Bentley Systems, Incorporated (BSY)

Analysis: Margins & Ratios Industry: Software - Application Sector: Technology Live Price: $39.14

Income Statement Margins

Metric	3Y Avg	5Y 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
Revenue	1,226,863,333	1,089,436,000	1,460,019,000	1,313,914,000	1,353,095,000	1,228,413,000	1,099,082,000	965,046,000	801,544,000	736,654,000	691,710,000
Cost of Revenue	270,986,000	239,330,400	274,542,000	257,652,000	257,767,000	318,178,000	237,013,000	216,539,000	167,155,000	144,150,000	131,324,000
Cost of Revenue Margin	22.17%	21.96%	18.80%	19.61%	19.05%	25.90%	21.56%	22.44%	20.85%	19.57%	18.99%
Gross Profit	955,877,333	850,105,600	1,185,477,000	1,056,262,000	1,095,328,000	910,235,000	862,069,000	748,507,000	634,389,000	592,504,000	560,386,000
Gross Profit Margin	77.83%	78.04%	81.20%	80.39%	80.95%	74.10%	78.44%	77.56%	79.15%	80.43%	81.01%
R&D Expenses	271,240,667	244,030,400	303,685,000	275,385,000	281,247,000	274,619,000	257,856,000	220,915,000	185,515,000	183,552,000	175,032,000
R&D Expenses Margin	22.20%	22.53%	20.80%	20.96%	20.79%	22.36%	23.46%	22.89%	23.14%	24.92%	25.30%
SG&A Expenses	417,024,667	383,143,600	503,431,000	467,701,000	477,933,000	418,654,000	354,487,000	407,402,000	257,242,000	252,874,000	249,963,000
SG&A Expenses Margin	33.89%	35.19%	34.48%	35.60%	35.32%	34.08%	32.25%	42.22%	32.09%	34.33%	36.14%
Operating Expenses	708,776,000	652,897,000	839,954,000	777,751,000	793,178,000	679,693,000	653,457,000	653,918,000	484,239,000	450,639,000	438,995,000
Operating Expenses Margin	57.80%	60.32%	57.53%	59.19%	58.62%	55.33%	59.45%	67.76%	60.41%	61.17%	63.47%
Operating Income (EBIT)	247,101,333	197,208,600	345,523,000	278,511,000	302,150,000	230,542,000	208,612,000	94,589,000	150,150,000	141,865,000	121,391,000
Operating Income (EBIT) Margin	20.03%	17.72%	23.67%	21.20%	22.33%	18.77%	18.98%	9.80%	18.73%	19.26%	17.55%
Interest Income	1,563,000	1,086,400	2,392,000	2,418,000	2,730,000	1,538,000	421,000	306,000	437,000	1,532,000	842,000
Interest Income Margin	0.12%	0.09%	0.16%	0.18%	0.20%	0.13%	0.04%	0.03%	0.05%	0.21%	0.12%
Interest Expense	33,720,333	24,120,200	16,307,000	27,877,000	24,774,000	41,331,000	35,056,000	11,527,000	7,913,000	9,731,000	9,607,000
Interest Expense Margin	2.80%	2.11%	1.12%	2.12%	1.83%	3.36%	3.19%	1.19%	0.99%	1.32%	1.39%
Net Interest Income	-32,157,333	-23,033,800	-13,915,000	-25,459,000	-22,044,000	-39,793,000	-34,635,000	-11,221,000	-7,476,000	-8,199,000	-8,765,000
Net Interest Income Margin	-2.67%	-2.02%	-0.95%	-1.94%	-1.63%	-3.24%	-3.15%	-1.16%	-0.93%	-1.11%	-1.27%
Unusual Items	55,009,000	33,997,600	20,325,000	61,012,000	31,035,000	86,808,000	47,184,000	12,481,000	-7,520,000	23,230,000	17,294,000
Unusual Items Margin	4.55%	2.80%	1.39%	4.64%	2.29%	7.07%	4.29%	1.29%	-0.94%	3.15%	2.50%
EBT Excluding Unusual Items	169,240,667	152,247,200	318,788,000	181,946,000	262,124,000	96,719,000	148,879,000	80,848,000	172,666,000	103,604,000	95,568,000
EBT Excluding Unusual Items Margin	13.60%	14.14%	21.83%	13.85%	19.37%	7.87%	13.55%	8.38%	21.54%	14.06%	13.82%
Pre-Tax Income	224,249,667	186,244,800	339,113,000	242,958,000	293,159,000	183,527,000	196,063,000	93,329,000	165,146,000	126,834,000	112,862,000
Pre-Tax Income Margin	18.15%	16.94%	23.23%	18.49%	21.67%	14.94%	17.84%	9.67%	20.60%	17.22%	16.32%
Income Tax Expense	-21,077,333	-5,611,000	70,247,000	-121,249,000	58,726,000	-143,241,000	21,283,000	-3,448,000	38,625,000	23,738,000	-29,250,000
Income Tax Expense Margin	-1.79%	-0.18%	4.81%	-9.23%	4.34%	-11.66%	1.94%	-0.36%	4.82%	3.22%	-4.23%
Net Income	245,451,333	191,213,400	269,316,000	364,279,000	234,787,000	326,787,000	174,780,000	93,192,000	126,521,000	103,096,000	142,112,000
Net Income Margin	19.95%	17.06%	18.45%	27.72%	17.35%	26.60%	15.90%	9.66%	15.78%	14.00%	20.55%
Depreciation and Amortization	66,577,333	56,158,400	66,336,000	67,471,000	64,608,000	63,587,000	71,537,000	44,943,000	36,117,000	32,160,000	26,140,000
Depreciation and Amortization Margin	5.49%	5.12%	4.54%	5.14%	4.77%	5.18%	6.51%	4.66%	4.51%	4.37%	3.78%
EBITDA	325,250,000	267,808,600	425,264,000	339,081,000	382,437,000	288,445,000	304,868,000	152,339,000	210,954,000	170,000,000	148,609,000
EBITDA Margin	26.49%	24.32%	29.13%	25.81%	28.26%	23.48%	27.74%	15.79%	26.32%	23.08%	21.48%
NOPAT	279,355,811	210,236,662	273,948,173	417,502,843	241,622,911	410,477,740	185,966,783	98,083,550	115,032,324	115,313,828	152,851,427
NOPAT Margin	22.73%	18.54%	18.76%	31.78%	17.86%	33.42%	16.92%	10.16%	14.35%	15.65%	22.10%
Owner's Earnings	295,588,667	232,280,600	319,163,000	417,983,000	285,349,000	373,646,000	227,771,000	128,446,000	146,191,000	118,617,000	151,819,000
Owner's Earnings Margin	24.08%	20.76%	21.86%	31.81%	21.09%	30.42%	20.72%	13.31%	18.24%	16.10%	21.95%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Revenue	1,226,863,333	1,089,436,000	1,353,095,000	1,228,413,000	1,099,082,000	965,046,000	801,544,000	736,654,000	691,710,000
Cash & Cash Equivalents	68,035,000	131,089,600	64,009,000	68,412,000	71,684,000	329,337,000	122,006,000	121,101,000	81,183,000
Cash & Cash Equivalents Margin	5.61%	13.23%	4.73%	5.57%	6.52%	34.13%	15.22%	16.44%	11.74%
Short-Term Investments	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	68,035,000	131,089,600	64,009,000	68,412,000	71,684,000	329,337,000	122,006,000	121,101,000	81,183,000
Cash & Short-Term Investments Margin	5.61%	13.23%	4.73%	5.57%	6.52%	34.13%	15.22%	16.44%	11.74%
Net Receivables	298,358,667	264,073,000	314,467,000	293,536,000	287,073,000	235,266,000	190,023,000	204,501,000	184,565,000
Net Receivables Margin	24.42%	24.27%	23.24%	23.90%	26.12%	24.38%	23.71%	27.76%	26.68%
Inventory	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%
Other Current Assets	59,448,000	51,560,200	63,597,000	57,609,000	57,138,000	51,228,000	28,229,000	27,956,000	17,475,000
Other Current Assets Margin	4.86%	4.68%	4.70%	4.69%	5.20%	5.31%	3.52%	3.79%	2.53%
Total Current Assets	425,841,667	446,722,800	442,073,000	419,557,000	415,895,000	615,831,000	340,258,000	353,558,000	283,223,000
Total Current Assets Margin	34.89%	42.19%	32.67%	34.15%	37.84%	63.81%	42.45%	48.00%	40.95%
Property, Plant & Equipment	72,392,333	74,872,000	66,101,000	78,576,000	72,500,000	82,641,000	74,542,000	29,632,000	29,393,000
Property, Plant & Equipment Margin	5.96%	7.15%	4.89%	6.40%	6.60%	8.56%	9.30%	4.02%	4.25%
Goodwill	2,291,233,000	1,808,670,000	2,367,179,000	2,269,336,000	2,237,184,000	1,588,477,000	581,174,000	480,065,000	446,318,000
Goodwill Margin	187.74%	160.07%	174.95%	184.74%	203.55%	164.60%	72.51%	65.17%	64.52%
Intangible Assets	251,672,333	209,295,600	213,959,000	248,787,000	292,271,000	245,834,000	45,627,000	46,313,000	54,001,000
Intangible Assets Margin	20.89%	18.76%	15.81%	20.25%	26.59%	25.47%	5.69%	6.29%	7.81%
Long-Term Investments	23,838,000	16,728,600	25,764,000	23,480,000	22,270,000	6,438,000	5,691,000	1,725,000	0
Long-Term Investments Margin	1.95%	1.44%	1.90%	1.91%	2.03%	0.67%	0.71%	0.23%	0.00%
Tax Assets	154,584,333	114,870,600	198,286,000	212,831,000	52,636,000	71,376,000	39,224,000	51,068,000	81,066,000
Tax Assets Margin	12.26%	9.81%	14.65%	17.33%	4.79%	7.40%	4.89%	6.93%	11.72%
Other Non-Current Assets	75,325,667	62,828,400	86,445,000	67,283,000	72,249,000	48,646,000	39,519,000	32,238,000	29,595,000
Other Non-Current Assets Margin	6.15%	5.68%	6.39%	5.48%	6.57%	5.04%	4.93%	4.38%	4.28%
Other Assets	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%
Total Non-Current Assets	2,869,045,667	2,287,265,200	2,957,734,000	2,900,293,000	2,749,110,000	2,043,412,000	785,777,000	641,041,000	640,373,000
Total Non-Current Assets Margin	234.94%	202.92%	218.59%	236.10%	250.13%	211.74%	98.03%	87.02%	92.58%
Total Assets	3,294,887,333	2,733,988,000	3,399,807,000	3,319,850,000	3,165,005,000	2,659,243,000	1,126,035,000	994,599,000	923,596,000
Total Assets Margin	269.83%	245.10%	251.26%	270.26%	287.97%	275.56%	140.48%	135.02%	133.52%
Accounts Payable	16,583,000	16,544,800	16,479,000	18,094,000	15,176,000	16,483,000	16,492,000	17,669,000	8,567,000
Accounts Payable Margin	1.36%	1.57%	1.22%	1.47%	1.38%	1.71%	2.06%	2.40%	1.24%
Short-Term Debt	17,657,667	18,413,000	11,656,000	21,645,000	19,672,000	22,482,000	16,610,000	0	0
Short-Term Debt Margin	1.47%	1.76%	0.86%	1.76%	1.79%	2.33%	2.07%	0.00%	0.00%
Tax Payables	16,102,667	14,450,200	13,822,000	20,213,000	14,273,000	14,216,000	9,727,000	7,523,000	6,261,000
Tax Payables Margin	1.32%	1.33%	1.02%	1.65%	1.30%	1.47%	1.21%	1.02%	0.91%
Deferred Revenue	258,036,000	244,735,800	262,724,000	270,709,000	240,675,000	237,408,000	212,163,000	213,936,000	296,149,000
Deferred Revenue Margin	21.12%	22.88%	19.42%	22.04%	21.90%	24.60%	26.47%	29.04%	42.81%
Other Current Liabilities	425,972,333	358,353,000	509,653,000	429,702,000	338,562,000	303,285,000	210,563,000	153,285,000	124,765,000
Other Current Liabilities Margin	34.48%	32.23%	37.67%	34.98%	30.80%	31.43%	26.27%	20.81%	18.04%
Total Current Liabilities	734,351,667	652,496,800	814,334,000	760,363,000	628,358,000	593,874,000	465,555,000	392,413,000	435,742,000
Total Current Liabilities Margin	59.75%	59.77%	60.18%	61.90%	57.17%	61.54%	58.08%	53.27%	62.99%
Long-Term Debt	1,589,125,667	1,302,282,000	1,414,982,000	1,549,029,000	1,803,366,000	1,466,266,000	277,767,000	233,750,000	258,750,000
Long-Term Debt Margin	131.58%	116.27%	104.57%	126.10%	164.08%	151.94%	34.65%	31.73%	37.41%
Capital Lease Obligations	41,054,333	44,859,200	38,550,000	42,271,000	42,342,000	52,756,000	48,377,000	0	0
Capital Lease Obligations Margin	3.38%	4.33%	2.85%	3.44%	3.85%	5.47%	6.04%	0.00%	0.00%
Deferred Tax Liabilities	23,188,333	29,085,600	8,612,000	9,718,000	51,235,000	65,014,000	10,849,000	8,260,000	10,470,000
Deferred Tax Liabilities Margin	2.03%	2.84%	0.64%	0.79%	4.66%	6.74%	1.35%	1.12%	1.51%
Other Non-Current Liabilities	99,162,667	87,523,400	104,118,000	100,896,000	92,474,000	116,884,000	23,245,000	17,403,000	21,434,000
Other Non-Current Liabilities Margin	8.11%	7.87%	7.69%	8.21%	8.41%	12.11%	2.90%	2.36%	3.10%
Total Non-Current Liabilities	1,727,683,667	1,431,615,800	1,544,353,000	1,675,505,000	1,963,193,000	1,656,147,000	318,881,000	267,567,000	340,423,000
Total Non-Current Liabilities Margin	143.05%	128.11%	114.13%	136.40%	178.62%	171.61%	39.78%	36.32%	49.21%
Total Liabilities	2,462,035,333	2,084,112,600	2,358,687,000	2,435,868,000	2,591,551,000	2,250,021,000	784,436,000	659,980,000	776,165,000
Total Liabilities Margin	202.80%	187.88%	174.32%	198.29%	235.79%	233.15%	97.87%	89.59%	112.21%
Preferred Stock	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	2,957,667	2,884,000	3,020,000	2,963,000	2,890,000	2,825,000	2,722,000	2,548,000	2,502,000
Common Stock Margin	0.24%	0.27%	0.22%	0.24%	0.26%	0.29%	0.34%	0.35%	0.36%
Retained Earnings	-202,913,000	-284,875,200	-75,941,000	-161,932,000	-370,866,000	-439,634,000	-376,003,000	-52,669,000	-218,553,000
Retained Earnings Margin	-17.51%	-29.00%	-5.61%	-13.18%	-33.74%	-45.56%	-46.91%	-7.15%	-31.60%
Accumulated OCI	-92,935,000	-79,362,400	-104,078,000	-84,987,000	-89,740,000	-91,774,000	-26,233,000	-23,927,000	-29,414,000
Accumulated OCI Margin	-7.59%	-7.11%	-7.69%	-6.92%	-8.16%	-9.51%	-3.27%	-3.25%	-4.25%
Minority Interest	513,667	308,200	133,000	704,000	704,000	0	0	0	0
Minority Interest Margin	0.04%	0.03%	0.01%	0.06%	0.06%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	832,338,333	649,567,200	1,040,987,000	883,278,000	572,750,000	409,222,000	341,599,000	334,619,000	147,431,000
Total Shareholders’ Equity Margin	66.98%	57.19%	76.93%	71.90%	52.11%	42.40%	42.62%	45.42%	21.31%
Total Equity	832,852,000	649,875,400	1,041,120,000	883,982,000	573,454,000	409,222,000	341,599,000	334,619,000	147,431,000
Total Equity Margin	67.03%	57.22%	76.94%	71.96%	52.18%	42.40%	42.62%	45.42%	21.31%
Total Liabilities & Equity	3,294,887,333	2,733,988,000	3,399,807,000	3,319,850,000	3,165,005,000	2,659,243,000	1,126,035,000	994,599,000	923,596,000
Total Liabilities & Equity Margin	269.83%	245.10%	251.26%	270.26%	287.97%	275.56%	140.48%	135.02%	133.52%
Total Investments	23,838,000	16,728,600	25,764,000	23,480,000	22,270,000	6,438,000	5,691,000	1,725,000	0
Total Investments Margin	1.95%	1.44%	1.90%	1.91%	2.03%	0.67%	0.71%	0.23%	0.00%
Net Debt	1,538,748,333	1,189,605,400	1,362,629,000	1,502,262,000	1,751,354,000	1,159,411,000	172,371,000	112,649,000	177,567,000
Net Debt Margin	127.45%	104.80%	100.70%	122.29%	159.35%	120.14%	21.50%	15.29%	25.67%

Capital Metrics

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Revenue	1,226,863,333	1,089,436,000	1,353,095,000	1,228,413,000	1,099,082,000	965,046,000	801,544,000	736,654,000	691,710,000
Working Capital	-308,510,000	-205,774,000	-372,261,000	-340,806,000	-212,463,000	21,957,000	-125,297,000	-38,855,000	-152,519,000
Working Capital Margin	-24.86%	-17.59%	-27.51%	-27.74%	-19.33%	2.28%	-15.63%	-5.27%	-22.05%
Total Capital	2,439,121,667	1,970,262,200	2,467,625,000	2,453,952,000	2,395,788,000	1,897,970,000	635,976,000	568,369,000	406,181,000
Total Capital Margin	200.04%	175.23%	182.37%	199.77%	217.98%	196.67%	79.34%	77.16%	58.72%
Capital Employed	2,560,535,667	2,081,491,200	2,585,473,000	2,559,487,000	2,536,647,000	2,065,369,000	660,480,000	602,186,000	487,854,000
Capital Employed Margin	210.08%	185.33%	191.08%	208.36%	230.80%	214.02%	82.40%	81.75%	70.53%
Invested Capital	2,371,086,667	1,839,172,600	2,403,616,000	2,385,540,000	2,324,104,000	1,568,633,000	513,970,000	447,268,000	324,998,000
Invested Capital Margin	194.43%	161.99%	177.64%	194.20%	211.46%	162.54%	64.12%	60.72%	46.98%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Revenue	1,226,863,333	1,089,436,000	1,353,095,000	1,228,413,000	1,099,082,000	965,046,000	801,544,000	736,654,000	691,710,000
Net Income	245,333,333	191,142,600	234,433,000	326,787,000	174,780,000	93,192,000	126,521,000	103,096,000	142,112,000
Net Income Margin	19.94%	17.05%	17.33%	26.60%	15.90%	9.66%	15.78%	14.00%	20.55%
Depreciation & Amortization	69,335,333	59,383,200	64,608,000	71,861,000	71,537,000	52,793,000	36,117,000	32,160,000	29,200,000
Depreciation & Amortization Margin	5.71%	5.42%	4.77%	5.85%	6.51%	5.47%	4.51%	4.37%	4.22%
Deferred Income Tax	-63,811,000	-38,986,400	12,571,000	-198,878,000	-5,126,000	-19,745,000	16,246,000	732,000	-60,060,000
Deferred Income Tax Margin	-5.24%	-3.15%	0.93%	-16.19%	-0.47%	-2.05%	2.03%	0.10%	-8.68%
Stock-Based Compensation	74,198,333	60,750,800	74,417,000	72,972,000	75,206,000	49,045,000	32,114,000	8,091,000	7,882,000
Stock-Based Compensation Margin	6.09%	5.47%	5.50%	5.94%	6.84%	5.08%	4.01%	1.10%	1.14%
Change in Working Capital	34,967,333	57,389,800	22,544,000	97,450,000	-15,092,000	111,152,000	70,895,000	14,478,000	35,949,000
Change in Working Capital Margin	2.74%	5.72%	1.67%	7.93%	-1.37%	11.52%	8.84%	1.97%	5.20%
Accounts Receivable	-32,727,333	-24,262,600	-32,064,000	-5,180,000	-60,938,000	-35,519,000	12,388,000	-21,152,000	-41,787,000
Accounts Receivable Margin	-2.78%	-2.09%	-2.37%	-0.42%	-5.54%	-3.68%	1.55%	-2.87%	-6.04%
Inventory	0	2,852,000	0	0	0	14,260,000	0	-5,982,000	19,240,000
Inventory Margin	0.00%	0.30%	0.00%	0.00%	0.00%	1.48%	0.00%	-0.81%	2.78%
Accounts Payable	57,622,333	54,825,800	74,953,000	68,733,000	29,181,000	50,077,000	51,185,000	41,880,000	37,249,000
Accounts Payable Margin	4.60%	5.07%	5.54%	5.60%	2.66%	5.19%	6.39%	5.69%	5.39%
Other Working Capital	10,072,333	23,974,600	-20,345,000	33,897,000	16,665,000	82,334,000	7,322,000	-268,000	21,247,000
Other Working Capital Margin	0.92%	2.44%	-1.50%	2.76%	1.52%	8.53%	0.91%	-0.04%	3.07%
Other Non-Cash Items	15,414,000	4,855,200	26,719,000	46,504,000	-26,981,000	1,587,000	-23,553,000	12,216,000	6,382,000
Other Non-Cash Items Margin	1.10%	0.11%	1.97%	3.79%	-2.45%	0.16%	-2.94%	1.66%	0.92%
Net Cash from Operating Activities	375,437,333	334,535,200	435,292,000	416,696,000	274,324,000	288,024,000	258,340,000	170,773,000	161,465,000
Net Cash from Operating Activities Margin	30.35%	30.63%	32.17%	33.92%	24.96%	29.85%	32.23%	23.18%	23.34%
Capital Expenditures (PPE)	-19,198,000	-18,316,000	-14,046,000	-25,002,000	-18,546,000	-17,539,000	-16,447,000	-16,639,000	-19,493,000
Capital Expenditures (PPE) Margin	-1.59%	-1.73%	-1.04%	-2.04%	-1.69%	-1.82%	-2.05%	-2.26%	-2.82%
Acquisitions (Net)	-299,812,333	-405,490,400	-130,407,000	-26,023,000	-743,007,000	-1,034,983,000	-93,032,000	-37,054,000	-135,264,000
Acquisitions (Net) Margin	-26.45%	-39.64%	-9.64%	-2.12%	-67.60%	-107.25%	-11.61%	-5.03%	-19.56%
Purchases of Investments	-7,997,000	-5,614,400	-1,435,000	-11,602,000	-10,954,000	-4,081,000	0	-3,000,000	0
Purchases of Investments Margin	-0.68%	-0.49%	-0.11%	-0.94%	-1.00%	-0.42%	0.00%	-0.41%	0.00%
Sales / Maturities of Investments	4,359,000	3,431,600	0	2,123,000	10,954,000	4,081,000	0	40,054,000	0
Sales / Maturities of Investments Margin	0.39%	0.32%	0.00%	0.17%	1.00%	0.42%	0.00%	5.44%	0.00%
Other Investing Activities	-1,984,333	-3,577,600	2,621,000	0	-8,574,000	-4,081,000	-7,854,000	-37,054,000	-877,000
Other Investing Activities Margin	-0.20%	-0.40%	0.19%	0.00%	-0.78%	-0.42%	-0.98%	-5.03%	-0.13%
Net Cash from Investing Activities	-324,632,667	-429,566,800	-143,267,000	-60,504,000	-770,127,000	-1,056,603,000	-117,333,000	-53,693,000	-154,757,000
Net Cash from Investing Activities Margin	-28.53%	-41.94%	-10.59%	-4.93%	-70.07%	-109.49%	-14.64%	-7.29%	-22.37%
Net Debt Issuance	-22,227,333	225,275,000	-146,713,000	-258,569,000	338,600,000	1,181,239,000	11,818,000	-25,000,000	-11,250,000
Net Debt Issuance Margin	-0.36%	24.56%	-10.84%	-21.05%	30.81%	122.40%	1.47%	-3.39%	-1.63%
Long-Term Debt Issuance	-20,560,667	-60,301,400	-146,713,000	-253,569,000	338,600,000	-251,643,000	11,818,000	-25,000,000	-11,250,000
Long-Term Debt Issuance Margin	-0.23%	-5.06%	-10.84%	-20.64%	30.81%	-26.08%	1.47%	-3.39%	-1.63%
Short-Term Debt Issuance	-1,666,667	285,576,400	0	-5,000,000	0	1,432,882,000	0	0	0
Short-Term Debt Issuance Margin	-0.14%	29.61%	0.00%	-0.41%	0.00%	148.48%	0.00%	0.00%	0.00%
Net Stock Issuance	-69,203,667	-67,039,400	-76,863,000	-58,937,000	-71,811,000	-111,088,000	-16,498,000	-19,656,000	-30,231,000
Net Stock Issuance Margin	-5.67%	-6.12%	-5.68%	-4.80%	-6.53%	-11.51%	-2.06%	-2.67%	-4.37%
Common Stock Issuance	0	15,385,600	0	0	0	9,451,000	67,477,000	4,510,000	16,220,000
Common Stock Issuance Margin	0.00%	1.88%	0.00%	0.00%	0.00%	0.98%	8.42%	0.61%	2.34%
Common Stock Repurchased	-69,203,667	-82,425,000	-76,863,000	-58,937,000	-71,811,000	-120,539,000	-83,975,000	-24,166,000	-46,451,000
Common Stock Repurchased Margin	-5.67%	-8.00%	-5.68%	-4.80%	-6.53%	-12.49%	-10.48%	-3.28%	-6.72%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-55,121,333	-124,281,200	-72,115,000	-58,756,000	-34,493,000	-33,396,000	-422,646,000	-24,989,000	-20,059,000
Net Dividends Paid Margin	-4.42%	-13.89%	-5.33%	-4.78%	-3.14%	-3.46%	-52.73%	-3.39%	-2.90%
Common Dividends Paid	-55,121,333	-124,281,200	-72,115,000	-58,756,000	-34,493,000	-33,396,000	-422,646,000	-24,989,000	-20,059,000
Common Dividends Paid Margin	-4.42%	-13.89%	-5.33%	-4.78%	-3.14%	-3.46%	-52.73%	-3.39%	-2.90%
Preferred Dividends Paid	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%
Other Financing Activities	11,255,667	54,081,800	5,841,000	17,188,000	10,738,000	-54,173,000	290,815,000	-7,403,000	2,741,000
Other Financing Activities Margin	0.94%	6.70%	0.43%	1.40%	0.98%	-5.61%	36.28%	-1.00%	0.40%
Net Cash from Financing Activities	-135,296,667	88,036,200	-289,850,000	-359,074,000	243,034,000	982,582,000	-136,511,000	-77,048,000	-58,799,000
Net Cash from Financing Activities Margin	-9.51%	11.25%	-21.42%	-29.23%	22.11%	101.82%	-17.03%	-10.46%	-8.50%
Effect of FX on Cash	-3,950,667	-4,423,000	-6,578,000	-390,000	-4,884,000	-6,672,000	-3,591,000	-114,000	-1,193,000
Effect of FX on Cash Margin	-0.32%	-0.42%	-0.49%	-0.03%	-0.44%	-0.69%	-0.45%	-0.02%	-0.17%
Net Change in Cash	-88,442,667	-11,418,400	-4,403,000	-3,272,000	-257,653,000	207,331,000	905,000	39,918,000	-53,284,000
Net Change in Cash Margin	-8.01%	-0.49%	-0.33%	-0.27%	-23.44%	21.48%	0.11%	5.42%	-7.70%
Cash at Beginning of Period	156,477,667	142,508,000	68,412,000	71,684,000	329,337,000	122,006,000	121,101,000	81,183,000	134,467,000
Cash at Beginning of Period Margin	13.62%	13.72%	5.06%	5.84%	29.96%	12.64%	15.11%	11.02%	19.44%
Cash at End of Period	68,035,000	131,089,600	64,009,000	68,412,000	71,684,000	329,337,000	122,006,000	121,101,000	81,183,000
Cash at End of Period Margin	5.61%	13.23%	4.73%	5.57%	6.52%	34.13%	15.22%	16.44%	11.74%
Operating Cash Flow	375,437,333	334,535,200	435,292,000	416,696,000	274,324,000	288,024,000	258,340,000	170,773,000	161,465,000
Operating Cash Flow Margin	30.35%	30.63%	32.17%	33.92%	24.96%	29.85%	32.23%	23.18%	23.34%
Capital Expenditure	-19,198,000	-18,316,000	-14,046,000	-25,002,000	-18,546,000	-17,539,000	-16,447,000	-16,639,000	-19,493,000
Capital Expenditure Margin	-1.59%	-1.73%	-1.04%	-2.04%	-1.69%	-1.82%	-2.05%	-2.26%	-2.82%
Free Cash Flow	356,239,333	316,219,200	421,246,000	391,694,000	255,778,000	270,485,000	241,893,000	154,134,000	141,972,000
Free Cash Flow Margin	28.76%	28.90%	31.13%	31.89%	23.27%	28.03%	30.18%	20.92%	20.52%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Revenue	1,226,863,333	1,089,436,000	1,353,095,000	1,228,413,000	1,099,082,000	965,046,000	801,544,000	736,654,000	691,710,000
EBITDA	325,250,000	267,808,600	382,437,000	288,445,000	304,868,000	152,339,000	210,954,000	170,000,000	148,609,000
EBITDA Margin	26.49%	24.32%	28.26%	23.48%	27.74%	15.79%	26.32%	23.08%	21.48%
(-) Tax Adjustment	-38,474,729	-14,342,706	76,610,287	-225,128,457	33,093,983	-5,628,099	49,338,756	31,816,863	-38,514,409
(-) Tax Adjustment Margin	-3.22%	-0.82%	5.66%	-18.33%	3.01%	-0.58%	6.16%	4.32%	-5.57%
(-) Change In Working Capital	34,967,333	57,389,800	22,544,000	97,450,000	-15,092,000	111,152,000	70,895,000	14,478,000	35,949,000
(-) Change In Working Capital Margin	2.74%	5.72%	1.67%	7.93%	-1.37%	11.52%	8.84%	1.97%	5.20%
(-) Capital Expenditure	-19,198,000	-18,316,000	-14,046,000	-25,002,000	-18,546,000	-17,539,000	-16,447,000	-16,639,000	-19,493,000
(-) Capital Expenditure Margin	-1.59%	-1.73%	-1.04%	-2.04%	-1.69%	-1.82%	-2.05%	-2.26%	-2.82%
Unlevered Free Cash Flow	309,559,395	206,445,506	269,236,713	391,121,457	268,320,017	29,276,099	74,273,244	107,066,137	131,681,409
Unlevered Free Cash Flow Margin	25.38%	17.69%	19.90%	31.84%	24.41%	3.03%	9.27%	14.53%	19.04%
(-) Net Interest Income After Taxes	-39,784,822	-27,343,501	-17,628,117	-70,851,041	-30,875,307	-11,635,555	-5,727,484	-6,664,491	-11,036,591
(-) Net Interest Income After Taxes Margin	-3.29%	-2.36%	-1.30%	-5.77%	-2.81%	-1.21%	-0.71%	-0.90%	-1.60%
Net Debt Issuance	-22,227,333	225,275,000	-146,713,000	-258,569,000	338,600,000	1,181,239,000	11,818,000	-25,000,000	-11,250,000
Net Debt Issuance Margin	-0.36%	24.56%	-10.84%	-21.05%	30.81%	122.40%	1.47%	-3.39%	-1.63%
Levered Free Cash Flow	327,116,884	459,064,006	140,151,829	203,403,498	637,795,324	1,222,150,654	91,818,727	88,730,628	131,468,000
Levered Free Cash Flow Margin	28.32%	44.61%	10.36%	16.56%	58.03%	126.64%	11.46%	12.05%	19.01%