Korn Ferry (KFY)

Analysis: Margins & Ratios Industry: Staffing & Employment Services Sector: Industrials Live Price: $67.97

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	TTM	TTM-1	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30
Revenue	2,806,809,000	2,576,765,600	2,162,292,200	1,742,483,867	1,474,482,350	1,268,114,440	2,841,708,000	2,741,517,000	2,761,086,000	2,795,505,000	2,863,836,000	2,643,455,000	1,819,946,000	1,977,330,000	1,973,862,000	1,819,519,000	1,621,669,000	1,346,714,000	1,066,066,000	995,559,000	849,701,000	826,759,000	776,251,000	599,649,000	676,128,000	835,642,000	689,201,000	551,769,000	476,377,000	350,703,000	338,466,000	393,891,000	653,777,000	500,743,000	373,100,000	311,000,000
Cost of Revenue	1,495,679,667	940,020,800	532,192,000	376,546,400	391,655,600	339,958,960	2,101,422,000	2,132,857,000	2,043,099,000	2,177,013,000	266,927,000	131,136,000	81,929,000	130,484,000	123,316,000	125,960,000	127,630,000	114,426,000	77,606,000	75,168,000	65,847,000	55,889,000	51,766,000	413,340,000	442,632,000	540,056,000	447,692,000	341,196,000	292,913,000	0	0	0	372,949,000	285,575,000	7,300,000	6,800,000
Cost of Revenue Margin	53.73%	34.13%	20.68%	16.19%	28.43%	27.49%	73.95%	77.80%	74.00%	77.88%	9.32%	4.96%	4.50%	6.60%	6.25%	6.92%	7.87%	8.50%	7.28%	7.55%	7.75%	6.76%	6.67%	68.93%	65.47%	64.63%	64.96%	61.84%	61.49%	0.00%	0.00%	0.00%	57.05%	57.03%	1.96%	2.19%
Gross Profit	1,311,129,333	1,636,744,800	1,630,100,200	1,365,937,467	1,082,826,750	898,861,200	740,286,000	608,660,000	717,987,000	618,492,000	2,596,909,000	2,512,319,000	1,738,017,000	1,846,846,000	1,850,546,000	1,693,559,000	1,494,039,000	1,232,288,000	988,460,000	920,391,000	783,854,000	770,870,000	724,485,000	186,309,000	233,496,000	295,586,000	241,509,000	210,573,000	183,464,000	350,703,000	0	0	280,828,000	215,168,000	365,800,000	304,200,000
Gross Profit Margin	46.27%	65.87%	79.32%	83.81%	71.57%	64.51%	26.05%	22.20%	26.00%	22.12%	90.68%	95.04%	95.50%	93.40%	93.75%	93.08%	92.13%	91.50%	92.72%	92.45%	92.25%	93.24%	93.33%	31.07%	34.53%	35.37%	35.04%	38.16%	38.51%	100.00%	0.00%	0.00%	42.95%	42.97%	98.04%	97.81%
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
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%
SG&A Expenses	895,729,333	1,231,113,600	953,194,000	788,331,400	619,977,050	529,489,200	248,072,000	251,925,000	258,488,000	259,039,000	2,169,661,000	1,978,724,000	1,489,656,000	1,556,951,000	245,436,000	237,390,000	226,232,000	1,110,363,000	145,917,000	152,040,000	698,117,000	673,058,000	623,899,000	115,280,000	126,532,000	133,984,000	105,312,000	93,462,000	83,544,000	71,623,000	73,107,000	406,321,000	203,094,000	147,030,000	317,700,000	87,800,000
SG&A Expenses Margin	31.46%	50.22%	45.17%	48.31%	40.54%	40.18%	8.73%	9.19%	9.36%	9.27%	75.76%	74.85%	81.85%	78.74%	12.43%	13.05%	13.95%	82.45%	13.69%	15.27%	82.16%	81.41%	80.37%	19.22%	18.71%	16.03%	15.28%	16.94%	17.54%	20.42%	21.60%	103.16%	31.06%	29.36%	85.15%	28.23%
Operating Expenses	1,005,074,667	1,321,794,000	970,699,200	812,671,067	669,242,550	603,262,600	375,287,000	300,569,000	371,665,000	405,563,000	2,237,996,000	2,042,245,000	1,551,501,000	1,612,262,000	446,309,000	338,358,000	364,240,000	336,853,000	220,896,000	217,152,000	717,121,000	687,075,000	640,830,000	168,358,000	187,853,000	203,733,000	159,254,000	475,587,000	410,596,000	326,387,000	335,489,000	406,321,000	217,921,000	160,363,000	327,000,000	290,100,000
Operating Expenses Margin	35.37%	53.72%	43.88%	48.76%	46.05%	53.43%	13.21%	10.96%	13.46%	14.51%	78.15%	77.26%	85.25%	81.54%	22.61%	18.60%	22.46%	25.01%	20.72%	21.81%	84.40%	83.10%	82.55%	28.08%	27.78%	24.38%	23.11%	86.19%	86.19%	93.07%	99.12%	103.16%	33.33%	32.03%	87.64%	93.28%
Operating Income (EBIT)	291,863,667	300,289,800	219,972,600	174,525,933	143,459,250	117,506,080	364,999,000	301,280,000	346,322,000	212,929,000	316,340,000	470,074,000	155,784,000	176,025,000	140,826,000	208,446,000	120,288,000	52,692,000	114,028,000	91,608,000	43,876,000	82,866,000	85,785,000	-2,722,000	3,728,000	91,853,000	82,255,000	76,182,000	65,781,000	15,790,000	-13,304,000	-62,707,000	62,907,000	54,805,000	34,600,000	15,400,000
Operating Income (EBIT) Margin	10.40%	11.51%	9.64%	9.50%	8.97%	7.50%	12.84%	10.99%	12.54%	7.62%	11.05%	17.78%	8.56%	8.90%	7.13%	11.46%	7.42%	3.91%	10.70%	9.20%	5.16%	10.02%	11.05%	-0.45%	0.55%	10.99%	11.93%	13.81%	13.81%	4.50%	-3.93%	-15.92%	9.62%	10.94%	9.27%	4.95%
Interest Income	0	0	23,700	15,800	11,850	9,480	0	0	0	0	0	0	0	0	0	0	0	237,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income 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%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	22,398,333	24,353,200	18,928,000	13,341,200	11,668,900	10,911,480	1,513,000	19,203,000	20,363,000	20,968,000	25,864,000	25,293,000	29,278,000	22,184,000	16,891,000	13,832,000	14,607,000	0	1,784,000	2,363,000	2,365,000	1,791,000	2,535,000	2,622,000	5,410,000	4,812,000	10,172,000	10,244,000	10,463,000	9,903,000	10,522,000	8,521,000	0	0	0	0
Interest Expense Margin	0.80%	0.99%	0.86%	0.65%	0.75%	1.01%	0.05%	0.70%	0.74%	0.75%	0.90%	0.96%	1.61%	1.12%	0.86%	0.76%	0.90%	0.00%	0.17%	0.24%	0.28%	0.22%	0.33%	0.44%	0.80%	0.58%	1.48%	1.86%	2.20%	2.82%	3.11%	2.16%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-22,398,333	-24,353,200	-18,904,300	-13,325,400	-10,178,300	-8,142,640	-14,308,000	-19,203,000	-20,363,000	-20,968,000	-25,864,000	-25,293,000	-29,278,000	-22,184,000	-16,891,000	-13,832,000	-14,607,000	237,000	-1,784,000	-2,363,000	-2,365,000	-1,791,000	-2,535,000	-2,622,000	-1,063,000	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-0.80%	-0.99%	-0.86%	-0.65%	-0.52%	-0.42%	-0.50%	-0.70%	-0.74%	-0.75%	-0.90%	-0.96%	-1.61%	-1.12%	-0.86%	-0.76%	-0.90%	0.02%	-0.17%	-0.24%	-0.28%	-0.22%	-0.33%	-0.44%	-0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	26,498,333	32,664,600	27,338,200	17,543,867	14,827,600	16,560,240	2,700,000	-8,020,000	21,773,000	11,255,000	46,467,000	62,466,000	21,362,000	47,247,000	23,688,000	16,545,000	18,886,000	3,693,000	-6,071,000	-5,043,000	-1,579,000	3,853,000	-1,384,000	-4,822,000	21,211,000	-2,325,000	9,928,000	9,402,000	17,566,000	17,072,000	19,855,000	56,393,000	6,568,000	-132,000	92,000,000	3,500,000
Unusual Items Margin	0.94%	1.27%	1.23%	0.75%	0.83%	1.85%	0.10%	-0.29%	0.79%	0.40%	1.62%	2.36%	1.17%	2.39%	1.20%	0.91%	1.16%	0.27%	-0.57%	-0.51%	-0.19%	0.47%	-0.18%	-0.80%	3.14%	-0.28%	1.44%	1.70%	3.69%	4.87%	5.87%	14.32%	1.00%	-0.03%	24.66%	1.13%
EBT Excluding Unusual Items	261,265,333	259,313,800	184,200,500	152,763,600	125,461,100	95,287,600	361,112,000	336,523,000	323,139,000	211,387,000	249,270,000	370,435,000	142,338,000	103,715,000	110,341,000	189,188,000	97,123,000	45,069,000	127,954,000	104,057,000	49,399,000	76,951,000	91,088,000	9,544,000	-33,284,000	101,315,000	72,571,000	67,622,000	41,112,000	-8,451,000	-42,492,000	-166,972,000	49,771,000	55,069,000	-149,400,000	8,400,000
EBT Excluding Unusual Items Margin	9.32%	9.96%	8.04%	8.65%	8.06%	4.81%	12.71%	12.28%	11.70%	7.56%	8.70%	14.01%	7.82%	5.25%	5.59%	10.40%	5.99%	3.35%	12.00%	10.45%	5.81%	9.31%	11.73%	1.59%	-4.92%	12.12%	10.53%	12.26%	8.63%	-2.41%	-12.55%	-42.39%	7.61%	11.00%	-40.04%	2.70%
Pre-Tax Income	287,763,667	291,978,400	211,538,700	170,307,467	140,288,700	111,847,840	363,812,000	328,503,000	344,912,000	222,642,000	295,737,000	432,901,000	163,700,000	150,962,000	134,029,000	205,733,000	116,009,000	48,762,000	121,883,000	99,014,000	47,820,000	80,804,000	89,704,000	4,722,000	-12,073,000	98,990,000	82,499,000	77,024,000	58,678,000	8,621,000	-22,637,000	-110,579,000	56,339,000	54,937,000	-57,400,000	11,900,000
Pre-Tax Income Margin	10.26%	11.23%	9.27%	9.40%	8.89%	6.66%	12.80%	11.98%	12.49%	7.96%	10.33%	16.38%	8.99%	7.63%	6.79%	11.31%	7.15%	3.62%	11.43%	9.95%	5.63%	9.77%	11.56%	0.79%	-1.79%	11.85%	11.97%	13.96%	12.32%	2.46%	-6.69%	-28.07%	8.62%	10.97%	-15.38%	3.83%
Income Tax Expense	75,533,333	75,358,800	56,848,000	47,211,867	39,695,800	33,296,920	98,479,000	76,572,000	93,836,000	50,081,000	82,683,000	102,056,000	48,138,000	43,945,000	29,544,000	70,133,000	29,104,000	18,960,000	33,526,000	28,492,000	16,637,000	28,351,000	32,692,000	-485,000	384,000	36,081,000	30,164,000	19,594,000	20,251,000	3,218,000	2,040,000	-12,328,000	25,326,000	24,126,000	9,000,000	6,700,000
Income Tax Expense Margin	2.69%	2.92%	2.54%	2.73%	2.66%	2.39%	3.47%	2.79%	3.40%	1.79%	2.89%	3.86%	2.65%	2.22%	1.50%	3.85%	1.79%	1.41%	3.14%	2.86%	1.96%	3.43%	4.21%	-0.08%	0.06%	4.32%	4.38%	3.55%	4.25%	0.92%	0.60%	-3.13%	3.87%	4.82%	2.41%	2.15%
Net Income	208,248,333	213,111,800	152,202,900	121,969,800	100,294,600	78,391,000	261,693,000	247,664,000	246,062,000	169,154,000	209,529,000	326,360,000	114,454,000	104,946,000	102,651,000	133,779,000	84,181,000	30,913,000	88,357,000	72,691,000	33,293,000	54,303,000	58,874,000	5,298,000	-10,092,000	66,211,000	55,498,000	59,430,000	38,620,000	5,403,000	-22,902,000	-98,251,000	31,013,000	30,811,000	-66,400,000	5,200,000
Net Income Margin	7.43%	8.18%	6.63%	6.66%	6.30%	4.35%	9.21%	9.03%	8.91%	6.05%	7.32%	12.35%	6.29%	5.31%	5.20%	7.35%	5.19%	2.30%	8.29%	7.30%	3.92%	6.57%	7.58%	0.88%	-1.49%	7.92%	8.05%	10.77%	8.11%	1.54%	-6.77%	-24.94%	4.74%	6.15%	-17.80%	1.67%
Depreciation and Amortization	75,529,333	70,390,800	58,582,200	45,685,533	36,854,100	32,883,280	95,280,000	78,666,000	80,287,000	77,966,000	68,335,000	63,521,000	61,845,000	55,311,000	46,489,000	48,588,000	47,260,000	36,220,000	27,597,000	26,172,000	19,004,000	14,017,000	12,671,000	11,493,000	11,583,000	10,441,000	9,280,000	9,002,000	9,851,000	10,030,000	19,456,000	17,949,000	27,714,000	13,539,000	9,300,000	7,700,000
Depreciation and Amortization Margin	2.69%	2.78%	2.73%	2.54%	2.30%	2.62%	3.35%	2.87%	2.91%	2.79%	2.39%	2.40%	3.40%	2.80%	2.36%	2.67%	2.91%	2.69%	2.59%	2.63%	2.24%	1.70%	1.63%	1.92%	1.71%	1.25%	1.35%	1.63%	2.07%	2.86%	5.75%	4.56%	4.24%	2.70%	2.49%	2.48%
EBITDA	385,691,333	386,722,400	289,207,700	229,022,867	190,051,300	160,865,120	459,582,000	426,372,000	445,562,000	321,576,000	389,936,000	521,715,000	254,823,000	228,160,000	198,096,000	267,720,000	177,876,000	86,613,000	151,093,000	121,462,000	69,189,000	96,612,000	104,910,000	29,444,000	57,226,000	102,294,000	91,535,000	85,184,000	75,632,000	34,346,000	22,433,000	5,519,000	82,672,000	62,450,000	43,900,000	23,200,000
EBITDA Margin	13.75%	15.00%	12.87%	12.56%	12.14%	11.56%	16.17%	15.55%	16.14%	11.50%	13.62%	19.74%	14.00%	11.54%	10.04%	14.71%	10.97%	6.43%	14.17%	12.20%	8.14%	11.69%	13.51%	4.91%	8.46%	12.24%	13.28%	15.44%	15.88%	9.79%	6.63%	1.40%	12.65%	12.47%	11.77%	7.46%
NOPAT	215,010,664	222,852,058	160,853,076	126,224,298	103,078,262	83,157,974	266,198,695	231,053,511	252,102,399	165,032,838	227,896,754	359,254,501	109,973,797	124,784,167	109,783,738	137,388,156	90,110,497	32,203,908	82,662,652	65,247,130	28,611,152	53,791,524	54,521,252	-3,001,579	3,846,575	58,373,375	52,180,213	56,802,195	43,078,607	9,895,995	-14,502,929	-55,716,053	34,628,495	30,736,969	40,025,087	6,729,412
NOPAT Margin	7.66%	8.52%	7.00%	6.75%	6.31%	4.99%	9.37%	8.43%	9.13%	5.90%	7.96%	13.59%	6.04%	6.31%	5.56%	7.55%	5.56%	2.39%	7.75%	6.55%	3.37%	6.51%	7.02%	-0.50%	0.57%	6.99%	7.57%	10.29%	9.04%	2.82%	-4.28%	-14.15%	5.30%	6.14%	10.73%	2.16%
Owner's Earnings	221,106,667	229,794,400	163,293,600	128,636,600	104,629,450	82,920,520	275,944,000	277,914,000	263,865,000	191,973,000	207,482,000	340,475,000	145,177,000	118,797,000	102,458,000	140,367,000	81,353,000	40,989,000	94,094,000	70,304,000	39,196,000	49,363,000	43,656,000	6,028,000	-10,456,000	59,676,000	50,670,000	57,122,000	40,946,000	13,506,000	-9,952,000	-88,841,000	24,765,000	21,269,000	-66,500,000	-9,400,000
Owner's Earnings Margin	7.89%	8.91%	7.15%	6.91%	6.39%	4.75%	9.71%	10.14%	9.56%	6.87%	7.24%	12.88%	7.98%	6.01%	5.19%	7.71%	5.02%	3.04%	8.83%	7.06%	4.61%	5.97%	5.62%	1.01%	-1.55%	7.14%	7.35%	10.35%	8.60%	3.85%	-2.94%	-22.55%	3.79%	4.25%	-17.82%	-3.02%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30
Revenue	2,806,809,000	2,576,765,600	2,162,292,200	1,742,483,867	1,474,482,350	1,268,114,440	2,761,086,000	2,795,505,000	2,863,836,000	2,643,455,000	1,819,946,000	1,977,330,000	1,973,862,000	1,819,519,000	1,621,669,000	1,346,714,000	1,066,066,000	995,559,000	849,701,000	826,759,000	776,251,000	599,649,000	676,128,000	835,642,000	689,201,000	551,769,000	476,377,000	350,703,000	338,466,000	393,891,000	653,777,000	500,743,000	373,100,000	311,000,000
Cash & Cash Equivalents	930,664,333	924,168,200	714,142,700	573,927,267	497,435,450	419,728,800	1,006,964,000	941,005,000	844,024,000	978,070,000	850,778,000	689,244,000	626,360,000	520,848,000	410,882,000	273,252,000	380,838,000	333,717,000	224,066,000	282,005,000	246,856,000	219,233,000	255,000,000	318,918,000	289,106,000	257,543,000	199,133,000	108,102,000	82,685,000	66,128,000	88,463,000	86,975,000	113,700,000	32,400,000
Cash & Cash Equivalents Margin	33.20%	36.67%	32.42%	32.38%	34.34%	32.57%	36.47%	33.66%	29.47%	37.00%	46.75%	34.86%	31.73%	28.63%	25.34%	20.29%	35.72%	33.52%	26.37%	34.11%	31.80%	36.56%	37.71%	38.16%	41.95%	46.68%	41.80%	30.82%	24.43%	16.79%	13.53%	17.37%	30.47%	10.42%
Short-Term Investments	41,322,333	48,975,600	32,511,100	29,505,667	27,832,300	23,234,320	36,388,000	42,742,000	44,837,000	57,244,000	63,667,000	41,951,000	8,288,000	14,293,000	4,363,000	11,338,000	25,757,000	9,566,000	20,347,000	40,936,000	20,868,000	4,114,000	4,263,000	49,869,000	35,161,000	20,654,000	7,815,000	0	0	0	16,397,000	59,978,000	0	0
Short-Term Investments Margin	1.47%	2.02%	1.45%	1.86%	2.20%	1.93%	1.32%	1.53%	1.57%	2.17%	3.50%	2.12%	0.42%	0.79%	0.27%	0.84%	2.42%	0.96%	2.39%	4.95%	2.69%	0.69%	0.63%	5.97%	5.10%	3.74%	1.64%	0.00%	0.00%	0.00%	2.51%	11.98%	0.00%	0.00%
Cash & Short-Term Investments	971,986,667	973,143,800	746,653,800	603,432,933	525,267,750	442,963,120	1,043,352,000	983,747,000	888,861,000	1,035,314,000	914,445,000	731,195,000	634,648,000	535,141,000	415,245,000	284,590,000	406,595,000	343,283,000	244,413,000	322,941,000	267,724,000	223,347,000	259,263,000	368,787,000	324,267,000	278,197,000	206,948,000	108,102,000	82,685,000	66,128,000	104,860,000	146,953,000	113,700,000	32,400,000
Cash & Short-Term Investments Margin	34.67%	38.69%	33.87%	34.24%	36.54%	34.49%	37.79%	35.19%	31.04%	39.17%	50.25%	36.98%	32.15%	29.41%	25.61%	21.13%	38.14%	34.48%	28.76%	39.06%	34.49%	37.25%	38.35%	44.13%	47.05%	50.42%	43.44%	30.82%	24.43%	16.79%	16.04%	29.35%	30.47%	10.42%
Net Receivables	607,490,667	586,674,600	492,844,300	383,674,133	313,933,700	266,278,920	603,649,000	581,710,000	637,113,000	622,144,000	488,757,000	435,920,000	431,624,000	414,085,000	376,887,000	336,554,000	199,509,000	184,230,000	170,452,000	138,481,000	133,997,000	113,507,000	76,309,000	127,023,000	114,108,000	92,615,000	74,946,000	58,260,000	59,385,000	85,100,000	100,608,000	101,506,000	66,500,000	61,300,000
Net Receivables Margin	21.64%	23.06%	23.02%	21.43%	20.01%	19.49%	21.86%	20.81%	22.25%	23.54%	26.86%	22.05%	21.87%	22.76%	23.24%	24.99%	18.71%	18.51%	20.06%	16.75%	17.26%	18.93%	11.29%	15.20%	16.56%	16.79%	15.73%	16.61%	17.55%	21.60%	15.39%	20.27%	17.82%	19.71%
Inventory	0	0	-207,600	-138,400	-103,800	-83,040	0	0	0	0	0	0	0	-2,076,000	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%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	118,150,667	111,880,400	75,842,300	52,497,600	42,624,250	35,959,520	103,137,000	108,703,000	142,612,000	102,636,000	102,314,000	91,150,000	70,538,000	37,333,000	0	0	0	4,486,000	3,511,000	10,830,000	10,214,000	20,844,000	14,583,000	10,401,000	9,524,000	9,669,000	8,864,000	9,320,000	9,162,000	10,336,000	8,821,000	19,379,000	27,600,000	6,200,000
Other Current Assets Margin	4.20%	4.42%	3.23%	2.39%	2.29%	2.28%	3.74%	3.89%	4.98%	3.88%	5.62%	4.61%	3.57%	2.05%	0.00%	0.00%	0.00%	0.45%	0.41%	1.31%	1.32%	3.48%	2.16%	1.24%	1.38%	1.75%	1.86%	2.66%	2.71%	2.62%	1.35%	3.87%	7.40%	1.99%
Total Current Assets	1,687,655,667	1,662,013,800	1,320,616,900	1,053,191,467	897,072,400	759,542,400	1,750,138,000	1,674,160,000	1,638,669,000	1,759,970,000	1,487,132,000	1,237,083,000	1,136,810,000	1,014,259,000	843,674,000	664,274,000	640,985,000	561,954,000	447,100,000	500,067,000	441,597,000	386,451,000	371,597,000	526,268,000	464,760,000	394,500,000	304,468,000	182,712,000	161,635,000	171,895,000	226,402,000	267,838,000	207,800,000	99,900,000
Total Current Assets Margin	60.16%	65.76%	60.60%	59.51%	60.70%	58.24%	63.39%	59.89%	57.22%	66.58%	81.71%	62.56%	57.59%	55.74%	52.03%	49.33%	60.13%	56.45%	52.62%	60.49%	56.89%	64.45%	54.96%	62.98%	67.43%	71.50%	63.91%	52.10%	47.76%	43.64%	34.63%	53.49%	55.70%	32.12%
Property, Plant & Equipment	317,733,667	313,001,200	235,922,000	175,221,333	138,012,350	116,842,880	326,322,000	322,313,000	304,566,000	305,906,000	305,899,000	337,805,000	131,505,000	119,901,000	109,567,000	95,436,000	62,088,000	60,434,000	53,628,000	49,808,000	43,142,000	24,963,000	27,970,000	32,462,000	25,999,000	20,533,000	18,287,000	19,603,000	27,698,000	40,248,000	54,989,000	35,812,000	21,100,000	21,100,000
Property, Plant & Equipment Margin	11.33%	12.47%	10.65%	9.09%	7.80%	7.69%	11.82%	11.53%	10.63%	11.57%	16.81%	17.08%	6.66%	6.59%	6.76%	7.09%	5.82%	6.07%	6.31%	6.02%	5.56%	4.16%	4.14%	3.88%	3.77%	3.72%	3.84%	5.59%	8.18%	10.22%	8.41%	7.15%	5.66%	6.78%
Goodwill	922,233,000	823,792,000	706,236,000	546,131,000	443,701,000	358,749,960	948,832,000	908,376,000	909,491,000	725,592,000	626,669,000	613,943,000	578,298,000	584,222,000	576,865,000	590,072,000	254,440,000	257,582,000	257,293,000	176,338,000	183,952,000	172,273,000	133,331,000	142,699,000	124,268,000	109,484,000	0	0	94,729,000	0	0	0	0	0
Goodwill Margin	32.87%	32.10%	33.23%	30.49%	28.04%	23.55%	34.36%	32.49%	31.76%	27.45%	34.43%	31.05%	29.30%	32.11%	35.57%	43.82%	23.87%	25.87%	30.28%	21.33%	23.70%	28.73%	19.72%	17.08%	18.03%	19.84%	0.00%	0.00%	27.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	91,150,667	91,234,200	130,460,700	100,197,133	78,943,450	76,521,840	70,193,000	88,833,000	114,426,000	89,770,000	92,949,000	111,926,000	82,948,000	203,216,000	217,319,000	233,027,000	47,901,000	49,560,000	58,187,000	20,413,000	22,289,000	25,425,000	16,928,000	15,519,000	18,040,000	0	107,014,000	98,481,000	220,000	396,000	128,066,000	96,643,000	3,600,000	3,000,000
Intangible Assets Margin	3.24%	3.64%	7.00%	6.11%	5.14%	6.93%	2.54%	3.18%	4.00%	3.40%	5.11%	5.66%	4.20%	11.17%	13.40%	17.30%	4.49%	4.98%	6.85%	2.47%	2.87%	4.24%	2.50%	1.86%	2.62%	0.00%	22.46%	28.08%	0.06%	0.10%	19.59%	19.30%	0.96%	0.96%
Long-Term Investments	223,329,667	214,831,800	197,525,200	180,794,800	145,221,150	116,929,240	233,626,000	232,733,000	203,630,000	197,050,000	207,120,000	161,674,000	155,147,000	220,709,000	182,231,000	181,332,000	153,682,000	154,823,000	149,945,000	132,925,000	145,295,000	89,175,000	70,992,000	14,286,000	9,933,000	8,115,000	8,463,000	7,670,000	0	2,675,000	0	0	0	0
Long-Term Investments Margin	7.97%	8.55%	9.56%	11.87%	10.40%	8.51%	8.46%	8.33%	7.11%	7.45%	11.38%	8.18%	7.86%	12.13%	11.24%	13.46%	14.42%	15.55%	17.65%	16.08%	18.72%	14.87%	10.50%	1.71%	1.44%	1.47%	1.78%	2.19%	0.00%	0.68%	0.00%	0.00%	0.00%	0.00%
Tax Assets	126,727,000	107,599,800	76,610,800	70,804,800	64,418,150	56,689,480	144,560,000	133,564,000	102,057,000	84,712,000	73,106,000	55,479,000	43,220,000	25,520,000	20,175,000	83,715,000	56,014,000	55,039,000	63,203,000	57,290,000	64,418,000	59,742,000	45,141,000	47,128,000	42,013,000	32,267,000	30,889,000	27,352,000	23,897,000	21,794,000	24,942,000	0	0	0
Tax Assets Margin	4.53%	4.16%	3.47%	4.54%	5.12%	5.32%	5.24%	4.78%	3.56%	3.20%	4.02%	2.81%	2.19%	1.40%	1.24%	6.22%	5.25%	5.53%	7.44%	6.93%	8.30%	9.96%	6.68%	5.64%	6.10%	5.85%	6.48%	7.80%	7.06%	5.53%	3.82%	0.00%	0.00%	0.00%
Other Non-Current Assets	336,016,000	314,649,000	234,653,700	185,214,000	158,556,050	139,080,800	387,553,000	318,890,000	301,605,000	301,546,000	263,651,000	225,918,000	206,924,000	120,087,000	113,067,000	107,296,000	102,691,000	94,274,000	85,873,000	77,848,000	70,987,000	69,069,000	74,920,000	101,852,000	76,478,000	70,592,000	65,047,000	58,868,000	60,834,000	55,220,000	65,930,000	75,701,000	71,600,000	52,400,000
Other Non-Current Assets Margin	11.99%	12.37%	10.53%	10.21%	10.59%	11.37%	14.04%	11.41%	10.53%	11.41%	14.49%	11.43%	10.48%	6.60%	6.97%	7.97%	9.63%	9.47%	10.11%	9.42%	9.14%	11.52%	11.08%	12.19%	11.10%	12.79%	13.65%	16.79%	17.97%	14.02%	10.08%	15.12%	19.19%	16.85%
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
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%
Total Non-Current Assets	2,017,190,000	1,865,108,000	1,581,408,400	1,258,363,067	1,028,852,150	868,228,040	2,111,086,000	2,004,709,000	1,935,775,000	1,704,576,000	1,569,394,000	1,506,745,000	1,198,042,000	1,273,655,000	1,219,224,000	1,290,878,000	676,816,000	671,712,000	668,129,000	514,622,000	530,083,000	440,647,000	369,282,000	353,946,000	296,731,000	240,991,000	229,700,000	211,974,000	207,378,000	205,679,000	273,927,000	208,156,000	96,300,000	76,500,000
Total Non-Current Assets Margin	71.92%	73.30%	74.44%	72.30%	67.09%	64.23%	76.46%	71.71%	67.59%	64.48%	86.23%	76.20%	60.70%	70.00%	75.18%	95.85%	63.49%	67.47%	78.63%	62.25%	68.29%	73.48%	54.62%	42.36%	43.05%	43.68%	48.22%	60.44%	61.27%	52.22%	41.90%	41.57%	25.81%	24.60%
Total Assets	3,704,845,667	3,527,121,800	2,902,025,300	2,311,554,533	1,925,924,550	1,627,770,440	3,861,224,000	3,678,869,000	3,574,444,000	3,464,546,000	3,056,526,000	2,743,828,000	2,334,852,000	2,287,914,000	2,062,898,000	1,955,152,000	1,317,801,000	1,233,666,000	1,115,229,000	1,014,689,000	971,680,000	827,098,000	740,879,000	880,214,000	761,491,000	635,491,000	534,168,000	394,686,000	369,013,000	377,574,000	500,329,000	475,994,000	304,100,000	176,400,000
Total Assets Margin	132.09%	139.05%	135.04%	131.81%	127.78%	122.47%	139.84%	131.60%	124.81%	131.06%	167.95%	138.76%	118.29%	125.74%	127.21%	145.18%	123.61%	123.92%	131.25%	122.73%	125.18%	137.93%	109.58%	105.33%	110.49%	115.17%	112.13%	112.54%	109.03%	95.86%	76.53%	95.06%	81.51%	56.72%
Accounts Payable	54,127,333	51,661,400	44,245,800	35,180,133	29,227,750	25,213,640	58,884,000	50,112,000	53,386,000	50,932,000	44,993,000	45,684,000	39,156,000	35,196,000	37,481,000	26,634,000	19,238,000	19,375,000	19,460,000	14,667,000	12,504,000	11,148,000	10,282,000	15,309,000	10,383,000	9,731,000	7,196,000	8,676,000	8,651,000	8,319,000	12,944,000	11,896,000	10,400,000	3,700,000
Accounts Payable Margin	1.93%	2.04%	2.07%	2.01%	1.93%	1.97%	2.13%	1.79%	1.86%	1.93%	2.47%	2.31%	1.98%	1.93%	2.31%	1.98%	1.80%	1.95%	2.29%	1.77%	1.61%	1.86%	1.52%	1.83%	1.51%	1.76%	1.51%	2.47%	2.56%	2.11%	1.98%	2.38%	2.79%	1.19%
Short-Term Debt	12,857,667	7,714,600	11,323,800	7,549,200	5,661,900	7,279,480	38,573,000	0	0	0	0	0	0	24,911,000	19,754,000	30,000,000	0	0	0	0	0	0	0	0	0	0	0	0	5,099,000	51,818,000	11,832,000	16,147,000	1,400,000	2,600,000
Short-Term Debt Margin	0.47%	0.28%	0.62%	0.41%	0.31%	0.91%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.37%	1.22%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.51%	13.16%	1.81%	3.22%	0.38%	0.84%
Tax Payables	14,681,667	20,307,200	17,979,500	14,367,867	14,220,900	12,006,000	0	24,076,000	19,969,000	34,450,000	23,041,000	21,158,000	21,145,000	23,034,000	4,526,000	8,396,000	3,813,000	13,014,000	5,502,000	8,720,000	4,674,000	6,323,000	2,059,000	20,948,000	22,432,000	17,138,000	15,400,000	0	0	332,000	0	0	0	0
Tax Payables Margin	0.52%	0.83%	0.84%	0.83%	1.13%	1.04%	0.00%	0.86%	0.70%	1.30%	1.27%	1.07%	1.07%	1.27%	0.28%	0.62%	0.36%	1.31%	0.65%	1.05%	0.60%	1.05%	0.30%	2.51%	3.25%	3.11%	3.23%	0.00%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	1,292,200	861,467	646,100	883,360	0	0	0	0	0	0	0	0	4,526,000	8,396,000	0	0	0	0	0	0	0	0	0	0	0	0	9,162,000	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.09%	0.06%	0.05%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.28%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.71%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	367,323,333	319,576,400	234,003,600	178,569,200	147,878,750	131,068,160	266,016,000	549,542,000	286,412,000	280,854,000	215,058,000	189,080,000	134,175,000	55,644,000	252,880,000	110,375,000	45,159,000	51,927,000	160,298,000	37,527,000	43,591,000	131,550,000	44,301,000	37,120,000	38,529,000	27,537,000	28,792,000	60,957,000	66,050,000	49,106,000	114,224,000	156,747,000	79,900,000	67,000,000
Other Current Liabilities Margin	13.10%	12.35%	10.49%	9.56%	9.35%	10.39%	9.63%	19.66%	10.00%	10.62%	11.82%	9.56%	6.80%	3.06%	15.59%	8.20%	4.24%	5.22%	18.87%	4.54%	5.62%	21.94%	6.55%	4.44%	5.59%	4.99%	6.04%	17.38%	19.51%	12.47%	17.47%	31.30%	21.42%	21.54%
Total Current Liabilities	955,459,000	920,134,400	726,914,000	571,987,467	481,474,000	411,549,440	955,598,000	934,519,000	976,260,000	984,225,000	750,070,000	624,207,000	550,958,000	558,460,000	458,579,000	476,264,000	306,010,000	286,933,000	268,551,000	215,312,000	233,866,000	198,083,000	173,347,000	272,458,000	229,489,000	176,291,000	158,397,000	94,418,000	88,962,000	146,285,000	171,194,000	184,790,000	91,700,000	73,300,000
Total Current Liabilities Margin	34.04%	36.11%	33.44%	31.98%	31.81%	31.44%	34.61%	33.43%	34.09%	37.23%	41.21%	31.57%	27.91%	30.69%	28.28%	35.36%	28.70%	28.82%	31.61%	26.04%	30.13%	33.03%	25.64%	32.60%	33.30%	31.95%	33.25%	26.92%	26.28%	37.14%	26.19%	36.90%	24.58%	23.57%
Long-Term Debt	396,958,667	396,229,400	315,570,200	210,380,133	160,042,450	133,801,520	397,736,000	396,946,000	396,194,000	395,477,000	394,794,000	394,144,000	222,878,000	211,311,000	236,222,000	110,000,000	0	0	0	0	0	0	0	0	0	45,147,000	44,949,000	44,400,000	41,364,000	1,634,000	11,842,000	16,916,000	2,400,000	6,200,000
Long-Term Debt Margin	14.15%	15.82%	14.47%	9.64%	7.64%	7.58%	14.41%	14.20%	13.83%	14.96%	21.69%	19.93%	11.29%	11.61%	14.57%	8.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.18%	9.44%	12.66%	12.22%	0.41%	1.81%	3.38%	0.64%	1.99%
Capital Lease Obligations	158,794,333	176,037,600	111,580,500	74,387,000	55,790,250	44,632,200	131,762,000	179,580,000	165,041,000	199,821,000	203,984,000	235,617,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	5.65%	7.15%	4.76%	3.18%	2.38%	1.91%	4.77%	6.42%	5.76%	7.56%	11.21%	11.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	5,291,000	4,484,000	4,578,600	3,052,400	2,289,300	1,831,440	5,981,000	4,540,000	5,352,000	2,715,000	3,832,000	1,056,000	1,103,000	9,105,000	7,014,000	5,088,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.19%	0.18%	0.23%	0.15%	0.11%	0.09%	0.22%	0.16%	0.19%	0.10%	0.21%	0.05%	0.06%	0.50%	0.43%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	460,709,667	429,302,800	360,640,900	300,382,400	252,640,650	214,886,000	498,008,000	459,708,000	424,413,000	381,328,000	383,057,000	319,964,000	316,526,000	289,423,000	274,035,000	259,947,000	196,542,000	191,197,000	182,210,000	169,901,000	159,477,000	137,673,000	108,433,000	111,622,000	99,047,000	90,302,000	77,920,000	74,986,000	72,232,000	50,358,000	43,841,000	39,844,000	35,300,000	36,200,000
Other Non-Current Liabilities Margin	16.43%	16.95%	16.91%	17.95%	17.62%	17.24%	18.04%	16.44%	14.82%	14.43%	21.05%	16.18%	16.04%	15.91%	16.90%	19.30%	18.44%	19.20%	21.44%	20.55%	20.54%	22.96%	16.04%	13.36%	14.37%	16.37%	16.36%	21.38%	21.34%	12.78%	6.71%	7.96%	9.46%	11.64%
Total Non-Current Liabilities	995,230,333	970,820,800	769,268,600	572,800,867	459,211,850	385,910,520	1,033,487,000	1,007,025,000	945,179,000	930,732,000	937,681,000	895,930,000	540,507,000	509,839,000	517,271,000	375,035,000	196,542,000	191,197,000	182,210,000	169,901,000	159,477,000	137,673,000	108,433,000	111,622,000	99,047,000	135,449,000	122,869,000	119,386,000	113,596,000	51,992,000	55,683,000	56,760,000	37,700,000	42,400,000
Total Non-Current Liabilities Margin	35.49%	38.64%	35.36%	30.26%	27.26%	26.41%	37.43%	36.02%	33.00%	35.21%	51.52%	45.31%	27.38%	28.02%	31.90%	27.85%	18.44%	19.20%	21.44%	20.55%	20.54%	22.96%	16.04%	13.36%	14.37%	24.55%	25.79%	34.04%	33.56%	13.20%	8.52%	11.34%	10.10%	13.63%
Total Liabilities	1,950,689,333	1,890,955,200	1,501,837,800	1,148,558,467	943,513,450	799,722,040	1,989,085,000	1,941,544,000	1,921,439,000	1,914,957,000	1,687,751,000	1,520,137,000	1,091,465,000	1,068,299,000	975,850,000	907,851,000	502,552,000	478,130,000	450,761,000	385,213,000	393,343,000	335,756,000	281,780,000	384,080,000	328,536,000	311,740,000	281,266,000	213,804,000	202,558,000	198,277,000	226,877,000	241,550,000	129,400,000	115,700,000
Total Liabilities Margin	69.53%	74.75%	69.22%	62.51%	59.28%	58.02%	72.04%	69.45%	67.09%	72.44%	92.74%	76.88%	55.30%	58.71%	60.18%	67.41%	47.14%	48.03%	53.05%	46.59%	50.67%	55.99%	41.68%	45.96%	47.67%	56.50%	59.04%	60.96%	59.85%	50.34%	34.70%	48.24%	34.68%	37.20%
Preferred Stock	0	0	0	0	549,450	1,291,840	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,989,000	10,795,000	10,512,000	0	0	0	0	0	1,400,000
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.10%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.99%	2.27%	3.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%
Common Stock	403,021,333	458,866,400	561,492,200	518,973,400	482,236,350	447,282,120	364,425,000	414,885,000	429,754,000	502,008,000	583,260,000	585,560,000	656,463,000	683,942,000	692,527,000	702,098,000	463,839,000	449,631,000	431,508,000	419,998,000	404,703,000	388,717,000	368,430,000	358,568,000	400,126,000	344,285,000	330,745,000	307,003,000	302,021,000	301,488,000	296,069,000	283,277,000	0	0
Common Stock Margin	14.35%	18.82%	28.94%	35.45%	40.72%	47.30%	13.20%	14.84%	15.01%	18.99%	32.05%	29.61%	33.26%	37.59%	42.70%	52.13%	43.51%	45.16%	50.78%	50.80%	52.14%	64.82%	54.49%	42.91%	58.06%	62.40%	69.43%	87.54%	89.23%	76.54%	45.29%	56.57%	0.00%	0.00%
Retained Earnings	1,441,733,000	1,258,934,200	913,439,800	694,839,533	535,096,950	410,563,560	1,588,274,000	1,425,844,000	1,311,081,000	1,134,523,000	834,949,000	742,993,000	660,845,000	572,800,000	461,976,000	401,113,000	392,033,000	308,781,000	236,090,000	202,797,000	148,494,000	90,220,000	84,922,000	95,014,000	32,344,000	-23,154,000	-82,584,000	-121,204,000	-126,607,000	-102,853,000	-4,602,000	-35,615,000	-2,400,000	2,600,000
Retained Earnings Margin	51.44%	48.62%	40.39%	36.21%	29.13%	18.66%	57.52%	51.00%	45.78%	42.92%	45.88%	37.58%	33.48%	31.48%	28.49%	29.78%	36.77%	31.02%	27.79%	24.53%	19.13%	15.05%	12.56%	11.37%	4.69%	-4.20%	-17.34%	-34.56%	-37.41%	-26.11%	-0.70%	-7.11%	-0.64%	0.84%
Accumulated OCI	-95,559,333	-86,136,600	-78,361,700	-53,093,867	-36,576,600	-31,252,240	-86,243,000	-107,671,000	-92,764,000	-92,185,000	-51,820,000	-107,172,000	-76,652,000	-40,135,000	-71,064,000	-57,911,000	-40,623,000	-2,388,000	-2,631,000	7,191,000	25,660,000	12,934,000	6,285,000	42,552,000	485,000	2,620,000	4,741,000	-4,917,000	-8,959,000	-19,338,000	-21,301,000	-16,438,000	-24,600,000	-17,600,000
Accumulated OCI Margin	-3.40%	-3.31%	-3.67%	-2.46%	-1.41%	-1.58%	-3.12%	-3.85%	-3.24%	-3.49%	-2.85%	-5.42%	-3.88%	-2.21%	-4.38%	-4.30%	-3.81%	-0.24%	-0.31%	0.87%	3.31%	2.16%	0.93%	5.09%	0.07%	0.47%	1.00%	-1.40%	-2.65%	-4.91%	-3.26%	-3.28%	-6.59%	-5.66%
Minority Interest	4,961,333	4,502,600	3,617,200	2,342,800	1,757,100	1,537,120	5,683,000	4,267,000	4,934,000	5,243,000	2,386,000	2,310,000	2,731,000	3,008,000	3,609,000	2,001,000	0	0	0	-510,000	-520,000	0	0	0	0	0	0	0	0	0	3,286,000	3,220,000	2,000,000	2,000,000
Minority Interest Margin	0.18%	0.17%	0.17%	0.10%	0.08%	0.08%	0.21%	0.15%	0.17%	0.20%	0.13%	0.12%	0.14%	0.17%	0.22%	0.15%	0.00%	0.00%	0.00%	-0.06%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.50%	0.64%	0.54%	0.64%
Total Shareholders’ Equity	1,749,195,000	1,631,664,000	1,396,570,300	1,160,653,267	980,654,000	826,511,280	1,866,456,000	1,733,058,000	1,648,071,000	1,544,346,000	1,366,389,000	1,221,381,000	1,240,656,000	1,216,607,000	1,083,439,000	1,045,300,000	815,249,000	755,536,000	664,468,000	629,986,000	578,857,000	491,342,000	459,099,000	496,134,000	432,955,000	323,751,000	252,902,000	180,882,000	166,455,000	179,297,000	270,166,000	231,224,000	172,700,000	58,700,000
Total Shareholders’ Equity Margin	62.38%	64.13%	65.66%	69.19%	68.43%	64.37%	67.60%	61.99%	57.55%	58.42%	75.08%	61.77%	62.85%	66.86%	66.81%	77.62%	76.47%	75.89%	78.20%	76.20%	74.57%	81.94%	67.90%	59.37%	62.82%	58.68%	53.09%	51.58%	49.18%	45.52%	41.32%	46.18%	46.29%	18.87%
Total Equity	1,754,156,333	1,636,166,600	1,400,187,500	1,162,996,067	982,411,100	828,048,400	1,872,139,000	1,737,325,000	1,653,005,000	1,549,589,000	1,368,775,000	1,223,691,000	1,243,387,000	1,219,615,000	1,087,048,000	1,047,301,000	815,249,000	755,536,000	664,468,000	629,476,000	578,337,000	491,342,000	459,099,000	496,134,000	432,955,000	323,751,000	252,902,000	180,882,000	166,455,000	179,297,000	273,452,000	234,444,000	174,700,000	60,700,000
Total Equity Margin	62.56%	64.30%	65.82%	69.29%	68.51%	64.45%	67.80%	62.15%	57.72%	58.62%	75.21%	61.89%	62.99%	67.03%	67.03%	77.77%	76.47%	75.89%	78.20%	76.14%	74.50%	81.94%	67.90%	59.37%	62.82%	58.68%	53.09%	51.58%	49.18%	45.52%	41.83%	46.82%	46.82%	19.52%
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
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%
Total Investments	264,652,000	263,807,400	230,036,300	210,300,467	173,053,450	140,163,560	270,014,000	275,475,000	248,467,000	254,294,000	270,787,000	203,625,000	163,435,000	235,002,000	186,594,000	192,670,000	179,439,000	164,389,000	170,292,000	173,861,000	166,163,000	93,289,000	75,255,000	64,155,000	45,094,000	28,769,000	16,278,000	7,670,000	0	2,675,000	16,397,000	59,978,000	0	0
Total Investments Margin	9.44%	10.56%	11.01%	13.73%	12.60%	10.43%	9.78%	9.85%	8.68%	9.62%	14.88%	10.30%	8.28%	12.92%	11.51%	14.31%	16.83%	16.51%	20.04%	21.03%	21.41%	15.56%	11.13%	7.68%	6.54%	5.21%	3.42%	2.19%	0.00%	0.68%	2.51%	11.98%	0.00%	0.00%
Net Debt	-359,760,667	-342,810,800	-274,980,300	-281,152,333	-275,596,900	-233,738,480	-435,754,000	-360,739,000	-282,789,000	-382,772,000	-252,000,000	-59,483,000	-403,482,000	-284,626,000	-154,906,000	-133,252,000	-380,838,000	-333,717,000	-224,066,000	-282,005,000	-246,856,000	-219,233,000	-255,000,000	-318,918,000	-289,106,000	-212,396,000	-154,184,000	-63,702,000	-36,222,000	-12,676,000	-64,740,000	-53,912,000	-109,900,000	-23,600,000
Net Debt Margin	-12.85%	-13.38%	-12.54%	-19.13%	-23.99%	-22.17%	-15.78%	-12.90%	-9.87%	-14.48%	-13.85%	-3.01%	-20.44%	-15.64%	-9.55%	-9.89%	-35.72%	-33.52%	-26.37%	-34.11%	-31.80%	-36.56%	-37.71%	-38.16%	-41.95%	-38.49%	-32.37%	-18.16%	-10.70%	-3.22%	-9.90%	-10.77%	-29.46%	-7.59%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30
Revenue	2,806,809,000	2,576,765,600	2,162,292,200	1,742,483,867	1,474,482,350	1,268,114,440	2,761,086,000	2,795,505,000	2,863,836,000	2,643,455,000	1,819,946,000	1,977,330,000	1,973,862,000	1,819,519,000	1,621,669,000	1,346,714,000	1,066,066,000	995,559,000	849,701,000	826,759,000	776,251,000	599,649,000	676,128,000	835,642,000	689,201,000	551,769,000	476,377,000	350,703,000	338,466,000	393,891,000	653,777,000	500,743,000	373,100,000	311,000,000
Working Capital	732,196,667	741,879,400	593,702,900	481,204,000	415,598,400	347,992,960	794,540,000	739,641,000	662,409,000	775,745,000	737,062,000	612,876,000	585,852,000	455,799,000	385,095,000	188,010,000	334,975,000	275,021,000	178,549,000	284,755,000	207,731,000	188,368,000	198,250,000	253,810,000	235,271,000	218,209,000	146,071,000	88,294,000	72,673,000	25,610,000	55,208,000	83,048,000	116,100,000	26,600,000
Working Capital Margin	26.12%	29.64%	27.16%	27.53%	28.88%	26.80%	28.78%	26.46%	23.13%	29.35%	40.50%	31.00%	29.68%	25.05%	23.75%	13.96%	31.42%	27.62%	21.01%	34.44%	26.76%	31.41%	29.32%	30.37%	34.14%	39.55%	30.66%	25.18%	21.47%	6.50%	8.44%	16.58%	31.12%	8.55%
Total Capital	2,320,098,667	2,213,021,400	1,835,732,700	1,453,428,200	1,202,492,550	1,012,501,600	2,437,666,000	2,313,324,000	2,209,306,000	2,139,644,000	1,965,167,000	1,851,142,000	1,463,534,000	1,452,829,000	1,339,415,000	1,185,300,000	815,249,000	755,536,000	664,468,000	629,986,000	578,857,000	491,342,000	459,099,000	496,134,000	432,955,000	368,898,000	297,851,000	225,282,000	212,918,000	232,749,000	293,889,000	264,287,000	176,500,000	67,500,000
Total Capital Margin	82.73%	87.42%	85.53%	82.44%	78.78%	74.77%	88.29%	82.75%	77.14%	80.94%	107.98%	93.62%	74.15%	79.85%	82.59%	88.01%	76.47%	75.89%	78.20%	76.20%	74.57%	81.94%	67.90%	59.37%	62.82%	66.86%	62.52%	64.24%	62.91%	59.09%	44.95%	52.78%	47.31%	21.70%
Capital Employed	2,749,386,667	2,606,987,400	2,175,111,300	1,739,567,067	1,444,450,550	1,216,221,000	2,905,626,000	2,744,350,000	2,598,184,000	2,480,321,000	2,306,456,000	2,119,621,000	1,783,894,000	1,729,454,000	1,604,319,000	1,478,888,000	1,011,791,000	946,733,000	846,678,000	799,377,000	737,814,000	629,015,000	567,532,000	607,756,000	532,002,000	459,200,000	375,771,000	300,268,000	280,051,000	231,289,000	329,135,000	291,204,000	212,400,000	103,100,000
Capital Employed Margin	98.04%	102.94%	101.61%	99.83%	95.97%	91.03%	105.23%	98.17%	90.72%	93.83%	126.73%	107.20%	90.38%	95.05%	98.93%	109.81%	94.91%	95.10%	99.64%	96.69%	95.05%	104.90%	83.94%	72.73%	77.19%	83.22%	78.88%	85.62%	82.74%	58.72%	50.34%	58.15%	56.93%	33.15%
Invested Capital	1,389,434,333	1,288,853,200	1,121,590,000	879,500,933	705,057,100	592,772,800	1,430,702,000	1,372,319,000	1,365,282,000	1,161,574,000	1,114,389,000	1,161,898,000	837,174,000	931,981,000	928,533,000	912,048,000	434,411,000	421,819,000	440,402,000	347,981,000	332,001,000	272,109,000	204,099,000	177,216,000	143,849,000	111,355,000	98,718,000	117,180,000	130,233,000	166,621,000	205,426,000	177,312,000	62,800,000	35,100,000
Invested Capital Margin	49.53%	50.75%	53.11%	50.06%	44.44%	42.20%	51.82%	49.09%	47.67%	43.94%	61.23%	58.76%	42.41%	51.22%	57.26%	67.72%	40.75%	42.37%	51.83%	42.09%	42.77%	45.38%	30.19%	21.21%	20.87%	20.18%	20.72%	33.41%	38.48%	42.30%	31.42%	35.41%	16.83%	11.29%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30
Revenue	2,806,809,000	2,576,765,600	2,162,292,200	1,742,483,867	1,474,482,350	1,268,114,440	2,761,086,000	2,795,505,000	2,863,836,000	2,643,455,000	1,819,946,000	1,977,330,000	1,973,862,000	1,819,519,000	1,621,669,000	1,346,714,000	1,066,066,000	995,559,000	849,701,000	826,759,000	776,251,000	599,649,000	676,128,000	835,642,000	689,201,000	551,769,000	476,377,000	350,703,000	338,466,000	393,891,000	653,777,000	500,743,000	373,100,000	311,000,000
Net Income	212,230,333	216,619,600	154,947,900	123,799,800	101,667,100	79,489,000	251,076,000	172,561,000	213,054,000	330,845,000	115,562,000	107,017,000	104,796,000	135,897,000	87,238,000	31,433,000	88,357,000	72,691,000	33,293,000	54,303,000	58,874,000	5,298,000	-10,092,000	66,211,000	55,498,000	59,430,000	38,620,000	5,403,000	-22,902,000	-98,251,000	31,013,000	30,811,000	-66,400,000	5,200,000
Net Income Margin	7.57%	8.31%	6.75%	6.74%	6.36%	4.40%	9.09%	6.17%	7.44%	12.52%	6.35%	5.41%	5.31%	7.47%	5.38%	2.33%	8.29%	7.30%	3.92%	6.57%	7.58%	0.88%	-1.49%	7.92%	8.05%	10.77%	8.11%	1.54%	-6.77%	-24.94%	4.74%	6.15%	-17.80%	1.67%
Depreciation & Amortization	75,529,333	70,390,800	58,582,200	45,685,533	36,854,100	32,761,240	80,287,000	77,966,000	68,335,000	63,521,000	61,845,000	55,311,000	46,489,000	48,588,000	47,260,000	36,220,000	27,597,000	26,172,000	19,004,000	14,017,000	12,671,000	11,493,000	11,583,000	10,441,000	9,280,000	9,002,000	9,851,000	10,030,000	16,405,000	17,949,000	27,714,000	13,333,000	9,300,000	7,700,000
Depreciation & Amortization Margin	2.69%	2.78%	2.73%	2.54%	2.30%	2.58%	2.91%	2.79%	2.39%	2.40%	3.40%	2.80%	2.36%	2.67%	2.91%	2.69%	2.59%	2.63%	2.24%	1.70%	1.63%	1.92%	1.71%	1.25%	1.35%	1.63%	2.07%	2.86%	4.85%	4.56%	4.24%	2.66%	2.49%	2.48%
Deferred Income Tax	-17,705,333	-16,843,800	-14,023,300	-8,044,067	-8,331,150	-7,145,480	-6,404,000	-32,309,000	-14,403,000	-16,963,000	-14,140,000	-9,330,000	-27,796,000	-6,564,000	6,589,000	-18,913,000	-316,000	7,598,000	-176,000	6,512,000	5,954,000	-20,862,000	-4,354,000	-5,992,000	-12,571,000	-2,183,000	-3,081,000	-3,613,000	-2,103,000	1,003,000	-4,220,000	-1,463,000	0	0
Deferred Income Tax Margin	-0.63%	-0.66%	-0.65%	-0.29%	-0.57%	-0.56%	-0.23%	-1.16%	-0.50%	-0.64%	-0.78%	-0.47%	-1.41%	-0.36%	0.41%	-1.40%	-0.03%	0.76%	-0.02%	0.79%	0.77%	-3.48%	-0.64%	-0.72%	-1.82%	-0.40%	-0.65%	-1.03%	-0.62%	0.25%	-0.65%	-0.29%	0.00%	0.00%
Stock-Based Compensation	41,405,333	36,116,600	28,610,800	23,531,000	20,744,250	16,937,440	47,961,000	39,970,000	36,285,000	29,210,000	27,157,000	22,818,000	23,385,000	21,469,000	18,958,000	18,895,000	13,899,000	12,106,000	11,906,000	13,399,000	15,547,000	17,729,000	16,301,000	15,949,000	5,695,000	6,246,000	4,235,000	1,870,000	1,294,000	1,152,000	0	0	0	0
Stock-Based Compensation Margin	1.48%	1.41%	1.31%	1.38%	1.50%	1.28%	1.74%	1.43%	1.27%	1.10%	1.49%	1.15%	1.18%	1.18%	1.17%	1.40%	1.30%	1.22%	1.40%	1.62%	2.00%	2.96%	2.41%	1.91%	0.83%	1.13%	0.89%	0.53%	0.38%	0.29%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	19,582,000	42,713,000	22,812,800	16,171,000	11,713,650	8,886,560	-3,493,000	40,505,000	21,734,000	58,027,000	96,792,000	47,720,000	5,410,000	24,114,000	-51,208,000	-11,473,000	-10,664,000	20,815,000	4,990,000	-13,446,000	12,742,000	-27,472,000	-41,719,000	21,060,000	33,878,000	5,961,000	38,352,000	12,843,000	21,608,000	-65,190,000	-19,722,000	18,248,000	10,500,000	5,000,000
Change in Working Capital Margin	0.69%	1.92%	0.96%	0.75%	0.45%	0.30%	-0.13%	1.45%	0.76%	2.20%	5.32%	2.41%	0.27%	1.33%	-3.16%	-0.85%	-1.00%	2.09%	0.59%	-1.63%	1.64%	-4.58%	-6.17%	2.52%	4.92%	1.08%	8.05%	3.66%	6.38%	-16.55%	-3.02%	3.64%	2.81%	1.61%
Accounts Receivable	9,164,000	-35,693,200	-28,724,400	-24,728,400	-21,422,100	-16,977,240	-27,532,000	21,541,000	33,483,000	-138,627,000	-67,331,000	34,152,000	-30,625,000	-53,357,000	-42,326,000	-16,622,000	-17,213,000	-22,318,000	-16,011,000	0	-28,140,000	-33,516,000	44,639,000	-23,214,000	-25,966,000	-19,459,000	-22,437,000	480,000	20,808,000	5,160,000	0	0	0	0
Accounts Receivable Margin	0.31%	-1.60%	-1.46%	-1.60%	-1.65%	-1.21%	-1.00%	0.77%	1.17%	-5.24%	-3.70%	1.73%	-1.55%	-2.93%	-2.61%	-1.23%	-1.61%	-2.24%	-1.88%	0.00%	-3.63%	-5.59%	6.60%	-2.78%	-3.77%	-3.53%	-4.71%	0.14%	6.15%	1.31%	0.00%	0.00%	0.00%	0.00%
Inventory	-15,601,000	-9,346,200	-5,448,300	-4,249,867	-4,483,650	-8,683,320	0	0	-46,803,000	0	72,000	-6,131,000	1,474,000	21,041,000	-18,534,000	-5,602,000	-10,224,000	7,174,000	1,967,000	0	-8,182,000	-1,354,000	-20,249,000	-8,425,000	2,846,000	1,257,000	-134,335,000	3,551,000	4,909,000	-1,535,000	0	0	0	0
Inventory Margin	-0.54%	-0.33%	-0.23%	-0.22%	-0.35%	-1.32%	0.00%	0.00%	-1.63%	0.00%	0.00%	-0.31%	0.07%	1.16%	-1.14%	-0.42%	-0.96%	0.72%	0.23%	0.00%	-1.05%	-0.23%	-2.99%	-1.01%	0.41%	0.23%	-28.20%	1.01%	1.45%	-0.39%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	-28,169,667	45,925,000	34,237,500	27,992,400	22,223,350	16,926,400	-1,976,000	-54,712,000	-27,821,000	191,447,000	122,687,000	-6,011,000	28,398,000	66,081,000	5,420,000	18,862,000	17,790,000	29,104,000	8,494,000	-17,986,000	40,109,000	-783,000	-82,236,000	47,802,000	44,328,000	15,470,000	49,053,000	10,555,000	-10,666,000	-70,249,000	0	0	0	0
Accounts Payable Margin	-1.00%	2.20%	1.75%	1.74%	1.44%	0.84%	-0.07%	-1.96%	-0.97%	7.24%	6.74%	-0.30%	1.44%	3.63%	0.33%	1.40%	1.67%	2.92%	1.00%	-2.18%	5.17%	-0.13%	-12.16%	5.72%	6.43%	2.80%	10.30%	3.01%	-3.15%	-17.83%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	54,188,667	41,827,400	22,748,000	17,156,867	15,396,050	17,620,720	26,015,000	73,676,000	62,875,000	5,207,000	41,364,000	25,710,000	6,163,000	-9,651,000	4,232,000	-8,111,000	-1,017,000	6,855,000	10,540,000	4,540,000	8,955,000	8,181,000	16,127,000	4,897,000	12,670,000	8,693,000	146,071,000	-1,743,000	6,557,000	1,434,000	-19,722,000	18,248,000	10,500,000	5,000,000
Other Working Capital Margin	1.92%	1.65%	0.90%	0.83%	1.01%	1.99%	0.94%	2.64%	2.20%	0.20%	2.27%	1.30%	0.31%	-0.53%	0.26%	-0.60%	-0.10%	0.69%	1.24%	0.55%	1.15%	1.36%	2.39%	0.59%	1.84%	1.58%	30.66%	-0.50%	1.94%	0.36%	-3.02%	3.64%	2.81%	1.61%
Other Non-Cash Items	-302,667	65,400	12,042,800	5,177,133	5,323,500	9,334,560	-5,065,000	-14,732,000	18,889,000	37,018,000	-35,783,000	12,813,000	106,521,000	-4,379,000	-2,773,000	7,919,000	-11,597,000	-9,900,000	-7,310,000	-3,810,000	-10,154,000	-17,032,000	31,452,000	1,842,000	10,551,000	2,000,000	-194,000	4,426,000	10,193,000	83,818,000	28,651,000	13,324,000	85,300,000	600,000
Other Non-Cash Items Margin	-0.02%	-0.12%	0.56%	0.06%	0.24%	1.39%	-0.18%	-0.53%	0.66%	1.40%	-1.97%	0.65%	5.40%	-0.24%	-0.17%	0.59%	-1.09%	-0.99%	-0.86%	-0.46%	-1.31%	-2.84%	4.65%	0.22%	1.53%	0.36%	-0.04%	1.26%	3.01%	21.28%	4.38%	2.66%	22.86%	0.19%
Net Cash from Operating Activities	330,739,000	349,061,600	262,973,200	206,320,400	167,971,450	140,263,320	364,362,000	283,961,000	343,894,000	501,658,000	251,433,000	236,349,000	258,805,000	219,125,000	106,064,000	64,081,000	107,276,000	129,482,000	61,707,000	70,975,000	95,634,000	-30,846,000	3,171,000	109,511,000	102,331,000	80,456,000	87,783,000	30,959,000	24,495,000	-59,519,000	63,436,000	74,253,000	38,700,000	18,500,000
Net Cash from Operating Activities Margin	11.79%	13.63%	11.66%	11.19%	10.28%	9.39%	13.20%	10.16%	12.01%	18.98%	13.82%	11.95%	13.11%	12.04%	6.54%	4.76%	10.06%	13.01%	7.26%	8.58%	12.32%	-5.14%	0.47%	13.11%	14.85%	14.58%	18.43%	8.83%	7.24%	-15.11%	9.70%	14.83%	10.37%	5.95%
Capital Expenditures (PPE)	-62,671,000	-53,708,200	-47,491,500	-39,018,733	-32,519,250	-28,231,720	-62,484,000	-55,147,000	-70,382,000	-49,406,000	-31,122,000	-41,460,000	-46,682,000	-42,000,000	-50,088,000	-26,144,000	-21,860,000	-28,559,000	-13,101,000	-18,957,000	-27,889,000	-10,763,000	-11,947,000	-16,976,000	-14,108,000	-11,310,000	-7,525,000	-1,927,000	-3,455,000	-8,539,000	-33,962,000	-22,875,000	-9,400,000	-22,300,000
Capital Expenditures (PPE) Margin	-2.23%	-2.05%	-2.21%	-2.29%	-2.21%	-2.18%	-2.26%	-1.97%	-2.46%	-1.87%	-1.71%	-2.10%	-2.37%	-2.31%	-3.09%	-1.94%	-2.05%	-2.87%	-1.54%	-2.29%	-3.59%	-1.79%	-1.77%	-2.03%	-2.05%	-2.05%	-1.58%	-0.55%	-1.02%	-2.17%	-5.19%	-4.57%	-2.52%	-7.17%
Acquisitions (Net)	-99,730,667	-86,557,800	-79,600,000	-63,026,467	-50,411,800	-42,159,080	-44,442,000	0	-254,750,000	-133,802,000	205,000	-108,602,000	140,000	240,000	-2,880,000	-252,109,000	-15,296,000	-15,000,000	-112,064,000	-1,242,000	-5,795,000	-21,139,000	-12,900,000	-3,622,000	-24,129,000	-1,049,000	-419,000	0	0	-834,000	-44,488,000	-42,613,000	0	0
Acquisitions (Net) Margin	-3.50%	-3.11%	-3.99%	-3.80%	-3.33%	-2.94%	-1.61%	0.00%	-8.90%	-5.06%	0.01%	-5.49%	0.01%	0.01%	-0.18%	-18.72%	-1.43%	-1.51%	-13.19%	-0.15%	-0.75%	-3.53%	-1.91%	-0.43%	-3.50%	-0.19%	-0.09%	0.00%	0.00%	-0.21%	-6.80%	-8.51%	0.00%	0.00%
Purchases of Investments	-46,250,333	-64,853,000	-46,769,900	-46,054,067	-34,275,300	-28,411,520	-39,453,000	-45,768,000	-53,530,000	-82,015,000	-103,499,000	-83,563,000	-9,476,000	-9,462,000	-10,536,000	-30,397,000	-22,843,000	-28,150,000	-50,437,000	-55,718,000	-65,964,000	9,211,000	-4,104,000	21,266,000	-10,870,000	-10,198,000	-7,815,000	-570,000	0	0	-16,397,000	-31,050,000	-30,100,000	0
Purchases of Investments Margin	-1.65%	-2.74%	-2.19%	-3.20%	-2.40%	-2.09%	-1.43%	-1.64%	-1.87%	-3.10%	-5.69%	-4.23%	-0.48%	-0.52%	-0.65%	-2.26%	-2.14%	-2.83%	-5.94%	-6.74%	-8.50%	1.54%	-0.61%	2.54%	-1.58%	-1.85%	-1.64%	-0.16%	0.00%	0.00%	-2.51%	-6.20%	-8.07%	0.00%
Sales / Maturities of Investments	51,266,333	63,190,800	45,319,400	42,822,733	33,688,800	30,090,880	41,921,000	46,000,000	65,878,000	92,472,000	69,683,000	47,936,000	13,781,000	2,642,000	42,815,000	30,066,000	21,362,000	44,475,000	51,511,000	43,181,000	28,618,000	10,169,000	0	21,266,000	0	0	992,000	0	0	16,397,000	61,107,000	0	0	0
Sales / Maturities of Investments Margin	1.82%	2.56%	2.09%	2.82%	2.33%	2.41%	1.52%	1.65%	2.30%	3.50%	3.83%	2.42%	0.70%	0.15%	2.64%	2.23%	2.00%	4.47%	6.06%	5.22%	3.69%	1.70%	0.00%	2.54%	0.00%	0.00%	0.21%	0.00%	0.00%	4.16%	9.35%	0.00%	0.00%	0.00%
Other Investing Activities	-10,215,667	-7,774,800	-7,134,600	-4,176,600	-4,558,850	-4,877,200	-21,041,000	1,087,000	-10,693,000	-11,581,000	3,354,000	-13,073,000	-27,230,000	3,741,000	84,000	4,006,000	8,067,000	3,642,000	7,380,000	-291,000	-10,101,000	-10,922,000	1,171,000	-20,178,000	585,000	816,000	-1,157,000	8,944,000	-6,942,000	-9,543,000	-22,055,000	-10,611,000	-8,300,000	2,400,000
Other Investing Activities Margin	-0.37%	-0.27%	-0.29%	-0.15%	-0.30%	-0.46%	-0.76%	0.04%	-0.37%	-0.44%	0.18%	-0.66%	-1.38%	0.21%	0.01%	0.30%	0.76%	0.37%	0.87%	-0.04%	-1.30%	-1.82%	0.17%	-2.41%	0.08%	0.15%	-0.24%	2.55%	-2.05%	-2.42%	-3.37%	-2.12%	-2.22%	0.77%
Net Cash from Investing Activities	-167,601,333	-149,703,000	-135,676,600	-109,453,133	-88,076,400	-73,588,640	-125,499,000	-53,828,000	-323,477,000	-184,332,000	-61,379,000	-198,762,000	-69,467,000	-44,839,000	-20,605,000	-274,578,000	-30,570,000	-23,592,000	-116,711,000	-33,027,000	-81,131,000	-23,444,000	-27,780,000	1,756,000	-48,522,000	-21,741,000	-15,924,000	6,447,000	-10,397,000	-2,519,000	-55,795,000	-107,149,000	-47,800,000	-19,900,000
Net Cash from Investing Activities Margin	-5.92%	-5.62%	-6.58%	-6.62%	-5.90%	-5.27%	-4.55%	-1.93%	-11.30%	-6.97%	-3.37%	-10.05%	-3.52%	-2.46%	-1.27%	-20.39%	-2.87%	-2.37%	-13.74%	-3.99%	-10.45%	-3.91%	-4.11%	0.21%	-7.04%	-3.94%	-3.34%	1.84%	-3.07%	-0.64%	-8.53%	-21.40%	-12.81%	-6.40%
Net Debt Issuance	-3,098,667	-2,391,000	40,551,800	27,215,600	21,280,800	17,919,400	-5,758,000	-1,899,000	-1,639,000	-1,335,000	-1,324,000	165,849,000	14,523,000	-21,179,000	119,531,000	138,749,000	-3,301,000	-388,000	0	366,000	6,039,000	5,317,000	951,000	724,000	8,622,000	1,768,000	27,000	-4,753,000	-2,039,000	41,213,000	-12,079,000	242,000	2,300,000	5,400,000
Net Debt Issuance Margin	-0.11%	-0.09%	2.52%	1.71%	1.42%	1.40%	-0.21%	-0.07%	-0.06%	-0.05%	-0.07%	8.39%	0.74%	-1.16%	7.37%	10.30%	-0.31%	-0.04%	0.00%	0.04%	0.78%	0.89%	0.14%	0.09%	1.25%	0.32%	0.01%	-1.36%	-0.60%	10.46%	-1.85%	0.05%	0.62%	1.74%
Long-Term Debt Issuance	-4,018,667	-5,398,800	38,936,200	26,138,533	20,041,900	16,928,280	-5,758,000	-1,899,000	-4,399,000	-1,335,000	-13,603,000	165,849,000	14,523,000	-21,179,000	118,414,000	138,749,000	-3,301,000	-388,000	0	366,000	6,039,000	5,317,000	951,000	724,000	0	1,768,000	27,000	-4,753,000	-2,039,000	41,213,000	-12,079,000	242,000	2,300,000	5,400,000
Long-Term Debt Issuance Margin	-0.14%	-0.25%	2.43%	1.65%	1.31%	1.32%	-0.21%	-0.07%	-0.15%	-0.05%	-0.75%	8.39%	0.74%	-1.16%	7.30%	10.30%	-0.31%	-0.04%	0.00%	0.04%	0.78%	0.89%	0.14%	0.09%	0.00%	0.32%	0.01%	-1.36%	-0.60%	10.46%	-1.85%	0.05%	0.62%	1.74%
Short-Term Debt Issuance	920,000	3,007,800	1,615,600	1,077,067	807,800	646,240	0	0	2,760,000	0	12,279,000	0	0	0	1,117,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.03%	0.15%	0.08%	0.06%	0.04%	0.03%	0.00%	0.00%	0.10%	0.00%	0.67%	0.00%	0.00%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-76,612,667	-69,912,800	-53,659,900	-37,024,933	-32,505,450	-24,892,440	-88,819,000	-53,162,000	-87,857,000	-89,339,000	-30,387,000	-84,762,000	-37,372,000	-33,071,000	-28,458,000	-3,372,000	0	-2,249,000	-2,838,000	156,000	-13,844,000	-3,136,000	-9,588,000	-46,726,000	-34,647,000	-638,000	14,741,000	1,642,000	-1,269,000	2,930,000	9,754,000	8,427,000	120,800,000	3,800,000
Net Stock Issuance Margin	-2.73%	-2.65%	-2.32%	-1.70%	-1.91%	-1.31%	-3.22%	-1.90%	-3.07%	-3.38%	-1.67%	-4.29%	-1.89%	-1.82%	-1.75%	-0.25%	0.00%	-0.23%	-0.33%	0.02%	-1.78%	-0.52%	-1.42%	-5.59%	-5.03%	-0.12%	3.09%	0.47%	-0.37%	0.74%	1.49%	1.68%	32.38%	1.22%
Common Stock Issuance	0	0	0	0	3,529,750	4,282,920	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6,526,000	3,609,000	17,436,000	22,975,000	20,049,000	18,227,000	3,608,000	894,000	3,462,000	10,287,000	8,427,000	141,800,000	6,600,000
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.53%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.09%	0.53%	2.09%	3.33%	3.63%	3.83%	1.03%	0.26%	0.88%	1.57%	1.68%	38.01%	2.12%
Common Stock Repurchased	-79,148,000	-72,817,800	-56,320,900	-39,359,533	-37,279,400	-30,134,960	-88,819,000	-53,162,000	-95,463,000	-96,258,000	-30,387,000	-92,446,000	-37,372,000	-33,071,000	-28,821,000	-7,410,000	-4,038,000	-2,249,000	-2,838,000	-4,215,000	-13,844,000	-3,136,000	-9,588,000	-64,162,000	-57,622,000	-20,687,000	-3,486,000	-1,966,000	-1,269,000	-532,000	-533,000	-964,000	-21,000,000	-2,800,000
Common Stock Repurchased Margin	-2.82%	-2.75%	-2.45%	-1.85%	-2.47%	-2.05%	-3.22%	-1.90%	-3.33%	-3.64%	-1.67%	-4.68%	-1.89%	-1.82%	-1.78%	-0.55%	-0.38%	-0.23%	-0.33%	-0.51%	-1.78%	-0.52%	-1.42%	-7.68%	-8.36%	-3.75%	-0.73%	-0.56%	-0.37%	-0.14%	-0.08%	-0.19%	-5.63%	-0.90%
Preferred Stock Issuance	2,535,333	2,905,000	2,257,200	1,504,800	1,128,600	902,880	0	0	7,606,000	6,919,000	0	7,684,000	0	0	363,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.09%	0.11%	0.09%	0.06%	0.05%	0.04%	0.00%	0.00%	0.27%	0.26%	0.00%	0.39%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-56,998,000	-44,055,600	-33,464,100	-22,868,200	-17,747,700	-14,257,200	-83,632,000	-54,391,000	-32,971,000	-26,786,000	-22,498,000	-22,798,000	-23,459,000	-22,955,000	-23,318,000	-21,833,000	-5,105,000	0	0	-1,669,000	-1,608,000	-958,000	-2,952,000	-2,923,000	-2,429,000	-2,669,000	-1,476,000	0	0	0	0	0	0	0
Net Dividends Paid Margin	-2.04%	-1.68%	-1.50%	-1.06%	-0.89%	-0.72%	-3.03%	-1.95%	-1.15%	-1.01%	-1.24%	-1.15%	-1.19%	-1.26%	-1.44%	-1.62%	-0.48%	0.00%	0.00%	-0.20%	-0.21%	-0.16%	-0.44%	-0.35%	-0.35%	-0.48%	-0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-56,998,000	-44,055,600	-33,464,100	-22,831,067	-17,719,850	-14,234,920	-83,632,000	-54,391,000	-32,971,000	-26,786,000	-22,498,000	-22,798,000	-23,459,000	-22,955,000	-23,318,000	-21,833,000	-5,105,000	-2,120,000	0	0	-600,000	-958,000	-2,952,000	-2,923,000	-2,429,000	-2,669,000	-1,476,000	0	0	0	0	0	0	0
Common Dividends Paid Margin	-2.04%	-1.68%	-1.50%	-1.05%	-0.88%	-0.72%	-3.03%	-1.95%	-1.15%	-1.01%	-1.24%	-1.15%	-1.19%	-1.26%	-1.44%	-1.62%	-0.48%	-0.21%	0.00%	0.00%	-0.08%	-0.16%	-0.44%	-0.35%	-0.35%	-0.48%	-0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	-67,200	-50,400	-40,320	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,008,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.13%	0.00%	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	-16,371,667	-16,355,200	-11,323,600	-5,381,867	-2,333,150	-1,733,680	-12,521,000	-6,881,000	-29,713,000	-19,984,000	-12,677,000	-14,608,000	-18,317,000	-53,000	-3,390,000	4,908,000	471,000	8,212,000	2,428,000	6,035,000	15,362,000	6,873,000	5,907,000	7,535,000	11,057,000	2,693,000	3,802,000	-9,397,000	8,916,000	0	0	0	-30,200,000	0
Other Financing Activities Margin	-0.58%	-0.64%	-0.47%	-0.06%	0.21%	0.20%	-0.45%	-0.25%	-1.04%	-0.76%	-0.70%	-0.74%	-0.93%	0.00%	-0.21%	0.36%	0.04%	0.82%	0.29%	0.73%	1.98%	1.15%	0.87%	0.90%	1.60%	0.49%	0.80%	-2.68%	2.63%	0.00%	0.00%	0.00%	-8.09%	0.00%
Net Cash from Financing Activities	-153,081,000	-132,714,600	-57,888,100	-38,234,400	-31,867,850	-23,413,800	-190,730,000	-116,333,000	-152,180,000	-137,444,000	-66,886,000	43,681,000	-64,625,000	-77,258,000	64,442,000	118,452,000	-7,935,000	5,575,000	-410,000	2,186,000	5,949,000	8,096,000	-5,682,000	-41,390,000	-26,019,000	1,154,000	17,094,000	-12,508,000	5,608,000	44,143,000	-2,325,000	8,669,000	92,900,000	9,200,000
Net Cash from Financing Activities Margin	-5.46%	-5.05%	-1.78%	-1.13%	-1.25%	-0.50%	-6.91%	-4.16%	-5.31%	-5.20%	-3.68%	2.21%	-3.27%	-4.25%	3.97%	8.80%	-0.74%	0.56%	-0.05%	0.26%	0.77%	1.35%	-0.84%	-4.95%	-3.78%	0.21%	3.59%	-3.57%	1.66%	11.21%	-0.36%	1.73%	24.90%	2.96%
Effect of FX on Cash	-425,333	-3,100,000	-6,795,900	-6,117,467	-4,125,800	-3,541,360	17,826,000	-16,819,000	-2,283,000	-52,590,000	38,366,000	-18,384,000	-19,201,000	12,938,000	-12,271,000	-15,541,000	-21,650,000	-1,814,000	-2,525,000	-4,985,000	7,171,000	10,427,000	-20,005,000	16,510,000	3,773,000	-1,459,000	2,078,000	519,000	-3,149,000	-1,638,000	-3,828,000	-2,539,000	-2,400,000	-800,000
Effect of FX on Cash Margin	-0.01%	0.02%	-0.30%	-0.35%	-0.21%	-0.22%	0.65%	-0.60%	-0.08%	-1.99%	2.11%	-0.93%	-0.97%	0.71%	-0.76%	-1.15%	-2.03%	-0.18%	-0.30%	-0.60%	0.92%	1.74%	-2.96%	1.98%	0.55%	-0.26%	0.44%	0.15%	-0.93%	-0.42%	-0.59%	-0.51%	-0.64%	-0.26%
Net Change in Cash	9,631,333	63,544,000	62,612,600	52,515,400	43,901,400	39,719,520	65,959,000	96,981,000	-134,046,000	127,292,000	161,534,000	62,884,000	105,512,000	109,966,000	137,630,000	-107,586,000	47,121,000	109,651,000	-57,939,000	35,149,000	27,623,000	-35,767,000	-50,296,000	86,387,000	31,563,000	58,410,000	91,031,000	25,417,000	16,557,000	-19,533,000	1,488,000	-26,766,000	81,400,000	7,000,000
Net Change in Cash Margin	0.39%	2.97%	2.99%	3.09%	2.92%	3.40%	2.39%	3.47%	-4.68%	4.82%	8.88%	3.18%	5.35%	6.04%	8.49%	-7.99%	4.42%	11.01%	-6.82%	4.25%	3.56%	-5.96%	-7.44%	10.34%	4.58%	10.59%	19.11%	7.25%	4.89%	-4.96%	0.23%	-5.35%	21.82%	2.25%
Cash at Beginning of Period	921,033,000	860,624,200	651,530,100	521,411,867	453,534,050	380,009,280	941,005,000	844,024,000	978,070,000	850,778,000	689,244,000	626,360,000	520,848,000	410,882,000	273,252,000	380,838,000	333,717,000	224,066,000	282,005,000	246,856,000	219,233,000	255,000,000	305,296,000	232,531,000	257,543,000	199,133,000	108,102,000	82,685,000	66,128,000	85,661,000	86,975,000	113,741,000	32,300,000	25,300,000
Cash at Beginning of Period Margin	32.81%	33.70%	29.43%	29.29%	31.42%	29.17%	34.08%	30.19%	34.15%	32.18%	37.87%	31.68%	26.39%	22.58%	16.85%	28.28%	31.30%	22.51%	33.19%	29.86%	28.24%	42.52%	45.15%	27.83%	37.37%	36.09%	22.69%	23.58%	19.54%	21.75%	13.30%	22.71%	8.66%	8.14%
Cash at End of Period	930,664,333	924,168,200	714,142,700	573,927,267	497,435,450	419,728,800	1,006,964,000	941,005,000	844,024,000	978,070,000	850,778,000	689,244,000	626,360,000	520,848,000	410,882,000	273,252,000	380,838,000	333,717,000	224,066,000	282,005,000	246,856,000	219,233,000	255,000,000	318,918,000	289,106,000	257,543,000	199,133,000	108,102,000	82,685,000	66,128,000	88,463,000	86,975,000	113,700,000	32,300,000
Cash at End of Period Margin	33.20%	36.67%	32.42%	32.38%	34.34%	32.57%	36.47%	33.66%	29.47%	37.00%	46.75%	34.86%	31.73%	28.63%	25.34%	20.29%	35.72%	33.52%	26.37%	34.11%	31.80%	36.56%	37.71%	38.16%	41.95%	46.68%	41.80%	30.82%	24.43%	16.79%	13.53%	17.37%	30.47%	10.39%
Operating Cash Flow	330,739,000	349,061,600	262,973,200	206,320,400	167,971,450	140,263,320	364,362,000	283,961,000	343,894,000	501,658,000	251,433,000	236,349,000	258,805,000	219,125,000	106,064,000	64,081,000	107,276,000	129,482,000	61,707,000	70,975,000	95,634,000	-30,846,000	3,171,000	109,511,000	102,331,000	80,456,000	87,783,000	30,959,000	24,495,000	-59,519,000	63,436,000	74,253,000	38,700,000	18,500,000
Operating Cash Flow Margin	11.79%	13.63%	11.66%	11.19%	10.28%	9.39%	13.20%	10.16%	12.01%	18.98%	13.82%	11.95%	13.11%	12.04%	6.54%	4.76%	10.06%	13.01%	7.26%	8.58%	12.32%	-5.14%	0.47%	13.11%	14.85%	14.58%	18.43%	8.83%	7.24%	-15.11%	9.70%	14.83%	10.37%	5.95%
Capital Expenditure	-62,671,000	-53,708,200	-47,491,500	-39,018,733	-32,519,250	-28,231,720	-62,484,000	-55,147,000	-70,382,000	-49,406,000	-31,122,000	-41,460,000	-46,682,000	-42,000,000	-50,088,000	-26,144,000	-21,860,000	-28,559,000	-13,101,000	-18,957,000	-27,889,000	-10,763,000	-11,947,000	-16,976,000	-14,108,000	-11,310,000	-7,525,000	-1,927,000	-3,455,000	-8,539,000	-33,962,000	-22,875,000	-9,400,000	-22,300,000
Capital Expenditure Margin	-2.23%	-2.05%	-2.21%	-2.29%	-2.21%	-2.18%	-2.26%	-1.97%	-2.46%	-1.87%	-1.71%	-2.10%	-2.37%	-2.31%	-3.09%	-1.94%	-2.05%	-2.87%	-1.54%	-2.29%	-3.59%	-1.79%	-1.77%	-2.03%	-2.05%	-2.05%	-1.58%	-0.55%	-1.02%	-2.17%	-5.19%	-4.57%	-2.52%	-7.17%
Free Cash Flow	268,068,000	295,353,400	215,481,700	167,301,667	135,452,200	112,031,600	301,878,000	228,814,000	273,512,000	452,252,000	220,311,000	194,889,000	212,123,000	177,125,000	55,976,000	37,937,000	85,416,000	100,923,000	48,606,000	52,018,000	67,745,000	-41,609,000	-8,776,000	92,535,000	88,223,000	69,146,000	80,258,000	29,032,000	21,040,000	-68,058,000	29,474,000	51,378,000	29,300,000	-3,800,000
Free Cash Flow Margin	9.56%	11.58%	9.45%	8.89%	8.08%	7.20%	10.93%	8.19%	9.55%	17.11%	12.11%	9.86%	10.75%	9.73%	3.45%	2.82%	8.01%	10.14%	5.72%	6.29%	8.73%	-6.94%	-1.30%	11.07%	12.80%	12.53%	16.85%	8.28%	6.22%	-17.28%	4.51%	10.26%	7.85%	-1.22%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-04-30	2024-04-30	2023-04-30	2022-04-30	2021-04-30	2020-04-30	2019-04-30	2018-04-30	2017-04-30	2016-04-30	2015-04-30	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30	2009-04-30	2008-04-30	2007-04-30	2006-04-30	2005-04-30	2004-04-30	2003-04-30	2002-04-30	2001-04-30	2000-04-30	1999-04-30	1998-04-30
Revenue	2,806,809,000	2,576,765,600	2,162,292,200	1,742,483,867	1,474,482,350	1,268,114,440	2,761,086,000	2,795,505,000	2,863,836,000	2,643,455,000	1,819,946,000	1,977,330,000	1,973,862,000	1,819,519,000	1,621,669,000	1,346,714,000	1,066,066,000	995,559,000	849,701,000	826,759,000	776,251,000	599,649,000	676,128,000	835,642,000	689,201,000	551,769,000	476,377,000	350,703,000	338,466,000	393,891,000	653,777,000	500,743,000	373,100,000	311,000,000
EBITDA	385,691,333	386,722,400	289,207,700	229,022,867	190,051,300	160,865,120	445,562,000	321,576,000	389,936,000	521,715,000	254,823,000	228,160,000	198,096,000	267,720,000	177,876,000	86,613,000	151,093,000	121,462,000	69,189,000	96,612,000	104,910,000	29,444,000	57,226,000	102,294,000	91,535,000	85,184,000	75,632,000	34,346,000	22,433,000	5,519,000	82,672,000	62,450,000	43,900,000	23,200,000
EBITDA Margin	13.75%	15.00%	12.87%	12.56%	12.14%	11.56%	16.14%	11.50%	13.62%	19.74%	14.00%	11.54%	10.04%	14.71%	10.97%	6.43%	14.17%	12.20%	8.14%	11.69%	13.51%	4.91%	8.46%	12.24%	13.28%	15.44%	15.88%	9.79%	6.63%	1.40%	12.65%	12.47%	11.77%	7.46%
(-) Tax Adjustment	100,857,739	100,100,175	78,015,095	63,524,389	52,204,234	44,863,085	121,218,618	72,335,173	109,019,427	122,993,816	74,933,840	66,417,318	43,666,283	91,263,953	44,625,013	33,677,505	41,560,709	34,951,576	24,071,464	33,897,416	38,233,721	-3,024,214	1,820,159	37,285,279	33,467,821	21,669,808	26,102,179	12,820,488	2,021,616	-615,291	37,163,440	27,425,391	6,883,275	13,062,185
(-) Tax Adjustment Margin	3.59%	3.91%	3.54%	3.64%	3.38%	3.32%	4.39%	2.59%	3.81%	4.65%	4.12%	3.36%	2.21%	5.02%	2.75%	2.50%	3.90%	3.51%	2.83%	4.10%	4.93%	-0.50%	0.27%	4.46%	4.86%	3.93%	5.48%	3.66%	0.60%	-0.16%	5.68%	5.48%	1.84%	4.20%
(-) Change In Working Capital	19,582,000	42,713,000	22,812,800	16,171,000	11,713,650	8,886,560	-3,493,000	40,505,000	21,734,000	58,027,000	96,792,000	47,720,000	5,410,000	24,114,000	-51,208,000	-11,473,000	-10,664,000	20,815,000	4,990,000	-13,446,000	12,742,000	-27,472,000	-41,719,000	21,060,000	33,878,000	5,961,000	38,352,000	12,843,000	21,608,000	-65,190,000	-19,722,000	18,248,000	10,500,000	5,000,000
(-) Change In Working Capital Margin	0.69%	1.92%	0.96%	0.75%	0.45%	0.30%	-0.13%	1.45%	0.76%	2.20%	5.32%	2.41%	0.27%	1.33%	-3.16%	-0.85%	-1.00%	2.09%	0.59%	-1.63%	1.64%	-4.58%	-6.17%	2.52%	4.92%	1.08%	8.05%	3.66%	6.38%	-16.55%	-3.02%	3.64%	2.81%	1.61%
(-) Capital Expenditure	-62,671,000	-53,708,200	-47,491,500	-39,018,733	-32,519,250	-28,231,720	-62,484,000	-55,147,000	-70,382,000	-49,406,000	-31,122,000	-41,460,000	-46,682,000	-42,000,000	-50,088,000	-26,144,000	-21,860,000	-28,559,000	-13,101,000	-18,957,000	-27,889,000	-10,763,000	-11,947,000	-16,976,000	-14,108,000	-11,310,000	-7,525,000	-1,927,000	-3,455,000	-8,539,000	-33,962,000	-22,875,000	-9,400,000	-22,300,000
(-) Capital Expenditure Margin	-2.23%	-2.05%	-2.21%	-2.29%	-2.21%	-2.18%	-2.26%	-1.97%	-2.46%	-1.87%	-1.71%	-2.10%	-2.37%	-2.31%	-3.09%	-1.94%	-2.05%	-2.87%	-1.54%	-2.29%	-3.59%	-1.79%	-1.77%	-2.03%	-2.05%	-2.05%	-1.58%	-0.55%	-1.02%	-2.17%	-5.19%	-4.57%	-2.52%	-7.17%
Unlevered Free Cash Flow	202,580,594	190,201,025	140,888,305	110,308,745	93,614,166	78,883,755	265,352,382	153,588,827	188,800,573	291,288,184	51,975,160	72,562,682	102,337,717	110,342,047	134,370,987	38,264,495	98,336,291	37,136,424	27,026,536	57,203,584	26,045,279	49,177,214	85,177,841	26,972,721	10,081,179	46,243,192	3,652,821	6,755,512	-4,651,616	62,785,291	31,268,560	-6,098,391	17,116,725	-17,162,185
Unlevered Free Cash Flow Margin	7.23%	7.11%	6.16%	5.87%	6.09%	5.76%	9.61%	5.49%	6.59%	11.02%	2.86%	3.67%	5.18%	6.06%	8.29%	2.84%	9.22%	3.73%	3.18%	6.92%	3.36%	8.20%	12.60%	3.23%	1.46%	8.38%	0.77%	1.93%	-1.37%	15.94%	4.78%	-1.22%	4.59%	-5.52%
(-) Net Interest Income After Taxes	-16,569,141	-17,941,213	-13,851,438	-9,720,442	-8,554,240	-8,127,521	-14,823,087	-16,251,467	-18,632,869	-19,330,199	-20,668,444	-15,726,243	-13,167,718	-9,116,764	-10,942,438	144,848	-1,293,280	-1,683,030	-1,542,196	-1,162,607	-1,611,137	-2,891,307	-5,237,927	-3,058,068	-6,452,825	-7,638,047	-6,852,001	-6,206,462	-9,573,779	-9,470,971	0	0	0	0
(-) Net Interest Income After Taxes Margin	-0.59%	-0.73%	-0.63%	-0.47%	-0.55%	-0.78%	-0.54%	-0.58%	-0.65%	-0.73%	-1.14%	-0.80%	-0.67%	-0.50%	-0.67%	0.01%	-0.12%	-0.17%	-0.18%	-0.14%	-0.21%	-0.48%	-0.77%	-0.37%	-0.94%	-1.38%	-1.44%	-1.77%	-2.83%	-2.40%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-3,098,667	-2,391,000	40,551,800	27,215,600	21,280,800	17,919,400	-5,758,000	-1,899,000	-1,639,000	-1,335,000	-1,324,000	165,849,000	14,523,000	-21,179,000	119,531,000	138,749,000	-3,301,000	-388,000	0	366,000	6,039,000	5,317,000	951,000	724,000	8,622,000	1,768,000	27,000	-4,753,000	-2,039,000	41,213,000	-12,079,000	242,000	2,300,000	5,400,000
Net Debt Issuance Margin	-0.11%	-0.09%	2.52%	1.71%	1.42%	1.40%	-0.21%	-0.07%	-0.06%	-0.05%	-0.07%	8.39%	0.74%	-1.16%	7.37%	10.30%	-0.31%	-0.04%	0.00%	0.04%	0.78%	0.89%	0.14%	0.09%	1.25%	0.32%	0.01%	-1.36%	-0.60%	10.46%	-1.85%	0.05%	0.62%	1.74%
Levered Free Cash Flow	216,051,068	205,751,238	195,291,544	147,244,787	123,449,206	104,930,676	274,417,469	167,941,293	205,794,442	309,283,383	71,319,604	254,137,925	130,028,436	98,279,811	264,844,426	176,868,647	96,328,571	38,431,454	28,568,732	58,732,191	33,695,416	57,385,522	91,366,767	30,754,788	25,156,004	55,649,239	10,531,822	8,208,974	2,883,163	113,469,262	19,189,560	-5,856,391	19,416,725	-11,762,185
Levered Free Cash Flow Margin	7.71%	7.75%	9.31%	8.05%	8.06%	7.94%	9.94%	6.01%	7.19%	11.70%	3.92%	12.85%	6.59%	5.40%	16.33%	13.13%	9.04%	3.86%	3.36%	7.10%	4.34%	9.57%	13.51%	3.68%	3.65%	10.09%	2.21%	2.34%	0.85%	28.81%	2.94%	-1.17%	5.20%	-3.78%