CBL & Associates Properties, Inc. (CBL)

Analysis: Margins & Ratios Industry: REIT - Retail Sector: Real Estate Live Price: $36.15

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	537,952,667	553,318,800	740,437,400	846,168,133	848,149,850	553,643,000	523,580,000	515,561,000	535,286,000	563,011,000	576,875,000	575,861,000	768,696,000	858,557,000	927,252,000	1,028,257,000	1,055,018,000	1,060,739,000	1,053,625,000	1,034,640,000	1,067,340,000	1,071,804,000	1,089,489,000	1,138,218,000	1,040,627,000	1,002,141,000	0	0
Cost of Revenue	184,672,667	186,068,600	223,896,100	256,603,000	248,803,600	197,675,000	176,810,000	175,149,000	187,139,000	191,730,000	188,446,000	187,879,000	230,652,000	252,612,000	260,553,000	281,456,000	283,345,000	293,897,000	296,207,000	313,286,000	360,763,000	345,931,000	435,823,000	363,559,000	15,570,000	312,075,000	0	0
Cost of Revenue Margin	34.33%	33.66%	31.00%	30.81%	28.34%	35.70%	33.77%	33.97%	34.96%	34.05%	32.67%	32.63%	30.01%	29.42%	28.10%	27.37%	26.86%	27.71%	28.11%	30.28%	33.80%	32.28%	40.00%	31.94%	1.50%	31.14%	—	—
Gross Profit	353,280,000	367,250,200	528,716,000	597,681,600	589,661,450	355,968,000	346,770,000	340,412,000	348,147,000	371,281,000	388,429,000	387,982,000	659,791,000	605,945,000	666,699,000	746,801,000	771,673,000	766,842,000	757,418,000	721,354,000	706,577,000	725,873,000	653,666,000	774,659,000	709,614,000	690,066,000	0	0
Gross Profit Margin	65.67%	66.34%	70.58%	70.24%	65.94%	64.30%	66.23%	66.03%	65.04%	65.95%	67.33%	67.37%	85.83%	70.58%	71.90%	72.63%	73.14%	72.29%	71.89%	69.72%	66.20%	67.72%	60.00%	68.06%	68.19%	68.86%	—	—
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—	—
SG&A Expenses	66,178,333	60,859,000	61,389,800	56,828,067	50,802,300	70,289,000	64,930,000	67,254,000	64,066,000	67,215,000	52,335,000	53,425,000	64,181,000	61,506,000	58,466,000	63,332,000	62,118,000	50,271,000	48,867,000	51,251,000	44,751,000	43,383,000	41,010,000	45,241,000	37,852,000	39,522,000	0	0
SG&A Expenses Margin	12.32%	11.06%	8.92%	7.45%	6.35%	12.70%	12.40%	13.04%	11.97%	11.94%	9.07%	9.28%	8.35%	7.16%	6.31%	6.16%	5.89%	4.74%	4.64%	4.95%	4.19%	4.05%	3.76%	3.97%	3.64%	3.94%	—	—
Operating Expenses	262,408,667	221,793,800	312,991,800	332,982,400	257,918,050	187,211,000	216,501,000	208,075,000	254,792,000	324,359,000	52,335,000	269,408,000	538,044,000	61,506,000	434,137,000	493,173,000	494,089,000	391,699,000	426,653,000	342,185,000	348,910,000	355,371,000	41,010,000	45,241,000	37,852,000	39,522,000	0	0
Operating Expenses Margin	48.52%	40.29%	42.02%	39.77%	30.59%	33.81%	41.35%	40.36%	47.60%	57.61%	9.07%	46.78%	69.99%	7.16%	46.82%	47.96%	46.83%	36.93%	40.49%	33.07%	32.69%	33.16%	3.76%	3.97%	3.64%	3.94%	—	—
Operating Income (EBIT)	90,871,333	145,456,400	151,006,400	221,554,000	241,072,050	168,757,000	130,269,000	132,337,000	93,355,000	46,922,000	336,094,000	118,574,000	-132,460,000	-98,256,000	232,562,000	370,450,000	410,486,000	375,143,000	330,765,000	379,169,000	357,667,000	370,502,000	281,000,000	376,011,000	425,017,000	416,103,000	0	0
Operating Income (EBIT) Margin	17.15%	26.06%	20.16%	24.87%	25.72%	30.48%	24.88%	25.67%	17.44%	8.33%	58.26%	20.59%	-17.23%	-11.44%	25.08%	36.03%	38.91%	35.37%	31.39%	36.65%	33.51%	34.57%	25.79%	33.04%	40.84%	41.52%	—	—
Interest Income	11,283,333	8,049,200	4,301,000	18,984,467	14,238,350	10,236,000	16,048,000	15,713,000	13,199,000	4,938,000	0	6,396,000	2,764,000	0	0	0	0	0	0	241,757,000	0	0	0	0	0	0	0	0
Interest Income Margin	2.13%	1.50%	0.79%	2.08%	1.56%	1.85%	3.07%	3.05%	2.47%	0.88%	0.00%	1.11%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—	—
Interest Expense	181,577,667	149,079,200	95,165,700	78,728,533	31,798,850	169,381,000	160,385,000	154,486,000	172,905,000	217,342,000	0	200,663,000	206,261,000	0	0	0	0	0	229,271,000	0	0	0	0	0	-287,884,000	-257,067,000	0	0
Interest Expense Margin	33.62%	27.14%	16.25%	12.29%	6.55%	30.59%	30.63%	29.96%	32.30%	38.60%	0.00%	34.85%	26.83%	0.00%	0.00%	0.00%	0.00%	0.00%	21.76%	0.00%	0.00%	0.00%	0.00%	0.00%	-27.66%	-25.65%	—	—
Net Interest Income	-170,294,333	-141,030,000	-90,864,700	-59,744,067	-17,560,500	-159,145,000	-144,337,000	-138,773,000	-159,706,000	-212,404,000	0	-194,267,000	-203,497,000	0	0	0	0	0	-229,271,000	241,757,000	0	0	0	0	287,884,000	257,067,000	0	0
Net Interest Income Margin	-31.49%	-25.64%	-15.47%	-10.21%	-4.99%	-28.75%	-27.57%	-26.92%	-29.84%	-37.73%	0.00%	-33.74%	-26.47%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.76%	23.37%	0.00%	0.00%	0.00%	0.00%	27.66%	25.65%	—	—
Unusual Items	272,554,333	485,848,400	317,169,900	277,124,200	235,886,550	205,494,000	242,189,000	212,938,000	248,963,000	355,762,000	980,045,000	631,534,000	199,605,000	44,892,000	93,272,000	240,397,000	164,291,000	117,665,000	443,414,000	-57,216,000	202,182,000	279,119,000	294,767,000	305,082,000	-11,312,000	-27,669,000	0	0
Unusual Items Margin	50.33%	86.11%	51.08%	40.23%	32.67%	37.12%	46.26%	41.30%	46.51%	63.19%	169.89%	109.67%	25.97%	5.23%	10.06%	23.38%	15.57%	11.09%	42.08%	-5.53%	18.94%	26.04%	27.06%	26.80%	-1.09%	-2.76%	—	—
EBT Excluding Unusual Items	-283,943,000	-685,210,400	-392,468,700	-272,950,333	-213,140,550	-83,086,000	-209,772,000	-154,766,000	-244,865,000	-452,198,000	-1,623,996,000	-950,227,000	-328,173,000	-188,040,000	46,018,000	-110,344,000	81,904,000	139,813,000	-326,792,000	251,844,000	-46,697,000	-187,736,000	-308,534,000	-234,153,000	159,757,000	214,374,000	0	0
EBT Excluding Unusual Items Margin	-52.03%	-120.52%	-66.52%	-45.37%	-34.64%	-15.01%	-40.06%	-30.02%	-45.74%	-80.32%	-281.52%	-165.01%	-42.69%	-21.90%	4.96%	-10.73%	7.76%	13.18%	-31.02%	24.34%	-4.38%	-17.52%	-28.32%	-20.57%	15.35%	21.39%	—	—
Pre-Tax Income	-11,388,667	-199,362,000	-75,298,800	4,173,867	22,746,000	122,408,000	32,417,000	58,172,000	4,098,000	-96,436,000	-643,951,000	-318,693,000	-128,568,000	-143,148,000	139,290,000	130,053,000	246,195,000	257,478,000	116,622,000	194,628,000	155,485,000	91,383,000	-13,767,000	70,929,000	148,445,000	186,705,000	0	0
Pre-Tax Income Margin	-1.69%	-34.41%	-15.44%	-5.15%	-1.97%	22.11%	6.19%	11.28%	0.77%	-17.13%	-111.63%	-55.34%	-16.73%	-16.67%	15.02%	12.65%	23.34%	24.27%	11.07%	18.81%	14.57%	8.53%	-1.26%	6.23%	14.26%	18.63%	—	—
Income Tax Expense	1,676,000	3,411,400	-55,321,100	-37,441,400	-26,630,600	49,000	369,000	1,055,000	894,000	3,079,000	-4,807,000	16,836,000	3,153,000	-570,610,000	-1,933,000	2,063,000	-2,941,000	-4,499,000	1,305,000	1,404,000	-203,000	-6,417,000	1,222,000	13,495,000	8,390,000	5,902,000	0	0
Income Tax Expense Margin	0.31%	0.60%	-6.33%	-4.27%	-3.07%	0.01%	0.07%	0.20%	0.17%	0.55%	-0.83%	2.92%	0.41%	-66.46%	-0.21%	0.20%	-0.28%	-0.42%	0.12%	0.14%	-0.02%	-0.60%	0.11%	1.19%	0.81%	0.59%	—	—
Net Income	-9,322,000	-189,044,400	-78,026,600	-9,881,667	3,751,050	123,793,000	32,805,000	58,970,000	6,546,000	-93,482,000	-622,172,000	-295,084,000	-108,777,000	-78,568,000	120,940,000	127,990,000	103,371,000	219,150,000	85,204,000	131,600,000	133,936,000	62,151,000	-14,989,000	31,587,000	89,147,000	117,501,000	0	0
Net Income Margin	-1.31%	-32.61%	-15.11%	-6.08%	-3.48%	22.36%	6.27%	11.44%	1.22%	-16.60%	-107.85%	-51.24%	-14.15%	-9.15%	13.04%	12.45%	9.80%	20.66%	8.09%	12.72%	12.55%	5.80%	-1.38%	2.78%	8.57%	11.72%	—	—
Depreciation and Amortization	215,098,333	214,481,600	379,879,100	347,022,933	327,109,900	172,403,000	167,563,000	156,257,000	211,930,000	277,108,000	212,083,000	215,030,000	552,579,000	600,306,000	618,109,000	657,807,000	297,582,000	291,641,000	285,612,000	267,371,000	275,464,000	286,465,000	313,114,000	342,749,000	252,089,000	237,861,000	191,041,000	150,484,000
Depreciation and Amortization Margin	39.71%	38.64%	49.39%	41.79%	36.68%	31.14%	32.00%	30.31%	39.59%	49.22%	36.76%	37.34%	71.89%	69.92%	66.66%	63.97%	28.21%	27.49%	27.11%	25.84%	25.81%	26.73%	28.74%	30.11%	24.22%	23.74%	—	—
EBITDA	385,287,333	318,442,600	456,458,800	468,169,800	466,381,250	450,842,000	348,623,000	368,915,000	388,933,000	398,014,000	339,351,000	97,000,000	473,863,000	543,652,000	608,233,000	663,143,000	683,484,000	684,778,000	458,887,000	475,108,000	420,368,000	418,818,000	414,925,000	718,760,000	389,222,000	397,377,000	384,794,000	319,378,000
EBITDA Margin	71.64%	58.12%	61.04%	56.19%	51.06%	81.43%	66.58%	71.56%	72.66%	70.69%	58.83%	16.84%	61.65%	63.32%	65.60%	64.49%	64.78%	64.56%	43.55%	45.92%	39.38%	39.08%	38.08%	63.15%	37.40%	39.65%	—	—
NOPAT	83,782,065	141,953,873	188,322,109	248,204,638	256,871,381	168,689,446	128,786,159	129,936,953	72,989,122	48,420,121	333,585,107	124,838,059	-135,708,447	293,407,566	235,789,384	364,573,639	415,389,590	381,698,000	327,063,740	376,433,765	358,133,967	396,518,998	305,942,398	304,470,890	400,995,358	402,949,416	0	0
NOPAT Margin	15.81%	25.39%	24.37%	27.85%	27.56%	30.47%	24.60%	25.20%	13.64%	8.60%	57.83%	21.68%	-17.65%	34.17%	25.43%	35.46%	39.37%	35.98%	31.04%	36.38%	33.55%	37.00%	28.08%	26.75%	38.53%	40.21%	—	—
Owner's Earnings	205,776,333	24,636,200	107,583,100	151,198,467	67,249,800	296,196,000	200,368,000	215,227,000	218,476,000	183,626,000	-414,094,000	-80,054,000	141,374,000	199,980,000	403,412,000	413,629,000	-205,745,000	249,680,000	248,585,000	148,821,000	192,521,000	352,539,000	68,393,000	-74,088,000	-223,484,000	-97,021,000	-596,781,000	-656,062,000
Owner's Earnings Margin	38.39%	5.90%	13.54%	16.52%	10.82%	53.50%	38.27%	41.75%	40.81%	32.61%	-71.78%	-13.90%	18.39%	23.29%	43.51%	40.23%	-19.50%	23.54%	23.59%	14.38%	18.04%	32.89%	6.28%	-6.51%	-21.48%	-9.68%	—	—

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	1996-12-31	1995-12-31
Revenue	537,952,667	553,318,800	740,437,400	846,168,133	848,149,850	678,519,880	565,433,233	515,561,000	535,286,000	563,011,000	576,875,000	575,861,000	768,696,000	858,557,000	927,252,000	1,028,257,000	1,055,018,000	1,060,739,000	1,053,625,000	1,034,640,000	1,067,340,000	1,071,804,000	1,089,489,000	1,138,218,000	1,040,627,000	1,002,141,000	0	0	0	0	0	0	0	0	0	0	0
Cash & Cash Equivalents	39,899,000	70,206,400	49,745,600	52,408,667	50,438,800	46,481,040	41,615,300	40,791,000	34,188,000	44,718,000	169,554,000	61,781,000	32,816,000	25,138,000	32,627,000	18,951,000	36,892,000	37,938,000	65,500,000	78,248,000	56,092,000	50,896,000	48,062,000	51,220,000	65,826,000	28,700,000	28,838,000	25,766,000	98,808,000	13,355,000	10,137,000	5,184,000	7,074,000	5,827,000	69,232,000	4,300,000	0
Cash & Cash Equivalents Margin	7.41%	12.47%	7.84%	7.05%	6.19%	4.96%	4.13%	7.91%	6.39%	7.94%	29.39%	10.73%	4.27%	2.93%	3.52%	1.84%	3.50%	3.58%	6.22%	7.56%	5.26%	4.75%	4.41%	4.50%	6.33%	2.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Investments	265,904,000	189,541,600	94,770,800	63,180,533	54,512,900	43,610,320	36,341,933	243,148,000	262,142,000	292,422,000	149,996,000	0	0	0	0	0	0	0	0	0	0	0	0	0	142,550,000	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	49.36%	34.81%	17.41%	11.60%	9.39%	7.51%	6.26%	47.16%	48.97%	51.94%	26.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	305,803,000	259,748,000	144,516,400	115,589,200	104,951,700	90,091,360	77,957,233	283,939,000	296,330,000	337,140,000	319,550,000	61,781,000	32,816,000	25,138,000	32,627,000	18,951,000	36,892,000	37,938,000	65,500,000	78,248,000	56,092,000	50,896,000	48,062,000	51,220,000	208,376,000	28,700,000	28,838,000	25,766,000	98,808,000	13,355,000	10,137,000	5,184,000	7,074,000	5,827,000	69,232,000	4,300,000	0
Cash & Short-Term Investments Margin	56.77%	47.29%	25.25%	18.66%	15.58%	12.47%	10.39%	55.07%	55.36%	59.88%	55.39%	10.73%	4.27%	2.93%	3.52%	1.84%	3.50%	3.58%	6.22%	7.56%	5.26%	4.75%	4.41%	4.50%	20.02%	2.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Receivables	103,299,667	135,564,600	109,637,700	94,821,933	90,777,750	81,504,360	72,072,333	47,950,000	46,188,000	215,761,000	264,269,000	103,655,000	75,252,000	77,788,000	83,552,000	94,676,000	87,286,000	81,338,000	79,899,000	78,963,000	85,752,000	0	81,332,000	86,547,000	82,827,000	81,229,000	61,291,000	52,115,000	45,198,000	41,686,000	41,186,000	41,869,000	32,478,000	28,531,000	25,690,000	27,362,000	10,500,000
Net Receivables Margin	18.75%	24.01%	16.54%	13.09%	11.37%	9.10%	7.58%	9.30%	8.63%	38.32%	45.81%	18.00%	9.79%	9.06%	9.01%	9.21%	8.27%	7.67%	7.58%	7.63%	8.03%	0.00%	7.47%	7.60%	7.96%	8.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	-610,039,700	-406,693,133	-305,019,850	-244,015,880	-203,346,567	0	0	0	0	0	0	0	0	-6,064,201,000	-36,196,000	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%	-59.32%	-39.55%	-29.66%	-23.73%	-19.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-589.76%	-3.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	118,377,333	84,453,600	67,721,600	59,285,733	800,873,350	640,698,680	533,915,567	169,013,000	88,888,000	97,231,000	0	67,136,000	39,059,000	42,673,000	46,643,000	63,469,000	63,104,000	73,240,000	80,899,000	57,931,000	0	0	0	7,590,766,000	7,537,415,000	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Assets Margin	22.22%	15.66%	10.56%	8.38%	75.85%	60.68%	50.56%	32.78%	16.61%	17.27%	0.00%	11.66%	5.08%	4.97%	5.03%	6.17%	5.98%	6.90%	7.68%	5.60%	0.00%	0.00%	0.00%	666.90%	724.31%	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 Current Assets	527,480,000	479,766,200	321,875,700	269,696,867	996,602,800	812,294,400	683,945,133	500,902,000	431,406,000	650,132,000	583,819,000	232,572,000	147,127,000	145,599,000	162,822,000	177,096,000	187,282,000	192,516,000	226,298,000	215,142,000	141,844,000	50,896,000	129,394,000	7,728,533,000	7,828,618,000	109,929,000	90,129,000	77,881,000	144,006,000	55,041,000	51,323,000	47,053,000	39,552,000	34,358,000	94,922,000	31,662,000	10,500,000
Total Current Assets Margin	97.74%	86.96%	52.34%	40.13%	102.80%	82.24%	68.54%	97.16%	80.59%	115.47%	101.20%	40.39%	19.14%	16.96%	17.56%	17.22%	17.75%	18.15%	21.48%	20.79%	13.29%	4.75%	11.88%	679.00%	752.30%	10.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Property, Plant & Equipment	0	724,198,800	2,897,081,500	3,552,691,600	4,357,392,300	4,192,342,680	3,715,446,433	0	0	0	0	3,620,994,000	4,065,800,000	4,754,555,000	5,156,835,000	5,514,678,000	5,857,953,000	5,947,175,000	6,067,157,000	6,299,557,000	6,005,670,000	0	7,095,035,000	7,321,480,000	7,402,278,000	6,094,251,000	5,944,428,000	4,894,780,000	3,912,220,000	3,611,485,000	3,201,622,000	2,040,614,000	1,960,554,000	1,805,788,000	1,142,324,000	987,260,000	758,900,000
Property, Plant & Equipment Margin	0.00%	125.76%	335.92%	377.82%	414.06%	331.25%	276.04%	0.00%	0.00%	0.00%	0.00%	628.80%	528.92%	553.78%	556.14%	536.31%	555.25%	560.66%	575.84%	608.86%	562.68%	0.00%	651.23%	643.24%	711.33%	608.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Goodwill	0	0	-14,706,000	-9,804,000	-7,353,000	-5,882,400	-4,902,000	0	0	0	0	0	0	-28,522,000	-59,670,000	-58,868,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	0.00%	0.00%	-1.55%	-1.03%	-0.77%	-0.62%	-0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.32%	-6.44%	-5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	316,722,000	294,796,000	177,307,000	172,084,467	172,172,400	137,737,920	114,781,600	347,407,000	315,930,000	286,829,000	489,390,000	34,424,000	38,335,000	48,655,000	66,790,000	64,709,000	80,601,000	82,720,000	99,605,000	127,300,000	232,965,000	265,607,000	279,950,000	305,802,000	276,429,000	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	59.12%	53.63%	30.00%	25.07%	22.76%	18.21%	15.17%	67.38%	59.02%	50.95%	84.83%	5.98%	4.99%	5.67%	7.20%	6.29%	7.64%	7.80%	9.45%	12.30%	21.83%	24.78%	25.70%	26.87%	26.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	79,072,667	170,659,800	227,133,700	242,401,733	212,577,150	170,061,720	141,718,100	83,465,000	76,458,000	77,295,000	103,655,000	512,426,000	307,354,000	283,553,000	249,192,000	266,872,000	311,067,000	301,961,000	291,119,000	287,489,000	304,710,000	179,410,000	186,523,000	207,618,000	142,550,000	78,826,000	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	14.73%	30.23%	30.65%	29.04%	24.63%	19.70%	16.42%	16.19%	14.28%	13.73%	17.97%	88.98%	39.98%	33.03%	26.87%	25.95%	29.48%	28.47%	27.63%	27.79%	28.55%	16.74%	17.12%	18.24%	13.70%	7.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	0	0	1,715,673,200	1,128,251,133	790,066,200	632,052,960	526,710,800	0	0	0	0	0	0	5,340,853,000	5,704,808,000	6,104,640,000	6,431,000	0	0	0	-232,965,000	0	-466,473,000	-513,420,000	-142,550,000	0	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	0.00%	0.00%	183.16%	120.65%	85.41%	68.33%	56.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	622.07%	615.24%	593.69%	0.61%	0.00%	0.00%	0.00%	-21.83%	0.00%	-42.82%	-45.11%	-13.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	1,687,171,667	1,374,790,800	-976,995,500	-1,069,367,000	-1,798,851,700	-2,145,510,200	-2,009,752,700	1,815,417,000	1,582,111,000	1,663,987,000	1,769,115,000	43,324,000	63,730,000	-5,203,840,000	-5,575,969,000	-5,964,487,000	36,657,000	74,800,000	101,792,000	-6,714,346,000	267,204,000	0	504,681,000	-7,015,678,000	-7,402,278,000	-78,826,000	-5,944,428,000	-4,894,780,000	-3,912,220,000	-3,611,485,000	-3,201,622,000	-2,040,614,000	-1,960,554,000	-1,805,788,000	-1,142,324,000	-987,260,000	-758,900,000
Other Non-Current Assets Margin	314.41%	251.49%	-51.83%	-75.03%	-120.74%	-96.59%	-80.49%	352.12%	295.56%	295.55%	306.67%	7.52%	8.29%	-606.11%	-601.34%	-580.06%	3.47%	7.05%	9.66%	-648.95%	25.03%	0.00%	46.32%	-616.37%	-711.33%	-7.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Assets	0	0	-1,506,117,400	-993,395,067	-771,872,800	-676,858,280	-583,958,467	0	0	0	0	0	0	-4,676,760,000	-5,037,088,000	-5,347,326,000	0	0	0	160,248,000	0	0	0	0	0	-244,820,000	-291,710,000	-334,767,000	-319,347,000	-371,925,000	-311,195,000	-146,767,000	-152,018,000	-152,839,000	-116,118,000	-107,422,000	-68,900,000
Other Assets Margin	0.00%	0.00%	-160.80%	-106.17%	-80.85%	-64.68%	-53.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-544.72%	-543.23%	-520.04%	0.00%	0.00%	0.00%	15.49%	0.00%	0.00%	0.00%	0.00%	0.00%	-24.43%	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	2,082,966,333	2,564,445,400	4,025,493,900	4,463,881,000	4,358,942,050	4,193,582,480	3,716,479,600	2,246,289,000	1,974,499,000	2,028,111,000	2,362,160,000	4,211,168,000	4,475,219,000	5,195,254,000	5,541,986,000	5,927,544,000	6,292,709,000	6,406,656,000	6,559,673,000	6,714,346,000	6,577,584,000	445,017,000	7,599,716,000	305,802,000	276,429,000	6,094,251,000	5,944,428,000	4,894,780,000	3,912,220,000	3,611,485,000	3,201,622,000	2,040,614,000	1,960,554,000	1,805,788,000	1,142,324,000	987,260,000	758,900,000
Total Non-Current Assets Margin	388.26%	461.11%	526.34%	519.78%	457.79%	366.23%	305.19%	435.70%	368.87%	360.23%	409.48%	731.28%	582.18%	605.11%	597.68%	576.47%	596.46%	603.98%	622.58%	648.95%	616.26%	41.52%	697.55%	26.87%	26.56%	608.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Assets	2,610,446,333	3,044,211,600	2,841,252,200	3,740,182,800	4,583,672,050	4,329,018,600	3,816,466,267	2,747,191,000	2,405,905,000	2,678,243,000	2,945,979,000	4,443,740,000	4,622,346,000	664,093,000	667,720,000	757,314,000	6,479,991,000	6,599,172,000	6,785,971,000	7,089,736,000	6,719,428,000	495,913,000	7,729,110,000	8,034,335,000	8,105,047,000	5,959,360,000	5,742,847,000	4,637,894,000	3,736,879,000	3,294,601,000	2,941,750,000	1,940,900,000	1,848,088,000	1,687,307,000	1,121,128,000	911,500,000	700,500,000
Total Assets Margin	486.01%	548.07%	417.89%	453.74%	479.75%	383.80%	319.83%	532.85%	449.46%	475.70%	510.68%	771.67%	601.32%	77.35%	72.01%	73.65%	614.21%	622.13%	644.06%	685.24%	629.55%	46.27%	709.43%	705.87%	778.86%	594.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	0	32,801,200	119,113,500	114,074,067	85,555,550	68,444,440	57,037,033	0	0	0	0	164,006,000	218,967,000	187,514,000	166,787,000	199,205,000	254,656,000	240,631,000	279,345,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.00%	5.70%	14.03%	12.63%	9.48%	7.58%	6.32%	0.00%	0.00%	0.00%	0.00%	28.48%	28.49%	21.84%	17.99%	19.37%	24.14%	22.69%	26.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt	0	0	0	68,603,933	159,009,200	127,207,360	106,006,133	0	0	0	0	0	0	0	0	0	0	0	0	0	1,029,059,000	0	1,038,106,000	0	1,113,019,000	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Margin	0.00%	0.00%	0.00%	6.43%	14.93%	11.95%	9.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	96.41%	0.00%	95.28%	0.00%	106.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Payables	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	0	0	0
Tax Payables 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%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	-2,453,882,700	-1,635,921,800	-1,226,941,350	-981,553,080	-817,960,900	0	0	0	0	0	0	-7,609,781,000	-7,960,757,000	-8,372,479,000	-595,810,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	-261.56%	-174.37%	-130.78%	-104.62%	-87.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-886.35%	-858.53%	-814.24%	-56.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	202,814,667	159,779,800	111,475,400	15,327,400	20,090,950	134,132,760	138,617,300	221,647,000	186,485,000	200,312,000	184,404,000	6,051,000	8,502,000	74,419,000	61,863,000	81,293,000	89,778,000	85,495,000	50,523,000	-295,379,000	-725,482,000	0	-789,773,000	1,145,000,000	-1,113,019,000	0	929,700,000	790,800,000	717,700,000	651,800,000	534,800,000	256,400,000	238,200,000	231,400,000	172,800,000	162,800,000	0
Other Current Liabilities Margin	37.80%	29.29%	17.93%	6.37%	0.84%	0.67%	0.56%	42.99%	34.84%	35.58%	31.97%	1.05%	1.11%	8.67%	6.67%	7.91%	8.51%	8.06%	4.80%	-28.55%	-67.97%	0.00%	-72.49%	100.60%	-106.96%	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 Current Liabilities	202,814,667	192,581,000	230,588,900	241,235,267	406,313,100	443,110,480	396,098,733	221,647,000	186,485,000	200,312,000	184,404,000	170,057,000	227,469,000	261,933,000	228,650,000	280,498,000	344,434,000	326,126,000	329,868,000	353,069,000	303,577,000	0	248,333,000	1,145,000,000	1,315,200,000	869,500,000	929,700,000	790,800,000	717,700,000	651,800,000	534,800,000	256,400,000	238,200,000	231,400,000	172,800,000	162,800,000	0
Total Current Liabilities Margin	37.80%	34.98%	31.96%	29.61%	39.04%	31.23%	26.02%	42.99%	34.84%	35.58%	31.97%	29.53%	29.59%	30.51%	24.66%	27.28%	32.65%	30.75%	31.31%	34.12%	28.44%	0.00%	22.79%	100.60%	126.39%	86.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt	2,097,564,333	2,478,563,800	2,063,429,900	2,559,544,800	3,110,055,500	2,978,130,480	2,624,890,900	2,212,680,000	1,969,211,000	2,110,802,000	2,360,475,000	3,739,651,000	3,530,852,000	0	0	0	4,710,628,000	4,685,559,000	4,861,530,000	4,751,488,000	3,460,296,000	0	4,578,033,000	4,454,997,000	5,869,318,000	4,564,535,000	4,341,055,000	3,371,679,000	2,738,102,000	2,402,079,000	2,315,955,000	1,424,337,000	1,360,753,000	1,208,204,000	741,413,000	590,295,000	392,800,000
Long-Term Debt Margin	390.66%	446.11%	313.64%	321.53%	332.70%	266.16%	221.80%	429.18%	367.88%	374.91%	409.18%	649.40%	459.33%	0.00%	0.00%	0.00%	446.50%	441.73%	461.41%	459.24%	324.20%	0.00%	420.20%	391.40%	564.02%	455.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Lease Obligations	63,674,667	69,245,000	35,006,200	23,337,467	17,503,100	14,002,480	11,668,733	0	80,408,000	110,616,000	151,871,000	3,330,000	3,837,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	11.56%	12.31%	6.21%	4.14%	3.10%	2.48%	2.07%	0.00%	15.02%	19.65%	26.33%	0.58%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	0	0	6,145,900	4,097,267	3,072,950	2,458,360	2,048,633	0	0	0	0	0	0	13,573,000	20,234,000	26,980,000	672,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.00%	0.00%	0.65%	0.43%	0.32%	0.26%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.58%	2.18%	2.62%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	-26,802,667	-16,081,600	-8,040,800	-253,522,467	-555,678,850	-446,181,160	-371,816,467	0	-80,408,000	0	0	0	0	0	0	0	0	0	0	-4,751,488,000	1,029,059,000	0	1,482,365,000	1,640,703,000	-5,869,318,000	-4,564,535,000	45,000	-12,179,000	-28,802,000	21,000	45,000	-37,000	47,000	-4,000	-13,000	5,000	0
Other Non-Current Liabilities Margin	-5.01%	-3.00%	-1.50%	-25.19%	-55.86%	-44.69%	-37.24%	0.00%	-15.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-459.24%	96.41%	0.00%	136.06%	144.15%	-564.02%	-455.48%	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 Liabilities	2,070,761,667	2,462,482,200	3,329,321,000	3,472,076,133	3,950,607,000	3,648,933,600	3,183,894,667	2,212,680,000	1,888,803,000	2,110,802,000	2,360,475,000	3,739,651,000	3,530,852,000	4,043,180,000	4,230,845,000	4,465,294,000	4,710,628,000	4,685,559,000	4,861,530,000	4,751,488,000	4,489,355,000	0	6,060,398,000	6,095,700,000	5,869,300,000	4,564,500,000	4,341,100,000	3,359,500,000	2,709,300,000	2,402,100,000	2,316,000,000	1,424,300,000	1,360,800,000	1,208,200,000	741,400,000	590,300,000	392,800,000
Total Non-Current Liabilities Margin	385.65%	443.11%	448.28%	417.72%	418.86%	335.08%	279.24%	429.18%	352.86%	374.91%	409.18%	649.40%	459.33%	470.93%	456.28%	434.26%	446.50%	441.73%	461.41%	459.24%	420.61%	0.00%	556.26%	535.55%	564.02%	455.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Liabilities	2,273,576,333	2,655,063,200	2,209,384,500	2,812,961,133	3,536,442,300	3,347,652,640	2,941,653,767	2,434,327,000	2,075,288,000	2,311,114,000	2,544,879,000	3,909,708,000	3,758,321,000	1,727,000	1,711,000	1,708,000	5,055,062,000	5,011,685,000	5,191,398,000	5,104,557,000	4,792,932,000	0	6,308,731,000	6,425,667,000	6,264,202,000	4,874,504,000	4,661,325,000	3,583,743,000	2,899,579,000	2,553,411,000	2,419,662,000	1,506,075,000	1,428,201,000	1,271,525,000	790,275,000	638,696,000	429,600,000
Total Liabilities Margin	423.45%	478.09%	335.91%	351.11%	374.93%	299.95%	249.95%	472.17%	387.70%	410.49%	441.15%	678.93%	488.92%	0.20%	0.18%	0.17%	479.14%	472.47%	492.72%	493.37%	449.05%	0.00%	579.05%	564.54%	601.96%	486.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock	0	5,000	7,500	10,667	9,750	7,800	6,500	0	0	0	0	25,000	25,000	0	0	0	25,000	25,000	25,000	25,000	5,000	5,000	5,000	5,000	5,000	20,000	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	31,667	416,400	1,067,400	1,243,533	1,131,850	962,320	833,433	31,000	32,000	32,000	21,000	1,966,000	1,741,000	1,727,000	1,711,000	1,708,000	1,705,000	1,703,000	1,700,000	1,613,000	1,484,000	1,479,000	1,379,000	664,000	662,000	654,000	625,000	313,000	303,000	298,000	256,000	251,000	248,000	246,000	241,000	210,000	0
Common Stock Margin	0.01%	0.07%	0.13%	0.14%	0.12%	0.09%	0.08%	0.01%	0.01%	0.01%	0.00%	0.34%	0.23%	0.20%	0.18%	0.17%	0.16%	0.16%	0.16%	0.16%	0.14%	0.14%	0.13%	0.06%	0.06%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Retained Earnings	-363,737,667	-248,551,600	140,106,900	-63,744,333	-72,092,850	-58,718,840	-53,005,300	-371,833,000	-380,446,000	-338,934,000	-151,545,000	0	0	964,137,000	1,140,004,000	1,228,714,000	-689,028,000	-566,785,000	-570,781,000	-453,561,000	-399,581,000	-366,526,000	-283,640,000	-193,307,000	-70,154,000	9,701,000	51,708,000	31,095,000	20,966,000	-22,444,000	-27,796,000	-27,935,000	-36,265,000	-36,235,000	-28,433,000	-20,855,000	-400,000
Retained Earnings Margin	-67.80%	-45.93%	5.98%	-10.89%	-10.61%	-8.48%	-7.07%	-72.12%	-71.07%	-60.20%	-26.27%	0.00%	0.00%	112.30%	122.94%	119.49%	-65.31%	-53.43%	-54.17%	-43.84%	-37.44%	-34.20%	-26.03%	-16.98%	-6.74%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	112,667	-291,216,400	299,450,600	126,302,067	-118,964,000	-179,007,360	-171,198,800	782,000	610,000	-1,054,000	-3,000	-1,456,417,000	-1,161,351,000	1,035,740,000	1,245,313,000	1,358,848,000	1,972,038,000	-553,374,000	-564,456,000	7,000,000	3,000,000	7,855,000	-1,505,840,000	-13,000,000	-1,102,767,000	-924,297,000	-727,907,000	-575,464,000	-467,614,000	-434,840,000	-346,940,000	-271,046,000	-223,548,000	-177,055,000	-145,641,000	-114,536,000	0
Accumulated OCI Margin	0.03%	-50.57%	17.01%	4.40%	-13.58%	-10.86%	-9.05%	0.15%	0.11%	-0.19%	0.00%	-252.91%	-151.08%	120.64%	134.30%	132.15%	186.92%	-52.17%	-53.57%	0.68%	0.28%	0.73%	-138.22%	-1.14%	-105.97%	-92.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	-7,599,333	-3,141,600	1,290,535,400	933,272,333	701,088,700	560,870,960	467,392,467	-10,682,000	-8,704,000	-3,412,000	4,901,000	2,189,000	57,713,000	4,031,615,000	4,218,452,000	4,473,323,000	139,959,000	180,935,000	189,660,000	656,486,000	32,271,000	34,379,000	22,689,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	-1.43%	-0.61%	137.73%	98.80%	74.20%	59.36%	49.47%	-2.07%	-1.63%	-0.61%	0.85%	0.38%	7.51%	469.58%	454.94%	435.04%	13.27%	17.06%	18.00%	63.45%	3.02%	3.21%	2.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	344,469,333	392,290,000	2,120,303,300	1,860,453,800	1,645,264,350	1,459,793,640	1,273,502,233	323,546,000	339,321,000	370,541,000	396,199,000	531,843,000	806,312,000	5,340,853,000	5,704,808,000	6,104,640,000	1,284,970,000	1,406,552,000	1,404,913,000	1,328,693,000	1,263,278,000	1,300,338,000	1,117,896,000	793,658,000	920,548,000	1,084,856,000	1,081,522,000	1,054,151,000	837,300,000	741,190,000	522,088,000	434,825,000	419,887,000	415,782,000	330,853,000	272,804,000	270,900,000
Total Shareholders’ Equity Margin	63.99%	70.60%	241.07%	202.98%	170.69%	136.55%	113.79%	62.76%	63.39%	65.81%	68.68%	92.36%	104.89%	622.07%	615.24%	593.69%	121.80%	132.60%	133.34%	128.42%	118.36%	121.32%	102.61%	69.73%	88.46%	108.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Equity	336,870,000	389,148,400	3,410,838,700	2,793,726,133	2,346,353,050	2,020,664,600	1,740,894,700	312,864,000	330,617,000	367,129,000	401,100,000	534,032,000	864,025,000	9,372,468,000	9,923,260,000	10,577,963,000	1,424,929,000	1,587,487,000	1,594,573,000	1,985,179,000	1,295,549,000	1,334,717,000	1,140,585,000	793,658,000	920,548,000	1,084,856,000	1,081,522,000	1,054,151,000	837,300,000	741,190,000	522,088,000	434,825,000	419,887,000	415,782,000	330,853,000	272,804,000	270,900,000
Total Equity Margin	62.55%	69.98%	378.79%	301.78%	244.89%	195.91%	163.26%	60.68%	61.76%	65.21%	69.53%	92.74%	112.40%	1,091.65%	1,070.18%	1,028.73%	135.06%	149.66%	151.34%	191.87%	121.38%	124.53%	104.69%	69.73%	88.46%	108.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Liabilities & Equity	2,610,446,333	3,044,211,600	3,912,350,100	4,819,128,133	5,377,756,900	4,964,286,480	4,345,856,167	2,747,191,000	2,405,905,000	2,678,243,000	2,945,979,000	4,443,740,000	4,622,346,000	4,056,753,000	4,251,079,000	4,492,274,000	6,479,991,000	6,599,172,000	6,785,971,000	6,897,332,000	6,056,210,000	6,824,736,000	7,426,627,000	8,034,335,000	8,105,047,000	5,959,360,000	5,742,847,000	4,637,894,000	3,736,879,000	3,294,601,000	2,941,750,000	1,940,900,000	1,848,088,000	1,687,307,000	1,121,128,000	911,500,000	700,500,000
Total Liabilities & Equity Margin	486.01%	548.07%	532.37%	564.05%	561.09%	448.87%	374.06%	532.85%	449.46%	475.70%	510.68%	771.67%	601.32%	472.51%	458.46%	436.88%	614.21%	622.13%	644.06%	666.64%	567.41%	636.75%	681.66%	705.87%	778.86%	594.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	344,976,667	360,201,400	321,904,500	305,582,267	267,090,050	213,672,040	178,060,033	326,613,000	338,600,000	369,717,000	253,651,000	512,426,000	307,354,000	283,553,000	249,192,000	266,872,000	311,067,000	301,961,000	291,119,000	287,489,000	304,710,000	179,410,000	186,523,000	207,618,000	285,100,000	78,826,000	0	0	0	0	0	0	0	0	0	0	0
Total Investments Margin	64.09%	65.05%	48.06%	40.65%	34.02%	27.21%	22.68%	63.35%	63.26%	65.67%	43.97%	88.98%	39.98%	33.03%	26.87%	25.95%	29.48%	28.47%	27.63%	27.79%	28.55%	16.74%	17.12%	18.24%	27.40%	7.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	2,057,665,333	2,408,357,400	2,033,651,700	2,588,664,667	3,261,831,050	3,093,420,920	2,718,085,167	2,171,889,000	1,935,023,000	2,066,084,000	2,190,921,000	3,677,870,000	3,498,036,000	56,331,000	20,704,000	45,923,000	4,673,736,000	4,647,621,000	4,796,030,000	4,667,435,000	4,433,263,000	-50,896,000	5,568,077,000	6,044,480,000	5,946,042,000	4,535,835,000	4,312,217,000	3,345,913,000	2,639,294,000	2,388,724,000	2,305,818,000	1,419,153,000	1,353,679,000	1,202,377,000	672,181,000	585,995,000	392,800,000
Net Debt Margin	383.24%	433.64%	307.95%	322.31%	345.04%	276.03%	230.02%	421.27%	361.49%	366.97%	379.79%	638.67%	455.06%	6.56%	2.23%	4.47%	443.00%	438.15%	455.19%	451.12%	415.36%	-4.75%	511.07%	531.05%	571.39%	452.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	1996-12-31	1995-12-31
Revenue	537,952,667	553,318,800	740,437,400	846,168,133	848,149,850	678,519,880	565,433,233	515,561,000	535,286,000	563,011,000	576,875,000	575,861,000	768,696,000	858,557,000	927,252,000	1,028,257,000	1,055,018,000	1,060,739,000	1,053,625,000	1,034,640,000	1,067,340,000	1,071,804,000	1,089,489,000	1,138,218,000	1,040,627,000	1,002,141,000	0	0	0	0	0	0	0	0	0	0	0
Working Capital	324,665,333	287,185,200	91,286,800	28,461,600	590,289,700	369,183,920	287,846,400	279,255,000	244,921,000	449,820,000	399,415,000	62,515,000	-80,342,000	-116,334,000	-65,828,000	-103,402,000	-157,152,000	-133,610,000	-103,570,000	-137,927,000	-161,733,000	50,896,000	-118,939,000	6,583,533,000	6,513,418,000	-759,571,000	-839,571,000	-712,919,000	-573,694,000	-596,759,000	-483,477,000	-209,347,000	-198,648,000	-197,042,000	-77,878,000	-131,138,000	10,500,000
Working Capital Margin	59.94%	51.98%	20.39%	10.51%	63.77%	51.01%	42.51%	54.17%	45.76%	79.90%	69.24%	10.86%	-10.45%	-13.55%	-7.10%	-10.06%	-14.90%	-12.60%	-9.83%	-13.33%	-15.15%	4.75%	-10.92%	578.41%	625.91%	-75.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Capital	2,442,033,667	2,870,853,800	4,203,700,600	4,501,527,133	4,957,534,200	4,599,695,600	4,033,202,700	2,536,226,000	2,308,532,000	2,481,343,000	2,756,674,000	4,271,494,000	4,337,164,000	5,422,322,000	5,758,139,000	6,169,514,000	5,995,598,000	6,092,111,000	6,266,443,000	6,074,376,000	5,752,633,000	1,300,338,000	6,734,035,000	6,889,358,000	6,932,416,000	5,649,391,000	5,422,577,000	4,425,830,000	3,575,402,000	3,143,269,000	2,838,043,000	1,859,162,000	1,780,640,000	1,623,986,000	1,072,266,000	863,099,000	663,700,000
Total Capital Margin	454.64%	516.71%	556.86%	532.34%	521.92%	417.53%	347.95%	491.94%	431.27%	440.73%	477.86%	741.76%	564.22%	631.56%	620.99%	600.00%	568.29%	574.33%	594.75%	587.10%	538.97%	121.32%	618.09%	605.28%	666.18%	563.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Employed	2,407,631,667	2,851,630,600	2,610,663,300	3,498,947,533	4,177,358,950	3,885,908,120	3,420,367,533	2,525,544,000	2,219,420,000	2,477,931,000	2,761,575,000	4,273,683,000	4,394,877,000	402,160,000	439,070,000	476,816,000	6,135,557,000	6,273,046,000	6,456,103,000	6,736,667,000	6,415,851,000	495,913,000	7,480,777,000	6,889,335,000	6,789,847,000	5,089,860,000	4,813,147,000	3,847,094,000	3,019,179,000	2,642,801,000	2,406,950,000	1,684,500,000	1,609,888,000	1,455,907,000	948,328,000	748,700,000	700,500,000
Capital Employed Margin	448.20%	513.09%	385.93%	424.13%	440.71%	352.57%	293.81%	489.86%	414.62%	440.12%	478.71%	742.14%	571.73%	46.84%	47.35%	46.37%	581.56%	591.38%	612.75%	651.11%	601.11%	46.27%	686.63%	605.27%	652.48%	507.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital	2,402,134,667	2,800,647,400	4,153,955,000	4,449,118,467	4,907,095,400	4,553,214,560	3,991,587,400	2,495,435,000	2,274,344,000	2,436,625,000	2,587,120,000	4,209,713,000	4,304,348,000	5,397,184,000	5,725,512,000	6,150,563,000	5,958,706,000	6,054,173,000	6,200,943,000	5,996,128,000	5,696,541,000	1,249,442,000	6,685,973,000	6,838,138,000	6,866,590,000	5,620,691,000	5,393,739,000	4,400,064,000	3,476,594,000	3,129,914,000	2,827,906,000	1,853,978,000	1,773,566,000	1,618,159,000	1,003,034,000	858,799,000	663,700,000
Invested Capital Margin	447.23%	504.24%	549.02%	525.29%	515.72%	412.58%	343.82%	484.02%	424.88%	432.78%	448.47%	731.03%	559.95%	628.63%	617.47%	598.15%	564.80%	570.75%	588.53%	579.54%	533.71%	116.57%	613.68%	600.78%	659.85%	560.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	1996-12-31	1995-12-31
Revenue	537,952,667	553,318,800	740,437,400	846,168,133	848,149,850	678,519,880	565,433,233	515,561,000	535,286,000	563,011,000	576,875,000	575,861,000	768,696,000	858,557,000	927,252,000	1,028,257,000	1,055,018,000	1,060,739,000	1,053,625,000	1,034,640,000	1,067,340,000	1,071,804,000	1,089,489,000	1,138,218,000	1,040,627,000	1,002,141,000	0	0	0	0	0	0	0	0	0	0	0
Net Income	-13,064,667	-213,090,400	-90,604,300	-12,461,667	-9,325,900	-7,460,720	-6,217,267	57,117,000	3,204,000	-99,515,000	-622,172,000	-404,086,000	-131,721,000	-78,568,000	126,120,000	172,439,000	71,139,000	219,150,000	85,204,000	131,600,000	184,994,000	98,170,000	-7,065,000	7,472,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income Margin	-2.00%	-36.80%	-17.32%	-7.02%	-5.26%	-4.21%	-3.51%	11.08%	0.60%	-17.68%	-107.85%	-70.17%	-17.14%	-9.15%	13.60%	16.77%	6.74%	20.66%	8.09%	12.72%	17.33%	9.16%	-0.65%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Depreciation & Amortization	215,098,333	213,680,600	190,394,200	219,640,400	231,040,050	205,700,600	177,567,200	156,257,000	211,930,000	277,108,000	208,078,000	215,030,000	255,937,000	285,401,000	299,090,000	292,693,000	-297,582,000	291,641,000	278,974,000	254,197,000	275,464,000	290,388,000	313,114,000	332,090,000	252,089,000	237,861,000	191,041,000	150,484,000	120,133,000	99,743,000	89,444,000	61,910,000	55,240,000	45,357,000	33,363,000	27,041,000	23,500,000
Depreciation & Amortization Margin	39.71%	38.51%	29.16%	28.20%	26.44%	21.16%	17.63%	30.31%	39.59%	49.22%	36.07%	37.34%	33.29%	33.24%	32.26%	28.46%	-28.21%	27.49%	26.48%	24.57%	25.81%	27.09%	28.74%	29.18%	24.22%	23.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Income Tax	-601,667	-361,000	142,400	267,200	-857,400	-685,920	-571,600	-1,650,000	-1,283,000	1,128,000	0	0	2,668,000	-2,905,000	4,526,000	-907,000	-153,000	1,329,000	1,824,000	3,095,000	-5,695,000	2,031,000	1,170,000	-7,472,000	-9,104,000	-5,750,000	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.12%	-0.07%	0.00%	0.02%	-0.09%	-0.07%	-0.06%	-0.32%	-0.24%	0.20%	0.00%	0.00%	0.35%	-0.34%	0.49%	-0.09%	-0.01%	0.13%	0.17%	0.30%	-0.53%	0.19%	0.11%	-0.66%	-0.87%	-0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	13,265,000	7,959,000	6,668,800	5,415,200	4,219,400	3,375,520	2,812,933	14,928,000	12,982,000	11,885,000	0	0	4,783,000	5,386,000	5,792,000	5,714,000	5,218,000	3,979,000	2,725,000	3,740,000	1,783,000	2,313,000	3,160,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	2.48%	1.49%	1.04%	0.78%	0.60%	0.48%	0.40%	2.90%	2.43%	2.11%	0.00%	0.00%	0.62%	0.63%	0.62%	0.56%	0.49%	0.38%	0.26%	0.36%	0.17%	0.22%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-22,068,333	-8,821,600	-841,500	-4,556,067	30,176,000	2,036,800	-6,602,667	4,097,000	-19,296,000	-51,006,000	71,819,000	-49,722,000	29,339,000	14,536,000	-2,433,000	-9,735,000	3,986,000	-2,952,000	-6,430,000	-2,150,000	-42,794,000	-5,600,000	-6,702,472,000	70,115,000	7,382,918,000	60,200,000	-138,900,000	-73,100,000	-65,900,000	-117,000,000	-278,400,000	-18,200,000	-6,800,000	-58,600,000	-10,000,000	-162,800,000	-10,800,000
Change in Working Capital Margin	-3.96%	-1.61%	-0.34%	-0.60%	4.87%	3.90%	3.25%	0.79%	-3.60%	-9.06%	12.45%	-8.63%	3.82%	1.69%	-0.26%	-0.95%	0.38%	-0.28%	-0.61%	-0.21%	-4.01%	-0.52%	-615.19%	6.16%	709.47%	6.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Receivable	-4,748,667	-13,644,400	-9,510,300	-7,577,600	-7,657,200	-8,553,840	-7,801,533	0	-3,752,000	-10,494,000	21,133,000	-75,109,000	-10,885,000	1,379,000	-3,941,000	-7,979,000	-5,455,000	-4,053,000	-12,358,000	-2,150,000	0	0	0	0	-5,614,000	-22,871,000	-10,995,000	-5,091,000	-22,543,000	-7,199,000	-13,693,000	-12,176,000	-4,900,000	-8,700,000	-2,000,000	-1,700,000	-2,900,000
Accounts Receivable Margin	-0.85%	-2.39%	-1.49%	-1.11%	-0.98%	-0.78%	-0.65%	0.00%	-0.70%	-1.86%	3.66%	-13.04%	-1.42%	0.16%	-0.43%	-0.78%	-0.52%	-0.38%	-1.17%	-0.21%	0.00%	0.00%	0.00%	0.00%	-0.54%	-2.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	-4,028,700	-2,685,800	-2,014,350	-1,611,480	-1,342,900	0	0	0	0	0	-40,287,000	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%	-0.52%	-0.35%	-0.26%	-0.21%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	-890,000	16,397,000	15,252,200	8,292,267	10,612,300	10,911,720	9,773,100	-2,670,000	0	0	49,198,000	35,457,000	40,287,000	11,814,000	8,168,000	2,630,000	7,638,000	-19,529,000	-19,529,000	15,645,000	875,000	-5,600,000	-6,686,000	0	73,307,000	4,745,000	16,496,000	11,907,000	1,346,000	23,157,000	18,208,000	5,929,000	6,900,000	15,100,000	1,100,000	5,200,000	-7,900,000
Accounts Payable Margin	-0.17%	2.83%	2.26%	1.33%	1.35%	1.08%	0.90%	-0.52%	0.00%	0.00%	8.53%	6.16%	5.24%	1.38%	0.88%	0.26%	0.72%	-1.84%	-1.85%	1.51%	0.08%	-0.52%	-0.61%	0.00%	7.04%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-16,429,667	-11,574,200	-2,554,700	-5,181,867	27,287,550	-267,760	-8,169,800	6,767,000	-15,544,000	-40,512,000	1,488,000	-10,070,000	40,224,000	1,343,000	-6,660,000	-4,386,000	1,803,000	1,101,000	5,928,000	-21,141,000	-43,669,000	5,600,000	-6,695,786,000	70,115,000	7,315,225,000	78,326,000	-144,401,000	-79,916,000	-44,703,000	-132,958,000	-282,915,000	-11,953,000	-8,800,000	-65,000,000	-9,100,000	-166,300,000	10,800,000
Other Working Capital Margin	-2.93%	-2.06%	-0.59%	-0.72%	4.58%	3.66%	3.05%	1.31%	-2.90%	-7.20%	0.26%	-1.75%	5.23%	0.16%	-0.72%	-0.43%	0.17%	0.10%	0.56%	-2.04%	-4.09%	0.52%	-614.58%	6.16%	702.96%	7.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	5,362,333	113,309,200	250,921,900	182,402,133	142,502,200	162,213,520	148,926,567	-28,526,000	-24,021,000	68,634,000	381,049,000	169,410,000	112,402,000	571,230,000	548,364,000	583,053,000	127,624,000	-43,757,000	104,278,000	95,718,000	28,084,000	42,490,000	6,823,731,000	11,872,000	-7,155,624,000	96,600,000	337,433,000	261,813,000	220,116,000	291,180,000	358,081,000	74,104,000	65,756,000	102,366,000	37,489,000	190,548,000	16,300,000
Other Non-Cash Items Margin	0.72%	19.53%	30.67%	21.89%	13.89%	11.11%	9.26%	-5.53%	-4.49%	12.19%	66.05%	29.42%	14.62%	66.53%	59.14%	56.70%	12.10%	-4.13%	9.90%	9.25%	2.63%	3.96%	626.32%	1.04%	-687.63%	9.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Operating Activities	197,991,000	112,675,800	241,250,200	313,230,467	339,897,600	318,894,400	277,344,000	202,223,000	183,516,000	208,234,000	38,774,000	-69,368,000	273,408,000	234,990,000	377,188,000	447,715,000	515,822,000	468,061,000	464,751,000	481,515,000	441,836,000	429,792,000	431,638,000	419,093,000	470,279,000	388,911,000	389,574,000	339,197,000	274,349,000	273,923,000	169,125,000	117,814,000	114,196,000	89,123,000	60,852,000	54,789,000	29,000,000
Net Cash from Operating Activities Margin	36.83%	21.03%	30.12%	34.50%	33.90%	27.12%	22.60%	39.22%	34.28%	36.99%	6.72%	-12.05%	35.57%	27.37%	40.68%	43.54%	48.89%	44.13%	44.11%	46.54%	41.40%	40.10%	39.62%	36.82%	45.19%	38.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Expenditures (PPE)	0	-1,217,200	-4,235,900	-58,194,533	-167,267,000	-240,192,480	-286,341,933	0	0	0	-4,823,000	-1,263,000	5,786,000	-6,853,000	-16,618,000	-7,054,000	-11,534,000	-261,111,000	-115,593,000	-236,976,000	-216,879,000	0	-229,732,000	-437,765,000	-564,720,000	-452,383,000	-787,822,000	-806,546,000	-500,627,000	-574,993,000	-442,301,000	-335,005,000	-467,492,000	-1,253,444,000	-368,893,000	-495,617,000	0
Capital Expenditures (PPE) Margin	0.00%	-0.21%	-0.47%	-5.57%	-12.12%	-9.70%	-8.08%	0.00%	0.00%	0.00%	-0.84%	-0.22%	0.75%	-0.80%	-1.79%	-0.69%	-1.09%	-24.62%	-10.97%	-22.90%	-20.32%	0.00%	-21.09%	-38.46%	-54.27%	-45.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Acquisitions (Net)	-7,895,333	-4,539,200	-21,404,600	-39,236,000	-72,917,950	-58,334,360	-48,611,967	-9,491,000	-10,926,000	-3,269,000	298,000	692,000	-5,786,000	7,342,000	-393,000	-513,000	-192,000,000	-225,494,000	-41,000,000	-96,000,000	-12,000,000	0	-66,819,000	0	-376,000,000	0	-427,000,000	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	-1.49%	-0.86%	-2.25%	-3.87%	-5.01%	-4.01%	-3.34%	-1.84%	-2.04%	-0.58%	0.05%	0.12%	-0.75%	0.86%	-0.04%	-0.05%	-18.20%	-21.26%	-3.89%	-9.28%	-1.12%	0.00%	-6.13%	0.00%	-36.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-471,549,333	-596,957,600	-416,008,400	-285,475,200	-233,759,800	-191,597,160	-160,446,400	-360,824,000	-312,782,000	-741,042,000	-1,270,481,000	-299,659,000	-5,786,000	-145,547,000	-306,391,000	-291,207,000	-426,365,000	-34,063,000	-34,063,000	-8,809,000	-35,499,000	-9,610,000	-91,027,000	0	-239,532,000	-33,810,000	-28,699,000	-36,337,000	-25,855,000	-21,359,000	-25,110,000	-6,072,000	-6,617,000	-6,631,000	-3,952,000	-6,263,000	0
Purchases of Investments Margin	-86.68%	-106.46%	-65.18%	-44.22%	-34.90%	-27.92%	-23.27%	-69.99%	-58.43%	-131.62%	-220.24%	-52.04%	-0.75%	-16.95%	-33.04%	-28.32%	-40.41%	-3.21%	-3.23%	-0.85%	-3.33%	-0.90%	-8.36%	0.00%	-23.02%	-3.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	445,284,333	541,207,200	340,308,500	189,654,533	144,518,350	116,575,280	97,639,067	379,613,000	355,543,000	600,697,000	1,361,271,000	8,912,000	18,563,000	89,465,000	229,005,000	200,857,000	159,159,000	15,877,000	11,002,000	-353,945,000	-231,201,000	0	25,028,000	0	4,617,000	2,731,000	13,173,000	17,590,000	1,840,000	2,135,000	996,000	1,454,000	1,423,000	3,403,000	6,771,000	3,193,000	0
Sales / Maturities of Investments Margin	82.25%	96.85%	55.64%	33.54%	25.31%	20.24%	16.87%	73.63%	66.42%	106.69%	235.97%	1.55%	2.41%	10.42%	24.70%	19.53%	15.09%	1.50%	1.04%	-34.21%	-21.66%	0.00%	2.30%	0.00%	0.44%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	4,167,667	2,911,000	-3,775,700	-27,469,600	155,993,500	234,802,400	282,139,300	55,708,000	-30,134,000	-13,071,000	1,064,000	988,000	11,809,000	3,189,000	-75,812,000	9,988,000	-1,486,000	-234,855,000	-125,693,000	-246,670,000	228,879,000	4,052,000	204,704,000	437,765,000	1,175,635,000	483,462,000	1,230,348,000	825,293,000	524,642,000	594,217,000	466,415,000	339,623,000	472,686,000	1,256,672,000	366,074,000	498,687,000	0
Other Investing Activities Margin	0.95%	0.64%	-0.22%	-2.55%	9.01%	7.21%	6.00%	10.81%	-5.63%	-2.32%	0.18%	0.17%	1.54%	0.37%	-8.18%	0.97%	-0.14%	-22.14%	-11.93%	-23.84%	21.44%	0.38%	18.79%	38.46%	112.97%	48.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Investing Activities	-29,992,667	-58,595,800	-79,333,700	-111,520,867	-275,945,850	-307,998,320	-305,810,300	65,006,000	1,701,000	-156,685,000	87,329,000	-290,330,000	24,586,000	-52,404,000	-94,397,000	-97,917,000	-280,226,000	-234,855,000	-125,693,000	-246,670,000	-266,700,000	-5,558,000	-157,846,000	-454,183,000	-1,555,861,000	-474,356,000	-1,203,858,000	-722,216,000	-617,701,000	-359,492,000	-286,694,000	-194,938,000	-262,514,000	-580,928,000	-265,225,000	-265,984,000	-99,700,000
Net Cash from Investing Activities Margin	-4.97%	-10.04%	-9.94%	-12.18%	-21.70%	-17.36%	-14.47%	12.61%	0.32%	-27.83%	15.14%	-50.42%	3.20%	-6.10%	-10.18%	-9.52%	-26.56%	-22.14%	-11.93%	-23.84%	-24.99%	-0.52%	-14.49%	-39.90%	-149.51%	-47.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-108,143,000	-54,494,800	-85,456,700	-60,038,733	37,167,350	41,217,560	34,347,967	-146,258,000	-79,000,000	-99,171,000	-158,043,000	209,998,000	-206,981,000	-149,824,000	-56,815,000	-211,675,000	43,202,000	11,281,000	118,575,000	-23,179,000	-152,691,000	0	-472,557,000	243,325,000	1,049,160,000	230,981,000	593,019,000	287,092,000	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	-20.25%	-10.33%	-11.87%	-8.19%	-1.05%	-0.84%	-0.70%	-28.37%	-14.76%	-17.61%	-27.40%	36.47%	-26.93%	-17.45%	-6.13%	-20.59%	4.09%	1.06%	11.25%	-2.24%	-14.31%	0.00%	-43.37%	21.38%	100.82%	23.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt Issuance	-108,143,000	-54,494,800	-85,456,700	-60,038,733	37,167,350	41,217,560	34,347,967	-146,258,000	-79,000,000	-99,171,000	-158,043,000	209,998,000	-206,981,000	-149,824,000	-56,815,000	-211,675,000	43,202,000	11,281,000	118,575,000	-23,179,000	-152,691,000	0	-472,557,000	243,325,000	1,049,160,000	230,981,000	593,019,000	287,092,000	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	-20.25%	-10.33%	-11.87%	-8.19%	-1.05%	-0.84%	-0.70%	-28.37%	-14.76%	-17.61%	-27.40%	36.47%	-26.93%	-17.45%	-6.13%	-20.59%	4.09%	1.06%	11.25%	-2.24%	-14.31%	0.00%	-43.37%	21.38%	100.82%	23.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-12,522,333	-7,512,400	-3,820,100	43,333	11,330,600	16,469,680	13,724,733	-36,458,000	-1,109,000	0	0	5,000	40,000	-289,000	-390,000	0	0	0	0	56,346,000	-17,495,000	0	361,608,000	-3,608,000	-96,572,000	2,577,000	-38,043,000	185,130,000	0	0	0	0	0	0	0	0	0
Net Stock Issuance Margin	-2.43%	-1.46%	-0.73%	-0.24%	1.02%	0.81%	0.68%	-7.07%	-0.21%	0.00%	0.00%	0.00%	0.01%	-0.03%	-0.04%	0.00%	0.00%	0.00%	0.00%	5.45%	-1.64%	0.00%	33.19%	-0.32%	-9.28%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0	1,000	41,200	24,265,667	37,091,600	45,948,840	43,733,800	0	0	0	0	5,000	40,000	0	0	179,000	188,000	175,000	209,547,000	171,346,000	-17,495,000	0	361,608,000	-3,608,000	315,000	9,283,000	10,249,000	185,130,000	77,483,000	128,147,000	11,155,000	4,974,000	2,711,000	2,126,000	75,639,000	2,017,000	80,800,000
Common Stock Issuance Margin	0.00%	0.00%	0.00%	2.32%	3.43%	2.75%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.02%	0.02%	0.02%	19.89%	16.56%	-1.64%	0.00%	33.19%	-0.32%	0.03%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-12,522,333	-7,513,400	-3,824,600	-10,216,400	-15,670,600	-18,119,520	-15,099,600	-36,458,000	-1,109,000	0	0	0	0	-289,000	-390,000	0	0	0	0	-115,000,000	0	0	0	0	-105,168,000	-6,706,000	-48,292,000	0	-129,390,000	-10,186,000	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-2.43%	-1.46%	-0.74%	-1.23%	-1.46%	-1.17%	-0.97%	-7.07%	-0.21%	0.00%	0.00%	0.00%	0.00%	-0.03%	-0.04%	0.00%	0.00%	0.00%	0.00%	-11.11%	0.00%	0.00%	0.00%	0.00%	-10.11%	-0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-64,107,667	-38,464,600	-111,223,500	-113,177,133	-88,809,450	-71,047,560	-59,206,300	-50,357,000	-118,093,000	-23,873,000	0	0	-59,628,000	-182,705,000	-226,173,000	-225,852,000	-225,554,000	-211,697,000	-196,247,000	-177,478,000	0	0	0	-21,819,000	-26,145,000	-30,568,000	0	0	0	0	0	0	0	0	0	0	0
Net Dividends Paid Margin	-12.02%	-7.21%	-13.28%	-12.57%	-9.80%	-7.84%	-6.54%	-9.77%	-22.06%	-4.24%	0.00%	0.00%	-7.76%	-21.28%	-24.39%	-21.96%	-21.38%	-19.96%	-18.63%	-17.15%	0.00%	0.00%	0.00%	-1.92%	-2.51%	-3.05%	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	-64,107,667	-38,464,600	-107,856,600	-121,960,533	-125,994,450	-105,070,080	-87,558,400	-50,357,000	-118,093,000	-23,873,000	0	0	-25,959,000	-182,705,000	-226,173,000	-225,852,000	-225,554,000	-211,697,000	-196,247,000	-177,478,000	-165,420,000	0	-78,278,000	-166,322,000	-158,706,000	-153,436,000	-133,739,000	-106,863,000	0	0	0	0	0	0	0	0	0
Common Dividends Paid Margin	-12.02%	-7.21%	-12.85%	-13.31%	-12.60%	-10.08%	-8.40%	-9.77%	-22.06%	-4.24%	0.00%	0.00%	-3.38%	-21.28%	-24.39%	-21.96%	-21.38%	-19.96%	-18.63%	-17.15%	-15.50%	0.00%	-7.18%	-14.61%	-15.25%	-15.31%	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	-3,366,900	-2,244,600	-1,683,450	-1,346,760	-1,122,300	0	0	0	0	0	-33,669,000	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%	-0.44%	-0.29%	-0.22%	-0.18%	-0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-10,690,000	-6,686,800	-26,821,100	-49,630,933	-66,095,350	-153,726,520	-152,182,367	-3,428,000	-5,888,000	-22,754,000	-365,000	-999,000	-29,879,000	-34,957,000	-68,104,000	-47,547,000	-54,290,000	-60,352,000	-274,134,000	-68,378,000	-73,389,000	0	-87,107,000	-144,907,000	-123,914,000	-121,932,000	-99,583,000	-90,471,000	-617,300,000	-844,349,000	-720,285,000	-248,851,000	-138,524,000	-227,731,000	-132,955,000	-144,998,000	-78,100,000
Other Financing Activities Margin	-1.94%	-1.21%	-3.11%	-5.09%	-6.06%	-4.84%	-4.04%	-0.66%	-1.10%	-4.04%	-0.06%	-0.17%	-3.89%	-4.07%	-7.34%	-4.62%	-5.15%	-5.69%	-26.02%	-6.61%	-6.88%	0.00%	-8.00%	-12.73%	-11.91%	-12.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-195,463,000	-107,158,600	-227,230,800	-362,819,400	-522,873,850	-537,018,000	-471,591,933	-236,501,000	-204,090,000	-145,798,000	-158,408,000	209,004,000	-296,448,000	-367,775,000	-351,089,000	-484,561,000	-236,642,000	-260,768,000	-351,806,000	-212,689,000	-2,344,720,000	0	-963,098,000	-1,697,838,000	-684,548,000	-1,048,883,000	-620,819,000	-537,188,000	-617,300,000	-844,349,000	-720,285,000	-248,851,000	-138,524,000	-227,731,000	-132,955,000	-144,998,000	-78,100,000
Net Cash from Financing Activities Margin	-36.63%	-20.21%	-28.99%	-39.21%	-49.81%	-39.84%	-33.20%	-45.87%	-38.13%	-25.90%	-27.46%	36.29%	-38.57%	-42.84%	-37.86%	-47.12%	-22.43%	-24.58%	-33.39%	-20.56%	-219.68%	0.00%	-88.40%	-149.17%	-65.78%	-104.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Effect of FX on Cash	0	63,947,400	508,535,300	853,901,467	859,331,450	847,197,080	762,795,700	0	0	0	140,078,000	179,659,000	0	672,879,000	1,294,977,000	1,241,857,000	1,555,903,000	1,070,753,000	2,321,238,000	2,156,398,000	2,174,780,000	0	65,000	-1,579,000	1,807,256,000	1,134,190,000	1,438,175,000	925,641,000	967,629,000	933,136,000	842,807,000	324,085,000	288,089,000	722,239,000	336,154,000	357,462,000	0
Effect of FX on Cash Margin	0.00%	11.10%	54.18%	85.01%	78.10%	62.48%	52.06%	0.00%	0.00%	0.00%	24.28%	31.20%	0.00%	78.37%	139.66%	120.77%	147.48%	100.94%	220.31%	208.42%	203.76%	0.00%	0.01%	-0.14%	173.67%	113.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-27,464,667	10,868,800	4,309,000	30,291,067	23,833,100	19,814,160	11,686,633	30,728,000	-18,873,000	-94,249,000	107,773,000	28,965,000	1,546,000	-7,489,000	13,676,000	-52,625,000	33,638,000	-27,562,000	-12,748,000	22,156,000	5,196,000	424,234,000	-3,165,000	-14,599,000	37,126,000	-138,000	3,072,000	5,434,000	6,977,000	3,218,000	4,953,000	-1,890,000	1,247,000	2,703,000	-1,174,000	1,269,000	-148,800,000
Net Change in Cash Margin	-4.77%	1.88%	0.83%	3.11%	2.43%	1.95%	1.62%	5.96%	-3.53%	-16.74%	18.68%	5.03%	0.20%	-0.87%	1.47%	-5.12%	3.19%	-2.60%	-1.21%	2.14%	0.49%	39.58%	-0.29%	-1.28%	3.57%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash at Beginning of Period	167,074,333	119,164,000	81,442,400	71,010,667	63,275,850	52,863,960	44,665,900	123,076,000	141,949,000	236,198,000	61,781,000	32,816,000	57,512,000	32,627,000	18,951,000	71,576,000	37,938,000	65,500,000	78,248,000	56,092,000	50,896,000	0	51,227,000	65,826,000	28,700,000	28,838,000	25,766,000	20,332,000	13,355,000	10,137,000	5,184,000	7,074,000	5,827,000	3,124,000	4,298,000	3,029,000	2,100,000
Cash at Beginning of Period Margin	30.78%	21.75%	13.26%	10.43%	8.63%	6.90%	5.75%	23.87%	26.52%	41.95%	10.71%	5.70%	7.48%	3.80%	2.04%	6.96%	3.60%	6.17%	7.43%	5.42%	4.77%	0.00%	4.70%	5.78%	2.76%	2.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash at End of Period	139,609,667	130,032,800	85,751,400	101,301,733	87,108,950	72,678,120	56,352,533	153,804,000	123,076,000	141,949,000	169,554,000	61,781,000	59,058,000	25,138,000	32,627,000	18,951,000	71,576,000	37,938,000	65,500,000	78,248,000	56,092,000	424,234,000	48,062,000	51,227,000	65,826,000	28,700,000	28,838,000	25,766,000	20,332,000	13,355,000	10,137,000	5,184,000	7,074,000	5,827,000	3,124,000	4,298,000	-146,700,000
Cash at End of Period Margin	26.01%	23.63%	14.09%	13.54%	11.06%	8.85%	7.37%	29.83%	22.99%	25.21%	29.39%	10.73%	7.68%	2.93%	3.52%	1.84%	6.78%	3.58%	6.22%	7.56%	5.26%	39.58%	4.41%	4.50%	6.33%	2.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow	197,991,000	112,675,800	241,250,200	313,230,467	339,897,600	318,894,400	277,344,000	202,223,000	183,516,000	208,234,000	38,774,000	-69,368,000	273,408,000	234,990,000	377,188,000	447,715,000	515,822,000	468,061,000	464,751,000	481,515,000	441,836,000	429,792,000	431,638,000	419,093,000	470,279,000	388,911,000	389,574,000	339,197,000	274,349,000	273,923,000	169,125,000	117,814,000	114,196,000	89,123,000	60,852,000	54,789,000	29,000,000
Operating Cash Flow Margin	36.83%	21.03%	30.12%	34.50%	33.90%	27.12%	22.60%	39.22%	34.28%	36.99%	6.72%	-12.05%	35.57%	27.37%	40.68%	43.54%	48.89%	44.13%	44.11%	46.54%	41.40%	40.10%	39.62%	36.82%	45.19%	38.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Capital Expenditure	0	0	-3,627,300	-57,788,800	-166,962,700	-239,949,040	-286,139,067	0	0	0	0	0	5,786,000	-6,853,000	-16,618,000	-7,054,000	-11,534,000	-261,111,000	-115,593,000	-236,976,000	-216,879,000	0	-229,732,000	-437,765,000	-564,720,000	-452,383,000	-787,822,000	-806,546,000	-500,627,000	-574,993,000	-442,301,000	-335,005,000	-467,492,000	-1,253,444,000	-368,893,000	-495,617,000	0
Capital Expenditure Margin	0.00%	0.00%	-0.36%	-5.50%	-12.07%	-9.66%	-8.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	-0.80%	-1.79%	-0.69%	-1.09%	-24.62%	-10.97%	-22.90%	-20.32%	0.00%	-21.09%	-38.46%	-54.27%	-45.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow	197,991,000	112,675,800	237,622,900	255,441,667	172,934,900	78,945,360	-8,795,067	202,223,000	183,516,000	208,234,000	38,774,000	-69,368,000	279,194,000	228,137,000	360,570,000	440,661,000	504,288,000	206,950,000	349,158,000	244,539,000	224,957,000	429,792,000	201,906,000	-18,672,000	-94,441,000	-63,472,000	-398,248,000	-467,349,000	-226,278,000	-301,070,000	-273,176,000	-217,191,000	-353,296,000	-1,164,321,000	-308,041,000	-440,828,000	29,000,000
Free Cash Flow Margin	36.83%	21.03%	29.76%	29.00%	21.83%	17.46%	14.55%	39.22%	34.28%	36.99%	6.72%	-12.05%	36.32%	26.57%	38.89%	42.86%	47.80%	19.51%	33.14%	23.64%	21.08%	40.10%	18.53%	-1.64%	-9.08%	-6.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	537,952,667	553,318,800	740,437,400	846,168,133	848,149,850	515,561,000	535,286,000	563,011,000	576,875,000	575,861,000	768,696,000	858,557,000	927,252,000	1,028,257,000	1,055,018,000	1,060,739,000	1,053,625,000	1,034,640,000	1,067,340,000	1,071,804,000	1,089,489,000	1,138,218,000	1,040,627,000	1,002,141,000	0	0
EBITDA	385,287,333	318,442,600	456,458,800	468,169,800	466,381,250	368,915,000	388,933,000	398,014,000	339,351,000	97,000,000	473,863,000	543,652,000	608,233,000	663,143,000	683,484,000	684,778,000	458,887,000	475,108,000	420,368,000	418,818,000	414,925,000	718,760,000	389,222,000	397,377,000	384,794,000	319,378,000
EBITDA Margin	71.64%	58.12%	61.04%	56.19%	51.06%	71.56%	72.66%	70.69%	58.83%	16.84%	61.65%	63.32%	65.60%	64.49%	64.78%	64.56%	43.55%	45.92%	39.38%	39.08%	38.08%	63.15%	37.40%	39.65%	0.00%	0.00%
(-) Tax Adjustment	34,748,702	21,367,449	-97,493,201	-67,219,582	-40,007,591	6,690,596	84,847,755	12,707,755	-2,533,206	5,124,342	11,621,010	-1,087,304,000	-8,440,767	10,519,281	-8,164,774	-11,965,357	5,134,945	3,427,316	-548,829	-29,409,793	36,829,981	136,751,769	21,998,535	12,561,630	0	0
(-) Tax Adjustment Margin	6.47%	3.97%	-10.59%	-7.27%	-4.51%	1.30%	15.85%	2.26%	-0.44%	0.89%	1.51%	-126.64%	-0.91%	1.02%	-0.77%	-1.13%	0.49%	0.33%	-0.05%	-2.74%	3.38%	12.01%	2.11%	1.25%	0.00%	0.00%
(-) Change In Working Capital	-22,068,333	-8,821,600	-841,500	-4,556,067	30,176,000	4,097,000	-19,296,000	-51,006,000	71,819,000	-49,722,000	29,339,000	14,536,000	-2,433,000	-9,735,000	3,986,000	-2,952,000	-6,430,000	-2,150,000	-42,794,000	-5,600,000	-6,702,472,000	70,115,000	7,382,918,000	60,200,000	-138,900,000	-73,100,000
(-) Change In Working Capital Margin	-3.96%	-1.61%	-0.34%	-0.60%	4.87%	0.79%	-3.60%	-9.06%	12.45%	-8.63%	3.82%	1.69%	-0.26%	-0.95%	0.38%	-0.28%	-0.61%	-0.21%	-4.01%	-0.52%	-615.19%	6.16%	709.47%	6.01%	0.00%	0.00%
(-) Capital Expenditure	0	0	-3,627,300	-57,788,800	-166,962,700	0	0	0	0	0	5,786,000	-6,853,000	-16,618,000	-7,054,000	-11,534,000	-261,111,000	-115,593,000	-236,976,000	-216,879,000	0	-229,732,000	-437,765,000	-564,720,000	-452,383,000	-787,822,000	-806,546,000
(-) Capital Expenditure Margin	0.00%	0.00%	-0.36%	-5.50%	-12.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	-0.80%	-1.79%	-0.69%	-1.09%	-24.62%	-10.97%	-22.90%	-20.32%	0.00%	-21.09%	-38.46%	-54.27%	-45.14%	0.00%	0.00%
Unlevered Free Cash Flow	372,606,964	305,896,751	550,009,001	481,385,182	308,671,541	358,127,404	323,381,245	436,312,245	270,065,206	141,597,658	427,116,990	1,609,567,000	602,488,767	655,304,719	676,128,774	438,584,357	344,589,055	236,854,684	246,831,829	453,827,793	6,850,835,019	74,128,231	-7,580,414,535	-127,767,630	-264,128,000	-414,068,000
Unlevered Free Cash Flow Margin	69.12%	55.76%	71.46%	58.47%	38.56%	69.46%	60.41%	77.50%	46.82%	24.59%	55.56%	187.47%	64.98%	63.73%	64.09%	41.35%	32.71%	22.89%	23.13%	42.34%	628.81%	6.51%	-728.45%	-12.75%	0.00%	0.00%
(-) Net Interest Income After Taxes	-155,581,307	-130,149,626	-84,925,457	-55,729,801	-15,769,662	-136,256,231	-124,865,306	-205,622,384	0	-184,004,210	-198,506,442	0	0	0	0	0	-226,705,458	240,013,023	0	0	0	0	271,613,012	248,940,761	0	0
(-) Net Interest Income After Taxes Margin	-28.76%	-23.65%	-14.41%	-9.49%	-4.57%	-26.43%	-23.33%	-36.52%	0.00%	-31.95%	-25.82%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.52%	23.20%	0.00%	0.00%	0.00%	0.00%	26.10%	24.84%	0.00%	0.00%
Net Debt Issuance	-108,143,000	-54,494,800	-85,456,700	-60,038,733	37,167,350	-146,258,000	-79,000,000	-99,171,000	-158,043,000	209,998,000	-206,981,000	-149,824,000	-56,815,000	-211,675,000	43,202,000	11,281,000	118,575,000	-23,179,000	-152,691,000	0	-472,557,000	243,325,000	1,049,160,000	230,981,000	593,019,000	287,092,000
Net Debt Issuance Margin	-20.25%	-10.33%	-11.87%	-8.19%	-1.05%	-28.37%	-14.76%	-17.61%	-27.40%	36.47%	-26.93%	-17.45%	-6.13%	-20.59%	4.09%	1.06%	11.25%	-2.24%	-14.31%	0.00%	-43.37%	21.38%	100.82%	23.05%	0.00%	0.00%
Levered Free Cash Flow	420,045,271	381,551,578	549,477,758	477,076,249	361,608,552	348,125,635	369,246,551	542,763,629	112,022,206	535,599,868	418,642,432	1,459,743,000	545,673,767	443,629,719	719,330,774	449,865,357	689,869,513	-26,337,338	94,140,829	453,827,793	6,378,278,019	317,453,231	-6,802,867,548	-145,727,391	328,891,000	-126,976,000
Levered Free Cash Flow Margin	77.64%	69.07%	74.00%	59.77%	42.08%	67.52%	68.98%	96.40%	19.42%	93.01%	54.46%	170.02%	58.85%	43.14%	68.18%	42.41%	65.48%	-2.55%	8.82%	42.34%	585.44%	27.89%	-653.73%	-14.54%	0.00%	0.00%