Atom Hoteles SOCIMI, S.A. (YATO.MC)

Analysis: Margins & Ratios Industry: REIT - Hotel & Motel Sector: Real Estate Live Price: $15.30

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
Revenue	63,911,919	55,676,829	144,610,724	—	76,318,477	61,373,603	54,043,677	42,752,008	43,896,378	39,213,437	28,997,020
Cost of Revenue	459,056	377,072	0	—	1,036,661	0	340,507	419,583	88,610	135,024	99,946
Cost of Revenue Margin	0.66%	0.63%	0.00%	—	1.36%	0.00%	0.63%	0.98%	0.20%	0.34%	0.34%
Gross Profit	63,452,863	55,299,756	144,610,724	—	75,281,816	61,373,603	53,703,170	42,332,425	43,807,768	39,078,414	28,897,074
Gross Profit Margin	99.34%	99.37%	100.00%	—	98.64%	100.00%	99.37%	99.02%	99.80%	99.66%	99.66%
R&D Expenses	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%
SG&A Expenses	8,731,442	7,941,927	29,303,291	—	11,064,383	8,259,364	6,870,578	6,539,835	6,975,474	5,922,490	7,417,157
SG&A Expenses Margin	13.56%	14.37%	20.26%	—	14.50%	13.46%	12.71%	15.30%	15.89%	15.10%	25.58%
Operating Expenses	-3,374,282	7,807,890	-60,484,664	—	-48,028,025	20,738,252	17,166,927	18,621,044	30,541,251	18,471,091	16,315,311
Operating Expenses Margin	0.87%	23.15%	-41.83%	—	-62.93%	33.79%	31.76%	43.56%	69.58%	47.10%	56.27%
Operating Income (EBIT)	66,940,647	47,643,885	205,095,388	—	123,309,841	40,635,351	36,876,750	24,130,964	13,266,517	14,371,264	13,632,690
Operating Income (EBIT) Margin	98.67%	76.54%	141.83%	—	161.57%	66.21%	68.24%	56.44%	30.22%	36.65%	47.01%
Interest Income	1,428,818	864,303	0	—	-100,325	4,136,026	250,752	14,916	20,145	1,276	23,832
Interest Income Margin	2.36%	1.43%	0.00%	—	-0.13%	6.74%	0.46%	0.03%	0.05%	0.00%	0.08%
Interest Expense	18,705,931	15,825,725	20,009,568	—	22,156,668	21,219,640	12,741,486	11,422,478	11,588,355	10,337,492	8,774,905
Interest Expense Margin	29.06%	28.06%	13.84%	—	29.03%	34.57%	23.58%	26.72%	26.40%	26.36%	30.26%
Net Interest Income	-17,280,025	-14,964,840	-24,805,102	—	-22,256,994	-17,083,614	-12,499,466	-11,412,925	-11,571,200	-10,339,153	-8,766,262
Net Interest Income Margin	-26.71%	-26.64%	-17.15%	—	-29.16%	-27.84%	-23.13%	-26.70%	-26.36%	-26.37%	-30.23%
Unusual Items	35,244,584	29,939,413	64,990,686	—	43,076,027	45,903,589	16,754,137	21,071,137	22,892,174	20,672,432	17,975,469
Unusual Items Margin	54.08%	52.73%	44.94%	—	56.44%	74.79%	31.00%	49.29%	52.15%	52.72%	61.99%
EBT Excluding Unusual Items	13,728,592	2,726,482	95,123,583	—	59,414,780	-34,088,212	15,859,209	-6,603,749	-20,949,621	-16,637,383	-13,567,176
EBT Excluding Unusual Items Margin	17.22%	-2.30%	65.78%	—	77.85%	-55.54%	29.35%	-15.45%	-47.73%	-42.43%	-46.79%
Pre-Tax Income	48,973,177	32,665,894	160,114,270	—	102,490,808	11,815,376	32,613,346	14,467,388	1,942,553	4,035,049	4,408,293
Pre-Tax Income Margin	71.30%	50.43%	110.72%	—	134.29%	19.25%	60.35%	33.84%	4.43%	10.29%	15.20%
Income Tax Expense	604,512	506,586	1,974,828	—	555,176	599,576	658,784	321,548	397,845	270,039	2,854,598
Income Tax Expense Margin	0.97%	0.92%	1.37%	—	0.73%	0.98%	1.22%	0.75%	0.91%	0.69%	9.84%
Net Income	47,812,602	31,680,412	156,844,480	—	101,155,672	10,783,020	31,499,115	13,759,981	1,204,273	3,505,026	1,142,678
Net Income Margin	69.47%	48.67%	108.46%	—	132.54%	17.57%	58.28%	32.19%	2.74%	8.94%	3.94%
Depreciation and Amortization	13,827,720	12,966,095	0	—	15,549,925	12,896,722	13,036,512	11,919,378	11,427,938	9,122,543	6,433,162
Depreciation and Amortization Margin	21.84%	23.88%	0.00%	—	20.38%	21.01%	24.12%	27.88%	26.03%	23.26%	22.19%
EBITDA	81,506,832	61,457,717	0	—	140,197,412	45,931,738	58,391,344	37,809,244	24,958,846	23,495,084	19,616,360
EBITDA Margin	122.19%	102.38%	0.00%	—	183.70%	74.84%	108.04%	88.44%	56.86%	59.92%	67.65%
NOPAT	65,782,344	46,298,227	202,565,769	—	122,641,892	38,573,295	36,131,846	23,594,636	10,549,469	13,409,492	4,804,817
NOPAT Margin	96.80%	73.93%	140.08%	—	160.70%	62.85%	66.86%	55.19%	24.03%	34.20%	16.57%
Owner's Earnings	61,068,323	44,226,970	183,575,141	—	114,989,599	23,679,742	44,535,627	25,347,584	12,582,300	12,559,838	7,307,296
Owner's Earnings Margin	90.55%	71.92%	126.94%	—	150.67%	38.58%	82.41%	59.29%	28.66%	32.03%	25.20%

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
Revenue	63,911,919	55,676,829	76,318,477	61,373,603	54,043,677	42,752,008	43,896,378	39,213,437	28,997,020
Cash & Cash Equivalents	24,433,056	23,991,516	33,822,017	27,153,415	12,323,736	15,765,773	30,892,641	22,819,304	36,931,335
Cash & Cash Equivalents Margin	37.12%	43.72%	44.32%	44.24%	22.80%	36.88%	70.38%	58.19%	127.36%
Short-Term Investments	596,133	369,522	894,200	894,200	0	59,211	0	0	254,759
Short-Term Investments Margin	0.88%	0.55%	1.17%	1.46%	0.00%	0.14%	0.00%	0.00%	0.88%
Cash & Short-Term Investments	25,029,189	24,361,039	34,716,217	28,047,615	12,323,736	15,824,984	30,892,641	22,819,304	37,186,094
Cash & Short-Term Investments Margin	38.00%	44.28%	45.49%	45.70%	22.80%	37.02%	70.38%	58.19%	128.24%
Net Receivables	5,278,862	4,111,097	7,710,114	6,990,644	1,135,828	1,992,843	2,726,056	3,266,311	3,694,998
Net Receivables Margin	7.86%	6.89%	10.10%	11.39%	2.10%	4.66%	6.21%	8.33%	12.74%
Inventory	26,551	15,931	79,654	0	0	0	0	0	0
Inventory Margin	0.03%	0.02%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	10,899,963	12,380,896	4,042,067	6,839,138	21,818,684	14,690,595	14,513,996	27,272,147	17,153,369
Other Current Assets Margin	18.94%	24.85%	5.30%	11.14%	40.37%	34.36%	33.06%	69.55%	59.16%
Total Current Assets	41,504,764	41,148,260	46,552,156	42,280,642	35,681,495	32,801,210	48,425,798	53,957,430	42,641,341
Total Current Assets Margin	65.30%	76.59%	61.00%	68.89%	66.02%	76.72%	110.32%	137.60%	147.05%
Property, Plant & Equipment	255,313,638	153,286,680	29,549,122	736,234,874	156,919	361,026	131,457	122,728	124,207
Property, Plant & Equipment Margin	412.87%	247.95%	38.72%	1,199.60%	0.29%	0.84%	0.30%	0.31%	0.43%
Goodwill	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%
Intangible Assets	3,973,224	2,383,935	11,919,673	0	0	0	0	0	0
Intangible Assets Margin	5.21%	3.12%	15.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	3,965,639	3,431,050	3,700,130	8,196,786	0	5,258,333	0	0	0
Long-Term Investments Margin	6.07%	6.10%	4.85%	13.36%	0.00%	12.30%	0.00%	0.00%	0.00%
Tax Assets	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%
Other Non-Current Assets	480,969,396	582,105,325	673,219,034	2,384,781	767,304,372	736,800,019	730,818,418	715,482,876	521,429,051
Other Non-Current Assets Margin	768.60%	1,138.82%	882.12%	3.89%	1,419.79%	1,723.43%	1,664.87%	1,824.59%	1,798.22%
Other Assets	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%
Total Non-Current Assets	744,221,897	741,206,989	718,387,959	746,816,441	767,461,291	742,419,378	730,949,875	715,605,604	521,553,257
Total Non-Current Assets Margin	1,192.74%	1,395.99%	941.30%	1,216.84%	1,420.08%	1,736.57%	1,665.17%	1,824.90%	1,798.64%
Total Assets	785,726,662	782,355,249	764,940,115	789,097,083	803,142,787	775,220,588	779,375,673	769,563,034	564,194,599
Total Assets Margin	1,258.04%	1,472.58%	1,002.30%	1,285.73%	1,486.10%	1,813.30%	1,775.49%	1,962.50%	1,945.70%
Accounts Payable	108,335	108,281	53,475	163,328	108,202	108,202	108,200	108,201	89,344
Accounts Payable Margin	0.18%	0.21%	0.07%	0.27%	0.20%	0.25%	0.25%	0.28%	0.31%
Short-Term Debt	91,215,432	57,803,823	9,288,198	14,824,567	249,533,530	7,862,835	7,509,982	6,172,821	3,680,428
Short-Term Debt Margin	166.02%	106.71%	12.17%	24.15%	461.73%	18.39%	17.11%	15.74%	12.69%
Tax Payables	5,776,821	3,726,403	14,833,571	1,372,929	1,123,963	748,510	553,041	433,326	2,253,323
Tax Payables Margin	7.92%	5.35%	19.44%	2.24%	2.08%	1.75%	1.26%	1.11%	7.77%
Deferred Revenue	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%
Other Current Liabilities	-83,065,169	-51,155,115	3,138,090	1,257,147	-253,590,745	6,367,721	-12,947,786	11,112,151	2,087,676
Other Current Liabilities Margin	-154.36%	-95.53%	4.11%	2.05%	-469.23%	14.89%	-29.50%	28.34%	7.20%
Total Current Liabilities	16,190,756	13,072,782	30,326,782	18,715,340	-469,852	16,791,641	0	22,425,153	9,322,538
Total Current Liabilities Margin	23.12%	21.73%	39.74%	30.49%	-0.87%	39.28%	0.00%	57.19%	32.15%
Long-Term Debt	288,525,649	323,877,698	338,406,400	375,905,824	151,264,723	375,114,230	378,697,314	358,510,507	255,802,370
Long-Term Debt Margin	445.26%	615.18%	443.41%	612.49%	279.89%	877.42%	862.71%	914.25%	882.17%
Capital Lease Obligations	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%
Deferred Tax Liabilities	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%
Other Non-Current Liabilities	100,160,852	67,477,453	18,928,394	16,270,507	265,283,657	8,449,468	28,455,238	0	3,906,561
Other Non-Current Liabilities Margin	180.73%	125.35%	24.80%	26.51%	490.87%	19.76%	64.82%	0.00%	13.47%
Total Non-Current Liabilities	388,686,501	391,355,151	357,334,793	392,176,331	416,548,380	383,563,697	407,152,553	364,640,650	259,708,930
Total Non-Current Liabilities Margin	625.99%	740.54%	468.22%	639.00%	770.76%	897.18%	927.53%	929.89%	895.64%
Total Liabilities	405,032,073	404,520,822	387,661,575	410,886,263	416,548,380	400,355,338	407,152,553	387,065,803	269,031,468
Total Liabilities Margin	649.40%	762.44%	507.95%	669.48%	770.76%	936.46%	927.53%	987.07%	927.79%
Preferred Stock	105,294,176	63,176,505	0	0	315,882,527	0	0	0	0
Preferred Stock Margin	194.83%	116.90%	0.00%	0.00%	584.49%	0.00%	0.00%	0.00%	0.00%
Common Stock	37,914,096	37,914,096	37,914,096	37,914,096	37,914,096	37,914,096	37,914,096	37,914,096	29,164,689
Common Stock Margin	60.54%	71.33%	49.68%	61.78%	70.15%	88.68%	86.37%	96.69%	100.58%
Retained Earnings	49,120,052	32,464,882	101,155,672	14,705,368	31,499,115	13,759,981	1,204,273	3,505,026	1,142,678
Retained Earnings Margin	71.60%	49.94%	132.54%	23.96%	58.28%	32.19%	2.74%	8.94%	3.94%
Accumulated OCI	1,153,473	692,084	0	9,417,581	-5,957,161	0	0	0	0
Accumulated OCI Margin	1.44%	0.86%	0.00%	15.34%	-11.02%	0.00%	0.00%	0.00%	0.00%
Minority Interest	4,923,159	4,950,691	4,871,629	4,947,173	4,950,676	5,248,075	4,735,903	4,521,338	4,261,354
Minority Interest Margin	7.87%	9.33%	6.38%	8.06%	9.16%	12.28%	10.79%	11.53%	14.70%
Total Shareholders’ Equity	375,771,429	372,883,736	372,406,912	373,263,646	381,643,730	369,617,174	367,487,218	377,975,893	290,901,777
Total Shareholders’ Equity Margin	600.77%	700.81%	487.96%	608.18%	706.18%	864.56%	837.17%	963.89%	1,003.21%
Total Equity	380,694,589	377,834,427	377,278,540	378,210,819	386,594,406	374,865,249	372,223,121	382,497,231	295,163,131
Total Equity Margin	608.64%	710.14%	494.35%	616.24%	715.34%	876.84%	847.96%	975.42%	1,017.91%
Total Liabilities & Equity	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%
Total Investments	4,561,772	3,800,572	4,594,331	9,090,986	0	5,317,545	0	0	254,759
Total Investments Margin	6.94%	6.65%	6.02%	14.81%	0.00%	12.44%	0.00%	0.00%	0.88%
Net Debt	355,308,025	357,690,004	313,872,580	363,576,977	388,474,517	367,211,293	355,314,656	341,864,023	222,551,463
Net Debt Margin	574.16%	678.17%	411.27%	592.40%	718.82%	858.93%	809.44%	871.80%	767.50%

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
Revenue	63,911,919	55,676,829	76,318,477	61,373,603	54,043,677	42,752,008	43,896,378	39,213,437	28,997,020
Working Capital	25,314,008	28,075,478	16,225,374	23,565,303	36,151,348	16,009,569	48,425,798	31,532,277	33,318,804
Working Capital Margin	42.18%	54.86%	21.26%	38.40%	66.89%	37.45%	110.32%	80.41%	114.90%
Total Capital	755,512,510	754,565,257	720,101,509	763,994,038	782,441,983	752,594,240	753,694,514	742,659,220	550,384,575
Total Capital Margin	1,212.06%	1,422.71%	943.55%	1,244.83%	1,447.80%	1,760.37%	1,716.99%	1,893.89%	1,898.07%
Capital Employed	769,535,905	769,282,467	734,613,334	770,381,743	803,612,639	758,428,947	779,375,673	747,137,881	554,872,061
Capital Employed Margin	1,234.92%	1,450.85%	962.56%	1,255.23%	1,486.97%	1,774.02%	1,775.49%	1,905.31%	1,913.55%
Invested Capital	731,079,454	730,573,741	686,279,492	736,840,623	770,118,247	736,828,467	722,801,873	719,839,916	513,453,240
Invested Capital Margin	1,174.94%	1,378.98%	899.23%	1,200.58%	1,424.99%	1,723.49%	1,646.61%	1,835.70%	1,770.71%

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
Revenue	63,911,919	55,676,829	76,318,477	61,373,603	54,043,677	42,752,008	43,896,378	39,213,437	28,997,020
Net Income	48,973,177	32,665,895	102,490,808	11,815,376	32,613,348	14,467,388	1,942,553	4,035,049	4,408,293
Net Income Margin	71.30%	50.43%	134.29%	19.25%	60.35%	33.84%	4.43%	10.29%	15.20%
Depreciation & Amortization	13,827,720	12,966,095	15,549,925	12,896,722	13,036,512	11,919,378	11,427,938	9,122,543	6,433,162
Depreciation & Amortization Margin	21.84%	23.88%	20.38%	21.01%	24.12%	27.88%	26.03%	23.26%	22.19%
Deferred Income Tax	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%
Stock-Based Compensation	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%
Change in Working Capital	-347,522	-1,829,531	3,676,861	-5,270,442	551,016	-6,482,300	-1,622,788	1,154,407	-2,409,423
Change in Working Capital Margin	-0.92%	-4.32%	4.82%	-8.59%	1.02%	-15.16%	-3.70%	2.94%	-8.31%
Accounts Receivable	620,045	-250,312	343,057	206,472	1,310,606	1,319,408	-4,431,105	0	0
Accounts Receivable Margin	1.07%	-0.76%	0.45%	0.34%	2.43%	3.09%	-10.09%	0.00%	0.00%
Inventory	133,047	79,828	399,141	0	0	0	0	0	0
Inventory Margin	0.17%	0.10%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	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%
Other Working Capital	-1,100,614	-1,659,047	2,934,663	-5,476,914	-759,590	-7,801,708	2,808,316	0	0
Other Working Capital Margin	-2.16%	-3.67%	3.85%	-8.92%	-1.41%	-18.25%	6.40%	0.00%	0.00%
Other Non-Cash Items	-29,086,576	-16,681,044	-84,824,301	12,819,553	-15,254,979	-4,870,865	8,725,373	9,175,259	2,850,332
Other Non-Cash Items Margin	-39.49%	-22.00%	-111.15%	20.89%	-28.23%	-11.39%	19.88%	23.40%	9.83%
Net Cash from Operating Activities	33,366,800	27,121,415	36,893,293	32,261,210	30,945,896	15,033,601	20,473,075	23,487,258	11,282,364
Net Cash from Operating Activities Margin	52.72%	47.99%	48.34%	52.57%	57.26%	35.16%	46.64%	59.90%	38.91%
Capital Expenditures (PPE)	-572,000	-419,537	-1,715,999	0	0	-331,775	-49,910	-67,731	-268,544
Capital Expenditures (PPE) Margin	-0.75%	-0.63%	-2.25%	0.00%	0.00%	-0.78%	-0.11%	-0.17%	-0.93%
Acquisitions (Net)	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%
Purchases of Investments	-10,120,027	-6,072,016	-30,360,082	0	0	0	0	0	0
Purchases of Investments Margin	-13.26%	-7.96%	-39.78%	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
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	38,057,672	13,864,670	134,792,589	8,230,317	-28,849,889	-11,853,068	-32,996,601	-207,614,301	-525,484,995
Other Investing Activities Margin	45.55%	6.75%	176.62%	13.41%	-53.38%	-27.73%	-75.17%	-529.45%	-1,812.20%
Net Cash from Investing Activities	27,365,645	7,373,116	102,716,508	8,230,317	-28,849,889	-12,184,842	-33,046,511	-207,682,032	-525,753,539
Net Cash from Investing Activities Margin	31.54%	-1.83%	134.59%	13.41%	-53.38%	-28.50%	-75.28%	-529.62%	-1,813.13%
Net Debt Issuance	-13,308,097	-5,410,719	-45,444,820	-9,670,683	15,191,212	-5,699,932	18,570,626	103,339,504	257,744,575
Net Debt Issuance Margin	-15.73%	-3.64%	-59.55%	-15.76%	28.11%	-13.33%	42.31%	263.53%	888.87%
Long-Term Debt Issuance	-13,308,097	-5,410,719	-45,444,820	-9,670,683	15,191,212	-5,699,932	18,570,626	103,339,504	257,744,575
Long-Term Debt Issuance Margin	-15.73%	-3.64%	-59.55%	-15.76%	28.11%	-13.33%	42.31%	263.53%	888.87%
Short-Term Debt Issuance	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%
Net Stock Issuance	3,582	-31,820	-24,215	0	34,961	-74,721	-95,124	92,463,020	288,128,516
Net Stock Issuance Margin	0.01%	-0.07%	-0.03%	0.00%	0.06%	-0.17%	-0.22%	235.79%	993.65%
Common Stock Issuance	11,654	6,992	0	0	34,961	0	0	92,463,020	288,128,516
Common Stock Issuance Margin	0.02%	0.01%	0.00%	0.00%	0.06%	0.00%	0.00%	235.79%	993.65%
Common Stock Repurchased	-8,072	-38,812	-24,215	0	0	-74,721	-95,124	0	0
Common Stock Repurchased Margin	-0.01%	-0.08%	-0.03%	0.00%	0.00%	-0.17%	-0.22%	0.00%	0.00%
Preferred Stock Issuance	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%
Net Dividends Paid	-42,480,033	-30,184,900	-88,976,951	-19,231,574	-19,231,574	-11,742,200	-11,742,200	-8,730,384	0
Net Dividends Paid Margin	-61.17%	-47.54%	-116.59%	-31.34%	-35.59%	-27.47%	-26.75%	-22.26%	0.00%
Common Dividends Paid	-42,480,033	-30,184,900	-88,976,951	-19,231,574	-19,231,574	-11,742,200	-11,742,200	-8,730,384	0
Common Dividends Paid Margin	-61.17%	-47.54%	-116.59%	-31.34%	-35.59%	-27.47%	-26.75%	-22.26%	0.00%
Preferred Dividends Paid	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%
Other Financing Activities	-223,165	-781,231	0	0	-669,494	313,210	-3,549,869	7,495,691	5,529,418
Other Financing Activities Margin	-0.41%	-1.72%	0.00%	0.00%	-1.24%	0.73%	-8.09%	19.12%	19.07%
Net Cash from Financing Activities	-56,007,713	-36,408,669	-134,445,986	-28,902,257	-4,674,895	-17,203,643	3,183,434	194,567,831	551,402,510
Net Cash from Financing Activities Margin	-77.30%	-52.98%	-176.16%	-47.09%	-8.65%	-40.24%	7.25%	496.18%	1,901.58%
Effect of FX on Cash	0	0	0	0	0	0	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	8,586,870	403,145	16,750,230	11,589,270	-2,578,888	-14,354,884	-9,390,002	10,373,057	36,931,335
Net Change in Cash Margin	12.02%	-3.78%	21.95%	18.88%	-4.77%	-33.58%	-21.39%	26.45%	127.36%
Cash at Beginning of Period	21,841,198	30,148,475	20,983,472	20,980,618	23,559,505	37,914,390	47,304,392	36,931,335	0
Cash at Beginning of Period Margin	35.09%	60.34%	27.49%	34.19%	43.59%	88.68%	107.76%	94.18%	0.00%
Cash at End of Period	30,428,069	30,551,620	37,733,702	32,569,887	20,980,618	23,559,505	37,914,390	47,304,392	36,931,335
Cash at End of Period Margin	47.11%	56.56%	49.44%	53.07%	38.82%	55.11%	86.37%	120.63%	127.36%
Operating Cash Flow	33,366,800	27,121,415	36,893,293	32,261,210	30,945,896	15,033,601	20,473,075	23,487,258	11,282,364
Operating Cash Flow Margin	52.72%	47.99%	48.34%	52.57%	57.26%	35.16%	46.64%	59.90%	38.91%
Capital Expenditure	-572,000	-419,537	-1,715,999	0	0	-331,775	-49,910	-67,731	-268,544
Capital Expenditure Margin	-0.75%	-0.63%	-2.25%	0.00%	0.00%	-0.78%	-0.11%	-0.17%	-0.93%
Free Cash Flow	32,794,800	26,701,878	35,177,293	32,261,210	30,945,896	14,701,826	20,423,165	23,419,527	11,013,820
Free Cash Flow Margin	51.97%	47.37%	46.09%	52.57%	57.26%	34.39%	46.53%	59.72%	37.98%

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
Revenue	63,911,919	55,676,829	76,318,477	61,373,603	54,043,677	42,752,008	43,896,378	39,213,437	28,997,020
EBITDA	81,506,832	61,457,717	140,197,412	45,931,738	58,391,344	37,809,244	24,958,846	23,495,084	19,616,360
EBITDA Margin	122.19%	102.38%	183.70%	74.84%	108.04%	88.44%	56.86%	59.92%	67.65%
(-) Tax Adjustment	1,423,248	2,044,356	759,426	2,330,823	1,179,496	840,338	5,111,695	1,572,369	12,702,609
(-) Tax Adjustment Margin	2.33%	4.12%	1.00%	3.80%	2.18%	1.97%	11.64%	4.01%	43.81%
(-) Change In Working Capital	-347,522	-1,829,531	3,676,861	-5,270,442	551,016	-6,482,300	-1,622,788	1,154,407	-2,409,423
(-) Change In Working Capital Margin	-0.92%	-4.32%	4.82%	-8.59%	1.02%	-15.16%	-3.70%	2.94%	-8.31%
(-) Capital Expenditure	-572,000	-419,537	-1,715,999	0	0	-331,775	-49,910	-67,731	-268,544
(-) Capital Expenditure Margin	-0.75%	-0.63%	-2.25%	0.00%	0.00%	-0.78%	-0.11%	-0.17%	-0.93%
Unlevered Free Cash Flow	79,859,105	60,823,355	134,045,125	48,871,358	56,660,833	43,119,431	21,420,029	20,700,576	9,054,630
Unlevered Free Cash Flow Margin	120.04%	101.95%	175.64%	79.63%	104.84%	100.86%	48.80%	52.79%	31.23%
(-) Net Interest Income After Taxes	-16,863,851	-14,188,911	-22,136,431	-16,216,700	-12,238,423	-11,154,020	-9,198,983	-9,644,482	-3,084,300
(-) Net Interest Income After Taxes Margin	-26.02%	-25.02%	-29.01%	-26.42%	-22.65%	-26.09%	-20.96%	-24.59%	-10.64%
Net Debt Issuance	-13,308,097	-5,410,719	-45,444,820	-9,670,683	15,191,212	-5,699,932	18,570,626	103,339,504	257,744,575
Net Debt Issuance Margin	-15.73%	-3.64%	-59.55%	-15.76%	28.11%	-13.33%	42.31%	263.53%	888.87%
Levered Free Cash Flow	83,414,859	69,601,547	110,736,737	55,417,374	84,090,467	48,573,520	49,189,638	133,684,562	269,883,505
Levered Free Cash Flow Margin	130.33%	123.33%	145.10%	90.30%	155.60%	113.62%	112.06%	340.92%	930.73%