VGP N.V. (0HM0.L)

Analysis: Margins & Ratios Industry: Real Estate - General Sector: Real Estate Live Price: $105.00

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	TTM	TTM-1	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	2006-12-31
Revenue	130,734,915	96,727,547	68,627,758	53,196,158	325,511,397	171,154,307	147,393,966	141,140,070	103,670,710	54,489,679	36,943,310	32,645,664	84,323,087	29,476,445	29,049,029	27,145,618	34,740,473	7,000,700	5,295,732	23,088,688	41,539,207	31,181,412	17,057,894	8,023,445	3,033,010
Cost of Revenue	32,565,817	24,865,518	14,934,787	11,602,624	44,810,584	25,236,336	29,558,640	34,997,627	33,141,185	14,247,985	12,382,150	11,061,152	1,318,649	2,279,161	5,608,075	4,753,243	3,748,110	2,544,535	2,216,927	6,731,803	9,450,123	7,642,998	4,924,679	2,653,737	681,048
Cost of Revenue Margin	25.61%	27.30%	21.65%	23.83%	13.77%	14.74%	20.05%	24.80%	31.97%	26.15%	33.52%	33.88%	1.56%	7.73%	19.31%	17.51%	10.79%	36.35%	41.86%	29.16%	22.75%	24.51%	28.87%	33.07%	22.45%
Gross Profit	98,169,097	71,862,029	53,692,971	41,593,534	326,285,208	145,917,971	117,835,325	106,142,443	70,529,524	40,241,694	24,561,160	21,584,512	83,004,438	27,197,284	23,440,954	22,392,375	30,992,363	4,456,165	3,078,805	16,356,885	32,089,084	23,538,414	12,133,215	5,369,708	2,351,963
Gross Profit Margin	74.39%	72.70%	78.35%	76.17%	100.24%	85.26%	79.95%	75.20%	68.03%	73.85%	66.48%	66.12%	98.44%	92.27%	80.69%	82.49%	89.21%	63.65%	58.14%	70.84%	77.25%	75.49%	71.13%	66.93%	77.55%
R&D Expenses	0	6	3	2	26,655,968	41,469,928	0	0	0	15	13	7	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	8.19%	24.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	30,504,670	37,420,982	28,585,564	20,214,824	134,809,850	43,751,437	31,888,293	19,753,903	39,871,814	61,190,953	34,399,949	21,253,382	21,074,901	22,491,010	18,137,002	15,794,433	7,698,186	3,211,492	1,775,421	2,461,165	2,220,450	2,854,529	2,050,188	423,893	150,300
SG&A Expenses Margin	24.70%	55.90%	56.65%	45.61%	41.41%	25.56%	21.63%	14.00%	38.46%	112.30%	93.12%	65.10%	24.99%	76.30%	62.44%	58.18%	22.16%	45.87%	33.53%	10.66%	5.35%	9.15%	12.02%	5.28%	4.96%
Operating Expenses	-83,248,284	-29,775,636	31,813,847	23,283,452	-330,264,640	1,219,252,511	-254,555,631	-33,324,364	38,135,143	64,207,524	36,659,148	23,358,758	92,847,924	121,852,332	125,461,884	103,495,751	53,872,039	1,144,865	2,377,796	-1,681,483	-24,599,909	10,613,775	-40,527,029	-48,288,623	-19,886,590
Operating Expenses Margin	-53.18%	11.51%	146.57%	107.70%	-101.46%	712.37%	-172.70%	-23.61%	36.78%	117.83%	99.23%	71.55%	110.11%	413.39%	431.90%	381.26%	155.07%	16.35%	44.90%	-7.28%	-59.22%	34.04%	-237.59%	-601.84%	-655.67%
Operating Income (EBIT)	181,417,381	389,712,111	202,262,683	144,870,175	313,135,119	760,550,514	372,390,957	139,466,806	32,394,381	911,845,238	492,463,171	-1,774,246	61,672,383	4,472,604	3,739,891	5,955,644	22,668,317	37,831,020	15,199,104	18,038,368	56,688,993	12,924,640	52,660,244	53,657,157	22,074,162
Operating Income (EBIT) Margin	127.57%	677.83%	350.69%	307.61%	96.20%	444.37%	252.65%	98.81%	31.25%	1,673.43%	1,333.02%	-5.43%	73.14%	15.17%	12.87%	21.94%	65.25%	540.39%	287.01%	78.13%	136.47%	41.45%	308.71%	668.75%	727.80%
Interest Income	39,714,077	28,903,895	20,298,271	14,943,828	109,073,296	41,561,517	58,907,095	39,915,260	20,319,877	14,464,042	10,913,201	6,508,701	14,862,103	11,431,032	16,126,737	9,534,666	7,894,281	4,052,233	3,999,393	4,767,333	461,468	1,166,000	356,963	1,142,516	158,520
Interest Income Margin	29.28%	28.79%	31.09%	32.59%	33.51%	24.28%	39.97%	28.28%	19.60%	26.54%	29.54%	19.94%	17.63%	38.78%	55.52%	35.12%	22.72%	57.88%	75.52%	20.65%	1.11%	3.74%	2.09%	14.24%	5.23%
Interest Expense	45,029,380	31,917,413	27,386,098	20,658,287	30,547,333	129,578,700	50,305,933	40,509,416	44,272,791	24,498,926	0	28,194,196	25,570,989	27,079,862	19,068,159	14,360,711	9,567,545	2,765,288	152,649	6,806,953	16,720,893	13,349,707	12,181,358	5,664,437	735,062
Interest Expense Margin	35.18%	30.10%	47.76%	41.15%	9.38%	75.71%	34.13%	28.70%	42.71%	44.96%	0.00%	86.36%	30.33%	91.87%	65.64%	52.90%	27.54%	39.50%	2.88%	29.48%	40.25%	42.81%	71.41%	70.60%	24.24%
Net Interest Income	-5,315,303	-3,013,518	-8,747,352	-7,356,958	50,626,495	-88,017,183	8,601,162	-594,155	-23,952,914	-10,034,884	10,913,201	-16,591,729	-15,040,584	-14,521,579	-14,305,522	-11,946,514	-7,295,429	900,627	3,714,058	-3,940,682	-16,259,424	-12,183,707	-11,824,395	-4,521,921	-942,899
Net Interest Income Margin	-5.90%	-1.31%	-21.77%	-14.13%	15.55%	-51.43%	5.84%	-0.42%	-23.10%	-18.42%	29.54%	-50.82%	-17.84%	-49.27%	-49.25%	-44.01%	-21.00%	12.86%	70.13%	-17.07%	-39.14%	-39.07%	-69.32%	-56.36%	-31.09%
Unusual Items	73,339,041	48,817,257	-37,622,948	-26,775,034	-460,840,252	1,060,070,520	-11,422,812	7,675,876	223,764,060	24,893,464	-824,302	-182,543,067	-88,608,990	-117,497,150	-126,094,789	-105,571,772	-52,628,540	-2,111,248	-7,254,331	4,079,240	32,518,849	24,367,413	23,648,791	9,042,668	1,519,441
Unusual Items Margin	71.18%	51.40%	-162.89%	-123.44%	-141.57%	619.37%	-7.75%	5.44%	215.84%	45.68%	-2.23%	-559.16%	-105.08%	-398.61%	-434.08%	-388.91%	-151.49%	-30.16%	-136.98%	17.67%	78.28%	78.15%	138.64%	112.70%	50.10%
EBT Excluding Unusual Items	40,054,601	295,091,115	284,596,406	204,134,703	1,156,289,661	-1,271,573,343	386,635,419	124,709,209	-391,180,825	872,093,194	483,198,575	384,997,383	249,599,249	255,115,734	258,870,890	221,925,232	129,598,661	40,766,570	25,861,021	11,919,507	7,910,720	-23,626,481	17,187,058	40,093,742	19,611,822
EBT Excluding Unusual Items Margin	-8.89%	576.35%	693.13%	563.04%	355.22%	-742.94%	262.31%	88.36%	-377.33%	1,600.47%	1,307.95%	1,179.32%	296.00%	865.49%	891.15%	817.54%	373.05%	582.32%	488.34%	51.62%	19.04%	-75.77%	100.76%	499.71%	646.61%
Pre-Tax Income	113,393,643	343,908,372	246,973,458	177,359,668	695,449,408	-211,502,823	375,212,607	132,385,085	-167,416,765	896,986,658	482,374,273	202,454,316	160,990,259	137,618,584	132,776,101	116,353,460	76,970,121	38,655,322	18,606,690	15,998,748	40,429,569	740,933	40,835,849	49,136,410	21,131,263
Pre-Tax Income Margin	62.29%	627.75%	530.24%	439.61%	213.65%	-123.57%	254.56%	93.80%	-161.49%	1,646.16%	1,305.71%	620.16%	190.92%	466.88%	457.08%	428.63%	221.56%	552.16%	351.35%	69.29%	97.33%	2.38%	239.40%	612.41%	696.71%
Income Tax Expense	14,862,103	45,015,133	27,088,903	20,957,400	84,688,269	-34,270,753	38,226,732	29,885,073	-23,525,498	133,679,076	46,810,280	-38,169,195	18,785,172	24,899,335	25,586,254	14,711,802	19,011,796	10,119,428	3,114,031	1,798,905	9,427,812	-639,950	7,295,429	6,360,750	4,989,261
Income Tax Expense Margin	8.14%	79.29%	52.86%	54.47%	26.02%	-20.02%	25.94%	21.17%	-22.69%	245.33%	126.71%	-116.92%	22.28%	84.47%	88.08%	54.20%	54.73%	144.55%	58.80%	7.79%	22.70%	-2.05%	42.77%	79.28%	164.50%
Net Income	98,531,540	298,893,239	219,965,693	156,396,006	610,761,139	-229,785,767	336,985,875	102,500,012	-143,891,267	763,307,582	435,563,993	241,434,897	142,205,087	112,719,249	107,189,847	101,641,657	57,958,325	28,535,894	13,596,293	15,190,884	31,001,756	1,380,883	33,540,420	42,775,660	16,142,002
Net Income Margin	54.15%	548.46%	477.63%	383.20%	187.63%	-134.26%	228.63%	72.62%	-138.80%	1,400.83%	1,179.01%	739.56%	168.64%	382.40%	369.00%	374.43%	166.83%	407.61%	256.74%	65.79%	74.63%	4.43%	196.63%	533.13%	532.21%
Depreciation and Amortization	7,439,075	5,521,887	3,054,616	2,096,452	19,544,892	678,424,393	10,106,512	6,951,382	5,259,331	2,854,529	2,437,681	1,417,284	257,154	233,670	166,739	861,877	209,011	124,467	163,217	192,572	211,360	301,775	212,534	77,499	86,892
Depreciation and Amortization Margin	5.62%	5.74%	3.79%	2.98%	6.00%	396.38%	6.86%	4.93%	5.07%	5.24%	6.60%	4.34%	0.30%	0.79%	0.57%	3.18%	0.60%	1.78%	3.08%	0.83%	0.51%	0.97%	1.25%	0.97%	2.86%
EBITDA	196,084,172	111,503,931	56,855,615	42,773,077	206,116,708	222,115,455	435,625,052	114,973,751	37,653,713	-21,072,552	-9,660,308	5,456,600	-12,946,950	4,706,274	7,003,048	6,817,521	22,877,328	4,722,713	711,577	14,552,108	30,176,280	21,167,664	53,229,741	6,055,453	23,324,706
EBITDA Margin	137.78%	69.70%	41.51%	46.50%	63.32%	129.77%	295.55%	81.46%	36.32%	-38.67%	-26.15%	16.71%	-15.35%	15.97%	24.11%	25.11%	65.85%	67.46%	13.44%	63.03%	72.65%	67.89%	312.05%	75.47%	769.03%
NOPAT	156,759,027	338,180,540	175,515,527	124,819,131	275,003,127	637,315,094	334,451,695	107,983,081	27,842,305	775,951,769	444,673,850	-2,108,749	54,476,132	3,663,376	3,019,205	5,202,609	17,069,191	27,927,383	12,655,369	16,010,127	43,469,629	24,087,759	43,252,357	46,711,193	16,862,275
NOPAT Margin	110.09%	591.59%	305.81%	261.27%	84.48%	372.36%	226.91%	76.51%	26.86%	1,424.03%	1,203.67%	-6.46%	64.60%	12.43%	10.39%	19.17%	49.13%	398.92%	238.97%	69.34%	104.65%	77.25%	253.56%	582.18%	555.96%
Owner's Earnings	11,970,390	47,234,409	15,393,085	8,217,348	630,306,031	-780,083,970	347,092,387	109,451,395	-420,632,611	-79,772,984	280,033,857	95,482,874	-249,350,314	6,971,344	-37,848,633	102,503,535	58,167,336	-76,797,511	-2,602,072	-40,651,496	31,213,116	1,682,657	33,752,954	42,853,159	16,228,895
Owner's Earnings Margin	-30.90%	103.78%	78.66%	-19.53%	193.64%	-455.78%	235.49%	77.55%	-405.74%	-146.40%	758.01%	292.48%	-295.71%	23.65%	-130.29%	377.61%	167.43%	-1,097.00%	-49.14%	-176.07%	75.14%	5.40%	197.87%	534.10%	535.08%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	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	2006-12-31
Revenue	130,734,915	96,727,547	68,627,758	53,196,158	147,393,966	141,140,070	103,670,710	54,489,679	36,943,310	32,645,664	84,323,087	29,476,445	29,049,029	27,145,618	34,740,473	7,000,700	5,295,732	23,088,688	41,539,207	31,181,412	17,057,894	8,023,445	3,033,010
Cash & Cash Equivalents	548,604,195	433,554,432	269,532,925	192,496,304	578,342,099	246,493,437	820,977,049	260,864,715	261,094,862	206,836,505	189,573,122	35,542,465	84,068,281	11,536,712	51,190,121	93,028,754	22,454,609	19,170,316	6,271,509	5,080,850	5,036,230	62,039,914	2,968,428
Cash & Cash Equivalents Margin	452.98%	508.88%	385.53%	390.24%	392.38%	174.64%	791.91%	478.74%	706.74%	633.58%	224.82%	120.58%	289.40%	42.50%	147.35%	1,328.85%	424.01%	83.03%	15.10%	16.29%	29.52%	773.23%	97.87%
Short-Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	548,604,195	433,554,432	269,532,925	192,496,304	578,342,099	246,493,437	820,977,049	260,864,715	261,094,862	206,836,505	189,573,122	35,542,465	84,068,281	11,536,712	51,190,121	93,028,754	22,454,609	19,170,316	6,271,509	5,080,850	5,036,230	62,039,914	2,968,428
Cash & Short-Term Investments Margin	452.98%	508.88%	385.53%	390.24%	392.38%	174.64%	791.91%	478.74%	706.74%	633.58%	224.82%	120.58%	289.40%	42.50%	147.35%	1,328.85%	424.01%	83.03%	15.10%	16.29%	29.52%	773.23%	97.87%
Net Receivables	24,120,044	35,933,480	21,737,395	15,928,373	34,798,010	18,700,628	18,861,496	98,170,663	9,136,606	7,243,763	8,547,147	13,003,312	3,126,948	5,785,382	1,587,545	9,971,476	9,992,612	0	0	0	0	0	3,535,576
Net Receivables Margin	18.35%	51.99%	36.85%	46.94%	23.61%	13.25%	18.19%	180.16%	24.73%	22.19%	10.14%	44.11%	10.76%	21.31%	4.57%	142.44%	188.69%	0.00%	0.00%	0.00%	0.00%	0.00%	116.57%
Inventory	0	0	0	-142,237	0	0	0	0	0	0	0	0	0	0	0	-2,133,558	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	-2.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-30.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	631,919,409	544,870,488	460,465,441	335,914,204	296,309,720	1,122,766,854	476,681,654	664,959,612	163,634,602	225,750,840	341,373,935	518,950,052	174,989,310	619,237,833	6,422,983	9,892,804	10,611,426	50,587,746	356,543,683	5,322,739	11,028,274	10,892,065	4,269,464
Other Current Assets Margin	485.44%	623.92%	886.01%	686.51%	201.03%	795.50%	459.80%	1,220.34%	442.93%	691.52%	404.84%	1,760.56%	602.39%	2,281.17%	18.49%	141.31%	200.38%	219.10%	858.33%	17.07%	64.65%	135.75%	140.77%
Total Current Assets	1,204,643,649	1,014,358,401	751,735,761	543,150,178	909,449,829	1,387,960,918	1,316,520,199	1,023,994,990	433,866,070	439,831,108	539,494,205	567,495,829	262,184,538	636,559,927	59,200,650	105,055,115	33,066,035	69,758,062	362,815,192	10,403,589	16,064,504	72,931,978	7,237,892
Total Current Assets Margin	956.77%	1,184.79%	1,308.38%	1,103.66%	617.02%	983.39%	1,269.91%	1,879.25%	1,174.41%	1,347.29%	639.79%	1,925.25%	902.56%	2,344.98%	170.41%	1,500.64%	624.39%	302.13%	873.43%	33.36%	94.18%	908.99%	238.64%
Property, Plant & Equipment	118,602,091	82,688,572	157,392,331	137,608,407	143,617,674	126,141,758	86,046,842	37,740,605	19,895,984	6,208,101	301,166,294	291,350,989	460,668,816	101,086,251	489,014,487	348,743	282,987	326,433	230,147	396,886	480,256	247,760	8,282,948
Property, Plant & Equipment Margin	89.94%	78.59%	371.57%	342.38%	97.44%	89.37%	83.00%	69.26%	53.86%	19.02%	357.16%	988.42%	1,585.83%	372.39%	1,407.62%	4.98%	5.34%	1.41%	0.55%	1.27%	2.82%	3.09%	273.09%
Goodwill	0	0	74,093	148,187	0	0	0	0	0	0	0	0	0	740,933	740,933	740,933	0	0	0	0	0	0	0
Goodwill Margin	0.00%	0.00%	0.27%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.73%	2.13%	10.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,144,473	1,063,139	549,065	387,258	850,135	1,174,220	1,409,064	1,228,234	654,041	54,014	48,143	42,272	16,439	14,091	66,931	59,885	68,105	50,491	72,802	75,150	11,742	10,568	0
Intangible Assets Margin	0.92%	1.36%	0.73%	0.67%	0.58%	0.83%	1.36%	2.25%	1.77%	0.17%	0.06%	0.14%	0.06%	0.05%	0.19%	0.86%	1.29%	0.22%	0.18%	0.24%	0.07%	0.13%	0.00%
Long-Term Investments	1,263,970,723	1,159,900,857	688,588,089	459,136,929	1,527,512,268	1,217,933,862	1,046,466,038	1,007,616,970	999,975,146	529,358,338	283,488,412	168,657,915	104,739,250	132,687	19,962	1,153,084	0	0	0	0	0	0	0
Long-Term Investments Margin	969.56%	1,492.93%	1,035.56%	691.48%	1,036.35%	862.93%	1,009.41%	1,849.19%	2,706.78%	1,621.53%	336.19%	572.18%	360.56%	0.49%	0.06%	16.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	9,300,997	6,458,680	3,679,418	2,588,216	13,644,436	9,750,723	4,507,831	2,293,252	2,097,157	816,083	921,763	812,560	618,814	1,331,565	302,949	158,520	92,763	285,335	1,189,485	2,793,469	1,360,921	0	0
Tax Assets Margin	6.84%	6.08%	4.38%	3.52%	9.26%	6.91%	4.35%	4.21%	5.68%	2.50%	1.09%	2.76%	2.13%	4.91%	0.87%	2.26%	1.75%	1.24%	2.86%	8.96%	7.98%	0.00%	0.00%
Other Non-Current Assets	2,486,354,487	1,924,021,234	1,004,860,018	726,770,631	2,869,670,387	2,436,175,370	2,153,217,705	1,662,621,544	498,421,163	432,178,716	-921,763	-812,560	-618,814	-1,331,565	-302,949	322,814,214	172,424,813	138,465,197	219,558,004	502,689,453	462,674,384	264,400,292	113,220,641
Other Non-Current Assets Margin	1,916.66%	2,030.08%	1,146.34%	1,363.86%	1,946.94%	1,726.07%	2,076.98%	3,051.26%	1,349.15%	1,323.85%	-1.09%	-2.76%	-2.13%	-4.91%	-0.87%	4,611.17%	3,255.92%	599.71%	528.56%	1,612.14%	2,712.38%	3,295.35%	3,732.95%
Other Assets	2,087,100,509	1,549,189,074	902,878,189	601,938,990	0	5,179,136,851	1,082,164,675	823,694,194	660,949,650	498,913,162	299,448,410	184,897,378	195,834,063	103,743,511	302,949	0	0	0	0	0	0	0	0
Other Assets Margin	1,571.12%	1,602.82%	1,158.11%	772.13%	0.00%	3,669.50%	1,043.85%	1,511.65%	1,789.09%	1,528.27%	355.12%	627.27%	674.15%	382.17%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	3,879,372,771	3,174,132,482	1,855,143,015	1,326,639,627	4,555,294,901	3,791,175,933	3,291,647,480	2,711,500,604	1,521,043,490	968,615,252	584,702,849	460,051,176	565,424,505	101,973,962	489,842,312	325,275,379	172,868,668	139,127,457	221,050,438	505,954,959	464,527,303	264,658,620	121,503,589
Total Non-Current Assets Margin	2,983.92%	3,609.03%	2,558.85%	2,402.92%	3,090.56%	2,686.11%	3,175.10%	4,976.17%	4,117.24%	2,967.06%	693.41%	1,560.74%	1,946.45%	375.66%	1,410.00%	4,646.33%	3,264.30%	602.58%	532.15%	1,622.62%	2,723.24%	3,298.57%	4,006.04%
Total Assets	5,444,737,978	4,701,852,587	2,991,843,281	2,126,453,004	5,464,744,730	5,179,136,851	5,690,332,354	4,559,189,789	2,615,859,211	1,907,359,522	1,423,645,464	1,212,444,384	1,023,443,107	842,277,400	549,345,911	430,330,494	205,934,704	208,885,518	583,865,630	516,358,548	480,591,807	337,590,598	128,741,481
Total Assets Margin	4,288.64%	5,662.75%	4,658.39%	4,034.08%	3,707.58%	3,669.50%	5,488.85%	8,367.07%	7,080.74%	5,842.61%	1,688.32%	4,113.27%	3,523.16%	3,102.81%	1,581.29%	6,146.96%	3,888.69%	904.71%	1,405.58%	1,655.98%	2,817.42%	4,207.55%	4,244.68%
Accounts Payable	91,995,049	91,195,561	68,235,451	49,088,189	82,119,076	78,699,747	115,166,323	111,768,131	68,224,530	66,149,684	45,523,335	45,065,389	38,305,405	31,332,886	25,002,666	6,845,703	3,569,629	6,721,235	11,829,092	8,638,737	32,993,234	24,377,981	7,217,930
Accounts Payable Margin	74.19%	122.47%	126.91%	104.26%	55.71%	55.76%	111.09%	205.12%	184.67%	202.63%	53.99%	152.89%	131.86%	115.43%	71.97%	97.79%	67.41%	29.11%	28.48%	27.70%	193.42%	303.83%	237.98%
Short-Term Debt	250,625,517	168,837,571	105,886,110	73,594,473	134,877,955	131,219,085	485,779,511	51,838,290	40,473,015	1,537,054	17,565,157	95,532,191	95,903,244	4,135,603	6,718,887	12,793,127	14,374,801	5,509,440	5,659,740	6,399,499	9,962,082	1,640,385	770,288
Short-Term Debt Margin	217.69%	171.55%	155.28%	137.58%	91.51%	92.97%	468.58%	95.13%	109.55%	4.71%	20.83%	324.10%	330.14%	15.23%	19.34%	182.74%	271.44%	23.86%	13.63%	20.52%	58.40%	20.44%	25.40%
Tax Payables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	15,265	96,286	83,370
Tax Payables Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	1.20%	2.75%
Deferred Revenue	-153,811,469	-97,785,519	-70,360,084	-47,354,649	0	0	-461,434,408	-27,493,187	0	-1,537,054	-17,565,157	-95,532,191	-95,903,244	-4,135,603	-6,718,887	0	0	0	0	0	0	0	0
Deferred Revenue Margin	-148.37%	-99.11%	-119.06%	-80.66%	0.00%	0.00%	-445.10%	-50.46%	0.00%	-4.71%	-20.83%	-324.10%	-330.14%	-15.23%	-19.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	202,372,512	149,409,632	107,934,420	87,271,162	19,621,216	76,496,910	510,999,408	115,111,135	24,819,488	64,671,341	38,609,528	48,287,449	12,447,906	168,279,817	2,110,073	12,862,406	239,541	8,259,463	206,251,743	319,388	13,846,402	0	0
Other Current Liabilities Margin	186.81%	167.77%	190.93%	175.73%	13.31%	54.20%	492.91%	211.25%	67.18%	198.10%	45.79%	163.82%	42.85%	619.92%	6.07%	183.73%	4.52%	35.77%	496.52%	1.02%	81.17%	0.00%	0.00%
Total Current Liabilities	405,111,380	323,088,981	239,093,150	181,395,619	268,404,382	292,508,770	654,420,987	260,454,912	139,655,856	132,068,046	101,698,020	188,885,029	147,451,502	205,383,994	34,382,336	32,725,511	18,664,227	20,490,139	223,740,576	15,357,623	56,801,718	26,114,653	8,071,588
Total Current Liabilities Margin	340.20%	375.32%	430.68%	390.20%	182.10%	207.25%	631.25%	477.99%	378.03%	404.55%	120.61%	640.80%	507.60%	756.60%	98.97%	467.46%	352.44%	88.75%	538.63%	49.25%	332.99%	325.48%	266.12%
Long-Term Debt	2,265,506,016	1,849,987,837	1,186,627,983	828,793,910	2,280,916,479	2,213,585,530	2,302,016,038	1,574,169,900	879,251,239	901,416,990	662,700,413	460,332,989	391,333,474	200,556,776	226,664,383	187,473,617	4,598,246	4,884,755	142,007,818	277,024,331	211,882,128	138,582,619	57,368,867
Long-Term Debt Margin	1,778.79%	2,121.06%	1,780.01%	1,438.69%	1,547.50%	1,568.36%	2,220.51%	2,888.93%	2,380.00%	2,761.22%	785.91%	1,561.70%	1,347.15%	738.82%	652.45%	2,677.93%	86.83%	21.16%	341.86%	888.43%	1,242.14%	1,727.22%	1,891.48%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	54,508,075	69,365,872	45,318,669	34,304,133	41,863,291	28,109,653	93,551,282	131,859,035	51,446,101	37,160,540	19,600,080	14,572,070	24,113,782	10,910,852	32,090,258	13,800,608	3,943,031	1,784,814	9,756,594	25,675,495	25,553,376	17,695,495	11,345,314
Deferred Tax Liabilities Margin	46.19%	103.96%	82.95%	81.65%	28.40%	19.92%	90.24%	241.99%	139.26%	113.83%	23.24%	49.44%	83.01%	40.19%	92.37%	197.13%	74.46%	7.73%	23.49%	82.34%	149.80%	220.55%	374.06%
Other Non-Current Liabilities	77,509,871	82,395,487	39,181,138	26,239,825	45,055,996	39,416,217	148,057,400	169,973,042	9,474,781	0	-20,166,054	0	0	0	0	846,613	500,218	32,878	406,280	16,015,187	3,698,793	1,593,417	1,338,611
Other Non-Current Liabilities Margin	67.10%	107.78%	51.50%	35.84%	30.57%	27.93%	142.82%	311.94%	25.65%	0.00%	-23.92%	0.00%	0.00%	0.00%	0.00%	12.09%	9.45%	0.14%	0.98%	51.36%	21.68%	19.86%	44.13%
Total Non-Current Liabilities	2,371,399,915	1,960,264,708	1,241,773,464	867,762,514	2,377,710,956	2,286,415,351	2,450,073,438	1,744,142,942	942,980,855	901,416,990	662,770,866	460,332,989	391,333,474	200,556,776	226,664,383	202,617,532	9,657,960	6,702,448	153,060,751	318,715,012	241,134,297	157,871,531	70,053,965
Total Non-Current Liabilities Margin	1,865.48%	2,269.97%	1,854.47%	1,511.42%	1,613.17%	1,619.96%	2,363.32%	3,200.87%	2,552.51%	2,761.22%	785.99%	1,561.70%	1,347.15%	738.82%	652.45%	2,894.25%	182.37%	29.03%	368.47%	1,022.13%	1,413.62%	1,967.63%	2,309.72%
Total Liabilities	2,776,511,295	2,283,353,690	1,493,528,932	1,059,956,495	2,646,115,338	2,578,924,121	3,104,494,425	2,004,597,854	1,082,636,711	1,085,662,676	785,495,643	664,987,793	565,139,170	417,235,593	296,398,961	235,343,044	28,322,186	27,192,587	376,801,327	334,072,635	297,936,015	183,986,183	78,125,553
Total Liabilities Margin	2,205.68%	2,645.29%	2,322.21%	1,933.11%	1,795.27%	1,827.21%	2,994.57%	3,678.86%	2,930.54%	3,325.60%	931.53%	2,256.00%	1,945.47%	1,537.03%	853.18%	3,361.71%	534.81%	117.77%	907.10%	1,071.38%	1,746.62%	2,293.11%	2,575.84%
Preferred Stock	23,810,050	28,572,060	30,928,720	28,523,369	0	35,715,076	35,715,076	35,715,076	35,715,076	35,715,076	35,715,076	35,715,076	59,281,671	0	59,281,671	59,281,671	0	0	0	0	0	0	0
Preferred Stock Margin	19.92%	44.40%	69.90%	114.43%	0.00%	25.30%	34.45%	65.54%	96.68%	109.40%	42.36%	121.16%	204.07%	0.00%	170.64%	846.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	124,086,873	109,839,122	110,467,095	98,834,724	124,086,873	124,086,873	124,086,873	92,126,953	84,808,040	73,096,369	108,811,445	108,811,445	132,378,040	132,378,040	132,378,040	73,096,369	73,096,369	26,182,758	73,096,369	73,096,369	73,096,369	73,096,369	12,880,019
Common Stock Margin	97.27%	138.09%	235.59%	363.38%	84.19%	87.92%	119.69%	169.07%	229.56%	223.91%	129.04%	369.15%	455.71%	487.66%	381.05%	1,044.13%	1,380.29%	113.40%	175.97%	234.42%	428.52%	911.03%	424.66%
Retained Earnings	1,551,244,037	1,511,072,014	1,000,966,892	714,090,073	1,701,646,746	1,483,230,084	1,468,855,282	1,788,359,370	1,113,268,588	748,519,455	564,972,430	474,279,200	385,126,547	281,411,217	179,769,559	121,810,060	104,435,127	155,429,153	140,238,269	115,347,153	113,967,445	0	0
Retained Earnings Margin	1,207.41%	1,983.54%	1,685.20%	1,472.82%	1,154.49%	1,050.89%	1,416.85%	3,282.01%	3,013.45%	2,292.86%	670.01%	1,609.01%	1,325.78%	1,036.67%	517.46%	1,739.97%	1,972.06%	673.18%	337.60%	369.92%	668.12%	0.00%	0.00%
Accumulated OCI	-23,810,050	-28,572,060	-29,811,567	-27,778,601	0	-35,715,076	-35,715,076	-35,715,076	-35,715,076	-35,715,076	-35,715,076	-35,715,076	-59,281,671	11,171,529	-59,281,671	-59,281,671	0	0	0	0	0	0	0
Accumulated OCI Margin	-19.92%	-44.40%	-65.78%	-111.68%	0.00%	-25.30%	-34.45%	-65.54%	-96.68%	-109.40%	-42.36%	-121.16%	-204.07%	41.15%	-170.64%	-846.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	2,668,226,683	2,418,498,897	1,498,314,349	1,066,496,509	2,818,629,392	2,600,212,730	2,585,837,929	2,554,591,934	1,533,222,500	821,696,846	638,149,821	547,456,591	458,303,937	425,041,807	252,946,950	194,987,451	177,612,517	181,692,932	207,064,303	182,285,913	182,655,792	153,604,415	50,615,927
Total Shareholders’ Equity Margin	2,082.96%	3,017.46%	2,336.18%	2,100.97%	1,912.31%	1,842.29%	2,494.28%	4,688.21%	4,150.20%	2,517.02%	756.79%	1,857.27%	1,577.69%	1,565.78%	728.10%	2,785.26%	3,353.88%	786.93%	498.48%	584.60%	1,070.80%	1,914.44%	1,668.83%
Total Equity	2,668,226,683	2,418,498,897	1,498,314,349	1,066,496,509	2,818,629,392	2,600,212,730	2,585,837,929	2,554,591,934	1,533,222,500	821,696,846	638,149,821	547,456,591	458,303,937	425,041,807	252,946,950	194,987,451	177,612,517	181,692,932	207,064,303	182,285,913	182,655,792	153,604,415	50,615,927
Total Equity Margin	2,082.96%	3,017.46%	2,336.18%	2,100.97%	1,912.31%	1,842.29%	2,494.28%	4,688.21%	4,150.20%	2,517.02%	756.79%	1,857.27%	1,577.69%	1,565.78%	728.10%	2,785.26%	3,353.88%	786.93%	498.48%	584.60%	1,070.80%	1,914.44%	1,668.83%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	1,263,970,723	1,159,900,857	688,588,089	459,169,807	1,527,512,268	1,217,933,862	1,046,466,038	1,007,616,970	999,975,146	529,358,338	283,488,412	168,657,915	104,739,250	132,687	19,962	1,153,084	-639,950	1,133,122	0	0	0	0	0
Total Investments Margin	969.56%	1,492.93%	1,035.56%	691.00%	1,036.35%	862.93%	1,009.41%	1,849.19%	2,706.78%	1,621.53%	336.19%	572.18%	360.56%	0.49%	0.06%	16.47%	-12.08%	4.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	1,959,412,303	1,572,209,892	996,034,698	691,868,429	1,837,452,334	2,098,311,178	1,942,473,397	1,340,798,372	642,014,179	696,117,539	490,692,447	422,482,008	300,985,464	189,020,065	182,193,149	107,237,990	-3,481,562	-8,776,120	140,505,991	278,342,980	216,807,981	78,183,090	55,170,727
Net Debt Margin	1,535.67%	1,761.10%	1,468.55%	1,131.75%	1,246.63%	1,486.69%	1,873.70%	2,460.65%	1,737.84%	2,132.34%	581.92%	1,433.29%	1,036.13%	696.32%	524.44%	1,531.82%	-65.74%	-38.01%	338.25%	892.66%	1,271.01%	974.43%	1,819.01%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	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	2006-12-31
Revenue	130,734,915	96,727,547	68,627,758	53,196,158	147,393,966	141,140,070	103,670,710	54,489,679	36,943,310	32,645,664	84,323,087	29,476,445	29,049,029	27,145,618	34,740,473	7,000,700	5,295,732	23,088,688	41,539,207	31,181,412	17,057,894	8,023,445	3,033,010
Working Capital	799,532,269	691,269,420	512,642,612	361,754,559	641,045,447	1,095,452,148	662,099,212	763,540,078	294,210,215	307,763,062	437,796,185	378,610,800	114,733,036	431,175,932	24,818,314	72,329,604	14,401,808	49,267,923	139,074,617	-4,954,034	-40,737,214	46,817,326	-833,696
Working Capital Margin	616.57%	809.47%	877.71%	713.46%	434.92%	776.15%	638.66%	1,401.26%	796.38%	942.74%	519.19%	1,284.45%	394.96%	1,588.38%	71.44%	1,033.18%	271.95%	213.39%	334.80%	-15.89%	-238.82%	583.51%	-27.49%
Total Capital	5,184,358,216	4,437,324,305	2,770,412,514	1,955,214,936	5,234,423,825	4,945,017,345	5,373,633,477	4,180,600,125	2,452,946,754	1,724,650,890	1,318,415,390	1,005,481,063	843,357,682	625,598,583	486,330,220	395,254,194	196,585,564	192,087,127	353,841,803	465,709,743	404,500,002	293,827,419	108,755,082
Total Capital Margin	4,079.44%	5,310.07%	4,201.58%	3,630.50%	3,551.31%	3,503.62%	5,183.37%	7,672.28%	6,639.76%	5,282.94%	1,563.53%	3,411.13%	2,903.22%	2,304.60%	1,399.90%	5,645.92%	3,712.15%	831.95%	851.83%	1,493.55%	2,371.34%	3,662.11%	3,585.71%
Capital Employed	5,039,626,598	4,378,763,605	2,752,750,131	1,945,057,385	5,196,340,348	4,886,628,081	5,035,911,366	4,298,734,876	2,476,203,356	1,775,291,476	1,321,947,444	1,023,559,354	875,991,604	636,893,405	514,963,575	397,604,983	187,270,477	188,395,379	360,125,054	501,000,925	423,790,089	311,475,946	120,669,893
Capital Employed Margin	3,948.44%	5,287.43%	4,227.71%	3,643.88%	3,525.48%	3,462.25%	4,857.60%	7,889.08%	6,702.71%	5,438.06%	1,567.72%	3,472.47%	3,015.56%	2,346.21%	1,482.32%	5,679.50%	3,536.25%	815.96%	866.95%	1,606.73%	2,484.42%	3,882.07%	3,978.55%
Invested Capital	4,635,754,021	4,003,769,873	2,500,879,589	1,762,718,633	4,656,081,726	4,698,523,908	4,552,656,429	3,919,735,409	2,191,851,892	1,517,814,385	1,128,842,268	969,938,598	759,289,401	614,061,872	435,140,099	302,225,440	174,130,955	172,916,811	347,570,294	460,628,893	399,463,773	231,787,505	105,786,654
Invested Capital Margin	3,626.46%	4,801.19%	3,816.05%	3,240.26%	3,158.94%	3,328.98%	4,391.46%	7,193.54%	5,933.01%	4,649.36%	1,338.71%	3,290.55%	2,613.82%	2,262.10%	1,252.55%	4,317.07%	3,288.14%	748.92%	836.73%	1,477.25%	2,341.81%	2,888.88%	3,487.84%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	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	2006-12-31
Revenue	130,734,915	96,727,547	68,627,758	53,196,158	147,393,966	141,140,070	103,670,710	54,489,679	36,943,310	32,645,664	84,323,087	29,476,445	29,049,029	27,145,618	34,740,473	7,000,700	5,295,732	23,088,688	41,539,207	31,181,412	17,057,894	8,023,445	3,033,010
Net Income	121,235,867	312,515,835	226,776,991	162,627,904	375,213,781	132,385,085	-143,891,267	763,307,582	435,563,993	241,434,897	142,205,087	112,719,249	107,189,847	101,641,657	57,958,325	38,655,322	18,606,690	15,998,748	40,429,569	740,933	40,835,849	49,136,410	21,131,263
Net Income Margin	69.86%	557.88%	482.34%	404.03%	254.57%	93.80%	-138.80%	1,400.83%	1,179.01%	739.56%	168.64%	382.40%	369.00%	374.43%	166.83%	552.16%	351.35%	69.29%	97.33%	2.38%	239.40%	612.41%	696.71%
Depreciation & Amortization	7,439,075	5,521,887	3,140,686	2,153,833	10,106,512	6,951,382	5,259,331	2,854,529	2,437,681	1,417,284	211,360	253,632	1,053,275	861,877	209,011	124,467	163,217	192,572	211,360	301,775	212,534	77,499	86,892
Depreciation & Amortization Margin	5.62%	5.74%	4.09%	3.18%	6.86%	4.93%	5.07%	5.24%	6.60%	4.34%	0.25%	0.86%	3.63%	3.18%	0.60%	1.78%	3.08%	0.83%	0.51%	0.97%	1.25%	0.97%	2.86%
Deferred Income Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-31,971,662	-32,892,955	-23,986,027	-15,859,015	-20,661,575	-9,676,747	-65,576,664	-47,602,879	-20,946,911	-10,902,633	-28,834,146	-8,581,200	-17,032,061	-10,045,452	8,878,277	8,076,285	-4,534,838	-13,208,801	2,764,114	-17,178,839	9,870,493	11,736,329	-12,615,820
Change in Working Capital Margin	-28.04%	-45.64%	-42.05%	-27.72%	-14.02%	-6.86%	-63.25%	-87.36%	-56.70%	-33.40%	-34.19%	-29.11%	-58.63%	-37.01%	25.56%	115.36%	-85.63%	-57.21%	6.65%	-55.09%	57.86%	146.28%	-415.95%
Accounts Receivable	-29,676,062	-36,525,522	-26,150,349	-16,953,154	-13,892,197	-24,392,072	-50,743,917	-60,439,452	-33,159,973	-14,383,021	-28,834,146	-8,581,200	-17,032,061	-10,045,452	8,878,277	-1,672,089	0	0	0	0	0	0	0
Accounts Receivable Margin	-25.22%	-55.27%	-47.93%	-31.84%	-9.43%	-17.28%	-48.95%	-110.92%	-89.76%	-44.06%	-34.19%	-29.11%	-58.63%	-37.01%	25.56%	-23.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	-1,121,380	4,337,099	6,657,827	4,438,552	-3,246,718	14,715,325	-14,832,747	12,836,573	12,213,062	3,480,388	-12,844,793	20,094,427	33,677,804	484,953	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	-2.03%	10.11%	23.19%	15.46%	-2.20%	10.43%	-14.31%	23.56%	33.06%	10.66%	-15.23%	68.17%	115.93%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-2,256,459	-1,353,876	-4,818,177	-2,562,226	-6,769,378	0	0	0	0	0	12,844,793	-20,094,427	-33,677,804	-484,953	0	9,748,374	0	0	0	0	0	0	0
Other Working Capital Margin	-1.53%	-0.92%	-17.53%	-2.40%	-4.59%	0.00%	0.00%	0.00%	0.00%	0.00%	15.23%	-68.17%	-115.93%	-1.79%	0.00%	139.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	-141,683,342	-344,926,655	-246,738,496	-174,433,591	-384,561,747	-161,752,328	121,264,048	-821,271,778	-478,311,472	-266,384,723	-173,508,618	-112,359,938	-83,234,585	-107,263,823	-68,856,261	-34,565,514	-14,285,561	-3,818,563	-27,592,996	2,933,202	-36,082,606	-49,380,648	-21,312,093
Other Non-Cash Items Margin	-86.18%	-612.09%	-514.51%	-412.65%	-260.91%	-114.60%	116.97%	-1,507.21%	-1,294.72%	-815.99%	-205.77%	-381.19%	-286.53%	-395.14%	-198.20%	-493.74%	-269.76%	-16.54%	-66.43%	9.41%	-211.53%	-615.45%	-702.67%
Net Cash from Operating Activities	-44,980,063	-59,781,889	-40,806,846	-25,510,869	-19,903,029	-32,092,607	-82,944,552	-102,712,546	-61,256,709	-34,435,176	-59,926,318	-7,968,257	7,976,476	-14,805,740	-1,810,647	12,290,561	-50,491	-836,045	15,812,047	-13,202,930	14,836,270	11,569,590	-12,709,757
Net Cash from Operating Activities Margin	-38.75%	-94.11%	-70.12%	-33.16%	-13.50%	-22.74%	-80.01%	-188.50%	-165.81%	-105.48%	-71.07%	-27.03%	27.46%	-54.54%	-5.21%	175.56%	-0.95%	-3.62%	38.07%	-42.34%	86.98%	144.20%	-419.05%
Capital Expenditures (PPE)	94,000,225	257,180,717	207,713,295	126,618,569	0	0	282,000,675	845,935,095	157,967,817	147,369,307	391,766,761	106,001,536	146,091,756	0	0	-105,457,872	-16,361,581	-56,034,953	0	0	0	0	0
Capital Expenditures (PPE) Margin	90.67%	450.42%	403.06%	131.51%	0.00%	0.00%	272.02%	1,552.47%	427.60%	451.42%	464.60%	359.61%	502.91%	0.00%	0.00%	-1,506.39%	-308.96%	-242.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Acquisitions (Net)	741,492,923	444,907,496	268,483,877	191,212,412	982,363,020	809,117,427	432,998,322	42,272	16,439	25,833	48,143	182,854,235	277,240,387	132,687	-476,733	-4,803,734	8,059,846	180,568,029	0	0	0	0	0
Acquisitions (Net) Margin	552.48%	331.51%	323.29%	273.14%	666.49%	573.27%	417.67%	0.08%	0.04%	0.08%	0.06%	620.34%	954.39%	0.49%	-1.37%	-68.62%	152.20%	782.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-384,211,438	-545,008,342	-460,313,732	-306,875,821	0	0	-1,152,634,314	-920,117,618	-652,289,778	-571,986,046	-400,917,457	-303,181,256	-428,825,144	-173,185,708	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	-370.61%	-913.22%	-993.64%	-662.43%	0.00%	0.00%	-1,111.82%	-1,688.61%	-1,765.65%	-1,752.10%	-475.45%	-1,028.55%	-1,476.21%	-637.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	145,878,439	201,216,218	145,959,304	97,306,202	0	0	437,635,317	74,140,251	494,305,522	424,590,907	9,102,553	14,325,484	5,493,001	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	140.71%	379.24%	327.51%	218.34%	0.00%	0.00%	422.14%	136.06%	1,338.01%	1,300.60%	10.79%	48.60%	18.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-692,215,998	-616,110,181	-342,383,295	-233,392,742	-593,260,564	-818,602,776	-664,784,653	-845,935,095	-157,967,817	-147,369,307	122,969,015	0	-146,091,756	-172,789,996	-69,378,789	-3,904,282	30,604,870	1,775,421	-36,155,408	-47,767,270	-155,257,717	-94,798,303	-31,067,513
Other Investing Activities Margin	-541.25%	-720.76%	-504.88%	-320.38%	-402.50%	-579.99%	-641.25%	-1,552.47%	-427.60%	-451.42%	145.83%	0.00%	-502.91%	-636.53%	-199.71%	-55.77%	577.92%	7.69%	-87.04%	-153.19%	-910.18%	-1,181.52%	-1,024.31%
Net Cash from Investing Activities	-95,055,849	-257,814,092	-173,861,706	-120,678,817	389,102,456	-9,485,349	-664,784,653	-845,935,095	-157,967,817	-147,369,307	122,969,015	-106,001,536	-146,091,756	-173,053,021	-69,855,522	-114,165,888	22,303,135	126,308,497	-36,155,408	-47,767,270	-155,257,717	-94,798,303	-31,067,513
Net Cash from Investing Activities Margin	-127.99%	-472.81%	-416.97%	-341.36%	263.99%	-6.72%	-641.25%	-1,552.47%	-427.60%	-451.42%	145.83%	-359.61%	-502.91%	-637.50%	-201.08%	-1,630.78%	421.15%	547.06%	-87.04%	-153.19%	-910.18%	-1,181.52%	-1,024.31%
Net Debt Issuance	255,294,607	292,059,513	228,854,069	164,142,100	70,453,200	-440,332,500	1,135,763,121	696,096,404	-1,682,657	238,566,277	132,225,392	91,231,023	272,220,597	93,999,834	29,649,055	181,292,523	-1,380,883	-65,422,842	29,452,960	61,003,077	81,664,653	82,085,023	7,793,298
Net Debt Issuance Margin	277.12%	420.86%	458.48%	468.08%	47.80%	-311.98%	1,095.55%	1,277.48%	-4.55%	730.77%	156.81%	309.50%	937.11%	346.28%	85.34%	2,589.63%	-26.08%	-283.35%	70.90%	195.64%	478.75%	1,023.06%	256.95%
Long-Term Debt Issuance	255,294,607	292,059,513	228,854,069	164,142,100	70,453,200	-440,332,500	1,135,763,121	696,096,404	-1,682,657	238,566,277	132,225,392	91,231,023	272,220,597	93,999,834	29,649,055	181,292,523	-1,380,883	-65,422,842	29,452,960	61,003,077	81,664,653	82,085,023	7,793,298
Long-Term Debt Issuance Margin	277.12%	420.86%	458.48%	468.08%	47.80%	-311.98%	1,095.55%	1,277.48%	-4.55%	730.77%	156.81%	309.50%	937.11%	346.28%	85.34%	2,589.63%	-26.08%	-283.35%	70.90%	195.64%	478.75%	1,023.06%	256.95%
Short-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	116,916,694	208,761,051	94,630,977	58,184,949	0	0	350,750,082	346,278,652	346,776,522	0	0	-23,566,595	-73,928,891	0	0	-8,946,382	-17,674,359	-46,914,786	0	0	0	60,216,350	11,480,349
Net Stock Issuance Margin	112.78%	382.50%	157.80%	60.89%	0.00%	0.00%	338.33%	635.49%	938.67%	0.00%	0.00%	-79.95%	-254.50%	0.00%	0.00%	-127.79%	-333.75%	-203.19%	0.00%	0.00%	0.00%	750.50%	378.51%
Common Stock Issuance	116,916,694	208,761,051	111,425,846	74,283,897	0	0	350,750,082	346,278,652	346,776,522	0	0	0	0	70,453,200	0	0	0	0	0	0	0	60,216,350	11,480,349
Common Stock Issuance Margin	112.78%	382.50%	217.20%	144.80%	0.00%	0.00%	338.33%	635.49%	938.67%	0.00%	0.00%	0.00%	0.00%	259.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	750.50%	378.51%
Common Stock Repurchased	0	0	-9,749,549	-11,402,068	0	0	0	0	0	0	0	-23,566,595	-73,928,891	0	0	-8,946,382	-17,674,359	-46,914,786	0	0	0	0	0
Common Stock Repurchased Margin	0.00%	0.00%	-33.44%	-66.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-79.95%	-254.50%	0.00%	0.00%	-127.79%	-333.75%	-203.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-127,435,748	-108,267,781	-63,080,390	-42,460,891	-118,569,213	-88,125,211	-175,612,821	-88,216,800	-70,814,860	-48,005,636	-41,459,360	0	0	0	0	0	0	0	-6,109,467	0	0	0	0
Net Dividends Paid Margin	-104.09%	-133.17%	-86.21%	-58.45%	-80.44%	-62.44%	-169.39%	-161.90%	-191.69%	-147.05%	-49.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.71%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-127,435,748	-108,267,781	-63,080,390	-42,460,891	-118,569,213	-88,125,211	-175,612,821	-88,216,800	-70,814,860	-48,005,636	-41,459,360	0	0	0	0	0	0	0	-6,109,467	0	0	0	0
Common Dividends Paid Margin	-104.09%	-133.17%	-86.21%	-58.45%	-80.44%	-62.44%	-169.39%	-161.90%	-191.69%	-147.05%	-49.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.71%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	0	0	7,045,320	4,696,880	0	0	0	0	0	0	0	0	0	70,453,200	0	0	0	0	0	0	0	0	0
Other Financing Activities Margin	0.00%	0.00%	25.95%	17.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	259.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	244,775,553	392,552,784	267,449,976	184,563,039	-48,116,013	-528,457,711	1,310,900,382	954,158,256	274,279,004	190,560,641	90,766,032	67,664,428	198,291,706	164,453,034	29,649,055	172,346,141	-19,055,242	-112,337,627	23,343,494	61,003,077	81,664,653	142,301,373	19,273,647
Net Cash from Financing Activities Margin	285.81%	670.19%	556.03%	487.82%	-32.64%	-374.42%	1,264.48%	1,751.08%	742.43%	583.72%	107.64%	229.55%	682.61%	605.82%	85.34%	2,461.84%	-359.82%	-486.55%	56.20%	195.64%	478.75%	1,773.57%	635.46%
Effect of FX on Cash	-287,292	-597,443	-78,908	-40,785	-9,394	-668,131	-184,353	-1,329,217	-796,121	1,310,430	-294,729	500,218	274,767	407,454	178,481	103,331	86,892	-228,973	37,575	11,742	1,753,110	-1,174	0
Effect of FX on Cash Margin	-0.22%	-1.05%	0.26%	0.35%	-0.01%	-0.47%	-0.18%	-2.44%	-2.15%	4.01%	-0.35%	1.70%	0.95%	1.50%	0.51%	1.48%	1.64%	-0.99%	0.09%	0.04%	10.28%	-0.01%	0.00%
Net Change in Cash	105,825,795	74,301,119	52,715,198	38,217,417	331,848,663	-574,483,612	560,112,334	-230,147	54,258,358	17,263,382	154,030,657	-48,525,816	72,531,569	-39,653,409	-41,838,633	70,574,145	3,284,293	12,898,807	1,190,659	44,620	-57,003,684	59,071,486	-24,503,623
Net Change in Cash Margin	119.46%	100.97%	67.94%	112.52%	225.14%	-407.03%	540.28%	-0.42%	146.87%	52.88%	182.67%	-164.63%	249.69%	-146.08%	-120.43%	1,008.10%	62.02%	55.87%	2.87%	0.14%	-334.18%	736.24%	-807.90%
Cash at Beginning of Period	442,778,400	359,253,314	216,817,727	154,278,887	246,493,437	820,977,049	260,864,715	261,094,862	206,836,505	189,573,122	35,542,465	84,068,281	11,536,712	51,190,121	93,028,754	22,454,609	19,170,316	6,271,509	5,080,850	5,036,230	62,039,914	2,968,428	0
Cash at Beginning of Period Margin	333.51%	407.92%	317.59%	277.72%	167.23%	581.68%	251.63%	479.16%	559.88%	580.70%	42.15%	285.20%	39.71%	188.58%	267.78%	320.75%	362.00%	27.16%	12.23%	16.15%	363.70%	37.00%	0.00%
Cash at End of Period	548,604,195	433,554,432	269,532,925	192,496,304	578,342,099	246,493,437	820,977,049	260,864,715	261,094,862	206,836,505	189,573,122	35,542,465	84,068,281	11,536,712	51,190,121	93,028,754	22,454,609	19,170,316	6,271,509	5,080,850	5,036,230	62,039,914	-24,503,623
Cash at End of Period Margin	452.98%	508.88%	385.53%	390.24%	392.38%	174.64%	791.91%	478.74%	706.74%	633.58%	224.82%	120.58%	289.40%	42.50%	147.35%	1,328.85%	424.01%	83.03%	15.10%	16.29%	29.52%	773.23%	-807.90%
Operating Cash Flow	-44,980,063	-59,781,889	-40,806,846	-25,510,869	-19,903,029	-32,092,607	-82,944,552	-102,712,546	-61,256,709	-34,435,176	-59,926,318	-7,968,257	7,976,476	-14,805,740	-1,810,647	12,290,561	-50,491	-836,045	15,812,047	-13,202,930	14,836,270	11,569,590	-12,709,757
Operating Cash Flow Margin	-38.75%	-94.11%	-70.12%	-33.16%	-13.50%	-22.74%	-80.01%	-188.50%	-165.81%	-105.48%	-71.07%	-27.03%	27.46%	-54.54%	-5.21%	175.56%	-0.95%	-3.62%	38.07%	-42.34%	86.98%	144.20%	-419.05%
Capital Expenditure	94,000,225	257,180,717	207,713,295	126,618,569	0	0	282,000,675	845,935,095	157,967,817	147,369,307	391,766,761	106,001,536	146,091,756	0	0	-105,457,872	-16,361,581	-56,034,953	0	0	0	0	0
Capital Expenditure Margin	90.67%	450.42%	403.06%	131.51%	0.00%	0.00%	272.02%	1,552.47%	427.60%	451.42%	464.60%	359.61%	502.91%	0.00%	0.00%	-1,506.39%	-308.96%	-242.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow	49,020,162	197,398,829	166,906,449	101,107,700	-19,903,029	-32,092,607	199,056,123	743,222,549	96,711,108	112,934,131	331,840,443	98,033,279	154,068,232	-14,805,740	-1,810,647	-93,167,312	-16,412,073	-56,870,997	15,812,047	-13,202,930	14,836,270	11,569,590	-12,709,757
Free Cash Flow Margin	51.92%	356.30%	332.94%	98.35%	-13.50%	-22.74%	192.01%	1,363.97%	261.78%	345.94%	393.53%	332.58%	530.37%	-54.54%	-5.21%	-1,330.83%	-309.91%	-246.32%	38.07%	-42.34%	86.98%	144.20%	-419.05%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	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	2006-12-31
Revenue	130,734,915	96,727,547	68,627,758	53,196,158	147,393,966	141,140,070	103,670,710	54,489,679	36,943,310	32,645,664	84,323,087	29,476,445	29,049,029	27,145,618	34,740,473	7,000,700	5,295,732	23,088,688	41,539,207	31,181,412	17,057,894	8,023,445	3,033,010
EBITDA	196,084,172	111,503,931	56,855,615	42,773,077	435,625,052	114,973,751	37,653,713	-21,072,552	-9,660,308	5,456,600	-12,946,950	4,706,274	7,003,048	6,817,521	22,877,328	4,722,713	711,577	14,552,108	30,176,280	21,167,664	53,229,741	6,055,453	23,324,706
EBITDA Margin	137.78%	69.70%	41.51%	46.50%	295.55%	81.46%	36.32%	-38.67%	-26.15%	16.71%	-15.35%	15.97%	24.11%	25.11%	65.85%	67.46%	13.44%	63.03%	72.65%	67.89%	312.05%	75.47%	769.03%
(-) Tax Adjustment	21,681,673	12,193,420	6,149,066	5,144,662	44,381,564	25,954,578	-5,291,121	-3,140,470	-937,450	-1,028,746	-1,510,717	851,506	1,349,503	862,012	5,650,752	1,236,341	119,090	1,636,244	7,036,837	-18,282,689	9,509,629	783,883	5,507,150
(-) Tax Adjustment Margin	14.47%	7.02%	4.09%	6.74%	30.11%	18.39%	-5.10%	-5.76%	-2.54%	-3.15%	-1.79%	2.89%	4.65%	3.18%	16.27%	17.66%	2.25%	7.09%	16.94%	-58.63%	55.75%	9.77%	181.57%
(-) Change In Working Capital	-31,971,662	-32,892,955	-23,986,027	-15,859,015	-20,661,575	-9,676,747	-65,576,664	-47,602,879	-20,946,911	-10,902,633	-28,834,146	-8,581,200	-17,032,061	-10,045,452	8,878,277	8,076,285	-4,534,838	-13,208,801	2,764,114	-17,178,839	9,870,493	11,736,329	-12,615,820
(-) Change In Working Capital Margin	-28.04%	-45.64%	-42.05%	-27.72%	-14.02%	-6.86%	-63.25%	-87.36%	-56.70%	-33.40%	-34.19%	-29.11%	-58.63%	-37.01%	25.56%	115.36%	-85.63%	-57.21%	6.65%	-55.09%	57.86%	146.28%	-415.95%
(-) Capital Expenditure	94,000,225	257,180,717	207,713,295	126,618,569	0	0	282,000,675	845,935,095	157,967,817	147,369,307	391,766,761	106,001,536	146,091,756	0	0	-105,457,872	-16,361,581	-56,034,953	0	0	0	0	0
(-) Capital Expenditure Margin	90.67%	450.42%	403.06%	131.51%	0.00%	0.00%	272.02%	1,552.47%	427.60%	451.42%	464.60%	359.61%	502.91%	0.00%	0.00%	-1,506.39%	-308.96%	-242.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Unlevered Free Cash Flow	112,373,936	-124,977,251	-133,020,719	-96,845,059	411,905,064	98,695,921	-173,479,177	-816,264,299	-145,743,764	-129,981,328	-374,368,848	-93,565,569	-123,406,149	16,000,962	8,348,298	-110,047,786	-11,234,257	-29,910,288	20,375,328	56,629,192	33,849,618	-6,464,760	30,433,375
Unlevered Free Cash Flow Margin	60.68%	-342.09%	-323.59%	-338.43%	279.46%	69.93%	-167.34%	-1,498.02%	-394.51%	-398.16%	-443.97%	-317.42%	-424.82%	58.94%	24.03%	-1,571.95%	-212.14%	-129.55%	49.05%	181.61%	198.44%	-80.57%	1,003.40%
(-) Net Interest Income After Taxes	-6,684,649	-3,747,830	-7,338,031	-5,651,029	7,724,874	-460,029	-27,318,791	-8,539,372	9,854,168	-25,773,913	-9,459,318	-12,817,487	-2,374,603	-4,215,836	-1,259,964	950,041	3,202,950	-1,810,285	-12,467,873	-22,706,877	-9,711,937	-3,936,555	-440,416
(-) Net Interest Income After Taxes Margin	-7.15%	-2.09%	-16.78%	-9.01%	5.24%	-0.33%	-26.35%	-15.67%	26.67%	-78.95%	-11.22%	-43.48%	-8.17%	-15.53%	-3.63%	13.57%	60.48%	-7.84%	-30.01%	-72.82%	-56.94%	-49.06%	-14.52%
Net Debt Issuance	255,294,607	292,059,513	228,854,069	164,142,100	70,453,200	-440,332,500	1,135,763,121	696,096,404	-1,682,657	238,566,277	132,225,392	91,231,023	272,220,597	93,999,834	29,649,055	181,292,523	-1,380,883	-65,422,842	29,452,960	61,003,077	81,664,653	82,085,023	7,793,298
Net Debt Issuance Margin	277.12%	420.86%	458.48%	468.08%	47.80%	-311.98%	1,095.55%	1,277.48%	-4.55%	730.77%	156.81%	309.50%	937.11%	346.28%	85.34%	2,589.63%	-26.08%	-283.35%	70.90%	195.64%	478.75%	1,023.06%	256.95%
Levered Free Cash Flow	374,353,191	170,830,092	103,171,381	72,948,070	474,633,390	-341,176,551	989,602,734	-111,628,523	-157,280,590	134,358,863	-232,684,138	10,482,940	151,189,050	114,216,632	39,257,317	70,294,696	-15,818,090	-93,522,845	62,296,161	140,339,146	125,226,208	79,556,818	38,667,089
Levered Free Cash Flow Margin	344.95%	80.85%	151.67%	138.67%	322.02%	-241.73%	954.56%	-204.86%	-425.73%	411.57%	-275.94%	35.56%	520.46%	420.76%	113.00%	1,004.11%	-298.70%	-405.06%	149.97%	450.07%	734.12%	991.55%	1,274.87%