Operating ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jul '23Apr '23Dec '22

Net Income

27,466

23,434

24,780

36,330

14,736

21,448

Depreciation & Amortization

3,127

2,830

2,661

3,080

2,911

2,850

Share-Based Compensation Expense

3,183

3,168

3,226

3,286

2,858

2,869

Other Adjustments

1,659

469

-208

-2,009

-302

7

Changes in Trade Receivables

-26,269

2,803

9,674

6,763

-22,941

-2,094

Changes in Inventories

177

365

643

215

-1,087

-12

Changes in Accounts Payable

19,381

-3,875

-7,933

-6,671

21,191

1,539

Changes in Unearned Revenue

—

—

—

—

—

—

Changes in Other Operating Activities

1,004

-1,327

-8,891

-11,059

9,445

2,251

Cash from Operating Activities

29,728

27,867

23,952

29,935

26,811

28,858

Investing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jul '23Apr '23Dec '22

Capital Expenditure

-3,242

-3,462

-3,071

-2,940

-2,908

-2,151

Purchases of Intangible Assets

—

—

—

—

—

—

Purchases of Investments

-6,816

-5,149

-6,318

-6,124

-10,582

-13,032

Proceeds from Sale of Investments

7,976

14,024

12,338

19,459

15,126

15,444

Payments for Business Acquisitions

—

—

—

—

—

—

Other Investing Activities

-505

-340

-32

-603

-191

-388

Cash from Investing Activities

-2,587

5,073

2,917

9,792

1,445

-127

Financing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jul '23Apr '23Dec '22

Issuance of Short-Term Debt

-1,967

3,903

3,976

-7,944

6,945

997

Repayments of Short-Term Debt

—

—

—

—

—

—

Net Issuance / (Repayments) of Short-Term Debt

-1,967

3,903

3,976

-7,944

6,945

997

Issuance of Long-Term Debt

2,240.5

4,481

—

—

—

—

Repayments of Long-Term Debt

-1,250

-5,673

-3,000

-1,009

-2,558

-4,250

Net Issuance / (Repayments) of Long-Term Debt

990.5

-1,192

-3,000

-1,009

-2,558

-4,250

Issuance of Common Shares

—

—

—

—

—

—

Repurchases of Common Shares

-20,373

-23,589

-26,182

-26,527

-25,361

-28,810

Net Issuance / (Repurchases) of Common Shares

-20,373

-23,589

-26,182

-26,527

-25,361

-28,810

Common Share Dividends Paid

-3,862

-3,945

-3,758

-3,856

-3,804

-3,895

Other Financing Activities

-24

-10

-42

-35

-170

-59

Cash from Financing Activities

-27,476

-24,833

-29,006

-39,371

-24,948

-36,017

Free Cash FlowSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jul '23Apr '23Dec '22

Free Cash Flow

26,486

24,405

20,881

26,995

23,903

26,707

NOPAT

27,150.3

23,577

25,015.9

36,541.6

14,726.5

21,328.5

Levered Free Cash Flow

46,936.5

20,676

9,165

10,002

48,675

22,672

Unlevered Free Cash Flow

47,597.3

18,108

8,424.9

19,166.6

44,278.5

25,805.5

Net Change in Cash

-335

8,107

-2,137

356

3,308

-7,286