ValueCommerce Co., Ltd. (2491.T)

Analysis: Margins & Ratios Industry: Advertising Agencies Sector: Communication Services Live Price: $667.00

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	204,523,810	203,310,352	164,296,051	130,798,005	107,299,921	186,003,735	192,151,398	195,350,495	188,836,670	229,384,264	215,585,748	187,394,584	165,059,290	133,391,922	108,494,151	112,453,374	107,010,008	85,908,030	77,172,722	61,073,650	50,036,090	44,819,076	42,464,649	43,592,942	37,714,658	34,245,758	26,010,331	18,224,576
Cost of Revenue	133,948,813	129,535,235	108,791,682	86,502,397	69,954,598	129,049,526	127,507,793	131,220,801	123,640,611	146,985,027	132,852,469	112,977,268	108,374,859	89,054,059	74,300,851	87,368,411	81,142,461	60,499,098	52,292,032	38,971,377	30,825,370	27,031,267	26,508,092	27,626,755	21,590,694	15,179,652	10,650,810	6,828,595
Cost of Revenue Margin	65.57%	63.73%	67.31%	66.46%	63.26%	69.38%	66.36%	67.17%	65.47%	64.08%	61.62%	60.29%	65.66%	66.76%	68.48%	77.69%	75.83%	70.42%	67.76%	63.81%	61.61%	60.31%	62.42%	63.37%	57.25%	44.33%	40.95%	37.47%
Gross Profit	70,574,997	73,775,117	55,504,369	44,295,608	37,345,322	56,954,209	64,643,605	64,129,694	65,196,060	82,399,237	82,733,279	74,417,316	56,684,431	44,337,862	34,193,300	25,084,963	25,867,547	25,408,932	24,880,690	22,102,274	19,210,720	17,787,809	15,956,557	15,966,187	16,123,964	19,066,106	15,359,521	11,395,981
Gross Profit Margin	34.43%	36.27%	32.69%	33.54%	36.74%	30.62%	33.64%	32.83%	34.53%	35.92%	38.38%	39.71%	34.34%	33.24%	31.52%	22.31%	24.17%	29.58%	32.24%	36.19%	38.39%	39.69%	37.58%	36.63%	42.75%	55.67%	59.05%	62.53%
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
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%
SG&A Expenses	32,800,382	32,964,036	26,507,185	20,885,971	17,871,727	36,211,468	35,851,730	37,406,311	31,592,691	29,402,145	31,946,005	34,473,028	24,864,951	20,212,295	19,912,659	19,157,074	16,104,692	15,667,868	16,265,289	16,284,561	0	0	0	0	14,832,762	15,584,357	13,727,853	10,130,475
SG&A Expenses Margin	16.23%	16.38%	16.26%	15.24%	18.31%	19.47%	18.66%	19.15%	16.73%	12.82%	14.82%	18.40%	15.06%	15.15%	18.35%	17.04%	15.05%	18.24%	21.08%	26.66%	0.00%	0.00%	0.00%	0.00%	39.33%	45.51%	52.78%	55.59%
Operating Expenses	32,806,806	32,967,890	26,500,985	22,786,801	20,774,243	36,205,044	35,826,035	37,406,311	31,605,539	29,408,568	31,946,005	34,473,028	24,777,323	20,212,295	19,912,659	19,157,074	16,111,045	15,674,086	16,267,737	16,289,443	14,330,459	14,230,445	14,375,921	15,027,053	14,832,762	15,584,357	13,862,755	10,271,800
Operating Expenses Margin	16.24%	16.38%	16.25%	19.26%	24.77%	19.46%	18.64%	19.15%	16.74%	12.82%	14.82%	18.40%	15.01%	15.15%	18.35%	17.04%	15.06%	18.25%	21.08%	26.67%	28.64%	31.75%	33.85%	34.47%	39.33%	45.51%	53.30%	56.36%
Operating Income (EBIT)	37,772,473	40,808,509	29,004,022	21,509,230	16,570,754	20,749,165	28,817,571	26,723,382	33,603,369	52,990,669	50,780,850	39,944,275	31,907,102	24,125,561	14,280,635	5,927,882	9,756,495	9,734,840	8,612,946	5,812,830	4,880,255	3,557,364	1,580,630	939,128	1,284,778	3,475,324	1,496,766	1,124,181
Operating Income (EBIT) Margin	18.19%	19.89%	16.44%	14.27%	11.97%	11.16%	15.00%	13.68%	17.79%	23.10%	23.55%	21.32%	19.33%	18.09%	13.16%	5.27%	9.12%	11.33%	11.16%	9.52%	9.75%	7.94%	3.72%	2.15%	3.41%	10.15%	5.75%	6.17%
Interest Income	0	95,074	55,245	36,830	31,545	0	0	0	0	0	192,717	282,651	77,087	0	0	0	0	0	0	0	0	0	15,025	37,728	25,696	0	0	0
Interest Income Margin	0.00%	0.05%	0.03%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.15%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.09%	0.07%	0.00%	0.00%	0.00%
Interest Expense	0	0	0	0	96	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	578	1,349	0	0	0	0
Interest Expense 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%
Net Interest Income	0	0	0	0	2,541	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14,447	36,378	0	0	0	0
Net Interest Income Margin	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.08%	0.00%	0.00%	0.00%	0.00%
Unusual Items	355,455	3,224,493	2,176,003	1,333,856	1,218,121	-3,655,193	912,192	295,499	1,220,539	-449,672	15,584,357	-528,256	308,199	-444,116	4,396,825	1,872,705	-496,046	-77,813	-1,164,137	-608,985	325,312	-226,571	1,373,954	790,074	19,272	1,927,167	244,108	-237,684
Unusual Items Margin	0.20%	1.51%	1.27%	0.68%	1.09%	-1.97%	0.47%	0.15%	0.65%	-0.20%	7.23%	-0.28%	0.19%	-0.33%	4.05%	1.67%	-0.46%	-0.09%	-1.51%	-1.00%	0.65%	-0.51%	3.24%	1.81%	0.05%	5.63%	0.94%	-1.30%
EBT Excluding Unusual Items	37,061,563	34,264,449	24,596,770	18,804,688	14,103,064	28,059,552	26,993,186	26,132,385	31,162,290	53,890,013	19,419,419	40,718,135	31,213,617	25,013,793	5,486,985	2,182,472	10,748,588	9,890,465	10,941,221	7,030,800	4,229,631	4,010,505	-1,181,726	-677,399	1,220,539	-379,010	1,008,551	1,599,549
EBT Excluding Unusual Items Margin	17.79%	16.82%	13.88%	12.89%	9.75%	15.09%	14.05%	13.38%	16.50%	23.49%	9.01%	21.73%	18.91%	18.75%	5.06%	1.94%	10.04%	11.51%	14.18%	11.51%	8.45%	8.95%	-2.78%	-1.55%	3.24%	-1.11%	3.88%	8.78%
Pre-Tax Income	37,417,018	37,488,942	26,772,773	20,138,544	15,321,184	24,404,358	27,905,378	26,427,883	32,382,829	53,440,341	35,003,777	40,189,879	31,521,816	24,569,677	9,883,810	4,055,177	10,252,541	9,812,653	9,777,083	6,421,815	4,554,943	3,783,935	192,228	112,675	1,239,811	1,548,157	1,252,659	1,361,865
Pre-Tax Income Margin	17.99%	18.33%	15.15%	13.57%	10.85%	13.12%	14.52%	13.53%	17.15%	23.30%	16.24%	21.45%	19.10%	18.42%	9.11%	3.61%	9.58%	11.42%	12.67%	10.51%	9.10%	8.44%	0.45%	0.26%	3.29%	4.52%	4.82%	7.47%
Income Tax Expense	11,586,556	12,318,588	8,832,005	6,657,604	5,000,408	5,055,601	9,539,477	8,081,254	10,535,180	16,143,236	14,061,895	12,771,374	10,033,737	7,836,735	3,394,358	1,841,068	3,621,211	3,654,911	3,583,541	2,405,438	1,704,001	196,121	44,428	729,208	1,194,844	-1,946,439	122,054	12,848
Income Tax Expense Margin	5.58%	6.02%	5.02%	4.46%	3.33%	2.72%	4.96%	4.14%	5.58%	7.04%	6.52%	6.82%	6.08%	5.87%	3.13%	1.64%	3.38%	4.25%	4.64%	3.94%	3.41%	0.44%	0.10%	1.67%	3.17%	-5.68%	0.47%	0.07%
Net Income	25,826,179	25,167,516	17,939,349	13,479,992	10,321,881	19,342,333	18,365,902	18,340,206	21,841,226	37,297,105	20,941,881	27,417,163	21,488,079	16,732,942	6,489,452	2,214,103	6,631,330	6,157,742	6,193,536	4,016,370	2,850,935	3,587,807	147,794	-612,344	77,087	3,513,868	1,111,333	1,342,593
Net Income Margin	12.40%	12.31%	10.13%	9.12%	7.52%	10.40%	9.56%	9.39%	11.57%	16.26%	9.71%	14.63%	13.02%	12.54%	5.98%	1.97%	6.20%	7.17%	8.03%	6.58%	5.70%	8.01%	0.35%	-1.40%	0.20%	10.26%	4.27%	7.37%
Depreciation and Amortization	2,940,000	4,148,412	3,321,443	2,466,062	2,190,745	2,691,610	2,826,512	2,781,544	3,038,500	2,999,957	5,094,145	6,827,914	3,137,364	2,261,646	2,828,850	2,934,324	1,310,184	802,774	680,675	639,967	814,080	839,005	1,209,349	1,201,402	1,419,680	1,708,755	1,284,778	937,888
Depreciation and Amortization Margin	1.45%	2.07%	2.04%	1.78%	2.30%	1.45%	1.47%	1.42%	1.61%	1.31%	2.36%	3.64%	1.90%	1.70%	2.61%	2.61%	1.22%	0.93%	0.88%	1.05%	1.63%	1.87%	2.85%	2.76%	3.76%	4.99%	4.94%	5.15%
EBITDA	40,714,615	45,008,611	32,204,883	23,873,217	18,504,710	27,513,521	31,663,354	29,504,927	36,641,869	55,997,049	55,881,419	47,017,794	34,956,837	26,387,207	17,109,485	6,989,514	11,562,726	10,537,614	9,293,622	6,452,798	5,369,023	4,396,369	1,401,577	2,140,537	2,659,490	3,256,912	2,537,437	2,299,753
EBITDA Margin	19.64%	21.99%	18.37%	15.94%	13.68%	14.79%	16.48%	15.10%	19.40%	24.41%	25.92%	25.09%	21.18%	19.78%	15.77%	6.22%	10.81%	12.27%	12.04%	10.57%	10.73%	9.81%	3.30%	4.91%	7.05%	9.51%	9.76%	12.62%
NOPAT	26,068,716	27,167,601	19,294,259	14,304,709	10,994,475	16,450,772	18,966,260	18,551,770	22,671,108	36,983,270	30,380,909	27,250,948	21,750,724	16,430,482	9,376,293	3,236,598	6,310,488	6,108,912	5,456,090	3,635,501	3,054,555	3,372,986	1,215,317	-5,138,699	46,598	7,844,716	1,350,928	1,113,575
NOPAT Margin	12.54%	13.25%	10.92%	9.53%	8.11%	8.84%	9.87%	9.50%	12.01%	16.12%	14.09%	14.54%	13.18%	12.32%	8.64%	2.88%	5.90%	7.11%	7.07%	5.95%	6.10%	7.53%	2.86%	-11.79%	0.12%	22.91%	5.19%	6.11%
Owner's Earnings	26,928,947	26,737,940	18,605,676	13,847,742	10,742,272	21,732,020	18,989,019	20,543,600	22,149,573	38,093,668	23,382,960	29,519,901	21,312,636	17,119,320	6,855,852	183,081	6,896,168	5,906,227	5,583,523	3,589,239	2,676,154	3,904,228	873,630	-560,073	1,239,811	4,149,833	1,426,104	2,280,481
Owner's Earnings Margin	12.95%	13.09%	10.41%	9.21%	7.99%	11.68%	9.88%	10.52%	11.73%	16.61%	10.85%	15.75%	12.91%	12.83%	6.32%	0.16%	6.44%	6.88%	7.24%	5.88%	5.35%	8.71%	2.06%	-1.28%	3.29%	12.12%	5.48%	12.51%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	204,523,810	203,310,352	164,296,051	130,798,005	107,299,921	195,350,495	188,836,670	229,384,264	215,585,748	187,394,584	165,059,290	133,391,922	108,494,151	112,453,374	107,010,008	85,908,030	77,172,722	61,073,650	50,036,090	44,819,076	42,464,649	43,592,942	37,714,658	34,245,758	26,010,331	18,224,576
Cash & Cash Equivalents	114,544,383	103,312,979	70,056,144	56,016,497	46,153,279	75,641,305	138,332,047	129,659,796	99,557,447	73,374,301	50,510,482	51,250,148	32,135,580	23,127,693	26,972,636	30,464,431	29,176,088	26,508,086	28,829,763	24,707,656	19,657,572	18,206,171	18,115,370	19,676,375	7,162,637	3,635,922
Cash & Cash Equivalents Margin	56.17%	50.77%	39.82%	41.84%	42.44%	38.72%	73.25%	56.53%	46.18%	39.15%	30.60%	38.42%	29.62%	20.57%	25.21%	35.46%	37.81%	43.40%	57.62%	55.13%	46.29%	41.76%	48.03%	57.46%	27.54%	19.95%
Short-Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments 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%
Cash & Short-Term Investments	114,544,383	103,312,979	70,056,144	56,016,497	46,153,279	75,641,305	138,332,047	129,659,796	99,557,447	73,374,301	50,510,482	51,250,148	32,135,580	23,127,693	26,972,636	30,464,431	29,176,088	26,508,086	28,829,763	24,707,656	19,657,572	18,206,171	18,115,370	19,676,375	7,162,637	3,635,922
Cash & Short-Term Investments Margin	56.17%	50.77%	39.82%	41.84%	42.44%	38.72%	73.25%	56.53%	46.18%	39.15%	30.60%	38.42%	29.62%	20.57%	25.21%	35.46%	37.81%	43.40%	57.62%	55.13%	46.29%	41.76%	48.03%	57.46%	27.54%	19.95%
Net Receivables	35,464,155	35,233,752	21,116,706	15,787,132	13,077,866	36,564,782	32,228,656	37,599,028	41,401,971	28,374,322	34,998,297	0	0	0	0	0	0	13,714,626	0	11,925,290	11,478,586	0	5,261,166	4,432,484	3,578,107	2,653,067
Net Receivables Margin	17.39%	17.30%	10.77%	10.45%	11.22%	18.72%	17.07%	16.39%	19.20%	15.14%	21.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.46%	0.00%	26.61%	27.03%	0.00%	13.95%	12.94%	13.76%	14.56%
Inventory	10,706	415,466	837,428	1,768,582	1,326,437	0	0	32,119	25,696	2,019,517	100,482	591,916	566,838	299,167	4,738,544	5,384,691	6,921,934	5,847,828	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.22%	0.68%	2.11%	1.58%	0.00%	0.00%	0.01%	0.01%	1.08%	0.06%	0.44%	0.52%	0.27%	4.43%	6.27%	8.97%	9.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	6,905,682	6,604,958	3,728,622	2,662,396	2,593,099	1,124,181	8,897,088	10,695,777	9,635,835	2,671,908	1,037,240	573,653	985,341	1,306,150	359,050	447,128	854,679	256,917	644,959	446,030	414,020	6,829,006	1,516,038	2,531,013	635,965	250,532
Other Current Assets Margin	3.32%	3.17%	1.93%	1.58%	2.71%	0.58%	4.71%	4.66%	4.47%	1.43%	0.63%	0.43%	0.91%	1.16%	0.34%	0.52%	1.11%	0.42%	1.29%	1.00%	0.97%	15.67%	4.02%	7.39%	2.45%	1.37%
Total Current Assets	150,809,383	141,467,225	102,310,207	82,608,165	67,930,849	113,330,267	171,293,027	167,804,855	141,447,634	113,460,345	86,546,019	81,854,774	56,462,010	43,087,960	47,815,185	48,562,431	47,625,680	40,989,583	41,763,726	37,078,976	31,550,178	25,035,178	24,892,574	26,639,872	11,376,709	6,539,520
Total Current Assets Margin	73.96%	69.61%	59.69%	63.23%	63.38%	58.01%	90.71%	73.15%	65.61%	60.55%	52.43%	61.36%	52.04%	38.32%	44.68%	56.53%	61.71%	67.12%	83.47%	82.73%	74.30%	57.43%	66.00%	77.79%	43.74%	35.88%
Property, Plant & Equipment	1,286,919	1,422,966	1,566,576	1,251,309	1,263,468	1,387,560	1,124,181	1,349,017	1,535,310	1,718,763	2,243,460	1,876,309	1,928,176	2,161,671	341,314	320,796	518,035	657,620	835,620	771,798	887,236	1,199,289	1,426,104	1,721,603	1,265,506	661,661
Property, Plant & Equipment Margin	0.63%	0.70%	1.03%	1.05%	1.72%	0.71%	0.60%	0.59%	0.71%	0.92%	1.36%	1.41%	1.78%	1.92%	0.32%	0.37%	0.67%	1.08%	1.67%	1.72%	2.09%	2.75%	3.78%	5.03%	4.87%	3.63%
Goodwill	498,922	1,397,465	2,955,904	1,970,602	1,565,317	494,640	334,042	668,085	1,002,127	4,488,430	8,486,620	1,443,416	2,165,127	4,160,053	6,316,495	0	0	0	0	0	0	0	0	0	1,747,298	256,956
Goodwill Margin	0.24%	0.72%	2.14%	1.43%	1.41%	0.25%	0.18%	0.29%	0.46%	2.40%	5.14%	1.08%	2.00%	3.70%	5.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.72%	1.41%
Intangible Assets	5,543,817	8,604,035	7,205,624	5,359,902	4,714,968	5,428,187	5,267,590	5,935,674	6,231,173	20,157,550	12,003,565	4,070,858	3,864,888	5,821,021	3,275,734	2,470,005	2,314,521	1,598,219	1,014,107	945,430	1,162,403	1,702,183	5,261,166	4,432,484	1,342,593	2,524,589
Intangible Assets Margin	2.72%	4.36%	4.39%	3.77%	4.76%	2.78%	2.79%	2.59%	2.89%	10.76%	7.27%	3.05%	3.56%	5.18%	3.06%	2.88%	3.00%	2.62%	2.03%	2.11%	2.74%	3.90%	13.95%	12.94%	5.16%	13.85%
Long-Term Investments	4,400,365	3,991,289	5,474,641	4,667,587	3,795,352	4,670,168	3,976,388	4,554,538	2,948,566	3,806,784	5,500,077	4,715,733	10,292,877	7,258,636	7,022,648	6,648,938	4,062,179	2,126,622	1,395,809	1,033,842	846,437	2,342,343	2,640,219	32,119	32,119	109,206
Long-Term Investments Margin	2.16%	1.98%	3.93%	4.06%	3.77%	2.39%	2.11%	1.99%	1.37%	2.03%	3.33%	3.54%	9.49%	6.45%	6.56%	7.74%	5.26%	3.48%	2.79%	2.31%	1.99%	5.37%	7.00%	0.09%	0.12%	0.60%
Tax Assets	338,325	435,012	412,912	398,773	310,077	340,466	0	674,508	539,607	620,477	766,364	371,911	257,399	336,368	222,016	31,715	298,062	435,546	526,560	560,594	103,784	77,626	19,272	19,272	0	0
Tax Assets Margin	0.16%	0.21%	0.25%	0.40%	0.33%	0.17%	0.00%	0.29%	0.25%	0.33%	0.46%	0.28%	0.24%	0.30%	0.21%	0.04%	0.39%	0.71%	1.05%	1.25%	0.24%	0.18%	0.05%	0.06%	0.00%	0.00%
Other Non-Current Assets	149,891	124,580	234,617	394,101	545,647	205,564	109,206	134,902	51,391	121,835	158,240	139,944	59,498	1,314,379	51,205	624,177	679,840	677,842	815,378	768,105	1,078,976	1,140,915	1,162,724	1,175,572	443,248	186,293
Other Non-Current Assets Margin	0.07%	0.06%	0.18%	0.52%	1.06%	0.11%	0.06%	0.06%	0.02%	0.07%	0.10%	0.10%	0.05%	1.17%	0.05%	0.73%	0.88%	1.11%	1.63%	1.71%	2.54%	2.62%	3.08%	3.43%	1.70%	1.02%
Other Assets	19,272	12,853	6,434	4,292	3,219	25,696	19,272	12,848	6,424	26	13	13	13	19	19	19	13	13	0	0	0	0	0	0	0	0
Other Assets Margin	0.01%	0.01%	0.00%	0.00%	0.00%	0.01%	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%
Total Non-Current Assets	12,218,239	15,975,346	17,850,273	14,042,273	11,879,416	12,526,586	10,811,407	13,316,724	12,308,173	30,913,840	29,158,326	12,618,171	18,567,965	21,052,128	17,229,413	10,095,631	7,872,638	5,495,850	4,587,473	4,079,768	4,078,836	6,462,356	6,802,900	4,779,374	4,830,765	3,738,704
Total Non-Current Assets Margin	5.98%	8.03%	11.92%	11.23%	12.17%	6.41%	5.73%	5.81%	5.71%	16.50%	17.67%	9.46%	17.11%	18.72%	16.10%	11.75%	10.20%	9.00%	9.17%	9.10%	9.61%	14.82%	18.04%	13.96%	18.57%	20.51%
Total Assets	163,038,328	157,450,285	120,164,345	96,653,017	79,812,200	125,856,853	182,123,705	181,134,426	153,762,231	144,374,210	115,704,357	94,472,958	75,029,988	64,140,107	65,044,616	58,658,081	55,498,330	46,485,446	46,351,199	41,158,743	35,629,014	31,497,534	31,695,473	31,419,246	16,207,474	10,278,224
Total Assets Margin	79.95%	77.64%	71.61%	74.46%	75.56%	64.43%	96.45%	78.97%	71.32%	77.04%	70.10%	70.82%	69.16%	57.04%	60.78%	68.28%	71.91%	76.11%	92.64%	91.83%	83.90%	72.25%	84.04%	91.75%	62.31%	56.40%
Accounts Payable	16,794,190	17,444,716	15,764,376	13,402,587	11,173,282	17,575,763	15,320,978	17,485,829	19,181,736	17,659,274	16,848,148	16,483,811	12,284,276	11,471,449	13,332,501	11,288,490	8,710,923	7,049,127	5,257,042	11,089,459	10,011,652	5,169,034	3,134,858	2,447,502	1,663,788	1,053,518
Accounts Payable Margin	8.24%	8.61%	9.96%	11.39%	11.41%	9.00%	8.11%	7.62%	8.90%	9.42%	10.21%	12.36%	11.32%	10.20%	12.46%	13.14%	11.29%	11.54%	10.51%	24.74%	23.58%	11.86%	8.31%	7.15%	6.40%	5.78%
Short-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt 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%
Tax Payables	4,922,841	6,607,374	5,152,056	3,947,201	2,966,455	3,674,465	1,599,549	9,494,509	8,762,186	9,506,162	6,834,409	5,273,673	3,517,953	456,674	2,400,980	1,438,951	2,354,356	1,537,391	1,581,138	775,620	56,016	65,068	0	0	0	0
Tax Payables Margin	2.29%	3.20%	3.00%	2.81%	2.12%	1.88%	0.85%	4.14%	4.06%	5.07%	4.14%	3.95%	3.24%	0.41%	2.24%	1.67%	3.05%	2.52%	3.16%	1.73%	0.13%	0.15%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	1,128,463	677,078	338,539	225,693	169,270	0	3,385,390	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.60%	0.36%	0.18%	0.12%	0.09%	0.00%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	23,809,078	25,962,035	18,701,435	15,196,594	12,069,173	25,278,007	16,965,493	29,183,732	27,494,249	30,888,690	17,549,631	13,479,248	13,543,179	11,430,875	1,201,248	9,512,227	11,778,960	10,249,355	8,605,822	788,192	843,906	1,599,375	3,173,402	3,873,606	3,944,268	2,826,512
Other Current Liabilities Margin	11.55%	12.78%	10.84%	11.36%	10.55%	12.94%	8.98%	12.72%	12.75%	16.48%	10.63%	10.10%	12.48%	10.16%	1.12%	11.07%	15.26%	16.78%	17.20%	1.76%	1.99%	3.67%	8.41%	11.31%	15.16%	15.51%
Total Current Liabilities	42,356,989	44,530,931	37,633,462	31,223,445	25,216,708	42,853,770	37,271,410	46,945,788	46,855,854	48,727,833	41,354,723	35,236,733	29,345,409	23,358,998	24,384,104	22,239,668	22,844,239	18,835,873	15,444,002	12,653,271	10,911,575	6,833,477	6,308,260	6,321,108	5,608,056	3,880,030
Total Current Liabilities Margin	20.71%	21.98%	23.20%	25.16%	23.77%	21.94%	19.74%	20.47%	21.73%	26.00%	25.05%	26.42%	27.05%	20.77%	22.79%	25.89%	29.60%	30.84%	30.87%	28.23%	25.70%	15.68%	16.73%	18.46%	21.56%	21.29%
Long-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt 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%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	47,109	489,357	500,288	333,525	250,144	0	141,326	0	1,085,637	1,219,820	1,579,692	367,363	395,769	213,273	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.02%	0.25%	0.30%	0.20%	0.15%	0.00%	0.07%	0.00%	0.50%	0.65%	0.96%	0.28%	0.36%	0.19%	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	676,650	535,928	378,914	572,113	752,652	398,281	1,175,572	456,096	501,063	148,630	-1,052,876	116,658	525,872	974,947	544,900	702,677	877,362	996,679	1,090,417	1,125,421	1,146,298	1,239,445	1,406,832	1,278,354	1,400,408	693,780
Other Non-Current Liabilities Margin	0.34%	0.27%	0.26%	0.73%	1.47%	0.20%	0.62%	0.20%	0.23%	0.08%	-0.64%	0.09%	0.48%	0.87%	0.51%	0.82%	1.14%	1.63%	2.18%	2.51%	2.70%	2.84%	3.73%	3.73%	5.38%	3.81%
Total Non-Current Liabilities	723,758	808,157	770,639	833,263	948,514	398,281	1,316,897	456,096	501,063	1,368,449	526,817	484,021	921,642	1,188,221	544,900	702,677	877,362	996,679	1,090,417	1,125,421	1,146,298	1,239,445	1,406,832	1,278,354	1,400,408	693,780
Total Non-Current Liabilities Margin	0.37%	0.41%	0.52%	0.90%	1.59%	0.20%	0.70%	0.20%	0.23%	0.73%	0.32%	0.36%	0.85%	1.06%	0.51%	0.82%	1.14%	1.63%	2.18%	2.51%	2.70%	2.84%	3.73%	3.73%	5.38%	3.81%
Total Liabilities	42,825,933	45,186,200	38,327,657	32,005,745	26,126,999	43,252,051	37,823,864	47,401,884	47,356,917	50,096,282	41,881,540	35,720,753	30,267,051	24,547,219	24,929,004	22,942,345	23,721,601	19,832,553	16,534,418	13,778,692	12,057,873	8,072,922	7,715,092	7,599,462	7,008,464	4,573,810
Total Liabilities Margin	20.95%	22.31%	23.67%	26.03%	25.35%	22.14%	20.03%	20.66%	21.97%	26.73%	25.37%	26.78%	27.90%	21.83%	23.30%	26.71%	30.74%	32.47%	33.04%	30.74%	28.40%	18.52%	20.46%	22.19%	26.94%	25.10%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	11,100,482	11,100,824	11,101,507	11,099,958	10,789,616	11,100,482	11,100,482	11,100,482	11,100,482	11,102,191	11,102,191	11,102,191	11,102,191	11,102,191	11,102,191	11,102,191	11,102,191	11,101,227	11,098,336	11,080,349	11,012,256	11,011,293	10,991,276	10,933,461	5,344,676	4,149,833
Common Stock Margin	5.47%	5.49%	7.30%	11.03%	14.91%	5.68%	5.88%	4.84%	5.15%	5.92%	6.73%	8.32%	10.23%	9.87%	10.37%	12.92%	14.39%	18.18%	22.18%	24.72%	25.93%	25.26%	29.14%	31.93%	20.55%	22.77%
Retained Earnings	126,441,427	109,437,350	72,318,371	52,790,182	40,891,939	136,019,447	126,968,186	116,336,648	90,043,666	77,818,804	57,662,770	42,812,715	28,977,474	23,525,223	23,018,776	18,511,762	14,816,413	14,304,847	11,762,322	9,273,675	5,685,869	5,538,074	6,147,663	6,064,152	2,550,284	1,432,527
Retained Earnings Margin	62.53%	54.18%	40.70%	34.36%	29.27%	69.63%	67.24%	50.72%	41.77%	41.53%	34.93%	32.10%	26.71%	20.92%	21.51%	21.55%	19.20%	23.42%	23.51%	20.69%	13.39%	12.70%	16.30%	17.71%	9.80%	7.86%
Accumulated OCI	1,755,863	1,535,473	1,154,121	812,668	609,501	1,605,973	1,792,265	1,869,352	1,137,029	1,272,746	993,069	831,181	1,034,246	722,700	282,651	430,401	218,412	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	0.86%	0.76%	0.69%	0.51%	0.38%	0.82%	0.95%	0.81%	0.53%	0.68%	0.60%	0.62%	0.95%	0.64%	0.26%	0.50%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	0	0	0	0	3,854	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	32,119	44,967	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.17%	0.00%
Total Shareholders’ Equity	120,212,395	112,264,085	81,836,689	64,647,272	53,681,025	82,604,802	144,299,841	133,732,542	106,405,314	94,277,928	73,822,817	58,752,204	44,762,937	39,592,888	40,115,613	35,715,736	31,776,729	26,652,893	29,816,781	27,380,052	23,571,141	23,424,612	23,980,381	23,787,665	9,147,619	5,614,480
Total Shareholders’ Equity Margin	59.00%	55.33%	47.94%	48.43%	50.20%	42.29%	76.42%	58.30%	49.36%	50.31%	44.73%	44.04%	41.26%	35.21%	37.49%	41.57%	41.18%	43.64%	59.59%	61.09%	55.51%	53.73%	63.58%	69.46%	35.17%	30.81%
Total Equity	120,212,395	112,264,085	81,836,689	64,647,272	53,684,879	82,604,802	144,299,841	133,732,542	106,405,314	94,277,928	73,822,817	58,752,204	44,762,937	39,592,888	40,115,613	35,715,736	31,776,729	26,652,893	29,816,781	27,380,052	23,571,141	23,424,612	23,980,381	23,819,784	9,192,587	5,614,480
Total Equity Margin	59.00%	55.33%	47.94%	48.43%	50.21%	42.29%	76.42%	58.30%	49.36%	50.31%	44.73%	44.04%	41.26%	35.21%	37.49%	41.57%	41.18%	43.64%	59.59%	61.09%	55.51%	53.73%	63.58%	69.56%	35.34%	30.81%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	4,400,365	3,991,289	5,474,641	4,667,587	3,795,352	4,670,168	3,976,388	4,554,538	2,948,566	3,806,784	5,500,077	4,715,733	10,292,877	7,258,636	7,022,648	6,648,938	4,062,179	2,126,622	1,395,809	1,033,842	846,437	2,342,343	2,640,219	32,119	32,119	109,206
Total Investments Margin	2.16%	1.98%	3.93%	4.06%	3.77%	2.39%	2.11%	1.99%	1.37%	2.03%	3.33%	3.54%	9.49%	6.45%	6.56%	7.74%	5.26%	3.48%	2.79%	2.31%	1.99%	5.37%	7.00%	0.09%	0.12%	0.60%
Net Debt	-114,544,383	-103,312,979	-70,056,144	-56,016,497	-46,153,279	-75,641,305	-138,332,047	-129,659,796	-99,557,447	-73,374,301	-50,510,482	-51,250,148	-32,135,580	-23,127,693	-26,972,636	-30,464,431	-29,176,088	-26,508,086	-28,829,763	-24,707,656	-19,657,572	-18,206,171	-18,115,370	-19,676,375	-7,162,637	-3,635,922
Net Debt Margin	-56.17%	-50.77%	-39.82%	-41.84%	-42.44%	-38.72%	-73.25%	-56.53%	-46.18%	-39.15%	-30.60%	-38.42%	-29.62%	-20.57%	-25.21%	-35.46%	-37.81%	-43.40%	-57.62%	-55.13%	-46.29%	-41.76%	-48.03%	-57.46%	-27.54%	-19.95%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	204,523,810	203,310,352	164,296,051	130,798,005	107,299,921	195,350,495	188,836,670	229,384,264	215,585,748	187,394,584	165,059,290	133,391,922	108,494,151	112,453,374	107,010,008	85,908,030	77,172,722	61,073,650	50,036,090	44,819,076	42,464,649	43,592,942	37,714,658	34,245,758	26,010,331	18,224,576
Working Capital	108,452,394	96,936,295	64,676,745	51,384,720	42,714,141	70,476,497	134,021,617	120,859,066	94,591,780	64,732,512	45,191,295	46,618,041	27,116,602	19,728,961	23,431,081	26,322,763	24,781,440	22,153,710	26,319,724	24,425,705	20,638,603	18,201,700	18,584,314	20,318,764	5,768,653	2,659,490
Working Capital Margin	53.25%	47.63%	36.49%	38.07%	39.61%	36.08%	70.97%	52.69%	43.88%	34.54%	27.38%	34.95%	24.99%	17.54%	21.90%	30.64%	32.11%	36.27%	52.60%	54.50%	48.60%	41.75%	49.28%	59.33%	22.18%	14.59%
Total Capital	120,212,395	112,264,085	81,836,689	64,647,272	53,681,025	82,604,802	144,299,841	133,732,542	106,405,314	94,277,928	73,822,817	58,752,204	44,762,937	39,592,888	40,115,613	35,715,736	31,776,729	26,652,893	29,816,781	27,380,052	23,571,141	23,424,612	23,980,381	23,787,665	9,147,619	5,614,480
Total Capital Margin	59.00%	55.33%	47.94%	48.43%	50.20%	42.29%	76.42%	58.30%	49.36%	50.31%	44.73%	44.04%	41.26%	35.21%	37.49%	41.57%	41.18%	43.64%	59.59%	61.09%	55.51%	53.73%	63.58%	69.46%	35.17%	30.81%
Capital Employed	120,681,339	112,919,354	82,530,883	65,429,572	54,595,492	83,003,083	144,852,296	134,188,638	106,906,377	95,646,377	74,349,634	59,236,225	45,684,579	40,781,109	40,660,513	36,418,414	32,654,091	27,649,572	30,907,198	28,505,472	24,717,439	24,664,057	25,387,213	25,098,138	10,599,419	6,398,194
Capital Employed Margin	59.23%	55.67%	48.41%	49.30%	51.78%	42.49%	76.71%	58.50%	49.59%	51.04%	45.04%	44.41%	42.11%	36.26%	38.00%	42.39%	42.31%	45.27%	61.77%	63.60%	58.21%	56.58%	67.31%	73.29%	40.75%	35.11%
Invested Capital	5,668,012	8,951,106	11,780,545	8,630,775	7,527,746	6,963,497	5,967,794	4,072,746	6,847,867	20,903,627	23,312,335	7,502,056	12,627,357	16,465,195	13,142,977	5,251,305	2,600,641	144,807	987,018	2,672,396	3,913,569	5,218,441	5,865,012	4,111,290	1,984,982	1,978,558
Invested Capital Margin	2.83%	4.57%	8.11%	6.59%	7.76%	3.56%	3.16%	1.78%	3.18%	11.15%	14.12%	5.62%	11.64%	14.64%	12.28%	6.11%	3.37%	0.24%	1.97%	5.96%	9.22%	11.97%	15.55%	12.01%	7.63%	10.86%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	204,523,810	203,310,352	164,296,051	130,798,005	107,299,921	195,350,495	188,836,670	229,384,264	215,585,748	187,394,584	165,059,290	133,391,922	108,494,151	112,453,374	107,010,008	85,908,030	77,172,722	61,073,650	50,036,090	44,819,076	42,464,649	43,592,942	37,714,658	34,245,758	26,010,331
Net Income	31,207,258	33,763,086	24,909,845	18,896,592	14,422,803	18,340,206	21,841,226	53,440,341	35,003,777	40,189,879	31,521,816	24,569,677	9,883,810	4,055,177	10,252,541	9,812,653	9,777,083	6,421,815	4,554,943	3,783,935	192,228	112,675	77,087	3,513,868	1,111,333
Net Income Margin	14.75%	16.39%	14.17%	12.93%	10.47%	9.39%	11.57%	23.30%	16.24%	21.45%	19.10%	18.42%	9.11%	3.61%	9.58%	11.42%	12.67%	10.51%	9.10%	8.44%	0.45%	0.26%	0.20%	10.26%	4.27%
Depreciation & Amortization	2,940,000	4,148,412	3,312,680	2,460,220	2,186,363	2,781,544	3,038,500	2,999,957	5,094,145	6,827,914	3,049,735	2,261,646	2,828,850	2,934,324	1,310,184	802,774	680,675	639,967	814,080	839,005	1,209,349	1,201,402	1,419,680	1,708,755	1,284,778
Depreciation & Amortization Margin	1.45%	2.07%	2.03%	1.78%	2.30%	1.42%	1.61%	1.31%	2.36%	3.64%	1.85%	1.70%	2.61%	2.61%	1.22%	0.93%	0.88%	1.05%	1.63%	1.87%	2.85%	2.76%	3.76%	4.99%	4.94%
Deferred Income Tax	0	0	-347,658	-811,485	-608,614	0	0	0	0	0	0	0	0	0	-3,476,577	-4,837,061	-3,676,116	0	0	-182,528	0	0	0	0	0
Deferred Income Tax Margin	0.00%	0.00%	-0.32%	-0.94%	-0.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.25%	-5.63%	-4.76%	0.00%	0.00%	-0.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	109,206	65,524	37,637	47,332	35,499	154,173	70,663	102,782	0	0	0	0	0	0	48,751	147,627	113,356	0	0	72,622	0	0	0	0	0
Stock-Based Compensation Margin	0.05%	0.03%	0.02%	0.05%	0.03%	0.08%	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.17%	0.15%	0.00%	0.00%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	2,430,372	590,891	-233,814	21,419	-94,404	-2,595,252	6,192,630	3,693,737	-3,668,041	-668,618	-1,470,139	-1,917,827	-2,603,224	2,024,990	-1,326,392	-143,696	-1,057,976	1,800,417	1,433,273	627,396	-1,166,591	-1,042,764	0	0	0
Change in Working Capital Margin	1.19%	0.30%	-0.27%	0.20%	-0.11%	-1.33%	3.28%	1.61%	-1.70%	-0.36%	-0.89%	-1.44%	-2.40%	1.80%	-1.24%	-0.17%	-1.37%	2.95%	2.86%	1.40%	-2.75%	-2.39%	0.00%	0.00%	0.00%
Accounts Receivable	2,014,960	-94,925	-1,538,590	-1,361,054	-1,020,790	-3,064,196	5,357,524	3,751,552	-3,905,725	-2,613,778	-2,836,051	-6,236,203	-4,697,373	1,639,897	-2,781,544	-1,188,420	-2,877,903	-963,584	0	0	0	0	0	0	0
Accounts Receivable Margin	0.97%	-0.06%	-1.22%	-1.26%	-0.94%	-1.57%	2.84%	1.64%	-1.81%	-1.39%	-1.72%	-4.68%	-4.33%	1.46%	-2.60%	-1.38%	-3.73%	-1.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	160,597	-251,450	-276,554	-184,369	-138,277	0	0	481,792	1,059,942	-2,798,985	-1,508,284	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.07%	-0.16%	-0.17%	-0.11%	-0.09%	0.00%	0.00%	0.21%	0.49%	-1.49%	-0.91%	0.00%	0.00%	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	-537,465	147,449	370,239	246,826	185,119	2,248,362	-2,164,851	-1,695,907	1,535,310	814,331	-186,158	4,199,528	812,828	-1,861,052	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	-0.24%	0.08%	0.25%	0.17%	0.13%	1.15%	-1.15%	-0.74%	0.71%	0.43%	-0.11%	3.15%	0.75%	-1.65%	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	661,661	711,446	1,113,464	825,392	619,044	-2,171,275	2,999,957	1,156,300	-2,357,568	3,929,815	3,060,354	-610,411	2,870,689	2,160,425	96,358	1,991,406	-745,171	0	0	0	0	0	0	0	0
Other Working Capital Margin	0.33%	0.40%	0.80%	0.63%	0.47%	-1.11%	1.59%	0.50%	-1.09%	2.10%	1.85%	-0.46%	2.65%	1.92%	0.09%	2.32%	-0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	-7,278,267	-6,415,705	-4,520,296	-3,201,373	-2,257,930	3,552,411	-8,665,828	-16,721,386	-1,760,146	-8,483,575	-7,141,015	-7,205,164	4,056,956	-2,568,554	-266,662	881,724	308,417	-2,937,330	-1,329,822	259,371	1,699,575	1,008,262	359,738	-1,837,233	1,631,668
Other Non-Cash Items Margin	-3.35%	-3.08%	-2.39%	-1.96%	-1.06%	1.82%	-4.59%	-7.29%	-0.82%	-4.53%	-4.33%	-5.40%	3.74%	-2.28%	-0.25%	1.03%	0.40%	-4.81%	-2.66%	0.58%	4.00%	2.31%	0.95%	-5.36%	6.27%
Net Cash from Operating Activities	29,408,568	32,152,208	23,158,395	17,412,703	13,683,718	22,233,083	22,477,191	43,515,431	34,669,734	37,865,600	25,960,398	17,708,333	14,166,393	6,445,937	6,541,845	6,664,021	6,145,440	5,924,869	5,472,473	5,399,800	1,934,561	1,279,575	1,856,504	3,385,390	4,027,779
Net Cash from Operating Activities Margin	14.08%	15.71%	13.24%	12.06%	10.93%	11.38%	11.90%	18.97%	16.08%	20.21%	15.73%	13.28%	13.06%	5.73%	6.11%	7.76%	7.96%	9.70%	10.94%	12.05%	4.56%	2.94%	4.92%	9.89%	15.49%
Capital Expenditures (PPE)	-1,002,127	-2,076,925	-2,395,821	-1,925,449	-1,640,706	-578,150	-224,836	-2,203,394	-2,653,067	-4,725,176	-3,225,178	-1,875,268	-2,462,450	-4,965,346	-1,045,347	-1,054,289	-1,290,688	-1,067,098	-988,862	-522,583	-483,513	-1,149,131	-256,956	-1,072,790	-970,007
Capital Expenditures (PPE) Margin	-0.46%	-1.03%	-1.61%	-1.60%	-1.76%	-0.30%	-0.12%	-0.96%	-1.23%	-2.52%	-1.95%	-1.41%	-2.27%	-4.42%	-0.98%	-1.23%	-1.67%	-1.75%	-1.98%	-1.17%	-1.14%	-2.64%	-0.68%	-3.13%	-3.73%
Acquisitions (Net)	-278,369	-838,016	-2,972,214	-1,927,376	-1,448,898	-835,106	0	0	0	-3,354,973	-16,964,967	4,338,207	-2,211,386	-3,316,063	-7,377,851	842,634	0	-31,143	0	0	0	-67,322	0	0	0
Acquisitions (Net) Margin	-0.14%	-0.44%	-2.11%	-1.35%	-1.02%	-0.43%	0.00%	0.00%	0.00%	-1.79%	-10.28%	3.25%	-2.04%	-2.95%	-6.89%	0.98%	0.00%	-0.05%	0.00%	0.00%	0.00%	-0.15%	0.00%	0.00%	0.00%
Purchases of Investments	-507,487	-347,380	-453,875	-503,950	-441,989	-1,047,094	-51,391	-423,977	0	-214,436	-212,567	-321,721	-1,087,635	-567,178	-612,749	-2,103,272	-917,235	0	0	0	0	-1,280,519	0	0	0
Purchases of Investments Margin	-0.25%	-0.17%	-0.33%	-0.46%	-0.49%	-0.54%	-0.03%	-0.18%	0.00%	-0.11%	-0.13%	-0.24%	-1.00%	-0.50%	-0.57%	-2.45%	-1.19%	0.00%	0.00%	0.00%	0.00%	-2.94%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	32,119	-739,904	67,464	59,401	108,782	96,358	0	0	0	-3,795,877	2,727,635	1,038,197	12,983	101,652	493,695	216,369	0	0	0	0	0	1,284,637	0	0	0
Sales / Maturities of Investments Margin	0.02%	-0.40%	0.10%	0.08%	0.21%	0.05%	0.00%	0.00%	0.00%	-2.03%	1.65%	0.78%	0.01%	0.09%	0.46%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	2.95%	0.00%	0.00%	0.00%
Other Investing Activities	-1,411,115	595,538	603,003	206,719	-153,684	-2,184,123	-2,319,024	269,803	2,871,479	4,339,556	-2,464,185	849,360	2,307,699	1,757,840	601,623	-842,634	-2,087,764	6,944	-43,997	38,216	-1,959	7,278	-3,276,184	-976,431	-1,927,167
Other Investing Activities Margin	-0.74%	0.28%	0.48%	0.08%	-0.89%	-1.12%	-1.23%	0.12%	1.33%	2.32%	-1.49%	0.64%	2.13%	1.56%	0.56%	-0.98%	-2.71%	0.01%	-0.09%	0.09%	0.00%	0.02%	-8.69%	-2.85%	-7.41%
Net Cash from Investing Activities	-3,166,978	-3,406,685	-5,151,443	-3,951,471	-3,472,106	-4,548,114	-2,595,252	-2,357,568	218,412	-7,750,905	-20,139,261	4,028,775	-3,440,790	-6,989,096	-7,940,628	-2,941,191	-2,207,923	-1,091,297	-1,032,859	-484,368	-485,473	-1,205,058	-3,533,140	-2,049,221	-2,897,174
Net Cash from Investing Activities Margin	-1.58%	-1.75%	-3.48%	-3.06%	-3.82%	-2.33%	-1.37%	-1.03%	0.10%	-4.14%	-12.20%	3.02%	-3.17%	-6.22%	-7.42%	-3.42%	-2.86%	-1.79%	-2.06%	-1.08%	-1.14%	-2.76%	-9.37%	-5.98%	-11.14%
Net Debt Issuance	-12,848	-7,709	-13,297	-8,865	-6,649	-38,543	0	0	0	0	0	0	0	-94,431	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	-0.01%	0.00%	-0.01%	-0.01%	-0.01%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt Issuance	-12,848	-7,709	-13,297	-8,865	-6,649	-38,543	0	0	0	0	0	0	0	-94,431	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	-0.01%	0.00%	-0.01%	-0.01%	-0.01%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%	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 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
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-23,678,459	-14,199,366	-7,307,112	-5,236,996	-3,242,029	-71,067,495	6,424	25,696	25,696	12,848	43,535	266,302	-957,160	-1,466,818	39,854	13,169	44,839	-5,713,986	35,974	136,186	1,927	29,550	115,630	11,177,569	2,389,687
Net Stock Issuance Margin	-12.12%	-7.27%	-3.83%	-3.15%	-0.25%	-36.38%	0.00%	0.01%	0.01%	0.01%	0.03%	0.20%	-0.88%	-1.30%	0.04%	0.02%	0.06%	-9.36%	0.07%	0.30%	0.00%	0.07%	0.31%	32.64%	9.19%
Common Stock Issuance	10,706	14,133	69,941	62,358	732,486	0	6,424	25,696	25,696	12,848	44,614	267,683	276,009	591	39,854	13,169	44,839	5,782	35,974	136,186	1,927	29,550	115,630	11,177,569	2,389,687
Common Stock Issuance Margin	0.00%	0.01%	0.06%	0.07%	2.16%	0.00%	0.00%	0.01%	0.01%	0.01%	0.03%	0.20%	0.25%	0.00%	0.04%	0.02%	0.06%	0.01%	0.07%	0.30%	0.00%	0.07%	0.31%	32.64%	9.19%
Common Stock Repurchased	-23,689,165	-14,213,499	-7,350,074	-5,281,367	-3,961,025	-71,067,495	0	0	0	0	-1,079	-1,381	-963,372	-1,467,409	0	0	0	-5,719,767	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-12.13%	-7.28%	-3.86%	-3.20%	-2.40%	-36.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.89%	-1.30%	0.00%	0.00%	0.00%	-9.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	-26,980	-17,986	-13,490	0	0	0	0	0	0	0	-269,797	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	-0.02%	-0.02%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-10,488,071	-9,476,596	-6,172,385	-4,485,390	-3,364,042	-9,256,825	-11,177,569	-11,029,819	-8,685,099	-7,233,666	-6,600,920	-2,884,828	-1,033,469	-1,701,990	-2,119,665	-2,444,682	-1,323,758	-1,434,782	-353,770	0	0	0	0	0	0
Net Dividends Paid Margin	-5.16%	-4.67%	-3.40%	-2.77%	-2.08%	-4.74%	-5.92%	-4.81%	-4.03%	-3.86%	-4.00%	-2.16%	-0.95%	-1.51%	-1.98%	-2.85%	-1.72%	-2.35%	-0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-10,488,071	-9,476,596	-6,172,385	-4,485,390	-3,364,042	-9,256,825	-11,177,569	-11,029,819	-8,685,099	-7,233,666	-6,600,920	-2,884,828	-1,033,469	-1,701,990	-2,119,665	-2,444,682	-1,323,758	-1,434,782	-353,770	0	0	0	0	0	0
Common Dividends Paid Margin	-5.16%	-4.67%	-3.40%	-2.77%	-2.08%	-4.74%	-5.92%	-4.81%	-4.03%	-3.86%	-4.00%	-2.16%	-0.95%	-1.51%	-1.98%	-2.85%	-1.72%	-2.35%	-0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-29,978	-32,991	7,839	4,625	3,469	-6,424	-38,543	-44,967	-44,967	-30,051	-2,274	-6	269,797	-13,554	-10,619	-10,182	8,422	-7,259	0	0	0	0	0	0	0
Other Financing Activities Margin	-0.01%	-0.02%	0.01%	0.01%	0.01%	0.00%	-0.02%	-0.02%	-0.02%	-0.02%	0.00%	0.00%	0.25%	-0.01%	-0.01%	-0.01%	0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-34,209,356	-23,716,661	-13,484,955	-9,726,626	-6,609,251	-80,369,288	-11,209,688	-11,049,091	-8,704,371	-7,250,869	-6,559,659	-2,618,532	-1,720,832	-3,276,794	-2,090,430	-2,441,695	-1,270,498	-7,156,027	-317,796	136,186	1,927	29,550	115,630	11,177,569	2,389,687
Net Cash from Financing Activities Margin	-17.30%	-11.96%	-7.22%	-5.92%	-2.33%	-41.14%	-5.94%	-4.82%	-4.04%	-3.87%	-3.97%	-1.96%	-1.59%	-2.91%	-1.95%	-2.84%	-1.65%	-11.72%	-0.64%	0.30%	0.00%	0.07%	0.31%	32.64%	9.19%
Effect of FX on Cash	-4,283	-2,571	-4,245	-2,316	-2,524	-6,424	0	-6,424	0	-6	-1,137	-4,015	3,116	-24,989	-2,570	7,208	983	777	289	-1,542	385	-16,137	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%	-0.02%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.04%	0.00%	0.00%	0.00%
Net Change in Cash	-7,972,047	5,026,291	4,517,750	3,732,291	3,600,157	-62,690,743	8,672,252	30,102,349	26,183,776	22,863,819	-739,666	19,114,567	9,007,887	-3,844,942	-3,491,795	1,288,343	2,668,002	-2,321,677	4,122,107	5,050,083	1,451,401	87,937	-1,561,005	12,513,738	3,526,716
Net Change in Cash Margin	-4.79%	1.99%	2.55%	3.08%	4.79%	-32.09%	4.59%	13.12%	12.15%	12.20%	-0.45%	14.33%	8.30%	-3.42%	-3.26%	1.50%	3.46%	-3.80%	8.24%	11.27%	3.42%	0.20%	-4.14%	36.54%	13.56%
Cash at Beginning of Period	122,516,430	98,286,689	65,538,393	52,284,206	42,553,122	138,332,047	129,659,796	99,557,447	73,373,672	50,510,482	51,250,148	32,135,580	23,127,693	26,972,636	30,464,431	29,176,088	26,508,086	28,829,763	24,707,656	19,657,572	18,206,171	18,118,235	19,676,375	7,162,637	3,635,922
Cash at Beginning of Period Margin	60.96%	48.77%	37.28%	38.77%	37.65%	70.81%	68.66%	43.40%	34.03%	26.95%	31.05%	24.09%	21.32%	23.99%	28.47%	33.96%	34.35%	47.20%	49.38%	43.86%	42.87%	41.56%	52.17%	20.92%	13.98%
Cash at End of Period	114,544,383	103,312,979	70,056,144	56,016,497	46,153,279	75,641,305	138,332,047	129,659,796	99,557,447	73,374,301	50,510,482	51,250,148	32,135,580	23,127,693	26,972,636	30,464,431	29,176,088	26,508,086	28,829,763	24,707,656	19,657,572	18,206,171	18,115,370	19,676,375	7,162,637
Cash at End of Period Margin	56.17%	50.77%	39.82%	41.84%	42.44%	38.72%	73.25%	56.53%	46.18%	39.15%	30.60%	38.42%	29.62%	20.57%	25.21%	35.46%	37.81%	43.40%	57.62%	55.13%	46.29%	41.76%	48.03%	57.46%	27.54%
Operating Cash Flow	29,408,568	32,152,208	23,158,395	17,412,703	13,683,718	22,233,083	22,477,191	43,515,431	34,669,734	37,865,600	25,960,398	17,708,333	14,166,393	6,445,937	6,541,845	6,664,021	6,145,440	5,924,869	5,472,473	5,399,800	1,934,561	1,279,575	1,856,504	3,385,390	4,027,779
Operating Cash Flow Margin	14.08%	15.71%	13.24%	12.06%	10.93%	11.38%	11.90%	18.97%	16.08%	20.21%	15.73%	13.28%	13.06%	5.73%	6.11%	7.76%	7.96%	9.70%	10.94%	12.05%	4.56%	2.94%	4.92%	9.89%	15.49%
Capital Expenditure	-1,837,233	-2,577,988	-2,646,353	-2,092,470	-1,765,972	-578,150	-2,730,153	-2,203,394	-2,653,067	-4,725,176	-3,225,178	-1,875,268	-2,462,450	-4,965,346	-1,045,347	-1,054,289	-1,290,688	-1,067,098	-988,862	-522,583	-483,513	-1,149,131	-256,956	-1,072,790	-970,007
Capital Expenditure Margin	-0.90%	-1.29%	-1.75%	-1.68%	-1.83%	-0.30%	-1.45%	-0.96%	-1.23%	-2.52%	-1.95%	-1.41%	-2.27%	-4.42%	-0.98%	-1.23%	-1.67%	-1.75%	-1.98%	-1.17%	-1.14%	-2.64%	-0.68%	-3.13%	-3.73%
Free Cash Flow	27,571,336	29,574,220	20,512,042	15,320,233	11,917,746	21,654,933	19,747,038	41,312,037	32,016,668	33,140,425	22,735,219	15,833,064	11,703,942	1,480,591	5,496,499	5,609,733	4,854,752	4,857,771	4,483,612	4,877,216	1,451,048	130,444	1,599,549	2,312,600	3,057,772
Free Cash Flow Margin	13.18%	14.42%	11.50%	10.37%	9.10%	11.09%	10.46%	18.01%	14.85%	17.68%	13.77%	11.87%	10.79%	1.32%	5.14%	6.53%	6.29%	7.95%	8.96%	10.88%	3.42%	0.30%	4.24%	6.75%	11.76%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	204,523,810	203,310,352	164,296,051	130,798,005	107,299,921	195,350,495	188,836,670	229,384,264	215,585,748	187,394,584	165,059,290	133,391,922	108,494,151	112,453,374	107,010,008	85,908,030	77,172,722	61,073,650	50,036,090	44,819,076	42,464,649	43,592,942	37,714,658	34,245,758	26,010,331
EBITDA	40,714,615	45,008,611	32,204,883	23,873,217	18,504,710	29,504,927	36,641,869	55,997,049	55,881,419	47,017,794	34,956,837	26,387,207	17,109,485	6,989,514	11,562,726	10,537,614	9,293,622	6,452,798	5,369,023	4,396,369	1,401,577	2,140,537	2,659,490	3,256,912	2,537,437
EBITDA Margin	19.64%	21.99%	18.37%	15.94%	13.68%	15.10%	19.40%	24.41%	25.92%	25.09%	21.18%	19.78%	15.77%	6.22%	10.81%	12.27%	12.04%	10.57%	10.73%	9.81%	3.30%	4.91%	7.05%	9.51%	9.76%
(-) Tax Adjustment	12,619,505	15,049,721	10,792,528	7,994,001	6,161,525	9,022,168	11,920,782	16,915,565	22,448,968	14,941,121	11,127,142	8,416,453	5,875,843	3,173,269	4,083,970	3,924,937	3,406,341	2,417,044	2,008,548	227,864	323,931	4,281,073	2,563,032	-4,094,790	247,237
(-) Tax Adjustment Margin	6.10%	7.34%	6.18%	5.28%	4.28%	4.62%	6.31%	7.37%	10.41%	7.97%	6.74%	6.31%	5.42%	2.82%	3.82%	4.57%	4.41%	3.96%	4.01%	0.51%	0.76%	9.82%	6.80%	-11.96%	0.95%
(-) Change In Working Capital	2,430,372	590,891	-233,814	21,419	-94,404	-2,595,252	6,192,630	3,693,737	-3,668,041	-668,618	-1,470,139	-1,917,827	-2,603,224	2,024,990	-1,326,392	-143,696	-1,057,976	1,800,417	1,433,273	627,396	-1,166,591	-1,042,764	0	0	0
(-) Change In Working Capital Margin	1.19%	0.30%	-0.27%	0.20%	-0.11%	-1.33%	3.28%	1.61%	-1.70%	-0.36%	-0.89%	-1.44%	-2.40%	1.80%	-1.24%	-0.17%	-1.37%	2.95%	2.86%	1.40%	-2.75%	-2.39%	0.00%	0.00%	0.00%
(-) Capital Expenditure	-1,837,233	-2,577,988	-2,646,353	-2,092,470	-1,765,972	-578,150	-2,730,153	-2,203,394	-2,653,067	-4,725,176	-3,225,178	-1,875,268	-2,462,450	-4,965,346	-1,045,347	-1,054,289	-1,290,688	-1,067,098	-988,862	-522,583	-483,513	-1,149,131	-256,956	-1,072,790	-970,007
(-) Capital Expenditure Margin	-0.90%	-1.29%	-1.75%	-1.68%	-1.83%	-0.30%	-1.45%	-0.96%	-1.23%	-2.52%	-1.95%	-1.41%	-2.27%	-4.42%	-0.98%	-1.23%	-1.67%	-1.75%	-1.98%	-1.17%	-1.14%	-2.64%	-0.68%	-3.13%	-3.73%
Unlevered Free Cash Flow	23,827,506	26,790,011	18,999,815	13,765,327	10,671,617	22,499,861	15,798,303	33,184,353	34,447,426	28,020,115	22,074,657	18,013,312	11,374,415	-3,174,091	7,759,801	5,702,085	5,654,569	1,168,239	938,341	3,018,526	1,760,724	-2,246,903	-160,497	6,278,913	1,320,192
Unlevered Free Cash Flow Margin	11.45%	13.06%	10.71%	8.77%	7.68%	11.52%	8.37%	14.47%	15.98%	14.95%	13.37%	13.50%	10.48%	-2.82%	7.25%	6.64%	7.33%	1.91%	1.88%	6.73%	4.15%	-5.15%	-0.43%	18.33%	5.08%
(-) Net Interest Income After Taxes	0	61,626	36,068	24,045	16,817	0	0	0	115,298	192,831	52,549	0	0	0	0	0	0	0	0	0	11,108	-36,378	932	0	0
(-) Net Interest Income After Taxes Margin	0.00%	0.03%	0.02%	0.01%	0.01%	0.00%	0.00%	0.00%	0.05%	0.10%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	-0.08%	0.00%	0.00%	0.00%
Net Debt Issuance	-12,848	-7,709	-13,297	-8,865	-6,649	-38,543	0	0	0	0	0	0	0	-94,431	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	-0.01%	0.00%	-0.01%	-0.01%	-0.01%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Levered Free Cash Flow	23,814,658	26,720,677	18,950,450	13,732,417	10,648,151	22,461,317	15,798,303	33,184,353	34,332,128	27,827,283	22,022,107	18,013,312	11,374,415	-3,268,522	7,759,801	5,702,085	5,654,569	1,168,239	938,341	3,018,526	1,749,616	-2,210,525	-161,429	6,278,913	1,320,192
Levered Free Cash Flow Margin	11.44%	13.02%	10.68%	8.75%	7.66%	11.50%	8.37%	14.47%	15.93%	14.85%	13.34%	13.50%	10.48%	-2.91%	7.25%	6.64%	7.33%	1.91%	1.88%	6.73%	4.12%	-5.07%	-0.43%	18.33%	5.08%