Revenue Analysis
Total Revenue has shown growth, from $547 million (2023-03-31) to $705.4 million (2023-12-31). Similarly, Operating Revenue remains consistent with Total Revenue, indicating all revenue from core business operations. Gross Profit increased from $145.4 million to $195.2 million, suggesting improvement in profitability or cost management within the operational cycle.
Cost Management
Cost of Revenue and Operating Expenses have generally increased, aligning with the increase in revenue. Cost of Revenue elevated from $401.6 million to $510.2 million by year-end. This reflects higher costs associated with greater sales but needs monitoring to maintain margin efficiency. Total Expenses have risen sharply from $531.2 million to $657.8 million, which could signal rising operational costs or increased investment in growth.
Profitability Analysis
EBITDA and Operating Income have also increased significantly. EBITDA grew from $72.5 million to $91.7 million, while Operating Income has expanded from $15.8 million to $47.6 million. Pretax Income improved markedly from $16.8 million to $21.8 million. Overall, Net Income grew from $14.8 million to $19.2 million. These improvements suggest effective control over expenses relative to revenue growth.
Cash Flow Indicators
Reconciled Depreciation, which forms a significant non-cash charge, increased from $35.3 million to $42.6 million, consistent with higher asset investments. Interest Expenses remained stable around $8 million, indicating sustained finance costs alongside operational expansion.
Taxation
The Tax Provision shows variability, notably dropping to negative $3.6 million in 2023-03-31 and then rising to $2.6 million by 2023-12-31. The Tax Rate For Calcs has shown fluctuations, with the latest rate at approximately 0.119. Detailed monitoring of the Tax Effect of Unusual Items is required, especially with significant negative effects seen in the latest period (-$2,325,688).
Shareholder Metrics
Diluted EPS showed an overall positive trend, moving from $0.24 to $0.55, indicating accruing benefits to shareholders. Basic EPS similarly increased. Average Shares indicate dilution, growing from 57,477,852 to around the reported 60,235,193 shares. Net Income Available to Common Stockholders consistently reflected the Net Income figures, showing direct profitability returns to them.
Conclusion
Across these three years, evidence suggests operational growth and successful scaling efforts, though accompanied by rising costs. Revenue and profit metrics have demonstrated a strong positive trend, but this progression is shadowed by a considerable increase in expenses and variable taxation impacts. Prioritizing cost efficiency and closer financial controls could enhance profitability margins further. Continued investment in expansion seems justifiable, yet should be balanced carefully with operational cost management.