Monolithic Power Systems, Inc. (MPWR)

Analysis: Margins & Ratios Industry: Semiconductors Sector: Technology Live Price: $1,033.17

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Revenue	1,940,773,333	1,574,914,000	1,027,753,400	761,822,133	604,550,050	487,535,533	2,660,969,000	2,039,447,000	2,207,100,000	1,821,072,000	1,794,148,000	1,207,798,000	844,452,000	627,921,000	582,382,000	470,929,000	388,665,000	333,067,000	282,535,000	238,091,000	213,813,000	196,519,000	218,840,000	165,008,000	160,511,000	134,004,000	105,015,000	99,131,000	47,595,039	24,204,331	12,205,601	8,130,355	5,252,000	600,000
Cost of Revenue	843,926,333	686,523,200	451,726,200	336,689,467	265,087,350	213,953,067	1,191,087,000	911,862,000	986,230,000	799,953,000	745,596,000	522,339,000	378,498,000	281,596,000	259,714,000	212,646,000	177,792,000	152,898,000	129,917,000	110,190,000	100,665,000	94,925,000	97,383,000	67,330,000	61,184,000	48,781,000	38,107,000	36,003,000	19,490,867	10,929,935	6,831,070	5,974,798	3,853,000	500,000
Cost of Revenue Margin	43.39%	43.65%	44.45%	45.11%	43.23%	46.14%	44.76%	44.71%	44.68%	43.93%	41.56%	43.25%	44.82%	44.85%	44.60%	45.15%	45.74%	45.91%	45.98%	46.28%	47.08%	48.30%	44.50%	40.80%	38.12%	36.40%	36.29%	36.32%	40.95%	45.16%	55.97%	73.49%	73.36%	83.33%
Gross Profit	1,096,847,000	888,390,800	576,027,200	425,132,667	339,462,700	273,582,466	1,469,882,000	1,127,585,000	1,220,870,000	1,021,119,000	1,048,552,000	685,459,000	465,954,000	346,325,000	322,668,000	258,283,000	210,873,000	180,169,000	152,618,000	127,901,000	113,148,000	101,594,000	121,457,000	97,678,000	99,327,000	85,223,000	66,908,000	63,128,000	28,104,172	13,274,396	5,374,531	2,155,557	1,399,000	100,000
Gross Profit Margin	56.61%	56.35%	55.55%	54.89%	56.77%	53.86%	55.24%	55.29%	55.32%	56.07%	58.44%	56.75%	55.18%	55.15%	55.40%	54.85%	54.26%	54.09%	54.02%	53.72%	52.92%	51.70%	55.50%	59.20%	61.88%	63.60%	63.71%	63.68%	59.05%	54.84%	44.03%	26.51%	26.64%	16.67%
R&D Expenses	276,187,333	231,357,400	157,978,800	121,719,800	98,170,550	79,403,902	372,428,000	310,445,000	324,748,000	263,643,000	240,171,000	190,627,000	137,598,000	107,757,000	93,455,000	82,359,000	73,643,000	65,787,000	58,590,000	49,733,000	48,796,000	44,518,000	44,372,000	38,295,000	34,850,000	27,342,000	22,301,000	14,826,000	7,688,494	5,493,747	4,459,264	2,610,048	1,435,000	1,200,000
R&D Expenses Margin	14.19%	14.93%	16.41%	18.10%	18.65%	20.31%	14.00%	15.22%	14.71%	14.48%	13.39%	15.78%	16.29%	17.16%	16.05%	17.49%	18.95%	19.75%	20.74%	20.89%	22.82%	22.65%	20.28%	23.21%	21.71%	20.40%	21.24%	14.96%	16.15%	22.70%	36.53%	32.10%	27.32%	200.00%
SG&A Expenses	304,700,000	261,637,000	180,811,100	137,397,133	110,917,250	89,887,708	405,447,000	331,520,000	356,764,000	275,740,000	281,596,000	232,415,000	161,670,000	133,542,000	113,803,000	97,257,000	83,012,000	72,312,000	66,755,000	54,624,000	50,018,000	40,280,000	41,169,000	39,853,000	41,970,000	29,537,000	27,594,000	18,434,000	12,549,000	10,986,751	4,209,946	0	1,102,000	200,000
SG&A Expenses Margin	15.67%	17.08%	18.99%	19.95%	20.82%	21.75%	15.24%	16.26%	16.16%	15.14%	15.70%	19.24%	19.14%	21.27%	19.54%	20.65%	21.36%	21.71%	23.63%	22.94%	23.39%	20.50%	18.81%	24.15%	26.15%	22.04%	26.28%	18.60%	26.37%	45.39%	34.49%	0.00%	20.98%	33.33%
Operating Expenses	580,887,333	494,555,200	340,210,300	259,894,133	212,563,500	172,729,722	777,875,000	641,965,000	681,512,000	539,383,000	521,767,000	423,042,000	307,072,000	243,763,000	209,180,000	180,859,000	156,426,000	139,099,000	117,318,000	103,986,000	95,869,000	88,177,000	90,959,000	78,148,000	76,820,000	75,553,000	65,673,000	56,664,000	33,236,000	16,480,498	8,669,210	5,556,332	3,031,000	1,400,000
Operating Expenses Margin	29.86%	32.19%	35.61%	38.17%	42.19%	47.16%	29.23%	31.48%	30.88%	29.62%	29.08%	35.03%	36.36%	38.82%	35.92%	38.40%	40.25%	41.76%	41.52%	43.67%	44.84%	44.87%	41.56%	47.36%	47.86%	56.38%	62.54%	57.16%	69.83%	68.09%	71.03%	68.34%	57.71%	233.33%
Operating Income (EBIT)	515,959,667	393,835,600	235,816,900	165,238,533	126,899,200	100,836,828	692,007,000	485,620,000	539,358,000	481,736,000	526,785,000	262,417,000	158,882,000	102,562,000	113,488,000	77,424,000	54,447,000	41,070,000	35,300,000	23,915,000	17,279,000	13,417,000	30,498,000	19,530,000	22,507,000	9,670,000	1,235,000	6,464,000	-5,529,745	-3,206,102	-3,294,679	-3,400,775	-1,632,000	-1,300,000
Operating Income (EBIT) Margin	26.75%	24.16%	19.94%	16.72%	14.58%	6.67%	26.01%	23.81%	24.44%	26.45%	29.36%	21.73%	18.81%	16.33%	19.49%	16.44%	14.01%	12.33%	12.49%	10.04%	8.08%	6.83%	13.94%	11.84%	14.02%	7.22%	1.18%	6.52%	-11.62%	-13.25%	-26.99%	-41.83%	-31.07%	-216.67%
Interest Income	21,608,333	17,157,800	10,886,400	7,500,400	5,857,000	4,685,600	30,224,000	26,868,000	27,093,000	23,363,000	14,369,000	11,637,000	9,327,000	7,305,000	6,321,000	5,353,000	2,488,000	1,608,000	1,112,000	92,000	611,000	671,000	1,156,000	1,047,000	3,587,000	0	0	0	0	0	0	0	0	0
Interest Income Margin	1.10%	1.08%	0.99%	0.77%	0.72%	0.57%	1.14%	1.32%	1.23%	1.28%	0.80%	0.96%	1.10%	1.16%	1.09%	1.14%	0.64%	0.48%	0.39%	0.04%	0.29%	0.34%	0.53%	0.63%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	21,608,333	17,157,800	10,886,400	7,500,400	5,857,000	4,685,600	30,224,000	26,868,000	27,093,000	23,363,000	14,369,000	11,637,000	9,327,000	7,305,000	6,321,000	5,353,000	2,488,000	1,608,000	1,112,000	92,000	611,000	671,000	1,156,000	1,047,000	3,587,000	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	1.10%	1.08%	0.99%	0.77%	0.72%	0.57%	1.14%	1.32%	1.23%	1.28%	0.80%	0.96%	1.10%	1.16%	1.09%	1.14%	0.64%	0.48%	0.39%	0.04%	0.29%	0.34%	0.53%	0.63%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-40,212,000	-32,372,400	-21,024,700	-14,461,000	-11,683,000	-9,746,731	-64,191,000	-64,174,000	-60,647,000	-47,468,000	-12,521,000	-21,439,000	-19,787,000	-17,863,000	-11,315,000	-10,873,000	-5,305,000	-3,029,000	-2,204,000	-184,000	-1,222,000	-980,000	-2,078,000	-1,665,000	-6,522,000	-4,602,000	-2,364,000	-1,592,000	-77,720	-3,206,102	-3,294,679	-3,400,775	-29,000	0
Unusual Items Margin	-2.02%	-2.03%	-1.95%	-1.49%	-1.74%	-4.70%	-2.41%	-3.15%	-2.75%	-2.61%	-0.70%	-1.78%	-2.34%	-2.84%	-1.94%	-2.31%	-1.36%	-0.91%	-0.78%	-0.08%	-0.57%	-0.50%	-0.95%	-1.01%	-4.06%	-3.43%	-2.25%	-1.61%	-0.16%	-13.25%	-26.99%	-41.83%	-0.55%	0.00%
EBT Excluding Unusual Items	574,775,333	441,422,600	266,979,900	186,660,133	144,408,200	115,644,690	790,165,000	587,100,000	633,559,000	553,309,000	537,458,000	293,658,000	189,129,000	130,983,000	129,797,000	93,817,000	62,569,000	45,520,000	38,596,000	24,191,000	19,112,000	14,706,000	33,498,000	21,813,000	31,964,000	18,874,000	5,963,000	9,648,000	-5,374,305	3,206,102	3,294,679	3,400,775	-1,574,000	-1,300,000
EBT Excluding Unusual Items Margin	29.68%	27.15%	22.86%	18.94%	17.34%	15.50%	29.69%	28.79%	28.71%	30.38%	29.96%	24.31%	22.40%	20.86%	22.29%	19.92%	16.10%	13.67%	13.66%	10.16%	8.94%	7.48%	15.31%	13.22%	19.91%	14.08%	5.68%	9.73%	-11.29%	13.25%	26.99%	41.83%	-29.97%	-216.67%
Pre-Tax Income	534,563,333	409,050,200	245,955,200	172,199,133	132,725,200	105,897,959	725,974,000	522,926,000	572,912,000	505,841,000	524,937,000	272,219,000	169,342,000	113,120,000	118,482,000	82,944,000	57,264,000	42,491,000	36,392,000	24,007,000	17,890,000	13,726,000	31,420,000	20,148,000	25,442,000	14,272,000	3,599,000	8,056,000	-5,452,025	0	0	0	-1,603,000	-1,300,000
Pre-Tax Income Margin	27.66%	25.12%	20.90%	17.45%	15.60%	10.80%	27.28%	25.64%	25.96%	27.78%	29.26%	22.54%	20.05%	18.02%	20.34%	17.61%	14.73%	12.76%	12.88%	10.08%	8.37%	6.98%	14.36%	12.21%	15.85%	10.65%	3.43%	8.13%	-11.46%	0.00%	0.00%	0.00%	-30.52%	-216.67%
Income Tax Expense	-349,352,000	-202,578,600	-96,579,400	-63,958,133	-47,164,500	-37,667,997	-1,169,180,000	88,684,000	-1,213,788,000	78,467,000	87,265,000	30,196,000	4,967,000	4,281,000	13,214,000	17,741,000	4,544,000	7,319,000	897,000	1,109,000	2,134,000	425,000	1,857,000	474,000	1,216,000	4,981,000	6,462,000	2,949,000	-1,001,000	-169,892	-57,151	2,818,112	0	0
Income Tax Expense Margin	-15.27%	-8.55%	-3.26%	-1.99%	-0.80%	0.62%	-43.94%	4.35%	-54.99%	4.31%	4.86%	2.50%	0.59%	0.68%	2.27%	3.77%	1.17%	2.20%	0.32%	0.47%	1.00%	0.22%	0.85%	0.29%	0.76%	3.72%	6.15%	2.97%	-2.10%	-0.70%	-0.47%	34.66%	0.00%	0.00%
Net Income	883,915,333	611,628,800	342,534,600	236,157,267	179,889,700	143,275,745	1,895,154,000	434,242,000	1,786,700,000	427,374,000	437,672,000	242,023,000	164,375,000	108,839,000	105,268,000	65,203,000	52,720,000	35,172,000	35,495,000	22,898,000	15,756,000	13,301,000	29,563,000	19,674,000	24,226,000	9,291,000	-2,863,000	5,107,000	-4,451,025	-3,036,210	-3,237,528	-3,572,603	-1,603,000	-1,300,000
Net Income Margin	42.94%	33.66%	24.17%	19.43%	16.39%	8.20%	71.22%	21.29%	80.95%	23.47%	24.39%	20.04%	19.47%	17.33%	18.08%	13.85%	13.56%	10.56%	12.56%	9.62%	7.37%	6.77%	13.51%	11.92%	15.09%	6.93%	-2.73%	5.15%	-9.35%	-12.54%	-26.52%	-43.94%	-30.52%	-216.67%
Depreciation and Amortization	37,904,000	32,319,400	23,333,300	18,980,200	16,126,800	13,623,179	48,313,000	36,615,000	36,430,000	40,168,000	37,114,000	28,699,000	19,186,000	14,867,000	12,311,000	16,101,000	14,674,000	13,783,000	13,130,000	12,160,000	9,332,000	8,732,000	8,016,000	6,573,000	5,725,000	4,184,000	14,248,000	7,103,000	13,160,000	4,074,371	809,105	0	0	0
Depreciation and Amortization Margin	1.97%	2.11%	2.64%	3.24%	4.00%	5.25%	1.82%	1.80%	1.65%	2.21%	2.07%	2.38%	2.27%	2.37%	2.11%	3.42%	3.78%	4.14%	4.65%	5.11%	4.36%	4.44%	3.66%	3.98%	3.57%	3.12%	13.57%	7.17%	27.65%	16.83%	6.63%	0.00%	0.00%	0.00%
EBITDA	553,863,667	427,715,800	260,570,600	184,995,933	143,608,900	115,055,968	750,712,000	522,235,000	575,788,000	521,904,000	563,899,000	291,116,000	185,872,000	119,893,000	127,721,000	94,768,000	68,892,000	55,853,000	40,403,000	35,704,000	23,666,000	25,528,000	43,932,000	26,103,000	28,232,000	13,854,000	15,483,000	13,567,000	7,925,000	868,269	-2,485,574	-454,491	-1,632,000	-1,300,000
EBITDA Margin	28.73%	26.46%	22.79%	20.09%	18.68%	13.47%	28.21%	25.61%	26.09%	28.66%	31.43%	24.10%	22.01%	19.09%	21.93%	20.12%	17.73%	16.77%	14.30%	15.00%	11.07%	12.99%	20.07%	15.82%	17.59%	10.34%	14.74%	13.69%	16.65%	3.59%	-20.36%	-5.59%	-31.07%	-216.67%
NOPAT	842,759,508	583,161,724	326,030,613	224,964,083	171,218,675	136,333,019	1,806,483,199	403,262,794	1,682,057,521	407,008,213	439,212,790	233,308,291	154,221,804	98,680,565	100,830,968	60,863,680	50,126,534	33,995,765	34,429,916	22,810,250	15,217,883	13,001,568	28,695,492	19,070,539	21,431,278	6,295,121	-982,441	4,097,772	-4,514,475	-3,206,102	-3,294,679	-3,400,775	-1,632,000	-1,300,000
NOPAT Margin	41.01%	32.12%	22.97%	18.55%	15.55%	7.54%	67.89%	19.77%	76.21%	22.35%	24.48%	19.32%	18.26%	15.72%	17.31%	12.92%	12.90%	10.21%	12.19%	9.58%	7.12%	6.62%	13.11%	11.56%	13.35%	4.70%	-0.94%	4.13%	-9.49%	-13.25%	-26.99%	-41.83%	-31.07%	-216.67%
Owner's Earnings	834,306,333	561,265,000	300,704,100	205,685,933	157,352,750	125,734,639	1,747,665,000	375,735,000	1,677,012,000	409,964,000	415,943,000	175,484,000	127,922,000	26,919,000	95,053,000	15,531,000	30,282,000	32,931,000	39,114,000	19,294,000	4,029,000	1,011,000	14,800,000	15,983,000	24,718,000	6,822,000	3,911,000	10,332,000	5,785,733	-596,187	-3,502,959	-3,772,603	-1,603,000	-1,300,000
Owner's Earnings Margin	40.56%	30.27%	19.29%	14.94%	13.42%	6.90%	65.68%	18.42%	75.98%	22.51%	23.18%	14.53%	15.15%	4.29%	16.32%	3.30%	7.79%	9.89%	13.84%	8.10%	1.88%	0.51%	6.76%	9.69%	15.40%	5.09%	3.72%	10.42%	12.16%	-2.46%	-28.70%	-46.40%	-30.52%	-216.67%

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	2000-12-31
Revenue	1,940,773,333	1,574,914,000	1,027,753,400	761,822,133	604,550,050	2,207,100,000	1,821,072,000	1,794,148,000	1,207,798,000	844,452,000	627,921,000	582,382,000	470,929,000	388,665,000	333,067,000	282,535,000	238,091,000	213,813,000	196,519,000	218,840,000	165,008,000	160,511,000	134,004,000	105,015,000	99,131,000	47,595,039	24,204,331	12,205,601	5,252,000
Cash & Cash Equivalents	502,755,333	406,495,000	266,446,100	207,428,333	170,021,450	691,816,000	527,843,000	288,607,000	189,265,000	334,944,000	172,960,000	172,704,000	82,759,000	112,703,000	90,860,000	126,266,000	101,213,000	75,104,000	96,371,000	48,010,000	46,717,000	83,266,000	83,114,000	50,816,000	25,091,000	32,018,593	12,135,409	17,223,494	904,000
Cash & Cash Equivalents Margin	25.47%	26.35%	26.28%	30.41%	33.60%	31.35%	28.99%	16.09%	15.67%	39.66%	27.54%	29.65%	17.57%	29.00%	27.28%	44.69%	42.51%	35.13%	49.04%	21.94%	28.31%	51.88%	62.02%	48.39%	25.31%	67.27%	50.14%	141.11%	17.21%
Short-Term Investments	400,343,000	399,403,000	299,998,400	235,374,600	188,285,400	171,130,000	580,633,000	449,266,000	535,817,000	260,169,000	282,437,000	204,577,000	216,331,000	155,521,000	144,103,000	112,452,000	125,126,000	85,521,000	77,827,000	129,709,000	118,914,000	21,922,000	27,765,000	27,674,000	38,814,000	17,000,000	1,007,190	0	0
Short-Term Investments Margin	21.56%	27.97%	34.92%	38.69%	37.62%	7.75%	31.88%	25.04%	44.36%	30.81%	44.98%	35.13%	45.94%	40.01%	43.27%	39.80%	52.55%	40.00%	39.60%	59.27%	72.07%	13.66%	20.72%	26.35%	39.15%	35.72%	4.16%	0.00%	0.00%
Cash & Short-Term Investments	903,098,333	805,898,000	566,444,500	442,802,933	358,306,850	862,946,000	1,108,476,000	737,873,000	725,082,000	595,113,000	455,397,000	377,281,000	299,090,000	268,224,000	234,963,000	238,718,000	226,339,000	160,625,000	174,198,000	177,719,000	165,631,000	105,188,000	110,879,000	78,490,000	63,905,000	49,018,593	13,142,599	17,223,494	904,000
Cash & Short-Term Investments Margin	47.03%	54.32%	61.20%	69.10%	71.22%	39.10%	60.87%	41.13%	60.03%	70.47%	72.52%	64.78%	63.51%	69.01%	70.55%	84.49%	95.06%	75.12%	88.64%	81.21%	100.38%	65.53%	82.74%	74.74%	64.47%	102.99%	54.30%	141.11%	17.21%
Net Receivables	226,573,667	177,491,800	111,668,100	81,257,867	63,521,800	232,528,000	249,999,000	197,194,000	126,477,000	81,261,000	61,300,000	60,991,000	40,624,000	35,477,000	30,830,000	25,630,000	23,730,000	19,383,000	15,097,000	18,347,000	15,521,000	9,115,000	8,239,000	9,156,000	9,537,000	3,996,000	4,566,106	1,315,033	0
Net Receivables Margin	11.75%	11.07%	10.26%	9.78%	9.32%	10.54%	13.73%	10.99%	10.47%	9.62%	9.76%	10.47%	8.63%	9.13%	9.26%	9.07%	9.97%	9.07%	7.68%	8.38%	9.41%	5.68%	6.15%	8.72%	9.62%	8.40%	18.86%	10.77%	0.00%
Inventory	416,867,667	333,416,400	216,492,500	154,905,867	119,624,050	419,611,000	383,702,000	447,290,000	259,417,000	157,062,000	127,500,000	136,384,000	99,281,000	71,469,000	63,209,000	40,918,000	39,737,000	32,115,000	20,104,000	25,789,000	19,616,000	18,887,000	17,487,000	6,738,000	6,165,000	5,398,418	1,598,754	1,267,092	0
Inventory Margin	21.67%	21.02%	20.73%	18.36%	16.24%	19.01%	21.07%	24.93%	21.48%	18.60%	20.31%	23.42%	21.08%	18.39%	18.98%	14.48%	16.69%	15.02%	10.23%	11.78%	11.89%	11.77%	13.05%	6.42%	6.22%	11.34%	6.61%	10.38%	0.00%
Other Current Assets	26,486,667	17,468,000	9,566,600	6,419,467	5,971,050	13,885,000	48,358,000	17,217,000	4,350,000	3,530,000	3,018,000	2,729,000	1,216,000	565,000	798,000	0	0	1,000	421,000	204,000	5,000	7,435,000	7,422,000	1,658,000	6,609,000	1,393,000	0	0	-904,000
Other Current Assets Margin	1.41%	1.00%	0.66%	0.46%	1.27%	0.63%	2.66%	0.96%	0.36%	0.42%	0.48%	0.47%	0.26%	0.15%	0.24%	0.00%	0.00%	0.00%	0.21%	0.09%	0.00%	4.63%	5.54%	1.58%	6.67%	2.93%	0.00%	0.00%	-17.21%
Total Current Assets	1,598,390,333	1,352,404,200	916,211,900	694,168,667	554,641,950	1,565,053,000	1,819,499,000	1,410,619,000	1,124,852,000	841,998,000	655,206,000	580,810,000	449,170,000	382,984,000	331,928,000	308,146,000	292,086,000	214,301,000	211,505,000	224,373,000	203,499,000	143,247,000	148,686,000	97,160,000	87,717,000	60,335,124	19,637,472	20,069,477	904,000
Total Current Assets Margin	83.15%	88.46%	93.99%	98.80%	99.33%	70.91%	99.91%	78.62%	93.13%	99.71%	104.35%	99.73%	95.38%	98.54%	99.66%	109.06%	122.68%	100.23%	107.63%	102.53%	123.33%	89.24%	110.96%	92.52%	88.49%	126.77%	81.13%	164.43%	17.21%
Property, Plant & Equipment	418,417,333	379,948,400	257,608,700	189,888,933	145,611,800	529,143,000	368,952,000	357,157,000	362,962,000	281,528,000	231,178,000	150,001,000	144,636,000	85,171,000	65,359,000	62,942,000	64,837,000	59,412,000	47,794,000	37,262,000	17,968,000	14,163,000	14,175,000	11,358,000	6,238,000	4,180,000	2,148,891	1,467,936	0
Property, Plant & Equipment Margin	21.38%	25.51%	26.24%	25.40%	21.42%	23.97%	20.26%	19.91%	30.05%	33.34%	36.82%	25.76%	30.71%	21.91%	19.62%	22.28%	27.23%	27.79%	24.32%	17.03%	10.89%	8.82%	10.58%	10.82%	6.29%	8.78%	8.88%	12.03%	0.00%
Goodwill	13,028,667	10,445,600	8,508,300	6,110,267	4,582,700	25,944,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	6,571,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	0.63%	0.64%	1.05%	0.85%	0.64%	1.18%	0.36%	0.37%	0.54%	0.78%	1.05%	1.13%	1.40%	1.69%	1.97%	2.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	3,312,667	1,987,600	1,905,500	1,724,467	1,293,350	9,938,000	0	0	0	0	0	111,000	951,000	3,002,000	5,053,000	6,812,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	0.15%	0.09%	0.30%	0.36%	0.27%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.20%	0.77%	1.52%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	0	1,252,200	2,861,100	5,898,000	7,267,350	0	0	0	0	6,261,000	3,138,000	3,241,000	5,256,000	5,354,000	5,361,000	5,389,000	9,860,000	11,755,000	13,675,000	19,180,000	19,445,000	37,432,000	0	0	0	0	0	0	0
Long-Term Investments Margin	0.00%	0.15%	0.59%	2.21%	3.41%	0.00%	0.00%	0.00%	0.00%	0.74%	0.50%	0.56%	1.12%	1.38%	1.61%	1.91%	4.14%	5.50%	6.96%	8.76%	11.78%	23.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	463,382,000	286,123,800	148,186,400	98,971,667	74,277,250	1,326,840,000	28,054,000	35,252,000	21,917,000	18,556,000	17,193,000	16,830,000	15,917,000	633,000	672,000	1,283,000	481,000	669,000	239,000	39,000	175,000	19,000	776,000	0	0	508,000	0	0	0
Tax Assets Margin	21.21%	13.53%	7.70%	5.21%	3.94%	60.12%	1.54%	1.96%	1.81%	2.20%	2.74%	2.89%	3.38%	0.16%	0.20%	0.45%	0.20%	0.31%	0.12%	0.02%	0.11%	0.01%	0.58%	0.00%	0.00%	1.07%	0.00%	0.00%	0.00%
Other Non-Current Assets	206,914,000	148,768,400	89,673,000	60,617,267	46,746,950	160,179,000	211,277,000	249,286,000	69,523,000	53,577,000	43,089,000	35,979,000	30,068,000	27,411,000	16,341,000	8,457,000	1,644,000	1,025,000	654,000	749,000	734,000	438,000	8,879,000	8,809,000	6,820,000	6,775,000	816,898	76,834	0
Other Non-Current Assets Margin	10.92%	8.97%	7.62%	5.41%	5.18%	7.26%	11.60%	13.89%	5.76%	6.34%	6.86%	6.18%	6.38%	7.05%	4.91%	2.99%	0.69%	0.48%	0.33%	0.34%	0.44%	0.27%	6.63%	8.39%	6.88%	14.23%	3.38%	0.63%	0.00%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	4,346,000
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%	82.75%
Total Non-Current Assets	1,105,054,667	828,526,000	508,619,700	362,999,867	279,620,500	2,052,044,000	614,854,000	648,266,000	460,973,000	366,493,000	301,169,000	212,622,000	202,277,000	128,142,000	99,357,000	91,220,000	76,822,000	71,167,000	62,362,000	57,230,000	38,322,000	52,052,000	23,813,000	20,167,000	13,058,000	11,612,563	2,965,789	1,544,770	0
Total Non-Current Assets Margin	54.29%	48.89%	43.47%	39.36%	34.81%	92.97%	33.76%	36.13%	38.17%	43.40%	47.96%	36.51%	42.95%	32.97%	29.83%	32.29%	32.27%	33.28%	31.73%	26.15%	23.22%	32.43%	17.77%	19.20%	13.17%	24.40%	12.25%	12.66%	0.00%
Total Assets	2,703,445,000	2,180,930,200	1,424,831,600	1,057,281,467	834,347,150	3,617,097,000	2,434,353,000	2,058,885,000	1,585,825,000	1,208,491,000	956,375,000	793,432,000	651,447,000	511,126,000	431,285,000	399,366,000	368,908,000	287,162,000	273,867,000	281,603,000	241,821,000	195,299,000	172,499,000	117,327,000	100,775,000	71,947,687	22,603,261	21,614,247	4,346,000
Total Assets Margin	137.44%	137.35%	137.46%	138.22%	134.18%	163.88%	133.68%	114.76%	131.30%	143.11%	152.31%	136.24%	138.33%	131.51%	129.49%	141.35%	154.94%	134.31%	139.36%	128.68%	146.55%	121.67%	128.73%	111.72%	101.66%	151.17%	93.39%	177.08%	82.75%
Accounts Payable	75,648,333	69,628,200	45,181,700	33,559,400	26,724,900	102,526,000	62,958,000	61,461,000	83,027,000	38,169,000	27,271,000	22,678,000	22,813,000	17,427,000	13,487,000	13,138,000	10,694,000	9,859,000	8,904,000	8,979,000	7,787,000	4,674,000	6,154,000	5,909,000	6,583,000	3,396,000	1,792,410	1,590,906	0
Accounts Payable Margin	3.84%	4.58%	4.45%	4.46%	4.57%	4.65%	3.46%	3.43%	6.87%	4.52%	4.34%	3.89%	4.84%	4.48%	4.05%	4.65%	4.49%	4.61%	4.53%	4.10%	4.72%	2.91%	4.59%	5.63%	6.64%	7.14%	7.41%	13.03%	0.00%
Short-Term Debt	939,667	563,800	281,900	187,933	140,950	2,819,000	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	0.04%	0.03%	0.01%	0.01%	0.01%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Payables	29,617,000	28,055,000	15,429,300	11,318,000	9,424,950	65,193,000	8,063,000	15,595,000	47,669,000	3,755,000	2,435,000	7,018,000	2,861,000	1,239,000	465,000	0	5,542,000	0	4,920,000	5,015,000	4,915,000	4,762,000	5,455,000	684,000	2,913,000	374,316,000	0	0	0
Tax Payables Margin	1.42%	1.73%	1.13%	1.23%	1.60%	2.95%	0.44%	0.87%	3.95%	0.44%	0.39%	1.21%	0.61%	0.32%	0.14%	0.00%	2.33%	0.00%	2.50%	2.29%	2.98%	2.97%	4.07%	0.65%	2.94%	786.46%	0.00%	0.00%	0.00%
Deferred Revenue	0	2,307,600	3,609,200	3,221,600	2,557,900	0	0	0	4,300,000	7,238,000	3,412,000	2,520,000	6,587,000	6,799,000	5,236,000	3,908,000	2,523,000	2,198,000	3,603,000	0	0	841,000	1,306,000	687,000	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.24%	0.69%	0.81%	0.72%	0.00%	0.00%	0.00%	0.36%	0.86%	0.54%	0.43%	1.40%	1.75%	1.57%	1.38%	1.06%	1.03%	1.83%	0.00%	0.00%	0.52%	0.97%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	68,548,333	64,033,400	42,096,600	31,477,600	23,566,150	61,099,000	56,286,000	88,260,000	64,083,000	50,439,000	31,694,000	24,162,000	18,244,000	14,515,000	12,184,000	10,777,000	21,367,000	8,647,000	10,407,000	0	0	-841,000	0	0	0	0	0	0	0
Other Current Liabilities Margin	3.59%	4.41%	4.25%	4.31%	3.21%	2.77%	3.09%	4.92%	5.31%	5.97%	5.05%	4.15%	3.87%	3.73%	3.66%	3.81%	8.97%	4.04%	5.30%	0.00%	0.00%	-0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Current Liabilities	264,334,000	233,383,000	150,657,800	110,695,200	89,101,650	294,567,000	235,035,000	263,400,000	226,944,000	146,969,000	98,225,000	80,439,000	64,795,000	52,921,000	43,283,000	36,861,000	38,489,000	23,460,000	26,070,000	28,970,000	23,922,000	25,882,000	29,412,000	20,122,000	22,267,000	8,283,657	2,894,314	2,501,726	0
Total Current Liabilities Margin	13.64%	15.43%	14.70%	14.24%	15.39%	13.35%	12.91%	14.68%	18.79%	17.40%	15.64%	13.81%	13.76%	13.62%	13.00%	13.05%	16.17%	10.97%	13.27%	13.24%	14.50%	16.12%	21.95%	19.16%	22.46%	17.40%	11.96%	20.50%	0.00%
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	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%	0.00%	0.00%	0.00%
Capital Lease Obligations	6,734,333	5,314,000	2,892,700	1,928,467	1,446,350	12,974,000	5,565,000	1,664,000	3,268,000	3,099,000	2,357,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.33%	0.32%	0.20%	0.13%	0.10%	0.59%	0.31%	0.09%	0.27%	0.37%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	0	0	0	1,095,533	1,312,050	0	0	0	0	0	0	0	0	0	0	5,876,000	5,542,000	0	0	5,015,000	4,915,000	4,762,000	0	0	131,000	0	0	0	0
Deferred Tax Liabilities Margin	0.00%	0.00%	0.00%	0.45%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.08%	2.33%	0.00%	0.00%	2.29%	2.98%	2.97%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	144,274,000	128,192,000	90,863,600	62,091,267	46,975,450	163,789,000	143,814,000	125,219,000	114,896,000	93,242,000	83,556,000	72,900,000	64,645,000	27,089,000	19,486,000	10,204,000	1,478,000	5,408,000	4,920,000	723,000	27,000	10,000	5,641,000	2,253,000	209,000	161,000	18,477,947	17,133,051	0
Other Non-Current Liabilities Margin	7.43%	8.57%	9.52%	6.99%	5.57%	7.42%	7.90%	6.98%	9.51%	11.04%	13.31%	12.52%	13.73%	6.97%	5.85%	3.61%	0.62%	2.53%	2.50%	0.33%	0.02%	0.01%	4.21%	2.15%	0.21%	0.34%	76.34%	140.37%	0.00%
Total Non-Current Liabilities	151,008,333	132,571,200	93,163,500	64,359,533	49,173,900	176,763,000	149,379,000	126,883,000	114,896,000	94,935,000	84,659,000	72,900,000	64,645,000	27,089,000	19,486,000	16,080,000	7,020,000	0	4,920,000	5,738,000	4,942,000	4,772,000	5,778,000	2,253,000	340,000	161,448	18,477,947	17,133,051	0
Total Non-Current Liabilities Margin	7.76%	8.81%	9.66%	7.36%	6.16%	8.01%	8.20%	7.07%	9.51%	11.24%	13.48%	12.52%	13.73%	6.97%	5.85%	5.69%	2.95%	0.00%	2.50%	2.62%	3.00%	2.97%	4.31%	2.15%	0.34%	0.34%	76.34%	140.37%	0.00%
Total Liabilities	415,342,333	365,954,200	243,821,300	175,415,267	138,545,950	471,330,000	384,414,000	390,283,000	341,840,000	241,904,000	182,884,000	153,339,000	129,440,000	80,010,000	62,769,000	52,941,000	45,509,000	28,868,000	30,990,000	34,708,000	28,864,000	30,654,000	35,190,000	22,375,000	22,607,000	8,445,105	21,372,261	19,634,777	2,649,000
Total Liabilities Margin	21.41%	24.23%	24.35%	21.77%	21.67%	21.36%	21.11%	21.75%	28.30%	28.65%	29.13%	26.33%	27.49%	20.59%	18.85%	18.74%	19.11%	13.50%	15.77%	15.86%	17.49%	19.10%	26.26%	21.31%	22.81%	17.74%	88.30%	160.87%	50.44%
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	11,162,641	11,162,641	4,379,000
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%	46.12%	91.46%	83.38%
Common Stock	937,343,333	854,591,400	623,170,000	482,539,000	395,940,500	706,817,000	1,129,937,000	975,276,000	803,226,000	657,701,000	549,517,000	450,908,000	376,586,000	315,969,000	265,763,000	240,500,000	234,201,000	194,079,000	159,336,000	178,269,000	175,518,000	147,298,000	146,035,000	113,532,000	98,342,000	93,526,801	13,532,922	2,092,256	0
Common Stock Margin	49.48%	58.56%	69.88%	75.71%	82.50%	32.02%	62.05%	54.36%	66.50%	77.88%	87.51%	77.42%	79.97%	81.30%	79.79%	85.12%	98.37%	90.77%	81.08%	81.46%	106.37%	91.77%	108.98%	108.11%	99.20%	196.51%	55.91%	17.14%	0.00%
Retained Earnings	1,383,642,667	974,910,600	566,298,800	403,511,667	303,249,700	2,487,461,000	947,064,000	716,403,000	424,879,000	298,746,000	229,450,000	194,728,000	143,608,000	119,362,000	101,287,000	100,114,000	82,938,000	60,040,000	79,948,000	66,647,000	37,085,000	17,411,000	-9,188,000	-17,895,000	-15,094,000	-20,689,562	-15,055,312	-10,679,595	0
Retained Earnings Margin	68.21%	55.04%	43.68%	40.42%	30.02%	112.70%	52.01%	39.93%	35.18%	35.38%	36.54%	33.44%	30.49%	30.71%	30.41%	35.43%	34.83%	28.08%	40.68%	30.45%	22.47%	10.85%	-6.86%	-17.04%	-15.23%	-43.47%	-62.20%	-87.50%	0.00%
Accumulated OCI	-32,883,333	-14,526,000	-8,458,500	-4,462,800	-3,597,750	-48,511,000	-27,062,000	-23,077,000	15,880,000	10,140,000	-5,476,000	-5,543,000	1,813,000	-4,215,000	1,466,000	5,811,000	6,260,000	0	3,593,000	1,979,000	354,000	-64,000	462,000	-685,000	-5,080,000	-9,334,657	-8,409,251	-595,832	0
Accumulated OCI Margin	-1.66%	-0.49%	-0.45%	0.19%	-0.12%	-2.20%	-1.49%	-1.29%	1.31%	1.20%	-0.87%	-0.95%	0.38%	-1.08%	0.44%	2.06%	2.63%	0.00%	1.83%	0.90%	0.21%	-0.04%	0.34%	-0.65%	-5.12%	-19.61%	-34.74%	-4.88%	0.00%
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	2,288,102,667	1,814,976,000	1,181,010,300	881,866,200	695,801,200	3,145,767,000	2,049,939,000	1,668,602,000	1,243,985,000	966,587,000	773,491,000	640,093,000	522,007,000	431,116,000	368,516,000	346,425,000	323,399,000	258,293,999	242,877,000	246,895,000	212,957,000	164,645,000	137,309,000	94,952,000	78,168,000	63,502,582	1,231,000	1,979,470	1,697,000
Total Shareholders’ Equity Margin	116.03%	113.11%	113.11%	116.45%	112.50%	142.53%	112.57%	93.00%	103.00%	114.46%	123.18%	109.91%	110.85%	110.92%	110.64%	122.61%	135.83%	120.80%	123.59%	112.82%	129.06%	102.58%	102.47%	90.42%	78.85%	133.42%	5.09%	16.22%	32.31%
Total Equity	2,288,102,667	1,814,976,000	1,181,010,300	881,866,200	695,801,200	3,145,767,000	2,049,939,000	1,668,602,000	1,243,985,000	966,587,000	773,491,000	640,093,000	522,007,000	431,116,000	368,516,000	346,425,000	323,399,000	258,293,999	242,877,000	246,895,000	212,957,000	164,645,000	137,309,000	94,952,000	78,168,000	63,502,582	1,231,000	1,979,470	1,697,000
Total Equity Margin	116.03%	113.11%	113.11%	116.45%	112.50%	142.53%	112.57%	93.00%	103.00%	114.46%	123.18%	109.91%	110.85%	110.92%	110.64%	122.61%	135.83%	120.80%	123.59%	112.82%	129.06%	102.58%	102.47%	90.42%	78.85%	133.42%	5.09%	16.22%	32.31%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	400,343,000	400,655,200	302,859,500	241,272,600	195,552,750	171,130,000	580,633,000	449,266,000	535,817,000	266,430,000	285,575,000	207,818,000	221,587,000	160,875,000	149,464,000	117,841,000	134,986,000	97,276,000	91,502,000	148,889,000	138,359,000	59,354,000	27,765,000	27,674,000	38,814,000	17,000,000	1,007,190	0	0
Total Investments Margin	21.56%	28.12%	35.51%	40.90%	41.03%	7.75%	31.88%	25.04%	44.36%	31.55%	45.48%	35.68%	47.05%	41.39%	44.88%	41.71%	56.70%	45.50%	46.56%	68.04%	83.85%	36.98%	20.72%	26.35%	39.15%	35.72%	4.16%	0.00%	0.00%
Net Debt	-496,021,000	-401,834,600	-263,880,200	-205,717,733	-168,738,500	-678,842,000	-522,278,000	-286,943,000	-189,265,000	-331,845,000	-170,603,000	-172,704,000	-82,759,000	-112,703,000	-90,860,000	-126,266,000	-101,213,000	-75,104,000	-96,371,000	-48,010,000	-46,717,000	-83,266,000	-83,114,000	-50,816,000	-25,091,000	-32,019,000	-12,135,409	-17,223,494	-904,000
Net Debt Margin	-25.14%	-26.08%	-26.11%	-30.29%	-33.51%	-30.76%	-28.68%	-15.99%	-15.67%	-39.30%	-27.17%	-29.65%	-17.57%	-29.00%	-27.28%	-44.69%	-42.51%	-35.13%	-49.04%	-21.94%	-28.31%	-51.88%	-62.02%	-48.39%	-25.31%	-67.27%	-50.14%	-141.11%	-17.21%

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	2000-12-31
Revenue	1,940,773,333	1,574,914,000	1,027,753,400	761,822,133	604,550,050	2,207,100,000	1,821,072,000	1,794,148,000	1,207,798,000	844,452,000	627,921,000	582,382,000	470,929,000	388,665,000	333,067,000	282,535,000	238,091,000	213,813,000	196,519,000	218,840,000	165,008,000	160,511,000	134,004,000	105,015,000	99,131,000	47,595,039	24,204,331	12,205,601	5,252,000
Working Capital	1,334,056,333	1,119,021,200	765,554,100	583,473,467	465,540,300	1,270,486,000	1,584,464,000	1,147,219,000	897,908,000	695,029,000	556,981,000	500,371,000	384,375,000	330,063,000	288,645,000	271,285,000	253,597,000	190,841,000	185,435,000	195,403,000	179,577,000	117,365,000	119,274,000	77,038,000	65,450,000	52,051,467	16,743,158	17,567,751	904,000
Working Capital Margin	69.50%	73.03%	79.30%	84.56%	83.94%	57.56%	87.01%	63.94%	74.34%	82.31%	88.70%	85.92%	81.62%	84.92%	86.66%	96.02%	106.51%	89.26%	94.36%	89.29%	108.83%	73.12%	89.01%	73.36%	66.02%	109.36%	69.17%	143.93%	17.21%
Total Capital	2,295,776,667	1,820,200,200	1,183,858,100	883,764,733	697,225,100	3,161,560,000	2,055,504,000	1,670,266,000	1,243,985,000	969,686,000	775,848,000	640,093,000	522,007,000	431,116,000	368,516,000	346,425,000	323,399,000	258,293,999	242,877,000	246,895,000	212,957,000	164,645,000	137,309,000	94,952,000	78,168,000	63,502,582	1,231,000	1,979,470	1,697,000
Total Capital Margin	116.40%	113.41%	113.29%	116.57%	112.60%	143.24%	112.87%	93.10%	103.00%	114.83%	123.56%	109.91%	110.85%	110.92%	110.64%	122.61%	135.83%	120.80%	123.59%	112.82%	129.06%	102.58%	102.47%	90.42%	78.85%	133.42%	5.09%	16.22%	32.31%
Capital Employed	2,439,111,000	1,947,547,200	1,274,173,800	946,586,267	745,245,500	3,322,530,000	2,199,318,000	1,795,485,000	1,358,881,000	1,061,522,000	858,150,000	712,993,000	586,652,000	458,205,000	388,002,000	362,505,000	330,419,000	263,702,000	247,797,000	252,633,000	217,899,000	169,417,000	143,087,000	97,205,000	78,508,000	63,664,030	19,708,947	19,112,521	4,346,000
Capital Employed Margin	123.79%	121.92%	122.76%	123.97%	118.79%	150.54%	120.77%	100.07%	112.51%	125.71%	136.67%	122.43%	124.57%	117.89%	116.49%	128.30%	138.78%	123.33%	126.09%	115.44%	132.05%	105.55%	106.78%	92.56%	79.20%	133.76%	81.43%	156.59%	82.75%
Invested Capital	1,793,021,333	1,413,705,200	917,412,000	676,336,400	527,203,650	2,469,744,000	1,527,661,000	1,381,659,000	1,054,720,000	634,742,000	602,888,000	467,389,000	439,248,000	318,413,000	277,656,000	220,159,000	222,186,000	183,189,999	146,506,000	198,885,000	166,240,000	81,379,000	54,195,000	44,136,000	53,077,000	31,483,989	-10,904,409	-15,244,024	793,000
Invested Capital Margin	90.93%	87.06%	87.01%	86.16%	79.00%	111.90%	83.89%	77.01%	87.33%	75.17%	96.01%	80.25%	93.27%	81.92%	83.36%	77.92%	93.32%	85.68%	74.55%	90.88%	100.75%	50.70%	40.44%	42.03%	53.54%	66.15%	-45.05%	-124.89%	15.10%

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	2001-12-31
Revenue	1,940,773,333	1,574,914,000	1,027,753,400	761,822,133	604,550,050	2,207,100,000	1,821,072,000	1,794,148,000	1,207,798,000	844,452,000	627,921,000	582,382,000	470,929,000	388,665,000	333,067,000	282,535,000	238,091,000	213,813,000	196,519,000	218,840,000	165,008,000	160,511,000	134,004,000	105,015,000	99,131,000	47,595,039	24,204,331	12,205,601	8,130,355
Net Income	883,915,333	611,628,800	342,534,600	236,157,267	179,889,700	1,786,700,000	427,374,000	437,672,000	242,023,000	164,375,000	108,839,000	105,268,000	65,203,000	52,720,000	35,172,000	35,495,000	22,898,000	15,756,000	13,301,000	29,563,000	19,674,000	24,226,000	9,291,000	-2,863,000	5,107,000	-4,451,025	-3,036,210	-3,237,528	-3,572,603
Net Income Margin	42.94%	33.66%	24.17%	19.43%	16.39%	80.95%	23.47%	24.39%	20.04%	19.47%	17.33%	18.08%	13.85%	13.56%	10.56%	12.56%	9.62%	7.37%	6.77%	13.51%	11.92%	15.09%	6.93%	-2.73%	5.15%	-9.35%	-12.54%	-26.52%	-43.94%
Depreciation & Amortization	37,904,000	32,319,400	23,333,300	18,980,200	16,126,800	36,430,000	40,168,000	37,114,000	28,699,000	19,186,000	14,867,000	12,311,000	16,101,000	14,674,000	13,783,000	13,130,000	12,160,000	9,332,000	8,732,000	8,016,000	6,573,000	5,725,000	4,184,000	14,248,000	7,103,000	13,455,436	4,074,371	809,105	300,000
Depreciation & Amortization Margin	1.97%	2.11%	2.64%	3.24%	4.00%	1.65%	2.21%	2.07%	2.38%	2.27%	2.37%	2.11%	3.42%	3.78%	4.14%	4.65%	5.11%	4.36%	4.44%	3.66%	3.98%	3.57%	3.12%	13.57%	7.17%	28.27%	16.83%	6.63%	3.69%
Deferred Income Tax	-436,755,333	-262,933,000	-133,128,600	-88,657,267	-66,345,150	-1,302,911,000	5,865,000	-13,220,000	-2,772,000	-1,627,000	-577,000	-843,000	-15,238,000	-5,000	42,000	17,000	-81,000	-8,000	1,555,000	-56,000	-84,000	710,000	2,048,000	1,921,000	-1,639,000	-1,464,253	0	0	0
Deferred Income Tax Margin	-19.82%	-11.97%	-6.33%	-4.17%	-3.03%	-59.03%	0.32%	-0.74%	-0.23%	-0.19%	-0.09%	-0.14%	-3.24%	0.00%	0.01%	0.01%	-0.03%	0.00%	0.79%	-0.03%	-0.05%	0.44%	1.53%	1.83%	-1.65%	-3.08%	0.00%	0.00%	0.00%
Stock-Based Compensation	172,114,333	145,074,600	100,384,800	73,772,733	58,127,300	205,640,000	149,711,000	160,992,000	123,479,000	85,551,000	78,699,000	60,607,000	52,617,000	44,989,000	41,563,000	33,454,000	20,701,000	18,652,000	13,126,000	16,810,000	14,611,000	13,158,000	11,228,000	11,524,000	5,434,000	12,349,673,000	0	0	0
Stock-Based Compensation Margin	8.84%	9.37%	10.50%	9.91%	9.53%	9.32%	8.22%	8.97%	10.22%	10.13%	12.53%	10.41%	11.17%	11.58%	12.48%	11.84%	8.69%	8.72%	6.68%	7.68%	8.85%	8.20%	8.38%	10.97%	5.48%	25,947.40%	0.00%	0.00%	0.00%
Change in Working Capital	-88,188,000	-66,640,200	-35,280,800	-25,307,333	-19,831,050	92,068,000	30,324,000	-386,956,000	-71,640,000	3,003,000	17,811,000	-37,522,000	15,696,000	-2,946,000	-12,646,000	-8,049,000	4,534,000	-21,255,000	6,589,000	-8,621,000	-11,122,000	-5,579,000	-3,452,000	-2,136,000	5,278,000	-4,486,782	-3,990,977	71,203	500,000
Change in Working Capital Margin	-5.24%	-4.26%	-2.61%	-2.51%	-2.36%	4.17%	1.67%	-21.57%	-5.93%	0.36%	2.84%	-6.44%	3.33%	-0.76%	-3.80%	-2.85%	1.90%	-9.94%	3.35%	-3.94%	-6.74%	-3.48%	-2.58%	-2.03%	5.32%	-9.43%	-16.49%	0.58%	6.15%
Accounts Receivable	-22,564,667	-23,958,600	-14,776,700	-10,523,067	-8,469,050	7,325,000	2,884,000	-77,903,000	-37,976,000	-14,123,000	2,512,000	-18,079,000	-3,785,000	-3,421,000	-5,201,000	-1,870,000	-4,347,000	-4,286,000	3,250,000	-2,826,000	-6,406,000	-876,000	917,000	381,000	-5,551,000	570,444,000	0	0	0
Accounts Receivable Margin	-1.28%	-1.73%	-1.46%	-1.25%	-1.39%	0.33%	0.16%	-4.34%	-3.14%	-1.67%	0.40%	-3.10%	-0.80%	-0.88%	-1.56%	-0.66%	-1.83%	-2.00%	1.65%	-1.29%	-3.88%	-0.55%	0.68%	0.36%	-5.60%	1,198.54%	0.00%	0.00%	0.00%
Inventory	-53,235,000	-58,306,200	-37,805,400	-26,619,400	-20,673,450	-35,215,000	63,583,000	-188,073,000	-102,323,000	-29,503,000	8,865,000	-37,060,000	-27,795,000	-8,323,000	-22,210,000	-1,142,000	-7,606,000	-12,004,000	5,699,000	-6,184,000	-737,000	-1,356,000	-10,747,000	-572,000	-766,000	-3,799,664	-331,662	-700,505	0
Inventory Margin	-2.86%	-4.11%	-4.02%	-3.29%	-3.00%	-1.60%	3.49%	-10.48%	-8.47%	-3.49%	1.41%	-6.36%	-5.90%	-2.14%	-6.67%	-0.40%	-3.19%	-5.61%	2.90%	-2.83%	-0.45%	-0.84%	-8.02%	-0.54%	-0.77%	-7.98%	-1.37%	-5.74%	0.00%
Accounts Payable	5,575,333	12,012,400	7,268,800	5,114,133	4,034,950	23,169,000	4,797,000	-11,240,000	32,926,000	10,410,000	3,048,000	871,000	3,077,000	5,483,000	147,000	1,632,000	1,440,000	754,000	-957,000	1,155,000	2,699,000	-1,382,000	208,000	-687,000	3,149,000	1,603,671,000	0	0	0
Accounts Payable Margin	0.23%	0.93%	0.74%	0.60%	0.62%	1.05%	0.26%	-0.63%	2.73%	1.23%	0.49%	0.15%	0.65%	1.41%	0.04%	0.58%	0.60%	0.35%	-0.49%	0.53%	1.64%	-0.86%	0.16%	-0.65%	3.18%	3,369.41%	0.00%	0.00%	0.00%
Other Working Capital	-17,963,667	3,612,200	10,032,500	6,721,000	5,276,500	96,789,000	-40,940,000	-109,740,000	35,733,000	36,219,000	3,386,000	16,746,000	44,199,000	3,315,000	14,618,000	-6,669,000	15,047,000	-5,719,000	-1,403,000	-766,000	-6,678,000	-1,965,000	6,170,000	-1,258,000	8,446,000	-2,174,802,118	-3,659,315	771,708	0
Other Working Capital Margin	-1.33%	0.65%	2.13%	1.44%	1.41%	4.39%	-2.25%	-6.12%	2.96%	4.29%	0.54%	2.88%	9.39%	0.85%	4.39%	-2.36%	6.32%	-2.67%	-0.71%	-0.35%	-4.05%	-1.22%	4.60%	-1.20%	8.52%	-4,569.39%	-15.12%	6.32%	0.00%
Other Non-Cash Items	-11,224,667	-7,227,600	-4,822,600	-2,804,467	-2,625,350	-29,517,000	-15,229,000	11,072,000	221,000	-2,685,000	-3,336,000	1,630,000	-558,000	-1,646,000	-8,178,000	86,000	474,000	2,435,000	382,000	2,782,000	2,112,000	1,350,000	1,045,000	-10,875,000	-4,072,000	-12,349,612,314	0	4,365	372,603
Other Non-Cash Items Margin	-0.52%	-0.37%	-0.51%	-0.15%	-0.69%	-1.34%	-0.84%	0.62%	0.02%	-0.32%	-0.53%	0.28%	-0.12%	-0.42%	-2.46%	0.03%	0.20%	1.14%	0.19%	1.27%	1.28%	0.84%	0.78%	-10.36%	-4.11%	-25,947.27%	0.00%	0.04%	4.58%
Net Cash from Operating Activities	557,765,667	452,222,000	293,020,700	212,141,133	165,342,250	788,410,000	638,213,000	246,674,000	320,010,000	267,803,000	216,303,000	141,451,000	133,821,000	107,786,000	69,736,000	74,133,000	60,686,000	24,912,000	43,685,000	48,494,000	31,764,000	39,590,000	24,344,000	11,819,000	17,211,000	3,114,062	-2,952,816	-2,352,855	-2,400,000
Net Cash from Operating Activities Margin	28.17%	28.54%	27.85%	25.75%	23.85%	35.72%	35.05%	13.75%	26.50%	31.71%	34.45%	24.29%	28.42%	27.73%	20.94%	26.24%	25.49%	11.65%	22.23%	22.16%	19.25%	24.66%	18.17%	11.25%	17.36%	6.54%	-12.20%	-19.28%	-29.52%
Capital Expenditures (PPE)	-87,513,000	-82,683,200	-65,163,800	-49,451,533	-38,663,750	-146,118,000	-57,578,000	-58,843,000	-95,238,000	-55,639,000	-96,787,000	-22,526,000	-65,773,000	-37,112,000	-16,024,000	-9,511,000	-15,764,000	-21,059,000	-21,022,000	-22,779,000	-10,264,000	-5,233,000	-6,653,000	-7,474,000	-1,878,000	-3,218,678	-1,634,348	-1,074,536	-500,000
Capital Expenditures (PPE) Margin	-4.35%	-5.51%	-7.51%	-7.74%	-6.98%	-6.62%	-3.16%	-3.28%	-7.89%	-6.59%	-15.41%	-3.87%	-13.97%	-9.55%	-4.81%	-3.37%	-6.62%	-9.85%	-10.70%	-10.41%	-6.22%	-3.26%	-4.96%	-7.12%	-1.89%	-6.76%	-6.75%	-8.80%	-6.15%
Acquisitions (Net)	-11,094,333	-6,804,400	-2,441,100	-2,392,067	-1,806,600	-33,283,000	0	0	-768,000	29,000	9,268,000	0	3,000	0	340,000	-11,590,000	88,000	13,000	19,000	0	-310,000	0	58,000	1,000	0	0	0	0	0
Acquisitions (Net) Margin	-0.50%	-0.31%	0.00%	-0.27%	-0.21%	-1.51%	0.00%	0.00%	-0.06%	0.00%	1.48%	0.00%	0.00%	0.00%	0.10%	-4.10%	0.04%	0.01%	0.01%	0.00%	-0.19%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-577,031,333	-492,848,600	-337,646,500	-271,270,533	-231,688,100	-1,082,706,000	-582,603,000	-65,785,000	-394,886,000	-338,263,000	-212,562,000	-99,199,000	-140,531,000	-236,912,000	-223,018,000	-136,872,000	-125,756,000	-143,094,000	-78,250,000	-208,621,000	-159,917,000	-64,658,000	-58,776,000	-87,294,000	-194,059,000	-17,000,000	-3,503,930	0	0
Purchases of Investments Margin	-28.24%	-31.49%	-36.61%	-44.63%	-56.47%	-49.06%	-31.99%	-3.67%	-32.69%	-40.06%	-33.85%	-17.03%	-29.84%	-60.96%	-66.96%	-48.44%	-52.82%	-66.92%	-39.82%	-95.33%	-96.91%	-40.28%	-43.86%	-83.13%	-195.76%	-35.72%	-14.48%	0.00%	0.00%
Sales / Maturities of Investments	701,684,333	515,240,000	331,377,700	268,392,533	223,386,850	1,508,135,000	468,308,000	128,610,000	113,755,000	357,392,000	136,051,000	111,131,000	77,502,000	223,344,000	189,549,000	153,941,000	87,725,000	137,283,000	135,494,000	197,668,000	80,686,000	31,710,000	58,774,000	98,434,000	172,245,000	1,500,000	2,490,642	0	0
Sales / Maturities of Investments Margin	33.74%	30.59%	32.45%	42.62%	50.97%	68.33%	25.72%	7.17%	9.42%	42.32%	21.67%	19.08%	16.46%	57.46%	56.91%	54.49%	36.85%	64.21%	68.95%	90.33%	48.90%	19.76%	43.86%	93.73%	173.75%	3.15%	10.29%	0.00%	0.00%
Other Investing Activities	-15,442,000	-10,154,200	-7,635,000	-5,488,000	-3,669,300	-22,981,000	-6,853,000	-16,492,000	-1,749,000	-2,696,000	-3,082,000	-4,146,000	-5,261,000	-5,046,000	-8,044,000	-5,335,000	-617,000	20,000	-19,000	-19,000	7,677,000	8,566,000	-7,350,000	2,938,000	-2,897,000	34,200	0	0	0
Other Investing Activities Margin	-0.78%	-0.56%	-0.88%	-0.73%	-0.33%	-1.04%	-0.38%	-0.92%	-0.14%	-0.32%	-0.49%	-0.71%	-1.12%	-1.30%	-2.42%	-1.89%	-0.26%	0.01%	-0.01%	-0.01%	4.65%	5.34%	-5.48%	2.80%	-2.92%	0.07%	0.00%	0.00%	0.00%
Net Cash from Investing Activities	10,603,667	-77,250,400	-81,508,700	-60,209,600	-52,440,900	223,047,000	-178,726,000	-12,510,000	-378,886,000	-39,177,000	-167,112,000	-14,740,000	-134,060,000	-55,726,000	-57,197,000	-9,367,000	-54,324,000	-26,837,000	36,222,000	-33,751,000	-82,128,000	-29,615,000	-13,947,000	6,605,000	-26,589,000	-18,684,478	-2,647,636	-1,074,536	-500,000
Net Cash from Investing Activities Margin	-0.14%	-7.28%	-12.55%	-10.75%	-13.02%	10.11%	-9.81%	-0.70%	-31.37%	-4.64%	-26.61%	-2.53%	-28.47%	-14.34%	-17.17%	-3.32%	-22.82%	-12.55%	18.43%	-15.42%	-49.77%	-18.45%	-10.41%	6.29%	-26.82%	-39.26%	-10.94%	-8.80%	-6.15%
Net Debt Issuance	0	0	0	0	19,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	398,000	0	0	0	15,386,857	0
Net Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	0.00%	0.00%	126.06%	0.00%
Long-Term Debt Issuance	0	0	0	0	19,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	398,000	0	0	0	15,386,857	0
Long-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	0.00%	0.00%	126.06%	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	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%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-206,674,333	-115,089,000	-56,748,100	-44,090,467	-31,679,250	-627,517,000	-3,741,000	11,235,000	21,992,000	22,586,000	19,927,000	13,665,000	2,851,000	3,807,000	-32,286,000	-41,198,000	-20,615,000	15,242,000	-32,002,000	-15,303,000	12,975,000	-10,550,000	17,294,000	5,331,000	2,722,000	35,718,540	481,584	0	0
Net Stock Issuance Margin	-9.34%	-4.70%	-2.61%	-4.37%	-2.17%	-28.43%	-0.21%	0.63%	1.82%	2.67%	3.17%	2.35%	0.61%	0.98%	-9.69%	-14.58%	-8.66%	7.13%	-16.28%	-6.99%	7.86%	-6.57%	12.91%	5.08%	2.75%	75.05%	1.99%	0.00%	0.00%
Common Stock Issuance	1,786,000	9,053,200	8,223,900	7,767,800	8,466,600	0	0	5,358,000	17,322,000	22,586,000	16,650,000	13,665,000	2,851,000	3,807,000	0	0	0	15,242,000	4,697,000	14,339,000	12,975,000	14,493,000	17,294,000	5,331,000	2,722,000	35,718,000	481,584	0	0
Common Stock Issuance Margin	0.10%	0.88%	1.10%	1.80%	3.23%	0.00%	0.00%	0.30%	1.43%	2.67%	2.65%	2.35%	0.61%	0.98%	0.00%	0.00%	0.00%	7.13%	2.39%	6.55%	7.86%	9.03%	12.91%	5.08%	2.75%	75.05%	1.99%	0.00%	0.00%
Common Stock Repurchased	-211,369,333	-125,887,600	-65,844,700	-52,683,933	-40,765,100	-636,244,000	-3,741,000	5,877,000	4,670,000	0	3,277,000	0	0	0	-32,286,000	-41,198,000	-20,615,000	0	-38,472,000	-31,527,000	0	-25,043,000	0	0	0	0	0	0	4,900,000
Common Stock Repurchased Margin	-9.57%	-5.66%	-3.75%	-6.31%	-5.52%	-28.83%	-0.21%	0.33%	0.39%	0.00%	0.52%	0.00%	0.00%	0.00%	-9.69%	-14.58%	-8.66%	0.00%	-19.58%	-14.41%	0.00%	-15.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	60.27%
Preferred Stock Issuance	2,909,000	1,745,400	872,700	825,667	619,250	8,727,000	0	0	0	0	0	0	0	0	0	0	0	0	1,773,000	1,885,000	0	0	0	0	0	540	0	0	0
Preferred Stock Issuance Margin	0.13%	0.08%	0.04%	0.14%	0.11%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.90%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-188,144,000	-152,516,400	-97,434,100	-68,110,867	-51,083,150	-240,623,000	-185,844,000	-137,965,000	-109,364,000	-88,786,000	-67,294,000	-47,475,000	-33,926,000	-33,099,000	-29,965,000	-11,658,000	0	-35,664,000	0	0	0	0	0	0	0	0	0	0	0
Net Dividends Paid Margin	-9.60%	-9.67%	-9.20%	-7.52%	-5.64%	-10.90%	-10.21%	-7.69%	-9.05%	-10.51%	-10.72%	-8.15%	-7.20%	-8.52%	-9.00%	-4.13%	0.00%	-16.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-188,144,000	-152,516,400	-97,434,100	-68,110,867	-51,083,150	-240,623,000	-185,844,000	-137,965,000	-109,364,000	-88,786,000	-67,294,000	-47,475,000	-33,926,000	-33,099,000	-29,965,000	-11,658,000	0	-35,664,000	0	0	0	0	0	0	0	0	0	0	0
Common Dividends Paid Margin	-9.60%	-9.67%	-9.20%	-7.52%	-5.64%	-10.90%	-10.21%	-7.69%	-9.05%	-10.51%	-10.72%	-8.15%	-7.20%	-8.52%	-9.00%	-4.13%	0.00%	-16.68%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-94,000	-1,694,600	660,900	4,123,667	3,466,050	-4,087,000	5,860,000	-2,055,000	-2,834,000	-5,357,000	-683,000	-749,000	-250,000	1,165,000	15,599,000	13,629,000	39,465,000	869,000	27,000	1,256,000	643,000	765,000	4,465,000	1,601,000	-8,000	0	23,000	0	7,200,000
Other Financing Activities Margin	0.01%	-0.17%	0.38%	1.75%	1.60%	-0.19%	0.32%	-0.11%	-0.23%	-0.63%	-0.11%	-0.13%	-0.05%	0.30%	4.68%	4.82%	16.58%	0.41%	0.01%	0.57%	0.39%	0.48%	3.33%	1.52%	-0.01%	0.00%	0.10%	0.00%	88.56%
Net Cash from Financing Activities	-394,912,333	-269,300,000	-153,521,300	-108,077,667	-79,276,450	-872,227,000	-183,725,000	-128,785,000	-90,206,000	-71,557,000	-48,050,000	-34,559,000	-31,325,000	-28,127,000	-46,652,000	-39,227,000	18,850,000	-19,553,000	-31,975,000	-14,047,000	13,618,000	-9,785,000	21,759,000	7,330,000	2,714,000	35,718,540	504,584	15,386,857	7,200,000
Net Cash from Financing Activities Margin	-18.93%	-14.55%	-11.42%	-10.13%	-6.19%	-39.52%	-10.09%	-7.18%	-7.47%	-8.47%	-7.65%	-5.93%	-6.65%	-7.24%	-14.01%	-13.88%	7.92%	-9.14%	-16.27%	-6.42%	8.25%	-6.10%	16.24%	6.98%	2.74%	75.05%	2.08%	126.06%	88.56%
Effect of FX on Cash	-5,939,667	-1,898,600	-1,434,700	-846,600	-634,550	-8,470,000	-3,310,000	-6,039,000	3,400,000	4,926,000	-883,000	-2,208,000	1,620,000	-2,090,000	-1,293,000	-486,000	897,000	211,000	429,000	597,000	197,000	-38,000	142,000	-29,000	-264,000	235,060	7,783	0	100,000
Effect of FX on Cash Margin	-0.30%	-0.01%	-0.11%	-0.02%	-0.02%	-0.38%	-0.18%	-0.34%	0.28%	0.58%	-0.14%	-0.38%	0.34%	-0.54%	-0.39%	-0.17%	0.38%	0.10%	0.22%	0.27%	0.12%	-0.02%	0.11%	-0.03%	-0.27%	0.49%	0.03%	0.00%	1.23%
Net Change in Cash	167,517,333	103,773,000	56,556,000	43,007,267	32,990,350	130,760,000	272,452,000	99,340,000	-145,682,000	161,995,000	258,000	89,944,000	-29,944,000	21,843,000	-35,406,000	25,053,000	26,109,000	-21,267,000	48,361,000	1,293,000	-36,549,000	152,000	32,298,000	25,725,000	-6,928,000	20,383,184	-5,088,085	11,959,466	4,400,000
Net Change in Cash Margin	8.81%	6.71%	3.77%	4.85%	4.62%	5.92%	14.96%	5.54%	-12.06%	19.18%	0.04%	15.44%	-6.36%	5.62%	-10.63%	8.87%	10.97%	-9.95%	24.61%	0.59%	-22.15%	0.09%	24.10%	24.50%	-6.99%	42.83%	-21.02%	97.98%	54.12%
Cash at Beginning of Period	346,433,000	309,489,200	213,296,700	166,692,133	138,734,400	561,181,000	288,729,000	189,389,000	335,071,000	173,076,000	172,818,000	82,874,000	112,703,000	90,860,000	126,266,000	101,213,000	75,104,000	96,371,000	48,010,000	46,717,000	83,266,000	83,114,000	50,816,000	25,091,000	32,019,000	11,635,409	17,223,494	5,264,028	172,704,000
Cash at Beginning of Period Margin	17.28%	20.01%	22.70%	25.68%	29.08%	25.43%	15.85%	10.56%	27.74%	20.50%	27.52%	14.23%	23.93%	23.38%	37.91%	35.82%	31.54%	45.07%	24.43%	21.35%	50.46%	51.78%	37.92%	23.89%	32.30%	24.45%	71.16%	43.13%	2,124.19%
Cash at End of Period	513,950,333	413,262,200	269,852,700	209,699,400	171,724,750	691,941,000	561,181,000	288,729,000	189,389,000	335,071,000	173,076,000	172,818,000	82,759,000	112,703,000	90,860,000	126,266,000	101,213,000	75,104,000	96,371,000	48,010,000	46,717,000	83,266,000	83,114,000	50,816,000	25,091,000	32,018,593	12,135,409	17,223,494	177,104,000
Cash at End of Period Margin	26.09%	26.72%	26.47%	30.53%	33.70%	31.35%	30.82%	16.09%	15.68%	39.68%	27.56%	29.67%	17.57%	29.00%	27.28%	44.69%	42.51%	35.13%	49.04%	21.94%	28.31%	51.88%	62.02%	48.39%	25.31%	67.27%	50.14%	141.11%	2,178.31%
Operating Cash Flow	557,765,667	452,222,000	293,020,700	212,141,133	165,342,250	788,410,000	638,213,000	246,674,000	320,010,000	267,803,000	216,303,000	141,451,000	133,821,000	107,786,000	69,736,000	74,133,000	60,686,000	24,912,000	43,685,000	48,494,000	31,764,000	39,590,000	24,344,000	11,819,000	17,211,000	3,114,062	-2,952,816	-2,352,855	-2,400,000
Operating Cash Flow Margin	28.17%	28.54%	27.85%	25.75%	23.85%	35.72%	35.05%	13.75%	26.50%	31.71%	34.45%	24.29%	28.42%	27.73%	20.94%	26.24%	25.49%	11.65%	22.23%	22.16%	19.25%	24.66%	18.17%	11.25%	17.36%	6.54%	-12.20%	-19.28%	-29.52%
Capital Expenditure	-87,513,000	-82,683,200	-65,163,800	-49,451,533	-38,663,750	-146,118,000	-57,578,000	-58,843,000	-95,238,000	-55,639,000	-96,787,000	-22,526,000	-65,773,000	-37,112,000	-16,024,000	-9,511,000	-15,764,000	-21,059,000	-21,022,000	-22,779,000	-10,264,000	-5,233,000	-6,653,000	-7,474,000	-1,878,000	-3,218,678	-1,634,348	-1,074,536	-500,000
Capital Expenditure Margin	-4.35%	-5.51%	-7.51%	-7.74%	-6.98%	-6.62%	-3.16%	-3.28%	-7.89%	-6.59%	-15.41%	-3.87%	-13.97%	-9.55%	-4.81%	-3.37%	-6.62%	-9.85%	-10.70%	-10.41%	-6.22%	-3.26%	-4.96%	-7.12%	-1.89%	-6.76%	-6.75%	-8.80%	-6.15%
Free Cash Flow	470,252,667	369,538,800	227,856,900	162,689,600	126,678,500	642,292,000	580,635,000	187,831,000	224,772,000	212,164,000	119,516,000	118,925,000	68,048,000	70,674,000	53,712,000	64,622,000	44,922,000	3,853,000	22,663,000	25,715,000	21,500,000	34,357,000	17,691,000	4,345,000	15,333,000	-104,616	-4,587,164	-3,427,391	-2,900,000
Free Cash Flow Margin	23.82%	23.04%	20.34%	18.02%	16.87%	29.10%	31.88%	10.47%	18.61%	25.12%	19.03%	20.42%	14.45%	18.18%	16.13%	22.87%	18.87%	1.80%	11.53%	11.75%	13.03%	21.40%	13.20%	4.14%	15.47%	-0.22%	-18.95%	-28.08%	-35.67%

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	2001-12-31
Revenue	1,940,773,333	1,574,914,000	1,027,753,400	761,822,133	604,550,050	2,207,100,000	1,821,072,000	1,794,148,000	1,207,798,000	844,452,000	627,921,000	582,382,000	470,929,000	388,665,000	333,067,000	282,535,000	238,091,000	213,813,000	196,519,000	218,840,000	165,008,000	160,511,000	134,004,000	105,015,000	99,131,000	47,595,039	24,204,331	12,205,601	8,130,355
EBITDA	553,863,667	427,715,800	260,570,600	184,995,933	143,608,900	575,788,000	521,904,000	563,899,000	291,116,000	185,872,000	119,893,000	127,721,000	94,768,000	68,892,000	55,853,000	40,403,000	35,704,000	23,666,000	25,528,000	43,932,000	26,103,000	28,232,000	13,854,000	15,483,000	13,567,000	7,925,000	868,269	-2,485,574	-454,491
EBITDA Margin	28.73%	26.46%	22.79%	20.09%	18.68%	26.09%	28.66%	31.43%	24.10%	22.01%	19.09%	21.93%	20.12%	17.73%	16.77%	14.30%	15.00%	11.07%	12.99%	20.07%	15.82%	17.59%	10.34%	14.74%	13.69%	16.65%	3.59%	-20.36%	-5.59%
(-) Tax Adjustment	-325,625,091	-187,826,254	-88,499,221	-58,409,140	-41,828,623	-1,151,576,000	80,958,723	93,742,004	32,292,157	5,451,844	4,537,323	14,244,402	20,270,051	5,466,702	9,620,581	995,864	1,649,341	2,822,987	790,427	2,596,490	614,097	1,349,348	4,835,116	27,799,707	4,966,371	-1,455,042	0	0	0
(-) Tax Adjustment Margin	-14.17%	-7.84%	-2.74%	-1.56%	0.64%	-52.18%	4.45%	5.22%	2.67%	0.65%	0.72%	2.45%	4.30%	1.41%	2.89%	0.35%	0.69%	1.32%	0.40%	1.19%	0.37%	0.84%	3.61%	26.47%	5.01%	-3.06%	0.00%	0.00%	0.00%
(-) Change In Working Capital	-88,188,000	-66,640,200	-35,280,800	-25,307,333	-19,831,050	92,068,000	30,324,000	-386,956,000	-71,640,000	3,003,000	17,811,000	-37,522,000	15,696,000	-2,946,000	-12,646,000	-8,049,000	4,534,000	-21,255,000	6,589,000	-8,621,000	-11,122,000	-5,579,000	-3,452,000	-2,136,000	5,278,000	-4,486,782	-3,990,977	71,203	500,000
(-) Change In Working Capital Margin	-5.24%	-4.26%	-2.61%	-2.51%	-2.36%	4.17%	1.67%	-21.57%	-5.93%	0.36%	2.84%	-6.44%	3.33%	-0.76%	-3.80%	-2.85%	1.90%	-9.94%	3.35%	-3.94%	-6.74%	-3.48%	-2.58%	-2.03%	5.32%	-9.43%	-16.49%	0.58%	6.15%
(-) Capital Expenditure	-87,513,000	-82,683,200	-65,163,800	-49,451,533	-38,663,750	-146,118,000	-57,578,000	-58,843,000	-95,238,000	-55,639,000	-96,787,000	-22,526,000	-65,773,000	-37,112,000	-16,024,000	-9,511,000	-15,764,000	-21,059,000	-21,022,000	-22,779,000	-10,264,000	-5,233,000	-6,653,000	-7,474,000	-1,878,000	-3,218,678	-1,634,348	-1,074,536	-500,000
(-) Capital Expenditure Margin	-4.35%	-5.51%	-7.51%	-7.74%	-6.98%	-6.62%	-3.16%	-3.28%	-7.89%	-6.59%	-15.41%	-3.87%	-13.97%	-9.55%	-4.81%	-3.37%	-6.62%	-9.85%	-10.70%	-10.41%	-6.22%	-3.26%	-4.96%	-7.12%	-1.89%	-6.76%	-6.75%	-8.80%	-6.15%
Unlevered Free Cash Flow	880,163,758	599,499,054	319,186,821	219,260,874	166,604,823	1,489,178,000	353,043,277	798,269,996	235,225,843	121,778,156	757,677	128,472,598	-6,971,051	29,259,298	42,854,419	37,945,136	13,756,659	21,039,013	-2,873,427	27,177,510	26,346,903	27,228,652	5,817,884	-17,654,707	1,444,629	10,648,146	3,224,898	-3,631,313	-1,454,491
Unlevered Free Cash Flow Margin	43.78%	33.05%	20.63%	16.42%	13.41%	67.47%	19.39%	44.49%	19.48%	14.42%	0.12%	22.06%	-1.48%	7.53%	12.87%	13.43%	5.78%	9.84%	-1.46%	12.42%	15.97%	16.96%	4.34%	-16.81%	1.46%	22.37%	13.32%	-29.75%	-17.89%
(-) Net Interest Income After Taxes	37,666,067	26,479,558	15,287,201	10,421,358	8,037,915	81,279,000	19,738,888	11,980,312	10,346,161	9,053,428	7,028,544	5,616,035	4,208,040	2,290,573	1,331,025	1,084,591	87,750	538,117	650,224	1,087,678	1,022,368	3,415,559	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	1.81%	1.47%	1.13%	0.86%	0.78%	3.68%	1.08%	0.67%	0.86%	1.07%	1.12%	0.96%	0.89%	0.59%	0.40%	0.38%	0.04%	0.25%	0.33%	0.50%	0.62%	2.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0	0	0	0	19,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	398,000	0	0	0	15,386,857	0
Net Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	0.00%	0.00%	126.06%	0.00%
Levered Free Cash Flow	842,497,691	573,019,497	303,899,621	208,839,516	158,586,809	1,407,899,000	333,304,390	786,289,684	224,879,682	112,724,728	-6,270,867	122,856,563	-11,179,091	26,968,725	41,523,394	36,860,545	13,668,909	20,500,895	-3,523,651	26,089,832	25,324,535	23,813,093	5,817,884	-17,256,707	1,444,629	10,648,146	3,224,898	11,755,544	-1,454,491
Levered Free Cash Flow Margin	41.97%	31.58%	19.50%	15.57%	12.65%	63.79%	18.30%	43.83%	18.62%	13.35%	-1.00%	21.10%	-2.37%	6.94%	12.47%	13.05%	5.74%	9.59%	-1.79%	11.92%	15.35%	14.84%	4.34%	-16.43%	1.46%	22.37%	13.32%	96.31%	-17.89%