Look at these operating margin trends.
2012 3%
2013 7%
2014 18%
2015 20%
2016 25%
2017 26%
2018 28%
2019 29%
2020 First Half 33%
Their cash position went up today. It will go up tomorrow. And the next day and day after that. We are also approaching a sales growth cycle we have not seen.
Credit managements decisions to not meaningfully increase payroll, to outsource IT and to find other ways to not add to costs.
I always look at OTC markets to see if the number of six employees remains unchanged, which somehow it always does.
Additionally, gross margins continue to run at 63-64%. It is the same staggering number as it was in 2010. That's more impressive because management warned of otherwise in the past two years.
It feels very much like a special dividend season, and PCHM has the best magicment team.
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