Federal Agricultural Mortgage Corporation (AGM-PC)

Analysis: Margins & Ratios Industry: Financial - Credit Services Sector: Financial Services Live Price: $348.71

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	1,265,306,667	952,692,200	702,089,600	555,623,200	477,403,300	419,870,840	363,898,800	1,614,185,000	1,575,276,000	1,624,824,000	1,416,077,000	755,019,000	447,704,000	519,837,000	666,035,000	556,024,000	418,044,000	332,368,000	284,964,000	274,357,000	299,707,000	268,405,000	227,298,000	243,685,000	279,241,000	147,136,000	284,545,000	277,032,000	225,764,000	174,392,000	185,591,000	185,438,000	195,788,000	207,496,000	147,993,000	108,900,000	85,400,000	40,200,000	37,700,000
Cost of Revenue	924,576,667	659,311,600	469,869,500	362,942,267	316,186,100	280,880,400	246,216,700	1,232,661,000	1,223,499,000	1,261,139,000	1,065,877,000	446,714,000	201,827,000	321,001,000	475,459,000	370,183,000	244,643,000	172,628,000	139,224,000	167,554,000	137,724,000	144,565,000	151,035,000	144,561,000	93,438,000	181,511,000	253,520,000	209,236,000	141,883,000	97,138,000	130,831,000	134,111,000	153,747,000	182,461,000	129,091,000	93,000,000	73,000,000	34,700,000	34,700,000
Cost of Revenue Margin	70.68%	63.78%	61.62%	60.19%	64.36%	66.08%	69.62%	76.36%	77.67%	77.62%	75.27%	59.17%	45.08%	61.75%	71.39%	66.58%	58.52%	51.94%	48.86%	61.07%	45.95%	53.86%	66.45%	59.32%	33.46%	123.36%	89.10%	75.53%	62.85%	55.70%	70.49%	72.32%	78.53%	87.93%	87.23%	85.40%	85.48%	86.32%	92.04%
Gross Profit	340,730,000	293,380,600	232,220,100	192,680,933	161,217,200	138,990,440	117,682,100	381,524,000	351,777,000	363,685,000	350,200,000	308,305,000	245,877,000	198,836,000	190,576,000	185,841,000	173,401,000	159,740,000	145,740,000	106,803,000	161,983,000	123,840,000	76,263,000	99,124,000	185,803,000	-34,375,000	31,025,000	67,796,000	83,881,000	77,254,000	54,760,000	51,327,000	42,041,000	25,035,000	18,902,000	15,900,000	12,400,000	5,500,000	3,000,000
Gross Profit Margin	29.32%	36.22%	38.38%	39.81%	35.64%	33.92%	30.38%	23.64%	22.33%	22.38%	24.73%	40.83%	54.92%	38.25%	28.61%	33.42%	41.48%	48.06%	51.14%	38.93%	54.05%	46.14%	33.55%	40.68%	66.54%	-23.36%	10.90%	24.47%	37.15%	44.30%	29.51%	27.68%	21.47%	12.07%	12.77%	14.60%	14.52%	13.68%	7.96%
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	91,542,000	80,691,600	61,300,300	50,487,333	42,487,600	35,548,640	30,387,500	113,888,000	98,557,000	102,211,000	93,877,000	78,538,000	70,354,000	58,478,000	49,073,000	47,241,000	40,192,000	37,881,000	35,158,000	31,206,000	29,380,000	30,309,000	27,616,000	25,796,000	26,950,000	27,137,000	8,508,000	20,658,000	9,189,000	13,835,000	6,121,000	5,142,000	5,601,000	8,265,000	7,809,000	5,200,000	4,600,000	3,000,000	2,300,000
SG&A Expenses Margin	7.77%	10.06%	9.95%	10.31%	9.87%	8.73%	8.24%	7.06%	6.26%	6.29%	6.63%	10.40%	15.71%	11.25%	7.37%	8.50%	9.61%	11.40%	12.34%	11.37%	9.80%	11.29%	12.15%	10.59%	9.65%	18.44%	2.99%	7.46%	4.07%	7.93%	3.30%	2.77%	2.86%	3.98%	5.28%	4.78%	5.39%	7.46%	6.10%
Operating Expenses	95,102,333	84,025,200	64,263,000	53,600,667	51,892,350	44,540,960	38,247,833	117,888,000	101,653,000	105,582,000	97,099,000	82,626,000	73,416,000	61,403,000	51,925,000	49,819,000	42,715,000	40,383,000	37,662,000	33,697,000	30,716,000	32,724,000	31,616,000	32,627,000	33,686,000	138,852,000	26,687,000	23,094,000	11,518,000	16,263,000	15,182,000	18,767,000	16,616,000	8,849,000	8,311,000	9,400,000	7,700,000	5,500,000	3,000,000
Operating Expenses Margin	8.10%	10.50%	10.48%	11.12%	14.81%	13.46%	12.71%	7.30%	6.45%	6.50%	6.86%	10.94%	16.40%	11.81%	7.80%	8.96%	10.22%	12.15%	13.22%	12.28%	10.25%	12.19%	13.91%	13.39%	12.06%	94.37%	9.38%	8.34%	5.10%	9.33%	8.18%	10.12%	8.49%	4.26%	5.62%	8.63%	9.02%	13.68%	7.96%
Operating Income (EBIT)	245,627,667	209,355,400	167,957,100	139,080,267	109,324,850	94,449,480	79,434,267	263,636,000	250,124,000	258,103,000	253,101,000	225,679,000	172,461,000	137,433,000	138,651,000	136,022,000	130,686,000	119,357,000	108,078,000	73,106,000	131,267,000	91,116,000	44,647,000	66,497,000	152,117,000	-173,227,000	4,338,000	44,702,000	72,363,000	60,991,000	39,578,000	32,560,000	25,425,000	16,186,000	10,591,000	6,500,000	4,700,000	0	0
Operating Income (EBIT) Margin	21.22%	25.72%	27.90%	28.69%	20.84%	20.46%	17.67%	16.33%	15.88%	15.88%	17.87%	29.89%	38.52%	26.44%	20.82%	24.46%	31.26%	35.91%	37.93%	26.65%	43.80%	33.95%	19.64%	27.29%	54.48%	-117.73%	1.52%	16.14%	32.05%	34.97%	21.33%	17.56%	12.99%	7.80%	7.16%	5.97%	5.50%	0.00%	0.00%
Interest Income	1,237,550,667	928,430,200	680,878,300	538,309,800	462,354,350	404,850,000	350,640,900	1,591,542,000	1,559,124,000	1,603,516,000	1,392,288,000	716,848,000	425,965,000	503,534,000	645,093,000	544,284,000	400,532,000	311,900,000	264,823,000	241,067,000	246,729,000	264,670,000	274,687,000	238,711,000	176,493,000	255,695,000	297,758,000	249,922,000	192,572,000	162,901,000	161,559,000	171,870,000	182,413,000	195,420,000	140,377,000	103,600,000	80,200,000	37,400,000	36,400,000
Interest Income Margin	97.32%	96.79%	96.13%	96.59%	98.30%	97.06%	96.67%	98.60%	98.97%	98.69%	98.32%	94.94%	95.14%	96.86%	96.86%	97.89%	95.81%	93.84%	92.93%	87.87%	82.32%	98.61%	120.85%	97.96%	63.20%	173.78%	104.64%	90.21%	85.30%	93.41%	87.05%	92.68%	93.17%	94.18%	94.85%	95.13%	93.91%	93.03%	96.55%
Interest Expense	920,099,333	655,451,600	467,259,100	361,288,467	314,188,300	278,690,480	244,269,367	1,211,961,000	1,216,456,000	1,249,649,000	1,064,741,000	445,908,000	204,014,000	312,946,000	471,958,000	369,848,000	242,885,000	171,626,000	139,016,000	170,720,000	137,276,000	142,690,000	153,382,000	142,668,000	90,585,000	166,980,000	253,305,000	211,632,000	141,937,000	95,549,000	124,307,000	132,771,000	153,147,000	177,722,000	125,419,000	93,000,000	73,000,000	34,700,000	34,700,000
Interest Expense Margin	70.39%	63.39%	61.28%	60.00%	63.71%	65.26%	68.85%	75.08%	77.22%	76.91%	75.19%	59.06%	45.57%	60.20%	70.86%	66.52%	58.10%	51.64%	48.78%	62.23%	45.80%	53.16%	67.48%	58.55%	32.44%	113.49%	89.02%	76.39%	62.87%	54.79%	66.98%	71.60%	78.22%	85.65%	84.75%	85.40%	85.48%	86.32%	92.04%
Net Interest Income	317,451,333	272,978,600	213,619,200	177,021,333	148,166,050	126,159,520	106,371,533	379,581,000	342,668,000	353,867,000	327,547,000	270,940,000	221,951,000	190,588,000	173,135,000	174,436,000	157,647,000	140,274,000	125,807,000	70,347,000	109,453,000	121,980,000	121,305,000	96,043,000	85,908,000	88,715,000	44,453,000	38,290,000	50,635,000	67,352,000	37,252,000	39,099,000	29,266,000	17,698,000	14,958,000	10,600,000	7,200,000	2,700,000	1,700,000
Net Interest Income Margin	26.93%	33.41%	34.85%	36.59%	34.59%	31.80%	27.82%	23.52%	21.75%	21.78%	23.13%	35.89%	49.58%	36.66%	25.99%	31.37%	37.71%	42.20%	44.15%	25.64%	36.52%	45.45%	53.37%	39.41%	30.76%	60.29%	15.62%	13.82%	22.43%	38.62%	20.07%	21.08%	14.95%	8.53%	10.11%	9.73%	8.43%	6.72%	4.51%
Unusual Items	-317,451,333	-272,978,600	-213,619,200	-177,021,333	-148,166,050	-126,159,520	-106,371,533	-379,581,000	-342,668,000	-353,867,000	-327,547,000	-270,940,000	-221,951,000	-190,588,000	-173,135,000	-174,436,000	-157,647,000	-140,274,000	-125,807,000	-70,347,000	-109,453,000	-121,980,000	-121,305,000	-96,043,000	-85,908,000	-88,715,000	-44,453,000	-38,290,000	-50,635,000	-67,352,000	-37,252,000	-39,099,000	-29,266,000	-17,698,000	-14,958,000	-10,600,000	-7,200,000	-2,700,000	-1,700,000
Unusual Items Margin	-26.93%	-33.41%	-34.85%	-36.59%	-34.59%	-31.80%	-27.82%	-23.52%	-21.75%	-21.78%	-23.13%	-35.89%	-49.58%	-36.66%	-25.99%	-31.37%	-37.71%	-42.20%	-44.15%	-25.64%	-36.52%	-45.45%	-53.37%	-39.41%	-30.76%	-60.29%	-15.62%	-13.82%	-22.43%	-38.62%	-20.07%	-21.08%	-14.95%	-8.53%	-10.11%	-9.73%	-8.43%	-6.72%	-4.51%
EBT Excluding Unusual Items	563,079,000	482,334,000	381,576,300	316,101,600	257,490,900	220,609,000	185,805,800	643,217,000	592,792,000	611,970,000	580,648,000	496,619,000	394,412,000	328,021,000	311,786,000	310,458,000	288,333,000	259,631,000	233,885,000	143,453,000	240,720,000	213,096,000	165,952,000	162,540,000	238,025,000	-84,512,000	48,791,000	82,992,000	122,998,000	128,343,000	76,830,000	71,659,000	54,691,000	33,884,000	25,549,000	17,100,000	11,900,000	2,700,000	1,700,000
EBT Excluding Unusual Items Margin	48.15%	59.13%	62.75%	65.28%	55.43%	52.26%	45.49%	39.85%	37.63%	37.66%	41.00%	65.78%	88.10%	63.10%	46.81%	55.84%	68.97%	78.12%	82.08%	52.29%	80.32%	79.39%	73.01%	66.70%	85.24%	-57.44%	17.15%	29.96%	54.48%	73.59%	41.40%	38.64%	27.93%	16.33%	17.26%	15.70%	13.93%	6.72%	4.51%
Pre-Tax Income	245,627,667	209,355,400	167,957,100	139,080,267	109,324,850	94,449,480	79,434,267	263,636,000	250,124,000	258,103,000	253,101,000	225,679,000	172,461,000	137,433,000	138,651,000	136,022,000	130,686,000	119,357,000	108,078,000	73,106,000	131,267,000	91,116,000	44,647,000	66,497,000	152,117,000	-173,227,000	4,338,000	44,702,000	72,363,000	60,991,000	39,578,000	32,560,000	25,425,000	16,186,000	10,591,000	6,500,000	4,700,000	0	0
Pre-Tax Income Margin	21.22%	25.72%	27.90%	28.69%	20.84%	20.46%	17.67%	16.33%	15.88%	15.88%	17.87%	29.89%	38.52%	26.44%	20.82%	24.46%	31.26%	35.91%	37.93%	26.65%	43.80%	33.95%	19.64%	27.29%	54.48%	-117.73%	1.52%	16.14%	32.05%	34.97%	21.33%	17.56%	12.99%	7.80%	7.16%	5.97%	5.50%	0.00%	0.00%
Income Tax Expense	50,514,333	43,340,000	39,641,200	31,649,200	27,004,400	23,844,960	20,023,133	47,631,000	51,826,000	50,910,000	53,098,000	47,535,000	36,372,000	28,785,000	29,105,000	27,942,000	46,369,000	42,057,000	34,239,000	2,824,000	33,752,000	22,156,000	5,797,000	13,797,000	52,517,000	-22,864,000	-83,000	12,689,000	23,091,000	19,751,000	12,308,000	9,809,000	8,419,000	5,749,000	3,670,000	800,000	100,000	0	0
Income Tax Expense Margin	4.39%	5.37%	7.20%	6.72%	5.94%	5.96%	5.08%	2.95%	3.29%	3.13%	3.75%	6.30%	8.12%	5.54%	4.37%	5.03%	11.09%	12.65%	12.02%	1.03%	11.26%	8.25%	2.55%	5.66%	18.81%	-15.54%	-0.03%	4.58%	10.23%	11.33%	6.63%	5.29%	4.30%	2.77%	2.48%	0.73%	0.12%	0.00%	0.00%
Net Income	195,113,333	166,015,400	127,821,900	99,804,400	76,712,450	66,089,080	55,654,233	216,005,000	198,298,000	207,193,000	200,003,000	178,144,000	136,089,000	108,648,000	109,546,000	108,080,000	84,482,000	77,334,000	68,700,000	48,090,000	75,328,000	46,773,000	16,663,000	31,993,000	99,600,000	-150,363,000	6,661,000	32,013,000	49,272,000	41,240,000	27,270,000	22,751,000	16,280,000	10,437,000	6,900,000	5,700,000	4,600,000	800,000	-600,000
Net Income Margin	16.82%	20.35%	20.52%	19.05%	12.75%	12.76%	11.15%	13.38%	12.59%	12.75%	14.12%	23.59%	30.40%	20.90%	16.45%	19.44%	20.21%	23.27%	24.11%	17.53%	25.13%	17.43%	7.33%	13.13%	35.67%	-102.19%	2.34%	11.56%	21.82%	23.65%	14.69%	12.27%	8.32%	5.03%	4.66%	5.23%	5.39%	1.99%	-1.59%
Depreciation and Amortization	0	25,600	12,800	8,533	20,334,750	29,415,720	32,603,100	0	0	0	0	0	128,000	0	0	0	0	0	0	0	0	0	0	0	0	79,404,000	131,183,000	127,475,000	68,505,000	34,750,000	35,606,000	48,713,000	81,707,000	127,922,000	92,200,000	71,800,000	49,900,000	14,300,000	14,500,000
Depreciation and Amortization Margin	0.00%	0.01%	0.00%	0.00%	8.82%	13.81%	20.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.97%	46.10%	46.01%	30.34%	19.93%	19.19%	26.27%	41.73%	61.65%	62.30%	65.93%	58.43%	35.57%	38.46%
EBITDA	245,627,667	209,381,000	167,969,900	139,088,800	129,659,600	123,865,200	112,037,367	263,636,000	250,124,000	258,103,000	253,101,000	225,679,000	172,589,000	137,433,000	138,651,000	136,022,000	130,686,000	119,357,000	108,078,000	73,106,000	131,267,000	91,116,000	44,647,000	66,497,000	152,117,000	-93,823,000	135,521,000	172,177,000	140,868,000	95,741,000	75,184,000	81,273,000	107,132,000	144,108,000	102,791,000	78,300,000	54,600,000	14,300,000	14,500,000
EBITDA Margin	21.22%	25.73%	27.90%	28.69%	29.66%	34.27%	37.87%	16.33%	15.88%	15.88%	17.87%	29.89%	38.55%	26.44%	20.82%	24.46%	31.26%	35.91%	37.93%	26.65%	43.80%	33.95%	19.64%	27.29%	54.48%	-63.77%	47.63%	62.15%	62.40%	54.90%	40.51%	43.83%	54.72%	69.45%	69.46%	71.90%	63.93%	35.57%	38.46%
NOPAT	195,113,333	166,015,400	128,315,900	107,431,067	82,320,450	70,604,520	59,411,133	216,005,000	198,298,000	207,193,000	200,003,000	178,144,000	136,089,000	108,648,000	109,546,000	108,080,000	84,317,000	77,300,000	73,839,000	70,282,000	97,515,000	68,960,000	38,850,000	52,700,000	99,600,000	-150,363,000	4,421,000	32,013,000	49,272,000	41,240,000	27,270,000	22,751,000	17,006,000	10,437,000	6,921,000	5,700,000	4,600,000	0	0
NOPAT Margin	16.82%	20.35%	20.70%	21.97%	14.90%	14.49%	12.59%	13.38%	12.59%	12.75%	14.12%	23.59%	30.40%	20.90%	16.45%	19.44%	20.17%	23.26%	25.91%	25.62%	32.54%	25.69%	17.09%	21.63%	35.67%	-102.19%	1.55%	11.56%	21.82%	23.65%	14.69%	12.27%	8.69%	5.03%	4.68%	5.23%	5.39%	0.00%	0.00%
Owner's Earnings	187,921,000	161,695,200	108,549,300	92,828,067	91,946,750	91,398,400	84,832,000	199,425,000	-78,086,000	201,921,000	182,978,000	178,864,000	355,254,000	-110,541,000	-66,931,000	106,976,000	86,221,000	79,162,000	71,589,000	66,551,000	101,545,000	66,416,000	28,508,000	43,908,000	103,678,000	-70,959,000	135,409,000	159,488,000	118,898,000	75,697,000	62,750,000	71,303,000	97,916,000	138,359,000	99,100,000	77,500,000	54,400,000	15,100,000	13,900,000
Owner's Earnings Margin	16.35%	21.42%	18.59%	19.95%	22.30%	27.14%	31.82%	12.35%	-4.96%	12.43%	12.92%	23.69%	79.35%	-21.26%	-10.05%	19.24%	20.62%	23.82%	25.12%	24.26%	33.88%	24.74%	12.54%	18.02%	37.13%	-48.23%	47.59%	57.57%	52.66%	43.41%	33.81%	38.45%	50.01%	66.68%	66.96%	71.17%	63.70%	37.56%	36.87%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	1,265,306,667	952,692,200	702,089,600	555,623,200	477,403,300	419,870,840	363,898,800	1,624,824,000	1,416,077,000	755,019,000	447,704,000	519,837,000	666,035,000	556,024,000	418,044,000	332,368,000	284,964,000	274,357,000	299,707,000	268,405,000	227,298,000	243,685,000	279,241,000	147,136,000	284,545,000	277,032,000	225,764,000	174,392,000	185,591,000	185,438,000	195,788,000	207,496,000	147,993,000	108,900,000	85,400,000	40,200,000	37,700,000
Cash & Cash Equivalents	917,471,667	939,028,200	750,211,300	796,489,533	715,928,000	682,889,600	606,798,000	1,007,817,000	883,596,000	861,002,000	908,785,000	1,033,941,000	604,381,000	425,256,000	302,022,000	265,229,000	1,210,084,000	1,363,387,000	749,313,000	785,564,000	817,046,000	729,920,000	654,794,000	278,412,000	101,445,000	877,714,000	458,852,000	430,504,000	623,674,000	723,800,000	437,831,000	537,871,000	336,300,000	540,600,000	177,600,000	68,900,000	8,300,000
Cash & Cash Equivalents Margin	79.49%	128.07%	138.43%	205.53%	203.12%	220.74%	221.45%	62.03%	62.40%	114.04%	202.99%	198.90%	90.74%	76.48%	72.25%	79.80%	424.64%	496.94%	250.02%	292.68%	359.46%	299.53%	234.49%	189.22%	35.65%	316.83%	203.24%	246.86%	336.05%	390.32%	223.63%	259.22%	227.24%	496.42%	207.96%	171.39%	22.02%
Short-Term Investments	11,368,586,667	11,014,420,600	9,724,014,900	7,143,433,467	5,370,607,850	4,296,486,280	3,580,405,233	11,467,560,000	10,451,410,000	12,186,790,000	10,164,950,000	10,801,393,000	10,102,868,000	8,192,349,000	7,687,319,000	7,369,536,000	8,815,974,000	7,329,002,000	0	0	2,184,490,000	397,861,000	89,972,000	163,763,000	0	0	6,920,000	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	1,019.31%	1,481.25%	1,754.64%	1,422.80%	1,074.43%	859.54%	716.29%	705.77%	738.05%	1,614.10%	2,270.46%	2,077.84%	1,516.87%	1,473.38%	1,838.88%	2,217.28%	3,093.71%	2,671.34%	0.00%	0.00%	961.07%	163.27%	32.22%	111.30%	0.00%	0.00%	3.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	12,286,058,333	11,953,448,800	10,474,226,200	8,030,954,200	6,333,073,100	5,176,605,680	4,351,561,400	12,475,377,000	11,335,006,000	13,047,792,000	11,073,735,000	11,835,334,000	10,707,249,000	8,617,605,000	7,989,341,000	7,634,765,000	10,026,058,000	8,692,389,000	749,313,000	785,564,000	3,001,536,000	2,493,249,000	1,786,689,000	1,350,508,000	101,445,000	877,714,000	2,080,793,000	430,504,000	623,674,000	723,800,000	437,831,000	537,871,000	336,300,000	540,600,000	177,600,000	68,900,000	8,300,000
Cash & Short-Term Investments Margin	1,098.80%	1,609.32%	1,893.06%	1,665.68%	1,390.86%	1,170.93%	1,013.27%	767.80%	800.45%	1,728.14%	2,473.45%	2,276.74%	1,607.61%	1,549.86%	1,911.12%	2,297.08%	3,518.36%	3,168.28%	250.02%	292.68%	1,320.53%	1,023.14%	639.84%	917.86%	35.65%	316.83%	921.67%	246.86%	336.05%	390.32%	223.63%	259.22%	227.24%	496.42%	207.96%	171.39%	22.02%
Net Receivables	324,754,333	281,789,400	237,674,500	205,743,933	184,811,500	161,767,440	139,286,200	361,091,000	336,960,000	276,212,000	211,142,000	223,542,000	237,637,000	220,446,000	195,173,000	161,653,000	152,889,000	146,336,000	151,105,000	145,203,000	141,723,000	125,047,000	122,194,000	134,167,000	149,743,000	114,288,000	89,679,000	78,002,000	75,308,000	71,214,000	62,257,000	61,175,000	47,300,000	26,600,000	21,400,000	18,000,000	21,100,000
Net Receivables Margin	27.53%	34.55%	39.71%	44.57%	46.86%	44.88%	43.48%	22.22%	23.80%	36.58%	47.16%	43.00%	35.68%	39.65%	46.69%	48.64%	53.65%	53.34%	50.42%	54.10%	62.35%	51.32%	43.76%	91.19%	52.63%	41.25%	39.72%	44.73%	40.58%	38.40%	31.80%	29.48%	31.96%	24.43%	25.06%	44.78%	55.97%
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	143,540,400	94,686,950	75,749,560	63,124,633	0	0	0	0	0	0	0	0	0	0	0	0	0	2,153,106,000	0	0	0	-259,367,000	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Assets Margin	0.00%	0.00%	0.00%	63.15%	42.81%	34.24%	28.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	947.26%	0.00%	0.00%	0.00%	-91.15%	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	12,698,788,333	12,301,999,400	8,506,546,500	6,726,480,333	5,596,142,650	4,600,979,560	3,876,352,967	12,836,468,000	11,671,966,000	13,587,931,000	11,330,211,000	12,083,421,000	10,967,349,000	2,868,220,000	2,717,737,000	2,903,862,000	4,098,300,000	3,407,125,000	3,340,589,000	3,388,607,000	3,111,875,000	2,583,544,000	1,853,867,000	1,423,566,000	2,817,750,000	2,782,163,000	2,148,302,000	508,506,000	698,982,000	795,014,000	500,088,000	599,046,000	383,600,000	567,200,000	199,000,000	86,900,000	29,400,000
Total Current Assets Margin	1,137.98%	1,653.83%	1,339.36%	1,296.13%	1,200.97%	1,026.42%	898.92%	790.02%	824.25%	1,799.68%	2,530.74%	2,324.46%	1,646.66%	515.84%	650.11%	873.69%	1,438.18%	1,241.86%	1,114.62%	1,262.50%	1,369.07%	1,060.20%	663.89%	967.52%	990.27%	1,004.27%	951.57%	291.59%	376.62%	428.72%	255.42%	288.70%	259.20%	520.84%	233.02%	216.17%	77.98%
Property, Plant & Equipment	0	0	-4,106,200	-2,737,467	-1,888,450	-1,510,760	-1,255,633	0	0	0	0	0	0	-13,064,000	-15,707,000	-12,291,000	0	0	0	0	0	0	0	606,000	590,000	2,097,000	0	0	0	0	0	0	0	0	0	0	100,000
Property, Plant & Equipment Margin	0.00%	0.00%	-0.98%	-0.65%	-0.42%	-0.34%	-0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.35%	-3.76%	-3.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.21%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%
Goodwill	0	0	4,106,200	2,737,467	2,053,100	1,642,480	1,368,733	0	0	0	0	0	0	13,064,000	15,707,000	12,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	0.00%	0.00%	0.98%	0.65%	0.49%	0.39%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.35%	3.76%	3.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible 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%
Long-Term Investments	16,589,381,000	15,157,147,000	12,155,087,900	10,104,754,067	8,476,316,950	7,408,720,480	6,361,080,400	18,340,936,000	17,704,640,000	13,722,567,000	13,770,528,000	12,247,064,000	10,716,602,000	12,510,172,000	11,989,990,000	10,548,380,000	0	0	9,187,688,000	8,856,670,000	5,988,037,000	5,988,037,000	4,530,891,000	3,687,103,000	2,047,858,000	3,936,743,000	3,752,433,000	3,315,864,000	3,556,540,000	3,402,377,000	2,900,142,000	2,516,750,000	2,153,400,000	1,363,900,000	1,099,000,000	515,300,000	482,800,000
Long-Term Investments Margin	1,398.86%	1,925.66%	1,952.91%	2,065.74%	1,945.87%	1,890.57%	1,794.03%	1,128.80%	1,250.26%	1,817.51%	3,075.81%	2,355.94%	1,609.01%	2,249.93%	2,868.12%	3,173.71%	0.00%	0.00%	3,065.56%	3,299.74%	2,634.44%	2,457.29%	1,622.57%	2,505.91%	719.70%	1,421.04%	1,662.10%	1,901.39%	1,916.33%	1,834.78%	1,481.27%	1,212.91%	1,455.07%	1,252.43%	1,286.89%	1,281.84%	1,280.64%
Tax Assets	9,339,333	12,441,600	14,234,200	15,828,733	19,444,600	15,555,680	12,963,067	1,544,000	8,470,000	18,004,000	15,869,000	18,321,000	16,510,000	6,369,000	2,048,000	12,291,000	42,916,000	33,391,000	44,045,000	3,123,000	0	14,530,000	24,146,000	87,793,000	30,239,000	6,886,000	2,397,000	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	1.03%	2.03%	3.30%	4.47%	7.48%	5.98%	4.98%	0.10%	0.60%	2.38%	3.54%	3.52%	2.48%	1.15%	0.49%	3.70%	15.06%	12.17%	14.70%	1.16%	0.00%	5.96%	8.65%	59.67%	10.63%	2.49%	1.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	96,569,333	60,160,800	1,012,295,200	650,963,600	-298,567,000	-238,853,600	-199,044,667	145,794,000	139,306,000	4,608,000	4,401,000	6,695,000	8,913,000	3,309,567,000	3,082,499,000	2,141,487,000	1,279,682,000	1,682,684,000	789,458,000	373,801,000	2,783,596,000	-5,988,037,000	-4,530,891,000	-3,687,709,000	-1,400,858,000	-3,163,419,000	-2,952,917,000	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets Margin	6.47%	4.34%	244.90%	148.82%	-241.94%	-193.55%	-161.29%	8.97%	9.84%	0.61%	0.98%	1.29%	1.34%	595.22%	737.36%	644.31%	449.07%	613.32%	263.41%	139.27%	1,224.65%	-2,457.29%	-1,622.57%	-2,506.33%	-492.32%	-1,141.90%	-1,307.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Assets	0	0	0	298,549,733	940,958,100	754,570,600	638,028,833	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,403,594,000	6,881,840,000	4,260,800,000	3,595,948,000	2,129,624,000	2,164,624,000	2,189,920,000	0	0	0	0	45,103,000	53,400,000	172,300,000	50,100,000	600,000	200,000
Other Assets Margin	0.00%	0.00%	0.00%	117.77%	411.81%	330.32%	283.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,057.46%	2,824.07%	1,525.85%	2,443.96%	748.43%	781.36%	970.00%	0.00%	0.00%	0.00%	0.00%	21.74%	36.08%	158.22%	58.67%	1.49%	0.53%
Total Non-Current Assets	16,695,289,667	15,229,749,400	14,603,392,900	12,557,513,200	9,425,707,950	8,172,596,360	6,997,810,300	18,488,274,000	17,852,416,000	13,745,179,000	13,790,798,000	12,272,080,000	10,742,025,000	15,826,108,000	15,074,537,000	12,702,158,000	15,540,354,000	14,287,821,000	10,021,191,000	9,233,594,000	8,771,633,000	14,530,000	24,146,000	87,793,000	30,239,000	6,886,000	2,397,000	3,338,311,000	3,600,668,000	3,427,901,000	2,917,120,000	2,516,750,000	2,153,400,000	1,368,800,000	1,099,000,000	515,300,000	482,900,000
Total Non-Current Assets Margin	1,406.36%	1,932.03%	2,700.04%	2,857.14%	2,146.98%	2,053.81%	1,930.23%	1,137.86%	1,260.70%	1,820.51%	3,080.34%	2,360.76%	1,612.83%	2,846.30%	3,605.97%	3,821.72%	5,453.44%	5,207.75%	3,343.66%	3,440.17%	3,859.09%	5.96%	8.65%	59.67%	10.63%	2.49%	1.06%	1,914.26%	1,940.11%	1,848.54%	1,489.94%	1,212.91%	1,455.07%	1,256.93%	1,286.89%	1,281.84%	1,280.90%
Total Assets	29,394,078,000	27,531,748,800	22,700,109,400	19,082,181,600	15,587,537,450	13,227,929,520	11,256,244,600	31,324,742,000	29,524,382,000	27,333,110,000	25,121,009,000	24,355,501,000	21,709,374,000	18,694,328,000	17,792,274,000	15,606,020,000	15,540,354,000	14,287,821,000	13,361,780,000	12,622,201,000	9,479,914,000	9,479,914,000	6,138,813,000	5,107,307,000	4,977,613,000	4,953,673,000	4,340,619,000	3,846,817,000	4,299,650,000	4,222,915,000	3,417,208,000	3,160,899,000	2,590,400,000	1,935,300,000	1,348,100,000	602,800,000	512,500,000
Total Assets Margin	2,544.34%	3,585.86%	3,895.59%	4,092.37%	3,625.76%	3,303.35%	3,018.29%	1,927.89%	2,084.94%	3,620.19%	5,611.08%	4,685.22%	3,259.49%	3,362.14%	4,256.08%	4,695.40%	5,453.44%	5,207.75%	4,458.28%	4,702.67%	4,170.70%	3,890.23%	2,198.39%	3,471.15%	1,749.32%	1,788.12%	1,922.64%	2,205.84%	2,316.73%	2,277.27%	1,745.36%	1,523.35%	1,750.35%	1,777.13%	1,578.57%	1,499.50%	1,359.42%
Accounts Payable	284,297,667	221,047,800	156,823,600	141,585,533	115,959,700	97,920,520	83,367,100	407,640,000	258,503,000	186,750,000	130,729,000	121,617,000	129,040,000	108,634,000	89,498,000	59,115,000	76,710,000	129,607,000	63,758,000	65,489,000	239,562,000	57,131,000	39,562,000	40,470,000	50,004,000	36,125,000	29,250,000	25,511,000	26,342,000	29,756,000	26,358,000	20,852,000	18,500,000	9,100,000	9,800,000	7,200,000	8,400,000
Accounts Payable Margin	22.69%	24.13%	22.57%	29.83%	26.63%	24.04%	22.45%	25.09%	18.25%	24.73%	29.20%	23.40%	19.37%	19.54%	21.41%	17.79%	26.92%	47.24%	21.27%	24.40%	105.40%	23.44%	14.17%	27.51%	17.57%	13.04%	12.96%	14.63%	14.19%	16.05%	13.46%	10.05%	12.50%	8.36%	11.48%	17.91%	22.28%
Short-Term Debt	8,852,988,667	6,709,153,000	4,356,484,700	4,048,634,067	3,893,250,350	3,624,610,680	3,171,185,567	10,437,623,000	8,087,168,000	8,034,175,000	6,986,799,000	0	10,019,082,000	0	0	0	0	0	0	6,567,366,000	6,087,879,000	4,509,419,000	3,662,898,000	3,757,099,000	3,829,698,000	3,298,097,000	2,587,704,000	2,620,172,000	2,799,384,000	2,895,746,000	2,233,267,000	2,201,691,000	1,722,100,000	1,473,700,000	856,000,000	261,100,000	207,400,000
Short-Term Debt Margin	759.19%	767.63%	534.25%	821.21%	993.30%	1,065.60%	1,045.30%	642.38%	571.10%	1,064.10%	1,560.58%	0.00%	1,504.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,446.81%	2,678.37%	1,850.51%	1,311.73%	2,553.49%	1,345.90%	1,190.51%	1,146.20%	1,502.46%	1,508.36%	1,561.57%	1,140.66%	1,061.08%	1,163.64%	1,353.26%	1,002.34%	649.50%	550.13%
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	0	0	-3,373,241,700	-2,747,731,800	-2,060,798,850	-1,638,915,760	-1,365,366,467	0	0	0	0	0	0	-7,865,684,000	-8,179,324,000	-8,499,238,000	-9,188,171,000	-7,483,560,000	0	0	0	0	0	0	0	0	0	0	94,700,000	111,045,000	37,338,000	0	6,700,000	3,300,000	1,400,000	0	500,000
Other Current Liabilities Margin	0.00%	0.00%	-915.27%	-792.03%	-594.02%	-470.02%	-391.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,414.63%	-1,956.57%	-2,557.18%	-3,224.33%	-2,727.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.03%	59.88%	19.07%	0.00%	4.53%	3.03%	1.64%	0.00%	1.33%
Total Current Liabilities	9,137,286,333	6,930,200,800	4,479,912,600	4,215,716,867	4,030,531,850	3,753,452,800	3,281,057,333	10,845,263,000	8,345,671,000	8,220,925,000	7,117,528,000	121,617,000	10,148,122,000	0	0	0	0	0	53,772,000	6,632,855,000	6,765,000,000	4,985,000,000	3,725,905,000	3,818,101,000	3,879,702,000	3,334,222,000	2,616,954,000	2,645,683,000	2,950,000,000	3,054,000,000	2,315,000,000	2,261,000,000	1,753,000,000	1,489,000,000	870,000,000	266,400,000	217,000,000
Total Current Liabilities Margin	781.89%	791.77%	548.25%	866.24%	1,032.45%	1,106.98%	1,082.78%	667.47%	589.35%	1,088.84%	1,589.78%	23.40%	1,523.66%	0.00%	0.00%	0.00%	0.00%	0.00%	17.94%	2,471.21%	2,976.27%	2,045.67%	1,334.30%	2,594.95%	1,363.48%	1,203.55%	1,159.15%	1,517.09%	1,589.52%	1,646.91%	1,182.40%	1,089.66%	1,184.52%	1,367.31%	1,018.74%	662.69%	575.60%
Long-Term Debt	18,693,502,667	19,192,312,400	14,757,630,600	11,533,435,133	9,158,823,000	7,515,841,760	6,332,861,467	18,863,179,000	19,600,443,000	17,616,886,000	16,708,351,000	23,172,703,000	20,715,152,000	10,015,604,000	8,837,735,000	6,365,681,000	5,680,572,000	5,895,400,000	5,262,929,000	5,202,360,000	4,806,465,000	4,258,067,000	1,957,239,000	887,999,000	4,626,477,000	1,296,691,000	1,406,527,000	862,201,000	1,136,110,000	985,318,000	968,463,000	767,492,000	750,300,000	365,500,000	402,800,000	287,100,000	284,100,000
Long-Term Debt Margin	1,626.13%	2,613.61%	2,400.23%	2,247.16%	1,886.44%	1,609.25%	1,433.78%	1,160.94%	1,384.14%	2,333.30%	3,732.01%	4,457.69%	3,110.22%	1,801.29%	2,114.07%	1,915.25%	1,993.43%	2,148.81%	1,756.02%	1,938.25%	2,114.61%	1,747.37%	700.91%	603.52%	1,625.92%	468.07%	623.01%	494.40%	612.16%	531.35%	494.65%	369.88%	506.98%	335.63%	471.66%	714.18%	753.58%
Capital Lease Obligations	0	0	61,427,700	44,992,867	33,744,650	26,995,720	22,496,433	0	0	0	0	0	0	204,759,000	204,759,000	204,759,000	0	0	0	0	30,308,000	30,308,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.00%	0.00%	14.74%	11.55%	8.66%	6.93%	5.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.83%	48.98%	61.61%	0.00%	0.00%	0.00%	0.00%	13.33%	12.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	0	0	0	16,667	12,500	10,000	8,333	0	0	0	0	0	0	0	0	0	0	0	0	0	250,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	172,340,000	133,430,800	-894,312,500	-558,415,133	-569,589,850	-449,438,120	-374,301,767	127,274,000	166,405,000	223,341,000	81,430,000	68,704,000	-9,953,176,000	60,483,000	67,069,000	97,454,000	117,891,000	127,032,000	121,843,000	194,024,000	0	123,999,000	259,478,000	330,905,000	-3,752,159,000	74,271,000	71,935,000	102,081,000	-110,000	-318,000	54,683,000	-492,000	-300,000	-500,000	4,400,000	2,400,000	900,000
Other Non-Current Liabilities Margin	16.39%	16.11%	-131.62%	-73.74%	-102.41%	-78.49%	-64.98%	7.83%	11.75%	29.58%	18.19%	13.22%	-1,494.39%	10.88%	16.04%	29.32%	41.37%	46.30%	40.65%	72.29%	0.00%	50.88%	92.92%	224.90%	-1,318.65%	26.81%	31.86%	58.54%	-0.06%	-0.17%	27.93%	-0.24%	-0.20%	-0.46%	5.15%	5.97%	2.39%
Total Non-Current Liabilities	18,865,842,667	19,325,743,200	13,850,562,900	10,968,506,067	8,587,095,400	7,064,693,440	5,957,101,200	18,990,453,000	19,766,848,000	17,840,227,000	16,789,781,000	23,241,407,000	10,761,976,000	10,015,604,000	8,837,735,000	6,463,135,000	5,798,463,000	6,022,432,000	5,384,772,000	5,396,384,000	4,806,000,000	4,412,374,000	2,216,717,000	1,273,858,000	874,318,000	1,370,962,000	1,478,462,000	964,282,000	1,136,000,000	985,000,000	1,023,146,000	767,000,000	750,000,000	365,000,000	407,200,000	289,500,000	284,000,000
Total Non-Current Liabilities Margin	1,642.51%	2,629.73%	2,265.92%	2,172.44%	1,785.16%	1,531.67%	1,369.46%	1,168.77%	1,395.89%	2,362.88%	3,750.20%	4,470.90%	1,615.83%	1,801.29%	2,114.07%	1,944.57%	2,034.81%	2,195.11%	1,796.68%	2,010.54%	2,114.40%	1,810.69%	793.84%	865.77%	307.27%	494.87%	654.87%	552.94%	612.10%	531.17%	522.58%	369.65%	506.78%	335.17%	476.81%	720.15%	753.32%
Total Liabilities	28,003,129,000	26,255,944,000	21,716,472,400	18,232,622,667	14,890,497,300	12,634,266,400	10,751,458,667	29,835,716,000	28,112,519,000	26,061,152,000	23,907,309,000	23,363,024,000	20,910,098,000	17,941,771,000	17,084,128,000	14,962,373,000	14,986,634,000	13,505,992,000	12,787,311,000	12,029,239,000	9,001,037,000	9,001,037,000	5,818,255,000	4,950,660,000	4,754,020,000	4,705,184,000	4,092,487,000	3,609,965,000	4,086,396,000	4,039,344,000	3,282,771,000	3,028,238,000	2,503,300,000	1,854,400,000	1,273,000,000	555,600,000	500,800,000
Total Liabilities Margin	2,424.40%	3,421.50%	3,732.13%	3,909.75%	3,463.82%	3,154.51%	2,881.94%	1,836.24%	1,985.24%	3,451.72%	5,339.98%	4,494.30%	3,139.49%	3,226.80%	4,086.68%	4,501.75%	5,259.13%	4,922.78%	4,266.60%	4,481.75%	3,960.02%	3,693.72%	2,083.60%	3,364.68%	1,670.74%	1,698.43%	1,812.73%	2,070.03%	2,201.83%	2,178.27%	1,676.70%	1,459.42%	1,691.50%	1,702.85%	1,490.63%	1,382.09%	1,328.38%
Preferred Stock	460,070,333	445,589,200	327,535,600	247,412,133	194,148,000	159,518,400	132,988,667	411,149,000	484,531,000	484,531,000	484,531,000	363,204,000	228,374,000	204,759,000	204,759,000	204,759,000	204,759,000	204,759,000	58,333,000	57,578,000	57,578,000	57,578,000	57,578,000	9,200,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000	0	0	1,700,000	0	0	0	0
Preferred Stock Margin	41.23%	60.36%	55.53%	47.99%	39.36%	33.80%	28.20%	25.30%	34.22%	64.17%	108.23%	69.87%	34.29%	36.83%	48.98%	61.61%	71.85%	74.63%	19.46%	21.45%	25.33%	23.63%	20.62%	6.25%	12.30%	12.63%	15.50%	20.07%	18.86%	18.87%	0.00%	0.00%	1.15%	0.00%	0.00%	0.00%	0.00%
Common Stock	10,844,667	10,807,400	10,726,300	10,690,400	10,611,150	10,818,120	9,738,433	10,891,000	10,842,000	10,801,000	10,766,000	10,737,000	10,712,000	10,669,000	10,619,000	10,539,000	10,687,000	10,937,000	10,886,000	10,702,000	10,284,000	10,284,000	10,142,000	10,132,000	9,895,000	10,607,000	11,091,000	11,822,000	12,054,000	11,638,000	11,564,000	11,152,000	10,900,000	10,800,000	0	0	0
Common Stock Margin	0.96%	1.47%	2.03%	2.71%	3.17%	3.77%	3.72%	0.67%	0.77%	1.43%	2.40%	2.07%	1.61%	1.92%	2.54%	3.17%	3.75%	3.99%	3.63%	3.99%	4.52%	4.22%	3.63%	6.89%	3.48%	3.83%	4.91%	6.78%	6.49%	6.28%	5.91%	5.37%	7.37%	9.92%	0.00%	0.00%	0.00%
Retained Earnings	821,828,333	712,720,400	524,364,600	387,830,200	305,100,150	255,622,000	212,398,333	943,239,000	823,716,000	698,530,000	588,557,000	509,560,000	457,047,000	393,351,000	322,704,000	275,714,000	231,228,000	201,013,000	168,877,000	102,243,000	50,837,000	50,837,000	28,127,000	-52,144,000	94,357,000	112,577,000	101,633,000	103,135,000	79,843,000	54,813,000	33,518,000	17,238,000	6,800,000	-100,000	-5,900,000	-9,300,000	-10,100,000
Retained Earnings Margin	69.58%	87.64%	81.89%	68.65%	56.16%	51.22%	40.94%	58.05%	58.17%	92.52%	131.46%	98.02%	68.62%	70.74%	77.19%	82.95%	81.14%	73.27%	56.35%	38.09%	22.37%	20.86%	10.07%	-35.44%	33.16%	40.64%	45.02%	59.14%	43.02%	29.56%	17.12%	8.31%	4.59%	-0.09%	-6.91%	-23.13%	-26.79%
Accumulated OCI	-34,378,333	-22,641,000	-3,058,600	5,284,267	2,625,800	3,553,000	2,964,167	-12,147,000	-40,145,000	-50,843,000	3,853,000	-13,923,000	-16,161,000	24,956,000	51,085,000	33,758,000	-11,019,000	15,533,000	-16,202,000	73,969,000	18,275,000	18,275,000	3,254,000	-47,412,000	-2,793,000	4,956,000	15,247,000	-882,000	-2,295,000	-407,000	8,395,000	31,498,000	-1,700,000	200,000	1,200,000	300,000	100,000
Accumulated OCI Margin	-3.44%	-2.43%	0.84%	3.45%	1.41%	1.83%	1.58%	-0.75%	-2.83%	-6.73%	0.86%	-2.68%	-2.43%	4.49%	12.22%	10.16%	-3.87%	5.66%	-5.41%	27.56%	8.04%	7.50%	1.17%	-32.22%	-0.98%	1.79%	6.75%	-0.51%	-1.24%	-0.22%	4.29%	15.18%	-1.15%	0.18%	1.41%	0.75%	0.27%
Minority Interest	0	0	42,500	80,257,667	60,193,250	48,154,600	40,128,833	0	0	0	0	0	0	0	0	222,000	203,000	236,028,000	241,853,000	241,853,000	241,853,000	241,853,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.01%	30.84%	23.13%	18.50%	15.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.07%	86.03%	80.70%	90.11%	106.40%	99.25%	0.00%	0.00%	0.00%	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	1,390,949,000	1,275,804,800	983,594,500	769,301,267	623,563,600	534,881,880	455,801,567	1,489,026,000	1,411,863,000	1,271,958,000	1,213,700,000	992,477,000	799,276,000	752,557,000	708,146,000	643,425,000	553,517,000	545,801,000	332,616,000	351,109,000	237,024,000	237,024,000	196,191,000	15,348,000	223,593,000	248,489,000	248,132,000	236,852,000	213,254,000	183,571,000	134,437,000	132,661,000	87,100,000	80,900,000	75,100,000	47,200,000	11,700,000
Total Shareholders’ Equity Margin	119.94%	164.37%	163.44%	151.78%	131.78%	124.71%	116.25%	91.64%	99.70%	168.47%	271.09%	190.92%	120.01%	135.35%	169.40%	193.59%	194.24%	198.94%	110.98%	130.81%	104.28%	97.27%	70.26%	10.43%	78.58%	89.70%	109.91%	135.82%	114.91%	98.99%	68.66%	63.93%	58.85%	74.29%	87.94%	117.41%	31.03%
Total Equity	1,390,949,000	1,275,804,800	983,637,000	849,558,933	683,756,850	583,036,480	495,930,400	1,489,026,000	1,411,863,000	1,271,958,000	1,213,700,000	992,477,000	799,276,000	752,557,000	708,146,000	643,647,000	553,720,000	781,829,000	574,469,000	592,962,000	478,877,000	478,877,000	196,191,000	15,348,000	223,593,000	248,489,000	248,132,000	236,852,000	213,254,000	183,571,000	134,437,000	132,661,000	87,100,000	80,900,000	75,100,000	47,200,000	11,700,000
Total Equity Margin	119.94%	164.37%	163.45%	182.62%	154.91%	143.22%	131.67%	91.64%	99.70%	168.47%	271.09%	190.92%	120.01%	135.35%	169.40%	193.65%	194.31%	284.97%	191.68%	220.92%	210.68%	196.51%	70.26%	10.43%	78.58%	89.70%	109.91%	135.82%	114.91%	98.99%	68.66%	63.93%	58.85%	74.29%	87.94%	117.41%	31.03%
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	27,957,967,667	26,171,567,600	22,959,081,400	18,710,608,667	14,905,858,450	12,552,353,680	10,647,441,400	29,808,496,000	28,156,050,000	25,909,357,000	23,935,478,000	23,048,457,000	20,819,470,000	20,702,521,000	19,677,309,000	17,917,916,000	19,615,760,000	17,100,065,000	9,187,688,000	8,856,670,000	8,172,527,000	7,751,366,000	4,335,550,000	3,385,455,000	2,047,858,000	3,936,743,000	3,752,433,000	3,315,864,000	3,556,540,000	3,402,377,000	2,900,142,000	2,516,750,000	2,153,400,000	1,363,900,000	1,099,000,000	515,300,000	482,800,000
Total Investments Margin	2,418.17%	3,406.91%	4,086.53%	4,015.99%	3,394.81%	3,049.71%	2,759.99%	1,834.57%	1,988.31%	3,431.62%	5,346.27%	4,433.79%	3,125.88%	3,723.31%	4,706.99%	5,390.99%	6,883.59%	6,232.78%	3,065.56%	3,299.74%	3,595.51%	3,180.90%	1,552.62%	2,300.90%	719.70%	1,421.04%	1,662.10%	1,901.39%	1,916.33%	1,834.78%	1,481.27%	1,212.91%	1,455.07%	1,252.43%	1,286.89%	1,281.84%	1,280.64%
Net Debt	26,629,019,667	24,962,437,200	21,703,750,000	17,995,509,133	14,549,354,600	12,228,130,240	10,372,658,533	28,292,985,000	26,804,015,000	24,790,059,000	22,786,365,000	22,138,762,000	30,129,853,000	17,347,398,000	16,625,539,000	14,540,575,000	13,581,949,000	11,885,966,000	11,852,397,000	10,984,162,000	10,104,738,000	8,067,874,000	4,965,343,000	4,366,686,000	4,472,902,000	3,717,074,000	3,532,450,000	3,051,869,000	3,311,820,000	3,157,264,000	2,763,899,000	2,431,312,000	2,136,100,000	1,298,600,000	1,081,200,000	477,400,000	483,200,000
Net Debt Margin	2,305.83%	3,253.18%	3,702.76%	3,810.89%	3,319.38%	2,968.32%	2,685.98%	1,741.30%	1,892.84%	3,283.37%	5,089.60%	4,258.79%	4,523.76%	3,119.90%	3,976.98%	4,374.84%	4,766.20%	4,332.30%	3,954.66%	4,092.38%	4,445.59%	3,310.78%	1,778.16%	2,967.79%	1,571.95%	1,341.75%	1,564.66%	1,750.01%	1,784.47%	1,702.60%	1,411.68%	1,171.74%	1,443.38%	1,192.47%	1,266.04%	1,187.56%	1,281.70%

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	1,265,306,667	952,692,200	702,089,600	555,623,200	477,403,300	419,870,840	363,898,800	1,624,824,000	1,416,077,000	755,019,000	447,704,000	519,837,000	666,035,000	556,024,000	418,044,000	332,368,000	284,964,000	274,357,000	299,707,000	268,405,000	227,298,000	243,685,000	279,241,000	147,136,000	284,545,000	277,032,000	225,764,000	174,392,000	185,591,000	185,438,000	195,788,000	207,496,000	147,993,000	108,900,000	85,400,000	40,200,000	37,700,000
Working Capital	3,561,502,000	5,371,798,600	4,026,633,900	2,510,763,467	1,565,610,800	847,526,760	595,295,633	1,991,205,000	3,326,295,000	5,367,006,000	4,212,683,000	11,961,804,000	819,227,000	2,868,220,000	2,717,737,000	2,903,862,000	4,098,300,000	3,407,125,000	3,286,817,000	-3,244,248,000	-3,653,125,000	-2,401,456,000	-1,872,038,000	-2,394,535,000	-1,061,952,000	-552,059,000	-468,652,000	-2,137,177,000	-2,251,018,000	-2,258,986,000	-1,814,912,000	-1,661,954,000	-1,369,400,000	-921,800,000	-671,000,000	-179,500,000	-187,600,000
Working Capital Margin	356.10%	862.06%	791.11%	429.89%	168.52%	-80.57%	-183.86%	122.55%	234.90%	710.84%	940.95%	2,301.07%	123.00%	515.84%	650.11%	873.69%	1,438.18%	1,241.86%	1,096.68%	-1,208.71%	-1,607.20%	-985.48%	-670.40%	-1,627.43%	-373.21%	-199.28%	-207.58%	-1,225.50%	-1,212.89%	-1,218.19%	-926.98%	-800.96%	-925.31%	-846.46%	-785.71%	-446.52%	-497.61%
Total Capital	28,937,440,333	27,177,270,200	23,437,555,800	19,561,299,933	15,888,846,200	13,445,901,720	11,435,258,100	30,789,828,000	29,099,474,000	26,923,019,000	24,908,850,000	24,165,180,000	31,533,510,000	18,525,211,000	17,635,707,000	15,449,229,000	15,345,550,000	13,795,154,000	12,934,326,000	12,120,835,000	11,158,808,000	9,034,818,000	5,816,328,000	4,660,446,000	4,797,940,000	4,843,277,000	4,239,434,000	3,719,225,000	4,148,748,000	4,064,635,000	3,336,167,000	3,101,844,000	2,559,500,000	1,920,100,000	1,333,900,000	593,500,000	503,200,000
Total Capital Margin	2,505.26%	3,545.61%	4,004.62%	4,168.19%	3,654.27%	3,313.77%	3,023.67%	1,894.96%	2,054.94%	3,565.87%	5,563.69%	4,648.61%	4,734.51%	3,331.73%	4,218.62%	4,648.23%	5,385.08%	5,028.18%	4,315.66%	4,515.88%	4,909.33%	3,707.58%	2,082.91%	3,167.44%	1,686.18%	1,748.27%	1,877.82%	2,132.68%	2,235.43%	2,191.91%	1,703.97%	1,494.89%	1,729.47%	1,763.18%	1,561.94%	1,476.37%	1,334.75%
Capital Employed	20,256,791,667	20,601,548,000	18,220,196,800	14,866,464,733	11,557,005,600	9,474,476,720	7,975,187,267	20,479,479,000	21,178,711,000	19,112,185,000	18,003,481,000	24,233,884,000	11,561,252,000	18,694,328,000	17,792,274,000	15,606,020,000	15,540,354,000	14,287,821,000	13,308,008,000	5,989,346,000	2,714,914,000	4,494,914,000	2,412,908,000	1,289,206,000	1,097,911,000	1,619,451,000	1,723,665,000	1,201,134,000	1,349,650,000	1,168,915,000	1,102,208,000	899,899,000	837,400,000	446,300,000	478,100,000	336,400,000	295,500,000
Capital Employed Margin	1,762.45%	2,794.09%	3,347.34%	3,226.13%	2,593.31%	2,196.36%	1,935.51%	1,260.41%	1,495.59%	2,531.35%	4,021.29%	4,661.82%	1,735.83%	3,362.14%	4,256.08%	4,695.40%	5,453.44%	5,207.75%	4,440.34%	2,231.46%	1,194.43%	1,844.56%	864.10%	876.20%	385.85%	584.57%	763.48%	688.76%	727.22%	630.35%	562.96%	433.69%	565.84%	409.83%	559.84%	836.82%	783.82%
Invested Capital	28,019,968,667	26,238,242,000	22,687,344,500	18,764,810,400	15,172,918,200	12,763,012,120	10,828,460,100	29,782,011,000	28,215,878,000	26,062,017,000	24,000,065,000	23,131,239,000	30,929,129,000	18,099,955,000	17,333,685,000	15,184,000,000	14,135,466,000	12,431,767,000	12,185,013,000	11,335,271,000	10,341,762,000	8,304,898,000	5,161,534,000	4,382,034,000	4,696,495,000	3,965,563,000	3,780,582,000	3,288,721,000	3,525,074,000	3,340,835,000	2,898,336,000	2,563,973,000	2,223,200,000	1,379,500,000	1,156,300,000	524,600,000	494,900,000
Invested Capital Margin	2,425.77%	3,417.54%	3,866.20%	3,962.67%	3,451.16%	3,093.04%	2,802.22%	1,832.94%	1,992.54%	3,451.84%	5,360.70%	4,449.71%	4,643.77%	3,255.25%	4,146.38%	4,568.43%	4,960.44%	4,531.24%	4,065.64%	4,223.20%	4,549.87%	3,408.05%	1,848.42%	2,978.22%	1,650.53%	1,431.45%	1,674.57%	1,885.82%	1,899.38%	1,801.59%	1,480.34%	1,235.67%	1,502.23%	1,266.76%	1,353.98%	1,304.98%	1,312.73%

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	1,265,306,667	952,692,200	702,089,600	555,623,200	477,403,300	419,870,840	363,898,800	1,624,824,000	1,416,077,000	755,019,000	447,704,000	519,837,000	666,035,000	556,024,000	418,044,000	332,368,000	284,964,000	274,357,000	299,707,000	268,405,000	227,298,000	243,685,000	279,241,000	147,136,000	284,545,000	277,032,000	225,764,000	174,392,000	185,591,000	185,438,000	195,788,000	207,496,000	147,993,000	108,900,000	85,400,000	40,200,000	37,700,000
Net Income	195,113,333	165,249,600	127,933,000	107,175,800	81,252,750	69,290,440	58,308,700	207,193,000	200,003,000	178,144,000	132,260,000	108,648,000	109,546,000	108,080,000	84,317,000	77,300,000	73,839,000	70,282,000	97,515,000	68,960,000	38,850,000	52,700,000	99,600,000	-150,363,000	6,661,000	32,013,000	29,507,000	30,468,000	27,270,000	22,751,000	16,280,000	10,437,000	6,900,000	5,700,000	4,600,000	400,000	-600,000
Net Income Margin	16.82%	20.18%	20.61%	21.91%	14.46%	13.88%	12.05%	12.75%	14.12%	23.59%	29.54%	20.90%	16.45%	19.44%	20.17%	23.26%	25.91%	25.62%	32.54%	25.69%	17.09%	21.63%	35.67%	-102.19%	2.34%	11.56%	13.07%	17.47%	14.69%	12.27%	8.32%	5.03%	4.66%	5.23%	5.39%	1.00%	-1.59%
Depreciation & Amortization	-5,435,000	-3,265,800	-18,745,400	-6,624,867	15,497,900	25,534,520	29,368,767	0	-17,025,000	720,000	219,165,000	-219,189,000	-176,477,000	-1,104,000	1,739,000	1,828,000	2,889,000	18,461,000	26,217,000	19,643,000	11,845,000	11,915,000	4,078,000	79,404,000	128,748,000	127,475,000	69,626,000	34,457,000	35,606,000	48,713,000	81,707,000	127,922,000	92,200,000	71,800,000	49,900,000	14,300,000	14,500,000
Depreciation & Amortization Margin	-0.37%	1.14%	-1.90%	0.92%	9.57%	14.40%	20.69%	0.00%	-1.20%	0.10%	48.95%	-42.16%	-26.50%	-0.20%	0.42%	0.55%	1.01%	6.73%	8.75%	7.32%	5.21%	4.89%	1.46%	53.97%	45.25%	46.01%	30.84%	19.76%	19.19%	26.27%	41.73%	61.65%	62.30%	65.93%	58.43%	35.57%	38.46%
Deferred Income Tax	6,365,333	2,946,000	2,946,000	513,733	-508,000	-438,760	-365,633	0	6,690,000	12,406,000	-1,960,000	-2,406,000	789,000	2,625,000	3,221,000	4,103,000	3,992,000	-6,979,000	6,670,000	-1,982,000	-18,939,000	-524,000	35,615,000	-40,378,000	-17,090,000	2,171,000	1,816,000	2,371,000	-221,000	-2,959,000	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.71%	0.24%	0.52%	-0.29%	-1.17%	-0.95%	-0.80%	0.00%	0.47%	1.64%	-0.44%	-0.46%	0.12%	0.47%	0.77%	1.23%	1.40%	-2.54%	2.23%	-0.74%	-8.33%	-0.22%	12.75%	-27.44%	-6.01%	0.78%	0.80%	1.36%	-0.12%	-1.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	6,504,333	5,590,400	4,204,100	3,733,200	3,378,350	2,702,680	2,252,233	8,088,000	6,801,000	4,624,000	4,311,000	4,128,000	2,258,000	2,517,000	2,702,000	3,343,000	3,269,000	2,859,000	2,967,000	2,428,000	2,929,000	2,774,000	2,694,000	2,759,000	3,680,000	2,436,000	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.53%	0.67%	0.69%	0.82%	0.87%	0.69%	0.58%	0.50%	0.48%	0.61%	0.96%	0.79%	0.34%	0.45%	0.65%	1.01%	1.15%	1.04%	0.99%	0.90%	1.29%	1.14%	0.96%	1.88%	1.29%	0.88%	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	19,231,333	19,260,200	10,705,900	3,130,867	-203,900	-1,167,440	-3,582,867	144,567,000	43,622,000	-130,495,000	39,092,000	-485,000	-10,246,000	-11,895,000	-150,000	32,048,000	1,001,000	-43,805,000	48,144,000	-50,724,000	-29,413,000	15,702,000	78,428,000	-106,265,000	-1,219,000	5,921,000	-27,906,000	-11,874,000	-6,037,000	-4,868,000	6,491,000	-8,820,000	-17,200,000	-7,300,000	-38,600,000	-10,500,000	-4,700,000
Change in Working Capital Margin	-1.77%	0.67%	0.96%	-1.05%	-3.52%	-3.36%	-6.21%	8.90%	3.08%	-17.28%	8.73%	-0.09%	-1.54%	-2.14%	-0.04%	9.64%	0.35%	-15.97%	16.06%	-18.90%	-12.94%	6.44%	28.09%	-72.22%	-0.43%	2.14%	-12.36%	-6.81%	-3.25%	-2.63%	3.32%	-4.25%	-11.62%	-6.70%	-45.20%	-26.12%	-12.47%
Accounts Receivable	-53,389,000	-28,907,400	-23,726,100	-16,126,867	-12,095,150	-9,676,120	-8,063,433	-31,789,000	-65,644,000	-62,734,000	4,412,000	11,218,000	-19,139,000	-26,054,000	-32,374,000	-8,604,000	-6,553,000	4,775,000	-5,950,000	-3,467,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-4.97%	-2.35%	-3.19%	-2.23%	-1.67%	-1.34%	-1.12%	-1.96%	-4.64%	-8.31%	0.99%	2.16%	-2.87%	-4.69%	-7.74%	-2.59%	-2.30%	1.74%	-1.99%	-1.29%	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%
Inventory	0	0	2,153,382,100	2,269,991,733	1,702,493,800	1,361,995,040	1,134,995,867	0	0	0	0	0	0	5,050,765,000	5,535,178,000	5,731,625,000	5,216,253,000	4,396,332,000	4,477,512,000	3,642,211,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	578.74%	682.72%	512.04%	409.63%	341.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	908.37%	1,324.07%	1,724.48%	1,830.50%	1,602.41%	1,493.96%	1,356.98%	0.00%	0.00%	0.00%	0.00%	0.00%	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	45,370,000	24,377,800	18,049,300	12,619,067	9,464,300	7,571,440	6,309,533	13,272,000	63,954,000	58,884,000	0	-14,221,000	10,216,000	21,341,000	25,702,000	2,079,000	-734,000	-5,417,000	1,993,000	-9,075,000	3,723,000	17,569,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	4.38%	2.08%	2.23%	1.76%	1.32%	1.06%	0.88%	0.82%	4.52%	7.80%	0.00%	-2.74%	1.53%	3.84%	6.15%	0.63%	-0.26%	-1.97%	0.66%	-3.38%	1.64%	7.21%	0.00%	0.00%	0.00%	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	27,250,333	23,789,800	-2,136,999,400	-2,263,353,067	-1,700,066,850	-1,361,057,800	-1,136,824,833	163,084,000	45,312,000	-126,645,000	34,680,000	2,518,000	-1,323,000	-5,057,947,000	-5,528,656,000	-5,693,052,000	-5,207,965,000	-4,439,495,000	-4,425,411,000	-3,680,393,000	-33,136,000	-1,867,000	78,428,000	-106,265,000	-1,219,000	5,921,000	-27,906,000	-11,874,000	-6,037,000	-4,868,000	6,491,000	-8,820,000	-17,200,000	-7,300,000	-38,600,000	-10,500,000	-4,700,000
Other Working Capital Margin	-1.18%	0.94%	-576.81%	-683.29%	-515.21%	-412.71%	-347.33%	10.04%	3.20%	-16.77%	7.75%	0.48%	-0.20%	-909.66%	-1,322.51%	-1,712.88%	-1,827.59%	-1,618.15%	-1,476.58%	-1,371.21%	-14.58%	-0.77%	28.09%	-72.22%	-0.43%	2.14%	-12.36%	-6.81%	-3.25%	-2.63%	3.32%	-4.25%	-11.62%	-6.70%	-45.20%	-26.12%	-12.47%
Other Non-Cash Items	377,459,000	238,135,600	161,743,000	87,593,133	58,664,200	47,493,760	39,794,800	252,798,000	135,707,000	743,872,000	43,544,000	14,757,000	54,431,000	99,808,000	83,182,000	89,966,000	99,365,000	114,234,000	132,477,000	-5,022,000	21,548,000	-566,770,000	-189,305,000	195,820,000	-13,096,000	-53,933,000	-80,099,000	33,083,000	11,990,000	-20,558,000	-15,194,000	4,739,000	3,400,000	1,800,000	900,000	400,000	0
Other Non-Cash Items Margin	41.22%	27.25%	24.42%	7.00%	5.54%	4.79%	4.19%	15.56%	9.58%	98.52%	9.73%	2.84%	8.17%	17.95%	19.90%	27.07%	34.87%	41.64%	44.20%	-1.87%	9.48%	-232.58%	-67.79%	133.09%	-4.60%	-19.47%	-35.48%	18.97%	6.46%	-11.09%	-7.76%	2.28%	2.30%	1.65%	1.05%	1.00%	0.00%
Net Cash from Operating Activities	599,238,333	427,916,000	288,786,600	195,521,867	158,085,400	145,120,240	127,196,867	612,646,000	375,798,000	809,271,000	436,412,000	-94,547,000	-19,699,000	200,031,000	175,011,000	208,588,000	184,355,000	155,052,000	313,990,000	33,303,000	26,820,000	-484,203,000	31,110,000	-19,023,000	107,684,000	116,083,000	-6,974,000	87,615,000	68,608,000	43,079,000	132,718,000	134,278,000	85,300,000	72,000,000	16,800,000	4,600,000	9,200,000
Net Cash from Operating Activities Margin	57.14%	50.14%	45.31%	29.32%	25.74%	30.31%	31.23%	37.71%	26.54%	107.19%	97.48%	-18.19%	-2.96%	35.98%	41.86%	62.76%	64.69%	56.51%	104.77%	12.41%	11.80%	-198.70%	11.14%	-12.93%	37.84%	41.90%	-3.09%	50.24%	36.97%	23.23%	67.79%	64.71%	57.64%	66.12%	19.67%	11.44%	24.40%
Capital Expenditures (PPE)	-1,757,333	-1,054,400	-527,200	-351,467	-263,600	-225,200	-191,000	-5,272,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-126,000	-161,000	-71,000	0	0	0	-100,000	0	0
Capital Expenditures (PPE) Margin	-0.11%	-0.06%	-0.03%	-0.02%	-0.02%	-0.02%	-0.02%	-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%	-0.07%	-0.09%	-0.04%	0.00%	0.00%	0.00%	-0.12%	0.00%	0.00%
Acquisitions (Net)	0	0	0	0	0	14,320	15,267	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	126,000	161,000	71,000	0	0	0	100,000	0	0
Acquisitions (Net) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.09%	0.04%	0.00%	0.00%	0.00%	0.12%	0.00%	0.00%
Purchases of Investments	-5,938,568,333	-5,826,021,000	-5,053,590,900	-4,488,264,333	-4,141,058,800	-3,474,307,360	-3,000,559,467	-4,035,337,000	-6,030,136,000	-7,750,232,000	-6,387,041,000	-4,927,359,000	-4,857,480,000	-4,692,224,000	-3,938,217,000	-4,333,403,000	-3,584,480,000	-3,100,930,000	-3,338,476,000	-3,357,409,000	-3,904,398,000	-3,086,843,000	-2,373,825,000	-1,943,713,000	-4,501,547,000	-4,224,802,000	-2,453,324,000	-824,449,000	-1,258,160,000	-379,729,000	-854,316,000	-719,854,000	-1,489,700,000	-900,400,000	-638,500,000	-51,600,000	-78,900,000
Purchases of Investments Margin	-566.89%	-815.03%	-915.21%	-1,042.11%	-1,099.82%	-965.41%	-901.80%	-248.36%	-425.83%	-1,026.49%	-1,426.62%	-947.87%	-729.31%	-843.89%	-942.06%	-1,303.80%	-1,257.87%	-1,130.25%	-1,113.91%	-1,250.87%	-1,717.74%	-1,266.73%	-850.10%	-1,321.03%	-1,582.02%	-1,525.02%	-1,086.68%	-472.76%	-677.92%	-204.77%	-436.35%	-346.92%	-1,006.60%	-826.81%	-747.66%	-128.36%	-209.28%
Sales / Maturities of Investments	5,138,693,333	5,239,882,200	4,473,969,800	3,736,379,600	3,482,551,100	2,949,585,840	2,520,051,533	4,571,652,000	4,875,220,000	5,969,208,000	6,138,425,000	4,644,906,000	3,949,885,000	4,438,280,000	2,919,394,000	4,355,833,000	2,876,895,000	3,427,679,000	2,992,740,000	2,318,500,000	1,368,847,000	1,198,230,000	1,775,013,000	2,089,046,000	3,798,053,000	4,010,035,000	1,933,181,000	872,929,000	1,082,980,000	642,686,000	790,024,000	700,005,000	1,050,200,000	678,200,000	68,400,000	31,600,000	33,500,000
Sales / Maturities of Investments Margin	472.08%	736.17%	809.06%	819.75%	899.51%	806.47%	724.73%	281.36%	344.28%	790.60%	1,371.09%	893.53%	593.04%	798.22%	698.35%	1,310.55%	1,009.56%	1,249.35%	998.56%	863.81%	602.23%	491.71%	635.66%	1,419.81%	1,334.78%	1,447.50%	856.28%	500.56%	583.53%	346.58%	403.51%	337.36%	709.63%	622.77%	80.09%	78.61%	88.86%
Other Investing Activities	-1,425,305,333	-1,315,426,800	-1,038,763,100	-733,920,600	-543,342,600	-478,677,960	-414,854,967	-2,213,516,000	-800,465,000	-1,261,935,000	-847,580,000	-1,453,638,000	-1,476,992,000	-345,266,000	-829,452,000	-615,839,000	-542,948,000	-410,411,000	-649,357,000	-289,901,000	530,737,000	197,754,000	1,357,000	-58,279,000	-2,374,000	68,291,000	132,962,000	164,715,000	-18,267,000	-684,692,000	-276,695,000	-285,158,000	-395,900,000	-100,000	-26,200,000	-2,500,000	-54,000,000
Other Investing Activities Margin	-119.97%	-165.77%	-168.69%	-123.10%	-90.15%	-94.65%	-93.80%	-136.23%	-56.53%	-167.14%	-189.32%	-279.63%	-221.76%	-62.10%	-198.41%	-185.29%	-190.53%	-149.59%	-216.66%	-108.01%	233.50%	81.15%	0.49%	-39.61%	-0.83%	24.65%	58.89%	94.45%	-9.84%	-369.23%	-141.32%	-137.43%	-267.51%	-0.09%	-30.68%	-6.22%	-143.24%
Net Cash from Investing Activities	-2,226,937,667	-1,902,620,000	-1,618,911,400	-1,486,156,800	-1,202,113,900	-1,005,138,520	-896,812,100	-1,682,473,000	-1,955,381,000	-3,042,959,000	-1,096,196,000	-1,736,091,000	-2,384,587,000	-599,210,000	-1,848,275,000	-593,409,000	-1,250,533,000	-83,662,000	-995,093,000	-1,328,810,000	-2,004,814,000	-1,690,859,000	-597,455,000	87,054,000	-705,868,000	-146,476,000	-387,181,000	213,195,000	-193,447,000	-421,735,000	-379,191,000	-305,007,000	-835,400,000	-222,300,000	-596,300,000	-22,500,000	-99,400,000
Net Cash from Investing Activities Margin	-214.89%	-244.70%	-274.88%	-345.48%	-290.47%	-254.38%	-271.54%	-103.55%	-138.08%	-403.03%	-244.85%	-333.97%	-358.03%	-107.77%	-442.12%	-178.54%	-438.84%	-30.49%	-332.02%	-495.08%	-882.02%	-693.87%	-213.96%	59.17%	-248.07%	-52.87%	-171.50%	122.25%	-104.23%	-227.43%	-193.67%	-146.99%	-564.49%	-204.13%	-698.24%	-55.97%	-263.66%
Net Debt Issuance	1,770,615,667	1,593,214,800	1,361,572,000	1,352,622,933	1,097,999,250	905,145,280	814,017,733	1,371,243,000	1,684,885,000	2,255,719,000	475,804,000	2,178,423,000	2,607,379,000	562,942,000	1,735,124,000	-446,506,000	1,190,707,000	437,976,000	671,190,000	1,288,248,000	2,091,988,000	2,184,222,000	913,636,000	-7,032,000	-151,251,000	471,168,000	444,120,000	-484,378,000	20,412,000	624,387,000	137,834,000	370,392,000	544,700,000	512,200,000	665,800,000	43,900,000	25,300,000
Net Debt Issuance Margin	167.38%	205.49%	221.88%	326.60%	276.75%	234.16%	254.94%	84.39%	118.98%	298.76%	106.28%	419.06%	391.48%	101.24%	415.06%	-134.34%	417.84%	159.64%	223.95%	479.96%	920.37%	896.33%	327.19%	-4.78%	-53.16%	170.08%	196.72%	-277.75%	11.00%	336.71%	70.40%	178.51%	368.06%	470.34%	779.63%	109.20%	67.11%
Long-Term Debt Issuance	1,770,615,667	1,593,214,800	1,360,797,200	1,174,358,000	982,189,050	847,753,120	766,190,933	1,371,243,000	1,684,885,000	2,255,719,000	475,804,000	2,178,423,000	2,607,379,000	555,194,000	1,735,124,000	-446,506,000	1,190,707,000	437,976,000	671,190,000	1,288,248,000	929,304,000	680,680,000	748,856,000	158,817,000	205,450,000	471,168,000	444,120,000	397,022,000	20,412,000	624,387,000	137,834,000	370,392,000	544,700,000	512,200,000	665,800,000	43,900,000	25,300,000
Long-Term Debt Issuance Margin	167.38%	205.49%	221.74%	251.27%	229.21%	216.34%	240.09%	84.39%	118.98%	298.76%	106.28%	419.06%	391.48%	99.85%	415.06%	-134.34%	417.84%	159.64%	223.95%	479.96%	408.85%	279.33%	268.18%	107.94%	72.20%	170.08%	196.72%	227.66%	11.00%	336.71%	70.40%	178.51%	368.06%	470.34%	779.63%	109.20%	67.11%
Short-Term Debt Issuance	0	0	0	280,609,733	192,568,800	118,799,040	98,999,200	0	0	0	0	0	0	0	0	0	0	0	0	1,394,686,000	1,310,918,000	1,503,542,000	164,780,000	-165,849,000	-356,701,000	0	0	-881,400,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	114.22%	76.71%	41.16%	34.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	519.62%	576.74%	617.00%	59.01%	-112.72%	-125.36%	0.00%	0.00%	-505.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-24,762,667	36,028,000	-6,393,200	12,011,467	7,717,900	8,128,200	8,746,833	-74,713,000	233,000	192,000	121,444,000	132,984,000	21,703,000	7,000	238,000	-13,389,000	-252,631,000	140,670,000	2,668,000	2,935,000	22,000	97,809,000	48,420,000	-20,897,000	-21,091,000	-16,559,000	-15,687,000	-4,860,000	6,541,000	36,641,000	8,599,000	1,926,000	1,200,000	1,100,000	22,400,000	34,500,000	0
Net Stock Issuance Margin	-1.52%	9.63%	-4.12%	3.48%	1.75%	2.43%	5.82%	-4.60%	0.02%	0.03%	27.13%	25.58%	3.26%	0.00%	0.06%	-4.03%	-88.65%	51.27%	0.89%	1.09%	0.01%	40.14%	17.34%	-14.20%	-7.41%	-5.98%	-6.95%	-2.79%	3.52%	19.76%	4.39%	0.93%	0.81%	1.01%	26.23%	85.82%	0.00%
Common Stock Issuance	237,333	63,075,000	31,790,600	21,546,133	17,172,300	13,793,120	11,494,267	287,000	233,000	192,000	121,444,000	193,219,000	44,000	7,000	238,000	553,000	1,689,000	244,000	1,913,000	2,935,000	22,000	172,000	42,000	5,734,000	7,875,000	5,376,000	1,227,000	1,382,000	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.02%	12.87%	6.52%	4.47%	3.81%	3.08%	2.57%	0.02%	0.02%	0.03%	27.13%	37.17%	0.01%	0.00%	0.06%	0.17%	0.59%	0.09%	0.64%	1.09%	0.01%	0.07%	0.02%	3.90%	2.77%	1.94%	0.54%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	0	-12,047,000	-32,384,100	-21,589,400	-19,624,350	-15,949,160	-13,290,967	0	0	0	0	-60,235,000	0	0	0	-9,286,000	-254,320,000	0	0	0	0	0	0	-831,000	-28,966,000	-21,935,000	-16,914,000	-6,242,000	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	0.00%	-2.32%	-10.36%	-6.91%	-6.49%	-5.33%	-4.45%	0.00%	0.00%	0.00%	0.00%	-11.59%	0.00%	0.00%	0.00%	-2.79%	-89.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.56%	-10.18%	-7.92%	-7.49%	-3.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	-25,000,000	-15,000,000	-30,199,700	-4,211,933	-2,030,050	-237,360	-197,800	-75,000,000	0	0	0	0	21,659,000	0	0	-4,656,000	-244,000,000	140,426,000	755,000	0	0	97,637,000	48,378,000	-25,800,000	0	0	0	0	0	34,667,000	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	-1.54%	-0.92%	-8.84%	0.21%	0.15%	0.86%	0.72%	-4.62%	0.00%	0.00%	0.00%	0.00%	3.25%	0.00%	0.00%	-1.40%	-85.62%	51.18%	0.25%	0.00%	0.00%	40.07%	17.32%	-17.53%	0.00%	0.00%	0.00%	0.00%	0.00%	18.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-76,346,667	-68,200,800	-49,549,100	-37,087,867	-30,153,600	-24,407,640	-20,339,700	-86,052,000	-74,817,000	-68,171,000	-61,315,000	-50,649,000	-43,894,000	-37,905,000	-28,439,000	-24,067,000	-20,182,000	-13,996,000	-7,979,000	-7,084,000	-4,946,000	-26,822,000	-19,329,000	-7,732,000	-6,359,000	-6,574,000	-6,760,000	-3,423,000	-2,240,000	-1,456,000	0	0	0	0	0	0	0
Net Dividends Paid Margin	-6.54%	-8.61%	-7.76%	-6.74%	-6.05%	-5.00%	-4.16%	-5.30%	-5.28%	-9.03%	-13.70%	-9.74%	-6.59%	-6.82%	-6.80%	-7.24%	-7.08%	-5.10%	-2.66%	-2.64%	-2.18%	-11.01%	-6.92%	-5.26%	-2.23%	-2.37%	-2.99%	-1.96%	-1.21%	-0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-76,346,667	-68,200,800	-49,549,100	-35,711,600	-29,121,400	-23,581,880	-19,651,567	-86,052,000	-74,817,000	-68,171,000	-61,315,000	-50,649,000	-43,894,000	-37,905,000	-28,439,000	-24,067,000	-20,182,000	-13,996,000	-7,979,000	-7,084,000	-4,946,000	-6,178,000	-19,329,000	-7,732,000	-6,359,000	-6,574,000	-6,760,000	-3,423,000	-2,240,000	-1,456,000	0	0	0	0	0	0	0
Common Dividends Paid Margin	-6.54%	-8.61%	-7.76%	-6.18%	-5.62%	-4.66%	-3.88%	-5.30%	-5.28%	-9.03%	-13.70%	-9.74%	-6.59%	-6.82%	-6.80%	-7.24%	-7.08%	-5.10%	-2.66%	-2.64%	-2.18%	-2.54%	-6.92%	-5.26%	-2.23%	-2.37%	-2.99%	-1.96%	-1.21%	-0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	-1,376,267	-1,032,200	-825,760	-688,133	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-20,644,000	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%	-0.56%	-0.42%	-0.34%	-0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-8.47%	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%
Other Financing Activities	-3,399,667	-2,412,800	-9,442,900	-13,495,800	-2,800,200	-2,240,160	-1,866,800	-5,351,000	-3,013,000	-1,835,000	-1,305,000	-560,000	-1,777,000	-2,631,000	3,134,000	-76,072,000	-5,019,000	-21,966,000	-18,359,000	-20,074,000	-21,944,000	-25,665,000	0	144,597,000	616,000	1,220,000	0	0	0	0	0	0	-100,000	-100,000	0	100,000	100,000
Other Financing Activities Margin	-0.26%	-0.24%	-2.58%	-4.51%	1.57%	1.25%	1.06%	-0.33%	-0.21%	-0.24%	-0.29%	-0.11%	-0.27%	-0.47%	0.75%	-22.89%	-1.76%	-8.01%	-6.13%	-7.48%	-9.65%	-10.53%	0.00%	98.27%	0.22%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.07%	-0.09%	0.00%	0.25%	0.27%
Net Cash from Financing Activities	1,666,106,667	1,558,629,200	1,296,186,800	1,315,249,133	1,073,703,650	887,527,280	801,309,400	1,205,127,000	1,607,288,000	2,185,905,000	534,628,000	2,260,198,000	2,583,411,000	522,413,000	1,710,057,000	-560,034,000	912,875,000	542,684,000	644,852,000	1,264,025,000	2,065,120,000	2,250,188,000	942,727,000	108,936,000	-178,085,000	449,255,000	422,503,000	-493,980,000	24,713,000	664,625,000	146,433,000	372,318,000	545,800,000	513,200,000	688,200,000	78,500,000	25,400,000
Net Cash from Financing Activities Margin	159.06%	206.28%	207.41%	319.33%	274.42%	233.24%	257.99%	74.17%	113.50%	289.52%	119.42%	434.79%	387.88%	93.96%	409.06%	-168.50%	320.35%	197.80%	215.16%	470.94%	908.55%	923.40%	337.60%	74.04%	-62.59%	162.17%	187.14%	-283.26%	13.32%	358.41%	74.79%	179.43%	368.80%	471.26%	805.85%	195.27%	67.37%
Effect of FX on Cash	0	0	0	0	0	0	3,333	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	0	100,000	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%
Net Change in Cash	38,407,333	83,925,200	-33,938,000	24,614,200	29,675,150	27,509,000	31,697,500	135,300,000	27,705,000	-47,783,000	-125,156,000	429,560,000	179,125,000	123,234,000	36,793,000	-944,855,000	-153,303,000	614,074,000	-36,251,000	-31,482,000	87,126,000	75,126,000	376,382,000	176,967,000	-776,269,000	418,862,000	28,348,000	-193,170,000	-100,126,000	285,969,000	-100,040,000	201,589,000	-204,300,000	363,000,000	108,700,000	60,600,000	-64,800,000
Net Change in Cash Margin	1.32%	11.73%	-22.16%	3.17%	9.68%	9.17%	17.69%	8.33%	1.96%	-6.33%	-27.96%	82.63%	26.89%	22.16%	8.80%	-284.28%	-53.80%	223.82%	-12.10%	-11.73%	38.33%	30.83%	134.79%	120.27%	-272.81%	151.20%	12.56%	-110.77%	-53.95%	154.21%	-51.10%	97.15%	-138.05%	333.33%	127.28%	150.75%	-171.88%
Cash at Beginning of Period	886,164,667	859,363,200	786,279,400	773,295,400	687,317,900	656,232,640	575,810,533	888,707,000	861,002,000	908,785,000	1,033,941,000	604,381,000	425,256,000	302,022,000	265,229,000	1,210,084,000	1,363,387,000	749,313,000	785,564,000	817,046,000	729,920,000	654,794,000	278,412,000	101,445,000	877,714,000	458,852,000	430,504,000	623,674,000	723,800,000	437,831,000	537,871,000	336,282,000	540,600,000	177,600,000	68,900,000	8,300,000	73,100,000
Cash at Beginning of Period Margin	78.62%	116.61%	160.72%	202.44%	193.51%	211.62%	203.81%	54.70%	60.80%	120.37%	230.94%	116.26%	63.85%	54.32%	63.45%	364.08%	478.44%	273.12%	262.11%	304.41%	321.13%	268.71%	99.70%	68.95%	308.46%	165.63%	190.69%	357.63%	390.00%	236.11%	274.72%	162.07%	365.29%	163.09%	80.68%	20.65%	193.90%
Cash at End of Period	924,572,000	943,288,400	752,341,400	797,909,600	716,993,050	683,741,640	607,508,033	1,024,007,000	888,707,000	861,002,000	908,785,000	1,033,941,000	604,381,000	425,256,000	302,022,000	265,229,000	1,210,084,000	1,363,387,000	749,313,000	785,564,000	817,046,000	729,920,000	654,794,000	278,412,000	101,445,000	877,714,000	458,852,000	430,504,000	623,674,000	723,800,000	437,831,000	537,871,000	336,300,000	540,600,000	177,600,000	68,900,000	8,300,000
Cash at End of Period Margin	79.94%	128.34%	138.56%	205.62%	203.18%	220.79%	221.49%	63.02%	62.76%	114.04%	202.99%	198.90%	90.74%	76.48%	72.25%	79.80%	424.64%	496.94%	250.02%	292.68%	359.46%	299.53%	234.49%	189.22%	35.65%	316.83%	203.24%	246.86%	336.05%	390.32%	223.63%	259.22%	227.24%	496.42%	207.96%	171.39%	22.02%
Operating Cash Flow	599,238,333	427,916,000	288,786,600	195,521,867	158,085,400	143,382,880	125,749,067	612,646,000	375,798,000	809,271,000	436,412,000	-94,547,000	-19,699,000	200,031,000	175,011,000	208,588,000	184,355,000	155,052,000	313,990,000	33,303,000	26,820,000	-484,203,000	31,110,000	-19,023,000	107,684,000	116,083,000	-6,974,000	87,615,000	68,608,000	43,079,000	89,284,000	134,278,000	85,300,000	72,000,000	16,800,000	4,600,000	9,200,000
Operating Cash Flow Margin	57.14%	50.14%	45.31%	29.32%	25.74%	29.42%	30.49%	37.71%	26.54%	107.19%	97.48%	-18.19%	-2.96%	35.98%	41.86%	62.76%	64.69%	56.51%	104.77%	12.41%	11.80%	-198.70%	11.14%	-12.93%	37.84%	41.90%	-3.09%	50.24%	36.97%	23.23%	45.60%	64.71%	57.64%	66.12%	19.67%	11.44%	24.40%
Capital Expenditure	-1,757,333	-1,054,400	-527,200	-351,467	-263,600	-225,200	-191,000	-5,272,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-126,000	-161,000	-71,000	0	0	0	-100,000	0	0
Capital Expenditure Margin	-0.11%	-0.06%	-0.03%	-0.02%	-0.02%	-0.02%	-0.02%	-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%	-0.07%	-0.09%	-0.04%	0.00%	0.00%	0.00%	-0.12%	0.00%	0.00%
Free Cash Flow	597,481,000	426,861,600	288,259,400	195,170,400	157,821,800	143,157,680	125,558,067	607,374,000	375,798,000	809,271,000	436,412,000	-94,547,000	-19,699,000	200,031,000	175,011,000	208,588,000	184,355,000	155,052,000	313,990,000	33,303,000	26,820,000	-484,203,000	31,110,000	-19,023,000	107,684,000	116,083,000	-6,974,000	87,615,000	68,482,000	42,918,000	89,213,000	134,278,000	85,300,000	72,000,000	16,700,000	4,600,000	9,200,000
Free Cash Flow Margin	57.03%	50.08%	45.27%	29.30%	25.72%	29.40%	30.47%	37.38%	26.54%	107.19%	97.48%	-18.19%	-2.96%	35.98%	41.86%	62.76%	64.69%	56.51%	104.77%	12.41%	11.80%	-198.70%	11.14%	-12.93%	37.84%	41.90%	-3.09%	50.24%	36.90%	23.14%	45.57%	64.71%	57.64%	66.12%	19.56%	11.44%	24.40%

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	1,265,306,667	952,692,200	702,089,600	555,623,200	477,403,300	419,870,840	363,898,800	1,624,824,000	1,416,077,000	755,019,000	447,704,000	519,837,000	666,035,000	556,024,000	418,044,000	332,368,000	284,964,000	274,357,000	299,707,000	268,405,000	227,298,000	243,685,000	279,241,000	147,136,000	284,545,000	277,032,000	225,764,000	174,392,000	185,591,000	185,438,000	195,788,000	207,496,000	147,993,000	108,900,000	85,400,000	40,200,000	37,700,000
EBITDA	245,627,667	209,381,000	167,969,900	139,088,800	129,659,600	123,865,200	112,037,367	258,103,000	253,101,000	225,679,000	172,589,000	137,433,000	138,651,000	136,022,000	130,686,000	119,357,000	108,078,000	73,106,000	131,267,000	91,116,000	44,647,000	66,497,000	152,117,000	-93,823,000	135,521,000	172,177,000	140,868,000	95,741,000	75,184,000	81,273,000	107,132,000	144,108,000	102,791,000	78,300,000	54,600,000	14,300,000	14,500,000
EBITDA Margin	21.22%	25.73%	27.90%	28.69%	29.66%	34.27%	37.87%	15.88%	17.87%	29.89%	38.55%	26.44%	20.82%	24.46%	31.26%	35.91%	37.93%	26.65%	43.80%	33.95%	19.64%	27.29%	54.48%	-63.77%	47.63%	62.15%	62.40%	54.90%	40.51%	43.83%	54.72%	69.45%	69.46%	71.90%	63.93%	35.57%	38.46%
(-) Tax Adjustment	50,514,333	43,345,399	39,643,900	31,651,000	31,544,863	31,857,041	28,094,795	50,910,000	53,098,000	47,535,000	36,398,995	28,785,000	29,105,000	27,942,000	46,369,000	42,057,000	34,239,000	2,824,000	33,752,000	22,156,000	5,797,000	13,797,000	52,517,000	12,383,572	-2,592,956	48,873,741	44,950,914	31,004,255	23,380,784	24,484,240	35,474,702	51,184,783	35,619,202	9,636,923	1,161,702	0	0
(-) Tax Adjustment Margin	4.39%	5.37%	7.20%	6.72%	8.23%	10.04%	9.51%	3.13%	3.75%	6.30%	8.13%	5.54%	4.37%	5.03%	11.09%	12.65%	12.02%	1.03%	11.26%	8.25%	2.55%	5.66%	18.81%	8.42%	-0.91%	17.64%	19.91%	17.78%	12.60%	13.20%	18.12%	24.67%	24.07%	8.85%	1.36%	0.00%	0.00%
(-) Change In Working Capital	19,231,333	19,260,200	10,705,900	3,130,867	-203,900	-1,167,440	-3,582,867	144,567,000	43,622,000	-130,495,000	39,092,000	-485,000	-10,246,000	-11,895,000	-150,000	32,048,000	1,001,000	-43,805,000	48,144,000	-50,724,000	-29,413,000	15,702,000	78,428,000	-106,265,000	-1,219,000	5,921,000	-27,906,000	-11,874,000	-6,037,000	-4,868,000	6,491,000	-8,820,000	-17,200,000	-7,300,000	-38,600,000	-10,500,000	-4,700,000
(-) Change In Working Capital Margin	-1.77%	0.67%	0.96%	-1.05%	-3.52%	-3.36%	-6.21%	8.90%	3.08%	-17.28%	8.73%	-0.09%	-1.54%	-2.14%	-0.04%	9.64%	0.35%	-15.97%	16.06%	-18.90%	-12.94%	6.44%	28.09%	-72.22%	-0.43%	2.14%	-12.36%	-6.81%	-3.25%	-2.63%	3.32%	-4.25%	-11.62%	-6.70%	-45.20%	-26.12%	-12.47%
(-) Capital Expenditure	-1,757,333	-1,054,400	-527,200	-351,467	-263,600	-225,200	-191,000	-5,272,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-126,000	-161,000	-71,000	0	0	0	-100,000	0	0
(-) Capital Expenditure Margin	-0.11%	-0.06%	-0.03%	-0.02%	-0.02%	-0.02%	-0.02%	-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%	-0.07%	-0.09%	-0.04%	0.00%	0.00%	0.00%	-0.12%	0.00%	0.00%
Unlevered Free Cash Flow	174,124,667	145,721,001	117,092,900	103,955,467	98,055,037	92,950,399	87,334,438	57,354,000	156,381,000	308,639,000	97,098,005	109,133,000	119,792,000	119,975,000	84,467,000	45,252,000	72,838,000	114,087,000	49,371,000	119,684,000	68,263,000	36,998,000	21,172,000	58,428	139,332,956	117,382,259	123,823,086	76,610,745	57,714,216	61,495,760	65,095,298	101,743,217	84,371,798	75,963,077	91,938,298	24,800,000	19,200,000
Unlevered Free Cash Flow Margin	18.48%	19.63%	19.71%	23.00%	24.94%	27.57%	34.54%	3.53%	11.04%	40.88%	21.69%	20.99%	17.99%	21.58%	20.21%	13.62%	25.56%	41.58%	16.47%	44.59%	30.03%	15.18%	7.58%	0.04%	48.97%	42.37%	54.85%	43.93%	31.10%	33.16%	33.25%	49.03%	57.01%	69.75%	107.66%	61.69%	50.93%
(-) Net Interest Income After Taxes	252,256,825	216,516,372	163,648,602	137,294,328	116,164,518	98,112,238	82,777,430	284,067,854	258,830,991	213,871,629	175,141,566	150,669,817	136,791,272	138,602,894	101,711,906	90,846,621	85,951,471	67,629,577	81,309,920	92,319,031	105,554,668	76,115,706	56,249,050	100,424,374	45,303,530	27,421,095	34,477,395	45,541,088	25,667,341	27,320,066	19,575,127	11,411,963	9,774,744	9,295,385	7,046,809	2,700,000	1,700,000
(-) Net Interest Income After Taxes Margin	21.36%	26.44%	25.95%	28.22%	27.64%	24.92%	21.92%	17.48%	18.28%	28.33%	39.12%	28.98%	20.54%	24.93%	24.33%	27.33%	30.16%	24.65%	27.13%	34.40%	46.44%	31.24%	20.14%	68.25%	15.92%	9.90%	15.27%	26.11%	13.83%	14.73%	10.00%	5.50%	6.60%	8.54%	8.25%	6.72%	4.51%
Net Debt Issuance	1,770,615,667	1,593,214,800	1,361,572,000	1,352,622,933	1,097,999,250	905,145,280	814,017,733	1,371,243,000	1,684,885,000	2,255,719,000	475,804,000	2,178,423,000	2,607,379,000	562,942,000	1,735,124,000	-446,506,000	1,190,707,000	437,976,000	671,190,000	1,288,248,000	2,091,988,000	2,184,222,000	913,636,000	-7,032,000	-151,251,000	471,168,000	444,120,000	-484,378,000	20,412,000	624,387,000	137,834,000	370,392,000	544,700,000	512,200,000	665,800,000	43,900,000	25,300,000
Net Debt Issuance Margin	167.38%	205.49%	221.88%	326.60%	276.75%	234.16%	254.94%	84.39%	118.98%	298.76%	106.28%	419.06%	391.48%	101.24%	415.06%	-134.34%	417.84%	159.64%	223.95%	479.96%	920.37%	896.33%	327.19%	-4.78%	-53.16%	170.08%	196.72%	-277.75%	11.00%	336.71%	70.40%	178.51%	368.06%	470.34%	779.63%	109.20%	67.11%
Levered Free Cash Flow	1,692,483,509	1,522,419,429	1,315,016,298	1,319,284,072	1,079,889,768	899,983,441	818,574,742	1,144,529,146	1,582,435,009	2,350,486,371	397,760,439	2,136,886,183	2,590,379,728	544,314,106	1,717,879,094	-492,100,621	1,177,593,529	484,433,423	639,251,080	1,315,612,969	2,054,696,332	2,145,104,294	878,558,950	-107,397,946	-57,221,574	561,129,165	533,465,691	-453,308,342	52,458,874	658,562,694	183,354,171	460,723,255	619,297,053	578,867,692	750,691,489	66,000,000	42,800,000
Levered Free Cash Flow Margin	164.50%	198.68%	215.64%	321.37%	274.05%	236.81%	267.56%	70.44%	111.75%	311.31%	88.84%	411.07%	388.93%	97.89%	410.93%	-148.06%	413.24%	176.57%	213.29%	490.16%	903.97%	880.28%	314.62%	-72.99%	-20.11%	202.55%	236.29%	-259.94%	28.27%	355.14%	93.65%	222.04%	418.46%	531.56%	879.03%	164.18%	113.53%