Ohio Valley Banc Corp. (OVBC)

Analysis: Margins & Ratios Industry: Banks - Regional Sector: Financial Services Live Price: $40.06

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	73,735,333	66,278,600	59,541,600	55,776,267	55,980,900	55,096,560	71,275,000	85,693,000	88,934,000	74,494,000	57,778,000	54,576,000	55,611,000	58,227,000	58,135,000	55,143,000	47,587,000	44,931,000	45,338,000	44,476,000	47,484,000	51,262,000	52,668,000	55,221,000	57,726,000	60,183,000	58,251,000	51,593,000	51,482,000	51,142,000	53,405,000	52,714,000	49,053,000	43,100,000	38,000,000	33,400,000	29,700,000
Cost of Revenue	16,720,667	12,522,600	9,370,400	9,721,867	13,435,750	15,566,840	22,297,000	28,355,000	29,428,000	17,928,000	2,806,000	3,280,000	9,171,000	8,265,000	6,510,000	6,539,000	5,848,000	3,929,000	5,662,000	4,050,000	7,929,000	15,065,000	19,418,000	20,144,000	24,544,000	28,672,000	29,593,000	19,934,000	18,499,000	21,984,000	26,280,000	27,738,000	25,955,000	21,100,000	18,000,000	15,800,000	14,200,000
Cost of Revenue Margin	20.67%	16.90%	14.28%	16.49%	23.17%	27.88%	31.28%	33.09%	33.09%	24.07%	4.86%	6.01%	16.49%	14.19%	11.20%	11.86%	12.29%	8.74%	12.49%	9.11%	16.70%	29.39%	36.87%	36.48%	42.52%	47.64%	50.80%	38.64%	35.93%	42.99%	49.21%	52.62%	52.91%	48.96%	47.37%	47.31%	47.81%
Gross Profit	57,014,667	53,756,000	50,171,200	46,054,400	42,545,150	39,529,720	48,978,000	57,340,000	59,506,000	56,566,000	54,972,000	51,296,000	46,440,000	49,962,000	51,625,000	48,604,000	41,739,000	41,002,000	39,676,000	40,426,000	39,555,000	36,197,000	33,250,000	35,077,000	33,182,000	31,511,000	28,658,000	31,659,000	32,983,000	29,158,000	27,125,000	24,976,000	23,098,000	22,000,000	20,000,000	17,600,000	15,500,000
Gross Profit Margin	79.33%	83.10%	85.72%	83.51%	76.83%	72.12%	68.72%	66.91%	66.91%	75.93%	95.14%	93.99%	83.51%	85.81%	88.80%	88.14%	87.71%	91.26%	87.51%	90.89%	83.30%	70.61%	63.13%	63.52%	57.48%	52.36%	49.20%	61.36%	64.07%	57.01%	50.79%	47.38%	47.09%	51.04%	52.63%	52.69%	52.19%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	25,866,000	25,659,000	25,375,000	23,414,400	21,090,600	19,029,240	16,411,000	26,284,000	29,250,000	24,970,000	23,378,000	24,659,000	26,038,000	28,179,000	27,063,000	25,875,000	23,015,000	21,323,000	21,506,000	20,803,000	19,194,000	18,570,000	17,393,000	17,119,000	15,098,000	13,045,000	12,497,000	12,837,000	12,592,000	11,571,000	10,641,000	9,815,000	9,300,000	9,200,000	8,100,000	7,300,000	6,400,000
SG&A Expenses Margin	35.62%	39.78%	43.66%	42.70%	38.28%	34.81%	23.02%	30.67%	32.89%	33.52%	40.46%	45.18%	46.82%	48.40%	46.55%	46.92%	48.36%	47.46%	47.43%	46.77%	40.42%	36.23%	33.02%	31.00%	26.15%	21.68%	21.45%	24.88%	24.46%	22.63%	19.93%	18.62%	18.96%	21.35%	21.32%	21.86%	21.55%
Operating Expenses	42,179,333	39,590,200	37,274,600	34,343,000	31,488,550	28,993,520	35,173,000	43,126,000	46,130,000	41,368,000	39,040,000	37,280,000	34,133,000	38,242,000	37,426,000	36,609,000	32,899,000	29,619,000	28,483,000	29,254,000	29,720,000	28,299,000	26,643,000	26,160,000	23,325,000	22,583,000	21,199,000	21,359,000	20,926,000	19,817,000	19,175,000	18,171,000	16,978,000	16,100,000	14,300,000	12,300,000	10,800,000
Operating Expenses Margin	58.32%	60.93%	63.62%	62.21%	56.81%	52.82%	49.35%	50.33%	51.87%	55.53%	67.57%	68.31%	61.38%	65.68%	64.38%	66.39%	69.13%	65.92%	62.82%	65.77%	62.59%	55.20%	50.59%	47.37%	40.41%	37.52%	36.39%	41.40%	40.65%	38.75%	35.90%	34.47%	34.61%	37.35%	37.63%	36.83%	36.36%
Operating Income (EBIT)	14,835,333	14,165,800	12,896,600	11,701,933	11,049,500	10,530,520	13,805,000	14,214,000	13,376,000	15,198,000	15,932,000	14,016,000	12,307,000	11,720,000	14,199,000	11,995,000	8,840,000	11,383,000	11,193,000	11,051,000	9,814,000	7,898,000	6,607,000	8,917,000	9,857,000	8,928,000	7,459,000	10,300,000	12,057,000	9,341,000	7,950,000	6,805,000	6,120,000	5,900,000	5,700,000	5,300,000	4,700,000
Operating Income (EBIT) Margin	21.01%	22.17%	22.10%	21.28%	20.00%	19.28%	19.37%	16.59%	15.04%	20.40%	27.57%	25.68%	22.13%	20.13%	24.42%	21.75%	18.58%	25.33%	24.69%	24.85%	20.67%	15.41%	12.54%	16.15%	17.08%	14.83%	12.80%	19.96%	23.42%	18.26%	14.89%	12.91%	12.48%	13.69%	15.00%	15.87%	15.82%
Interest Income	61,406,667	54,925,800	49,553,300	46,493,400	47,499,800	47,167,880	60,576,000	72,487,000	75,379,000	61,541,000	47,300,000	44,481,000	45,928,000	50,317,000	49,197,000	45,708,000	39,348,000	36,334,000	36,355,000	35,958,000	39,001,000	44,040,000	46,514,000	47,623,000	51,533,000	54,947,000	52,421,000	46,071,000	43,490,000	45,160,000	47,771,000	47,585,000	45,195,000	40,000,000	35,200,000	31,500,000	28,300,000
Interest Income Margin	83.08%	82.67%	83.08%	83.21%	84.72%	85.56%	84.99%	84.59%	84.76%	82.61%	81.87%	81.50%	82.59%	86.42%	84.63%	82.89%	82.69%	80.87%	80.19%	80.85%	82.14%	85.91%	88.32%	86.24%	89.27%	91.30%	89.99%	89.30%	84.48%	88.30%	89.45%	90.27%	92.14%	92.81%	92.63%	94.31%	95.29%
Interest Expense	15,211,667	11,105,000	7,809,700	7,640,467	11,042,750	12,950,240	20,116,000	25,814,000	26,959,000	15,838,000	2,838,000	3,699,000	6,191,000	7,265,000	5,471,000	3,975,000	3,022,000	2,839,000	2,875,000	3,573,000	6,346,000	10,169,000	13,547,000	16,932,000	20,828,000	26,420,000	23,931,000	18,137,000	16,146,000	17,645,000	20,810,000	24,235,000	24,065,000	18,800,000	15,700,000	14,600,000	12,900,000
Interest Expense Margin	18.83%	14.88%	11.62%	12.63%	18.82%	23.05%	28.22%	30.12%	30.31%	21.26%	4.91%	6.78%	11.13%	12.48%	9.41%	7.21%	6.35%	6.32%	6.34%	8.03%	13.36%	19.84%	25.72%	30.66%	36.08%	43.90%	41.08%	35.15%	31.36%	34.50%	38.97%	45.97%	49.06%	43.62%	41.32%	43.71%	43.43%
Net Interest Income	46,195,000	43,820,800	41,561,600	38,634,600	36,262,650	34,062,120	40,460,000	46,673,000	48,420,000	45,703,000	44,462,000	40,782,000	39,737,000	42,659,000	43,286,000	41,341,000	36,024,000	33,202,000	33,168,000	32,063,000	32,376,000	33,604,000	32,692,000	30,401,000	30,382,000	28,527,000	28,490,000	27,934,000	27,344,000	27,515,000	26,961,000	23,350,000	21,130,000	21,200,000	19,500,000	16,900,000	15,400,000
Net Interest Income Margin	64.25%	67.79%	71.12%	70.15%	65.52%	62.21%	56.77%	54.47%	54.44%	61.35%	76.95%	74.73%	71.46%	73.26%	74.46%	74.97%	75.70%	73.90%	73.16%	72.09%	68.18%	65.55%	62.07%	55.05%	52.63%	47.40%	48.91%	54.14%	53.11%	53.80%	50.48%	44.30%	43.08%	49.19%	51.32%	50.60%	51.85%
Unusual Items	-46,195,000	-43,820,800	-41,743,600	-38,852,933	-36,457,050	-34,217,640	-40,460,000	-46,673,000	-48,420,000	-45,703,000	-44,462,000	-40,782,000	-39,737,000	-43,052,000	-43,726,000	-41,733,000	-36,326,000	-33,495,000	-33,480,000	-32,385,000	-32,655,000	-33,871,000	-32,967,000	-30,691,000	-30,705,000	-28,527,000	-28,490,000	-27,934,000	-27,344,000	-27,515,000	-26,961,000	-23,350,000	-21,130,000	-21,200,000	-19,500,000	-16,900,000	-15,400,000
Unusual Items Margin	-64.25%	-67.79%	-71.46%	-70.58%	-65.90%	-62.51%	-56.77%	-54.47%	-54.44%	-61.35%	-76.95%	-74.73%	-71.46%	-73.94%	-75.21%	-75.68%	-76.34%	-74.55%	-73.85%	-72.81%	-68.77%	-66.07%	-62.59%	-55.58%	-53.19%	-47.40%	-48.91%	-54.14%	-53.11%	-53.80%	-50.48%	-44.30%	-43.08%	-49.19%	-51.32%	-50.60%	-51.85%
EBT Excluding Unusual Items	61,030,333	57,986,600	54,640,200	50,554,867	47,506,550	44,748,160	54,265,000	60,887,000	61,796,000	60,901,000	60,394,000	54,798,000	52,044,000	54,772,000	57,925,000	53,728,000	45,166,000	44,878,000	44,673,000	43,436,000	42,469,000	41,769,000	39,574,000	39,608,000	40,562,000	37,455,000	35,949,000	38,234,000	39,401,000	36,856,000	34,911,000	30,155,000	27,250,000	27,100,000	25,200,000	22,200,000	20,100,000
EBT Excluding Unusual Items Margin	85.26%	89.95%	93.57%	91.86%	85.90%	81.79%	76.13%	71.05%	69.49%	81.75%	104.53%	100.41%	93.59%	94.07%	99.64%	97.43%	94.91%	99.88%	98.53%	97.66%	89.44%	81.48%	75.14%	71.73%	70.27%	62.24%	61.71%	74.11%	76.53%	72.07%	65.37%	57.20%	55.55%	62.88%	66.32%	66.47%	67.68%
Pre-Tax Income	14,835,333	14,165,800	12,896,600	11,701,933	11,049,500	10,530,520	13,805,000	14,214,000	13,376,000	15,198,000	15,932,000	14,016,000	12,307,000	11,720,000	14,199,000	11,995,000	8,840,000	11,383,000	11,193,000	11,051,000	9,814,000	7,898,000	6,607,000	8,917,000	9,857,000	8,928,000	7,459,000	10,300,000	12,057,000	9,341,000	7,950,000	6,805,000	6,120,000	5,900,000	5,700,000	5,300,000	4,700,000
Pre-Tax Income Margin	21.01%	22.17%	22.10%	21.28%	20.00%	19.28%	19.37%	16.59%	15.04%	20.40%	27.57%	25.68%	22.13%	20.13%	24.42%	21.75%	18.58%	25.33%	24.69%	24.85%	20.67%	15.41%	12.54%	16.15%	17.08%	14.83%	12.80%	19.96%	23.42%	18.26%	14.89%	12.91%	12.48%	13.69%	15.00%	15.87%	15.82%
Income Tax Expense	2,512,667	2,374,000	2,515,300	2,503,200	2,526,200	2,518,960	2,674,000	2,507,000	2,377,000	2,567,000	2,594,000	2,284,000	2,048,000	1,813,000	2,255,000	4,486,000	1,920,000	2,809,000	3,120,000	2,939,000	2,762,000	2,063,000	1,511,000	2,272,000	2,729,000	2,631,000	2,061,000	3,283,000	3,676,000	2,869,000	2,275,000	1,910,000	1,720,000	1,600,000	1,600,000	1,500,000	1,400,000
Income Tax Expense Margin	3.54%	3.70%	4.39%	4.67%	4.66%	4.69%	3.75%	2.93%	2.67%	3.45%	4.49%	4.18%	3.68%	3.11%	3.88%	8.14%	4.03%	6.25%	6.88%	6.61%	5.82%	4.02%	2.87%	4.11%	4.73%	4.37%	3.54%	6.36%	7.14%	5.61%	4.26%	3.62%	3.51%	3.71%	4.21%	4.49%	4.71%
Net Income	12,322,667	11,791,800	10,381,300	9,198,733	8,523,300	8,011,560	11,131,000	11,707,000	10,999,000	12,631,000	13,338,000	11,732,000	10,259,000	9,907,000	11,944,000	7,509,000	6,920,000	8,574,000	8,073,000	8,112,000	7,052,000	5,835,000	5,096,000	6,645,000	7,128,000	6,297,000	5,398,000	7,017,000	8,381,000	6,472,000	5,675,000	4,895,000	4,400,000	4,300,000	4,100,000	3,800,000	3,300,000
Net Income Margin	17.47%	18.47%	17.72%	16.61%	15.34%	14.59%	15.62%	13.66%	12.37%	16.96%	23.08%	21.50%	18.45%	17.01%	20.55%	13.62%	14.54%	19.08%	17.81%	18.24%	14.85%	11.38%	9.68%	12.03%	12.35%	10.46%	9.27%	13.60%	16.28%	12.65%	10.63%	9.29%	8.97%	9.98%	10.79%	11.38%	11.11%
Depreciation and Amortization	1,647,333	1,616,600	1,461,300	1,324,200	1,268,250	1,300,400	1,728,000	11,000	1,736,000	1,636,000	1,570,000	1,612,000	1,529,000	1,457,000	1,331,000	1,504,000	1,273,000	965,000	872,000	945,000	1,152,000	1,092,000	1,189,000	1,071,000	993,000	1,053,000	1,115,000	1,270,000	1,438,000	1,329,000	1,288,000	1,415,000	1,675,000	1,400,000	1,100,000	800,000	600,000
Depreciation and Amortization Margin	2.29%	2.51%	2.49%	2.38%	2.28%	2.38%	2.42%	0.01%	1.95%	2.20%	2.72%	2.95%	2.75%	2.50%	2.29%	2.73%	2.68%	2.15%	1.92%	2.12%	2.43%	2.13%	2.26%	1.94%	1.72%	1.75%	1.91%	2.46%	2.79%	2.60%	2.41%	2.68%	3.41%	3.25%	2.89%	2.40%	2.02%
EBITDA	16,465,000	15,771,800	14,352,600	13,022,600	12,315,100	11,828,800	15,533,000	14,225,000	15,112,000	16,781,000	17,502,000	15,628,000	13,836,000	13,177,000	15,530,000	13,499,000	10,113,000	12,348,000	12,065,000	11,996,000	10,966,000	8,990,000	7,796,000	9,988,000	10,850,000	9,981,000	8,574,000	11,570,000	13,495,000	10,670,000	9,238,000	8,220,000	7,795,000	7,300,000	6,800,000	6,100,000	5,300,000
EBITDA Margin	23.27%	24.67%	24.59%	23.66%	22.28%	21.65%	21.79%	16.60%	16.99%	22.53%	30.29%	28.64%	24.88%	22.63%	26.71%	24.48%	21.25%	27.48%	26.61%	26.97%	23.09%	17.54%	14.80%	18.09%	18.80%	16.58%	14.72%	22.43%	26.21%	20.86%	17.30%	15.59%	15.89%	16.94%	17.89%	18.26%	17.85%
NOPAT	12,322,667	11,791,800	10,381,300	9,198,733	8,523,300	8,011,560	11,131,000	11,707,000	10,999,000	12,631,000	13,338,000	11,732,000	10,259,000	9,907,000	11,944,000	7,509,000	6,920,000	8,574,000	8,073,000	8,112,000	7,052,000	5,835,000	5,096,000	6,645,000	7,128,000	6,297,000	5,398,000	7,017,000	8,381,000	6,472,000	5,675,000	4,895,000	4,400,000	4,300,000	4,100,000	3,800,000	3,300,000
NOPAT Margin	17.47%	18.47%	17.72%	16.61%	15.34%	14.59%	15.62%	13.66%	12.37%	16.96%	23.08%	21.50%	18.45%	17.01%	20.55%	13.62%	14.54%	19.08%	17.81%	18.24%	14.85%	11.38%	9.68%	12.03%	12.35%	10.46%	9.27%	13.60%	16.28%	12.65%	10.63%	9.29%	8.97%	9.98%	10.79%	11.38%	11.11%
Owner's Earnings	11,933,333	11,279,400	9,346,400	8,612,400	8,121,450	5,577,000	12,626,000	11,420,000	11,302,000	11,578,000	12,920,000	12,259,000	8,338,000	5,132,000	10,550,000	7,286,000	6,510,000	7,589,000	7,960,000	7,905,000	7,767,000	6,478,000	5,612,000	6,745,000	6,821,000	7,350,000	4,713,000	7,614,000	8,864,000	5,820,000	-48,590,000	5,671,000	5,231,000	3,000,000	3,200,000	2,900,000	2,600,000
Owner's Earnings Margin	16.87%	17.61%	15.88%	15.59%	14.64%	10.08%	17.71%	13.33%	12.71%	15.54%	22.36%	22.46%	14.99%	8.81%	18.15%	13.21%	13.68%	16.89%	17.56%	17.77%	16.36%	12.64%	10.66%	12.21%	11.82%	12.21%	8.09%	14.76%	17.22%	11.38%	-90.98%	10.76%	10.66%	6.96%	8.42%	8.68%	8.75%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	73,735,333	66,278,600	59,541,600	55,776,267	55,980,900	55,096,560	88,934,000	74,494,000	57,778,000	54,576,000	55,611,000	58,227,000	58,135,000	55,143,000	47,587,000	44,931,000	45,338,000	44,476,000	47,484,000	51,262,000	52,668,000	55,221,000	57,726,000	60,183,000	58,251,000	51,593,000	51,482,000	51,142,000	53,405,000	52,714,000	49,053,000	43,100,000	38,000,000	33,400,000	29,700,000
Cash & Cash Equivalents	86,361,667	110,850,200	84,768,600	71,001,267	57,633,300	49,694,000	83,107,000	128,126,000	47,852,000	154,363,000	140,803,000	54,716,000	73,245,000	76,393,000	41,836,000	47,245,000	31,957,000	28,344,000	45,651,000	51,630,000	59,751,000	15,670,000	17,261,000	16,217,000	19,473,000	19,026,000	16,804,000	18,612,000	20,331,000	18,552,000	15,385,000	19,800,000	13,100,000	11,800,000	8,800,000
Cash & Cash Equivalents Margin	116.09%	176.86%	143.59%	125.36%	101.80%	88.38%	93.45%	172.00%	82.82%	282.84%	253.19%	93.97%	125.99%	138.54%	87.91%	105.15%	70.49%	63.73%	96.14%	100.72%	113.45%	28.38%	29.90%	26.95%	33.43%	36.88%	32.64%	36.39%	38.07%	35.19%	31.36%	45.94%	34.47%	35.33%	29.63%
Short-Term Investments	181,648,000	166,853,200	133,101,400	112,063,533	84,047,650	67,238,120	198,612,000	162,258,000	184,074,000	177,000,000	112,322,000	105,318,000	102,164,000	101,125,000	96,490,000	91,651,000	85,236,000	84,068,000	94,965,000	85,670,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	253.24%	257.20%	223.28%	198.46%	148.85%	119.08%	223.33%	217.81%	318.59%	324.32%	201.98%	180.87%	175.74%	183.39%	202.77%	203.98%	188.00%	189.02%	199.99%	167.12%	0.00%	0.00%	0.00%	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	268,009,667	277,703,400	217,870,000	183,064,800	141,680,950	116,932,120	281,719,000	290,384,000	231,926,000	331,363,000	253,125,000	160,034,000	175,409,000	177,518,000	138,326,000	138,896,000	117,193,000	112,412,000	140,616,000	137,300,000	59,751,000	15,670,000	17,261,000	16,217,000	19,473,000	19,026,000	16,804,000	18,612,000	20,331,000	18,552,000	15,385,000	19,800,000	13,100,000	11,800,000	8,800,000
Cash & Short-Term Investments Margin	369.33%	434.06%	366.86%	323.82%	250.64%	207.46%	316.77%	389.81%	401.41%	607.16%	455.17%	274.85%	301.73%	321.92%	290.68%	309.13%	258.49%	252.75%	296.13%	267.84%	113.45%	28.38%	29.90%	26.95%	33.43%	36.88%	32.64%	36.39%	38.07%	35.19%	31.36%	45.94%	34.47%	35.33%	29.63%
Net Receivables	3,841,000	3,507,400	2,937,600	2,714,400	2,642,850	2,754,720	4,805,000	3,606,000	3,112,000	2,695,000	3,319,000	2,564,000	2,638,000	2,503,000	2,315,000	1,819,000	1,806,000	1,901,000	2,057,000	2,872,000	2,704,000	2,896,000	3,172,000	3,254,000	0	2,819,000	2,643,000	2,700,000	3,144,000	3,420,000	4,104,000	3,300,000	2,700,000	2,500,000	2,400,000
Net Receivables Margin	5.21%	5.31%	4.89%	4.82%	4.69%	5.00%	5.40%	4.84%	5.39%	4.94%	5.97%	4.40%	4.54%	4.54%	4.86%	4.05%	3.98%	4.27%	4.33%	5.60%	5.13%	5.24%	5.49%	5.41%	0.00%	5.46%	5.13%	5.28%	5.89%	6.49%	8.37%	7.66%	7.11%	7.49%	8.08%
Inventory	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	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%	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 Current 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	0	0	0	0	0	0	0	0	0
Other Current 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	271,850,667	281,210,800	220,807,600	186,058,200	144,711,400	119,996,920	286,524,000	293,990,000	235,038,000	334,058,000	256,444,000	162,598,000	178,047,000	180,021,000	140,641,000	140,715,000	118,999,000	114,313,000	142,673,000	141,781,000	65,031,000	22,133,000	20,433,000	19,471,000	19,473,000	21,845,000	19,447,000	21,312,000	23,475,000	21,972,000	19,489,000	23,100,000	15,800,000	14,300,000	11,200,000
Total Current Assets Margin	374.54%	439.37%	371.76%	329.17%	256.06%	213.04%	322.18%	394.65%	406.79%	612.10%	461.14%	279.25%	306.26%	326.46%	295.55%	313.18%	262.47%	257.02%	300.47%	276.58%	123.47%	40.08%	35.40%	32.35%	33.43%	42.34%	37.77%	41.67%	43.96%	41.68%	39.73%	53.60%	41.58%	42.81%	37.71%
Property, Plant & Equipment	22,212,667	22,151,000	18,234,800	15,212,133	13,826,400	12,830,560	22,253,000	22,655,000	21,730,000	21,925,000	22,192,000	20,270,000	14,855,000	13,281,000	12,783,000	10,404,000	9,195,000	9,005,000	8,680,000	9,216,000	9,738,000	10,132,000	10,232,000	9,871,000	9,812,000	8,299,000	8,860,000	9,142,000	8,247,000	8,702,000	9,285,000	9,900,000	8,400,000	7,300,000	6,400,000
Property, Plant & Equipment Margin	31.01%	34.62%	30.76%	26.86%	24.41%	22.97%	25.02%	30.41%	37.61%	40.17%	39.91%	34.81%	25.55%	24.08%	26.86%	23.16%	20.28%	20.25%	18.28%	17.98%	18.49%	18.35%	17.73%	16.40%	16.84%	16.09%	17.21%	17.88%	15.44%	16.51%	18.93%	22.97%	22.11%	21.86%	21.55%
Goodwill	7,319,000	7,319,000	6,772,400	4,937,267	4,133,300	3,306,640	7,319,000	7,319,000	7,319,000	7,319,000	7,319,000	7,319,000	7,371,000	7,371,000	7,801,000	1,267,000	1,267,000	1,267,000	1,267,000	1,267,000	1,267,000	1,267,000	1,267,000	3,254,000	0	2,819,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	10.24%	11.46%	11.51%	8.55%	7.18%	5.75%	8.23%	9.82%	12.67%	13.41%	13.16%	12.57%	12.68%	13.37%	16.39%	2.82%	2.79%	2.85%	2.67%	2.47%	2.41%	2.29%	2.19%	5.41%	0.00%	5.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	12,333	42,600	195,000	130,000	97,500	718,440	0	8,000	29,000	64,000	112,000	174,000	379,000	514,000	670,000	0	0	0	0	0	0	0	0	0	0	0	2,643,000	2,700,000	3,144,000	3,420,000	4,104,000	3,300,000	0	0	0
Intangible Assets Margin	0.02%	0.08%	0.37%	0.24%	0.18%	1.39%	0.00%	0.01%	0.05%	0.12%	0.20%	0.30%	0.65%	0.93%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.13%	5.28%	5.89%	6.49%	8.37%	7.66%	0.00%	0.00%	0.00%
Long-Term Investments	996,697,667	935,538,800	836,729,700	765,880,000	752,966,350	725,294,480	1,128,802,000	971,692,000	889,599,000	835,440,000	852,161,000	779,188,000	786,140,000	779,401,000	745,867,000	599,007,000	609,254,000	582,990,000	574,894,000	613,812,000	739,953,000	743,615,000	714,918,000	724,410,000	699,369,000	688,815,000	679,546,000	655,298,000	641,746,000	577,941,000	518,504,000	477,500,000	414,600,000	349,700,000	317,600,000
Long-Term Investments Margin	1,371.11%	1,435.30%	1,418.09%	1,376.57%	1,348.65%	1,317.18%	1,269.26%	1,304.39%	1,539.68%	1,530.78%	1,532.36%	1,338.19%	1,352.27%	1,413.42%	1,567.38%	1,333.17%	1,343.80%	1,310.80%	1,210.71%	1,197.40%	1,404.94%	1,346.62%	1,238.47%	1,203.68%	1,200.61%	1,335.09%	1,319.97%	1,281.33%	1,201.66%	1,096.37%	1,057.03%	1,107.89%	1,091.05%	1,047.01%	1,069.36%
Tax Assets	6,596,667	4,443,600	2,221,800	1,481,200	1,110,900	888,720	7,218,000	6,306,000	6,266,000	2,428,000	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
Tax Assets Margin	9.14%	6.38%	3.19%	2.13%	1.59%	1.28%	8.12%	8.47%	10.84%	4.45%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	50,755,667	49,901,200	47,440,200	44,632,200	41,541,450	37,234,360	51,296,000	50,165,000	50,806,000	48,535,000	48,704,000	43,723,000	43,701,000	45,702,000	46,878,000	44,892,000	39,953,000	39,793,000	41,709,000	38,101,000	35,525,000	34,756,000	34,258,000	28,399,000	34,440,000	29,493,000	20,000,000	20,308,000	21,621,000	25,117,000	12,984,000	10,200,000	8,600,000	7,800,000	5,700,000
Other Non-Current Assets Margin	70.98%	77.89%	82.10%	81.88%	75.70%	68.29%	57.68%	67.34%	87.93%	88.93%	87.58%	75.09%	75.17%	82.88%	98.51%	99.91%	88.12%	89.47%	87.84%	74.33%	67.45%	62.94%	59.35%	47.19%	59.12%	57.16%	38.85%	39.71%	40.48%	47.65%	26.47%	23.67%	22.63%	23.35%	19.19%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	1,083,594,000	1,019,396,200	911,593,900	832,272,800	813,566,550	779,803,840	1,216,888,000	1,058,145,000	975,749,000	915,711,000	930,488,000	850,674,000	852,446,000	846,269,000	813,999,000	655,570,000	659,669,000	633,055,000	626,550,000	662,396,000	786,483,000	789,855,000	760,675,000	763,947,000	744,888,000	727,874,000	709,673,000	686,015,000	672,881,000	613,027,000	542,169,000	499,000,000	431,600,000	364,800,000	329,700,000
Total Non-Current Assets Margin	1,492.51%	1,565.72%	1,546.02%	1,496.23%	1,457.53%	1,415.94%	1,368.30%	1,420.44%	1,688.79%	1,677.86%	1,673.21%	1,460.96%	1,466.32%	1,534.68%	1,710.55%	1,459.06%	1,455.00%	1,423.36%	1,319.50%	1,292.18%	1,493.28%	1,430.35%	1,317.73%	1,269.37%	1,278.76%	1,410.80%	1,378.49%	1,341.39%	1,259.96%	1,162.93%	1,105.27%	1,157.77%	1,135.79%	1,092.22%	1,110.10%
Total Assets	1,355,444,667	1,300,607,000	1,132,401,500	1,018,280,933	958,240,400	899,770,720	1,503,412,000	1,352,135,000	1,210,787,000	1,249,769,000	1,186,932,000	1,013,272,000	1,030,493,000	1,026,290,000	954,640,000	796,285,000	778,668,000	747,368,000	768,472,000	804,177,000	851,514,000	811,988,000	781,108,000	783,418,000	764,361,000	749,719,000	729,120,000	707,327,000	696,356,000	634,999,000	561,658,000	522,100,000	447,400,000	379,100,000	340,900,000
Total Assets Margin	1,867.05%	2,005.09%	1,917.77%	1,825.30%	1,713.51%	1,628.92%	1,690.48%	1,815.09%	2,095.58%	2,289.96%	2,134.35%	1,740.21%	1,772.59%	1,861.14%	2,006.09%	1,772.24%	1,717.47%	1,680.38%	1,618.38%	1,568.76%	1,616.76%	1,470.43%	1,353.13%	1,301.73%	1,312.19%	1,453.14%	1,416.26%	1,383.06%	1,303.92%	1,204.61%	1,145.00%	1,211.37%	1,177.37%	1,135.03%	1,147.81%
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	0	0	0	0	0	0	0	0	3,900,000	2,800,000
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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.68%	9.43%
Short-Term Debt	0	0	0	2,540,467	9,291,700	13,211,040	0	0	0	0	0	0	0	0	0	0	0	0	0	0	38,107,000	31,641,000	24,070,000	40,390,000	22,556,000	29,070,000	39,753,000	24,018,000	33,052,000	29,274,000	18,345,000	45,700,000	40,700,000	12,800,000	0
Short-Term Debt Margin	0.00%	0.00%	0.00%	4.82%	16.68%	24.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	72.35%	57.30%	41.70%	67.11%	38.72%	56.34%	77.22%	46.96%	61.89%	55.53%	37.40%	106.03%	107.11%	38.32%	0.00%
Tax Payables	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	0	0	0	0	0	0	0	0
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%	0.00%	0.00%	0.00%	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 Revenue	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	0	0	0	0	0	0	0	0
Deferred Revenue 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,143,323,000	1,096,723,200	945,971,300	851,543,400	787,941,700	727,485,280	1,275,178,000	1,127,136,000	1,027,655,000	1,059,908,000	993,739,000	821,471,000	846,704,000	856,724,000	790,452,000	660,746,000	646,830,000	628,877,000	655,064,000	687,886,000	694,781,000	647,644,000	592,361,000	589,026,000	593,786,000	562,866,000	535,153,000	507,509,000	497,404,000	455,861,000	432,371,000	405,300,000	327,400,000	306,000,000	281,800,000
Other Current Liabilities Margin	1,575.18%	1,690.91%	1,600.71%	1,525.89%	1,408.82%	1,315.43%	1,433.85%	1,513.06%	1,778.63%	1,942.08%	1,786.95%	1,410.81%	1,456.44%	1,553.64%	1,661.07%	1,470.58%	1,426.68%	1,413.97%	1,379.55%	1,341.90%	1,319.17%	1,172.82%	1,026.16%	978.72%	1,019.36%	1,090.97%	1,039.50%	992.35%	931.38%	864.78%	881.44%	940.37%	861.58%	916.17%	948.82%
Total Current Liabilities	1,143,323,000	1,100,648,400	955,957,300	864,303,533	805,964,150	747,680,920	1,275,178,000	1,127,136,000	1,027,655,000	1,059,908,000	1,013,365,000	841,549,000	864,406,000	872,480,000	804,527,000	673,369,000	658,980,000	639,701,000	665,618,000	698,538,000	742,143,000	689,258,000	627,778,000	629,416,000	616,342,000	591,936,000	574,906,000	531,527,000	530,456,000	485,135,000	450,716,000	451,000,000	368,100,000	322,700,000	284,600,000
Total Current Liabilities Margin	1,575.18%	1,697.97%	1,619.36%	1,550.59%	1,442.29%	1,353.37%	1,433.85%	1,513.06%	1,778.63%	1,942.08%	1,822.24%	1,445.29%	1,486.89%	1,582.21%	1,690.64%	1,498.67%	1,453.48%	1,438.31%	1,401.77%	1,362.68%	1,409.10%	1,248.18%	1,087.51%	1,045.84%	1,058.08%	1,147.32%	1,116.71%	1,039.32%	993.27%	920.32%	918.83%	1,046.40%	968.68%	966.17%	958.25%
Long-Term Debt	42,592,667	38,451,000	40,543,900	37,932,200	48,134,350	56,308,480	48,240,000	53,093,000	26,445,000	28,114,000	36,363,000	42,491,000	48,213,000	44,449,000	45,585,000	32,446,000	33,472,000	27,248,000	27,785,000	33,796,000	41,243,000	56,209,000	90,274,000	80,502,000	77,046,000	89,673,000	90,050,000	115,062,000	95,435,000	90,856,000	53,622,000	22,300,000	34,100,000	19,500,000	17,200,000
Long-Term Debt Margin	57.09%	57.64%	69.27%	68.70%	86.43%	103.55%	54.24%	71.27%	45.77%	51.51%	65.39%	72.97%	82.93%	80.61%	95.79%	72.21%	73.83%	61.26%	58.51%	65.93%	78.31%	101.79%	156.38%	133.76%	132.27%	173.81%	174.92%	224.99%	178.70%	172.36%	109.31%	51.74%	89.74%	58.38%	57.91%
Capital Lease Obligations	1,174,333	1,119,600	675,300	450,200	337,650	270,120	1,024,000	1,205,000	1,294,000	1,195,000	880,000	1,053,000	0	29,000	73,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	1.67%	1.76%	1.08%	0.72%	0.54%	0.43%	1.15%	1.62%	2.24%	2.19%	1.58%	1.81%	0.00%	0.05%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	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	0	0	0	0	0	0	0	0
Deferred Tax Liabilities 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	25,233,667	18,979,400	9,489,700	6,326,467	6,320,800	6,498,280	28,642,000	26,694,000	20,365,000	19,196,000	0	0	0	0	0	0	0	0	0	0	0	0	0	11,989,000	10,691,000	8,839,000	7,585,000	6,330,000	6,590,000	7,708,000	7,828,000	6,100,000	4,500,000	100,000	8,700,000
Other Non-Current Liabilities Margin	34.43%	27.69%	13.85%	9.23%	9.69%	10.56%	32.21%	35.83%	35.25%	35.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.92%	18.35%	17.13%	14.73%	12.38%	12.34%	14.62%	15.96%	14.15%	11.84%	0.30%	29.29%
Total Non-Current Liabilities	69,000,667	58,550,000	50,698,700	44,702,067	54,787,700	63,072,800	77,906,000	80,992,000	48,104,000	48,505,000	37,243,000	43,544,000	48,213,000	44,449,000	45,585,000	32,446,000	33,472,000	27,248,000	27,785,000	33,796,000	41,243,000	56,209,000	90,274,000	92,491,000	87,737,000	98,512,000	97,635,000	121,392,000	102,025,000	98,564,000	61,450,000	28,400,000	38,600,000	19,500,000	25,900,000
Total Non-Current Liabilities Margin	93.19%	87.09%	84.18%	78.64%	96.65%	114.53%	87.60%	108.72%	83.26%	88.88%	66.97%	74.78%	82.93%	80.61%	95.79%	72.21%	73.83%	61.26%	58.51%	65.93%	78.31%	101.79%	156.38%	153.68%	150.62%	190.94%	189.65%	237.36%	191.04%	186.98%	125.27%	65.89%	101.58%	58.38%	87.21%
Total Liabilities	1,212,323,667	1,159,198,400	1,006,656,000	908,955,533	860,714,300	810,723,680	1,353,084,000	1,208,128,000	1,075,759,000	1,108,413,000	1,050,608,000	885,093,000	912,619,000	916,929,000	850,112,000	705,815,000	692,452,000	666,949,000	692,652,000	732,334,000	783,386,000	745,467,000	718,052,000	721,907,000	704,079,000	690,448,000	672,541,000	652,919,000	632,481,000	583,699,000	512,166,000	479,400,000	406,700,000	342,300,000	310,500,000
Total Liabilities Margin	1,668.37%	1,785.05%	1,703.53%	1,629.13%	1,538.86%	1,467.84%	1,521.45%	1,621.78%	1,861.88%	2,030.95%	1,889.21%	1,520.07%	1,569.83%	1,662.82%	1,786.44%	1,570.89%	1,527.31%	1,499.57%	1,458.71%	1,428.61%	1,487.40%	1,349.97%	1,243.90%	1,199.52%	1,208.70%	1,338.26%	1,306.36%	1,276.68%	1,184.31%	1,107.29%	1,044.11%	1,112.30%	1,070.26%	1,024.85%	1,045.45%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	5,475,333	5,464,000	5,363,200	5,149,000	5,020,800	4,740,920	5,491,000	5,470,000	5,465,000	5,447,000	5,447,000	5,447,000	5,400,000	5,362,000	5,326,000	4,777,000	4,777,000	4,758,000	4,722,000	4,686,000	4,660,000	4,644,000	4,643,000	4,642,000	4,626,000	4,626,000	3,690,000	3,658,000	3,620,000	3,579,000	3,560,000	3,500,000	2,800,000	0	0
Common Stock Margin	7.66%	8.55%	9.29%	9.47%	9.16%	8.73%	6.17%	7.34%	9.46%	9.98%	9.79%	9.35%	9.29%	9.72%	11.19%	10.63%	10.54%	10.70%	9.94%	9.14%	8.85%	8.41%	8.04%	7.71%	7.94%	8.97%	7.17%	7.15%	6.78%	6.79%	7.26%	8.12%	7.37%	0.00%	0.00%
Retained Earnings	115,294,667	107,914,800	91,476,200	78,491,000	68,316,900	58,691,240	121,693,000	114,871,000	109,320,000	100,702,000	92,988,000	86,751,000	80,844,000	72,694,000	69,117,000	65,782,000	60,873,000	56,241,000	51,094,000	48,435,000	45,960,000	44,211,000	40,752,000	37,763,000	34,404,000	31,843,000	28,465,000	23,343,000	19,339,000	15,979,000	13,817,000	11,500,000	9,800,000	8,100,000	4,400,000
Retained Earnings Margin	160.08%	166.39%	154.35%	139.57%	121.39%	104.94%	136.84%	154.20%	189.21%	184.52%	167.21%	148.99%	139.06%	131.83%	145.24%	146.41%	134.26%	126.45%	107.60%	94.49%	87.26%	80.06%	70.60%	62.75%	59.06%	61.72%	55.29%	45.64%	36.21%	30.31%	28.17%	26.68%	25.79%	24.25%	14.81%
Accumulated OCI	-12,241,667	-6,716,200	-3,675,200	-2,183,867	-1,686,050	-1,215,920	-10,484,000	-11,428,000	-14,813,000	708,000	2,436,000	528,000	-2,135,000	-878,000	-991,000	305,000	960,000	249,000	1,607,000	961,000	217,000	674,000	690,000	-115,000	-981,000	-1,231,000	-219,000	624,000	1,439,000	1,043,000	436,000	-600,000	500,000	600,000	200,000
Accumulated OCI Margin	-17.59%	-9.42%	-5.29%	-2.97%	-2.32%	-1.60%	-11.79%	-15.34%	-25.64%	1.30%	4.38%	0.91%	-3.67%	-1.59%	-2.08%	0.68%	2.12%	0.56%	3.38%	1.87%	0.41%	1.22%	1.20%	-0.19%	-1.68%	-2.39%	-0.43%	1.22%	2.69%	1.98%	0.89%	-1.39%	1.32%	1.80%	0.67%
Minority Interest	0	0	0	0	0	940,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	13,500,000	5,000,000	5,000,000	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.28%	9.49%	10.19%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	143,121,000	141,408,600	125,745,500	109,325,400	97,526,100	88,107,040	150,328,000	144,007,000	135,028,000	141,356,000	136,324,000	128,179,000	117,874,000	109,361,000	104,528,000	90,470,000	86,216,000	80,419,000	75,820,000	71,843,000	68,128,000	66,521,000	63,056,000	61,511,000	60,282,000	59,271,000	56,579,000	54,408,000	50,375,000	46,300,000	44,492,000	42,700,000	40,700,000	36,800,000	30,400,000
Total Shareholders’ Equity Margin	198.68%	220.04%	214.24%	196.17%	174.64%	159.28%	169.03%	193.31%	233.70%	259.01%	245.14%	220.14%	202.76%	198.32%	219.66%	201.35%	190.16%	180.81%	159.67%	140.15%	129.35%	120.46%	109.23%	102.21%	103.49%	114.88%	109.90%	106.39%	94.33%	87.83%	90.70%	99.07%	107.11%	110.18%	102.36%
Total Equity	143,121,000	141,408,600	125,745,500	109,325,400	97,526,100	89,047,040	150,328,000	144,007,000	135,028,000	141,356,000	136,324,000	128,179,000	117,874,000	109,361,000	104,528,000	90,470,000	86,216,000	80,419,000	75,820,000	71,843,000	68,128,000	66,521,000	63,056,000	61,511,000	60,282,000	59,271,000	56,579,000	54,408,000	63,875,000	51,300,000	49,492,000	42,700,000	40,700,000	36,800,000	30,400,000
Total Equity Margin	198.68%	220.04%	214.24%	196.17%	174.64%	161.08%	169.03%	193.31%	233.70%	259.01%	245.14%	220.14%	202.76%	198.32%	219.66%	201.35%	190.16%	180.81%	159.67%	140.15%	129.35%	120.46%	109.23%	102.21%	103.49%	114.88%	109.90%	106.39%	119.60%	97.32%	100.89%	99.07%	107.11%	110.18%	102.36%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	1,178,345,667	1,102,392,000	969,831,100	877,943,533	837,014,000	792,532,600	1,327,414,000	1,133,950,000	1,073,673,000	1,012,440,000	964,483,000	884,506,000	888,304,000	880,526,000	842,357,000	690,658,000	694,490,000	667,058,000	669,859,000	699,482,000	739,953,000	743,615,000	714,918,000	724,410,000	699,369,000	688,815,000	679,546,000	655,298,000	641,746,000	577,941,000	518,504,000	477,500,000	414,600,000	349,700,000	317,600,000
Total Investments Margin	1,624.35%	1,692.50%	1,641.37%	1,575.03%	1,497.50%	1,436.25%	1,492.58%	1,522.20%	1,858.27%	1,855.10%	1,734.34%	1,519.07%	1,528.00%	1,596.80%	1,770.14%	1,537.15%	1,531.81%	1,499.82%	1,410.70%	1,364.52%	1,404.94%	1,346.62%	1,238.47%	1,203.68%	1,200.61%	1,335.09%	1,319.97%	1,281.33%	1,201.66%	1,096.37%	1,057.03%	1,107.89%	1,091.05%	1,047.01%	1,069.36%
Net Debt	-42,594,667	-71,279,600	-43,559,600	-30,085,200	125,300	20,091,560	-33,843,000	-73,828,000	-20,113,000	-125,054,000	-103,560,000	-11,172,000	-25,032,000	-31,944,000	3,749,000	-14,799,000	1,515,000	-1,096,000	-17,866,000	-17,834,000	19,599,000	72,180,000	97,083,000	104,675,000	80,129,000	99,717,000	112,999,000	120,468,000	108,156,000	101,578,000	56,582,000	48,200,000	61,700,000	20,500,000	8,400,000
Net Debt Margin	-57.32%	-117.47%	-73.26%	-51.13%	1.84%	40.10%	-38.05%	-99.11%	-34.81%	-229.14%	-186.22%	-19.19%	-43.06%	-57.93%	7.88%	-32.94%	3.34%	-2.46%	-37.63%	-34.79%	37.21%	130.71%	168.18%	173.93%	137.56%	193.28%	219.49%	235.56%	202.52%	192.70%	115.35%	111.83%	162.37%	61.38%	28.28%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	73,735,333	66,278,600	59,541,600	55,776,267	55,980,900	55,096,560	88,934,000	74,494,000	57,778,000	54,576,000	55,611,000	58,227,000	58,135,000	55,143,000	47,587,000	44,931,000	45,338,000	44,476,000	47,484,000	51,262,000	52,668,000	55,221,000	57,726,000	60,183,000	58,251,000	51,593,000	51,482,000	51,142,000	53,405,000	52,714,000	49,053,000	43,100,000	38,000,000	33,400,000	29,700,000
Working Capital	-871,472,333	-819,437,600	-735,149,700	-678,245,333	-661,252,750	-627,684,000	-988,654,000	-833,146,000	-792,617,000	-725,850,000	-756,921,000	-678,951,000	-686,359,000	-692,459,000	-663,886,000	-532,654,000	-539,981,000	-525,388,000	-522,945,000	-556,757,000	-677,112,000	-667,125,000	-607,345,000	-609,945,000	-596,869,000	-570,091,000	-555,459,000	-510,215,000	-506,981,000	-463,163,000	-431,227,000	-427,900,000	-352,300,000	-308,400,000	-273,400,000
Working Capital Margin	-1,200.64%	-1,258.60%	-1,247.60%	-1,221.42%	-1,186.23%	-1,140.33%	-1,111.67%	-1,118.41%	-1,371.83%	-1,329.98%	-1,361.10%	-1,166.04%	-1,180.63%	-1,255.75%	-1,395.10%	-1,185.49%	-1,191.01%	-1,181.28%	-1,101.31%	-1,086.10%	-1,285.62%	-1,208.10%	-1,052.12%	-1,013.48%	-1,024.65%	-1,104.98%	-1,078.94%	-997.64%	-949.31%	-878.63%	-879.10%	-992.81%	-927.11%	-923.35%	-920.54%
Total Capital	186,888,000	180,979,200	166,954,500	150,241,467	155,284,700	157,892,600	199,592,000	198,305,000	162,767,000	170,665,000	173,567,000	171,723,000	166,087,000	153,810,000	150,113,000	122,916,000	119,688,000	107,667,000	103,605,000	105,639,000	147,478,000	154,371,000	177,400,000	182,403,000	159,884,000	178,014,000	186,382,000	193,488,000	178,862,000	166,430,000	116,459,000	110,700,000	115,500,000	69,100,000	47,600,000
Total Capital Margin	257.45%	279.43%	284.57%	270.40%	278.28%	287.76%	224.43%	266.20%	281.71%	312.71%	312.11%	294.92%	285.69%	278.93%	315.45%	273.57%	263.99%	242.08%	218.19%	206.08%	280.01%	279.55%	307.31%	303.08%	274.47%	345.04%	362.03%	378.33%	334.92%	315.72%	237.41%	256.84%	303.95%	206.89%	160.27%
Capital Employed	212,121,667	199,958,600	176,444,200	153,977,400	152,276,250	152,089,800	228,234,000	224,999,000	183,132,000	189,861,000	173,567,000	171,723,000	166,087,000	153,810,000	150,113,000	122,916,000	119,688,000	107,667,000	102,854,000	105,639,000	109,371,000	122,730,000	153,330,000	154,002,000	148,019,000	157,783,000	154,214,000	175,800,000	165,900,000	149,864,000	110,942,000	71,100,000	79,300,000	56,400,000	56,300,000
Capital Employed Margin	291.88%	307.12%	298.42%	274.71%	271.21%	275.55%	256.63%	302.04%	316.96%	347.88%	312.11%	294.92%	285.69%	278.93%	315.45%	273.57%	263.99%	242.08%	216.61%	206.08%	207.66%	222.25%	265.62%	255.89%	254.11%	305.82%	299.55%	343.75%	310.65%	284.30%	226.17%	164.97%	208.68%	168.86%	189.56%
Invested Capital	100,526,333	70,129,000	82,185,900	79,240,200	97,651,400	108,198,600	116,485,000	70,179,000	114,915,000	16,302,000	32,764,000	117,007,000	92,842,000	77,417,000	108,277,000	75,671,000	87,731,000	79,323,000	57,954,000	54,009,000	87,727,000	138,701,000	160,139,000	166,186,000	140,411,000	158,988,000	169,578,000	174,876,000	158,531,000	147,878,000	101,074,000	90,900,000	102,400,000	57,300,000	38,800,000
Invested Capital Margin	141.36%	102.57%	140.99%	145.05%	176.48%	199.37%	130.98%	94.21%	198.89%	29.87%	58.92%	200.95%	159.70%	140.39%	227.53%	168.42%	193.50%	178.35%	122.05%	105.36%	166.57%	251.17%	277.41%	276.13%	241.04%	308.16%	329.39%	341.94%	296.85%	280.53%	206.05%	210.90%	269.47%	171.56%	130.64%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	73,735,333	66,278,600	59,541,600	55,776,267	55,980,900	55,096,560	88,934,000	74,494,000	57,778,000	54,576,000	55,611,000	58,227,000	58,135,000	55,143,000	47,587,000	44,931,000	45,338,000	44,476,000	47,484,000	51,262,000	52,668,000	55,221,000	57,726,000	60,183,000	58,251,000	51,593,000	51,482,000	51,142,000	53,405,000	52,714,000	49,053,000	43,100,000	38,000,000	33,400,000	29,700,000
Net Income	12,322,667	11,791,800	10,381,300	9,198,733	8,523,300	8,011,560	10,999,000	12,631,000	13,338,000	11,732,000	10,259,000	9,907,000	11,944,000	7,509,000	6,920,000	8,574,000	8,073,000	8,112,000	7,052,000	5,835,000	5,096,000	6,645,000	7,128,000	6,297,000	5,398,000	7,017,000	8,381,000	6,472,000	5,675,000	4,895,000	4,400,000	4,300,000	4,100,000	3,800,000	3,300,000
Net Income Margin	17.47%	18.47%	17.72%	16.61%	15.34%	14.59%	12.37%	16.96%	23.08%	21.50%	18.45%	17.01%	20.55%	13.62%	14.54%	19.08%	17.81%	18.24%	14.85%	11.38%	9.68%	12.03%	12.35%	10.46%	9.27%	13.60%	16.28%	12.65%	10.63%	9.29%	8.97%	9.98%	10.79%	11.38%	11.11%
Depreciation & Amortization	1,647,333	1,616,600	1,461,300	1,324,200	1,268,250	1,300,400	1,736,000	1,636,000	1,570,000	1,612,000	1,529,000	1,457,000	1,331,000	1,504,000	1,273,000	965,000	872,000	945,000	1,152,000	1,092,000	1,189,000	1,071,000	993,000	1,053,000	1,115,000	1,270,000	1,438,000	1,329,000	1,288,000	1,415,000	1,675,000	1,400,000	1,100,000	800,000	600,000
Depreciation & Amortization Margin	2.29%	2.51%	2.49%	2.38%	2.28%	2.38%	1.95%	2.20%	2.72%	2.95%	2.75%	2.50%	2.29%	2.73%	2.68%	2.15%	1.92%	2.12%	2.43%	2.13%	2.26%	1.94%	1.72%	1.75%	1.91%	2.46%	2.79%	2.60%	2.41%	2.68%	3.41%	3.25%	2.89%	2.40%	2.02%
Deferred Income Tax	-545,667	-351,000	25,100	-30,000	-42,100	-87,800	-1,180,000	-745,000	288,000	-130,000	12,000	367,000	-134,000	1,907,000	-725,000	591,000	-517,000	144,000	-206,000	340,000	-462,000	-2,000	-102,000	908,000	-903,000	-293,000	63,000	-364,000	-392,000	-368,000	-292,000	-300,000	-400,000	0	-200,000
Deferred Income Tax Margin	-0.61%	-0.41%	0.16%	0.01%	-0.03%	-0.13%	-1.33%	-1.00%	0.50%	-0.24%	0.02%	0.63%	-0.23%	3.46%	-1.52%	1.32%	-1.14%	0.32%	-0.43%	0.66%	-0.88%	0.00%	-0.18%	1.51%	-1.55%	-0.57%	0.12%	-0.71%	-0.73%	-0.70%	-0.60%	-0.70%	-1.05%	0.00%	-0.67%
Stock-Based Compensation	400,000	362,800	344,000	390,600	292,950	234,360	500,000	125,000	575,000	0	614,000	328,000	295,000	428,000	575,000	0	351,000	640,000	617,000	496,000	315,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.58%	0.57%	0.59%	0.73%	0.55%	0.44%	0.56%	0.17%	1.00%	0.00%	1.10%	0.56%	0.51%	0.78%	1.21%	0.00%	0.77%	1.44%	1.30%	0.97%	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%
Change in Working Capital	2,406,000	980,800	1,699,300	1,465,933	866,100	660,360	1,153,000	6,550,000	-485,000	-519,000	-1,795,000	3,978,000	3,807,000	1,840,000	2,682,000	-218,000	1,055,000	1,554,000	-39,000	2,086,000	340,000	-4,951,000	-1,482,000	-250,000	1,252,000	764,000	856,000	1,452,000	-1,533,000	-349,000	-1,239,000	-1,000,000	1,000,000	-400,000	200,000
Change in Working Capital Margin	3.08%	1.01%	2.69%	2.49%	1.45%	1.10%	1.30%	8.79%	-0.84%	-0.95%	-3.23%	6.83%	6.55%	3.34%	5.64%	-0.49%	2.33%	3.49%	-0.08%	4.07%	0.65%	-8.97%	-2.57%	-0.42%	2.15%	1.48%	1.66%	2.84%	-2.87%	-0.66%	-2.53%	-2.32%	2.63%	-1.20%	0.67%
Accounts Receivable	-703,333	-448,200	-299,900	-127,267	-77,550	-62,040	-1,199,000	-494,000	-417,000	624,000	-755,000	74,000	-135,000	-188,000	-496,000	-13,000	95,000	156,000	815,000	-168,000	192,000	276,000	82,000	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-0.91%	-0.59%	-0.45%	-0.14%	-0.08%	-0.06%	-1.35%	-0.66%	-0.72%	1.14%	-1.36%	0.13%	-0.23%	-0.34%	-1.04%	-0.03%	0.21%	0.35%	1.72%	-0.33%	0.36%	0.50%	0.14%	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	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	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%	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	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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	3,109,333	1,429,000	1,999,200	1,593,200	943,650	722,400	2,352,000	7,044,000	-68,000	-1,143,000	-1,040,000	3,904,000	3,942,000	2,028,000	3,178,000	-205,000	960,000	1,398,000	-854,000	2,254,000	148,000	-5,227,000	-1,564,000	-250,000	1,252,000	764,000	856,000	1,452,000	-1,533,000	-349,000	-1,239,000	-1,000,000	1,000,000	-400,000	200,000
Other Working Capital Margin	3.99%	1.60%	3.14%	2.64%	1.53%	1.16%	2.64%	9.46%	-0.12%	-2.09%	-1.87%	6.70%	6.78%	3.68%	6.68%	-0.46%	2.12%	3.14%	-1.80%	4.40%	0.28%	-9.47%	-2.71%	-0.42%	2.15%	1.48%	1.66%	2.84%	-2.87%	-0.66%	-2.53%	-2.32%	2.63%	-1.20%	0.67%
Other Non-Cash Items	381,000	691,400	750,600	1,703,667	2,045,300	2,214,360	-111,000	550,000	704,000	442,000	1,872,000	-1,284,000	898,000	1,308,000	2,641,000	486,000	1,847,000	1,763,000	2,255,000	6,333,000	5,851,000	2,165,000	2,812,000	3,277,000	5,324,000	1,773,000	-177,000	4,334,000	5,530,000	3,194,000	1,572,000	1,900,000	2,000,000	1,300,000	1,500,000
Other Non-Cash Items Margin	0.61%	1.20%	1.44%	3.37%	3.87%	4.21%	-0.12%	0.74%	1.22%	0.81%	3.37%	-2.21%	1.54%	2.37%	5.55%	1.08%	4.07%	3.96%	4.75%	12.35%	11.11%	3.92%	4.87%	5.45%	9.14%	3.44%	-0.34%	8.47%	10.35%	6.06%	3.20%	4.41%	5.26%	3.89%	5.05%
Net Cash from Operating Activities	16,611,333	15,092,400	14,661,600	14,053,133	12,951,350	12,331,280	13,097,000	20,747,000	15,990,000	13,137,000	12,491,000	14,753,000	18,141,000	14,496,000	13,366,000	10,398,000	11,681,000	13,158,000	10,831,000	16,182,000	12,329,000	4,928,000	9,349,000	11,285,000	12,137,000	10,531,000	10,561,000	13,223,000	10,568,000	8,787,000	6,116,000	6,300,000	7,800,000	5,500,000	5,400,000
Net Cash from Operating Activities Margin	23.42%	23.36%	25.08%	25.60%	23.45%	22.58%	14.73%	27.85%	27.67%	24.07%	22.46%	25.34%	31.20%	26.29%	28.09%	23.14%	25.76%	29.58%	22.81%	31.57%	23.41%	8.92%	16.20%	18.75%	20.84%	20.41%	20.51%	25.86%	19.79%	16.67%	12.47%	14.62%	20.53%	16.47%	18.18%
Capital Expenditures (PPE)	-2,036,667	-2,129,000	-2,496,200	-1,910,533	-1,508,700	-3,605,840	-1,433,000	-2,689,000	-1,988,000	-1,085,000	-3,450,000	-6,232,000	-2,725,000	-1,727,000	-1,683,000	-1,950,000	-985,000	-1,152,000	-437,000	-449,000	-673,000	-971,000	-1,300,000	3,228,000	-1,800,000	-673,000	-955,000	-1,981,000	-55,553,000	-639,000	-844,000	-2,700,000	-2,000,000	-1,700,000	-1,300,000
Capital Expenditures (PPE) Margin	-2.89%	-3.37%	-4.33%	-3.41%	-2.71%	-6.67%	-1.61%	-3.61%	-3.44%	-1.99%	-6.20%	-10.70%	-4.69%	-3.13%	-3.54%	-4.34%	-2.17%	-2.59%	-0.92%	-0.88%	-1.28%	-1.76%	-2.25%	5.36%	-3.09%	-1.30%	-1.86%	-3.87%	-104.02%	-1.21%	-1.72%	-6.26%	-5.26%	-5.09%	-4.38%
Acquisitions (Net)	0	0	-2,455,600	-1,583,067	-1,187,300	-949,840	0	0	0	0	0	-26,326,000	0	0	1,770,000	0	810,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	0.00%	0.00%	-4.15%	-2.65%	-1.99%	-1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	-45.21%	0.00%	0.00%	3.72%	0.00%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-68,451,000	-81,784,600	-53,403,300	-49,358,467	-43,676,400	-41,400,360	-137,946,000	-586,000	-66,821,000	-161,687,000	-41,883,000	-20,126,000	-23,757,000	-25,566,000	-21,784,000	-33,877,000	-16,962,000	-19,796,000	-46,371,000	-45,075,000	-78,140,000	-51,392,000	-23,852,000	-19,158,000	-17,532,000	-21,217,000	-30,811,000	-46,126,000	-45,756,000	-26,989,000	-11,799,000	-14,800,000	-21,800,000	-24,200,000	-9,500,000
Purchases of Investments Margin	-90.52%	-128.62%	-88.61%	-86.80%	-76.97%	-74.01%	-155.11%	-0.79%	-115.65%	-296.26%	-75.31%	-34.56%	-40.87%	-46.36%	-45.78%	-75.40%	-37.41%	-44.51%	-97.66%	-87.93%	-148.36%	-93.07%	-41.32%	-31.83%	-30.10%	-41.12%	-59.85%	-90.19%	-85.68%	-51.20%	-24.05%	-34.34%	-57.37%	-72.46%	-31.99%
Sales / Maturities of Investments	34,458,667	46,978,200	35,429,900	36,440,400	33,035,900	32,332,240	35,660,000	28,185,000	39,531,000	92,667,000	38,848,000	23,953,000	22,850,000	21,808,000	21,680,000	29,117,000	16,145,000	26,390,000	35,909,000	44,642,000	69,221,000	42,957,000	26,689,000	9,978,000	12,615,000	21,873,000	32,589,000	44,918,000	32,496,000	28,208,000	9,377,000	13,800,000	23,300,000	18,900,000	25,500,000
Sales / Maturities of Investments Margin	48.78%	77.20%	61.64%	67.03%	60.50%	59.79%	40.10%	37.84%	68.42%	169.79%	69.86%	41.14%	39.31%	39.55%	45.56%	64.80%	35.61%	59.34%	75.62%	87.09%	131.43%	77.79%	46.23%	16.58%	21.66%	42.40%	63.30%	87.83%	60.85%	53.51%	19.12%	32.02%	61.32%	56.59%	85.86%
Other Investing Activities	-76,758,333	-58,954,800	-37,488,600	-22,297,800	-20,551,700	-22,551,440	-91,464,000	-84,697,000	-54,114,000	17,701,000	-82,200,000	2,322,000	-9,094,000	-36,695,000	-38,417,000	1,772,000	-28,895,000	-6,388,000	37,260,000	32,388,000	6,054,000	-23,747,000	-1,578,000	-19,552,000	-11,413,000	-20,277,000	-25,707,000	-21,108,000	-710,000	-65,607,000	-39,620,000	-66,000,000	-65,800,000	-17,300,000	-43,500,000
Other Investing Activities Margin	-103.40%	-85.12%	-58.06%	-33.70%	-32.13%	-37.62%	-102.84%	-113.70%	-93.66%	32.43%	-147.81%	3.99%	-15.64%	-66.55%	-80.73%	3.94%	-63.73%	-14.36%	78.47%	63.18%	11.49%	-43.00%	-2.73%	-32.49%	-19.59%	-39.30%	-49.93%	-41.27%	-1.33%	-124.46%	-80.77%	-153.13%	-173.16%	-51.80%	-146.46%
Net Cash from Investing Activities	-112,787,333	-95,890,200	-60,413,800	-38,709,467	-33,888,200	-36,175,240	-195,183,000	-59,787,000	-83,392,000	-52,404,000	-88,685,000	-26,409,000	-12,726,000	-42,180,000	-38,434,000	-4,938,000	-29,887,000	-946,000	26,361,000	31,506,000	-3,538,000	-33,153,000	-41,000	-25,504,000	-18,130,000	-20,294,000	-24,884,000	-24,297,000	-69,523,000	-65,027,000	-42,886,000	-69,700,000	-66,300,000	-24,300,000	-28,800,000
Net Cash from Investing Activities Margin	-148.02%	-139.91%	-93.50%	-59.52%	-53.29%	-60.10%	-219.47%	-80.26%	-144.33%	-96.02%	-159.47%	-45.36%	-21.89%	-76.49%	-80.77%	-10.99%	-65.92%	-2.13%	55.52%	61.46%	-6.72%	-60.04%	-0.07%	-42.38%	-31.12%	-39.33%	-48.34%	-47.51%	-130.18%	-123.36%	-87.43%	-161.72%	-174.47%	-72.75%	-96.97%
Net Debt Issuance	6,708,667	1,150,000	1,463,700	-540,000	-2,065,200	819,160	-4,853,000	26,648,000	-1,669,000	-8,249,000	-6,127,000	-5,722,000	3,764,000	-1,136,000	13,139,000	-1,158,000	6,224,000	-537,000	-6,011,000	-7,447,000	-14,966,000	-34,065,000	9,772,000	21,290,000	-19,141,000	-11,060,000	-9,277,000	-2,907,000	16,856,000	48,163,000	8,948,000	-6,800,000	42,500,000	6,300,000	11,700,000
Net Debt Issuance Margin	9.14%	0.26%	2.09%	-1.48%	-4.29%	1.26%	-5.46%	35.77%	-2.89%	-15.11%	-11.02%	-9.83%	6.47%	-2.06%	27.61%	-2.58%	13.73%	-1.21%	-12.66%	-14.53%	-28.42%	-61.69%	16.93%	35.38%	-32.86%	-21.44%	-18.02%	-5.68%	31.56%	91.37%	18.24%	-15.78%	111.84%	18.86%	39.39%
Long-Term Debt Issuance	6,587,667	1,415,200	1,605,800	-398,000	-1,707,250	197,680	-4,960,000	26,630,000	-1,907,000	-7,189,000	-5,498,000	-5,722,000	3,849,000	-992,000	13,118,000	-1,271,000	5,963,000	-540,000	-5,789,000	-6,859,000	-14,803,000	-9,955,000	-3,014,000	23,773,000	-23,660,000	-15,319,000	-9,633,000	-7,936,000	11,525,000	40,510,000	4,621,000	-1,300,000	26,700,000	4,700,000	1,600,000
Long-Term Debt Issuance Margin	8.96%	0.76%	2.35%	-1.21%	-3.61%	0.05%	-5.58%	35.75%	-3.30%	-13.17%	-9.89%	-9.83%	6.62%	-1.80%	27.57%	-2.83%	13.15%	-1.21%	-12.19%	-13.38%	-28.11%	-18.03%	-5.22%	39.50%	-40.62%	-29.69%	-18.71%	-15.52%	21.58%	76.85%	9.42%	-3.02%	70.26%	14.07%	5.39%
Short-Term Debt Issuance	121,000	-265,200	-142,100	-142,000	-357,950	621,480	107,000	18,000	238,000	-1,060,000	-629,000	0	-85,000	-144,000	21,000	113,000	261,000	3,000	-222,000	-588,000	-163,000	-24,110,000	12,786,000	-2,483,000	4,519,000	4,259,000	356,000	5,029,000	5,331,000	7,653,000	4,327,000	-5,500,000	15,800,000	1,600,000	10,100,000
Short-Term Debt Issuance Margin	0.19%	-0.50%	-0.26%	-0.26%	-0.68%	1.21%	0.12%	0.02%	0.41%	-1.94%	-1.13%	0.00%	-0.15%	-0.26%	0.04%	0.25%	0.58%	0.01%	-0.47%	-1.15%	-0.31%	-43.66%	22.15%	-4.13%	7.76%	8.25%	0.69%	9.83%	9.98%	14.52%	8.82%	-12.76%	41.58%	4.79%	34.01%
Net Stock Issuance	-675,667	-596,200	46,600	52,933	-367,750	-458,800	-1,945,000	-82,000	0	-954,000	0	1,407,000	1,325,000	715,000	0	0	103,000	170,000	55,000	0	0	0	-2,269,000	-3,244,000	-1,800,000	-836,000	-2,259,000	646,000	34,000	-961,000	-1,575,000	400,000	1,100,000	1,300,000	900,000
Net Stock Issuance Margin	-0.77%	-0.81%	0.19%	0.18%	-0.57%	-0.78%	-2.19%	-0.11%	0.00%	-1.75%	0.00%	2.42%	2.28%	1.30%	0.00%	0.00%	0.23%	0.38%	0.12%	0.00%	0.00%	0.00%	-3.93%	-5.39%	-3.09%	-1.62%	-4.39%	1.26%	0.06%	-1.82%	-3.21%	0.93%	2.89%	3.89%	3.03%
Common Stock Issuance	0	0	344,700	251,667	188,750	151,000	0	0	0	0	0	1,407,000	1,325,000	715,000	0	0	103,000	170,000	55,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	0.60%	0.45%	0.34%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	2.42%	2.28%	1.30%	0.00%	0.00%	0.23%	0.38%	0.12%	0.00%	0.00%	0.00%	0.00%	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 Repurchased	-675,667	-596,200	-298,100	-198,733	-352,500	-282,000	-1,945,000	-82,000	0	-954,000	0	0	0	0	0	0	0	0	0	0	0	0	-2,269,000	0	-1,800,000	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-0.77%	-0.81%	-0.40%	-0.27%	-0.55%	-0.44%	-2.19%	-0.11%	0.00%	-1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.93%	0.00%	-3.09%	0.00%	0.00%	0.00%	0.00%	0.00%	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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-4,589,333	-4,361,600	-4,095,700	-3,897,533	-3,659,500	-3,441,560	-4,177,000	-4,871,000	-4,720,000	-4,018,000	-4,022,000	-4,000,000	-3,967,000	-3,932,000	-3,585,000	-3,665,000	-3,441,000	-2,965,000	-4,393,000	-3,360,000	-3,347,000	-3,186,000	-3,061,000	-2,938,000	-2,837,000	-2,705,000	-3,259,000	-2,468,000	-2,315,000	-2,733,000	-2,074,000	-1,900,000	-1,500,000	-1,400,000	-1,300,000
Net Dividends Paid Margin	-6.47%	-6.80%	-7.05%	-7.13%	-6.65%	-6.32%	-4.70%	-6.54%	-8.17%	-7.36%	-7.23%	-6.87%	-6.82%	-7.13%	-7.53%	-8.16%	-7.59%	-6.67%	-9.25%	-6.55%	-6.35%	-5.77%	-5.30%	-4.88%	-4.87%	-5.24%	-6.33%	-4.83%	-4.33%	-5.18%	-4.23%	-4.41%	-3.95%	-4.19%	-4.38%
Common Dividends Paid	-4,589,333	-4,361,600	-4,095,700	-3,897,533	-3,659,500	-3,441,560	-4,177,000	-4,871,000	-4,720,000	-4,018,000	-4,022,000	-4,000,000	-3,967,000	-3,932,000	-3,585,000	-3,665,000	-3,441,000	-2,965,000	-4,393,000	-3,360,000	-3,347,000	-3,186,000	-3,061,000	-2,938,000	-2,837,000	-2,705,000	-3,259,000	-2,468,000	-2,315,000	-2,733,000	-2,074,000	-1,900,000	-1,500,000	-1,400,000	-1,300,000
Common Dividends Paid Margin	-6.47%	-6.80%	-7.05%	-7.13%	-6.65%	-6.32%	-4.70%	-6.54%	-8.17%	-7.36%	-7.23%	-6.87%	-6.82%	-7.13%	-7.53%	-8.16%	-7.59%	-6.67%	-9.25%	-6.55%	-6.35%	-5.77%	-5.30%	-4.88%	-4.87%	-5.24%	-6.33%	-4.83%	-4.33%	-5.18%	-4.23%	-4.41%	-3.95%	-4.19%	-4.38%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	71,756,667	90,745,800	53,545,600	33,540,267	30,341,700	29,466,240	148,042,000	99,481,000	-32,253,000	66,169,000	172,290,000	1,147,000	-9,930,000	66,444,000	10,150,000	13,916,000	18,056,000	-26,187,000	-32,822,000	-45,002,000	53,603,000	62,854,000	-12,985,000	-4,760,000	30,920,000	27,701,000	27,644,000	10,105,000	41,543,000	23,490,000	27,040,000	78,100,000	21,300,000	11,700,000	9,500,000
Other Financing Activities Margin	81.39%	135.05%	83.29%	50.58%	47.45%	47.99%	166.46%	133.54%	-55.82%	121.24%	309.81%	1.97%	-17.08%	120.49%	21.33%	30.97%	39.83%	-58.88%	-69.12%	-87.79%	101.78%	113.82%	-22.49%	-7.91%	53.08%	53.69%	53.70%	19.76%	77.79%	44.56%	55.12%	181.21%	56.05%	35.03%	31.99%
Net Cash from Financing Activities	73,200,333	86,938,000	50,960,200	29,148,800	24,244,100	26,380,920	137,067,000	121,176,000	-38,642,000	52,948,000	162,141,000	-7,168,000	-8,808,000	62,091,000	19,704,000	9,093,000	20,839,000	-29,519,000	-43,171,000	-55,809,000	35,290,000	25,603,000	-8,543,000	10,348,000	7,142,000	13,100,000	12,849,000	5,376,000	56,118,000	67,959,000	32,339,000	69,800,000	63,400,000	17,900,000	20,800,000
Net Cash from Financing Activities Margin	83.30%	127.70%	78.53%	42.14%	35.92%	42.16%	154.12%	162.67%	-66.88%	97.02%	291.56%	-12.31%	-15.15%	112.60%	41.41%	20.24%	45.96%	-66.37%	-90.92%	-108.87%	67.00%	46.36%	-14.80%	17.19%	12.26%	25.39%	24.96%	10.51%	105.08%	128.92%	65.93%	161.95%	166.84%	53.59%	70.03%
Effect of FX on Cash	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	0	0	0	0	-100,000	0	0	0
Effect of FX on Cash 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%	0.00%	0.00%	0.00%	0.00%	-0.23%	0.00%	0.00%	0.00%
Net Change in Cash	-22,975,667	6,150,200	5,213,000	4,495,800	3,309,750	2,538,960	-45,019,000	82,136,000	-106,044,000	13,731,000	85,947,000	-18,824,000	-3,393,000	34,407,000	-5,364,000	14,553,000	2,633,000	-17,307,000	-5,979,000	-8,121,000	44,081,000	-2,622,000	765,000	-3,871,000	1,149,000	3,337,000	-1,474,000	-5,698,000	-2,837,000	11,719,000	-4,431,000	6,300,000	4,800,000	-800,000	-2,500,000
Net Change in Cash Margin	-41.30%	11.16%	10.12%	8.22%	6.10%	4.63%	-50.62%	110.26%	-183.54%	25.16%	154.55%	-32.33%	-5.84%	62.40%	-11.27%	32.39%	5.81%	-38.91%	-12.59%	-15.84%	83.70%	-4.75%	1.33%	-6.43%	1.97%	6.47%	-2.86%	-11.14%	-5.31%	22.23%	-9.03%	14.62%	12.63%	-2.40%	-8.42%
Cash at Beginning of Period	108,716,667	103,361,800	77,923,500	65,352,067	53,638,000	46,952,840	128,126,000	45,990,000	152,034,000	138,303,000	52,356,000	71,180,000	74,573,000	40,166,000	45,530,000	30,977,000	28,344,000	45,651,000	51,630,000	59,751,000	15,670,000	18,292,000	17,527,000	20,765,000	19,616,000	16,279,000	17,753,000	23,451,000	26,288,000	14,569,000	19,000,000	12,700,000	7,900,000	8,700,000	11,200,000
Cash at Beginning of Period Margin	156.31%	163.30%	130.45%	114.98%	94.40%	83.35%	144.07%	61.74%	263.13%	253.41%	94.15%	122.25%	128.28%	72.84%	95.68%	68.94%	62.52%	102.64%	108.73%	116.56%	29.75%	33.13%	30.36%	34.50%	33.67%	31.55%	34.48%	45.85%	49.22%	27.64%	38.73%	29.47%	20.79%	26.05%	37.71%
Cash at End of Period	85,741,000	109,512,000	83,136,500	69,847,867	56,947,750	49,491,800	83,107,000	128,126,000	45,990,000	152,034,000	138,303,000	52,356,000	71,180,000	74,573,000	40,166,000	45,530,000	30,977,000	28,344,000	45,651,000	51,630,000	59,751,000	15,670,000	18,292,000	16,894,000	20,765,000	19,616,000	16,279,000	17,753,000	23,451,000	26,288,000	14,569,000	19,000,000	12,700,000	7,900,000	8,700,000
Cash at End of Period Margin	115.01%	174.46%	140.56%	123.20%	100.49%	87.98%	93.45%	172.00%	79.60%	278.57%	248.70%	89.92%	122.44%	135.24%	84.41%	101.33%	68.32%	63.73%	96.14%	100.72%	113.45%	28.38%	31.69%	28.07%	35.65%	38.02%	31.62%	34.71%	43.91%	49.87%	29.70%	44.08%	33.42%	23.65%	29.29%
Operating Cash Flow	16,611,333	15,092,400	14,661,600	14,053,133	12,951,350	12,331,280	13,097,000	20,747,000	15,990,000	13,137,000	12,491,000	14,753,000	18,141,000	14,496,000	13,366,000	10,398,000	11,681,000	13,158,000	10,831,000	16,182,000	12,329,000	4,928,000	9,349,000	11,285,000	12,137,000	10,531,000	10,561,000	13,223,000	10,568,000	8,787,000	6,116,000	6,300,000	7,800,000	5,500,000	5,400,000
Operating Cash Flow Margin	23.42%	23.36%	25.08%	25.60%	23.45%	22.58%	14.73%	27.85%	27.67%	24.07%	22.46%	25.34%	31.20%	26.29%	28.09%	23.14%	25.76%	29.58%	22.81%	31.57%	23.41%	8.92%	16.20%	18.75%	20.84%	20.41%	20.51%	25.86%	19.79%	16.67%	12.47%	14.62%	20.53%	16.47%	18.18%
Capital Expenditure	-2,036,667	-2,129,000	-2,496,200	-1,910,533	-1,670,100	-3,734,960	-1,433,000	-2,689,000	-1,988,000	-1,085,000	-3,450,000	-6,232,000	-2,725,000	-1,727,000	-1,683,000	-1,950,000	-985,000	-1,152,000	-437,000	-449,000	-673,000	-971,000	-1,300,000	0	-1,800,000	-673,000	-955,000	-1,981,000	-55,553,000	-639,000	-844,000	-2,700,000	-2,000,000	-1,700,000	-1,300,000
Capital Expenditure Margin	-2.89%	-3.37%	-4.33%	-3.41%	-2.97%	-6.89%	-1.61%	-3.61%	-3.44%	-1.99%	-6.20%	-10.70%	-4.69%	-3.13%	-3.54%	-4.34%	-2.17%	-2.59%	-0.92%	-0.88%	-1.28%	-1.76%	-2.25%	0.00%	-3.09%	-1.30%	-1.86%	-3.87%	-104.02%	-1.21%	-1.72%	-6.26%	-5.26%	-5.09%	-4.38%
Free Cash Flow	14,574,667	12,963,400	12,165,400	12,142,600	11,281,250	8,596,320	11,664,000	18,058,000	14,002,000	12,052,000	9,041,000	8,521,000	15,416,000	12,769,000	11,683,000	8,448,000	10,696,000	12,006,000	10,394,000	15,733,000	11,656,000	3,957,000	8,049,000	11,285,000	10,337,000	9,858,000	9,606,000	11,242,000	-44,985,000	8,148,000	5,272,000	3,600,000	5,800,000	3,800,000	4,100,000
Free Cash Flow Margin	20.53%	19.99%	20.76%	22.19%	20.48%	15.69%	13.12%	24.24%	24.23%	22.08%	16.26%	14.63%	26.52%	23.16%	24.55%	18.80%	23.59%	26.99%	21.89%	30.69%	22.13%	7.17%	13.94%	18.75%	17.75%	19.11%	18.66%	21.98%	-84.23%	15.46%	10.75%	8.35%	15.26%	11.38%	13.80%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Revenue	73,735,333	66,278,600	59,541,600	55,776,267	55,980,900	55,096,560	88,934,000	74,494,000	57,778,000	54,576,000	55,611,000	58,227,000	58,135,000	55,143,000	47,587,000	44,931,000	45,338,000	44,476,000	47,484,000	51,262,000	52,668,000	55,221,000	57,726,000	60,183,000	58,251,000	51,593,000	51,482,000	51,142,000	53,405,000	52,714,000	49,053,000	43,100,000	38,000,000	33,400,000	29,700,000
EBITDA	16,465,000	15,771,800	14,352,600	13,022,600	12,315,100	11,828,800	15,112,000	16,781,000	17,502,000	15,628,000	13,836,000	13,177,000	15,530,000	13,499,000	10,113,000	12,348,000	12,065,000	11,996,000	10,966,000	8,990,000	7,796,000	9,988,000	10,850,000	9,981,000	8,574,000	11,570,000	13,495,000	10,670,000	9,238,000	8,220,000	7,795,000	7,300,000	6,800,000	6,100,000	5,300,000
EBITDA Margin	23.27%	24.67%	24.59%	23.66%	22.28%	21.65%	16.99%	22.53%	30.29%	28.64%	24.88%	22.63%	26.71%	24.48%	21.25%	27.48%	26.61%	26.97%	23.09%	17.54%	14.80%	18.09%	18.80%	16.58%	14.72%	22.43%	26.21%	20.86%	17.30%	15.59%	15.89%	16.94%	17.89%	18.26%	17.85%
(-) Tax Adjustment	2,789,832	2,643,724	2,801,549	2,785,750	2,816,662	2,834,654	2,685,498	2,834,375	2,849,623	2,546,686	2,302,440	2,038,387	2,466,381	5,048,480	2,196,489	3,047,134	3,363,066	3,190,322	3,086,213	2,348,236	1,782,921	2,544,885	3,003,921	2,941,309	2,369,086	3,687,797	4,114,425	3,277,190	2,643,579	2,307,157	2,190,752	1,979,661	1,908,772	1,726,415	1,578,723
(-) Tax Adjustment Margin	3.92%	4.11%	4.89%	5.19%	5.19%	5.28%	3.02%	3.80%	4.93%	4.67%	4.14%	3.50%	4.24%	9.16%	4.62%	6.78%	7.42%	7.17%	6.50%	4.58%	3.39%	4.61%	5.20%	4.89%	4.07%	7.15%	7.99%	6.41%	4.95%	4.38%	4.47%	4.59%	5.02%	5.17%	5.32%
(-) Change In Working Capital	2,406,000	980,800	1,699,300	1,465,933	866,100	660,360	1,153,000	6,550,000	-485,000	-519,000	-1,795,000	3,978,000	3,807,000	1,840,000	2,682,000	-218,000	1,055,000	1,554,000	-39,000	2,086,000	340,000	-4,951,000	-1,482,000	-250,000	1,252,000	764,000	856,000	1,452,000	-1,533,000	-349,000	-1,239,000	-1,000,000	1,000,000	-400,000	200,000
(-) Change In Working Capital Margin	3.08%	1.01%	2.69%	2.49%	1.45%	1.10%	1.30%	8.79%	-0.84%	-0.95%	-3.23%	6.83%	6.55%	3.34%	5.64%	-0.49%	2.33%	3.49%	-0.08%	4.07%	0.65%	-8.97%	-2.57%	-0.42%	2.15%	1.48%	1.66%	2.84%	-2.87%	-0.66%	-2.53%	-2.32%	2.63%	-1.20%	0.67%
(-) Capital Expenditure	-2,036,667	-2,129,000	-2,496,200	-1,910,533	-1,670,100	-3,734,960	-1,433,000	-2,689,000	-1,988,000	-1,085,000	-3,450,000	-6,232,000	-2,725,000	-1,727,000	-1,683,000	-1,950,000	-985,000	-1,152,000	-437,000	-449,000	-673,000	-971,000	-1,300,000	0	-1,800,000	-673,000	-955,000	-1,981,000	-55,553,000	-639,000	-844,000	-2,700,000	-2,000,000	-1,700,000	-1,300,000
(-) Capital Expenditure Margin	-2.89%	-3.37%	-4.33%	-3.41%	-2.97%	-6.89%	-1.61%	-3.61%	-3.44%	-1.99%	-6.20%	-10.70%	-4.69%	-3.13%	-3.54%	-4.34%	-2.17%	-2.59%	-0.92%	-0.88%	-1.28%	-1.76%	-2.25%	0.00%	-3.09%	-1.30%	-1.86%	-3.87%	-104.02%	-1.21%	-1.72%	-6.26%	-5.26%	-5.09%	-4.38%
Unlevered Free Cash Flow	9,232,501	10,018,276	7,355,551	6,860,383	6,962,238	4,598,826	9,840,502	4,707,625	13,149,377	12,515,314	9,878,560	928,613	6,531,619	4,883,520	3,551,511	7,568,866	6,661,934	6,099,678	7,481,787	4,106,764	5,000,079	11,423,115	8,028,079	7,289,691	3,152,914	6,445,203	7,569,575	3,959,810	-47,425,579	5,622,843	5,999,248	3,620,339	1,891,228	3,073,585	2,221,277
Unlevered Free Cash Flow Margin	13.38%	16.17%	12.68%	12.57%	12.66%	8.39%	11.06%	6.32%	22.76%	22.93%	17.76%	1.59%	11.24%	8.86%	7.46%	16.85%	14.69%	13.71%	15.76%	8.01%	9.49%	20.69%	13.91%	12.11%	5.41%	12.49%	14.70%	7.74%	-88.80%	10.67%	12.23%	8.40%	4.98%	9.20%	7.48%
(-) Net Interest Income After Taxes	38,340,627	36,456,515	33,524,733	30,472,212	28,096,349	26,049,268	39,815,459	37,983,589	37,222,832	34,136,303	33,124,391	36,392,164	36,781,699	26,125,310	28,436,190	25,229,389	24,147,596	23,772,249	23,464,750	25,023,713	25,427,551	22,871,111	22,204,042	20,120,354	20,617,914	19,030,377	19,007,221	19,064,027	19,245,745	16,796,216	15,191,503	15,450,847	14,026,316	12,116,981	10,812,766
(-) Net Interest Income After Taxes Margin	53.39%	56.46%	57.13%	54.97%	50.51%	47.33%	44.77%	50.99%	64.42%	62.55%	59.56%	62.50%	63.27%	47.38%	59.76%	56.15%	53.26%	53.45%	49.42%	48.82%	48.28%	41.42%	38.46%	33.43%	35.39%	36.89%	36.92%	37.28%	36.04%	31.86%	30.97%	35.85%	36.91%	36.28%	36.41%
Net Debt Issuance	6,708,667	1,150,000	1,463,700	-540,000	-2,065,200	819,160	-4,853,000	26,648,000	-1,669,000	-8,249,000	-6,127,000	-5,722,000	3,764,000	-1,136,000	13,139,000	-1,158,000	6,224,000	-537,000	-6,011,000	-7,447,000	-14,966,000	-34,065,000	9,772,000	21,290,000	-19,141,000	-11,060,000	-9,277,000	-2,907,000	16,856,000	48,163,000	8,948,000	-6,800,000	42,500,000	6,300,000	11,700,000
Net Debt Issuance Margin	9.14%	0.26%	2.09%	-1.48%	-4.29%	1.26%	-5.46%	35.77%	-2.89%	-15.11%	-11.02%	-9.83%	6.47%	-2.06%	27.61%	-2.58%	13.73%	-1.21%	-12.66%	-14.53%	-28.42%	-61.69%	16.93%	35.38%	-32.86%	-21.44%	-18.02%	-5.68%	31.56%	91.37%	18.24%	-15.78%	111.84%	18.86%	39.39%
Levered Free Cash Flow	-22,399,459	-25,288,239	-24,705,482	-24,151,829	-23,199,312	-20,631,282	-34,827,957	-6,627,964	-25,742,454	-29,869,989	-29,372,831	-41,185,552	-26,486,080	-22,377,790	-11,745,679	-18,818,523	-11,261,662	-18,209,570	-21,993,963	-28,363,949	-35,393,472	-45,512,995	-4,403,963	8,459,337	-36,606,000	-23,645,174	-20,714,646	-18,011,217	-49,815,324	36,989,627	-244,255	-18,630,508	30,364,912	-2,743,396	3,108,511
Levered Free Cash Flow Margin	-30.87%	-40.03%	-42.36%	-43.88%	-42.14%	-37.68%	-39.16%	-8.90%	-44.55%	-54.73%	-52.82%	-70.73%	-45.56%	-40.58%	-24.68%	-41.88%	-24.84%	-40.94%	-46.32%	-55.33%	-67.20%	-82.42%	-7.63%	14.06%	-62.84%	-45.83%	-40.24%	-35.22%	-93.28%	70.17%	-0.50%	-43.23%	79.91%	-8.21%	10.47%