Colony Capital, Inc. (CLNY)

Analysis: Margins & Ratios Industry: REIT - Diversified Sector: Real Estate Live Price: $8.50

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	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
Revenue	1,389,992,000	1,926,397,200	1,200,023,700	-238,649,000	1,208,412,000	607,028,000	1,236,594,000	2,326,354,000	2,665,276,000	2,796,734,000	938,232,000	841,976,000	300,649,000	180,239,000	107,155,000	65,469,000	27,425,000
Cost of Revenue	551,804,000	827,519,400	454,202,200	352,178,000	491,103,000	0	486,245,000	1,169,167,000	1,301,079,000	1,181,106,000	142,127,000	156,144,000	54,507,000	29,688,000	21,959,000	0	0
Cost of Revenue Margin	29.86%	36.13%	26.94%	-147.57%	40.64%	0.00%	39.32%	50.26%	48.82%	42.23%	15.15%	18.54%	18.13%	16.47%	20.49%	0.00%	0.00%
Gross Profit	635,845,333	977,472,200	685,118,700	-539,557,000	717,309,000	0	750,349,000	1,157,187,000	1,364,197,000	1,615,628,000	796,105,000	685,832,000	246,142,000	150,551,000	85,196,000	65,469,000	27,425,000
Gross Profit Margin	36.81%	43.87%	63.06%	226.09%	59.36%	0.00%	60.68%	49.74%	51.18%	57.77%	84.85%	81.46%	81.87%	83.53%	79.51%	100.00%	100.00%
R&D Expenses	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%
SG&A Expenses	223,485,667	293,003,400	177,660,000	301,017,000	379,209,000	0	348,711,000	321,746,000	334,219,000	460,341,000	163,537,000	122,744,000	11,408,000	7,548,000	6,346,000	0	9,327,000
SG&A Expenses Margin	14.01%	14.21%	11.69%	-126.13%	31.38%	0.00%	28.20%	13.83%	12.54%	16.46%	17.43%	14.58%	3.79%	4.19%	5.92%	0.00%	34.01%
Operating Expenses	542,524,000	735,018,400	438,130,100	301,017,000	943,976,000	0	780,154,000	847,418,000	949,659,000	1,097,861,000	370,224,000	301,196,000	20,585,000	7,858,000	6,346,000	17,050,000	9,327,000
Operating Expenses Margin	33.17%	34.88%	26.68%	-126.13%	78.12%	0.00%	63.09%	36.43%	35.63%	39.26%	39.46%	35.77%	6.85%	4.36%	5.92%	26.04%	34.01%
Operating Income (EBIT)	148,611,667	275,628,000	263,575,700	315,647,000	-226,667,000	165,871,000	-29,805,000	309,769,000	414,538,000	517,767,000	425,881,000	384,636,000	225,557,000	142,693,000	78,850,000	48,419,000	18,098,000
Operating Income (EBIT) Margin	12.74%	14.46%	39.11%	-132.26%	-18.76%	27.33%	-2.41%	13.32%	15.55%	18.51%	45.39%	45.68%	75.02%	79.17%	73.58%	73.96%	65.99%
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income 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%
Interest Expense	330,214,000	432,203,000	253,964,300	181,956,000	278,779,000	144,650,000	310,454,000	535,538,000	595,551,000	574,822,000	170,083,000	133,094,000	48,365,000	18,838,000	8,248,000	3,011,000	555,000
Interest Expense Margin	23.99%	22.97%	18.30%	-76.24%	23.07%	23.83%	25.11%	23.02%	22.34%	20.55%	18.13%	15.81%	16.09%	10.45%	7.70%	4.60%	2.02%
Net Interest Income	-330,214,000	-432,203,000	-253,964,300	-181,956,000	-278,779,000	-144,650,000	-310,454,000	-535,538,000	-595,551,000	-574,822,000	-170,083,000	-133,094,000	-48,365,000	-18,838,000	-8,248,000	-3,011,000	-555,000
Net Interest Income Margin	-23.99%	-22.97%	-18.30%	76.24%	-23.07%	-23.83%	-25.11%	-23.02%	-22.34%	-20.55%	-18.13%	-15.81%	-16.09%	-10.45%	-7.70%	-4.60%	-2.02%
Unusual Items	1,662,754,667	1,564,472,600	856,209,600	-209,212,000	854,743,000	141,706,000	2,966,447,000	1,880,111,000	1,564,943,000	1,269,156,000	300,456,000	270,990,000	116,610,000	34,949,000	16,728,000	6,875,000	656,000
Unusual Items Margin	114.68%	89.63%	58.61%	87.67%	70.73%	23.34%	239.89%	80.82%	58.72%	45.38%	32.02%	32.19%	38.79%	19.39%	15.61%	10.50%	2.39%
EBT Excluding Unusual Items	-2,846,683,667	-2,421,114,200	-1,194,879,200	916,027,000	-1,657,374,000	27,109,000	-5,652,245,000	-2,914,915,000	-2,119,797,000	-1,445,723,000	-4,948,000	-24,250,000	40,702,000	91,633,000	53,642,000	37,680,000	17,341,000
EBT Excluding Unusual Items Margin	-192.64%	-141.83%	-59.81%	-383.84%	-137.15%	4.47%	-457.08%	-125.30%	-79.53%	-51.69%	-0.53%	-2.88%	13.54%	50.84%	50.06%	57.55%	63.23%
Pre-Tax Income	-1,183,929,000	-856,641,600	-338,669,600	706,815,000	-802,631,000	168,815,000	-2,685,798,000	-1,034,804,000	-554,854,000	-176,567,000	295,508,000	246,740,000	157,312,000	126,582,000	70,370,000	44,555,000	17,997,000
Pre-Tax Income Margin	-77.95%	-52.20%	-1.20%	-296.17%	-66.42%	27.81%	-217.19%	-44.48%	-20.82%	-6.31%	31.50%	29.30%	52.32%	70.23%	65.67%	68.06%	65.62%
Income Tax Expense	340,000	-31,432,000	-16,124,900	110,572,000	-124,271,000	-2,944,000	-10,039,000	14,003,000	-59,781,000	-98,399,000	4,782,000	-9,296,000	-2,399,000	659,000	2,165,000	1,191,000	243,000
Income Tax Expense Margin	-0.23%	-1.29%	-0.55%	-46.33%	-10.28%	-0.48%	-0.81%	0.60%	-2.24%	-3.52%	0.51%	-1.10%	-0.80%	0.37%	2.02%	1.82%	0.89%
Net Income	-1,184,269,000	-854,061,000	-371,808,200	686,499,000	-678,360,000	171,759,000	-2,675,759,000	-1,048,807,000	-519,607,000	-197,891,000	115,318,000	149,980,000	123,149,000	101,765,000	62,011,000	42,260,000	17,731,000
Net Income Margin	-77.72%	-51.95%	-7.43%	-287.66%	-56.14%	28.30%	-216.38%	-45.08%	-19.50%	-7.08%	12.29%	17.81%	40.96%	56.46%	57.87%	64.55%	64.65%
Depreciation and Amortization	402,750,000	479,687,000	271,415,500	-410,706,000	633,778,000	33,706,000	578,282,000	596,262,000	572,406,000	617,779,000	171,682,000	140,977,000	9,177,000	310,000	-6,426,000	-1,957,000	431,000
Depreciation and Amortization Margin	25.98%	24.30%	15.38%	172.10%	52.45%	5.55%	46.76%	25.63%	21.48%	22.09%	18.30%	16.74%	3.05%	0.17%	-6.00%	-2.99%	1.57%
EBITDA	-581,092,667	-51,679,600	99,051,000	371,062,000	3,967,000	347,171,000	-1,585,540,000	-504,909,000	588,569,000	896,311,000	461,865,000	414,755,000	178,292,000	121,572,000	72,424,000	46,462,000	18,529,000
EBITDA Margin	-30.91%	-7.72%	25.42%	-155.48%	0.33%	57.19%	-128.22%	-21.70%	22.08%	32.05%	49.23%	49.26%	59.30%	67.45%	67.59%	70.97%	67.56%
NOPAT	151,010,289	210,425,294	231,761,397	266,268,138	-191,572,249	168,763,659	-29,693,595	313,960,804	369,874,906	229,220,697	418,989,265	399,127,271	228,996,733	141,950,124	76,424,105	47,124,711	17,853,636
NOPAT Margin	12.97%	12.19%	37.93%	-111.57%	-15.85%	27.80%	-2.40%	13.50%	13.88%	8.20%	44.66%	47.40%	76.17%	78.76%	71.32%	71.98%	65.10%
Owner's Earnings	-782,715,000	-640,116,000	-600,193,000	242,412,000	-47,264,000	201,877,000	-2,097,477,000	-452,545,000	52,799,000	-905,234,000	-214,221,000	-1,142,722,000	-1,485,743,000	-20,675,000	62,011,000	42,260,000	17,731,000
Owner's Earnings Margin	-51.94%	-37.24%	-79.25%	-101.58%	-3.91%	33.26%	-169.62%	-19.45%	1.98%	-32.37%	-22.83%	-135.72%	-494.18%	-11.47%	57.87%	64.55%	64.65%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	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
Revenue	1,389,992,000	1,926,397,200	1,200,023,700	607,028,000	1,236,594,000	2,326,354,000	2,665,276,000	2,796,734,000	938,232,000	841,976,000	300,649,000	180,239,000	107,155,000	65,469,000	27,425,000	0
Cash & Cash Equivalents	736,962,667	718,924,400	451,178,300	302,154,000	703,544,000	1,205,190,000	461,912,000	921,822,000	376,005,000	185,854,000	141,936,000	43,167,000	170,199,000	3,872,000	66,245,000	157,330,000
Cash & Cash Equivalents Margin	52.83%	41.75%	50.09%	49.78%	56.89%	51.81%	17.33%	32.96%	40.08%	22.07%	47.21%	23.95%	158.83%	5.91%	241.55%	0.00%
Short-Term Investments	0	0	113,933,000	0	0	0	0	0	1,076,441,000	0	0	30,834,000	32,055,000	0	0	0
Short-Term Investments Margin	0.00%	0.00%	16.18%	0.00%	0.00%	0.00%	0.00%	0.00%	114.73%	0.00%	0.00%	17.11%	29.91%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	736,962,667	718,924,400	565,111,300	302,154,000	703,544,000	1,205,190,000	461,912,000	921,822,000	1,452,446,000	185,854,000	141,936,000	74,001,000	202,254,000	3,872,000	66,245,000	157,330,000
Cash & Short-Term Investments Margin	52.83%	41.75%	66.27%	49.78%	56.89%	51.81%	17.33%	32.96%	154.81%	22.07%	47.21%	41.06%	188.75%	5.91%	241.55%	0.00%
Net Receivables	1,109,206,667	1,746,342,200	1,991,350,900	0	1,524,753,000	1,802,867,000	1,933,224,000	3,470,867,000	3,529,987,000	4,137,394,000	2,143,917,000	1,036,931,000	333,569,000	232,619,000	69,929,000	0
Net Receivables Margin	66.93%	79.49%	286.48%	0.00%	123.30%	77.50%	72.53%	124.10%	376.24%	491.39%	713.10%	575.31%	311.30%	355.31%	254.98%	0.00%
Inventory	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%
Other Current Assets	1,853,950,667	1,669,108,400	802,038,300	0	4,374,772,000	1,187,080,000	1,406,663,000	1,377,027,000	-701,253,000	283,530,000	84,666,000	7,898,000	0	0	0	0
Other Current Assets Margin	134.93%	101.36%	49.83%	0.00%	353.78%	51.03%	52.78%	49.24%	-74.74%	33.67%	28.16%	4.38%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	3,700,120,000	4,134,375,000	3,358,500,500	302,154,000	6,603,069,000	4,195,137,000	3,801,799,000	5,769,716,000	4,281,180,000	4,606,778,000	2,370,519,000	1,118,830,000	535,823,000	236,491,000	136,174,000	157,330,000
Total Current Assets Margin	254.69%	222.60%	402.57%	49.78%	533.97%	180.33%	142.64%	206.30%	456.30%	547.14%	788.47%	620.75%	500.04%	361.23%	496.53%	0.00%
Property, Plant & Equipment	297,443,000	198,778,600	284,427,600	0	627,001,000	265,328,000	47,932,000	53,632,000	45,455,000	48,463,000	1,643,997,000	112,468,000	0	0	0	0
Property, Plant & Equipment Margin	20.70%	13.17%	68.56%	0.00%	50.70%	11.41%	1.80%	1.92%	4.84%	5.76%	546.82%	62.40%	0.00%	0.00%	0.00%	0.00%
Goodwill	920,474,000	1,166,108,800	720,893,800	465,602,000	842,929,000	1,452,891,000	1,534,561,000	1,534,561,000	680,127,000	678,267,000	20,000,000	0	0	0	0	0
Goodwill Margin	69.11%	63.95%	47.95%	76.70%	68.17%	62.45%	57.58%	54.87%	72.49%	80.56%	6.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	24,153,333	293,119,200	220,492,100	72,460,000	0	0	540,264,000	852,872,000	299,979,000	325,513,000	106,060,000	7,773,000	0	0	0	0
Intangible Assets Margin	3.98%	12.54%	17.29%	11.94%	0.00%	0.00%	20.27%	30.50%	31.97%	38.66%	35.28%	4.31%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	1,350,428,000	1,726,726,800	1,452,812,700	0	1,737,479,000	2,313,805,000	2,543,169,000	2,039,181,000	1,076,441,000	924,465,000	1,646,977,000	1,369,529,000	877,081,000	443,500,000	248,750,000	129,087,000
Long-Term Investments Margin	79.99%	81.66%	275.90%	0.00%	140.51%	99.46%	95.42%	72.91%	114.73%	109.80%	547.81%	759.84%	818.52%	677.42%	907.02%	0.00%
Tax Assets	0	0	910,400	0	0	0	0	0	0	0	6,713,000	2,391,000	0	0	0	0
Tax Assets Margin	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.23%	1.33%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	7,331,701,667	10,055,663,400	5,722,975,600	0	10,390,082,000	11,605,023,000	13,747,524,000	14,535,688,000	3,377,809,000	3,455,824,000	77,582,000	17,561,000	22,663,000	47,528,000	5,533,000	1,112,000
Other Non-Current Assets Margin	446.36%	474.92%	320.18%	0.00%	840.22%	498.85%	515.80%	519.74%	360.02%	410.44%	25.80%	9.74%	21.15%	72.60%	20.18%	0.00%
Other Assets	891,034,000	534,620,400	267,310,200	2,673,102,000	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	146.79%	88.07%	44.04%	440.36%	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	9,924,200,000	13,440,396,800	8,402,512,200	538,062,000	13,597,491,000	15,637,047,000	18,413,450,000	19,015,934,000	5,479,811,000	5,432,532,000	3,501,329,000	1,509,722,000	899,744,000	491,028,000	254,283,000	130,199,000
Total Non-Current Assets Margin	620.13%	646.24%	730.23%	88.64%	1,099.59%	672.17%	690.86%	679.93%	584.06%	645.21%	1,164.59%	837.62%	839.67%	750.02%	927.19%	0.00%
Total Assets	14,515,354,000	18,109,392,200	12,028,322,900	3,513,318,000	20,200,560,000	19,832,184,000	22,215,249,000	24,785,650,000	9,760,991,000	10,039,310,000	5,871,848,000	2,628,552,000	1,435,567,000	727,519,000	390,457,000	287,529,000
Total Assets Margin	1,021.61%	956.92%	1,176.84%	578.77%	1,633.56%	852.50%	833.51%	886.24%	1,040.36%	1,192.35%	1,953.06%	1,458.37%	1,339.71%	1,111.24%	1,423.73%	0.00%
Accounts Payable	107,233,000	102,974,400	66,503,700	0	177,847,000	143,852,000	94,316,000	98,857,000	82,593,000	67,572,000	0	0	0	0	2,214,000	0
Accounts Payable Margin	6.86%	5.53%	4.45%	0.00%	14.38%	6.18%	3.54%	3.53%	8.80%	8.03%	0.00%	0.00%	0.00%	0.00%	8.07%	0.00%
Short-Term Debt	0	0	41,066,700	0	0	0	0	0	0	0	164,000,000	138,500,000	108,167,000	69,000,000	20,000,000	0
Short-Term Debt Margin	0.00%	0.00%	23.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	54.55%	76.84%	100.94%	105.39%	72.93%	0.00%
Tax Payables	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%
Deferred Revenue	0	8,491,400	7,148,000	0	0	0	0	42,457,000	29,023,000	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.30%	0.46%	0.00%	0.00%	0.00%	0.00%	1.52%	3.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,564,982,333	1,146,273,200	584,577,600	0	3,777,805,000	917,142,000	366,812,000	669,607,000	97,848,000	136,749,000	23,892,000	-80,282,000	-63,797,000	31,184,000	20,964,000	14,112,000
Other Current Liabilities Margin	114.97%	76.53%	31.32%	0.00%	305.50%	39.42%	13.76%	23.94%	10.43%	16.24%	7.95%	-44.54%	-59.54%	47.63%	76.44%	0.00%
Total Current Liabilities	1,672,215,333	1,257,739,000	699,296,000	0	3,955,652,000	1,060,994,000	461,128,000	810,921,000	209,464,000	204,321,000	187,892,000	58,218,000	44,370,000	100,184,000	43,178,000	14,112,000
Total Current Liabilities Margin	121.83%	82.36%	59.46%	0.00%	319.88%	45.61%	17.30%	29.00%	22.33%	24.27%	62.50%	32.30%	41.41%	153.03%	157.44%	0.00%
Long-Term Debt	5,835,656,667	7,674,947,400	4,974,159,500	0	8,341,765,000	9,165,205,000	10,039,957,000	10,827,810,000	3,715,618,000	4,178,803,000	2,748,163,000	616,107,000	108,167,000	13,845,000	14,000,000	0
Long-Term Debt Margin	356.18%	366.48%	408.16%	0.00%	674.58%	393.97%	376.69%	387.16%	396.02%	496.31%	914.08%	341.83%	100.94%	21.15%	51.05%	0.00%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations 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%
Deferred Tax Liabilities	130,196,667	130,008,000	73,645,300	0	168,384,000	222,206,000	93,174,000	166,276,000	41,462,000	44,951,000	0	0	0	0	0	0
Deferred Tax Liabilities Margin	7.72%	6.52%	4.24%	0.00%	13.62%	9.55%	3.50%	5.95%	4.42%	5.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	379,253,667	432,203,800	246,284,100	0	712,715,000	425,046,000	434,464,000	588,794,000	148,498,000	153,324,000	0	0	0	0	0	0
Other Non-Current Liabilities Margin	25.30%	22.65%	14.73%	0.00%	57.64%	18.27%	16.30%	21.05%	15.83%	18.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	6,368,364,333	8,267,636,200	5,316,396,800	0	9,260,318,000	9,844,775,000	10,607,751,000	11,625,337,000	3,934,601,000	4,418,749,000	2,748,163,000	616,107,000	108,167,000	13,845,000	14,000,000	0
Total Non-Current Liabilities Margin	390.68%	397.14%	428.67%	0.00%	748.86%	423.18%	398.00%	415.68%	419.36%	524.81%	914.08%	341.83%	100.94%	21.15%	51.05%	0.00%
Total Liabilities	8,381,289,000	9,729,800,800	6,117,905,600	1,022,128,000	13,215,970,000	10,905,769,000	11,068,879,000	12,436,258,000	4,144,065,000	4,623,070,000	2,936,055,000	674,325,000	152,537,000	114,029,000	57,178,000	14,112,000
Total Liabilities Margin	568.64%	513.18%	504.97%	168.38%	1,068.74%	468.79%	415.30%	444.67%	441.69%	549.07%	976.57%	374.13%	142.35%	174.17%	208.49%	0.00%
Preferred Stock	264,890,000	158,934,000	79,467,000	794,670,000	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	43.64%	26.18%	13.09%	130.91%	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	3,239,667	3,998,600	2,464,800	0	4,841,000	4,878,000	4,841,000	5,433,000	1,140,000	1,123,000	1,096,000	765,000	531,000	326,000	174,000	146,000
Common Stock Margin	0.20%	0.20%	0.25%	0.00%	0.39%	0.21%	0.18%	0.19%	0.12%	0.13%	0.36%	0.42%	0.50%	0.50%	0.63%	0.00%
Retained Earnings	-5,474,183,333	-3,921,252,800	-2,007,719,900	-6,837,502,000	-6,195,456,000	-3,389,592,000	-2,018,302,000	-1,165,412,000	-246,064,000	-131,278,000	-68,003,000	-20,423,000	-5,167,000	5,510,000	1,152,000	-1,424,000
Retained Earnings Margin	-591.03%	-378.10%	-197.11%	-1,126.39%	-501.01%	-145.70%	-75.73%	-41.67%	-26.23%	-15.59%	-22.62%	-11.33%	-4.82%	8.42%	4.20%	0.00%
Accumulated OCI	168,333	-115,558,400	-59,564,200	505,000	0	0	0	-578,297,000	-7,958,000	-3,253,000	-6,421,000	-218,000	0	0	0	0
Accumulated OCI Margin	0.03%	-4.12%	-2.41%	0.08%	0.00%	0.00%	0.00%	-20.68%	-0.85%	-0.39%	-2.14%	-0.12%	0.00%	0.00%	0.00%	0.00%
Minority Interest	8,118,667	4,871,200	2,435,600	24,356,000	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	1.34%	0.80%	0.40%	4.01%	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	5,956,529,000	8,273,069,800	5,857,156,600	1,958,582,000	6,984,590,000	8,926,415,000	11,146,370,000	12,349,392,000	5,616,927,000	5,416,240,000	2,935,793,000	1,954,227,000	1,283,030,000	613,490,000	333,279,000	273,417,000
Total Shareholders’ Equity Margin	423.73%	426.19%	663.10%	322.65%	564.82%	383.71%	418.21%	441.56%	598.67%	643.28%	976.49%	1,084.24%	1,197.36%	937.07%	1,215.24%	0.00%
Total Equity	6,125,946,333	8,374,720,200	5,907,981,800	2,466,834,000	6,984,590,000	8,926,415,000	11,146,370,000	12,349,392,000	5,616,927,000	5,416,240,000	2,935,793,000	1,954,227,000	1,283,030,000	613,490,000	333,279,000	273,417,000
Total Equity Margin	451.64%	442.94%	671.47%	406.38%	564.82%	383.71%	418.21%	441.56%	598.67%	643.28%	976.49%	1,084.24%	1,197.36%	937.07%	1,215.24%	0.00%
Total Liabilities & Equity	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%
Total Investments	1,350,428,000	1,726,726,800	1,566,745,700	0	1,737,479,000	2,313,805,000	2,543,169,000	2,039,181,000	2,152,882,000	924,465,000	1,646,977,000	1,400,363,000	909,136,000	443,500,000	248,750,000	129,087,000
Total Investments Margin	79.99%	81.66%	292.07%	0.00%	140.51%	99.46%	95.42%	72.91%	229.46%	109.80%	547.81%	776.95%	848.43%	677.42%	907.02%	0.00%
Net Debt	5,098,694,000	6,956,023,000	4,564,047,900	-302,154,000	7,638,221,000	7,960,015,000	9,578,045,000	9,905,988,000	3,339,613,000	3,992,949,000	2,770,227,000	711,440,000	46,135,000	78,973,000	-32,245,000	-157,330,000
Net Debt Margin	303.36%	324.73%	381.30%	-49.78%	617.68%	342.17%	359.36%	354.20%	355.95%	474.24%	921.42%	394.72%	43.05%	120.63%	-117.58%	0.00%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	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
Revenue	1,389,992,000	1,926,397,200	1,200,023,700	607,028,000	1,236,594,000	2,326,354,000	2,665,276,000	2,796,734,000	938,232,000	841,976,000	300,649,000	180,239,000	107,155,000	65,469,000	27,425,000	0
Working Capital	2,027,904,667	2,876,636,000	2,659,204,500	302,154,000	2,647,417,000	3,134,143,000	3,340,671,000	4,958,795,000	4,071,716,000	4,402,457,000	2,182,627,000	1,060,612,000	491,453,000	136,307,000	92,996,000	143,218,000
Working Capital Margin	132.86%	140.25%	343.11%	49.78%	214.09%	134.72%	125.34%	177.31%	433.98%	522.87%	725.97%	588.45%	458.64%	208.20%	339.09%	0.00%
Total Capital	11,792,185,667	15,948,017,200	10,872,382,800	1,958,582,000	15,326,355,000	18,091,620,000	21,186,327,000	23,177,202,000	9,332,545,000	9,595,043,000	5,847,956,000	2,708,834,000	1,499,364,000	696,335,000	367,279,000	273,417,000
Total Capital Margin	779.91%	792.67%	1,094.49%	322.65%	1,239.40%	777.68%	794.90%	828.72%	994.69%	1,139.59%	1,945.11%	1,502.91%	1,399.25%	1,063.61%	1,339.21%	0.00%
Capital Employed	12,843,138,667	16,851,653,200	11,329,026,900	3,513,318,000	16,244,908,000	18,771,190,000	21,754,121,000	23,974,729,000	9,551,527,000	9,834,989,000	5,683,956,000	2,570,334,000	1,391,197,000	627,335,000	347,279,000	273,417,000
Capital Employed Margin	899.78%	874.56%	1,117.38%	578.77%	1,313.68%	806.89%	816.21%	857.24%	1,018.03%	1,168.08%	1,890.56%	1,426.07%	1,298.30%	958.22%	1,266.29%	0.00%
Invested Capital	11,055,223,000	15,229,092,800	10,421,204,500	1,656,428,000	14,622,811,000	16,886,430,000	20,724,415,000	22,255,380,000	8,956,540,000	9,409,189,000	5,706,020,000	2,665,667,000	1,329,165,000	692,463,000	301,034,000	116,087,000
Invested Capital Margin	727.09%	750.92%	1,044.40%	272.88%	1,182.51%	725.88%	777.57%	795.76%	954.62%	1,117.51%	1,897.90%	1,478.96%	1,240.41%	1,057.70%	1,097.66%	0.00%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	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
Revenue	1,389,992,000	1,926,397,200	1,200,023,700	607,028,000	1,236,594,000	2,326,354,000	2,665,276,000	2,796,734,000	938,232,000	841,976,000	300,649,000	180,239,000	107,155,000	65,469,000	27,425,000
Net Income	-1,192,520,000	-859,011,600	-374,283,500	147,006,000	-2,675,759,000	-1,048,807,000	-519,607,000	-197,891,000	115,318,000	149,980,000	123,149,000	101,765,000	62,011,000	42,260,000	17,731,000
Net Income Margin	-79.08%	-52.76%	-7.84%	24.22%	-216.38%	-45.08%	-19.50%	-7.08%	12.29%	17.81%	40.96%	56.46%	57.87%	64.55%	64.65%
Depreciation & Amortization	402,750,000	479,687,000	272,058,100	33,706,000	578,282,000	596,262,000	572,406,000	617,779,000	171,682,000	140,977,000	9,177,000	310,000	0	0	0
Depreciation & Amortization Margin	25.98%	24.30%	15.98%	5.55%	46.76%	25.63%	21.48%	22.09%	18.30%	16.74%	3.05%	0.17%	0.00%	0.00%	0.00%
Deferred Income Tax	-12,616,000	-49,147,400	-24,573,700	-3,160,000	-25,086,000	-9,602,000	-69,430,000	-138,459,000	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.99%	-2.10%	-1.05%	-0.52%	-2.03%	-0.41%	-2.60%	-4.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	36,416,000	61,110,600	35,578,300	34,716,000	34,959,000	39,573,000	41,876,000	154,429,000	13,638,000	13,714,000	11,265,000	4,283,000	7,330,000	204,000	0
Stock-Based Compensation Margin	3.42%	3.47%	3.34%	5.72%	2.83%	1.70%	1.57%	5.52%	1.45%	1.63%	3.75%	2.38%	6.84%	0.31%	0.00%
Change in Working Capital	9,067,667	-21,834,600	-2,901,700	0	31,155,000	-3,952,000	-40,593,000	-95,783,000	42,989,000	15,149,000	17,454,000	4,134,000	430,000	1,531,000	1,445,000
Change in Working Capital Margin	0.78%	-0.52%	1.23%	0.00%	2.52%	-0.17%	-1.52%	-3.42%	4.58%	1.80%	5.81%	2.29%	0.40%	2.34%	5.27%
Accounts Receivable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable 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%
Inventory	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%
Accounts Payable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable 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%
Other Working Capital	9,067,667	-21,834,600	-2,901,700	0	31,155,000	-3,952,000	-40,593,000	-95,783,000	42,989,000	15,149,000	17,454,000	4,134,000	430,000	1,531,000	1,445,000
Other Working Capital Margin	0.78%	-0.52%	1.23%	0.00%	2.52%	-0.17%	-1.52%	-3.42%	4.58%	1.80%	5.81%	2.29%	0.40%	2.34%	5.27%
Other Non-Cash Items	863,863,333	664,689,000	342,925,100	-152,146,000	2,146,342,000	597,394,000	522,313,000	209,542,000	64,734,000	53,306,000	-28,286,000	14,797,000	1,255,000	-19,578,000	-9,319,000
Other Non-Cash Items Margin	58.06%	40.25%	21.45%	-25.06%	173.57%	25.68%	19.60%	7.49%	6.90%	6.33%	-9.41%	8.21%	1.17%	-29.90%	-33.98%
Net Cash from Operating Activities	106,961,000	275,493,000	248,802,600	60,122,000	89,893,000	170,868,000	506,965,000	549,617,000	408,361,000	373,126,000	132,759,000	125,289,000	71,026,000	24,417,000	9,857,000
Net Cash from Operating Activities Margin	8.17%	12.64%	33.10%	9.90%	7.27%	7.34%	19.02%	19.65%	43.52%	44.32%	44.16%	69.51%	66.28%	37.30%	35.94%
Capital Expenditures (PPE)	-1,196,000	-265,742,000	-500,442,900	-3,588,000	0	0	0	-1,325,122,000	-501,221,000	-1,433,679,000	-1,618,069,000	-122,750,000	0	0	0
Capital Expenditures (PPE) Margin	-0.20%	-9.59%	-87.80%	-0.59%	0.00%	0.00%	0.00%	-47.38%	-53.42%	-170.28%	-538.19%	-68.10%	0.00%	0.00%	0.00%
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) 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%
Purchases of Investments	-65,592,667	-46,314,400	-309,582,100	-170,190,000	-11,660,000	-14,928,000	-34,314,000	-480,000	-91,017,000	-1,120,034,000	-1,653,198,000	0	0	-187,311,000	0
Purchases of Investments Margin	-9.87%	-6.19%	-72.35%	-28.04%	-0.94%	-0.64%	-1.29%	-0.02%	-9.70%	-133.02%	-549.88%	0.00%	0.00%	-286.11%	0.00%
Sales / Maturities of Investments	65,629,000	102,694,200	80,065,500	106,398,000	32,818,000	57,671,000	43,625,000	272,959,000	0	0	28,000,000	180,941,000	78,243,000	0	4,121,000
Sales / Maturities of Investments Margin	7.55%	6.81%	21.68%	17.53%	2.65%	2.48%	1.64%	9.76%	0.00%	0.00%	9.31%	100.39%	73.02%	0.00%	15.03%
Other Investing Activities	753,072,333	873,175,600	479,769,200	56,160,000	-1,953,138,000	4,156,195,000	-277,524,000	2,384,185,000	844,050,000	1,094,899,000	368,496,000	-1,371,411,000	-504,220,000	-179,122,000	-182,781,000
Other Investing Activities Margin	9.99%	20.96%	-78.41%	9.25%	-157.94%	178.66%	-10.41%	85.25%	89.96%	130.04%	122.57%	-760.88%	-470.55%	-273.60%	-666.48%
Net Cash from Investing Activities	751,912,667	663,813,400	-250,190,300	-11,220,000	-1,931,980,000	4,198,938,000	-268,213,000	1,331,542,000	251,812,000	-1,458,814,000	-2,874,771,000	-1,313,220,000	-425,977,000	-366,433,000	-178,660,000
Net Cash from Investing Activities Margin	7.47%	11.99%	-216.88%	-1.85%	-156.23%	180.49%	-10.06%	47.61%	26.84%	-173.26%	-956.19%	-728.60%	-397.53%	-559.70%	-651.45%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net 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%
Long-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-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%
Short-Term Debt Issuance	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%
Net Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net 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%
Common Stock Issuance	0	0	156,406,200	0	0	0	0	0	0	0	717,870,000	475,190,000	371,002,000	272,261,000	55,613,000
Common Stock Issuance Margin	0.00%	0.00%	84.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	238.77%	263.64%	346.23%	415.86%	202.78%
Common Stock Repurchased	-146,112,667	-383,488,600	-193,744,100	0	-427,604,000	-10,734,000	-543,143,000	-935,962,000	-19,998,000	0	0	0	0	-8,654,000	0
Common Stock Repurchased Margin	-11.68%	-17.78%	-9.10%	0.00%	-34.58%	-0.46%	-20.38%	-33.47%	-2.13%	0.00%	0.00%	0.00%	0.00%	-13.22%	0.00%
Preferred Stock Issuance	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%
Net Dividends Paid	-169,513,333	-310,419,800	-230,979,400	0	-185,843,000	-322,697,000	-431,221,000	-612,338,000	-229,544,000	-203,803,000	-155,319,000	-111,336,000	-57,693,000	-32,894,000	-10,095,000
Net Dividends Paid Margin	-9.63%	-13.39%	-28.29%	0.00%	-15.03%	-13.87%	-16.18%	-21.89%	-24.47%	-24.21%	-51.66%	-61.77%	-53.84%	-50.24%	-36.81%
Common Dividends Paid	-169,513,333	-310,419,800	-230,979,400	0	-185,843,000	-322,697,000	-431,221,000	-612,338,000	-229,544,000	-203,803,000	-155,319,000	-111,336,000	-57,693,000	-32,894,000	-10,095,000
Common Dividends Paid Margin	-9.63%	-13.39%	-28.29%	0.00%	-15.03%	-13.87%	-16.18%	-21.89%	-24.47%	-24.21%	-51.66%	-61.77%	-53.84%	-50.24%	-36.81%
Preferred Dividends Paid	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%
Other Financing Activities	-632,673,000	-597,873,800	278,682,300	0	1,558,870,000	-3,456,889,000	-357,183,000	-734,167,000	-236,413,000	1,264,477,000	2,997,083,000	1,172,074,000	578,971,000	312,540,000	87,811,000
Other Financing Activities Margin	-7.51%	-12.44%	225.03%	0.00%	126.06%	-148.60%	-13.40%	-26.25%	-25.20%	150.18%	996.87%	650.29%	540.31%	477.39%	320.19%
Net Cash from Financing Activities	-802,186,333	-908,293,600	47,702,900	0	1,373,027,000	-3,779,586,000	-788,404,000	-1,346,505,000	-465,957,000	1,060,674,000	2,841,764,000	1,060,738,000	521,278,000	279,646,000	77,716,000
Net Cash from Financing Activities Margin	-17.15%	-25.83%	196.73%	0.00%	111.03%	-162.47%	-29.58%	-48.15%	-49.66%	125.97%	945.21%	588.52%	486.47%	427.14%	283.38%
Effect of FX on Cash	3,039,333	1,748,600	-262,400	0	7,370,000	1,748,000	-11,538,000	11,163,000	-4,065,000	-6,480,000	-983,000	161,000	0	-3,000	2,000
Effect of FX on Cash Margin	0.22%	0.13%	-0.08%	0.00%	0.60%	0.08%	-0.43%	0.40%	-0.43%	-0.77%	-0.33%	0.09%	0.00%	0.00%	0.01%
Net Change in Cash	43,426,000	22,981,000	48,703,800	0	-461,690,000	591,968,000	-561,190,000	545,817,000	190,151,000	43,918,000	98,769,000	-127,032,000	166,327,000	-62,373,000	-91,085,000
Net Change in Cash Margin	-3.96%	-2.69%	12.96%	0.00%	-37.34%	25.45%	-21.06%	19.52%	20.27%	5.22%	32.85%	-70.48%	155.22%	-95.27%	-332.12%
Cash at Beginning of Period	752,476,000	805,470,600	457,238,100	0	1,424,698,000	832,730,000	1,393,920,000	376,005,000	185,854,000	141,936,000	43,167,000	170,199,000	3,872,000	66,245,000	157,330,000
Cash at Beginning of Period Margin	50.34%	43.35%	36.58%	0.00%	115.21%	35.80%	52.30%	13.44%	19.81%	16.86%	14.36%	94.43%	3.61%	101.19%	573.67%
Cash at End of Period	795,902,000	828,451,600	505,941,900	0	963,008,000	1,424,698,000	832,730,000	921,822,000	376,005,000	185,854,000	141,936,000	43,167,000	170,199,000	3,872,000	66,245,000
Cash at End of Period Margin	46.37%	40.66%	49.55%	0.00%	77.88%	61.24%	31.24%	32.96%	40.08%	22.07%	47.21%	23.95%	158.83%	5.91%	241.55%
Operating Cash Flow	106,961,000	275,493,000	248,802,600	60,122,000	89,893,000	170,868,000	506,965,000	549,617,000	408,361,000	373,126,000	132,759,000	125,289,000	71,026,000	24,417,000	9,857,000
Operating Cash Flow Margin	8.17%	12.64%	33.10%	9.90%	7.27%	7.34%	19.02%	19.65%	43.52%	44.32%	44.16%	69.51%	66.28%	37.30%	35.94%
Capital Expenditure	-1,196,000	-265,742,000	-500,442,900	-3,588,000	0	0	0	-1,325,122,000	-501,221,000	-1,433,679,000	-1,618,069,000	-122,750,000	0	0	0
Capital Expenditure Margin	-0.20%	-9.59%	-87.80%	-0.59%	0.00%	0.00%	0.00%	-47.38%	-53.42%	-170.28%	-538.19%	-68.10%	0.00%	0.00%	0.00%
Free Cash Flow	105,765,000	9,751,000	-251,640,300	56,534,000	89,893,000	170,868,000	506,965,000	-775,505,000	-92,860,000	-1,060,553,000	-1,485,310,000	2,539,000	71,026,000	24,417,000	9,857,000
Free Cash Flow Margin	7.98%	3.04%	-54.70%	9.31%	7.27%	7.34%	19.02%	-27.73%	-9.90%	-125.96%	-494.03%	1.41%	66.28%	37.30%	35.94%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	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
Revenue	1,389,992,000	1,926,397,200	1,200,023,700	607,028,000	1,236,594,000	2,326,354,000	2,665,276,000	2,796,734,000	938,232,000	841,976,000	300,649,000	180,239,000	107,155,000	65,469,000	27,425,000
EBITDA	-581,092,667	-51,679,600	99,051,000	347,171,000	-1,585,540,000	-504,909,000	588,569,000	896,311,000	461,865,000	414,755,000	178,292,000	121,572,000	72,424,000	46,462,000	18,529,000
EBITDA Margin	-30.91%	-7.72%	25.42%	57.19%	-128.22%	-21.70%	22.08%	32.05%	49.23%	49.26%	59.30%	67.45%	67.59%	70.97%	67.56%
(-) Tax Adjustment	-2,320,129	-113,975,788	-57,788,875	-6,054,387	5,926,446	-6,832,444	-63,413,517	-499,505,038	7,474,039	-15,626,013	-2,718,944	632,917	2,228,193	1,241,976	250,183
(-) Tax Adjustment Margin	-0.27%	-4.21%	-2.06%	-1.00%	0.48%	-0.29%	-2.38%	-17.86%	0.80%	-1.86%	-0.90%	0.35%	2.08%	1.90%	0.91%
(-) Change In Working Capital	9,067,667	-21,834,600	-2,901,700	0	31,155,000	-3,952,000	-40,593,000	-95,783,000	42,989,000	15,149,000	17,454,000	4,134,000	430,000	1,531,000	1,445,000
(-) Change In Working Capital Margin	0.78%	-0.52%	1.23%	0.00%	2.52%	-0.17%	-1.52%	-3.42%	4.58%	1.80%	5.81%	2.29%	0.40%	2.34%	5.27%
(-) Capital Expenditure	-1,196,000	-265,742,000	-500,442,900	-3,588,000	0	0	0	-1,325,122,000	-501,221,000	-1,433,679,000	-1,618,069,000	-122,750,000	0	0	0
(-) Capital Expenditure Margin	-0.20%	-9.59%	-87.80%	-0.59%	0.00%	0.00%	0.00%	-47.38%	-53.42%	-170.28%	-538.19%	-68.10%	0.00%	0.00%	0.00%
Unlevered Free Cash Flow	-589,036,205	-181,611,212	-340,701,325	349,637,387	-1,622,621,446	-494,124,556	692,575,517	166,477,038	-89,819,039	-1,018,446,987	-1,454,512,056	-5,944,917	69,765,807	43,689,024	16,833,817
Unlevered Free Cash Flow Margin	-31.62%	-12.58%	-61.54%	57.60%	-131.22%	-21.24%	25.99%	5.95%	-9.57%	-120.96%	-483.79%	-3.30%	65.11%	66.73%	61.38%
(-) Net Interest Income After Taxes	-329,026,027	-508,391,866	-292,323,508	-147,172,582	-311,614,418	-528,291,083	-659,716,770	-895,164,476	-167,330,665	-138,108,354	-49,102,564	-18,739,927	-7,994,242	-2,930,513	-547,506
(-) Net Interest Income After Taxes Margin	-24.05%	-25.78%	-19.73%	-24.24%	-25.20%	-22.71%	-24.75%	-32.01%	-17.83%	-16.40%	-16.33%	-10.40%	-7.46%	-4.48%	-2.00%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net 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%
Levered Free Cash Flow	-260,010,177	326,780,654	-48,377,817	496,809,969	-1,311,007,028	34,166,527	1,352,292,287	1,061,641,514	77,511,626	-880,338,632	-1,405,409,492	12,795,010	77,760,049	46,619,537	17,381,323
Levered Free Cash Flow Margin	-7.57%	13.20%	-41.81%	81.84%	-106.02%	1.47%	50.74%	37.96%	8.26%	-104.56%	-467.46%	7.10%	72.57%	71.21%	63.38%