Franklin Financial Services Corporation (FRAF)

Analysis: Margins & Ratios Industry: Banks - Regional Sector: Financial Services Live Price: $53.15

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	91,493,000	79,678,800	66,320,900	60,383,800	57,939,150	53,243,320	47,723,600	125,591,000	112,301,000	113,830,000	90,378,000	70,271,000	63,980,000	59,935,000	63,036,000	56,498,000	51,115,000	47,729,000	46,437,000	45,195,000	45,369,000	47,963,000	51,659,000	52,362,000	52,637,000	54,930,000	59,594,000	49,159,000	36,706,000	31,902,000	32,624,000	33,291,000	36,986,000	37,497,000	33,909,000	18,870,000	17,467,000	15,467,000	14,912,000
Cost of Revenue	25,760,667	17,337,400	12,104,200	11,783,667	13,483,900	13,561,680	13,514,267	49,169,000	42,065,000	45,920,000	25,849,000	5,513,000	802,000	8,603,000	7,350,000	14,168,000	3,161,000	6,020,000	3,656,000	3,944,000	7,298,000	12,115,000	16,678,000	15,678,000	18,112,000	17,230,000	24,786,000	20,196,000	12,599,000	9,699,000	10,752,000	12,991,000	17,253,000	18,669,000	15,807,000	14,212,000	13,161,000	11,694,000	11,512,000
Cost of Revenue Margin	25.60%	18.48%	15.58%	17.87%	22.54%	25.99%	33.33%	39.15%	37.46%	40.34%	28.60%	7.85%	1.25%	14.35%	11.66%	25.08%	6.18%	12.61%	7.87%	8.73%	16.09%	25.26%	32.28%	29.94%	34.41%	31.37%	41.59%	41.08%	34.32%	30.40%	32.96%	39.02%	46.65%	49.79%	46.62%	75.32%	75.35%	75.61%	77.20%
Gross Profit	65,732,333	62,341,400	54,216,700	48,600,133	44,455,250	39,681,640	34,209,333	76,422,000	70,236,000	67,910,000	64,529,000	64,758,000	63,178,000	51,332,000	55,686,000	42,330,000	47,954,000	41,709,000	42,781,000	41,251,000	38,071,000	35,848,000	34,981,000	36,684,000	34,525,000	37,700,000	34,808,000	28,963,000	24,107,000	22,203,000	21,872,000	20,300,000	19,733,000	18,828,000	18,102,000	4,658,000	4,306,000	3,773,000	3,400,000
Gross Profit Margin	74.40%	81.52%	84.42%	82.13%	77.46%	74.01%	66.67%	60.85%	62.54%	59.66%	71.40%	92.15%	98.75%	85.65%	88.34%	74.92%	93.82%	87.39%	92.13%	91.27%	83.91%	74.74%	67.72%	70.06%	65.59%	68.63%	58.41%	58.92%	65.68%	69.60%	67.04%	60.98%	53.35%	50.21%	53.38%	24.68%	24.65%	24.39%	22.80%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	32,944,333	30,097,400	25,537,200	23,098,867	20,610,800	18,078,200	16,113,667	38,484,000	35,351,000	36,353,000	31,735,000	30,745,000	27,048,000	24,606,000	24,003,000	22,204,000	20,298,000	19,426,000	18,954,000	19,312,000	18,953,000	19,120,000	17,614,000	16,112,000	16,874,000	15,408,000	12,825,000	10,904,000	9,722,000	9,192,000	8,210,000	7,673,000	7,296,000	7,368,000	6,900,000	5,615,000	6,434,000	6,406,000	6,100,000
SG&A Expenses Margin	36.93%	38.83%	39.27%	38.80%	35.61%	33.15%	33.26%	30.64%	31.48%	31.94%	35.11%	43.75%	42.28%	41.05%	38.08%	39.30%	39.71%	40.70%	40.82%	42.73%	41.78%	39.86%	34.10%	30.77%	32.06%	28.05%	21.52%	22.18%	26.49%	28.81%	25.17%	23.05%	19.73%	19.65%	20.35%	29.76%	36.84%	41.42%	40.91%
Operating Expenses	50,211,333	45,814,400	40,697,200	36,831,067	33,148,350	29,308,760	24,582,000	57,086,000	53,400,000	54,595,000	48,776,000	47,263,000	40,164,000	38,274,000	36,691,000	36,370,000	42,213,000	32,320,000	30,306,000	30,843,000	30,544,000	29,971,000	28,001,000	26,135,000	25,929,000	25,425,000	22,793,000	19,296,000	17,058,000	15,996,000	14,659,000	13,531,000	12,851,000	12,715,000	11,802,000	-1,651,000	-1,447,000	-1,733,000	-2,230,000
Operating Expenses Margin	56.40%	59.16%	63.40%	62.41%	57.78%	54.40%	45.05%	45.45%	47.55%	47.96%	53.97%	67.26%	62.78%	63.86%	58.21%	64.37%	82.58%	67.72%	65.26%	68.24%	67.32%	62.49%	54.20%	49.91%	49.26%	46.29%	38.25%	39.25%	46.47%	50.14%	44.93%	40.64%	34.75%	33.91%	34.80%	-8.75%	-8.28%	-11.20%	-14.95%
Operating Income (EBIT)	15,521,000	16,527,000	13,519,500	11,769,067	11,306,900	10,372,880	9,627,333	19,336,000	16,836,000	13,315,000	15,753,000	17,495,000	23,014,000	13,058,000	18,995,000	5,960,000	5,741,000	9,389,000	12,475,000	10,408,000	7,527,000	5,877,000	6,980,000	10,549,000	8,596,000	12,275,000	12,015,000	9,667,000	7,049,000	6,207,000	7,213,000	6,769,000	6,882,000	6,113,000	6,300,000	6,309,000	5,753,000	5,506,000	5,630,000
Operating Income (EBIT) Margin	18.01%	22.36%	21.02%	19.72%	19.67%	19.61%	21.62%	15.40%	14.99%	11.70%	17.43%	24.90%	35.97%	21.79%	30.13%	10.55%	11.23%	19.67%	26.86%	23.03%	16.59%	12.25%	13.51%	20.15%	16.33%	22.35%	20.16%	19.66%	19.20%	19.46%	22.11%	20.33%	18.61%	16.30%	18.58%	33.43%	32.94%	35.60%	37.75%
Interest Income	77,964,333	65,474,400	53,279,400	48,496,867	46,851,700	43,114,280	40,360,167	111,395,000	95,606,000	100,759,000	76,706,000	56,428,000	47,555,000	45,924,000	49,209,000	44,844,000	39,859,000	36,962,000	34,548,000	34,694,000	35,962,000	39,062,000	41,709,000	43,232,000	43,607,000	45,874,000	49,487,000	40,902,000	29,711,000	24,809,000	24,884,000	27,388,000	31,296,000	32,446,000	29,407,000	27,463,000	26,308,000	24,799,000	24,971,000
Interest Income Margin	84.56%	80.93%	79.19%	79.51%	80.31%	80.55%	90.81%	88.70%	85.13%	88.52%	84.87%	80.30%	74.33%	76.62%	78.06%	79.37%	77.98%	77.44%	74.40%	76.77%	79.27%	81.44%	80.74%	82.56%	82.84%	83.51%	83.04%	83.20%	80.94%	77.77%	76.28%	82.27%	84.62%	86.53%	86.72%	145.54%	150.62%	160.33%	167.46%
Interest Expense	23,975,000	15,761,000	9,723,900	8,885,600	10,996,000	11,331,440	11,532,200	46,057,000	39,794,000	43,937,000	23,125,000	4,863,000	2,902,000	3,978,000	7,113,000	4,214,000	2,491,000	2,245,000	2,371,000	3,180,000	4,378,000	6,890,000	9,154,000	12,443,000	14,674,000	16,037,000	23,796,000	19,956,000	12,173,000	8,819,000	9,057,000	11,801,000	15,773,000	17,916,000	15,007,000	13,151,000	12,225,000	11,087,000	11,210,000
Interest Expense Margin	23.70%	16.46%	11.57%	12.55%	17.95%	21.61%	29.04%	36.67%	35.44%	38.60%	25.59%	6.92%	4.54%	6.64%	11.28%	7.46%	4.87%	4.70%	5.11%	7.04%	9.65%	14.37%	17.72%	23.76%	27.88%	29.20%	39.93%	40.59%	33.16%	27.64%	27.76%	35.45%	42.65%	47.78%	44.26%	69.69%	69.99%	71.68%	75.17%
Net Interest Income	53,989,333	49,713,400	43,555,500	39,611,267	35,855,700	31,782,840	28,827,967	65,338,000	55,812,000	56,822,000	53,581,000	51,565,000	44,653,000	41,946,000	42,096,000	40,630,000	37,368,000	34,717,000	32,177,000	31,514,000	31,584,000	32,172,000	32,555,000	30,789,000	28,933,000	29,837,000	25,691,000	20,946,000	17,538,000	15,990,000	15,827,000	15,587,000	15,523,000	14,530,000	14,400,000	14,312,000	14,083,000	13,712,000	13,761,000
Net Interest Income Margin	60.86%	64.47%	67.62%	66.96%	62.36%	58.94%	61.78%	52.02%	49.70%	49.92%	59.29%	73.38%	69.79%	69.99%	66.78%	71.91%	73.11%	72.74%	69.29%	69.73%	69.62%	67.08%	63.02%	58.80%	54.97%	54.32%	43.11%	42.61%	47.78%	50.12%	48.51%	46.82%	41.97%	38.75%	42.47%	75.85%	80.63%	88.65%	92.28%
Unusual Items	-53,989,333	-49,713,400	-43,555,500	-39,611,267	-35,855,700	-31,782,840	-28,827,967	-65,338,000	-55,812,000	-56,822,000	-53,581,000	-51,565,000	-44,653,000	-41,946,000	-42,096,000	-40,630,000	-37,368,000	-34,717,000	-32,177,000	-31,514,000	-31,584,000	-32,172,000	-32,555,000	-30,789,000	-28,933,000	-29,837,000	-25,691,000	-20,946,000	-17,538,000	-15,990,000	-15,827,000	-15,587,000	-15,523,000	-14,530,000	-14,400,000	-14,312,000	-14,083,000	-13,712,000	-13,761,000
Unusual Items Margin	-60.86%	-64.47%	-67.62%	-66.96%	-62.36%	-58.94%	-61.78%	-52.02%	-49.70%	-49.92%	-59.29%	-73.38%	-69.79%	-69.99%	-66.78%	-71.91%	-73.11%	-72.74%	-69.29%	-69.73%	-69.62%	-67.08%	-63.02%	-58.80%	-54.97%	-54.32%	-43.11%	-42.61%	-47.78%	-50.12%	-48.51%	-46.82%	-41.97%	-38.75%	-42.47%	-75.85%	-80.63%	-88.65%	-92.28%
EBT Excluding Unusual Items	69,510,333	66,240,400	57,075,000	51,380,333	47,162,600	42,155,720	38,455,300	84,674,000	72,648,000	70,137,000	69,334,000	69,060,000	67,667,000	55,004,000	61,091,000	46,590,000	43,109,000	44,106,000	44,652,000	41,922,000	39,111,000	38,049,000	39,535,000	41,338,000	37,529,000	42,112,000	37,706,000	30,613,000	24,587,000	22,197,000	23,040,000	22,356,000	22,405,000	20,643,000	20,700,000	20,621,000	19,836,000	19,218,000	19,391,000
EBT Excluding Unusual Items Margin	78.87%	86.83%	88.64%	86.68%	82.03%	78.55%	83.39%	67.42%	64.69%	61.62%	76.72%	98.28%	105.76%	91.77%	96.91%	82.46%	84.34%	92.41%	96.16%	92.76%	86.21%	79.33%	76.53%	78.95%	71.30%	76.66%	63.27%	62.27%	66.98%	69.58%	70.62%	67.15%	60.58%	55.05%	61.05%	109.28%	113.56%	124.25%	130.04%
Pre-Tax Income	15,521,000	16,527,000	13,519,500	11,769,067	11,306,900	10,372,880	9,627,333	19,336,000	16,836,000	13,315,000	15,753,000	17,495,000	23,014,000	13,058,000	18,995,000	5,960,000	5,741,000	9,389,000	12,475,000	10,408,000	7,527,000	5,877,000	6,980,000	10,549,000	8,596,000	12,275,000	12,015,000	9,667,000	7,049,000	6,207,000	7,213,000	6,769,000	6,882,000	6,113,000	6,300,000	6,309,000	5,753,000	5,506,000	5,630,000
Pre-Tax Income Margin	18.01%	22.36%	21.02%	19.72%	19.67%	19.61%	21.62%	15.40%	14.99%	11.70%	17.43%	24.90%	35.97%	21.79%	30.13%	10.55%	11.23%	19.67%	26.86%	23.03%	16.59%	12.25%	13.51%	20.15%	16.33%	22.35%	20.16%	19.66%	19.20%	19.46%	22.11%	20.33%	18.61%	16.30%	18.58%	33.43%	32.94%	35.60%	37.75%
Income Tax Expense	2,309,333	2,116,800	2,043,700	1,839,867	1,954,100	1,802,400	1,732,800	3,665,000	2,753,000	2,216,000	2,155,000	2,557,000	3,398,000	258,000	2,880,000	-165,000	3,565,000	1,302,000	2,271,000	2,006,000	1,295,000	512,000	411,000	2,937,000	2,011,000	3,680,000	2,759,000	2,097,000	937,000	1,015,000	1,373,000	1,196,000	1,288,000	1,106,000	1,200,000	1,504,000	1,390,000	1,379,000	1,451,000
Income Tax Expense Margin	2.66%	2.74%	3.26%	3.16%	3.47%	3.47%	4.16%	2.92%	2.45%	1.95%	2.38%	3.64%	5.31%	0.43%	4.57%	-0.29%	6.97%	2.73%	4.89%	4.44%	2.85%	1.07%	0.80%	5.61%	3.82%	6.70%	4.63%	4.27%	2.55%	3.18%	4.21%	3.59%	3.48%	2.95%	3.54%	7.97%	7.96%	8.92%	9.73%
Net Income	13,211,667	14,410,200	11,475,800	9,929,200	9,352,800	8,570,480	7,894,533	15,671,000	14,083,000	11,099,000	13,598,000	14,938,000	19,616,000	12,800,000	16,115,000	6,125,000	2,176,000	8,087,000	10,204,000	8,402,000	6,232,000	5,365,000	6,569,000	7,612,000	6,585,000	8,595,000	9,256,000	7,570,000	6,112,000	5,192,000	5,840,000	5,573,000	5,594,000	5,007,000	5,100,000	4,805,000	4,363,000	4,127,000	4,179,000
Net Income Margin	15.35%	19.61%	17.77%	16.56%	16.21%	16.14%	17.46%	12.48%	12.54%	9.75%	15.05%	21.26%	30.66%	21.36%	25.56%	10.84%	4.26%	16.94%	21.97%	18.59%	13.74%	11.19%	12.72%	14.54%	12.51%	15.65%	15.53%	15.40%	16.65%	16.27%	17.90%	16.74%	15.12%	13.35%	15.04%	25.46%	24.98%	26.68%	28.02%
Depreciation and Amortization	1,847,667	1,615,000	1,509,800	1,668,267	1,708,300	1,668,560	1,520,600	2,131,000	2,077,000	2,090,000	2,016,000	1,437,000	1,202,000	1,330,000	1,370,000	1,330,000	1,380,000	1,400,000	1,543,000	1,980,000	1,963,000	1,973,000	2,088,000	1,922,000	2,044,000	2,477,000	1,488,000	1,503,000	1,630,000	1,911,000	2,060,000	1,650,000	989,000	938,000	1,000,000	761,000	775,000	741,000	627,000
Depreciation and Amortization Margin	2.04%	2.04%	2.37%	2.95%	3.13%	3.40%	3.52%	1.70%	1.85%	1.84%	2.23%	2.04%	1.88%	2.22%	2.17%	2.35%	2.70%	2.93%	3.32%	4.38%	4.33%	4.11%	4.04%	3.67%	3.88%	4.51%	2.50%	3.06%	4.44%	5.99%	6.31%	4.96%	2.67%	2.50%	2.95%	4.03%	4.44%	4.79%	4.20%
EBITDA	17,368,667	18,142,000	15,029,300	13,437,333	13,015,200	12,041,440	11,147,933	21,467,000	18,913,000	15,405,000	17,769,000	18,932,000	24,216,000	14,388,000	20,365,000	7,290,000	7,121,000	10,789,000	14,018,000	12,388,000	9,490,000	7,850,000	9,068,000	12,471,000	10,640,000	14,752,000	13,503,000	11,170,000	8,679,000	8,118,000	9,273,000	8,419,000	7,871,000	7,051,000	7,300,000	7,070,000	6,528,000	6,247,000	6,257,000
EBITDA Margin	20.05%	24.40%	23.39%	22.67%	22.80%	23.01%	25.13%	17.09%	16.84%	13.53%	19.66%	26.94%	37.85%	24.01%	32.31%	12.90%	13.93%	22.60%	30.19%	27.41%	20.92%	16.37%	17.55%	23.82%	20.21%	26.86%	22.66%	22.72%	23.64%	25.45%	28.42%	25.29%	21.28%	18.80%	21.53%	37.47%	37.37%	40.39%	41.96%
NOPAT	13,211,667	14,410,200	11,475,800	9,929,200	9,352,800	8,570,480	7,894,533	15,671,000	14,083,000	11,099,000	13,598,000	14,938,000	19,616,000	12,800,000	16,115,000	6,125,000	2,176,000	8,087,000	10,204,000	8,402,000	6,232,000	5,365,000	6,569,000	7,612,000	6,585,000	8,595,000	9,256,000	7,570,000	6,112,000	5,192,000	5,840,000	5,573,000	5,594,000	5,007,000	5,100,000	4,805,000	4,363,000	4,127,000	4,179,000
NOPAT Margin	15.35%	19.61%	17.77%	16.56%	16.21%	16.14%	17.46%	12.48%	12.54%	9.75%	15.05%	21.26%	30.66%	21.36%	25.56%	10.84%	4.26%	16.94%	21.97%	18.59%	13.74%	11.19%	12.72%	14.54%	12.51%	15.65%	15.53%	15.40%	16.65%	16.27%	17.90%	16.74%	15.12%	13.35%	15.04%	25.46%	24.98%	26.68%	28.02%
Owner's Earnings	9,964,667	11,110,200	9,972,600	9,186,600	8,818,800	8,098,680	7,608,167	16,537,000	13,956,000	10,622,000	15,115,000	4,157,000	12,011,000	13,646,000	15,831,000	6,293,000	2,437,000	8,908,000	10,706,000	10,037,000	7,668,000	5,041,000	7,915,000	7,412,000	7,108,000	8,501,000	8,667,000	7,026,000	7,275,000	6,121,000	6,954,000	5,980,000	3,568,000	3,468,000	5,400,000	5,566,000	5,138,000	4,868,000	4,806,000
Owner's Earnings Margin	10.66%	14.70%	15.63%	15.69%	15.65%	15.61%	17.63%	13.17%	12.43%	9.33%	16.72%	5.92%	18.77%	22.77%	25.11%	11.14%	4.77%	18.66%	23.05%	22.21%	16.90%	10.51%	15.32%	14.16%	13.50%	15.48%	14.54%	14.29%	19.82%	19.19%	21.32%	17.96%	9.65%	9.25%	15.92%	29.50%	29.42%	31.47%	32.23%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	91,493,000	79,678,800	66,320,900	60,383,800	57,939,150	53,243,320	47,723,600	113,830,000	90,378,000	70,271,000	63,980,000	59,935,000	63,036,000	56,498,000	51,115,000	47,729,000	46,437,000	45,195,000	45,369,000	47,963,000	51,659,000	52,362,000	52,637,000	54,930,000	59,594,000	49,159,000	36,706,000	31,902,000	32,624,000	33,291,000	36,986,000	37,497,000	33,909,000	18,870,000	17,467,000	15,467,000	14,912,000
Cash & Cash Equivalents	104,451,667	113,776,600	84,884,800	71,484,667	59,160,400	50,316,480	44,229,767	205,112,000	29,369,000	78,874,000	185,641,000	69,887,000	92,574,000	52,957,000	58,603,000	36,665,000	39,166,000	48,593,000	40,745,000	77,834,000	34,144,000	22,106,000	33,248,000	16,713,000	18,091,000	22,148,000	20,738,000	10,209,000	15,616,000	14,572,000	16,539,000	17,768,000	15,200,000	24,409,000	10,863,000	10,265,000	8,244,000
Cash & Cash Equivalents Margin	108.31%	146.34%	124.81%	114.40%	97.08%	86.29%	83.84%	180.19%	32.50%	112.24%	290.15%	116.60%	146.86%	93.73%	114.65%	76.82%	84.34%	107.52%	89.81%	162.28%	66.09%	42.22%	63.16%	30.43%	30.36%	45.05%	56.50%	32.00%	47.87%	43.77%	44.72%	47.39%	44.83%	129.35%	62.19%	66.37%	55.28%
Short-Term Investments	426,110,000	441,016,200	295,430,500	236,290,600	177,217,950	141,774,360	118,145,300	318,991,000	472,503,000	486,836,000	529,811,000	396,940,000	187,433,000	131,472,000	126,971,000	143,875,000	159,473,000	171,751,000	159,674,000	133,328,000	125,301,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	498.61%	597.24%	440.95%	377.47%	283.10%	226.48%	188.73%	280.23%	522.81%	692.80%	828.09%	662.28%	297.34%	232.70%	248.40%	301.44%	343.42%	380.02%	351.95%	277.98%	242.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	530,561,667	554,792,800	380,315,300	307,775,267	236,378,350	192,090,840	162,375,067	524,103,000	501,872,000	565,710,000	715,452,000	466,827,000	280,007,000	184,429,000	185,574,000	180,540,000	198,639,000	220,344,000	200,419,000	211,162,000	159,445,000	22,106,000	33,248,000	16,713,000	18,091,000	22,148,000	20,738,000	10,209,000	15,616,000	14,572,000	16,539,000	17,768,000	15,200,000	24,409,000	10,863,000	10,265,000	8,244,000
Cash & Short-Term Investments Margin	606.92%	743.58%	565.76%	491.87%	380.18%	312.77%	272.58%	460.43%	555.30%	805.04%	1,118.24%	778.89%	444.20%	326.43%	363.05%	378.26%	427.76%	487.54%	441.75%	440.26%	308.65%	42.22%	63.16%	30.43%	30.36%	45.05%	56.50%	32.00%	47.87%	43.77%	44.72%	47.39%	44.83%	129.35%	62.19%	66.37%	55.28%
Net Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	530,561,667	554,792,800	380,315,300	307,775,267	236,378,350	192,090,840	162,375,067	524,103,000	501,872,000	565,710,000	715,452,000	466,827,000	280,007,000	184,429,000	185,574,000	180,540,000	198,639,000	220,344,000	200,419,000	211,162,000	159,445,000	22,106,000	33,248,000	16,713,000	18,091,000	22,148,000	20,738,000	10,209,000	15,616,000	14,572,000	16,539,000	17,768,000	15,200,000	24,409,000	10,863,000	10,265,000	8,244,000
Total Current Assets Margin	606.92%	743.58%	565.76%	491.87%	380.18%	312.77%	272.58%	460.43%	555.30%	805.04%	1,118.24%	778.89%	444.20%	326.43%	363.05%	378.26%	427.76%	487.54%	441.75%	440.26%	308.65%	42.22%	63.16%	30.43%	30.36%	45.05%	56.50%	32.00%	47.87%	43.77%	44.72%	47.39%	44.83%	129.35%	62.19%	66.37%	55.28%
Property, Plant & Equipment	34,134,667	28,946,000	21,978,600	20,043,133	18,393,650	16,536,400	14,768,300	33,145,000	33,223,000	36,036,000	23,949,000	18,377,000	18,977,000	13,521,000	13,741,000	14,058,000	14,759,000	15,046,000	16,145,000	17,037,000	16,041,000	16,592,000	15,741,000	15,625,000	13,862,000	13,101,000	8,897,000	9,609,000	9,564,000	9,792,000	9,335,000	7,237,000	5,500,000	5,889,000	5,907,000	6,698,000	5,645,000
Property, Plant & Equipment Margin	39.05%	37.05%	32.74%	32.97%	31.35%	30.42%	30.76%	29.12%	36.76%	51.28%	37.43%	30.66%	30.11%	23.93%	26.88%	29.45%	31.78%	33.29%	35.59%	35.52%	31.05%	31.69%	29.90%	28.45%	23.26%	26.65%	24.24%	30.12%	29.32%	29.41%	25.24%	19.30%	16.22%	31.21%	33.82%	43.31%	37.86%
Goodwill	9,016,000	9,016,000	9,016,000	9,016,000	7,677,550	6,142,040	5,118,367	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,016,000	9,159,000	9,152,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	10.24%	11.97%	14.61%	15.96%	13.67%	10.94%	9.11%	7.92%	9.98%	12.83%	14.09%	15.04%	14.30%	15.96%	17.64%	18.89%	19.42%	19.95%	19.87%	18.80%	17.45%	17.22%	17.40%	16.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	0	0	0	370,933	547,700	438,160	365,133	0	0	0	0	0	0	0	0	0	0	181,000	698,000	1,123,000	1,558,000	2,004,000	2,461,000	2,929,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	0.00%	0.00%	0.00%	0.74%	1.06%	0.85%	0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.40%	1.54%	2.34%	3.02%	3.83%	4.68%	5.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	1,283,935,333	1,168,322,400	1,031,659,700	940,391,800	890,197,950	806,777,920	729,855,433	1,572,673,000	1,241,573,000	1,037,560,000	987,054,000	1,002,752,000	925,089,000	961,452,000	932,715,000	883,338,000	772,391,000	717,809,000	714,060,000	743,267,000	756,687,000	857,457,000	873,914,000	816,419,000	733,799,000	713,590,000	560,360,000	512,528,000	495,690,000	484,325,000	450,465,000	422,481,000	413,900,000	385,606,000	328,342,000	310,958,000	287,409,000
Long-Term Investments Margin	1,410.62%	1,489.54%	1,595.58%	1,584.66%	1,556.30%	1,522.06%	1,571.11%	1,381.60%	1,373.76%	1,476.51%	1,542.75%	1,673.07%	1,467.56%	1,701.75%	1,824.74%	1,850.74%	1,663.31%	1,588.25%	1,573.89%	1,549.67%	1,464.77%	1,637.56%	1,660.27%	1,486.29%	1,231.33%	1,451.60%	1,526.62%	1,606.57%	1,519.40%	1,454.82%	1,217.93%	1,126.71%	1,220.62%	2,043.49%	1,879.78%	2,010.46%	1,927.37%
Tax Assets	12,754,000	8,795,400	7,037,700	6,133,000	4,599,750	3,679,800	3,066,500	10,831,000	11,801,000	15,630,000	3,314,000	2,401,000	4,003,000	5,992,000	5,803,000	5,844,000	4,758,000	4,328,000	5,445,000	5,461,000	6,384,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	14.94%	10.80%	10.48%	10.01%	7.51%	6.00%	5.00%	9.52%	13.06%	22.24%	5.18%	4.01%	6.35%	10.61%	11.35%	12.24%	10.25%	9.58%	12.00%	11.39%	12.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	40,751,333	38,588,000	36,352,500	37,545,400	38,135,700	35,485,720	31,182,233	48,073,000	38,554,000	35,627,000	35,021,000	35,665,000	32,065,000	35,177,000	32,964,000	34,647,000	35,732,000	34,724,000	38,804,000	40,297,000	41,117,000	44,714,000	44,850,000	41,622,000	43,389,000	38,310,000	31,362,000	30,922,000	28,832,000	23,668,000	22,508,000	18,499,000	10,100,000	9,097,000	8,753,000	8,199,000	12,175,000
Other Non-Current Assets Margin	45.20%	49.97%	57.70%	65.89%	69.28%	70.08%	67.16%	42.23%	42.66%	50.70%	54.74%	59.51%	50.87%	62.26%	64.49%	72.59%	76.95%	76.83%	85.53%	84.02%	79.59%	85.39%	85.21%	75.77%	72.81%	77.93%	85.44%	96.93%	88.38%	71.09%	60.86%	49.33%	29.79%	48.21%	50.11%	53.01%	81.65%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	1,380,591,333	1,253,667,800	1,106,044,500	1,013,500,267	960,723,000	869,996,600	785,136,433	1,673,738,000	1,334,167,000	1,133,869,000	1,058,354,000	1,068,211,000	989,150,000	1,025,158,000	994,239,000	946,903,000	836,656,000	781,104,000	784,168,000	816,201,000	830,803,000	929,783,000	946,125,000	885,747,000	802,280,000	777,185,000	600,619,000	553,059,000	534,086,000	517,785,000	482,308,000	448,217,000	429,500,000	400,592,000	343,002,000	325,855,000	305,229,000
Total Non-Current Assets Margin	1,520.05%	1,599.33%	1,711.10%	1,710.23%	1,681.34%	1,642.09%	1,685.31%	1,470.38%	1,476.21%	1,613.57%	1,654.20%	1,782.28%	1,569.18%	1,814.50%	1,945.10%	1,983.92%	1,801.70%	1,728.30%	1,728.42%	1,701.73%	1,608.24%	1,775.68%	1,797.45%	1,612.50%	1,346.24%	1,580.96%	1,636.30%	1,733.62%	1,637.10%	1,555.33%	1,304.03%	1,195.34%	1,266.63%	2,122.90%	1,963.71%	2,106.78%	2,046.87%
Total Assets	1,911,153,000	1,808,460,600	1,486,359,800	1,321,275,533	1,197,101,350	1,062,087,440	947,511,500	2,197,841,000	1,836,039,000	1,699,579,000	1,773,806,000	1,535,038,000	1,269,157,000	1,209,587,000	1,179,813,000	1,127,443,000	1,035,295,000	1,001,448,000	984,587,000	1,027,363,000	990,248,000	951,889,000	979,373,000	902,460,000	820,371,000	799,333,000	621,357,000	563,268,000	549,702,000	532,357,000	498,847,000	465,985,000	444,700,000	425,001,000	353,865,000	336,120,000	313,473,000
Total Assets Margin	2,126.98%	2,342.91%	2,276.87%	2,202.10%	2,061.52%	1,954.86%	1,957.88%	1,930.81%	2,031.51%	2,418.61%	2,772.44%	2,561.17%	2,013.38%	2,140.94%	2,308.15%	2,362.18%	2,229.46%	2,215.84%	2,170.18%	2,141.99%	1,916.89%	1,817.90%	1,860.62%	1,642.93%	1,376.60%	1,626.02%	1,692.79%	1,765.62%	1,684.96%	1,599.10%	1,348.75%	1,242.73%	1,311.45%	2,252.26%	2,025.91%	2,173.14%	2,102.15%
Accounts Payable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt	43,560,333	26,136,200	15,495,100	22,289,333	34,134,650	36,897,560	32,071,300	681,000	130,000,000	0	0	0	0	0	0	24,270,000	0	9,079,000	23,834,000	42,209,000	53,103,000	51,164,000	55,855,000	83,162,000	68,157,000	85,110,000	56,069,000	51,008,000	63,511,000	47,828,000	44,363,000	33,036,000	39,700,000	0	0	0	0
Short-Term Debt Margin	48.15%	28.89%	19.53%	37.09%	62.71%	78.42%	69.25%	0.60%	143.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.85%	0.00%	20.09%	52.53%	88.00%	102.80%	97.71%	106.11%	151.40%	114.37%	173.13%	152.75%	159.89%	194.68%	143.67%	119.95%	88.10%	117.08%	0.00%	0.00%	0.00%	0.00%
Tax Payables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,634,797,333	1,568,664,800	1,299,915,800	1,141,521,333	1,007,344,850	880,094,520	782,073,667	1,814,966,000	1,537,978,000	1,551,448,000	1,584,359,000	1,354,573,000	1,125,392,000	1,082,629,000	1,047,181,000	982,120,000	918,512,000	881,181,000	845,724,000	874,440,000	787,986,000	734,331,000	738,365,000	627,341,000	606,277,000	595,295,000	456,799,000	399,896,000	372,431,000	371,887,000	354,043,000	357,209,000	333,300,000	326,579,000	274,555,000	268,202,000	257,211,000
Other Current Liabilities Margin	1,834.66%	2,048.08%	2,002.63%	1,906.07%	1,730.43%	1,601.23%	1,592.50%	1,594.45%	1,701.72%	2,207.81%	2,476.33%	2,260.07%	1,785.32%	1,916.23%	2,048.68%	2,057.70%	1,977.97%	1,949.73%	1,864.10%	1,823.16%	1,525.36%	1,402.41%	1,402.75%	1,142.07%	1,017.35%	1,210.96%	1,244.48%	1,253.51%	1,141.59%	1,117.08%	957.24%	952.63%	982.92%	1,730.68%	1,571.85%	1,734.03%	1,724.86%
Total Current Liabilities	1,678,357,667	1,594,801,000	1,315,410,900	1,163,810,667	1,041,479,500	916,992,080	814,144,967	1,815,647,000	1,667,978,000	1,551,448,000	1,584,359,000	1,354,573,000	1,125,392,000	1,082,629,000	1,047,181,000	1,006,390,000	918,512,000	890,260,000	869,558,000	916,649,000	841,089,000	785,495,000	794,220,000	710,503,000	674,434,000	680,405,000	512,868,000	450,904,000	435,942,000	419,715,000	398,406,000	390,245,000	373,000,000	326,579,000	274,555,000	268,202,000	257,211,000
Total Current Liabilities Margin	1,882.81%	2,076.96%	2,022.16%	1,943.16%	1,793.14%	1,679.65%	1,661.75%	1,595.05%	1,845.56%	2,207.81%	2,476.33%	2,260.07%	1,785.32%	1,916.23%	2,048.68%	2,108.55%	1,977.97%	1,969.82%	1,916.63%	1,911.16%	1,628.16%	1,500.12%	1,508.86%	1,293.47%	1,131.71%	1,384.09%	1,397.23%	1,413.40%	1,336.26%	1,260.75%	1,077.18%	1,040.74%	1,100.00%	1,730.68%	1,571.85%	1,734.03%	1,724.86%
Long-Term Debt	91,402,000	64,707,600	32,869,900	31,515,533	41,013,550	42,741,800	39,032,133	223,962,000	24,477,000	25,767,000	24,445,000	24,887,000	5,161,000	0	0	0	0	0	12,403,000	12,410,000	48,336,000	70,885,000	94,688,000	106,141,000	59,714,000	38,449,000	48,546,000	52,359,000	56,467,000	59,609,000	50,362,000	29,477,000	29,700,000	30,744,000	21,434,000	14,891,000	5,650,000
Long-Term Debt Margin	86.83%	68.05%	34.84%	42.04%	65.72%	81.82%	85.09%	196.75%	27.08%	36.67%	38.21%	41.52%	8.19%	0.00%	0.00%	0.00%	0.00%	0.00%	27.34%	25.87%	93.57%	135.37%	179.89%	193.23%	100.20%	78.21%	132.26%	164.12%	173.08%	179.05%	136.17%	78.61%	87.59%	162.93%	122.71%	96.28%	37.89%
Capital Lease Obligations	5,074,333	5,082,400	3,057,300	2,038,200	1,528,650	1,222,920	1,019,100	4,263,000	4,816,000	6,144,000	4,857,000	5,332,000	5,161,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	5.94%	6.86%	4.25%	2.83%	2.12%	1.70%	1.42%	3.75%	5.33%	8.74%	7.59%	8.90%	8.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	11,043,667	10,294,000	9,856,300	9,776,600	9,641,200	8,692,080	10,089,733	13,516,000	11,448,000	8,167,000	7,937,000	10,402,000	11,076,000	8,562,000	17,488,000	4,560,000	5,407,000	7,667,000	7,238,000	6,670,000	13,641,000	12,870,000	11,699,000	12,757,000	8,581,000	8,865,000	4,273,000	5,362,000	5,435,000	5,805,000	4,814,000	3,062,000	2,700,000	27,777,000	21,571,000	17,686,000	15,656,000
Other Non-Current Liabilities Margin	12.05%	13.18%	15.41%	16.79%	17.07%	16.54%	30.38%	11.87%	12.67%	11.62%	12.41%	17.36%	17.57%	15.15%	34.21%	9.55%	11.64%	16.96%	15.95%	13.91%	26.41%	24.58%	22.23%	23.22%	14.40%	18.03%	11.64%	16.81%	16.66%	17.44%	13.02%	8.17%	7.96%	147.20%	123.50%	114.35%	104.99%
Total Non-Current Liabilities	102,445,667	75,001,600	42,726,200	41,292,133	50,654,750	51,433,880	49,121,867	237,478,000	35,925,000	33,934,000	32,382,000	35,289,000	16,237,000	8,562,000	17,488,000	4,560,000	5,407,000	7,667,000	19,641,000	19,080,000	61,977,000	83,755,000	106,387,000	118,898,000	68,295,000	47,314,000	52,819,000	57,721,000	61,902,000	65,414,000	55,176,000	32,539,000	32,400,000	58,521,000	43,005,000	32,577,000	21,306,000
Total Non-Current Liabilities Margin	98.89%	81.23%	50.25%	58.83%	82.79%	98.36%	115.48%	208.63%	39.75%	48.29%	50.61%	58.88%	25.76%	15.15%	34.21%	9.55%	11.64%	16.96%	43.29%	39.78%	119.97%	159.95%	202.11%	216.45%	114.60%	96.25%	143.90%	180.93%	189.74%	196.49%	149.18%	86.78%	95.55%	310.13%	246.21%	210.62%	142.88%
Total Liabilities	1,780,803,333	1,669,802,600	1,358,137,100	1,205,102,800	1,092,134,250	968,425,960	863,266,833	2,053,125,000	1,703,903,000	1,585,382,000	1,616,741,000	1,389,862,000	1,141,629,000	1,091,191,000	1,064,669,000	1,010,950,000	923,919,000	897,927,000	889,199,000	935,729,000	903,066,000	869,250,000	900,607,000	829,401,000	742,729,000	727,719,000	565,687,000	508,625,000	497,844,000	485,129,000	453,582,000	422,784,000	405,400,000	385,100,000	317,560,000	300,779,000	278,517,000
Total Liabilities Margin	1,981.69%	2,158.20%	2,072.40%	2,001.99%	1,875.93%	1,778.00%	1,777.23%	1,803.68%	1,885.31%	2,256.10%	2,526.95%	2,318.95%	1,811.07%	1,931.38%	2,082.89%	2,118.10%	1,989.62%	1,986.78%	1,959.93%	1,950.94%	1,748.13%	1,660.08%	1,710.98%	1,509.92%	1,246.32%	1,480.34%	1,541.13%	1,594.34%	1,526.01%	1,457.24%	1,226.36%	1,127.51%	1,195.55%	2,040.81%	1,818.06%	1,944.65%	1,867.74%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	4,711,000	4,711,000	4,700,200	4,627,267	4,520,550	4,255,880	3,984,900	4,711,000	4,711,000	4,711,000	4,711,000	4,711,000	4,710,000	4,701,000	4,689,000	4,688,000	4,659,000	4,607,000	4,561,000	4,503,000	4,419,000	4,317,000	4,299,000	4,299,000	4,299,000	4,299,000	3,806,000	3,806,000	3,045,000	3,045,000	3,045,000	3,045,000	3,000,000	3,045,000	3,045,000	2,030,000	2,030,000
Common Stock Margin	5.35%	6.26%	7.61%	8.17%	8.24%	8.46%	9.36%	4.14%	5.21%	6.70%	7.36%	7.86%	7.47%	8.32%	9.17%	9.82%	10.03%	10.19%	10.05%	9.39%	8.55%	8.24%	8.17%	7.83%	7.21%	8.75%	10.37%	11.93%	9.33%	9.15%	8.23%	8.12%	8.85%	16.14%	17.43%	13.12%	13.61%
Retained Earnings	133,116,000	123,696,000	104,118,800	90,618,400	79,760,050	70,024,560	61,447,300	139,463,000	133,993,000	125,892,000	116,612,000	102,520,000	94,946,000	83,946,000	82,218,000	83,081,000	78,517,000	71,452,000	65,897,000	62,475,000	60,280,000	57,984,000	54,566,000	52,126,000	47,946,000	42,649,000	38,638,000	35,723,000	34,251,000	31,148,000	28,769,000	25,522,000	22,600,000	20,562,000	17,087,000	17,590,000	14,966,000
Retained Earnings Margin	149.98%	160.65%	160.64%	151.16%	136.93%	127.80%	122.75%	122.52%	148.26%	179.15%	182.26%	171.05%	150.62%	148.58%	160.85%	174.07%	169.08%	158.10%	145.25%	130.26%	116.69%	110.74%	103.66%	94.90%	80.45%	86.76%	105.26%	111.98%	104.99%	93.56%	77.78%	68.06%	66.65%	108.97%	97.82%	113.73%	100.36%
Accumulated OCI	-42,578,333	-25,018,400	-15,142,300	-11,602,800	-9,261,800	-7,208,080	-5,905,700	-35,508,000	-40,940,000	-51,287,000	-547,000	3,190,000	-5,986,000	-6,380,000	-6,028,000	-4,215,000	-3,722,000	-3,100,000	-4,696,000	-4,050,000	-5,131,000	-5,642,000	-5,138,000	-7,757,000	664,000	236,000	801,000	2,175,000	1,767,000	525,000	224,000	343,000	-1,300,000	1,783,000	1,935,000	613,000	0
Accumulated OCI Margin	-49.83%	-29.00%	-19.44%	-16.05%	-13.05%	-9.82%	-7.50%	-31.19%	-45.30%	-72.98%	-0.85%	5.32%	-9.50%	-11.29%	-11.79%	-8.83%	-8.02%	-6.86%	-10.35%	-8.44%	-9.93%	-10.77%	-9.76%	-14.12%	1.11%	0.48%	2.18%	6.82%	5.42%	1.58%	0.61%	0.91%	-3.83%	9.45%	11.08%	3.96%	0.00%
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	130,349,667	138,658,000	128,222,700	116,172,733	104,967,100	93,661,480	84,244,667	144,716,000	132,136,000	114,197,000	157,065,000	145,176,000	127,528,000	118,396,000	115,144,000	116,493,000	111,376,000	103,521,000	95,388,000	91,634,000	87,182,000	82,639,000	78,766,000	73,059,000	77,642,000	71,614,000	55,670,000	54,643,000	51,858,000	47,228,000	45,265,000	43,201,000	39,300,000	39,901,000	36,305,000	35,341,000	34,956,000
Total Shareholders’ Equity Margin	145.28%	184.71%	204.46%	200.10%	185.59%	176.86%	180.65%	127.13%	146.20%	162.51%	245.49%	242.22%	202.31%	209.56%	225.26%	244.07%	239.84%	229.05%	210.25%	191.05%	168.76%	157.82%	149.64%	133.00%	130.28%	145.68%	151.66%	171.28%	158.96%	141.86%	122.38%	115.21%	115.90%	211.45%	207.85%	228.49%	234.42%
Total Equity	130,349,667	138,658,000	128,222,700	116,172,733	104,967,100	93,661,480	84,244,667	144,716,000	132,136,000	114,197,000	157,065,000	145,176,000	127,528,000	118,396,000	115,144,000	116,493,000	111,376,000	103,521,000	95,388,000	91,634,000	87,182,000	82,639,000	78,766,000	73,059,000	77,642,000	71,614,000	55,670,000	54,643,000	51,858,000	47,228,000	45,265,000	43,201,000	39,300,000	39,901,000	36,305,000	35,341,000	34,956,000
Total Equity Margin	145.28%	184.71%	204.46%	200.10%	185.59%	176.86%	180.65%	127.13%	146.20%	162.51%	245.49%	242.22%	202.31%	209.56%	225.26%	244.07%	239.84%	229.05%	210.25%	191.05%	168.76%	157.82%	149.64%	133.00%	130.28%	145.68%	151.66%	171.28%	158.96%	141.86%	122.38%	115.21%	115.90%	211.45%	207.85%	228.49%	234.42%
Total Liabilities & Equity	1,911,153,000	1,808,460,600	1,486,359,800	1,321,275,533	1,197,101,350	1,062,087,440	947,511,500	2,197,841,000	1,836,039,000	1,699,579,000	1,773,806,000	1,535,038,000	1,269,157,000	1,209,587,000	1,179,813,000	1,127,443,000	1,035,295,000	1,001,448,000	984,587,000	1,027,363,000	990,248,000	951,889,000	979,373,000	902,460,000	820,371,000	799,333,000	621,357,000	563,268,000	549,702,000	532,357,000	498,847,000	465,985,000	444,700,000	425,001,000	353,865,000	336,120,000	313,473,000
Total Liabilities & Equity Margin	2,126.98%	2,342.91%	2,276.87%	2,202.10%	2,061.52%	1,954.86%	1,957.88%	1,930.81%	2,031.51%	2,418.61%	2,772.44%	2,561.17%	2,013.38%	2,140.94%	2,308.15%	2,362.18%	2,229.46%	2,215.84%	2,170.18%	2,141.99%	1,916.89%	1,817.90%	1,860.62%	1,642.93%	1,376.60%	1,626.02%	1,692.79%	1,765.62%	1,684.96%	1,599.10%	1,348.75%	1,242.73%	1,311.45%	2,252.26%	2,025.91%	2,173.14%	2,102.15%
Total Investments	1,710,045,333	1,609,338,600	1,327,090,200	1,176,682,400	1,067,415,900	948,552,280	848,000,733	1,891,664,000	1,714,076,000	1,524,396,000	1,516,865,000	1,399,692,000	1,112,522,000	1,092,924,000	1,059,686,000	1,027,213,000	931,864,000	889,560,000	873,734,000	876,595,000	881,988,000	857,457,000	873,914,000	816,419,000	733,799,000	713,590,000	560,360,000	512,528,000	495,690,000	484,325,000	450,465,000	422,481,000	413,900,000	385,606,000	328,342,000	310,958,000	287,409,000
Total Investments Margin	1,909.24%	2,086.78%	2,036.53%	1,962.13%	1,839.40%	1,748.54%	1,759.84%	1,661.83%	1,896.56%	2,169.31%	2,370.84%	2,335.35%	1,764.90%	1,934.45%	2,073.14%	2,152.18%	2,006.73%	1,968.27%	1,925.84%	1,827.65%	1,707.33%	1,637.56%	1,660.27%	1,486.29%	1,231.33%	1,451.60%	1,526.62%	1,606.57%	1,519.40%	1,454.82%	1,217.93%	1,126.71%	1,220.62%	2,043.49%	1,879.78%	2,010.46%	1,927.37%
Net Debt	30,283,667	-23,069,000	-36,587,900	-17,725,200	15,953,750	29,295,640	26,850,967	18,850,000	125,108,000	-53,107,000	-161,196,000	-45,000,000	-87,413,000	-52,957,000	-58,603,000	-12,395,000	-39,166,000	-39,514,000	-4,508,000	-23,215,000	67,295,000	99,943,000	117,295,000	172,590,000	109,780,000	101,411,000	83,877,000	93,158,000	104,362,000	92,865,000	78,186,000	44,745,000	54,200,000	6,335,000	10,571,000	4,626,000	-2,594,000
Net Debt Margin	26.47%	-49.52%	-70.50%	-35.31%	31.32%	73.92%	70.48%	16.56%	138.43%	-75.57%	-251.95%	-75.08%	-138.67%	-93.73%	-114.65%	-25.97%	-84.34%	-87.43%	-9.94%	-48.40%	130.27%	190.87%	222.84%	314.20%	184.21%	206.29%	228.51%	292.01%	319.89%	278.95%	211.39%	119.33%	159.84%	33.57%	60.52%	29.91%	-17.40%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	91,493,000	79,678,800	66,320,900	60,383,800	57,939,150	53,243,320	47,723,600	113,830,000	90,378,000	70,271,000	63,980,000	59,935,000	63,036,000	56,498,000	51,115,000	47,729,000	46,437,000	45,195,000	45,369,000	47,963,000	51,659,000	52,362,000	52,637,000	54,930,000	59,594,000	49,159,000	36,706,000	31,902,000	32,624,000	33,291,000	36,986,000	37,497,000	33,909,000	18,870,000	17,467,000	15,467,000	14,912,000
Working Capital	-1,147,796,000	-1,040,008,200	-935,095,600	-856,035,400	-805,101,150	-724,901,240	-651,769,900	-1,291,544,000	-1,166,106,000	-985,738,000	-868,907,000	-887,746,000	-845,385,000	-898,200,000	-861,607,000	-825,850,000	-719,873,000	-669,916,000	-669,139,000	-705,487,000	-681,644,000	-763,389,000	-760,972,000	-693,790,000	-656,343,000	-658,257,000	-492,130,000	-440,695,000	-420,326,000	-405,143,000	-381,867,000	-372,477,000	-357,800,000	-302,170,000	-263,692,000	-257,937,000	-248,967,000
Working Capital Margin	-1,275.88%	-1,333.38%	-1,456.40%	-1,451.30%	-1,412.96%	-1,366.88%	-1,389.18%	-1,134.63%	-1,290.25%	-1,402.77%	-1,358.09%	-1,481.18%	-1,341.11%	-1,589.79%	-1,685.62%	-1,730.29%	-1,550.21%	-1,482.28%	-1,474.88%	-1,470.90%	-1,319.51%	-1,457.91%	-1,445.70%	-1,263.04%	-1,101.36%	-1,339.04%	-1,340.73%	-1,381.40%	-1,288.40%	-1,216.97%	-1,032.46%	-993.35%	-1,055.18%	-1,601.32%	-1,509.66%	-1,667.66%	-1,669.57%
Total Capital	265,085,000	229,365,600	176,519,600	169,932,200	180,081,250	173,273,600	155,325,400	368,678,000	286,613,000	139,964,000	181,510,000	170,063,000	132,689,000	118,396,000	115,144,000	140,763,000	111,376,000	112,600,000	131,625,000	146,253,000	188,621,000	204,688,000	229,309,000	262,362,000	205,513,000	195,173,000	160,285,000	158,010,000	171,836,000	154,665,000	139,990,000	105,714,000	108,700,000	70,645,000	57,739,000	50,232,000	40,606,000
Total Capital Margin	280.06%	281.53%	258.77%	279.20%	313.99%	337.07%	334.98%	323.88%	317.13%	199.18%	283.70%	283.75%	210.50%	209.56%	225.26%	294.92%	239.84%	249.14%	290.12%	304.93%	365.13%	390.91%	435.64%	477.63%	344.86%	397.02%	436.67%	495.30%	526.72%	464.59%	378.49%	281.93%	320.56%	374.38%	330.56%	324.77%	272.30%
Capital Employed	232,795,333	213,659,600	170,948,900	157,464,867	155,621,850	145,095,360	133,366,533	382,194,000	168,061,000	148,131,000	189,447,000	180,465,000	143,765,000	126,958,000	132,632,000	121,053,000	116,783,000	111,188,000	115,029,000	110,714,000	149,159,000	166,394,000	185,153,000	191,957,000	145,937,000	118,928,000	108,489,000	112,364,000	113,760,000	112,642,000	100,441,000	75,740,000	71,700,000	98,422,000	79,310,000	67,918,000	56,262,000
Capital Employed Margin	244.17%	265.94%	254.71%	258.93%	268.38%	275.22%	296.13%	335.76%	185.95%	210.80%	296.10%	301.10%	228.07%	224.71%	259.48%	253.63%	251.49%	246.02%	253.54%	230.83%	288.74%	317.78%	351.75%	349.46%	244.89%	241.93%	295.56%	352.22%	348.70%	338.36%	271.56%	201.99%	211.45%	521.58%	454.06%	439.12%	377.29%
Invested Capital	160,633,333	115,589,000	91,634,800	98,447,533	120,920,850	122,957,120	111,095,633	163,566,000	257,244,000	61,090,000	-4,131,000	100,176,000	40,115,000	65,439,000	56,541,000	104,098,000	72,210,000	64,007,000	90,880,000	68,419,000	154,477,000	182,582,000	196,061,000	245,649,000	187,422,000	173,025,000	139,547,000	147,801,000	156,220,000	140,093,000	123,451,000	87,946,000	93,500,000	46,236,000	46,876,000	39,967,000	32,362,000
Invested Capital Margin	171.75%	135.19%	133.96%	164.80%	216.91%	250.78%	251.14%	143.69%	284.63%	86.93%	-6.46%	167.14%	63.64%	115.83%	110.62%	218.10%	155.50%	141.62%	200.31%	142.65%	299.03%	348.69%	372.48%	447.20%	314.50%	351.97%	380.17%	463.30%	478.85%	420.81%	333.78%	234.54%	275.74%	245.02%	268.37%	258.40%	217.02%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	91,493,000	79,678,800	66,320,900	60,383,800	57,939,150	53,243,320	47,723,600	113,830,000	90,378,000	70,271,000	63,980,000	59,935,000	63,036,000	56,498,000	51,115,000	47,729,000	46,437,000	45,195,000	45,369,000	47,963,000	51,659,000	52,362,000	52,637,000	54,930,000	59,594,000	49,159,000	36,706,000	31,902,000	32,624,000	33,291,000	36,986,000	37,497,000	33,909,000	18,870,000	17,467,000	15,467,000	14,912,000
Net Income	13,211,667	14,410,200	11,475,800	9,929,200	9,352,800	8,570,480	7,894,533	11,099,000	13,598,000	14,938,000	19,616,000	12,800,000	16,115,000	6,125,000	2,176,000	8,087,000	10,204,000	8,402,000	6,232,000	5,365,000	6,569,000	7,612,000	6,585,000	8,595,000	9,256,000	7,570,000	6,112,000	5,192,000	5,840,000	5,573,000	5,594,000	5,007,000	5,100,000	4,805,000	4,363,000	4,127,000	4,179,000
Net Income Margin	15.35%	19.61%	17.77%	16.56%	16.21%	16.14%	17.46%	9.75%	15.05%	21.26%	30.66%	21.36%	25.56%	10.84%	4.26%	16.94%	21.97%	18.59%	13.74%	11.19%	12.72%	14.54%	12.51%	15.65%	15.53%	15.40%	16.65%	16.27%	17.90%	16.74%	15.12%	13.35%	15.04%	25.46%	24.98%	26.68%	28.02%
Depreciation & Amortization	1,847,667	1,615,000	1,509,800	1,668,267	1,708,300	1,668,560	1,520,600	2,090,000	2,016,000	1,437,000	1,202,000	1,330,000	1,370,000	1,330,000	1,380,000	1,400,000	1,543,000	1,980,000	1,963,000	1,973,000	2,088,000	1,922,000	2,044,000	2,477,000	1,488,000	1,503,000	1,630,000	1,911,000	2,060,000	1,650,000	989,000	938,000	1,000,000	761,000	775,000	741,000	627,000
Depreciation & Amortization Margin	2.04%	2.04%	2.37%	2.95%	3.13%	3.40%	3.52%	1.84%	2.23%	2.04%	1.88%	2.22%	2.17%	2.35%	2.70%	2.93%	3.32%	4.38%	4.33%	4.11%	4.04%	3.67%	3.88%	4.51%	2.50%	3.06%	4.44%	5.99%	6.31%	4.96%	2.67%	2.50%	2.95%	4.03%	4.44%	4.79%	4.20%
Deferred Income Tax	613,000	-4,600	8,600	50,933	-2,050	-1,640	-1,367	-473,000	1,140,000	1,172,000	90,000	-1,952,000	1,884,000	-1,000	-831,000	-832,000	-111,000	294,000	348,000	367,000	-91,000	-240,000	-742,000	246,000	-56,000	138,000	-391,000	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.84%	-0.12%	-0.12%	0.02%	-0.08%	-0.06%	-0.05%	-0.42%	1.26%	1.67%	0.14%	-3.26%	2.99%	0.00%	-1.63%	-1.74%	-0.24%	0.65%	0.77%	0.77%	-0.18%	-0.46%	-1.41%	0.45%	-0.09%	0.28%	-1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	526,333	396,000	248,800	165,867	131,450	105,160	87,633	634,000	483,000	462,000	204,000	197,000	0	185,000	161,000	88,000	74,000	0	0	0	0	0	29,000	112,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.58%	0.48%	0.34%	0.23%	0.18%	0.15%	0.12%	0.56%	0.53%	0.66%	0.32%	0.33%	0.00%	0.33%	0.31%	0.18%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	1,437,000	242,800	43,900	382,733	-1,173,300	-941,360	-849,933	1,693,000	2,931,000	-313,000	1,805,000	-4,902,000	1,472,000	-1,647,000	717,000	-451,000	-866,000	1,175,000	2,081,000	2,331,000	-61,000	-224,000	-3,084,000	-3,683,000	3,631,000	-26,072,000	1,000	241,000	168,000	-935,000	1,520,000	-1,062,000	-400,000	-361,000	-522,000	-21,000	-660,000
Change in Working Capital Margin	1.43%	-0.21%	-0.31%	0.56%	-2.55%	-2.05%	-2.07%	1.49%	3.24%	-0.45%	2.82%	-8.18%	2.34%	-2.92%	1.40%	-0.94%	-1.86%	2.60%	4.59%	4.86%	-0.12%	-0.43%	-5.86%	-6.70%	6.09%	-53.04%	0.00%	0.76%	0.51%	-2.81%	4.11%	-2.83%	-1.18%	-1.91%	-2.99%	-0.14%	-4.43%
Accounts Receivable	0	0	0	160,000	-110,900	-88,720	-90,667	0	0	0	0	0	0	0	0	0	0	0	1,656,000	-141,000	-78,000	963,000	-3,483,000	-1,135,000	0	0	0	0	0	0	0	0	0	4,000	-154,000	-138,000	-214,000
Accounts Receivable Margin	0.00%	0.00%	0.00%	0.34%	-0.18%	-0.15%	-0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.65%	-0.29%	-0.15%	1.84%	-6.62%	-2.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	-0.88%	-0.89%	-1.44%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	0	0	0	327,067	170,850	136,680	119,533	0	0	0	0	0	0	0	0	0	0	0	880,000	3,842,000	699,000	-515,000	399,000	-1,888,000	0	0	0	0	0	0	0	0	0	0	0	0	169,000
Accounts Payable Margin	0.00%	0.00%	0.00%	0.69%	0.38%	0.31%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.94%	8.01%	1.35%	-0.98%	0.76%	-3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.13%
Other Working Capital	1,437,000	242,800	43,900	-104,333	-1,233,250	-989,320	-878,800	1,693,000	2,931,000	-313,000	1,805,000	-4,902,000	1,472,000	-1,647,000	717,000	-451,000	-866,000	1,175,000	-455,000	-1,370,000	-682,000	-672,000	0	-660,000	3,631,000	-26,072,000	1,000	241,000	168,000	-935,000	1,520,000	-1,062,000	-400,000	-365,000	-368,000	117,000	-615,000
Other Working Capital Margin	1.43%	-0.21%	-0.31%	-0.46%	-2.75%	-2.21%	-2.13%	1.49%	3.24%	-0.45%	2.82%	-8.18%	2.34%	-2.92%	1.40%	-0.94%	-1.86%	2.60%	-1.00%	-2.86%	-1.32%	-1.28%	0.00%	-1.20%	6.09%	-53.04%	0.00%	0.76%	0.51%	-2.81%	4.11%	-2.83%	-1.18%	-1.93%	-2.11%	0.76%	-4.12%
Other Non-Cash Items	6,885,667	4,610,200	4,614,500	4,254,533	5,034,700	3,999,320	4,657,733	6,712,000	6,397,000	7,548,000	3,432,000	-1,038,000	-1,875,000	3,310,000	12,649,000	6,564,000	2,446,000	2,505,000	4,773,000	524,000	6,583,000	3,288,000	3,784,000	3,300,000	668,000	23,577,000	5,547,000	5,622,000	-7,692,000	314,000	789,000	256,000	300,000	-223,000	11,556,000	14,637,000	13,479,000
Other Non-Cash Items Margin	7.91%	5.47%	7.40%	7.35%	9.38%	7.41%	14.54%	5.90%	7.08%	10.74%	5.36%	-1.73%	-2.97%	5.86%	24.75%	13.75%	5.27%	5.54%	10.52%	1.09%	12.74%	6.28%	7.19%	6.01%	1.12%	47.96%	15.11%	17.62%	-23.58%	0.94%	2.13%	0.68%	0.88%	-1.18%	66.16%	94.63%	90.39%
Net Cash from Operating Activities	24,521,333	21,269,600	17,901,400	16,451,533	15,051,900	13,400,520	13,309,200	21,755,000	26,565,000	25,244,000	26,349,000	6,435,000	18,966,000	9,302,000	16,252,000	14,856,000	13,290,000	14,356,000	15,397,000	10,560,000	15,088,000	12,358,000	8,616,000	11,047,000	14,987,000	6,716,000	12,899,000	12,966,000	376,000	6,602,000	8,892,000	5,139,000	6,000,000	4,982,000	16,172,000	19,484,000	17,625,000
Net Cash from Operating Activities Margin	28.14%	27.27%	27.44%	27.66%	26.27%	24.99%	33.52%	19.11%	29.39%	35.92%	41.18%	10.74%	30.09%	16.46%	31.79%	31.13%	28.62%	31.76%	33.94%	22.02%	29.21%	23.60%	16.37%	20.11%	25.15%	13.66%	35.14%	40.64%	1.15%	19.83%	24.04%	13.71%	17.69%	26.40%	92.59%	125.97%	118.19%
Capital Expenditures (PPE)	-5,094,667	-4,915,000	-3,013,000	-2,410,867	-2,242,300	-2,140,360	-1,806,967	-2,567,000	-499,000	-12,218,000	-8,807,000	-484,000	-1,654,000	-1,162,000	-1,119,000	-579,000	-1,041,000	-345,000	-527,000	-2,297,000	-742,000	-2,122,000	-1,521,000	-2,571,000	-2,077,000	-2,047,000	-467,000	-982,000	-946,000	-1,243,000	-3,015,000	-2,477,000	-700,000	0	0	0	0
Capital Expenditures (PPE) Margin	-6.73%	-6.95%	-4.51%	-3.82%	-3.69%	-3.93%	-3.34%	-2.26%	-0.55%	-17.39%	-13.77%	-0.81%	-2.62%	-2.06%	-2.19%	-1.21%	-2.24%	-0.76%	-1.16%	-4.79%	-1.44%	-4.05%	-2.89%	-4.68%	-3.49%	-4.16%	-1.27%	-3.08%	-2.90%	-3.73%	-8.15%	-6.61%	-2.06%	0.00%	0.00%	0.00%	0.00%
Acquisitions (Net)	0	0	0	0	-432,900	-346,320	-288,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,097,000	0	-7,561,000	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	0.00%	0.00%	0.00%	0.00%	-0.87%	-0.70%	-0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.00%	0.00%	-15.38%	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	-91,244,000	-146,004,600	-89,630,200	-74,398,467	-71,005,750	-68,063,280	-67,546,767	-136,268,000	-50,252,000	-87,212,000	-215,595,000	-240,696,000	-104,829,000	-30,175,000	-8,602,000	-985,000	-21,688,000	-41,217,000	-69,100,000	-43,673,000	-37,562,000	-28,123,000	-43,014,000	-42,454,000	-85,720,000	-77,876,000	-55,074,000	-53,267,000	-44,451,000	-57,727,000	-86,883,000	-39,139,000	-107,200,000	-72,081,000	-50,573,000	-62,170,000	-32,797,000
Purchases of Investments Margin	-99.81%	-207.60%	-132.33%	-118.95%	-119.78%	-128.46%	-160.70%	-119.71%	-55.60%	-124.11%	-336.97%	-401.60%	-166.30%	-53.41%	-16.83%	-2.06%	-46.70%	-91.20%	-152.31%	-91.06%	-72.71%	-53.71%	-81.72%	-77.29%	-143.84%	-158.42%	-150.04%	-166.97%	-136.25%	-173.40%	-234.91%	-104.38%	-316.14%	-381.99%	-289.53%	-401.95%	-219.94%
Sales / Maturities of Investments	76,731,333	68,625,800	49,984,000	45,987,000	50,440,250	50,215,920	49,461,033	97,233,000	72,408,000	60,553,000	71,253,000	41,682,000	49,524,000	22,836,000	23,629,000	29,218,000	31,504,000	30,790,000	37,372,000	35,283,000	31,485,000	55,035,000	49,133,000	56,091,000	108,885,000	53,893,000	50,998,000	40,822,000	53,550,000	41,105,000	64,896,000	46,220,000	101,000,000	54,660,000	23,967,000	24,001,000	24,805,000
Sales / Maturities of Investments Margin	83.90%	86.52%	72.69%	74.47%	87.19%	98.32%	116.81%	85.42%	80.12%	86.17%	111.37%	69.55%	78.56%	40.42%	46.23%	61.22%	67.84%	68.13%	82.37%	73.56%	60.95%	105.10%	93.34%	102.11%	182.71%	109.63%	138.94%	127.96%	164.14%	123.47%	175.46%	123.26%	297.86%	289.67%	137.21%	155.18%	166.34%
Other Investing Activities	-132,955,333	-91,494,200	-69,739,600	-46,930,400	-49,653,800	-42,951,200	-38,176,367	-142,764,000	-199,924,000	-56,178,000	19,211,000	-77,816,000	33,478,000	-38,988,000	-46,148,000	-130,324,000	-57,943,000	-2,170,000	28,699,000	6,177,000	-26,739,000	-12,527,000	-65,417,000	-107,740,000	-44,265,000	-23,431,000	-48,267,000	-12,985,000	-18,118,000	-17,349,000	-10,754,000	-21,498,000	-26,100,000	-40,510,000	-290,000	-3,456,000	-1,155,000
Other Investing Activities Margin	-142.19%	-105.28%	-103.04%	-68.98%	-80.43%	-73.73%	-72.23%	-125.42%	-221.21%	-79.94%	30.03%	-129.83%	53.11%	-69.01%	-90.28%	-273.05%	-124.78%	-4.80%	63.26%	12.88%	-51.76%	-23.92%	-124.28%	-196.14%	-74.28%	-47.66%	-131.50%	-40.70%	-55.54%	-52.11%	-29.08%	-57.33%	-76.97%	-214.68%	-1.66%	-22.34%	-7.75%
Net Cash from Investing Activities	-152,562,667	-173,788,000	-112,398,800	-77,752,733	-72,894,500	-63,285,240	-58,357,667	-184,366,000	-178,267,000	-95,055,000	-133,938,000	-277,314,000	-23,481,000	-47,489,000	-32,240,000	-102,670,000	-49,168,000	-12,942,000	-3,556,000	-4,510,000	-33,558,000	12,263,000	-60,819,000	-97,771,000	-23,177,000	-57,022,000	-52,810,000	-26,412,000	-9,965,000	-35,214,000	-35,756,000	-16,894,000	-33,000,000	-57,931,000	-26,896,000	-41,625,000	-9,147,000
Net Cash from Investing Activities Margin	-164.83%	-233.30%	-167.19%	-117.29%	-117.58%	-108.50%	-120.04%	-161.97%	-197.25%	-135.27%	-209.34%	-462.69%	-37.25%	-84.05%	-63.07%	-215.11%	-105.88%	-28.64%	-7.84%	-9.40%	-64.96%	23.42%	-115.54%	-177.99%	-38.89%	-116.00%	-143.87%	-82.79%	-30.54%	-105.78%	-96.67%	-45.05%	-97.32%	-307.00%	-153.98%	-269.12%	-61.34%
Net Debt Issuance	66,666,667	43,908,200	21,954,100	7,413,800	7,919,150	7,694,880	9,218,467	70,000,000	130,000,000	0	0	19,541,000	0	0	-24,270,000	24,270,000	0	-12,403,000	-7,000	-46,820,000	-20,610,000	-28,494,000	-38,760,000	61,432,000	4,312,000	18,944,000	1,248,000	-16,611,000	12,541,000	12,712,000	32,212,000	-6,865,000	14,300,000	52,024,000	6,353,000	10,991,000	514,000
Net Debt Issuance Margin	68.45%	47.59%	24.13%	1.46%	5.46%	8.11%	21.05%	61.50%	143.84%	0.00%	0.00%	32.60%	0.00%	0.00%	-47.48%	50.85%	0.00%	-27.44%	-0.02%	-97.62%	-39.90%	-54.42%	-73.64%	111.84%	7.24%	38.54%	3.40%	-52.07%	38.44%	38.18%	87.09%	-18.31%	42.17%	275.70%	36.37%	71.06%	3.45%
Long-Term Debt Issuance	66,666,667	43,908,200	21,954,100	8,323,533	8,359,100	7,593,800	7,010,867	200,000,000	0	0	0	19,541,000	0	0	0	0	0	-12,403,000	-7,000	-35,926,000	-22,549,000	-23,803,000	-11,453,000	46,427,000	21,265,000	-10,097,000	-3,813,000	-4,108,000	-3,142,000	9,247,000	20,885,000	-219,000	-1,000,000	19,052,000	-4,766,000	2,039,000	5,156,000
Long-Term Debt Issuance Margin	58.57%	41.66%	20.83%	1.12%	4.22%	5.82%	8.80%	175.70%	0.00%	0.00%	0.00%	32.60%	0.00%	0.00%	0.00%	0.00%	0.00%	-27.44%	-0.02%	-74.90%	-43.65%	-45.46%	-21.76%	84.52%	35.68%	-20.54%	-10.39%	-12.88%	-9.63%	27.78%	56.47%	-0.58%	-2.95%	100.96%	-27.29%	13.18%	34.58%
Short-Term Debt Issuance	0	0	0	-2,134,733	-1,358,700	-633,920	1,595,100	-130,000,000	130,000,000	0	0	0	0	0	-24,270,000	24,270,000	0	0	-18,375,000	-10,894,000	1,939,000	-4,691,000	-27,307,000	15,005,000	-16,953,000	29,041,000	5,061,000	-12,503,000	15,683,000	3,465,000	11,327,000	-6,646,000	15,300,000	32,972,000	11,119,000	8,952,000	-4,642,000
Short-Term Debt Issuance Margin	9.88%	5.93%	3.30%	-2.36%	-0.78%	0.67%	10.90%	-114.21%	143.84%	0.00%	0.00%	0.00%	0.00%	0.00%	-47.48%	50.85%	0.00%	0.00%	-40.50%	-22.71%	3.75%	-8.96%	-51.88%	27.32%	-28.45%	59.08%	13.79%	-39.19%	48.07%	10.41%	30.63%	-17.72%	45.12%	174.73%	63.66%	57.88%	-31.13%
Net Stock Issuance	-678,333	-35,000	-358,800	-173,267	-147,050	-192,360	-347,300	922,000	-1,039,000	-1,918,000	1,195,000	665,000	-2,530,000	-88,000	0	-795,000	0	0	0	0	30,000	959,000	619,000	-454,000	198,000	-191,000	-514,000	144,000	285,000	-717,000	-1,064,000	-516,000	-300,000	172,000	-963,000	-2,482,000	-2,037,000
Net Stock Issuance Margin	-1.02%	-0.02%	-0.59%	-0.27%	-0.26%	-0.41%	-1.51%	0.81%	-1.15%	-2.73%	1.87%	1.11%	-4.01%	-0.16%	0.00%	-1.67%	0.00%	0.00%	0.00%	0.00%	0.06%	1.83%	1.18%	-0.83%	0.33%	-0.39%	-1.40%	0.45%	0.87%	-2.15%	-2.88%	-1.38%	-0.88%	0.91%	-5.51%	-16.05%	-13.66%
Common Stock Issuance	1,506,667	1,748,800	1,538,500	1,293,133	1,046,350	854,240	741,567	1,749,000	1,355,000	1,416,000	2,388,000	1,836,000	1,316,000	1,417,000	991,000	1,671,000	1,246,000	923,000	926,000	1,174,000	30,000	959,000	779,000	751,000	0	0	0	144,000	285,000	0	0	0	0	172,000	321,000	200,000	198,000
Common Stock Issuance Margin	1.68%	2.37%	2.46%	2.20%	1.79%	1.49%	1.42%	1.54%	1.50%	2.02%	3.73%	3.06%	2.09%	2.51%	1.94%	3.50%	2.68%	2.04%	2.04%	2.45%	0.06%	1.83%	1.48%	1.37%	0.00%	0.00%	0.00%	0.45%	0.87%	0.00%	0.00%	0.00%	0.00%	0.91%	1.84%	1.29%	1.33%
Common Stock Repurchased	-2,185,000	-1,783,800	-1,364,800	-909,867	-750,650	-600,520	-707,133	-827,000	-2,394,000	-3,334,000	-1,193,000	-1,171,000	-3,846,000	-88,000	0	-795,000	0	0	0	0	0	0	-160,000	-1,205,000	0	0	0	0	0	0	0	0	0	0	-1,284,000	-2,682,000	-2,235,000
Common Stock Repurchased Margin	-2.71%	-2.39%	-1.99%	-1.32%	-1.12%	-0.89%	-2.07%	-0.73%	-2.65%	-4.74%	-1.86%	-1.95%	-6.10%	-0.16%	0.00%	-1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.30%	-2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.35%	-17.34%	-14.99%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-5,627,333	-5,526,400	-4,803,800	-4,355,467	-4,214,400	-3,905,120	-3,624,033	-5,629,000	-5,595,000	-5,658,000	-5,524,000	-5,226,000	-5,115,000	-4,598,000	-4,031,000	-3,523,000	-3,139,000	-2,847,000	-2,810,000	-3,170,000	-4,273,000	-4,194,000	-4,145,000	-4,096,000	-3,959,000	-3,559,000	-3,197,000	-2,950,000	-2,737,000	-3,194,000	-2,347,000	-2,112,000	-3,000,000	-3,599,000	-1,571,000	-1,503,000	-1,420,000
Net Dividends Paid Margin	-6.40%	-7.31%	-7.48%	-7.35%	-7.41%	-7.49%	-8.12%	-4.95%	-6.19%	-8.05%	-8.63%	-8.72%	-8.11%	-8.14%	-7.89%	-7.38%	-6.76%	-6.30%	-6.19%	-6.61%	-8.27%	-8.01%	-7.87%	-7.46%	-6.64%	-7.24%	-8.71%	-9.25%	-8.39%	-9.59%	-6.35%	-5.63%	-8.85%	-19.07%	-8.99%	-9.72%	-9.52%
Common Dividends Paid	-5,627,333	-5,526,400	-4,803,800	-4,355,467	-4,214,400	-3,905,120	-3,624,033	-5,629,000	-5,595,000	-5,658,000	-5,524,000	-5,226,000	-5,115,000	-4,598,000	-4,031,000	-3,523,000	-3,139,000	-2,847,000	-2,810,000	-3,170,000	-4,273,000	-4,194,000	-4,145,000	-4,096,000	-3,959,000	-3,559,000	-3,197,000	-2,950,000	-2,737,000	-3,194,000	-2,347,000	-2,112,000	-3,000,000	-3,599,000	-1,571,000	-1,503,000	-1,420,000
Common Dividends Paid Margin	-6.40%	-7.31%	-7.48%	-7.35%	-7.41%	-7.49%	-8.12%	-4.95%	-6.19%	-8.05%	-8.63%	-8.72%	-8.11%	-8.14%	-7.89%	-7.38%	-6.76%	-6.30%	-6.19%	-6.61%	-8.27%	-8.01%	-7.87%	-7.46%	-6.64%	-7.24%	-8.71%	-9.25%	-8.39%	-9.59%	-6.35%	-5.63%	-8.85%	-19.07%	-8.99%	-9.72%	-9.52%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	77,168,333	138,128,600	93,207,900	69,773,800	63,955,100	53,827,160	46,295,800	277,791,000	-13,423,000	-32,863,000	229,921,000	229,217,000	43,031,000	37,227,000	66,227,000	65,361,000	29,590,000	21,684,000	-46,113,000	87,630,000	55,361,000	-4,034,000	111,024,000	21,064,000	10,982,000	32,522,000	56,903,000	27,456,000	544,000	17,844,000	-3,166,000	23,899,000	6,600,000	17,649,000	7,496,000	10,752,000	698,000
Other Financing Activities Margin	60.81%	184.85%	138.86%	107.81%	105.30%	92.10%	84.42%	244.04%	-14.85%	-46.77%	359.36%	382.44%	68.26%	65.89%	129.56%	136.94%	63.72%	47.98%	-101.64%	182.70%	107.17%	-7.70%	210.92%	38.35%	18.43%	66.16%	155.02%	86.06%	1.67%	53.60%	-8.56%	63.74%	19.46%	93.53%	42.92%	69.52%	4.68%
Net Cash from Financing Activities	137,529,333	176,475,400	109,999,400	72,658,867	67,512,800	57,424,560	51,542,933	343,084,000	109,943,000	-40,439,000	225,592,000	244,197,000	35,386,000	32,541,000	37,926,000	85,313,000	26,451,000	6,434,000	-48,930,000	37,640,000	30,508,000	-35,763,000	68,738,000	77,946,000	11,533,000	47,716,000	54,440,000	8,039,000	10,633,000	26,645,000	25,635,000	14,406,000	17,600,000	66,246,000	11,315,000	17,758,000	-2,245,000
Net Cash from Financing Activities Margin	121.83%	225.11%	154.92%	101.65%	103.10%	92.30%	95.84%	301.40%	121.65%	-57.55%	352.60%	407.44%	56.14%	57.60%	74.20%	178.74%	56.96%	14.24%	-107.85%	78.48%	59.06%	-68.30%	130.59%	141.90%	19.35%	97.06%	148.31%	25.20%	32.59%	80.04%	69.31%	38.42%	51.90%	351.07%	64.78%	114.81%	-15.05%
Effect of FX on Cash	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	9,488,000	23,957,000	15,502,000	11,357,667	9,670,200	7,539,840	6,497,800	180,473,000	-41,759,000	-110,250,000	118,003,000	-26,682,000	30,871,000	-5,646,000	21,938,000	-2,501,000	-9,427,000	7,848,000	-37,089,000	43,690,000	12,038,000	-11,142,000	16,535,000	-8,778,000	3,343,000	-2,590,000	14,529,000	-5,407,000	1,044,000	-1,967,000	-1,229,000	2,651,000	-9,300,000	13,297,000	591,000	-4,383,000	6,233,000
Net Change in Cash Margin	-14.85%	19.07%	15.17%	12.03%	11.79%	8.80%	9.33%	158.55%	-46.20%	-156.89%	184.44%	-44.52%	48.97%	-9.99%	42.92%	-5.24%	-20.30%	17.36%	-81.75%	91.09%	23.30%	-21.28%	31.41%	-15.98%	5.61%	-5.27%	39.58%	-16.95%	3.20%	-5.91%	-3.32%	7.07%	-27.43%	70.47%	3.38%	-28.34%	41.80%
Cash at Beginning of Period	87,729,333	80,832,400	64,014,600	56,548,200	47,376,100	41,085,360	36,558,067	23,140,000	64,899,000	175,149,000	57,146,000	83,828,000	52,957,000	58,603,000	36,665,000	39,166,000	48,593,000	40,745,000	77,834,000	34,144,000	22,106,000	33,248,000	16,713,000	25,491,000	22,148,000	24,738,000	10,209,000	15,616,000	14,572,000	16,539,000	17,768,000	15,117,000	24,400,000	11,112,000	10,521,000	14,904,000	8,671,000
Cash at Beginning of Period Margin	113.79%	114.11%	101.67%	97.06%	82.47%	75.24%	74.22%	20.33%	71.81%	249.25%	89.32%	139.86%	84.01%	103.73%	71.73%	82.06%	104.64%	90.15%	171.56%	71.19%	42.79%	63.50%	31.75%	46.41%	37.16%	50.32%	27.81%	48.95%	44.67%	49.68%	48.04%	40.32%	71.96%	58.89%	60.23%	96.36%	58.15%
Cash at End of Period	97,217,333	104,789,400	79,516,600	67,905,867	57,046,300	48,625,200	43,055,867	203,613,000	23,140,000	64,899,000	175,149,000	57,146,000	83,828,000	52,957,000	58,603,000	36,665,000	39,166,000	48,593,000	40,745,000	77,834,000	34,144,000	22,106,000	33,248,000	16,713,000	25,491,000	22,148,000	24,738,000	10,209,000	15,616,000	14,572,000	16,539,000	17,768,000	15,100,000	24,409,000	11,112,000	10,521,000	14,904,000
Cash at End of Period Margin	98.94%	133.19%	116.85%	109.09%	94.26%	84.04%	83.55%	178.87%	25.60%	92.36%	273.76%	95.35%	132.98%	93.73%	114.65%	76.82%	84.34%	107.52%	89.81%	162.28%	66.09%	42.22%	63.16%	30.43%	42.77%	45.05%	67.39%	32.00%	47.87%	43.77%	44.72%	47.39%	44.53%	129.35%	63.62%	68.02%	99.95%
Operating Cash Flow	24,521,333	21,269,600	17,901,400	16,451,533	15,051,900	13,400,520	13,309,200	21,755,000	26,565,000	25,244,000	26,349,000	6,435,000	18,966,000	9,302,000	16,252,000	14,856,000	13,290,000	14,356,000	15,397,000	10,560,000	15,088,000	12,358,000	8,616,000	11,047,000	14,987,000	6,716,000	12,899,000	12,966,000	376,000	6,602,000	8,892,000	5,139,000	6,000,000	4,982,000	16,172,000	19,484,000	17,625,000
Operating Cash Flow Margin	28.14%	27.27%	27.44%	27.66%	26.27%	24.99%	33.52%	19.11%	29.39%	35.92%	41.18%	10.74%	30.09%	16.46%	31.79%	31.13%	28.62%	31.76%	33.94%	22.02%	29.21%	23.60%	16.37%	20.11%	25.15%	13.66%	35.14%	40.64%	1.15%	19.83%	24.04%	13.71%	17.69%	26.40%	92.59%	125.97%	118.19%
Capital Expenditure	-5,094,667	-4,915,000	-3,013,000	-2,410,867	-2,242,300	-2,140,360	-1,806,967	-2,567,000	-499,000	-12,218,000	-8,807,000	-484,000	-1,654,000	-1,162,000	-1,119,000	-579,000	-1,041,000	-345,000	-527,000	-2,297,000	-742,000	-2,122,000	-1,521,000	-2,571,000	-2,077,000	-2,047,000	-467,000	-982,000	-946,000	-1,243,000	-3,015,000	-2,477,000	-700,000	0	0	0	0
Capital Expenditure Margin	-6.73%	-6.95%	-4.51%	-3.82%	-3.69%	-3.93%	-3.34%	-2.26%	-0.55%	-17.39%	-13.77%	-0.81%	-2.62%	-2.06%	-2.19%	-1.21%	-2.24%	-0.76%	-1.16%	-4.79%	-1.44%	-4.05%	-2.89%	-4.68%	-3.49%	-4.16%	-1.27%	-3.08%	-2.90%	-3.73%	-8.15%	-6.61%	-2.06%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow	19,426,667	16,354,600	14,888,400	14,040,667	12,809,600	11,260,160	11,502,233	19,188,000	26,066,000	13,026,000	17,542,000	5,951,000	17,312,000	8,140,000	15,133,000	14,277,000	12,249,000	14,011,000	14,870,000	8,263,000	14,346,000	10,236,000	7,095,000	8,476,000	12,910,000	4,669,000	12,432,000	11,984,000	-570,000	5,359,000	5,877,000	2,662,000	5,300,000	4,982,000	16,172,000	19,484,000	17,625,000
Free Cash Flow Margin	21.41%	20.32%	22.93%	23.84%	22.58%	21.06%	30.18%	16.86%	28.84%	18.54%	27.42%	9.93%	27.46%	14.41%	29.61%	29.91%	26.38%	31.00%	32.78%	17.23%	27.77%	19.55%	13.48%	15.43%	21.66%	9.50%	33.87%	37.57%	-1.75%	16.10%	15.89%	7.10%	15.63%	26.40%	92.59%	125.97%	118.19%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	91,493,000	79,678,800	66,320,900	60,383,800	57,939,150	53,243,320	47,723,600	113,830,000	90,378,000	70,271,000	63,980,000	59,935,000	63,036,000	56,498,000	51,115,000	47,729,000	46,437,000	45,195,000	45,369,000	47,963,000	51,659,000	52,362,000	52,637,000	54,930,000	59,594,000	49,159,000	36,706,000	31,902,000	32,624,000	33,291,000	36,986,000	37,497,000	33,909,000	18,870,000	17,467,000	15,467,000	14,912,000
EBITDA	17,368,667	18,142,000	15,029,300	13,437,333	13,015,200	12,041,440	11,147,933	15,405,000	17,769,000	18,932,000	24,216,000	14,388,000	20,365,000	7,290,000	7,121,000	10,789,000	14,018,000	12,388,000	9,490,000	7,850,000	9,068,000	12,471,000	10,640,000	14,752,000	13,503,000	11,170,000	8,679,000	8,118,000	9,273,000	8,419,000	7,871,000	7,051,000	7,300,000	7,070,000	6,528,000	6,247,000	6,257,000
EBITDA Margin	20.05%	24.40%	23.39%	22.67%	22.80%	23.01%	25.13%	13.53%	19.66%	26.94%	37.85%	24.01%	32.31%	12.90%	13.93%	22.60%	30.19%	27.41%	20.92%	16.37%	17.55%	23.82%	20.21%	26.86%	22.66%	22.72%	23.64%	25.45%	28.42%	25.29%	21.28%	18.80%	21.53%	37.47%	37.37%	40.39%	41.96%
(-) Tax Adjustment	2,587,217	2,324,281	2,297,728	2,112,505	2,263,837	2,104,228	2,014,534	2,563,836	2,430,787	2,767,026	3,575,474	284,278	3,087,718	-201,820	4,421,941	1,496,142	2,551,894	2,387,618	1,632,729	683,886	533,947	3,472,114	2,489,186	4,422,596	3,100,689	2,423,036	1,153,670	1,327,496	1,765,123	1,487,535	1,473,096	1,275,708	1,390,476	1,685,414	1,577,250	1,564,586	1,612,594
(-) Tax Adjustment Margin	2.96%	2.99%	3.68%	3.65%	4.04%	4.09%	4.84%	2.25%	2.69%	3.94%	5.59%	0.47%	4.90%	-0.36%	8.65%	3.13%	5.50%	5.28%	3.60%	1.43%	1.03%	6.63%	4.73%	8.05%	5.20%	4.93%	3.14%	4.16%	5.41%	4.47%	3.98%	3.40%	4.10%	8.93%	9.03%	10.12%	10.81%
(-) Change In Working Capital	1,437,000	242,800	43,900	382,733	-1,173,300	-941,360	-849,933	1,693,000	2,931,000	-313,000	1,805,000	-4,902,000	1,472,000	-1,647,000	717,000	-451,000	-866,000	1,175,000	2,081,000	2,331,000	-61,000	-224,000	-3,084,000	-3,683,000	3,631,000	-26,072,000	1,000	241,000	168,000	-935,000	1,520,000	-1,062,000	-400,000	-361,000	-522,000	-21,000	-660,000
(-) Change In Working Capital Margin	1.43%	-0.21%	-0.31%	0.56%	-2.55%	-2.05%	-2.07%	1.49%	3.24%	-0.45%	2.82%	-8.18%	2.34%	-2.92%	1.40%	-0.94%	-1.86%	2.60%	4.59%	4.86%	-0.12%	-0.43%	-5.86%	-6.70%	6.09%	-53.04%	0.00%	0.76%	0.51%	-2.81%	4.11%	-2.83%	-1.18%	-1.91%	-2.99%	-0.14%	-4.43%
(-) Capital Expenditure	-5,094,667	-4,915,000	-3,013,000	-2,410,867	-2,242,300	-2,140,360	-1,806,967	-2,567,000	-499,000	-12,218,000	-8,807,000	-484,000	-1,654,000	-1,162,000	-1,119,000	-579,000	-1,041,000	-345,000	-527,000	-2,297,000	-742,000	-2,122,000	-1,521,000	-2,571,000	-2,077,000	-2,047,000	-467,000	-982,000	-946,000	-1,243,000	-3,015,000	-2,477,000	-700,000	0	0	0	0
(-) Capital Expenditure Margin	-6.73%	-6.95%	-4.51%	-3.82%	-3.69%	-3.93%	-3.34%	-2.26%	-0.55%	-17.39%	-13.77%	-0.81%	-2.62%	-2.06%	-2.19%	-1.21%	-2.24%	-0.76%	-1.16%	-4.79%	-1.44%	-4.05%	-2.89%	-4.68%	-3.49%	-4.16%	-1.27%	-3.08%	-2.90%	-3.73%	-8.15%	-6.61%	-2.06%	0.00%	0.00%	0.00%	0.00%
Unlevered Free Cash Flow	8,249,783	10,659,919	9,674,672	8,531,229	9,682,363	8,738,212	8,176,366	8,581,164	11,908,213	4,259,974	10,028,526	18,521,722	14,151,282	7,976,820	863,059	9,164,858	11,291,106	8,480,382	5,249,271	2,538,114	7,853,053	7,100,886	9,713,814	11,441,404	4,694,311	32,771,964	7,057,330	5,567,504	6,393,877	6,623,465	1,862,904	4,360,292	5,609,524	5,745,586	5,472,750	4,703,414	5,304,406
Unlevered Free Cash Flow Margin	8.93%	14.67%	15.51%	14.63%	17.63%	17.05%	19.02%	7.54%	13.18%	6.06%	15.67%	30.90%	22.45%	14.12%	1.69%	19.20%	24.31%	18.76%	11.57%	5.29%	15.20%	13.56%	18.45%	20.83%	7.88%	66.67%	19.23%	17.45%	19.60%	19.90%	5.04%	11.63%	16.54%	30.45%	31.33%	30.41%	35.57%
(-) Net Interest Income After Taxes	45,881,600	43,364,409	36,467,590	33,232,682	29,647,354	26,259,542	23,673,947	47,365,180	46,251,155	44,028,464	38,060,018	41,117,231	35,713,453	41,754,824	14,163,520	29,902,692	26,319,367	25,440,106	26,150,058	29,369,199	30,638,080	22,216,880	22,164,240	20,891,977	19,791,585	16,402,319	15,206,732	13,375,234	12,814,319	12,832,967	12,617,795	11,901,147	11,657,143	10,900,168	10,680,363	10,277,774	10,214,426
(-) Net Interest Income After Taxes Margin	51.81%	56.71%	56.11%	55.87%	51.31%	48.47%	50.00%	41.61%	51.18%	62.66%	59.49%	68.60%	56.66%	73.90%	27.71%	62.65%	56.68%	56.29%	57.64%	61.23%	59.31%	42.43%	42.11%	38.03%	33.21%	33.37%	41.43%	41.93%	39.28%	38.55%	34.12%	31.74%	34.38%	57.76%	61.15%	66.45%	68.50%
Net Debt Issuance	66,666,667	43,908,200	21,954,100	7,413,800	7,919,150	7,694,880	9,218,467	70,000,000	130,000,000	0	0	19,541,000	0	0	-24,270,000	24,270,000	0	-12,403,000	-7,000	-46,820,000	-20,610,000	-28,494,000	-38,760,000	61,432,000	4,312,000	18,944,000	1,248,000	-16,611,000	12,541,000	12,712,000	32,212,000	-6,865,000	14,300,000	52,024,000	6,353,000	10,991,000	514,000
Net Debt Issuance Margin	68.45%	47.59%	24.13%	1.46%	5.46%	8.11%	21.05%	61.50%	143.84%	0.00%	0.00%	32.60%	0.00%	0.00%	-47.48%	50.85%	0.00%	-27.44%	-0.02%	-97.62%	-39.90%	-54.42%	-73.64%	111.84%	7.24%	38.54%	3.40%	-52.07%	38.44%	38.18%	87.09%	-18.31%	42.17%	275.70%	36.37%	71.06%	3.45%
Levered Free Cash Flow	29,034,850	11,203,710	-4,838,818	-17,287,653	-12,045,841	-9,826,450	-6,279,115	31,215,983	95,657,058	-39,768,490	-28,031,492	-3,054,509	-21,562,171	-33,778,003	-37,570,461	3,532,166	-15,028,261	-29,362,724	-20,907,787	-73,651,085	-43,395,026	-43,609,994	-51,210,425	51,981,428	-10,785,274	35,313,645	-6,901,403	-24,418,731	6,120,559	6,502,498	21,457,109	-14,405,855	8,252,381	46,869,417	1,145,387	5,416,639	-4,396,021
Levered Free Cash Flow Margin	25.56%	5.55%	-16.47%	-39.77%	-28.22%	-23.32%	-9.94%	27.42%	105.84%	-56.59%	-43.81%	-5.10%	-34.21%	-59.79%	-73.50%	7.40%	-32.36%	-64.97%	-46.08%	-153.56%	-84.00%	-83.29%	-97.29%	94.63%	-18.10%	71.84%	-18.80%	-76.54%	18.76%	19.53%	58.01%	-38.42%	24.34%	248.38%	6.56%	35.02%	-29.48%