Chaoju Eye Care Holdings Limited (2219.HK)

Analysis: Margins & Ratios Industry: Medical - Care Facilities Sector: Healthcare Live Price: $2.69

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	178,122,292	157,743,046	394,640,481	309,456,792	199,476,086	194,373,845	140,516,945	141,615,909	112,732,444	101,433,255	89,793,292
Cost of Revenue	99,250,230	87,763,352	223,305,282	170,515,411	112,713,993	106,216,296	78,820,400	77,935,608	63,130,464	61,966,638	55,026,261
Cost of Revenue Margin	55.75%	55.66%	56.58%	55.10%	56.51%	54.65%	56.09%	55.03%	56.00%	61.09%	61.28%
Gross Profit	78,872,062	69,979,694	171,335,199	138,941,380	86,762,093	88,157,549	61,696,545	63,680,301	49,601,980	39,466,617	34,767,031
Gross Profit Margin	44.25%	44.34%	43.42%	44.90%	43.49%	45.35%	43.91%	44.97%	44.00%	38.91%	38.72%
R&D Expenses	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%
SG&A Expenses	43,185,987	34,450,641	97,065,927	70,492,089	51,387,034	46,474,695	31,696,233	31,852,924	10,842,317	9,613,061	10,384,025
SG&A Expenses Margin	24.08%	20.87%	24.60%	22.78%	25.76%	23.91%	22.56%	22.49%	9.62%	9.48%	11.56%
Operating Expenses	43,275,971	36,951,163	104,158,169	65,046,093	51,692,751	47,059,872	31,075,290	31,529,182	23,398,722	21,409,573	23,389,354
Operating Expenses Margin	24.08%	23.05%	26.39%	21.02%	25.91%	24.21%	22.11%	22.26%	20.76%	21.11%	26.05%
Operating Income (EBIT)	36,067,299	33,600,111	74,269,272	68,449,291	35,069,342	43,043,821	30,088,734	34,087,612	25,711,045	18,427,623	11,376,683
Operating Income (EBIT) Margin	20.38%	21.60%	18.82%	22.12%	17.58%	22.14%	21.41%	24.07%	22.81%	18.17%	12.67%
Interest Income	4,913,806	3,315,059	9,840,717	4,297,782	5,618,157	5,862,561	3,260,700	1,181,709	652,168	951,783	964,840
Interest Income Margin	2.72%	1.91%	2.49%	1.39%	2.82%	3.02%	2.32%	0.83%	0.58%	0.94%	1.07%
Interest Expense	1,645,063	1,648,176	1,663,703	0	1,512,122	1,734,527	1,688,541	1,496,510	1,809,182	3,245,655	3,451,596
Interest Expense Margin	0.95%	1.10%	0.42%	0.00%	0.76%	0.89%	1.20%	1.06%	1.60%	3.20%	3.84%
Net Interest Income	3,268,743	1,666,883	3,239,694	0	4,106,035	4,128,034	1,572,159	-314,801	-1,157,013	-2,293,873	-2,486,756
Net Interest Income Margin	1.77%	0.81%	0.82%	0.00%	2.06%	2.12%	1.12%	-0.22%	-1.03%	-2.26%	-2.77%
Unusual Items	-5,101,627	-1,258,692	-9,200,045	-10,826,562	-6,324,969	-3,555,630	-5,424,281	4,514,509	4,496,910	7,654,853	7,135,673
Unusual Items Margin	-2.95%	-0.34%	-2.33%	-3.50%	-3.17%	-1.83%	-3.86%	3.19%	3.99%	7.55%	7.95%
EBT Excluding Unusual Items	43,001,809	34,450,612	84,492,348	85,804,633	43,613,244	46,027,047	39,365,137	25,373,394	17,874,238	5,411,791	-407,907
EBT Excluding Unusual Items Margin	24.52%	21.47%	21.41%	27.73%	21.86%	23.68%	28.01%	17.92%	15.86%	5.34%	-0.45%
Pre-Tax Income	37,900,183	33,191,920	75,292,304	74,978,071	37,288,275	42,471,417	33,940,856	29,887,903	22,371,149	13,066,644	6,727,766
Pre-Tax Income Margin	21.57%	21.13%	19.08%	24.23%	18.69%	21.85%	24.15%	21.10%	19.84%	12.88%	7.49%
Income Tax Expense	9,980,612	8,543,987	22,668,634	16,917,630	10,859,490	11,142,499	7,939,848	7,513,916	5,264,184	3,014,593	2,582,558
Income Tax Expense Margin	5.61%	5.36%	5.74%	5.47%	5.44%	5.73%	5.65%	5.31%	4.67%	2.97%	2.88%
Net Income	28,941,514	25,480,125	54,929,749	59,493,366	27,687,137	32,489,764	26,647,641	22,957,036	17,619,048	10,737,146	5,493,968
Net Income Margin	16.52%	16.28%	13.92%	19.23%	13.88%	16.72%	18.96%	16.21%	15.63%	10.59%	6.12%
Depreciation and Amortization	12,655,945	11,214,116	24,228,019	16,191,516	12,529,864	17,508,627	7,929,345	11,854,277	6,248,468	10,820,743	10,193,555
Depreciation and Amortization Margin	6.98%	6.97%	6.14%	5.23%	6.28%	9.01%	5.64%	8.37%	5.54%	10.67%	11.35%
EBITDA	49,110,619	44,506,012	98,497,291	84,640,807	47,599,206	61,714,570	38,018,079	43,238,691	31,959,514	27,133,042	20,372,916
EBITDA Margin	27.56%	28.31%	24.96%	27.35%	23.86%	31.75%	27.06%	30.53%	28.35%	26.75%	22.69%
NOPAT	26,552,415	24,967,213	51,908,648	53,004,778	24,856,073	31,751,150	23,050,020	25,517,875	19,660,946	14,176,204	7,009,565
NOPAT Margin	15.07%	16.13%	13.15%	17.13%	12.46%	16.34%	16.40%	18.02%	17.44%	13.98%	7.81%
Owner's Earnings	33,235,180	29,418,200	73,796,645	58,271,632	38,998,248	37,714,349	22,992,944	26,265,424	21,120,036	16,074,282	1,863,825
Owner's Earnings Margin	18.44%	18.52%	18.70%	18.83%	19.55%	19.40%	16.36%	18.55%	18.73%	15.85%	2.08%

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	178,122,292	157,743,046	199,476,086	194,373,845	140,516,945	141,615,909	112,732,444	101,433,255	89,793,292
Cash & Cash Equivalents	103,559,177	109,550,970	110,816,815	65,775,613	134,085,103	178,425,312	58,652,005	34,036,943	22,316,222
Cash & Cash Equivalents Margin	61.61%	72.57%	55.55%	33.84%	95.42%	125.99%	52.03%	33.56%	24.85%
Short-Term Investments	81,851,835	63,873,042	40,778,902	154,587,885	50,188,719	73,809,703	0	496,755	496,755
Short-Term Investments Margin	45.23%	37.56%	20.44%	79.53%	35.72%	52.12%	0.00%	0.49%	0.55%
Cash & Short-Term Investments	225,858,839	197,692,707	218,609,386	220,363,499	238,603,632	252,235,015	58,652,005	34,533,698	22,812,977
Cash & Short-Term Investments Margin	130.92%	124.58%	109.59%	113.37%	169.80%	178.11%	52.03%	34.05%	25.41%
Net Receivables	13,338,298	12,318,729	10,563,282	17,873,529	11,578,082	10,882,767	10,695,987	10,254,868	35,163,583
Net Receivables Margin	7.58%	7.98%	5.30%	9.20%	8.24%	7.68%	9.49%	10.11%	39.16%
Inventory	6,805,070	6,152,353	5,721,624	7,254,326	7,439,261	4,953,357	5,393,198	5,117,712	6,607,267
Inventory Margin	3.96%	4.04%	2.87%	3.73%	5.29%	3.50%	4.78%	5.05%	7.36%
Other Current Assets	1,143,483	686,090	7,519,877	0	-4,089,429	0	0	6,669,716	1,365,367
Other Current Assets Margin	0.29%	0.17%	3.77%	0.00%	-2.91%	0.00%	0.00%	6.58%	1.52%
Total Current Assets	248,508,833	218,819,499	242,414,169	245,491,353	257,620,975	271,715,192	76,855,805	58,529,377	67,949,413
Total Current Assets Margin	143.72%	138.24%	121.53%	126.30%	183.34%	191.87%	68.18%	57.70%	75.67%
Property, Plant & Equipment	86,025,571	78,932,865	89,868,657	84,036,043	84,172,012	71,576,434	65,011,178	70,703,991	70,682,843
Property, Plant & Equipment Margin	49.40%	51.28%	45.05%	43.23%	59.90%	50.54%	57.67%	69.70%	78.72%
Goodwill	23,976,661	15,988,556	26,342,066	29,235,593	16,352,323	4,006,400	4,006,400	4,006,400	4,006,400
Goodwill Margin	13.29%	9.25%	13.21%	15.04%	11.64%	2.83%	3.55%	3.95%	4.46%
Intangible Assets	20,049,931	15,160,764	23,508,576	23,697,059	12,944,158	7,638,389	8,015,639	8,392,605	8,816,550
Intangible Assets Margin	11.06%	9.14%	11.79%	12.19%	9.21%	5.39%	7.11%	8.27%	9.82%
Long-Term Investments	19,618,747	11,086,209	20,675,795	26,541,904	11,638,544	-3,425,197	0	82,883,856	-284,428
Long-Term Investments Margin	10.77%	5.98%	10.37%	13.66%	8.28%	-2.42%	0.00%	81.71%	-0.32%
Tax Assets	284,475	468,483	0	0	853,425	813,117	675,871	682,967	679,561
Tax Assets Margin	0.20%	0.36%	0.00%	0.00%	0.61%	0.57%	0.60%	0.67%	0.76%
Other Non-Current Assets	4,942,097	3,650,298	6,079,146	5,831,904	2,915,242	3,425,197	0	-82,883,856	496,755
Other Non-Current Assets Margin	2.71%	2.11%	3.05%	3.00%	2.07%	2.42%	0.00%	-81.71%	0.55%
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	154,897,482	125,287,175	166,474,239	169,342,502	128,875,704	84,034,340	77,709,088	83,785,963	84,397,681
Total Non-Current Assets Margin	87.43%	78.11%	83.46%	87.12%	91.72%	59.34%	68.93%	82.60%	93.99%
Total Assets	403,406,314	344,106,673	408,888,408	414,833,856	386,496,680	355,749,532	154,564,892	142,315,340	152,347,094
Total Assets Margin	231.15%	216.35%	204.98%	213.42%	275.05%	251.21%	137.11%	140.30%	169.66%
Accounts Payable	7,238,288	6,502,949	7,609,435	7,856,677	6,248,752	5,223,308	5,576,572	7,172,858	8,892,624
Accounts Payable Margin	4.10%	4.19%	3.81%	4.04%	4.45%	3.69%	4.95%	7.07%	9.90%
Short-Term Debt	1,241,367	1,071,941	1,003,871	1,015,225	1,705,005	784,021	851,580	6,498,407	17,932,004
Short-Term Debt Margin	0.75%	0.71%	0.50%	0.52%	1.21%	0.55%	0.76%	6.41%	19.97%
Tax Payables	1,098,396	1,677,811	0	2,407,842	887,346	2,614,776	2,479,091	1,250,403	4,360,941
Tax Payables Margin	0.62%	1.18%	0.00%	1.24%	0.63%	1.85%	2.20%	1.23%	4.86%
Deferred Revenue	0	0	0	0	0	0	0	0	4,360,941
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.86%
Other Current Liabilities	11,560,057	6,936,034	34,680,170	0	0	0	0	0	238,442
Other Current Liabilities Margin	5.80%	3.48%	17.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%
Total Current Liabilities	43,856,701	38,249,908	48,154,720	48,644,946	34,770,437	31,484,190	28,195,246	38,377,446	57,973,296
Total Current Liabilities Margin	24.64%	24.23%	24.14%	25.03%	24.74%	22.23%	25.01%	37.84%	64.56%
Long-Term Debt	1,587,534	992,119	4,762,603	0	0	101,764	96,229	3,444,925	6,381,457
Long-Term Debt Margin	0.80%	0.51%	2.39%	0.00%	0.00%	0.07%	0.09%	3.40%	7.11%
Capital Lease Obligations	26,264,809	24,504,300	25,175,118	27,483,893	26,135,416	24,469,584	19,257,488	24,874,936	27,106,217
Capital Lease Obligations Margin	15.12%	15.94%	12.62%	14.14%	18.60%	17.28%	17.08%	24.52%	30.19%
Deferred Tax Liabilities	3,318,560	3,213,749	0	5,929,410	4,026,270	3,245,513	2,867,554	2,028,180	2,181,606
Deferred Tax Liabilities Margin	1.97%	2.15%	0.00%	3.05%	2.87%	2.29%	2.54%	2.00%	2.43%
Other Non-Current Liabilities	2,620,122	1,623,055	5,506,600	1,141,543	1,212,224	141,362	113,544	99,777	0
Other Non-Current Liabilities Margin	1.40%	0.88%	2.76%	0.59%	0.86%	0.10%	0.10%	0.10%	0.00%
Total Non-Current Liabilities	28,235,365	24,977,296	30,583,076	28,619,049	25,503,969	22,180,678	17,999,705	25,267,940	30,599,540
Total Non-Current Liabilities Margin	16.07%	15.97%	15.33%	14.72%	18.15%	15.66%	15.97%	24.91%	34.08%
Total Liabilities	72,092,066	63,227,203	78,737,796	77,263,995	60,274,407	53,664,868	46,194,951	63,645,386	88,572,836
Total Liabilities Margin	40.71%	40.20%	39.47%	39.75%	42.89%	37.89%	40.98%	62.75%	98.64%
Preferred Stock	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	21,573	19,899	21,573	21,573	21,573	21,573	13,199	0	0
Common Stock Margin	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.00%	0.00%
Retained Earnings	54,505,851	42,926,076	53,085,226	63,672,637	46,759,690	29,015,885	22,096,940	9,303,512	-1,433,635
Retained Earnings Margin	30.88%	26.55%	26.61%	32.76%	33.28%	20.49%	19.60%	9.17%	-1.60%
Accumulated OCI	299,470,360	250,167,294	337,793,542	282,182,813	278,434,726	269,897,920	82,527,469	64,730,867	59,736,492
Accumulated OCI Margin	170.89%	155.29%	169.34%	145.18%	198.15%	190.58%	73.21%	63.82%	66.53%
Minority Interest	2,558,856	2,911,637	1,413,765	2,607,396	3,655,407	3,149,285	3,732,333	4,635,576	5,471,402
Minority Interest Margin	1.55%	2.04%	0.71%	1.34%	2.60%	2.22%	3.31%	4.57%	6.09%
Total Shareholders’ Equity	328,755,392	277,967,833	328,736,847	334,962,464	322,566,866	298,935,379	104,637,609	74,034,378	58,302,857
Total Shareholders’ Equity Margin	188.90%	174.12%	164.80%	172.33%	229.56%	211.09%	92.82%	72.99%	64.93%
Total Equity	331,314,248	280,879,470	330,150,611	337,569,860	326,222,273	302,084,664	108,369,942	78,669,954	63,774,258
Total Equity Margin	190.45%	176.16%	165.51%	173.67%	232.16%	213.31%	96.13%	77.56%	71.02%
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	101,470,583	74,959,251	61,454,696	181,129,789	61,827,263	70,384,506	0	83,380,611	212,327
Total Investments Margin	56.00%	43.54%	30.81%	93.19%	44.00%	49.70%	0.00%	82.20%	0.24%
Net Debt	-74,465,467	-82,982,611	-79,875,223	-37,276,495	-106,244,682	-153,069,944	-38,446,708	781,325	29,103,456
Net Debt Margin	-44.94%	-55.40%	-40.04%	-19.18%	-75.61%	-108.09%	-34.10%	0.77%	32.41%

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	178,122,292	157,743,046	199,476,086	194,373,845	140,516,945	141,615,909	112,732,444	101,433,255	89,793,292
Working Capital	204,652,131	180,569,591	194,259,449	196,846,407	222,850,538	240,231,002	48,660,559	20,151,931	9,976,118
Working Capital Margin	119.08%	114.01%	97.38%	101.27%	158.59%	169.64%	43.16%	19.87%	11.11%
Total Capital	357,849,103	304,536,192	359,678,438	363,461,582	350,407,287	324,290,748	124,842,905	108,852,646	109,722,535
Total Capital Margin	205.56%	191.28%	180.31%	186.99%	249.37%	228.99%	110.74%	107.31%	122.19%
Capital Employed	359,549,613	305,856,766	360,733,688	366,188,909	351,726,242	324,265,342	126,369,646	103,937,894	94,373,799
Capital Employed Margin	206.51%	192.12%	180.84%	188.39%	250.31%	228.98%	112.10%	102.47%	105.10%
Invested Capital	254,289,925	194,985,222	248,861,623	297,685,969	216,322,184	145,865,435	66,190,901	74,815,703	87,406,313
Invested Capital Margin	143.95%	118.71%	124.76%	153.15%	153.95%	103.00%	58.72%	73.76%	97.34%

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	178,122,292	157,743,046	199,476,086	194,373,845	140,516,945	141,615,909	112,732,444	101,433,255	89,793,292
Net Income	34,699,803	31,271,692	27,687,137	42,471,417	33,940,856	29,887,903	22,371,149	13,066,644	6,727,766
Net Income Margin	19.96%	20.17%	13.88%	21.85%	24.15%	21.10%	19.84%	12.88%	7.49%
Depreciation & Amortization	17,357,471	14,978,185	20,460,771	17,508,627	14,103,016	11,854,277	10,964,234	10,820,743	10,193,555
Depreciation & Amortization Margin	9.77%	9.48%	10.26%	9.01%	10.04%	8.37%	9.73%	10.67%	11.35%
Deferred Income Tax	0	-1,613,318	0	0	0	-5,767,326	-2,299,266	-2,819,723	-2,788,925
Deferred Income Tax Margin	0.00%	-1.22%	0.00%	0.00%	0.00%	-4.07%	-2.04%	-2.78%	-3.11%
Stock-Based Compensation	1,605,701	1,553,708	2,344,542	2,049,895	422,668	1,612,325	1,339,110	404,075	391,159
Stock-Based Compensation Margin	0.84%	0.97%	1.18%	1.05%	0.30%	1.14%	1.19%	0.40%	0.44%
Change in Working Capital	2,994,912	1,670,204	3,357,070	2,795,737	2,831,929	-2,505,490	1,871,773	-1,587,345	-4,175,155
Change in Working Capital Margin	1.71%	1.01%	1.68%	1.44%	2.02%	-1.77%	1.66%	-1.56%	-4.65%
Accounts Receivable	-856,595	-255,673	-2,957,537	-1,524,896	1,912,649	183,799	1,107,622	-1,786,047	-5,774,848
Accounts Receivable Margin	-0.30%	0.04%	-1.48%	-0.78%	1.36%	0.13%	0.98%	-1.76%	-6.43%
Inventory	156,643	126,374	1,472,524	981,020	-1,983,614	439,841	-277,899	1,489,697	-444,241
Inventory Margin	-0.06%	-0.02%	0.74%	0.50%	-1.41%	0.31%	-0.25%	1.47%	-0.49%
Accounts Payable	-637,550	-640,814	0	0	-1,912,649	-183,799	-1,107,622	1,786,047	0
Accounts Payable Margin	-0.45%	-0.49%	0.00%	0.00%	-1.36%	-0.13%	-0.98%	1.76%	0.00%
Other Working Capital	4,332,413	2,440,316	4,842,084	3,339,613	4,815,543	-2,945,331	2,149,672	-3,077,042	-3,730,914
Other Working Capital Margin	2.52%	1.48%	2.43%	1.72%	3.43%	-2.08%	1.91%	-3.03%	-4.16%
Other Non-Cash Items	-9,332,087	-5,324,816	-3,555,914	-11,946,958	-12,493,388	314,801	1,057,379	2,240,649	2,486,756
Other Non-Cash Items Margin	-5.61%	-3.13%	-1.78%	-6.15%	-8.89%	0.22%	0.94%	2.21%	2.77%
Net Cash from Operating Activities	47,325,802	42,535,655	50,293,605	52,878,718	38,805,081	35,396,490	35,304,378	22,125,042	12,835,156
Net Cash from Operating Activities Margin	26.68%	27.27%	25.21%	27.20%	27.62%	24.99%	31.32%	21.81%	14.29%
Capital Expenditures (PPE)	-9,704,558	-9,024,562	0	-11,355,961	-17,757,714	-8,545,889	-7,463,247	-5,483,607	-13,823,698
Capital Expenditures (PPE) Margin	-6.16%	-6.23%	0.00%	-5.84%	-12.64%	-6.03%	-6.62%	-5.41%	-15.40%
Acquisitions (Net)	-11,407,529	-6,959,992	0	-22,732,218	-11,490,369	0	-577,371	329,845	-10,184,755
Acquisitions (Net) Margin	-6.62%	-4.08%	0.00%	-11.70%	-8.18%	0.00%	-0.51%	0.33%	-11.34%
Purchases of Investments	-194,526,041	-131,476,345	0	-266,182,619	-317,395,504	-73,803,600	0	0	0
Purchases of Investments Margin	-120.94%	-82.99%	0.00%	-136.94%	-225.88%	-52.12%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	162,935,924	97,761,554	0	208,149,287	280,658,485	0	0	0	0
Sales / Maturities of Investments Margin	102.27%	61.36%	0.00%	107.09%	199.73%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	11,376,636	7,475,964	34,823,519	-714,192	20,580	241,281	3,008,632	18,600,920	3,172,845
Other Investing Activities Margin	5.70%	3.99%	17.46%	-0.37%	0.01%	0.17%	2.67%	18.34%	3.53%
Net Cash from Investing Activities	-41,325,569	-42,223,380	34,823,519	-92,835,703	-65,964,522	-82,108,208	-5,031,986	13,447,158	-20,835,608
Net Cash from Investing Activities Margin	-25.75%	-27.94%	17.46%	-47.76%	-46.94%	-57.98%	-4.46%	13.26%	-23.20%
Net Debt Issuance	-2,852,225	-3,597,358	4,886,650	-1,619,421	-11,823,904	-128,021	-9,302,092	-15,728,541	7,150,859
Net Debt Issuance Margin	-2.27%	-3.03%	2.45%	-0.83%	-8.41%	-0.09%	-8.25%	-15.51%	7.96%
Long-Term Debt Issuance	147,134	-115,616	4,939,164	0	-4,497,762	-4,131,866	3,112,383	12,915,630	22,540,897
Long-Term Debt Issuance Margin	-0.24%	-0.18%	2.48%	0.00%	-3.20%	-2.92%	2.76%	12.73%	25.10%
Short-Term Debt Issuance	-2,056,566	-3,742,439	-52,514	-1,619,421	-4,497,762	-128,021	-12,414,475	-28,644,171	-15,390,038
Short-Term Debt Issuance Margin	-1.35%	-3.03%	-0.03%	-0.83%	-3.20%	-0.09%	-11.01%	-28.24%	-17.14%
Net Stock Issuance	-3,267,986	40,860,512	-412,165	-6,742,669	-2,649,123	197,635,396	16,471,118	3,822,601	17,209,013
Net Stock Issuance Margin	-1.85%	29.72%	-0.21%	-3.47%	-1.89%	139.56%	14.61%	3.77%	19.17%
Common Stock Issuance	-3,130,597	40,942,945	0	-6,742,669	-2,649,123	197,635,396	16,471,118	3,822,601	17,209,013
Common Stock Issuance Margin	-1.78%	29.76%	0.00%	-3.47%	-1.89%	139.56%	14.61%	3.77%	19.17%
Common Stock Repurchased	-1,020,429	-612,258	-412,165	0	-2,649,123	0	0	0	0
Common Stock Repurchased Margin	-0.70%	-0.42%	-0.21%	0.00%	-1.89%	0.00%	0.00%	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	-20,918,400	-16,723,782	-38,274,547	-15,576,818	-8,903,837	-16,038,090	-4,825,620	0	0
Net Dividends Paid Margin	-11.18%	-9.83%	-19.19%	-8.01%	-6.34%	-11.33%	-4.28%	0.00%	0.00%
Common Dividends Paid	-18,635,884	-15,354,272	-31,426,996	-15,576,818	-8,903,837	-16,038,090	-4,825,620	0	0
Common Dividends Paid Margin	-10.04%	-9.14%	-15.75%	-8.01%	-6.34%	-11.33%	-4.28%	0.00%	0.00%
Preferred Dividends Paid	-2,282,517	-1,369,510	-6,847,551	0	0	0	0	0	0
Preferred Dividends Paid Margin	-1.14%	-0.69%	-3.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-4,268,261	-6,754,676	-7,685,651	-5,016,942	-102,190	-13,002,917	-7,965,679	-11,642,518	-5,748,875
Other Financing Activities Margin	-2.17%	-4.55%	-3.85%	-2.58%	-0.07%	-9.18%	-7.07%	-11.48%	-6.40%
Net Cash from Financing Activities	-31,306,872	13,784,696	-41,485,713	-28,955,849	-23,479,054	168,466,368	-5,622,273	-23,548,458	18,610,997
Net Cash from Financing Activities Margin	-17.47%	12.31%	-20.80%	-14.90%	-16.71%	118.96%	-4.99%	-23.22%	20.73%
Effect of FX on Cash	2,770,474	1,259,004	1,409,791	603,344	6,298,286	-1,981,343	-35,057	-303,021	-40,024
Effect of FX on Cash Margin	1.83%	0.81%	0.71%	0.31%	4.48%	-1.40%	-0.03%	-0.30%	-0.04%
Net Change in Cash	-22,536,166	15,355,974	45,041,202	-68,309,490	-44,340,209	119,773,308	24,615,062	11,720,721	10,570,521
Net Change in Cash Margin	-14.71%	12.46%	22.58%	-35.14%	-31.56%	84.58%	21.83%	11.56%	11.77%
Cash at Beginning of Period	126,095,343	94,194,995	65,775,613	134,085,103	178,425,312	58,652,005	34,036,943	22,316,222	11,745,701
Cash at Beginning of Period Margin	76.31%	60.11%	32.97%	68.98%	126.98%	41.42%	30.19%	22.00%	13.08%
Cash at End of Period	44,084,073	73,865,907	110,816,815	65,775,613	-44,340,209	178,425,312	58,652,005	34,036,943	22,316,222
Cash at End of Period Margin	19.28%	47.17%	55.55%	33.84%	-31.56%	125.99%	52.03%	33.56%	24.85%
Operating Cash Flow	47,325,802	42,535,655	50,293,605	52,878,718	38,805,081	35,396,490	35,304,378	22,125,042	12,835,156
Operating Cash Flow Margin	26.68%	27.27%	25.21%	27.20%	27.62%	24.99%	31.32%	21.81%	14.29%
Capital Expenditure	-13,063,805	-11,040,110	-9,149,659	-12,284,042	-17,757,714	-8,545,889	-7,463,247	-5,483,607	-13,823,698
Capital Expenditure Margin	-7.85%	-7.24%	-4.59%	-6.32%	-12.64%	-6.03%	-6.62%	-5.41%	-15.40%
Free Cash Flow	37,311,883	33,325,476	50,293,605	40,594,677	21,047,367	26,850,601	27,841,131	16,641,434	-988,542
Free Cash Flow Margin	20.36%	20.95%	25.21%	20.88%	14.98%	18.96%	24.70%	16.41%	-1.10%

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	178,122,292	157,743,046	199,476,086	194,373,845	140,516,945	141,615,909	112,732,444	101,433,255	89,793,292
EBITDA	49,110,619	44,506,012	47,599,206	61,714,570	38,018,079	43,238,691	31,959,514	27,133,042	20,372,916
EBITDA Margin	27.56%	28.31%	23.86%	31.75%	27.06%	30.53%	28.35%	26.75%	22.69%
(-) Tax Adjustment	12,982,328	11,467,553	13,862,350	16,190,995	8,893,640	10,870,348	7,520,434	6,259,839	7,820,463
(-) Tax Adjustment Margin	7.20%	7.19%	6.95%	8.33%	6.33%	7.68%	6.67%	6.17%	8.71%
(-) Change In Working Capital	2,994,912	1,670,204	3,357,070	2,795,737	2,831,929	-2,505,490	1,871,773	-1,587,345	-4,175,155
(-) Change In Working Capital Margin	1.71%	1.01%	1.68%	1.44%	2.02%	-1.77%	1.66%	-1.56%	-4.65%
(-) Capital Expenditure	-13,063,805	-11,040,110	-9,149,659	-12,284,042	-17,757,714	-8,545,889	-7,463,247	-5,483,607	-13,823,698
(-) Capital Expenditure Margin	-7.85%	-7.24%	-4.59%	-6.32%	-12.64%	-6.03%	-6.62%	-5.41%	-15.40%
Unlevered Free Cash Flow	20,069,573	20,328,145	21,230,127	30,443,797	8,534,796	26,327,944	15,104,059	16,976,941	2,903,910
Unlevered Free Cash Flow Margin	10.79%	12.87%	10.64%	15.66%	6.07%	18.59%	13.40%	16.74%	3.23%
(-) Net Interest Income After Taxes	2,386,548	1,207,846	2,910,232	3,045,032	1,204,381	-235,659	-884,755	-1,764,655	-1,532,175
(-) Net Interest Income After Taxes Margin	1.29%	0.59%	1.46%	1.57%	0.86%	-0.17%	-0.78%	-1.74%	-1.71%
Net Debt Issuance	-2,852,225	-3,597,358	4,886,650	-1,619,421	-11,823,904	-128,021	-9,302,092	-15,728,541	7,150,859
Net Debt Issuance Margin	-2.27%	-3.03%	2.45%	-0.83%	-8.41%	-0.09%	-8.25%	-15.51%	7.96%
Levered Free Cash Flow	14,830,800	15,522,941	23,206,545	25,779,343	-4,493,489	26,435,582	6,686,722	3,013,055	11,586,945
Levered Free Cash Flow Margin	7.23%	9.26%	11.63%	13.26%	-3.20%	18.67%	5.93%	2.97%	12.90%