First Commonwealth Financial Corporation (FCF)

Analysis: Margins & Ratios Industry: Banks - Regional Sector: Financial Services Live Price: $17.47

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	584,987,333	510,248,400	422,137,500	376,150,200	374,702,850	364,846,880	349,453,233	716,131,000	692,840,000	699,694,000	626,607,000	428,661,000	400,595,000	395,685,000	410,749,000	380,894,000	330,881,000	282,213,000	265,396,000	263,040,000	266,521,000	284,509,000	289,214,000	317,594,000	348,791,000	383,438,000	379,965,000	377,317,000	362,293,000	325,674,000	292,217,000	313,663,000	349,996,000	345,565,000	330,325,000	311,500,000	280,300,000	254,200,000	186,100,000
Cost of Revenue	149,571,333	110,458,200	76,925,100	74,081,133	98,265,100	107,808,120	111,913,433	247,002,000	235,991,000	250,741,000	159,135,000	38,838,000	13,921,000	89,656,000	69,935,000	52,566,000	26,857,000	37,059,000	30,543,000	29,697,000	40,934,000	50,690,000	97,494,000	123,151,000	187,340,000	162,093,000	179,755,000	177,651,000	147,246,000	118,760,000	113,011,000	134,896,000	178,665,000	184,569,000	162,200,000	163,300,000	134,700,000	115,500,000	86,500,000
Cost of Revenue Margin	23.43%	19.29%	16.00%	18.46%	25.40%	29.22%	32.40%	34.49%	34.06%	35.84%	25.40%	9.06%	3.48%	22.66%	17.03%	13.80%	8.12%	13.13%	11.51%	11.29%	15.36%	17.82%	33.71%	38.78%	53.71%	42.27%	47.31%	47.08%	40.64%	36.47%	38.67%	43.01%	51.05%	53.41%	49.10%	52.42%	48.06%	45.44%	46.48%
Gross Profit	435,416,000	399,790,200	345,279,600	302,113,867	276,471,350	257,065,640	237,562,200	469,129,000	456,849,000	448,953,000	467,472,000	389,823,000	386,674,000	306,029,000	340,814,000	328,328,000	304,024,000	245,826,000	234,853,000	233,343,000	225,587,000	233,819,000	191,720,000	194,443,000	161,451,000	221,345,000	200,210,000	199,666,000	215,047,000	206,914,000	179,206,000	178,767,000	171,331,000	160,996,000	168,125,000	148,200,000	145,600,000	138,700,000	99,600,000
Gross Profit Margin	76.57%	80.71%	84.02%	81.55%	74.61%	70.79%	67.61%	65.51%	65.94%	64.16%	74.60%	90.94%	96.52%	77.34%	82.97%	86.20%	91.88%	87.11%	88.49%	88.71%	84.64%	82.18%	66.29%	61.22%	46.29%	57.73%	52.69%	52.92%	59.36%	63.53%	61.33%	56.99%	48.95%	46.59%	50.90%	47.58%	51.94%	54.56%	53.52%
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	149,857,333	141,270,200	128,621,400	120,651,200	111,775,750	101,230,960	91,782,467	91,472,000	158,915,000	160,795,000	154,844,000	133,933,000	127,018,000	129,761,000	128,398,000	121,548,000	121,705,000	103,308,000	104,904,000	103,108,000	103,352,000	109,263,000	103,769,000	104,062,000	106,531,000	93,707,000	78,999,000	72,988,000	73,522,000	68,916,000	61,144,000	58,149,000	54,521,000	52,529,000	49,800,000	48,700,000	47,100,000	44,100,000	33,000,000
SG&A Expenses Margin	26.31%	28.69%	31.95%	33.64%	31.00%	28.45%	26.47%	12.77%	22.94%	22.98%	24.71%	31.24%	31.71%	32.79%	31.26%	31.91%	36.78%	36.61%	39.53%	39.20%	38.78%	38.40%	35.88%	32.77%	30.54%	24.44%	20.79%	19.34%	20.29%	21.16%	20.92%	18.54%	15.58%	15.20%	15.08%	15.63%	16.80%	17.35%	17.73%
Operating Expenses	256,766,667	239,996,600	212,960,100	199,659,600	190,175,000	176,495,560	161,537,133	289,585,000	266,544,000	270,745,000	269,917,000	229,638,000	213,857,000	215,826,000	209,965,000	195,556,000	200,298,000	159,925,000	163,874,000	171,210,000	168,824,000	177,207,000	176,826,000	171,226,000	207,336,000	171,626,000	148,007,000	137,683,000	143,954,000	164,555,000	112,655,000	126,330,000	105,888,000	99,461,000	95,525,000	102,000,000	88,800,000	85,300,000	62,100,000
Operating Expenses Margin	45.11%	48.65%	52.47%	55.36%	52.49%	49.53%	46.62%	40.44%	38.47%	38.69%	43.08%	53.57%	53.38%	54.54%	51.12%	51.34%	60.53%	56.67%	61.75%	65.09%	63.34%	62.29%	61.14%	53.91%	59.44%	44.76%	38.95%	36.49%	39.73%	50.53%	38.55%	40.28%	30.25%	28.78%	28.92%	32.74%	31.68%	33.56%	33.37%
Operating Income (EBIT)	178,649,333	159,793,600	132,252,300	102,409,467	86,262,750	80,543,200	76,002,667	179,544,000	190,305,000	178,208,000	197,555,000	160,185,000	172,817,000	90,203,000	130,849,000	132,772,000	103,726,000	85,229,000	70,979,000	62,133,000	56,763,000	56,612,000	14,894,000	23,217,000	-45,885,000	49,719,000	52,203,000	61,983,000	71,093,000	42,359,000	66,551,000	52,437,000	65,443,000	61,535,000	72,600,000	46,200,000	56,800,000	53,400,000	37,500,000
Operating Income (EBIT) Margin	31.46%	32.06%	31.53%	26.17%	22.11%	21.25%	20.98%	25.07%	27.47%	25.47%	31.53%	37.37%	43.14%	22.80%	31.86%	34.86%	31.35%	30.20%	26.74%	23.62%	21.30%	19.90%	5.15%	7.31%	-13.16%	12.97%	13.74%	16.43%	19.62%	13.01%	22.77%	16.72%	18.70%	17.81%	21.98%	14.83%	20.26%	21.01%	20.15%
Interest Income	484,824,667	409,662,800	333,181,000	297,280,467	302,688,500	298,876,360	290,620,300	616,186,000	592,327,000	598,409,000	526,989,000	329,076,000	293,317,000	300,523,000	325,264,000	292,257,000	250,550,000	214,788,000	200,637,000	202,181,000	206,358,000	219,075,000	231,496,000	268,287,000	293,073,000	325,257,000	331,095,000	333,070,000	312,068,000	278,025,000	243,773,000	275,568,000	308,891,000	311,882,000	297,600,000	283,400,000	254,800,000	235,200,000	175,700,000
Interest Income Margin	82.13%	79.11%	77.89%	78.31%	80.26%	81.61%	83.31%	86.04%	85.49%	85.52%	84.10%	76.77%	73.22%	75.95%	79.19%	76.73%	75.72%	76.11%	75.60%	76.86%	77.43%	77.00%	80.04%	84.47%	84.03%	84.83%	87.14%	88.27%	86.14%	85.37%	83.42%	87.85%	88.26%	90.25%	90.09%	90.98%	90.90%	92.53%	94.41%
Interest Expense	127,875,000	86,372,000	58,324,100	50,458,133	72,853,950	85,295,680	91,649,733	210,792,000	215,176,000	221,571,000	144,322,000	17,732,000	15,297,000	32,938,000	55,402,000	40,035,000	21,770,000	18,579,000	15,595,000	18,501,000	21,707,000	30,146,000	41,678,000	61,599,000	86,771,000	138,998,000	169,713,000	166,107,000	138,618,000	110,690,000	100,241,000	122,673,000	167,170,000	174,539,000	152,700,000	148,300,000	124,500,000	109,200,000	82,400,000
Interest Expense Margin	19.61%	14.20%	11.40%	11.57%	18.08%	22.69%	26.43%	29.43%	31.06%	31.67%	23.03%	4.14%	3.82%	8.32%	13.49%	10.51%	6.58%	6.58%	5.88%	7.03%	8.14%	10.60%	14.41%	19.40%	24.88%	36.25%	44.67%	44.02%	38.26%	33.99%	34.30%	39.11%	47.76%	50.51%	46.23%	47.61%	44.42%	42.96%	44.28%
Net Interest Income	356,949,667	323,290,800	274,343,300	246,326,533	229,462,700	213,283,200	198,629,333	405,394,000	377,151,000	376,838,000	382,667,000	311,344,000	278,020,000	267,585,000	268,254,000	250,363,000	227,111,000	196,209,000	185,042,000	181,785,000	184,349,000	188,825,000	189,818,000	206,688,000	206,302,000	186,259,000	161,382,000	166,963,000	173,450,000	167,335,000	143,532,000	152,895,000	141,721,000	137,343,000	143,400,000	133,800,000	130,300,000	126,000,000	93,300,000
Net Interest Income Margin	62.52%	64.92%	66.35%	66.59%	62.06%	58.83%	56.77%	56.61%	54.44%	53.86%	61.07%	72.63%	69.40%	67.63%	65.31%	65.73%	68.64%	69.53%	69.72%	69.11%	69.17%	66.37%	65.63%	65.08%	59.15%	48.58%	42.47%	44.25%	47.88%	51.38%	49.12%	48.74%	40.49%	39.74%	43.41%	42.95%	46.49%	49.57%	50.13%
Unusual Items	-356,949,667	-323,290,800	-274,856,900	-246,822,333	-229,834,550	-213,580,680	-198,970,567	-405,394,000	-377,151,000	-376,838,000	-382,667,000	-311,344,000	-278,020,000	-267,585,000	-269,862,000	-252,222,000	-228,780,000	-196,209,000	-185,042,000	-183,680,000	-184,651,000	-188,929,000	-189,818,000	-206,688,000	-206,302,000	-186,259,000	-161,382,000	-166,963,000	-173,450,000	-167,335,000	-143,532,000	-152,895,000	-141,721,000	-137,343,000	-144,900,000	-135,100,000	-130,300,000	-126,000,000	-93,300,000
Unusual Items Margin	-62.52%	-64.92%	-66.49%	-66.74%	-62.17%	-58.92%	-56.88%	-56.61%	-54.44%	-53.86%	-61.07%	-72.63%	-69.40%	-67.63%	-65.70%	-66.22%	-69.14%	-69.53%	-69.72%	-69.83%	-69.28%	-66.41%	-65.63%	-65.08%	-59.15%	-48.58%	-42.47%	-44.25%	-47.88%	-51.38%	-49.12%	-48.74%	-40.49%	-39.74%	-43.87%	-43.37%	-46.49%	-49.57%	-50.13%
EBT Excluding Unusual Items	535,599,000	483,084,400	407,109,200	349,231,800	316,097,300	294,123,880	274,973,233	584,938,000	567,456,000	555,046,000	580,222,000	471,529,000	450,837,000	357,788,000	400,711,000	384,994,000	332,506,000	281,438,000	256,021,000	245,813,000	241,414,000	245,541,000	204,712,000	229,905,000	160,417,000	235,978,000	213,585,000	228,946,000	244,543,000	209,694,000	210,083,000	205,332,000	207,164,000	198,878,000	217,500,000	181,300,000	187,100,000	179,400,000	130,800,000
EBT Excluding Unusual Items Margin	93.97%	96.98%	98.02%	92.91%	84.28%	80.16%	77.86%	81.68%	81.90%	79.33%	92.60%	110.00%	112.54%	90.42%	97.56%	101.08%	100.49%	99.73%	96.47%	93.45%	90.58%	86.30%	70.78%	72.39%	45.99%	61.54%	56.21%	60.68%	67.50%	64.39%	71.89%	65.46%	59.19%	57.55%	65.84%	58.20%	66.75%	70.57%	70.28%
Pre-Tax Income	178,649,333	159,793,600	132,252,300	102,409,467	86,262,750	80,543,200	76,002,667	179,544,000	190,305,000	178,208,000	197,555,000	160,185,000	172,817,000	90,203,000	130,849,000	132,772,000	103,726,000	85,229,000	70,979,000	62,133,000	56,763,000	56,612,000	14,894,000	23,217,000	-45,885,000	49,719,000	52,203,000	61,983,000	71,093,000	42,359,000	66,551,000	52,437,000	65,443,000	61,535,000	72,600,000	46,200,000	56,800,000	53,400,000	37,500,000
Pre-Tax Income Margin	31.46%	32.06%	31.53%	26.17%	22.11%	21.25%	20.98%	25.07%	27.47%	25.47%	31.53%	37.37%	43.14%	22.80%	31.86%	34.86%	31.35%	30.20%	26.74%	23.62%	21.30%	19.90%	5.15%	7.31%	-13.16%	12.97%	13.74%	16.43%	19.62%	13.01%	22.77%	16.72%	18.70%	17.81%	21.98%	14.83%	20.26%	21.01%	20.15%
Income Tax Expense	36,044,000	31,889,600	30,527,400	23,516,800	18,090,100	16,688,560	16,483,800	36,269,000	38,755,000	35,636,000	40,492,000	32,004,000	34,560,000	16,756,000	25,516,000	25,274,000	48,561,000	25,639,000	20,836,000	17,680,000	15,281,000	14,658,000	-380,000	239,000	-25,821,000	6,632,000	5,953,000	9,029,000	13,257,000	3,707,000	13,251,000	8,911,000	15,254,000	14,289,000	19,600,000	12,200,000	17,300,000	16,200,000	12,000,000
Income Tax Expense Margin	6.34%	6.38%	7.63%	6.26%	4.79%	4.51%	4.72%	5.06%	5.59%	5.09%	6.46%	7.47%	8.63%	4.23%	6.21%	6.64%	14.68%	9.08%	7.85%	6.72%	5.73%	5.15%	-0.13%	0.08%	-7.40%	1.73%	1.57%	2.39%	3.66%	1.14%	4.53%	2.84%	4.36%	4.13%	5.93%	3.92%	6.17%	6.37%	6.45%
Net Income	142,605,333	127,904,000	101,724,900	78,892,667	68,172,650	63,854,640	59,498,867	143,275,000	151,550,000	142,572,000	157,063,000	128,181,000	138,257,000	73,447,000	105,333,000	107,498,000	55,165,000	59,590,000	50,143,000	44,453,000	41,482,000	41,954,000	15,274,000	22,978,000	-20,064,000	43,087,000	46,250,000	52,954,000	57,836,000	38,652,000	53,300,000	43,526,000	50,189,000	47,246,000	53,000,000	33,400,000	39,500,000	37,200,000	25,500,000
Net Income Margin	25.11%	25.68%	23.90%	19.91%	17.32%	16.73%	16.25%	20.01%	21.87%	20.38%	25.07%	29.90%	34.51%	18.56%	25.64%	28.22%	16.67%	21.12%	18.89%	16.90%	15.56%	14.75%	5.28%	7.24%	-5.75%	11.24%	12.17%	14.03%	15.96%	11.87%	18.24%	13.88%	14.34%	13.67%	16.04%	10.72%	14.09%	14.63%	13.70%
Depreciation and Amortization	6,781,333	8,687,800	8,560,800	9,204,267	9,167,150	8,917,160	8,567,633	6,884,000	4,902,000	5,688,000	4,104,000	10,552,000	11,442,000	11,653,000	10,370,000	8,046,000	8,997,000	7,116,000	7,640,000	13,721,000	11,090,000	7,912,000	9,026,000	10,707,000	9,806,000	10,398,000	5,194,000	8,583,000	11,298,000	9,488,000	7,498,000	7,360,000	7,760,000	7,480,000	7,700,000	7,900,000	7,000,000	6,400,000	5,100,000
Depreciation and Amortization Margin	1.31%	1.95%	2.25%	2.74%	2.67%	2.63%	2.61%	0.96%	0.71%	0.81%	0.65%	2.46%	2.86%	2.95%	2.52%	2.11%	2.72%	2.52%	2.88%	5.22%	4.16%	2.78%	3.12%	3.37%	2.81%	2.71%	1.37%	2.27%	3.12%	2.91%	2.57%	2.35%	2.22%	2.16%	2.33%	2.54%	2.50%	2.52%	2.74%
EBITDA	185,469,000	168,504,400	140,841,100	111,664,667	95,468,100	89,490,920	84,595,767	186,428,000	195,207,000	184,011,000	201,659,000	170,737,000	184,259,000	101,856,000	141,219,000	140,818,000	112,723,000	92,345,000	78,784,000	75,964,000	68,227,000	64,524,000	23,920,000	33,924,000	-36,079,000	60,117,000	57,397,000	70,566,000	82,391,000	51,847,000	74,049,000	59,797,000	73,203,000	69,015,000	80,300,000	54,100,000	63,800,000	59,800,000	42,600,000
EBITDA Margin	32.77%	34.01%	33.79%	28.93%	24.79%	23.88%	23.60%	26.03%	28.17%	26.30%	32.18%	39.83%	46.00%	25.74%	34.38%	36.97%	34.07%	32.72%	29.69%	28.88%	25.60%	22.68%	8.27%	10.68%	-10.34%	15.68%	15.11%	18.70%	22.74%	15.92%	25.34%	19.06%	20.92%	19.97%	24.31%	17.37%	22.76%	23.52%	22.89%
NOPAT	142,605,333	127,904,000	101,724,900	78,892,667	68,172,650	63,854,640	59,518,867	143,275,000	151,550,000	142,572,000	157,063,000	128,181,000	138,257,000	73,447,000	105,333,000	107,498,000	55,165,000	59,590,000	50,143,000	44,453,000	41,482,000	41,954,000	15,274,000	22,978,000	-20,064,000	43,087,000	46,250,000	52,954,000	57,836,000	38,652,000	53,300,000	43,526,000	50,189,000	47,246,000	53,000,000	34,000,000	39,500,000	37,200,000	25,500,000
NOPAT Margin	25.11%	25.68%	23.90%	19.91%	17.32%	16.73%	16.26%	20.01%	21.87%	20.38%	25.07%	29.90%	34.51%	18.56%	25.64%	28.22%	16.67%	21.12%	18.89%	16.90%	15.56%	14.75%	5.28%	7.24%	-5.75%	11.24%	12.17%	14.03%	15.96%	11.87%	18.24%	13.88%	14.34%	13.67%	16.04%	10.91%	14.09%	14.63%	13.70%
Owner's Earnings	133,124,333	123,183,600	98,486,800	77,297,467	66,429,250	62,472,480	58,373,733	146,384,000	141,667,000	132,714,000	139,133,000	127,526,000	139,060,000	77,485,000	98,323,000	105,945,000	52,571,000	59,215,000	52,896,000	47,194,000	42,937,000	39,684,000	15,980,000	28,799,000	-16,913,000	41,391,000	41,634,000	48,248,000	54,763,000	36,099,000	55,571,000	44,504,000	50,063,000	46,990,000	53,100,000	33,600,000	40,400,000	35,800,000	26,500,000
Owner's Earnings Margin	23.64%	25.04%	23.38%	19.76%	17.06%	16.53%	16.10%	20.44%	20.45%	18.97%	22.20%	29.75%	34.71%	19.58%	23.94%	27.81%	15.89%	20.98%	19.93%	17.94%	16.11%	13.95%	5.53%	9.07%	-4.85%	10.79%	10.96%	12.79%	15.12%	11.08%	19.02%	14.19%	14.30%	13.60%	16.08%	10.79%	14.41%	14.08%	14.24%

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	584,987,333	510,248,400	422,137,500	376,150,200	374,702,850	364,846,880	349,453,233	699,694,000	626,607,000	428,661,000	400,595,000	395,685,000	410,749,000	380,894,000	330,881,000	282,213,000	265,396,000	263,040,000	266,521,000	284,509,000	289,214,000	317,594,000	348,791,000	383,438,000	379,965,000	377,317,000	362,293,000	325,674,000	292,217,000	313,663,000	349,996,000	345,565,000	330,325,000	311,500,000	280,300,000	254,200,000	186,100,000
Cash & Cash Equivalents	144,882,000	237,319,800	169,982,300	140,207,867	128,245,000	120,455,320	115,709,433	133,409,000	146,993,000	154,244,000	395,372,000	356,581,000	121,856,000	98,947,000	107,292,000	115,677,000	69,452,000	74,538,000	77,439,000	102,982,000	78,478,000	69,858,000	89,559,000	88,566,000	102,510,000	96,119,000	85,028,000	81,994,000	87,872,000	83,087,000	102,380,000	91,150,000	93,900,000	99,500,000	117,400,000	73,600,000	75,500,000
Cash & Cash Equivalents Margin	26.17%	53.46%	42.26%	37.68%	34.50%	33.09%	33.30%	19.07%	23.46%	35.98%	98.70%	90.12%	29.67%	25.98%	32.43%	40.99%	26.17%	28.34%	29.06%	36.20%	27.13%	22.00%	25.68%	23.10%	26.98%	25.47%	23.47%	25.18%	30.07%	26.49%	29.25%	26.38%	28.43%	31.94%	41.88%	28.95%	40.57%
Short-Term Investments	977,090,000	960,774,600	901,194,200	930,280,333	697,710,250	558,168,200	465,140,167	1,147,623,000	1,020,986,000	762,661,000	1,041,380,000	831,223,000	902,292,000	909,247,000	731,358,000	778,612,000	886,560,000	1,309,819,000	1,318,365,000	1,171,303,000	1,142,776,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	168.29%	194.98%	226.43%	270.91%	203.19%	162.55%	135.46%	164.02%	162.94%	177.92%	259.96%	210.07%	219.67%	238.71%	221.03%	275.90%	334.05%	497.95%	494.66%	411.69%	395.13%	0.00%	0.00%	0.00%	0.00%	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	1,121,972,000	1,198,094,400	1,071,176,500	1,070,488,200	825,955,250	678,623,520	580,849,600	1,281,032,000	1,167,979,000	916,905,000	1,436,752,000	1,187,804,000	1,024,148,000	1,008,194,000	838,650,000	894,289,000	956,012,000	1,384,357,000	1,395,804,000	1,274,285,000	1,221,254,000	69,858,000	89,559,000	88,566,000	102,510,000	96,119,000	85,028,000	81,994,000	87,872,000	83,087,000	102,380,000	91,150,000	93,900,000	99,500,000	117,400,000	73,600,000	75,500,000
Cash & Short-Term Investments Margin	194.46%	248.45%	268.68%	308.60%	237.68%	195.64%	168.76%	183.08%	186.40%	213.90%	358.65%	300.19%	249.34%	264.69%	253.46%	316.88%	360.22%	526.29%	523.71%	447.89%	422.27%	22.00%	25.68%	23.10%	26.98%	25.47%	23.47%	25.18%	30.07%	26.49%	29.25%	26.38%	28.43%	31.94%	41.88%	28.95%	40.57%
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	1,121,972,000	1,198,094,400	1,071,176,500	1,070,488,200	825,955,250	678,623,520	580,849,600	1,281,032,000	1,167,979,000	916,905,000	1,436,752,000	1,187,804,000	1,024,148,000	1,008,194,000	838,650,000	894,289,000	956,012,000	1,384,357,000	1,395,804,000	1,274,285,000	1,221,254,000	69,858,000	89,559,000	88,566,000	102,510,000	96,119,000	85,028,000	81,994,000	87,872,000	83,087,000	102,380,000	91,150,000	93,900,000	99,500,000	117,400,000	73,600,000	75,500,000
Total Current Assets Margin	194.46%	248.45%	268.68%	308.60%	237.68%	195.64%	168.76%	183.08%	186.40%	213.90%	358.65%	300.19%	249.34%	264.69%	253.46%	316.88%	360.22%	526.29%	523.71%	447.89%	422.27%	22.00%	25.68%	23.10%	26.98%	25.47%	23.47%	25.18%	30.07%	26.49%	29.25%	26.38%	28.43%	31.94%	41.88%	28.95%	40.57%
Property, Plant & Equipment	117,409,667	119,704,200	102,859,000	90,948,333	85,342,550	77,884,840	71,114,033	116,108,000	121,015,000	115,106,000	120,775,000	125,517,000	137,268,000	80,474,000	81,339,000	67,534,000	63,454,000	64,989,000	67,940,000	68,970,000	66,755,000	66,981,000	70,742,000	72,636,000	69,487,000	68,901,000	60,860,000	56,965,000	46,538,000	45,730,000	46,366,000	44,671,000	40,900,000	41,900,000	41,500,000	32,600,000	29,400,000
Property, Plant & Equipment Margin	20.92%	24.93%	25.16%	24.68%	23.14%	21.48%	20.21%	16.59%	19.31%	26.85%	30.15%	31.72%	33.42%	21.13%	24.58%	23.93%	23.91%	24.71%	25.49%	24.24%	23.08%	21.09%	20.28%	18.94%	18.29%	18.26%	16.80%	17.49%	15.93%	14.58%	13.25%	12.93%	12.38%	13.45%	14.81%	12.82%	15.80%
Goodwill	343,586,000	327,482,800	282,128,000	241,502,200	219,273,450	181,882,440	151,568,700	363,715,000	363,715,000	303,328,000	303,328,000	303,328,000	303,328,000	274,202,000	255,353,000	186,483,000	164,500,000	161,429,000	159,956,000	159,956,000	159,956,000	159,956,000	159,956,000	159,956,000	159,956,000	160,366,000	122,702,000	123,607,000	29,854,000	8,131,000	0	0	0	0	0	0	0
Goodwill Margin	60.26%	66.63%	68.42%	64.50%	58.68%	48.97%	40.81%	51.98%	58.05%	70.76%	75.72%	76.66%	73.85%	71.99%	77.17%	66.08%	61.98%	61.37%	60.02%	56.22%	55.31%	50.36%	45.86%	41.72%	42.10%	42.50%	33.87%	37.95%	10.22%	2.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	17,220,667	15,268,400	13,399,700	9,904,467	10,588,400	9,302,640	7,752,200	19,637,000	22,820,000	9,205,000	11,188,000	13,492,000	16,366,000	13,038,000	15,007,000	12,013,000	1,231,000	1,665,000	1,311,000	2,375,000	3,843,000	5,376,000	7,407,000	10,233,000	13,441,000	16,869,000	15,251,000	17,513,000	3,256,000	29,000	0	0	0	0	0	0	0
Intangible Assets Margin	2.87%	2.96%	3.15%	2.43%	2.67%	2.40%	2.00%	2.81%	3.64%	2.15%	2.79%	3.41%	3.98%	3.42%	4.54%	4.26%	0.46%	0.63%	0.49%	0.83%	1.33%	1.69%	2.12%	2.67%	3.54%	4.47%	4.21%	5.38%	1.11%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	8,914,285,667	8,225,935,600	6,995,836,200	6,136,033,867	5,996,261,550	5,725,796,000	5,304,933,333	9,353,432,000	9,350,743,000	8,038,682,000	7,319,440,000	7,067,381,000	6,507,384,000	6,164,237,000	5,825,861,000	5,245,225,000	5,085,977,000	4,452,304,000	4,265,052,000	4,165,745,000	4,035,617,000	5,163,428,000	5,776,907,000	5,817,809,000	5,301,137,000	5,464,360,000	5,524,510,000	5,714,247,000	4,860,927,000	4,254,747,000	4,296,185,000	4,093,563,000	4,058,800,000	3,867,800,000	3,426,200,000	2,432,200,000	2,218,100,000
Long-Term Investments Margin	1,568.12%	1,663.53%	1,705.59%	1,655.61%	1,618.80%	1,582.50%	1,513.47%	1,336.79%	1,492.28%	1,875.30%	1,827.14%	1,786.11%	1,584.27%	1,618.36%	1,760.71%	1,858.61%	1,916.37%	1,692.63%	1,600.27%	1,464.19%	1,395.37%	1,625.80%	1,656.27%	1,517.28%	1,395.16%	1,448.21%	1,524.87%	1,754.59%	1,663.46%	1,356.47%	1,227.50%	1,184.60%	1,228.73%	1,241.67%	1,222.33%	956.81%	1,191.89%
Tax Assets	0	7,888,600	3,944,300	2,629,533	1,972,150	1,577,720	1,314,767	0	0	0	39,443,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	0.00%	1.97%	0.98%	0.66%	0.49%	0.39%	0.33%	0.00%	0.00%	0.00%	9.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	435,556,000	406,172,000	350,576,800	343,407,067	323,093,250	289,652,440	254,903,700	451,012,000	433,216,000	422,440,000	353,610,000	370,582,000	320,279,000	288,110,000	292,329,000	278,474,000	295,716,000	295,541,000	324,798,000	324,059,000	353,697,000	347,243,000	341,722,000	276,680,000	237,087,000	237,301,000	217,969,000	204,152,000	160,748,000	133,019,000	138,599,000	142,928,000	147,200,000	87,600,000	83,500,000	46,200,000	41,300,000
Other Non-Current Assets Margin	77.38%	82.81%	86.61%	96.39%	90.07%	81.70%	72.85%	64.46%	69.14%	98.55%	88.27%	93.66%	77.97%	75.64%	88.35%	98.68%	111.42%	112.36%	121.87%	113.90%	122.30%	109.34%	97.97%	72.16%	62.40%	62.89%	60.16%	62.69%	55.01%	42.41%	39.60%	41.36%	44.56%	28.12%	29.79%	18.17%	22.19%
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	9,828,058,000	9,094,563,000	7,744,799,700	6,821,795,933	6,634,559,200	6,284,518,360	5,790,271,967	10,303,904,000	10,291,509,000	8,888,761,000	8,108,341,000	7,880,300,000	7,284,625,000	6,820,061,000	6,469,889,000	5,789,729,000	5,610,878,000	4,975,928,000	4,819,057,000	4,721,105,000	4,619,868,000	5,742,984,000	6,356,734,000	6,337,314,000	5,781,108,000	5,947,797,000	5,941,292,000	6,116,484,000	5,101,323,000	4,441,656,000	4,481,150,000	4,281,162,000	4,246,900,000	3,997,300,000	3,551,200,000	2,511,000,000	2,288,800,000
Total Non-Current Assets Margin	1,729.55%	1,840.86%	1,888.94%	1,843.62%	1,793.36%	1,737.06%	1,649.33%	1,472.63%	1,642.42%	2,073.61%	2,024.07%	1,991.56%	1,773.50%	1,790.54%	1,955.35%	2,051.55%	2,114.15%	1,891.70%	1,808.13%	1,659.39%	1,597.39%	1,808.28%	1,822.51%	1,652.76%	1,521.48%	1,576.34%	1,639.91%	1,878.10%	1,745.73%	1,416.06%	1,280.34%	1,238.89%	1,285.67%	1,283.24%	1,266.93%	987.80%	1,229.88%
Total Assets	10,950,030,000	10,292,657,400	8,815,976,200	7,892,284,133	7,460,514,450	6,963,141,880	6,371,121,567	11,584,936,000	11,459,488,000	9,805,666,000	9,545,093,000	9,068,104,000	8,308,773,000	7,828,255,000	7,308,539,000	6,684,018,000	6,566,890,000	6,360,285,000	6,214,861,000	5,995,390,000	5,841,122,000	5,812,842,000	6,446,293,000	6,425,880,000	5,883,618,000	6,043,916,000	6,026,320,000	6,198,478,000	5,189,195,000	4,524,743,000	4,583,530,000	4,372,312,000	4,340,800,000	4,096,800,000	3,668,600,000	2,584,600,000	2,364,300,000
Total Assets Margin	1,924.01%	2,089.30%	2,157.62%	2,152.22%	2,031.05%	1,932.70%	1,818.09%	1,655.71%	1,828.82%	2,287.51%	2,382.73%	2,291.75%	2,022.83%	2,055.23%	2,208.81%	2,368.43%	2,474.37%	2,417.99%	2,331.85%	2,107.28%	2,019.65%	1,830.27%	1,848.18%	1,675.86%	1,548.46%	1,601.81%	1,663.38%	1,903.28%	1,775.80%	1,442.55%	1,309.59%	1,265.26%	1,314.10%	1,315.18%	1,308.81%	1,016.76%	1,270.45%
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	350,222,667	261,271,200	531,626,600	527,041,467	576,208,550	570,949,760	510,451,467	80,139,000	597,835,000	372,694,000	138,315,000	117,373,000	201,853,000	721,823,000	707,466,000	867,943,000	1,510,825,000	1,105,876,000	626,615,000	356,227,000	312,777,000	187,861,000	958,932,000	1,139,737,000	354,201,000	500,014,000	665,665,000	946,474,000	634,127,000	469,065,000	427,736,000	272,171,000	424,800,000	140,500,000	203,400,000	150,300,000	120,800,000
Short-Term Debt Margin	64.60%	51.60%	158.73%	169.02%	175.85%	175.00%	158.18%	11.45%	95.41%	86.94%	34.53%	29.66%	49.14%	189.51%	213.81%	307.55%	569.27%	420.42%	235.11%	125.21%	108.15%	59.15%	274.93%	297.24%	93.22%	132.52%	183.74%	290.62%	217.01%	149.54%	122.21%	78.76%	128.60%	45.10%	72.57%	59.13%	64.91%
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	8,958,599,000	8,459,392,200	6,959,657,500	6,146,424,400	5,684,135,250	5,200,675,000	4,761,622,500	9,678,019,000	9,192,309,000	8,005,469,000	7,982,498,000	7,438,666,000	6,677,615,000	5,897,992,000	5,580,705,000	4,947,408,000	4,195,894,000	4,315,511,000	4,603,863,000	4,557,881,000	4,504,684,000	4,617,852,000	4,535,785,000	4,280,343,000	4,347,219,000	4,326,440,000	3,996,552,000	3,844,475,000	3,288,275,000	3,044,124,000	3,093,150,000	3,064,146,000	2,948,800,000	2,931,100,000	2,884,400,000	2,104,800,000	1,962,700,000
Other Current Liabilities Margin	1,572.58%	1,718.07%	1,678.52%	1,651.12%	1,528.87%	1,424.97%	1,345.65%	1,383.18%	1,467.00%	1,867.55%	1,992.66%	1,879.95%	1,625.72%	1,548.46%	1,686.62%	1,753.08%	1,580.99%	1,640.63%	1,727.39%	1,602.02%	1,557.56%	1,454.01%	1,300.43%	1,116.31%	1,144.11%	1,146.63%	1,103.13%	1,180.47%	1,125.29%	970.51%	883.77%	886.71%	892.70%	940.96%	1,029.04%	828.01%	1,054.65%
Total Current Liabilities	9,308,821,667	8,720,663,400	7,491,284,100	6,673,465,867	6,260,343,800	5,772,761,320	5,273,021,100	9,758,158,000	9,790,144,000	8,378,163,000	8,120,813,000	7,556,039,000	6,879,468,000	6,619,815,000	6,288,171,000	5,815,351,000	5,706,719,000	5,421,387,000	5,230,478,000	4,914,108,000	4,817,461,000	4,805,713,000	5,494,717,000	5,420,080,000	4,701,420,000	4,826,454,000	4,662,217,000	4,790,949,000	3,922,402,000	3,513,189,000	3,549,300,000	3,336,317,000	3,373,600,000	3,071,600,000	3,087,800,000	2,255,100,000	2,083,500,000
Total Current Liabilities Margin	1,637.18%	1,769.67%	1,837.25%	1,820.14%	1,704.72%	1,600.30%	1,504.10%	1,394.63%	1,562.41%	1,954.50%	2,027.19%	1,909.61%	1,674.86%	1,737.97%	1,900.43%	2,060.62%	2,150.27%	2,061.05%	1,962.50%	1,727.22%	1,665.71%	1,513.16%	1,575.36%	1,413.55%	1,237.33%	1,279.15%	1,286.86%	1,471.09%	1,342.29%	1,120.05%	1,014.10%	965.47%	1,021.30%	986.07%	1,101.61%	887.14%	1,119.56%
Long-Term Debt	204,917,333	203,451,600	166,518,900	182,366,667	262,015,000	350,994,200	342,781,833	257,859,000	181,094,000	175,799,000	175,636,000	226,870,000	227,367,000	177,839,000	80,328,000	80,916,000	81,481,000	161,626,000	216,552,000	280,221,000	207,414,000	204,498,000	274,447,000	289,243,000	547,946,000	593,420,000	799,744,000	839,574,000	793,972,000	579,934,000	664,220,000	656,855,000	638,400,000	630,900,000	193,100,000	40,900,000	5,300,000
Long-Term Debt Margin	35.59%	41.59%	39.36%	51.40%	72.36%	101.66%	100.84%	36.85%	28.90%	41.01%	43.84%	57.34%	55.35%	46.69%	24.28%	28.67%	30.70%	61.45%	81.25%	98.49%	71.72%	64.39%	78.69%	75.43%	144.21%	157.27%	220.75%	257.80%	271.71%	184.89%	189.78%	190.08%	193.26%	202.54%	68.89%	16.09%	2.85%
Capital Lease Obligations	4,882,000	5,390,400	4,857,400	3,238,267	2,428,700	1,942,960	1,619,133	4,327,000	4,894,000	5,425,000	5,921,000	6,385,000	6,815,000	7,217,000	7,590,000	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	0.89%	1.15%	1.16%	0.77%	0.58%	0.46%	0.39%	0.62%	0.78%	1.27%	1.48%	1.61%	1.66%	1.89%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	482,700	321,800	241,350	193,080	160,900	0	0	0	0	0	0	2,442,000	1,305,000	1,080,000	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%	0.14%	0.09%	0.07%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.39%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	173,715,333	172,795,600	119,272,000	98,372,867	86,957,400	76,822,880	69,512,400	158,628,000	168,313,000	194,205,000	132,639,000	210,193,000	139,458,000	47,995,000	44,323,000	37,822,000	59,144,000	61,127,000	56,134,000	55,054,000	57,704,000	52,854,000	38,318,000	63,778,000	65,464,000	52,681,000	43,314,000	35,977,000	41,875,000	30,230,000	28,358,000	44,984,000	42,100,000	38,900,000	33,400,000	27,200,000	23,200,000
Other Non-Current Liabilities Margin	31.61%	36.21%	27.67%	25.13%	22.39%	20.15%	18.81%	22.67%	26.86%	45.31%	33.11%	53.12%	33.95%	12.60%	13.40%	13.40%	22.29%	23.24%	21.06%	19.35%	19.95%	16.64%	10.99%	16.63%	17.23%	13.96%	11.96%	11.05%	14.33%	9.64%	8.10%	13.02%	12.75%	12.49%	11.92%	10.70%	12.47%
Total Non-Current Liabilities	384,037,333	382,093,600	290,876,300	284,129,800	351,515,100	429,851,240	413,989,367	421,613,000	355,070,000	375,429,000	314,908,000	443,448,000	373,640,000	233,051,000	132,241,000	118,738,000	140,625,000	222,753,000	272,686,000	335,275,000	265,118,000	257,352,000	312,765,000	353,021,000	613,410,000	646,101,000	843,058,000	875,551,000	835,847,000	610,164,000	692,578,000	701,839,000	680,500,000	669,800,000	226,500,000	68,100,000	28,500,000
Total Non-Current Liabilities Margin	68.17%	79.04%	68.24%	77.33%	95.35%	122.30%	120.04%	60.26%	56.67%	87.58%	78.61%	112.07%	90.97%	61.19%	39.97%	42.07%	52.99%	84.68%	102.31%	117.84%	91.67%	81.03%	89.67%	92.07%	161.44%	171.24%	232.70%	268.84%	286.04%	194.53%	197.88%	203.10%	206.01%	215.02%	80.81%	26.79%	15.31%
Total Liabilities	9,692,859,000	9,102,757,000	7,782,160,400	6,957,595,667	6,611,858,900	6,201,476,000	5,686,063,333	10,179,771,000	10,145,214,000	8,753,592,000	8,435,721,000	7,999,487,000	7,253,108,000	6,852,866,000	6,420,412,000	5,934,089,000	5,847,344,000	5,644,140,000	5,503,164,000	5,249,383,000	5,082,579,000	5,063,065,000	5,807,482,000	5,773,101,000	5,314,830,000	5,472,555,000	5,505,275,000	5,666,500,000	4,758,249,000	4,123,353,000	4,213,464,000	4,038,156,000	4,054,100,000	3,741,400,000	3,314,300,000	2,323,200,000	2,112,000,000
Total Liabilities Margin	1,705.35%	1,848.70%	1,905.48%	1,897.47%	1,800.07%	1,722.27%	1,623.88%	1,454.89%	1,619.07%	2,042.08%	2,105.80%	2,021.68%	1,765.82%	1,799.15%	1,940.40%	2,102.70%	2,203.25%	2,145.73%	2,064.81%	1,845.07%	1,757.38%	1,594.19%	1,665.03%	1,505.62%	1,398.77%	1,450.39%	1,519.56%	1,739.93%	1,628.33%	1,314.58%	1,203.86%	1,168.57%	1,227.31%	1,201.09%	1,182.41%	913.93%	1,134.87%
Preferred Stock	0	0	0	0	0	0	1,550,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46,500,000	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.08%	0.00%	0.00%	0.00%	0.00%
Common Stock	120,373,667	117,790,200	114,182,200	111,305,933	103,248,350	95,528,960	81,690,800	123,603,000	123,603,000	113,915,000	113,915,000	113,915,000	113,915,000	113,915,000	113,915,000	105,563,000	105,563,000	105,563,000	105,563,000	105,563,000	105,563,000	105,515,000	86,600,000	86,600,000	75,100,000	75,100,000	71,978,000	71,978,000	63,704,000	62,525,000	62,525,000	62,525,000	62,500,000	0	0	0	0
Common Stock Margin	21.32%	24.24%	29.04%	31.80%	29.20%	27.35%	23.42%	17.67%	19.73%	26.57%	28.44%	28.79%	27.73%	29.91%	34.43%	37.41%	39.78%	40.13%	39.61%	37.10%	36.50%	33.22%	24.83%	22.59%	19.76%	19.90%	19.87%	22.10%	21.80%	19.93%	17.86%	18.09%	18.92%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	875,685,667	782,986,200	623,194,900	521,392,000	468,497,200	433,844,840	396,467,367	971,082,000	881,112,000	774,863,000	691,260,000	596,614,000	577,348,000	511,409,000	437,416,000	412,764,000	378,081,000	353,027,000	334,748,000	315,608,000	294,056,000	291,492,000	278,887,000	309,947,000	319,246,000	322,415,000	318,569,000	307,363,000	312,261,000	296,165,000	288,219,000	272,169,000	257,800,000	235,600,000	228,200,000	168,700,000	157,600,000
Retained Earnings Margin	153.39%	156.70%	147.92%	136.23%	123.08%	116.74%	110.15%	138.79%	140.62%	180.76%	172.56%	150.78%	140.56%	134.27%	132.20%	146.26%	142.46%	134.21%	125.60%	110.93%	101.67%	91.78%	79.96%	80.83%	84.02%	85.45%	87.93%	94.38%	106.86%	94.42%	82.35%	78.76%	78.04%	75.63%	81.41%	66.37%	84.69%
Accumulated OCI	-117,320,667	-68,699,400	-36,484,500	-25,942,000	-23,448,000	-17,507,040	-15,932,533	-102,514,000	-111,756,000	-137,692,000	-8,768,000	17,233,000	5,579,000	-11,341,000	-6,173,000	-7,027,000	-2,386,000	-4,499,000	-20,588,000	1,259,000	2,001,000	-2,458,000	-6,045,000	-21,269,000	-9,747,000	-19,514,000	-23,255,000	3,827,000	13,179,000	22,796,000	4,577,000	-13,095,000	-46,500,000	2,200,000	2,200,000	1,300,000	500,000
Accumulated OCI Margin	-21.54%	-12.49%	-6.93%	-5.23%	-4.99%	-3.57%	-3.37%	-14.65%	-17.84%	-32.12%	-2.19%	4.36%	1.36%	-2.98%	-1.87%	-2.49%	-0.90%	-1.71%	-7.72%	0.44%	0.69%	-0.77%	-1.73%	-5.55%	-2.57%	-5.17%	-6.42%	1.18%	4.51%	7.27%	1.31%	-3.79%	-14.08%	0.71%	0.78%	0.51%	0.27%
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	1,257,171,000	1,189,900,400	1,033,815,800	934,688,467	848,655,550	761,665,880	685,058,233	1,405,165,000	1,314,274,000	1,052,074,000	1,109,372,000	1,068,617,000	1,055,665,000	975,389,000	888,127,000	749,929,000	719,546,000	716,145,000	711,697,000	746,007,000	758,543,000	749,777,000	638,811,000	652,779,000	568,788,000	571,361,000	521,045,000	531,978,000	430,946,000	401,390,000	370,066,000	334,156,000	286,700,000	355,400,000	354,300,000	261,400,000	252,300,000
Total Shareholders’ Equity Margin	218.67%	240.60%	252.14%	254.75%	230.98%	210.43%	194.22%	200.83%	209.74%	245.43%	276.93%	270.07%	257.01%	256.08%	268.41%	265.73%	271.12%	272.26%	267.03%	262.21%	262.28%	236.08%	183.15%	170.24%	149.69%	151.43%	143.82%	163.35%	147.47%	127.97%	105.73%	96.70%	86.79%	114.09%	126.40%	102.83%	135.57%
Total Equity	1,257,171,000	1,189,900,400	1,033,815,800	934,688,467	848,655,550	761,665,880	685,058,233	1,405,165,000	1,314,274,000	1,052,074,000	1,109,372,000	1,068,617,000	1,055,665,000	975,389,000	888,127,000	749,929,000	719,546,000	716,145,000	711,697,000	746,007,000	758,543,000	749,777,000	638,811,000	652,779,000	568,788,000	571,361,000	521,045,000	531,978,000	430,946,000	401,390,000	370,066,000	334,156,000	286,700,000	355,400,000	354,300,000	261,400,000	252,300,000
Total Equity Margin	218.67%	240.60%	252.14%	254.75%	230.98%	210.43%	194.22%	200.83%	209.74%	245.43%	276.93%	270.07%	257.01%	256.08%	268.41%	265.73%	271.12%	272.26%	267.03%	262.21%	262.28%	236.08%	183.15%	170.24%	149.69%	151.43%	143.82%	163.35%	147.47%	127.97%	105.73%	96.70%	86.79%	114.09%	126.40%	102.83%	135.57%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	9,891,375,667	9,186,710,200	7,897,030,400	7,066,314,200	6,693,971,800	6,283,964,200	5,770,073,500	10,501,055,000	10,371,729,000	8,801,343,000	8,360,820,000	7,898,604,000	7,409,676,000	7,073,484,000	6,557,219,000	6,023,837,000	5,972,537,000	5,762,123,000	5,583,417,000	5,337,048,000	5,178,393,000	5,163,428,000	5,776,907,000	5,817,809,000	5,301,137,000	5,464,360,000	5,524,510,000	5,714,247,000	4,860,927,000	4,254,747,000	4,296,185,000	4,093,563,000	4,058,800,000	3,867,800,000	3,426,200,000	2,432,200,000	2,218,100,000
Total Investments Margin	1,736.42%	1,858.51%	1,932.02%	1,926.53%	1,821.99%	1,745.05%	1,648.93%	1,500.81%	1,655.22%	2,053.22%	2,087.10%	1,996.18%	1,803.94%	1,857.07%	1,981.75%	2,134.50%	2,250.42%	2,190.59%	2,094.93%	1,875.88%	1,790.51%	1,625.80%	1,656.27%	1,517.28%	1,395.16%	1,448.21%	1,524.87%	1,754.59%	1,663.46%	1,356.47%	1,227.50%	1,184.60%	1,228.73%	1,241.67%	1,222.33%	956.81%	1,191.89%
Net Debt	415,662,667	233,249,400	533,248,600	572,590,533	712,521,250	803,522,800	739,219,000	209,715,000	637,599,000	399,674,000	-74,788,000	-5,953,000	314,179,000	807,932,000	688,092,000	833,182,000	1,522,854,000	1,192,964,000	765,728,000	533,466,000	441,713,000	322,501,000	1,143,820,000	1,340,414,000	799,637,000	997,315,000	1,380,381,000	1,704,054,000	1,340,227,000	965,912,000	989,576,000	837,876,000	969,300,000	671,900,000	279,100,000	117,600,000	50,600,000
Net Debt Margin	74.99%	40.96%	157.04%	183.53%	214.31%	244.05%	226.12%	29.97%	101.75%	93.24%	-18.67%	-1.50%	76.49%	212.11%	207.96%	295.23%	573.80%	453.53%	287.30%	187.50%	152.73%	101.55%	327.94%	349.58%	210.45%	264.32%	381.01%	523.24%	458.64%	307.95%	282.74%	242.47%	293.44%	215.70%	99.57%	46.26%	27.19%

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	584,987,333	510,248,400	422,137,500	376,150,200	374,702,850	364,846,880	349,453,233	699,694,000	626,607,000	428,661,000	400,595,000	395,685,000	410,749,000	380,894,000	330,881,000	282,213,000	265,396,000	263,040,000	266,521,000	284,509,000	289,214,000	317,594,000	348,791,000	383,438,000	379,965,000	377,317,000	362,293,000	325,674,000	292,217,000	313,663,000	349,996,000	345,565,000	330,325,000	311,500,000	280,300,000	254,200,000	186,100,000
Working Capital	-8,186,849,667	-7,522,569,000	-6,420,107,600	-5,602,977,667	-5,434,388,550	-5,094,137,800	-4,692,171,500	-8,477,126,000	-8,622,165,000	-7,461,258,000	-6,684,061,000	-6,368,235,000	-5,855,320,000	-5,611,621,000	-5,449,521,000	-4,921,062,000	-4,750,707,000	-4,037,030,000	-3,834,674,000	-3,639,823,000	-3,596,207,000	-4,735,855,000	-5,405,158,000	-5,331,514,000	-4,598,910,000	-4,730,335,000	-4,577,189,000	-4,708,955,000	-3,834,530,000	-3,430,102,000	-3,446,920,000	-3,245,167,000	-3,279,700,000	-2,972,100,000	-2,970,400,000	-2,181,500,000	-2,008,000,000
Working Capital Margin	-1,442.72%	-1,521.22%	-1,568.57%	-1,511.54%	-1,467.04%	-1,404.65%	-1,335.34%	-1,211.55%	-1,376.01%	-1,740.60%	-1,668.53%	-1,609.42%	-1,425.52%	-1,473.28%	-1,646.97%	-1,743.74%	-1,790.04%	-1,534.76%	-1,438.79%	-1,279.33%	-1,243.44%	-1,491.17%	-1,549.68%	-1,390.45%	-1,210.35%	-1,253.68%	-1,263.39%	-1,445.91%	-1,312.22%	-1,093.56%	-984.85%	-939.09%	-992.87%	-954.13%	-1,059.72%	-858.18%	-1,078.99%
Total Capital	1,817,715,667	1,660,469,600	1,737,046,700	1,647,486,867	1,689,421,800	1,685,644,000	1,539,986,667	1,748,289,000	2,098,866,000	1,605,992,000	1,429,956,000	1,419,245,000	1,491,700,000	1,882,268,000	1,683,511,000	1,698,788,000	2,311,852,000	1,983,647,000	1,554,864,000	1,382,455,000	1,278,734,000	1,142,136,000	1,872,190,000	2,081,759,000	1,470,935,000	1,664,795,000	1,986,454,000	2,318,026,000	1,859,045,000	1,450,389,000	1,462,022,000	1,263,182,000	1,349,900,000	1,126,800,000	750,800,000	452,600,000	378,400,000
Total Capital Margin	319.83%	335.02%	451.43%	475.97%	479.79%	487.58%	453.64%	249.86%	334.96%	374.65%	356.96%	358.68%	363.17%	494.17%	508.80%	601.95%	871.10%	754.12%	583.39%	485.91%	442.14%	359.62%	536.77%	542.92%	387.12%	441.22%	548.30%	711.76%	636.19%	462.40%	417.73%	365.54%	408.66%	361.73%	267.86%	178.05%	203.33%
Capital Employed	1,641,208,333	1,571,994,000	1,324,692,100	1,218,818,267	1,200,170,650	1,190,380,560	1,098,100,467	1,826,778,000	1,669,344,000	1,427,503,000	1,424,280,000	1,512,065,000	1,429,305,000	1,208,440,000	1,020,368,000	868,667,000	860,171,000	938,898,000	984,383,000	1,081,282,000	1,023,661,000	1,007,129,000	951,576,000	1,005,800,000	1,182,198,000	1,217,462,000	1,364,103,000	1,407,529,000	1,266,793,000	1,011,554,000	1,034,230,000	1,035,995,000	967,200,000	1,025,200,000	580,800,000	329,500,000	280,800,000
Capital Employed Margin	286.84%	319.64%	320.37%	332.07%	326.33%	332.40%	313.99%	261.08%	266.41%	333.01%	355.54%	382.14%	347.98%	317.26%	308.38%	307.81%	324.11%	356.94%	369.35%	380.05%	353.95%	317.11%	272.82%	262.31%	311.13%	322.66%	376.52%	432.19%	433.51%	322.50%	295.50%	299.80%	292.80%	329.12%	207.21%	129.62%	150.89%
Invested Capital	1,672,833,667	1,423,149,800	1,567,064,400	1,507,279,000	1,561,176,800	1,565,188,680	1,424,277,233	1,614,880,000	1,951,873,000	1,451,748,000	1,034,584,000	1,062,664,000	1,369,844,000	1,783,321,000	1,576,219,000	1,583,111,000	2,242,400,000	1,909,109,000	1,477,425,000	1,279,473,000	1,200,256,000	1,072,278,000	1,782,631,000	1,993,193,000	1,368,425,000	1,568,676,000	1,901,426,000	2,236,032,000	1,771,173,000	1,367,302,000	1,359,642,000	1,172,032,000	1,256,000,000	1,027,300,000	633,400,000	379,000,000	302,900,000
Invested Capital Margin	293.66%	281.56%	409.17%	438.28%	445.29%	454.48%	420.33%	230.80%	311.50%	338.67%	258.26%	268.56%	333.50%	468.19%	476.37%	560.96%	844.93%	725.79%	554.34%	449.71%	415.01%	337.63%	511.09%	519.82%	360.15%	415.74%	524.83%	686.59%	606.12%	435.91%	388.47%	339.16%	380.23%	329.79%	225.97%	149.10%	162.76%

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	584,987,333	510,248,400	422,137,500	376,150,200	374,702,850	364,846,880	349,453,233	699,694,000	626,607,000	428,661,000	400,595,000	395,685,000	410,749,000	380,894,000	330,881,000	282,213,000	265,396,000	263,040,000	266,521,000	284,509,000	289,214,000	317,594,000	348,791,000	383,438,000	379,965,000	377,317,000	362,293,000	325,674,000	292,217,000	313,663,000	349,996,000	345,565,000	330,325,000	311,500,000	280,300,000	254,200,000	186,100,000
Net Income	142,605,333	127,904,000	101,724,900	78,892,667	68,172,650	63,854,640	59,518,867	142,572,000	157,063,000	128,181,000	138,257,000	73,447,000	105,333,000	107,498,000	55,165,000	59,590,000	50,143,000	44,453,000	41,482,000	41,954,000	15,274,000	22,978,000	-20,064,000	43,087,000	46,250,000	52,954,000	57,836,000	38,652,000	53,300,000	43,526,000	50,189,000	47,246,000	53,000,000	34,000,000	39,500,000	37,200,000	25,500,000
Net Income Margin	25.11%	25.68%	23.90%	19.91%	17.32%	16.73%	16.26%	20.38%	25.07%	29.90%	34.51%	18.56%	25.64%	28.22%	16.67%	21.12%	18.89%	16.90%	15.56%	14.75%	5.28%	7.24%	-5.75%	11.24%	12.17%	14.03%	15.96%	11.87%	18.24%	13.88%	14.34%	13.67%	16.04%	10.91%	14.09%	14.63%	13.70%
Depreciation & Amortization	6,781,333	8,687,800	8,560,800	9,204,267	9,167,150	8,917,160	8,567,633	5,688,000	4,104,000	10,552,000	11,442,000	11,653,000	10,370,000	8,046,000	8,997,000	7,116,000	7,640,000	13,721,000	11,090,000	7,912,000	9,026,000	10,707,000	9,806,000	10,398,000	5,194,000	8,583,000	11,298,000	9,488,000	7,498,000	7,360,000	7,760,000	7,480,000	7,700,000	7,900,000	7,000,000	6,400,000	5,100,000
Depreciation & Amortization Margin	1.31%	1.95%	2.25%	2.74%	2.67%	2.63%	2.61%	0.81%	0.65%	2.46%	2.86%	2.95%	2.52%	2.11%	2.72%	2.52%	2.88%	5.22%	4.16%	2.78%	3.12%	3.37%	2.81%	2.71%	1.37%	2.27%	3.12%	2.91%	2.57%	2.35%	2.22%	2.16%	2.33%	2.54%	2.50%	2.52%	2.74%
Deferred Income Tax	2,748,667	292,200	4,641,700	4,044,733	951,700	601,960	558,300	3,414,000	6,843,000	-2,011,000	1,432,000	-8,217,000	2,292,000	3,473,000	20,825,000	5,713,000	12,653,000	4,862,000	12,704,000	2,551,000	-1,192,000	-4,671,000	-29,108,000	-7,436,000	-2,474,000	-2,726,000	107,000	-1,858,000	-2,235,000	-594,000	-831,000	1,533,000	300,000	-1,400,000	1,300,000	600,000	900,000
Deferred Income Tax Margin	0.37%	-0.12%	1.39%	1.31%	0.40%	0.27%	0.25%	0.49%	1.09%	-0.47%	0.36%	-2.08%	0.56%	0.91%	6.29%	2.02%	4.77%	1.85%	4.77%	0.90%	-0.41%	-1.47%	-8.35%	-1.94%	-0.65%	-0.72%	0.03%	-0.57%	-0.76%	-0.19%	-0.24%	0.44%	0.09%	-0.45%	0.46%	0.24%	0.48%
Stock-Based Compensation	0	0	460,000	482,200	361,650	289,320	241,100	0	0	0	0	0	0	0	0	3,200,000	1,400,000	1,000,000	500,000	1,133,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.00%	0.00%	0.17%	0.18%	0.13%	0.11%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.13%	0.53%	0.38%	0.19%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-5,000,000	-2,272,800	-1,532,300	828,000	-426,300	-604,240	-693,533	3,681,000	-8,446,000	-10,235,000	16,137,000	-12,501,000	1,651,000	-4,104,000	430,000	-1,438,000	-498,000	1,998,000	8,339,000	12,586,000	-385,000	5,205,000	-32,657,000	-1,822,000	3,890,000	3,354,000	6,289,000	-803,000	1,791,000	-2,174,000	-12,337,000	6,943,000	1,400,000	-3,400,000	-5,900,000	1,300,000	900,000
Change in Working Capital Margin	-1.07%	-0.47%	-0.36%	0.42%	0.00%	-0.07%	-0.12%	0.53%	-1.35%	-2.39%	4.03%	-3.16%	0.40%	-1.08%	0.13%	-0.51%	-0.19%	0.76%	3.13%	4.42%	-0.13%	1.64%	-9.36%	-0.48%	1.02%	0.89%	1.74%	-0.25%	0.61%	-0.69%	-3.52%	2.01%	0.42%	-1.09%	-2.10%	0.51%	0.48%
Accounts Receivable	-4,133,333	-3,450,000	-2,132,000	-780,267	-265,150	-212,120	-176,767	3,284,000	-8,838,000	-6,846,000	5,885,000	-10,735,000	423,000	-2,561,000	-1,314,000	-577,000	-41,000	542,000	921,000	2,689,000	1,276,000	4,188,000	3,812,000	2,589,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-0.85%	-0.76%	-0.50%	-0.11%	0.00%	0.00%	0.00%	0.47%	-1.41%	-1.60%	1.47%	-2.71%	0.10%	-0.67%	-0.40%	-0.20%	-0.02%	0.21%	0.35%	0.95%	0.44%	1.32%	1.09%	0.68%	0.00%	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%
Accounts Payable	2,462,667	1,219,400	627,500	68,667	-440,100	-352,080	-293,400	1,215,000	5,001,000	1,172,000	-412,000	-879,000	-256,000	383,000	426,000	-272,000	-103,000	-404,000	-1,172,000	-1,280,000	-1,423,000	-966,000	-2,568,000	-7,264,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.42%	0.18%	0.10%	-0.06%	-0.18%	-0.14%	-0.12%	0.17%	0.80%	0.27%	-0.10%	-0.22%	-0.06%	0.10%	0.13%	-0.10%	-0.04%	-0.15%	-0.44%	-0.45%	-0.49%	-0.30%	-0.74%	-1.89%	0.00%	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 Working Capital	-3,329,333	-42,200	-27,800	1,539,600	278,950	-40,040	-223,367	-818,000	-4,609,000	-4,561,000	10,664,000	-887,000	1,484,000	-1,926,000	1,318,000	-589,000	-354,000	1,860,000	8,590,000	11,177,000	-238,000	1,983,000	-33,901,000	2,853,000	3,890,000	3,354,000	6,289,000	-803,000	1,791,000	-2,174,000	-12,337,000	6,943,000	1,400,000	-3,400,000	-5,900,000	1,300,000	900,000
Other Working Capital Margin	-0.64%	0.10%	0.04%	0.59%	0.18%	0.07%	0.00%	-0.12%	-0.74%	-1.06%	2.66%	-0.22%	0.36%	-0.51%	0.40%	-0.21%	-0.13%	0.71%	3.22%	3.93%	-0.08%	0.62%	-9.72%	0.74%	1.02%	0.89%	1.74%	-0.25%	0.61%	-0.69%	-3.52%	2.01%	0.42%	-1.09%	-2.10%	0.51%	0.48%
Other Non-Cash Items	-3,257,000	5,849,800	5,869,000	15,978,667	20,727,700	16,764,600	14,570,500	-25,892,000	-8,805,000	24,926,000	-2,222,000	41,242,000	-12,014,000	20,350,000	0	18,292,000	2,813,000	17,103,000	12,119,000	13,721,000	61,396,000	76,651,000	129,257,000	24,555,000	16,886,000	2,592,000	1,584,000	-6,256,000	-3,079,000	9,422,000	1,543,000	2,931,000	-9,700,000	15,800,000	6,600,000	700,000	4,600,000
Other Non-Cash Items Margin	0.24%	2.12%	2.05%	5.45%	6.54%	5.28%	4.65%	-3.70%	-1.41%	5.81%	-0.55%	10.42%	-2.92%	5.34%	0.00%	6.48%	1.06%	6.50%	4.55%	4.82%	21.23%	24.13%	37.06%	6.40%	4.44%	0.69%	0.44%	-1.92%	-1.05%	3.00%	0.44%	0.85%	-2.94%	5.07%	2.35%	0.28%	2.47%
Net Cash from Operating Activities	143,878,333	140,476,000	119,560,400	109,145,867	98,720,350	89,636,080	82,606,733	129,463,000	150,759,000	151,413,000	165,046,000	105,699,000	107,632,000	135,263,000	88,305,000	89,273,000	72,751,000	82,137,000	85,734,000	78,724,000	84,119,000	110,870,000	57,234,000	68,782,000	69,746,000	64,757,000	76,700,000	39,223,000	57,275,000	57,540,000	46,324,000	66,133,000	52,700,000	52,900,000	48,500,000	46,200,000	37,000,000
Net Cash from Operating Activities Margin	25.96%	29.16%	29.32%	29.89%	26.97%	24.87%	23.67%	18.50%	24.06%	35.32%	41.20%	26.71%	26.20%	35.51%	26.69%	31.63%	27.41%	31.23%	32.17%	27.67%	29.09%	34.91%	16.41%	17.94%	18.36%	17.16%	21.17%	12.04%	19.60%	18.34%	13.24%	19.14%	15.95%	16.98%	17.30%	18.17%	19.88%
Capital Expenditures (PPE)	-16,262,333	-13,408,200	-11,798,900	-10,799,467	-10,910,550	-10,299,320	-9,692,767	-15,546,000	-22,034,000	-11,207,000	-10,639,000	-7,615,000	-17,380,000	-9,599,000	-11,591,000	-7,491,000	-4,887,000	-10,980,000	-9,635,000	-10,182,000	-8,320,000	-4,886,000	-6,655,000	-12,094,000	-9,810,000	-13,289,000	-14,371,000	-12,041,000	-5,227,000	-6,382,000	-7,886,000	-7,736,000	-7,600,000	-7,700,000	-6,100,000	-7,800,000	-4,100,000
Capital Expenditures (PPE) Margin	-2.78%	-2.59%	-2.77%	-2.90%	-2.93%	-2.82%	-2.76%	-2.22%	-3.52%	-2.61%	-2.66%	-1.92%	-4.23%	-2.52%	-3.50%	-2.65%	-1.84%	-4.17%	-3.62%	-3.58%	-2.88%	-1.54%	-1.91%	-3.15%	-2.58%	-3.52%	-3.97%	-3.70%	-1.79%	-2.03%	-2.25%	-2.24%	-2.30%	-2.47%	-2.18%	-3.07%	-2.20%
Acquisitions (Net)	4,830,667	2,898,400	82,678,900	54,916,467	44,204,550	32,528,760	27,107,300	0	14,492,000	0	0	0	332,468,000	705,000	3,188,000	479,469,000	-3,533,000	-3,042,000	0	0	0	0	0	0	0	60,344,000	0	-70,872,000	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	0.77%	0.46%	25.30%	16.79%	13.39%	9.84%	8.20%	0.00%	2.31%	0.00%	0.00%	0.00%	80.94%	0.19%	0.96%	169.90%	-1.33%	-1.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.99%	0.00%	-21.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-277,137,333	-473,372,800	-369,079,600	-419,114,267	-392,581,100	-463,818,640	-459,525,533	-492,622,000	-338,590,000	-200,000	-1,038,595,000	-496,857,000	-138,870,000	-352,619,000	-253,312,000	-174,104,000	-405,027,000	-339,649,000	-539,894,000	-605,435,000	-723,805,000	-387,135,000	-211,467,000	-313,592,000	-344,122,000	-217,230,000	-478,497,000	-760,906,000	-1,414,519,000	-563,065,000	-814,382,000	-190,972,000	-492,100,000	-1,076,400,000	-381,500,000	-157,500,000	-82,800,000
Purchases of Investments Margin	-41.50%	-101.86%	-92.66%	-122.88%	-113.29%	-138.04%	-139.60%	-70.41%	-54.04%	-0.05%	-259.26%	-125.57%	-33.81%	-92.58%	-76.56%	-61.69%	-152.61%	-129.12%	-202.57%	-212.80%	-250.27%	-121.90%	-60.63%	-81.78%	-90.57%	-57.57%	-132.07%	-233.64%	-484.06%	-179.51%	-232.68%	-55.26%	-148.97%	-345.55%	-136.10%	-61.96%	-44.49%
Sales / Maturities of Investments	258,564,333	384,403,600	346,319,000	394,600,733	420,384,250	479,371,760	452,689,800	376,602,000	173,889,000	225,202,000	555,138,000	591,187,000	244,774,000	204,260,000	343,460,000	278,038,000	470,640,000	375,763,000	357,338,000	574,846,000	557,164,000	590,710,000	436,044,000	446,014,000	433,460,000	436,796,000	736,360,000	877,869,000	1,111,047,000	671,888,000	717,043,000	198,762,000	361,200,000	568,300,000	275,100,000	218,000,000	173,800,000
Sales / Maturities of Investments Margin	44.70%	84.42%	91.50%	118.17%	122.35%	142.94%	138.08%	53.82%	27.75%	52.54%	138.58%	149.41%	59.59%	53.63%	103.80%	98.52%	177.34%	142.85%	134.07%	202.05%	192.65%	186.00%	125.02%	116.32%	114.08%	115.76%	203.25%	269.55%	380.21%	214.21%	204.87%	57.52%	109.35%	182.44%	98.14%	85.76%	93.39%
Other Investing Activities	-398,256,667	-367,166,400	-274,068,300	-182,067,400	-188,493,900	-163,531,640	-160,476,367	9,843,000	-402,030,000	-802,583,000	-71,209,000	-569,853,000	-298,050,000	-190,495,000	-134,542,000	-82,138,000	-199,626,000	-186,147,000	-115,089,000	-130,611,000	95,004,000	346,515,000	-308,862,000	-730,980,000	76,996,000	41,005,000	-117,026,000	-163,362,000	21,270,000	-55,111,000	-107,047,000	-14,163,000	-147,700,000	57,200,000	-235,900,000	-293,600,000	-106,000,000
Other Investing Activities Margin	-83.33%	-82.36%	-67.93%	-46.48%	-48.88%	-42.91%	-45.19%	1.41%	-64.16%	-187.23%	-17.78%	-144.02%	-72.56%	-50.01%	-40.66%	-29.10%	-75.22%	-70.77%	-43.18%	-45.91%	32.85%	109.11%	-88.55%	-190.64%	20.26%	10.87%	-32.30%	-50.16%	7.28%	-17.57%	-30.59%	-4.10%	-44.71%	18.36%	-84.16%	-115.50%	-56.96%
Net Cash from Investing Activities	-428,261,333	-466,645,400	-225,948,900	-162,635,400	-127,525,350	-125,851,960	-149,983,300	-121,723,000	-574,273,000	-588,788,000	-565,305,000	-483,138,000	122,942,000	-347,748,000	-52,797,000	493,774,000	-142,433,000	-164,055,000	-307,280,000	-171,382,000	-79,957,000	542,632,000	-90,940,000	-610,652,000	156,524,000	307,626,000	126,466,000	-129,312,000	-287,429,000	47,330,000	-212,272,000	-14,109,000	-286,200,000	-458,600,000	-348,400,000	-240,900,000	-19,100,000
Net Cash from Investing Activities Margin	-82.13%	-101.92%	-46.56%	-37.36%	-29.40%	-31.03%	-41.30%	-17.40%	-91.65%	-137.36%	-141.12%	-122.10%	29.93%	-91.30%	-15.96%	174.97%	-53.67%	-62.37%	-115.29%	-60.24%	-27.65%	170.86%	-26.07%	-159.26%	41.19%	81.53%	34.91%	-39.71%	-98.36%	15.09%	-60.65%	-4.08%	-86.64%	-147.22%	-124.30%	-94.77%	-10.26%
Net Debt Issuance	-52,575,000	-54,700,200	-112,706,300	-66,084,133	-79,643,800	-52,696,240	-15,650,200	-442,032,000	51,136,000	233,171,000	-30,207,000	-85,569,000	-460,006,000	77,412,000	-161,325,000	-639,447,000	329,804,000	431,372,000	223,716,000	159,270,000	67,456,000	-746,013,000	-127,941,000	422,989,000	-184,440,000	-384,870,000	-327,352,000	93,034,000	193,491,000	-41,895,000	164,089,000	-133,249,000	294,000,000	369,300,000	187,600,000	79,600,000	-82,600,000
Net Debt Issuance Margin	-0.21%	-5.96%	-27.25%	-12.01%	-17.37%	-10.31%	0.12%	-63.18%	8.16%	54.40%	-7.54%	-21.63%	-111.99%	20.32%	-48.76%	-226.58%	124.27%	163.99%	83.94%	55.98%	23.32%	-234.90%	-36.68%	110.31%	-48.54%	-102.00%	-90.36%	28.57%	66.21%	-13.36%	46.88%	-38.56%	89.00%	118.56%	66.93%	31.31%	-44.38%
Long-Term Debt Issuance	24,395,000	4,189,400	6,240,800	-2,982,333	-30,403,750	-32,026,240	-6,155,200	75,664,000	-1,271,000	-1,208,000	-51,149,000	-1,089,000	48,964,000	74,055,000	-848,000	-565,000	-80,145,000	-54,889,000	-64,671,000	74,520,000	5,039,000	-67,142,000	-10,736,000	-252,990,000	-38,627,000	-219,219,000	-41,768,000	-165,718,000	28,429,000	-83,225,000	8,526,000	19,407,000	9,700,000	432,200,000	141,300,000	34,500,000	-1,700,000
Long-Term Debt Issuance Margin	3.44%	-0.54%	-0.20%	-2.69%	-9.46%	-9.95%	-1.47%	10.81%	-0.20%	-0.28%	-12.77%	-0.28%	11.92%	19.44%	-0.26%	-0.20%	-30.20%	-20.87%	-24.26%	26.19%	1.74%	-21.14%	-3.08%	-65.98%	-10.17%	-58.10%	-11.53%	-50.88%	9.73%	-26.53%	2.44%	5.62%	2.94%	138.75%	50.41%	13.57%	-0.91%
Short-Term Debt Issuance	-76,970,000	-58,889,600	-118,947,100	-63,101,800	-49,240,050	-20,670,000	-9,495,000	-517,696,000	52,407,000	234,379,000	20,942,000	-84,480,000	-508,970,000	3,357,000	-160,477,000	-638,882,000	409,949,000	486,261,000	288,387,000	84,750,000	62,417,000	-678,871,000	-117,205,000	675,979,000	-145,813,000	-165,651,000	-285,584,000	258,752,000	165,062,000	41,330,000	155,563,000	-152,656,000	284,300,000	-62,900,000	46,300,000	45,100,000	-80,900,000
Short-Term Debt Issuance Margin	-3.65%	-5.41%	-27.05%	-9.32%	-7.91%	-0.35%	1.59%	-73.99%	8.36%	54.68%	5.23%	-21.35%	-123.91%	0.88%	-48.50%	-226.38%	154.47%	184.86%	108.20%	29.79%	21.58%	-213.75%	-33.60%	176.29%	-38.38%	-43.90%	-78.83%	79.45%	56.49%	13.18%	44.45%	-44.18%	86.07%	-20.19%	16.52%	17.74%	-43.47%
Net Stock Issuance	-14,166,333	-18,852,200	-15,335,900	-10,949,400	-2,510,850	-1,120,240	-3,023,533	-12,426,000	-14,720,000	-15,353,000	-31,079,000	-20,683,000	-6,048,000	-25,981,000	-1,230,000	-648,000	-25,191,000	-30,764,000	-33,263,000	-35,214,000	207,000	88,152,000	466,000	113,190,000	-8,154,000	3,472,000	5,050,000	9,679,000	5,923,000	4,656,000	2,500,000	-547,000	-49,800,000	100,000	-5,900,000	-5,800,000	-1,300,000
Net Stock Issuance Margin	-2.57%	-4.14%	-3.91%	-3.19%	-0.90%	-0.44%	-1.04%	-1.78%	-2.35%	-3.58%	-7.76%	-5.23%	-1.47%	-6.82%	-0.37%	-0.23%	-9.49%	-11.70%	-12.48%	-12.38%	0.07%	27.76%	0.13%	29.52%	-2.15%	0.92%	1.39%	2.97%	2.03%	1.48%	0.71%	-0.16%	-15.08%	0.03%	-2.10%	-2.28%	-0.70%
Common Stock Issuance	231,333	227,600	219,300	6,131,067	10,534,500	9,101,000	7,584,167	204,000	245,000	245,000	222,000	222,000	211,000	208,000	228,000	216,000	192,000	192,000	176,000	1,028,000	216,000	88,161,000	484,000	113,190,000	0	0	5,050,000	9,679,000	0	4,656,000	2,500,000	0	0	0	0	0	0
Common Stock Issuance Margin	0.04%	0.05%	0.06%	1.93%	3.00%	2.60%	2.17%	0.03%	0.04%	0.06%	0.06%	0.06%	0.05%	0.05%	0.07%	0.08%	0.07%	0.07%	0.07%	0.36%	0.07%	27.76%	0.14%	29.52%	0.00%	0.00%	1.39%	2.97%	0.00%	1.48%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-14,397,667	-19,079,800	-15,555,200	-17,080,467	-13,309,800	-10,647,840	-8,873,200	-12,630,000	-14,965,000	-15,598,000	-31,301,000	-20,905,000	-6,259,000	-26,189,000	-1,458,000	-864,000	-25,383,000	-30,956,000	-33,439,000	-36,242,000	-9,000	-9,000	-18,000	0	-9,971,000	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-2.61%	-4.19%	-3.96%	-5.11%	-3.97%	-3.17%	-2.64%	-1.81%	-2.39%	-3.64%	-7.81%	-5.28%	-1.52%	-6.88%	-0.44%	-0.31%	-9.56%	-11.77%	-12.55%	-12.74%	0.00%	0.00%	-0.01%	0.00%	-2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	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	-49,331,333	-46,917,400	-38,933,900	-31,632,000	-34,889,300	-35,108,880	-32,904,067	-52,602,000	-50,814,000	-44,578,000	-43,611,000	-42,982,000	-39,394,000	-34,849,000	-30,513,000	-24,907,000	-25,089,000	-26,174,000	-22,344,000	-18,759,000	-12,558,000	-5,306,000	-29,677,000	-49,375,000	-49,554,000	-48,507,000	-46,193,000	-41,736,000	-36,630,000	-35,208,000	-33,809,000	-32,553,000	-27,800,000	-25,700,000	-21,700,000	-19,900,000	-14,300,000
Net Dividends Paid Margin	-8.68%	-9.56%	-9.40%	-8.33%	-9.25%	-9.63%	-9.35%	-7.52%	-8.11%	-10.40%	-10.89%	-10.86%	-9.59%	-9.15%	-9.22%	-8.83%	-9.45%	-9.95%	-8.38%	-6.59%	-4.34%	-1.67%	-8.51%	-12.88%	-13.04%	-12.86%	-12.75%	-12.82%	-12.54%	-11.22%	-9.66%	-9.42%	-8.42%	-8.25%	-7.74%	-7.83%	-7.68%
Common Dividends Paid	-49,331,333	-46,917,400	-38,933,900	-31,632,000	-34,889,300	-35,108,880	-32,904,067	-52,602,000	-50,814,000	-44,578,000	-43,611,000	-42,982,000	-39,394,000	-34,849,000	-30,513,000	-24,907,000	-25,089,000	-26,174,000	-22,344,000	-18,759,000	-12,558,000	-5,306,000	-29,677,000	-49,375,000	-49,554,000	-48,507,000	-46,193,000	-41,736,000	-36,630,000	-35,208,000	-33,809,000	-32,553,000	-27,800,000	-25,700,000	-21,700,000	-19,900,000	-14,300,000
Common Dividends Paid Margin	-8.68%	-9.56%	-9.40%	-8.33%	-9.25%	-9.63%	-9.35%	-7.52%	-8.11%	-10.40%	-10.89%	-10.86%	-9.59%	-9.15%	-9.22%	-8.83%	-9.45%	-9.95%	-8.38%	-6.59%	-4.34%	-1.67%	-8.51%	-12.88%	-13.04%	-12.86%	-12.75%	-12.82%	-12.54%	-11.22%	-9.66%	-9.42%	-8.42%	-8.25%	-7.74%	-7.83%	-7.68%
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	313,134,667	448,949,800	279,272,500	165,104,000	148,523,900	126,095,560	119,676,300	485,736,000	430,661,000	23,007,000	543,947,000	761,398,000	297,783,000	187,766,000	149,175,000	128,180,000	-214,928,000	-295,417,000	28,070,000	11,865,000	-50,647,000	-10,036,000	191,851,000	42,552,000	21,535,000	66,526,000	171,454,000	26,193,000	60,907,000	-49,439,000	29,450,000	114,800,000	20,800,000	47,300,000	127,600,000	160,800,000	81,400,000
Other Financing Activities Margin	47.84%	94.35%	60.30%	32.32%	31.07%	27.05%	28.34%	69.42%	68.73%	5.37%	135.78%	192.43%	72.50%	49.30%	45.08%	45.42%	-80.98%	-112.31%	10.53%	4.17%	-17.51%	-3.16%	55.00%	11.10%	5.67%	17.63%	47.32%	8.04%	20.84%	-15.76%	8.41%	33.22%	6.30%	15.18%	45.52%	63.26%	43.74%
Net Cash from Financing Activities	197,062,000	328,480,000	112,275,600	56,412,867	31,460,750	37,154,840	68,085,700	-21,324,000	416,263,000	196,247,000	439,050,000	612,164,000	-207,665,000	204,140,000	-43,893,000	-536,822,000	64,596,000	79,017,000	196,003,000	117,162,000	4,458,000	-673,203,000	34,699,000	529,356,000	-220,613,000	-363,379,000	-197,041,000	87,170,000	223,691,000	-121,886,000	162,230,000	-51,549,000	237,200,000	391,000,000	287,600,000	214,700,000	-16,800,000
Net Cash from Financing Activities Margin	36.39%	74.69%	19.74%	8.78%	3.55%	6.67%	18.07%	-3.05%	66.43%	45.78%	109.60%	154.71%	-50.56%	53.59%	-13.27%	-190.22%	24.34%	30.04%	73.54%	41.18%	1.54%	-211.97%	9.95%	138.06%	-58.06%	-96.31%	-54.39%	26.77%	76.55%	-38.86%	46.35%	-14.92%	71.81%	125.52%	102.60%	84.46%	-9.03%
Effect of FX on Cash	0	0	0	0	0	0	-593,333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	100,000	0	0	0	-17,900,000
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	-9.62%
Net Change in Cash	-87,321,000	2,310,600	5,887,100	2,923,333	2,676,450	955,520	-5,670,400	-13,584,000	-7,251,000	-241,128,000	38,791,000	234,725,000	22,909,000	-8,345,000	-8,385,000	46,225,000	-5,086,000	-2,901,000	-25,543,000	24,504,000	8,620,000	-19,701,000	993,000	-12,514,000	5,657,000	9,004,000	6,539,000	-2,919,000	-6,463,000	-17,016,000	-3,718,000	475,000	3,800,000	-14,800,000	-12,300,000	-104,600,000	-66,100,000
Net Change in Cash Margin	-19.78%	1.93%	2.50%	1.31%	1.12%	0.52%	-2.39%	-1.94%	-1.16%	-56.25%	9.68%	59.32%	5.58%	-2.19%	-2.53%	16.38%	-1.92%	-1.10%	-9.58%	8.61%	2.98%	-6.20%	0.28%	-3.26%	1.49%	2.39%	1.80%	-0.90%	-2.21%	-5.42%	-1.06%	0.14%	1.15%	-4.75%	-4.39%	-41.15%	-35.52%
Cash at Beginning of Period	232,203,000	235,009,200	164,095,200	137,284,533	125,459,550	119,281,000	116,247,500	146,993,000	154,244,000	395,372,000	356,581,000	121,856,000	98,947,000	107,292,000	115,677,000	69,452,000	74,538,000	77,439,000	102,982,000	78,478,000	69,858,000	89,559,000	88,277,000	100,791,000	95,134,000	86,130,000	79,591,000	82,510,000	88,973,000	98,130,000	101,848,000	101,373,000	97,600,000	112,400,000	124,700,000	104,600,000	66,100,000
Cash at Beginning of Period Margin	45.95%	51.53%	39.76%	36.37%	33.35%	32.50%	33.31%	21.01%	24.62%	92.23%	89.01%	30.80%	24.09%	28.17%	34.96%	24.61%	28.09%	29.44%	38.64%	27.58%	24.15%	28.20%	25.31%	26.29%	25.04%	22.83%	21.97%	25.34%	30.45%	31.29%	29.10%	29.34%	29.55%	36.08%	44.49%	41.15%	35.52%
Cash at End of Period	144,882,000	237,319,800	169,982,300	140,207,867	128,134,100	120,235,000	120,442,500	133,409,000	146,993,000	154,244,000	395,372,000	356,581,000	121,856,000	98,947,000	107,292,000	115,677,000	69,452,000	74,538,000	77,439,000	102,982,000	78,478,000	69,858,000	89,232,000	88,277,000	100,791,000	95,134,000	86,130,000	79,591,000	82,510,000	81,114,000	98,130,000	101,848,000	101,400,000	97,600,000	112,400,000	246,700,000	49,300,000
Cash at End of Period Margin	26.17%	53.46%	42.26%	37.68%	34.47%	33.02%	35.04%	19.07%	23.46%	35.98%	98.70%	90.12%	29.67%	25.98%	32.43%	40.99%	26.17%	28.34%	29.06%	36.20%	27.13%	22.00%	25.58%	23.02%	26.53%	25.21%	23.77%	24.44%	28.24%	25.86%	28.04%	29.47%	30.70%	31.33%	40.10%	97.05%	26.49%
Operating Cash Flow	143,878,333	140,476,000	119,560,400	109,145,867	98,720,350	89,636,080	82,606,733	129,463,000	150,759,000	151,413,000	165,046,000	105,699,000	107,632,000	135,263,000	88,305,000	89,273,000	72,751,000	82,137,000	85,734,000	78,724,000	84,119,000	110,870,000	57,234,000	68,782,000	69,746,000	64,757,000	76,700,000	39,223,000	57,275,000	57,540,000	46,324,000	66,133,000	52,700,000	52,900,000	48,500,000	46,200,000	37,000,000
Operating Cash Flow Margin	25.96%	29.16%	29.32%	29.89%	26.97%	24.87%	23.67%	18.50%	24.06%	35.32%	41.20%	26.71%	26.20%	35.51%	26.69%	31.63%	27.41%	31.23%	32.17%	27.67%	29.09%	34.91%	16.41%	17.94%	18.36%	17.16%	21.17%	12.04%	19.60%	18.34%	13.24%	19.14%	15.95%	16.98%	17.30%	18.17%	19.88%
Capital Expenditure	-16,262,333	-13,408,200	-11,798,900	-10,799,467	-10,910,550	-10,299,320	-9,692,767	-15,546,000	-22,034,000	-11,207,000	-10,639,000	-7,615,000	-17,380,000	-9,599,000	-11,591,000	-7,491,000	-4,887,000	-10,980,000	-9,635,000	-10,182,000	-8,320,000	-4,886,000	-6,655,000	-12,094,000	-9,810,000	-13,289,000	-14,371,000	-12,041,000	-5,227,000	-6,382,000	-7,886,000	-7,736,000	-7,600,000	-7,700,000	-6,100,000	-7,800,000	-4,100,000
Capital Expenditure Margin	-2.78%	-2.59%	-2.77%	-2.90%	-2.93%	-2.82%	-2.76%	-2.22%	-3.52%	-2.61%	-2.66%	-1.92%	-4.23%	-2.52%	-3.50%	-2.65%	-1.84%	-4.17%	-3.62%	-3.58%	-2.88%	-1.54%	-1.91%	-3.15%	-2.58%	-3.52%	-3.97%	-3.70%	-1.79%	-2.03%	-2.25%	-2.24%	-2.30%	-2.47%	-2.18%	-3.07%	-2.20%
Free Cash Flow	127,616,000	127,067,800	107,804,500	98,375,067	87,831,300	79,353,960	72,928,300	113,917,000	128,725,000	140,206,000	154,407,000	98,084,000	90,252,000	125,664,000	76,714,000	82,212,000	67,864,000	71,157,000	76,099,000	68,542,000	75,799,000	105,984,000	50,579,000	56,688,000	59,936,000	51,468,000	62,329,000	27,182,000	52,048,000	51,158,000	38,438,000	58,397,000	45,100,000	45,200,000	42,400,000	38,400,000	32,900,000
Free Cash Flow Margin	23.18%	26.57%	26.57%	27.00%	24.04%	22.05%	20.91%	16.28%	20.54%	32.71%	38.54%	24.79%	21.97%	32.99%	23.18%	29.13%	25.57%	27.05%	28.55%	24.09%	26.21%	33.37%	14.50%	14.78%	15.77%	13.64%	17.20%	8.35%	17.81%	16.31%	10.98%	16.90%	13.65%	14.51%	15.13%	15.11%	17.68%

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	584,987,333	510,248,400	422,137,500	376,150,200	374,702,850	364,846,880	349,453,233	699,694,000	626,607,000	428,661,000	400,595,000	395,685,000	410,749,000	380,894,000	330,881,000	282,213,000	265,396,000	263,040,000	266,521,000	284,509,000	289,214,000	317,594,000	348,791,000	383,438,000	379,965,000	377,317,000	362,293,000	325,674,000	292,217,000	313,663,000	349,996,000	345,565,000	330,325,000	311,500,000	280,300,000	254,200,000	186,100,000
EBITDA	185,469,000	168,504,400	140,841,100	111,664,667	95,468,100	89,490,920	84,595,767	184,011,000	201,659,000	170,737,000	184,259,000	101,856,000	141,219,000	140,818,000	112,723,000	92,345,000	78,784,000	75,964,000	68,227,000	64,524,000	23,920,000	33,924,000	-36,079,000	60,117,000	57,397,000	70,566,000	82,391,000	51,847,000	74,049,000	59,797,000	73,203,000	69,015,000	80,300,000	54,100,000	63,800,000	59,800,000	42,600,000
EBITDA Margin	32.77%	34.01%	33.79%	28.93%	24.79%	23.88%	23.60%	26.30%	32.18%	39.83%	46.00%	25.74%	34.38%	36.97%	34.07%	32.72%	29.69%	28.88%	25.60%	22.68%	8.27%	10.68%	-10.34%	15.68%	15.11%	18.70%	22.74%	15.92%	25.34%	19.06%	20.92%	19.97%	24.31%	17.37%	22.76%	23.52%	22.89%
(-) Tax Adjustment	37,413,941	33,602,129	32,603,437	25,497,513	22,148,644	20,220,183	19,755,837	36,796,418	41,333,179	34,112,226	36,848,175	18,920,647	27,538,185	26,805,608	52,773,091	27,779,670	23,127,170	21,615,623	18,367,190	16,706,578	-610,286	349,220	20,302,841	8,018,986	6,545,301	10,279,277	15,363,784	4,537,332	14,743,930	10,161,738	17,062,765	16,025,926	21,678,788	14,286,147	19,432,042	18,141,573	13,632,000
(-) Tax Adjustment Margin	6.60%	6.76%	8.20%	6.86%	5.98%	5.55%	5.71%	5.26%	6.60%	7.96%	9.20%	4.78%	6.70%	7.04%	15.95%	9.84%	8.71%	8.22%	6.89%	5.87%	-0.21%	0.11%	5.82%	2.09%	1.72%	2.72%	4.24%	1.39%	5.05%	3.24%	4.88%	4.64%	6.56%	4.59%	6.93%	7.14%	7.33%
(-) Change In Working Capital	-5,000,000	-2,272,800	-1,532,300	828,000	-426,300	-604,240	-693,533	3,681,000	-8,446,000	-10,235,000	16,137,000	-12,501,000	1,651,000	-4,104,000	430,000	-1,438,000	-498,000	1,998,000	8,339,000	12,586,000	-385,000	5,205,000	-32,657,000	-1,822,000	3,890,000	3,354,000	6,289,000	-803,000	1,791,000	-2,174,000	-12,337,000	6,943,000	1,400,000	-3,400,000	-5,900,000	1,300,000	900,000
(-) Change In Working Capital Margin	-1.07%	-0.47%	-0.36%	0.42%	0.00%	-0.07%	-0.12%	0.53%	-1.35%	-2.39%	4.03%	-3.16%	0.40%	-1.08%	0.13%	-0.51%	-0.19%	0.76%	3.13%	4.42%	-0.13%	1.64%	-9.36%	-0.48%	1.02%	0.89%	1.74%	-0.25%	0.61%	-0.69%	-3.52%	2.01%	0.42%	-1.09%	-2.10%	0.51%	0.48%
(-) Capital Expenditure	-16,262,333	-13,408,200	-11,798,900	-10,799,467	-10,910,550	-10,299,320	-9,692,767	-15,546,000	-22,034,000	-11,207,000	-10,639,000	-7,615,000	-17,380,000	-9,599,000	-11,591,000	-7,491,000	-4,887,000	-10,980,000	-9,635,000	-10,182,000	-8,320,000	-4,886,000	-6,655,000	-12,094,000	-9,810,000	-13,289,000	-14,371,000	-12,041,000	-5,227,000	-6,382,000	-7,886,000	-7,736,000	-7,600,000	-7,700,000	-6,100,000	-7,800,000	-4,100,000
(-) Capital Expenditure Margin	-2.78%	-2.59%	-2.77%	-2.90%	-2.93%	-2.82%	-2.76%	-2.22%	-3.52%	-2.61%	-2.66%	-1.92%	-4.23%	-2.52%	-3.50%	-2.65%	-1.84%	-4.17%	-3.62%	-3.58%	-2.88%	-1.54%	-1.91%	-3.15%	-2.58%	-3.52%	-3.97%	-3.70%	-1.79%	-2.03%	-2.25%	-2.24%	-2.30%	-2.47%	-2.18%	-3.07%	-2.20%
Unlevered Free Cash Flow	136,792,726	123,766,871	97,971,063	74,539,687	62,835,206	59,575,657	55,840,696	127,987,582	146,737,821	135,652,774	120,634,825	87,821,353	94,649,815	108,517,392	47,928,909	58,512,330	51,267,830	41,370,377	31,885,810	25,049,422	16,595,286	23,483,780	-30,379,841	41,826,014	37,151,699	43,643,723	46,367,216	36,071,668	52,287,070	45,427,262	60,591,235	38,310,074	49,621,212	35,513,853	44,167,958	32,558,427	23,968,000
Unlevered Free Cash Flow Margin	24.45%	25.13%	23.17%	18.76%	15.89%	15.58%	15.25%	18.29%	23.42%	31.65%	30.11%	22.19%	23.04%	28.49%	14.49%	20.73%	19.32%	15.73%	11.96%	8.80%	5.74%	7.39%	-8.71%	10.91%	9.78%	11.57%	12.80%	11.08%	17.89%	14.48%	17.31%	11.09%	15.02%	11.40%	15.76%	12.81%	12.88%
(-) Net Interest Income After Taxes	284,951,657	259,031,035	210,618,313	194,118,078	191,115,326	177,240,051	162,601,312	301,482,242	304,233,388	249,139,341	222,421,470	217,878,735	217,237,992	204,209,928	121,672,953	137,184,460	130,722,622	131,413,694	134,941,648	140,011,433	194,660,946	204,560,316	322,394,927	161,413,977	142,978,708	142,641,671	141,106,075	152,690,867	114,953,278	126,912,443	108,687,488	105,450,676	105,780,992	99,424,242	90,613,556	87,775,281	63,444,000
(-) Net Interest Income After Taxes Margin	49.92%	52.07%	50.15%	52.20%	51.60%	48.81%	46.17%	43.09%	48.55%	58.12%	55.52%	55.06%	52.89%	53.61%	36.77%	48.61%	49.26%	49.96%	50.63%	49.21%	67.31%	64.41%	92.43%	42.10%	37.63%	37.80%	38.95%	46.88%	39.34%	40.46%	31.05%	30.52%	32.02%	31.92%	32.33%	34.53%	34.09%
Net Debt Issuance	-52,575,000	-54,700,200	-112,706,300	-66,084,133	-79,643,800	-52,696,240	-15,650,200	-442,032,000	51,136,000	233,171,000	-30,207,000	-85,569,000	-460,006,000	77,412,000	-161,325,000	-639,447,000	329,804,000	431,372,000	223,716,000	159,270,000	67,456,000	-746,013,000	-127,941,000	422,989,000	-184,440,000	-384,870,000	-327,352,000	93,034,000	193,491,000	-41,895,000	164,089,000	-133,249,000	294,000,000	369,300,000	187,600,000	79,600,000	-82,600,000
Net Debt Issuance Margin	-0.21%	-5.96%	-27.25%	-12.01%	-17.37%	-10.31%	0.12%	-63.18%	8.16%	54.40%	-7.54%	-21.63%	-111.99%	20.32%	-48.76%	-226.58%	124.27%	163.99%	83.94%	55.98%	23.32%	-234.90%	-36.68%	110.31%	-48.54%	-102.00%	-90.36%	28.57%	66.21%	-13.36%	46.88%	-38.56%	89.00%	118.56%	66.93%	31.31%	-44.38%
Levered Free Cash Flow	-200,733,931	-189,964,364	-225,353,550	-185,662,524	-207,923,920	-170,360,634	-122,410,816	-615,526,659	-106,359,568	119,684,433	-131,993,645	-215,626,382	-582,594,178	-18,280,536	-235,069,043	-718,119,129	250,349,207	341,328,683	120,660,162	44,307,989	-110,609,660	-927,089,536	-480,715,768	303,401,037	-290,267,009	-483,867,948	-422,090,859	-23,585,198	130,824,792	-123,380,181	115,992,747	-200,389,602	237,840,220	305,389,610	141,154,401	24,383,146	-122,076,000
Levered Free Cash Flow Margin	-25.67%	-32.89%	-54.23%	-45.45%	-53.08%	-43.53%	-30.80%	-87.97%	-16.97%	27.92%	-32.95%	-54.49%	-141.84%	-4.80%	-71.04%	-254.46%	94.33%	129.76%	45.27%	15.57%	-38.24%	-291.91%	-137.82%	79.13%	-76.39%	-128.24%	-116.51%	-7.24%	44.77%	-39.34%	33.14%	-57.99%	72.00%	98.04%	50.36%	9.59%	-65.60%