ACNB Corporation (ACNB)

Analysis: Margins & Ratios Industry: Banks - Regional Sector: Financial Services Live Price: $49.40

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	118,459,333	112,338,600	90,092,500	77,489,733	72,400,550	66,635,840	59,215,033	177,817,000	125,265,000	132,195,000	114,748,000	108,435,000	100,935,000	105,380,000	87,727,000	80,442,000	65,934,000	53,259,000	51,870,000	49,430,000	49,304,000	52,306,000	53,569,000	56,812,000	57,026,000	57,324,000	61,945,000	58,199,000	51,171,000	43,617,000	46,118,000	42,822,000	42,694,000	42,634,000	41,082,000	19,227,000	17,042,000	17,140,000	16,064,000
Cost of Revenue	11,293,000	12,441,200	9,519,000	9,608,333	12,808,350	13,245,920	13,629,867	40,856,000	18,864,000	21,091,000	9,164,000	3,624,000	6,965,000	21,362,000	10,740,000	9,019,000	5,433,000	3,934,000	3,858,000	3,796,000	5,439,000	10,770,000	12,897,000	16,033,000	18,310,000	24,467,000	27,061,000	24,318,000	17,886,000	13,483,000	14,210,000	13,823,000	16,296,000	17,169,000	16,219,000	16,816,000	15,122,000	15,154,000	14,437,000
Cost of Revenue Margin	9.09%	10.89%	10.10%	12.84%	19.39%	22.41%	31.81%	22.98%	15.06%	15.95%	7.99%	3.34%	6.90%	20.27%	12.24%	11.21%	8.24%	7.39%	7.44%	7.68%	11.03%	20.59%	24.08%	28.22%	32.11%	42.68%	43.69%	41.78%	34.95%	30.91%	30.81%	32.28%	38.17%	40.27%	39.48%	87.46%	88.73%	88.41%	89.87%
Gross Profit	107,166,333	99,897,400	80,573,500	67,881,400	59,592,200	53,389,920	45,585,167	136,961,000	106,401,000	111,104,000	105,584,000	104,811,000	93,970,000	84,018,000	76,987,000	71,423,000	60,501,000	49,325,000	48,012,000	45,634,000	43,865,000	41,536,000	40,672,000	40,779,000	38,716,000	32,857,000	34,884,000	33,881,000	33,285,000	30,134,000	31,908,000	28,999,000	26,398,000	25,465,000	24,863,000	2,411,000	1,920,000	1,986,000	1,627,000
Gross Profit Margin	90.91%	89.11%	89.90%	87.16%	80.61%	77.59%	68.19%	77.02%	84.94%	84.05%	92.01%	96.66%	93.10%	79.73%	87.76%	88.79%	91.76%	92.61%	92.56%	92.32%	88.97%	79.41%	75.92%	71.78%	67.89%	57.32%	56.31%	58.22%	65.05%	69.09%	69.19%	67.72%	61.83%	59.73%	60.52%	12.54%	11.27%	11.59%	10.13%
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	41,260,000	39,808,600	33,151,700	28,885,200	25,454,000	22,154,120	19,563,767	51,418,000	45,166,000	44,354,000	42,319,000	37,107,000	38,063,000	37,200,000	30,540,000	28,753,000	26,462,000	24,031,000	22,688,000	21,453,000	20,697,000	20,402,000	19,282,000	19,927,000	18,798,000	16,134,000	14,409,000	13,577,000	12,884,000	9,884,000	9,902,000	9,454,000	7,942,000	7,591,000	7,555,000	7,485,000	6,529,000	5,881,000	5,610,000
SG&A Expenses Margin	34.88%	35.53%	37.72%	38.18%	35.28%	32.33%	32.43%	28.92%	36.06%	33.55%	36.88%	34.22%	37.71%	35.30%	34.81%	35.74%	40.13%	45.12%	43.74%	43.40%	41.98%	39.01%	35.99%	35.08%	32.96%	28.15%	23.26%	23.33%	25.18%	22.66%	21.47%	22.08%	18.60%	17.81%	18.39%	38.93%	38.31%	34.31%	34.92%
Operating Expenses	65,426,667	63,309,400	52,087,200	45,053,400	40,258,600	35,450,720	28,833,900	95,450,000	69,470,000	70,685,000	65,735,000	59,860,000	58,951,000	61,316,000	47,621,000	44,703,000	44,079,000	34,688,000	33,234,000	32,264,000	32,015,000	30,331,000	30,016,000	30,303,000	30,140,000	25,036,000	25,030,000	24,666,000	24,499,000	18,571,000	17,998,000	16,988,000	14,327,000	13,212,000	13,270,000	-9,066,000	-8,877,000	-8,611,000	-7,967,000
Operating Expenses Margin	55.32%	56.51%	58.85%	59.07%	55.66%	51.96%	37.74%	53.68%	55.46%	53.47%	57.29%	55.20%	58.40%	58.19%	54.28%	55.57%	66.85%	65.13%	64.07%	65.27%	64.93%	57.99%	56.03%	53.34%	52.85%	43.67%	40.41%	42.38%	47.88%	42.58%	39.03%	39.67%	33.56%	30.99%	32.30%	-47.15%	-52.09%	-50.24%	-49.60%
Operating Income (EBIT)	41,739,667	36,588,000	28,486,300	22,828,000	19,333,600	17,939,200	16,751,267	41,511,000	36,931,000	40,419,000	39,849,000	44,951,000	35,019,000	22,702,000	29,366,000	26,720,000	16,422,000	14,637,000	14,778,000	13,370,000	11,850,000	11,205,000	10,656,000	10,476,000	8,576,000	7,821,000	9,854,000	9,215,000	8,786,000	11,563,000	13,910,000	12,011,000	12,071,000	12,253,000	11,593,000	11,477,000	10,797,000	10,597,000	9,594,000
Operating Income (EBIT) Margin	35.59%	32.60%	31.06%	28.09%	24.95%	25.63%	30.45%	23.34%	29.48%	30.58%	34.73%	41.45%	34.69%	21.54%	33.47%	33.22%	24.91%	27.48%	28.49%	27.05%	24.03%	21.42%	19.89%	18.44%	15.04%	13.64%	15.91%	15.83%	17.17%	26.51%	30.16%	28.05%	28.27%	28.74%	28.22%	59.69%	63.36%	61.83%	59.72%
Interest Income	96,583,000	90,531,400	71,706,600	61,254,800	57,722,550	53,827,360	50,786,000	146,527,000	104,494,000	106,495,000	96,309,000	86,945,000	77,929,000	84,979,000	69,230,000	64,195,000	51,533,000	40,288,000	39,163,000	37,332,000	37,579,000	40,412,000	41,819,000	44,614,000	45,774,000	47,718,000	51,581,000	48,287,000	42,269,000	37,752,000	36,689,000	37,794,000	39,161,000	39,837,000	38,194,000	38,532,000	35,063,000	33,894,000	32,213,000
Interest Income Margin	81.56%	80.50%	79.05%	78.41%	79.42%	81.12%	97.51%	82.40%	83.42%	80.56%	83.93%	80.18%	77.21%	80.64%	78.92%	79.80%	78.16%	75.65%	75.50%	75.52%	76.22%	77.26%	78.07%	78.53%	80.27%	83.24%	83.27%	82.97%	82.60%	86.55%	79.55%	88.26%	91.72%	93.44%	92.97%	200.41%	205.74%	197.75%	200.53%
Interest Expense	11,932,667	10,987,000	8,569,900	7,767,600	10,817,500	11,596,640	12,227,033	36,386,000	21,376,000	23,854,000	8,320,000	3,624,000	6,915,000	12,222,000	10,140,000	7,399,000	5,433,000	3,934,000	3,858,000	3,646,000	3,989,000	6,095,000	7,462,000	9,623,000	13,560,000	18,897,000	26,561,000	23,448,000	17,370,000	13,183,000	13,945,000	13,453,000	16,056,000	16,929,000	15,966,000	16,456,000	14,912,000	15,124,000	14,437,000
Interest Expense Margin	9.55%	9.42%	9.09%	9.93%	16.14%	19.68%	29.40%	20.46%	17.06%	18.04%	7.25%	3.34%	6.85%	11.60%	11.56%	9.20%	8.24%	7.39%	7.44%	7.38%	8.09%	11.65%	13.93%	16.94%	23.78%	32.97%	42.88%	40.29%	33.95%	30.22%	30.24%	31.42%	37.61%	39.71%	38.86%	85.59%	87.50%	88.24%	89.87%
Net Interest Income	84,650,333	79,544,400	63,136,700	53,487,200	46,905,050	42,230,720	38,558,967	110,141,000	83,118,000	82,641,000	87,989,000	83,321,000	71,014,000	72,757,000	59,090,000	56,796,000	46,100,000	36,354,000	35,305,000	33,686,000	33,590,000	34,317,000	34,357,000	34,991,000	32,214,000	28,821,000	25,020,000	24,839,000	24,899,000	24,569,000	22,744,000	24,341,000	23,105,000	22,908,000	22,228,000	22,076,000	20,151,000	18,770,000	17,776,000
Net Interest Income Margin	72.01%	71.09%	69.96%	68.48%	63.29%	61.44%	68.11%	61.94%	66.35%	62.51%	76.68%	76.84%	70.36%	69.04%	67.36%	70.60%	69.92%	68.26%	68.06%	68.15%	68.13%	65.61%	64.14%	61.59%	56.49%	50.28%	40.39%	42.68%	48.66%	56.33%	49.32%	56.84%	54.12%	53.73%	54.11%	114.82%	118.24%	109.51%	110.66%
Unusual Items	-84,650,333	-79,544,400	-63,136,700	-53,487,200	-46,905,050	-42,230,720	-38,558,967	-110,141,000	-83,118,000	-82,641,000	-87,989,000	-83,321,000	-71,014,000	-72,757,000	-59,090,000	-56,796,000	-46,100,000	-36,354,000	-35,305,000	-33,686,000	-33,590,000	-34,317,000	-34,357,000	-34,991,000	-32,214,000	-28,821,000	-25,020,000	-24,839,000	-24,899,000	-24,569,000	-22,744,000	-24,341,000	-23,105,000	-22,908,000	-22,228,000	-22,076,000	-20,151,000	-18,770,000	-17,776,000
Unusual Items Margin	-72.01%	-71.09%	-69.96%	-68.48%	-63.29%	-61.44%	-68.11%	-61.94%	-66.35%	-62.51%	-76.68%	-76.84%	-70.36%	-69.04%	-67.36%	-70.60%	-69.92%	-68.26%	-68.06%	-68.15%	-68.13%	-65.61%	-64.14%	-61.59%	-56.49%	-50.28%	-40.39%	-42.68%	-48.66%	-56.33%	-49.32%	-56.84%	-54.12%	-53.73%	-54.11%	-114.82%	-118.24%	-109.51%	-110.66%
EBT Excluding Unusual Items	126,390,000	116,132,400	91,623,000	76,315,200	66,238,650	60,169,920	55,310,233	151,652,000	120,049,000	123,060,000	127,838,000	128,272,000	106,033,000	95,459,000	88,456,000	83,516,000	62,522,000	50,991,000	50,083,000	47,056,000	45,440,000	45,522,000	45,013,000	45,467,000	40,790,000	36,642,000	34,874,000	34,054,000	33,685,000	36,132,000	36,654,000	36,352,000	35,176,000	35,161,000	33,821,000	33,553,000	30,948,000	29,367,000	27,370,000
EBT Excluding Unusual Items Margin	107.60%	103.69%	101.02%	96.58%	88.24%	87.07%	98.57%	85.29%	95.84%	93.09%	111.41%	118.29%	105.05%	90.59%	100.83%	103.82%	94.83%	95.74%	96.55%	95.20%	92.16%	87.03%	84.03%	80.03%	71.53%	63.92%	56.30%	58.51%	65.83%	82.84%	79.48%	84.89%	82.39%	82.47%	82.33%	174.51%	181.60%	171.34%	170.38%
Pre-Tax Income	41,739,667	36,588,000	28,486,300	22,828,000	19,333,600	17,939,200	16,751,267	41,511,000	36,931,000	40,419,000	39,849,000	44,951,000	35,019,000	22,702,000	29,366,000	26,720,000	16,422,000	14,637,000	14,778,000	13,370,000	11,850,000	11,205,000	10,656,000	10,476,000	8,576,000	7,821,000	9,854,000	9,215,000	8,786,000	11,563,000	13,910,000	12,011,000	12,071,000	12,253,000	11,593,000	11,477,000	10,797,000	10,597,000	9,594,000
Pre-Tax Income Margin	35.59%	32.60%	31.06%	28.09%	24.95%	25.63%	30.45%	23.34%	29.48%	30.58%	34.73%	41.45%	34.69%	21.54%	33.47%	33.22%	24.91%	27.48%	28.49%	27.05%	24.03%	21.42%	19.89%	18.44%	15.04%	13.64%	15.91%	15.83%	17.17%	26.51%	30.16%	28.05%	28.27%	28.74%	28.22%	59.69%	63.36%	61.83%	59.72%
Income Tax Expense	8,644,333	7,485,200	6,220,600	4,956,733	4,101,850	3,937,320	3,871,533	8,670,000	7,583,000	8,573,000	8,161,000	9,199,000	7,185,000	4,308,000	5,645,000	4,972,000	6,634,000	3,768,000	3,761,000	3,080,000	2,535,000	2,319,000	2,154,000	2,057,000	1,357,000	1,077,000	1,917,000	1,925,000	1,410,000	2,255,000	3,142,000	3,107,000	3,734,000	4,158,000	3,770,000	3,752,000	3,568,000	3,488,000	3,135,000
Income Tax Expense Margin	7.36%	6.66%	7.03%	6.25%	5.36%	5.80%	7.81%	4.88%	6.05%	6.49%	7.11%	8.48%	7.12%	4.09%	6.43%	6.18%	10.06%	7.07%	7.25%	6.23%	5.14%	4.43%	4.02%	3.62%	2.38%	1.88%	3.09%	3.31%	2.76%	5.17%	6.81%	7.26%	8.75%	9.75%	9.18%	19.51%	20.94%	20.35%	19.52%
Net Income	33,095,333	29,102,800	22,265,700	17,871,267	15,231,750	14,001,880	12,879,733	32,841,000	29,348,000	31,846,000	31,688,000	35,752,000	27,834,000	18,394,000	23,721,000	21,748,000	9,788,000	10,869,000	11,017,000	10,290,000	9,315,000	8,886,000	8,502,000	8,419,000	7,219,000	6,744,000	7,937,000	7,290,000	7,376,000	9,308,000	10,768,000	8,904,000	8,337,000	8,095,000	7,823,000	7,725,000	7,229,000	7,109,000	6,459,000
Net Income Margin	28.23%	25.94%	24.03%	21.84%	19.59%	19.83%	22.64%	18.47%	23.43%	24.09%	27.62%	32.97%	27.58%	17.45%	27.04%	27.04%	14.85%	20.41%	21.24%	20.82%	18.89%	16.99%	15.87%	14.82%	12.66%	11.76%	12.81%	12.53%	14.41%	21.34%	23.35%	20.79%	19.53%	18.99%	19.04%	40.18%	42.42%	41.48%	40.21%
Depreciation and Amortization	3,397,000	3,456,600	2,867,900	2,622,467	2,569,500	2,445,240	2,142,733	5,741,000	3,071,000	3,033,000	3,362,000	3,796,000	3,441,000	3,651,000	2,696,000	2,853,000	2,292,000	1,800,000	1,755,000	2,063,000	1,993,000	2,041,000	2,219,000	2,342,000	2,281,000	1,877,000	2,056,000	2,679,000	3,160,000	3,459,000	4,044,000	1,426,000	316,000	496,000	596,000	670,000	657,000	640,000	588,000
Depreciation and Amortization Margin	2.91%	3.12%	3.25%	3.52%	3.71%	3.85%	3.74%	3.23%	2.45%	2.29%	2.93%	3.50%	3.41%	3.46%	3.07%	3.55%	3.48%	3.38%	3.38%	4.17%	4.04%	3.90%	4.14%	4.12%	4.00%	3.27%	3.32%	4.60%	6.18%	7.93%	8.77%	3.33%	0.74%	1.16%	1.45%	3.48%	3.86%	3.73%	3.66%
EBITDA	45,136,667	40,044,600	31,354,200	25,450,467	21,903,100	20,384,440	18,894,000	47,252,000	40,002,000	43,452,000	43,211,000	48,747,000	38,460,000	26,353,000	32,062,000	29,573,000	18,714,000	16,437,000	16,533,000	15,433,000	13,843,000	13,246,000	12,875,000	12,818,000	10,857,000	9,698,000	11,910,000	11,894,000	11,946,000	15,022,000	17,954,000	13,437,000	12,387,000	12,749,000	12,189,000	12,147,000	11,454,000	11,237,000	10,182,000
EBITDA Margin	38.49%	35.72%	34.30%	31.62%	28.66%	29.47%	34.20%	26.57%	31.93%	32.87%	37.66%	44.96%	38.10%	25.01%	36.55%	36.76%	28.38%	30.86%	31.87%	31.22%	28.08%	25.32%	24.03%	22.56%	19.04%	16.92%	19.23%	20.44%	23.35%	34.44%	38.93%	31.38%	29.01%	29.90%	29.67%	63.18%	67.21%	65.56%	63.38%
NOPAT	33,095,333	29,102,800	22,265,700	17,871,267	15,231,750	14,001,880	12,879,733	32,841,000	29,348,000	31,846,000	31,688,000	35,752,000	27,834,000	18,394,000	23,721,000	21,748,000	9,788,000	10,869,000	11,017,000	10,290,000	9,315,000	8,886,000	8,502,000	8,419,000	7,219,000	6,744,000	7,937,000	7,290,000	7,376,000	9,308,000	10,768,000	8,904,000	8,337,000	8,095,000	7,823,000	7,725,000	7,229,000	7,109,000	6,459,000
NOPAT Margin	28.23%	25.94%	24.03%	21.84%	19.59%	19.83%	22.64%	18.47%	23.43%	24.09%	27.62%	32.97%	27.58%	17.45%	27.04%	27.04%	14.85%	20.41%	21.24%	20.82%	18.89%	16.99%	15.87%	14.82%	12.66%	11.76%	12.81%	12.53%	14.41%	21.34%	23.35%	20.79%	19.53%	18.99%	19.04%	40.18%	42.42%	41.48%	40.21%
Owner's Earnings	35,179,333	31,246,800	23,576,700	18,759,800	16,008,250	14,585,320	13,461,367	36,499,000	31,073,000	33,919,000	33,882,000	37,737,000	29,699,000	20,997,000	24,993,000	22,858,000	10,323,000	10,325,000	11,034,000	9,205,000	9,096,000	8,878,000	8,779,000	9,672,000	7,549,000	7,239,000	9,076,000	8,460,000	6,444,000	6,983,000	14,137,000	8,221,000	7,183,000	7,944,000	8,131,000	8,395,000	7,886,000	7,749,000	7,047,000
Owner's Earnings Margin	30.00%	27.87%	25.26%	22.67%	20.38%	20.36%	23.59%	20.53%	24.81%	25.66%	29.53%	34.80%	29.42%	19.93%	28.49%	28.42%	15.66%	19.39%	21.27%	18.62%	18.45%	16.97%	16.39%	17.02%	13.24%	12.63%	14.65%	14.54%	12.59%	16.01%	30.65%	19.20%	16.82%	18.63%	19.79%	43.66%	46.27%	45.21%	43.87%

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	118,459,333	112,338,600	90,092,500	77,489,733	72,400,550	66,635,840	59,215,033	132,195,000	114,748,000	108,435,000	100,935,000	105,380,000	87,727,000	80,442,000	65,934,000	53,259,000	51,870,000	49,430,000	49,304,000	52,306,000	53,569,000	56,812,000	57,026,000	57,324,000	61,945,000	58,199,000	51,171,000	43,617,000	46,118,000	42,822,000	42,694,000	42,634,000	41,082,000	19,227,000	17,042,000	17,140,000	16,064,000
Cash & Cash Equivalents	93,793,667	278,172,800	161,825,400	116,948,267	92,721,450	78,765,960	69,911,433	47,262,000	65,958,000	168,161,000	710,131,000	399,352,000	114,356,000	40,905,000	34,441,000	18,931,000	18,757,000	19,673,000	18,116,000	51,385,000	22,623,000	24,173,000	24,138,000	16,925,000	19,212,000	20,656,000	19,274,000	22,695,000	33,414,000	18,089,000	21,925,000	18,597,000	33,679,000	20,803,000	28,734,000	22,078,000	22,900,000
Cash & Cash Equivalents Margin	82.77%	266.17%	163.60%	126.37%	103.58%	93.33%	98.78%	35.75%	57.48%	155.08%	703.55%	378.96%	130.35%	50.85%	52.24%	35.55%	36.16%	39.80%	36.74%	98.24%	42.23%	42.55%	42.33%	29.53%	31.01%	35.49%	37.67%	52.03%	72.45%	42.24%	51.35%	43.62%	81.98%	108.20%	168.61%	128.81%	142.55%
Short-Term Investments	340,946,333	359,531,000	257,617,200	213,278,133	159,958,600	127,966,880	106,639,067	17,592,000	451,693,000	553,554,000	437,098,000	337,718,000	190,837,000	161,730,000	157,267,000	142,990,000	125,693,000	118,000,000	129,983,000	165,790,000	209,227,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	305.81%	334.19%	283.89%	269.92%	202.44%	161.95%	134.96%	13.31%	393.64%	510.49%	433.05%	320.48%	217.54%	201.05%	238.52%	268.48%	242.32%	238.72%	263.64%	316.96%	390.57%	0.00%	0.00%	0.00%	0.00%	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	434,740,000	637,703,800	419,621,000	330,345,333	252,769,250	206,804,200	176,609,967	64,854,000	517,651,000	721,715,000	1,147,229,000	737,070,000	305,193,000	202,635,000	193,492,000	161,921,000	144,450,000	137,673,000	148,099,000	217,175,000	231,850,000	24,173,000	24,138,000	16,925,000	19,212,000	20,656,000	19,274,000	22,695,000	33,414,000	18,089,000	21,925,000	18,597,000	33,679,000	20,803,000	28,734,000	22,078,000	22,900,000
Cash & Short-Term Investments Margin	388.58%	600.36%	447.76%	396.47%	306.15%	255.39%	233.83%	49.06%	451.12%	665.57%	1,136.60%	699.44%	347.89%	251.90%	293.46%	304.03%	278.48%	278.52%	300.38%	415.20%	432.81%	42.55%	42.33%	29.53%	31.01%	35.49%	37.67%	52.03%	72.45%	42.24%	51.35%	43.62%	81.98%	108.20%	168.61%	128.81%	142.55%
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	434,740,000	637,703,800	419,621,000	330,345,333	252,769,250	206,804,200	176,609,967	64,854,000	517,651,000	721,715,000	1,147,229,000	737,070,000	305,193,000	202,635,000	193,492,000	161,921,000	144,450,000	137,673,000	148,099,000	217,175,000	231,850,000	24,173,000	24,138,000	16,925,000	19,212,000	20,656,000	19,274,000	22,695,000	33,414,000	18,089,000	21,925,000	18,597,000	33,679,000	20,803,000	28,734,000	22,078,000	22,900,000
Total Current Assets Margin	388.58%	600.36%	447.76%	396.47%	306.15%	255.39%	233.83%	49.06%	451.12%	665.57%	1,136.60%	699.44%	347.89%	251.90%	293.46%	304.03%	278.48%	278.52%	300.38%	415.20%	432.81%	42.55%	42.33%	29.53%	31.01%	35.49%	37.67%	52.03%	72.45%	42.24%	51.35%	43.62%	81.98%	108.20%	168.61%	128.81%	142.55%
Property, Plant & Equipment	29,076,667	31,527,600	27,624,400	23,579,533	21,350,350	18,545,040	16,383,767	28,117,000	28,898,000	30,215,000	34,250,000	36,158,000	29,226,000	26,409,000	26,774,000	18,153,000	18,044,000	17,725,000	15,991,000	15,131,000	14,483,000	14,119,000	14,760,000	14,457,000	14,530,000	14,871,000	14,696,000	11,992,000	7,053,000	7,182,000	5,704,000	4,688,000	4,524,000	5,127,000	5,350,000	6,430,000	6,456,000
Property, Plant & Equipment Margin	24.77%	28.51%	31.82%	31.15%	29.81%	27.20%	27.56%	21.27%	25.18%	27.86%	33.93%	34.31%	33.31%	32.83%	40.61%	34.08%	34.79%	35.86%	32.43%	28.93%	27.04%	24.85%	25.88%	25.22%	23.46%	25.55%	28.72%	27.49%	15.29%	16.77%	13.36%	11.00%	11.01%	26.67%	31.39%	37.51%	40.19%
Goodwill	44,185,000	43,354,200	28,812,700	21,288,733	16,563,750	13,251,000	11,042,500	44,185,000	44,185,000	44,185,000	42,108,000	42,108,000	19,580,000	19,580,000	19,580,000	6,308,000	6,308,000	6,308,000	6,308,000	6,308,000	6,308,000	5,972,000	5,972,000	5,972,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	37.56%	38.87%	29.47%	23.64%	18.78%	15.02%	12.52%	33.42%	38.51%	40.75%	41.72%	39.96%	22.32%	24.34%	29.70%	11.84%	12.16%	12.76%	12.79%	12.06%	11.78%	10.51%	10.47%	10.42%	0.00%	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	9,084,000	8,123,600	5,374,200	4,395,267	3,761,100	3,008,880	2,507,400	7,838,000	9,082,000	10,332,000	6,101,000	7,265,000	4,427,000	4,407,000	2,569,000	688,000	1,033,000	1,196,000	1,845,000	2,409,000	3,049,000	3,688,000	4,362,000	4,931,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	7.79%	7.26%	5.40%	5.13%	4.66%	3.73%	3.11%	5.93%	7.91%	9.53%	6.04%	6.89%	5.05%	5.48%	3.90%	1.29%	1.99%	2.42%	3.74%	4.61%	5.69%	6.49%	7.65%	8.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	1,791,911,000	1,696,233,200	1,423,673,700	1,215,233,733	1,126,873,050	1,039,068,360	926,797,500	2,108,813,000	1,674,830,000	1,592,090,000	1,462,997,000	1,642,436,000	1,284,382,000	1,320,040,000	1,281,425,000	954,209,000	915,515,000	864,479,000	813,875,000	757,844,000	697,566,000	858,005,000	857,171,000	888,572,000	834,025,000	872,241,000	856,946,000	843,085,000	799,389,000	685,060,000	582,353,000	529,361,000	497,349,000	348,761,000	338,634,000	321,744,000	320,728,000
Long-Term Investments Margin	1,507.68%	1,506.21%	1,613.63%	1,586.48%	1,568.51%	1,569.68%	1,604.24%	1,595.23%	1,459.57%	1,468.24%	1,449.44%	1,558.58%	1,464.07%	1,640.98%	1,943.50%	1,791.64%	1,765.02%	1,748.90%	1,650.73%	1,448.87%	1,302.18%	1,510.25%	1,503.12%	1,550.09%	1,346.40%	1,498.72%	1,674.67%	1,932.93%	1,733.36%	1,599.79%	1,364.02%	1,241.64%	1,210.63%	1,813.91%	1,987.06%	1,877.15%	1,996.56%
Tax 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
Tax 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%
Other Non-Current Assets	137,398,000	119,364,200	94,991,100	82,511,467	75,455,100	65,919,760	71,784,900	141,023,000	144,201,000	126,970,000	94,302,000	90,325,000	77,445,000	74,653,000	73,376,000	65,041,000	62,575,000	62,427,000	59,929,000	51,128,000	51,567,000	62,710,000	55,501,000	45,822,000	58,898,000	56,989,000	54,220,000	46,416,000	33,227,000	24,313,000	20,252,000	14,684,000	10,400,000	169,572,000	94,119,000	122,193,000	109,269,000
Other Non-Current Assets Margin	116.48%	105.72%	106.37%	107.73%	104.61%	96.37%	175.40%	106.68%	125.67%	117.09%	93.43%	85.71%	88.28%	92.80%	111.29%	122.12%	120.64%	126.29%	121.55%	97.75%	96.26%	110.38%	97.33%	79.94%	95.08%	97.92%	105.96%	106.42%	72.05%	56.78%	47.44%	34.44%	25.32%	881.95%	552.28%	712.91%	680.21%
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	2,011,654,667	1,898,602,800	1,580,476,100	1,347,008,733	1,244,003,350	1,139,793,040	1,028,516,067	2,329,976,000	1,901,196,000	1,803,792,000	1,639,758,000	1,818,292,000	1,415,060,000	1,445,089,000	1,403,724,000	1,044,399,000	1,003,475,000	952,135,000	897,948,000	832,820,000	772,973,000	944,494,000	937,766,000	959,754,000	907,453,000	944,101,000	925,862,000	901,493,000	839,669,000	716,555,000	608,309,000	548,733,000	512,273,000	523,460,000	438,103,000	450,367,000	436,453,000
Total Non-Current Assets Margin	1,694.28%	1,686.58%	1,786.69%	1,754.14%	1,726.36%	1,712.00%	1,822.82%	1,762.53%	1,656.84%	1,663.48%	1,624.57%	1,725.46%	1,613.03%	1,796.44%	2,128.98%	1,960.98%	1,934.60%	1,926.23%	1,821.25%	1,592.21%	1,442.95%	1,662.49%	1,644.45%	1,674.26%	1,464.93%	1,622.19%	1,809.35%	2,066.84%	1,820.70%	1,673.33%	1,424.81%	1,287.08%	1,246.95%	2,722.53%	2,570.73%	2,627.58%	2,716.96%
Total Assets	2,446,394,667	2,536,306,600	1,999,918,700	1,677,235,133	1,496,683,400	1,346,511,800	1,205,054,833	2,394,830,000	2,418,847,000	2,525,507,000	2,786,987,000	2,555,362,000	1,720,253,000	1,647,724,000	1,595,432,000	1,206,320,000	1,147,925,000	1,089,808,000	1,046,047,000	1,049,995,000	1,004,823,000	968,667,000	961,904,000	976,679,000	926,665,000	964,757,000	945,136,000	924,188,000	872,731,000	734,644,000	630,234,000	567,330,000	545,952,000	544,263,000	466,837,000	472,445,000	459,353,000
Total Assets Margin	2,082.87%	2,286.94%	2,234.18%	2,150.42%	2,032.38%	1,967.25%	2,056.54%	1,811.59%	2,107.96%	2,329.05%	2,761.17%	2,424.90%	1,960.92%	2,048.34%	2,419.74%	2,265.01%	2,213.08%	2,204.75%	2,121.63%	2,007.41%	1,875.75%	1,705.04%	1,686.78%	1,703.79%	1,495.95%	1,657.69%	1,847.01%	2,118.87%	1,892.39%	1,715.58%	1,476.17%	1,330.70%	1,328.93%	2,830.72%	2,739.33%	2,756.39%	2,859.52%
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	38,220,667	37,665,600	36,386,100	42,461,667	46,286,350	49,490,880	42,236,633	15,826,000	56,882,000	41,954,000	35,202,000	38,464,000	34,185,000	34,648,000	36,908,000	34,590,000	35,202,000	45,699,000	49,052,000	47,303,000	91,924,000	39,086,000	55,291,000	83,453,000	30,768,000	59,983,000	59,307,000	64,966,000	69,676,000	76,445,000	51,501,000	48,957,000	29,827,000	0	0	0	0
Short-Term Debt Margin	33.41%	34.32%	44.24%	64.35%	73.82%	87.62%	75.43%	11.97%	49.57%	38.69%	34.88%	36.50%	38.97%	43.07%	55.98%	64.95%	67.87%	92.45%	99.49%	90.44%	171.60%	68.80%	96.96%	145.58%	49.67%	103.07%	115.90%	148.95%	151.08%	178.52%	120.63%	114.83%	72.60%	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	1,951,096,333	2,093,040,600	1,640,464,800	1,360,910,933	1,192,610,500	1,067,338,760	959,424,800	1,792,501,000	1,861,813,000	2,198,975,000	2,426,389,000	2,185,525,000	1,412,260,000	1,348,092,000	1,298,492,000	967,621,000	912,980,000	844,876,000	800,643,000	834,176,000	782,795,000	746,526,000	728,523,000	690,297,000	670,640,000	669,705,000	679,381,000	646,872,000	639,388,000	582,615,000	509,235,000	453,149,000	452,633,000	455,699,000	395,573,000	403,127,000	392,243,000
Other Current Liabilities Margin	1,668.80%	1,896.85%	1,831.63%	1,734.63%	1,603.11%	1,541.92%	1,637.82%	1,355.95%	1,622.52%	2,027.92%	2,403.91%	2,073.95%	1,609.84%	1,675.86%	1,969.38%	1,816.82%	1,760.13%	1,709.24%	1,623.89%	1,594.80%	1,461.28%	1,314.03%	1,277.53%	1,204.20%	1,082.64%	1,150.72%	1,327.67%	1,483.07%	1,386.42%	1,360.55%	1,192.76%	1,062.88%	1,101.78%	2,370.10%	2,321.17%	2,351.97%	2,441.75%
Total Current Liabilities	1,989,317,000	2,130,706,200	1,676,850,900	1,403,372,600	1,238,896,850	1,116,829,640	1,001,661,433	1,808,327,000	1,918,695,000	2,240,929,000	2,461,591,000	2,223,989,000	1,446,445,000	1,382,740,000	1,335,400,000	1,002,211,000	948,182,000	890,575,000	849,695,000	881,479,000	874,719,000	785,612,000	783,814,000	773,750,000	701,408,000	729,688,000	738,688,000	711,838,000	709,064,000	659,060,000	560,736,000	502,106,000	482,460,000	455,699,000	395,573,000	403,127,000	392,243,000
Total Current Liabilities Margin	1,702.21%	1,931.17%	1,875.87%	1,798.98%	1,676.93%	1,629.53%	1,713.26%	1,367.92%	1,672.09%	2,066.61%	2,438.79%	2,110.45%	1,648.80%	1,718.93%	2,025.36%	1,881.77%	1,828.00%	1,801.69%	1,723.38%	1,685.23%	1,632.88%	1,382.83%	1,374.49%	1,349.78%	1,132.31%	1,253.78%	1,443.57%	1,632.02%	1,537.50%	1,539.07%	1,313.38%	1,177.71%	1,174.38%	2,370.10%	2,321.17%	2,351.97%	2,441.75%
Long-Term Debt	160,055,333	115,003,800	97,368,300	89,997,800	96,937,700	86,310,160	71,925,133	258,097,000	197,907,000	24,162,000	37,970,000	56,883,000	69,798,000	83,516,000	94,600,000	74,250,000	76,500,000	80,937,000	82,703,000	59,954,000	71,191,000	81,499,000	80,294,000	106,951,000	130,244,000	145,520,000	125,778,000	132,000,000	87,000,000	0	0	0	0	0	0	0	0
Long-Term Debt Margin	130.00%	96.32%	109.53%	121.19%	142.56%	133.70%	111.42%	195.24%	172.47%	22.28%	37.62%	53.98%	79.56%	103.82%	143.48%	139.41%	147.48%	163.74%	167.74%	114.62%	132.90%	143.45%	140.80%	186.57%	210.26%	250.04%	245.80%	302.63%	188.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Lease Obligations	2,847,000	2,989,800	1,845,100	1,230,067	922,550	738,040	615,033	2,764,000	2,615,000	3,162,000	3,270,000	3,138,000	3,502,000	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	2.43%	2.70%	1.75%	1.17%	0.87%	0.70%	0.58%	2.09%	2.28%	2.92%	3.24%	2.98%	3.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	21,763,667	19,424,200	15,473,800	9,759,867	9,810,900	8,935,960	10,288,300	25,133,000	24,784,000	15,374,000	15,312,000	16,518,000	14,494,000	13,331,000	11,466,000	9,798,000	8,528,000	8,274,000	6,847,000	7,298,000	-38,561,000	7,802,000	9,493,000	11,539,000	9,883,000	12,245,000	6,660,000	5,829,000	4,276,000	5,484,000	6,805,000	4,787,000	3,629,000	27,446,000	18,646,000	19,882,000	15,647,000
Other Non-Current Liabilities Margin	18.26%	17.13%	17.10%	10.49%	12.20%	12.27%	26.04%	19.01%	21.60%	14.18%	15.17%	15.67%	16.52%	16.57%	17.39%	18.40%	16.44%	16.74%	13.89%	13.95%	-71.98%	13.73%	16.65%	20.13%	15.95%	21.04%	13.02%	13.36%	9.27%	12.81%	15.94%	11.23%	8.83%	142.75%	109.41%	116.00%	97.40%
Total Non-Current Liabilities	181,819,000	134,428,000	112,842,100	99,757,667	106,748,600	95,246,120	82,213,433	283,230,000	222,691,000	39,536,000	53,282,000	73,401,000	84,292,000	96,847,000	106,066,000	84,048,000	85,028,000	89,211,000	89,550,000	67,252,000	32,630,000	89,301,000	89,787,000	118,490,000	140,127,000	157,765,000	132,438,000	137,829,000	91,276,000	5,484,000	6,805,000	4,787,000	3,629,000	27,446,000	18,646,000	19,882,000	15,647,000
Total Non-Current Liabilities Margin	148.26%	113.44%	126.63%	131.67%	154.77%	145.97%	137.45%	214.25%	194.07%	36.46%	52.79%	69.65%	96.08%	120.39%	160.87%	157.81%	163.93%	180.48%	181.63%	128.57%	60.91%	157.19%	157.45%	206.70%	226.21%	271.08%	258.81%	316.00%	197.92%	12.81%	15.94%	11.23%	8.83%	142.75%	109.41%	116.00%	97.40%
Total Liabilities	2,171,136,000	2,265,134,200	1,789,693,000	1,503,130,267	1,345,645,450	1,212,075,760	1,083,874,867	2,091,557,000	2,141,386,000	2,280,465,000	2,514,873,000	2,297,390,000	1,530,737,000	1,479,587,000	1,441,466,000	1,086,259,000	1,033,210,000	979,786,000	939,245,000	948,731,000	907,349,000	874,913,000	873,601,000	892,240,000	841,535,000	887,453,000	871,126,000	849,667,000	800,340,000	664,544,000	567,541,000	506,893,000	486,089,000	483,145,000	414,219,000	423,009,000	407,890,000
Total Liabilities Margin	1,850.47%	2,044.62%	2,002.50%	1,930.65%	1,831.70%	1,775.50%	1,850.71%	1,582.18%	1,866.16%	2,103.07%	2,491.58%	2,180.10%	1,744.89%	1,839.32%	2,186.23%	2,039.58%	1,991.92%	1,982.17%	1,905.01%	1,813.81%	1,693.79%	1,540.01%	1,531.93%	1,556.49%	1,358.52%	1,524.86%	1,702.38%	1,948.02%	1,735.42%	1,551.88%	1,329.32%	1,188.94%	1,183.22%	2,512.85%	2,430.58%	2,467.96%	2,539.16%
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	22,224,667	22,114,000	19,448,600	17,992,333	17,133,650	16,425,400	15,968,767	22,357,000	22,231,000	22,086,000	21,978,000	21,918,000	17,855,000	17,772,000	17,716,000	15,317,000	15,256,000	15,196,000	15,135,000	15,070,000	15,021,000	14,977,000	14,977,000	14,977,000	14,977,000	14,267,000	13,590,000	13,590,000	13,590,000	13,590,000	13,590,000	13,602,000	14,372,000	14,458,000	13,133,000	13,196,000	13,269,000
Common Stock Margin	18.88%	19.85%	22.67%	24.76%	24.95%	26.20%	33.40%	16.91%	19.37%	20.37%	21.77%	20.80%	20.35%	22.09%	26.87%	28.76%	29.41%	30.74%	30.70%	28.81%	28.04%	26.36%	26.26%	26.13%	24.18%	24.51%	26.56%	31.16%	29.47%	31.74%	31.83%	31.90%	34.98%	75.20%	77.06%	76.99%	82.60%
Retained Earnings	213,996,000	191,519,600	151,949,700	127,429,133	111,490,800	99,974,160	89,620,533	234,624,000	213,491,000	193,873,000	167,238,000	148,372,000	138,663,000	121,862,000	106,293,000	100,555,000	94,526,000	88,329,000	82,661,000	77,888,000	73,526,000	69,536,000	65,623,000	62,916,000	61,439,000	62,845,000	65,556,000	63,127,000	58,711,000	52,781,000	48,661,000	46,258,000	45,761,000	42,846,000	34,968,000	31,889,000	33,798,000
Retained Earnings Margin	180.78%	169.76%	169.06%	163.04%	150.28%	144.94%	151.98%	177.48%	186.05%	178.79%	165.69%	140.80%	158.06%	151.49%	161.21%	188.80%	182.24%	178.70%	167.66%	148.91%	137.25%	122.40%	115.08%	109.76%	99.18%	107.98%	128.11%	144.73%	127.31%	123.26%	113.98%	108.50%	111.39%	222.84%	205.19%	186.05%	210.40%
Accumulated OCI	-48,196,333	-31,954,400	-19,268,400	-12,911,733	-10,279,450	-8,103,800	-6,742,233	-41,668,000	-44,909,000	-58,012,000	-9,545,000	-5,638,000	-5,853,000	-9,217,000	-7,092,000	-6,024,000	-4,726,000	-2,723,000	106,000	-212,000	655,000	1,182,000	-356,000	-1,799,000	-73,000	-4,549,000	-5,136,000	-2,196,000	442,000	3,729,000	442,000	577,000	-2,233,000	1,334,000	870,000	357,000	0
Accumulated OCI Margin	-41.39%	-27.79%	-18.83%	-12.71%	-10.62%	-8.22%	-6.56%	-31.52%	-39.14%	-53.50%	-9.46%	-5.35%	-6.67%	-11.46%	-10.76%	-11.31%	-9.11%	-5.51%	0.21%	-0.41%	1.22%	2.08%	-0.62%	-3.14%	-0.12%	-7.82%	-10.04%	-5.03%	0.96%	8.71%	1.04%	1.35%	-5.44%	6.94%	5.11%	2.08%	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	275,258,667	271,172,400	210,225,700	174,104,867	151,037,950	134,436,040	121,179,967	303,273,000	277,461,000	245,042,000	272,114,000	257,972,000	189,516,000	168,137,000	153,966,000	120,061,000	114,715,000	110,022,000	106,802,000	101,264,000	97,474,000	93,754,000	88,303,000	84,439,000	85,130,000	77,304,000	74,010,000	74,521,000	72,391,000	70,100,000	62,693,000	60,437,000	59,863,000	61,118,000	52,618,000	49,436,000	51,463,000
Total Shareholders’ Equity Margin	232.40%	242.32%	231.67%	219.77%	200.68%	191.75%	205.83%	229.41%	241.80%	225.98%	269.59%	244.80%	216.03%	209.02%	233.52%	225.43%	221.16%	222.58%	216.62%	193.60%	181.96%	165.02%	154.85%	147.30%	137.43%	132.83%	144.63%	170.85%	156.97%	163.70%	146.84%	141.76%	145.72%	317.88%	308.75%	288.42%	320.36%
Total Equity	275,258,667	271,172,400	210,225,700	174,104,867	151,037,950	134,436,040	121,179,967	303,273,000	277,461,000	245,042,000	272,114,000	257,972,000	189,516,000	168,137,000	153,966,000	120,061,000	114,715,000	110,022,000	106,802,000	101,264,000	97,474,000	93,754,000	88,303,000	84,439,000	85,130,000	77,304,000	74,010,000	74,521,000	72,391,000	70,100,000	62,693,000	60,437,000	59,863,000	61,118,000	52,618,000	49,436,000	51,463,000
Total Equity Margin	232.40%	242.32%	231.67%	219.77%	200.68%	191.75%	205.83%	229.41%	241.80%	225.98%	269.59%	244.80%	216.03%	209.02%	233.52%	225.43%	221.16%	222.58%	216.62%	193.60%	181.96%	165.02%	154.85%	147.30%	137.43%	132.83%	144.63%	170.85%	156.97%	163.70%	146.84%	141.76%	145.72%	317.88%	308.75%	288.42%	320.36%
Total Liabilities & Equity	2,446,394,667	2,536,306,600	1,999,918,700	1,677,235,133	1,496,683,400	1,346,511,800	1,205,054,833	2,394,830,000	2,418,847,000	2,525,507,000	2,786,987,000	2,555,362,000	1,720,253,000	1,647,724,000	1,595,432,000	1,206,320,000	1,147,925,000	1,089,808,000	1,046,047,000	1,049,995,000	1,004,823,000	968,667,000	961,904,000	976,679,000	926,665,000	964,757,000	945,136,000	924,188,000	872,731,000	734,644,000	630,234,000	567,330,000	545,952,000	544,263,000	466,837,000	472,445,000	459,353,000
Total Liabilities & Equity Margin	2,082.87%	2,286.94%	2,234.18%	2,150.42%	2,032.38%	1,967.25%	2,056.54%	1,811.59%	2,107.96%	2,329.05%	2,761.17%	2,424.90%	1,960.92%	2,048.34%	2,419.74%	2,265.01%	2,213.08%	2,204.75%	2,121.63%	2,007.41%	1,875.75%	1,705.04%	1,686.78%	1,703.79%	1,495.95%	1,657.69%	1,847.01%	2,118.87%	1,892.39%	1,715.58%	1,476.17%	1,330.70%	1,328.93%	2,830.72%	2,739.33%	2,756.39%	2,859.52%
Total Investments	2,132,857,333	2,055,764,200	1,681,290,900	1,428,511,867	1,286,831,650	1,167,035,240	1,033,436,567	2,126,405,000	2,126,523,000	2,145,644,000	1,900,095,000	1,980,154,000	1,475,219,000	1,481,770,000	1,438,692,000	1,097,199,000	1,041,208,000	982,479,000	943,858,000	923,634,000	906,793,000	858,005,000	857,171,000	888,572,000	834,025,000	872,241,000	856,946,000	843,085,000	799,389,000	685,060,000	582,353,000	529,361,000	497,349,000	348,761,000	338,634,000	321,744,000	320,728,000
Total Investments Margin	1,813.50%	1,840.41%	1,897.52%	1,856.40%	1,770.95%	1,731.63%	1,739.20%	1,608.54%	1,853.21%	1,978.74%	1,882.49%	1,879.06%	1,681.60%	1,842.04%	2,182.02%	2,060.12%	2,007.34%	1,987.62%	1,914.36%	1,765.83%	1,692.76%	1,510.25%	1,503.12%	1,550.09%	1,346.40%	1,498.72%	1,674.67%	1,932.93%	1,733.36%	1,599.79%	1,364.02%	1,241.64%	1,210.63%	1,813.91%	1,987.06%	1,877.15%	1,996.56%
Net Debt	104,482,333	-125,503,400	-28,071,000	15,511,200	50,502,600	57,035,080	44,250,333	226,661,000	188,831,000	-102,045,000	-636,959,000	-304,005,000	-10,373,000	77,259,000	97,067,000	89,909,000	92,945,000	106,963,000	113,639,000	55,872,000	140,492,000	96,412,000	111,447,000	173,479,000	141,800,000	184,847,000	165,811,000	174,271,000	123,262,000	58,356,000	29,576,000	30,360,000	-3,852,000	-20,803,000	-28,734,000	-22,078,000	-22,900,000
Net Debt Margin	80.64%	-135.53%	-9.82%	59.17%	112.80%	127.99%	88.07%	171.46%	164.56%	-94.11%	-631.06%	-288.48%	-11.82%	96.04%	147.22%	168.81%	179.19%	216.39%	230.49%	106.82%	262.26%	169.70%	195.43%	302.63%	228.91%	317.61%	324.03%	399.55%	267.28%	136.28%	69.27%	71.21%	-9.38%	-108.20%	-168.61%	-128.81%	-142.55%

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	118,459,333	112,338,600	90,092,500	77,489,733	72,400,550	66,635,840	59,215,033	132,195,000	114,748,000	108,435,000	100,935,000	105,380,000	87,727,000	80,442,000	65,934,000	53,259,000	51,870,000	49,430,000	49,304,000	52,306,000	53,569,000	56,812,000	57,026,000	57,324,000	61,945,000	58,199,000	51,171,000	43,617,000	46,118,000	42,822,000	42,694,000	42,634,000	41,082,000	19,227,000	17,042,000	17,140,000	16,064,000
Working Capital	-1,554,577,000	-1,493,002,400	-1,257,229,900	-1,073,027,267	-986,127,600	-910,025,440	-825,051,467	-1,743,473,000	-1,401,044,000	-1,519,214,000	-1,314,362,000	-1,486,919,000	-1,141,252,000	-1,180,105,000	-1,141,908,000	-840,290,000	-803,732,000	-752,902,000	-701,596,000	-664,304,000	-642,869,000	-761,439,000	-759,676,000	-756,825,000	-682,196,000	-709,032,000	-719,414,000	-689,143,000	-675,650,000	-640,971,000	-538,811,000	-483,509,000	-448,781,000	-434,896,000	-366,839,000	-381,049,000	-369,343,000
Working Capital Margin	-1,313.63%	-1,330.81%	-1,428.12%	-1,402.51%	-1,370.78%	-1,374.14%	-1,479.43%	-1,318.86%	-1,220.97%	-1,401.04%	-1,302.19%	-1,411.01%	-1,300.91%	-1,467.03%	-1,731.90%	-1,577.74%	-1,549.51%	-1,523.17%	-1,423.00%	-1,270.03%	-1,200.08%	-1,340.28%	-1,332.16%	-1,320.26%	-1,101.29%	-1,218.29%	-1,405.90%	-1,579.99%	-1,465.05%	-1,496.83%	-1,262.03%	-1,134.09%	-1,092.40%	-2,261.90%	-2,152.56%	-2,223.16%	-2,299.20%
Total Capital	473,534,667	423,841,800	343,980,100	306,564,333	294,262,000	270,237,080	235,340,833	577,196,000	532,250,000	311,158,000	345,286,000	353,319,000	293,499,000	286,301,000	285,474,000	228,901,000	226,417,000	236,658,000	238,557,000	208,521,000	260,589,000	214,339,000	223,888,000	274,843,000	246,142,000	282,807,000	259,095,000	271,487,000	229,067,000	146,545,000	114,194,000	109,394,000	89,663,000	61,118,000	52,618,000	49,436,000	51,463,000
Total Capital Margin	395.81%	372.96%	385.45%	405.30%	417.06%	413.07%	392.68%	436.62%	463.84%	286.95%	342.09%	335.28%	334.56%	355.91%	432.97%	429.79%	436.51%	478.77%	483.85%	398.66%	486.45%	377.28%	392.61%	479.46%	397.36%	485.93%	506.33%	622.43%	496.70%	342.22%	267.47%	256.59%	218.25%	317.88%	308.75%	288.42%	320.36%
Capital Employed	457,077,667	405,600,400	323,067,800	273,862,533	257,786,550	229,682,160	203,393,400	586,503,000	500,152,000	284,578,000	325,396,000	331,373,000	273,808,000	264,984,000	260,032,000	204,109,000	199,743,000	199,233,000	196,352,000	168,516,000	130,104,000	183,055,000	178,090,000	202,929,000	225,257,000	235,069,000	206,448,000	212,350,000	163,667,000	75,584,000	69,498,000	65,224,000	63,492,000	88,564,000	71,264,000	69,318,000	67,110,000
Capital Employed Margin	380.66%	355.76%	358.30%	351.44%	355.44%	337.72%	343.28%	443.67%	435.87%	262.44%	322.38%	314.46%	312.11%	329.41%	394.38%	383.24%	385.08%	403.06%	398.25%	322.17%	242.87%	322.21%	312.30%	354.00%	363.64%	403.91%	403.45%	486.85%	354.89%	176.51%	162.78%	152.99%	154.55%	460.62%	418.17%	404.42%	417.77%
Invested Capital	379,741,000	145,669,000	182,154,700	189,616,067	201,540,550	191,471,120	165,429,400	529,934,000	466,292,000	142,997,000	-364,845,000	-46,033,000	179,143,000	245,396,000	251,033,000	209,970,000	207,660,000	216,985,000	220,441,000	157,136,000	237,966,000	190,166,000	199,750,000	257,918,000	226,930,000	262,151,000	239,821,000	248,792,000	195,653,000	128,456,000	92,269,000	90,797,000	55,984,000	40,315,000	23,884,000	27,358,000	28,563,000
Invested Capital Margin	313.04%	106.79%	221.85%	278.93%	313.48%	319.73%	293.90%	400.87%	406.36%	131.87%	-361.47%	-43.68%	204.21%	305.06%	380.73%	394.24%	400.35%	438.97%	447.11%	300.42%	444.22%	334.73%	350.28%	449.93%	366.34%	450.44%	468.67%	570.40%	424.24%	299.98%	216.12%	212.97%	136.27%	209.68%	140.15%	159.61%	177.81%

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	118,459,333	112,338,600	90,092,500	77,489,733	72,400,550	66,635,840	59,215,033	132,195,000	114,748,000	108,435,000	100,935,000	105,380,000	87,727,000	80,442,000	65,934,000	53,259,000	51,870,000	49,430,000	49,304,000	52,306,000	53,569,000	56,812,000	57,026,000	57,324,000	61,945,000	58,199,000	51,171,000	43,617,000	46,118,000	42,822,000	42,694,000	42,634,000	41,082,000	19,227,000	17,042,000	17,140,000	16,064,000
Net Income	33,095,333	29,102,800	22,265,700	17,871,267	15,231,750	14,001,880	12,879,733	31,846,000	31,688,000	35,752,000	27,834,000	18,394,000	23,721,000	21,748,000	9,788,000	10,869,000	11,017,000	10,290,000	9,315,000	8,886,000	8,502,000	8,419,000	7,219,000	6,744,000	7,937,000	7,290,000	7,376,000	9,308,000	10,768,000	8,904,000	8,337,000	8,095,000	7,823,000	7,725,000	7,229,000	7,109,000	6,459,000
Net Income Margin	28.23%	25.94%	24.03%	21.84%	19.59%	19.83%	22.64%	24.09%	27.62%	32.97%	27.58%	17.45%	27.04%	27.04%	14.85%	20.41%	21.24%	20.82%	18.89%	16.99%	15.87%	14.82%	12.66%	11.76%	12.81%	12.53%	14.41%	21.34%	23.35%	20.79%	19.53%	18.99%	19.04%	40.18%	42.42%	41.48%	40.21%
Depreciation & Amortization	3,397,000	3,456,600	2,867,900	2,622,467	2,569,500	2,445,240	2,142,733	3,033,000	3,362,000	3,796,000	3,441,000	3,651,000	2,696,000	2,853,000	2,292,000	1,800,000	1,755,000	2,063,000	1,993,000	2,041,000	2,219,000	2,342,000	2,281,000	1,877,000	2,056,000	2,679,000	3,160,000	3,459,000	4,044,000	1,426,000	316,000	496,000	596,000	670,000	657,000	640,000	588,000
Depreciation & Amortization Margin	2.91%	3.12%	3.25%	3.52%	3.71%	3.85%	3.74%	2.29%	2.93%	3.50%	3.41%	3.46%	3.07%	3.55%	3.48%	3.38%	3.38%	4.17%	4.04%	3.90%	4.14%	4.12%	4.00%	3.27%	3.32%	4.60%	6.18%	7.93%	8.77%	3.33%	0.74%	1.16%	1.45%	3.48%	3.86%	3.73%	3.66%
Deferred Income Tax	0	-207,600	191,300	185,867	133,500	69,240	49,033	0	0	0	0	-1,038,000	120,000	557,000	1,711,000	171,000	392,000	875,000	0	0	0	0	0	0	0	22,000	-140,000	350,000	146,000	-794,000	-475,000	-166,000	-200,000	-312,000	73,000	91,000	88,000
Deferred Income Tax Margin	0.00%	-0.20%	0.35%	0.35%	0.25%	0.11%	0.07%	0.00%	0.00%	0.00%	0.00%	-0.99%	0.14%	0.69%	2.60%	0.32%	0.76%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	-0.27%	0.80%	0.32%	-1.85%	-1.11%	-0.39%	-0.49%	-1.62%	0.43%	0.53%	0.55%
Stock-Based Compensation	998,667	757,200	448,600	299,067	224,300	179,440	149,533	1,263,000	1,004,000	729,000	362,000	428,000	322,000	186,000	133,000	59,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.83%	0.65%	0.42%	0.28%	0.21%	0.17%	0.14%	0.96%	0.87%	0.67%	0.36%	0.41%	0.37%	0.23%	0.20%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	1,042,667	783,600	1,605,400	615,133	49,450	-827,520	-801,333	6,886,000	164,000	-3,922,000	1,982,000	-1,192,000	1,557,000	2,200,000	5,346,000	454,000	2,579,000	-1,051,000	-1,141,000	609,000	-741,000	-4,503,000	-4,046,000	-726,000	-4,686,000	376,000	844,000	-162,000	-2,225,000	-6,010,000	-14,809,000	1,529,000	-2,893,000	-168,000	795,000	-969,000	-117,000
Change in Working Capital Margin	0.58%	0.51%	2.10%	0.56%	-0.26%	-2.22%	-2.17%	5.21%	0.14%	-3.62%	1.96%	-1.13%	1.77%	2.73%	8.11%	0.85%	4.97%	-2.13%	-2.31%	1.16%	-1.38%	-7.93%	-7.10%	-1.27%	-7.56%	0.65%	1.65%	-0.37%	-4.82%	-14.03%	-34.69%	3.59%	-7.04%	-0.87%	4.66%	-5.65%	-0.73%
Accounts Receivable	-889,667	-572,600	-428,100	-237,200	-110,350	-88,280	-50,333	-109,000	-1,165,000	-1,395,000	1,430,000	-1,624,000	177,000	-875,000	-512,000	-142,000	-66,000	77,000	333,000	329,000	-257,000	241,000	565,000	786,000	0	0	0	0	0	0	0	0	0	-129,000	442,000	-30,000	414,000
Accounts Receivable Margin	-0.79%	-0.50%	-0.46%	-0.21%	-0.04%	-0.03%	0.12%	-0.08%	-1.02%	-1.29%	1.42%	-1.54%	0.20%	-1.09%	-0.78%	-0.27%	-0.13%	0.16%	0.68%	0.63%	-0.48%	0.42%	0.99%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.67%	2.59%	-0.18%	2.58%
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	480,667	-252,800	63,900	-47,333	-145,950	-116,760	-63,867	757,000	743,000	-58,000	-1,325,000	-1,381,000	1,312,000	201,000	326,000	22,000	42,000	92,000	-433,000	-315,000	-238,000	-455,000	-924,000	-1,285,000	0	0	0	0	0	0	0	0	0	257,000	0	184,000	562,000
Accounts Payable Margin	0.39%	-0.29%	0.09%	-0.11%	-0.27%	-0.22%	0.01%	0.57%	0.65%	-0.05%	-1.31%	-1.31%	1.50%	0.25%	0.49%	0.04%	0.08%	0.19%	-0.88%	-0.60%	-0.44%	-0.80%	-1.62%	-2.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.34%	0.00%	1.07%	3.50%
Other Working Capital	1,451,667	1,609,000	1,969,600	899,667	305,750	-622,480	-687,133	6,238,000	586,000	-2,469,000	1,877,000	1,813,000	68,000	2,874,000	5,532,000	574,000	2,603,000	-1,220,000	-1,041,000	595,000	-246,000	-4,289,000	-3,687,000	-227,000	-4,686,000	376,000	844,000	-162,000	-2,225,000	-6,010,000	-14,809,000	1,529,000	-2,893,000	-296,000	353,000	-1,123,000	-1,093,000
Other Working Capital Margin	0.98%	1.31%	2.47%	0.88%	0.05%	-1.97%	-2.30%	4.72%	0.51%	-2.28%	1.86%	1.72%	0.08%	3.57%	8.39%	1.08%	5.02%	-2.47%	-2.11%	1.14%	-0.46%	-7.55%	-6.47%	-0.40%	-7.56%	0.65%	1.65%	-0.37%	-4.82%	-14.03%	-34.69%	3.59%	-7.04%	-1.54%	2.07%	-6.55%	-6.80%
Other Non-Cash Items	1,328,000	3,543,600	1,216,600	1,814,333	1,782,450	1,383,480	1,202,600	-3,246,000	4,384,000	2,846,000	8,507,000	5,227,000	-2,693,000	2,000,000	-2,263,000	-1,232,000	-1,364,000	-1,362,000	7,819,000	-2,233,000	8,175,000	2,650,000	4,959,000	4,538,000	-796,000	-419,000	152,000	-1,921,000	9,000	370,000	240,000	240,000	253,000	835,000	-512,000	1,262,000	-347,000
Other Non-Cash Items Margin	1.33%	3.48%	0.84%	2.48%	2.60%	1.99%	1.89%	-2.46%	3.82%	2.62%	8.43%	4.96%	-3.07%	2.49%	-3.43%	-2.31%	-2.63%	-2.76%	15.86%	-4.27%	15.26%	4.66%	8.70%	7.92%	-1.29%	-0.72%	0.30%	-4.40%	0.02%	0.86%	0.56%	0.56%	0.62%	4.34%	-3.00%	7.36%	-2.16%
Net Cash from Operating Activities	39,861,667	37,436,200	28,595,500	23,408,067	19,990,900	17,251,720	15,622,267	39,782,000	40,602,000	39,201,000	42,126,000	25,470,000	25,723,000	29,544,000	17,007,000	12,121,000	14,379,000	10,815,000	17,986,000	9,303,000	18,154,000	8,908,000	10,413,000	12,433,000	4,511,000	9,948,000	11,392,000	11,034,000	12,742,000	3,896,000	-6,391,000	10,194,000	5,579,000	8,750,000	8,242,000	8,133,000	6,671,000
Net Cash from Operating Activities Margin	33.88%	33.51%	30.99%	29.04%	26.11%	23.72%	26.32%	30.09%	35.38%	36.15%	41.74%	24.17%	29.32%	36.73%	25.79%	22.76%	27.72%	21.88%	36.48%	17.79%	33.89%	15.68%	18.26%	21.69%	7.28%	17.09%	22.26%	25.30%	27.63%	9.10%	-14.97%	23.91%	13.58%	45.51%	48.36%	47.45%	41.53%
Capital Expenditures (PPE)	-1,313,000	-1,312,600	-1,556,900	-1,733,933	-1,793,000	-1,861,800	-1,561,100	-960,000	-1,168,000	-1,811,000	-1,576,000	-1,048,000	-1,424,000	-1,743,000	-1,757,000	-2,344,000	-1,738,000	-3,148,000	-2,212,000	-2,049,000	-1,942,000	-1,089,000	-1,951,000	-1,382,000	-917,000	-1,509,000	-4,092,000	-5,784,000	-675,000	-2,109,000	-1,470,000	-647,000	-288,000	0	0	0	0
Capital Expenditures (PPE) Margin	-1.14%	-1.19%	-2.02%	-2.70%	-2.92%	-3.32%	-2.79%	-0.73%	-1.02%	-1.67%	-1.56%	-0.99%	-1.62%	-2.17%	-2.66%	-4.40%	-3.35%	-6.37%	-4.49%	-3.92%	-3.63%	-1.92%	-3.42%	-2.41%	-1.48%	-2.59%	-8.00%	-13.26%	-1.46%	-4.93%	-3.44%	-1.52%	-0.70%	0.00%	0.00%	0.00%	0.00%
Acquisitions (Net)	-2,517,667	5,433,400	3,021,500	1,984,733	1,153,450	922,760	768,967	0	-174,000	-7,379,000	0	34,720,000	-640,000	-2,583,000	6,444,000	0	-173,000	0	-77,000	0	-336,000	-31,000	-43,000	-6,022,000	-637,000	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	-2.32%	5.20%	3.15%	2.04%	0.95%	0.76%	0.63%	0.00%	-0.15%	-6.80%	0.00%	32.95%	-0.73%	-3.21%	9.77%	0.00%	-0.33%	0.00%	-0.16%	0.00%	-0.63%	-0.05%	-0.08%	-10.51%	-1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-118,528,000	-158,080,400	-99,992,500	-84,977,533	-79,379,950	-109,915,320	-101,186,467	0	-48,838,000	-306,746,000	-216,786,000	-218,032,000	-45,337,000	-39,129,000	-30,136,000	-50,443,000	-44,478,000	-22,252,000	-60,813,000	-64,487,000	-71,830,000	-55,356,000	-41,467,000	-82,126,000	-147,845,000	-6,685,000	-34,813,000	-424,870,000	-371,573,000	-222,683,000	-110,774,000	-30,384,000	-25,999,000	-81,160,000	-60,287,000	-73,823,000	-46,442,000
Purchases of Investments Margin	-108.48%	-149.42%	-107.36%	-106.45%	-106.55%	-190.46%	-210.68%	0.00%	-42.56%	-282.88%	-214.78%	-206.90%	-51.68%	-48.64%	-45.71%	-94.71%	-85.75%	-45.02%	-123.34%	-123.29%	-134.09%	-97.44%	-72.72%	-143.27%	-238.67%	-11.49%	-68.03%	-974.09%	-805.70%	-520.02%	-259.46%	-71.27%	-63.29%	-422.11%	-353.76%	-430.71%	-289.11%
Sales / Maturities of Investments	95,256,333	100,072,600	70,615,700	66,849,733	75,496,000	96,418,440	89,226,200	59,770,000	159,524,000	66,475,000	109,180,000	105,414,000	27,184,000	51,049,000	45,084,000	46,425,000	36,052,000	54,742,000	47,052,000	64,988,000	55,804,000	74,003,000	74,363,000	124,787,000	216,172,000	24,135,000	67,717,000	402,286,000	284,705,000	134,673,000	64,631,000	14,246,000	29,900,000	35,505,000	72,107,000	59,928,000	68,885,000
Sales / Maturities of Investments Margin	81.85%	90.75%	77.32%	89.21%	110.45%	169.92%	190.23%	45.21%	139.02%	61.30%	108.17%	100.03%	30.99%	63.46%	68.38%	87.17%	69.50%	110.75%	95.43%	124.25%	104.17%	130.26%	130.40%	217.69%	348.97%	41.47%	132.33%	922.31%	617.34%	314.49%	151.38%	33.41%	72.78%	184.66%	423.11%	349.64%	428.82%
Other Investing Activities	-77,517,000	-19,750,000	-31,019,700	-31,791,533	-34,908,750	-32,183,120	-26,669,533	-56,382,000	-93,907,000	-82,262,000	169,703,000	-35,902,000	28,238,000	-61,210,000	-71,588,000	-53,080,000	-53,807,000	-73,473,000	-22,075,000	-16,249,000	-29,982,000	-24,897,000	-12,711,000	-94,034,000	-24,585,000	-30,666,000	-59,306,000	-36,267,000	-43,049,000	-11,131,000	-1,558,000	-14,398,000	4,726,000	52,000	423,000	-235,000	-474,000
Other Investing Activities Margin	-66.78%	-13.26%	-42.22%	-49.76%	-57.05%	-55.24%	-45.70%	-42.65%	-81.84%	-75.86%	168.13%	-34.07%	32.19%	-76.09%	-108.58%	-99.66%	-103.73%	-148.64%	-44.77%	-31.07%	-55.97%	-43.82%	-22.29%	-164.04%	-39.69%	-52.69%	-115.90%	-83.15%	-93.35%	-25.99%	-3.65%	-33.77%	11.50%	0.27%	2.48%	-1.37%	-2.95%
Net Cash from Investing Activities	-104,619,333	-73,637,000	-58,931,900	-49,668,533	-39,432,250	-46,619,040	-39,421,933	2,428,000	15,437,000	-331,723,000	60,521,000	-114,848,000	8,021,000	-53,616,000	-51,953,000	-59,442,000	-64,144,000	-44,131,000	-38,125,000	-17,797,000	-48,286,000	-7,370,000	18,191,000	-58,777,000	42,188,000	-14,725,000	-30,494,000	-64,635,000	-130,592,000	-101,250,000	-49,171,000	-31,183,000	8,339,000	-45,603,000	12,243,000	-14,130,000	21,969,000
Net Cash from Investing Activities Margin	-96.88%	-67.93%	-71.12%	-67.66%	-55.12%	-78.34%	-68.31%	1.84%	13.45%	-305.92%	59.96%	-108.98%	9.14%	-66.65%	-78.80%	-111.61%	-123.66%	-89.28%	-77.33%	-34.02%	-90.14%	-12.97%	31.90%	-102.53%	68.11%	-25.30%	-59.59%	-148.19%	-283.17%	-236.44%	-115.17%	-73.14%	20.30%	-237.18%	71.84%	-82.44%	136.76%
Net Debt Issuance	67,308,000	32,529,000	13,074,000	8,119,400	3,020,500	9,121,040	8,113,167	18,944,000	189,928,000	-6,948,000	-22,307,000	-16,972,000	-18,433,000	-13,344,000	17,668,000	-2,862,000	-14,934,000	-5,119,000	24,498,000	-9,896,000	-3,432,000	-15,000,000	-54,819,000	29,392,000	-44,491,000	20,418,000	-11,881,000	40,290,000	80,231,000	24,944,000	3,021,000	19,130,000	7,069,000	17,917,000	-9,269,000	14,668,000	-15,016,000
Net Debt Issuance Margin	57.81%	27.05%	9.03%	5.19%	-1.35%	13.98%	13.26%	14.33%	165.52%	-6.41%	-22.10%	-16.11%	-21.01%	-16.59%	26.80%	-5.37%	-28.79%	-10.36%	49.69%	-18.92%	-6.41%	-26.40%	-96.13%	51.27%	-71.82%	35.08%	-23.22%	92.37%	173.97%	58.25%	7.08%	44.87%	17.21%	93.19%	-54.39%	85.58%	-93.48%
Long-Term Debt Issuance	73,766,667	36,050,800	16,061,300	10,750,400	5,477,500	9,575,080	9,182,633	60,000,000	175,000,000	-13,700,000	-19,045,000	-22,001,000	-17,220,000	-11,084,000	15,350,000	-2,250,000	-4,437,000	-1,766,000	22,749,000	-11,237,000	-10,308,000	1,205,000	-26,657,000	-23,293,000	-15,276,000	19,742,000	-6,222,000	45,000,000	76,270,000	2,706,000	3,021,000	2,830,000	6,719,000	10,280,000	-9,994,000	14,321,000	14,776,000
Long-Term Debt Issuance Margin	61.75%	29.10%	12.26%	8.44%	1.81%	13.00%	17.05%	45.39%	152.51%	-12.63%	-18.87%	-20.88%	-19.63%	-13.78%	23.28%	-4.22%	-8.55%	-3.57%	46.14%	-21.48%	-19.24%	2.12%	-46.75%	-40.63%	-24.66%	33.92%	-12.16%	103.17%	165.38%	6.32%	7.08%	6.64%	16.36%	53.47%	-58.64%	83.55%	91.98%
Short-Term Debt Issuance	-6,458,667	-3,521,800	-2,987,300	-2,631,000	-2,457,000	-454,040	-1,069,467	-41,056,000	14,928,000	6,752,000	-3,262,000	5,029,000	-1,213,000	-2,260,000	2,318,000	-612,000	-10,497,000	-3,353,000	1,749,000	1,341,000	6,876,000	-16,205,000	-28,162,000	52,685,000	-29,215,000	676,000	-5,659,000	-4,710,000	3,961,000	22,238,000	0	16,300,000	350,000	7,637,000	725,000	347,000	-29,792,000
Short-Term Debt Issuance Margin	-3.94%	-2.06%	-3.23%	-3.25%	-3.16%	0.99%	-3.80%	-31.06%	13.01%	6.23%	-3.23%	4.77%	-1.38%	-2.81%	3.52%	-1.15%	-20.24%	-6.78%	3.55%	2.56%	12.84%	-28.52%	-49.38%	91.91%	-47.16%	1.16%	-11.06%	-10.80%	8.59%	51.93%	0.00%	38.23%	0.85%	39.72%	4.25%	2.02%	-185.46%
Net Stock Issuance	-2,366,667	-1,546,600	-476,300	-225,533	-205,550	-385,680	-396,467	175,000	-1,306,000	-5,969,000	-1,457,000	824,000	892,000	541,000	482,000	556,000	499,000	381,000	447,000	295,000	257,000	0	-286,000	-442,000	0	0	0	0	0	0	-76,000	-5,455,000	-1,231,000	0	-410,000	-475,000	-136,000
Net Stock Issuance Margin	-2.17%	-1.43%	-0.27%	0.00%	-0.06%	-0.57%	-0.78%	0.13%	-1.14%	-5.50%	-1.44%	0.78%	1.02%	0.67%	0.73%	1.04%	0.96%	0.77%	0.91%	0.56%	0.48%	0.00%	-0.50%	-0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.18%	-12.79%	-3.00%	0.00%	-2.41%	-2.77%	-0.85%
Common Stock Issuance	619,333	548,400	571,200	472,800	354,600	283,680	236,400	424,000	721,000	713,000	60,000	824,000	892,000	541,000	482,000	556,000	499,000	381,000	447,000	295,000	257,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.54%	0.49%	0.69%	0.64%	0.48%	0.38%	0.32%	0.32%	0.63%	0.66%	0.06%	0.78%	1.02%	0.67%	0.73%	1.04%	0.96%	0.77%	0.91%	0.56%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-2,986,000	-2,095,000	-1,047,500	-698,333	-560,150	-448,120	-407,467	-249,000	-2,027,000	-6,682,000	-1,517,000	0	0	0	0	0	0	0	0	0	0	0	-286,000	-442,000	0	0	0	0	0	0	0	0	0	0	-410,000	-475,000	-136,000
Common Stock Repurchased Margin	-2.71%	-1.92%	-0.96%	-0.64%	-0.54%	-0.44%	-0.56%	-0.19%	-1.77%	-6.16%	-1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.50%	-0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.41%	-2.77%	-0.85%
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	-9,844,000	-9,437,000	-7,525,900	-6,531,000	-6,055,300	-5,854,640	-5,748,933	-10,713,000	-9,702,000	-9,117,000	-8,968,000	-8,685,000	-6,920,000	-6,261,000	-5,233,000	-4,840,000	-4,820,000	-4,622,000	-4,542,000	-4,524,000	-4,512,000	-4,506,000	-4,512,000	-4,550,000	-4,566,000	-4,566,000	-4,947,000	-4,892,000	-4,838,000	-5,871,000	-4,783,000	-4,876,000	-4,908,000	-4,519,000	-4,150,000	-9,018,000	-3,507,000
Net Dividends Paid Margin	-8.32%	-8.42%	-8.41%	-8.51%	-8.42%	-9.06%	-12.02%	-8.10%	-8.46%	-8.41%	-8.88%	-8.24%	-7.89%	-7.78%	-7.94%	-9.09%	-9.29%	-9.35%	-9.21%	-8.65%	-8.42%	-7.93%	-7.91%	-7.94%	-7.37%	-7.85%	-9.67%	-11.22%	-10.49%	-13.71%	-11.20%	-11.44%	-11.95%	-23.50%	-24.35%	-52.61%	-21.83%
Common Dividends Paid	-9,844,000	-9,437,000	-7,525,900	-6,531,000	-6,055,300	-5,854,640	-5,748,933	-10,713,000	-9,702,000	-9,117,000	-8,968,000	-8,685,000	-6,920,000	-6,261,000	-5,233,000	-4,840,000	-4,820,000	-4,622,000	-4,542,000	-4,524,000	-4,512,000	-4,506,000	-4,512,000	-4,550,000	-4,566,000	-4,566,000	-4,947,000	-4,892,000	-4,838,000	-5,871,000	-4,783,000	-4,876,000	-4,908,000	-4,519,000	-4,150,000	-9,018,000	-3,507,000
Common Dividends Paid Margin	-8.32%	-8.42%	-8.41%	-8.51%	-8.42%	-9.06%	-12.02%	-8.10%	-8.46%	-8.41%	-8.88%	-8.24%	-7.89%	-7.78%	-7.94%	-9.09%	-9.29%	-9.35%	-9.21%	-8.65%	-8.42%	-7.93%	-7.91%	-7.94%	-7.37%	-7.85%	-9.67%	-11.22%	-10.49%	-13.71%	-11.20%	-11.44%	-11.95%	-23.50%	-24.35%	-52.61%	-21.83%
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	-211,296,000	1,236,600	28,023,500	26,439,200	23,910,050	26,961,480	22,835,733	-69,312,000	-337,162,000	-227,414,000	240,864,000	399,207,000	64,168,000	49,600,000	37,539,000	54,641,000	68,104,000	44,233,000	-33,533,000	51,381,000	36,269,000	18,003,000	38,226,000	19,657,000	914,000	-9,693,000	32,509,000	7,484,000	56,773,000	75,454,000	55,609,000	516,000	-2,979,000	14,014,000	0	0	0
Other Financing Activities Margin	-185.33%	12.30%	48.71%	47.08%	42.79%	52.15%	45.65%	-52.43%	-293.83%	-209.72%	238.63%	378.83%	73.15%	61.66%	56.93%	102.59%	131.30%	89.49%	-68.01%	98.23%	67.71%	31.69%	67.03%	34.29%	1.48%	-16.65%	63.53%	17.16%	123.10%	176.20%	130.25%	1.21%	-7.25%	72.89%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-156,198,667	22,782,000	33,095,300	27,802,067	20,669,700	29,842,200	24,803,500	-60,906,000	-158,242,000	-249,448,000	208,132,000	374,374,000	39,707,000	30,536,000	50,456,000	47,495,000	48,849,000	34,873,000	-13,130,000	37,256,000	28,582,000	-1,503,000	-21,391,000	44,057,000	-48,143,000	6,159,000	15,681,000	42,882,000	132,166,000	94,527,000	53,771,000	9,315,000	-2,049,000	27,412,000	-13,829,000	5,175,000	-18,659,000
Net Cash from Financing Activities Margin	-138.01%	29.49%	49.05%	43.76%	32.96%	56.51%	46.11%	-46.07%	-137.90%	-230.04%	206.20%	355.26%	45.26%	37.96%	76.53%	89.18%	94.18%	70.55%	-26.63%	71.23%	53.36%	-2.65%	-37.51%	76.86%	-77.72%	10.58%	30.64%	98.31%	286.58%	220.74%	125.95%	21.85%	-4.99%	142.57%	-81.15%	30.19%	-116.15%
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	-220,956,333	-13,418,800	2,758,900	1,541,600	1,228,350	474,880	1,003,833	-18,696,000	-102,203,000	-541,970,000	310,779,000	284,996,000	73,451,000	6,464,000	15,510,000	174,000	-916,000	1,557,000	-33,269,000	28,762,000	-1,550,000	35,000	7,213,000	-2,287,000	-1,444,000	1,382,000	-3,421,000	-10,719,000	14,316,000	-2,827,000	-1,791,000	-11,674,000	11,869,000	-9,441,000	6,656,000	-822,000	9,981,000
Net Change in Cash Margin	-201.01%	-4.93%	8.92%	5.13%	3.95%	1.89%	4.12%	-14.14%	-89.07%	-499.81%	307.90%	270.45%	83.73%	8.04%	23.52%	0.33%	-1.77%	3.15%	-67.48%	54.99%	-2.89%	0.06%	12.65%	-3.99%	-2.33%	2.37%	-6.69%	-24.58%	31.04%	-6.60%	-4.19%	-27.38%	28.89%	-49.10%	39.06%	-4.80%	62.13%
Cash at Beginning of Period	314,750,000	291,591,600	159,066,500	115,406,667	91,493,100	78,536,200	69,269,500	65,958,000	168,161,000	710,131,000	399,352,000	114,356,000	40,905,000	34,441,000	18,931,000	18,757,000	19,673,000	18,116,000	51,385,000	22,623,000	24,173,000	24,138,000	16,925,000	19,212,000	20,656,000	19,274,000	22,695,000	33,414,000	19,098,000	21,925,000	23,716,000	35,390,000	23,521,000	32,962,000	22,178,000	23,000,000	13,019,000
Cash at Beginning of Period Margin	283.78%	271.10%	154.68%	121.24%	99.63%	92.01%	95.81%	49.89%	146.55%	654.89%	395.65%	108.52%	46.63%	42.81%	28.71%	35.22%	37.93%	36.65%	104.22%	43.25%	45.12%	42.49%	29.68%	33.51%	33.35%	33.12%	44.35%	76.61%	41.41%	51.20%	55.55%	83.01%	57.25%	171.44%	130.14%	134.19%	81.04%
Cash at End of Period	93,793,667	278,172,800	161,825,400	116,948,267	92,721,450	79,011,080	70,273,333	47,262,000	65,958,000	168,161,000	710,131,000	399,352,000	114,356,000	40,905,000	34,441,000	18,931,000	18,757,000	19,673,000	18,116,000	51,385,000	22,623,000	24,173,000	24,138,000	16,925,000	19,212,000	20,656,000	19,274,000	22,695,000	33,414,000	19,098,000	21,925,000	23,716,000	35,390,000	23,521,000	28,834,000	22,178,000	23,000,000
Cash at End of Period Margin	82.77%	266.17%	163.60%	126.37%	103.58%	93.91%	99.93%	35.75%	57.48%	155.08%	703.55%	378.96%	130.35%	50.85%	52.24%	35.55%	36.16%	39.80%	36.74%	98.24%	42.23%	42.55%	42.33%	29.53%	31.01%	35.49%	37.67%	52.03%	72.45%	44.60%	51.35%	55.63%	86.14%	122.33%	169.19%	129.39%	143.18%
Operating Cash Flow	39,861,667	37,436,200	28,595,500	23,408,067	19,990,900	17,251,720	15,622,267	39,782,000	40,602,000	39,201,000	42,126,000	25,470,000	25,723,000	29,544,000	17,007,000	12,121,000	14,379,000	10,815,000	17,986,000	9,303,000	18,154,000	8,908,000	10,413,000	12,433,000	4,511,000	9,948,000	11,392,000	11,034,000	12,742,000	3,896,000	-6,391,000	10,194,000	5,579,000	8,750,000	8,242,000	8,133,000	6,671,000
Operating Cash Flow Margin	33.88%	33.51%	30.99%	29.04%	26.11%	23.72%	26.32%	30.09%	35.38%	36.15%	41.74%	24.17%	29.32%	36.73%	25.79%	22.76%	27.72%	21.88%	36.48%	17.79%	33.89%	15.68%	18.26%	21.69%	7.28%	17.09%	22.26%	25.30%	27.63%	9.10%	-14.97%	23.91%	13.58%	45.51%	48.36%	47.45%	41.53%
Capital Expenditure	-1,313,000	-1,312,600	-1,556,900	-1,733,933	-1,793,000	-1,861,800	-1,561,100	-960,000	-1,168,000	-1,811,000	-1,576,000	-1,048,000	-1,424,000	-1,743,000	-1,757,000	-2,344,000	-1,738,000	-3,148,000	-2,212,000	-2,049,000	-1,942,000	-1,089,000	-1,951,000	-1,382,000	-917,000	-1,509,000	-4,092,000	-5,784,000	-675,000	-2,109,000	-1,470,000	-647,000	-288,000	0	0	0	0
Capital Expenditure Margin	-1.14%	-1.19%	-2.02%	-2.70%	-2.92%	-3.32%	-2.79%	-0.73%	-1.02%	-1.67%	-1.56%	-0.99%	-1.62%	-2.17%	-2.66%	-4.40%	-3.35%	-6.37%	-4.49%	-3.92%	-3.63%	-1.92%	-3.42%	-2.41%	-1.48%	-2.59%	-8.00%	-13.26%	-1.46%	-4.93%	-3.44%	-1.52%	-0.70%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow	38,548,667	36,123,600	27,038,600	21,674,133	18,197,900	15,389,920	14,061,167	38,822,000	39,434,000	37,390,000	40,550,000	24,422,000	24,299,000	27,801,000	15,250,000	9,777,000	12,641,000	7,667,000	15,774,000	7,254,000	16,212,000	7,819,000	8,462,000	11,051,000	3,594,000	8,439,000	7,300,000	5,250,000	12,067,000	1,787,000	-7,861,000	9,547,000	5,291,000	8,750,000	8,242,000	8,133,000	6,671,000
Free Cash Flow Margin	32.74%	32.31%	28.97%	26.34%	23.19%	20.40%	23.53%	29.37%	34.37%	34.48%	40.17%	23.18%	27.70%	34.56%	23.13%	18.36%	24.37%	15.51%	31.99%	13.87%	30.26%	13.76%	14.84%	19.28%	5.80%	14.50%	14.27%	12.04%	26.17%	4.17%	-18.41%	22.39%	12.88%	45.51%	48.36%	47.45%	41.53%

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	118,459,333	112,338,600	90,092,500	77,489,733	72,400,550	66,635,840	59,215,033	132,195,000	114,748,000	108,435,000	100,935,000	105,380,000	87,727,000	80,442,000	65,934,000	53,259,000	51,870,000	49,430,000	49,304,000	52,306,000	53,569,000	56,812,000	57,026,000	57,324,000	61,945,000	58,199,000	51,171,000	43,617,000	46,118,000	42,822,000	42,694,000	42,634,000	41,082,000	19,227,000	17,042,000	17,140,000	16,064,000
EBITDA	45,136,667	40,044,600	31,354,200	25,450,467	21,903,100	20,384,440	18,894,000	43,452,000	43,211,000	48,747,000	38,460,000	26,353,000	32,062,000	29,573,000	18,714,000	16,437,000	16,533,000	15,433,000	13,843,000	13,246,000	12,875,000	12,818,000	10,857,000	9,698,000	11,910,000	11,894,000	11,946,000	15,022,000	17,954,000	13,437,000	12,387,000	12,749,000	12,189,000	12,147,000	11,454,000	11,237,000	10,182,000
EBITDA Margin	38.49%	35.72%	34.30%	31.62%	28.66%	29.47%	34.20%	32.87%	37.66%	44.96%	38.10%	25.01%	36.55%	36.76%	28.38%	30.86%	31.87%	31.22%	28.08%	25.32%	24.03%	22.56%	19.04%	16.92%	19.23%	20.44%	23.35%	34.44%	38.93%	31.38%	29.01%	29.90%	29.67%	63.18%	67.21%	65.56%	63.38%
(-) Tax Adjustment	9,347,224	8,186,701	6,859,855	5,531,731	4,637,405	4,454,683	4,337,095	9,216,309	8,849,531	9,975,833	7,891,005	5,000,825	6,163,250	5,502,880	7,559,900	4,231,374	4,207,647	3,555,246	2,961,351	2,741,408	2,602,548	2,516,860	1,717,928	1,335,474	2,316,975	2,484,639	1,917,125	2,929,569	4,055,461	3,475,877	3,831,750	4,326,315	3,963,817	3,971,033	3,785,114	3,698,656	3,327,139
(-) Tax Adjustment Margin	7.96%	7.29%	7.78%	7.04%	6.13%	6.62%	8.67%	6.97%	7.71%	9.20%	7.82%	4.75%	7.03%	6.84%	11.47%	7.94%	8.11%	7.19%	6.01%	5.24%	4.86%	4.43%	3.01%	2.33%	3.74%	4.27%	3.75%	6.72%	8.79%	8.12%	8.97%	10.15%	9.65%	20.65%	22.21%	21.58%	20.71%
(-) Change In Working Capital	1,042,667	783,600	1,605,400	615,133	49,450	-827,520	-801,333	6,886,000	164,000	-3,922,000	1,982,000	-1,192,000	1,557,000	2,200,000	5,346,000	454,000	2,579,000	-1,051,000	-1,141,000	609,000	-741,000	-4,503,000	-4,046,000	-726,000	-4,686,000	376,000	844,000	-162,000	-2,225,000	-6,010,000	-14,809,000	1,529,000	-2,893,000	-168,000	795,000	-969,000	-117,000
(-) Change In Working Capital Margin	0.58%	0.51%	2.10%	0.56%	-0.26%	-2.22%	-2.17%	5.21%	0.14%	-3.62%	1.96%	-1.13%	1.77%	2.73%	8.11%	0.85%	4.97%	-2.13%	-2.31%	1.16%	-1.38%	-7.93%	-7.10%	-1.27%	-7.56%	0.65%	1.65%	-0.37%	-4.82%	-14.03%	-34.69%	3.59%	-7.04%	-0.87%	4.66%	-5.65%	-0.73%
(-) Capital Expenditure	-1,313,000	-1,312,600	-1,556,900	-1,733,933	-1,793,000	-1,861,800	-1,561,100	-960,000	-1,168,000	-1,811,000	-1,576,000	-1,048,000	-1,424,000	-1,743,000	-1,757,000	-2,344,000	-1,738,000	-3,148,000	-2,212,000	-2,049,000	-1,942,000	-1,089,000	-1,951,000	-1,382,000	-917,000	-1,509,000	-4,092,000	-5,784,000	-675,000	-2,109,000	-1,470,000	-647,000	-288,000	0	0	0	0
(-) Capital Expenditure Margin	-1.14%	-1.19%	-2.02%	-2.70%	-2.92%	-3.32%	-2.79%	-0.73%	-1.02%	-1.67%	-1.56%	-0.99%	-1.62%	-2.17%	-2.66%	-4.40%	-3.35%	-6.37%	-4.49%	-3.92%	-3.63%	-1.92%	-3.42%	-2.41%	-1.48%	-2.59%	-8.00%	-13.26%	-1.46%	-4.93%	-3.44%	-1.52%	-0.70%	0.00%	0.00%	0.00%	0.00%
Unlevered Free Cash Flow	33,433,776	29,761,699	21,332,045	17,569,669	15,423,245	14,895,477	13,797,139	26,389,691	33,029,469	40,882,167	27,010,995	21,496,175	22,917,750	20,127,120	4,051,100	9,407,626	8,008,353	9,780,754	9,810,649	7,846,592	9,071,452	13,715,140	11,234,072	7,706,526	13,362,025	7,524,361	5,092,875	6,470,431	15,448,539	13,862,123	21,894,250	6,246,685	10,830,183	8,343,967	6,873,886	8,507,344	6,971,861
Unlevered Free Cash Flow Margin	28.82%	26.72%	22.40%	21.32%	19.87%	21.76%	24.90%	19.96%	28.78%	37.70%	26.76%	20.40%	26.12%	25.02%	6.14%	17.66%	15.44%	19.79%	19.90%	15.00%	16.93%	24.14%	19.70%	13.44%	21.57%	12.93%	9.95%	14.83%	33.50%	32.37%	51.28%	14.65%	26.36%	43.40%	40.33%	49.63%	43.40%
(-) Net Interest Income After Taxes	67,117,122	63,349,106	49,149,648	41,771,589	36,962,431	33,030,773	29,789,300	65,112,578	69,969,019	66,269,769	56,443,750	58,950,412	47,731,182	46,227,523	27,476,970	26,995,397	26,319,880	25,925,874	26,404,291	27,214,713	27,412,088	28,120,392	27,116,705	24,852,170	20,152,602	19,650,169	20,903,144	19,777,588	17,606,570	18,044,481	15,957,782	15,134,274	14,999,538	14,859,031	13,491,857	12,591,859	11,967,395
(-) Net Interest Income After Taxes Margin	57.12%	56.64%	53.82%	53.13%	49.75%	47.74%	51.15%	49.25%	60.98%	61.11%	55.92%	55.94%	54.41%	57.47%	41.67%	50.69%	50.74%	52.45%	53.55%	52.03%	51.17%	49.50%	47.55%	43.35%	32.53%	33.76%	40.85%	45.34%	38.18%	42.14%	37.38%	35.50%	36.51%	77.28%	79.17%	73.46%	74.50%
Net Debt Issuance	67,308,000	32,529,000	13,074,000	8,119,400	3,020,500	9,121,040	8,113,167	18,944,000	189,928,000	-6,948,000	-22,307,000	-16,972,000	-18,433,000	-13,344,000	17,668,000	-2,862,000	-14,934,000	-5,119,000	24,498,000	-9,896,000	-3,432,000	-15,000,000	-54,819,000	29,392,000	-44,491,000	20,418,000	-11,881,000	40,290,000	80,231,000	24,944,000	3,021,000	19,130,000	7,069,000	17,917,000	-9,269,000	14,668,000	-15,016,000
Net Debt Issuance Margin	57.81%	27.05%	9.03%	5.19%	-1.35%	13.98%	13.26%	14.33%	165.52%	-6.41%	-22.10%	-16.11%	-21.01%	-16.59%	26.80%	-5.37%	-28.79%	-10.36%	49.69%	-18.92%	-6.41%	-26.40%	-96.13%	51.27%	-71.82%	35.08%	-23.22%	92.37%	173.97%	58.25%	7.08%	44.87%	17.21%	93.19%	-54.39%	85.58%	-93.48%
Levered Free Cash Flow	33,624,654	-1,058,406	-14,743,603	-16,082,520	-18,518,687	-9,014,256	-7,878,995	-19,778,887	152,988,450	-32,335,602	-51,739,755	-54,426,237	-43,246,432	-39,444,403	-5,757,870	-20,449,771	-33,245,527	-21,264,120	7,904,358	-29,264,121	-21,772,636	-29,405,252	-70,701,633	12,246,355	-51,281,577	8,292,192	-27,691,269	26,982,843	78,072,968	20,761,642	8,957,468	10,242,411	2,899,645	11,401,936	-15,886,971	10,583,485	-20,011,533
Levered Free Cash Flow Margin	29.51%	-2.87%	-22.39%	-26.62%	-31.23%	-12.00%	-12.99%	-14.96%	133.33%	-29.82%	-51.26%	-51.65%	-49.30%	-49.03%	-8.73%	-38.40%	-64.09%	-43.02%	16.03%	-55.95%	-40.64%	-51.76%	-123.98%	21.36%	-82.79%	14.25%	-54.12%	61.86%	169.29%	48.48%	20.98%	24.02%	7.06%	59.30%	-93.22%	61.75%	-124.57%