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* Free cash flow = OCF − net investing outflow (the filings carry no standalone capex line).
Dividends declared (per SOCE filings): FY2022 0 · FY2023 0 · FY2024 0
Georgian delivery center of Exadel, a US-based software engineering and digital transformation services firm.
| Ratio | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Margins | ||||
| Gross Margin | 39.5% | 14.7% | 14.5% | 16.6% |
| EBITDA Margin | 27.3% | 6.7% | 4.9% | 4.8% |
| EBITDAR | 561 | 2,033 | 1,470 | 1,194 |
| EBITDAR Margin | 27.5% | 6.7% | 4.9% | 4.8% |
| EBIT Margin | 27.3% | 6.7% | 4.8% | 4.5% |
| Net Profit Margin | 26.8% | 4.4% | 3.9% | 4.0% |
| Operating Expense % of Sales | 12.2% | 7.9% | 9.6% | 11.8% |
| Returns | ||||
| Return on Assets (ROA) | 52.0% | 31.1% | 22.0% | 17.0% |
| Return on Equity (ROE) | 100.0% | 71.0% | 38.4% | 24.9% |
| ROIC [EBIT / Invested Capital] | 107.6% | 114.9% | 47.4% | 27.9% |
| Leverage & debt balances | ||||
| Debt-to-Assets | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt-to-Equity | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt-to-EBITDA | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity-to-Assets | 52.0% | 43.8% | 57.1% | 68.4% |
| Net Debt | -31 | -135 | -21 | -9 |
| Cash & Equivalents | 31 | 135 | 21 | 9 |
| Total Debt | N/A | N/A | N/A | N/A |
| Liquidity & working capital | ||||
| Current Ratio | 1.60x | 1.20x | 1.85x | 2.88x |
| Quick Ratio | 1.60x | 1.20x | 1.85x | 2.88x |
| Cash Ratio | 0.06x | 0.06x | 0.01x | 0.00x |
| Total Current Assets | 809 | 2,916 | 4,253 | 5,426 |
| Total Current Liabilities | 506 | 2,424 | 2,299 | 1,887 |
| Inventory | 2 | 3 | N/A | N/A |
| Trade Receivables | 776 | 2,778 | 4,232 | 5,417 |
| Trade Payables | 4 | 31 | 106 | 108 |
| Net Working Capital | 303 | 492 | 1,954 | 3,539 |
| Net Working Capital % of Revenue | 14.9% | 1.6% | 6.5% | 14.1% |
| Trade Working Capital | 775 | 2,750 | 4,126 | 5,309 |
| Trade Working Capital % of Revenue | 38.0% | 9.1% | 13.6% | 21.2% |
| Change in Trade Working Capital | N/A | 1,976 | 1,375 | 1,184 |
| Turnover & efficiency | ||||
| Inventory Turnover | 509.85x | 7511.47x | N/A | N/A |
| Days Inventory Outstanding (DIO) | 0.7 | 0.0 | N/A | N/A |
| Receivables Turnover | 2.63x | 10.85x | 7.15x | 4.63x |
| Days Sales Outstanding (DSO) | 138.8 | 33.6 | 51.1 | 78.8 |
| Payables Turnover | 332.31x | 833.39x | 244.51x | 194.09x |
| Days Payable Outstanding (DPO) | 1.1 | 0.4 | 1.5 | 1.9 |
| Cash Conversion Cycle | 138.4 days | 33.2 days | 49.6 days | 76.9 days |
| Asset Turnover | 1.94x | 6.99x | 5.64x | 4.21x |
| Cash flow & dividends | ||||
| Operating Cash Flow | 359 | 2,160 | 73 | 113 |
| Free Cash Flow (OCF − Capex proxy) | 40 | 614 | 68 | 112 |
| Cash Conversion (OCF / EBITDA) | 64.4% | 106.2% | 5.0% | 9.5% |
| Dividends Declared | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% |
Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.
Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.
Ownership & directors from companyinfo.ge (public corporate registry).
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