NOPAT Margin	26.55%	23.96%	-4.82%	27.01%	23.54%	27.37%	28.75%	26.03%	14.12%	21.63%	23.29%	23.85%
Owner's Earnings	11,122,865	-17,882,073	26,523,595	36,158,371	22,484,976	10,318,027	565,591	-95,169,458	-27,609,501	-43,158,074	23,691,381	15,665,240
Owner's Earnings Margin	4.01%	-10.97%	9.35%	13.73%	7.76%	4.03%	0.26%	-49.19%	-17.68%	-31.73%	19.57%	15.09%

Balance Sheet Margins

Metric	3Y Avg	5Y 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
Revenue	255,309,740	223,104,451	289,831,421	256,335,941	219,761,857	193,468,473	156,124,561	136,001,300	121,089,992	103,806,183
Cash & Cash Equivalents	215,593,420	204,707,853	236,284,922	242,477,044	168,018,295	174,357,883	202,401,122	79,889,842	30,491,390	47,199,957
Cash & Cash Equivalents Margin	84.19%	94.47%	81.52%	94.59%	76.45%	90.12%	129.64%	58.74%	25.18%	45.47%
Short-Term Investments	29,852,610	22,731,452	32,139,055	2,002,348	55,416,427	19,098,810	5,000,620	7,097	12,460,602	295,498
Short-Term Investments Margin	12.36%	10.03%	11.09%	0.78%	25.22%	9.87%	3.20%	0.01%	10.29%	0.28%
Cash & Short-Term Investments	248,384,738	229,202,530	268,423,977	253,295,516	223,434,722	193,456,693	207,401,741	79,896,939	42,951,992	47,495,455
Cash & Short-Term Investments Margin	97.70%	105.19%	92.61%	98.81%	101.67%	99.99%	132.84%	58.75%	35.47%	45.75%
Net Receivables	10,269,629	7,687,269	9,592,765	10,523,968	10,692,155	4,315,807	3,311,653	872,586	2,071,043	3,420,939
Net Receivables Margin	4.09%	3.33%	3.31%	4.11%	4.87%	2.23%	2.12%	0.64%	1.71%	3.30%
Inventory	1,057,189	1,013,749	1,231,101	1,330,594	609,873	698,012	1,199,167	434,732	394,707	164,639
Inventory Margin	0.41%	0.47%	0.42%	0.52%	0.28%	0.36%	0.77%	0.32%	0.33%	0.16%
Other Current Assets	20,769,942	16,649,922	19,423,546	27,318,544	15,567,734	12,812,447	8,127,338	7,424,642	7,115,944	21,893,412
Other Current Assets Margin	8.15%	7.25%	6.70%	10.66%	7.08%	6.62%	5.21%	5.46%	5.88%	21.09%
Total Current Assets	283,405,777	256,611,626	304,109,295	293,155,138	252,952,897	212,190,885	220,649,913	89,169,935	53,879,183	73,876,978
Total Current Assets Margin	111.46%	117.08%	104.93%	114.36%	115.10%	109.68%	141.33%	65.57%	44.50%	71.17%
Property, Plant & Equipment	543,744,569	449,073,191	645,811,305	563,147,583	422,274,820	387,389,277	226,742,968	176,879,979	160,120,175	159,022,630
Property, Plant & Equipment Margin	211.56%	196.03%	222.82%	219.69%	192.15%	200.23%	145.23%	130.06%	132.23%	153.19%
Goodwill	28,425,125	24,715,719	46,972,159	19,151,608	19,151,608	19,151,608	19,151,608	0	0	0
Goodwill Margin	10.80%	10.91%	16.21%	7.47%	8.71%	9.90%	12.27%	0.00%	0.00%	0.00%
Intangible Assets	51,233,040	74,621,486	29,044,129	19,720,606	104,934,384	109,400,921	110,007,388	58,148,011	38,353,602	39,610,818
Intangible Assets Margin	21.82%	38.49%	10.02%	7.69%	47.75%	56.55%	70.46%	42.76%	31.67%	38.16%
Long-Term Investments	1,461,501	876,900	3,193,425	1,191,077	0	0	0	0	0	0
Long-Term Investments Margin	0.52%	0.31%	1.10%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	34,553,710	22,663,723	11,384,489	86,877,624	5,399,017	4,923,694	4,733,791	4,940,441	5,174,484	4,872,883
Tax Assets Margin	13.43%	9.17%	3.93%	33.89%	2.46%	2.54%	3.03%	3.63%	4.27%	4.69%
Other Non-Current Assets	5,264,184	10,216,689	3,387,869	-33,557,078	45,961,760	33,658,700	1,632,195	33,659,693	170,316	247,526
Other Non-Current Assets Margin	3.00%	5.49%	1.17%	-13.09%	20.91%	17.40%	1.05%	24.75%	0.14%	0.24%
Other Assets	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	664,682,129	582,167,708	739,793,377	656,531,420	597,721,589	554,524,200	362,267,951	273,628,124	203,818,577	203,753,856
Total Non-Current Assets Margin	261.12%	260.40%	255.25%	256.12%	271.99%	286.62%	232.04%	201.20%	168.32%	196.28%
Total Assets	948,087,906	838,779,333	1,043,902,672	949,686,558	850,674,487	766,715,085	582,917,864	362,798,060	257,697,759	277,630,834
Total Assets Margin	372.58%	377.48%	360.18%	370.49%	387.09%	396.30%	373.37%	266.76%	212.82%	267.45%
Accounts Payable	33,364,715	20,543,857	97,619,738	1,510,845	963,563	1,944,725	680,412	269,525	345,883	4,561,346
Accounts Payable Margin	11.57%	7.23%	33.68%	0.59%	0.44%	1.01%	0.44%	0.20%	0.29%	4.39%
Short-Term Debt	72,180,867	68,426,610	89,377,153	92,402,533	34,762,915	33,565,451	92,024,999	67,156,167	31,519,814	64,052,015
Short-Term Debt Margin	27.57%	31.80%	30.84%	36.05%	15.82%	17.35%	58.94%	49.38%	26.03%	61.70%
Tax Payables	7,253,995	7,582,128	0	9,256,675	12,505,310	10,734,166	5,414,488	1,307,175	1,023,883	770,680
Tax Payables Margin	3.10%	3.66%	0.00%	3.61%	5.69%	5.55%	3.47%	0.96%	0.85%	0.74%
Deferred Revenue	0	0	0	0	0	0	0	0	1,023,883	770,680
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.85%	0.74%
Other Current Liabilities	204,857,504	190,689,484	148,342,114	235,473,934	230,756,465	208,991,499	129,883,407	97,579,572	84,539,895	79,040,959
Other Current Liabilities Margin	82.68%	87.85%	51.18%	91.86%	105.00%	108.02%	83.19%	71.75%	69.82%	76.14%
Total Current Liabilities	325,126,621	295,668,377	343,213,991	347,250,196	284,915,675	262,531,895	240,430,130	176,606,905	126,115,450	155,586,363
Total Current Liabilities Margin	127.84%	134.65%	118.42%	135.47%	129.65%	135.70%	154.00%	129.86%	104.15%	149.88%
Long-Term Debt	316,476,886	259,021,853	351,169,309	294,343,092	303,918,257	274,020,845	71,657,760	74,603,234	43,422,064	26,682,840
Long-Term Debt Margin	124.76%	112.36%	121.16%	114.83%	138.29%	141.64%	45.90%	54.85%	35.86%	25.70%
Capital Lease Obligations	5,188,109	6,103,700	4,615,706	5,084,926	5,863,696	6,944,635	8,009,536	6,422,049	7,402,359	1,085,339
Capital Lease Obligations Margin	2.08%	2.99%	1.59%	1.98%	2.67%	3.59%	5.13%	4.72%	6.11%	1.05%
Deferred Tax Liabilities	3,951,757	4,745,855	0	5,999,381	5,855,890	5,855,038	6,018,967	962,143	1,235,643	1,400,707
Deferred Tax Liabilities Margin	1.67%	2.38%	0.00%	2.34%	2.66%	3.03%	3.86%	0.71%	1.02%	1.35%
Other Non-Current Liabilities	5,997,678	3,636,928	17,801,428	95,803	95,803	95,803	95,803	0	0	5,750,720
Other Non-Current Liabilities Margin	2.07%	1.27%	6.14%	0.04%	0.04%	0.05%	0.06%	0.00%	0.00%	5.54%
Total Non-Current Liabilities	333,617,441	275,882,200	372,269,474	309,179,318	319,403,530	290,309,015	88,249,661	85,005,425	54,647,308	33,089,418
Total Non-Current Liabilities Margin	131.47%	120.20%	128.44%	120.61%	145.34%	150.05%	56.53%	62.50%	45.13%	31.88%
Total Liabilities	658,744,062	571,550,577	715,483,465	656,429,514	604,319,205	552,840,910	328,679,791	261,612,331	180,762,758	188,675,781
Total Liabilities Margin	259.31%	254.84%	246.86%	256.08%	274.99%	285.75%	210.52%	192.36%	149.28%	181.76%
Preferred Stock	226,210,920	245,533,535	0	377,490,937	301,141,823	301,505,021	247,529,894	258,382,997	0	0
Preferred Stock Margin	94.77%	119.74%	0.00%	147.26%	137.03%	155.84%	158.55%	189.99%	0.00%	0.00%
Common Stock	16,038	16,265	16,038	16,038	16,038	16,606	16,606	12,490	41,192,628	43,474,294
Common Stock Margin	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	34.02%	41.88%
Retained Earnings	189,579,875	137,071,140	251,377,332	188,287,460	129,074,832	77,277,195	39,338,880	29,424,360	11,478,731	1,605,512
Retained Earnings Margin	72.97%	56.81%	86.73%	73.45%	58.73%	39.94%	25.20%	21.64%	9.48%	1.55%
Accumulated OCI	-301,513,159	-290,714,878	-301,869,356	-301,528,298	-301,141,823	-301,505,021	-247,529,894	-258,382,997	-9,055,986	10,151,543
Accumulated OCI Margin	-119.60%	-134.64%	-104.15%	-117.63%	-137.03%	-155.84%	-158.55%	-189.99%	-7.48%	9.78%
Minority Interest	1,212,934	6,452,337	1,211,656	1,220,740	1,206,405	1,224,004	27,398,877	19,582,366	15,040,038	17,793,054
Minority Interest Margin	0.48%	3.93%	0.42%	0.48%	0.55%	0.63%	17.55%	14.40%	12.42%	17.14%
Total Shareholders’ Equity	288,130,910	260,776,420	327,207,551	292,036,303	245,148,876	212,650,171	226,839,197	81,603,363	61,894,963	71,161,999
Total Shareholders’ Equity Margin	112.79%	118.72%	112.90%	113.93%	111.55%	109.91%	145.29%	60.00%	51.11%	68.55%
Total Equity	289,343,844	267,228,756	328,419,207	293,257,043	246,355,281	213,874,175	254,238,074	101,185,729	76,935,002	88,955,053
Total Equity Margin	113.27%	122.64%	113.31%	114.40%	112.10%	110.55%	162.84%	74.40%	63.54%	85.69%
Total Liabilities & Equity	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%
Total Investments	31,314,111	23,608,352	35,332,480	3,193,425	55,416,427	19,098,810	5,000,620	7,097	12,460,602	295,498
Total Investments Margin	12.88%	10.35%	12.19%	1.25%	25.22%	9.87%	3.20%	0.01%	10.29%	0.28%
Net Debt	178,252,442	128,844,309	208,877,246	149,353,507	176,526,573	140,173,049	-30,708,826	68,291,607	51,847,171	14,418,527
Net Debt Margin	70.22%	52.69%	72.07%	58.26%	80.33%	72.45%	-19.67%	50.21%	42.82%	13.89%

Capital Metrics

Metric	3Y Avg	5Y 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
Revenue	255,309,740	223,104,451	289,831,421	256,335,941	219,761,857	193,468,473	156,124,561	136,001,300	121,089,992	103,806,183
Working Capital	-41,720,844	-39,056,752	-39,104,696	-54,095,058	-31,962,778	-50,341,010	-19,780,216	-87,436,970	-72,236,267	-81,709,385
Working Capital Margin	-16.38%	-17.57%	-13.49%	-21.10%	-14.54%	-26.02%	-12.67%	-64.29%	-59.66%	-78.71%
Total Capital	681,976,772	594,328,582	772,369,719	683,866,854	589,693,745	527,181,102	398,531,492	229,784,812	144,233,524	132,780,483
Total Capital Margin	267.20%	265.87%	266.49%	266.79%	268.33%	272.49%	255.27%	168.96%	119.11%	127.91%
Capital Employed	622,961,285	543,110,956	700,688,682	602,436,362	565,758,811	504,183,190	342,487,735	186,191,154	131,582,309	122,044,472
Capital Employed Margin	244.74%	242.84%	241.76%	235.02%	257.44%	260.60%	219.37%	136.90%	108.66%	117.57%
Invested Capital	466,383,352	389,620,729	536,084,797	441,389,810	421,675,449	352,823,219	196,130,370	149,894,970	113,742,134	85,580,526
Invested Capital Margin	183.01%	171.41%	184.96%	172.19%	191.88%	182.37%	125.62%	110.22%	93.93%	82.44%

Cash Flow Margins

Metric	3Y Avg	5Y 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
Revenue	255,309,740	223,104,451	289,831,421	256,335,941	219,761,857	193,468,473	156,124,561	136,001,300	121,089,992	103,806,183
Net Income	82,012,405	63,848,687	90,579,016	82,004,457	73,453,743	53,766,632	19,439,584	28,239,528	24,270,740	22,933,475
Net Income Margin	32.22%	27.38%	31.25%	31.99%	33.42%	27.79%	12.45%	20.76%	20.04%	22.09%
Depreciation & Amortization	27,233,576	24,496,749	30,666,815	26,745,999	24,287,913	20,934,107	19,848,911	15,378,683	15,172,885	17,462,499
Depreciation & Amortization Margin	10.69%	11.12%	10.58%	10.43%	11.05%	10.82%	12.71%	11.31%	12.53%	16.82%
Deferred Income Tax	0	-2,065,961	0	0	0	-7,433,300	-2,896,507	0	0	0
Deferred Income Tax Margin	0.00%	-1.14%	0.00%	0.00%	0.00%	-3.84%	-1.86%	0.00%	0.00%	0.00%
Stock-Based Compensation	179,068	3,785,926	0	0	537,205	2,617,757	15,774,668	0	0	0
Stock-Based Compensation Margin	0.08%	2.34%	0.00%	0.00%	0.24%	1.35%	10.10%	0.00%	0.00%	0.00%
Change in Working Capital	3,900,473	10,864,571	-13,863,297	5,737,094	19,827,621	23,031,833	19,589,604	8,506,575	5,488,859	3,977,588
Change in Working Capital Margin	2.16%	6.19%	-4.78%	2.24%	9.02%	11.90%	12.55%	6.25%	4.53%	3.83%
Accounts Receivable	-1,469,212	-1,398,039	2,900,340	-198,560	-7,109,416	-1,008,838	-1,573,720	1,198,457	1,349,896	-2,871,954
Accounts Receivable Margin	-0.77%	-0.77%	1.00%	-0.08%	-3.24%	-0.52%	-1.01%	0.88%	1.11%	-2.77%
Inventory	-101,433	-106,391	328,284	-720,721	88,139	501,155	-728,811	-40,024	-230,069	-2,839
Inventory Margin	-0.04%	-0.07%	0.11%	-0.28%	0.04%	0.26%	-0.47%	-0.03%	-0.19%	0.00%
Accounts Payable	2,369,805	1,938,395	0	0	7,109,416	1,008,838	1,573,720	-1,198,457	0	0
Accounts Payable Margin	1.08%	0.95%	0.00%	0.00%	3.24%	0.52%	1.01%	-0.88%	0.00%	0.00%
Other Working Capital	3,101,312	10,430,606	-17,091,920	6,656,375	19,739,482	22,530,678	20,318,415	8,546,599	5,718,927	3,980,427
Other Working Capital Margin	1.89%	6.07%	-5.90%	2.60%	8.98%	11.65%	13.01%	6.28%	4.72%	3.83%
Other Non-Cash Items	-7,564,254	-670,648	-7,697,290	-10,040,696	-4,954,776	9,511,297	9,828,227	1,946,570	3,778,319	4,411,184
Other Non-Cash Items Margin	-2.94%	0.48%	-2.66%	-3.92%	-2.25%	4.92%	6.30%	1.43%	3.12%	4.25%
Net Cash from Operating Activities	105,761,268	100,259,324	99,685,245	104,446,855	113,151,705	102,428,326	81,584,486	54,071,356	48,710,802	48,784,747
Net Cash from Operating Activities Margin	42.21%	46.37%	34.39%	40.75%	51.49%	52.94%	52.26%	39.76%	40.23%	47.00%
Capital Expenditures (PPE)	-63,419,150	-80,939,358	-34,684,995	-77,151,303	-78,421,151	-156,443,194	-57,996,146	-78,295,259	-10,214,986	-18,093,378
Capital Expenditures (PPE) Margin	-25.92%	-39.15%	-11.97%	-30.10%	-35.68%	-80.86%	-37.15%	-57.57%	-8.44%	-17.43%
Acquisitions (Net)	145,384	-10,436,482	-6,660,349	7,096,500	0	-7,096,500	-45,522,060	-52,532,267	490,368	3,911,733
Acquisitions (Net) Margin	0.16%	-6.47%	-2.30%	2.77%	0.00%	-3.67%	-29.16%	-38.63%	0.40%	3.77%
Purchases of Investments	-70,468,245	-90,557,727	-46,836,900	-14,547,825	-150,020,010	-143,249,949	-98,133,950	-44,367,318	-133,385,814	-91,147,446
Purchases of Investments Margin	-30.03%	-45.40%	-16.16%	-5.68%	-68.26%	-74.04%	-62.86%	-32.62%	-110.15%	-87.81%
Sales / Maturities of Investments	65,739,611	86,665,070	26,317,796	56,399,008	114,502,028	129,694,073	106,412,443	56,973,966	122,089,463	91,600,628
Sales / Maturities of Investments Margin	27.73%	43.68%	9.08%	22.00%	52.10%	67.04%	68.16%	41.89%	100.83%	88.24%
Other Investing Activities	-16,188,725	-8,937,786	-33,072,812	-17,257,694	1,764,332	1,951,821	1,925,422	53,581,697	-1,660,155	4,176,716
Other Investing Activities Margin	-5.78%	-3.02%	-11.41%	-6.73%	0.80%	1.01%	1.23%	39.40%	-1.37%	4.02%
Net Cash from Investing Activities	-84,191,126	-104,206,283	-94,937,261	-45,461,314	-112,174,801	-175,143,749	-93,314,291	-64,639,180	-22,681,124	-9,551,747
Net Cash from Investing Activities Margin	-33.84%	-50.37%	-32.76%	-17.74%	-51.04%	-90.53%	-59.77%	-47.53%	-18.73%	-9.20%
Net Debt Issuance	39,388,556	56,796,980	39,786,101	48,033,228	30,346,337	143,916,736	21,902,496	67,002,882	-16,325,214	-10,735,017
Net Debt Issuance Margin	15.42%	26.94%	13.73%	18.74%	13.81%	74.39%	14.03%	49.27%	-13.48%	-10.34%
Long-Term Debt Issuance	39,388,556	56,796,980	39,786,101	48,033,228	30,346,337	143,916,736	21,902,496	67,002,882	-16,325,214	-10,735,017
Long-Term Debt Issuance Margin	15.42%	26.94%	13.73%	18.74%	13.81%	74.39%	14.03%	49.27%	-13.48%	-10.34%
Short-Term Debt Issuance	0	0	0	0	0	0	0	28,386,000	0	49,433,509
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.87%	0.00%	47.62%
Net Stock Issuance	-4,028,730	23,615,506	710	0	-12,086,901	741,442	129,422,277	0	0	0
Net Stock Issuance Margin	-1.83%	15.56%	0.00%	0.00%	-5.50%	0.38%	82.90%	0.00%	0.00%	0.00%
Common Stock Issuance	161,280	26,129,512	710	0	483,130	741,442	129,422,277	0	0	0
Common Stock Issuance Margin	0.07%	16.70%	0.00%	0.00%	0.22%	0.38%	82.90%	0.00%	0.00%	0.00%
Common Stock Repurchased	-4,028,967	-2,417,380	0	0	-12,086,901	0	0	0	0	0
Common Stock Repurchased Margin	-1.83%	-1.10%	0.00%	0.00%	-5.50%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	-161,043	-96,626	0	0	-483,130	0	0	0	0	0
Preferred Stock Issuance Margin	-0.07%	-0.04%	0.00%	0.00%	-0.22%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-18,763,572	-11,647,940	-30,667,099	-14,084,991	-11,538,625	-1,882,701	-66,281	-501,864	-20,287,758	-3,953,602
Net Dividends Paid Margin	-7.11%	-4.47%	-10.58%	-5.49%	-5.25%	-0.97%	-0.04%	-0.37%	-16.75%	-3.81%
Common Dividends Paid	-18,763,572	-11,647,940	-30,667,099	-14,084,991	-11,538,625	-1,882,701	-66,281	-501,864	-20,287,758	-3,953,602
Common Dividends Paid Margin	-7.11%	-4.47%	-10.58%	-5.49%	-5.25%	-0.97%	-0.04%	-0.37%	-16.75%	-3.81%
Preferred Dividends Paid	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%
Other Financing Activities	-18,032,538	-32,687,302	-20,233,967	-18,606,739	-15,256,907	-96,901,430	-12,437,468	-6,535,309	-6,125,983	14,110,681
Other Financing Activities Margin	-7.06%	-15.85%	-6.98%	-7.26%	-6.94%	-50.09%	-7.97%	-4.81%	-5.06%	13.59%
Net Cash from Financing Activities	-1,436,284	36,077,243	-11,114,254	15,341,498	-8,536,096	45,874,047	138,821,023	59,965,709	-42,738,955	-577,939
Net Cash from Financing Activities Margin	-0.58%	22.18%	-3.83%	5.98%	-3.88%	23.71%	88.92%	44.09%	-35.30%	-0.56%
Effect of FX on Cash	508,488	-851,268	174,148	131,711	1,219,604	-1,201,863	-4,579,939	568	710	-3,548
Effect of FX on Cash Margin	0.22%	-0.58%	0.06%	0.05%	0.55%	-0.62%	-2.93%	0.00%	0.00%	0.00%
Net Change in Cash	20,642,347	31,279,016	-6,192,122	74,458,749	-6,339,587	-28,043,239	122,511,279	49,398,453	-16,708,567	38,651,513
Net Change in Cash Margin	8.01%	17.60%	-2.14%	29.05%	-2.88%	-14.49%	78.47%	36.32%	-13.80%	37.23%
Cash at Beginning of Period	194,951,074	173,428,837	242,477,044	168,018,295	174,357,883	202,401,122	79,889,842	30,491,390	47,199,957	8,548,444
Cash at Beginning of Period Margin	76.18%	76.87%	83.66%	65.55%	79.34%	104.62%	51.17%	22.42%	38.98%	8.24%
Cash at End of Period	215,593,420	204,707,853	236,284,922	242,477,044	168,018,295	174,357,883	202,401,122	79,889,842	30,491,390	47,199,957
Cash at End of Period Margin	84.19%	94.47%	81.52%	94.59%	76.45%	90.12%	129.64%	58.74%	25.18%	45.47%
Operating Cash Flow	105,761,268	100,259,324	99,685,245	104,446,855	113,151,705	102,428,326	81,584,486	54,071,356	48,710,802	48,784,747
Operating Cash Flow Margin	42.21%	46.37%	34.39%	40.75%	51.49%	52.94%	52.26%	39.76%	40.23%	47.00%
Capital Expenditure	-76,693,626	-88,904,044	-74,267,143	-77,392,584	-78,421,151	-156,443,194	-57,996,146	-78,295,259	-10,214,986	-18,093,378
Capital Expenditure Margin	-30.50%	-41.90%	-25.62%	-30.19%	-35.68%	-80.86%	-37.15%	-57.57%	-8.44%	-17.43%
Free Cash Flow	29,067,642	11,355,280	25,418,102	27,054,271	34,730,555	-54,014,868	23,588,340	-24,223,903	38,495,816	30,691,369
Free Cash Flow Margin	11.71%	4.46%	8.77%	10.55%	15.80%	-27.92%	15.11%	-17.81%	31.79%	29.57%

Free Cash Flow Margins

Metric	3Y Avg	5Y 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
Revenue	255,309,740	223,104,451	289,831,421	256,335,941	219,761,857	193,468,473	156,124,561	136,001,300	121,089,992	103,806,183
EBITDA	120,763,884	98,371,200	126,804,378	123,520,969	111,966,306	84,356,805	45,207,544	49,248,716	44,820,642	45,526,744
EBITDA Margin	47.63%	43.09%	43.75%	48.19%	50.95%	43.60%	28.96%	36.21%	37.01%	43.86%
(-) Tax Adjustment	31,401,730	24,543,672	33,951,731	31,670,125	28,583,335	17,281,092	11,232,077	5,928,865	1,920,417	5,175,267
(-) Tax Adjustment Margin	12.36%	10.64%	11.71%	12.35%	13.01%	8.93%	7.19%	4.36%	1.59%	4.99%
(-) Change In Working Capital	3,900,473	10,864,571	-13,863,297	5,737,094	19,827,621	23,031,833	19,589,604	8,506,575	5,488,859	3,977,588
(-) Change In Working Capital Margin	2.16%	6.19%	-4.78%	2.24%	9.02%	11.90%	12.55%	6.25%	4.53%	3.83%
(-) Capital Expenditure	-76,693,626	-88,904,044	-74,267,143	-77,392,584	-78,421,151	-156,443,194	-57,996,146	-78,295,259	-10,214,986	-18,093,378
(-) Capital Expenditure Margin	-30.50%	-41.90%	-25.62%	-30.19%	-35.68%	-80.86%	-37.15%	-57.57%	-8.44%	-17.43%
Unlevered Free Cash Flow	8,768,055	-25,941,087	32,448,800	8,721,166	-14,865,801	-112,399,314	-43,610,284	-43,481,982	27,196,381	18,280,510
Unlevered Free Cash Flow Margin	2.61%	-15.64%	11.20%	3.40%	-6.76%	-58.10%	-27.93%	-31.97%	22.46%	17.61%
(-) Net Interest Income After Taxes	-9,495,250	-7,807,451	-9,881,408	-9,268,408	-9,335,932	-6,607,187	-3,944,320	-4,520,961	-4,869,092	-4,344,870
(-) Net Interest Income After Taxes Margin	-3.76%	-3.44%	-3.41%	-3.62%	-4.25%	-3.42%	-2.53%	-3.32%	-4.02%	-4.19%
Net Debt Issuance	39,388,556	56,796,980	39,786,101	48,033,228	30,346,337	143,916,736	21,902,496	67,002,882	-16,325,214	-10,735,017
Net Debt Issuance Margin	15.42%	26.94%	13.73%	18.74%	13.81%	74.39%	14.03%	49.27%	-13.48%	-10.34%
Levered Free Cash Flow	57,651,860	38,663,344	82,116,310	66,022,802	24,816,469	38,124,609	-17,763,469	28,041,861	15,740,258	11,890,363
Levered Free Cash Flow Margin	21.79%	14.74%	28.33%	25.76%	11.29%	19.71%	-11.38%	20.62%	13.00%	11.45%