American Coastal Insurance Corporation (ACIC)

Analysis: Margins & Ratios Industry: Insurance - Property & Casualty Sector: Financial Services Live Price: $11.07

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	260,373,000	371,292,000	490,462,400	380,038,467	308,288,650	327,779,000	275,560,000	296,657,000	263,677,000	220,785,000	228,685,000	846,656,000	825,116,000	723,942,000	654,420,000	487,117,000	357,569,000	280,230,000	208,080,000	131,234,000	96,418,000	79,991,000	88,469,000	101,062,000	112,601,000	82,452,000	80,612,000
Cost of Revenue	146,509,333	293,219,200	404,308,500	307,127,000	243,442,200	167,688,000	113,043,000	140,309,000	122,114,000	177,105,000	182,250,000	844,318,000	737,761,000	611,729,000	540,979,000	416,011,000	270,509,000	183,734,000	149,453,000	95,286,000	67,915,000	67,432,000	64,237,000	17,616,000	17,022,000	82,452,000	80,612,000
Cost of Revenue Margin	57.94%	70.65%	77.09%	75.71%	72.04%	51.16%	41.02%	47.30%	46.31%	80.22%	79.69%	99.72%	89.41%	84.50%	82.67%	85.40%	75.65%	65.57%	71.82%	72.61%	70.44%	84.30%	72.61%	17.43%	15.12%	100.00%	100.00%
Gross Profit	113,863,667	78,072,800	86,153,900	72,911,467	64,846,450	160,091,000	162,517,000	156,348,000	141,563,000	43,680,000	46,435,000	2,338,000	87,355,000	112,213,000	113,441,000	71,106,000	87,060,000	96,496,000	58,627,000	35,948,000	28,503,000	12,559,000	24,232,000	83,446,000	95,579,000	0	0
Gross Profit Margin	42.06%	29.35%	22.91%	24.29%	27.96%	48.84%	58.98%	52.70%	53.69%	19.78%	20.31%	0.28%	10.59%	15.50%	17.33%	14.60%	24.35%	34.43%	28.18%	27.39%	29.56%	15.70%	27.39%	82.57%	84.88%	0.00%	0.00%
R&D Expenses	119,233,333	71,540,000	35,770,000	23,846,667	17,885,000	0	0	357,700,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	40.19%	24.12%	12.06%	8.04%	6.03%	0.00%	0.00%	120.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	33,583,667	40,845,600	49,089,900	36,958,133	31,690,150	28,967,000	32,365,000	36,975,000	31,776,000	32,000,000	31,420,000	72,057,000	65,989,000	66,112,000	81,762,000	42,956,000	29,852,000	20,007,000	14,552,000	11,734,000	9,674,000	7,506,000	7,032,000	35,136,000	30,532,000	3,589,000	3,142,000
SG&A Expenses Margin	13.00%	12.25%	10.80%	10.04%	11.43%	8.84%	11.75%	12.46%	12.05%	14.49%	13.74%	8.51%	8.00%	9.13%	12.49%	8.82%	8.35%	7.14%	6.99%	8.94%	10.03%	9.38%	7.95%	34.77%	27.12%	4.35%	3.90%
Operating Expenses	44,079,333	64,706,200	78,177,800	59,179,467	52,202,200	45,088,000	50,159,000	44,756,000	45,483,000	41,999,000	56,852,000	134,441,000	119,961,000	116,452,000	112,531,000	64,103,000	45,200,000	32,086,000	24,140,000	20,234,000	15,487,000	13,967,000	17,905,000	41,843,000	47,640,000	28,882,000	20,082,000
Operating Expenses Margin	17.12%	18.42%	16.57%	15.85%	20.08%	13.76%	18.20%	15.09%	17.25%	19.02%	24.86%	15.88%	14.54%	16.09%	17.20%	13.16%	12.64%	11.45%	11.60%	15.42%	16.06%	17.46%	20.24%	41.40%	42.31%	35.03%	24.91%
Operating Income (EBIT)	69,784,333	13,366,600	7,976,100	13,732,000	15,948,750	115,003,000	112,358,000	111,592,000	96,080,000	1,681,000	-10,417,000	-132,103,000	-32,606,000	-4,239,000	910,000	7,003,000	41,860,000	64,410,000	34,487,000	15,714,000	13,016,000	-1,408,000	6,327,000	41,603,000	47,939,000	18,213,000	-1,087,000
Operating Income (EBIT) Margin	24.94%	10.93%	6.34%	8.45%	11.92%	35.09%	40.77%	37.62%	36.44%	0.76%	-4.56%	-15.60%	-3.95%	-0.59%	0.14%	1.44%	11.71%	22.98%	16.57%	11.97%	13.50%	-1.76%	7.15%	41.17%	42.57%	22.09%	-1.35%
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	10,784,667	10,247,800	7,518,200	5,241,933	4,801,300	10,939,000	11,931,000	11,996,000	10,875,000	9,483,000	9,303,000	9,582,000	9,781,000	9,866,000	3,247,000	723,000	326,000	410,000	367,000	355,000	548,000	1,767,000	3,177,000	2,811,000	6,078,000	5,019,000	312,000
Interest Expense Margin	4.15%	3.53%	2.09%	1.62%	2.13%	3.34%	4.33%	4.04%	4.12%	4.30%	4.07%	1.13%	1.19%	1.36%	0.50%	0.15%	0.09%	0.15%	0.18%	0.27%	0.57%	2.21%	3.59%	2.78%	5.40%	6.09%	0.39%
Net Interest Income	-10,784,667	-10,247,800	-7,518,200	-5,241,933	-4,801,300	-10,939,000	-11,931,000	-11,996,000	-10,875,000	-9,483,000	-9,303,000	-9,582,000	-9,781,000	-9,866,000	-3,247,000	-723,000	-326,000	-410,000	-367,000	-355,000	-548,000	-1,767,000	-3,177,000	-2,811,000	-6,078,000	-5,019,000	-312,000
Net Interest Income Margin	-4.15%	-3.53%	-2.09%	-1.62%	-2.13%	-3.34%	-4.33%	-4.04%	-4.12%	-4.30%	-4.07%	-1.13%	-1.19%	-1.36%	-0.50%	-0.15%	-0.09%	-0.15%	-0.18%	-0.27%	-0.57%	-2.21%	-3.59%	-2.78%	-5.40%	-6.09%	-0.39%
Unusual Items	14,095,667	12,234,400	8,511,500	5,904,133	5,564,500	10,939,000	11,931,000	21,929,000	10,875,000	9,483,000	9,303,000	9,582,000	9,781,000	9,866,000	3,247,000	723,000	326,000	410,000	367,000	355,000	548,000	1,767,000	3,177,000	2,811,000	6,078,000	10,038,000	624,000
Unusual Items Margin	5.27%	4.20%	2.43%	1.84%	2.62%	3.34%	4.33%	7.39%	4.12%	4.30%	4.07%	1.13%	1.19%	1.36%	0.50%	0.15%	0.09%	0.15%	0.18%	0.27%	0.57%	2.21%	3.59%	2.78%	5.40%	12.17%	0.77%
EBT Excluding Unusual Items	52,377,667	-854,400	-1,528,700	7,165,667	9,621,050	104,064,000	100,427,000	79,730,000	85,205,000	-7,802,000	-19,720,000	-141,685,000	-42,387,000	-14,105,000	-2,337,000	6,280,000	41,534,000	64,000,000	34,120,000	15,359,000	12,468,000	-3,175,000	3,150,000	38,792,000	41,861,000	3,156,000	-2,023,000
EBT Excluding Unusual Items Margin	18.55%	6.06%	3.58%	6.38%	8.81%	31.75%	36.44%	26.88%	32.31%	-3.53%	-8.62%	-16.73%	-5.14%	-1.95%	-0.36%	1.29%	11.62%	22.84%	16.40%	11.70%	12.93%	-3.97%	3.56%	38.38%	37.18%	3.83%	-2.51%
Pre-Tax Income	66,473,333	11,380,000	6,982,800	13,069,800	15,185,550	115,003,000	112,358,000	101,659,000	96,080,000	1,681,000	-10,417,000	-132,103,000	-32,606,000	-4,239,000	910,000	7,003,000	41,860,000	64,410,000	34,487,000	15,714,000	13,016,000	-1,408,000	6,327,000	41,603,000	47,939,000	13,194,000	-1,399,000
Pre-Tax Income Margin	23.82%	10.26%	6.01%	8.22%	11.42%	35.09%	40.77%	34.27%	36.44%	0.76%	-4.56%	-15.60%	-3.95%	-0.59%	0.14%	1.44%	11.71%	22.98%	16.57%	11.97%	13.50%	-1.76%	7.15%	41.17%	42.57%	16.00%	-1.74%
Income Tax Expense	20,816,333	3,829,000	1,796,300	4,397,267	3,906,800	28,904,000	24,801,000	25,340,000	10,876,000	26,233,000	-6,699,000	-36,605,000	-3,121,000	-4,633,000	-9,235,000	1,305,000	14,502,000	23,397,000	14,145,000	6,009,000	4,928,000	-483,000	2,270,000	8,184,000	8,297,000	-4,014,000	-2,560,000
Income Tax Expense Margin	8.18%	3.46%	1.92%	2.89%	2.67%	8.82%	9.00%	8.54%	4.12%	11.88%	-2.93%	-4.32%	-0.38%	-0.64%	-1.41%	0.27%	4.06%	8.35%	6.80%	4.58%	5.11%	-0.60%	2.57%	8.10%	7.37%	-4.87%	-3.18%
Net Income	-28,075,333	-47,719,800	-22,498,000	-9,783,800	-2,563,500	85,219,000	85,056,000	75,718,000	309,911,000	-469,855,000	-57,919,000	-96,454,000	-29,872,000	290,000	10,145,000	5,698,000	27,358,000	41,013,000	20,342,000	9,705,000	8,088,000	-925,000	4,057,000	33,419,000	39,642,000	17,208,000	1,161,000
Net Income Margin	-23.25%	-21.29%	-9.97%	-4.04%	1.73%	26.00%	30.87%	25.52%	117.53%	-212.81%	-25.33%	-11.39%	-3.62%	0.04%	1.55%	1.17%	7.65%	14.64%	9.78%	7.40%	8.39%	-1.16%	4.59%	33.07%	35.21%	20.87%	1.44%
Depreciation and Amortization	14,269,000	13,124,200	14,867,300	10,178,667	7,772,850	7,297,000	10,849,000	8,869,000	10,626,000	23,312,000	11,768,000	11,046,000	11,997,000	18,482,000	37,532,000	11,713,000	3,328,000	801,000	697,000	684,000	719,000	1,106,000	1,188,000	781,000	720,000	66,000	22,000
Depreciation and Amortization Margin	5.86%	4.81%	3.71%	2.69%	2.16%	2.23%	3.94%	2.99%	4.03%	10.56%	5.15%	1.30%	1.45%	2.55%	5.74%	2.40%	0.93%	0.29%	0.33%	0.52%	0.75%	1.38%	1.34%	0.77%	0.64%	0.08%	0.03%
EBITDA	91,527,000	34,752,000	29,368,300	28,490,400	27,759,700	133,239,000	135,138,000	122,524,000	117,581,000	34,476,000	10,654,000	-111,475,000	-10,828,000	24,109,000	41,689,000	19,439,000	45,514,000	65,621,000	35,551,000	16,753,000	14,283,000	1,465,000	10,692,000	45,195,000	54,737,000	18,279,000	-1,065,000
EBITDA Margin	33.84%	18.60%	11.81%	12.53%	15.71%	40.65%	49.04%	41.30%	44.59%	15.62%	4.66%	-13.17%	-1.31%	3.33%	6.37%	3.99%	12.73%	23.42%	17.09%	12.77%	14.81%	1.83%	12.09%	44.72%	48.61%	22.17%	-1.32%
NOPAT	48,142,685	9,042,411	5,932,205	9,169,670	11,965,953	86,099,000	87,557,000	83,776,054	85,204,000	-24,552,000	-3,718,000	-95,498,000	-29,485,000	394,000	10,145,000	5,698,000	27,358,000	41,013,000	20,342,000	9,705,000	8,088,000	-925,000	4,057,000	33,419,000	39,642,000	23,753,926	902,078
NOPAT Margin	16.48%	7.31%	4.34%	5.49%	9.26%	26.27%	31.77%	28.24%	32.31%	-11.12%	-1.63%	-11.28%	-3.57%	0.05%	1.55%	1.17%	7.65%	14.64%	9.78%	7.40%	8.39%	-1.16%	4.59%	33.07%	35.21%	28.81%	1.12%
Owner's Earnings	-14,894,667	-38,472,400	-14,095,700	-4,447,933	1,508,800	91,309,000	92,885,000	84,565,000	320,341,000	-449,590,000	-51,422,000	-96,256,000	-39,771,000	14,704,000	42,440,000	14,262,000	19,770,000	35,468,000	19,189,000	10,513,000	9,271,000	-203,000	4,931,000	33,944,000	39,642,000	17,231,000	1,147,000
Owner's Earnings Margin	-17.88%	-17.50%	-7.53%	-2.41%	3.03%	27.86%	33.71%	28.51%	121.49%	-203.63%	-22.49%	-11.37%	-4.82%	2.03%	6.49%	2.93%	5.53%	12.66%	9.22%	8.01%	9.62%	-0.25%	5.57%	33.59%	35.21%	20.90%	1.42%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	260,373,000	371,292,000	490,462,400	380,038,467	296,657,000	263,677,000	220,785,000	228,685,000	846,656,000	825,116,000	723,942,000	654,420,000	487,117,000	357,569,000	280,230,000	208,080,000	131,234,000	96,418,000	79,991,000	88,469,000	101,062,000	112,601,000	82,452,000
Cash & Cash Equivalents	168,619,667	191,460,600	166,008,500	129,390,133	137,036,000	138,930,000	229,893,000	212,024,000	239,420,000	215,469,000	112,679,000	139,160,000	150,688,000	84,786,000	61,391,000	34,888,000	71,205,000	41,639,000	71,644,000	27,086,000	31,689,000	71,274	46,248,000
Cash & Cash Equivalents Margin	67.67%	64.80%	44.16%	44.48%	46.19%	52.69%	104.13%	92.71%	28.28%	26.11%	15.56%	21.26%	30.93%	23.71%	21.91%	16.77%	54.26%	43.19%	89.57%	30.62%	31.36%	0.06%	56.09%
Short-Term Investments	177,221,667	427,055,600	499,575,000	387,858,867	148,008,000	7,194,000	376,463,000	663,602,000	940,011,000	884,861,000	862,345,000	137,115,000	528,647,000	447,504,000	381,627,000	288,626,000	151,880,000	0	0	0	0	0	22,890,000
Short-Term Investments Margin	74.38%	124.87%	110.53%	99.73%	49.89%	2.73%	170.51%	290.18%	111.03%	107.24%	119.12%	20.95%	108.53%	125.15%	136.18%	138.71%	115.73%	0.00%	0.00%	0.00%	0.00%	0.00%	27.76%
Cash & Short-Term Investments	408,621,667	656,184,400	684,417,600	529,805,067	285,044,000	334,465,000	606,356,000	875,626,000	1,179,431,000	1,100,330,000	975,024,000	276,275,000	679,335,000	532,290,000	443,018,000	323,514,000	223,085,000	41,639,000	71,644,000	27,086,000	31,689,000	71,274	69,138,000
Cash & Short-Term Investments Margin	165.86%	203.95%	161.83%	148.98%	96.09%	126.85%	274.64%	382.90%	139.30%	133.35%	134.68%	42.22%	139.46%	148.86%	158.09%	155.48%	169.99%	43.19%	89.57%	30.62%	31.36%	0.06%	83.85%
Net Receivables	510,858,000	703,471,000	545,396,400	369,292,733	309,983,000	386,744,000	835,847,000	1,076,286,000	908,495,000	636,704,000	721,814,000	471,049,000	62,911,000	44,131,000	33,437,000	28,502,000	0	15,663,000	7,825,000	7,544,000	10,216,000	9,966,000	0
Net Receivables Margin	209.92%	241.54%	148.18%	102.23%	104.49%	146.67%	378.58%	470.64%	107.30%	77.17%	99.71%	71.98%	12.91%	12.34%	11.93%	13.70%	0.00%	16.24%	9.78%	8.53%	10.11%	8.85%	0.00%
Inventory	-372,283,333	-613,658,899	-473,685,350	-315,790,233	0	-722,841,000	-394,009,000	-364,543,000	-1,586,901,495	-476,424,000	-358,983,000	-423,866,000	-230,280,000	-179,006,000	0	0	0	0	0	0	0	0	0
Inventory Margin	-150.87%	-159.89%	-106.89%	-71.26%	0.00%	-274.14%	-178.46%	-159.41%	-187.43%	-57.74%	-49.59%	-64.77%	-47.27%	-50.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	278,952,667	140,353,283	117,819,042	87,158,761	-595,027,000	155,394,000	1,276,491,000	364,543,000	-499,634,583	476,424,000	0	0	0	0	0	0	49,916,000	40,968,000	38,307,000	40,285,000	26,518,000	26,345,000	153,821,000
Other Current Assets Margin	145.51%	107.38%	59.47%	48.20%	-200.58%	58.93%	578.16%	159.41%	-59.01%	57.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	38.04%	42.49%	47.89%	45.54%	26.24%	23.40%	186.56%
Total Current Assets	826,149,000	886,349,784	993,161,192	742,327,128	0	153,762,000	2,324,685,000	1,951,912,000	1,389,922	1,737,034,000	1,696,838,000	747,324,000	742,246,000	576,421,000	476,455,000	352,016,000	242,511,000	52,844,000	79,469,000	36,235,000	41,905,000	71,274	153,821,000
Total Current Assets Margin	370.41%	392.99%	283.76%	234.38%	0.00%	58.31%	1,052.92%	853.54%	0.16%	210.52%	234.39%	114.20%	152.38%	161.21%	170.02%	169.17%	184.79%	54.81%	99.35%	40.96%	41.46%	0.06%	186.56%
Property, Plant & Equipment	9,849,000	19,059,000	19,744,600	13,773,867	5,736,000	4,220,000	19,591,000	31,561,000	34,187,000	32,728,000	17,137,000	17,291,000	17,860,000	17,135,000	8,022,000	592,000	548,000	0	0	322,000	294,000	0	99,000
Property, Plant & Equipment Margin	4.14%	6.05%	4.77%	3.42%	1.93%	1.60%	8.87%	13.80%	4.04%	3.97%	2.37%	2.64%	3.67%	4.79%	2.86%	0.28%	0.42%	0.00%	0.00%	0.36%	0.29%	0.00%	0.12%
Goodwill	59,476,000	64,903,600	56,132,000	37,421,333	59,476,000	59,476,000	59,476,000	73,045,000	73,045,000	73,045,000	73,045,000	73,045,000	14,254,000	3,413,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	23.18%	22.02%	14.41%	9.61%	20.05%	22.56%	26.94%	31.94%	8.63%	8.85%	10.09%	11.16%	2.93%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	9,333,667	13,661,200	23,011,000	17,626,933	5,908,000	9,323,000	12,770,000	18,375,000	21,930,000	26,079,000	31,351,000	45,271,000	12,371,000	46,732,000	31,925,000	1,816,000	553,000	0	0	1,203,000	1,232,000	0	0
Intangible Assets Margin	3.77%	4.39%	5.20%	4.31%	1.99%	3.54%	5.78%	8.04%	2.59%	3.16%	4.33%	6.92%	2.54%	13.07%	11.39%	0.87%	0.42%	0.00%	0.00%	1.36%	1.22%	0.00%	0.00%
Long-Term Investments	180,205,667	437,926,600	610,743,400	473,894,933	317,795,000	2,483,000	220,339,000	701,560,000	947,456,000	1,001,471,000	943,323,000	991,646,000	528,647,000	452,714,000	381,627,000	288,926,000	152,180,000	123,959,000	54,298,000	132,724,000	125,918,000	0	23,890,000
Long-Term Investments Margin	69.29%	125.31%	126.49%	123.49%	107.13%	0.94%	99.80%	306.78%	111.91%	121.37%	130.30%	151.53%	108.53%	126.61%	136.18%	138.85%	115.96%	128.56%	67.88%	150.02%	124.59%	0.00%	28.97%
Tax Assets	13,261,333	23,791,600	28,615,700	42,925,400	0	17,846,000	21,938,000	43,782,000	35,392,000	47,696,000	37,113,000	36,762,000	25,999,000	19,629,000	357,724,000	0	0	0	0	0	0	0	7,736,000
Tax Assets Margin	5.57%	8.01%	6.74%	13.00%	0.00%	6.77%	9.94%	19.15%	4.18%	5.78%	5.13%	5.62%	5.34%	5.49%	127.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.38%
Other Non-Current Assets	11,999,333	-8,635,200	-21,037,500	-81,526,400	-388,915,000	251,707,000	173,206,000	-43,782,000	-35,392,000	-47,696,000	-37,113,000	-36,762,000	-25,999,000	-19,629,000	-389,649,000	-291,334,000	-153,281,000	-123,959,000	-54,298,000	-134,249,000	-127,444,000	0	91,418,000
Other Non-Current Assets Margin	14.27%	3.90%	-0.79%	-40.01%	-131.10%	95.46%	78.45%	-19.15%	-4.18%	-5.78%	-5.13%	-5.62%	-5.34%	-5.49%	-139.05%	-140.01%	-116.80%	-128.56%	-67.88%	-151.75%	-126.10%	0.00%	110.87%
Other Assets	595,266,667	695,770,616	220,240,808	118,629,405	1,216,112,000	562,341,000	7,347,000	-77,880,000	1,770,933,078	-403,139,000	-440,266,000	185,344,000	-308,722,000	-309,662,000	-281,935,000	-202,120,000	-82,178,000	63,412,000	79,854,000	77,274,000	63,772,000	0	0
Other Assets Margin	208.85%	160.33%	57.03%	31.70%	409.94%	213.27%	3.33%	-34.06%	209.17%	-48.86%	-60.82%	28.32%	-63.38%	-86.60%	-100.61%	-97.14%	-62.62%	65.77%	99.83%	87.35%	63.10%	0.00%	0.00%
Total Non-Current Assets	283,866,667	550,551,800	711,221,400	541,649,000	0	344,280,000	507,320,000	824,541,000	1,076,618,000	1,133,323,000	1,064,856,000	1,127,253,000	560,761,000	473,262,000	389,649,000	291,334,000	153,281,000	123,959,000	54,298,000	134,249,000	127,444,000	0	123,143,000
Total Non-Current Assets Margin	120.12%	169.61%	155.22%	142.97%	0.00%	130.57%	229.78%	360.56%	127.16%	137.35%	147.09%	172.25%	115.12%	132.36%	139.05%	140.01%	116.80%	128.56%	67.88%	151.75%	126.10%	0.00%	149.35%
Total Assets	1,705,282,333	2,132,672,200	1,924,623,400	1,402,605,533	1,216,112,000	1,060,383,000	2,839,352,000	2,698,573,000	2,848,941,000	2,467,218,000	2,321,428,000	2,059,921,000	994,285,000	740,021,000	584,169,000	441,230,000	313,614,000	240,215,000	213,621,000	247,758,000	233,121,000	37,878,038	276,964,000
Total Assets Margin	699.37%	722.93%	496.02%	409.06%	409.94%	402.15%	1,286.03%	1,180.04%	336.49%	299.01%	320.66%	314.77%	204.12%	206.96%	208.46%	212.05%	238.97%	249.14%	267.06%	280.05%	230.67%	33.64%	335.91%
Accounts Payable	116,586,667	201,490,400	185,863,900	133,399,467	169,270,000	75,601,000	104,889,000	324,883,000	332,809,000	244,723,000	246,320,000	195,711,000	99,891,000	64,542,000	45,254,000	39,483,000	26,063,000	16,571,000	14,982,000	28,162,000	27,370,000	24,710,000	53,027,000
Accounts Payable Margin	44.41%	62.92%	44.68%	35.84%	57.06%	28.67%	47.51%	142.07%	39.31%	29.66%	34.02%	29.91%	20.51%	18.05%	16.15%	18.97%	19.86%	17.19%	18.73%	31.83%	27.08%	21.94%	64.31%
Short-Term Debt	701,667	1,287,200	643,600	507,467	0	0	2,105,000	2,174,000	2,157,000	0	0	0	0	0	0	0	0	0	1,176,000	5,504,000	4,621,000	0	0
Short-Term Debt Margin	0.32%	0.43%	0.22%	0.24%	0.00%	0.00%	0.95%	0.95%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.47%	6.22%	4.57%	0.00%	0.00%
Tax Payables	0	13,989	6,995	4,663	0	0	0	0	69,945	0	0	0	0	0	0	0	0	0	0	0	1,366,000	0	0
Tax Payables Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.35%	0.00%	0.00%
Deferred Revenue	43,899,000	90,881,200	128,041,100	85,360,733	0	-597,000	132,294,000	322,709,000	0	233,376,000	244,797,000	194,544,000	89,922,000	63,366,000	0	0	0	0	0	0	0	0	2,404,000
Deferred Revenue Margin	19.90%	40.16%	32.88%	21.92%	0.00%	-0.23%	59.92%	141.12%	0.00%	28.28%	33.81%	29.73%	18.46%	17.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%
Other Current Liabilities	-91,187,333	-186,693,991	-177,330,995	-127,789,264	-169,270,000	597,000	-104,889,000	-324,883,000	-335,024,954	-233,376,000	-246,320,000	-195,711,000	-99,891,000	-64,542,000	-45,254,000	-39,483,000	-26,063,000	-16,571,000	-16,158,000	-33,666,000	-33,357,000	-24,710,000	62,928,000
Other Current Liabilities Margin	-34.78%	-57.20%	-41.67%	-33.94%	-57.06%	0.23%	-47.51%	-142.07%	-39.57%	-28.28%	-34.02%	-29.91%	-20.51%	-18.05%	-16.15%	-18.97%	-19.86%	-17.19%	-20.20%	-38.05%	-33.01%	-21.94%	76.32%
Total Current Liabilities	70,000,000	106,978,798	138,608,099	104,013,199	0	75,601,000	134,399,000	324,883,000	10,991	244,723,000	246,320,000	195,711,000	99,891,000	64,542,000	45,254,000	54,189,000	41,945,000	16,571,000	16,158,000	33,666,000	21,315,000	174,344	118,359,000
Total Current Liabilities Margin	29.85%	46.32%	36.38%	31.69%	0.00%	28.67%	60.87%	142.07%	0.00%	29.66%	34.02%	29.91%	20.51%	18.05%	16.15%	26.04%	31.96%	17.19%	20.20%	38.05%	21.09%	0.15%	143.55%
Long-Term Debt	150,617,000	154,139,600	131,796,400	93,079,933	152,343,000	149,464,000	150,044,000	158,495,000	160,352,000	159,256,000	160,118,000	161,364,000	54,175,000	12,353,000	13,529,000	14,706,000	15,882,000	17,059,000	17,059,000	35,924,000	36,682,000	32,833,000	50,579,000
Long-Term Debt Margin	58.67%	52.85%	34.49%	27.19%	51.35%	56.68%	67.96%	69.31%	18.94%	19.30%	22.12%	24.66%	11.12%	3.45%	4.83%	7.07%	12.10%	17.69%	21.33%	40.61%	36.30%	29.16%	61.34%
Capital Lease Obligations	1,929,333	2,006,600	1,035,700	690,467	3,323,000	776,000	1,689,000	1,934,000	2,311,000	324,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.73%	0.66%	0.33%	0.22%	1.12%	0.29%	0.76%	0.85%	0.27%	0.04%	0.00%	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	11,555,000	4,661,800	-9,781,500	-6,521,000	0	12,550,000	22,115,000	19,867,000	-31,223,000	-33,134,000	-24,860,000	-19,297,000	-21,180,000	-22,653,000	0	0	0	0	0	0	0	0	924,000
Deferred Tax Liabilities Margin	4.93%	3.96%	-0.13%	-0.09%	0.00%	4.76%	10.02%	8.69%	-3.69%	-4.02%	-3.43%	-2.95%	-4.35%	-6.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.12%
Other Non-Current Liabilities	-25,988,333	-79,362,400	-94,407,800	-67,095,400	-152,343,000	224,422,000	-150,044,000	-158,495,000	-160,352,000	-159,256,000	-160,118,000	-161,364,000	-54,175,000	-12,353,000	-13,529,000	-14,706,000	0	-17,059,000	-17,059,000	-35,924,000	-36,682,000	-32,833,000	72,428,000
Other Non-Current Liabilities Margin	-11.40%	-24.49%	-20.31%	-16.93%	-51.35%	85.11%	-67.96%	-69.31%	-18.94%	-19.30%	-22.12%	-24.66%	-11.12%	-3.45%	-4.83%	-7.07%	0.00%	-17.69%	-21.33%	-40.61%	-36.30%	-29.16%	87.84%
Total Non-Current Liabilities	176,016,000	169,379,000	139,416,100	98,159,733	0	373,886,000	154,162,000	158,495,000	160,352,000	159,256,000	160,118,000	161,364,000	54,175,000	12,353,000	13,529,000	14,706,000	15,882,000	17,059,000	17,059,000	35,924,000	36,682,000	0	134,492,000
Total Non-Current Liabilities Margin	70.54%	59.97%	38.05%	29.57%	0.00%	141.80%	69.82%	69.31%	18.94%	19.30%	22.12%	24.66%	11.12%	3.45%	4.83%	7.07%	12.10%	17.69%	21.33%	40.61%	36.30%	0.00%	163.12%
Total Liabilities	1,630,535,000	1,937,912,600	1,619,053,900	1,165,584,667	980,452,000	891,618,000	3,019,535,000	2,366,616,000	2,431,342,000	1,943,353,000	1,781,059,000	1,522,796,000	752,958,000	500,810,000	380,406,000	333,643,000	225,628,000	185,226,000	168,328,000	199,687,000	190,194,000	174,344	252,851,000
Total Liabilities Margin	678.76%	671.67%	436.72%	349.18%	330.50%	338.15%	1,367.64%	1,034.88%	287.17%	235.52%	246.02%	232.69%	154.57%	140.06%	135.75%	160.34%	171.93%	192.11%	210.43%	225.71%	188.20%	0.15%	306.66%
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
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%
Common Stock	4,667	4,400	3,800	3,067	5,000	5,000	4,000	4,000	4,000	4,000	4,000	4,000	2,000	2,000	2,000	2,000	2,000	1,000	1,000	1,000	1,000	602	0
Common 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%
Retained Earnings	-322,200,333	-209,628,000	-38,357,600	-1,699,267	-184,772,000	-237,389,000	-544,440,000	-74,904,000	-6,635,000	100,394,000	140,546,000	141,186,000	141,581,000	140,857,000	117,801,000	80,124,000	61,726,000	53,003,000	45,433,000	46,887,000	44,416,000	82,457	17,601,000
Retained Earnings Margin	-132.97%	-86.49%	-31.08%	-4.77%	-62.28%	-90.03%	-246.59%	-32.75%	-0.78%	12.17%	19.41%	21.57%	29.07%	39.39%	42.04%	38.51%	47.04%	54.97%	56.80%	53.00%	43.95%	0.07%	21.35%
Accumulated OCI	-21,250,000	-12,117,600	-4,663,600	-2,519,667	-15,666,000	-17,137,000	-30,947,000	-6,531,000	9,693,000	11,319,000	-9,030,000	9,221,000	822,000	1,620,000	4,011,000	92,000	2,613,000	2,341,000	-216,000	1,108,000	-1,490,000	0	6,512,000
Accumulated OCI Margin	-8.60%	-5.50%	-2.54%	-1.32%	-5.28%	-6.50%	-14.02%	-2.86%	1.14%	1.37%	-1.25%	1.41%	0.17%	0.45%	1.43%	0.04%	1.99%	2.43%	-0.27%	1.25%	-1.47%	0.00%	7.90%
Minority Interest	0	8,279,400	8,226,300	5,484,200	0	0	0	19,551,000	21,846,000	20,727,000	20,139,000	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	2.23%	1.64%	1.09%	0.00%	0.00%	0.00%	8.55%	2.58%	2.51%	2.78%	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	74,747,333	186,480,200	297,343,200	231,536,667	235,660,000	168,765,000	-180,183,000	312,406,000	395,753,000	503,138,000	520,230,000	537,125,000	241,327,000	239,211,000	203,763,000	107,587,000	87,986,000	54,989,000	45,293,000	48,071,000	42,927,000	24,956,801	24,113,000
Total Shareholders’ Equity Margin	20.61%	49.04%	57.65%	58.78%	79.44%	64.00%	-81.61%	136.61%	46.74%	60.98%	71.86%	82.08%	49.54%	66.90%	72.71%	51.70%	67.05%	57.03%	56.62%	54.34%	42.48%	22.16%	29.24%
Total Equity	74,747,333	194,759,600	305,569,500	237,020,867	235,660,000	168,765,000	-180,183,000	331,957,000	417,599,000	523,865,000	540,369,000	537,125,000	241,327,000	239,211,000	203,763,000	107,587,000	87,986,000	54,989,000	45,293,000	48,071,000	42,927,000	24,956,801	24,113,000
Total Equity Margin	20.61%	51.26%	59.30%	59.87%	79.44%	64.00%	-81.61%	145.16%	49.32%	63.49%	74.64%	82.08%	49.54%	66.90%	72.71%	51.70%	67.05%	57.03%	56.62%	54.34%	42.48%	22.16%	29.24%
Total Liabilities & Equity	1,705,282,333	2,132,672,200	1,924,623,400	1,402,605,533	1,216,112,000	1,060,383,000	2,839,352,000	2,698,573,000	2,848,941,000	2,467,218,000	2,321,428,000	2,059,921,000	994,285,000	740,021,000	584,169,000	441,230,000	313,614,000	240,215,000	213,621,000	247,758,000	233,121,000	37,878,038	276,964,000
Total Liabilities & Equity Margin	699.37%	722.93%	496.02%	409.06%	409.94%	402.15%	1,286.03%	1,180.04%	336.49%	299.01%	320.66%	314.77%	204.12%	206.96%	208.46%	212.05%	238.97%	249.14%	267.06%	280.05%	230.67%	33.64%	335.91%
Total Investments	315,965,667	840,105,200	901,170,100	692,954,533	341,418,000	9,677,000	596,802,000	1,365,162,000	1,887,467,000	1,886,332,000	951,836,000	991,646,000	528,647,000	452,714,000	763,254,000	288,926,000	152,180,000	123,959,000	54,298,000	132,724,000	125,918,000	0	46,780,000
Total Investments Margin	129.69%	241.79%	195.57%	178.62%	115.09%	3.67%	270.31%	596.96%	222.93%	228.61%	131.48%	151.53%	108.53%	126.61%	272.37%	138.85%	115.96%	128.56%	67.88%	150.02%	124.59%	0.00%	56.74%
Net Debt	-21,574,000	-39,463,800	-35,283,500	-36,946,067	15,307,000	-4,298,000	-75,731,000	-53,529,000	-79,068,000	-56,213,000	47,439,000	22,204,000	-96,513,000	-72,433,000	-47,862,000	-20,182,000	-55,323,000	-24,580,000	-53,409,000	14,342,000	9,614,000	-71,274	4,331,000
Net Debt Margin	-10.26%	-12.70%	-10.05%	-17.44%	5.16%	-1.63%	-34.30%	-23.41%	-9.34%	-6.81%	6.55%	3.39%	-19.81%	-20.26%	-17.08%	-9.70%	-42.16%	-25.49%	-66.77%	16.21%	9.51%	-0.06%	5.25%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	260,373,000	371,292,000	490,462,400	380,038,467	296,657,000	263,677,000	220,785,000	228,685,000	846,656,000	825,116,000	723,942,000	654,420,000	487,117,000	357,569,000	280,230,000	208,080,000	131,234,000	96,418,000	79,991,000	88,469,000	101,062,000	112,601,000	82,452,000
Working Capital	756,149,000	779,370,986	854,553,093	638,313,929	0	78,161,000	2,190,286,000	1,627,029,000	1,378,931	1,492,311,000	1,450,518,000	551,613,000	642,355,000	511,879,000	431,201,000	297,827,000	200,566,000	36,273,000	63,311,000	2,569,000	20,590,000	-103,070	35,462,000
Working Capital Margin	340.56%	346.66%	247.39%	202.70%	0.00%	29.64%	992.04%	711.47%	0.16%	180.86%	200.36%	84.29%	131.87%	143.16%	153.87%	143.13%	152.83%	37.62%	79.15%	2.90%	20.37%	-0.09%	43.01%
Total Capital	225,364,333	340,619,800	429,139,600	324,695,000	388,003,000	318,229,000	-30,139,000	470,901,000	556,105,000	662,394,000	680,348,000	698,489,000	295,502,000	251,564,000	217,292,000	122,293,000	103,868,000	72,048,000	63,528,000	89,499,000	84,230,000	57,789,801	74,692,000
Total Capital Margin	79.28%	101.89%	92.14%	86.07%	130.79%	120.69%	-13.65%	205.92%	65.68%	80.28%	93.98%	106.73%	60.66%	70.35%	77.54%	58.77%	79.15%	74.72%	79.42%	101.16%	83.34%	51.32%	90.59%
Capital Employed	1,635,282,333	2,025,693,402	1,786,015,301	1,298,592,334	1,216,112,000	984,782,000	2,704,953,000	2,373,690,000	2,848,930,009	2,222,495,000	2,075,108,000	1,864,210,000	894,394,000	675,479,000	538,915,000	387,041,000	271,669,000	223,644,000	197,463,000	214,092,000	211,806,000	37,703,694	158,605,000
Capital Employed Margin	669.52%	676.61%	459.64%	377.37%	409.94%	373.48%	1,225.15%	1,037.97%	336.49%	269.36%	286.64%	284.86%	183.61%	188.91%	192.31%	186.01%	207.01%	231.95%	246.86%	242.00%	209.58%	33.48%	192.36%
Invested Capital	56,744,667	149,159,200	263,131,100	195,304,867	250,967,000	179,299,000	-260,032,000	258,877,000	316,685,000	446,925,000	567,669,000	559,329,000	144,814,000	166,778,000	155,901,000	87,405,000	32,663,000	30,409,000	-8,116,000	62,413,000	52,541,000	57,718,527	28,444,000
Invested Capital Margin	11.61%	37.09%	47.98%	41.58%	84.60%	68.00%	-117.78%	113.20%	37.40%	54.17%	78.41%	85.47%	29.73%	46.64%	55.63%	42.01%	24.89%	31.54%	-10.15%	70.55%	51.99%	51.26%	34.50%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	260,373,000	371,292,000	490,462,400	380,038,467	308,288,650	296,657,000	263,677,000	220,785,000	228,685,000	846,656,000	825,116,000	723,942,000	654,420,000	487,117,000	357,569,000	280,230,000	208,080,000	131,234,000	96,418,000	79,991,000	88,469,000	101,062,000	112,601,000	82,452,000	80,612,000
Net Income	-28,112,333	-47,940,600	-22,559,300	-9,824,667	-4,572,127	75,718,000	309,911,000	-469,966,000	-59,868,000	-95,498,000	-29,485,000	394,000	10,145,000	5,698,000	27,358,000	41,013,000	20,342,000	9,705,000	8,088,000	-925,000	4,057,000	33,419,000	82,457	17,208,000	1,161,000
Net Income Margin	-23.27%	-21.45%	-10.04%	-4.09%	-0.07%	25.52%	117.53%	-212.86%	-26.18%	-11.28%	-3.57%	0.05%	1.55%	1.17%	7.65%	14.64%	9.78%	7.40%	8.39%	-1.16%	4.59%	33.07%	0.07%	20.87%	1.44%
Depreciation & Amortization	14,269,000	13,124,200	14,867,300	10,250,333	7,790,600	8,869,000	10,626,000	23,312,000	11,768,000	11,046,000	11,997,000	18,482,000	37,532,000	11,713,000	3,328,000	801,000	697,000	1,260,000	1,218,000	1,106,000	1,188,000	781,000	0	66,000	22,000
Depreciation & Amortization Margin	5.86%	4.81%	3.71%	2.76%	2.18%	2.99%	4.03%	10.56%	5.15%	1.30%	1.45%	2.55%	5.74%	2.40%	0.93%	0.29%	0.33%	0.96%	1.26%	1.38%	1.34%	0.77%	0.00%	0.08%	0.03%
Deferred Income Tax	12,070,000	700,000	-731,900	-550,600	-185,011	-2,364,000	14,436,000	24,138,000	-22,816,000	-9,894,000	-4,280,000	-2,470,000	-8,584,000	2,210,000	2,305,000	-1,181,000	1,150,000	-661,000	-600,000	352,000	1,255,000	3,336,000	-32,210	0	0
Deferred Income Tax Margin	5.20%	0.89%	0.34%	0.19%	0.38%	-0.80%	5.47%	10.93%	-9.98%	-1.17%	-0.52%	-0.34%	-1.31%	0.45%	0.64%	-0.42%	0.55%	-0.50%	-0.62%	0.44%	1.42%	3.30%	-0.03%	0.00%	0.00%
Stock-Based Compensation	1,750,333	1,563,600	1,977,300	1,374,000	1,034,250	2,545,000	1,318,000	1,388,000	1,185,000	1,382,000	3,007,000	2,414,000	2,613,000	1,947,000	1,974,000	649,000	133,000	55,000	0	0	75,000	0	0	0	0
Stock-Based Compensation Margin	0.66%	0.53%	0.47%	0.34%	0.26%	0.86%	0.50%	0.63%	0.52%	0.16%	0.36%	0.33%	0.40%	0.40%	0.55%	0.23%	0.06%	0.04%	0.00%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	44,136,667	5,274,400	26,255,100	28,231,600	21,369,663	160,623,000	-238,218,000	210,005,000	-218,835,000	112,797,000	187,889,000	-21,710,000	-32,897,000	40,985,000	61,912,000	26,021,000	83,933,000	26,076,000	30,047,000	-5,154,000	-671,000	4,470,000	120,269	0	0
Change in Working Capital Margin	19.64%	-4.69%	1.70%	7.42%	5.75%	54.14%	-90.34%	95.12%	-95.69%	13.32%	22.77%	-3.00%	-5.03%	8.41%	17.31%	9.29%	40.34%	19.87%	31.16%	-6.44%	-0.76%	4.42%	0.11%	0.00%	0.00%
Accounts Receivable	-182,850,333	-197,531,800	-153,370,800	-103,691,800	-77,674,000	76,482,000	16,048,000	-641,081,000	-167,722,000	-271,386,000	84,557,000	-251,123,000	-356,963,000	-13,050,000	-9,470,000	-5,008,000	-9,135,000	-3,800,000	-3,403,000	-323,000	2,589,000	-692,000	0	0	0
Accounts Receivable Margin	-86.17%	-72.78%	-44.82%	-30.75%	-22.95%	25.78%	6.09%	-290.36%	-73.34%	-32.05%	10.25%	-34.69%	-54.55%	-2.68%	-2.65%	-1.79%	-4.39%	-2.90%	-3.53%	-0.40%	2.93%	-0.68%	0.00%	0.00%	0.00%
Inventory	0	59,221,598	29,610,799	19,740,533	14,805,400	0	0	0	0	296,107,991	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	6.99%	3.50%	2.33%	1.75%	0.00%	0.00%	0.00%	0.00%	34.97%	0.00%	0.00%	0.00%	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	-45,538,333	-11,291,000	8,996,300	8,015,667	6,011,750	98,694,000	-44,825,000	-190,484,000	-7,926,000	88,086,000	-1,597,000	50,609,000	42,725,000	36,391,000	18,290,000	5,771,000	13,420,000	9,492,000	1,589,000	0	0	0	0	0	0
Accounts Payable Margin	-23.34%	-12.61%	-3.72%	-1.32%	-0.99%	33.27%	-17.00%	-86.28%	-3.47%	10.40%	-0.19%	6.99%	6.53%	7.47%	5.12%	2.06%	6.45%	7.23%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	272,525,333	154,875,602	141,018,801	104,167,201	78,220,500	-14,553,000	-209,441,000	1,041,570,000	-43,187,000	-10,991	104,929,000	178,804,000	281,341,000	17,644,000	53,092,000	25,258,000	79,648,000	20,384,000	31,861,000	-4,831,000	-3,260,000	5,162,000	0	0	0
Other Working Capital Margin	129.14%	73.71%	46.74%	37.15%	27.93%	-4.91%	-79.43%	471.76%	-18.88%	0.00%	12.72%	24.70%	42.99%	3.62%	14.85%	9.01%	38.28%	15.53%	33.04%	-6.04%	-3.68%	5.11%	0.00%	0.00%	0.00%
Other Non-Cash Items	-65,982,667	-47,015,400	-23,204,600	-15,339,533	-10,242,000	-1,882,000	-234,076,000	38,010,000	-6,825,000	-30,304,000	-20,113,000	13,008,000	5,500,000	3,194,000	1,442,000	1,615,000	1,511,000	-2,123,000	23,000	927,000	543,000	-2,024,000	0	-2,801,000	29,535,000
Other Non-Cash Items Margin	-24.06%	-15.75%	-7.75%	-5.11%	-2.24%	-0.63%	-88.77%	17.22%	-2.98%	-3.58%	-2.44%	1.80%	0.84%	0.66%	0.40%	0.58%	0.73%	-1.62%	0.02%	1.16%	0.61%	-2.00%	0.00%	-3.40%	36.64%
Net Cash from Operating Activities	-21,869,000	-74,293,800	-3,396,100	13,849,400	14,920,776	243,509,000	-136,003,000	-173,113,000	-295,391,000	-10,471,000	149,015,000	10,118,000	14,309,000	65,747,000	98,319,000	68,918,000	107,766,000	34,312,000	38,649,000	-7,943,000	6,447,000	38,866,000	170,516	14,473,000	30,718,000
Net Cash from Operating Activities Margin	-15.97%	-35.66%	-11.57%	1.13%	5.93%	82.08%	-51.58%	-78.41%	-129.17%	-1.24%	18.06%	1.40%	2.19%	13.50%	27.50%	24.59%	51.79%	26.15%	40.08%	-9.93%	7.29%	38.46%	0.15%	17.55%	38.11%
Capital Expenditures (PPE)	-1,088,333	-3,876,800	-6,465,000	-4,914,467	-3,718,300	-22,000	-196,000	-3,047,000	-5,271,000	-10,848,000	-21,896,000	-4,068,000	-5,237,000	-3,149,000	-10,916,000	-6,346,000	-1,850,000	-452,000	-35,000	-384,000	-314,000	-256,000	0	-43,000	-36,000
Capital Expenditures (PPE) Margin	-0.49%	-1.01%	-1.28%	-1.12%	-0.87%	-0.01%	-0.07%	-1.38%	-2.30%	-1.28%	-2.65%	-0.56%	-0.80%	-0.65%	-3.05%	-2.26%	-0.89%	-0.34%	-0.04%	-0.48%	-0.35%	-0.25%	0.00%	-0.05%	-0.04%
Acquisitions (Net)	-70,239,000	6,527,000	12,157,300	8,124,600	6,103,750	0	-231,953,000	21,236,000	-256,648,000	500,000,000	12,083,000	0	95,284,000	-32,896,000	14,467,000	0	0	0	-15,000	311,000	206,000	0	0	0	0
Acquisitions (Net) Margin	-26.12%	-26.30%	-11.82%	-7.86%	-5.88%	0.00%	-87.97%	9.62%	-112.23%	59.06%	1.46%	0.00%	14.56%	-6.75%	4.05%	0.00%	0.00%	0.00%	-0.02%	0.39%	0.23%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-101,215,333	-274,401,400	-269,786,100	-233,915,267	-195,095,650	-214,937,000	-53,244,000	-35,465,000	-270,911,000	-797,450,000	-276,585,000	-372,174,000	-205,720,000	-201,234,000	-270,141,000	-305,013,000	-244,514,000	-78,534,000	-102,464,000	-80,343,000	-85,124,000	-72,386,000	0	-135,786,000	-99,888,000
Purchases of Investments Margin	-36.24%	-64.27%	-55.46%	-69.83%	-75.20%	-72.45%	-20.19%	-16.06%	-118.46%	-94.19%	-33.52%	-51.41%	-31.44%	-41.31%	-75.55%	-108.84%	-117.51%	-59.84%	-106.27%	-100.44%	-96.22%	-71.63%	0.00%	-164.68%	-123.91%
Sales / Maturities of Investments	190,902,667	389,026,200	297,565,900	236,509,600	191,119,350	35,748,000	282,849,000	254,111,000	527,559,000	844,864,000	264,502,000	250,600,000	128,329,000	187,522,000	199,575,000	219,893,000	102,210,000	52,640,000	36,594,000	160,648,000	81,931,000	56,160,000	0	79,988,000	56,664,000
Sales / Maturities of Investments Margin	78.14%	112.98%	74.55%	76.80%	73.37%	12.05%	107.27%	115.09%	230.69%	99.79%	32.06%	34.62%	19.61%	38.50%	55.81%	78.47%	49.12%	40.11%	37.95%	200.83%	92.61%	55.57%	0.00%	97.01%	70.29%
Other Investing Activities	0	-48,670,400	-48,128,700	-49,325,667	-37,081,900	0	0	0	256,648,000	-500,000,000	-12,083,000	-121,574,000	-20,000,000	-13,712,000	-70,566,000	-85,120,000	-144,287,000	-26,645,000	-2,235,000	-311,000	-206,000	-1,285,000	0	255,000	-517,000
Other Investing Activities Margin	0.00%	10.63%	0.93%	-7.56%	-5.76%	0.00%	0.00%	0.00%	112.23%	-59.06%	-1.46%	-16.79%	-3.06%	-2.81%	-19.73%	-30.38%	-69.34%	-20.30%	-2.32%	-0.39%	-0.23%	-1.27%	0.00%	0.31%	-0.64%
Net Cash from Investing Activities	18,360,000	68,604,600	5,928,600	-12,697,467	-17,440,974	-179,211,000	-2,544,000	236,835,000	251,377,000	36,566,000	-33,979,000	-125,642,000	-7,344,000	-49,757,000	-67,015,000	-91,466,000	-144,154,000	-25,894,000	-68,155,000	79,921,000	-3,507,000	-17,767,000	-37,720,479	-55,586,000	-43,777,000
Net Cash from Investing Activities Margin	15.30%	32.03%	10.86%	1.08%	-8.03%	-60.41%	-0.96%	107.27%	109.92%	4.32%	-4.12%	-17.36%	-1.12%	-10.21%	-18.74%	-32.64%	-69.28%	-19.73%	-70.69%	99.91%	-3.96%	-17.58%	-33.50%	-67.42%	-54.31%
Net Debt Issuance	-1,480,333	-1,497,400	14,543,200	7,630,267	6,808,300	0	0	-4,441,000	-1,817,000	-1,229,000	-1,523,000	14,118,000	109,925,000	33,821,000	-3,422,000	-1,544,000	-1,176,000	-1,817,000	450,000	-26,891,000	-3,762,000	-18,383,000	-4,860,000	40,939,000	7,778,000
Net Debt Issuance Margin	-0.67%	-0.59%	2.16%	-0.94%	0.92%	0.00%	0.00%	-2.01%	-0.79%	-0.15%	-0.18%	1.95%	16.80%	6.94%	-0.96%	-0.55%	-0.57%	-1.38%	0.47%	-33.62%	-4.25%	-18.19%	-4.32%	49.65%	9.65%
Long-Term Debt Issuance	-1,480,333	-1,497,400	12,979,100	6,733,800	6,071,000	0	0	-4,441,000	-1,817,000	-1,229,000	-1,523,000	-1,523,000	109,925,000	33,821,000	-3,422,000	-1,177,000	-1,176,000	-1,177,000	-1,176,000	-24,078,000	-294,000	-19,506,000	-8,504,000	40,939,000	7,778,000
Long-Term Debt Issuance Margin	-0.67%	-0.59%	1.94%	-0.92%	0.92%	0.00%	0.00%	-2.01%	-0.79%	-0.15%	-0.18%	-0.21%	16.80%	6.94%	-0.96%	-0.42%	-0.57%	-0.90%	-1.22%	-30.10%	-0.33%	-19.30%	-7.55%	49.65%	9.65%
Short-Term Debt Issuance	0	0	3,757,200	2,331,867	1,813,850	0	0	0	0	0	0	15,641,000	0	21,931,000	0	-367,000	-400,000	-640,000	1,626,000	-2,813,000	-3,468,000	1,123,000	3,644,000	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.67%	0.27%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.16%	0.00%	4.50%	0.00%	-0.13%	-0.19%	-0.49%	1.69%	-3.52%	-3.92%	1.11%	3.24%	0.00%	0.00%
Net Stock Issuance	12,796,333	7,647,600	3,823,800	7,959,067	7,956,355	11,621,000	26,793,000	-25,000	-39,000	-112,000	0	0	0	0	0	54,041,000	3,591,000	23,947,000	-431,000	0	0	0	39,144,100	597,000	0
Net Stock Issuance Margin	4.69%	2.81%	1.40%	3.52%	4.42%	3.92%	10.16%	-0.01%	-0.02%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	19.28%	1.73%	18.25%	-0.45%	0.00%	0.00%	0.00%	34.76%	0.72%	0.00%
Common Stock Issuance	12,813,000	7,700,600	3,879,900	8,025,200	8,005,955	11,621,000	26,793,000	25,000	39,000	25,000	296,000	0	0	0	0	54,041,000	3,591,000	23,947,000	0	0	0	0	39,144,100	597,000	0
Common Stock Issuance Margin	4.70%	2.82%	1.41%	3.56%	4.44%	3.92%	10.16%	0.01%	0.02%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	19.28%	1.73%	18.25%	0.00%	0.00%	0.00%	0.00%	34.76%	0.72%	0.00%
Common Stock Repurchased	-16,333	-22,600	-156,900	-133,333	-100,000	0	-24,000	-25,000	-39,000	-25,000	-296,000	-418,000	-287,000	-270,000	-185,000	0	0	0	-431,000	0	0	0	0	0	0
Common Stock Repurchased Margin	-0.01%	-0.01%	-0.03%	-0.05%	-0.04%	0.00%	-0.01%	-0.01%	-0.02%	0.00%	-0.04%	-0.06%	-0.04%	-0.06%	-0.05%	0.00%	0.00%	0.00%	-0.45%	0.00%	0.00%	0.00%	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
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%
Net Dividends Paid	-8,897,000	-9,470,800	-8,616,900	-6,231,867	-5,664,450	-24,102,000	0	-2,589,000	-10,350,000	-10,313,000	-10,280,000	-10,268,000	-8,991,000	-4,974,000	-4,302,000	-3,336,000	-1,944,000	-982,000	-518,000	-529,000	-1,586,000	-18,225,000	0	0	0
Net Dividends Paid Margin	-3.10%	-3.01%	-2.13%	-1.69%	-2.26%	-8.12%	0.00%	-1.17%	-4.53%	-1.22%	-1.25%	-1.42%	-1.37%	-1.02%	-1.20%	-1.19%	-0.93%	-0.75%	-0.54%	-0.66%	-1.79%	-18.03%	0.00%	0.00%	0.00%
Common Dividends Paid	-8,897,000	-9,470,800	-8,616,900	-6,231,867	-6,578,500	-24,102,000	0	-2,589,000	-10,350,000	-10,313,000	-10,280,000	-10,268,000	-8,991,000	-4,974,000	-4,302,000	-3,336,000	-1,944,000	-982,000	-518,000	-529,000	-1,586,000	-18,225,000	-18,281,000	0	0
Common Dividends Paid Margin	-3.10%	-3.01%	-2.13%	-1.69%	-3.07%	-8.12%	0.00%	-1.17%	-4.53%	-1.22%	-1.25%	-1.42%	-1.37%	-1.02%	-1.20%	-1.19%	-0.93%	-0.75%	-0.54%	-0.66%	-1.79%	-18.03%	-16.24%	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
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%
Other Financing Activities	-6,572,667	-3,943,600	3,807,300	2,504,200	-1,516,155	-1,359,000	-24,000	-18,335,000	0	0	-296,000	19,519,000	17,688,000	21,065,000	-185,000	-110,000	-400,000	0	0	0	0	-8,531,000	-56,924,100	-2,167,000	-264,000
Other Financing Activities Margin	-2.92%	-1.75%	0.09%	0.04%	-3.07%	-0.46%	-0.01%	-8.30%	0.00%	0.00%	-0.04%	2.70%	2.70%	4.32%	-0.05%	-0.04%	-0.19%	0.00%	0.00%	0.00%	0.00%	-8.44%	-50.55%	-2.63%	-0.33%
Net Cash from Financing Activities	-4,153,667	-7,264,200	13,557,400	11,861,667	10,540,962	-13,840,000	26,769,000	-25,390,000	-12,206,000	-11,654,000	-12,099,000	23,369,000	118,622,000	49,912,000	-7,909,000	49,051,000	71,000	21,148,000	-499,000	-27,420,000	-5,348,000	-46,262,000	37,621,237	39,369,000	7,514,000
Net Cash from Financing Activities Margin	-2.00%	-2.55%	1.52%	0.94%	2.64%	-4.67%	10.15%	-11.50%	-5.34%	-1.38%	-1.47%	3.23%	18.13%	10.25%	-2.21%	17.50%	0.03%	16.11%	-0.52%	-34.28%	-6.05%	-45.78%	33.41%	47.75%	9.32%
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
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%
Net Change in Cash	-7,662,667	-12,953,400	16,089,900	13,013,600	8,385,214	50,458,000	-111,778,000	38,332,000	-56,220,000	14,441,000	102,937,000	-92,155,000	125,587,000	65,902,000	23,395,000	26,503,000	-36,317,000	29,566,000	-30,005,000	44,558,000	-2,408,000	-25,163,000	71,274	0	0
Net Change in Cash Margin	-2.67%	-6.18%	0.81%	3.15%	0.98%	17.01%	-42.39%	17.36%	-24.58%	1.71%	12.48%	-12.73%	19.19%	13.53%	6.54%	9.46%	-17.45%	22.53%	-31.12%	55.70%	-2.72%	-24.90%	0.06%	0.00%	0.00%
Cash at Beginning of Period	233,573,333	257,855,000	204,653,500	152,866,467	118,967,150	171,832,000	283,610,000	245,278,000	301,498,000	287,057,000	184,120,000	276,275,000	150,688,000	84,786,000	61,391,000	34,888,000	71,205,000	41,639,000	71,644,000	27,086,000	29,494,000	56,852,000	0	0	0
Cash at Beginning of Period Margin	92.19%	88.46%	56.04%	49.80%	41.83%	57.92%	107.56%	111.09%	131.84%	33.90%	22.31%	38.16%	23.03%	17.41%	17.17%	12.45%	34.22%	31.73%	74.31%	33.86%	33.34%	56.25%	0.00%	0.00%	0.00%
Cash at End of Period	225,910,667	244,901,600	220,743,400	165,880,067	129,664,764	222,290,000	171,832,000	283,610,000	245,278,000	301,498,000	287,057,000	184,120,000	276,275,000	150,688,000	84,786,000	61,391,000	34,888,000	71,205,000	41,639,000	71,644,000	27,086,000	31,689,000	71,274	46,248,000	0
Cash at End of Period Margin	89.52%	82.28%	56.85%	52.95%	45.62%	74.93%	65.17%	128.46%	107.26%	35.61%	34.79%	25.43%	42.22%	30.93%	23.71%	21.91%	16.77%	54.26%	43.19%	89.57%	30.62%	31.36%	0.06%	56.09%	0.00%
Operating Cash Flow	-21,869,000	-74,293,800	-3,396,100	13,849,400	14,920,776	243,509,000	-136,003,000	-173,113,000	-295,391,000	-10,471,000	149,015,000	10,118,000	14,309,000	65,747,000	98,319,000	68,918,000	107,766,000	34,312,000	38,649,000	-7,943,000	6,447,000	38,866,000	170,516	14,473,000	30,718,000
Operating Cash Flow Margin	-15.97%	-35.66%	-11.57%	1.13%	5.93%	82.08%	-51.58%	-78.41%	-129.17%	-1.24%	18.06%	1.40%	2.19%	13.50%	27.50%	24.59%	51.79%	26.15%	40.08%	-9.93%	7.29%	38.46%	0.15%	17.55%	38.11%
Capital Expenditure	-1,088,333	-3,876,800	-6,465,000	-4,914,467	-3,718,300	-22,000	-196,000	-3,047,000	-5,271,000	-10,848,000	-21,896,000	-4,068,000	-5,237,000	-3,149,000	-10,916,000	-6,346,000	-1,850,000	-452,000	-35,000	-384,000	-314,000	-256,000	0	-43,000	-36,000
Capital Expenditure Margin	-0.49%	-1.01%	-1.28%	-1.12%	-0.87%	-0.01%	-0.07%	-1.38%	-2.30%	-1.28%	-2.65%	-0.56%	-0.80%	-0.65%	-3.05%	-2.26%	-0.89%	-0.34%	-0.04%	-0.48%	-0.35%	-0.25%	0.00%	-0.05%	-0.04%
Free Cash Flow	-22,957,333	-78,170,600	-9,861,100	8,934,933	11,202,476	243,487,000	-136,199,000	-176,160,000	-300,662,000	-21,319,000	127,119,000	6,050,000	9,072,000	62,598,000	87,403,000	62,572,000	105,916,000	33,860,000	38,614,000	-8,327,000	6,133,000	38,610,000	170,516	14,430,000	30,682,000
Free Cash Flow Margin	-16.45%	-36.67%	-12.84%	0.02%	5.05%	82.08%	-51.65%	-79.79%	-131.47%	-2.52%	15.41%	0.84%	1.39%	12.85%	24.44%	22.33%	50.90%	25.80%	40.05%	-10.41%	6.93%	38.20%	0.15%	17.50%	38.06%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	260,373,000	371,292,000	490,462,400	380,038,467	308,288,650	296,657,000	263,677,000	220,785,000	228,685,000	846,656,000	825,116,000	723,942,000	654,420,000	487,117,000	357,569,000	280,230,000	208,080,000	131,234,000	96,418,000	79,991,000	88,469,000	101,062,000	112,601,000	82,452,000	80,612,000
EBITDA	91,527,000	34,752,000	29,368,300	28,490,400	27,759,700	122,524,000	117,581,000	34,476,000	10,654,000	-111,475,000	-10,828,000	24,109,000	41,689,000	19,439,000	45,514,000	65,621,000	35,551,000	16,753,000	14,283,000	1,465,000	10,692,000	45,195,000	54,737,000	18,279,000	-1,065,000
EBITDA Margin	33.84%	18.60%	11.81%	12.53%	15.71%	41.30%	44.59%	15.62%	4.66%	-13.17%	-1.31%	3.33%	6.37%	3.99%	12.73%	23.42%	17.09%	12.77%	14.81%	1.83%	12.09%	44.72%	48.61%	22.17%	-1.32%
(-) Tax Adjustment	37,600,921	27,368,090	4,753,937	6,484,609	5,792,859	30,540,908	13,309,856	68,952,000	-6,851,411	30,889,097	1,036,441	-26,349,846	-83,378,000	3,622,433	15,767,894	23,836,897	14,581,404	6,406,311	5,407,700	-502,553	3,836,074	8,890,606	9,473,558	-5,561,005	1,948,821
(-) Tax Adjustment Margin	15.52%	9.45%	3.61%	4.10%	3.94%	10.30%	5.05%	31.23%	-3.00%	3.65%	0.13%	-3.64%	-12.74%	0.74%	4.41%	8.51%	7.01%	4.88%	5.61%	-0.63%	4.34%	8.80%	8.41%	-6.74%	2.42%
(-) Change In Working Capital	44,136,667	5,274,400	26,255,100	28,231,600	21,369,663	160,623,000	-238,218,000	210,005,000	-218,835,000	112,797,000	187,889,000	-21,710,000	-32,897,000	40,985,000	61,912,000	26,021,000	83,933,000	26,076,000	30,047,000	-5,154,000	-671,000	4,470,000	120,269	0	0
(-) Change In Working Capital Margin	19.64%	-4.69%	1.70%	7.42%	5.75%	54.14%	-90.34%	95.12%	-95.69%	13.32%	22.77%	-3.00%	-5.03%	8.41%	17.31%	9.29%	40.34%	19.87%	31.16%	-6.44%	-0.76%	4.42%	0.11%	0.00%	0.00%
(-) Capital Expenditure	-1,088,333	-3,876,800	-6,465,000	-4,914,467	-3,718,300	-22,000	-196,000	-3,047,000	-5,271,000	-10,848,000	-21,896,000	-4,068,000	-5,237,000	-3,149,000	-10,916,000	-6,346,000	-1,850,000	-452,000	-35,000	-384,000	-314,000	-256,000	0	-43,000	-36,000
(-) Capital Expenditure Margin	-0.49%	-1.01%	-1.28%	-1.12%	-0.87%	-0.01%	-0.07%	-1.38%	-2.30%	-1.28%	-2.65%	-0.56%	-0.80%	-0.65%	-3.05%	-2.26%	-0.89%	-0.34%	-0.04%	-0.48%	-0.35%	-0.25%	0.00%	-0.05%	-0.04%
Unlevered Free Cash Flow	8,701,079	-1,767,290	-8,105,737	-11,140,275	-3,121,123	-68,661,908	342,293,144	-247,528,000	231,069,411	-266,009,097	-221,649,441	68,100,846	152,727,000	-28,317,433	-43,081,894	9,417,103	-64,813,404	-16,181,311	-21,206,700	6,737,553	7,212,926	31,578,394	45,143,173	23,797,005	-3,049,821
Unlevered Free Cash Flow Margin	-1.81%	12.84%	5.22%	-0.10%	5.15%	-23.15%	129.82%	-112.11%	101.04%	-31.42%	-26.86%	9.41%	23.34%	-5.81%	-12.05%	3.36%	-31.15%	-12.33%	-21.99%	8.42%	8.15%	31.25%	40.09%	28.86%	-3.78%
(-) Net Interest Income After Taxes	-3,055,600	-7,337,905	-7,859,809	-5,467,237	-4,937,932	-9,005,821	-9,643,979	9,483,000	-15,285,605	-12,237,118	-10,717,223	-20,649,010	-9,741,000	-588,270	-213,060	-261,067	-216,473	-219,249	-340,521	-2,373,151	-2,037,156	-2,258,030	-5,026,056	-6,545,926	-882,922
(-) Net Interest Income After Taxes Margin	-0.80%	-2.11%	-1.63%	-1.34%	-1.90%	-3.04%	-3.66%	4.30%	-6.68%	-1.45%	-1.30%	-2.85%	-1.49%	-0.12%	-0.06%	-0.09%	-0.10%	-0.17%	-0.35%	-2.97%	-2.30%	-2.23%	-4.46%	-7.94%	-1.10%
Net Debt Issuance	-1,480,333	-1,497,400	14,543,200	7,630,267	6,808,300	0	0	-4,441,000	-1,817,000	-1,229,000	-1,523,000	14,118,000	109,925,000	33,821,000	-3,422,000	-1,544,000	-1,176,000	-1,817,000	450,000	-26,891,000	-3,762,000	-18,383,000	-4,860,000	40,939,000	7,778,000
Net Debt Issuance Margin	-0.67%	-0.59%	2.16%	-0.94%	0.92%	0.00%	0.00%	-2.01%	-0.79%	-0.15%	-0.18%	1.95%	16.80%	6.94%	-0.96%	-0.55%	-0.57%	-1.38%	0.47%	-33.62%	-4.25%	-18.19%	-4.32%	49.65%	9.65%
Levered Free Cash Flow	10,276,345	4,073,215	14,297,272	1,957,228	8,625,109	-59,656,087	351,937,123	-261,452,000	244,538,016	-255,000,979	-212,455,217	102,867,856	272,393,000	6,091,837	-46,290,833	8,134,170	-65,772,931	-17,779,063	-20,416,179	-17,780,295	5,488,083	15,453,424	45,309,229	71,281,932	5,611,102
Levered Free Cash Flow Margin	-1.69%	14.35%	9.01%	0.30%	7.98%	-20.11%	133.47%	-118.42%	106.93%	-30.12%	-25.75%	14.21%	41.62%	1.25%	-12.95%	2.90%	-31.61%	-13.55%	-21.17%	-22.23%	6.20%	15.29%	40.24%	86.45%	6.96%