What's Cooking Group NV/SA (WHATS.BR)

Analysis: Margins & Ratios Industry: Packaged Foods Sector: Consumer Defensive Live Price: $122.50

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y 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	2005-12-31	2004-12-31
Revenue	789,567,447	805,886,913	722,432,279	640,838,315	581,330,137	1,227,629,397	—	473,850,610	977,333,836	917,517,895	818,320,963	842,411,261	854,987,157	799,009,741	584,040,589	491,485,046	465,365,696	469,370,961	478,144,732	494,438,209	474,050,227	472,247,800	460,733,398	461,710,349	430,550,073	383,638,810	277,395,384	242,275,638
Cost of Revenue	609,637,019	619,111,487	550,590,701	484,590,887	416,640,557	911,575,167	—	348,757,431	756,970,317	723,183,310	617,105,450	649,540,929	656,048,456	605,547,602	446,965,669	361,884,036	339,903,812	344,243,729	356,712,771	367,649,456	350,316,795	344,033,544	239,586,675	249,156,568	218,269,885	188,036,068	168,898,631	171,494,831
Cost of Revenue Margin	76.62%	76.48%	75.81%	75.14%	69.69%	74.25%	—	73.60%	77.45%	78.82%	75.41%	77.10%	76.73%	75.79%	76.53%	73.63%	73.04%	73.34%	74.60%	74.36%	73.90%	72.85%	52.00%	53.96%	50.70%	49.01%	60.89%	70.79%
Gross Profit	179,930,427	186,775,426	171,841,578	156,247,428	164,689,580	316,054,229	—	125,093,179	220,363,519	194,334,584	201,215,513	192,870,332	198,938,701	193,462,139	137,074,920	129,601,010	125,461,884	125,127,232	121,431,961	126,788,753	123,733,433	128,214,256	221,146,724	212,553,782	212,280,188	195,602,742	108,496,754	70,780,807
Gross Profit Margin	23.38%	23.52%	24.19%	24.86%	30.31%	25.75%	—	26.40%	22.55%	21.18%	24.59%	22.90%	23.27%	24.21%	23.47%	26.37%	26.96%	26.66%	25.40%	25.64%	26.10%	27.15%	48.00%	46.04%	49.30%	50.99%	39.11%	29.21%
R&D Expenses	0	0	0	0	0	0	—	0	0	0	0	0	0	0	0	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%	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%
SG&A Expenses	31,393,555	18,836,133	9,418,066	13,051,220	28,726,059	235,472,208	—	92,401,720	1,778,943	0	0	0	0	0	0	0	0	0	0	0	0	101,587,643	94,999,095	96,996,443	91,982,524	94,597,512	177,307	0
SG&A Expenses Margin	6.56%	3.94%	1.97%	2.75%	6.45%	19.18%	—	19.50%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.51%	20.62%	21.01%	21.36%	24.66%	0.06%	0.00%
Operating Expenses	163,060,800	173,003,469	156,537,147	140,561,962	149,767,475	268,615,741	—	103,190,454	200,918,436	185,073,511	188,364,850	187,470,094	191,158,319	173,090,596	119,788,053	109,254,126	107,063,031	109,183,672	109,217,725	111,129,355	106,257,516	107,269,694	202,685,637	203,978,453	198,989,192	185,237,902	96,028,886	57,398,222
Operating Expenses Margin	20.84%	21.56%	21.75%	22.08%	27.43%	21.88%	—	21.78%	20.56%	20.17%	23.02%	22.25%	22.36%	21.66%	20.51%	22.23%	23.01%	23.26%	22.84%	22.48%	22.41%	22.71%	43.99%	44.18%	46.22%	48.28%	34.62%	23.69%
Operating Income (EBIT)	14,348,968	13,773,131	16,099,496	16,321,423	15,485,496	47,438,488	—	21,902,726	12,164,919	8,979,260	20,136,699	5,682,051	7,286,035	19,043,500	25,853,976	21,359,062	18,586,728	16,255,902	12,444,384	15,931,817	18,004,315	21,189,974	19,618,868	8,873,581	13,611,558	10,369,537	12,415,028	13,382,585
Operating Income (EBIT) Margin	2.28%	2.00%	2.60%	2.90%	3.00%	3.86%	—	4.62%	1.24%	0.98%	2.46%	0.67%	0.85%	2.38%	4.43%	4.35%	3.99%	3.46%	2.60%	3.22%	3.80%	4.49%	4.26%	1.92%	3.16%	2.70%	4.48%	5.52%
Interest Income	309,603	188,110	174,372	181,926	228,092	867,749	—	867,749	46,969	14,091	5,871	5,871	2,348	226,624	123,293	220,753	230,147	241,889	224,276	221,928	51,666	245,412	1,157,781	298,252	320,562	4,697	51,666	5,011,571
Interest Income Margin	0.06%	0.04%	0.03%	0.04%	0.05%	0.07%	—	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.02%	0.04%	0.05%	0.05%	0.05%	0.04%	0.01%	0.05%	0.25%	0.06%	0.07%	0.00%	0.02%	2.07%
Interest Expense	4,443,248	3,764,784	2,735,580	2,710,413	2,998,840	6,752,939	—	5,973,257	5,804,169	1,552,319	2,348,440	3,145,735	2,393,060	2,517,528	1,419,632	1,041,533	1,160,129	1,557,016	1,913,979	2,564,496	2,896,801	4,368,098	4,281,206	5,831,177	4,895,323	2,786,424	1,526,486	0
Interest Expense Margin	0.67%	0.54%	0.40%	0.45%	0.57%	0.55%	—	1.26%	0.59%	0.17%	0.29%	0.37%	0.28%	0.32%	0.24%	0.21%	0.25%	0.33%	0.40%	0.52%	0.61%	0.92%	0.93%	1.26%	1.14%	0.73%	0.55%	0.00%
Net Interest Income	-4,133,646	-3,576,674	-2,899,619	-2,825,173	-2,998,019	-5,885,191	—	-5,105,509	-5,757,201	-1,538,228	-2,342,569	-3,139,864	-3,973,560	-3,566,106	-1,589,894	-1,170,697	-812,560	-1,579,326	-2,003,219	-2,603,246	-3,072,934	-4,122,686	-3,123,425	-5,532,925	-4,574,761	-2,781,727	-1,569,932	5,011,571
Net Interest Income Margin	-0.61%	-0.50%	-0.41%	-0.46%	-0.56%	-0.48%	—	-1.08%	-0.59%	-0.17%	-0.29%	-0.37%	-0.46%	-0.45%	-0.27%	-0.24%	-0.17%	-0.34%	-0.42%	-0.53%	-0.65%	-0.87%	-0.68%	-1.20%	-1.06%	-0.73%	-0.57%	2.07%
Unusual Items	7,807,389	7,843,790	5,835,051	5,637,665	6,052,400	15,733,374	—	10,455,255	9,622,733	3,344,179	6,630,820	9,165,961	6,203,404	6,271,509	2,991,913	1,324,520	2,340,220	2,961,383	3,500,350	5,188,878	6,030,794	8,533,057	8,150,261	10,600,858	10,734,719	4,066,324	2,930,853	-1,009,829
Unusual Items Margin	1.19%	1.09%	0.82%	0.92%	1.12%	1.28%	—	2.21%	0.98%	0.36%	0.81%	1.09%	0.73%	0.78%	0.51%	0.27%	0.50%	0.63%	0.73%	1.05%	1.27%	1.81%	1.77%	2.30%	2.49%	1.06%	1.06%	-0.42%
EBT Excluding Unusual Items	2,867,837	1,662,226	6,990,601	7,574,580	6,151,445	21,856,931	—	6,097,724	-1,323,346	3,829,131	9,217,627	-9,510,008	-2,730,062	8,791,385	21,166,490	19,530,801	14,836,270	11,648,262	7,133,387	7,896,630	8,787,862	8,246,547	6,441,771	-6,795,211	-3,283,119	5,018,616	8,028,142	10,390,673
EBT Excluding Unusual Items Margin	0.52%	0.31%	1.31%	1.49%	1.28%	1.78%	—	1.29%	-0.14%	0.42%	1.13%	-1.13%	-0.32%	1.10%	3.62%	3.97%	3.19%	2.48%	1.49%	1.60%	1.85%	1.75%	1.40%	-1.47%	-0.76%	1.31%	2.89%	4.29%
Pre-Tax Income	10,675,225	9,506,015	12,825,653	13,212,245	12,203,845	37,590,305	—	16,552,979	8,299,387	7,173,310	15,848,447	-344,046	3,473,343	15,062,894	24,158,402	20,855,321	17,176,490	14,609,645	10,633,736	13,085,508	14,818,656	16,779,604	14,592,032	3,805,647	7,451,600	9,084,940	10,958,995	9,380,844
Pre-Tax Income Margin	1.71%	1.40%	2.14%	2.40%	2.40%	3.06%	—	3.49%	0.85%	0.78%	1.94%	-0.04%	0.41%	1.89%	4.14%	4.24%	3.69%	3.11%	2.22%	2.65%	3.13%	3.55%	3.17%	0.82%	1.73%	2.37%	3.95%	3.87%
Income Tax Expense	3,290,556	3,931,523	3,986,712	3,968,707	3,283,765	11,076,417	—	5,666,786	2,339,046	1,865,836	7,237,892	2,548,057	-1,710,839	6,560,367	4,703,925	6,174,049	4,481,998	4,270,638	3,220,885	3,663,566	4,008,787	4,499,611	4,897,672	-5,123,122	325,259	2,071,324	3,973,560	3,461,601
Income Tax Expense Margin	0.55%	0.57%	0.65%	0.71%	0.63%	0.90%	—	1.20%	0.24%	0.20%	0.88%	0.30%	-0.20%	0.82%	0.81%	1.26%	0.96%	0.91%	0.67%	0.74%	0.85%	0.95%	1.06%	-1.11%	0.08%	0.54%	1.43%	1.43%
Net Income	12,730,502	8,803,127	10,434,354	10,244,443	9,670,758	54,280,668	—	24,244,120	8,991,003	4,956,383	8,625,820	-2,801,689	4,961,080	8,436,771	20,087,382	14,750,552	12,092,118	9,548,757	7,282,512	9,636,824	10,575,025	12,279,993	9,694,360	8,928,769	7,126,341	7,013,616	6,985,435	5,919,243
Net Income Margin	2.19%	1.46%	1.80%	1.89%	1.92%	4.42%	—	5.12%	0.92%	0.54%	1.05%	-0.33%	0.58%	1.06%	3.44%	3.00%	2.60%	2.03%	1.52%	1.95%	2.23%	2.60%	2.10%	1.93%	1.66%	1.83%	2.52%	2.44%
Depreciation and Amortization	32,867,592	33,415,248	29,842,801	26,993,361	25,319,412	56,205,215	—	32,443,699	33,477,012	32,682,065	31,544,246	36,929,219	35,933,480	31,851,892	22,110,563	20,464,306	20,991,531	20,552,373	21,212,284	20,326,922	21,192,323	23,188,497	22,818,617	26,493,926	21,083,120	17,794,130	13,298,042	11,180,923
Depreciation and Amortization Margin	4.61%	4.41%	4.27%	4.34%	4.50%	4.58%	—	6.85%	3.43%	3.56%	3.85%	4.38%	4.20%	3.99%	3.79%	4.16%	4.51%	4.38%	4.44%	4.11%	4.47%	4.91%	4.95%	5.74%	4.90%	4.64%	4.79%	4.61%
EBITDA	49,813,935	49,501,593	46,949,308	43,951,211	41,283,109	102,453,043	—	55,043,911	52,885,695	41,512,200	58,335,250	39,730,908	41,799,884	50,807,325	47,688,597	42,361,161	39,328,150	36,458,357	33,973,707	36,036,812	38,970,013	44,336,199	41,691,855	36,130,749	34,694,678	28,163,667	25,713,070	24,563,508
EBITDA Margin	7.18%	6.68%	6.99%	7.31%	7.56%	8.35%	—	11.62%	5.41%	4.52%	7.13%	4.72%	4.89%	6.36%	8.17%	8.62%	8.45%	7.77%	7.11%	7.29%	8.22%	9.39%	9.05%	7.83%	8.06%	7.34%	9.27%	10.14%
NOPAT	9,928,205	17,697,827	15,970,598	14,666,524	14,139,362	33,460,190	—	14,404,495	8,736,436	6,643,683	10,940,388	47,764,132	10,874,863	10,749,453	20,819,902	15,035,885	13,736,746	11,504,036	8,675,066	11,471,366	13,133,734	15,507,680	13,033,988	20,819,101	13,017,420	8,005,331	7,913,533	8,444,313
NOPAT Margin	1.55%	2.33%	2.39%	2.43%	2.59%	2.73%	—	3.04%	0.89%	0.72%	1.34%	5.67%	1.27%	1.35%	3.56%	3.06%	2.95%	2.45%	1.81%	2.32%	2.77%	3.28%	2.83%	4.51%	3.02%	2.09%	2.85%	3.49%
Owner's Earnings	12,147,306	11,502,189	14,113,420	13,884,369	12,379,743	42,942,400	—	13,670,269	14,584,987	8,186,662	19,415,728	1,653,302	19,149,180	8,073,937	26,094,691	18,206,281	12,099,163	14,819,831	15,017,100	15,794,433	12,204,843	9,295,126	11,374,669	13,822,918	3,652,998	3,178,614	7,300,126	17,100,166
Owner's Earnings Margin	1.76%	1.57%	2.19%	2.39%	2.28%	3.50%	—	2.88%	1.49%	0.89%	2.37%	0.20%	2.24%	1.01%	4.47%	3.70%	2.60%	3.16%	3.14%	3.19%	2.57%	1.97%	2.47%	2.99%	0.85%	0.83%	2.63%	7.06%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y 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	2005-12-31	2004-12-31
Revenue	789,567,447	805,886,913	722,432,279	640,838,315	581,330,137	473,850,610	977,333,836	917,517,895	818,320,963	842,411,261	854,987,157	799,009,741	584,040,589	491,485,046	465,365,696	469,370,961	478,144,732	494,438,209	474,050,227	472,247,800	460,733,398	461,710,349	430,550,073	383,638,810	277,395,384	242,275,638
Cash & Cash Equivalents	22,439,736	20,670,499	19,685,211	15,668,400	12,989,926	20,742,596	23,851,931	22,724,680	13,555,196	22,478,093	31,498,452	27,212,549	7,647,695	18,867,367	8,273,554	12,593,510	8,115,034	5,103,160	6,742,371	5,619,817	3,150,432	6,552,148	8,609,381	3,288,990	3,171,568	1,312,778
Cash & Cash Equivalents Margin	3.10%	2.72%	2.76%	2.38%	2.09%	4.38%	2.44%	2.48%	1.66%	2.67%	3.68%	3.41%	1.31%	3.84%	1.78%	2.68%	1.70%	1.03%	1.42%	1.19%	0.68%	1.42%	2.00%	0.86%	1.14%	0.54%
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	0	0	2,242,760
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%	0.00%	0.00%	0.93%
Cash & Short-Term Investments	22,439,736	20,670,499	19,685,211	15,668,400	12,989,926	20,742,596	23,851,931	22,724,680	13,555,196	22,478,093	31,498,452	27,212,549	7,647,695	18,867,367	8,273,554	12,593,510	8,115,034	5,103,160	6,742,371	5,619,817	3,150,432	6,552,148	8,609,381	3,288,990	3,171,568	3,555,538
Cash & Short-Term Investments Margin	3.10%	2.72%	2.76%	2.38%	2.09%	4.38%	2.44%	2.48%	1.66%	2.67%	3.68%	3.41%	1.31%	3.84%	1.78%	2.68%	1.70%	1.03%	1.42%	1.19%	0.68%	1.42%	2.00%	0.86%	1.14%	1.47%
Net Receivables	86,189,314	92,646,193	95,556,615	82,492,478	63,907,569	31,107,436	110,801,748	116,658,757	101,903,508	102,759,515	121,859,377	116,281,832	117,894,036	69,382,311	66,917,624	61,896,659	66,929,366	74,756,716	78,238,279	0	0	0	0	0	40,764,222	0
Net Receivables Margin	10.21%	11.05%	13.28%	12.77%	10.31%	6.56%	11.34%	12.71%	12.45%	12.20%	14.25%	14.55%	20.19%	14.12%	14.38%	13.19%	14.00%	15.12%	16.50%	0.00%	0.00%	0.00%	0.00%	0.00%	14.70%	0.00%
Inventory	44,888,474	44,889,491	40,586,679	36,305,552	33,374,738	24,109,085	55,498,334	55,058,002	45,320,195	44,461,840	47,829,503	42,628,883	40,848,765	26,133,440	23,978,747	23,833,143	28,540,591	29,726,554	28,655,665	27,960,527	27,151,489	28,688,543	26,067,684	25,527,543	15,476,220	13,433,077
Inventory Margin	5.59%	5.52%	5.60%	5.67%	5.77%	5.09%	5.68%	6.00%	5.54%	5.28%	5.59%	5.34%	6.99%	5.32%	5.15%	5.08%	5.97%	6.01%	6.04%	5.92%	5.89%	6.21%	6.05%	6.65%	5.58%	5.54%
Other Current Assets	83,262,766	55,864,221	36,110,435	30,769,887	36,178,892	219,577,966	14,779,907	15,430,425	15,476,220	14,056,588	18,243,856	26,864,979	18,153,441	9,278,686	9,242,286	9,468,910	9,355,011	2,172,307	3,485,085	75,962,640	68,039,004	69,352,956	67,006,864	57,630,718	0	41,532,161
Other Current Assets Margin	16.51%	10.62%	6.56%	5.79%	7.36%	46.34%	1.51%	1.68%	1.89%	1.67%	2.13%	3.36%	3.11%	1.89%	1.99%	2.02%	1.96%	0.44%	0.74%	16.09%	14.77%	15.02%	15.56%	15.02%	0.00%	17.14%
Total Current Assets	238,125,553	214,877,563	192,342,520	165,505,370	146,652,915	299,572,878	204,931,920	209,871,863	176,255,119	183,756,036	219,431,188	212,988,243	184,543,938	123,661,805	108,412,210	107,792,222	112,940,002	111,758,737	117,121,400	109,542,984	98,340,925	104,593,647	101,683,929	86,447,251	59,412,009	64,034,913
Total Current Assets Margin	35.69%	30.08%	28.28%	26.66%	25.57%	63.22%	20.97%	22.87%	21.54%	21.81%	25.66%	26.66%	31.60%	25.16%	23.30%	22.97%	23.62%	22.60%	24.71%	23.20%	21.34%	22.65%	23.62%	22.53%	21.42%	26.43%
Property, Plant & Equipment	122,545,122	134,924,923	134,258,671	128,691,381	125,984,412	83,285,076	141,506,426	142,843,863	146,751,667	160,237,584	162,190,312	156,619,812	155,944,636	93,392,762	99,814,571	103,356,019	108,428,649	119,576,694	124,940,531	131,482,110	127,705,819	132,030,471	136,175,468	121,134,884	72,270,893	61,552,612
Property, Plant & Equipment Margin	15.87%	16.92%	19.03%	20.89%	22.95%	17.58%	14.48%	15.57%	17.93%	19.02%	18.97%	19.60%	26.70%	19.00%	21.45%	22.02%	22.68%	24.18%	26.36%	27.84%	27.72%	28.60%	31.63%	31.58%	26.05%	25.41%
Goodwill	78,533,399	83,777,074	77,304,304	65,315,283	57,969,950	52,525,209	91,637,303	91,437,686	91,979,001	91,306,173	91,852,185	89,776,164	89,854,837	41,337,241	41,337,241	41,337,241	41,337,241	41,337,241	41,337,241	41,337,241	41,337,241	41,337,241	44,655,587	29,826,362	22,513,320	0
Goodwill Margin	10.14%	10.50%	10.72%	10.03%	9.73%	11.08%	9.38%	9.97%	11.24%	10.84%	10.74%	11.24%	15.39%	8.41%	8.88%	8.81%	8.65%	8.36%	8.72%	8.75%	8.97%	8.95%	10.37%	7.77%	8.12%	0.00%
Intangible Assets	16,164,313	19,723,608	21,094,745	15,002,774	11,905,710	9,508,834	18,663,053	20,321,051	24,029,238	26,095,865	30,665,930	33,642,577	35,417,998	6,250,373	6,352,530	4,009,961	2,518,702	2,715,971	2,490,521	2,359,008	2,518,702	3,013,049	3,159,826	3,237,325	1,143,690	0
Intangible Assets Margin	2.04%	2.43%	2.87%	2.11%	1.74%	2.01%	1.91%	2.21%	2.94%	3.10%	3.59%	4.21%	6.06%	1.27%	1.37%	0.85%	0.53%	0.55%	0.53%	0.50%	0.55%	0.65%	0.73%	0.84%	0.41%	0.00%
Long-Term Investments	404,714	242,829	121,414	80,943	60,707	317,039	391,015	506,089	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,201,663
Long-Term Investments Margin	0.05%	0.03%	0.02%	0.01%	0.01%	0.07%	0.04%	0.06%	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%	-0.91%
Tax Assets	3,284,685	5,831,411	4,986,325	3,324,217	3,051,446	0	0	9,854,054	9,219,975	10,083,027	11,277,209	5,902,804	3,526,183	0	0	0	0	0	0	0	0	0	5,110,205	3,610,727	2,444,726	0
Tax Assets Margin	0.36%	0.68%	0.61%	0.40%	0.45%	0.00%	0.00%	1.07%	1.13%	1.20%	1.32%	0.74%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.19%	0.94%	0.88%	0.00%
Other Non-Current Assets	7,029,272	4,252,790	7,772,749	9,386,871	7,077,200	9,336,223	11,662,353	89,241	88,067	88,067	91,589	88,067	90,415	28,503,016	27,690,456	16,774,907	17,381,979	17,646,178	11,112,818	159,694	186,701	176,133	151,474	166,739	59,885	17,865,757
Other Non-Current Assets Margin	1.06%	0.64%	1.50%	1.88%	1.42%	1.97%	1.19%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	5.80%	5.95%	3.57%	3.64%	3.57%	2.34%	0.03%	0.04%	0.04%	0.04%	0.04%	0.02%	7.37%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets 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%	0.00%	0.00%	0.00%
Total Non-Current Assets	227,961,505	248,752,636	245,538,209	221,801,469	206,049,425	154,972,381	263,860,150	265,051,984	272,067,948	287,810,716	296,077,225	286,029,424	284,834,068	169,483,392	175,194,798	165,478,128	169,666,570	181,276,084	179,881,110	175,338,053	171,748,463	176,556,893	189,252,560	157,976,036	98,432,514	77,216,707
Total Non-Current Assets Margin	29.53%	31.20%	34.73%	35.32%	36.30%	32.70%	27.00%	28.89%	33.25%	34.17%	34.63%	35.80%	48.77%	34.48%	37.65%	35.26%	35.48%	36.66%	37.95%	37.13%	37.28%	38.24%	43.96%	41.18%	35.48%	31.87%
Total Assets	466,087,059	463,630,199	437,880,729	387,306,838	352,702,340	454,545,259	468,792,070	474,923,847	448,323,067	471,566,752	515,508,413	499,017,667	469,378,006	293,145,197	283,607,008	273,270,350	282,606,573	293,034,821	297,002,510	284,881,037	270,089,388	281,150,540	290,936,489	244,423,287	157,844,524	141,251,621
Total Assets Margin	65.22%	61.28%	63.01%	61.98%	61.87%	95.93%	47.97%	51.76%	54.79%	55.98%	60.29%	62.45%	80.37%	59.64%	60.94%	58.22%	59.10%	59.27%	62.65%	60.32%	58.62%	60.89%	67.57%	63.71%	56.90%	58.30%
Accounts Payable	144,522,215	147,383,398	125,746,633	106,707,477	94,507,743	76,951,333	176,791,737	179,823,573	155,397,449	147,952,894	137,676,121	129,700,819	114,261,000	73,931,240	64,980,161	63,205,914	66,384,528	69,230,837	67,367,350	76,957,205	60,740,052	71,762,455	67,650,337	49,574,394	39,815,452	42,613,618
Accounts Payable Margin	17.98%	18.10%	17.14%	16.22%	15.75%	16.24%	18.09%	19.60%	18.99%	17.56%	16.10%	16.23%	19.56%	15.04%	13.96%	13.47%	13.88%	14.00%	14.21%	16.30%	13.18%	15.54%	15.71%	12.92%	14.35%	17.59%
Short-Term Debt	133,078	2,722,781	16,916,870	19,917,824	20,482,330	0	0	399,235	3,199,750	10,014,922	9,642,695	16,935,775	103,401,813	12,699,189	12,875,322	16,476,655	21,537,543	30,730,512	35,612,918	25,241,033	24,632,787	22,169,274	19,617,694	33,340,803	11,118,689	0
Short-Term Debt Margin	0.01%	0.32%	2.79%	3.67%	4.12%	0.00%	0.00%	0.04%	0.39%	1.19%	1.13%	2.12%	17.70%	2.58%	2.77%	3.51%	4.50%	6.22%	7.51%	5.34%	5.35%	4.80%	4.56%	8.69%	4.01%	0.00%
Tax Payables	2,887,016	2,589,390	3,218,420	3,103,620	2,769,691	1,848,222	3,293,687	3,519,137	2,200,488	2,085,415	2,479,953	4,464,384	4,992,783	3,897,236	3,402,890	2,509,308	3,577,848	2,177,004	3,550,841	2,555,103	3,549,667	1,902,236	2,491,695	366,357	529,573	17,055,546
Tax Payables Margin	0.37%	0.33%	0.49%	0.52%	0.50%	0.39%	0.34%	0.38%	0.27%	0.25%	0.29%	0.56%	0.85%	0.79%	0.73%	0.53%	0.75%	0.44%	0.75%	0.54%	0.77%	0.41%	0.58%	0.10%	0.19%	7.04%
Deferred Revenue	0	6,475,823	3,237,912	2,996,296	2,662,720	0	0	0	0	32,379,117	0	0	0	0	0	0	0	0	10,010,226	2,555,103	3,549,667	1,902,236	2,491,695	366,357	0	0
Deferred Revenue Margin	0.00%	0.77%	0.38%	0.43%	0.42%	0.00%	0.00%	0.00%	0.00%	3.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.11%	0.54%	0.77%	0.41%	0.58%	0.10%	0.00%	0.00%
Other Current Liabilities	47,207,558	30,187,083	20,166,641	17,367,497	16,178,638	118,012,633	9,507,659	14,102,382	9,000,396	312,343	14,781,081	10,295,561	9,773,033	8,379,234	7,502,092	6,912,633	8,280,599	12,328,136	14,984,221	16,340,446	16,621,084	16,334,574	15,470,349	14,634,304	0	4,757,939
Other Current Liabilities Margin	9.14%	5.71%	3.66%	3.26%	3.17%	24.91%	0.97%	1.54%	1.10%	0.04%	1.73%	1.29%	1.67%	1.70%	1.61%	1.47%	1.73%	2.49%	3.16%	3.46%	3.61%	3.54%	3.59%	3.81%	0.00%	1.96%
Total Current Liabilities	217,463,196	208,351,483	186,326,756	162,618,276	146,159,978	210,005,724	218,680,862	223,703,001	194,734,993	194,632,836	189,176,236	177,221,502	248,904,110	108,304,182	97,904,115	99,448,214	108,382,854	119,065,908	128,015,813	121,093,786	105,543,590	112,168,540	105,230,074	98,472,438	62,510,776	64,427,103
Total Current Liabilities Margin	30.36%	27.60%	26.80%	25.90%	25.42%	44.32%	22.38%	24.38%	23.80%	23.10%	22.13%	22.18%	42.62%	22.04%	21.04%	21.19%	22.67%	24.08%	27.00%	25.64%	22.91%	24.29%	24.44%	25.67%	22.53%	26.59%
Long-Term Debt	85,360,314	92,976,149	91,373,104	76,236,155	69,996,839	73,975,860	88,066,500	94,038,583	87,075,458	121,724,342	157,121,204	154,753,976	51,030,427	38,514,416	47,430,268	42,576,043	46,253,700	46,534,339	46,940,619	47,506,593	55,386,783	66,405,664	73,160,951	36,242,300	25,198,761	0
Long-Term Debt Margin	11.62%	11.99%	12.45%	11.51%	11.73%	15.61%	9.01%	10.25%	10.64%	14.45%	18.38%	19.37%	8.74%	7.84%	10.19%	9.07%	9.67%	9.41%	9.90%	10.06%	12.02%	14.38%	16.99%	9.45%	9.08%	0.00%
Capital Lease Obligations	5,729,411	7,871,501	6,551,091	4,373,500	3,407,586	2,049,014	7,291,906	7,847,312	9,893,978	12,275,296	15,665,269	4,044,014	6,444,119	0	0	0	1,174	24,659	65,756	0	0	0	0	1,803,602	745,630	0
Capital Lease Obligations Margin	0.68%	0.94%	0.81%	0.54%	0.44%	0.43%	0.75%	0.86%	1.21%	1.46%	1.83%	0.51%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.47%	0.27%	0.00%
Deferred Tax Liabilities	4,126,992	5,097,289	6,727,106	7,551,565	9,571,537	0	5,787,730	6,593,245	7,661,786	5,443,684	6,772,901	10,967,215	12,082,724	5,090,244	6,871,535	7,832,047	8,844,225	9,962,082	9,828,221	9,535,841	9,937,424	8,905,284	20,914,032	23,646,442	14,754,074	0
Deferred Tax Liabilities Margin	0.44%	0.58%	0.96%	1.28%	1.98%	0.00%	0.59%	0.72%	0.94%	0.65%	0.79%	1.37%	2.07%	1.04%	1.48%	1.67%	1.85%	2.01%	2.07%	2.02%	2.16%	1.93%	4.86%	6.16%	5.32%	0.00%
Other Non-Current Liabilities	4,193,922	3,546,614	6,257,771	6,044,102	4,913,758	4,201,359	4,338,743	4,041,665	5,151,303	0	0	10,967,215	12,082,724	11,327,700	10,466,997	10,518,663	11,148,045	2,355,485	1,958,599	2,103,028	1,986,780	1,910,456	1,467,775	605,898	1,642,734	17,228,156
Other Non-Current Liabilities Margin	0.59%	0.48%	1.04%	1.09%	0.91%	0.89%	0.44%	0.44%	0.63%	0.00%	0.00%	1.37%	2.07%	2.30%	2.25%	2.24%	2.33%	0.48%	0.41%	0.45%	0.43%	0.41%	0.34%	0.16%	0.59%	7.11%
Total Non-Current Liabilities	97,225,807	108,541,609	107,929,018	91,102,485	85,660,171	79,621,510	102,414,294	109,641,618	110,984,926	140,045,697	180,522,234	174,985,787	73,334,736	49,842,116	57,897,266	53,094,706	57,401,745	58,853,081	58,752,098	59,145,461	67,310,987	77,221,404	98,319,789	61,741,662	42,072,303	17,228,156
Total Non-Current Liabilities Margin	13.08%	13.88%	14.76%	13.85%	14.66%	16.80%	10.48%	11.95%	13.56%	16.62%	21.11%	21.90%	12.56%	10.14%	12.44%	11.31%	12.01%	11.90%	12.39%	12.52%	14.61%	16.73%	22.84%	16.09%	15.17%	7.11%
Total Liabilities	314,689,003	316,893,092	294,255,774	253,720,761	231,820,149	289,627,234	321,095,156	333,344,619	305,719,919	334,678,533	369,698,470	352,207,289	322,238,846	158,146,298	155,801,381	152,542,920	165,784,599	177,918,989	186,767,911	180,239,247	172,854,578	189,389,944	203,549,863	160,214,099	104,583,079	81,655,259
Total Liabilities Margin	43.44%	41.48%	41.55%	39.75%	40.08%	61.12%	32.85%	36.33%	37.36%	39.73%	43.24%	44.08%	55.17%	32.18%	33.48%	32.50%	34.67%	35.98%	39.40%	38.17%	37.52%	41.02%	47.28%	41.76%	37.70%	33.70%
Preferred Stock	0	0	0	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 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%	0.00%	0.00%	0.00%
Common Stock	6,128,254	6,043,710	34,250,823	39,852,635	42,559,134	6,167,003	6,167,003	6,050,756	5,961,515	5,872,274	62,457,936	62,457,936	62,457,936	62,457,936	62,457,936	62,457,936	62,263,016	62,345,211	62,457,936	5,757,201	62,457,936	62,409,793	62,165,555	61,810,941	4,548,928	4,528,967
Common Stock Margin	0.86%	0.80%	5.60%	7.29%	8.43%	1.30%	0.63%	0.66%	0.73%	0.70%	7.31%	7.82%	10.69%	12.71%	13.42%	13.31%	13.02%	12.61%	13.18%	1.22%	13.56%	13.52%	14.44%	16.11%	1.64%	1.87%
Retained Earnings	74,384,097	73,928,891	36,964,446	30,713,055	25,092,201	84,116,424	69,200,307	69,835,560	73,306,555	73,185,610	0	0	0	0	0	0	0	0	48,253,397	42,797,971	0	0	0	22,398,247	18,749,945	0
Retained Earnings Margin	10.81%	10.02%	5.01%	4.62%	4.10%	17.75%	7.08%	7.61%	8.96%	8.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.18%	9.06%	0.00%	0.00%	0.00%	5.84%	6.76%	0.00%
Accumulated OCI	2,329,261	391,015	195,508	130,338	97,754	4,646,389	2,341,395	0	0	-5,032,707	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	0.41%	0.12%	0.06%	0.04%	0.03%	0.98%	0.24%	0.00%	0.00%	-0.60%	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%
Minority Interest	736,627	1,247,961	1,234,340	822,893	617,170	0	0	2,209,882	1,969,167	2,060,756	2,270,941	1,940,986	1,891,668	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.08%	0.15%	0.16%	0.10%	0.08%	0.00%	0.00%	0.24%	0.24%	0.24%	0.27%	0.24%	0.32%	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	150,661,428	145,489,146	142,390,614	132,763,184	120,265,021	164,918,025	147,696,914	139,369,346	140,633,981	134,827,463	143,539,001	144,869,393	145,247,491	134,998,899	127,805,627	120,727,429	116,821,974	115,115,832	110,234,599	104,641,790	97,234,810	91,760,596	87,386,627	84,209,187	53,261,445	59,596,362
Total Shareholders’ Equity Margin	21.70%	19.66%	21.30%	22.12%	21.71%	34.80%	15.11%	15.19%	17.19%	16.00%	16.79%	18.13%	24.87%	27.47%	27.46%	25.72%	24.43%	23.28%	23.25%	22.16%	21.10%	19.87%	20.30%	21.95%	19.20%	24.60%
Total Equity	151,398,056	146,737,107	143,624,954	133,586,078	120,882,191	164,918,025	147,696,914	141,579,228	142,603,148	136,888,219	145,809,943	146,810,378	147,139,160	134,998,899	127,805,627	120,727,429	116,821,974	115,115,832	110,234,599	104,641,790	97,234,810	91,760,596	87,386,627	84,209,187	53,261,445	59,596,362
Total Equity Margin	21.78%	19.80%	21.46%	22.23%	21.79%	34.80%	15.11%	15.43%	17.43%	16.25%	17.05%	18.37%	25.19%	27.47%	27.46%	25.72%	24.43%	23.28%	23.25%	22.16%	21.10%	19.87%	20.30%	21.95%	19.20%	24.60%
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	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%	0.00%	0.00%	0.00%
Total Investments	404,714	242,829	3,050,154	3,410,483	2,594,909	317,039	391,015	506,089	0	0	0	0	0	14,451,126	14,836,270	4,315,259	5,504,743	5,750,155	5,085,547	0	186,701	176,133	151,474	166,739	59,885	41,098
Total Investments Margin	0.05%	0.03%	0.63%	0.71%	0.54%	0.07%	0.04%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	2.94%	3.19%	0.92%	1.15%	1.16%	1.07%	0.00%	0.04%	0.04%	0.04%	0.04%	0.02%	0.02%
Net Debt	68,783,068	82,899,932	93,808,084	83,960,566	80,222,945	55,282,278	71,506,475	79,560,450	86,613,990	121,536,467	146,112,891	144,052,135	149,037,874	32,346,238	52,032,037	46,459,189	59,677,383	72,186,349	75,876,922	67,127,809	76,869,138	82,022,790	84,169,264	68,097,715	33,891,512	-1,312,778
Net Debt Margin	9.22%	10.53%	13.11%	13.22%	14.11%	11.67%	7.32%	8.67%	10.58%	14.43%	17.09%	18.03%	25.52%	6.58%	11.18%	9.90%	12.48%	14.60%	16.01%	14.21%	16.68%	17.76%	19.55%	17.75%	12.22%	-0.54%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y 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	2005-12-31	2004-12-31
Revenue	789,567,447	805,886,913	722,432,279	640,838,315	581,330,137	473,850,610	977,333,836	917,517,895	818,320,963	842,411,261	854,987,157	799,009,741	584,040,589	491,485,046	465,365,696	469,370,961	478,144,732	494,438,209	474,050,227	472,247,800	460,733,398	461,710,349	430,550,073	383,638,810	277,395,384	242,275,638
Working Capital	20,662,358	6,526,080	6,015,764	2,887,094	492,938	89,567,153	-13,748,942	-13,831,137	-18,479,874	-10,876,800	30,254,953	35,766,741	-64,360,172	15,357,623	10,508,095	8,344,007	4,557,148	-7,307,171	-10,894,413	-11,550,802	-7,202,665	-7,574,893	-3,546,144	-12,025,187	-3,098,767	-392,189
Working Capital Margin	5.33%	2.49%	1.48%	0.76%	0.15%	18.90%	-1.41%	-1.51%	-2.26%	-1.29%	3.54%	4.48%	-11.02%	3.12%	2.26%	1.78%	0.95%	-1.48%	-2.30%	-2.45%	-1.56%	-1.64%	-0.82%	-3.13%	-1.12%	-0.16%
Total Capital	241,884,232	249,059,577	255,883,909	232,392,150	213,477,893	240,942,899	243,055,320	241,654,476	240,803,167	278,842,023	321,150,344	316,134,076	301,933,060	186,212,504	188,111,218	179,780,127	184,614,391	192,405,341	192,853,893	177,389,415	177,254,380	180,335,533	180,165,271	155,595,892	90,324,525	59,596,362
Total Capital Margin	34.02%	32.92%	37.17%	37.72%	37.91%	50.85%	24.87%	26.34%	29.43%	33.10%	37.56%	39.57%	51.70%	37.89%	40.42%	38.30%	38.61%	38.91%	40.68%	37.56%	38.47%	39.06%	41.85%	40.56%	32.56%	24.60%
Capital Employed	248,623,863	255,278,716	251,553,973	224,688,563	206,542,362	244,539,535	250,111,208	251,220,846	253,588,074	276,933,916	326,332,177	321,796,165	220,473,896	184,841,016	185,702,893	173,822,135	174,223,718	173,968,913	168,986,697	163,787,251	164,545,797	168,982,000	185,706,416	145,950,849	95,333,748	76,824,518
Capital Employed Margin	34.86%	33.69%	36.21%	36.08%	36.45%	51.61%	25.59%	27.38%	30.99%	32.87%	38.17%	40.27%	37.75%	37.61%	39.90%	37.03%	36.44%	35.19%	35.65%	34.68%	35.71%	36.60%	43.13%	38.04%	34.37%	31.71%
Invested Capital	219,444,496	228,389,078	236,198,698	216,723,750	200,487,967	220,200,302	219,203,390	218,929,796	227,247,971	256,363,930	289,651,893	288,921,528	294,285,365	167,345,138	179,837,664	167,186,618	176,499,357	187,302,181	186,111,522	171,769,598	174,103,948	173,783,386	171,555,890	152,306,902	87,152,957	58,283,584
Invested Capital Margin	30.92%	30.19%	34.41%	35.34%	35.83%	46.47%	22.43%	23.86%	27.77%	30.43%	33.88%	36.16%	50.39%	34.05%	38.64%	35.62%	36.91%	37.88%	39.26%	36.37%	37.79%	37.64%	39.85%	39.70%	31.42%	24.06%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y 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	2005-12-31
Revenue	789,567,447	805,886,913	722,432,279	640,838,315	581,330,137	473,850,610	977,333,836	917,517,895	818,320,963	842,411,261	854,987,157	799,009,741	584,040,589	491,485,046	465,365,696	469,370,961	478,144,732	494,438,209	474,050,227	472,247,800	460,733,398	461,710,349	430,550,073	383,638,810	277,395,384
Net Income	13,504,313	11,203,468	13,674,379	14,575,671	14,107,373	24,244,120	8,991,003	7,277,816	15,848,447	-344,046	3,473,343	15,062,894	24,158,402	20,855,321	17,176,490	14,609,645	12,444,384	15,930,643	18,004,315	20,902,290	17,715,457	9,339,746	12,026,361	11,866,667	12,564,154
Net Income Margin	2.28%	1.75%	2.31%	2.68%	2.83%	5.12%	0.92%	0.79%	1.94%	-0.04%	0.41%	1.89%	4.14%	4.24%	3.69%	3.11%	2.60%	3.22%	3.80%	4.43%	3.85%	2.02%	2.79%	3.09%	4.53%
Depreciation & Amortization	32,867,592	33,791,938	30,031,146	27,118,924	25,413,585	32,443,699	33,477,012	32,682,065	33,427,695	36,929,219	35,933,480	31,851,892	22,110,563	20,464,306	20,991,531	20,552,373	21,212,284	20,326,922	21,192,323	23,188,497	22,818,617	26,493,926	21,083,120	17,794,130	13,298,042
Depreciation & Amortization Margin	4.61%	4.46%	4.30%	4.35%	4.51%	6.85%	3.43%	3.56%	4.08%	4.38%	4.20%	3.99%	3.79%	4.16%	4.51%	4.38%	4.44%	4.11%	4.47%	4.91%	4.95%	5.74%	4.90%	4.64%	4.79%
Deferred Income Tax	0	0	0	0	-274,767	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5,333,307	-162,042	0	0
Deferred Income Tax Margin	0.00%	0.00%	0.00%	0.00%	-0.06%	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%	-1.16%	-0.04%	0.00%	0.00%
Stock-Based Compensation	0	0	0	-1,566	1,820	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-23,484	-8,220	27,007	5,871	17,613	17,613
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%	0.01%	0.00%	0.00%	0.01%
Change in Working Capital	13,013,489	14,746,090	9,384,601	6,202,387	3,593,113	30,413,472	5,069,108	3,557,887	7,449,252	27,240,730	13,401,373	6,673,092	-1,608,681	4,047,536	-2,397,757	4,870,665	-497,869	-2,486,998	-6,492,262	3,796,253	-7,181,530	743,281	-48,143	-8,298,213	-6,388,931
Change in Working Capital Margin	2.44%	2.29%	1.39%	0.92%	0.39%	6.42%	0.52%	0.39%	0.91%	3.23%	1.57%	0.84%	-0.28%	0.82%	-0.52%	1.04%	-0.10%	-0.50%	-1.37%	0.80%	-1.56%	0.16%	-0.01%	-2.16%	-2.30%
Accounts Receivable	7,401,500	8,498,065	4,249,032	2,832,688	2,124,516	30,424,040	6,648,434	-14,867,974	-392,189	20,678,014	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	1.83%	1.58%	0.79%	0.53%	0.39%	6.42%	0.68%	-1.62%	-0.05%	2.45%	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%
Inventory	-3,092,504	-1,617,371	-1,679,957	-897,887	-806,865	1,493,608	-334,653	-10,436,467	-806,689	1,997,348	-5,256,983	-2,349,614	1,191,833	-2,164,087	-133,861	4,721,539	1,185,962	-1,072,063	-695,138	-809,038	1,538,228	-2,622,033	1,458,381	-2,906,195	-137,384
Inventory Margin	-0.29%	-0.14%	-0.19%	-0.08%	-0.09%	0.32%	-0.03%	-1.14%	-0.10%	0.24%	-0.61%	-0.29%	0.20%	-0.44%	-0.03%	1.01%	0.25%	-0.22%	-0.15%	-0.17%	0.33%	-0.57%	0.34%	-0.76%	-0.05%
Accounts Payable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable 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%	0.00%	0.00%
Other Working Capital	8,704,493	7,865,395	6,815,525	4,267,585	2,275,462	-1,504,176	-1,244,673	28,862,328	8,648,130	4,565,367	18,658,356	9,022,706	-2,800,515	6,211,624	-2,263,896	149,126	-1,683,831	-1,414,935	-5,797,124	4,605,291	-8,719,758	3,365,315	-1,506,524	-5,392,018	-6,251,547
Other Working Capital Margin	0.90%	0.86%	0.79%	0.47%	0.09%	-0.32%	-0.13%	3.15%	1.06%	0.54%	2.18%	1.13%	-0.48%	1.26%	-0.49%	0.03%	-0.35%	-0.29%	-1.22%	0.98%	-1.89%	0.73%	-0.35%	-1.41%	-2.25%
Other Non-Cash Items	-220,753	910,960	-3,315,880	-3,470,212	-3,040,584	-3,993,522	3,857,313	-526,051	2,878,013	2,339,046	-6,211,624	-6,966,647	-19,086,946	-2,674,873	-2,773,508	-4,420,938	-2,665,479	-3,716,406	-3,682,354	-4,409,196	-407,454	-4,552,451	6,016,703	-4,548,928	-5,266,377
Other Non-Cash Items Margin	-0.17%	0.02%	-0.59%	-0.66%	-0.63%	-0.84%	0.39%	-0.06%	0.35%	0.28%	-0.73%	-0.87%	-3.27%	-0.54%	-0.60%	-0.94%	-0.56%	-0.75%	-0.78%	-0.93%	-0.09%	-0.99%	1.40%	-1.19%	-1.90%
Net Cash from Operating Activities	59,164,640	60,652,455	49,774,246	44,425,205	40,075,307	83,107,769	51,394,435	42,991,717	59,603,407	66,164,949	46,596,572	46,621,231	25,573,337	42,692,291	32,996,756	35,611,744	30,493,319	30,054,161	29,022,022	43,454,360	32,936,871	32,051,509	39,083,913	16,831,269	14,224,501
Net Cash from Operating Activities Margin	9.16%	8.52%	7.41%	7.30%	7.11%	17.54%	5.26%	4.69%	7.28%	7.85%	5.45%	5.83%	4.38%	8.69%	7.09%	7.59%	6.38%	6.08%	6.12%	9.20%	7.15%	6.94%	9.08%	4.39%	5.13%
Capital Expenditures (PPE)	-33,450,788	-31,092,876	-26,352,080	-23,478,999	-22,704,600	-43,017,550	-27,883,028	-29,451,786	-22,637,787	-32,474,228	-21,745,380	-32,214,726	-16,103,253	-17,008,577	-20,984,486	-15,281,299	-13,477,697	-14,169,313	-19,562,505	-26,173,364	-21,138,308	-21,599,777	-24,556,463	-21,629,132	-12,983,351
Capital Expenditures (PPE) Margin	-5.05%	-4.35%	-3.91%	-3.84%	-4.15%	-9.08%	-2.85%	-3.21%	-2.77%	-3.85%	-2.54%	-4.03%	-2.76%	-3.46%	-4.51%	-3.26%	-2.82%	-2.87%	-4.13%	-5.54%	-4.59%	-4.68%	-5.70%	-5.64%	-4.68%
Acquisitions (Net)	0	-915,892	-9,575,060	-6,737,987	-6,679,961	0	0	0	-4,579,458	0	-1,749,588	0	-78,351,004	0	-11,070,546	0	-1,174	2,348	-5,320,391	0	0	1,038,010	-14,078,898	-5,844,093	-13,644,436
Acquisitions (Net) Margin	0.00%	-0.11%	-1.66%	-1.18%	-1.36%	0.00%	0.00%	0.00%	-0.56%	0.00%	-0.20%	0.00%	-13.42%	0.00%	-2.38%	0.00%	0.00%	0.00%	-1.12%	0.00%	0.00%	0.22%	-3.27%	-1.52%	-4.92%
Purchases of Investments	0	0	0	-366,983	-280,404	0	0	0	0	0	0	0	0	0	0	0	0	0	-5,504,743	0	-11,742	-24,659	0	-48,143	-18,788
Purchases of Investments Margin	0.00%	0.00%	0.00%	-0.08%	-0.06%	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%	-1.16%	0.00%	0.00%	-0.01%	0.00%	-0.01%	-0.01%
Sales / Maturities of Investments	0	0	0	2,114	2,348	0	0	0	0	0	0	0	0	0	0	0	0	0	4,697	27,007	0	0	15,265	0	0
Sales / Maturities of 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%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	284,553	1,775,890	-4,095,092	-3,470,916	-2,793,058	369,879	133,861	349,918	6,002,613	2,023,181	355,789	530,747	-14,662,485	-14,777,559	-21,276,866	-2,550,406	1,513,570	-5,342,701	-5,500,046	766,766	110,377	-1,016,875	-69,279	-657,563	-2,164,087
Other Investing Activities Margin	0.04%	0.22%	-0.89%	-0.75%	-0.62%	0.08%	0.01%	0.04%	0.73%	0.24%	0.04%	0.07%	-2.51%	-3.01%	-4.57%	-0.54%	0.32%	-1.08%	-1.16%	0.16%	0.02%	-0.22%	-0.02%	-0.17%	-0.78%
Net Cash from Investing Activities	-33,166,235	-30,232,877	-34,612,600	-29,690,466	-28,995,602	-42,647,670	-27,749,167	-29,101,868	-21,214,633	-30,451,047	-23,139,179	-31,683,978	-93,013,489	-14,777,559	-32,347,413	-15,772,123	-11,177,400	-18,274,386	-29,451,786	-24,555,289	-20,432,602	-20,474,874	-37,685,417	-27,151,489	-28,810,662
Net Cash from Investing Activities Margin	-5.00%	-4.24%	-5.38%	-4.97%	-5.48%	-9.00%	-2.84%	-3.17%	-2.59%	-3.61%	-2.71%	-3.97%	-15.93%	-3.01%	-6.95%	-3.36%	-2.34%	-3.70%	-6.21%	-5.20%	-4.43%	-4.43%	-8.75%	-7.08%	-10.39%
Net Debt Issuance	-6,871,144	-18,929,835	-9,228,547	-7,496,847	-3,564,991	-16,005,793	-6,952,557	2,344,917	-39,742,650	-34,293,095	-6,730,629	15,293,041	1,639,211	-9,091,985	1,254,067	-8,739,719	-9,497,091	-5,288,687	10,048,975	-6,690,706	-8,022,271	3,076,456	13,023,274	16,772,558	16,302,870
Net Debt Issuance Margin	-1.28%	-2.55%	-1.29%	-1.14%	-0.25%	-3.38%	-0.71%	0.26%	-4.86%	-4.07%	-0.79%	1.91%	0.28%	-1.85%	0.27%	-1.86%	-1.99%	-1.07%	2.12%	-1.42%	-1.74%	0.67%	3.02%	4.37%	5.88%
Long-Term Debt Issuance	-6,336,091	-18,268,045	-1,902,236	-2,297,949	334,183	-16,005,793	-6,952,557	3,950,076	-38,038,857	-34,293,095	-6,730,629	85,247,198	1,639,211	-9,091,985	1,254,067	-4,042,839	-9,473,607	-5,288,687	10,048,975	-6,690,706	-8,022,271	3,076,456	13,023,274	16,772,558	16,302,870
Long-Term Debt Issuance Margin	-1.22%	-2.48%	-0.38%	-0.47%	0.26%	-3.38%	-0.71%	0.43%	-4.65%	-4.07%	-0.79%	10.67%	0.28%	-1.85%	0.27%	-0.86%	-1.98%	-1.07%	2.12%	-1.42%	-1.74%	0.67%	3.02%	4.37%	5.88%
Short-Term Debt Issuance	-535,053	-661,790	-7,326,311	-5,198,898	-3,899,174	0	0	-1,605,159	-1,703,793	0	0	-69,954,157	0	0	0	-4,696,880	-23,484	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.06%	-0.08%	-0.91%	-0.68%	-0.51%	0.00%	0.00%	-0.17%	-0.21%	0.00%	0.00%	-8.76%	0.00%	0.00%	0.00%	-1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	2,068,193	2,739,690	1,369,845	904,932	750,150	0	3,122,251	3,082,328	3,277,248	4,216,624	0	0	0	0	0	-23,484	93,938	-138,558	77,499	-133,861	48,143	244,238	298,252	603,549	234,844
Net Stock Issuance Margin	0.22%	0.31%	0.16%	0.10%	0.10%	0.00%	0.32%	0.34%	0.40%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.02%	-0.03%	0.02%	-0.03%	0.01%	0.05%	0.07%	0.16%	0.08%
Common Stock Issuance	0	843,325	421,662	292,537	290,854	0	0	0	0	4,216,624	0	0	0	0	0	0	93,938	0	77,499	0	48,143	244,238	298,252	603,549	234,844
Common Stock Issuance Margin	0.00%	0.10%	0.05%	0.04%	0.05%	0.00%	0.00%	0.00%	0.00%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.02%	0.00%	0.01%	0.05%	0.07%	0.16%	0.08%
Common Stock Repurchased	0	0	0	-19,727	-14,795	0	0	0	0	0	0	0	0	0	0	-23,484	0	-138,558	0	-133,861	0	0	0	0	0
Common Stock Repurchased 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%	-0.01%	0.00%	-0.03%	0.00%	-0.03%	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	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%	0.00%	0.00%
Net Dividends Paid	-8,769,466	-8,549,261	-7,834,748	-6,915,999	-6,096,550	-9,328,004	-8,553,018	-8,427,377	-8,300,561	-8,137,345	-8,137,345	-8,137,345	-7,120,470	-7,120,470	-5,085,547	-5,085,547	-5,089,069	-5,105,509	-5,210,014	-4,902,369	-4,274,161	-4,142,648	-4,253,025	-3,373,534	-2,147,648
Net Dividends Paid Margin	-1.25%	-1.15%	-1.15%	-1.12%	-1.06%	-1.97%	-0.88%	-0.92%	-1.01%	-0.97%	-0.95%	-1.02%	-1.22%	-1.45%	-1.09%	-1.08%	-1.06%	-1.03%	-1.10%	-1.04%	-0.93%	-0.90%	-0.99%	-0.88%	-0.77%
Common Dividends Paid	-8,769,466	-8,549,261	-7,834,748	-6,915,999	-6,096,550	-9,328,004	-8,553,018	-8,427,377	-8,300,561	-8,137,345	-8,137,345	-8,137,345	-7,120,470	-7,120,470	-5,085,547	-5,085,547	-5,089,069	-5,105,509	-5,210,014	-4,902,369	-4,274,161	-4,142,648	-4,253,025	-3,373,534	-2,147,648
Common Dividends Paid Margin	-1.25%	-1.15%	-1.15%	-1.12%	-1.06%	-1.97%	-0.88%	-0.92%	-1.01%	-0.97%	-0.95%	-1.02%	-1.22%	-1.45%	-1.09%	-1.08%	-1.06%	-1.03%	-1.10%	-1.04%	-0.93%	-0.90%	-0.99%	-0.88%	-0.77%
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	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%	0.00%	0.00%
Other Financing Activities	-6,059,367	-5,440,631	2,543,713	742,420	-711,636	-6,179,920	-10,445,861	-1,552,319	-2,660,783	-6,364,272	-4,338,743	-2,517,528	61,698,216	-1,041,533	-1,160,129	-1,533,531	-1,811,821	-2,887,407	-3,364,140	-4,703,925	-3,656,521	-12,813,089	-5,146,606	-3,564,932	-187,875
Other Financing Activities Margin	-0.85%	-0.72%	0.57%	0.18%	-0.15%	-1.30%	-1.07%	-0.17%	-0.33%	-0.76%	-0.51%	-0.32%	10.56%	-0.21%	-0.25%	-0.33%	-0.38%	-0.58%	-0.71%	-1.00%	-0.79%	-2.78%	-1.20%	-0.93%	-0.07%
Net Cash from Financing Activities	-19,631,784	-30,180,037	-13,149,738	-12,765,494	-9,623,026	-31,513,716	-22,829,185	-4,552,451	-47,426,746	-44,578,088	-19,206,717	4,638,169	56,216,957	-17,253,989	-4,991,609	-15,382,282	-16,304,045	-13,420,160	1,552,319	-16,430,860	-15,904,810	-13,635,043	3,921,895	10,437,642	14,202,191
Net Cash from Financing Activities Margin	-3.16%	-4.11%	-1.72%	-1.98%	-1.37%	-6.65%	-2.34%	-0.50%	-5.80%	-5.29%	-2.25%	0.58%	9.63%	-3.51%	-1.07%	-3.28%	-3.41%	-2.71%	0.33%	-3.48%	-3.45%	-2.95%	0.91%	2.72%	5.12%
Effect of FX on Cash	165,174	90,885	44,151	30,843	23,132	352,266	311,168	-167,913	115,074	-156,171	35,227	-10,568	3,523	-63,408	22,310	21,136	0	0	0	0	0	0	0	0	0
Effect of FX on Cash Margin	0.03%	0.02%	0.01%	0.01%	0.00%	0.07%	0.03%	-0.02%	0.01%	-0.02%	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	2,395,800	-2,151,171	814,909	1,172,654	859,235	-3,109,335	1,127,251	9,169,484	-8,922,898	-9,020,358	4,285,903	19,564,854	-11,219,672	10,593,813	-4,319,955	4,478,475	3,011,874	-1,640,385	1,122,554	2,468,210	-3,400,541	-2,058,408	5,320,391	117,422	-383,970
Net Change in Cash Margin	0.15%	-0.34%	0.06%	0.17%	0.13%	-0.66%	0.12%	1.00%	-1.09%	-1.07%	0.50%	2.45%	-1.92%	2.16%	-0.93%	0.95%	0.63%	-0.33%	0.24%	0.52%	-0.74%	-0.45%	1.24%	0.03%	-0.14%
Cash at Beginning of Period	20,043,935	22,821,670	18,870,303	14,495,668	12,130,632	23,851,931	22,724,680	13,555,196	22,478,093	31,498,452	27,212,549	7,647,695	18,867,367	8,273,554	12,593,510	8,115,034	5,103,160	6,742,371	5,619,817	3,151,606	6,552,148	8,609,381	3,288,990	3,171,568	3,555,538
Cash at Beginning of Period Margin	2.95%	3.06%	2.71%	2.21%	1.96%	5.03%	2.33%	1.48%	2.75%	3.74%	3.18%	0.96%	3.23%	1.68%	2.71%	1.73%	1.07%	1.36%	1.19%	0.67%	1.42%	1.86%	0.76%	0.83%	1.28%
Cash at End of Period	22,439,736	20,670,499	19,685,211	15,668,322	12,989,867	20,742,596	23,851,931	22,724,680	13,555,196	22,478,093	31,498,452	27,212,549	7,647,695	18,867,367	8,273,554	12,593,510	8,115,034	5,101,986	6,742,371	5,619,817	3,151,606	6,550,973	8,609,381	3,288,990	3,171,568
Cash at End of Period Margin	3.10%	2.72%	2.76%	2.38%	2.09%	4.38%	2.44%	2.48%	1.66%	2.67%	3.68%	3.41%	1.31%	3.84%	1.78%	2.68%	1.70%	1.03%	1.42%	1.19%	0.68%	1.42%	2.00%	0.86%	1.14%
Operating Cash Flow	59,164,640	60,652,455	49,774,246	44,425,205	40,075,307	83,107,769	51,394,435	42,991,717	59,603,407	66,164,949	46,596,572	46,621,231	25,573,337	42,692,291	32,996,756	35,611,744	30,493,319	30,054,161	29,022,022	43,454,360	32,936,871	32,051,509	39,083,913	16,831,269	14,224,501
Operating Cash Flow Margin	9.16%	8.52%	7.41%	7.30%	7.11%	17.54%	5.26%	4.69%	7.28%	7.85%	5.45%	5.83%	4.38%	8.69%	7.09%	7.59%	6.38%	6.08%	6.12%	9.20%	7.15%	6.94%	9.08%	4.39%	5.13%
Capital Expenditure	-33,450,788	-31,092,876	-26,352,080	-23,478,999	-22,704,600	-43,017,550	-27,883,028	-29,451,786	-22,637,787	-32,474,228	-21,745,380	-32,214,726	-16,103,253	-17,008,577	-20,984,486	-15,281,299	-13,477,697	-14,169,313	-19,562,505	-26,173,364	-21,138,308	-21,599,777	-24,556,463	-21,629,132	-12,983,351
Capital Expenditure Margin	-5.05%	-4.35%	-3.91%	-3.84%	-4.15%	-9.08%	-2.85%	-3.21%	-2.77%	-3.85%	-2.54%	-4.03%	-2.76%	-3.46%	-4.51%	-3.26%	-2.82%	-2.87%	-4.13%	-5.54%	-4.59%	-4.68%	-5.70%	-5.64%	-4.68%
Free Cash Flow	25,713,852	29,559,579	23,422,166	20,946,206	17,370,706	40,090,219	23,511,407	13,539,931	36,965,620	33,690,720	24,851,192	14,406,505	9,470,084	25,683,714	12,012,271	20,330,445	17,015,622	15,884,848	9,459,516	17,280,996	11,798,563	10,451,732	14,527,450	-4,797,863	1,241,151
Free Cash Flow Margin	4.11%	4.17%	3.50%	3.45%	2.96%	8.46%	2.41%	1.48%	4.52%	4.00%	2.91%	1.80%	1.62%	5.23%	2.58%	4.33%	3.56%	3.21%	2.00%	3.66%	2.56%	2.26%	3.37%	-1.25%	0.45%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y 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	2005-12-31
Revenue	789,567,447	805,886,913	722,432,279	640,838,315	581,330,137	473,850,610	977,333,836	917,517,895	818,320,963	842,411,261	854,987,157	799,009,741	584,040,589	491,485,046	465,365,696	469,370,961	478,144,732	494,438,209	474,050,227	472,247,800	460,733,398	461,710,349	430,550,073	383,638,810	277,395,384
EBITDA	49,813,935	49,501,593	46,949,308	43,951,211	41,283,109	55,043,911	52,885,695	41,512,200	58,335,250	39,730,908	41,799,884	50,807,325	47,688,597	42,361,161	39,328,150	36,458,357	33,973,707	36,036,812	38,970,013	44,336,199	41,691,855	36,130,749	34,694,678	28,163,667	25,713,070
EBITDA Margin	7.18%	6.68%	6.99%	7.31%	7.56%	11.62%	5.41%	4.52%	7.13%	4.72%	4.89%	6.36%	8.17%	8.62%	8.45%	7.77%	7.11%	7.29%	8.22%	9.39%	9.05%	7.83%	8.06%	7.34%	9.27%
(-) Tax Adjustment	14,848,828	30,129,933	18,427,722	15,849,715	11,017,955	18,843,861	14,904,967	10,797,657	26,641,363	79,461,816	-20,589,057	22,128,198	9,285,531	12,540,678	10,262,206	10,657,374	10,290,402	10,089,273	10,542,284	11,889,175	13,993,460	-48,638,834	1,514,407	6,421,185	9,323,157
(-) Tax Adjustment Margin	2.23%	3.87%	2.61%	2.49%	1.76%	3.98%	1.53%	1.18%	3.26%	9.43%	-2.41%	2.77%	1.59%	2.55%	2.21%	2.27%	2.15%	2.04%	2.22%	2.52%	3.04%	-10.53%	0.35%	1.67%	3.36%
(-) Change In Working Capital	13,013,489	14,746,090	9,384,601	6,202,387	3,593,113	30,413,472	5,069,108	3,557,887	7,449,252	27,240,730	13,401,373	6,673,092	-1,608,681	4,047,536	-2,397,757	4,870,665	-497,869	-2,486,998	-6,492,262	3,796,253	-7,181,530	743,281	-48,143	-8,298,213	-6,388,931
(-) Change In Working Capital Margin	2.44%	2.29%	1.39%	0.92%	0.39%	6.42%	0.52%	0.39%	0.91%	3.23%	1.57%	0.84%	-0.28%	0.82%	-0.52%	1.04%	-0.10%	-0.50%	-1.37%	0.80%	-1.56%	0.16%	-0.01%	-2.16%	-2.30%
(-) Capital Expenditure	-33,450,788	-31,092,876	-26,352,080	-23,478,999	-22,704,600	-43,017,550	-27,883,028	-29,451,786	-22,637,787	-32,474,228	-21,745,380	-32,214,726	-16,103,253	-17,008,577	-20,984,486	-15,281,299	-13,477,697	-14,169,313	-19,562,505	-26,173,364	-21,138,308	-21,599,777	-24,556,463	-21,629,132	-12,983,351
(-) Capital Expenditure Margin	-5.05%	-4.35%	-3.91%	-3.84%	-4.15%	-9.08%	-2.85%	-3.21%	-2.77%	-3.85%	-2.54%	-4.03%	-2.76%	-3.46%	-4.51%	-3.26%	-2.82%	-2.87%	-4.13%	-5.54%	-4.59%	-4.68%	-5.70%	-5.64%	-4.68%
Unlevered Free Cash Flow	-11,499,170	-26,467,306	-7,215,095	-1,579,889	3,967,440	-37,230,972	5,028,592	-2,295,130	1,606,847	-99,445,866	27,242,187	-10,208,691	23,908,494	8,764,370	10,479,216	5,649,019	10,703,478	14,265,225	15,357,486	2,477,406	13,741,616	62,426,525	8,671,952	8,411,562	9,795,493
Unlevered Free Cash Flow Margin	-2.53%	-3.84%	-0.92%	0.06%	1.26%	-7.86%	0.51%	-0.25%	0.20%	-11.80%	3.19%	-1.28%	4.09%	1.78%	2.25%	1.20%	2.24%	2.89%	3.24%	0.52%	2.98%	13.52%	2.01%	2.19%	3.53%
(-) Net Interest Income After Taxes	-2,876,809	-1,352,659	-1,393,376	-1,521,446	-2,267,035	-3,357,677	-4,134,628	-1,138,123	-1,272,732	3,139,864	-3,568,287	-1,293,142	-1,043,926	-577,795	-687,315	-930,693	-1,177,903	-1,686,717	-2,075,461	-3,017,149	-2,075,078	-12,981,289	-4,375,075	-2,147,506	-940,074
(-) Net Interest Income After Taxes Margin	-0.42%	-0.21%	-0.21%	-0.26%	-0.46%	-0.71%	-0.42%	-0.12%	-0.16%	0.37%	-0.42%	-0.16%	-0.18%	-0.12%	-0.15%	-0.20%	-0.25%	-0.34%	-0.44%	-0.64%	-0.45%	-2.81%	-1.02%	-0.56%	-0.34%
Net Debt Issuance	-6,871,144	-18,929,835	-9,228,547	-7,496,847	-3,564,991	-16,005,793	-6,952,557	2,344,917	-39,742,650	-34,293,095	-6,730,629	15,293,041	1,639,211	-9,091,985	1,254,067	-8,739,719	-9,497,091	-5,288,687	10,048,975	-6,690,706	-8,022,271	3,076,456	13,023,274	16,772,558	16,302,870
Net Debt Issuance Margin	-1.28%	-2.55%	-1.29%	-1.14%	-0.25%	-3.38%	-0.71%	0.26%	-4.86%	-4.07%	-0.79%	1.91%	0.28%	-1.85%	0.27%	-1.86%	-1.99%	-1.07%	2.12%	-1.42%	-1.74%	0.67%	3.02%	4.37%	5.88%
Levered Free Cash Flow	-15,493,505	-44,044,482	-15,050,267	-7,555,290	2,669,485	-49,879,088	2,210,664	1,187,910	-36,863,071	-136,878,825	24,079,845	6,377,493	26,591,632	250,179	12,420,598	-2,160,007	2,384,289	10,663,255	27,481,922	-1,196,150	7,794,424	78,484,271	26,070,301	27,331,627	27,038,437
Levered Free Cash Flow Margin	-3.39%	-6.18%	-2.00%	-0.82%	1.47%	-10.53%	0.23%	0.13%	-4.50%	-16.25%	2.82%	0.80%	4.55%	0.05%	2.67%	-0.46%	0.50%	2.16%	5.80%	-0.25%	1.69%	17.00%	6.06%	7.12%	9.75%