Oeneo S.A. (0O33.L)

Analysis: Margins & Ratios Industry: Packaging & Containers Sector: Consumer Cyclical Live Price: $9.34

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	375,393,046	365,863,702	328,737,802	278,012,711	250,731,373	717,269,939	791,703,744	358,278,006	358,991,932	408,909,199	382,794,546	320,344,829	340,826,749	316,311,384	291,932,228	260,897,593	248,091,550	200,361,855	177,321,311	158,140,427	179,672,099	167,316,956	155,988,082	171,182,488	175,825,354	169,279,078	172,161,788	190,660,450
Cost of Revenue	216,185,253	245,219,643	194,635,654	151,082,895	142,660,332	460,813,245	661,985,313	140,844,166	161,973,081	345,738,511	316,246,802	261,295,654	281,136,449	138,865,606	117,126,097	92,957,126	90,173,051	72,928,456	64,895,617	58,559,526	64,351,953	59,151,333	128,742,655	65,118,719	73,854,915	147,639,377	171,607,556	196,090,043
Cost of Revenue Margin	56.33%	66.63%	57.16%	50.19%	55.12%	64.25%	83.62%	39.31%	45.12%	84.55%	82.62%	81.57%	82.49%	43.90%	40.12%	35.63%	36.35%	36.40%	36.60%	37.03%	35.82%	35.35%	82.53%	38.04%	42.00%	87.22%	99.68%	102.85%
Gross Profit	159,207,793	120,644,060	134,102,147	126,929,816	108,071,040	256,456,693	129,718,432	217,433,840	197,018,851	63,170,688	66,547,744	59,049,175	59,690,299	177,445,778	174,806,131	167,940,467	157,918,499	127,433,400	112,425,694	99,580,901	115,320,146	108,165,624	27,245,427	106,063,770	101,970,439	21,639,700	554,232	-5,429,593
Gross Profit Margin	43.67%	33.37%	42.84%	49.81%	44.88%	35.75%	16.38%	60.69%	54.88%	15.45%	17.38%	18.43%	17.51%	56.10%	59.88%	64.37%	63.65%	63.60%	63.40%	62.97%	64.18%	64.65%	17.47%	61.96%	58.00%	12.78%	0.32%	-2.85%
R&D Expenses	432,896	259,737	1,926,425	1,284,284	1,057,150	0	0	1,298,687	0	0	0	0	0	4,579,458	4,579,458	4,344,614	4,462,036	0	0	0	0	0	1,878,752	0	0	0	0	0
R&D Expenses Margin	0.12%	0.07%	0.68%	0.46%	0.40%	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	1.45%	1.57%	1.67%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	93,833,486	106,888,307	94,148,725	78,826,250	59,093,443	189,163,319	213,516,642	8,223,063	120,601,788	152,675,607	136,607,581	116,333,498	1,888,146	108,993,449	104,140,398	98,248,162	93,775,558	77,026,484	69,145,119	28,910,471	34,069,993	31,754,431	0	28,632,180	-29,157,057	0	0	0
SG&A Expenses Margin	24.41%	29.05%	29.14%	28.34%	21.26%	26.37%	26.97%	2.30%	33.59%	37.34%	35.69%	36.32%	0.55%	34.46%	35.67%	37.66%	37.80%	38.44%	38.99%	18.28%	18.96%	18.98%	0.00%	16.73%	-16.58%	0.00%	0.00%	0.00%
Operating Expenses	103,685,583	63,846,099	82,259,982	83,213,292	71,426,863	155,085,107	2,160,565	164,050,276	147,990,469	-983,996	3,142,213	5,031,533	8,289,993	131,128,670	124,629,362	120,841,329	118,479,972	91,623,212	83,521,094	76,371,269	91,883,889	82,200,097	8,361,621	81,245,456	77,797,946	7,079,372	5,853,487	23,910,642
Operating Expenses Margin	28.92%	17.83%	26.98%	34.08%	30.79%	21.62%	0.27%	45.79%	41.22%	-0.24%	0.82%	1.57%	2.43%	41.46%	42.69%	46.32%	47.76%	45.73%	47.10%	48.29%	51.14%	49.13%	5.36%	47.46%	44.25%	4.18%	3.40%	12.54%
Operating Income (EBIT)	56,068,614	57,125,803	53,542,671	46,077,567	38,339,575	101,371,587	127,557,867	53,383,564	50,667,593	64,154,684	63,405,532	54,017,643	51,400,306	48,424,833	54,547,216	50,853,120	44,572,217	37,699,507	31,316,447	22,917,252	37,838,065	25,965,527	18,883,806	24,043,329	23,439,780	14,560,328	-5,299,255	-29,340,235
Operating Income (EBIT) Margin	14.90%	15.63%	16.47%	16.81%	14.86%	14.13%	16.11%	14.90%	14.11%	15.69%	16.56%	16.86%	15.08%	15.31%	18.68%	19.49%	17.97%	18.82%	17.66%	14.49%	21.06%	15.52%	12.11%	14.05%	13.33%	8.60%	-3.08%	-15.39%
Interest Income	135,818	99,574	155,819	114,760	96,932	389,841	69,279	126,816	263,025	17,613	18,788	71,627	41,098	344,046	265,374	244,238	165,565	38,749	49,317	24,659	48,143	2,348	63,408	12,916	22,310	36,401	82,195	104,506
Interest Income Margin	0.04%	0.03%	0.05%	0.04%	0.04%	0.05%	0.01%	0.04%	0.07%	0.00%	0.00%	0.02%	0.01%	0.11%	0.09%	0.09%	0.07%	0.02%	0.03%	0.02%	0.03%	0.00%	0.04%	0.01%	0.01%	0.02%	0.05%	0.05%
Interest Expense	4,673,004	3,697,384	2,641,760	2,445,900	3,926,357	11,454,516	3,833,828	6,145,867	5,710,232	2,162,913	1,775,421	2,692,486	1,558,190	1,696,748	1,527,660	1,696,748	1,451,336	769,114	1,111,986	1,677,960	2,809,908	3,901,933	6,587,374	9,471,259	9,050,888	8,162,003	8,567,109	8,382,757
Interest Expense Margin	1.28%	1.03%	0.79%	0.92%	1.93%	1.60%	0.48%	1.72%	1.59%	0.53%	0.46%	0.84%	0.46%	0.54%	0.52%	0.65%	0.59%	0.38%	0.63%	1.06%	1.56%	2.33%	4.22%	5.53%	5.15%	4.82%	4.98%	4.40%
Net Interest Income	-4,537,186	-3,597,810	-2,485,941	-2,425,469	-4,128,616	-11,047,062	-3,764,549	-6,019,052	-5,447,207	-2,145,300	-1,756,633	-2,620,859	-1,517,092	-1,352,701	-1,262,287	-1,452,510	-1,285,771	-730,365	-1,062,669	-1,653,302	-3,802,124	-4,274,161	-6,523,966	-12,523,056	-10,532,753	-8,125,602	-8,484,914	-8,278,251
Net Interest Income Margin	-1.24%	-1.00%	-0.74%	-0.94%	-2.06%	-1.54%	-0.48%	-1.68%	-1.52%	-0.52%	-0.46%	-0.82%	-0.45%	-0.43%	-0.43%	-0.56%	-0.52%	-0.36%	-0.60%	-1.05%	-2.12%	-2.55%	-4.18%	-7.32%	-5.99%	-4.80%	-4.93%	-4.34%
Unusual Items	10,628,257	9,328,239	7,756,428	6,992,558	8,818,275	22,734,073	14,466,390	13,820,569	11,967,650	6,096,550	8,509,572	6,246,850	5,184,181	4,615,859	6,893,846	6,626,123	7,603,075	3,254,938	4,537,186	2,596,200	5,805,344	11,130,431	12,676,879	21,981,398	19,561,331	15,653,527	1,603,985	41,547,426
Unusual Items Margin	2.89%	2.57%	2.38%	2.63%	4.09%	3.17%	1.83%	3.86%	3.33%	1.49%	2.22%	1.95%	1.52%	1.46%	2.36%	2.54%	3.06%	1.62%	2.56%	1.64%	3.23%	6.65%	8.13%	12.84%	11.13%	9.25%	0.93%	21.79%
EBT Excluding Unusual Items	39,349,286	42,067,136	40,515,757	34,423,590	24,532,450	66,968,115	102,389,636	31,761,477	32,179,499	54,106,883	48,143,020	44,144,801	42,549,036	40,545,817	42,021,811	39,053,383	30,651,839	31,919,996	23,304,744	19,378,153	28,989,143	7,604,249	54,014	-10,461,126	-6,654,305	-8,621,123	-22,310	-104,156,837
EBT Excluding Unusual Items Margin	10.35%	11.48%	12.44%	12.43%	8.57%	9.34%	12.93%	8.87%	8.96%	13.23%	12.58%	13.78%	12.48%	12.82%	14.39%	14.97%	12.36%	15.93%	13.14%	12.25%	16.13%	4.54%	0.03%	-6.11%	-3.78%	-5.09%	-0.01%	-54.63%
Pre-Tax Income	49,977,543	51,395,375	48,272,184	41,416,148	33,350,725	89,702,188	116,856,026	45,582,046	44,147,149	60,203,434	56,652,592	50,391,651	47,733,217	45,161,675	48,915,657	45,679,506	38,254,913	35,174,934	27,841,930	21,974,353	34,794,487	18,734,680	12,730,893	11,520,272	12,907,026	7,032,404	1,581,674	-62,609,410
Pre-Tax Income Margin	13.25%	14.05%	14.82%	15.06%	12.66%	12.51%	14.76%	12.72%	12.30%	14.72%	14.80%	15.73%	14.01%	14.28%	16.76%	17.51%	15.42%	17.56%	15.70%	13.90%	19.37%	11.20%	8.16%	6.73%	7.34%	4.15%	0.92%	-32.84%
Income Tax Expense	10,945,296	11,840,365	12,085,659	10,980,836	7,290,849	20,870,585	25,082,513	10,597,336	10,273,251	11,965,302	13,117,212	13,248,724	13,110,166	12,345,749	13,003,312	12,572,374	10,623,168	10,247,418	11,108,121	8,708,016	7,600,726	6,191,662	-1,148,387	-5,231,150	-13,448,342	-32,878	965,209	13,138,348
Income Tax Expense Margin	2.92%	3.26%	3.76%	4.16%	2.58%	2.91%	3.17%	2.96%	2.86%	2.93%	3.43%	4.14%	3.85%	3.90%	4.45%	4.82%	4.28%	5.11%	6.26%	5.51%	4.23%	3.70%	-0.74%	-3.06%	-7.65%	-0.02%	0.56%	6.89%
Net Income	39,054,949	39,558,767	35,066,789	29,523,492	25,387,928	68,829,254	91,956,691	34,953,007	33,876,247	48,335,592	43,619,925	37,009,066	33,266,827	29,765,303	31,237,775	31,013,499	27,590,647	24,753,732	15,936,514	12,461,997	26,489,229	12,543,018	13,740,722	16,707,976	26,344,800	7,066,456	1,046,230	-75,763,023
Net Income Margin	10.34%	10.79%	10.68%	10.55%	9.83%	9.60%	11.62%	9.76%	9.44%	11.82%	11.40%	11.55%	9.76%	9.41%	10.70%	11.89%	11.12%	12.35%	8.99%	7.88%	14.74%	7.50%	8.81%	9.76%	14.98%	4.17%	0.61%	-39.74%
Depreciation and Amortization	22,351,278	21,038,265	17,356,263	14,365,877	12,475,618	44,787,099	40,676,155	23,920,036	22,186,887	20,946,911	19,729,244	18,408,247	16,844,186	13,600,990	11,851,402	14,320,787	11,753,942	8,240,676	7,510,311	7,433,987	9,706,103	9,034,449	7,828,525	7,068,804	6,808,128	6,705,970	5,612,772	6,154,087
Depreciation and Amortization Margin	5.99%	5.78%	5.24%	5.08%	4.83%	6.24%	5.14%	6.68%	6.18%	5.12%	5.15%	5.75%	4.94%	4.30%	4.06%	5.49%	4.74%	4.11%	4.24%	4.70%	5.40%	5.40%	5.02%	4.13%	3.87%	3.96%	3.26%	3.23%
EBITDA	77,639,426	77,695,789	70,105,396	59,694,527	50,791,649	147,095,714	166,965,864	75,774,765	72,044,268	85,099,246	83,134,776	72,425,890	66,135,593	62,025,823	66,398,618	61,688,822	56,326,159	45,940,183	38,826,759	31,770,871	46,721,040	31,105,088	26,381,201	27,871,286	28,500,668	21,900,377	15,761,555	-48,072,567
EBITDA Margin	20.68%	21.27%	21.45%	21.60%	19.77%	20.51%	21.09%	21.15%	20.07%	20.81%	21.72%	22.61%	19.40%	19.61%	22.74%	23.64%	22.70%	22.93%	21.90%	20.09%	26.00%	18.59%	16.91%	16.28%	16.21%	12.94%	9.16%	-25.21%
NOPAT	43,751,181	43,958,779	40,136,233	33,846,215	31,183,351	77,785,938	100,178,261	40,972,459	38,877,004	51,404,080	48,724,760	39,815,591	37,282,956	35,187,041	40,046,859	36,856,812	32,194,770	26,716,612	18,822,095	13,835,584	29,572,481	17,384,128	20,587,215	34,960,975	47,862,614	14,628,401	-2,065,411	-35,497,172
NOPAT Margin	11.61%	12.00%	12.29%	12.16%	12.54%	10.84%	12.65%	11.44%	10.83%	12.57%	12.73%	12.43%	10.94%	11.12%	13.72%	14.13%	12.98%	13.33%	10.61%	8.75%	16.46%	10.39%	13.20%	20.42%	27.22%	8.64%	-1.20%	-18.62%
Owner's Earnings	40,448,356	38,910,833	32,890,842	25,773,190	20,883,620	73,651,775	82,608,725	41,169,327	33,534,549	46,641,193	35,966,359	37,242,736	23,634,700	30,103,478	23,934,126	29,835,756	26,846,192	-3,238,499	8,409,764	11,993,483	29,404,817	11,119,863	-440,333	11,694,057	26,105,259	5,288,687	-11,573,112	-96,502,096
Owner's Earnings Margin	10.75%	10.65%	10.02%	8.93%	7.58%	10.27%	10.43%	11.49%	9.34%	11.41%	9.40%	11.63%	6.93%	9.52%	8.20%	11.44%	10.82%	-1.62%	4.74%	7.58%	16.37%	6.65%	-0.28%	6.83%	14.85%	3.12%	-6.72%	-50.61%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	375,393,046	365,863,702	328,737,802	278,012,711	250,731,373	358,278,006	358,991,932	408,909,199	382,794,546	320,344,829	340,826,749	316,311,384	291,932,228	260,897,593	248,091,550	200,361,855	177,321,311	158,140,427	179,672,099	167,316,956	155,988,082	171,182,488	175,825,354	169,279,078	172,161,788	190,660,450
Cash & Cash Equivalents	43,083,697	58,994,692	60,766,237	46,489,562	37,886,330	46,285,404	47,403,261	35,562,427	71,414,886	94,307,479	62,790,240	46,965,277	62,460,284	79,087,240	61,385,873	33,868,027	20,285,825	12,538,321	21,416,599	1,572,281	11,831	41,306,711	6,710,667	7,020,661	5,333,307	8,828,960
Cash & Cash Equivalents Margin	11.61%	16.58%	19.26%	16.12%	13.85%	12.92%	13.20%	8.70%	18.66%	29.44%	18.42%	14.85%	21.40%	30.31%	24.74%	16.90%	11.44%	7.93%	11.92%	0.94%	0.01%	24.13%	3.82%	4.15%	3.10%	4.63%
Short-Term Investments	0	0	0	0	56,950	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,138,993	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.67%	0.00%	0.00%
Cash & Short-Term Investments	43,083,697	58,994,692	60,766,237	46,489,562	37,943,280	46,285,404	47,403,261	35,562,427	71,414,886	94,307,479	62,790,240	46,965,277	62,460,284	79,087,240	61,385,873	33,868,027	20,285,825	12,538,321	21,416,599	1,572,281	11,831	41,306,711	6,710,667	8,159,655	5,333,307	8,828,960
Cash & Short-Term Investments Margin	11.61%	16.58%	19.26%	16.12%	13.88%	12.92%	13.20%	8.70%	18.66%	29.44%	18.42%	14.85%	21.40%	30.31%	24.74%	16.90%	11.44%	7.93%	11.92%	0.94%	0.01%	24.13%	3.82%	4.82%	3.10%	4.63%
Net Receivables	93,907,462	93,932,668	86,288,731	73,584,375	65,857,068	90,824,743	98,707,282	92,190,361	105,029,282	82,911,674	98,178,883	89,383,975	74,942,243	67,117,241	63,601,626	44,352,638	46,924,180	43,460,231	49,786,928	56,354,340	0	53,090,009	51,807,761	52,251,616	56,226,350	55,973,893
Net Receivables Margin	25.13%	25.74%	26.28%	26.69%	26.21%	25.35%	27.50%	22.55%	27.44%	25.88%	28.81%	28.26%	25.67%	25.73%	25.64%	22.14%	26.46%	27.48%	27.71%	33.68%	0.00%	31.01%	29.47%	30.87%	32.66%	29.36%
Inventory	196,639,578	181,330,333	160,041,489	132,580,163	117,927,533	198,999,760	191,413,125	199,505,849	162,731,627	154,001,301	163,929,332	150,099,368	124,063,388	133,667,334	122,003,806	97,965,175	75,369,659	67,434,280	66,382,179	81,136,254	93,381	106,982,010	89,881,844	89,609,425	83,281,554	92,502,703
Inventory Margin	52.55%	49.65%	48.67%	47.08%	46.06%	55.54%	53.32%	48.79%	42.51%	48.07%	48.10%	47.45%	42.50%	51.23%	49.18%	48.89%	42.50%	42.64%	36.95%	48.49%	0.06%	62.50%	51.12%	52.94%	48.37%	48.52%
Other Current Assets	9,248,548	8,026,263	11,502,542	12,322,343	9,253,420	7,422,245	7,817,957	12,505,443	73,976	12,311,697	77,499	19,180,884	29,545,724	10,814,566	15,275,428	14,563,851	6,459,384	48,786,493	0	0	1,929	0	0	0	231,321	185,527
Other Current Assets Margin	2.44%	2.23%	3.77%	5.30%	3.98%	2.07%	2.18%	3.06%	0.02%	3.84%	0.02%	6.06%	10.12%	4.15%	6.16%	7.27%	3.64%	30.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.10%
Total Current Assets	343,314,138	344,905,989	322,399,597	266,010,226	232,202,054	346,323,273	347,613,740	336,005,401	350,836,974	343,750,557	340,191,496	307,947,415	293,145,197	293,347,163	264,834,753	193,303,619	149,960,810	129,420,180	138,880,871	154,591,934	158,319	202,149,018	149,413,624	150,799,204	151,367,526	164,662,045
Total Current Assets Margin	91.89%	94.92%	99.14%	94.93%	90.21%	96.66%	96.83%	82.17%	91.65%	107.31%	99.81%	97.36%	100.42%	112.44%	106.75%	96.48%	84.57%	81.84%	77.30%	92.39%	0.10%	118.09%	84.98%	89.08%	87.92%	86.36%
Property, Plant & Equipment	168,872,406	166,360,202	154,946,666	132,393,227	113,564,781	168,616,818	169,401,197	168,599,204	161,941,377	163,242,413	162,088,155	143,603,583	140,549,437	134,692,428	136,732,048	112,917,692	81,076,368	75,394,318	77,875,445	89,167,918	85,241	73,218,488	69,442,197	71,369,092	71,282,199	57,308,981
Property, Plant & Equipment Margin	45.16%	45.75%	47.66%	48.20%	44.44%	47.06%	47.19%	41.23%	42.31%	50.96%	47.56%	45.40%	48.14%	51.63%	55.11%	56.36%	45.72%	47.68%	43.34%	53.29%	0.05%	42.77%	39.49%	42.16%	41.40%	30.06%
Goodwill	55,749,617	55,730,360	55,120,353	42,584,419	34,117,274	55,750,791	55,751,966	55,746,095	55,726,133	55,676,816	55,739,049	54,503,770	54,178,511	54,095,141	54,035,256	16,757,294	16,544,760	15,790,911	15,790,911	22,678,885	22,679	0	0	21,778,258	21,778,258	21,778,258
Goodwill Margin	14.91%	15.33%	17.13%	14.76%	12.34%	15.56%	15.53%	13.63%	14.56%	17.38%	16.35%	17.23%	18.56%	20.73%	21.78%	8.36%	9.33%	9.99%	8.79%	13.55%	0.01%	0.00%	0.00%	12.87%	12.65%	11.42%
Intangible Assets	27,993,796	42,670,685	29,317,455	19,727,444	20,162,045	8,804,302	9,569,893	65,607,194	67,632,724	61,739,313	61,254,361	5,175,962	4,924,679	5,408,457	3,057,669	1,720,232	236,018	158,520	199,617	422,719	830	53,090,009	51,807,761	1,073,237	1,357,398	2,081,892
Intangible Assets Margin	7.06%	11.62%	8.27%	5.61%	7.30%	2.46%	2.67%	16.04%	17.67%	19.27%	17.97%	1.64%	1.69%	2.07%	1.23%	0.86%	0.13%	0.10%	0.11%	0.25%	0.00%	31.01%	29.47%	0.63%	0.79%	1.09%
Long-Term Investments	4,452,642	3,592,878	2,281,509	1,546,369	1,311,780	5,051,494	3,910,153	4,396,280	2,371,924	2,234,541	1,075,586	1,142,516	988,693	845,438	798,470	153,823	112,725	113,899	0	0	0	0	1,830,609	405,106	804,341	2,541,012
Long-Term Investments Margin	1.19%	0.98%	0.66%	0.45%	0.43%	1.41%	1.09%	1.08%	0.62%	0.70%	0.32%	0.36%	0.34%	0.32%	0.32%	0.08%	0.06%	0.07%	0.00%	0.00%	0.00%	0.00%	1.04%	0.24%	0.47%	1.33%
Tax Assets	3,294,470	2,841,143	3,053,677	6,273,936	6,462,121	3,872,578	2,907,369	3,103,463	2,058,408	2,263,896	2,024,355	1,335,088	1,182,440	4,968,125	6,821,044	8,206,624	9,730,761	12,431,467	15,854,318	17,349,101	21,864	19,614,171	14,107,079	151,474	1,238,802	2,543,361
Tax Assets Margin	0.88%	0.78%	1.00%	3.11%	3.35%	1.08%	0.81%	0.76%	0.54%	0.71%	0.59%	0.42%	0.41%	1.90%	2.75%	4.10%	5.49%	7.86%	8.82%	10.37%	0.01%	11.46%	8.02%	0.09%	0.72%	1.33%
Other Non-Current Assets	-18,582,032	-33,257,903	-23,565,186	-16,896,869	-12,147,787	0	0	-55,746,095	-55,296,368	-55,247,051	-55,055,653	-1,335,088	-1,182,440	-4,968,125	-6,821,044	-8,206,624	-9,730,761	0	52,840	83,370	2,119	1,245,847	386,318	3,628,340	5,234,673	10,543,321
Other Non-Current Assets Margin	-4.54%	-9.06%	-6.70%	-5.10%	-3.52%	0.00%	0.00%	-13.63%	-14.45%	-17.25%	-16.15%	-0.42%	-0.41%	-1.90%	-2.75%	-4.10%	-5.49%	0.00%	0.03%	0.05%	0.00%	0.73%	0.22%	2.14%	3.04%	5.53%
Other Assets	-391	-235	1,733,266	2,743,917	2,057,938	-1,174	0	0	0	0	0	1,863,487	1,818,867	6,058,975	7,592,507	9,796,517	14,029,581	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.66%	1.29%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.59%	0.62%	2.32%	3.06%	4.89%	7.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	241,780,900	237,937,365	221,154,474	185,628,526	160,558,853	242,095,983	241,540,577	241,706,142	234,434,197	229,909,928	227,125,852	204,425,831	200,641,320	195,041,465	194,623,442	131,549,041	97,969,871	103,889,115	109,773,131	129,701,993	132,734	118,236,909	108,278,349	98,405,507	101,695,672	96,796,826
Total Non-Current Assets Margin	64.66%	65.40%	68.02%	67.03%	62.67%	67.57%	67.28%	59.11%	61.24%	71.77%	66.64%	64.63%	68.73%	74.76%	78.45%	65.66%	55.25%	65.69%	61.10%	77.52%	0.09%	69.07%	61.58%	58.13%	59.07%	50.77%
Total Assets	585,094,647	582,843,119	545,287,337	454,382,669	394,818,844	588,418,081	589,154,317	577,711,543	585,271,171	573,660,484	567,317,348	514,236,733	495,605,384	494,447,603	467,050,702	334,649,177	261,960,262	233,309,294	248,654,001	284,293,927	291,053	320,385,927	257,691,973	249,204,711	253,063,198	261,458,871
Total Assets Margin	156.54%	160.32%	167.82%	163.25%	153.84%	164.24%	164.11%	141.28%	152.89%	179.08%	166.45%	162.57%	169.77%	189.52%	188.26%	167.02%	147.73%	147.53%	138.39%	169.91%	0.19%	187.16%	146.56%	147.22%	146.99%	137.13%
Accounts Payable	75,346,958	76,225,900	73,375,129	63,301,026	54,475,758	71,976,163	72,100,631	81,964,079	83,391,930	71,696,699	83,215,797	71,534,657	67,650,337	65,925,408	64,295,590	52,150,633	36,777,745	32,655,058	43,995,675	50,184,989	45,661	0	48,071,393	48,256,919	43,625,796	49,177,508
Accounts Payable Margin	20.07%	20.88%	22.58%	23.18%	21.44%	20.09%	20.08%	20.04%	21.79%	22.38%	24.42%	22.62%	23.17%	25.27%	25.92%	26.03%	20.74%	20.65%	24.49%	29.99%	0.03%	0.00%	27.34%	28.51%	25.34%	25.79%
Short-Term Debt	33,556,859	25,990,420	30,027,741	25,778,121	31,542,321	71,232,882	16,151,396	13,286,299	9,646,217	19,635,307	25,735,380	59,294,587	36,082,606	28,182,454	21,030,280	11,583,680	10,942,556	6,866,839	13,905,113	43,096,222	60,135	77,010,044	56,278,016	61,289,587	49,536,819	66,564,183
Short-Term Debt Margin	9.21%	7.26%	9.42%	9.60%	14.30%	19.88%	4.50%	3.25%	2.52%	6.13%	7.55%	18.75%	12.36%	10.80%	8.48%	5.78%	6.17%	4.34%	7.74%	25.76%	0.04%	44.99%	32.01%	36.21%	28.77%	34.91%
Tax Payables	2,441,203	2,511,657	2,884,237	2,228,591	1,673,440	2,633,775	2,968,428	1,721,407	1,796,557	3,438,116	2,973,125	4,231,889	2,674,873	4,193,140	2,211,056	1,243,499	1,471,298	1,871,707	0	0	0	0	0	39,923	0	0
Tax Payables Margin	0.66%	0.71%	0.92%	0.79%	0.59%	0.74%	0.83%	0.42%	0.47%	1.07%	0.87%	1.34%	0.92%	1.61%	0.89%	0.62%	0.83%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%
Deferred Revenue	728,408	902,036	1,606,568	-723,867	-64,188	0	1,376,186	809,038	1,949,205	375,750	266,548	379,273	1,171,872	4,584,155	5,153,652	-15,614,778	-11,333,571	0	0	24,659	2,018	0	0	0	9,572,241	11,052,933
Deferred Revenue Margin	0.19%	0.24%	0.56%	-0.57%	-0.15%	0.00%	0.38%	0.20%	0.51%	0.12%	0.08%	0.12%	0.40%	1.76%	2.08%	-7.79%	-6.39%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	5.56%	5.80%
Other Current Liabilities	1,810,647	2,274,934	4,024,169	4,370,212	6,351,434	1,133,122	1,210,621	3,088,199	2,192,269	3,750,459	418,022	4,808,431	19,273,647	1,231,757	3,135,167	2,085,415	2,650,215	5,779,511	7,107,554	7,688,793	6,266	23,405,727	11,832,615	13,339,139	12,891,761	19,253,685
Other Current Liabilities Margin	0.47%	0.63%	1.31%	1.86%	3.18%	0.32%	0.34%	0.76%	0.57%	1.17%	0.12%	1.52%	6.60%	0.47%	1.26%	1.04%	1.49%	3.65%	3.96%	4.60%	0.00%	13.67%	6.73%	7.88%	7.49%	10.10%
Total Current Liabilities	115,377,292	109,727,806	114,018,758	99,032,932	100,094,632	149,538,091	95,979,569	100,614,215	99,441,169	103,065,986	117,739,039	139,835,511	128,218,953	108,148,010	97,607,038	71,760,107	56,199,343	47,724,998	68,417,103	101,204,848	114,080	160,436,027	117,296,358	122,925,569	115,626,618	146,048,309
Total Current Liabilities Margin	31.03%	30.25%	35.47%	36.73%	42.56%	41.74%	26.74%	24.61%	25.98%	32.17%	34.55%	44.21%	43.92%	41.45%	39.34%	35.82%	31.69%	30.18%	38.08%	60.49%	0.07%	93.72%	66.71%	72.62%	67.16%	76.60%
Long-Term Debt	62,878,698	64,957,146	73,826,147	57,095,117	59,460,902	35,961,662	101,171,969	51,502,463	64,645,508	71,504,127	88,907,242	49,992,417	71,731,926	94,045,628	108,798,528	28,117,872	8,924,072	11,900,720	18,570,289	50,652,328	60,793	70,243,015	74,770,807	87,556,889	100,159,792	107,066,554
Long-Term Debt Margin	16.94%	18.00%	23.64%	20.24%	24.85%	10.04%	28.18%	12.60%	16.89%	22.32%	26.09%	15.80%	24.57%	36.05%	43.85%	14.03%	5.03%	7.53%	10.34%	30.27%	0.04%	41.03%	42.53%	51.72%	58.18%	56.16%
Capital Lease Obligations	5,056,974	4,872,308	6,445,881	6,180,546	5,256,455	6,134,125	5,509,440	3,527,357	4,184,920	5,005,700	6,750,591	6,750,591	7,518,531	7,518,531	11,559,022	23,633,526	2,027,878	2,587,981	0	0	0	7,637,127	3,380,579	560,103	843,090	1,174
Capital Lease Obligations Margin	1.37%	1.35%	2.10%	2.37%	2.14%	1.71%	1.53%	0.86%	1.09%	1.56%	1.98%	2.13%	2.58%	2.88%	4.66%	11.80%	1.14%	1.64%	0.00%	0.00%	0.00%	4.46%	1.92%	0.33%	0.49%	0.00%
Deferred Tax Liabilities	5,076,936	4,198,071	3,940,800	3,600,706	2,910,699	5,012,745	5,283,990	4,934,072	3,232,628	2,526,921	3,319,520	3,362,966	3,072,934	4,366,924	4,295,297	3,898,410	4,230,715	2,862,748	2,496,392	1,114,335	858	844,264	652,866	666,957	2,038,446	3,175,091
Deferred Tax Liabilities Margin	1.36%	1.14%	1.22%	1.36%	1.14%	1.40%	1.47%	1.21%	0.84%	0.79%	0.97%	1.06%	1.05%	1.67%	1.73%	1.95%	2.39%	1.81%	1.39%	0.67%	0.00%	0.49%	0.37%	0.39%	1.18%	1.67%
Other Non-Current Liabilities	2,809,126	3,712,884	5,876,149	1,905,446	2,004,138	2,785,250	2,823,999	2,818,128	3,966,515	6,170,526	4,085,111	5,253,460	5,217,059	14,071,852	11,569,590	5,720,800	3,844,396	1,097,896	5,057,366	-45,900,260	3,119	1,944,508	844,264	3,257,286	5,451,903	10,417,680
Other Non-Current Liabilities Margin	0.75%	1.04%	1.99%	0.07%	0.39%	0.78%	0.79%	0.69%	1.04%	1.93%	1.20%	1.66%	1.79%	5.39%	4.66%	2.86%	2.17%	0.69%	2.81%	-27.43%	0.00%	1.14%	0.48%	1.92%	3.17%	5.46%
Total Non-Current Liabilities	85,060,888	87,773,650	87,622,058	64,746,413	66,697,835	57,537,954	123,341,243	74,303,467	88,240,285	95,445,298	112,783,831	49,992,417	71,731,926	94,045,628	108,798,528	28,207,113	8,924,072	22,638,962	29,339,061	5,866,403	65,096	81,453,293	80,707,663	92,041,235	108,493,231	120,660,499
Total Non-Current Liabilities Margin	22.86%	24.29%	27.48%	21.87%	26.95%	16.06%	34.36%	18.17%	23.05%	29.79%	33.09%	15.80%	24.57%	36.05%	43.85%	14.08%	5.03%	14.32%	16.33%	3.51%	0.04%	47.58%	45.90%	54.37%	63.02%	63.29%
Total Liabilities	200,438,180	197,501,456	214,617,121	179,695,583	178,729,646	207,076,045	219,320,812	174,917,682	187,681,454	198,511,285	230,522,870	213,171,421	225,842,429	241,645,082	247,482,130	139,922,404	81,351,136	70,363,959	97,756,163	159,868,879	179,177	241,889,320	198,004,022	214,966,804	224,119,849	266,708,808
Total Liabilities Margin	53.89%	54.53%	67.74%	65.84%	74.94%	57.80%	61.09%	42.78%	49.03%	61.97%	67.64%	67.39%	77.36%	92.62%	99.75%	69.83%	45.88%	44.49%	54.41%	95.55%	0.11%	141.30%	112.61%	126.99%	130.18%	139.89%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	76,385,359	76,385,359	75,398,545	71,439,780	63,558,973	76,385,359	76,385,359	76,385,359	76,385,359	76,385,359	76,385,359	75,272,199	74,188,394	73,863,135	72,349,565	70,801,943	70,733,839	64,498,730	59,439,016	52,137,716	49,913	49,893,782	49,880,866	49,880,866	49,877,343	18,558,547
Common Stock Margin	20.43%	21.02%	23.42%	27.63%	26.52%	21.32%	21.28%	18.68%	19.95%	23.84%	22.41%	23.80%	25.41%	28.31%	29.16%	35.34%	39.89%	40.79%	33.08%	31.16%	0.03%	29.15%	28.37%	29.47%	28.97%	9.73%
Retained Earnings	41,485,193	43,933,206	40,883,875	37,819,747	30,925,994	34,953,007	33,876,247	55,626,324	50,910,657	44,299,798	40,557,559	37,056,035	38,528,507	38,304,231	34,726,382	30,521,500	21,081,946	12,461,997	26,489,229	67,902,794	58,215	16,707,976	26,344,800	7,066,456	1,046,230	-75,763,023
Retained Earnings Margin	10.93%	11.98%	12.54%	14.38%	12.27%	9.76%	9.44%	13.60%	13.30%	13.83%	11.90%	11.72%	13.20%	14.68%	14.00%	15.23%	11.89%	7.88%	14.74%	40.58%	0.04%	9.76%	14.98%	4.17%	0.61%	-39.74%
Accumulated OCI	94,827,267	164,186,955	166,542,441	108,689,796	76,646,389	0	0	284,481,802	279,451,444	257,001,531	218,561,091	192,763,478	171,155,481	156,874,618	105,134,962	85,182,616	76,893,797	-70,835,996	-63,062,659	-63,255,231	0	-49,026,033	0	-24,563,508	-23,829,621	7,297,777
Accumulated OCI Margin	23.19%	44.56%	50.90%	31.81%	21.01%	0.00%	0.00%	69.57%	73.00%	80.23%	64.13%	60.94%	58.63%	60.13%	42.38%	42.51%	43.36%	-44.79%	-35.10%	-37.81%	0.00%	-28.64%	0.00%	-14.51%	-13.84%	3.83%
Minority Interest	50,883	-9,863	54,132	834,949	714,196	0	84,544	68,105	-105,680	-96,286	-10,568	151,474	154,997	174,959	119,770	232,496	3,925,417	3,182,136	2,575,064	2,067,801	1,878	1,703,793	24,659	14,091	15,265	15,265
Minority Interest Margin	0.01%	0.00%	0.02%	0.48%	0.41%	0.00%	0.02%	0.02%	-0.03%	-0.03%	0.00%	0.05%	0.05%	0.07%	0.05%	0.12%	2.21%	2.01%	1.43%	1.24%	0.00%	1.00%	0.01%	0.01%	0.01%	0.01%
Total Shareholders’ Equity	384,605,584	385,351,527	330,616,084	273,852,136	215,375,003	381,342,036	369,748,962	402,725,756	397,695,398	375,245,485	336,805,045	300,913,837	269,607,957	252,627,562	219,448,802	194,494,278	176,683,709	159,763,199	148,322,774	122,357,247	109,999	76,792,814	59,663,292	34,223,816	28,928,084	-5,265,202
Total Shareholders’ Equity Margin	102.64%	105.79%	100.05%	96.93%	78.49%	106.44%	103.00%	98.49%	103.89%	117.14%	98.82%	95.13%	92.35%	96.83%	88.45%	97.07%	99.64%	101.03%	82.55%	73.13%	0.07%	44.86%	33.93%	20.22%	16.80%	-2.76%
Total Equity	384,656,467	385,341,664	330,670,215	274,687,085	216,089,198	381,342,036	369,833,505	402,793,861	397,589,718	375,149,199	336,794,477	301,065,311	269,762,954	252,802,521	219,568,572	194,726,774	180,609,127	162,945,335	150,897,838	124,425,048	111,876	78,496,607	59,687,951	34,237,907	28,943,349	-5,249,938
Total Equity Margin	102.65%	105.79%	100.07%	97.41%	78.90%	106.44%	103.02%	98.50%	103.87%	117.11%	98.82%	95.18%	92.41%	96.90%	88.50%	97.19%	101.85%	103.04%	83.99%	74.36%	0.07%	45.86%	33.95%	20.23%	16.81%	-2.75%
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	4,452,642	3,592,878	2,281,509	1,555,450	1,437,938	5,051,494	3,910,153	4,396,280	2,371,924	2,234,541	1,075,586	1,142,516	988,693	845,438	798,470	153,823	112,725	113,899	52,840	83,370	2,119	1,245,847	1,830,609	1,544,099	804,341	2,541,012
Total Investments Margin	1.19%	0.98%	0.66%	0.46%	0.50%	1.41%	1.09%	1.08%	0.62%	0.70%	0.32%	0.36%	0.34%	0.32%	0.32%	0.08%	0.06%	0.07%	0.03%	0.05%	0.00%	0.73%	1.04%	0.91%	0.47%	1.33%
Net Debt	59,167,380	38,564,907	53,095,175	45,111,497	60,283,804	67,043,265	75,429,544	35,029,331	9,323,307	5,999,090	63,734,313	70,712,703	56,913,269	58,730,962	88,035,970	29,467,051	1,608,681	8,253,592	14,215,107	92,176,270	109,097	113,583,475	127,718,735	142,385,917	145,206,394	164,802,951
Net Debt Margin	16.10%	10.52%	17.11%	17.00%	28.12%	18.71%	21.01%	8.57%	2.44%	1.87%	18.70%	22.36%	19.50%	22.51%	35.49%	14.71%	0.91%	5.22%	7.91%	55.09%	0.07%	66.35%	72.64%	84.11%	84.34%	86.44%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	375,393,046	365,863,702	328,737,802	278,012,711	250,731,373	358,278,006	358,991,932	408,909,199	382,794,546	320,344,829	340,826,749	316,311,384	291,932,228	260,897,593	248,091,550	200,361,855	177,321,311	158,140,427	179,672,099	167,316,956	155,988,082	171,182,488	175,825,354	169,279,078	172,161,788	190,660,450
Working Capital	227,936,847	235,178,183	208,380,839	166,977,294	132,107,422	196,785,181	251,634,172	235,391,187	251,395,805	240,684,570	222,452,456	168,111,903	164,926,244	185,199,153	167,227,716	121,543,512	93,761,467	81,695,182	70,463,768	53,387,087	44,239	41,712,991	32,117,265	27,873,634	35,740,908	18,613,735
Working Capital Margin	60.86%	64.68%	63.67%	58.20%	47.65%	54.93%	70.09%	57.57%	65.67%	75.13%	65.27%	53.15%	56.49%	70.99%	67.41%	60.66%	52.88%	51.66%	39.22%	31.91%	0.03%	24.37%	18.27%	16.47%	20.76%	9.76%
Total Capital	486,856,662	482,911,126	444,477,497	365,453,195	313,545,136	494,670,705	492,581,767	473,317,514	478,433,591	475,552,055	463,329,599	418,591,817	388,981,511	390,445,763	368,870,645	257,829,357	198,578,215	180,555,113	183,954,479	216,105,797	230,927	231,683,000	194,092,695	183,630,395	179,467,785	168,366,709
Total Capital Margin	130.34%	132.89%	136.43%	130.05%	120.47%	138.07%	137.21%	115.75%	124.98%	148.45%	135.94%	132.34%	133.24%	149.65%	148.68%	128.68%	111.99%	114.17%	102.38%	129.16%	0.15%	135.34%	110.39%	108.48%	104.24%	88.31%
Capital Employed	469,717,356	473,115,313	431,268,578	355,349,737	294,724,213	438,879,990	493,174,748	477,097,328	485,830,002	470,594,498	449,578,308	374,401,221	367,386,431	386,299,592	369,443,664	262,889,070	205,760,919	185,584,297	180,236,899	183,089,079	176,973	159,949,900	140,395,614	126,279,141	137,436,580	115,410,561
Capital Employed Margin	125.52%	130.07%	132.35%	126.52%	111.28%	122.50%	137.38%	116.68%	126.92%	146.90%	131.91%	118.36%	125.85%	148.07%	148.91%	131.21%	116.04%	117.35%	100.31%	109.43%	0.11%	93.44%	79.85%	74.60%	79.83%	60.53%
Invested Capital	443,772,965	423,916,435	383,711,259	318,963,633	275,658,806	448,385,301	445,178,506	437,755,087	407,018,704	381,244,575	400,539,358	371,626,539	326,521,227	311,358,524	307,484,772	223,961,329	178,292,391	168,016,791	162,537,881	214,533,517	219,095	190,376,289	187,382,028	176,609,733	174,134,478	159,537,749
Invested Capital Margin	118.74%	116.31%	117.17%	113.93%	106.62%	125.15%	124.01%	107.05%	106.33%	119.01%	117.52%	117.49%	111.85%	119.34%	123.94%	111.78%	100.55%	106.25%	90.46%	128.22%	0.14%	111.21%	106.57%	104.33%	101.15%	83.68%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	375,393,046	365,863,702	328,737,802	278,012,711	250,731,373	358,278,006	358,991,932	408,909,199	382,794,546	320,344,829	340,826,749	316,311,384	291,932,228	260,897,593	248,091,550	200,361,855	177,321,311	158,140,427	179,672,099	167,316,956	155,988,082	171,182,488	175,825,354	169,279,078	172,161,788	190,660,450
Net Income	39,055,340	39,559,002	35,206,169	29,717,003	25,535,762	34,953,007	33,876,247	48,336,766	43,619,925	37,009,066	34,659,452	29,765,303	31,237,775	31,013,499	27,590,647	24,753,732	15,936,514	13,266,338	27,193,761	12,543,018	13,740,722	16,751,423	26,355,368	7,066,456	1,046,230	-75,763,023
Net Income Margin	10.34%	10.79%	10.72%	10.64%	9.90%	9.76%	9.44%	11.82%	11.40%	11.55%	10.17%	9.41%	10.70%	11.89%	11.12%	12.35%	8.99%	8.39%	15.14%	7.50%	8.81%	9.79%	14.99%	4.17%	0.61%	-39.74%
Depreciation & Amortization	23,271,083	21,590,148	17,632,205	14,549,838	12,613,589	23,920,036	24,946,304	20,946,911	19,729,244	18,408,247	16,844,186	13,600,990	11,851,402	14,320,787	11,753,942	8,240,676	7,510,311	7,433,987	9,706,103	9,034,449	7,828,525	7,068,804	6,808,128	6,705,970	5,612,772	6,154,087
Depreciation & Amortization Margin	6.25%	5.93%	5.32%	5.14%	4.86%	6.68%	6.95%	5.12%	5.15%	5.75%	4.94%	4.30%	4.06%	5.49%	4.74%	4.11%	4.24%	4.70%	5.40%	5.40%	5.02%	4.13%	3.87%	3.96%	3.26%	3.23%
Deferred Income Tax	135,035	23,484	4,029,923	5,381,450	3,945,673	0	0	405,106	631,730	-919,414	226,624	27,271,260	2,321,433	8,518,966	1,843,525	18,582,032	18,280,257	3,560,235	0	0	-2,180,527	0	0	0	372,228	15,460,955
Deferred Income Tax Margin	0.03%	0.00%	1.35%	2.35%	1.71%	0.00%	0.00%	0.10%	0.17%	-0.29%	0.07%	8.62%	0.80%	3.27%	0.74%	9.27%	10.31%	2.25%	0.00%	0.00%	-1.40%	0.00%	0.00%	0.00%	0.22%	8.11%
Stock-Based Compensation	1,480,300	1,628,643	1,699,449	1,187,215	890,411	2,835,741	-1,086,154	2,691,312	1,254,067	2,448,249	3,731,671	1,255,241	1,479,517	1,768,375	616,466	342,872	190,224	96,286	0	184,353	0	0	0	0	0	0
Stock-Based Compensation Margin	0.38%	0.45%	0.52%	0.37%	0.28%	0.79%	-0.30%	0.66%	0.33%	0.76%	1.09%	0.40%	0.51%	0.68%	0.25%	0.17%	0.11%	0.06%	0.00%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-11,924,987	-6,013,415	-11,558,317	-10,102,206	-7,005,925	-3,820,912	-4,693,357	-27,260,692	-15,320,048	21,027,932	-12,550,063	-28,526,501	-16,787,823	-10,287,341	-17,364,365	-18,924,904	-18,470,481	-10,906,155	-3,455,729	15,807,350	1,649,779	-6,986,609	-44,620	8,953,428	7,842,615	43,130,275
Change in Working Capital Margin	-3.01%	-1.30%	-3.59%	-3.67%	-2.42%	-1.07%	-1.31%	-6.67%	-4.00%	6.56%	-3.68%	-9.02%	-5.75%	-3.94%	-7.00%	-9.45%	-10.42%	-6.90%	-1.92%	9.45%	1.06%	-4.08%	-0.03%	5.29%	4.56%	22.62%
Accounts Receivable	6,919,287	2,933,202	-2,376,034	-2,421,085	-1,815,814	7,448,077	-199,617	13,509,401	-22,711,763	16,619,910	-12,236,547	-10,670,137	-13,063,198	-324,085	-2,132,384	-3,096,418	-9,459,516	0	0	0	0	0	0	0	0	8,580,026
Accounts Receivable Margin	1.78%	0.92%	-0.78%	-0.98%	-0.74%	2.08%	-0.06%	3.30%	-5.93%	5.19%	-3.59%	-3.37%	-4.47%	-0.12%	-0.86%	-1.55%	-5.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.50%
Inventory	-13,552,064	-7,464,517	-9,673,811	-8,105,171	-6,078,878	-7,588,984	1,876,404	-34,943,613	-5,960,341	9,293,951	-12,639,304	-17,856,364	-3,724,626	-9,963,257	-15,231,982	-15,828,486	-9,010,964	0	0	0	0	0	0	0	0	18,375,369
Inventory Margin	-3.38%	-1.76%	-2.94%	-2.82%	-2.12%	-2.12%	0.52%	-8.55%	-1.56%	2.90%	-3.71%	-5.65%	-1.28%	-3.82%	-6.14%	-7.90%	-5.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.64%
Accounts Payable	-4,065,541	-746,099	-1,090,850	-727,234	-545,425	0	-6,370,144	-5,826,480	13,352,056	-4,885,929	12,325,787	-14,810,437	1,158,955	-1,731,975	-4,120,338	0	0	0	0	0	0	0	0	0	0	17,034,410
Accounts Payable Margin	-1.07%	-0.25%	-0.42%	-0.28%	-0.21%	0.00%	-1.77%	-1.42%	3.49%	-1.53%	3.62%	-4.68%	0.40%	-0.66%	-1.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.93%
Other Working Capital	-1,226,668	-736,001	1,994,413	602,531	1,374,190	-3,680,005	0	0	0	0	0	14,810,437	-1,158,955	1,731,975	8,240,676	0	0	-10,906,155	0	0	1,649,779	0	0	8,953,428	7,842,615	-859,529
Other Working Capital Margin	-0.34%	-0.21%	0.72%	0.02%	0.56%	-1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	4.68%	-0.40%	0.66%	3.32%	0.00%	0.00%	-6.90%	0.00%	0.00%	1.06%	0.00%	0.00%	5.29%	4.56%	-0.45%
Other Non-Cash Items	3,424,026	2,324,721	-1,401,314	1,224,868	-77,909	4,392,757	4,164,958	1,714,361	328,782	1,022,746	-3,680,005	-35,068,080	4,705,100	9,602,771	-1,196,530	9,551,105	17,311,525	1,560,538	-5,055,017	9,018,010	2,093,634	4,693,357	-6,742,371	-8,751,462	-11,224,369	9,647,392
Other Non-Cash Items Margin	0.94%	0.64%	-0.41%	0.93%	0.13%	1.23%	1.16%	0.42%	0.09%	0.32%	-1.08%	-11.09%	1.61%	3.68%	-0.48%	4.77%	9.76%	0.99%	-2.81%	5.39%	1.34%	2.74%	-3.83%	-5.17%	-6.52%	5.06%
Net Cash from Operating Activities	55,440,797	59,112,583	44,756,217	38,932,751	33,632,538	62,280,629	57,207,998	46,833,765	50,243,700	78,996,825	39,231,864	8,298,213	34,807,403	46,418,091	23,243,685	23,963,482	22,478,093	15,011,228	28,389,117	46,587,179	23,132,134	21,526,975	26,376,504	13,974,392	3,649,476	-1,370,315
Net Cash from Operating Activities Margin	14.92%	16.51%	13.58%	14.24%	13.32%	17.38%	15.94%	11.45%	13.13%	24.66%	11.51%	2.62%	11.92%	17.79%	9.37%	11.96%	12.68%	9.49%	15.80%	27.84%	14.83%	12.58%	15.00%	8.26%	2.12%	-0.72%
Capital Expenditures (PPE)	-21,877,676	-22,238,083	-19,808,152	-18,300,140	-17,117,897	-17,703,715	-25,288,002	-22,641,310	-27,382,810	-18,174,577	-26,476,313	-13,262,815	-19,155,051	-15,498,530	-12,498,398	-36,232,907	-15,037,061	-7,902,501	-6,790,514	-10,457,603	-22,009,580	-12,082,724	-7,047,668	-8,483,740	-18,232,114	-26,893,161
Capital Expenditures (PPE) Margin	-5.84%	-6.07%	-5.99%	-6.76%	-7.11%	-4.94%	-7.04%	-5.54%	-7.15%	-5.67%	-7.77%	-4.19%	-6.56%	-5.94%	-5.04%	-18.08%	-8.48%	-5.00%	-3.78%	-6.25%	-14.11%	-7.06%	-4.01%	-5.01%	-10.59%	-14.11%
Acquisitions (Net)	252,066	387,258	-4,081,471	-956,285	-234,668	0	0	756,198	257,154	922,937	557,755	-4,732,107	-48,142	1,142,516	-39,671,023	-951,118	-738,584	1,005,132	27,155,012	0	542,490	5,063,237	0	335,827	3,709,361	8,232,456
Acquisitions (Net) Margin	0.06%	0.11%	-1.64%	-0.10%	0.21%	0.00%	0.00%	0.18%	0.07%	0.29%	0.16%	-1.50%	-0.02%	0.44%	-15.99%	-0.47%	-0.42%	0.64%	15.11%	0.00%	0.35%	2.96%	0.00%	0.20%	2.15%	4.32%
Purchases of Investments	-1,357,007	-1,066,661	3,396,079	2,319,632	1,736,143	-2,485,824	0	-1,585,197	0	-1,262,287	-34,052	-84,544	-206,663	0	39,619,357	949,944	0	-75,150	-23,484	-17,613	0	-30,530	-41,098	0	0	0
Purchases of Investments Margin	-0.36%	-0.30%	1.44%	0.99%	0.74%	-0.69%	0.00%	-0.39%	0.00%	-0.39%	-0.01%	-0.03%	-0.07%	0.00%	15.97%	0.47%	0.00%	-0.05%	-0.01%	-0.01%	0.00%	-0.02%	-0.02%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	532,704	344,986	684,805	458,494	348,332	1,585,197	0	12,916	0	126,816	0	4,816,650	254,806	0	51,666	1,174	0	0	17,613	10,568	0	72,802	16,439	0	0	0
Sales / Maturities of Investments Margin	0.15%	0.10%	0.21%	0.14%	0.11%	0.44%	0.00%	0.00%	0.00%	0.04%	0.00%	1.52%	0.09%	0.00%	0.02%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.04%	0.01%	0.00%	0.00%	0.00%
Other Investing Activities	484,953	373,402	216,644	340,524	572,197	982,822	561,277	-89,240	497,869	-85,718	5,381,450	-4,856,574	-213,708	-75,150	63,408	207,837	811,386	196,095	875,968	850,135	172,610	-1,667,392	4,696,880	165,565	2,968,428	-3,149,258
Other Investing Activities Margin	0.14%	0.10%	0.05%	0.14%	0.29%	0.27%	0.16%	-0.02%	0.13%	-0.03%	1.58%	-1.54%	-0.07%	-0.03%	0.03%	0.10%	0.46%	0.12%	0.49%	0.51%	0.11%	-0.97%	2.67%	0.10%	1.72%	-1.65%
Net Cash from Investing Activities	-21,964,959	-22,298,673	-23,603,818	-18,875,587	-16,749,250	-17,621,520	-24,726,725	-23,546,634	-27,125,656	-18,472,829	-20,571,160	-18,119,389	-19,368,759	-14,431,164	-52,054,347	-36,975,014	-14,964,260	-6,776,424	21,234,594	-9,614,513	-21,294,480	-8,644,608	-2,375,447	-7,982,348	-11,554,325	-21,809,962
Net Cash from Investing Activities Margin	-5.85%	-6.08%	-7.53%	-6.70%	-6.60%	-4.92%	-6.89%	-5.76%	-7.09%	-5.77%	-6.04%	-5.73%	-6.63%	-5.53%	-20.98%	-18.45%	-8.44%	-4.29%	11.82%	-5.75%	-13.65%	-5.05%	-1.35%	-4.72%	-6.71%	-11.44%
Net Debt Issuance	6,480,912	-2,908,073	-239,071	-276,020	-1,391,157	-13,155,961	47,133,191	-14,534,495	-19,758,600	-14,224,501	-8,873,581	-8,400,370	-20,223,591	-12,372,756	62,019,952	44,066,128	-4,655,782	-7,489,175	-23,681,669	-9,989,090	-23,439,780	25,993,708	-10,795,779	-8,111,512	-7,329,481	-11,872,538
Net Debt Issuance Margin	1.97%	-0.74%	0.44%	-0.01%	-0.76%	-3.67%	13.13%	-3.55%	-5.16%	-4.44%	-2.60%	-2.66%	-6.93%	-4.74%	25.00%	21.99%	-2.63%	-4.74%	-13.18%	-5.97%	-15.03%	15.18%	-6.14%	-4.79%	-4.26%	-6.23%
Long-Term Debt Issuance	6,480,912	-2,908,073	-239,071	-276,020	-1,391,157	-13,155,961	47,133,191	-14,534,495	-19,758,600	-14,224,501	-8,873,581	-8,400,370	-20,223,591	-12,372,756	62,019,952	44,066,128	-4,655,782	-7,489,175	-23,681,669	-9,989,090	-23,439,780	25,993,708	-10,795,779	-8,111,512	-7,329,481	-11,872,538
Long-Term Debt Issuance Margin	1.97%	-0.74%	0.44%	-0.01%	-0.76%	-3.67%	13.13%	-3.55%	-5.16%	-4.44%	-2.60%	-2.66%	-6.93%	-4.74%	25.00%	21.99%	-2.63%	-4.74%	-13.18%	-5.97%	-15.03%	15.18%	-6.14%	-4.79%	-4.26%	-6.23%
Short-Term Debt 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
Short-Term Debt 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%
Net Stock Issuance	-3,888,625	-4,130,436	-2,673,464	-1,664,653	281,108	15,265	-11,677,618	-3,523	-8,986,306	0	183,178	-21,136	-4,538,360	-544,838	-1,161,304	-1,362,095	-240,715	3,463,949	14,091	-110,377	-270,071	-14,091	-258,328	9,394	31,125,050	0
Net Stock Issuance Margin	-1.08%	-1.12%	-0.78%	-0.43%	0.56%	0.00%	-3.25%	0.00%	-2.35%	0.00%	0.05%	-0.01%	-1.55%	-0.21%	-0.47%	-0.68%	-0.14%	2.19%	0.01%	-0.07%	-0.17%	-0.01%	-0.15%	0.01%	18.08%	0.00%
Common Stock Issuance	5,088	3,053	19,844	262,790	1,756,927	15,265	0	0	0	0	183,178	0	0	0	0	0	0	3,729,323	14,091	0	27,007	34,052	1,174	9,394	31,125,050	0
Common Stock Issuance Margin	0.00%	0.00%	0.01%	0.16%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.36%	0.01%	0.00%	0.02%	0.02%	0.00%	0.01%	18.08%	0.00%
Common Stock Repurchased	-3,893,714	-4,133,489	-2,693,308	-1,927,443	-1,475,818	0	-11,677,618	-3,523	-8,986,306	0	0	-21,136	-4,538,360	-544,838	-1,161,304	-1,362,095	-240,715	-265,374	0	-110,377	-297,078	-48,143	-259,503	0	0	0
Common Stock Repurchased Margin	-1.08%	-1.12%	-0.78%	-0.59%	-0.46%	0.00%	-3.25%	0.00%	-2.35%	0.00%	0.00%	-0.01%	-1.55%	-0.21%	-0.47%	-0.68%	-0.14%	-0.17%	0.00%	-0.07%	-0.19%	-0.03%	-0.15%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
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%
Net Dividends Paid	-41,720,428	-28,055,638	-15,162,820	-11,253,881	-8,440,411	-26,327,187	-53,172,204	-45,661,893	-15,116,908	0	-1,138,993	-1,359,747	-7,608,946	-622,337	-619,988	-7,113,425	0	-5,916,895	-4,149,693	0	0	0	0	0	0	0
Net Dividends Paid Margin	-11.11%	-7.46%	-4.11%	-3.38%	-2.54%	-7.35%	-14.81%	-11.17%	-3.95%	0.00%	-0.33%	-0.43%	-2.61%	-0.24%	-0.25%	-3.55%	0.00%	-3.74%	-2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-41,720,428	-28,055,638	-15,162,820	-11,253,881	-8,440,411	-26,327,187	-53,172,204	-45,661,893	-15,116,908	0	-1,138,993	-1,359,747	-7,608,946	-622,337	-619,988	-7,113,425	0	-5,916,895	-4,149,693	0	0	0	0	0	0	0
Common Dividends Paid Margin	-11.11%	-7.46%	-4.11%	-3.38%	-2.54%	-7.35%	-14.81%	-11.17%	-3.95%	0.00%	-0.33%	-0.43%	-2.61%	-0.24%	-0.25%	-3.55%	0.00%	-3.74%	-2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-2,975,082	-2,461,165	-1,872,998	-1,938,011	-2,379,205	-5,771,291	-3,153,955	0	-1,216,492	-2,164,087	-452,075	-1,311,604	-1,603,985	-1,642,734	-1,413,761	-6,516,921	-1,484,214	-1,850,571	-197,269	-291,207	0	-7,793,298	-10,572,677	-150,300	2,348	0
Other Financing Activities Margin	-0.83%	-0.70%	-0.58%	-0.75%	-1.10%	-1.61%	-0.88%	0.00%	-0.32%	-0.68%	-0.13%	-0.41%	-0.55%	-0.63%	-0.57%	-3.25%	-0.84%	-1.17%	-0.11%	-0.17%	0.00%	-4.55%	-6.01%	-0.09%	0.00%	0.00%
Net Cash from Financing Activities	-42,103,224	-36,879,197	-19,607,126	-15,339,932	-12,085,190	-45,239,174	-20,870,586	-60,199,911	-43,861,814	-14,224,501	-10,281,470	-11,092,856	-33,974,881	-15,150,961	58,824,899	29,073,687	-6,380,711	-11,792,691	-30,776,306	-14,151,699	-23,709,850	18,186,319	-21,626,784	-8,252,418	23,797,917	-11,872,538
Net Cash from Financing Activities Margin	-11.05%	-9.81%	-4.93%	-4.76%	-3.97%	-12.63%	-5.81%	-14.72%	-11.46%	-4.44%	-3.02%	-3.51%	-11.64%	-5.81%	23.71%	14.51%	-3.60%	-7.46%	-17.13%	-8.46%	-15.20%	10.62%	-12.30%	-4.88%	13.82%	-6.23%
Effect of FX on Cash	-247,369	-84,544	-156,524	-47,360	-42,096	-108,028	-405,106	-228,973	344,046	-24,659	-416,848	328,782	-1,039,185	421,545	-436,810	1,080,282	-736,236	184,353	368,705	-42,272	0	126,816	-258,328	0	0	0
Effect of FX on Cash Margin	-0.07%	-0.02%	-0.05%	-0.01%	-0.01%	-0.03%	-0.11%	-0.06%	0.09%	-0.01%	-0.12%	0.10%	-0.36%	0.16%	-0.18%	0.54%	-0.42%	0.12%	0.21%	-0.03%	0.00%	0.07%	-0.15%	0.00%	0.00%	0.00%
Net Change in Cash	-8,445,773	-3,342,535	627,151	4,162,140	4,787,178	-689,267	11,204,407	-35,852,459	-22,892,593	31,517,239	15,824,963	-20,585,251	-21,514,059	19,681,101	29,577,428	17,142,438	396,886	-3,373,534	19,216,110	22,778,694	0	31,195,503	2,115,944	0	0	0
Net Change in Cash Margin	-1.95%	-0.40%	0.83%	2.61%	2.93%	-0.19%	3.12%	-8.77%	-5.98%	9.84%	4.64%	-6.51%	-7.37%	7.54%	11.92%	8.56%	0.22%	-2.13%	10.70%	13.61%	0.00%	18.22%	1.20%	0.00%	0.00%	0.00%
Cash at Beginning of Period	49,996,331	61,417,342	57,994,726	39,380,051	28,364,576	44,889,256	33,684,849	71,414,886	94,307,479	62,790,240	46,965,277	57,573,181	79,087,240	59,406,138	29,828,711	12,686,273	12,289,387	15,662,921	-3,553,190	-26,331,884	36,568,733	-36,012,153	-38,128,098	5,333,307	8,828,960	0
Cash at Beginning of Period Margin	13.13%	16.72%	17.75%	12.20%	8.60%	12.53%	9.38%	17.46%	24.64%	19.60%	13.78%	18.20%	27.09%	22.77%	12.02%	6.33%	6.93%	9.90%	-1.98%	-15.74%	23.44%	-21.04%	-21.69%	3.15%	5.13%	0.00%
Cash at End of Period	41,550,558	58,074,808	58,621,877	43,542,191	31,673,821	44,199,989	44,889,256	35,562,427	71,414,886	94,307,479	62,790,240	36,987,930	57,573,181	79,087,240	59,406,138	29,828,711	12,686,273	12,289,387	15,662,921	-3,553,190	8,818,392	-4,816,650	-36,012,153	7,020,661	5,333,307	8,828,960
Cash at End of Period Margin	11.18%	16.33%	18.57%	14.81%	10.59%	12.34%	12.50%	8.70%	18.66%	29.44%	18.42%	11.69%	19.72%	30.31%	23.95%	14.89%	7.15%	7.77%	8.72%	-2.12%	5.65%	-2.81%	-20.48%	4.15%	3.10%	4.63%
Operating Cash Flow	55,440,797	59,112,583	44,756,217	38,932,751	33,632,538	62,280,629	57,207,998	46,833,765	50,243,700	78,996,825	39,231,864	8,298,213	34,807,403	46,418,091	23,243,685	23,963,482	22,478,093	15,011,228	28,389,117	46,587,179	23,132,134	21,526,975	26,376,504	13,974,392	3,649,476	-1,370,315
Operating Cash Flow Margin	14.92%	16.51%	13.58%	14.24%	13.32%	17.38%	15.94%	11.45%	13.13%	24.66%	11.51%	2.62%	11.92%	17.79%	9.37%	11.96%	12.68%	9.49%	15.80%	27.84%	14.83%	12.58%	15.00%	8.26%	2.12%	-0.72%
Capital Expenditure	-21,877,676	-22,238,083	-19,808,152	-18,300,140	-17,117,897	-17,703,715	-25,288,002	-22,641,310	-27,382,810	-18,174,577	-26,476,313	-13,262,815	-19,155,051	-15,498,530	-12,498,398	-36,232,907	-15,037,061	-7,902,501	-6,790,514	-10,457,603	-22,009,580	-12,082,724	-7,047,668	-8,483,740	-18,232,114	-26,893,161
Capital Expenditure Margin	-5.84%	-6.07%	-5.99%	-6.76%	-7.11%	-4.94%	-7.04%	-5.54%	-7.15%	-5.67%	-7.77%	-4.19%	-6.56%	-5.94%	-5.04%	-18.08%	-8.48%	-5.00%	-3.78%	-6.25%	-14.11%	-7.06%	-4.01%	-5.01%	-10.59%	-14.11%
Free Cash Flow	33,563,122	36,874,500	24,948,065	20,632,611	16,514,641	44,576,914	31,919,996	24,192,455	22,860,889	60,822,248	12,755,552	-4,964,602	15,652,353	30,919,561	10,745,287	-12,269,425	7,441,032	7,108,728	21,598,603	36,129,575	1,122,554	9,444,251	19,328,835	5,490,653	-14,582,638	-28,263,475
Free Cash Flow Margin	9.08%	10.44%	7.59%	7.47%	6.21%	12.44%	8.89%	5.92%	5.97%	18.99%	3.74%	-1.57%	5.36%	11.85%	4.33%	-6.12%	4.20%	4.50%	12.02%	21.59%	0.72%	5.52%	10.99%	3.24%	-8.47%	-14.82%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	375,393,046	365,863,702	328,737,802	278,012,711	250,731,373	358,278,006	358,991,932	408,909,199	382,794,546	320,344,829	340,826,749	316,311,384	291,932,228	260,897,593	248,091,550	200,361,855	177,321,311	158,140,427	179,672,099	167,316,956	155,988,082	171,182,488	175,825,354	169,279,078	172,161,788	190,660,450
EBITDA	77,639,426	77,695,789	70,105,396	59,694,527	50,791,649	75,774,765	72,044,268	85,099,246	83,134,776	72,425,890	66,135,593	62,025,823	66,398,618	61,688,822	56,326,159	45,940,183	38,826,759	31,770,871	46,721,040	31,105,088	26,381,201	27,871,286	28,500,668	21,900,377	15,761,555	-48,072,567
EBITDA Margin	20.68%	21.27%	21.45%	21.60%	19.77%	21.15%	20.07%	20.81%	21.72%	22.61%	19.40%	19.61%	22.74%	23.64%	22.70%	22.93%	21.90%	20.09%	26.00%	18.59%	16.91%	16.28%	16.21%	12.94%	9.16%	-25.21%
(-) Tax Adjustment	17,098,384	17,917,169	17,497,708	15,795,177	10,085,607	17,616,818	16,765,042	16,913,291	19,248,836	19,041,857	18,164,471	16,955,864	17,650,831	16,978,618	15,641,449	13,383,629	15,490,748	12,590,188	10,206,037	10,279,983	-2,379,710	-12,655,854	-29,695,974	-102,389	9,618,410	-10,087,846
(-) Tax Adjustment Margin	4.57%	4.94%	5.42%	5.96%	3.46%	4.92%	4.67%	4.14%	5.03%	5.94%	5.33%	5.36%	6.05%	6.51%	6.30%	6.68%	8.74%	7.96%	5.68%	6.14%	-1.53%	-7.39%	-16.89%	-0.06%	5.59%	-5.29%
(-) Change In Working Capital	-11,924,987	-6,013,415	-11,558,317	-10,102,206	-7,005,925	-3,820,912	-4,693,357	-27,260,692	-15,320,048	21,027,932	-12,550,063	-28,526,501	-16,787,823	-10,287,341	-17,364,365	-18,924,904	-18,470,481	-10,906,155	-3,455,729	15,807,350	1,649,779	-6,986,609	-44,620	8,953,428	7,842,615	43,130,275
(-) Change In Working Capital Margin	-3.01%	-1.30%	-3.59%	-3.67%	-2.42%	-1.07%	-1.31%	-6.67%	-4.00%	6.56%	-3.68%	-9.02%	-5.75%	-3.94%	-7.00%	-9.45%	-10.42%	-6.90%	-1.92%	9.45%	1.06%	-4.08%	-0.03%	5.29%	4.56%	22.62%
(-) Capital Expenditure	-21,877,676	-22,238,083	-19,808,152	-18,300,140	-17,117,897	-17,703,715	-25,288,002	-22,641,310	-27,382,810	-18,174,577	-26,476,313	-13,262,815	-19,155,051	-15,498,530	-12,498,398	-36,232,907	-15,037,061	-7,902,501	-6,790,514	-10,457,603	-22,009,580	-12,082,724	-7,047,668	-8,483,740	-18,232,114	-26,893,161
(-) Capital Expenditure Margin	-5.84%	-6.07%	-5.99%	-6.76%	-7.11%	-4.94%	-7.04%	-5.54%	-7.15%	-5.67%	-7.77%	-4.19%	-6.56%	-5.94%	-5.04%	-18.08%	-8.48%	-5.00%	-3.78%	-6.25%	-14.11%	-7.06%	-4.01%	-5.01%	-10.59%	-14.11%
Unlevered Free Cash Flow	50,588,354	43,553,953	44,357,853	35,701,415	30,594,070	44,275,144	34,684,581	72,805,337	51,823,178	14,181,523	34,044,873	60,333,644	46,380,560	39,499,015	45,550,678	15,248,552	26,769,429	22,184,337	33,180,218	-5,439,848	5,101,552	35,431,025	51,193,594	4,565,600	-19,931,584	-108,008,156
Unlevered Free Cash Flow Margin	13.27%	11.56%	13.62%	12.55%	11.62%	12.36%	9.66%	17.80%	13.54%	4.43%	9.99%	19.07%	15.89%	15.14%	18.36%	7.61%	15.10%	14.03%	18.47%	-3.25%	3.27%	20.70%	29.12%	2.70%	-11.58%	-56.65%
(-) Net Interest Income After Taxes	-3,506,076	-2,759,986	-1,879,145	-1,714,342	-3,824,362	-4,619,687	-4,179,616	-1,718,926	-1,349,906	-1,931,796	-1,100,415	-982,916	-926,731	-1,052,736	-928,720	-517,590	-638,695	-998,130	-2,158,468	-2,610,803	-7,112,459	-13,753,206	-18,435,810	-8,163,592	-3,307,038	-6,541,091
(-) Net Interest Income After Taxes Margin	-0.96%	-0.77%	-0.56%	-0.64%	-1.97%	-1.29%	-1.16%	-0.42%	-0.35%	-0.60%	-0.32%	-0.31%	-0.32%	-0.40%	-0.37%	-0.26%	-0.36%	-0.63%	-1.20%	-1.56%	-4.56%	-8.03%	-10.49%	-4.82%	-1.92%	-3.43%
Net Debt Issuance	6,480,912	-2,908,073	-239,071	-276,020	-1,391,157	-13,155,961	47,133,191	-14,534,495	-19,758,600	-14,224,501	-8,873,581	-8,400,370	-20,223,591	-12,372,756	62,019,952	44,066,128	-4,655,782	-7,489,175	-23,681,669	-9,989,090	-23,439,780	25,993,708	-10,795,779	-8,111,512	-7,329,481	-11,872,538
Net Debt Issuance Margin	1.97%	-0.74%	0.44%	-0.01%	-0.76%	-3.67%	13.13%	-3.55%	-5.16%	-4.44%	-2.60%	-2.66%	-6.93%	-4.74%	25.00%	21.99%	-2.63%	-4.74%	-13.18%	-5.97%	-15.03%	15.18%	-6.14%	-4.79%	-4.26%	-6.23%
Levered Free Cash Flow	60,575,342	43,405,866	45,997,927	37,139,737	33,027,275	35,738,870	85,997,388	59,989,768	33,414,484	1,888,818	26,271,708	52,916,191	27,083,700	28,178,995	108,499,350	59,832,270	22,752,342	15,693,292	11,657,017	-12,818,135	-11,225,769	75,177,939	58,833,625	4,617,679	-23,954,028	-113,339,603
Levered Free Cash Flow Margin	16.20%	11.58%	14.62%	13.17%	12.83%	9.98%	23.96%	14.67%	8.73%	0.59%	7.71%	16.73%	9.28%	10.80%	43.73%	29.86%	12.83%	9.92%	6.49%	-7.66%	-7.20%	43.92%	33.46%	2.73%	-13.91%	-59.45%