Fleury Michon S.A. (ALFLE.PA)

Analysis: Margins & Ratios Industry: Packaged Foods Sector: Consumer Defensive Live Price: $24.80

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	2003-12-31	2002-12-31
Revenue	954,269,415	910,990,641	888,225,098	853,516,486	781,254,478	1,910,791,767	1,856,535,758	947,595,540	981,907,423	933,305,283	828,566,033	863,578,925	877,870,356	851,626,539	841,852,332	866,368,872	889,579,678	830,353,196	819,522,190	811,336,703	756,892,818	702,391,397	624,757,842	590,267,478	578,022,711	531,392,087	497,902,158	478,730,668	708,058,183	655,820,658
Cost of Revenue	510,492,145	474,715,071	462,020,696	443,170,590	397,244,556	728,739,720	1,802,757,656	492,324,613	517,182,851	521,968,971	409,039,537	433,059,381	467,902,011	433,092,259	441,972,885	448,967,714	454,696,733	413,370,060	401,445,856	388,230,010	484,856,574	339,449,389	280,898,083	279,956,358	269,202,851	246,819,870	220,455,108	213,106,839	225,242,403	224,274,846
Cost of Revenue Margin	53.52%	52.01%	51.97%	51.91%	50.42%	38.14%	97.10%	51.96%	52.67%	55.93%	49.37%	50.15%	53.30%	50.85%	52.50%	51.82%	51.11%	49.78%	48.99%	47.85%	64.06%	48.33%	44.96%	47.43%	46.57%	46.45%	44.28%	44.51%	31.81%	34.20%
Gross Profit	443,777,270	436,275,570	426,204,402	410,345,896	384,009,922	952,800,857	53,778,102	455,270,927	464,724,572	411,336,311	419,526,496	430,519,543	409,968,345	418,534,280	399,879,447	417,401,158	434,882,945	416,983,135	418,076,334	423,106,693	272,036,244	362,942,008	343,859,759	310,311,119	308,819,860	284,572,217	277,447,050	265,623,829	482,815,780	431,545,812
Gross Profit Margin	46.48%	47.99%	48.03%	48.09%	49.58%	49.86%	2.90%	48.04%	47.33%	44.07%	50.63%	49.85%	46.70%	49.15%	47.50%	48.18%	48.89%	50.22%	51.01%	52.15%	35.94%	51.67%	55.04%	52.57%	53.43%	53.55%	55.72%	55.49%	68.19%	65.80%
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
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%
SG&A Expenses	42,610,487	80,016,283	108,777,979	97,269,645	72,952,234	188,741,774	517,114,746	0	-9,154,219	136,985,679	145,209,916	127,040,036	143,857,215	144,161,338	132,595,271	131,081,701	136,002,857	127,380,560	124,266,528	119,617,791	0	0	0	0	0	0	0	0	0	0
SG&A Expenses Margin	4.58%	9.20%	12.55%	11.38%	8.54%	9.88%	27.85%	0.00%	-0.93%	14.68%	17.53%	14.71%	16.39%	16.93%	15.75%	15.13%	15.29%	15.34%	15.16%	14.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses	426,727,204	425,687,863	412,381,250	389,297,220	362,167,023	1,155,520,547	21,389,592	439,871,032	446,659,197	393,651,384	407,619,905	440,637,797	424,398,335	396,590,457	384,103,801	388,983,859	401,296,730	383,392,224	380,225,352	376,781,365	242,018,484	333,228,371	313,314,774	292,727,175	283,632,841	262,210,371	251,997,006	236,988,126	459,790,500	411,329,266
Operating Expenses Margin	44.70%	46.86%	46.49%	45.55%	46.60%	60.47%	1.15%	46.42%	45.49%	42.18%	49.20%	51.02%	48.34%	46.57%	45.63%	44.90%	45.11%	46.17%	46.40%	46.44%	31.98%	47.44%	50.15%	49.59%	49.07%	49.34%	50.61%	49.50%	64.94%	62.72%
Operating Income (EBIT)	14,334,095	10,081,853	11,421,755	19,850,972	21,057,287	21,077,836	32,388,510	14,442,906	18,065,375	10,494,004	11,906,591	-4,499,611	-30,596,651	21,946,172	13,496,485	25,377,243	33,585,040	33,592,086	37,852,156	43,405,042	33,959,617	34,738,124	32,571,689	15,489,136	26,124,047	23,537,240	25,659,055	29,855,718	25,567,466	25,775,303
Operating Income (EBIT) Margin	1.50%	1.08%	1.28%	2.42%	2.91%	1.10%	1.74%	1.52%	1.84%	1.12%	1.44%	-0.52%	-3.49%	2.58%	1.60%	2.93%	3.78%	4.05%	4.62%	5.35%	4.49%	4.95%	5.21%	2.62%	4.52%	4.43%	5.15%	6.24%	3.61%	3.93%
Interest Income	4,733,672	3,184,485	2,720,668	2,407,542	1,934,762	11,142,174	3,443,987	8,085,679	5,038,578	1,076,760	752,675	968,732	1,850,571	2,186,398	2,393,060	2,517,528	2,336,698	2,892,104	2,612,640	2,002,045	958,164	441,507	-54,014	541,315	1,063,843	646,995	383,970	449,726	0	0
Interest Income Margin	0.49%	0.34%	0.30%	0.27%	0.23%	0.58%	0.19%	0.85%	0.51%	0.12%	0.09%	0.11%	0.21%	0.26%	0.28%	0.29%	0.26%	0.35%	0.32%	0.25%	0.13%	0.06%	-0.01%	0.09%	0.18%	0.12%	0.08%	0.09%	0.00%	0.00%
Interest Expense	9,227,021	7,357,663	5,319,334	4,795,749	4,341,444	20,107,343	11,379,366	12,303,477	10,518,663	4,858,922	4,516,050	4,591,200	3,481,562	2,914,414	2,924,982	3,475,691	3,608,378	4,059,279	3,887,842	4,298,819	3,663,566	2,833,393	5,094,941	3,846,745	3,149,258	1,870,532	931,156	1,854,093	19,422,773	19,550,763
Interest Expense Margin	0.96%	0.79%	0.59%	0.55%	0.54%	1.05%	0.61%	1.30%	1.07%	0.52%	0.55%	0.53%	0.40%	0.34%	0.35%	0.40%	0.41%	0.49%	0.47%	0.53%	0.48%	0.40%	0.82%	0.65%	0.54%	0.35%	0.19%	0.39%	2.74%	2.98%
Net Interest Income	-4,493,349	-4,173,178	-2,598,666	-2,452,867	-2,459,404	-8,965,170	-7,935,379	-4,217,798	-5,480,085	-3,782,163	-3,763,375	-3,622,469	-1,630,992	-728,016	-531,922	-958,164	-1,271,680	-1,167,175	-1,275,203	-2,296,774	-2,705,403	-3,361,792	-3,829,131	-4,168,481	-2,085,415	-1,622,772	-689,267	-207,837	169,088	255,980
Net Interest Income Margin	-0.47%	-0.46%	-0.29%	-0.29%	-0.32%	-0.47%	-0.43%	-0.45%	-0.56%	-0.41%	-0.45%	-0.42%	-0.19%	-0.09%	-0.06%	-0.11%	-0.14%	-0.14%	-0.16%	-0.28%	-0.36%	-0.48%	-0.61%	-0.71%	-0.36%	-0.31%	-0.14%	-0.04%	0.02%	0.04%
Unusual Items	3,836,568	4,980,806	3,610,844	4,611,632	4,823,226	2,671,938	27,177,322	3,405,238	1,805,950	6,298,516	2,914,414	10,479,914	10,214,540	1,090,850	-1,562,887	-514,308	1,976,212	-255,980	4,921,156	8,300,561	9,322,133	10,778,165	10,253,289	7,152,174	4,528,967	3,947,728	1,407,890	3,344,179	21,795,872	24,853,541
Unusual Items Margin	0.41%	0.56%	0.41%	0.56%	0.65%	0.14%	1.46%	0.36%	0.18%	0.67%	0.35%	1.21%	1.16%	0.13%	-0.19%	-0.06%	0.22%	-0.03%	0.60%	1.02%	1.23%	1.53%	1.64%	1.21%	0.78%	0.74%	0.28%	0.70%	3.08%	3.79%
EBT Excluding Unusual Items	11,154,307	4,293,418	6,798,734	13,015,916	13,817,516	24,699,131	-14,030,755	11,850,228	19,933,559	1,679,135	9,841,138	-21,836,969	-49,394,739	20,492,487	17,154,180	27,364,023	30,904,296	35,271,220	29,285,047	29,100,694	18,020,754	15,573,680	17,214,065	4,490,217	19,151,528	16,865,322	23,390,462	24,571,728	1,398,496	-4,381,015
EBT Excluding Unusual Items Margin	1.15%	0.42%	0.76%	1.57%	1.91%	1.29%	-0.76%	1.25%	2.03%	0.18%	1.19%	-2.53%	-5.63%	2.41%	2.04%	3.16%	3.47%	4.25%	3.57%	3.59%	2.38%	2.22%	2.76%	0.76%	3.31%	3.17%	4.70%	5.13%	0.20%	-0.67%
Pre-Tax Income	14,990,875	9,274,224	10,409,578	17,627,547	18,640,743	27,371,068	13,146,567	15,255,466	21,739,509	7,977,651	12,755,552	-11,357,056	-39,180,199	21,583,338	15,591,293	26,849,715	32,880,508	35,015,240	34,206,203	37,401,255	27,342,887	26,351,845	27,467,354	11,642,391	23,680,495	20,813,050	24,798,352	27,915,906	23,194,368	20,472,526
Pre-Tax Income Margin	1.56%	0.98%	1.16%	2.13%	2.57%	1.43%	0.71%	1.61%	2.21%	0.85%	1.54%	-1.32%	-4.46%	2.53%	1.85%	3.10%	3.70%	4.22%	4.17%	4.61%	3.61%	3.75%	4.40%	1.97%	4.10%	3.92%	4.98%	5.83%	3.28%	3.12%
Income Tax Expense	1,691,268	2,984,398	3,885,377	6,965,160	7,117,065	-2,815,780	2,407,151	-469,688	4,058,104	1,485,388	4,090,982	5,757,201	-6,273,857	4,683,964	5,537,622	7,111,076	12,872,974	13,959,127	15,174,445	16,376,846	12,029,884	8,083,330	10,095,944	5,349,746	7,642,998	6,663,699	8,111,512	10,297,909	8,555,367	-7,351,791
Income Tax Expense Margin	0.17%	0.34%	0.44%	0.85%	0.97%	-0.15%	0.13%	-0.05%	0.41%	0.16%	0.49%	0.67%	-0.71%	0.55%	0.66%	0.82%	1.45%	1.68%	1.85%	2.02%	1.59%	1.15%	1.62%	0.91%	1.32%	1.25%	1.63%	2.15%	1.21%	-1.12%
Net Income	23,650,356	7,964,969	7,383,848	11,340,460	11,997,417	73,182,087	8,529,534	56,060,785	12,058,065	2,832,219	4,718,016	-35,844,240	-32,906,341	17,022,667	10,111,208	19,742,161	20,043,935	21,329,706	19,059,939	21,019,712	15,314,177	19,544,892	17,380,804	6,297,342	15,331,791	14,142,306	16,689,189	17,703,715	14,700,060	13,576,332
Net Income Margin	2.48%	0.77%	0.78%	1.34%	1.63%	3.83%	0.46%	5.92%	1.23%	0.30%	0.57%	-4.15%	-3.75%	2.00%	1.20%	2.28%	2.25%	2.57%	2.33%	2.59%	2.02%	2.78%	2.78%	1.07%	2.65%	2.66%	3.35%	3.70%	2.08%	2.07%
Depreciation and Amortization	45,620,013	48,637,836	43,622,156	40,314,808	37,339,022	85,814,933	89,879,496	51,173,682	41,957,229	43,729,127	48,939,141	57,390,003	49,211,560	34,569,037	39,511,329	35,609,396	34,131,053	34,999,976	33,223,381	37,133,533	32,586,953	30,556,727	29,977,837	27,883,028	27,758,561	27,224,291	29,214,594	22,132,873	20,636,917	14,189,274
Depreciation and Amortization Margin	4.79%	5.38%	4.92%	4.71%	4.80%	4.49%	4.84%	5.40%	4.27%	4.69%	5.91%	6.65%	5.61%	4.06%	4.69%	4.11%	3.84%	4.22%	4.05%	4.58%	4.31%	4.35%	4.80%	4.72%	4.80%	5.12%	5.87%	4.62%	2.91%	2.16%
EBITDA	61,912,315	59,054,577	56,832,248	61,388,143	59,236,874	-356,377,531	114,404,255	66,555,964	64,213,395	54,967,587	61,648,898	47,887,040	26,500,971	57,957,151	54,992,245	63,595,755	70,003,474	68,644,901	71,400,796	81,354,658	65,804,463	65,294,852	61,931,885	43,372,164	53,722,913	49,944,273	54,944,102	51,988,591	46,204,383	39,964,578
EBITDA Margin	6.48%	6.49%	6.40%	7.27%	7.80%	-18.65%	6.16%	7.02%	6.54%	5.89%	7.44%	5.55%	3.02%	6.81%	6.53%	7.34%	7.87%	8.27%	8.71%	10.03%	8.69%	9.30%	9.91%	7.35%	9.29%	9.40%	11.04%	10.86%	6.53%	6.09%
NOPAT	12,706,928	7,885,617	7,870,956	12,498,030	13,370,077	23,246,204	26,458,138	14,887,577	14,693,119	8,540,087	8,087,889	-6,780,586	-25,697,262	17,183,467	8,702,885	18,656,147	20,436,237	20,200,311	21,060,305	24,399,324	19,018,610	24,082,334	20,599,588	8,371,788	17,692,380	16,001,339	17,266,009	18,842,231	16,136,769	35,031,350
NOPAT Margin	1.33%	0.83%	0.87%	1.51%	1.85%	1.22%	1.43%	1.57%	1.50%	0.92%	0.98%	-0.79%	-2.93%	2.02%	1.03%	2.15%	2.30%	2.43%	2.57%	3.01%	2.51%	3.43%	3.30%	1.42%	3.06%	3.01%	3.47%	3.94%	2.28%	5.34%
Owner's Earnings	34,274,699	28,785,768	20,538,165	18,110,621	15,190,473	82,735,541	36,683,807	66,004,080	12,454,952	24,365,065	22,694,150	18,410,595	-21,000,925	15,181,490	24,021,019	29,676,062	13,575,157	26,182,758	20,486,616	22,239,727	-11,588,377	8,956,950	19,298,306	-14,575,593	538,967	14,132,912	12,755,552	-3,431,071	1,573,455	-3,704,664
Owner's Earnings Margin	3.61%	3.14%	2.29%	2.07%	1.85%	4.33%	1.98%	6.97%	1.27%	2.61%	2.74%	2.13%	-2.39%	1.78%	2.85%	3.43%	1.53%	3.15%	2.50%	2.74%	-1.53%	1.28%	3.09%	-2.47%	0.09%	2.66%	2.56%	-0.72%	0.22%	-0.56%

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	2003-12-31	2002-12-31
Revenue	954,269,415	910,990,641	888,225,098	853,516,486	781,254,478	947,595,540	981,907,423	933,305,283	828,566,033	863,578,925	877,870,356	851,626,539	841,852,332	866,368,872	889,579,678	830,353,196	819,522,190	811,336,703	756,892,818	702,391,397	624,757,842	590,267,478	578,022,711	531,392,087	497,902,158	478,730,668	708,058,183	655,820,658
Cash & Cash Equivalents	196,023,504	191,032,443	172,215,685	145,590,364	121,487,737	265,113,043	195,659,104	127,298,364	184,886,810	182,204,892	145,413,056	163,500,741	163,606,421	176,522,841	117,951,573	133,365,559	91,256,856	101,355,148	64,553,919	71,167,126	62,476,724	47,558,258	49,280,839	44,354,986	42,228,474	34,640,664	0	0
Cash & Cash Equivalents Margin	20.51%	20.99%	19.38%	16.81%	14.78%	27.98%	19.93%	13.64%	22.31%	21.10%	16.56%	19.20%	19.43%	20.38%	13.26%	16.06%	11.14%	12.49%	8.53%	10.13%	10.00%	8.06%	8.53%	8.35%	8.48%	7.24%	0.00%	0.00%
Short-Term Investments	715,491	586,171	508,790	562,217	428,355	602,375	644,647	899,453	575,368	209,011	203,140	491,998	221,928	668,131	571,845	1,027,443	174,959	164,391	1,238,802	739,759	17,613	23,484	23,484	25,833	43,446	436,810	0	0
Short-Term Investments Margin	0.08%	0.06%	0.06%	0.07%	0.05%	0.06%	0.07%	0.10%	0.07%	0.02%	0.02%	0.06%	0.03%	0.08%	0.06%	0.12%	0.02%	0.02%	0.16%	0.11%	0.00%	0.00%	0.00%	0.00%	0.01%	0.09%	0.00%	0.00%
Cash & Short-Term Investments	196,738,995	191,618,613	172,724,474	146,152,580	121,916,092	265,715,418	196,303,751	128,197,817	185,462,178	182,413,903	145,616,196	163,992,739	163,828,349	177,190,972	118,523,418	134,393,002	91,431,815	101,519,539	65,792,721	71,906,884	62,494,337	47,581,743	49,304,324	44,380,819	42,271,920	35,077,474	0	0
Cash & Short-Term Investments Margin	20.59%	21.06%	19.44%	16.88%	14.83%	28.04%	19.99%	13.74%	22.38%	21.12%	16.59%	19.26%	19.46%	20.45%	13.32%	16.19%	11.16%	12.51%	8.69%	10.24%	10.00%	8.06%	8.53%	8.35%	8.49%	7.33%	0.00%	0.00%
Net Receivables	76,190,048	75,591,822	76,094,740	88,462,604	92,319,114	45,436,443	95,648,439	87,485,261	71,043,833	78,345,133	86,668,004	105,851,236	93,323,483	0	97,145,569	104,192,063	95,546,281	124,073,956	135,193,820	106,985,533	105,149,053	132,436,751	130,722,390	117,350,373	33,784,658	0	0	0
Net Receivables Margin	7.97%	8.31%	8.59%	10.56%	12.46%	4.79%	9.74%	9.37%	8.57%	9.07%	9.87%	12.43%	11.09%	0.00%	10.92%	12.55%	11.66%	15.29%	17.86%	15.23%	16.83%	22.44%	22.62%	22.08%	6.79%	0.00%	0.00%	0.00%
Inventory	87,023,793	85,047,111	80,690,285	75,786,664	69,363,935	78,895,842	85,578,328	96,597,208	78,993,302	85,170,873	80,192,181	78,240,627	76,725,883	76,562,667	69,945,937	66,716,832	64,226,311	70,637,553	67,202,959	61,113,454	51,435,533	58,635,850	51,348,641	47,881,169	41,177,547	33,758,825	0	0
Inventory Margin	9.13%	9.36%	9.09%	8.87%	8.87%	8.33%	8.72%	10.35%	9.53%	9.86%	9.13%	9.19%	9.11%	8.84%	7.86%	8.03%	7.84%	8.71%	8.88%	8.70%	8.23%	9.93%	8.88%	9.01%	8.27%	7.05%	0.00%	0.00%
Other Current Assets	36,322,930	21,793,758	20,194,236	15,012,403	11,259,302	33,637,880	1,194,182	74,136,728	0	0	-13,287,474	39,114,442	35,708,030	0	31,438,566	23,243,685	1,174	-1,174	0	0	0	0	0	0	0	0	175,874,672	171,888,195
Other Current Assets Margin	3.87%	2.32%	2.25%	1.68%	1.26%	3.55%	0.12%	7.94%	0.00%	0.00%	-1.51%	4.59%	4.24%	0.00%	3.53%	2.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.84%	26.21%
Total Current Assets	375,831,421	362,348,323	356,793,088	332,008,513	303,418,096	425,664,144	380,392,092	321,438,028	337,346,361	346,900,989	314,196,613	375,719,870	371,005,377	377,355,559	317,911,845	323,577,457	281,041,337	297,222,089	269,579,776	240,776,159	219,570,920	238,985,474	231,876,746	209,843,682	187,957,395	168,545,190	175,874,672	171,888,195
Total Current Assets Margin	39.37%	39.80%	40.23%	38.80%	38.75%	44.92%	38.74%	34.44%	40.71%	40.17%	35.79%	44.12%	44.07%	43.56%	35.74%	38.97%	34.29%	36.63%	35.62%	34.28%	35.14%	40.49%	40.12%	39.49%	37.75%	35.21%	24.84%	26.21%
Property, Plant & Equipment	233,084,236	239,815,882	244,167,424	241,471,533	224,264,454	235,250,280	237,246,454	226,755,973	248,929,943	250,896,762	272,015,108	245,545,841	233,784,854	242,962,557	248,286,471	241,829,435	244,695,706	248,365,143	234,274,503	211,233,958	197,225,514	195,751,868	169,448,166	154,443,982	146,346,561	140,736,138	123,661,805	114,633,228
Property, Plant & Equipment Margin	24.43%	26.48%	27.59%	28.44%	28.95%	24.83%	24.16%	24.30%	30.04%	29.05%	30.99%	28.83%	27.77%	28.04%	27.91%	29.12%	29.86%	30.61%	30.95%	30.07%	31.57%	33.16%	29.32%	29.06%	29.39%	29.40%	17.46%	17.48%
Goodwill	102,366,934	106,450,793	94,746,755	82,129,252	74,908,837	99,140,569	99,140,569	108,819,664	111,050,682	114,102,480	140,542,392	99,266,210	60,095,405	57,858,516	57,451,062	56,694,864	56,417,748	57,166,901	57,124,629	57,067,092	56,222,828	55,538,258	53,752,269	53,530,341	47,194,250	37,427,088	0	0
Goodwill Margin	10.74%	11.77%	10.68%	9.55%	9.52%	10.46%	10.10%	11.66%	13.40%	13.21%	16.01%	11.66%	7.14%	6.68%	6.46%	6.83%	6.88%	7.05%	7.55%	8.12%	9.00%	9.41%	9.30%	10.07%	9.48%	7.82%	0.00%	0.00%
Intangible Assets	22,329,359	22,124,184	16,296,999	12,055,482	9,653,380	19,697,541	23,846,060	23,444,477	21,645,571	21,987,270	22,279,650	15,543,150	5,305,126	4,736,803	4,484,346	4,615,859	3,897,236	3,382,928	2,916,762	3,049,449	2,346,092	2,440,029	2,072,498	2,444,726	2,932,027	13,354,404	40,130,143	40,962,665
Intangible Assets Margin	2.34%	2.44%	1.82%	1.37%	1.13%	2.08%	2.43%	2.51%	2.61%	2.55%	2.54%	1.83%	0.63%	0.55%	0.50%	0.56%	0.48%	0.42%	0.39%	0.43%	0.38%	0.41%	0.36%	0.46%	0.59%	2.79%	5.67%	6.25%
Long-Term Investments	21,557,896	24,026,655	30,535,121	30,714,307	25,527,543	5,481,259	32,184,196	27,008,234	27,967,572	27,492,013	40,868,727	41,056,602	28,061,510	38,040,031	37,191,070	35,666,933	40,934,483	35,183,154	31,581,821	11,997,006	11,300,693	10,745,287	11,988,786	12,376,279	3,425,200	1,911,630	0	0
Long-Term Investments Margin	2.25%	2.66%	3.47%	3.61%	3.15%	0.58%	3.28%	2.89%	3.38%	3.18%	4.66%	4.82%	3.33%	4.39%	4.18%	4.30%	4.99%	4.34%	4.17%	1.71%	1.81%	1.82%	2.07%	2.33%	0.69%	0.40%	0.00%	0.00%
Tax Assets	1,162,086	854,128	751,383	1,049,361	872,269	2,149,997	1,005,132	331,130	575,368	209,011	0	0	0	1,689,703	1,553,493	1,633,340	1,532,357	1,672,089	1,744,891	1,643,908	1,332,740	293,555	46,969	31,704	0	198,443	0	0
Tax Assets Margin	0.12%	0.09%	0.08%	0.13%	0.11%	0.23%	0.10%	0.04%	0.07%	0.02%	0.00%	0.00%	0.00%	0.20%	0.17%	0.20%	0.19%	0.21%	0.23%	0.23%	0.21%	0.05%	0.01%	0.01%	0.00%	0.04%	0.00%	0.00%
Other Non-Current Assets	715,883	429,999	430,821	510,159	401,114	603,549	644,647	899,453	1,174	1,174	203,140	491,998	221,928	669,305	571,845	1,028,617	174,959	163,217	1,237,628	739,759	18,788	23,484	23,484	260,677	43,446	436,810	3,448,684	2,645,518
Other Non-Current Assets Margin	0.08%	0.05%	0.05%	0.06%	0.05%	0.06%	0.07%	0.10%	0.00%	0.00%	0.02%	0.06%	0.03%	0.08%	0.06%	0.12%	0.02%	0.02%	0.16%	0.11%	0.00%	0.00%	0.00%	0.05%	0.01%	0.09%	0.49%	0.40%
Other Assets	-391	-235	-117	-78	-59	0	-1,174	0	0	0	0	-1,174	1,174	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	381,216,394	393,701,641	386,928,505	367,930,095	335,627,596	362,323,194	394,067,058	387,258,930	410,170,311	414,688,709	475,909,018	401,903,802	327,468,822	345,956,916	349,538,287	341,469,047	347,652,490	345,933,432	328,880,234	285,731,172	268,446,654	264,792,481	237,332,172	223,087,709	199,941,485	194,064,514	167,240,632	158,241,410
Total Non-Current Assets Margin	39.95%	43.48%	43.69%	43.15%	42.91%	38.24%	40.13%	41.49%	49.50%	48.02%	54.21%	47.19%	38.90%	39.93%	39.29%	41.12%	42.42%	42.64%	43.45%	40.68%	42.97%	44.86%	41.06%	41.98%	40.16%	40.54%	23.62%	24.13%
Total Assets	757,047,424	756,049,728	743,721,475	699,938,530	639,045,633	787,987,338	774,457,975	708,696,958	747,516,672	761,589,698	790,105,631	777,622,498	698,475,373	723,312,475	667,450,132	665,046,504	628,693,827	643,155,521	598,460,011	526,507,332	488,017,574	503,777,955	469,208,918	432,931,391	387,898,880	362,609,704	343,115,304	330,129,605
Total Assets Margin	79.32%	83.27%	83.92%	81.95%	81.66%	83.16%	78.87%	75.93%	90.22%	88.19%	90.00%	91.31%	82.97%	83.49%	75.03%	80.09%	76.71%	79.27%	79.07%	74.96%	78.11%	85.35%	81.17%	81.47%	77.91%	75.74%	48.46%	50.34%
Accounts Payable	127,687,031	119,954,558	108,489,121	106,983,967	107,010,485	134,529,211	134,368,343	114,163,540	115,836,803	100,874,892	108,268,955	92,240,852	90,499,484	91,299,128	102,810,006	99,843,927	97,378,065	110,653,796	110,464,747	101,527,758	89,630,561	118,637,318	115,495,105	109,932,825	101,754,383	109,624,005	0	0
Accounts Payable Margin	13.37%	13.15%	12.18%	12.56%	14.20%	14.20%	13.68%	12.23%	13.98%	11.68%	12.33%	10.83%	10.75%	10.54%	11.56%	12.02%	11.88%	13.64%	14.59%	14.45%	14.35%	20.10%	19.98%	20.69%	20.44%	22.90%	0.00%	0.00%
Short-Term Debt	84,937,987	85,891,375	84,106,560	71,848,643	61,617,077	72,234,492	100,480,354	82,099,114	74,622,855	100,020,060	64,354,301	99,943,735	95,805,784	108,904,208	42,600,702	58,393,961	44,416,046	45,486,934	45,915,525	42,451,576	38,273,701	35,848,937	41,252,697	27,369,894	11,866,667	13,080,811	0	0
Short-Term Debt Margin	8.88%	9.45%	9.50%	8.35%	7.60%	7.62%	10.23%	8.80%	9.01%	11.58%	7.33%	11.74%	11.38%	12.57%	4.79%	7.03%	5.42%	5.61%	6.07%	6.04%	6.13%	6.07%	7.14%	5.15%	2.38%	2.73%	0.00%	0.00%
Tax Payables	2,317,910	2,886,702	2,466,801	2,620,546	1,965,409	2,401,280	2,068,976	2,483,475	4,226,018	3,253,764	2,613,814	1,622,772	2,259,199	2,211,056	1,527,660	4,143,822	2,105,376	8,390,976	0	0	0	0	0	0	0	624,685	0	0
Tax Payables Margin	0.24%	0.32%	0.28%	0.31%	0.23%	0.25%	0.21%	0.27%	0.51%	0.38%	0.30%	0.19%	0.27%	0.26%	0.17%	0.50%	0.26%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%
Deferred Revenue	0	9,682,383	11,684,546	10,647,044	17,592,869	0	0	0	20,393,853	28,018,063	19,151,528	12,366,885	12,161,397	13,152,438	11,601,294	13,952,082	11,044,713	17,863,409	0	0	72,845,086	0	0	59,896,962	59,409,661	0	0	0
Deferred Revenue Margin	0.00%	1.14%	1.36%	1.26%	2.68%	0.00%	0.00%	0.00%	2.46%	3.24%	2.18%	1.45%	1.44%	1.52%	1.30%	1.68%	1.35%	2.20%	0.00%	0.00%	11.66%	0.00%	0.00%	11.27%	11.93%	0.00%	0.00%	0.00%
Other Current Liabilities	106,001,928	69,482,590	77,184,416	74,552,559	63,893,185	109,640,444	106,248,122	102,117,217	9,747,200	19,659,965	80,715,883	86,443,728	84,606,074	84,031,880	88,633,648	88,695,882	86,275,815	82,850,615	71,447,764	17,174,142	15,128,650	58,443,278	21,685,495	19,657,617	44,660,283	15,409,289	125,490,066	121,118,445
Other Current Liabilities Margin	11.11%	7.36%	8.58%	8.61%	7.89%	11.57%	10.82%	10.94%	1.18%	2.28%	9.19%	10.15%	10.05%	9.70%	9.96%	10.68%	10.53%	10.21%	9.44%	2.45%	2.42%	9.90%	3.75%	3.70%	8.97%	3.22%	17.72%	18.47%
Total Current Liabilities	320,944,856	317,697,903	295,738,697	275,652,920	257,251,699	318,805,427	343,165,795	300,863,345	305,298,374	320,356,572	283,540,078	283,730,301	273,170,541	289,921,963	238,534,573	251,245,505	231,001,952	249,765,988	228,247,232	217,146,156	200,749,348	214,682,643	222,742,489	198,014,590	174,051,108	180,598,559	125,490,066	121,118,445
Total Current Liabilities Margin	33.61%	34.95%	33.31%	32.23%	33.13%	33.64%	34.95%	32.24%	36.85%	37.10%	32.30%	33.32%	32.45%	33.46%	26.81%	30.26%	28.19%	30.78%	30.16%	30.92%	32.13%	36.37%	38.54%	37.26%	34.96%	37.72%	17.72%	18.47%
Long-Term Debt	168,623,472	177,419,945	155,082,288	143,543,463	125,020,260	167,476,650	174,375,193	164,018,572	196,721,773	184,507,537	194,284,093	156,221,751	96,237,897	103,222,158	113,757,259	110,903,905	115,956,573	126,415,351	145,638,507	103,414,730	100,055,286	99,914,380	54,048,172	51,988,591	41,246,826	24,713,808	15,590,119	17,974,960
Long-Term Debt Margin	17.67%	19.62%	17.47%	16.79%	15.61%	17.67%	17.76%	17.57%	23.74%	21.37%	22.13%	18.34%	11.43%	11.91%	12.79%	13.36%	14.15%	15.58%	19.24%	14.72%	16.02%	16.93%	9.35%	9.78%	8.28%	5.16%	2.20%	2.74%
Capital Lease Obligations	6,105,944	10,858,482	17,044,156	17,187,371	12,890,528	0	9,533,492	8,784,340	9,917,462	26,057,116	29,309,705	18,294,348	18,201,584	25,101,301	25,242,207	27,307,660	29,090,126	30,971,227	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.64%	1.23%	1.95%	2.01%	1.51%	0.00%	0.97%	0.94%	1.20%	3.02%	3.34%	2.15%	2.16%	2.90%	2.84%	3.29%	3.55%	3.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	1,666,610	2,081,422	4,351,072	5,752,034	6,550,386	771,463	1,561,713	2,666,654	953,467	4,453,816	3,325,391	8,297,039	6,317,304	7,057,062	8,106,815	5,969,734	8,646,956	5,997,916	11,158,613	10,996,570	10,137,041	10,512,792	9,352,662	8,385,105	6,339,614	5,254,635	0	0
Deferred Tax Liabilities Margin	0.18%	0.23%	0.50%	0.70%	0.92%	0.08%	0.16%	0.29%	0.12%	0.52%	0.38%	0.97%	0.75%	0.81%	0.91%	0.72%	1.06%	0.74%	1.47%	1.57%	1.62%	1.78%	1.62%	1.58%	1.27%	1.10%	0.00%	0.00%
Other Non-Current Liabilities	53,816,460	34,990,817	21,967,543	16,881,291	14,537,842	52,450,059	58,745,052	50,254,268	4,695,706	8,808,998	4,020,529	23,634,700	4,894,149	5,693,793	6,478,172	6,931,421	6,864,490	7,843,790	8,786,688	3,117,554	3,438,116	2,166,436	2,866,271	13,885,152	15,181,490	12,938,730	72,915,539	70,904,100
Other Non-Current Liabilities Margin	5.63%	3.70%	2.37%	1.86%	1.75%	5.54%	5.98%	5.38%	0.57%	1.02%	0.46%	2.78%	0.58%	0.66%	0.73%	0.83%	0.84%	0.97%	1.16%	0.44%	0.55%	0.37%	0.50%	2.61%	3.05%	2.70%	10.30%	10.81%
Total Non-Current Liabilities	234,246,713	246,197,063	222,738,379	207,160,902	178,627,630	232,710,442	244,215,450	225,814,248	261,296,828	266,948,349	263,881,286	215,819,288	160,412,543	173,048,324	183,237,031	185,617,175	187,232,902	196,691,244	180,888,591	129,599,836	127,384,082	123,645,366	77,082,846	74,258,847	62,767,930	42,907,173	88,505,658	88,879,060
Total Non-Current Liabilities Margin	24.54%	27.21%	25.11%	24.19%	22.21%	24.56%	24.87%	24.20%	31.54%	30.91%	30.06%	25.34%	19.05%	19.97%	20.60%	22.35%	22.85%	24.24%	23.90%	18.45%	20.39%	20.95%	13.34%	13.97%	12.61%	8.96%	12.50%	13.55%
Total Liabilities	555,190,786	563,894,496	518,476,841	482,813,666	435,879,212	551,515,869	587,378,896	526,677,593	566,595,202	587,304,921	547,421,364	499,549,589	433,583,083	462,970,287	421,771,604	436,862,680	418,234,854	446,457,232	409,135,823	346,745,992	328,133,431	338,328,009	299,825,335	272,273,437	236,819,038	223,505,732	213,995,724	209,997,505
Total Liabilities Margin	58.15%	62.17%	58.42%	56.42%	55.34%	58.20%	59.82%	56.43%	68.38%	68.01%	62.36%	58.66%	51.50%	53.44%	47.41%	52.61%	51.03%	55.03%	54.05%	49.37%	52.52%	57.32%	51.87%	51.24%	47.56%	46.69%	30.22%	32.02%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	15,714,586	15,714,586	15,714,586	15,764,217	16,296,295	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	15,714,586	16,459,042	16,459,042	18,250,901	18,250,901	18,250,901	18,250,901	18,250,901	0	0
Common Stock Margin	1.65%	1.73%	1.77%	1.86%	2.19%	1.66%	1.60%	1.68%	1.90%	1.82%	1.79%	1.85%	1.87%	1.81%	1.77%	1.89%	1.92%	1.94%	2.08%	2.34%	2.63%	3.09%	3.16%	3.43%	3.67%	3.81%	0.00%	0.00%
Retained Earnings	23,650,356	7,964,969	26,746,853	56,179,851	45,624,612	56,060,785	12,058,065	2,832,219	4,718,016	-35,844,240	-33,199,896	17,022,667	10,111,208	19,742,161	213,967,543	196,648,972	178,665,793	165,078,893	15,317,700	19,517,885	17,371,411	6,292,645	15,298,912	14,142,306	16,689,189	17,702,541	14,664,834	13,616,255
Retained Earnings Margin	2.48%	0.77%	2.96%	6.68%	5.64%	5.92%	1.23%	0.30%	0.57%	-4.15%	-3.78%	2.00%	1.20%	2.28%	24.05%	23.68%	21.80%	20.35%	2.02%	2.78%	2.78%	1.07%	2.65%	2.66%	3.35%	3.70%	2.07%	2.08%
Accumulated OCI	152,517,479	159,015,925	-53,169,738	-93,934,390	-70,450,793	154,378,226	149,322,035	153,852,176	150,773,371	186,753,820	244,250,676	-437,398,124	-406,999,917	-379,337,642	-347,292,004	-318,769,026	-291,794,844	-266,754,603	0	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	15.99%	17.56%	-6.69%	-11.59%	-8.69%	16.29%	15.21%	16.48%	18.20%	21.63%	27.82%	-51.36%	-48.35%	-43.78%	-39.04%	-38.39%	-35.61%	-32.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	153,823	127,990	366,826	273,280	225,450	178,481	164,391	118,596	93,938	84,544	3,125,774	-146,778	-23,484	34,052	38,749	-137,384	120,945	150,300	149,126	147,952	99,809	90,415	76,324	73,976	69,279	77,499	185,527	150,300
Minority Interest Margin	0.02%	0.01%	0.04%	0.03%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.36%	-0.02%	0.00%	0.00%	0.00%	-0.02%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.02%	0.03%	0.02%
Total Shareholders’ Equity	201,702,815	192,027,242	224,877,808	216,851,584	202,940,971	236,292,987	186,914,688	181,900,769	180,827,532	174,200,234	239,558,493	278,219,687	264,915,774	260,308,135	245,639,779	228,321,208	210,338,029	196,547,989	189,175,062	179,613,388	159,784,335	165,359,532	169,307,259	160,583,979	151,010,563	139,026,474	32,163,060	30,426,389
Total Shareholders’ Equity Margin	21.15%	21.09%	25.45%	25.50%	26.30%	24.94%	19.04%	19.49%	21.82%	20.17%	27.29%	32.67%	31.47%	30.05%	27.61%	27.50%	25.67%	24.23%	24.99%	25.57%	25.58%	28.01%	29.29%	30.22%	30.33%	29.04%	4.54%	4.64%
Total Equity	201,856,638	192,155,232	225,244,634	217,124,864	203,166,421	236,471,469	187,079,079	182,019,365	180,921,469	174,284,778	242,684,267	278,072,909	264,892,290	260,342,187	245,678,528	228,183,824	210,458,973	196,698,289	189,324,187	179,761,340	159,884,144	165,449,946	169,383,583	160,657,955	151,079,842	139,103,972	32,348,587	30,576,689
Total Equity Margin	21.17%	21.11%	25.50%	25.53%	26.32%	24.95%	19.05%	19.50%	21.84%	20.18%	27.64%	32.65%	31.47%	30.05%	27.62%	27.48%	25.68%	24.24%	25.01%	25.59%	25.59%	28.03%	29.30%	30.23%	30.34%	29.06%	4.57%	4.66%
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
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%
Total Investments	22,273,388	24,612,825	31,043,911	31,276,524	25,955,898	6,083,634	32,828,843	27,907,687	28,542,940	27,701,024	41,071,867	41,548,600	28,283,437	38,708,162	37,762,915	36,694,375	41,109,442	35,347,545	32,820,623	12,736,764	11,318,307	10,768,772	12,012,271	12,402,112	3,468,646	2,348,440	0	0
Total Investments Margin	2.33%	2.73%	3.53%	3.68%	3.20%	0.64%	3.34%	2.99%	3.44%	3.21%	4.68%	4.88%	3.36%	4.47%	4.25%	4.42%	5.02%	4.36%	4.34%	1.81%	1.81%	1.82%	2.08%	2.33%	0.70%	0.49%	0.00%	0.00%
Net Debt	-19,187,929	33,255,789	58,728,613	75,011,287	69,056,700	-265,113,043	88,729,934	118,819,322	110,344,976	113,497,757	142,535,043	107,479,879	46,638,844	60,704,826	63,648,595	63,239,967	98,205,890	101,518,364	200,219,775	74,699,180	75,851,089	88,205,058	46,020,030	35,003,498	10,885,019	3,153,955	15,590,119	17,974,960
Net Debt Margin	-2.07%	4.05%	6.88%	9.20%	9.09%	-27.98%	9.04%	12.73%	13.32%	13.14%	16.24%	12.62%	5.54%	7.01%	7.15%	7.62%	11.98%	12.51%	26.45%	10.63%	12.14%	14.94%	7.96%	6.59%	2.19%	0.66%	2.20%	2.74%

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	2003-12-31	2002-12-31
Revenue	954,269,415	910,990,641	888,225,098	853,516,486	781,254,478	947,595,540	981,907,423	933,305,283	828,566,033	863,578,925	877,870,356	851,626,539	841,852,332	866,368,872	889,579,678	830,353,196	819,522,190	811,336,703	756,892,818	702,391,397	624,757,842	590,267,478	578,022,711	531,392,087	497,902,158	478,730,668	708,058,183	655,820,658
Working Capital	54,886,565	44,650,420	61,054,391	56,355,593	46,166,397	106,858,717	37,226,297	20,574,683	32,047,986	26,544,417	30,656,536	91,989,569	97,834,836	87,433,595	79,377,272	72,331,952	50,039,385	47,456,101	41,332,544	23,630,003	18,821,572	24,302,831	9,134,257	11,829,092	13,906,287	-12,053,368	50,384,606	50,769,750
Working Capital Margin	5.76%	4.84%	6.91%	6.58%	5.62%	11.28%	3.79%	2.20%	3.87%	3.07%	3.49%	10.80%	11.62%	10.09%	8.92%	8.71%	6.11%	5.85%	5.46%	3.36%	3.01%	4.12%	1.58%	2.23%	2.79%	-2.52%	7.12%	7.74%
Total Capital	462,702,957	468,524,113	481,926,425	454,856,114	406,537,568	488,786,688	471,303,727	428,018,455	476,059,318	478,452,378	527,506,593	549,200,307	475,161,039	497,535,802	427,239,947	424,926,734	399,800,774	399,421,501	453,948,755	325,479,693	298,112,148	301,122,848	264,608,129	239,942,463	204,124,056	176,821,093	47,753,179	48,401,348
Total Capital Margin	48.48%	51.66%	54.48%	53.35%	51.55%	51.58%	48.00%	45.86%	57.46%	55.40%	60.09%	64.49%	56.44%	57.43%	48.03%	51.17%	48.78%	49.23%	59.98%	46.34%	47.72%	51.01%	45.78%	45.15%	41.00%	36.94%	6.74%	7.38%
Capital Employed	436,102,568	438,351,826	447,982,778	424,285,609	381,793,934	469,181,911	431,292,180	407,833,613	442,218,297	441,233,127	506,565,553	493,892,197	425,304,832	433,390,511	428,915,559	413,800,999	397,691,875	393,389,533	370,212,778	309,361,175	287,268,226	289,095,312	246,466,430	234,916,802	213,847,772	182,011,145	217,625,238	209,011,160
Capital Employed Margin	45.71%	48.32%	50.61%	49.72%	48.53%	49.51%	43.92%	43.70%	53.37%	51.09%	57.70%	57.99%	50.52%	50.02%	48.22%	49.83%	48.53%	48.49%	48.91%	44.04%	45.98%	48.98%	42.64%	44.21%	42.95%	38.02%	30.74%	31.87%
Invested Capital	266,679,453	277,491,670	309,710,741	309,265,750	285,049,831	223,673,645	275,644,622	300,720,090	291,172,508	296,247,486	382,093,536	385,699,566	311,554,618	321,012,960	309,288,374	291,561,174	308,543,918	298,066,353	389,394,836	254,312,568	235,635,424	253,564,589	215,327,289	195,587,477	161,895,583	142,180,429	47,753,179	48,401,348
Invested Capital Margin	27.97%	30.67%	35.10%	36.54%	36.77%	23.60%	28.07%	32.22%	35.14%	34.30%	43.53%	45.29%	37.01%	37.05%	34.77%	35.11%	37.65%	36.74%	51.45%	36.21%	37.72%	42.96%	37.25%	36.81%	32.52%	29.70%	6.74%	7.38%

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	2004-12-31	2003-12-31	2002-12-31
Revenue	954,269,415	910,990,641	888,225,098	853,516,486	781,254,478	947,595,540	981,907,423	933,305,283	828,566,033	863,578,925	877,870,356	851,626,539	841,852,332	866,368,872	889,579,678	830,353,196	819,522,190	811,336,703	756,892,818	702,391,397	624,757,842	590,267,478	578,022,711	531,392,087	497,902,158	478,730,668	708,058,183	655,820,658
Net Income	23,674,232	7,990,567	8,366,318	11,975,557	14,517,704	56,077,225	12,093,292	2,852,180	4,723,887	-35,793,748	-22,988,879	16,900,548	10,053,672	19,737,464	20,007,535	21,058,461	19,032,932	21,019,712	15,314,177	19,544,892	17,380,804	32,396,730	15,331,791	20,813,050	24,798,352	27,915,906	14,700,060	13,576,332
Net Income Margin	2.49%	0.78%	0.90%	1.41%	2.05%	5.92%	1.23%	0.31%	0.57%	-4.14%	-2.62%	1.98%	1.19%	2.28%	2.25%	2.54%	2.32%	2.59%	2.02%	2.78%	2.78%	5.49%	2.65%	3.92%	4.98%	5.83%	2.08%	2.07%
Depreciation & Amortization	45,313,933	52,055,991	46,508,036	42,238,729	38,781,962	41,951,358	41,957,229	52,033,211	42,125,143	82,213,013	57,097,622	35,523,678	39,464,360	38,583,695	34,131,053	34,999,976	33,223,381	37,133,533	32,586,953	30,556,727	29,977,837	27,883,028	27,758,561	27,224,291	29,214,594	22,132,873	20,636,917	14,189,274
Depreciation & Amortization Margin	4.76%	5.78%	5.25%	4.94%	4.97%	4.43%	4.27%	5.58%	5.08%	9.52%	6.50%	4.17%	4.69%	4.45%	3.84%	4.22%	4.05%	4.58%	4.31%	4.35%	4.80%	4.72%	4.80%	5.12%	5.87%	4.62%	2.91%	2.16%
Deferred Income Tax	0	-917,770	203,375	135,583	101,687	0	0	0	-5,179,484	590,633	-5,467,168	-705,706	1,115,509	-1,193,008	12,872,974	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.00%	-0.11%	0.02%	0.01%	0.01%	0.00%	0.00%	0.00%	-0.63%	0.07%	-0.62%	-0.08%	0.13%	-0.14%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	0	0	38,162	25,441	19,081	0	0	0	0	0	0	373,402	1,174	2,348	4,697	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	3,896,845	2,229,139	-4,116,111	-2,823,608	-3,629,690	10,068,937	35,406,256	-33,784,658	20,769,603	-21,314,441	-7,131,038	4,122,686	-15,394,024	-26,954,220	-6,950,208	4,451,468	-5,616,294	14,909,071	-18,005,489	3,068,237	9,722,542	-6,543,928	-5,860,532	-12,215,411	-15,342,359	-15,309,480	-755,023	11,351,185
Change in Working Capital Margin	0.35%	0.22%	-0.50%	-0.35%	-0.56%	1.06%	3.61%	-3.62%	2.51%	-2.47%	-0.81%	0.48%	-1.83%	-3.11%	-0.78%	0.54%	-0.69%	1.84%	-2.38%	0.44%	1.56%	-1.11%	-1.01%	-2.30%	-3.08%	-3.20%	-0.11%	1.73%
Accounts Receivable	-29,747	2,136,141	-496,812	-182,865	-137,149	11,271,338	-9,296,300	-2,064,279	-5,939,205	16,709,151	-18,993,009	293,555	3,788,034	-321,736	-415,674	-2,624,382	4,849,529	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	0.01%	0.25%	-0.05%	-0.02%	-0.01%	1.19%	-0.95%	-0.22%	-0.72%	1.93%	-2.16%	0.03%	0.45%	-0.04%	-0.05%	-0.32%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-189,049	-352,971	-1,220,954	-782,031	-586,523	6,017,878	11,829,092	-18,414,118	-6,177,571	4,979,867	-1,951,554	1,514,744	-163,217	-6,616,730	-3,227,931	-2,490,521	6,404,196	-3,434,594	0	0	0	0	0	0	0	0	0	0
Inventory Margin	-0.04%	-0.06%	-0.15%	-0.10%	-0.07%	0.64%	1.20%	-1.97%	-0.75%	0.58%	-0.22%	0.18%	-0.02%	-0.76%	-0.36%	-0.30%	0.78%	-0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	6,768,595	5,402,117	3,798,367	2,383,901	1,787,926	1,099,070	14,899,678	4,307,039	14,882,064	-8,177,268	16,943,995	-659,912	1,612,204	-11,578,983	4,655,782	2,624,382	-4,849,529	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.70%	0.59%	0.42%	0.26%	0.19%	0.12%	1.52%	0.46%	1.80%	-0.95%	1.93%	-0.08%	0.19%	-1.34%	0.52%	0.32%	-0.59%	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	-2,652,563	3,090,782	-2,173,246	-712,830	-534,622	-8,318,174	17,973,786	-17,613,300	5,649,172	17,762,426	-3,130,471	2,974,299	-20,631,045	-8,436,771	-7,962,386	9,566,370	-16,870,019	18,343,665	0	0	0	0	0	0	0	0	0	0
Other Working Capital Margin	-0.31%	0.36%	-0.25%	-0.08%	-0.06%	-0.88%	1.83%	-1.89%	0.68%	2.06%	-0.36%	0.35%	-2.45%	-0.97%	-0.90%	1.15%	-2.06%	2.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	-17,819,180	2,806,386	2,491,343	32,068,340	22,693,974	-48,460,059	1,764,853	-6,762,333	13,483,568	54,005,900	10,002,006	-3,598,984	2,452,946	11,165,658	-9,140,128	701,009	-927,634	8,105,641	4,377,492	443,855,160	13,247,550	-26,675,930	3,476,865	-7,031,229	-10,162,874	-6,358,401	2,277,987	1,967,993
Other Non-Cash Items Margin	-1.89%	0.44%	0.35%	4.55%	3.15%	-5.11%	0.18%	-0.72%	1.63%	6.25%	1.14%	-0.42%	0.29%	1.29%	-1.03%	0.08%	-0.11%	1.00%	0.58%	63.19%	2.12%	-4.52%	0.60%	-1.32%	-2.04%	-1.33%	0.32%	0.30%
Net Cash from Operating Activities	55,065,830	64,164,313	53,491,122	83,620,042	72,484,718	59,637,460	91,221,629	14,338,400	75,922,717	79,701,357	31,512,542	52,615,624	37,693,636	41,341,938	50,925,921	61,210,914	45,712,385	81,167,958	34,273,133	497,025,016	70,328,733	27,059,900	40,706,685	28,790,700	28,507,713	28,380,897	36,859,940	41,084,784
Net Cash from Operating Activities Margin	5.71%	7.10%	6.03%	10.57%	9.63%	6.29%	9.29%	1.54%	9.16%	9.23%	3.59%	6.18%	4.48%	4.77%	5.72%	7.37%	5.58%	10.00%	4.53%	70.76%	11.26%	4.58%	7.04%	5.42%	5.73%	5.93%	5.21%	6.26%
Capital Expenditures (PPE)	-34,689,590	-31,235,191	-33,353,719	-35,468,568	-35,588,906	-32,008,063	-41,560,343	-30,500,365	-24,149,009	-27,958,178	-45,192,205	-37,364,855	-25,554,550	-28,649,794	-40,599,831	-30,146,924	-31,796,703	-35,913,519	-59,489,508	-41,144,669	-28,060,335	-48,755,963	-42,551,384	-27,233,684	-33,148,231	-43,267,659	-33,763,522	-31,470,270
Capital Expenditures (PPE) Margin	-3.63%	-3.41%	-3.75%	-4.21%	-4.75%	-3.38%	-4.23%	-3.27%	-2.91%	-3.24%	-5.15%	-4.39%	-3.04%	-3.31%	-4.56%	-3.63%	-3.88%	-4.43%	-7.86%	-5.86%	-4.49%	-8.26%	-7.36%	-5.12%	-6.66%	-9.04%	-4.77%	-4.80%
Acquisitions (Net)	-814,126	-1,632,166	-14,000,460	-9,285,340	-7,416,080	-1,626,295	-76,324	-739,759	-4,836,612	-881,839	-81,521,398	-45,962,493	-3,965,341	-11,742	-382,796	-29,356	369,879	0	0	383,970	0	126,816	0	-9,297,474	129,164	0	0	0
Acquisitions (Net) Margin	-0.09%	-0.19%	-1.61%	-1.07%	-0.89%	-0.17%	-0.01%	-0.08%	-0.58%	-0.10%	-9.29%	-5.40%	-0.47%	0.00%	-0.04%	0.00%	0.05%	0.00%	0.00%	0.05%	0.00%	0.02%	0.00%	-1.75%	0.03%	0.00%	0.00%	0.00%
Purchases of Investments	-936,636	-1,566,175	-1,178,330	-3,034,811	-2,782,608	-1,755,459	-692,790	-361,660	-324,085	-4,696,880	-219,579	-75,150	-652,866	-56,363	-2,948,466	-428,590	-7,853,183	-6,049,581	-19,244,292	-163,217	-214,882	-425,068	-429,765	-8,609,381	-450,900	-1,140,168	0	0
Purchases of Investments Margin	-0.10%	-0.18%	-0.13%	-0.38%	-0.38%	-0.19%	-0.07%	-0.04%	-0.04%	-0.54%	-0.03%	-0.01%	-0.08%	-0.01%	-0.33%	-0.05%	-0.96%	-0.75%	-2.54%	-0.02%	-0.03%	-0.07%	-0.07%	-1.62%	-0.09%	-0.24%	0.00%	0.00%
Sales / Maturities of Investments	27,223,508	17,454,076	10,446,096	7,483,695	5,709,762	80,863,835	488,476	318,214	319,388	5,280,467	3,836,177	942,899	10,940,208	399,235	1,072,063	7,313,042	191,398	165,565	71,627	52,840	185,527	57,537	789,076	77,499	830,174	77,499	0	0
Sales / Maturities of Investments Margin	2.87%	1.85%	1.13%	0.81%	0.63%	8.53%	0.05%	0.03%	0.04%	0.61%	0.44%	0.11%	1.30%	0.05%	0.12%	0.88%	0.02%	0.02%	0.01%	0.01%	0.03%	0.01%	0.14%	0.01%	0.17%	0.02%	0.00%	0.00%
Other Investing Activities	4,665,567	4,192,670	1,352,114	1,073,628	863,932	955,815	8,461,429	4,579,458	4,882,407	2,084,241	2,386,015	-13,859,319	1,703,793	1,146,039	1,181,265	773,811	-1,174	859,529	952,292	-1,174	301,775	-2,178,178	949,944	614,117	1,486,563	1,953,902	776,159	1,747,239
Other Investing Activities Margin	0.48%	0.46%	0.14%	0.11%	0.10%	0.10%	0.86%	0.49%	0.59%	0.24%	0.27%	-1.63%	0.20%	0.13%	0.13%	0.09%	0.00%	0.11%	0.13%	0.00%	0.05%	-0.37%	0.16%	0.12%	0.30%	0.41%	0.11%	0.27%
Net Cash from Investing Activities	-4,551,277	-12,786,786	-36,734,298	-39,231,395	-39,213,899	46,429,833	-33,379,552	-26,704,111	-24,107,911	-26,172,190	-120,710,990	-96,318,918	-17,528,756	-27,172,625	-41,677,765	-22,518,017	-39,089,784	-40,938,006	-77,709,880	-40,872,250	-27,787,916	-51,174,856	-41,242,129	-44,448,924	-31,153,231	-42,376,426	-32,987,362	-29,723,031
Net Cash from Investing Activities Margin	-0.45%	-1.46%	-4.23%	-4.73%	-5.29%	4.90%	-3.40%	-2.86%	-2.91%	-3.03%	-13.75%	-11.31%	-2.08%	-3.14%	-4.69%	-2.71%	-4.77%	-5.05%	-10.27%	-5.82%	-4.45%	-8.67%	-7.14%	-8.36%	-6.26%	-8.85%	-4.66%	-4.53%
Net Debt Issuance	-13,604,513	-14,648,395	-2,343,978	-4,005,343	1,072,004	-41,356,028	22,987,705	-22,445,215	-36,052,077	3,623,643	39,585,305	52,646,154	-10,476,391	-14,444,080	-17,508,794	-9,399,631	-9,300,997	7,053,540	-33,195,199	8,201,927	298,252	46,551,952	6,572,109	10,321,394	17,776,517	18,811,004	-5,473,039	-6,393,628
Net Debt Issuance Margin	-1.48%	-1.67%	-0.25%	-0.48%	0.37%	-4.36%	2.34%	-2.40%	-4.35%	0.42%	4.51%	6.18%	-1.24%	-1.67%	-1.97%	-1.13%	-1.13%	0.87%	-4.39%	1.17%	0.05%	7.89%	1.14%	1.94%	3.57%	3.93%	-0.77%	-0.97%
Long-Term Debt Issuance	-13,604,513	-14,648,395	-1,031,552	2,086,667	5,641,012	-41,356,028	22,987,705	-22,445,215	-36,052,077	3,623,643	39,585,305	52,646,154	-10,476,391	-14,444,080	-4,384,537	-9,399,631	-9,300,997	7,053,540	45,060,693	8,201,927	298,252	46,551,952	6,572,109	10,321,394	17,776,517	18,811,004	-5,473,039	-6,393,628
Long-Term Debt Issuance Margin	-1.48%	-1.67%	-0.11%	0.31%	0.96%	-4.36%	2.34%	-2.40%	-4.35%	0.42%	4.51%	6.18%	-1.24%	-1.67%	-0.49%	-1.13%	-1.13%	0.87%	5.95%	1.17%	0.05%	7.89%	1.14%	1.94%	3.57%	3.93%	-0.77%	-0.97%
Short-Term Debt Issuance	0	0	-1,312,426	-6,092,010	-4,569,007	0	0	0	0	0	0	0	0	0	-13,124,257	0	0	0	-78,255,892	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	-0.15%	-0.79%	-0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.48%	0.00%	0.00%	0.00%	-10.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	162,825	-540,846	-61,999	5,394,445	2,606,299	331,130	313,517	-156,171	153,823	-3,346,527	-29,356	123,293	1,957,425	35,227	-2,348	6,014,355	217,231	-1,555,842	76,860,919	0	-20,357,452	-2,040,794	-5,006,874	-166,739	-1,218,840	-6,812,824	0	0
Net Stock Issuance Margin	0.02%	-0.06%	-0.01%	0.71%	0.29%	0.03%	0.03%	-0.02%	0.02%	-0.39%	0.00%	0.01%	0.23%	0.00%	0.00%	0.72%	0.03%	-0.19%	10.15%	0.00%	-3.26%	-0.35%	-0.87%	-0.03%	-0.24%	-1.42%	0.00%	0.00%
Common Stock Issuance	214,882	159,694	291,441	5,425,836	4,069,377	331,130	313,517	0	153,823	0	0	123,293	1,957,425	35,227	0	0	217,231	0	78,255,892	0	0	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.02%	0.02%	0.03%	0.71%	0.54%	0.03%	0.03%	0.00%	0.02%	0.00%	0.00%	0.01%	0.23%	0.00%	0.00%	0.00%	0.03%	0.00%	10.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-52,057	-700,540	-353,440	-644,960	-1,923,255	0	0	-156,171	0	-3,346,527	-29,356	0	0	0	-2,348	0	0	-3,852,616	-1,394,973	-892,407	-20,357,452	-2,040,794	-5,006,874	-166,739	-1,218,840	-6,812,824	0	0
Common Stock Repurchased Margin	-0.01%	-0.08%	-0.04%	-0.08%	-0.30%	0.00%	0.00%	-0.02%	0.00%	-0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.47%	-0.18%	-0.13%	-3.26%	-0.35%	-0.87%	-0.03%	-0.24%	-1.42%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-6,027,271	-5,389,435	-5,575,314	-5,360,001	-4,878,238	-6,353,704	-5,878,145	-5,849,964	-4,905,891	-3,959,470	-6,053,104	-5,543,493	-5,523,531	-5,842,919	-5,842,919	-5,707,883	-5,706,709	-4,379,841	-4,426,809	-4,425,635	-2,707,751	-3,458,078	-3,280,771	-3,862,010	-3,856,138	-3,609,552	0	0
Net Dividends Paid Margin	-0.63%	-0.59%	-0.63%	-0.63%	-0.63%	-0.67%	-0.60%	-0.63%	-0.59%	-0.46%	-0.69%	-0.65%	-0.66%	-0.67%	-0.66%	-0.69%	-0.70%	-0.54%	-0.58%	-0.63%	-0.43%	-0.59%	-0.57%	-0.73%	-0.77%	-0.75%	0.00%	0.00%
Common Dividends Paid	-6,027,271	-5,389,435	-5,575,314	-5,360,001	-4,878,238	-6,353,704	-5,878,145	-5,849,964	-4,905,891	-3,959,470	-6,053,104	-5,543,493	-5,523,531	-5,842,919	-5,842,919	-5,707,883	-5,706,709	-4,379,841	-4,426,809	-4,425,635	-2,707,751	-3,458,078	-3,280,771	-3,862,010	-3,856,138	-3,609,552	0	0
Common Dividends Paid Margin	-0.63%	-0.59%	-0.63%	-0.63%	-0.63%	-0.67%	-0.60%	-0.63%	-0.59%	-0.46%	-0.69%	-0.65%	-0.66%	-0.67%	-0.66%	-0.69%	-0.70%	-0.54%	-0.58%	-0.63%	-0.43%	-0.59%	-0.57%	-0.73%	-0.77%	-0.75%	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	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-4,069,064	-5,628,271	5,992,162	3,692,765	2,175,419	10,059,543	-8,902,936	-13,363,798	-7,065,282	-8,868,884	31,652,274	715,100	-7,658,263	51,979,197	11,374,669	-877,142	-1,491,259	494,347	-2,468,210	-187,875	-3,213,840	-6,330,220	-2,592,678	-21,136	274,767	-2,505,785	-2,700,706	-358,137
Other Financing Activities Margin	-0.43%	-0.63%	0.69%	0.42%	0.22%	1.06%	-0.91%	-1.43%	-0.85%	-1.03%	3.61%	0.08%	-0.91%	6.00%	1.28%	-0.11%	-0.18%	0.06%	-0.33%	-0.03%	-0.51%	-1.07%	-0.45%	0.00%	0.06%	-0.52%	-0.38%	-0.05%
Net Cash from Financing Activities	-23,538,023	-26,206,946	-1,989,129	-620,145	718,975	-37,319,060	8,520,140	-41,815,148	-47,869,427	-12,551,238	65,155,119	47,941,054	-21,700,760	31,727,424	-11,979,392	-9,970,302	-16,281,735	-684,570	36,770,699	755,023	-25,980,792	34,722,860	-4,308,213	6,271,509	12,976,305	5,882,842	-8,173,745	-6,751,765
Net Cash from Financing Activities Margin	-2.52%	-2.96%	-0.20%	-0.02%	0.22%	-3.94%	0.87%	-4.48%	-5.78%	-1.45%	7.42%	5.63%	-2.58%	3.66%	-1.35%	-1.20%	-1.99%	-0.08%	4.86%	0.11%	-4.16%	5.88%	-0.75%	1.18%	2.61%	1.23%	-1.15%	-1.03%
Effect of FX on Cash	16,830	-235	36,049	-29,756,535	-22,320,631	8,220	48,143	-5,871	-63,408	11,742	27,007	79,847	75,150	-124,467	304,123	-164,391	123,293	109,202	1,174	-446,777,794	-2,384,841	2,777,030	71,627	-528,399	0	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	-4.24%	-3.18%	0.00%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.01%	0.01%	-0.01%	0.03%	-0.02%	0.02%	0.01%	0.00%	-63.61%	-0.38%	0.47%	0.01%	-0.10%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	26,992,969	25,170,345	14,803,509	14,011,889	11,669,105	68,757,626	66,409,186	-54,187,905	3,883,146	40,989,672	-24,016,322	4,316,433	-1,460,730	45,771,096	-2,427,113	28,558,205	-9,535,841	39,654,584	-6,663,699	10,129,996	14,175,184	13,384,934	-4,772,030	-9,915,114	10,330,788	-8,112,686	-4,301,168	4,609,988
Net Change in Cash Margin	2.74%	2.69%	1.60%	1.58%	1.38%	7.26%	6.76%	-5.81%	0.47%	4.75%	-2.74%	0.51%	-0.17%	5.28%	-0.27%	3.44%	-1.16%	4.89%	-0.88%	1.44%	2.27%	2.27%	-0.83%	-1.87%	2.07%	-1.69%	-0.61%	0.70%
Cash at Beginning of Period	166,612,033	162,456,390	150,900,539	123,754,334	100,636,114	192,822,189	126,413,003	180,600,907	176,717,762	135,728,090	159,744,411	155,427,979	156,888,708	111,117,613	113,544,726	84,986,521	94,522,362	54,867,778	61,531,476	51,401,481	37,226,297	23,841,363	28,613,393	38,528,507	28,197,719	36,310,405	40,476,538	35,866,550
Cash at Beginning of Period Margin	17.52%	17.92%	17.03%	14.28%	12.11%	20.35%	12.87%	19.35%	21.33%	15.72%	18.20%	18.25%	18.64%	12.83%	12.76%	10.23%	11.53%	6.76%	8.13%	7.32%	5.96%	4.04%	4.95%	7.25%	5.66%	7.58%	5.72%	5.47%
Cash at End of Period	193,605,002	187,626,735	165,704,048	137,766,223	112,305,219	261,579,815	192,822,189	126,413,003	180,600,907	176,717,762	135,728,090	159,744,411	155,427,979	156,888,708	111,117,613	113,544,726	84,986,521	94,522,362	54,867,778	61,531,476	51,401,481	37,226,297	23,841,363	28,613,393	38,528,507	28,197,719	36,175,370	40,476,538
Cash at End of Period Margin	20.26%	20.61%	18.63%	15.87%	13.49%	27.60%	19.64%	13.54%	21.80%	20.46%	15.46%	18.76%	18.46%	18.11%	12.49%	13.67%	10.37%	11.65%	7.25%	8.76%	8.23%	6.31%	4.12%	5.38%	7.74%	5.89%	5.11%	6.17%
Operating Cash Flow	55,065,830	64,164,313	53,491,122	83,620,042	72,484,718	59,637,460	91,221,629	14,338,400	75,922,717	79,701,357	31,512,542	52,615,624	37,693,636	41,341,938	50,925,921	61,210,914	45,712,385	81,167,958	34,273,133	497,025,016	70,328,733	27,059,900	40,706,685	28,790,700	28,507,713	28,380,897	36,859,940	41,084,784
Operating Cash Flow Margin	5.71%	7.10%	6.03%	10.57%	9.63%	6.29%	9.29%	1.54%	9.16%	9.23%	3.59%	6.18%	4.48%	4.77%	5.72%	7.37%	5.58%	10.00%	4.53%	70.76%	11.26%	4.58%	7.04%	5.42%	5.73%	5.93%	5.21%	6.26%
Capital Expenditure	-34,689,590	-31,235,191	-33,353,719	-35,468,568	-35,588,906	-32,008,063	-41,560,343	-30,500,365	-24,149,009	-27,958,178	-45,192,205	-37,364,855	-25,554,550	-28,649,794	-40,599,831	-30,146,924	-31,796,703	-35,913,519	-59,489,508	-41,144,669	-28,060,335	-48,755,963	-42,551,384	-27,233,684	-33,148,231	-43,267,659	-33,763,522	-31,470,270
Capital Expenditure Margin	-3.63%	-3.41%	-3.75%	-4.21%	-4.75%	-3.38%	-4.23%	-3.27%	-2.91%	-3.24%	-5.15%	-4.39%	-3.04%	-3.31%	-4.56%	-3.63%	-3.88%	-4.43%	-7.86%	-5.86%	-4.49%	-8.26%	-7.36%	-5.12%	-6.66%	-9.04%	-4.77%	-4.80%
Free Cash Flow	20,376,240	32,929,121	20,137,403	48,151,474	36,895,812	27,629,397	49,661,286	-16,161,964	51,773,708	51,743,179	-13,679,663	15,250,769	12,139,086	12,692,144	10,326,091	31,063,990	13,915,681	45,254,439	-25,216,375	455,880,347	42,268,397	-21,696,063	-1,844,700	1,557,016	-4,640,517	-14,886,761	3,096,418	9,614,513
Free Cash Flow Margin	2.08%	3.70%	2.28%	6.36%	4.88%	2.92%	5.06%	-1.73%	6.25%	5.99%	-1.56%	1.79%	1.44%	1.46%	1.16%	3.74%	1.70%	5.58%	-3.33%	64.90%	6.77%	-3.68%	-0.32%	0.29%	-0.93%	-3.11%	0.44%	1.47%

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	2004-12-31	2003-12-31	2002-12-31
Revenue	954,269,415	910,990,641	888,225,098	853,516,486	781,254,478	947,595,540	981,907,423	933,305,283	828,566,033	863,578,925	877,870,356	851,626,539	841,852,332	866,368,872	889,579,678	830,353,196	819,522,190	811,336,703	756,892,818	702,391,397	624,757,842	590,267,478	578,022,711	531,392,087	497,902,158	478,730,668	708,058,183	655,820,658
EBITDA	61,912,315	59,054,577	56,832,248	61,388,143	59,236,874	66,555,964	64,213,395	54,967,587	61,648,898	47,887,040	26,500,971	57,957,151	54,992,245	63,595,755	70,003,474	68,644,901	71,400,796	81,354,658	65,804,463	65,294,852	61,931,885	43,372,164	53,722,913	49,944,273	54,944,102	51,988,591	46,204,383	39,964,578
EBITDA Margin	6.48%	6.49%	6.40%	7.27%	7.80%	7.02%	6.54%	5.89%	7.44%	5.55%	3.02%	6.81%	6.53%	7.34%	7.87%	8.27%	8.71%	10.03%	8.69%	9.30%	9.91%	7.35%	9.29%	9.40%	11.04%	10.86%	6.53%	6.09%
(-) Tax Adjustment	6,724,056	12,843,910	13,633,560	18,665,286	18,698,747	-2,049,137	11,986,685	10,234,618	19,772,140	24,275,244	-4,243,555	12,577,720	19,531,814	16,843,169	27,406,902	27,365,881	31,674,590	35,622,674	28,951,590	20,028,953	22,763,780	19,929,761	17,339,339	15,990,621	17,972,151	19,178,091	17,042,734	-14,351,490
(-) Tax Adjustment Margin	0.70%	1.46%	1.56%	2.26%	2.53%	-0.22%	1.22%	1.10%	2.39%	2.81%	-0.48%	1.48%	2.32%	1.94%	3.08%	3.30%	3.87%	4.39%	3.83%	2.85%	3.64%	3.38%	3.00%	3.01%	3.61%	4.01%	2.41%	-2.19%
(-) Change In Working Capital	3,896,845	2,229,139	-4,116,111	-2,823,608	-3,629,690	10,068,937	35,406,256	-33,784,658	20,769,603	-21,314,441	-7,131,038	4,122,686	-15,394,024	-26,954,220	-6,950,208	4,451,468	-5,616,294	14,909,071	-18,005,489	3,068,237	9,722,542	-6,543,928	-5,860,532	-12,215,411	-15,342,359	-15,309,480	-755,023	11,351,185
(-) Change In Working Capital Margin	0.35%	0.22%	-0.50%	-0.35%	-0.56%	1.06%	3.61%	-3.62%	2.51%	-2.47%	-0.81%	0.48%	-1.83%	-3.11%	-0.78%	0.54%	-0.69%	1.84%	-2.38%	0.44%	1.56%	-1.11%	-1.01%	-2.30%	-3.08%	-3.20%	-0.11%	1.73%
(-) Capital Expenditure	-34,689,590	-31,235,191	-33,353,719	-35,468,568	-35,588,906	-32,008,063	-41,560,343	-30,500,365	-24,149,009	-27,958,178	-45,192,205	-37,364,855	-25,554,550	-28,649,794	-40,599,831	-30,146,924	-31,796,703	-35,913,519	-59,489,508	-41,144,669	-28,060,335	-48,755,963	-42,551,384	-27,233,684	-33,148,231	-43,267,659	-33,763,522	-31,470,270
(-) Capital Expenditure Margin	-3.63%	-3.41%	-3.75%	-4.21%	-4.75%	-3.38%	-4.23%	-3.27%	-2.91%	-3.24%	-5.15%	-4.39%	-3.04%	-3.31%	-4.56%	-3.63%	-3.88%	-4.43%	-7.86%	-5.86%	-4.49%	-8.26%	-7.36%	-5.12%	-6.66%	-9.04%	-4.77%	-4.80%
Unlevered Free Cash Flow	16,601,825	12,746,336	13,961,080	10,077,897	8,578,912	26,528,101	-24,739,889	48,017,262	-3,041,854	16,968,060	-7,316,641	3,891,890	25,299,905	45,057,013	8,946,949	6,680,627	13,545,796	-5,090,606	-4,631,145	1,052,993	1,385,228	-18,769,632	-307,278	18,935,379	19,166,079	4,852,321	-3,846,850	11,494,612
Unlevered Free Cash Flow Margin	1.81%	1.40%	1.59%	1.15%	1.08%	2.80%	-2.52%	5.14%	-0.37%	1.96%	-0.83%	0.46%	3.01%	5.20%	1.01%	0.80%	1.65%	-0.63%	-0.61%	0.15%	0.22%	-3.18%	-0.05%	3.56%	3.85%	1.01%	-0.54%	1.75%
(-) Net Interest Income After Taxes	-3,960,908	-3,245,049	-2,050,863	-1,758,960	-1,701,985	-4,347,657	-4,457,120	-3,077,948	-2,556,379	-1,786,141	-1,892,159	-570,024	-342,997	-704,396	-773,808	-701,870	-709,502	-1,291,088	-1,515,123	-1,658,184	-3,256,397	-1,786,565	-1,412,337	-831,798	-368,202	-886,310	-12,258,579	-26,571,545
(-) Net Interest Income After Taxes Margin	-0.41%	-0.35%	-0.22%	-0.20%	-0.22%	-0.46%	-0.45%	-0.33%	-0.31%	-0.21%	-0.22%	-0.07%	-0.04%	-0.08%	-0.09%	-0.08%	-0.09%	-0.16%	-0.20%	-0.24%	-0.52%	-0.30%	-0.24%	-0.16%	-0.07%	-0.19%	-1.73%	-4.05%
Net Debt Issuance	-13,604,513	-14,648,395	-2,343,978	-4,005,343	1,072,004	-41,356,028	22,987,705	-22,445,215	-36,052,077	3,623,643	39,585,305	52,646,154	-10,476,391	-14,444,080	-17,508,794	-9,399,631	-9,300,997	7,053,540	-33,195,199	8,201,927	298,252	46,551,952	6,572,109	10,321,394	17,776,517	18,811,004	-5,473,039	-6,393,628
Net Debt Issuance Margin	-1.48%	-1.67%	-0.25%	-0.48%	0.37%	-4.36%	2.34%	-2.40%	-4.35%	0.42%	4.51%	6.18%	-1.24%	-1.67%	-1.97%	-1.13%	-1.13%	0.87%	-4.39%	1.17%	0.05%	7.89%	1.14%	1.94%	3.57%	3.93%	-0.77%	-0.97%
Levered Free Cash Flow	6,958,220	1,342,990	13,667,964	7,831,514	11,352,901	-10,480,271	2,704,936	28,649,994	-36,537,552	22,377,843	34,160,823	57,108,067	15,166,512	31,317,329	-7,788,038	-2,017,133	4,954,301	3,254,022	-36,311,222	10,913,104	4,939,877	29,568,886	7,677,168	30,088,571	37,310,798	24,549,635	2,938,690	31,672,529
Levered Free Cash Flow Margin	0.75%	0.08%	1.56%	0.87%	1.67%	-1.11%	0.28%	3.07%	-4.41%	2.59%	3.89%	6.71%	1.80%	3.61%	-0.88%	-0.24%	0.60%	0.40%	-4.80%	1.55%	0.79%	5.01%	1.33%	5.66%	7.49%	5.13%	0.42%	4.83%