VeriSign, Inc. (VRSN)

Analysis: Margins & Ratios Industry: Software - Infrastructure Sector: Technology Live Price: $249.47

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	1998-12-31	1997-12-31
Revenue	1,491,800,000	1,413,605,600	1,288,128,600	1,145,509,200	1,192,801,200	1,150,290,280	1,626,700,000	1,542,400,000	1,557,400,000	1,493,100,000	1,424,900,000	1,327,576,000	1,265,052,000	1,231,661,000	1,214,969,000	1,165,095,000	1,142,167,000	1,059,366,000	1,010,117,000	965,087,000	873,592,000	771,978,000	680,578,000	1,030,619,000	961,735,000	1,496,289,000	1,575,249,000	1,609,494,000	1,166,455,000	1,054,780,000	1,221,668,000	983,564,000	474,766,000	84,776,000	38,900,000	9,400,000
Cost of Revenue	196,466,667	192,302,000	191,846,700	185,561,800	246,664,950	274,913,000	195,700,000	191,500,000	191,400,000	197,300,000	200,700,000	191,933,000	180,177,000	180,467,000	192,134,000	193,326,000	198,242,000	192,788,000	188,425,000	187,013,000	167,600,000	165,246,000	156,676,000	233,040,000	227,351,000	596,517,000	580,739,000	512,225,000	444,759,000	446,207,000	571,367,000	343,721,000	133,472,000	26,494,000	15,500,000	5,200,000
Cost of Revenue Margin	13.20%	13.66%	15.09%	16.84%	20.37%	23.90%	12.03%	12.42%	12.29%	13.21%	14.09%	14.46%	14.24%	14.65%	15.81%	16.59%	17.36%	18.20%	18.65%	19.38%	19.19%	21.41%	23.02%	22.61%	23.64%	39.87%	36.87%	31.83%	38.13%	42.30%	46.77%	34.95%	28.11%	31.25%	39.85%	55.32%
Gross Profit	1,295,333,333	1,221,303,600	1,096,281,900	959,947,400	946,136,250	875,377,280	1,431,000,000	1,350,900,000	1,366,000,000	1,295,800,000	1,224,200,000	1,135,643,000	1,084,875,000	1,051,194,000	1,022,835,000	971,769,000	943,925,000	866,578,000	821,692,000	778,074,000	705,992,000	606,732,000	523,902,000	797,579,000	734,384,000	899,772,000	994,510,000	1,097,269,000	721,696,000	608,573,000	650,301,000	639,843,000	341,294,000	58,282,000	23,400,000	4,200,000
Gross Profit Margin	86.80%	86.34%	84.91%	83.16%	79.63%	76.10%	87.97%	87.58%	87.71%	86.79%	85.91%	85.54%	85.76%	85.35%	84.19%	83.41%	82.64%	81.80%	81.35%	80.62%	80.81%	78.59%	76.98%	77.39%	76.36%	60.13%	63.13%	68.17%	61.87%	57.70%	53.23%	65.05%	71.89%	68.75%	60.15%	44.68%
R&D Expenses	91,133,333	85,720,000	72,244,900	68,610,533	80,097,500	75,713,800	102,000,000	94,700,000	96,700,000	91,000,000	85,700,000	80,529,000	74,671,000	60,805,000	57,884,000	52,342,000	59,100,000	63,718,000	67,777,000	70,297,000	61,694,000	53,277,000	53,664,000	96,416,000	91,508,000	160,186,000	129,343,000	95,339,000	67,346,000	55,806,000	48,353,000	78,134,000	41,256,000	13,303,000	8,400,000	5,200,000
R&D Expenses Margin	6.11%	6.06%	5.57%	6.10%	6.76%	6.68%	6.27%	6.14%	6.21%	6.09%	6.01%	6.07%	5.90%	4.94%	4.76%	4.49%	5.17%	6.01%	6.71%	7.28%	7.06%	6.90%	7.89%	9.36%	9.51%	10.71%	8.21%	5.92%	5.77%	5.29%	3.96%	7.94%	8.69%	15.69%	21.59%	55.32%
SG&A Expenses	203,566,667	197,002,800	197,370,700	197,341,600	277,743,800	295,519,320	229,000,000	205,500,000	211,100,000	204,200,000	195,400,000	188,311,000	186,003,000	184,262,000	197,559,000	211,705,000	198,253,000	196,914,000	189,488,000	179,545,000	187,736,000	208,554,000	221,094,000	359,021,000	373,478,000	552,762,000	634,351,000	675,140,000	418,402,000	363,710,000	420,293,000	402,882,000	227,820,000	42,885,000	30,600,000	15,400,000
SG&A Expenses Margin	13.65%	13.97%	15.52%	18.23%	23.32%	26.40%	14.08%	13.32%	13.55%	13.68%	13.71%	14.18%	14.70%	14.96%	16.26%	18.17%	17.36%	18.59%	18.76%	18.60%	21.49%	27.02%	32.49%	34.84%	38.83%	36.94%	40.27%	41.95%	35.87%	34.48%	34.40%	40.96%	47.99%	50.59%	78.66%	163.83%
Operating Expenses	294,700,000	282,722,800	269,615,600	265,952,133	396,709,150	1,286,527,720	331,000,000	300,200,000	307,800,000	295,200,000	281,100,000	268,840,000	260,674,000	245,067,000	255,443,000	264,047,000	257,353,000	260,632,000	257,265,000	249,842,000	249,430,000	261,831,000	274,758,000	467,636,000	555,638,000	1,163,049,000	886,461,000	872,117,000	565,188,000	762,190,000	5,363,360,000	14,050,669,000	3,487,603,000	61,592,000	42,900,000	23,200,000
Operating Expenses Margin	19.75%	20.02%	21.08%	24.34%	32.82%	135.17%	20.35%	19.46%	19.76%	19.77%	19.73%	20.25%	20.61%	19.90%	21.02%	22.66%	22.53%	24.60%	25.47%	25.89%	28.55%	33.92%	40.37%	45.37%	57.77%	77.73%	56.27%	54.19%	48.45%	72.26%	439.02%	1,428.55%	734.59%	72.65%	110.28%	246.81%
Operating Income (EBIT)	1,000,633,333	938,580,800	826,666,300	691,888,067	541,678,700	-424,868,640	1,100,000,000	1,050,700,000	1,058,200,000	1,000,600,000	943,100,000	866,803,000	824,201,000	806,127,000	767,392,000	707,722,000	686,572,000	605,946,000	564,427,000	528,232,000	457,327,000	329,389,000	232,283,000	313,727,000	70,778,000	-221,501,000	95,820,000	196,429,000	131,728,000	-228,250,000	-4,801,633,000	-13,410,826,000	-3,146,309,000	-3,310,000	-19,500,000	-19,000,000
Operating Income (EBIT) Margin	67.05%	66.32%	63.83%	58.53%	45.97%	-60.41%	67.62%	68.12%	67.95%	67.01%	66.19%	65.29%	65.15%	65.45%	63.16%	60.74%	60.11%	57.20%	55.88%	54.73%	52.35%	42.67%	34.13%	30.44%	7.36%	-14.80%	6.08%	12.20%	11.29%	-21.64%	-393.04%	-1,363.49%	-662.71%	-3.90%	-50.13%	-202.13%
Interest Income	32,800,000	21,359,400	18,614,600	13,639,400	11,185,450	9,354,400	27,600,000	42,700,000	37,400,000	46,100,000	14,900,000	582,000	7,815,000	26,596,000	26,490,000	17,944,000	6,191,000	2,128,000	922,000	1,897,000	2,957,000	5,017,000	7,652,000	4,371,000	14,747,000	0	0	0	10,151,000	0	0	0	0	7,365,000	0	0
Interest Income Margin	2.18%	1.44%	1.38%	1.08%	0.91%	0.76%	1.70%	2.77%	2.40%	3.09%	1.05%	0.04%	0.62%	2.16%	2.18%	1.54%	0.54%	0.20%	0.09%	0.20%	0.34%	0.65%	1.12%	0.42%	1.53%	0.00%	0.00%	0.00%	0.87%	0.00%	0.00%	0.00%	0.00%	8.69%	0.00%	0.00%
Interest Expense	75,300,000	79,859,800	96,428,600	98,682,400	78,598,900	62,879,120	76,900,000	75,300,000	75,300,000	75,300,000	75,300,000	83,255,000	90,144,000	90,611,000	114,845,000	136,336,000	115,564,000	107,631,000	85,994,000	74,761,000	50,196,000	147,332,000	157,667,000	47,351,000	44,391,000	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Margin	5.05%	5.71%	7.73%	9.44%	7.54%	6.03%	4.73%	4.88%	4.83%	5.04%	5.28%	6.27%	7.13%	7.36%	9.45%	11.70%	10.12%	10.16%	8.51%	7.75%	5.75%	19.08%	23.17%	4.59%	4.62%	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	-42,500,000	-58,505,800	-77,816,700	-85,044,800	-67,501,450	-54,001,160	-49,300,000	-32,600,000	-37,900,000	-29,200,000	-60,400,000	-82,700,000	-82,329,000	-64,015,000	-88,355,000	-118,392,000	-109,373,000	-105,503,000	-85,072,000	-72,864,000	-47,239,000	-142,315,000	-150,015,000	-44,713,000	-29,644,000	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-2.88%	-4.27%	-6.35%	-8.36%	-6.64%	-5.31%	-3.03%	-2.11%	-2.43%	-1.96%	-4.24%	-6.23%	-6.51%	-5.20%	-7.27%	-10.16%	-9.58%	-9.96%	-8.42%	-7.55%	-5.41%	-18.44%	-22.04%	-4.34%	-3.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	83,600,000	114,868,600	147,761,300	163,003,867	115,810,900	96,986,760	103,800,000	57,900,000	74,200,000	53,300,000	123,300,000	167,257,000	156,286,000	111,366,000	126,231,000	227,102,000	214,772,000	223,799,000	166,188,000	144,325,000	91,871,000	278,117,000	286,944,000	75,417,000	-22,829,000	-93,759,000	-40,865,000	-46,804,000	-92,228,000	8,276,000	148,873,000	23,048,000	20,482,000	-14,630,000	1,500,000	1,700,000
Unusual Items Margin	5.66%	8.39%	12.08%	16.06%	11.70%	9.83%	6.38%	3.75%	4.76%	3.57%	8.65%	12.60%	12.35%	9.04%	10.39%	19.49%	18.80%	21.13%	16.45%	14.95%	10.52%	36.03%	42.16%	7.32%	-2.37%	-6.27%	-2.59%	-2.91%	-7.91%	0.78%	12.19%	2.34%	4.31%	-17.26%	3.86%	18.09%
EBT Excluding Unusual Items	875,933,333	767,344,000	608,957,700	450,923,333	377,470,350	-565,317,440	941,700,000	967,500,000	947,700,000	923,200,000	756,900,000	614,962,000	593,958,000	647,410,000	603,285,000	371,910,000	366,401,000	263,851,000	317,123,000	312,446,000	320,824,000	-84,530,000	-191,590,000	205,873,000	146,080,000	-33,983,000	177,550,000	290,037,000	306,033,000	-244,802,000	-5,099,379,000	-13,456,922,000	-3,187,273,000	18,585,000	-22,500,000	-22,400,000
EBT Excluding Unusual Items Margin	58.60%	53.82%	46.02%	34.77%	29.19%	-74.80%	57.89%	62.73%	60.85%	61.83%	53.12%	46.32%	46.95%	52.56%	49.65%	31.92%	32.08%	24.91%	31.39%	32.37%	36.72%	-10.95%	-28.15%	19.98%	15.19%	-2.27%	11.27%	18.02%	26.24%	-23.21%	-417.41%	-1,368.18%	-671.34%	21.92%	-57.84%	-238.30%
Pre-Tax Income	959,533,333	882,212,600	756,719,000	613,927,200	493,281,250	-468,330,680	1,045,500,000	1,025,400,000	1,021,900,000	976,500,000	880,200,000	782,219,000	750,244,000	758,776,000	729,516,000	599,012,000	581,173,000	487,650,000	483,311,000	456,771,000	412,695,000	193,587,000	95,354,000	281,290,000	123,251,000	-127,742,000	136,685,000	243,233,000	213,805,000	-236,526,000	-4,950,506,000	-13,433,874,000	-3,166,791,000	3,955,000	-21,000,000	-20,700,000
Pre-Tax Income Margin	64.26%	62.20%	58.10%	50.83%	40.89%	-64.97%	64.27%	66.48%	65.62%	65.40%	61.77%	58.92%	59.31%	61.61%	60.04%	51.41%	50.88%	46.03%	47.85%	47.33%	47.24%	25.08%	14.01%	27.29%	12.82%	-8.54%	8.68%	15.11%	18.33%	-22.42%	-405.23%	-1,365.84%	-667.02%	4.67%	-53.98%	-220.21%
Income Tax Expense	200,500,000	106,849,000	122,245,500	96,226,000	72,037,250	55,731,840	234,500,000	166,500,000	236,200,000	158,900,000	206,400,000	-2,611,000	-64,644,000	146,477,000	147,027,000	141,764,000	140,528,000	112,414,000	128,051,000	-87,679,000	100,210,000	55,031,000	25,322,000	80,105,000	42,800,000	11,080,000	-241,285,000	104,655,000	27,580,000	23,353,000	10,375,000	-77,922,000	-30,835,000	0	200,000	200,000
Income Tax Expense Margin	13.43%	7.00%	9.41%	8.00%	6.21%	4.61%	14.42%	10.79%	15.17%	10.64%	14.49%	-0.20%	-5.11%	11.89%	12.10%	12.17%	12.30%	10.61%	12.68%	-9.09%	11.47%	7.13%	3.72%	7.77%	4.45%	0.74%	-15.32%	6.50%	2.36%	2.21%	0.85%	-7.92%	-6.49%	0.00%	0.51%	2.13%
Net Income	759,033,333	775,357,600	634,470,500	569,220,333	452,757,000	-498,049,480	811,000,000	858,900,000	785,700,000	817,600,000	673,800,000	784,800,000	814,888,000	612,299,000	582,489,000	457,248,000	440,645,000	375,236,000	355,260,000	544,450,000	320,032,000	142,891,000	830,967,000	245,553,000	-374,692,000	-139,502,000	379,015,000	406,461,000	186,225,000	-259,879,000	-4,961,297,000	-13,355,952,000	-3,115,474,000	3,955,000	-19,700,000	-19,200,000
Net Income Margin	50.83%	55.21%	48.69%	50.38%	39.03%	-65.93%	49.86%	55.69%	50.45%	54.76%	47.29%	59.12%	64.42%	49.71%	47.94%	39.25%	38.58%	35.42%	35.17%	56.41%	36.63%	18.51%	122.10%	23.83%	-38.96%	-9.32%	24.06%	25.25%	15.97%	-24.64%	-406.11%	-1,357.91%	-656.21%	4.67%	-50.64%	-204.26%
Depreciation and Amortization	42,633,333	44,438,400	48,642,500	52,596,667	83,177,000	966,524,960	33,300,000	38,500,000	36,900,000	44,100,000	46,900,000	47,940,000	46,352,000	46,330,000	48,367,000	49,878,000	58,167,000	61,491,000	63,690,000	60,655,000	54,819,000	55,706,000	67,655,000	86,266,000	128,031,000	231,505,000	231,529,000	197,259,000	168,217,000	457,370,000	5,019,152,000	13,636,318,000	3,218,527,000	5,404,000	3,900,000	2,600,000
Depreciation and Amortization Margin	2.87%	3.18%	3.88%	4.99%	6.95%	106.88%	2.05%	2.50%	2.37%	2.95%	3.29%	3.61%	3.66%	3.76%	3.98%	4.28%	5.09%	5.80%	6.31%	6.28%	6.28%	7.22%	9.94%	8.37%	13.31%	15.47%	14.70%	12.26%	14.42%	43.36%	410.84%	1,386.42%	677.92%	6.37%	10.03%	27.66%
EBITDA	1,077,466,667	1,006,510,800	901,790,100	765,206,267	656,865,400	575,733,920	1,155,700,000	1,139,200,000	1,134,100,000	1,095,900,000	1,002,400,000	913,414,000	886,740,000	895,717,000	892,728,000	785,226,000	754,904,000	656,772,000	632,995,000	592,187,000	517,710,000	396,625,000	320,676,000	414,907,000	285,376,000	121,127,000	378,927,000	458,877,000	361,665,000	290,572,000	306,093,000	225,492,000	72,218,000	2,198,000	-15,600,000	-15,900,000
EBITDA Margin	72.19%	71.09%	69.72%	65.26%	55.48%	49.25%	71.05%	73.86%	72.82%	73.40%	70.35%	68.80%	70.10%	72.72%	73.48%	67.40%	66.09%	62.00%	62.67%	61.36%	59.26%	51.38%	47.12%	40.26%	29.67%	8.10%	24.06%	28.51%	31.01%	27.55%	25.06%	22.93%	15.21%	2.59%	-40.10%	-169.15%
NOPAT	791,112,827	827,650,449	692,854,388	581,712,553	456,621,950	-490,560,736	853,275,945	880,091,896	813,609,688	837,778,351	721,950,443	869,696,336	895,217,429	650,509,183	612,731,453	540,230,361	520,558,455	466,262,182	414,884,693	629,628,222	346,279,523	235,753,549	170,598,434	224,384,679	46,199,713	-240,713,405	264,967,519	111,912,191	114,735,609	-250,785,883	-4,811,696,000	-13,333,037,688	-3,115,673,433	-3,310,000	-19,685,714	-19,183,575
NOPAT Margin	53.01%	59.06%	53.45%	49.07%	38.52%	-65.97%	52.45%	57.06%	52.24%	56.11%	50.67%	65.51%	70.77%	52.82%	50.43%	46.37%	45.58%	44.01%	41.07%	65.24%	39.64%	30.54%	25.07%	21.77%	4.80%	-16.09%	16.82%	6.95%	9.84%	-23.78%	-393.86%	-1,355.58%	-656.25%	-3.90%	-50.61%	-204.08%
Owner's Earnings	767,900,000	780,250,400	629,635,000	557,422,933	452,127,350	368,796,320	816,500,000	873,800,000	794,500,000	815,900,000	693,300,000	779,707,000	817,845,000	618,313,000	593,849,000	457,627,000	329,238,000	396,071,000	379,623,000	539,511,000	321,828,000	5,937,000	818,095,000	214,943,000	-365,660,000	-60,234,000	428,933,000	463,221,000	261,910,000	89,457,000	-118,378,000	-99,903,000	44,275,000	3,340,000	-20,200,000	-23,200,000
Owner's Earnings Margin	51.44%	55.54%	48.23%	48.90%	38.42%	31.55%	50.19%	56.65%	51.01%	54.64%	48.66%	58.73%	64.65%	50.20%	48.88%	39.28%	28.83%	37.39%	37.58%	55.90%	36.84%	0.77%	120.21%	20.86%	-38.02%	-4.03%	27.23%	28.78%	22.45%	8.48%	-9.69%	-10.16%	9.33%	3.94%	-51.93%	-246.81%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	1,491,800,000	1,413,605,600	1,288,128,600	1,145,509,200	1,192,801,200	1,150,290,280	1,557,400,000	1,493,100,000	1,424,900,000	1,327,576,000	1,265,052,000	1,231,661,000	1,214,969,000	1,165,095,000	1,142,167,000	1,059,366,000	1,010,117,000	965,087,000	873,592,000	771,978,000	680,578,000	1,030,619,000	961,735,000	1,496,289,000	1,575,249,000	1,609,494,000	1,166,455,000	1,054,780,000	1,221,668,000	983,564,000	474,766,000	84,776,000	38,900,000	9,400,000
Cash & Cash Equivalents	273,466,667	289,016,200	323,714,700	451,446,067	569,632,850	526,631,560	206,700,000	240,100,000	373,600,000	223,487,000	401,194,000	508,196,000	357,415,000	465,851,000	231,945,000	228,659,000	191,608,000	339,223,000	130,736,000	1,313,349,000	1,559,628,000	1,477,166,000	789,068,000	1,376,722,000	501,184,000	476,826,000	330,641,000	393,787,000	282,288,000	306,054,000	460,362,000	70,382,000	22,800,000	3,900,000
Cash & Cash Equivalents Margin	18.52%	20.82%	25.67%	48.34%	55.19%	52.83%	13.27%	16.08%	26.22%	16.83%	31.71%	41.26%	29.42%	39.98%	20.31%	21.58%	18.97%	35.15%	14.97%	170.13%	229.16%	143.33%	82.05%	92.01%	31.82%	29.63%	28.35%	37.33%	23.11%	31.12%	96.97%	83.02%	58.61%	41.49%
Short-Term Investments	562,100,000	686,866,200	1,025,808,100	989,001,133	770,583,950	690,261,360	393,200,000	686,300,000	606,800,000	982,318,000	765,713,000	709,863,000	912,254,000	1,948,900,000	1,565,962,000	1,686,771,000	1,233,076,000	1,384,062,000	1,425,700,000	32,860,000	501,238,000	0	0	0	198,656,000	378,006,000	406,784,000	329,899,000	121,616,000	420,643,000	565,913,000	86,098,000	0	0
Short-Term Investments Margin	37.93%	49.66%	84.46%	90.08%	69.37%	65.02%	25.25%	45.96%	42.59%	73.99%	60.53%	57.63%	75.08%	167.27%	137.10%	159.22%	122.07%	143.41%	163.20%	4.26%	73.65%	0.00%	0.00%	0.00%	12.61%	23.49%	34.87%	31.28%	9.95%	42.77%	119.20%	101.56%	0.00%	0.00%
Cash & Short-Term Investments	835,566,667	975,882,400	1,349,522,800	1,440,447,200	1,340,216,800	1,216,892,920	599,900,000	926,400,000	980,400,000	1,205,805,000	1,166,907,000	1,218,059,000	1,269,669,000	2,414,751,000	1,797,907,000	1,915,430,000	1,424,684,000	1,723,285,000	1,556,436,000	1,346,209,000	2,060,866,000	1,477,166,000	789,068,000	1,376,722,000	699,840,000	854,832,000	737,425,000	723,686,000	403,904,000	726,697,000	1,026,275,000	156,480,000	22,800,000	3,900,000
Cash & Short-Term Investments Margin	56.46%	70.49%	110.13%	138.42%	124.56%	117.85%	38.52%	62.05%	68.80%	90.83%	92.24%	98.90%	104.50%	207.26%	157.41%	180.81%	141.04%	178.56%	178.17%	174.38%	302.81%	143.33%	82.05%	92.01%	44.43%	53.11%	63.22%	68.61%	33.06%	73.88%	216.16%	184.58%	58.61%	41.49%
Net Receivables	9,833,333	10,133,400	11,565,000	13,904,133	65,078,650	87,082,720	7,800,000	13,600,000	8,100,000	12,953,000	8,214,000	17,356,000	10,480,000	11,458,000	13,051,000	12,638,000	13,448,000	13,631,000	26,533,000	24,426,000	14,874,000	63,133,000	111,702,000	228,562,000	409,848,000	279,766,000	198,317,000	100,120,000	134,124,000	314,923,000	128,011,000	22,727,000	9,800,000	2,300,000
Net Receivables Margin	0.66%	0.72%	0.92%	1.36%	4.84%	7.73%	0.50%	0.91%	0.57%	0.98%	0.65%	1.41%	0.86%	0.98%	1.14%	1.19%	1.33%	1.41%	3.04%	3.16%	2.19%	6.13%	11.61%	15.28%	26.02%	17.38%	17.00%	9.49%	10.98%	32.02%	26.96%	26.81%	25.19%	24.47%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	1,200,000	1,349,000	1,822,700	16,371,533	73,204,100	61,424,360	1,000,000	1,200,000	1,400,000	900,000	2,245,000	1,639,000	2,080,000	4,157,000	1,671,000	1,935,000	2,020,000	12,897,000	45,082,000	65,130,000	102,217,000	1,043,000	701,290,000	132,787,000	340,015,000	43,374,000	19,057,000	10,666,000	9,658,000	0	32,146,000	3,635,000	21,100,000	9,000,000
Other Current Assets Margin	0.08%	0.10%	0.15%	2.11%	6.89%	5.92%	0.06%	0.08%	0.10%	0.07%	0.18%	0.13%	0.17%	0.36%	0.15%	0.18%	0.20%	1.34%	5.16%	8.44%	15.02%	0.10%	72.92%	8.87%	21.58%	2.69%	1.63%	1.01%	0.79%	0.00%	6.77%	4.29%	54.24%	95.74%
Total Current Assets	896,933,333	1,035,495,000	1,402,951,700	1,508,705,400	1,513,734,300	1,401,700,440	663,800,000	988,300,000	1,038,700,000	1,268,735,000	1,217,940,000	1,278,589,000	1,317,034,000	2,446,153,000	1,842,342,000	1,967,924,000	1,490,607,000	1,803,199,000	1,681,520,000	1,447,781,000	2,177,957,000	1,709,058,000	1,624,835,000	1,749,573,000	1,332,364,000	1,228,275,000	1,006,123,000	880,407,000	604,304,000	1,090,559,000	1,186,432,000	182,842,000	53,700,000	14,900,000
Total Current Assets Margin	60.57%	74.71%	114.28%	145.15%	139.49%	134.79%	42.62%	66.19%	72.90%	95.57%	96.28%	103.81%	108.40%	209.95%	161.30%	185.76%	147.57%	186.84%	192.48%	187.54%	320.02%	165.83%	168.95%	116.93%	84.58%	76.31%	86.25%	83.47%	49.47%	110.88%	249.90%	215.68%	138.05%	158.51%
Property, Plant & Equipment	237,866,667	246,017,800	256,861,800	271,907,667	332,670,750	357,179,960	233,800,000	240,600,000	239,200,000	259,641,000	256,848,000	259,416,000	253,905,000	263,512,999	266,125,000	295,570,000	319,028,000	339,653,000	333,861,000	327,136,000	190,319,000	403,821,000	385,498,000	621,917,000	605,292,000	558,272,000	508,363,000	520,219,000	609,354,000	532,546,000	105,602,000	10,194,000	9,200,000	8,800,000
Property, Plant & Equipment Margin	15.97%	17.55%	20.36%	25.26%	28.64%	31.68%	15.01%	16.11%	16.79%	19.56%	20.30%	21.06%	20.90%	22.62%	23.30%	27.90%	31.58%	35.19%	38.22%	42.38%	27.96%	39.18%	40.08%	41.56%	38.43%	34.69%	43.58%	49.32%	49.88%	54.14%	22.24%	12.02%	23.65%	93.62%
Goodwill	52,500,000	52,510,800	52,518,900	52,521,600	248,236,800	500,437,360	52,500,000	52,500,000	52,500,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	52,527,000	289,980,000	283,109,000	1,082,420,000	1,449,493,000	1,071,910,000	725,427,000	0	1,129,602,000	5,691,169,000	0	0	0	0
Goodwill Margin	3.52%	3.74%	4.13%	4.83%	18.05%	43.77%	3.37%	3.52%	3.68%	3.96%	4.15%	4.26%	4.32%	4.51%	4.60%	4.96%	5.20%	5.44%	6.01%	6.80%	7.72%	28.14%	29.44%	72.34%	92.02%	66.60%	62.19%	0.00%	92.46%	578.63%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	0	0	0	262,667	37,109,800	769,964,520	0	0	0	0	0	0	0	0	0	0	0	0	0	1,321,000	2,619,000	22,420,000	35,312,000	121,792,000	333,430,000	225,302,000	232,240,000	618,036,000	0	0	17,656,641,000	0	0	0
Intangible Assets Margin	0.00%	0.00%	0.00%	0.04%	2.49%	153.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.38%	2.18%	3.67%	8.14%	21.17%	14.00%	19.91%	58.59%	0.00%	0.00%	3,719.02%	0.00%	0.00%	0.00%
Long-Term Investments	5,200,000	6,261,000	11,056,000	10,455,000	24,563,550	23,582,160	5,400,000	4,800,000	5,400,000	5,329,000	10,376,000	16,332,000	15,011,000	14,961,000	15,309,000	17,642,000	13,701,000	14,290,000	10,733,000	4,335,000	3,206,000	7,146,000	22,323,000	178,149,000	49,437,000	77,391,000	98,283,000	0	0	0	0	0	0	0
Long-Term Investments Margin	0.35%	0.45%	0.91%	0.95%	1.85%	1.82%	0.35%	0.32%	0.38%	0.40%	0.82%	1.33%	1.24%	1.28%	1.34%	1.67%	1.36%	1.48%	1.23%	0.56%	0.47%	0.69%	2.32%	11.91%	3.14%	4.81%	8.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	272,300,000	223,106,600	135,046,100	143,263,667	129,377,700	105,077,400	281,300,000	301,000,000	234,600,000	230,719,000	67,914,000	87,798,000	104,992,000	15,392,000	9,385,000	17,361,000	266,954,000	437,643,000	7,299,000	86,598,000	0	12,695,000	0	230,695,000	179,023,000	16,186,000	19,057,000	10,666,000	9,658,000	0	0	0	0	0
Tax Assets Margin	18.23%	15.49%	9.70%	12.05%	10.49%	8.53%	18.06%	20.16%	16.46%	17.38%	5.37%	7.13%	8.64%	1.32%	0.82%	1.64%	26.43%	45.35%	0.84%	11.22%	0.00%	1.23%	0.00%	15.42%	11.36%	1.01%	1.63%	1.01%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	164,833,333	164,523,600	145,723,900	103,174,533	83,332,050	91,538,920	169,700,000	161,800,000	163,000,000	166,813,000	161,305,000	159,347,000	171,034,999	148,642,000	148,884,000	6,713,000	22,611,999	24,159,999	14,592,000	14,510,000	14,504,999	25,024,000	13,232,999	38,567,000	25,214,000	16,985,000	22,437,999	81,555,000	48,058,000	223,234,000	246,547,000	148,130,000	1,395,000	800,000
Other Non-Current Assets Margin	11.06%	11.70%	11.19%	8.16%	6.57%	8.78%	10.90%	10.84%	11.44%	12.57%	12.75%	12.94%	14.08%	12.76%	13.04%	0.63%	2.24%	2.50%	1.67%	1.88%	2.13%	2.43%	1.38%	2.58%	1.60%	1.06%	1.92%	7.73%	3.93%	22.70%	51.93%	174.73%	3.59%	8.51%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	732,700,000	692,419,800	601,206,700	575,156,400	859,844,100	1,849,847,840	742,700,000	760,700,000	694,700,000	715,029,000	548,970,000	575,420,000	597,470,000	495,035,000	492,230,000	389,813,000	664,252,000	857,568,000	419,012,000	408,398,000	266,049,000	761,086,000	948,397,000	2,273,540,000	2,641,889,000	1,944,624,000	1,586,751,000	1,219,810,000	1,787,014,000	6,446,949,000	18,008,790,000	158,324,000	10,600,000	9,500,000
Total Non-Current Assets Margin	49.13%	48.93%	46.29%	50.50%	68.52%	248.68%	47.69%	50.95%	48.75%	53.86%	43.40%	46.72%	49.18%	42.49%	43.10%	36.80%	65.76%	88.86%	47.96%	52.90%	39.09%	73.85%	98.61%	151.95%	167.71%	120.82%	136.03%	115.65%	146.28%	655.47%	3,793.19%	186.76%	27.25%	101.06%
Total Assets	1,629,633,333	1,727,914,800	2,004,158,400	2,083,861,800	2,373,578,400	3,251,548,280	1,406,500,000	1,749,000,000	1,733,400,000	1,983,764,000	1,766,910,000	1,854,009,000	1,914,504,000	2,941,188,000	2,334,572,000	2,357,737,000	2,154,859,000	2,660,767,000	2,100,532,000	1,856,179,000	2,444,006,000	2,470,144,000	2,573,232,000	4,023,113,000	3,974,253,000	3,172,899,000	2,592,874,000	2,100,217,000	2,391,318,000	7,537,508,000	19,195,222,000	341,166,000	64,300,000	24,400,000
Total Assets Margin	109.70%	123.64%	160.57%	195.65%	208.01%	383.47%	90.31%	117.14%	121.65%	149.43%	139.67%	150.53%	157.58%	252.44%	204.40%	222.56%	213.33%	275.70%	240.45%	240.44%	359.11%	239.68%	267.56%	268.87%	252.29%	197.14%	222.29%	199.11%	195.74%	766.35%	4,043.09%	402.43%	165.30%	259.57%
Accounts Payable	10,966,667	10,848,000	15,055,700	17,425,133	85,401,150	116,862,200	10,600,000	12,500,000	9,800,000	9,000,000	12,340,000	15,907,000	27,138,000	10,519,000	19,455,000	23,298,000	29,335,000	24,843,000	23,519,000	19,283,000	13,840,000	34,698,000	263,535,000	398,124,000	681,996,000	68,293,000	382,025,000	45,563,000	278,545,000	313,447,000	193,952,000	10,902,000	5,500,000	3,500,000
Accounts Payable Margin	0.74%	0.77%	1.22%	1.66%	6.49%	10.50%	0.68%	0.84%	0.69%	0.68%	0.98%	1.29%	2.23%	0.90%	1.70%	2.20%	2.90%	2.57%	2.69%	2.50%	2.03%	3.37%	27.40%	26.61%	43.29%	4.24%	32.75%	4.32%	22.80%	31.87%	40.85%	12.86%	14.14%	37.23%
Short-Term Debt	99,933,333	59,960,000	219,150,600	229,078,800	181,759,100	145,407,280	299,800,000	0	0	0	0	0	0	627,616,000	629,764,000	634,326,000	620,620,000	624,056,000	0	0	0	0	0	0	199,000,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Margin	6.42%	3.85%	18.81%	20.95%	16.34%	13.07%	19.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.87%	55.14%	59.88%	61.44%	64.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Payables	50,900,000	41,337,400	30,952,000	31,191,067	24,621,850	19,697,480	65,800,000	49,500,000	37,400,000	26,793,000	27,194,000	30,308,000	18,961,000	13,477,000	23,144,000	16,943,000	47,079,000	19,853,000	21,918,000	28,441,000	41,055,000	24,571,000	0	0	0	0	0	0	0	0	0	0	0	0
Tax Payables Margin	3.39%	2.87%	2.31%	2.81%	2.22%	1.78%	4.22%	3.32%	2.62%	2.02%	2.15%	2.46%	1.56%	1.16%	2.03%	1.60%	4.66%	2.06%	2.51%	3.68%	6.03%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	1,002,933,333	953,436,400	861,072,500	763,961,867	706,653,500	620,548,240	1,038,100,000	1,008,300,000	962,400,000	924,700,000	833,682,000	807,982,000	789,407,000	776,926,000	740,438,000	728,790,000	651,410,000	616,090,000	583,948,000	521,096,000	476,159,000	642,507,000	629,800,000	581,355,000	448,414,000	371,566,000	305,874,000	245,483,000	357,950,000	471,329,000	0	0	0	0
Deferred Revenue Margin	67.24%	67.46%	66.82%	66.72%	60.95%	53.83%	66.66%	67.53%	67.54%	69.65%	65.90%	65.60%	64.97%	66.68%	64.83%	68.79%	64.49%	63.84%	66.84%	67.50%	69.96%	62.34%	65.49%	38.85%	28.47%	23.09%	26.22%	23.27%	29.30%	47.92%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	66,333,333	62,419,200	58,146,900	98,213,533	79,591,450	82,534,240	68,000,000	71,900,000	59,100,000	58,500,000	54,596,000	49,869,000	54,746,000	51,481,000	61,426,000	51,851,000	49,470,000	710,607,000	38,778,000	40,251,000	52,628,000	28,500,000	54,623,000	2,632,000	26,049,000	6,822,000	0	0	0	0	471,527,000	31,777,000	17,100,000	7,600,000
Other Current Liabilities Margin	4.44%	4.41%	4.53%	9.41%	7.60%	10.05%	4.37%	4.82%	4.15%	4.41%	4.32%	4.05%	4.51%	4.42%	5.38%	4.89%	4.90%	73.63%	4.44%	5.21%	7.73%	2.77%	5.68%	0.18%	1.65%	0.42%	0.00%	0.00%	0.00%	0.00%	99.32%	37.48%	43.96%	80.85%
Total Current Liabilities	1,278,833,333	1,179,838,600	1,239,740,600	1,223,586,800	1,173,035,300	1,075,207,040	1,531,100,000	1,188,500,000	1,116,900,000	1,074,000,000	988,693,000	965,166,000	947,590,000	1,560,528,000	1,521,949,000	1,502,980,000	1,920,556,000	2,029,186,000	695,018,000	658,923,000	652,713,000	886,474,000	976,878,000	946,142,000	1,359,277,000	938,133,000	699,595,000	555,206,000	665,345,000	833,845,000	665,479,000	42,679,000	22,600,000	9,700,000
Total Current Liabilities Margin	85.43%	83.07%	98.08%	109.47%	101.87%	97.18%	98.31%	79.60%	78.38%	80.90%	78.15%	78.36%	77.99%	133.94%	133.25%	141.88%	190.13%	210.26%	79.56%	85.36%	95.91%	86.01%	101.57%	63.23%	86.29%	58.29%	59.98%	52.64%	54.46%	84.78%	140.17%	50.34%	58.10%	103.19%
Long-Term Debt	1,690,200,000	1,729,276,600	1,647,406,700	1,329,559,533	1,152,236,100	921,788,880	1,492,500,000	1,790,200,000	1,787,900,000	1,785,700,000	1,790,083,000	1,787,565,000	1,785,047,000	1,782,529,000	1,237,189,000	1,235,354,000	750,000,000	750,000,000	697,614,000	690,086,000	581,626,000	574,378,000	1,261,655,000	1,265,296,000	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Margin	113.74%	123.44%	128.72%	112.92%	98.27%	78.61%	95.83%	119.90%	125.48%	134.51%	141.50%	145.13%	146.92%	152.99%	108.32%	116.61%	74.25%	77.71%	79.86%	89.39%	85.46%	55.73%	131.19%	84.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Lease Obligations	6,033,333	5,148,800	3,030,800	2,020,533	1,515,400	1,212,320	9,200,000	7,300,000	1,600,000	2,485,000	5,159,000	4,564,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.40%	0.36%	0.22%	0.14%	0.11%	0.09%	0.59%	0.49%	0.11%	0.19%	0.41%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	18,067,000	178,980,300	203,760,467	165,130,800	139,455,240	0	0	0	0	90,335,000	308,112,000	281,621,000	444,108,000	371,433,000	294,194,000	244,467,000	0	386,914,000	325,527,000	309,696,000	144,777,000	16,378,000	41,133,000	24,849,000	19,072,000	31,319,000	0	125,893,000	26,553,000	0	0	0	0
Deferred Tax Liabilities Margin	0.00%	1.43%	15.37%	20.66%	16.56%	13.87%	0.00%	0.00%	0.00%	0.00%	7.14%	25.02%	23.18%	38.12%	32.52%	27.77%	24.20%	0.00%	44.29%	42.17%	45.50%	14.05%	1.70%	2.75%	1.58%	1.18%	2.68%	0.00%	10.31%	2.70%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	33,566,667	35,360,000	53,696,600	52,413,867	69,482,100	71,221,480	6,100,000	34,100,000	60,500,000	76,100,000	0	0	0	128,197,000	117,172,000	114,797,000	98,722,000	44,524,000	44,298,000	43,717,000	17,981,000	20,117,000	218,318,000	194,453,000	165,551,000	4,995,000	7,540,000	132,529,000	20,655,000	171,036,000	59,135,000	128,000	-5,000	100,000
Other Non-Current Liabilities Margin	2.31%	2.53%	4.48%	4.83%	6.05%	6.63%	0.39%	2.28%	4.25%	5.73%	0.00%	0.00%	0.00%	11.00%	10.26%	10.84%	9.77%	4.61%	5.07%	5.66%	2.64%	1.95%	22.70%	13.00%	10.51%	0.31%	0.65%	12.56%	1.69%	17.39%	12.46%	0.15%	-0.01%	1.06%
Total Non-Current Liabilities	2,051,166,667	2,098,443,000	2,180,289,900	1,852,724,667	1,605,942,700	1,312,786,400	1,833,300,000	2,141,500,000	2,178,700,000	2,170,300,000	2,168,415,000	2,378,943,000	2,352,388,000	2,640,931,000	2,013,218,000	1,925,204,000	1,117,769,000	1,055,139,000	1,414,837,000	1,285,363,000	1,114,863,000	985,006,000	1,496,351,000	1,494,621,000	190,400,000	161,606,000	165,005,000	132,529,000	146,548,000	197,589,000	59,135,000	0	0	0
Total Non-Current Liabilities Margin	138.01%	149.79%	172.04%	162.17%	140.29%	115.08%	117.72%	143.43%	152.90%	163.48%	171.41%	193.15%	193.62%	226.67%	176.26%	181.73%	110.66%	109.33%	161.96%	166.50%	163.81%	95.57%	155.59%	99.89%	12.09%	10.04%	14.15%	12.56%	12.00%	20.09%	12.46%	0.00%	0.00%	0.00%
Total Liabilities	3,330,000,000	3,278,281,600	3,420,030,500	3,076,311,467	2,778,978,000	2,387,993,440	3,364,400,000	3,330,000,000	3,295,600,000	3,244,300,000	3,157,108,000	3,344,109,000	3,299,978,000	4,201,459,000	3,535,167,000	3,428,184,000	3,038,325,000	3,084,325,000	2,109,855,000	1,944,286,000	1,767,576,000	1,871,480,000	2,473,229,000	2,440,763,000	1,549,677,000	1,099,739,000	864,600,000	687,735,000	811,893,000	1,031,434,000	724,614,000	42,679,000	22,600,000	9,700,000
Total Liabilities Margin	223.45%	232.86%	270.11%	271.64%	242.16%	212.26%	216.03%	223.03%	231.29%	244.38%	249.56%	271.51%	271.61%	360.61%	309.51%	323.61%	300.79%	319.59%	241.51%	251.86%	259.72%	181.59%	257.16%	163.12%	98.38%	68.33%	74.12%	65.20%	66.46%	104.87%	152.63%	50.34%	58.10%	103.19%
Preferred Stock	0	0	0	0	0	101,080	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,527,000	0	0	0
Preferred Stock Margin	0.00%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	0.00%	0.00%	0.00%
Common Stock	11,699,266,667	12,598,612,000	7,798,439,500	5,199,065,733	3,899,371,000	3,119,543,440	10,645,300,000	11,808,000,000	12,644,500,000	13,620,100,000	14,275,160,000	14,990,011,000	352,000	325,000	324,000	323,000	322,000	320,000	319,000	317,000	313,000	308,000	304,000	297,000	279,000	246,000	253,000	242,000	238,000	234,000	199,000	103,000	0	0
Common Stock Margin	787.25%	903.23%	573.33%	382.23%	286.68%	229.35%	683.53%	790.84%	887.40%	1,025.94%	1,128.42%	1,217.06%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.05%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.04%	0.12%	0.00%	0.00%
Retained Earnings	-13,397,033,333	-14,146,300,400	-15,880,412,400	-17,176,376,267	-18,179,110,800	-17,921,523,120	-12,600,700,000	-13,386,400,000	-14,204,000,000	-14,877,800,000	-15,662,602,000	-16,477,490,000	-17,089,789,000	-17,694,790,000	-18,184,954,000	-18,625,599,000	-19,000,835,000	-19,356,095,000	-19,900,545,000	-20,220,577,000	-20,363,468,000	-21,194,435,000	-21,439,410,000	-21,064,718,000	-20,929,497,000	-21,308,512,000	-21,553,829,000	-21,740,054,000	-21,480,175,000	-16,518,878,000	-3,162,926,000	-47,452,000	-51,400,000	-30,900,000
Retained Earnings Margin	-900.83%	-1,012.25%	-1,267.48%	-1,630.06%	-1,639.85%	-1,632.39%	-809.09%	-896.55%	-996.84%	-1,120.67%	-1,238.10%	-1,337.83%	-1,406.60%	-1,518.74%	-1,592.14%	-1,758.18%	-1,881.05%	-2,005.63%	-2,278.01%	-2,619.32%	-2,992.08%	-2,056.48%	-2,229.24%	-1,407.80%	-1,328.65%	-1,323.93%	-1,847.81%	-2,061.10%	-1,758.27%	-1,679.49%	-666.21%	-55.97%	-132.13%	-328.72%
Accumulated OCI	-2,600,000	-2,671,200	-2,917,500	-2,670,933	-2,876,300	-5,867,360	-2,500,000	-2,600,000	-2,700,000	-2,800,000	-2,756,000	-2,621,000	-2,811,000	-2,941,000	-3,453,000	-3,993,000	-2,998,000	-3,085,000	-388,000	-3,084,000	-1,334,000	7,659,000	17,006,000	3,023,000	-8,398,000	-36,752,000	-7,538,000	-4,630,000	-12,850,000	-26,828,000	-37,312,000	87,469,000	0	0
Accumulated OCI Margin	-0.17%	-0.19%	-0.23%	-0.24%	-0.18%	-0.66%	-0.16%	-0.17%	-0.19%	-0.21%	-0.22%	-0.21%	-0.23%	-0.25%	-0.30%	-0.38%	-0.30%	-0.32%	-0.04%	-0.40%	-0.20%	0.74%	1.77%	0.20%	-0.53%	-2.28%	-0.65%	-0.44%	-1.05%	-2.73%	-7.86%	103.18%	0.00%	0.00%
Minority Interest	0	0	0	0	12,090,850	12,276,920	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	48,923,000	49,208,000	54,485,000	47,716,000	41,485,000	36,277,000	28,829,000	0	0	0	128,000	1,000,000	2,200,000
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.96%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.75%	5.12%	3.64%	3.03%	2.58%	3.11%	2.73%	0.00%	0.00%	0.00%	0.15%	2.57%	23.40%
Total Shareholders’ Equity	-1,700,366,667	-1,550,359,600	-1,415,868,500	-992,447,267	-419,463,600	849,699,400	-1,957,900,000	-1,581,000,000	-1,562,200,000	-1,260,500,000	-1,390,198,000	-1,490,100,000	-1,385,474,000	-1,260,271,000	-1,200,595,000	-1,070,447,000	-883,466,000	-423,558,000	-9,323,000	-88,107,000	676,430,000	549,741,000	50,795,000	1,496,599,000	2,376,860,000	2,023,442,000	1,691,997,000	1,383,653,000	1,579,425,000	6,506,074,000	18,470,608,000	298,359,000	40,700,000	13,500,000
Total Shareholders’ Equity Margin	-113.75%	-109.22%	-109.54%	-75.99%	-35.23%	170.11%	-125.72%	-105.89%	-109.64%	-94.95%	-109.89%	-120.98%	-114.03%	-108.17%	-105.12%	-101.05%	-87.46%	-43.89%	-1.07%	-11.41%	99.39%	53.34%	5.28%	100.02%	150.89%	125.72%	145.05%	131.18%	129.28%	661.48%	3,890.47%	351.94%	104.63%	143.62%
Total Equity	-1,700,366,667	-1,550,359,600	-1,415,868,500	-992,447,267	-407,372,750	861,976,320	-1,957,900,000	-1,581,000,000	-1,562,200,000	-1,260,500,000	-1,390,198,000	-1,490,100,000	-1,385,474,000	-1,260,271,000	-1,200,595,000	-1,070,447,000	-883,466,000	-423,558,000	-9,323,000	-88,107,000	676,430,000	598,664,000	100,003,000	1,551,084,000	2,424,576,000	2,064,927,000	1,728,274,000	1,412,482,000	1,579,425,000	6,506,074,000	18,470,608,000	298,359,000	41,700,000	15,700,000
Total Equity Margin	-113.75%	-109.22%	-109.54%	-75.99%	-34.28%	171.11%	-125.72%	-105.89%	-109.64%	-94.95%	-109.89%	-120.98%	-114.03%	-108.17%	-105.12%	-101.05%	-87.46%	-43.89%	-1.07%	-11.41%	99.39%	58.09%	10.40%	103.66%	153.92%	128.30%	148.16%	133.91%	129.28%	661.48%	3,890.47%	351.94%	107.20%	167.02%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	567,300,000	693,127,200	1,036,864,100	999,456,133	828,016,650	742,146,360	398,600,000	691,100,000	612,200,000	987,647,000	776,089,000	726,195,000	927,265,000	1,963,861,000	1,581,271,000	1,704,413,000	1,246,777,000	1,398,352,000	1,436,433,000	37,195,000	504,444,000	7,146,000	679,706,000	178,149,000	248,093,000	455,397,000	555,255,000	329,899,000	121,616,000	420,643,000	565,913,000	86,098,000	0	0
Total Investments Margin	38.28%	50.12%	85.38%	91.03%	74.64%	69.74%	25.59%	46.29%	42.96%	74.39%	61.35%	58.96%	76.32%	168.56%	138.44%	160.89%	123.43%	144.89%	164.43%	4.82%	74.12%	0.69%	70.67%	11.91%	15.75%	28.29%	47.60%	31.28%	9.95%	42.77%	119.20%	101.56%	0.00%	0.00%
Net Debt	1,524,533,333	1,506,469,600	1,546,423,600	1,108,924,600	773,685,900	553,069,280	1,594,800,000	1,557,400,000	1,421,400,000	1,564,700,000	1,394,048,000	1,283,933,000	1,427,632,000	1,944,294,000	1,635,008,000	1,641,021,000	1,169,187,000	1,034,833,000	566,878,000	-623,263,000	-978,002,000	-902,788,000	472,587,000	-111,426,000	-279,749,000	-338,775,000	-204,495,000	-393,787,000	-282,288,000	-306,054,000	-460,362,000	-70,382,000	-22,800,000	-4,900,000
Net Debt Margin	102.15%	106.90%	122.12%	85.64%	60.00%	39.75%	102.40%	104.31%	99.75%	117.86%	110.20%	104.24%	117.50%	166.88%	143.15%	154.91%	115.75%	107.23%	64.89%	-80.74%	-143.70%	-87.60%	49.14%	-7.45%	-17.76%	-21.05%	-17.53%	-37.33%	-23.11%	-31.12%	-96.97%	-83.02%	-58.61%	-52.13%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	1,491,800,000	1,413,605,600	1,288,128,600	1,145,509,200	1,192,801,200	1,150,290,280	1,557,400,000	1,493,100,000	1,424,900,000	1,327,576,000	1,265,052,000	1,231,661,000	1,214,969,000	1,165,095,000	1,142,167,000	1,059,366,000	1,010,117,000	965,087,000	873,592,000	771,978,000	680,578,000	1,030,619,000	961,735,000	1,496,289,000	1,575,249,000	1,609,494,000	1,166,455,000	1,054,780,000	1,221,668,000	983,564,000	474,766,000	84,776,000	38,900,000	9,400,000
Working Capital	-381,900,000	-144,343,600	163,211,100	285,118,600	340,699,000	326,493,400	-867,300,000	-200,200,000	-78,200,000	194,735,000	229,247,000	313,423,000	369,444,000	885,625,000	320,393,000	464,944,000	-429,949,000	-225,987,000	986,502,000	788,858,000	1,525,244,000	822,584,000	647,957,000	803,431,000	-26,913,000	290,142,000	306,528,000	325,201,000	-61,041,000	256,714,000	520,953,000	140,163,000	31,100,000	5,200,000
Working Capital Margin	-24.86%	-8.36%	16.20%	35.68%	37.62%	37.62%	-55.69%	-13.41%	-5.49%	14.67%	18.12%	25.45%	30.41%	76.01%	28.05%	43.89%	-42.56%	-23.42%	112.92%	102.19%	224.11%	79.81%	67.37%	53.69%	-1.71%	18.03%	26.28%	30.83%	-5.00%	26.10%	109.73%	165.33%	79.95%	55.32%
Total Capital	97,633,333	245,128,800	454,271,100	567,924,267	922,734,050	1,928,503,360	-156,400,000	216,500,000	232,800,000	527,700,000	405,044,000	302,029,000	399,573,000	1,149,874,000	666,358,000	799,233,000	477,329,000	950,498,000	688,291,000	601,979,000	1,258,056,000	1,124,119,000	1,312,450,000	2,761,895,000	2,575,860,000	2,161,493,000	1,818,143,000	1,383,653,000	1,579,425,000	6,506,074,000	18,470,608,000	298,359,000	40,700,000	13,500,000
Total Capital Margin	6.93%	18.51%	38.25%	57.99%	79.89%	262.64%	-10.04%	14.50%	16.34%	39.75%	32.02%	24.52%	32.89%	98.69%	58.34%	75.44%	47.25%	98.49%	78.79%	77.98%	184.85%	109.07%	136.47%	184.58%	163.52%	134.30%	155.87%	131.18%	129.28%	661.48%	3,890.47%	351.94%	104.63%	143.62%
Capital Employed	350,800,000	548,076,200	764,417,800	860,275,000	1,200,543,100	2,176,341,240	-124,600,000	560,500,000	616,500,000	909,764,000	778,217,000	888,843,000	966,914,000	1,380,660,000	812,623,000	854,757,000	234,303,000	631,581,000	1,405,514,000	1,197,256,000	1,791,293,000	1,583,670,000	1,596,354,000	3,076,971,000	2,614,976,000	2,234,766,000	1,893,279,000	1,545,011,000	1,725,973,000	6,703,663,000	18,529,743,000	298,487,000	41,700,000	14,700,000
Capital Employed Margin	24.27%	40.57%	62.49%	86.18%	106.14%	286.30%	-8.00%	37.54%	43.27%	68.53%	61.52%	72.17%	79.58%	118.50%	71.15%	80.69%	23.20%	65.44%	160.89%	155.09%	263.20%	153.66%	165.99%	205.64%	166.00%	138.85%	162.31%	146.48%	141.28%	681.57%	3,902.92%	352.09%	107.20%	156.38%
Invested Capital	-175,833,333	-43,887,400	130,556,400	116,478,200	353,101,200	1,401,871,800	-363,100,000	-23,600,000	-140,800,000	304,213,000	3,850,000	-206,167,000	42,158,000	684,023,000	434,413,000	570,574,000	285,721,000	611,275,000	557,555,000	-711,370,000	-301,572,000	-353,047,000	523,382,000	1,385,173,000	2,074,676,000	1,684,667,000	1,487,502,000	989,866,000	1,297,137,000	6,200,020,000	18,010,246,000	227,977,000	17,900,000	9,600,000
Invested Capital Margin	-11.59%	-2.31%	12.58%	9.65%	24.69%	209.81%	-23.31%	-1.58%	-9.88%	22.91%	0.30%	-16.74%	3.47%	58.71%	38.03%	53.86%	28.29%	63.34%	63.82%	-92.15%	-44.31%	-34.26%	54.42%	92.57%	131.70%	104.67%	127.52%	93.85%	106.18%	630.36%	3,793.50%	268.92%	46.02%	102.13%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	1,491,800,000	1,413,605,600	1,288,128,600	1,145,509,200	1,192,801,200	1,150,290,280	1,557,400,000	1,493,100,000	1,424,900,000	1,327,576,000	1,265,052,000	1,231,661,000	1,214,969,000	1,165,095,000	1,142,167,000	1,059,366,000	1,010,117,000	965,087,000	873,592,000	771,978,000	680,578,000	1,030,619,000	961,735,000	1,496,289,000	1,575,249,000	1,609,494,000	1,166,455,000	1,054,780,000	1,221,668,000	983,564,000	474,766,000	84,776,000	38,900,000	9,400,000
Net Income	759,033,333	775,363,600	634,473,500	521,064,533	416,824,450	-526,795,520	785,700,000	817,600,000	673,800,000	784,830,000	814,888,000	612,299,000	582,489,000	457,248,000	440,645,000	375,236,000	355,260,000	544,450,000	320,032,000	142,891,000	108,600,000	249,239,000	-374,692,000	-139,502,000	379,015,000	406,461,000	186,225,000	-259,879,000	-4,961,297,000	-13,355,952,000	-3,115,474,000	3,955,000	-19,700,000	-19,200,000
Net Income Margin	50.83%	55.21%	48.69%	43.31%	33.74%	-70.16%	50.45%	54.76%	47.29%	59.12%	64.42%	49.71%	47.94%	39.25%	38.58%	35.42%	35.17%	56.41%	36.63%	18.51%	15.96%	24.18%	-38.96%	-9.32%	24.06%	25.25%	15.97%	-24.64%	-406.11%	-1,357.91%	-656.21%	4.67%	-50.64%	-204.26%
Depreciation & Amortization	42,633,333	44,438,400	48,642,500	52,596,667	83,177,000	966,524,960	36,900,000	44,100,000	46,900,000	47,940,000	46,352,000	46,330,000	48,367,000	49,878,000	58,167,000	61,491,000	63,690,000	60,655,000	54,819,000	55,706,000	67,655,000	86,266,000	128,031,000	231,505,000	231,529,000	197,259,000	168,217,000	457,370,000	5,019,152,000	13,636,318,000	3,218,527,000	5,404,000	3,900,000	2,600,000
Depreciation & Amortization Margin	2.87%	3.18%	3.88%	4.99%	6.95%	106.88%	2.37%	2.95%	3.29%	3.61%	3.66%	3.76%	3.98%	4.28%	5.09%	5.80%	6.31%	6.28%	6.28%	7.22%	9.94%	8.37%	13.31%	15.47%	14.70%	12.26%	14.42%	43.36%	410.84%	1,386.42%	677.92%	6.37%	10.03%	27.66%
Deferred Income Tax	0	-2,506,600	-15,174,700	-23,085,267	-40,350,100	-35,184,720	0	0	0	0	-12,533,000	-15,594,000	-66,545,000	-25,281,000	-27,460,000	-4,334,000	-8,298,000	-112,688,000	71,800,000	-13,420,000	-131,926,000	-41,719,000	-170,878,000	-11,042,000	-227,194,000	-9,890,000	-8,390,000	3,321,000	10,375,000	-77,922,000	0	29,778,000	0	0
Deferred Income Tax Margin	0.00%	-0.20%	-1.27%	-2.54%	-3.79%	-3.33%	0.00%	0.00%	0.00%	0.00%	-0.99%	-1.27%	-5.48%	-2.17%	-2.40%	-0.41%	-0.82%	-11.68%	8.22%	-1.74%	-19.38%	-4.05%	-17.77%	-0.74%	-14.42%	-0.61%	-0.72%	0.31%	0.85%	-7.92%	0.00%	35.13%	0.00%	0.00%
Stock-Based Compensation	59,800,000	56,208,600	53,319,900	49,509,133	52,085,800	42,847,920	61,100,000	59,700,000	58,600,000	53,400,000	48,243,000	50,626,000	52,504,000	52,907,000	50,044,000	46,075,000	43,977,000	36,649,000	33,362,000	43,272,000	52,178,000	51,166,000	90,066,000	85,250,000	66,285,000	6,312,000	3,136,000	7,390,000	18,956,000	0	0	104,000	0	0
Stock-Based Compensation Margin	4.01%	3.97%	4.16%	4.45%	4.57%	3.76%	3.92%	4.00%	4.11%	4.02%	3.81%	4.11%	4.32%	4.54%	4.38%	4.35%	4.35%	3.80%	3.82%	5.61%	7.67%	4.96%	9.36%	5.70%	4.21%	0.39%	0.27%	0.70%	1.55%	0.00%	0.00%	0.12%	0.00%	0.00%
Change in Working Capital	16,333,333	-41,255,200	41,446,000	63,157,467	64,571,850	54,183,040	36,400,000	-43,100,000	55,700,000	-85,084,000	-170,192,000	56,563,000	72,860,000	167,737,000	150,314,000	173,262,000	134,967,000	57,351,000	136,872,000	94,487,000	109,225,000	53,806,000	88,852,000	78,108,000	40,296,000	83,013,000	58,002,000	104,394,000	-71,449,000	-90,097,000	62,289,000	5,657,000	3,900,000	1,800,000
Change in Working Capital Margin	1.12%	-3.30%	3.80%	6.75%	6.43%	5.67%	2.34%	-2.89%	3.91%	-6.41%	-13.45%	4.59%	6.00%	14.40%	13.16%	16.36%	13.36%	5.94%	15.67%	12.24%	16.05%	5.22%	9.24%	5.22%	2.56%	5.16%	4.97%	9.90%	-5.85%	-9.16%	13.12%	6.67%	10.03%	19.15%
Accounts Receivable	0	0	-21,000	896,000	-2,125,750	3,134,800	0	0	0	0	0	0	0	0	-871,000	661,000	-73,000	-2,500,000	3,327,000	-251,000	13,147,000	25,798,000	54,048,000	-104,338,000	32,356,000	-63,819,000	-65,822,000	27,950,000	158,757,000	0	0	-12,958,000	0	0
Accounts Receivable Margin	0.00%	0.00%	0.00%	0.13%	0.06%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%	0.06%	-0.01%	-0.26%	0.38%	-0.03%	1.93%	2.50%	5.62%	-6.97%	2.05%	-3.97%	-5.64%	2.65%	13.00%	0.00%	0.00%	-15.28%	0.00%	0.00%
Inventory	0	0	725,200	3,965,333	-30,795,000	-50,039,880	0	0	0	0	0	0	0	0	8,980,000	-1,728,000	11,571,000	-2,694,000	62,456,000	0	-19,105,000	27,927,000	-512,690,000	133,522,000	-80,514,000	-243,625,000	-227,615,000	-286,904,000	-120,578,000	0	0	-120,741,000	0	0
Inventory Margin	0.00%	0.00%	0.06%	0.39%	-2.80%	-4.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%	-0.16%	1.15%	-0.28%	7.15%	0.00%	-2.81%	2.71%	-53.31%	8.92%	-5.11%	-15.14%	-19.51%	-27.20%	-9.87%	0.00%	0.00%	-142.42%	0.00%	0.00%
Accounts Payable	-33,333	3,524,400	9,220,800	13,140,667	3,202,950	3,941,200	0	0	-100,000	15,495,000	2,227,000	-24,000	-2,130,000	15,483,000	40,244,000	21,013,000	45,419,000	19,291,000	-12,922,000	18,162,000	34,952,000	-40,800,000	-100,463,000	-76,719,000	-15,384,000	100,315,000	44,911,000	38,147,000	-48,587,000	0	0	-807,000	0	0
Accounts Payable Margin	0.00%	0.27%	0.80%	1.37%	0.31%	0.39%	0.00%	0.00%	-0.01%	1.17%	0.18%	0.00%	-0.18%	1.33%	3.52%	1.98%	4.50%	2.00%	-1.48%	2.35%	5.14%	-3.96%	-10.45%	-5.13%	-0.98%	6.23%	3.85%	3.62%	-3.98%	0.00%	0.00%	-0.95%	0.00%	0.00%
Other Working Capital	16,366,667	-44,779,600	31,521,000	45,155,467	94,289,650	97,146,920	36,400,000	-43,100,000	55,800,000	-100,579,000	-172,419,000	56,587,000	74,990,000	152,254,000	101,961,000	153,316,000	78,050,000	43,254,000	84,011,000	76,576,000	80,231,000	40,881,000	647,957,000	125,643,000	103,838,000	290,142,000	306,528,000	325,201,000	-61,041,000	-90,097,000	62,289,000	140,163,000	3,900,000	0
Other Working Capital Margin	1.12%	-3.57%	2.94%	4.86%	8.86%	9.33%	2.34%	-2.89%	3.92%	-7.58%	-13.63%	4.59%	6.17%	13.07%	8.93%	14.47%	7.73%	4.48%	9.62%	9.92%	11.79%	3.97%	67.37%	8.40%	6.59%	18.03%	26.28%	30.83%	-5.00%	-9.16%	13.12%	165.33%	10.03%	0.00%
Other Non-Cash Items	-15,300,000	-7,289,600	-2,842,500	-5,393,867	33,648,800	41,726,720	-17,500,000	-24,500,000	-3,900,000	6,027,000	3,425,000	3,668,000	8,092,000	272,000	-3,761,000	-248,000	11,353,000	-7,020,000	-79,255,000	12,965,000	9,474,000	-3,567,000	720,664,000	226,141,000	-15,152,000	-174,202,000	-41,852,000	45,844,000	224,354,000	115,191,000	26,655,000	-30,233,000	100,000	1,200,000
Other Non-Cash Items Margin	-1.01%	-0.46%	-0.17%	-0.49%	3.53%	4.28%	-1.12%	-1.64%	-0.27%	0.45%	0.27%	0.30%	0.67%	0.02%	-0.33%	-0.02%	1.12%	-0.73%	-9.07%	1.68%	1.39%	-0.35%	74.93%	15.11%	-0.96%	-10.82%	-3.59%	4.35%	18.36%	11.71%	5.61%	-35.66%	0.26%	12.77%
Net Cash from Operating Activities	862,500,000	824,967,000	759,868,600	657,851,267	609,959,750	543,303,960	902,600,000	853,800,000	831,100,000	807,152,000	730,183,000	753,892,000	697,767,000	702,761,000	667,949,000	651,482,000	600,949,000	579,397,000	537,630,000	335,901,000	215,206,000	395,191,000	482,043,000	470,460,000	474,779,000	508,953,000	365,338,000	358,440,000	240,091,000	227,538,000	191,997,000	14,665,000	-11,800,000	-13,600,000
Net Cash from Operating Activities Margin	57.82%	58.40%	59.09%	56.47%	51.44%	47.09%	57.96%	57.18%	58.33%	60.80%	57.72%	61.21%	57.43%	60.32%	58.48%	61.50%	59.49%	60.04%	61.54%	43.51%	31.62%	38.35%	50.12%	31.44%	30.14%	31.62%	31.32%	33.98%	19.65%	23.13%	40.44%	17.30%	-30.33%	-144.68%
Capital Expenditures (PPE)	-33,766,667	-39,545,600	-53,478,000	-64,394,067	-83,806,650	-99,679,160	-28,100,000	-45,800,000	-27,400,000	-53,033,000	-43,395,000	-40,316,000	-37,007,000	-49,499,000	-169,574,000	-40,656,000	-39,327,000	-65,594,000	-53,023,000	-192,660,000	-80,527,000	-116,876,000	-118,999,000	-152,237,000	-181,611,000	-140,499,000	-92,532,000	-108,034,000	-176,233,000	-380,269,000	-58,778,000	-6,019,000	-4,400,000	-6,600,000
Capital Expenditures (PPE) Margin	-2.26%	-2.84%	-4.35%	-6.47%	-7.56%	-9.39%	-1.80%	-3.07%	-1.92%	-3.99%	-3.43%	-3.27%	-3.05%	-4.25%	-14.85%	-3.84%	-3.89%	-6.80%	-6.07%	-24.96%	-11.83%	-11.34%	-12.37%	-10.17%	-11.53%	-8.73%	-7.93%	-10.24%	-14.43%	-38.66%	-12.38%	-7.10%	-11.31%	-70.21%
Acquisitions (Net)	-127,700,000	-29,218,000	-24,672,200	61,038,933	42,536,150	9,586,880	0	0	-383,100,000	216,200,000	20,810,000	-9,872,000	52,240,000	0	-143,000,000	0	0	0	0	0	1,162,306,000	469,380,000	63,200,000	159,023,000	-604,795,000	-151,669,000	-246,356,000	-16,052,000	-348,643,000	0	0	0	0	0
Acquisitions (Net) Margin	-8.96%	-1.79%	-1.80%	10.19%	8.39%	4.66%	0.00%	0.00%	-26.89%	16.29%	1.64%	-0.80%	4.30%	0.00%	-12.52%	0.00%	0.00%	0.00%	0.00%	0.00%	170.78%	45.54%	6.57%	10.63%	-38.39%	-9.42%	-21.12%	-1.52%	-28.54%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-1,190,233,333	-1,759,355,000	-2,564,426,800	-2,391,054,067	-1,836,049,050	-1,634,878,360	-901,800,000	-1,330,500,000	-1,338,400,000	-2,870,670,000	-2,355,405,000	-2,030,521,000	-2,976,752,000	-4,929,834,000	-3,691,057,000	-3,219,329,000	-3,277,096,000	-3,450,068,000	-2,622,898,000	-78,975,000	-792,506,000	-3,592,000	-15,679,000	-17,461,000	-541,569,000	-276,869,000	-1,083,203,000	-446,439,000	-132,119,000	-1,284,047,000	-1,205,170,000	-159,134,000	-63,400,000	-14,900,000
Purchases of Investments Margin	-80.31%	-128.67%	-210.34%	-214.15%	-163.35%	-151.90%	-57.90%	-89.11%	-93.93%	-216.23%	-186.19%	-164.86%	-245.01%	-423.13%	-323.16%	-303.89%	-324.43%	-357.49%	-300.24%	-10.23%	-116.45%	-0.35%	-1.63%	-1.17%	-34.38%	-17.20%	-92.86%	-42.33%	-10.81%	-130.55%	-253.85%	-187.71%	-162.98%	-158.51%
Sales / Maturities of Investments	1,398,500,000	1,831,137,800	2,658,248,900	2,374,246,400	1,864,748,200	1,641,108,320	1,195,100,000	1,278,900,000	1,721,500,000	2,654,457,000	2,305,732,000	2,247,904,000	4,031,809,000	4,562,161,000	3,817,899,000	2,767,027,000	3,428,659,000	3,508,569,000	1,234,156,000	546,006,000	313,817,000	129,479,000	298,997,000	206,707,000	716,250,000	329,835,000	1,067,258,000	218,044,000	423,610,000	1,383,029,000	640,803,000	65,099,000	52,400,000	6,900,000
Sales / Maturities of Investments Margin	94.40%	133.08%	216.68%	208.53%	162.57%	146.95%	76.74%	85.65%	120.82%	199.95%	182.26%	182.51%	331.84%	391.57%	334.27%	261.20%	339.43%	363.55%	141.27%	70.73%	46.11%	12.56%	31.09%	13.81%	45.47%	20.49%	91.50%	20.67%	34.67%	140.61%	134.97%	76.79%	134.70%	73.40%
Other Investing Activities	134,733,333	37,600,000	34,132,800	22,087,067	30,356,050	52,626,600	21,100,000	0	383,100,000	-216,200,000	0	0	-160,000	12,096,000	145,333,000	-3,941,000	452,000	-3,969,000	-588,000	-1,129,000	-4,788,000	6,064,000	-148,764,000	16,053,000	49,329,000	353,133,000	69,970,000	48,330,000	-49,106,000	-107,799,000	747,149,000	-3,168,000	-600,000	-400,000
Other Investing Activities Margin	9.41%	2.39%	2.53%	1.60%	1.77%	7.53%	1.35%	0.00%	26.89%	-16.29%	0.00%	0.00%	-0.01%	1.04%	12.72%	-0.37%	0.04%	-0.41%	-0.07%	-0.15%	-0.70%	0.59%	-15.47%	1.07%	3.13%	21.94%	6.00%	4.58%	-4.02%	-10.96%	157.37%	-3.74%	-1.54%	-4.26%
Net Cash from Investing Activities	181,533,333	40,619,200	49,804,700	2,243,467	18,024,100	-31,044,200	286,300,000	-97,400,000	355,700,000	-269,246,000	-72,258,000	167,195,000	1,070,130,000	-405,076,000	-40,399,000	-496,899,000	112,688,000	-11,062,000	-1,442,353,000	273,242,000	603,090,000	484,455,000	78,755,000	212,085,000	-562,396,000	113,931,000	-284,863,000	-304,151,000	-282,491,000	-389,086,000	124,004,000	-103,222,000	-16,000,000	-15,000,000
Net Cash from Investing Activities Margin	12.27%	2.17%	2.73%	-0.25%	1.85%	-2.12%	18.38%	-6.52%	24.96%	-20.28%	-5.71%	13.57%	88.08%	-34.77%	-3.54%	-46.91%	11.16%	-1.15%	-165.11%	35.40%	88.61%	47.01%	8.19%	14.17%	-35.70%	7.08%	-24.42%	-28.84%	-23.12%	-39.56%	26.12%	-121.76%	-41.13%	-159.57%
Net Debt Issuance	0	-1,789,400	-22,353,400	34,179,467	86,840,500	68,740,200	0	0	0	-8,947,000	0	0	-1,250,009,000	543,185,000	0	492,237,000	0	638,297,000	0	98,933,000	-1,004,000	2,071,000	0	1,025,247,000	199,000,000	-2,200,000	-4,491,000	-13,199,000	-615,000	0	0	0	0	-300,000
Net Debt Issuance Margin	0.00%	-0.13%	-1.05%	4.56%	7.48%	5.91%	0.00%	0.00%	0.00%	-0.67%	0.00%	0.00%	-102.88%	46.62%	0.00%	46.47%	0.00%	66.14%	0.00%	12.82%	-0.15%	0.20%	0.00%	68.52%	12.63%	-0.14%	-0.39%	-1.25%	-0.05%	0.00%	0.00%	0.00%	0.00%	-3.19%
Long-Term Debt Issuance	0	-1,780,000	-22,348,700	34,182,600	96,899,550	76,787,440	0	0	0	-8,900,000	0	0	-1,250,009,000	543,185,000	0	492,237,000	0	638,297,000	0	98,933,000	-1,004,000	3,205,000	200,000,000	1,224,247,000	0	-2,200,000	-4,491,000	-13,199,000	-615,000	0	0	0	0	-300,000
Long-Term Debt Issuance Margin	0.00%	-0.13%	-1.05%	4.56%	8.56%	6.78%	0.00%	0.00%	0.00%	-0.67%	0.00%	0.00%	-102.88%	46.62%	0.00%	46.47%	0.00%	66.14%	0.00%	12.82%	-0.15%	0.31%	20.80%	81.82%	0.00%	-0.14%	-0.39%	-1.25%	-0.05%	0.00%	0.00%	0.00%	0.00%	-3.19%
Short-Term Debt Issuance	0	-9,400	-4,700	-74,267	-10,112,400	-8,089,920	0	0	0	-47,000	0	0	0	0	0	0	0	0	0	-1,067,000	0	-1,134,000	-200,000,000	-199,000,000	199,000,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	-0.01%	-1.09%	-0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.14%	0.00%	-0.11%	-20.80%	-13.30%	12.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-1,058,366,667	-935,030,800	-799,590,000	-749,363,067	-703,545,750	-559,428,680	-1,225,600,000	-901,400,000	-1,048,100,000	-722,600,000	-777,454,000	-769,431,000	-638,152,000	-621,173,000	-648,821,000	-643,169,000	-883,403,000	-1,035,617,000	-325,680,000	-550,097,000	-449,749,000	-224,367,000	-1,204,951,000	-849,515,000	-83,460,000	-468,176,000	-49,534,000	31,680,000	20,670,000	10,695,000	71,687,000	135,744,000	46,200,000	3,300,000
Net Stock Issuance Margin	-70.87%	-65.70%	-61.43%	-65.58%	-61.10%	-48.21%	-78.70%	-60.37%	-73.56%	-54.43%	-61.46%	-62.47%	-52.52%	-53.32%	-56.81%	-60.71%	-87.46%	-107.31%	-37.28%	-71.26%	-66.08%	-21.77%	-125.29%	-56.77%	-5.30%	-29.09%	-4.25%	3.00%	1.69%	1.09%	15.10%	160.12%	118.77%	35.11%
Common Stock Issuance	0	0	1,315,200	10,376,333	37,662,300	40,848,600	0	0	0	0	0	13,152,000	0	0	0	0	0	0	0	49,983,000	92,510,000	36,204,000	122,427,000	306,976,000	51,540,000	80,454,000	63,723,000	31,680,000	20,670,000	80,209,000	71,687,000	135,744,000	46,200,000	3,300,000
Common Stock Issuance Margin	0.00%	0.00%	0.11%	1.41%	3.31%	3.98%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.47%	13.59%	3.51%	12.73%	20.52%	3.27%	5.00%	5.46%	3.00%	1.69%	8.15%	15.10%	160.12%	118.77%	35.11%
Common Stock Repurchased	-1,058,366,667	-935,028,200	-802,270,900	-751,150,333	-734,766,250	-595,123,840	-1,225,600,000	-901,400,000	-1,048,100,000	-722,587,000	-777,454,000	-782,583,000	-638,152,000	-621,173,000	-662,491,000	-643,169,000	-883,403,000	-1,035,617,000	-325,680,000	-550,097,000	-449,749,000	-260,571,000	-1,327,378,000	-1,156,491,000	-135,000,000	-548,630,000	-113,257,000	0	0	-69,514,000	0	0	0	0
Common Stock Repurchased Margin	-70.87%	-65.70%	-61.66%	-65.73%	-63.46%	-51.44%	-78.70%	-60.37%	-73.56%	-54.43%	-61.46%	-63.54%	-52.52%	-53.32%	-58.00%	-60.71%	-87.46%	-107.31%	-37.28%	-71.26%	-66.08%	-25.28%	-138.02%	-77.29%	-8.57%	-34.09%	-9.71%	0.00%	0.00%	-7.07%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	1,367,000	911,333	683,500	546,800	0	0	0	0	0	0	0	0	13,670,000	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%	0.12%	0.08%	0.06%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0	0	0	-65,447,667	-49,085,750	-39,268,600	0	0	0	0	0	0	0	0	0	0	0	0	0	-463,498,000	-518,217,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Dividends Paid Margin	0.00%	0.00%	0.00%	-9.08%	-6.81%	-5.45%	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%	-60.04%	-76.14%	0.00%	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 Dividends Paid	0	0	0	-65,447,667	-49,085,750	-39,268,600	0	0	0	0	0	0	0	0	0	0	0	0	0	-463,498,000	-518,217,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Dividends Paid Margin	0.00%	0.00%	0.00%	-9.08%	-6.81%	-5.45%	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%	-60.04%	-76.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	9,333,333	10,598,800	13,608,500	35,587,400	30,401,700	25,886,680	4,100,000	11,600,000	12,300,000	12,417,000	12,577,000	-872,000	12,836,000	12,915,000	25,058,000	33,154,000	23,651,000	39,987,000	47,928,000	62,464,000	223,696,000	24,302,000	40,924,000	12,939,000	-4,805,000	863,000	-447,000	37,403,000	268,000	142,000	1,767,000	409,000	-500,000	-400,000
Other Financing Activities Margin	0.63%	0.77%	1.13%	4.28%	3.57%	3.01%	0.26%	0.78%	0.86%	0.94%	0.99%	-0.07%	1.06%	1.11%	2.19%	3.13%	2.34%	4.14%	5.49%	8.09%	32.87%	2.36%	4.26%	0.86%	-0.31%	0.05%	-0.04%	3.55%	0.02%	0.01%	0.37%	0.48%	-1.29%	-4.26%
Net Cash from Financing Activities	-1,049,033,333	-926,221,400	-808,334,900	-745,043,867	-635,389,300	-504,070,400	-1,221,500,000	-889,800,000	-1,035,800,000	-719,130,000	-764,877,000	-770,303,000	-1,875,325,000	-65,073,000	-623,763,000	-117,778,000	-859,752,000	-357,333,000	-277,752,000	-852,198,000	-745,274,000	-197,994,000	-1,164,027,000	188,671,000	110,735,000	-469,513,000	-54,472,000	55,884,000	20,323,000	10,837,000	73,454,000	136,153,000	45,700,000	2,600,000
Net Cash from Financing Activities Margin	-70.24%	-65.07%	-61.36%	-65.83%	-56.86%	-44.73%	-78.43%	-59.59%	-72.69%	-54.17%	-60.46%	-62.54%	-154.35%	-5.59%	-54.61%	-11.12%	-85.11%	-37.03%	-31.79%	-110.39%	-109.51%	-19.21%	-121.03%	12.61%	7.03%	-29.17%	-4.67%	5.30%	1.66%	1.10%	15.47%	160.60%	117.48%	27.66%
Effect of FX on Cash	-566,667	-461,800	-216,400	-6,733	923,050	722,840	-800,000	-100,000	-800,000	-561,000	-48,000	64,000	-958,000	1,294,000	-501,000	246,000	-1,500,000	-2,515,000	-138,000	-3,224,000	9,440,000	6,446,000	15,575,000	3,721,000	6,000	-7,186,000	3,045,000	1,326,000	-1,689,000	-3,597,000	525,000	0	0	28,600,000
Effect of FX on Cash Margin	-0.04%	-0.03%	-0.01%	0.03%	0.12%	0.10%	-0.05%	-0.01%	-0.06%	-0.04%	0.00%	0.01%	-0.08%	0.11%	-0.04%	0.02%	-0.15%	-0.26%	-0.02%	-0.42%	1.39%	0.63%	1.62%	0.25%	0.00%	-0.45%	0.26%	0.13%	-0.14%	-0.37%	0.11%	0.00%	0.00%	304.26%
Net Change in Cash	-5,566,667	-61,097,000	1,122,000	-84,955,867	-6,482,400	8,912,200	-33,400,000	-133,500,000	150,200,000	-181,785,000	-107,000,000	150,848,000	-108,386,000	233,906,000	3,286,000	37,051,000	-147,615,000	208,487,000	-1,182,613,000	-246,279,000	82,462,000	688,098,000	-587,654,000	874,937,000	23,124,000	146,185,000	29,048,000	111,499,000	-23,766,000	-154,308,000	389,980,000	47,596,000	17,900,000	2,600,000
Net Change in Cash Margin	-0.18%	-4.54%	0.45%	-9.58%	-3.45%	0.34%	-2.14%	-8.94%	10.54%	-13.69%	-8.46%	12.25%	-8.92%	20.08%	0.29%	3.50%	-14.61%	21.60%	-135.37%	-31.90%	12.12%	66.77%	-61.10%	58.47%	1.47%	9.08%	2.49%	10.57%	-1.95%	-15.69%	82.14%	56.14%	46.02%	27.66%
Cash at Beginning of Period	284,433,333	356,300,400	327,560,600	539,713,867	578,599,200	519,706,520	245,500,000	379,000,000	228,800,000	410,601,000	517,601,000	366,753,000	475,139,000	231,945,000	228,659,000	191,608,000	339,223,000	130,736,000	1,313,349,000	1,559,628,000	1,477,166,000	789,068,000	1,376,722,000	501,785,000	478,060,000	330,641,000	301,593,000	282,288,000	306,054,000	460,362,000	70,382,000	22,786,000	4,900,000	30,000,000
Cash at Beginning of Period Margin	19.07%	25.81%	25.59%	58.17%	58.83%	52.64%	15.76%	25.38%	16.06%	30.93%	40.92%	29.78%	39.11%	19.91%	20.02%	18.09%	33.58%	13.55%	150.34%	202.03%	217.05%	76.56%	143.15%	33.54%	30.35%	20.54%	25.86%	26.76%	25.05%	46.81%	14.82%	26.88%	12.60%	319.15%
Cash at End of Period	278,866,667	295,203,400	328,682,600	454,758,000	572,116,800	528,618,720	212,100,000	245,500,000	379,000,000	228,816,000	410,601,000	517,601,000	366,753,000	465,851,000	231,945,000	228,659,000	191,608,000	339,223,000	130,736,000	1,313,349,000	1,559,628,000	1,477,166,000	789,068,000	1,376,722,000	501,184,000	476,826,000	330,641,000	393,787,000	282,288,000	306,054,000	460,362,000	70,382,000	22,800,000	32,600,000
Cash at End of Period Margin	18.89%	21.27%	26.04%	48.59%	55.38%	52.98%	13.62%	16.44%	26.60%	17.24%	32.46%	42.02%	30.19%	39.98%	20.31%	21.58%	18.97%	35.15%	14.97%	170.13%	229.16%	143.33%	82.05%	92.01%	31.82%	29.63%	28.35%	37.33%	23.11%	31.12%	96.97%	83.02%	58.61%	346.81%
Operating Cash Flow	862,500,000	824,967,000	759,868,600	657,851,267	609,959,750	543,303,960	902,600,000	853,800,000	831,100,000	807,152,000	730,183,000	753,892,000	697,767,000	702,761,000	667,949,000	651,482,000	600,949,000	579,397,000	537,630,000	335,901,000	215,206,000	395,191,000	482,043,000	470,460,000	474,779,000	508,953,000	365,338,000	358,440,000	240,091,000	227,538,000	191,997,000	14,665,000	-11,800,000	-13,600,000
Operating Cash Flow Margin	57.82%	58.40%	59.09%	56.47%	51.44%	47.09%	57.96%	57.18%	58.33%	60.80%	57.72%	61.21%	57.43%	60.32%	58.48%	61.50%	59.49%	60.04%	61.54%	43.51%	31.62%	38.35%	50.12%	31.44%	30.14%	31.62%	31.32%	33.98%	19.65%	23.13%	40.44%	17.30%	-30.33%	-144.68%
Capital Expenditure	-33,766,667	-39,545,600	-53,478,000	-64,394,067	-83,806,650	-99,679,160	-28,100,000	-45,800,000	-27,400,000	-53,033,000	-43,395,000	-40,316,000	-37,007,000	-49,499,000	-169,574,000	-40,656,000	-39,327,000	-65,594,000	-53,023,000	-192,660,000	-80,527,000	-116,876,000	-118,999,000	-152,237,000	-181,611,000	-140,499,000	-92,532,000	-108,034,000	-176,233,000	-380,269,000	-58,778,000	-6,019,000	-4,400,000	-6,600,000
Capital Expenditure Margin	-2.26%	-2.84%	-4.35%	-6.47%	-7.56%	-9.39%	-1.80%	-3.07%	-1.92%	-3.99%	-3.43%	-3.27%	-3.05%	-4.25%	-14.85%	-3.84%	-3.89%	-6.80%	-6.07%	-24.96%	-11.83%	-11.34%	-12.37%	-10.17%	-11.53%	-8.73%	-7.93%	-10.24%	-14.43%	-38.66%	-12.38%	-7.10%	-11.31%	-70.21%
Free Cash Flow	828,733,333	785,421,400	706,390,600	593,457,200	526,153,100	443,624,800	874,500,000	808,000,000	803,700,000	754,119,000	686,788,000	713,576,000	660,760,000	653,262,000	498,375,000	610,826,000	561,622,000	513,803,000	484,607,000	143,241,000	134,679,000	278,315,000	363,044,000	318,223,000	293,168,000	368,454,000	272,806,000	250,406,000	63,858,000	-152,731,000	133,219,000	8,646,000	-16,200,000	-20,200,000
Free Cash Flow Margin	55.56%	55.55%	54.74%	50.01%	43.88%	37.70%	56.15%	54.12%	56.40%	56.80%	54.29%	57.94%	54.38%	56.07%	43.63%	57.66%	55.60%	53.24%	55.47%	18.56%	19.79%	27.00%	37.75%	21.27%	18.61%	22.89%	23.39%	23.74%	5.23%	-15.53%	28.06%	10.20%	-41.65%	-214.89%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	1,491,800,000	1,413,605,600	1,288,128,600	1,145,509,200	1,192,801,200	1,150,290,280	1,557,400,000	1,493,100,000	1,424,900,000	1,327,576,000	1,265,052,000	1,231,661,000	1,214,969,000	1,165,095,000	1,142,167,000	1,059,366,000	1,010,117,000	965,087,000	873,592,000	771,978,000	680,578,000	1,030,619,000	961,735,000	1,496,289,000	1,575,249,000	1,609,494,000	1,166,455,000	1,054,780,000	1,221,668,000	983,564,000	474,766,000	84,776,000	38,900,000	9,400,000
EBITDA	1,077,466,667	1,006,510,800	901,790,100	765,206,267	656,865,400	575,733,920	1,134,100,000	1,095,900,000	1,002,400,000	913,414,000	886,740,000	895,717,000	892,728,000	785,226,000	754,904,000	656,772,000	632,995,000	592,187,000	517,710,000	396,625,000	320,676,000	414,907,000	285,376,000	121,127,000	378,927,000	458,877,000	361,665,000	290,572,000	306,093,000	225,492,000	72,218,000	2,198,000	-15,600,000	-15,900,000
EBITDA Margin	72.19%	71.09%	69.72%	65.26%	55.48%	49.25%	72.82%	73.40%	70.35%	68.80%	70.10%	72.72%	73.48%	67.40%	66.09%	62.00%	62.67%	61.36%	59.26%	51.38%	47.12%	40.26%	29.67%	8.10%	24.06%	28.51%	31.01%	27.55%	25.06%	22.93%	15.21%	2.59%	-40.10%	-169.15%
(-) Tax Adjustment	225,172,627	119,212,785	146,866,792	123,088,040	80,130,788	67,063,545	262,133,692	178,329,247	235,054,942	-3,048,921	-76,405,037	172,912,611	179,920,824	185,833,971	182,536,266	151,400,323	167,709,079	-113,672,637	125,709,590	112,748,637	85,158,018	118,156,085	99,099,340	10,506,233	-668,905,887	197,439,379	46,653,356	28,689,142	641,493	-1,307,946	-703,186	0	-148,571	-153,623
(-) Tax Adjustment Margin	15.09%	7.80%	11.41%	10.69%	7.63%	6.37%	16.83%	11.94%	16.50%	-0.23%	-6.04%	14.04%	14.81%	15.95%	15.98%	14.29%	16.60%	-11.78%	14.39%	14.61%	12.51%	11.46%	10.30%	0.70%	-42.46%	12.27%	4.00%	2.72%	0.05%	-0.13%	-0.15%	0.00%	-0.38%	-1.63%
(-) Change In Working Capital	16,333,333	-41,255,200	41,446,000	63,157,467	64,571,850	54,183,040	36,400,000	-43,100,000	55,700,000	-85,084,000	-170,192,000	56,563,000	72,860,000	167,737,000	150,314,000	173,262,000	134,967,000	57,351,000	136,872,000	94,487,000	109,225,000	53,806,000	88,852,000	78,108,000	40,296,000	83,013,000	58,002,000	104,394,000	-71,449,000	-90,097,000	62,289,000	5,657,000	3,900,000	1,800,000
(-) Change In Working Capital Margin	1.12%	-3.30%	3.80%	6.75%	6.43%	5.67%	2.34%	-2.89%	3.91%	-6.41%	-13.45%	4.59%	6.00%	14.40%	13.16%	16.36%	13.36%	5.94%	15.67%	12.24%	16.05%	5.22%	9.24%	5.22%	2.56%	5.16%	4.97%	9.90%	-5.85%	-9.16%	13.12%	6.67%	10.03%	19.15%
(-) Capital Expenditure	-33,766,667	-39,545,600	-53,478,000	-64,394,067	-83,806,650	-99,679,160	-28,100,000	-45,800,000	-27,400,000	-53,033,000	-43,395,000	-40,316,000	-37,007,000	-49,499,000	-169,574,000	-40,656,000	-39,327,000	-65,594,000	-53,023,000	-192,660,000	-80,527,000	-116,876,000	-118,999,000	-152,237,000	-181,611,000	-140,499,000	-92,532,000	-108,034,000	-176,233,000	-380,269,000	-58,778,000	-6,019,000	-4,400,000	-6,600,000
(-) Capital Expenditure Margin	-2.26%	-2.84%	-4.35%	-6.47%	-7.56%	-9.39%	-1.80%	-3.07%	-1.92%	-3.99%	-3.43%	-3.27%	-3.05%	-4.25%	-14.85%	-3.84%	-3.89%	-6.80%	-6.07%	-24.96%	-11.83%	-11.34%	-12.37%	-10.17%	-11.53%	-8.73%	-7.93%	-10.24%	-14.43%	-38.66%	-12.38%	-7.10%	-11.31%	-70.21%
Unlevered Free Cash Flow	802,194,039	889,007,615	659,999,308	514,566,693	428,356,112	354,808,175	807,466,308	914,870,753	684,245,058	948,513,921	1,089,942,037	625,925,389	602,940,176	382,156,029	252,479,734	291,453,677	290,991,921	582,914,637	202,105,410	-3,270,637	45,765,982	126,068,915	-21,574,340	-119,724,233	825,925,887	37,925,621	164,477,644	49,454,858	200,667,507	-63,372,054	-48,145,814	-9,478,000	-23,751,429	-24,146,377
Unlevered Free Cash Flow Margin	53.71%	63.75%	50.16%	41.35%	33.85%	27.83%	51.85%	61.27%	48.02%	71.45%	86.16%	50.82%	49.63%	32.80%	22.11%	27.51%	28.81%	60.40%	23.13%	-0.42%	6.72%	12.23%	-2.24%	-8.00%	52.43%	2.36%	14.10%	4.69%	16.43%	-6.44%	-10.14%	-11.18%	-61.06%	-256.88%
(-) Net Interest Income After Taxes	-33,275,000	-54,439,350	-64,888,372	-69,738,117	-54,808,095	-43,492,813	-29,139,867	-24,448,459	-46,236,673	-82,948,958	-89,422,793	-51,657,301	-70,547,891	-90,372,990	-82,926,539	-81,182,249	-62,532,570	-86,850,533	-35,768,495	-101,859,098	-110,177,344	-30,740,273	-19,349,859	0	0	0	8,841,561	0	0	0	0	7,365,000	0	0
(-) Net Interest Income After Taxes Margin	-2.25%	-4.01%	-5.28%	-6.76%	-5.32%	-4.23%	-1.87%	-1.64%	-3.24%	-6.25%	-7.07%	-4.19%	-5.81%	-7.76%	-7.26%	-7.66%	-6.19%	-9.00%	-4.09%	-13.19%	-16.19%	-2.98%	-2.01%	0.00%	0.00%	0.00%	0.76%	0.00%	0.00%	0.00%	0.00%	8.69%	0.00%	0.00%
Net Debt Issuance	0	-1,789,400	-22,353,400	34,179,467	86,840,500	68,740,200	0	0	0	-8,947,000	0	0	-1,250,009,000	543,185,000	0	492,237,000	0	638,297,000	0	98,933,000	-1,004,000	2,071,000	0	1,025,247,000	199,000,000	-2,200,000	-4,491,000	-13,199,000	-615,000	0	0	0	0	-300,000
Net Debt Issuance Margin	0.00%	-0.13%	-1.05%	4.56%	7.48%	5.91%	0.00%	0.00%	0.00%	-0.67%	0.00%	0.00%	-102.88%	46.62%	0.00%	46.47%	0.00%	66.14%	0.00%	12.82%	-0.15%	0.20%	0.00%	68.52%	12.63%	-0.14%	-0.39%	-1.25%	-0.05%	0.00%	0.00%	0.00%	0.00%	-3.19%
Levered Free Cash Flow	835,469,039	941,657,565	702,534,280	618,484,277	570,004,707	467,041,189	836,606,175	939,319,211	730,481,731	1,022,515,879	1,179,364,830	677,582,691	-576,520,932	1,015,714,019	335,406,273	864,872,926	353,524,490	1,308,062,170	237,873,905	197,521,461	154,939,326	158,880,187	-2,224,482	905,522,767	1,024,925,887	35,725,621	151,145,083	36,255,858	200,052,507	-63,372,054	-48,145,814	-16,843,000	-23,751,429	-24,446,377
Levered Free Cash Flow Margin	55.96%	67.63%	54.39%	52.67%	46.65%	37.97%	53.72%	62.91%	51.27%	77.02%	93.23%	55.01%	-47.45%	87.18%	29.37%	81.64%	35.00%	135.54%	27.23%	25.59%	22.77%	15.42%	-0.23%	60.52%	65.06%	2.22%	12.96%	3.44%	16.38%	-6.44%	-10.14%	-19.87%	-61.06%	-260.07%