Zealand Pharma A/S/ADR (ZLDPF)
Based in Copenhagen, Denmark, Zealand Pharma A/S operates as a biotechnology company dedicated to the entire lifecycle of peptide-based medicines – from their initial discovery and development through to their ultimate commercialization. Its therapeutic portfolio primarily targets gastrointestinal and metabolic disorders, alongside other specialized conditions where existing treatments are insufficient. Currently, Zealand Pharma offers lixisenatide, marketed as Adlyxin and Lyxumia. They also commercialize Dasiglucagon, available in a single-use syringe or autoinjector format, which addresses severe hypoglycemia, congenital hyperinsulinism, and hypoglycemia following bariatric surgery. Additionally, Dasiglucagon is part of a dual-hormone artificial pancreas system designed for automated diabetes management. Beyond its current offerings, the company maintains a robust development pipeline. Notably, Dasiglucagon is advancing through Phase III clinical trials specifically for congenital hyperinsulinism, building on its existing applications. Another key pipeline candidate is glepaglutide, a long-acting GLP-2 analog, also in Phase III trials for the management of short bowel syndrome. Zealand Pharma A/S has established strategic collaboration agreements with several prominent pharmaceutical and biotech partners, including Sanofi-Aventis Deutschland GmbH, Boehringer Ingelheim International GmbH, Alexion Pharmaceuticals, Inc., and Beta Bionics, Inc. Established in 1998, the company maintains its headquarters in Copenhagen, Denmark.
Industry: Biotechnology
Zealand Pharma A/S
OTC:ZLDPFHealthcare · Biotechnology
Mkt Cap-
Float62.37M
O/S-
Inst Own-
SI1.1%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.38B
Net Income$963.99M
Total Assets$2.46B
Free Cash Flow$970.49M
Debt & Equity
Debt 3%
Equity 97%
Total Debt$60.73M
Total Equity$2.21B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ZLDPF's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$2.46B
Liabilities$243.6M
Accounts Receivable$47.74M
Accounts Payable$38.32M
Inventory$0
PP&E (Net)$22.61M
Goodwill$0
Intangible Assets$6.72M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 |
| Revenue | $1.38B | $9.38M | $51.31M | $15.56M | $43.79M | $52.88M | $6.19M | $5.68M | $20.92M | $35.14M | $28.09M | $23.02M | $984K | $33.46M | $21.3M | $13.08M | $3.79M | $8.42M | $8.97M |
| YoY Growth | 14565.6% | -81.7% | 229.6% | -64.5% | -17.2% | 754.8% | 8.8% | -72.8% | -40.5% | 25.1% | 22.0% | 2239.1% | -97.1% | 57.1% | 62.9% | 245.0% | -55.0% | -6.1% | - |
| Cost of Revenue | $4.21M | $1.18M | $2.87M | $4.6M | $17.78M | $13.56M | $62K | $26.98M | $2.19M | $4.71M | $3.33M | $2.06M | $131K | $2.38M | $17K | $1.68M | $0 | $0 | $0 |
| Gross Profit | $1.37B | $8.2M | $48.44M | $10.97M | $26.01M | $39.33M | $6.12M | -$21.29M | $18.73M | $30.43M | $24.76M | $20.95M | $853K | $31.08M | $21.28M | $11.4M | $3.79M | $8.42M | $8.97M |
| Gross Margin | 99.7% | 87.4% | 94.4% | 70.5% | 59.4% | 74.4% | 99.0% | -374.6% | 89.5% | 86.6% | 88.1% | 91.0% | 86.7% | 92.9% | 99.9% | 87.2% | 100.0% | 100.0% | 100.0% |
| Research and Development | $236.5M | $137.68M | $102.51M | $91.91M | $88.08M | $90.42M | $84.03M | $65.59M | $48.6M | $40.14M | $32.17M | $26.95M | $24.62M | $27.36M | $19M | $22.64M | $13.93M | $12.84M | $15.74M |
| Selling, General, and Administrative | $40.88M | $34.31M | $13.45M | $45.88M | $95.23M | $73.05M | $10.16M | $11.68M | $7.11M | $7.86M | $6.68M | $5.96M | $5.11M | $4.13M | $5.22M | $5.95M | $2.41M | $2.29M | $2.63M |
| Other | $25.9M | $26.64M | $18.13M | $10.3M | -$114K | -$90K | -$66K | $0 | $0 | $116K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $303.28M | $198.63M | $134.09M | $137.79M | $183.2M | $163.37M | $94.13M | $77.17M | $55.61M | $47.74M | $36.93M | $31.96M | $28.64M | $26.23M | $19.97M | $29.34M | $15.75M | $15.11M | $18.33M |
| Operating Income (EBIT) | $1.07B | -$190.42M | -$85.65M | -$122.23M | -$157.19M | -$124.05M | -$88M | $97.65M | -$36.88M | -$17.31M | -$12.17M | -$11.01M | -$27.78M | $4.85M | $1.31M | -$16.27M | -$11.96M | -$6.69M | -$9.36M |
| Operating Margin | 77.7% | -2029.3% | -166.9% | -785.3% | -359.0% | -234.6% | -1422.5% | 1717.9% | -176.3% | -49.3% | -43.3% | -47.8% | -2823.5% | 14.5% | 6.2% | -124.4% | -315.7% | -79.4% | -104.3% |
| Interest Expense | $5.63M | $5.1M | $3.73M | $8.45M | $612K | $433K | $480K | $2.26M | $2.83M | $4.81M | $4.9M | $302K | $12K | $28K | $292K | $9K | $16K | $38K | $0 |
| Interest Income | $46.2M | $25.39M | $6.78M | $979K | $7K | $134K | $810K | $638K | $307K | $89K | $21K | $108K | $456K | $842K | $982K | $617K | $646K | $1.68M | $1.13M |
| Other Income (Expense) | -$23.12M | $28.25M | -$20.45M | -$20.19M | $42.88M | -$7.08M | $1.69M | -$4.09M | -$4.7M | -$6.55M | -$5.76M | $157K | $291K | $595K | $690K | $608K | $727K | $1.64M | $1.13M |
| Income Before Tax (EBT) | $1.05B | -$162.17M | -$106.1M | -$145.49M | -$114.31M | -$125.68M | -$86.32M | $93.56M | -$41.58M | -$23.86M | -$17.94M | -$10.85M | -$27.49M | $5.44M | $2M | -$15.66M | -$11.33M | -$5.05M | -$8.23M |
| Income Tax Expense | $81.55M | -$691K | -$767K | -$963K | -$1.32M | $1.06M | -$769K | $6.55M | -$823K | -$823K | -$879K | -$1.12M | $12K | $28K | $0 | $0 | $646K | $0 | $0 |
| Net Income | $963.99M | -$161.48M | -$105.33M | -$144.53M | -$152.39M | -$126.74M | -$85.55M | $87M | -$40.75M | -$23.04M | -$17.06M | -$9.73M | -$27.49M | $5.44M | $2M | -$15.66M | -$11.33M | -$5.05M | -$8.23M |
| Net Income Margin | 70.0% | -1720.9% | -205.3% | -928.6% | -348.0% | -239.7% | -1382.8% | 1530.6% | -194.8% | -65.6% | -60.7% | -42.3% | -2794.0% | 16.3% | 9.4% | -119.8% | -299.0% | -60.0% | -91.8% |
| Supplementary Data | |||||||||||||||||||
| EPS | 91.38 | -16.24 | -12.44 | -20.90 | -23.75 | -22.07 | -16.91 | 18.94 | -9.77 | -6.33 | -4.94 | -2.87 | -8.12 | 1.61 | 0.60 | -5.75 | -4.28 | -1.91 | -3.11 |
| Diluted EPS | 90.04 | -16.24 | -12.44 | -20.90 | -23.75 | -22.07 | -16.91 | 18.94 | -9.77 | -6.33 | -4.94 | -2.87 | -8.12 | 1.60 | 0.60 | -5.75 | -4.28 | -1.91 | -3.11 |
| Weighted Average OS | 70.50M | 66.43M | 56.59M | 46.20M | 42.87M | 38.37M | 33.80M | 30.69M | 27.85M | 24.31M | 23.05M | 22.63M | 22.63M | 22.63M | 22.33M | 18.20M | 17.68M | 17.68M | 17.68M |
| EBITDA | $1.07B | -$153.2M | -$98.48M | -$119.39M | -$106.55M | -$93.99M | -$83.79M | -$66.16M | -$36.86M | -$17.7M | -$12.16M | -$9.66M | -$26.6M | $6.27M | $2.2M | -$15.15M | -$11.41M | -$6.69M | -$9.36M |
| EBITDA Margin | 78.0% | -1632.7% | -191.9% | -767.1% | -243.3% | -177.7% | -1354.3% | -1163.9% | -176.2% | -50.4% | -43.3% | -42.0% | -2702.8% | 18.7% | 10.3% | -115.9% | -301.1% | -79.4% | -104.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 |
| Assets | |||||||||||||||||||
| Current Assets | |||||||||||||||||||
| Cash and Cash Equivalents | $683.46M | $71.89M | $67.25M | $160.04M | $169M | $128.84M | $161.81M | $128.82M | $88.12M | $48.4M | $62.68M | $80.57M | $42.83M | $53.72M | $41.66M | $57.37M | $21.65M | $31.38M | $36.87M |
| Short-Term Investments | $1.57B | $1.16B | $177.18M | $16.26M | $44.76M | $44.51M | $44.82M | $44.7M | $11.24M | $0 | $0 | $0 | $3.65M | $19M | $22.36M | $7.93M | $155K | $359K | $668K |
| Cash and Short-Term Investments | $2.26B | $1.23B | $244.43M | $176.3M | $213.76M | $173.34M | $206.63M | $173.51M | $99.36M | $48.4M | $62.68M | $80.57M | $46.48M | $72.72M | $64.02M | $65.3M | $21.8M | $31.74M | $37.53M |
| Accounts Receivable | $47.74M | $20.8M | $18.31M | $17.31M | $22.97M | $6.96M | $112K | $490K | $850K | $1.72M | $23.67M | $3.75M | $2K | $1.12M | $3.04M | $525K | $0 | $0 | $0 |
| Inventory | $0 | $1.6M | $1.19M | $192K | $17.73M | $6.84M | $0 | $0 | $0 | $2.04M | $3.2M | $0 | -$963K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $1 | $6.83M | $2.46M | $3.23M | -$6.45M | -$23.83M | $2.25M | $0 | $1.57M | $3.67M | $5.64M | $4.69M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $2.34B | $1.28B | $266.4M | $197.03M | $257.69M | $186.35M | $213.6M | $176.44M | $105.25M | $55.86M | $92.14M | $86.13M | $48.54M | $74.39M | $67.22M | $65.5M | $21.95M | $31.9M | $37.64M |
| Long-Term Assets | |||||||||||||||||||
| Property, Plant & Equipment Net | $22.61M | $18.75M | $22.43M | $24.77M | $33.15M | $29.99M | $18.76M | $2.34M | $2.41M | $2.04M | $2.46M | $2.79M | $3M | $3.2M | $2.68M | $1.58M | $1.44M | $1.46M | $1.44M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | -$3.26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $6.72M | $1.89M | $1.83M | $10.59M | $8.05M | $8.6M | $371K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $3.03M | -$1.04B | $3.2M | -$10.59M | $4.03M | $14.15M | $5.33M | $4.88M | $1.39M | $45.67M | $0 | $0 | $0 | $224K | $0 | $0 | $299 | $299 | $299 |
| Deferred Tax Assets | $76.74M | $147K | $138K | $302K | $2.02M | $1.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $9.12M | $1.16B | $5.56M | $8.37M | $4.54M | $50.98M | $1.35M | $413K | $1.29M | $403K | $399K | $403K | $385K | $158K | $373K | $365K | $357K | $351K | $337K |
| Total Long-Term Assets | $118.23M | $146.37M | $29.97M | $33.45M | $51.79M | $101.72M | $25.81M | $7.63M | $5.1M | $48.11M | $2.86M | $3.19M | $3.39M | $3.59M | $3.05M | $1.94M | $1.8M | $1.81M | $1.78M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $2.46B | $1.42B | $296.36M | $230.48M | $309.48M | $288.07M | $239.41M | $184.07M | $110.35M | $103.97M | $95M | $89.32M | $51.93M | $77.98M | $70.27M | $67.44M | $23.75M | $33.71M | $39.42M |
| Liabilities | |||||||||||||||||||
| Current Liabilities | |||||||||||||||||||
| Accounts Payable | $38.32M | $27.13M | $13.71M | $27.06M | $39.87M | $10.53M | $8.61M | $4.89M | $4.4M | $2.95M | $3.24M | $2.77M | $2M | $1.47M | $1.29M | $1.6M | $526K | $1.13M | $538K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $411K | $504K | $0 | $748K | $0 | $0 | $0 | $0 | $0 | $0 | $748K |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $4.55M | $92K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $9.76M | $0 | $0 | -$2.2M | $7.94M | $7.96M | $8.42M | $0 | $0 | $0 | $313K | $2.15M | $349K | $759K | $1.39M | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $30.8M | $24.93M | $26.39M | $0 | $0 | $68.34M | $13.02M | $5.73M | $6.53M | $777K | $584K | $2.92M | $989K | $2.04M | $1.53M | $0 | $150 | $0 | $0 |
| Total Current Liabilities | $99.31M | $60.39M | $42.6M | $29.26M | $50.04M | $86.47M | $29.21M | $16.99M | $11.34M | $13.1M | $10.4M | $11.49M | $4.61M | $4.49M | $4.2M | $6.5M | $3.85M | $2.49M | $2.98M |
| Long-Term Liabilities | |||||||||||||||||||
| Long-Term Debt | $45.34M | $42.71M | $0 | $48.01M | $96.98M | $0 | $0 | $0 | $19.91M | $49.23M | $46.84M | $39.99M | $0 | $0 | $0 | $0 | $0 | $0 | $168K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | -$153.31M | $2.18M | $6.67M | $12.52M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $76.61M | $0 | $0 | $153.31M | $0 | $0 | -$12.52M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $10.49M | $16.41M | $0 | $14.92M | $2.76M | $8.04M | $12.52M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $144.29M | $72.65M | $15.35M | $79.09M | $120.57M | $25.41M | $24.2M | $0 | $19.91M | $49.23M | $46.84M | $39.99M | $0 | $0 | $0 | $0 | $0 | $0 | $168K |
| Other Liabilities | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $243.6M | $133.04M | $57.95M | $108.35M | $170.61M | $111.89M | $53.41M | $16.99M | $31.25M | $62.33M | $57.25M | $51.48M | $4.61M | $4.49M | $4.2M | $6.5M | $3.85M | $2.49M | $3.14M |
| Stockholders' Equity | |||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $10.68M | $10.63M | $8.79M | $7.74M | $6.53M | $5.96M | $5.4M | $4.61M | $4.6M | $3.91M | $3.65M | $3.47M | $3.47M | $3.47M | $3.47M | $3.42M | $2.65M | $2.65M | $2.65M |
| Retained Earnings | $939K | -$921.63M | -$732.65M | -$624.4M | -$495.2M | -$346.59M | -$216.06M | -$133.81M | -$218.75M | -$178M | $34.11M | $34.37M | $43.85M | $70.02M | $62.6M | $57.51M | $17.25M | $28.58M | $33.63M |
| Comprehensive Income & Other | $3.49M | $3.35M | $3.4M | $114.39M | $2.12M | $1.34M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $2.2B | $2.2B | $962.27M | $738.79M | $627.54M | $516.82M | $396.67M | $296.29M | $293.25M | $215.73M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $2.21B | $1.29B | $238.41M | $122.12M | $138.87M | $176.18M | $186M | $167.08M | $79.1M | $41.64M | $37.75M | $37.84M | $47.32M | $73.49M | $66.07M | $60.94M | $19.9M | $31.23M | $36.28M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.46B | $1.42B | $296.36M | $230.48M | $309.48M | $288.07M | $239.41M | $184.07M | $110.35M | $103.97M | $95M | $89.32M | $51.93M | $77.98M | $70.27M | $67.44M | $23.75M | $33.71M | $39.42M |
| Supplementary Data | |||||||||||||||||||
| Total Debt | $60.73M | $58.64M | $17.85M | $66.38M | $117.86M | $17.94M | $12.84M | $0 | $20.32M | $49.73M | $46.84M | $40.74M | $0 | $0 | $0 | $0 | $0 | $0 | $916K |
| Net Debt | -$622.72M | -$13.25M | -$49.41M | -$93.66M | -$51.14M | -$110.9M | -$148.97M | -$128.82M | -$67.8M | $1.33M | -$15.84M | -$39.83M | -$42.83M | -$53.72M | -$41.66M | -$57.37M | -$21.65M | -$31.38M | -$35.95M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 |
| Operating Activities | |||||||||||||||||||
| Net Income | $963.99M | -$161.48M | -$105.33M | -$179.93M | -$152.39M | -$126.74M | -$85.55M | $87.01M | -$40.75M | -$23.04M | -$17.06M | -$9.73M | -$27.49M | $5.44M | $2M | $0 | $0 | -$5.05M | -$8.23M |
| Depreciation & Amortization | $4.09M | $3.87M | $3.75M | $17.66M | $6.43M | $6.39M | $2.05M | $675K | $712K | $810K | $930K | $888K | $885K | $796K | $618K | $499K | $552K | $490K | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | -$178K | $1.48M | -$806K | $6.55M | -$823K | -$823K | -$5.13M | -$78K | $717K | $568K | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $13.03M | $9.19M | $7.83M | $8.01M | $4.56M | $2.21M | $2.61M | $3.02M | $3.4M | $2.54M | $251K | $1.32M | $1.98M | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||
| Accounts Receivable | -$16.27M | -$517K | -$2.78M | $2.73M | -$9.65M | -$1.15M | -$3.15M | -$70K | $195K | $21M | -$32.27M | -$3.81M | -$666K | $1.78M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $1.6M | -$413K | $1.4M | $7.59M | -$7.9M | -$2.16M | $598K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$26.63M | $0 | $4.91M | -$8.78M | -$7.34M | $17.95M | $2.55M | $1.98M | -$1.89M | $0 | $0 | $0 | $120K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $54.41M | $19.25M | $4.27M | -$10.12M | -$4.52M | -$6.42M | $1.63M | $0 | $0 | $1.97M | $11.48M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Working Capital Change | $13.1M | $18.32M | $7.8M | $1.54M | -$24.9M | $14.64M | $1.63M | $1.91M | -$2.14M | $22.97M | -$20.79M | $2.51M | -$545K | $2.06M | -$4.63M | $2.27M | $1.45M | $145K | -$753K |
| Other Non-Cash Items | -$5.7M | -$13.06M | $20.87M | $11.89M | -$18.37M | -$3.42M | $19.18M | -$167.67M | -$1.74M | $2.8M | $5.76M | -$157K | -$270K | -$595K | $3.74M | -$11.15M | -$11.2M | $620K | $368K |
| Net Cash from Operating | $975.47M | -$139.32M | -$63.71M | -$141.03M | -$181.41M | -$103.09M | -$61.29M | -$68.91M | -$41.72M | $6.12M | -$33.74M | -$6.31M | -$25.39M | $10.26M | -$270K | -$8.38M | -$9.2M | -$4.28M | -$8.62M |
| Investing Activities | |||||||||||||||||||
| Capital Expenditures | -$10.32M | -$1.5M | -$1.68M | -$1.75M | -$3.31M | -$3.75M | -$3.52M | -$604K | -$1.08M | -$389K | -$605K | -$673K | -$684K | -$1.32M | -$1.72M | -$634K | -$535K | -$505K | -$356K |
| Acquisitions | $0 | $0 | $0 | $15.92M | $0 | -$25.11M | $4K | $0 | $18K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$2.14B | -$1.71B | -$323.28M | -$104.85M | $0 | $0 | -$3.41M | -$44.88M | -$12.63M | -$4K | $0 | $0 | -$7.09M | -$14.59M | -$14.92M | -$7.46M | $0 | $0 | $0 |
| Sales of Investments | $1.81B | $619.35M | $163.08M | $132.77M | $0 | $0 | -$4K | $11.11M | $55.91M | $0 | $4K | $3.65M | $22.26M | $17.94M | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $3.53M | -$463K | -$1.87M | $43.85M | $601K | -$595K | -$800K | $166.38M | $46.84M | -$44.51M | $4K | -$18K | -$3K | -$9K | -$8K | -$8K | -$6K | -$14K | -$83K |
| Net Cash from Investing | -$335.79M | -$1.1B | -$163.75M | $42.1M | -$2.71M | -$29.46M | -$7.73M | $132M | $33.13M | -$44.9M | -$601K | $2.96M | $14.49M | $2.01M | -$16.65M | -$8.1M | -$541K | -$519K | -$439K |
| Financing Activities | |||||||||||||||||||
| Debt Repaid | - | -$55.36M | $78.7M | $65.27M | -$96.98M | $4.37M | $1.3M | $23.7M | $26.4M | - | - | -$44.71M | - | - | - | - | - | $943K | $704K |
| Common Stock Issuance | $7.34M | $1.28B | $234.09M | $162.35M | $116.01M | $124.66M | $104.42M | $432K | $85.9M | $24.7M | $14.43M | $0 | $0 | $0 | $1.27M | $59.21M | $0 | $0 | $0 |
| Common Stock Repurchases | -$60.81M | -$52.66M | -$6.23M | $0 | -$4.28M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$64K | -$7M | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$3.01M | -$37.87M | -$13.41M | -$9.14M | -$9.22M | -$6.39M | -$2.16M | $428K | -$8.92M | -$1.18M | $0 | -$3.97M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$56.48M | $1.24B | $135.76M | $87.92M | $199.48M | $113.9M | $100.95M | -$23.27M | $50.58M | $23.52M | $14.43M | $40.74M | $0 | $0 | $1.21M | $52.21M | $0 | -$943K | -$704K |
| Forex Effect | $36.98M | $933K | -$1.08M | $2.05M | $9.91M | $560K | $1.06M | $877K | -$2.27M | $964K | $5.23M | $351K | $21K | -$210K | -$96K | $0 | $0 | $265K | $0 |
| Net Change in Cash | $620.19M | $4.64M | -$92.79M | -$8.96M | $25.28M | -$18.09M | $32.99M | $40.7M | $39.72M | -$14.29M | -$14.68M | $37.73M | -$10.88M | $12.06M | -$15.71M | $35.73M | -$9.74M | -$5.48M | -$9.76M |
| Supplementary Data | |||||||||||||||||||
| Operating Cash Flow | $975.47M | -$139.32M | -$63.71M | -$141.03M | -$181.41M | -$103.09M | -$61.29M | -$68.91M | -$41.72M | $6.12M | -$33.74M | -$6.31M | -$25.39M | $10.26M | -$270K | -$8.38M | -$9.2M | -$4.28M | -$8.62M |
| Capital Expenditure | -$4.98M | -$1.97M | -$3.55M | -$1.75M | -$3.31M | -$3.75M | -$3.52M | -$604K | -$1.08M | -$389K | -$605K | -$673K | -$684K | -$1.32M | -$1.72M | -$634K | -$535K | -$505K | -$356K |
| Free Cash Flow | $970.49M | -$141.29M | -$67.27M | -$142.78M | -$184.72M | -$106.83M | -$64.81M | -$69.52M | -$42.8M | $5.73M | -$34.34M | -$6.99M | -$26.07M | $8.93M | -$1.99M | -$9.01M | -$9.73M | -$4.79M | -$8.97M |
| Cash at Beginning | $63.27M | $67.25M | $160.04M | $169M | $143.72M | $161.81M | $128.82M | $88.12M | $48.4M | $62.68M | $80.57M | $42.83M | $53.71M | $41.66M | $57.37M | $21.65M | $31.38M | $36.87M | $46.63M |
| Cash at End | $683.46M | $71.89M | $67.25M | $160.04M | $169M | $143.72M | $161.81M | $128.82M | $88.12M | $48.4M | $65.89M | $80.57M | $42.83M | $53.72M | $41.66M | $57.37M | $21.65M | $31.38M | $36.87M |