MicroStrategy Inc- Company Financial (Multiple Periods)

MSTR US Equity Periodicity:A Currency:USD Estimate Source:BST Actual Source:Bloomberg

In Millions of USD 2016 A (Rep) 2017 A (Rep) 2018 A (Rep)
12 Months Ending 12/31/2016 12/31/2017 12/31/2018
Highlights
Adjusted Diluted EPS 8.56 5.34 1.71
YOY Growth -19.93 -37.66 -67.97
Revenue 512.16 504.54 497.64
YOY Growth -3.34 -1.49 -1.37

Segment Revenue
Product Licences & Subscription Service 145.45 125.63 117.63
YOY Growth -1.04 -13.63 -6.37
Product Support 285.14 289.18 296.22
YOY Growth 1.21 1.42 2.43
Other Services 83.01 89.03 83.80
YOY Growth -17.94 7.26 -5.88

Gross Profit 420.44 407.19 398.14

YOY Growth -1.94 -3.15 -2.22
Gross Margin (%) 81.81 80.84 80.01
YOY Growth 1.11 -1.18 -1.04

Adjusted Operating Income (Loss) 119.49 88.62 18.62

YOY Growth -21.18 -25.83 -78.99

Adjusted Net Income 98.62 61.64 19.52

YOY Growth -20.09 -37.49 -68.34

Number of Bitcoins Held #NAME? #NAME? #NAME?

YOY Growth #NAME? #NAME? #NAME?
Cash & Cash Equivalents 401.98 420.24 109.92
YOY Growth 37.50 4.54 -73.84

Company Operating Metrics

Company-Level Industry Statistics

Billings 523.35 589.53 14.00
YOY Growth 0.58 12.65 -97.63

Business Breakdown
Product Licences & Subscription Services
Revenue 145.45 125.63 117.63
YOY Growth -1.04 -13.63 -6.37
Cost of Revenue 21.34 20.61 18.48
 YOY Growth 0.80 -3.41 -10.32
Product License
Revenue 114.87 93.26 88.06
YOY Growth -3.58 -18.82 -5.58
Cost of Revenue 8.57 7.18 4.86
YOY Growth 5.60 -16.30 -32.22
Subscription
Revenue 30.57 32.37 29.57
YOY Growth 9.82 5.87 -8.64
Cost of Revenue 12.77 13.44 13.62
YOY Growth -2.19 5.25 1.38
Product Support
Revenue 285.14 289.18 296.22
YOY Growth 1.21 1.42 2.43
Cost of Revenue 15.00 17.48 20.24
YOY Growth 17.67 16.53 15.79
Other Services
Revenue 83.01 89.03 83.80
YOY Growth -17.94 7.26 -5.88
Cost of Revenue 56.81 58.56 60.77
YOY Growth -15.45 3.08 3.78
Consulting
Revenue 73.40 79.82 74.61
YOY Growth -20.27 8.74 -6.53
Cost of Revenue 50.87 52.02 53.61
YOY Growth -19.70 2.26 3.05
Education
Revenue 9.61 9.21 9.19
YOY Growth 5.76 -4.07 -0.30
Cost of Revenue 5.94 6.54 7.17
YOY Growth 54.46 10.05 9.62

Income Statement
Total Revenue 512.16 504.54 497.64
YOY Growth -3.34 -1.49 -1.37
Product Licenses 114.87 93.26 88.06
YOY Growth -3.58 -18.82 -5.58
Subscription Services 30.57 32.37 29.57
YOY Growth 9.82 5.87 -8.64
Total Product Licenses and Subscripti 145.45 125.63 117.63
YOY Growth -1.04 -13.63 -6.37
Product Support 285.14 289.18 296.22
YOY Growth 1.21 1.42 2.43
Other Services 83.01 89.03 83.80
YOY Growth -17.94 7.26 -5.88
Cost of Revenue 93.15 96.65 99.50
YOY Growth -7.87 3.76 2.95
Product Licenses 8.57 7.18 4.86
YOY Growth 5.60 -16.30 -32.22
Subscription Services 12.77 13.44 13.62
YOY Growth -2.19 5.25 1.38
Total Product Licenses and Subscripti 21.34 20.61 18.48
YOY Growth 0.80 -3.41 -10.32
Product Support 15.00 17.48 20.24
YOY Growth 17.67 16.53 15.79
Other Services 56.81 58.56 60.77
YOY Growth -15.45 3.08 3.78

Gross Profit 420.44 407.19 398.14

YOY Growth -1.94 -3.15 -2.22
Gross Margin% 81.81 80.84 80.01
YOY Growth 1.11 -1.18 -1.04

Total Operating Expenses 310.93 333.97 394.16

YOY Growth 5.49 7.41 18.02
As % of Revenue 60.54 66.28 79.21
YOY Growth 8.84 9.49 19.49
Selling & Marketing Expenses 158.28 175.05 205.53
YOY Growth 6.57 10.59 17.41
Research & Development Expenses 73.14 78.77 102.50
YOY Growth 12.17 7.69 30.13
As % of Revenue 14.24 15.63 20.60
YOY Growth 15.73 9.77 31.75
General & Administrative Expenses 79.46 80.16 86.13
YOY Growth -1.57 0.88 7.45
As % of Revenue 3.88 3.08 0.74
YOY Growth -3.01 -20.62 -75.87
Write-down/Impairment of Assets 0.05 0.00 0.00
YOY Growth -83.87 -100.00 #NAME?

Operating Income 109.51 73.22 3.98

YOY Growth -18.29 -33.14 -94.56
Operating Margin (%) 21.32 14.53 0.80
YOY Growth -15.70 -31.84 -94.50

Net Interest Expense -2.20 -5.21 -11.86

YOY Growth -675.70 -136.27 -127.76
Other Non-Operating (Income) Expense -3.22 6.95 -4.65
YOY Growth 9.56 316.07 -166.82
Pre-Tax Income 124.91 86.87 20.48
YOY Growth -19.64 -30.45 -76.42

Income Tax Expense 22.69 53.28 -2.02

YOY Growth -28.93 134.77 -103.79
Tax Rate (%) 19.70 74.50 -9.90
YOY Growth -15.09 278.17 -113.29

Net Income 90.91 17.64 22.50

YOY Growth -14.18 -80.59 27.53
As % of Revenue 17.96 3.61 4.52
YOY Growth -10.17 -79.89 25.21

Basic Weighted Avg. Shares 11.43 11.44 11.38

YOY Growth 0.62 0.17 -0.60
Basic EPS 8.07 1.59 1.98
YOY Growth -13.50 -80.30 24.53

Diluted Weighted Avg. Shares 11.52 11.55 11.41

YOY Growth -0.20 0.27 -1.17
Diluted EPS 7.89 1.53 1.97
YOY Growth -14.05 -80.61 28.76

Adjusted Results
Gross Profit 11.82 14.27 14.64
YOY Growth -31.69 20.73 2.59
Operating Income 119.49 88.62 18.62
YOY Growth -21.18 -25.83 -78.99
EBITDA 136.68 101.19 22.32
YOY Growth -20.91 -25.96 -77.95
Net Income 98.62 61.64 19.52
YOY Growth -20.09 -37.49 -68.34
Diluted EPS 8.56 5.34 1.71
YOY Growth -19.93 -37.66 -67.97

Company-Specific Adjustments
Stock-Based Compensation 11.82 14.27 14.64
YOY Growth -31.69 20.73 2.59
Interest Expense from Amortization of #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Gain on Debt Extinguishment #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Income Tax Effects #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Condensed Balance Sheet
Assets
Current Assets 684.99 860.65 778.40
YOY Growth 21.17 25.65 -9.56
Cash & Cash Equivalents 401.98 420.24 109.92
YOY Growth 37.50 4.54 -73.84
Restricted Cash 0.74 0.94 0.86
YOY Growth 19.26 27.27 -8.10
Accounts Receivable 83.32 165.36 171.36
YOY Growth 22.25 98.47 3.63
Pre-Paid Expenses & Other 11.55 19.18 30.07
YOY Growth 6.13 66.09 56.77
Non-Current Assets 83.33 72.57 77.37
YOY Growth -9.01 -12.92 6.62
Digital Assets 8.50 2.50 0.00
YOY Growth -46.41 -70.59 -100.00
Property, Plant & Equipment 57.44 53.36 51.92
YOY Growth -12.53 -7.10 -2.70
Right-of-Use Asset #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Deposits & Other Assets 5.70 7.41 8.13
YOY Growth 174.86 30.13 9.76
Deferred Tax Assets 11.70 9.30 17.32
YOY Growth 46.50 -20.57 86.25
Total Assets 768.32 933.22 855.77
YOY Growth 16.96 21.46 -8.30

Liabilities & Equity

Current Liabilities 185.49 270.94 258.27
YOY Growth 7.43 46.07 -4.68
Accounts Payable & Accrued Expense 36.63 30.71 33.68
YOY Growth 15.04 -16.15 9.68
Accrued Compensation 43.32 41.50 48.05
YOY Growth 8.13 -4.21 15.78
Current Portion of Long-Term Debt #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Short-Term Deferred Revenue 105.54 198.73 176.54
YOY Growth 4.81 88.31 -11.17
Non-Current Liabilities 30.66 56.55 67.77
YOY Growth 5.87 84.47 19.84
Long-Term Debt 0.00 0.00 0.00
YOY Growth #NAME? #NAME? #NAME?
Deferred Revenue & Advance Payment 13.92 6.40 6.47
YOY Growth 54.70 -54.01 1.08
 Operating Lease Liabilities #NAME? 0.00 #NAME?
YOY Growth #NAME? #NAME? #NAME?
Deferred Tax Liabilities 0.29 0.00 0.04
YOY Growth 1,629.41 -98.64 825.00
Other Long-Term Liabilities 16.45 50.15 61.26
YOY Growth -17.53 204.89 22.17
Total Liabilities 216.14 327.49 326.04
YOY Growth 7.21 51.52 -0.44
Total Shareholders' Equity 552.18 605.73 529.73
YOY Growth 21.28 9.70 -12.55
Total Liabilities & Shareholders' Equity 768.32 933.22 855.77
YOY Growth 16.96 21.46 -8.30

Special Company Reference Items

Net Debt (Cash) -589.38 -675.17 -576.11
YOY Growth -21.36 -14.56 14.67

Condensed Cash Flow Statement

Cash from Operating Activities
Net Income 90.91 17.64 22.50
YOY Growth -14.18 -80.59 27.53
Depreciation & Amortization 19.94 15.53 3.70
YOY Growth -5.99 -22.12 -76.17
Reduction in Carrying Amount of ROU A #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Credit Losses & Sales Allowances 0.22 2.27 1.91
YOY Growth -74.66 912.95 -15.73
Deferred Taxes -4.45 -3.61 -8.27
YOY Growth -146.04 18.99 -129.51
Release of Liabilities for Unrecognized -0.39 0.00 0.00
YOY Growth 66.58 100.00 #NAME?
Stock-Based Compensation 11.82 14.27 14.64
YOY Growth -31.69 20.73 2.59
Digital Asset Impariment Losses #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Amortization of Issuance Costs of Long #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Gain on Debt Extinguishment #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Changes in Working Capital
Accounts Receivable -16.88 15.35 -8.36
YOY Growth -437.36 190.93 -154.45
Prepaid Expenses -0.74 -4.74 -6.56
YOY Growth -116.67 -539.54 -38.45
Deposits & Other Assets -4.06 3.03 -1.20
 YOY Growth -348.68 174.68 -139.65
Accounts Payable & Accrued Expense 6.98 -9.09 3.38
YOY Growth 266.65 -230.25 137.15
Accrued Compensation & Employee Be 0.58 -6.21 5.12
YOY Growth 106.90 -1,172.37 182.40
Deferred Revenue and Advance Paym 9.69 -0.59 -22.13
YOY Growth 332.06 -106.08 -3,656.54
Operating Lease Liabilities #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Other Long-Term Liabilities -3.07 33.92 5.75
YOY Growth -1.36 1,206.59 -83.05
Cash Flow from Operations 110.59 78.32 10.63
YOY Growth -26.13 -29.18 -86.43

Cash from Investing Activities

Purchases of Digital Assets #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Capital Expenditures -2.34 -3.98 -6.85
YOY Growth 82.14 -70.39 -71.92
Cash Flow from Investing 4.34 -69.73 -209.06
YOY Growth 156.56 -1,705.20 -199.82

Cash from Financing Activities

Repayments of Secured Term Loans an -0.17 -0.02 -0.01
YOY Growth 88.11 87.79 57.14
Proceeds from Sale of Common Stock #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Issuance Costs Paid Related to Sale o #NAME? #NAME? #NAME?
YOY Growth #NAME? #NAME? #NAME?
Cash Flow from Financing -1.00 1.66 -108.52
YOY Growth -110.94 264.94 -6,652.84

Special Company Reference Items

Effect of Foreign Exchange Rates -4.18 8.22 -3.44
YOY Growth 27.68 296.89 -141.89
Net Change in Cash 109.75 18.47 -310.40
YOY Growth -24.53 -83.17 -1,780.54
Cash & Cash Equivalents (BOP) 292.96 402.71 421.18
YOY Growth 99.40 37.46 4.59
Cash & Cash Equivalents (EOP) 402.71 421.18 110.79
YOY Growth 37.75 4.59 -73.70
Free Cash Flow 108.25 74.34 3.78
YOY Growth -20.76 -31.33 -94.91
Source: Bloomberg
2019 A (Rep) 2020 A (Rep) 2021 A (Rep) 2022 A (Rep)
12/31/2019 12/31/2020 12/31/2021 12/31/2022

1.22 5.17 12.05 -124.61

-28.61 323.46 133.02 -1,134.37
486.33 480.74 510.76 499.26
-2.27 -1.15 6.25 -2.25

116.87 119.83 144.87 147.24

-0.65 2.53 20.90 1.64
292.04 284.43 281.21 266.52
-1.41 -2.60 -1.13 -5.22
77.43 76.48 84.68 85.50
-7.60 -1.23 10.73 0.97

386.35 389.68 418.85 396.28

-2.96 0.86 7.49 -5.39
79.44 81.06 82.01 79.37
-0.70 2.03 1.17 -3.21

9.21 68.23 -740.40 -1,275.74

-50.55 641.02 -1,185.22 -72.30

12.61 50.03 120.71 -1,410.73

-35.39 296.76 141.28 -1,268.69

#NAME? #NAME? #NAME? 132.50

#NAME? #NAME? #NAME? #NAME?
456.73 59.68 63.36 43.84
315.49 -86.93 6.17 -30.81

32.50 15.50 55.40 77.00

132.14 -52.31 257.42 38.99

116.87 119.83 144.87 147.24

-0.65 2.53 20.90 1.64
17.29 17.13 18.62 26.44
 -6.45 -0.96 8.74 41.99

87.47 86.74 101.80 86.50

-0.67 -0.83 17.36 -15.03
2.13 2.29 1.72 1.67
-56.19 7.60 -24.95 -2.85

29.39 33.08 43.07 60.75

-0.60 12.55 30.19 41.04
15.16 14.83 16.90 24.77
11.31 -2.16 13.94 46.56

292.04 284.43 281.21 266.52

-1.41 -2.60 -1.13 -5.22
28.32 23.98 19.25 21.26
39.89 -15.33 -19.70 10.44

77.43 76.48 84.68 85.50

-7.60 -1.23 10.73 0.97
54.37 49.95 54.03 55.28
-10.54 -8.12 8.17 2.31

69.66 71.35 79.73 80.84

-6.63 2.42 11.76 1.39
47.66 42.92 48.77 50.82
-11.08 -9.95 13.63 4.20

7.77 5.13 4.95 4.66

-15.44 -33.95 -3.57 -5.92
6.70 7.03 5.26 4.46
-6.52 4.89 -25.17 -15.15

486.33 480.74 510.76 499.26

-2.27 -1.15 6.25 -2.25
87.47 86.74 101.80 86.50
-0.67 -0.83 17.36 -15.03
29.39 33.08 43.07 60.75
-0.60 12.55 30.19 41.04
116.87 119.83 144.87 147.24
-0.65 2.53 20.90 1.64
292.04 284.43 281.21 266.52
-1.41 -2.60 -1.13 -5.22
77.43 76.48 84.68 85.50
-7.60 -1.23 10.73 0.97
 99.97 91.06 91.91 102.99
0.48 -8.92 0.94 12.06
2.13 2.29 1.72 1.67
-56.19 7.60 -24.95 -2.85
15.16 14.83 16.90 24.77
11.31 -2.16 13.94 46.56
17.29 17.13 18.62 26.44
-6.45 -0.96 8.74 41.99
28.32 23.98 19.25 21.26
39.89 -15.33 -19.70 10.44
54.37 49.95 54.03 55.28
-10.54 -8.12 8.17 2.31

386.35 389.68 418.85 396.28

-2.96 0.86 7.49 -5.39
79.44 81.06 82.01 79.37
-0.70 2.03 1.17 -3.21

387.36 403.31 1,203.38 1,672.02

-1.73 4.12 198.38 38.94
79.65 83.89 235.60 334.90
0.56 5.33 180.84 42.14
191.24 148.91 160.14 146.88
-6.95 -22.13 7.54 -8.28
109.42 103.56 117.12 127.43
6.76 -5.36 13.09 8.80
22.50 21.54 22.93 25.52
9.24 -4.26 6.44 11.31
86.70 80.14 95.50 111.42
0.65 -7.57 19.17 16.67
3.43 2.77 2.22 2.18
361.70 -19.23 -19.81 -2.06
0.00 70.70 830.62 1,286.29
#NAME? #NAME? 1,074.89 54.86

-1.00 -13.63 -784.53 -1,275.74

-125.17 -1,259.78 -5,658.00 -62.61
-0.21 -2.83 -153.60 -255.52
-125.75 -1,275.60 -5,319.49 -66.36

-10.91 -0.71 29.15 53.14

7.98 93.49 4,205.49 82.29
-28.36 7.04 -2.29 -6.41
-510.33 124.82 -132.50 -180.41
 38.26 -19.95 -811.39 -1,322.47
86.81 -152.15 -3,966.50 -62.99

3.91 -12.43 -275.91 147.33

293.56 -418.04 -2,119.88 153.40
10.20 62.30 34.00 -11.10
203.03 510.78 -45.43 -132.65

34.36 -7.52 -535.48 -1,469.80

52.68 -121.90 -7,016.96 -174.48
7.06 -1.57 -104.84 -294.39
56.23 -122.16 -6,598.56 -180.80

10.26 9.68 10.02 11.32

-9.84 -5.58 3.47 12.98
3.35 -0.78 -53.44 -129.83
69.19 -123.28 -6,751.28 -142.95

10.33 9.68 10.02 11.32

-9.50 -6.24 3.47 12.98
3.33 -0.78 -53.44 -129.83
69.04 -123.42 -6,751.28 -142.95

10.21 11.15 44.13 63.62

-30.25 9.25 295.64 44.18
9.21 68.23 -740.40 -1,275.74
-50.55 641.02 -1,185.22 -72.30
25.91 81.56 -729.04 85.23
16.08 214.82 -993.90 111.69
12.61 50.03 120.71 -1,410.73
-35.39 296.76 141.28 -1,268.69
1.22 5.17 12.05 -124.61
-28.61 323.46 133.02 -1,134.37

10.21 11.15 44.13 63.62

-30.25 9.25 295.64 44.18
#NAME? 1.54 7.20 8.69
#NAME? #NAME? 366.69 20.73
#NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME?
#NAME? -25.84 -47.98 -13.25
#NAME? #NAME? -85.66 72.38
 753.45 272.62 267.97 264.57
-3.21 -63.82 -1.71 -1.27
456.73 59.68 63.36 43.84
315.49 -86.93 6.17 -30.81
1.09 1.08 1.08 7.03
26.33 -0.46 -0.55 552.41
163.52 197.46 189.28 189.28
-4.58 20.76 -4.14 0.00
23.20 14.40 14.25 24.42
-22.86 -37.92 -1.03 71.34
163.13 1,192.99 3,289.16 2,145.71
110.84 631.34 175.71 -34.76
0.00 1,054.30 2,850.21 1,840.03
#NAME? #NAME? 170.34 -35.44
50.15 42.98 36.59 32.31
-3.40 -14.31 -14.86 -11.69
85.54 73.60 66.76 61.30
#NAME? -13.96 -9.29 -8.18
8.02 15.62 15.82 23.92
-1.35 94.60 1.31 51.18
19.41 6.50 319.78 188.15
12.09 -66.49 4,817.45 -41.16
916.57 1,465.61 3,557.12 2,410.27
7.11 59.90 142.71 -32.24

269.82 285.62 311.99 317.40

4.47 5.86 9.23 1.74
33.92 45.12 46.08 42.98
0.70 33.02 2.14 -6.74
48.79 49.25 54.55 53.72
1.55 0.94 10.76 -1.53
#NAME? #NAME? #NAME? 0.45
#NAME? #NAME? #NAME? #NAME?
187.11 191.25 209.86 217.43
5.99 2.21 9.73 3.61
138.19 626.95 2,266.18 2,475.99
103.92 353.67 261.46 9.26
0.00 486.37 2,155.15 2,378.56
#NAME? #NAME? 343.11 10.37
4.34 14.66 8.09 12.76
-32.85 237.52 -44.83 57.78
 103.42 84.33 76.61 67.34
#NAME? -18.46 -9.15 -12.09
0.03 8.21 0.11 0.20
-29.73 31,480.77 -98.67 81.65
30.40 33.38 26.22 17.12
-50.38 9.81 -21.44 -34.70
408.01 912.57 2,578.17 2,793.39
25.14 123.66 182.52 8.35
508.56 553.05 978.96 -383.12
-4.00 8.75 77.01 -139.14
916.57 1,465.61 3,557.12 2,410.27
7.11 59.90 142.71 -32.24

-452.62 521.83 2,177.61 2,412.58

21.44 215.29 317.30 10.79

34.36 -7.52 -535.48 -1,469.80

52.68 -121.90 -7,016.96 -174.48
16.70 13.33 11.36 10.87
351.20 -20.16 -14.81 -4.26
#NAME? 8.21 8.19 8.07
#NAME? #NAME? -0.26 -1.43
0.12 2.73 1.51 0.94
-93.51 2,103.23 -44.77 -37.77
-2.61 -20.83 -284.22 131.49
68.41 -696.86 -1,264.48 146.26
-2.84 -2.82 -0.56 -0.36
#NAME? 0.60 80.11 35.83
10.21 11.15 44.13 63.62
-30.25 9.25 295.64 44.18
#NAME? 70.70 830.62 1,286.29
#NAME? #NAME? 1,074.89 54.86
#NAME? 1.54 7.20 8.69
#NAME? #NAME? 366.69 20.73
#NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME?

-3.67 -0.77 2.62 -5.29

56.06 78.92 438.24 -302.14
6.42 2.35 -0.03 -6.34
197.77 -63.43 -101.07 -25,268.00
0.76 0.42 -1.71 -7.46
 163.36 -45.34 -511.78 -335.20
-7.32 9.45 3.75 -3.52
-316.73 229.01 -60.31 -193.92
-2.66 -6.83 2.37 -12.34
-151.95 -156.85 134.77 -619.97
20.84 -20.22 14.71 14.84
194.17 -197.06 172.74 0.88
-8.62 -11.17 -10.22 -9.63
#NAME? -29.59 8.50 5.75
-0.85 4.01 -1.62 -8.20
-114.80 570.86 -140.48 -405.30
60.87 53.62 93.83 3.21
472.76 -11.91 75.00 -96.58

#NAME? -1,125.00 -2,626.53 -287.92

#NAME? #NAME? -133.47 89.04
-10.18 -3.65 -2.71 -2.49
-48.73 64.14 25.88 8.13
353.69 -1,018.69 -2,629.24 -278.59
269.18 -388.02 -158.10 89.40

0.00 0.00 0.00 -0.25

100.00 #NAME? #NAME? #NAME?
#NAME? #NAME? 1,000.00 46.59
#NAME? #NAME? #NAME? -95.34
#NAME? #NAME? -9.54 -0.36
#NAME? #NAME? #NAME? 96.25
-66.15 563.23 2,541.69 265.19
39.04 951.45 351.27 -89.57

-1.37 4.78 -2.61 -3.38

60.10 448.18 -154.52 -29.41
347.03 -397.06 3.68 -13.57
211.80 -214.42 100.93 -469.14
110.79 457.82 60.76 64.43
-73.70 313.24 -86.73 6.05
457.82 60.76 64.43 50.87
313.24 -86.73 6.05 -21.05
50.68 49.97 91.13 0.72
1,240.52 -1.41 82.37 -99.20
2023 A (Rep) 2024 A (Fwd) 2025 A (Fwd)
12/31/2023 12/31/2024 12/31/2025

27.78 9.98 1.65

122.29 -64.07 -83.47
496.26 495.50 516.00
-0.60 -0.15 4.14

156.53 165.24 187.80

6.31 5.57 13.65
263.89 257.06 252.88
-0.99 -2.59 -1.63
75.84 72.61 73.67
-11.29 -4.27 1.47

386.32 379.95 396.96

-2.51 #NAME? 4.48
77.85 76.71 76.90
-1.92 -1.46 0.24

-45.48 -208.33 -5.10

96.44 -358.12 97.55

456.75 183.00 30.30

132.38 -59.93 -83.44

18.92 214.62 215.11

-85.72 1,034.63 0.23
46.82 74.64 92.59
6.80 59.44 24.04

94.90 124.45 163.26

23.25 31.14 31.18

156.53 165.24 187.80

6.31 5.57 13.65
33.71 41.05 50.29
 27.47 21.80 22.50

75.35 61.27 57.09

-12.89 -18.69 -6.83
1.93 1.86 1.59
15.37 -3.49 -14.78

81.18 104.39 132.31

33.64 28.59 26.75
31.78 38.49 46.13
28.28 21.14 19.83

263.89 257.06 252.88

-0.99 -2.59 -1.63
22.43 27.22 22.46
5.50 21.34 -17.50

75.84 72.61 73.67

-11.29 -4.27 1.47
53.81 48.82 48.04
-2.67 -9.26 -1.61

72.08 69.24 70.10

-10.85 -3.94 1.25
51.31 44.42 43.40
0.97 -13.43 -2.28

3.77 3.76 3.80

-19.05 -0.11 1.00
2.49 3.18 3.42
-44.12 27.54 7.57

496.26 495.50 516.00

-0.60 -0.15 4.14
75.35 61.27 57.09
-12.89 -18.69 -6.83
81.18 104.39 132.31
33.64 28.59 26.75
156.53 165.24 187.80
6.31 5.57 13.65
263.89 257.06 252.88
-0.99 -2.59 -1.63
75.84 72.61 73.67
-11.29 -4.27 1.47
109.94 115.37 118.96
6.75 4.94 3.11
1.93 1.86 1.59
15.37 -3.49 -14.78
31.78 38.49 46.13
28.28 21.14 19.83
33.71 41.05 50.29
27.47 21.80 22.50
22.43 27.22 22.46
5.50 21.34 -17.50
53.81 48.82 48.04
-2.67 -9.26 -1.61

386.32 379.95 396.96

-2.51 #NAME? 4.48
77.85 76.71 76.90
-1.92 -1.46 0.24

501.36 585.03 395.44

-70.01 16.69 -32.41
101.03 #NAME? #NAME?
-69.83 #NAME? #NAME?
149.67 137.36 142.53
1.90 -8.22 3.76
120.53 122.11 121.53
-5.41 1.31 -0.47
24.29 25.08 25.00
-4.84 3.26 -0.32
115.31 127.35 123.46
3.49 10.44 -3.05
2.93 #NAME? #NAME?
34.40 #NAME? #NAME?
115.85 191.62 0.00
-90.99 65.40 -100.00

-115.05 -208.29 -5.12

90.98 -81.05 97.54
-23.18 -45.73 -5.31
90.93 -97.26 88.39

48.96 49.46 53.30

-7.86 1.03 7.75
5.20 -2.97 -3.40
181.15 -157.13 -14.36
 -124.53 -251.67 -53.63
90.58 -102.10 78.69

-553.65 -166.71 -8.15

-475.78 69.89 95.11
444.60 68.19 26.00
4,105.41 -84.66 -61.87

429.12 -81.60 -40.40

129.20 -119.02 50.49
86.47 -19.04 -10.96
129.37 -122.02 42.44

13.67 17.39 17.91

20.76 27.19 3.01
31.39 -4.64 -2.47
124.18 -114.78 46.77

16.57 18.84 19.53

46.33 13.73 3.67
26.42 -4.35 -2.12
120.35 -116.45 51.30

69.57 72.13 73.96

9.36 3.68 2.54
-45.48 -208.33 -5.10
96.44 -358.12 97.55
#NAME? 75.15 94.10
#NAME? #NAME? 25.22
456.75 183.00 30.30
132.38 -59.93 -83.44
27.78 9.98 1.65
122.29 -64.07 -83.47

69.57 72.13 73.96

9.36 3.68 2.54
8.81 2.56 0.00
1.31 -70.97 -100.00
-44.69 0.00 0.00
#NAME? 100.00 #NAME?
-6.06 -114.97 -7.98
54.25 -1,796.61 93.06
 267.90 265.27 270.30
1.26 -0.98 1.90
46.82 74.64 92.59
6.80 59.44 24.04
1.86 2.40 2.40
-73.61 29.36 0.00
183.82 136.28 142.92
-2.89 -25.86 4.88
35.41 35.41 35.41
45.00 0.00 0.00
4,494.63 #NAME? #NAME?
109.47 #NAME? #NAME?
3,626.48 5,114.15 5,194.15
97.09 41.02 1.56
28.94 25.99 21.93
-10.43 -10.18 -15.64
57.34 49.09 41.09
-6.45 -14.39 -16.30
24.30 31.76 31.76
1.61 30.69 0.00
757.57 919.84 919.84
302.64 21.42 0.00
4,762.53 6,406.11 6,479.07
97.59 34.51 1.14

323.27 324.82 354.76

1.85 0.48 9.22
43.09 44.91 48.74
0.27 4.22 8.54
50.05 40.62 40.62
-6.83 -18.84 0.00
0.48 0.49 0.49
6.39 1.86 0.00
228.16 238.80 264.90
4.94 4.66 10.93
2,274.28 #NAME? #NAME?
-8.15 #NAME? #NAME?
2,182.11 3,581.30 3,581.30
-8.26 64.12 0.00
8.52 6.49 6.49
-33.21 -23.91 0.00
 61.09 58.43 58.43
-9.29 -4.35 0.00
0.36 0.36 0.36
80.30 0.00 0.00
22.21 17.55 17.55
29.69 -20.97 0.00
2,597.56 3,966.44 3,996.38
-7.01 52.70 0.75
2,164.97 2,439.67 2,482.69
665.09 12.69 1.76
4,762.53 6,406.11 6,479.07
97.59 34.51 1.14

2,207.32 3,545.70 3,508.20

-8.51 60.63 -1.06

429.12 -81.60 -40.40

129.20 -119.02 50.49
14.53 12.16 12.07
33.59 -16.27 -0.80
8.64 83.14 109.25
7.07 861.99 31.40
1.39 0.02 #NAME?
47.71 -98.27 #NAME?
-568.95 -161.10 #NAME?
-532.68 71.69 #NAME?
-0.51 -0.07 #NAME?
-40.56 85.57 #NAME?
69.57 72.13 73.96
9.36 3.68 2.54
115.85 #NAME? #NAME?
-90.99 #NAME? #NAME?
8.81 2.56 0.00
1.31 -70.97 -100.00
-44.69 0.00 0.00
#NAME? 100.00 #NAME?

10.31 -8.96 -6.64

294.77 -186.94 25.85
-11.36 1.05 #NAME?
-79.09 109.22 N/A Requesting Data...
-0.63 -5.34 #NAME?
 91.52 -744.78 N/A Requesting Data...
-0.63 -0.46 3.84
81.99 28.08 N/A Requesting Data...
-12.00 -13.28 #NAME?
2.79 -10.66 N/A Requesting Data...
2.36 64.40 26.10
-84.08 2,626.70 N/A Requesting Data...
-10.22 -2.90 #NAME?
-6.06 71.66 N/A Requesting Data...
2.45 -7.62 #NAME?
129.94 -410.59 N/A Requesting Data...
12.71 84.45 86.39
295.89 564.33 N/A Requesting Data...

-1,902.30 -1,663.20 -80.00

-560.70 12.57 N/A Requesting Data...
-2.94 -5.17 -5.35
-18.18 -76.06 N/A Requesting Data...
-1,905.24 -1,686.85 -88.00
-583.89 11.46 N/A Requesting Data...

-160.55 -0.13 #NAME?

-65,162.60 99.92 N/A Requesting Data...
2,029.21 137.77 #NAME?
4,255.28 -93.21 N/A Requesting Data...
-9.14 -28.68 #NAME?
-2,453.35 -213.79 N/A Requesting Data...
1,889.89 1,648.40 #NAME?
612.66 -12.78 N/A Requesting Data...

0.44 -1.08 #NAME?

113.16 -343.02 N/A Requesting Data...
-2.20 44.92 -1.61
83.82 2,146.35 N/A Requesting Data...
50.87 48.67 93.59
-21.05 -4.32 N/A Requesting Data...
48.67 77.05 94.99
-4.32 58.29 N/A Requesting Data...
9.77 11.50 37.50
1,248.14 17.66 N/A Requesting Data...