Iochpe-Maxion S.A. (MYPK3.SA)

Analysis: Margins & Ratios Industry: Auto - Parts Sector: Consumer Cyclical Live Price: $10.01

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,851,728,483	2,524,227,311	2,000,785,205	1,601,978,520	1,266,471,720	2,853,821,446	2,699,812,393	2,776,897,971	2,708,689,446	3,069,598,033	2,479,237,031	1,586,714,076	1,814,169,462	1,741,704,075	1,356,215,693	1,234,596,148	1,240,030,111	1,070,722,938	1,067,099,633	954,398,075	526,178,776	403,426,326	238,644,980	331,037,733	233,514,756	225,960,603	270,598,532	198,977,889
Cost of Revenue	2,541,510,977	2,255,888,758	1,766,596,248	1,407,196,348	1,108,579,898	2,505,767,670	2,388,528,513	2,447,000,026	2,435,516,112	2,742,016,794	2,170,586,273	1,484,324,586	1,599,502,778	1,502,937,926	1,147,026,077	1,058,585,906	1,078,465,999	922,688,310	911,499,441	853,581,612	426,244,729	327,968,655	201,875,628	266,383,327	190,823,685	186,252,760	218,317,339	157,770,734
Cost of Revenue Margin	89.12%	89.69%	88.02%	86.90%	85.67%	87.80%	88.47%	88.12%	89.91%	89.33%	87.55%	93.55%	88.17%	86.29%	84.58%	85.74%	86.97%	86.17%	85.42%	89.44%	81.01%	81.30%	84.59%	80.47%	81.72%	82.43%	80.68%	79.29%
Gross Profit	310,217,506	268,338,553	234,188,957	194,782,171	157,891,822	348,053,776	311,283,880	329,897,945	273,173,334	327,581,239	308,650,758	102,389,491	214,666,684	238,766,149	209,189,615	176,010,243	161,564,111	148,034,628	155,600,192	100,816,463	99,934,047	75,457,671	36,769,352	64,654,406	42,691,071	39,707,843	52,281,194	41,207,155
Gross Profit Margin	10.88%	10.31%	11.98%	13.10%	14.33%	12.20%	11.53%	11.88%	10.09%	10.67%	12.45%	6.45%	11.83%	13.71%	15.42%	14.26%	13.03%	13.83%	14.58%	10.56%	18.99%	18.70%	15.41%	19.53%	18.28%	17.57%	19.32%	20.71%
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
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%
SG&A Expenses	138,780,362	130,521,411	114,279,566	93,293,101	74,848,519	165,961,162	137,441,825	144,630,659	137,212,708	134,497,720	134,178,948	102,087,020	100,672,292	103,163,597	101,601,981	96,954,260	87,796,471	71,009,002	74,392,142	47,765,148	35,472,171	27,962,392	19,529,807	22,738,710	18,611,529	17,007,349	19,686,476	17,063,859
SG&A Expenses Margin	4.89%	5.30%	6.04%	6.18%	6.53%	5.82%	5.09%	5.21%	5.07%	4.38%	5.41%	6.43%	5.55%	5.92%	7.49%	7.85%	7.08%	6.63%	6.97%	5.00%	6.74%	6.93%	8.18%	6.87%	7.97%	7.53%	7.28%	8.58%
Operating Expenses	138,919,764	121,250,675	109,872,952	92,262,757	74,589,092	165,844,339	134,790,410	144,967,905	130,080,565	141,710,824	77,449,267	112,044,817	92,183,379	111,711,737	119,253,393	89,195,442	80,132,197	72,380,261	73,451,586	76,248,260	35,047,263	28,084,467	19,562,590	22,697,053	19,866,147	18,878,500	26,836,188	18,256,715
Operating Expenses Margin	4.88%	4.96%	5.88%	6.27%	6.79%	5.81%	4.99%	5.22%	4.80%	4.62%	3.12%	7.06%	5.08%	6.41%	8.79%	7.22%	6.46%	6.76%	6.88%	7.99%	6.66%	6.96%	8.20%	6.86%	8.51%	8.35%	9.92%	9.18%
Operating Income (EBIT)	171,169,931	147,011,192	124,277,661	104,218,887	84,577,335	177,252,364	178,054,544	184,546,609	143,092,769	185,870,415	231,201,491	-9,655,326	122,483,306	127,054,412	89,936,223	86,814,801	81,431,914	75,654,367	82,148,606	50,443,731	64,886,783	47,373,204	17,206,762	41,957,354	22,824,924	20,829,343	25,445,005	22,950,440
Operating Income (EBIT) Margin	5.99%	5.34%	6.10%	7.01%	7.67%	6.21%	6.60%	6.65%	5.28%	6.06%	9.33%	-0.61%	6.75%	7.29%	6.63%	7.03%	6.57%	7.07%	7.70%	5.29%	12.33%	11.74%	7.21%	12.67%	9.77%	9.22%	9.40%	11.53%
Interest Income	8,356,152	5,211,764	2,582,536	2,605,363	2,201,776	11,278,705	13,440,191	-3,521,516	27,018,757	1,571,216	466,384	523,980	-383,612	-321,307	92,733	302,108	76,614	-119,720	1,340,831	2,073,824	5,436,860	4,523,291	2,862,602	-141,636	1,246,106	562,921	425,089	1,333,043
Interest Income Margin	0.31%	0.19%	0.10%	0.23%	0.28%	0.40%	0.50%	-0.13%	1.00%	0.05%	0.02%	0.03%	-0.02%	-0.02%	0.01%	0.02%	0.01%	-0.01%	0.13%	0.22%	1.03%	1.12%	1.20%	-0.04%	0.53%	0.25%	0.16%	0.67%
Interest Expense	106,362,116	85,878,446	66,737,069	53,344,634	41,129,816	113,352,684	112,896,805	100,584,449	111,345,512	107,156,388	67,082,320	43,223,564	30,602,760	39,541,032	43,284,239	64,590,109	59,960,319	48,226,279	38,736,678	28,230,450	7,737,990	9,867,418	5,211,004	4,854,016	4,169,926	3,280,627	4,911,250	7,233,571
Interest Expense Margin	3.74%	3.33%	3.39%	3.26%	2.88%	3.97%	4.18%	3.62%	4.11%	3.49%	2.71%	2.72%	1.69%	2.27%	3.19%	5.23%	4.84%	4.50%	3.63%	2.96%	1.47%	2.45%	2.18%	1.47%	1.79%	1.45%	1.81%	3.64%
Net Interest Income	-97,517,181	-80,373,413	-64,007,899	-50,799,028	-39,084,636	-102,073,980	-99,456,614	-104,105,965	-82,860,408	-105,585,172	-66,615,936	-42,699,583	-30,986,372	-39,862,339	-43,191,505	-64,288,001	-59,883,706	-48,345,999	-37,395,846	-24,712,737	-6,107,729	-5,344,127	-2,617,546	-4,995,652	-1,739,839	-3,979,931	-6,374,337	-5,900,527
Net Interest Income Margin	-3.42%	-3.13%	-3.28%	-3.06%	-2.67%	-3.58%	-3.68%	-3.75%	-3.06%	-3.44%	-2.69%	-2.69%	-1.71%	-2.29%	-3.18%	-5.21%	-4.83%	-4.52%	-3.50%	-2.59%	-1.16%	-1.32%	-1.10%	-1.51%	-0.75%	-1.76%	-2.36%	-2.97%
Unusual Items	179,933,060	154,601,605	126,463,961	100,211,088	76,883,801	201,034,506	189,734,611	182,613,516	179,477,060	177,708,605	124,509,495	108,699,349	61,759,384	79,857,076	106,077,818	126,682,029	117,255,277	94,796,035	75,960,641	52,032,154	5,049,626	10,688,253	4,965,948	9,991,304	4,663,659	6,730,963	8,157,826	15,526,693
Unusual Items Margin	6.33%	6.17%	6.64%	6.09%	5.23%	7.04%	7.03%	6.58%	6.63%	5.79%	5.02%	6.85%	3.40%	4.58%	7.82%	10.26%	9.46%	8.85%	7.12%	5.45%	0.96%	2.65%	2.08%	3.02%	2.00%	2.98%	3.01%	7.80%
EBT Excluding Unusual Items	-90,690,225	-81,525,336	-64,495,727	-45,464,018	-30,262,227	-122,742,669	-101,958,063	-76,574,457	-131,534,596	-63,961,622	48,798,437	-184,354,441	29,950,909	7,202,599	-79,027,908	-102,261,258	-93,194,934	-65,591,702	-32,376,830	-27,463,950	57,088,662	31,340,824	9,623,268	26,970,398	16,421,426	10,085,124	13,615,515	-2,202,419
EBT Excluding Unusual Items Margin	-3.23%	-3.87%	-3.89%	-2.16%	-0.18%	-4.30%	-3.78%	-2.76%	-4.86%	-2.08%	1.97%	-11.62%	1.65%	0.41%	-5.83%	-8.28%	-7.52%	-6.13%	-3.03%	-2.88%	10.85%	7.77%	4.03%	8.15%	7.03%	4.46%	5.03%	-1.11%
Pre-Tax Income	89,242,835	73,076,269	61,968,234	54,747,070	46,621,574	78,291,837	87,776,548	106,039,059	47,942,464	113,746,982	173,307,932	-75,655,092	91,710,293	87,059,675	27,049,910	24,420,772	24,060,343	29,204,332	43,583,811	24,568,204	62,138,287	42,029,077	14,589,216	36,961,702	21,085,085	16,816,086	21,773,341	13,324,274
Pre-Tax Income Margin	3.10%	2.30%	2.75%	3.94%	5.04%	2.74%	3.25%	3.82%	1.77%	3.71%	6.99%	-4.77%	5.06%	5.00%	1.99%	1.98%	1.94%	2.73%	4.08%	2.57%	11.81%	10.42%	6.11%	11.17%	9.03%	7.44%	8.05%	6.70%
Income Tax Expense	35,501,693	33,332,347	23,680,987	19,289,292	15,756,951	20,959,206	34,748,415	37,198,244	28,763,486	40,543,350	59,756,922	399,732	15,383,608	31,611,236	12,522,456	8,277,546	2,353,292	7,826,376	5,313,155	5,422,733	21,669,559	12,297,686	4,603,527	-1,815,004	7,973,627	6,339,381	8,698,107	4,114,322
Income Tax Expense Margin	1.24%	1.23%	1.06%	1.30%	1.52%	0.73%	1.29%	1.34%	1.06%	1.32%	2.41%	0.03%	0.85%	1.81%	0.92%	0.67%	0.19%	0.73%	0.50%	0.57%	4.12%	3.05%	1.93%	-0.55%	3.41%	2.81%	3.21%	2.07%
Net Income	34,677,537	22,452,577	22,384,367	23,285,331	21,734,165	36,431,745	34,204,874	47,945,905	5,566,361	50,520,345	97,301,468	-89,071,194	61,116,227	36,463,984	1,159,711	3,899,695	8,941,170	12,275,770	30,849,988	12,110,408	40,468,728	29,731,391	9,985,689	38,776,705	13,111,458	10,465,114	13,064,367	9,205,605
Net Income Margin	1.19%	0.38%	0.85%	1.92%	2.99%	1.28%	1.27%	1.73%	0.21%	1.65%	3.92%	-5.61%	3.37%	2.09%	0.09%	0.32%	0.72%	1.15%	2.89%	1.27%	7.69%	7.37%	4.18%	11.71%	5.61%	4.63%	4.83%	4.63%
Depreciation and Amortization	88,419,946	93,503,635	77,460,587	60,317,802	46,739,112	99,723,223	88,388,190	91,109,699	85,178,381	88,971,759	101,399,670	100,858,664	75,989,620	64,401,744	54,697,697	57,397,471	54,601,160	41,509,082	38,458,840	31,367,992	9,640,112	9,185,139	8,125,405	6,599,832	5,616,169	4,762,007	4,911,793	5,209,011
Depreciation and Amortization Margin	3.11%	3.95%	4.07%	3.71%	3.37%	3.49%	3.27%	3.28%	3.14%	2.90%	4.09%	6.36%	4.19%	3.70%	4.03%	4.65%	4.40%	3.88%	3.60%	3.29%	1.83%	2.28%	3.40%	1.99%	2.41%	2.11%	1.82%	2.62%
EBITDA	281,838,236	248,686,200	203,087,175	165,861,775	132,830,121	278,603,855	285,348,402	302,971,559	244,123,316	298,419,832	335,653,757	62,262,536	198,302,673	184,680,095	128,646,457	140,514,707	135,296,821	115,693,117	117,244,953	84,166,645	82,571,521	57,378,635	35,222,406	48,557,185	28,441,092	24,858,720	31,596,384	24,311,375
EBITDA Margin	9.88%	9.42%	10.04%	10.73%	11.26%	9.76%	10.57%	10.91%	9.01%	9.72%	13.54%	3.92%	10.93%	10.60%	9.49%	11.38%	10.91%	10.81%	10.99%	8.82%	15.69%	14.22%	14.76%	14.67%	12.18%	11.00%	11.68%	12.22%
NOPAT	98,890,315	87,689,472	80,046,325	69,537,178	57,065,157	129,800,815	107,567,456	119,808,106	57,243,054	119,619,785	151,482,755	-9,706,341	101,937,791	80,921,148	48,301,246	57,388,477	73,467,228	55,379,993	72,134,147	39,309,711	42,258,738	33,511,829	11,777,286	44,017,668	14,193,352	12,977,032	15,280,126	15,863,712
NOPAT Margin	3.44%	3.16%	4.02%	4.84%	5.42%	4.55%	3.98%	4.31%	2.11%	3.90%	6.11%	-0.61%	5.62%	4.65%	3.56%	4.65%	5.92%	5.17%	6.76%	4.12%	8.03%	8.31%	4.94%	13.30%	6.08%	5.74%	5.65%	7.97%
Owner's Earnings	27,421,568	29,349,989	23,816,972	20,021,560	14,941,739	34,781,741	13,271,206	32,031,072	-754,908	50,988,540	113,516,779	-49,031,539	49,511,325	15,604,394	12,848,472	8,146,959	5,308,627	1,035,282	24,173,543	-1,330,145	14,298,700	23,976,303	-38,384,580	24,838,072	6,341,736	2,956,060	2,760,088	4,577,265
Owner's Earnings Margin	0.93%	0.86%	0.99%	1.39%	0.86%	1.22%	0.49%	1.15%	-0.03%	1.66%	4.58%	-3.09%	2.73%	0.90%	0.95%	0.66%	0.43%	0.10%	2.27%	-0.14%	2.72%	5.94%	-16.08%	7.50%	2.72%	1.31%	1.02%	2.30%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,851,728,483	2,524,227,311	2,000,785,205	1,601,978,520	1,266,471,720	2,776,897,971	2,708,689,446	3,069,598,033	2,479,237,031	1,586,714,076	1,814,169,462	1,741,704,075	1,356,215,693	1,234,596,148	1,240,030,111	1,070,722,938	1,067,099,633	954,398,075	526,178,776	403,426,326	238,644,980	331,037,733	233,514,756	225,960,603	270,598,532	198,977,889
Cash & Cash Equivalents	465,653,181	376,963,172	240,050,525	186,957,691	144,175,704	446,184,592	536,543,730	414,231,220	197,079,208	290,777,112	117,028,333	88,187,871	98,408,111	78,171,211	133,893,866	129,877,348	119,943,098	90,806,504	52,793,582	10,439,576	10,016,298	16,307,320	27,443,121	15,970,618	9,411,357	5,699,122
Cash & Cash Equivalents Margin	16.46%	15.13%	11.15%	10.47%	9.42%	16.07%	19.81%	13.49%	7.95%	18.33%	6.45%	5.06%	7.26%	6.33%	10.80%	12.13%	11.24%	9.51%	10.03%	2.59%	4.20%	4.93%	11.75%	7.07%	3.48%	2.86%
Short-Term Investments	0	0	0	3,759,061	3,932,514	0	0	0	0	0	0	0	0	0	0	0	0	0	8,301,997	48,083,919	22,264,357	0	0	0	0	7,690,355
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.90%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.58%	11.92%	9.33%	0.00%	0.00%	0.00%	0.00%	3.86%
Cash & Short-Term Investments	465,653,181	376,963,172	240,050,525	190,716,752	148,108,218	446,184,592	536,543,730	414,231,220	197,079,208	290,777,112	117,028,333	88,187,871	98,408,111	78,171,211	133,893,866	129,877,348	119,943,098	90,806,504	61,095,580	58,523,494	32,280,655	16,307,320	27,443,121	15,970,618	9,411,357	13,389,477
Cash & Short-Term Investments Margin	16.46%	15.13%	11.15%	11.37%	10.56%	16.07%	19.81%	13.49%	7.95%	18.33%	6.45%	5.06%	7.26%	6.33%	10.80%	12.13%	11.24%	9.51%	11.61%	14.51%	13.53%	4.93%	11.75%	7.07%	3.48%	6.73%
Net Receivables	358,921,942	342,134,630	270,279,363	217,088,331	171,158,273	292,630,875	384,467,590	399,667,361	358,793,105	275,114,216	206,334,621	241,172,509	205,543,670	166,590,554	172,479,127	133,499,930	141,118,742	146,455,081	81,899,747	50,557,837	40,669,772	46,502,560	26,460,908	24,203,066	29,004,195	26,946,309
Net Receivables Margin	12.58%	13.91%	13.73%	13.77%	13.52%	10.54%	14.19%	13.02%	14.47%	17.34%	11.37%	13.85%	15.16%	13.49%	13.91%	12.47%	13.22%	15.35%	15.57%	12.53%	17.04%	14.05%	11.33%	10.71%	10.72%	13.54%
Inventory	450,649,502	449,524,300	327,776,505	250,353,205	195,759,921	442,295,040	420,253,642	489,399,824	578,985,217	316,687,777	240,612,486	262,265,564	215,794,518	156,674,052	154,796,925	122,833,411	115,746,547	111,528,262	69,278,943	58,145,859	36,202,809	44,288,730	31,366,543	22,233,748	25,808,513	27,694,878
Inventory Margin	15.80%	18.14%	16.01%	14.78%	14.15%	15.93%	15.52%	15.94%	23.35%	19.96%	13.26%	15.06%	15.91%	12.69%	12.48%	11.47%	10.85%	11.69%	13.17%	14.41%	15.17%	13.38%	13.43%	9.84%	9.54%	13.92%
Other Current Assets	85,038,255	79,007,007	57,283,474	41,621,424	32,283,091	135,375,608	5,121,530	114,617,626	96,472,481	43,447,790	40,496,440	43,047,696	28,885,380	38,011,836	27,358,357	20,232,010	21,102,110	3,050,785	3,959,283	3,142,432	0	6,433,926	5,606,388	5,930,412	3,369,738	1,877,490
Other Current Assets Margin	2.93%	3.09%	2.75%	2.22%	2.07%	4.88%	0.19%	3.73%	3.89%	2.74%	2.23%	2.47%	2.13%	3.08%	2.21%	1.89%	1.98%	0.32%	0.75%	0.78%	0.00%	1.94%	2.40%	2.62%	1.25%	0.94%
Total Current Assets	1,375,994,238	1,260,626,498	902,405,333	705,582,507	551,801,315	1,338,648,321	1,360,963,210	1,428,371,184	1,240,221,736	934,928,037	608,132,316	638,231,018	552,191,955	428,296,456	494,069,098	408,956,100	401,895,137	360,927,423	217,394,895	170,510,715	110,374,528	113,876,845	91,338,092	68,750,073	67,949,160	70,212,255
Total Current Assets Margin	48.33%	50.79%	43.93%	42.44%	40.60%	48.21%	50.24%	46.53%	50.02%	58.92%	33.52%	36.64%	40.72%	34.69%	39.84%	38.19%	37.66%	37.82%	41.32%	42.27%	46.25%	34.40%	39.11%	30.43%	25.11%	35.29%
Property, Plant & Equipment	801,209,677	792,659,219	692,731,674	580,477,344	454,263,115	916,759,165	745,898,527	740,971,338	779,930,250	779,736,814	663,758,433	615,504,624	547,542,242	528,848,847	608,366,504	496,624,157	473,972,385	437,089,289	200,423,588	171,733,999	163,488,149	68,704,250	55,289,235	49,121,736	41,498,758	31,118,589
Property, Plant & Equipment Margin	28.23%	33.06%	36.95%	39.12%	36.84%	33.01%	27.54%	24.14%	31.46%	49.14%	36.59%	35.34%	40.37%	42.84%	49.06%	46.38%	44.42%	45.80%	38.09%	42.57%	68.51%	20.75%	23.68%	21.74%	15.34%	15.64%
Goodwill	340,396,385	346,397,542	295,967,160	229,178,586	172,067,704	381,389,818	311,935,188	327,864,148	365,175,231	345,623,327	268,899,265	258,641,171	221,363,777	218,145,999	260,633,672	178,474,561	157,874,516	137,781,425	3,876,692	0	3,675,287	0	0	0	0	0
Goodwill Margin	11.98%	14.49%	15.71%	13.58%	10.27%	13.73%	11.52%	10.68%	14.73%	21.78%	14.82%	14.85%	16.32%	17.67%	21.02%	16.67%	14.79%	14.44%	0.74%	0.00%	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	46,892,391	51,457,641	46,336,183	36,811,420	31,300,226	46,057,005	44,745,696	49,874,471	60,169,694	56,441,339	46,273,987	43,300,358	35,903,418	35,792,391	44,803,473	29,956,342	27,955,510	24,990,032	1,092,878	4,814,713	869,738	46,502,560	26,460,908	0	0	26,946,309
Intangible Assets Margin	1.65%	2.18%	2.51%	2.30%	3.01%	1.66%	1.65%	1.62%	2.43%	3.56%	2.55%	2.49%	2.65%	2.90%	3.61%	2.80%	2.62%	2.62%	0.21%	1.19%	0.36%	14.05%	11.33%	0.00%	0.00%	13.54%
Long-Term Investments	64,030,931	53,616,410	33,677,724	21,531,678	15,038,774	41,665,388	80,155,924	70,271,481	58,731,601	17,257,657	13,513,725	8,476,959	8,574,040	14,747,696	23,382,773	2,237,556	3,513,185	23,430,408	5,058,500	-48,041,718	-22,199,697	0	0	0	0	993,443
Long-Term Investments Margin	2.25%	2.04%	1.51%	0.48%	-0.11%	1.50%	2.96%	2.29%	2.37%	1.09%	0.74%	0.49%	0.63%	1.19%	1.89%	0.21%	0.33%	2.45%	0.96%	-11.91%	-9.30%	0.00%	0.00%	0.00%	0.00%	0.50%
Tax Assets	51,829,420	57,985,749	48,879,688	37,260,320	30,364,578	60,500,419	46,260,403	48,727,438	58,522,951	75,917,535	55,536,463	46,641,479	46,590,584	34,137,679	15,961,924	13,449,609	15,529,953	11,721,543	12,755,919	16,650,905	18,768,198	14,917,405	3,604,650	5,236,723	5,859,775	7,261,101
Tax Assets Margin	1.82%	2.52%	2.58%	2.42%	2.74%	2.18%	1.71%	1.59%	2.36%	4.78%	3.06%	2.68%	3.44%	2.77%	1.29%	1.26%	1.46%	1.23%	2.42%	4.13%	7.86%	4.51%	1.54%	2.32%	2.17%	3.65%
Other Non-Current Assets	69,905,679	74,719,100	50,709,996	43,176,327	35,000,408	105,903,400	42,460,143	61,353,494	125,757,412	38,121,051	41,960,252	22,760,083	22,711,542	18,215,601	27,856,980	9,369,700	12,446,204	46,011,725	10,859,774	61,857,551	32,259,645	6,799,245	4,669,636	2,640,730	5,993,985	3,984,278
Other Non-Current Assets Margin	2.46%	2.97%	2.39%	3.21%	3.45%	3.81%	1.57%	2.00%	5.07%	2.40%	2.31%	1.31%	1.67%	1.48%	2.25%	0.88%	1.17%	4.82%	2.06%	15.33%	13.52%	2.05%	2.00%	1.17%	2.22%	2.00%
Other Assets	0	0	0	-1,790,311	-1,342,733	0	0	0	0	0	0	0	0	0	0	0	0	-26,854,662	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	-0.19%	-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%	-2.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	1,382,520,233	1,370,042,792	1,162,567,713	943,050,508	730,438,558	1,552,275,195	1,271,455,880	1,323,829,626	1,389,555,538	1,313,097,722	1,089,942,125	995,324,675	882,685,603	849,888,212	957,622,554	730,111,926	691,291,752	657,594,014	234,067,353	207,015,451	196,861,320	91,491,319	64,309,192	56,999,188	53,352,518	44,112,863
Total Non-Current Assets Margin	48.66%	56.95%	61.31%	60.72%	54.67%	55.90%	46.94%	43.13%	56.05%	82.76%	60.08%	57.15%	65.08%	68.84%	77.23%	68.19%	64.78%	68.90%	44.48%	51.31%	82.49%	27.64%	27.54%	25.23%	19.72%	22.17%
Total Assets	2,758,514,472	2,630,669,290	2,064,973,046	1,646,842,704	1,280,897,140	2,890,923,516	2,632,419,090	2,752,200,810	2,629,777,274	2,248,025,759	1,698,074,440	1,633,555,693	1,434,877,558	1,278,184,669	1,451,691,652	1,139,068,027	1,093,186,890	991,666,775	451,462,248	377,526,166	307,235,848	205,368,164	155,647,283	125,749,261	121,301,679	114,325,117
Total Assets Margin	96.98%	107.74%	105.25%	102.97%	95.13%	104.11%	97.18%	89.66%	106.07%	141.68%	93.60%	93.79%	105.80%	103.53%	117.07%	106.38%	102.44%	103.90%	85.80%	93.58%	128.74%	62.04%	66.65%	55.65%	44.83%	57.46%
Accounts Payable	390,258,177	369,380,982	280,549,917	215,966,160	165,095,589	409,882,529	345,299,484	415,592,518	411,044,233	265,086,145	204,089,820	238,516,385	191,316,875	155,053,934	169,617,250	148,276,243	114,190,726	103,440,892	40,898,164	27,187,199	19,634,857	11,043,249	11,246,284	8,440,192	12,054,804	12,371,402
Accounts Payable Margin	13.68%	14.87%	13.96%	12.63%	10.70%	14.76%	12.75%	13.54%	16.58%	16.71%	11.25%	13.69%	14.11%	12.56%	13.68%	13.85%	10.70%	10.84%	7.77%	6.74%	8.23%	3.34%	4.82%	3.74%	4.45%	6.22%
Short-Term Debt	198,623,376	241,949,659	228,648,858	187,462,967	148,136,988	111,336,094	295,515,211	189,018,824	268,380,175	345,497,992	117,492,001	194,912,107	244,972,769	214,230,185	305,133,226	193,987,489	129,012,319	118,166,129	59,222,436	25,067,551	50,028,242	39,825,571	23,875,238	22,722,410	14,343,798	21,163,148
Short-Term Debt Margin	7.03%	10.74%	13.14%	12.76%	12.50%	4.01%	10.91%	6.16%	10.83%	21.77%	6.48%	11.19%	18.06%	17.35%	24.61%	18.12%	12.09%	12.38%	11.26%	6.21%	20.96%	12.03%	10.22%	10.06%	5.30%	10.64%
Tax Payables	39,555,340	34,997,166	26,659,795	20,589,854	15,730,172	38,198,027	22,965,473	57,502,521	39,945,835	16,373,972	21,926,387	22,031,437	23,565,342	13,964,895	10,124,065	10,105,047	14,758,744	11,637,141	3,483,843	2,265,087	3,774,722	522,712	564,008	189,452	704,738	4,536,150
Tax Payables Margin	1.37%	1.35%	1.29%	1.18%	1.00%	1.38%	0.85%	1.87%	1.61%	1.03%	1.21%	1.26%	1.74%	1.13%	0.82%	0.94%	1.38%	1.22%	0.66%	0.56%	1.58%	0.16%	0.24%	0.08%	0.26%	2.28%
Deferred Revenue	9,945,480	11,109,720	9,036,185	6,024,124	4,518,093	9,170,649	8,610,264	12,055,528	15,053,427	10,658,731	4,934,433	19,746,608	0	10,132,215	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.35%	0.46%	0.45%	0.30%	0.23%	0.33%	0.32%	0.39%	0.61%	0.67%	0.27%	1.13%	0.00%	0.82%	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	107,918,601	105,206,957	89,407,443	77,336,018	62,061,013	142,981,380	82,221,235	98,553,188	109,374,564	92,904,417	131,987,759	85,730,616	41,159,158	47,300,394	61,861,717	33,721,465	40,858,136	89,289,805	71,227,613	30,868,825	16,933,996	30,257,002	12,986,123	7,652,682	13,350,174	24,397,226
Other Current Liabilities Margin	3.80%	4.33%	4.57%	5.55%	5.67%	5.15%	3.04%	3.21%	4.41%	5.86%	7.28%	4.92%	3.03%	3.83%	4.99%	3.15%	3.83%	9.36%	13.54%	7.65%	7.10%	9.14%	5.56%	3.39%	4.93%	12.26%
Total Current Liabilities	826,632,163	840,802,038	683,328,757	545,939,885	426,336,892	779,931,518	836,300,952	863,664,019	935,797,775	788,315,925	467,944,892	590,782,468	554,381,876	456,733,745	559,434,400	405,310,698	332,201,429	327,599,351	192,150,570	98,548,660	90,371,816	90,687,871	60,813,576	46,807,385	48,958,909	62,467,926
Total Current Liabilities Margin	29.03%	34.90%	35.72%	34.77%	32.58%	28.09%	30.87%	28.14%	37.75%	49.68%	25.79%	33.92%	40.88%	36.99%	45.11%	37.85%	31.13%	34.33%	36.52%	24.43%	37.87%	27.40%	26.04%	20.71%	18.09%	31.39%
Long-Term Debt	986,582,435	855,053,574	595,037,503	479,786,107	367,441,558	1,045,795,936	929,858,126	984,093,242	733,613,700	581,906,864	437,021,912	314,706,143	270,001,380	340,012,410	313,365,311	329,885,085	373,321,103	378,381,233	57,449,091	107,380,071	67,564,643	22,749,396	26,813,910	17,217,267	17,694,337	10,683,001
Long-Term Debt Margin	34.68%	34.06%	28.52%	28.54%	24.45%	37.66%	34.33%	32.06%	29.59%	36.67%	24.09%	18.07%	19.91%	27.54%	25.27%	30.81%	34.98%	39.65%	10.92%	26.62%	28.31%	6.87%	11.48%	7.62%	6.54%	5.37%
Capital Lease Obligations	0	0	27,295	18,197	13,647	0	0	0	0	0	45,280	227,668	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	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%
Deferred Tax Liabilities	10,044,372	16,745,486	24,148,023	26,765,093	20,073,819	13,746,827	8,615,516	7,770,772	21,865,712	31,728,602	31,614,134	36,199,005	30,614,714	29,501,369	29,823,581	31,944,859	43,584,173	34,938,410	26,340,100	23,188,612	0	0	0	0	0	344,490
Deferred Tax Liabilities Margin	0.36%	0.79%	1.48%	2.42%	1.82%	0.50%	0.32%	0.25%	0.88%	2.00%	1.74%	2.08%	2.26%	2.39%	2.41%	2.98%	4.08%	3.66%	5.01%	5.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%
Other Non-Current Liabilities	123,305,530	133,829,532	120,401,530	98,141,538	77,462,389	132,992,975	117,764,043	119,159,572	141,912,772	157,318,296	128,121,209	112,550,866	103,442,522	86,604,158	104,148,890	81,319,801	82,332,805	88,067,064	9,142,032	7,246,068	26,975,107	11,706,148	11,774,611	13,698,468	12,970,365	7,068,932
Other Non-Current Liabilities Margin	4.34%	5.73%	6.52%	6.22%	6.20%	4.79%	4.35%	3.88%	5.72%	9.91%	7.06%	6.46%	7.63%	7.01%	8.40%	7.59%	7.72%	9.23%	1.74%	1.80%	11.30%	3.54%	5.04%	6.06%	4.79%	3.55%
Total Non-Current Liabilities	1,119,932,337	1,005,628,591	739,587,056	604,692,738	464,977,766	1,192,535,738	1,056,237,685	1,111,023,587	897,392,185	770,953,762	596,757,255	463,456,014	404,058,616	456,117,937	447,337,783	443,149,745	499,238,081	501,386,708	92,931,223	137,814,751	94,539,750	34,455,544	38,588,522	30,915,735	30,664,703	18,096,424
Total Non-Current Liabilities Margin	39.38%	40.58%	36.52%	37.18%	32.47%	42.94%	38.99%	36.19%	36.20%	48.59%	32.89%	26.61%	29.79%	36.94%	36.07%	41.39%	46.78%	52.53%	17.66%	34.16%	39.62%	10.41%	16.53%	13.68%	11.33%	9.09%
Total Liabilities	1,946,564,500	1,846,430,629	1,422,915,813	1,148,305,630	889,569,413	1,972,467,256	1,892,538,637	1,974,687,606	1,833,189,960	1,559,269,687	1,064,702,147	1,054,238,483	958,440,492	912,851,683	1,006,772,183	848,460,444	831,439,510	794,081,156	285,081,793	236,363,411	184,911,566	125,143,415	99,402,097	77,723,120	79,623,612	80,564,349
Total Liabilities Margin	68.41%	75.49%	72.25%	71.71%	64.86%	71.03%	69.87%	64.33%	73.94%	98.27%	58.69%	60.53%	70.67%	73.94%	81.19%	79.24%	77.92%	83.20%	54.18%	58.59%	77.48%	37.80%	42.57%	34.40%	29.42%	40.49%
Preferred Stock	0	0	0	1,931,826	1,448,869	0	0	0	0	0	0	0	0	0	0	0	28,977,389	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.18%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	285,617,908	285,617,908	245,357,070	198,708,660	158,153,739	285,617,908	285,617,908	285,617,908	285,617,908	285,617,908	285,617,908	254,932,920	231,362,326	126,784,000	126,784,000	126,784,000	126,784,000	117,728,000	90,560,000	65,203,200	47,356,179	47,356,179	29,244,179	29,244,179	29,244,179	29,244,179
Common Stock Margin	10.04%	11.93%	12.76%	13.13%	13.37%	10.29%	10.54%	9.30%	11.52%	18.00%	15.74%	14.64%	17.06%	10.27%	10.22%	11.84%	11.88%	12.34%	17.21%	16.16%	19.84%	14.31%	12.52%	12.94%	10.81%	14.70%
Retained Earnings	125,392,938	91,544,134	64,284,016	50,240,249	37,680,187	146,291,530	116,968,745	112,918,540	81,541,854	0	0	71,208,415	57,783,257	56,127,820	0	46,465,612	37,638,909	25,070,087	755,814	833,152	0	0	0	0	0	0
Retained Earnings Margin	4.42%	3.31%	2.94%	2.69%	2.01%	5.27%	4.32%	3.68%	3.29%	0.00%	0.00%	4.09%	4.26%	4.55%	0.00%	4.34%	3.53%	2.63%	0.14%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	333,433,287	343,423,697	261,812,347	183,773,637	137,807,733	404,911,691	276,462,111	318,926,058	370,114,192	346,704,432	194,507,304	207,795,354	145,675,178	141,645,258	211,381,892	78,362,111	60,118,980	0	0	0	0	-449,902	0	0	0	0
Accumulated OCI Margin	11.73%	14.39%	13.39%	9.79%	7.33%	14.58%	10.21%	10.39%	14.93%	21.85%	10.72%	11.93%	10.74%	11.47%	17.05%	7.32%	5.63%	0.00%	0.00%	0.00%	0.00%	-0.14%	0.00%	0.00%	0.00%	0.00%
Minority Interest	77,125,726	71,518,166	59,736,872	47,347,823	35,514,571	92,928,506	70,890,911	67,557,760	64,546,640	61,667,013	48,630,358	50,093,626	43,949,130	42,217,623	54,887,148	40,047,262	40,585,188	32,216,177	0	0	0	0	0	41,114	32,964	30,247
Minority Interest Margin	2.72%	2.93%	3.13%	2.81%	2.11%	3.35%	2.62%	2.20%	2.60%	3.89%	2.68%	2.88%	3.24%	3.42%	4.43%	3.74%	3.80%	3.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.02%
Total Shareholders’ Equity	734,824,246	712,720,494	582,320,361	451,189,252	355,813,156	825,527,754	668,989,541	709,955,444	732,040,673	627,089,059	584,741,935	529,223,584	432,487,935	323,115,363	390,032,321	250,560,321	221,162,191	165,369,443	166,380,454	141,162,755	122,324,282	80,224,749	56,245,186	47,985,027	41,645,103	33,730,521
Total Shareholders’ Equity Margin	25.85%	29.32%	29.87%	28.45%	28.15%	29.73%	24.70%	23.13%	29.53%	39.52%	32.23%	30.39%	31.89%	26.17%	31.45%	23.40%	20.73%	17.33%	31.62%	34.99%	51.26%	24.23%	24.09%	21.24%	15.39%	16.95%
Total Equity	811,949,972	784,238,660	642,057,233	498,537,074	391,327,727	918,456,260	739,880,452	777,513,204	796,587,313	688,756,072	633,372,293	579,317,210	476,437,066	365,332,986	444,919,469	290,607,583	261,747,379	197,585,619	166,380,454	141,162,755	122,324,282	80,224,749	56,245,186	48,026,141	41,678,067	33,760,768
Total Equity Margin	28.57%	32.25%	33.00%	31.27%	30.26%	33.07%	27.32%	25.33%	32.13%	43.41%	34.91%	33.26%	35.13%	29.59%	35.88%	27.14%	24.53%	20.70%	31.62%	34.99%	51.26%	24.23%	24.09%	21.25%	15.40%	16.97%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	48,407,520	37,525,166	24,616,363	18,117,603	13,604,856	41,665,388	80,155,924	23,401,247	25,145,614	17,257,657	13,513,725	8,476,959	8,574,040	14,747,696	13,225,382	2,237,556	3,513,185	6,446,966	13,360,498	42,201	64,660	71,542	65,022	65,022	66,833	8,683,798
Total Investments Margin	1.74%	1.46%	1.14%	1.01%	0.77%	1.50%	2.96%	0.76%	1.01%	1.09%	0.74%	0.49%	0.63%	1.19%	1.07%	0.21%	0.33%	0.68%	2.54%	0.01%	0.03%	0.02%	0.03%	0.03%	0.02%	4.36%
Net Debt	719,552,630	720,040,061	583,635,836	480,271,400	371,387,855	710,947,438	688,829,607	758,880,846	804,914,668	636,627,744	437,485,580	421,430,378	416,566,038	476,071,384	484,604,672	393,995,226	382,390,324	405,740,858	63,578,191	122,008,047	107,576,586	46,267,647	23,246,028	23,969,059	22,626,778	26,147,027
Net Debt Margin	25.25%	29.67%	30.50%	30.83%	27.52%	25.60%	25.43%	24.72%	32.47%	40.12%	24.11%	24.20%	30.72%	38.56%	39.08%	36.80%	35.83%	42.51%	12.08%	30.24%	45.08%	13.98%	9.95%	10.61%	8.36%	13.14%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,851,728,483	2,524,227,311	2,000,785,205	1,601,978,520	1,266,471,720	2,776,897,971	2,708,689,446	3,069,598,033	2,479,237,031	1,586,714,076	1,814,169,462	1,741,704,075	1,356,215,693	1,234,596,148	1,240,030,111	1,070,722,938	1,067,099,633	954,398,075	526,178,776	403,426,326	238,644,980	331,037,733	233,514,756	225,960,603	270,598,532	198,977,889
Working Capital	549,362,075	419,824,460	219,076,576	159,642,621	125,464,423	558,716,803	524,662,258	564,707,165	304,423,960	146,612,112	140,187,423	47,448,550	-2,189,922	-28,437,289	-65,365,302	3,645,402	69,693,708	33,328,072	25,244,324	71,962,055	20,002,712	23,188,975	30,524,516	21,942,688	18,990,251	7,744,329
Working Capital Margin	19.30%	15.88%	8.21%	7.67%	8.02%	20.12%	19.37%	18.40%	12.28%	9.24%	7.73%	2.72%	-0.16%	-2.30%	-5.27%	0.34%	6.53%	3.49%	4.80%	17.84%	8.38%	7.00%	13.07%	9.71%	7.02%	3.89%
Total Capital	1,920,030,057	1,809,723,727	1,406,006,722	1,118,077,789	871,121,299	1,982,659,784	1,894,362,878	1,883,067,510	1,734,034,548	1,554,493,915	1,139,255,848	1,038,841,834	947,462,084	877,357,958	1,008,530,858	774,432,896	723,495,613	661,916,805	277,643,919	273,610,377	239,917,167	142,799,717	106,934,335	87,924,704	73,683,238	65,576,669
Total Capital Margin	67.56%	74.12%	71.53%	69.69%	65.05%	71.40%	69.94%	61.35%	69.94%	97.97%	62.80%	59.65%	69.86%	71.06%	81.33%	72.33%	67.80%	69.35%	52.77%	67.82%	100.53%	43.14%	45.79%	38.91%	27.23%	32.96%
Capital Employed	1,931,882,309	1,789,867,252	1,381,644,289	1,100,902,819	854,560,248	2,110,991,997	1,796,118,138	1,888,536,791	1,693,979,498	1,459,709,834	1,230,129,548	1,042,773,224	880,495,681	821,450,924	892,257,252	733,757,329	760,985,460	664,067,424	259,311,677	278,977,506	216,864,032	114,680,294	94,833,708	78,941,876	72,342,769	51,857,192
Capital Employed Margin	67.95%	72.84%	69.53%	68.21%	62.55%	76.02%	66.31%	61.52%	68.33%	92.00%	67.81%	59.87%	64.92%	66.54%	71.95%	68.53%	71.31%	69.58%	49.28%	69.15%	90.87%	34.64%	40.61%	34.94%	26.73%	26.06%
Invested Capital	1,454,376,877	1,432,760,555	1,165,956,196	931,120,098	726,945,596	1,536,475,192	1,357,819,148	1,468,836,290	1,536,955,341	1,263,716,803	1,022,227,515	950,653,962	849,053,974	799,186,748	874,636,993	644,555,548	603,552,515	571,110,301	224,850,337	263,170,801	229,900,868	126,492,397	79,491,213	71,954,086	64,271,881	59,877,548
Invested Capital Margin	51.10%	58.99%	60.37%	59.22%	55.62%	55.33%	50.13%	47.85%	61.99%	79.64%	56.35%	54.58%	62.60%	64.73%	70.53%	60.20%	56.56%	59.84%	42.73%	65.23%	96.34%	38.21%	34.04%	31.84%	23.75%	30.09%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,851,728,483	2,524,227,311	2,000,785,205	1,601,978,520	1,266,471,720	2,776,897,971	2,708,689,446	3,069,598,033	2,479,237,031	1,586,714,076	1,814,169,462	1,741,704,075	1,356,215,693	1,234,596,148	1,240,030,111	1,070,722,938	1,067,099,633	954,398,075	526,178,776	403,426,326	238,644,980	331,037,733	233,514,756	225,960,603	270,598,532	198,977,889
Net Income	42,238,633	32,842,417	34,836,494	35,421,759	30,975,912	47,945,905	5,566,361	73,203,633	113,551,011	-76,054,824	76,326,685	55,448,439	14,527,454	16,143,226	21,707,051	21,377,956	38,270,656	19,145,471	62,138,287	42,029,077	14,589,216	36,961,702	13,111,458	10,465,114	13,064,367	9,205,605
Net Income Margin	1.44%	0.82%	1.56%	3.03%	3.89%	1.73%	0.21%	2.38%	4.58%	-4.79%	4.21%	3.18%	1.07%	1.31%	1.75%	2.00%	3.59%	2.01%	11.81%	10.42%	6.11%	11.17%	5.61%	4.63%	4.83%	4.63%
Depreciation & Amortization	88,419,946	93,503,635	77,460,587	60,599,021	46,950,026	91,109,699	85,178,381	88,971,759	101,399,670	100,858,664	75,989,620	64,401,744	54,697,697	57,397,471	54,601,160	43,532,554	38,458,840	31,367,992	9,583,059	11,437,004	8,125,405	6,599,832	5,616,169	4,762,007	4,911,793	5,209,011
Depreciation & Amortization Margin	3.11%	3.95%	4.07%	3.76%	3.40%	3.28%	3.14%	2.90%	4.09%	6.36%	4.19%	3.70%	4.03%	4.65%	4.40%	4.07%	3.60%	3.29%	1.82%	2.83%	3.40%	1.99%	2.41%	2.11%	1.82%	2.62%
Deferred Income Tax	21,987,244	13,272,292	6,871,475	4,580,984	3,435,738	37,198,244	28,763,486	0	0	399,732	0	0	0	0	2,353,292	0	0	0	0	0	0	0	0	0	0	1,342,461
Deferred Income Tax Margin	0.80%	0.49%	0.26%	0.17%	0.13%	1.34%	1.06%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.67%
Stock-Based Compensation	2,983,167	1,789,538	899,080	605,086	453,814	3,396,000	0	5,553,501	0	-1,811	0	724	23,183	19,199	0	0	19,199	66,290	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.10%	0.06%	0.03%	0.02%	0.02%	0.12%	0.00%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	224,672,719	87,116,909	29,710,237	15,034,192	8,910,425	205,192,116	307,154,888	161,671,153	-219,404,602	-19,029,011	-19,928,452	-28,345,099	-37,269,244	-9,403,388	-43,535,996	21,593,670	18,203,647	-47,431,162	-21,293,916	-42,661,729	8,567,338	-41,108,625	-4,523,472	-592,625	-9,646,995	-1,206,259
Change in Working Capital Margin	8.00%	2.79%	0.42%	-0.78%	-1.31%	7.39%	11.34%	5.27%	-8.85%	-1.20%	-1.10%	-1.63%	-2.75%	-0.76%	-3.51%	2.02%	1.71%	-4.97%	-4.05%	-10.57%	3.59%	-12.42%	-1.94%	-0.26%	-3.57%	-0.61%
Accounts Receivable	32,495,524	-9,052,196	-14,144,892	-9,619,971	-6,675,857	39,707,300	143,573,100	-85,793,827	-116,022,031	-26,725,524	23,104,211	-24,817,968	-24,238,927	-22,528,249	-47,707,008	5,251,574	-8,102,222	0	0	0	5,846,191	0	0	4,936,244	0	-10,554,949
Accounts Receivable Margin	1.31%	-0.49%	-1.00%	-0.69%	-0.28%	1.43%	5.30%	-2.79%	-4.68%	-1.68%	1.27%	-1.42%	-1.79%	-1.82%	-3.85%	0.49%	-0.76%	0.00%	0.00%	0.00%	2.45%	0.00%	0.00%	2.18%	0.00%	-5.30%
Inventory	47,824,977	-26,413,382	-22,620,367	-18,727,748	-14,479,964	44,267,358	55,749,823	43,457,752	-257,848,952	-17,692,888	28,283,156	-26,217,120	-47,478,253	-13,940,082	-34,784,458	-12,124,173	-1,132,000	-8,380,241	-11,133,084	-21,943,050	8,085,921	-12,922,188	-9,132,795	3,574,765	1,711,222	-13,191,151
Inventory Margin	1.69%	-1.29%	-1.38%	-1.57%	-1.29%	1.59%	2.06%	1.42%	-10.40%	-1.12%	1.56%	-1.51%	-3.50%	-1.13%	-2.81%	-1.13%	-0.11%	-0.88%	-2.12%	-5.44%	3.39%	-3.90%	-3.91%	1.58%	0.63%	-6.63%
Accounts Payable	152,929,336	126,644,284	71,105,539	47,403,692	35,280,709	158,821,411	123,567,671	176,398,926	138,473,666	35,959,746	0	22,596,531	21,878,209	12,018,218	21,341,007	0	0	0	0	0	0	0	0	0	-5,441,207	5,537,201
Accounts Payable Margin	5.34%	4.78%	2.95%	1.97%	1.37%	5.72%	4.56%	5.75%	5.59%	2.27%	0.00%	1.30%	1.61%	0.97%	1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.01%	2.78%
Other Working Capital	-8,577,119	-4,061,797	-4,630,043	-4,021,782	-5,214,463	-37,603,953	-15,735,706	27,608,303	15,992,715	-10,570,344	-71,315,819	93,458	12,569,728	15,046,725	17,614,463	28,466,268	27,437,869	-39,050,921	-10,160,832	-20,718,679	-5,364,774	-28,186,438	4,609,323	-9,103,635	-5,917,009	17,002,640
Other Working Capital Margin	-0.35%	-0.21%	-0.14%	-0.49%	-1.12%	-1.35%	-0.58%	0.90%	0.65%	-0.67%	-3.93%	0.01%	0.93%	1.22%	1.42%	2.66%	2.57%	-4.09%	-1.93%	-5.14%	-2.25%	-8.51%	1.97%	-4.03%	-2.19%	8.54%
Other Non-Cash Items	-13,898,545	-10,168,584	-4,743,152	-1,502,282	-1,326,903	13,078,132	-65,637,526	10,863,759	-23,869,624	14,722,339	-13,268,308	19,832,278	22,971,993	-18,158,729	-7,965,839	-2,677,497	-5,033,868	9,241,467	27,344,230	-3,977,033	-12,133,591	907,955	3,048,431	1,456,567	2,716,800	1,133,811
Other Non-Cash Items Margin	-0.53%	-0.33%	-0.16%	0.19%	0.05%	0.47%	-2.42%	0.35%	-0.96%	0.93%	-0.73%	1.14%	1.69%	-1.47%	-0.64%	-0.25%	-0.47%	0.97%	5.20%	-0.99%	-5.08%	0.27%	1.31%	0.64%	1.00%	0.57%
Net Cash from Operating Activities	366,403,164	218,276,623	144,994,928	114,712,231	89,379,116	397,920,097	361,025,590	340,263,805	-28,323,546	20,497,169	119,119,545	111,338,086	54,951,084	45,997,779	27,159,668	83,826,683	89,918,473	12,390,057	77,771,660	6,827,318	19,148,369	3,360,863	17,252,586	16,091,063	11,045,965	15,684,630
Net Cash from Operating Activities Margin	12.91%	7.78%	6.18%	6.39%	6.17%	14.33%	13.33%	11.08%	-1.14%	1.29%	6.57%	6.39%	4.05%	3.73%	2.19%	7.83%	8.43%	1.30%	14.78%	1.69%	8.02%	1.02%	7.39%	7.12%	4.08%	7.88%
Capital Expenditures (PPE)	-95,245,574	-85,674,216	-74,279,214	-62,688,119	-52,674,795	-106,618,461	-91,135,056	-87,983,206	-85,184,358	-57,449,996	-83,146,034	-80,322,373	-40,829,700	-52,556,134	-57,566,819	-54,465,501	-44,913,775	-45,059,758	-35,753,088	-17,337,531	-52,762,611	-20,538,465	-12,385,891	-12,271,061	-15,216,072	-9,837,352
Capital Expenditures (PPE) Margin	-3.36%	-3.43%	-3.82%	-4.22%	-5.40%	-3.84%	-3.36%	-2.87%	-3.44%	-3.62%	-4.58%	-4.61%	-3.01%	-4.26%	-4.64%	-5.09%	-4.21%	-4.72%	-6.79%	-4.30%	-22.11%	-6.20%	-5.30%	-5.43%	-5.62%	-4.94%
Acquisitions (Net)	-2,809,171	-1,685,503	-1,582,464	-1,054,976	-791,232	-3,902,412	-4,525,102	0	0	0	-7,397,122	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	-0.10%	-0.06%	-0.07%	-0.05%	-0.04%	-0.14%	-0.17%	0.00%	0.00%	0.00%	-0.41%	0.00%	0.00%	0.00%	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	0	0	-1,103,637	-13,893,667	-10,420,250	0	0	0	0	0	-11,036,366	0	0	0	0	0	0	-197,368,637	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	-0.06%	-1.42%	-1.06%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-20.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	363,924	796,083	597,062	0	0	0	0	0	3,639,244	0	0	0	0	0	0	8,301,997	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.02%	0.07%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-1,063,597	-1,845,251	-1,123,125	-597,467	-689,415	-2,305,839	-364,595	-520,358	-2,666,449	-3,369,013	2,948,634	-4,938,961	-2,179,236	2,831,449	-666,884	2,490,762	-221,510	0	0	0	-3,781,423	-1,023,690	0	-21,191	0	0
Other Investing Activities Margin	-0.04%	-0.09%	-0.05%	-0.02%	-0.11%	-0.08%	-0.01%	-0.02%	-0.11%	-0.21%	0.16%	-0.28%	-0.16%	0.23%	-0.05%	0.23%	-0.02%	0.00%	0.00%	0.00%	-1.58%	-0.31%	0.00%	-0.01%	0.00%	0.00%
Net Cash from Investing Activities	-99,118,343	-89,204,969	-77,724,515	-77,438,146	-63,978,630	-112,826,712	-96,024,753	-88,503,564	-87,850,807	-60,819,009	-94,991,644	-85,261,334	-43,008,936	-49,724,685	-58,233,702	-51,974,739	-45,135,285	-234,126,398	-35,753,088	-17,337,531	-56,544,034	-21,562,155	-12,385,891	-12,292,252	-15,216,072	-9,837,352
Net Cash from Investing Activities Margin	-3.50%	-3.57%	-3.99%	-5.64%	-6.56%	-4.06%	-3.55%	-2.88%	-3.54%	-3.83%	-5.24%	-4.90%	-3.17%	-4.03%	-4.70%	-4.85%	-4.23%	-24.53%	-6.79%	-4.30%	-23.69%	-6.51%	-5.30%	-5.44%	-5.62%	-4.94%
Net Debt Issuance	25,144,286	64,199,288	26,555,307	37,444,290	32,732,532	-180,952,645	50,512,195	205,873,308	29,357,197	216,206,385	34,159,775	-20,211,905	-78,276,804	-6,022,783	14,908,349	-1,688,038	-15,567,445	278,998,516	19,505,537	14,862,707	59,675,961	11,885,819	10,749,472	7,901,541	2,773,491	5,250,488
Net Debt Issuance Margin	0.69%	3.37%	1.25%	3.17%	4.26%	-6.52%	1.86%	6.71%	1.18%	13.63%	1.88%	-1.16%	-5.77%	-0.49%	1.20%	-0.16%	-1.46%	29.23%	3.71%	3.68%	25.01%	3.59%	4.60%	3.50%	1.02%	2.64%
Long-Term Debt Issuance	27,114,268	26,850,279	7,880,803	24,994,620	23,395,279	-180,952,645	50,512,195	211,783,254	-163,297,792	216,206,385	34,159,775	-20,211,905	-78,276,804	-6,022,783	14,908,349	-1,688,038	-15,567,445	278,998,516	19,505,537	14,862,707	59,675,961	11,885,819	10,749,472	7,901,541	2,773,491	5,250,488
Long-Term Debt Issuance Margin	0.75%	1.86%	0.50%	2.66%	3.88%	-6.52%	1.86%	6.90%	-6.59%	13.63%	1.88%	-1.16%	-5.77%	-0.49%	1.20%	-0.16%	-1.46%	29.23%	3.71%	3.68%	25.01%	3.59%	4.60%	3.50%	1.02%	2.64%
Short-Term Debt Issuance	-1,969,982	37,349,009	18,674,504	12,449,670	9,337,252	0	0	-5,909,946	192,654,989	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.06%	1.52%	0.76%	0.51%	0.38%	0.00%	0.00%	-0.19%	7.77%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-2,020,031	-1,212,019	-297,490	-285,228	-213,921	-1,234,152	-2,552,162	-2,273,780	0	0	6,692,565	-2,380,279	-836,774	-390,314	0	0	0	-346,845	-956,676	0	0	0	0	0	0	0
Net Stock Issuance Margin	-0.07%	-0.04%	-0.01%	-0.02%	-0.01%	-0.04%	-0.09%	-0.07%	0.00%	0.00%	0.37%	-0.14%	-0.06%	-0.03%	0.00%	0.00%	0.00%	-0.04%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0	0	60,322,414	40,214,943	30,161,207	0	0	0	0	0	7,233,571	0	104,578,326	0	491,412,248	0	0	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	4.77%	3.18%	2.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.40%	0.00%	7.71%	0.00%	39.63%	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	-2,020,031	-1,212,019	-1,539,230	-1,113,055	-834,791	-1,234,152	-2,552,162	-2,273,780	0	0	-541,005	-2,380,279	-836,774	-390,314	-5,183,836	0	0	-346,845	-956,676	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-0.07%	-0.04%	-0.09%	-0.07%	-0.06%	-0.04%	-0.09%	-0.07%	0.00%	0.00%	-0.03%	-0.14%	-0.06%	-0.03%	-0.42%	0.00%	0.00%	-0.04%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	-10,457,833	-6,971,888	-5,228,916	0	0	0	0	0	0	0	-104,578,326	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	-0.77%	-0.51%	-0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.71%	0.00%	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	-19,273,945	-16,158,367	-11,790,242	-11,205,713	-9,955,976	-2,379,011	-19,061,250	-36,381,574	0	-22,970,001	-19,687,201	-6,564,876	-1,891,980	-3,782,691	-5,183,836	-14,326,411	-4,661,667	-15,666,699	-11,833,837	-3,694,667	-14,347,240	-4,820,328	-4,143,663	-5,141,091	-2,581,503	0
Net Dividends Paid Margin	-0.66%	-0.68%	-0.57%	-0.82%	-1.24%	-0.09%	-0.70%	-1.19%	0.00%	-1.45%	-1.09%	-0.38%	-0.14%	-0.31%	-0.42%	-1.34%	-0.44%	-1.64%	-2.25%	-0.92%	-6.01%	-1.46%	-1.77%	-2.28%	-0.95%	0.00%
Common Dividends Paid	-19,273,945	-16,158,367	-11,790,242	-11,205,713	-9,955,976	-2,379,011	-19,061,250	-36,381,574	0	-22,970,001	-19,687,201	-6,564,876	-1,891,980	-3,782,691	-5,183,836	-14,326,411	-4,661,667	-15,666,699	-11,833,837	-3,694,667	-14,347,240	-4,820,328	-4,143,663	-5,141,091	-2,581,503	0
Common Dividends Paid Margin	-0.66%	-0.68%	-0.57%	-0.82%	-1.24%	-0.09%	-0.70%	-1.19%	0.00%	-1.45%	-1.09%	-0.38%	-0.14%	-0.31%	-0.42%	-1.34%	-0.44%	-1.64%	-2.25%	-0.92%	-6.01%	-1.46%	-1.77%	-2.28%	-0.95%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%
Other Financing Activities	-184,343,574	-162,739,073	-79,868,414	-54,698,675	-41,256,908	-227,722,719	-151,218,175	-174,089,827	-242,986,970	-17,677,674	-21,453,121	-20,493,728	81,356,931	-14,069,945	-10,328,911	-10,482,139	-5,681,553	0	0	-5,632,289	-4,658,044	0	0	0	0	0
Other Financing Activities Margin	-6.48%	-6.07%	-2.87%	-2.11%	-1.68%	-8.20%	-5.58%	-5.67%	-9.80%	-1.11%	-1.18%	-1.18%	6.00%	-1.14%	-0.83%	-0.98%	-0.53%	0.00%	0.00%	-1.40%	-1.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-180,493,264	-115,910,171	-65,400,838	-28,745,326	-18,694,274	-412,288,527	-122,319,392	-6,871,874	-213,629,772	175,558,710	-287,981	-49,650,788	351,373	-24,265,733	-604,397	-26,496,588	-25,910,665	262,984,972	6,715,024	5,535,752	40,670,677	7,065,491	6,605,809	2,760,450	191,987	5,250,488
Net Cash from Financing Activities Margin	-6.53%	-3.43%	-2.20%	0.22%	1.33%	-14.85%	-4.52%	-0.22%	-8.62%	11.06%	-0.02%	-2.85%	0.03%	-1.97%	-0.05%	-2.47%	-2.43%	27.56%	1.28%	1.37%	17.04%	2.13%	2.83%	1.22%	0.07%	2.64%
Effect of FX on Cash	-3,756,429	10,072,554	8,462,542	6,749,582	5,044,437	36,836,004	-20,368,936	-27,736,355	23,120,149	38,511,908	5,000,542	13,353,796	7,943,380	-27,730,015	35,694,948	4,578,895	10,264,070	1,872,962	128,957	-226,581	-354,995	0	0	0	0	0
Effect of FX on Cash Margin	-0.11%	0.61%	0.53%	0.46%	0.33%	1.33%	-0.75%	-0.90%	0.93%	2.43%	0.28%	0.77%	0.59%	-2.25%	2.88%	0.43%	0.96%	0.20%	0.02%	-0.06%	-0.15%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	83,035,128	65,831,252	31,630,724	29,418,464	22,355,741	-90,359,138	122,312,509	217,152,013	-93,697,904	173,748,778	28,840,462	-10,220,239	20,236,900	-55,722,655	4,016,517	9,934,251	29,136,593	43,121,593	42,354,006	423,277	2,920,017	-11,135,801	11,472,503	6,559,261	-3,978,120	0
Net Change in Cash Margin	2.78%	3.10%	1.38%	2.01%	1.72%	-3.25%	4.52%	7.07%	-3.78%	10.95%	1.59%	-0.59%	1.49%	-4.51%	0.32%	0.93%	2.73%	4.52%	8.05%	0.10%	1.22%	-3.36%	4.91%	2.90%	-1.47%	0.00%
Cash at Beginning of Period	382,618,053	311,131,921	208,419,801	157,539,239	121,819,972	536,543,730	414,231,220	197,079,208	290,777,112	117,028,333	88,187,871	98,408,111	78,171,211	133,893,866	129,877,348	119,943,098	90,806,504	47,685,092	10,439,576	10,016,298	7,096,282	27,443,121	15,970,618	9,411,357	13,389,477	0
Cash at Beginning of Period Margin	13.68%	12.03%	9.77%	8.46%	7.71%	19.32%	15.29%	6.42%	11.73%	7.38%	4.86%	5.65%	5.76%	10.85%	10.47%	11.20%	8.51%	5.00%	1.98%	2.48%	2.97%	8.29%	6.84%	4.17%	4.95%	0.00%
Cash at End of Period	465,653,181	376,963,172	240,050,525	186,957,703	144,175,713	446,184,592	536,543,730	414,231,220	197,079,208	290,777,112	117,028,333	88,187,871	98,408,111	78,171,211	133,893,866	129,877,348	119,943,098	90,806,685	52,793,582	10,439,576	10,016,298	16,307,320	27,443,121	15,970,618	9,411,357	5,699,122
Cash at End of Period Margin	16.46%	15.13%	11.15%	10.47%	9.42%	16.07%	19.81%	13.49%	7.95%	18.33%	6.45%	5.06%	7.26%	6.33%	10.80%	12.13%	11.24%	9.51%	10.03%	2.59%	4.20%	4.93%	11.75%	7.07%	3.48%	2.86%
Operating Cash Flow	366,403,164	260,873,837	166,704,261	129,185,120	100,233,782	397,920,097	361,025,590	340,263,805	184,662,526	20,497,169	119,119,545	111,338,086	54,951,084	50,105,037	27,159,668	83,826,683	89,918,473	12,390,057	77,771,660	6,827,318	19,148,369	3,360,863	17,252,586	16,091,063	11,045,965	15,684,630
Operating Cash Flow Margin	12.91%	9.50%	7.07%	6.98%	6.62%	14.33%	13.33%	11.08%	7.45%	1.29%	6.57%	6.39%	4.05%	4.06%	2.19%	7.83%	8.43%	1.30%	14.78%	1.69%	8.02%	1.02%	7.39%	7.12%	4.08%	7.88%
Capital Expenditure	-95,675,916	-86,606,223	-76,027,982	-63,862,791	-53,742,452	-107,024,532	-91,499,651	-88,503,564	-85,184,358	-60,819,009	-87,594,522	-85,261,334	-43,008,936	-53,150,207	-58,233,702	-54,773,043	-45,135,285	-44,808,545	-35,753,088	-17,192,092	-56,495,675	-20,538,465	-12,385,891	-12,271,061	-15,216,072	-9,837,352
Capital Expenditure Margin	-3.37%	-3.48%	-3.93%	-4.29%	-5.53%	-3.85%	-3.38%	-2.88%	-3.44%	-3.83%	-4.83%	-4.90%	-3.17%	-4.31%	-4.70%	-5.12%	-4.23%	-4.69%	-6.79%	-4.26%	-23.67%	-6.20%	-5.30%	-5.43%	-5.62%	-4.94%
Free Cash Flow	270,727,248	173,734,325	90,409,634	65,118,122	46,335,758	290,895,564	269,525,940	251,760,241	96,811,719	-40,321,840	31,525,023	26,076,752	11,942,147	-3,045,171	-31,074,034	29,053,640	44,783,188	-32,669,701	42,018,572	-10,510,212	-37,395,665	-17,177,602	4,866,694	3,820,002	-4,170,107	5,847,278
Free Cash Flow Margin	9.54%	6.00%	3.14%	2.68%	1.08%	10.48%	9.95%	8.20%	3.90%	-2.54%	1.74%	1.50%	0.88%	-0.25%	-2.51%	2.71%	4.20%	-3.42%	7.99%	-2.61%	-15.67%	-5.19%	2.08%	1.69%	-1.54%	2.94%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	2,851,728,483	2,524,227,311	2,000,785,205	1,601,978,520	1,266,471,720	2,776,897,971	2,708,689,446	3,069,598,033	2,479,237,031	1,586,714,076	1,814,169,462	1,741,704,075	1,356,215,693	1,234,596,148	1,240,030,111	1,070,722,938	1,067,099,633	954,398,075	526,178,776	403,426,326	238,644,980	331,037,733	233,514,756	225,960,603	270,598,532	198,977,889
EBITDA	281,838,236	248,686,200	203,087,175	165,861,775	132,830,121	302,971,559	244,123,316	298,419,832	335,653,757	62,262,536	198,302,673	184,680,095	128,646,457	140,514,707	135,296,821	115,693,117	117,244,953	84,166,645	82,571,521	57,378,635	35,222,406	48,557,185	28,441,092	24,858,720	31,596,384	24,311,375
EBITDA Margin	9.88%	9.42%	10.04%	10.73%	11.26%	10.91%	9.01%	9.72%	13.54%	3.92%	10.93%	10.60%	9.49%	11.38%	10.91%	10.81%	10.99%	8.82%	15.69%	14.22%	14.76%	14.67%	12.18%	11.00%	11.68%	12.22%
(-) Tax Adjustment	119,704,220	95,035,143	69,591,307	53,691,457	42,342,531	106,281,688	146,463,845	106,367,126	115,734,087	328,971	33,263,558	67,057,062	59,555,450	47,628,183	13,233,101	31,004,231	14,292,936	18,577,395	28,795,265	16,788,958	11,114,189	-2,384,399	10,755,407	9,371,318	12,622,258	7,506,962
(-) Tax Adjustment Margin	4.23%	3.48%	3.24%	3.21%	3.28%	3.83%	5.41%	3.47%	4.67%	0.02%	1.83%	3.85%	4.39%	3.86%	1.07%	2.90%	1.34%	1.95%	5.47%	4.16%	4.66%	-0.72%	4.61%	4.15%	4.66%	3.77%
(-) Change In Working Capital	224,672,719	87,116,909	29,710,237	15,034,192	8,910,425	205,192,116	307,154,888	161,671,153	-219,404,602	-19,029,011	-19,928,452	-28,345,099	-37,269,244	-9,403,388	-43,535,996	21,593,670	18,203,647	-47,431,162	-21,293,916	-42,661,729	8,567,338	-41,108,625	-4,523,472	-592,625	-9,646,995	-1,206,259
(-) Change In Working Capital Margin	8.00%	2.79%	0.42%	-0.78%	-1.31%	7.39%	11.34%	5.27%	-8.85%	-1.20%	-1.10%	-1.63%	-2.75%	-0.76%	-3.51%	2.02%	1.71%	-4.97%	-4.05%	-10.57%	3.59%	-12.42%	-1.94%	-0.26%	-3.57%	-0.61%
(-) Capital Expenditure	-95,675,916	-86,606,223	-76,027,982	-63,862,791	-53,742,452	-107,024,532	-91,499,651	-88,503,564	-85,184,358	-60,819,009	-87,594,522	-85,261,334	-43,008,936	-53,150,207	-58,233,702	-54,773,043	-45,135,285	-44,808,545	-35,753,088	-17,192,092	-56,495,675	-20,538,465	-12,385,891	-12,271,061	-15,216,072	-9,837,352
(-) Capital Expenditure Margin	-3.37%	-3.48%	-3.93%	-4.29%	-5.53%	-3.85%	-3.38%	-2.88%	-3.44%	-3.83%	-4.83%	-4.90%	-3.17%	-4.31%	-4.70%	-5.12%	-4.23%	-4.69%	-6.79%	-4.26%	-23.67%	-6.20%	-5.30%	-5.43%	-5.62%	-4.94%
Unlevered Free Cash Flow	-158,214,618	-20,072,075	27,757,650	33,273,335	27,834,713	-115,526,777	-300,995,067	-58,122,011	354,139,914	20,143,566	97,373,046	60,706,797	63,351,314	49,139,705	107,366,013	8,322,173	39,613,085	68,211,867	39,317,084	66,059,314	-40,954,795	71,511,745	9,823,267	3,808,965	13,405,048	8,173,320
Unlevered Free Cash Flow Margin	-5.72%	-0.32%	2.46%	4.00%	3.77%	-4.16%	-11.11%	-1.89%	14.28%	1.27%	5.37%	3.49%	4.67%	3.98%	8.66%	0.78%	3.71%	7.15%	7.47%	16.37%	-17.16%	21.60%	4.21%	1.69%	4.95%	4.11%
(-) Net Interest Income After Taxes	-56,423,675	-51,078,326	-42,628,902	-34,678,557	-26,661,601	-67,585,845	-33,734,206	-67,950,973	-43,646,628	-42,473,976	-25,788,676	-25,388,384	-23,196,477	-42,497,252	-54,026,605	-35,389,908	-32,837,045	-20,383,294	-1,498,654	-3,780,438	-1,607,380	-5,240,963	-1,818,136	-1,693,176	-2,694,010	-4,078,539
(-) Net Interest Income After Taxes Margin	-1.96%	-2.07%	-2.27%	-2.16%	-1.86%	-2.43%	-1.25%	-2.21%	-1.76%	-2.68%	-1.42%	-1.46%	-1.71%	-3.44%	-4.36%	-3.31%	-3.08%	-2.14%	-0.28%	-0.94%	-0.67%	-1.58%	-0.78%	-0.75%	-1.00%	-2.05%
Net Debt Issuance	25,144,286	64,199,288	26,555,307	37,444,290	32,732,532	-180,952,645	50,512,195	205,873,308	29,357,197	216,206,385	34,159,775	-20,211,905	-78,276,804	-6,022,783	14,908,349	-1,688,038	-15,567,445	278,998,516	19,505,537	14,862,707	59,675,961	11,885,819	10,749,472	7,901,541	2,773,491	5,250,488
Net Debt Issuance Margin	0.69%	3.37%	1.25%	3.17%	4.26%	-6.52%	1.86%	6.71%	1.18%	13.63%	1.88%	-1.16%	-5.77%	-0.49%	1.20%	-0.16%	-1.46%	29.23%	3.71%	3.68%	25.01%	3.59%	4.60%	3.50%	1.02%	2.64%
Levered Free Cash Flow	-76,646,658	95,205,539	96,941,860	105,396,182	87,228,846	-228,893,577	-216,748,666	215,702,270	427,143,740	278,823,927	157,321,497	65,883,276	8,270,987	85,614,174	176,300,968	42,024,043	56,882,685	367,593,677	60,321,276	84,702,460	20,328,545	88,638,527	22,390,874	13,403,683	18,872,549	17,502,347
Levered Free Cash Flow Margin	-3.07%	5.12%	5.98%	9.34%	9.89%	-8.24%	-8.00%	7.03%	17.23%	17.57%	8.67%	3.78%	0.61%	6.93%	14.22%	3.92%	5.33%	38.52%	11.46%	21.00%	8.52%	26.78%	9.59%	5.93%	6.97%	8.80%