The Cross-Harbour (Holdings) Limited (0032.HK)

Analysis: Margins & Ratios Industry: Education & Training Services Sector: Consumer Defensive Live Price: $8.12

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	2003-12-31
Revenue	120,075,040	109,580,616	89,328,774	71,176,101	61,587,277	323,071,594	189,479,183	157,491,665	112,484,829	90,248,625	89,928,071	97,749,893	89,448,783	32,038,673	137,070,819	29,697,756	57,128,629	39,535,314	37,335,394	36,494,937	31,799,093	29,189,034	27,957,589	31,412,861	37,382,436	35,260,792	32,090,342	32,651,504	32,805,226
Cost of Revenue	38,847,935	34,585,804	29,026,945	22,485,518	19,620,034	87,832,132	62,311,215	45,102,848	39,891,728	31,549,231	29,404,579	26,980,632	27,543,336	25,631,453	22,896,591	21,443,303	19,825,753	17,193,458	14,938,785	14,881,075	0	0	12,642,211	13,948,847	14,501,654	14,025,194	0	0	0
Cost of Revenue Margin	33.02%	31.87%	39.38%	34.54%	34.31%	27.19%	32.89%	28.64%	35.46%	34.96%	32.70%	27.60%	30.79%	80.00%	16.70%	72.21%	34.70%	43.49%	40.01%	40.78%	0.00%	0.00%	45.22%	44.40%	38.79%	39.78%	0.00%	0.00%	0.00%
Gross Profit	81,227,104	74,994,813	60,301,829	48,690,583	41,967,243	235,239,462	127,167,968	112,388,817	72,593,101	58,699,394	60,523,492	70,769,261	61,905,446	6,407,221	114,174,227	8,254,454	37,302,876	22,341,856	22,396,610	21,613,862	31,799,093	29,189,034	15,315,378	17,464,014	22,880,782	21,235,598	32,090,342	32,651,504	32,805,226
Gross Profit Margin	66.98%	68.13%	60.62%	65.46%	65.69%	72.81%	67.11%	71.36%	64.54%	65.04%	67.30%	72.40%	69.21%	20.00%	83.30%	27.79%	65.30%	56.51%	59.99%	59.22%	100.00%	100.00%	54.78%	55.60%	61.21%	60.22%	100.00%	100.00%	100.00%
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	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%	0.00%	0.00%	0.00%
SG&A Expenses	32,785,689	30,779,696	27,420,860	23,214,480	20,253,757	73,124,958	64,027,991	38,644,601	33,625,762	26,086,706	28,471,709	27,069,703	32,137,513	26,472,424	23,558,135	20,580,481	17,561,568	14,599,337	11,876,943	12,282,584	10,549,485	24,700,253	10,657,451	10,300,651	12,337,338	12,242,740	11,319,766	11,022,476	11,453,308
SG&A Expenses Margin	27.78%	28.54%	37.85%	39.91%	38.63%	22.63%	33.79%	24.54%	29.89%	28.91%	31.66%	27.69%	35.93%	82.63%	17.19%	69.30%	30.74%	36.93%	31.81%	33.66%	33.18%	84.62%	38.12%	32.79%	33.00%	34.72%	35.27%	33.76%	34.91%
Operating Expenses	30,601,622	29,991,627	39,402,555	34,825,066	28,169,547	72,949,129	64,027,991	38,525,068	22,876,798	30,403,000	35,340,994	22,812,276	32,137,513	53,077,620	54,863,802	53,642,381	50,346,101	46,138,543	11,876,943	12,282,584	39,064,637	18,987,737	10,657,451	10,300,651	-1,178,106	9,915,190	11,319,766	11,022,476	11,453,308
Operating Expenses Margin	26.16%	28.22%	65.15%	68.10%	57.64%	22.58%	33.79%	24.46%	20.34%	33.69%	39.30%	23.34%	35.93%	165.67%	40.03%	180.63%	88.13%	116.70%	31.81%	33.66%	122.85%	65.05%	38.12%	32.79%	-3.15%	28.12%	35.27%	33.76%	34.91%
Operating Income (EBIT)	50,518,374	44,938,921	33,242,871	23,762,412	20,526,029	162,290,332	63,139,977	73,863,749	49,716,304	27,975,069	25,182,497	47,956,985	29,767,934	-20,065,204	90,616,092	-12,326,027	19,741,308	7,742,519	5,296,079	8,033,125	-7,265,544	10,201,298	8,922,167	-944,181	24,058,888	11,320,408	10,727,114	10,264,663	6,741,399
Operating Income (EBIT) Margin	40.70%	39.83%	22.90%	19.79%	22.78%	50.23%	33.32%	46.90%	44.20%	31.00%	28.00%	49.06%	33.28%	-62.63%	66.11%	-41.50%	34.56%	19.58%	14.19%	22.01%	-22.85%	34.95%	31.91%	-3.01%	64.36%	32.10%	33.43%	31.44%	20.55%
Interest Income	600	1,697	2,481	18,183	83,692	0	1,179,134	0	0	1,799	3,342	3,342	3,342	3,342	3,213	3,213	3,213	3,213	49,356	98,325	97,040	0	0	756,142	644,964	0	0	0	0
Interest Income Margin	0.00%	0.00%	0.00%	0.05%	0.24%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.01%	0.01%	0.01%	0.13%	0.27%	0.31%	0.00%	0.00%	2.41%	1.73%	0.00%	0.00%	0.00%	0.00%
Interest Expense	1,567,166	1,100,988	610,543	550,888	496,010	4,704,198	1,179,134	2,429,860	2,076,659	194,980	350,758	452,683	588,153	0	5,141	3,984	3,213	2,442	15,809	128,144	762,697	1,248,797	697,789	56,810	274,926	155,778	471,577	223,000	7,594,838
Interest Expense Margin	1.20%	0.89%	0.51%	0.81%	0.88%	1.46%	0.62%	1.54%	1.85%	0.22%	0.39%	0.46%	0.66%	0.00%	0.00%	0.01%	0.01%	0.01%	0.04%	0.35%	2.40%	4.28%	2.50%	0.18%	0.74%	0.44%	1.47%	0.68%	23.15%
Net Interest Income	-1,566,566	-1,099,291	-608,731	-537,607	-415,994	-4,704,198	0	-2,429,860	-2,076,659	-193,181	-347,417	-449,341	-584,812	-3,342	-1,928	-771	0	771	33,546	-96,655	-665,657	-1,248,797	-697,789	699,332	370,038	-155,778	-471,577	0	0
Net Interest Income Margin	-1.20%	-0.89%	-0.51%	-0.78%	-0.64%	-1.46%	0.00%	-1.54%	-1.85%	-0.21%	-0.39%	-0.46%	-0.65%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.09%	-0.26%	-2.09%	-4.28%	-2.50%	2.23%	0.99%	-0.44%	-1.47%	0.00%	0.00%
Unusual Items	42,232,002	17,475,273	-20,329,809	-30,206,684	-27,506,602	3,794,848	205,711,108	3,910,268	8,169,110	114,616,628	18,192,650	-57,512,291	9,409,681	-79,546,703	-78,414,868	-74,218,106	-67,904,455	-60,736,209	-57,662,542	-52,152,333	-41,327,536	-37,923,548	-30,800,287	-23,115,863	-14,598,180	-14,675,298	-13,842,167	-13,592,690	-1,513,055
Unusual Items Margin	45.58%	19.63%	-56.56%	-85.10%	-79.20%	1.17%	108.57%	2.48%	7.26%	127.00%	20.23%	-58.84%	10.52%	-248.28%	-57.21%	-249.91%	-118.86%	-153.63%	-154.44%	-142.90%	-129.96%	-129.92%	-110.17%	-73.59%	-39.05%	-41.62%	-43.13%	-41.63%	-4.61%
EBT Excluding Unusual Items	-32,379,063	11,087,666	74,510,550	84,708,485	75,951,552	159,404,834	-348,282,240	68,473,072	35,454,743	-201,065,006	-10,855,387	163,430,908	11,533,382	139,024,860	247,447,755	136,110,956	155,550,219	129,214,165	120,587,617	112,367,610	76,055,185	87,297,190	71,220,529	44,588,214	52,885,211	40,826,783	38,883,024	37,673,043	17,362,347
EBT Excluding Unusual Items Margin	-49.26%	1.47%	136.53%	190.75%	181.82%	49.34%	-183.81%	43.48%	31.52%	-222.79%	-12.07%	167.19%	12.89%	433.93%	180.53%	458.32%	272.28%	326.83%	322.98%	307.90%	239.17%	299.08%	254.74%	141.94%	141.47%	115.79%	121.17%	115.38%	52.93%
Pre-Tax Income	9,852,938	28,562,939	54,180,742	54,501,801	48,444,949	163,199,682	-142,571,131	72,383,340	43,623,853	-86,448,378	7,337,264	105,918,617	20,943,064	59,478,157	169,032,888	61,892,850	87,645,764	68,477,956	62,925,075	60,215,277	34,727,649	49,373,643	40,420,243	21,472,350	38,287,031	26,151,485	25,040,857	24,080,353	15,849,291
Pre-Tax Income Margin	-3.68%	21.09%	79.97%	105.65%	102.62%	50.52%	-75.24%	45.96%	38.78%	-95.79%	8.16%	108.36%	23.41%	185.64%	123.32%	208.41%	153.42%	173.21%	168.54%	165.00%	109.21%	169.15%	144.58%	68.36%	102.42%	74.17%	78.03%	73.75%	48.31%
Income Tax Expense	5,469,294	5,187,497	4,191,762	3,477,756	2,987,481	11,165,016	10,980,575	5,873,435	5,195,568	5,338,879	5,084,261	4,445,339	3,175,462	-4,204,216	11,295,473	3,339,338	2,374,078	2,837,685	1,720,888	3,082,278	1,422,570	1,185,304	1,007,932	1,164,996	2,085,014	1,479,252	1,846,076	4,057,178	2,544,765
Income Tax Expense Margin	4.75%	4.89%	3.85%	4.49%	4.51%	3.46%	5.80%	3.73%	4.62%	5.92%	5.65%	4.55%	3.55%	-13.12%	8.24%	11.24%	4.16%	7.18%	4.61%	8.45%	4.47%	4.06%	3.61%	3.71%	5.58%	4.20%	5.75%	12.43%	7.76%
Net Income	21,817,282	30,467,574	58,740,922	55,556,630	48,274,281	135,070,121	-66,594,221	55,847,570	66,832,258	-57,227,983	-6,329,460	93,215,483	93,480,640	57,503,165	151,671,569	52,752,054	79,663,922	60,693,665	56,576,078	51,903,627	30,656,333	46,110,523	37,446,316	18,028,389	33,631,160	22,209,470	20,820,832	17,348,851	11,212,315
Net Income Margin	10.49%	23.96%	83.15%	102.21%	97.12%	41.81%	-35.15%	35.46%	59.41%	-63.41%	-7.04%	95.36%	104.51%	179.48%	110.65%	177.63%	139.45%	153.52%	151.53%	142.22%	96.41%	157.97%	133.94%	57.39%	89.97%	62.99%	64.88%	53.13%	34.18%
Depreciation and Amortization	12,023,253	11,973,546	9,171,528	6,954,193	5,900,035	9,588,467	20,997,561	14,713,343	11,819,233	9,537,183	11,478,372	12,319,601	13,340,900	5,309,446	5,052,771	4,629,779	3,514,653	2,738,460	2,645,276	2,364,952	2,210,073	2,638,849	2,391,172	3,198,983	3,144,744	2,589,622	2,363,281	2,610,059	2,200,819
Depreciation and Amortization Margin	10.14%	11.16%	11.27%	9.95%	9.55%	2.97%	11.08%	9.34%	10.51%	10.57%	12.76%	12.60%	14.91%	16.57%	3.69%	15.59%	6.15%	6.93%	7.09%	6.48%	6.95%	9.04%	8.55%	10.18%	8.41%	7.34%	7.36%	7.99%	6.71%
EBITDA	28,320,000	18,784,428	23,350,379	17,983,789	16,937,574	175,127,138	-120,394,437	88,259,109	61,535,537	-64,834,645	-51,314,446	60,276,586	43,108,833	-14,755,758	95,668,863	-7,696,248	23,255,961	10,480,979	7,850,998	10,331,241	-5,151,482	12,741,307	11,913,703	2,311,612	27,203,632	13,910,031	13,655,670	13,297,842	23,552,737
EBITDA Margin	12.97%	8.70%	13.02%	15.57%	21.91%	54.21%	-63.54%	56.04%	54.71%	-71.84%	-57.06%	61.66%	48.19%	-46.06%	69.80%	-25.92%	40.71%	26.51%	21.03%	28.31%	-16.20%	43.65%	42.61%	7.36%	72.77%	39.45%	42.55%	40.73%	71.80%
NOPAT	47,122,690	39,008,989	29,092,217	20,940,366	18,263,864	151,187,528	68,002,906	67,870,188	43,795,129	29,702,753	7,732,614	45,944,260	25,254,413	-21,483,514	84,560,752	-11,660,994	19,206,572	7,421,673	5,151,240	7,621,928	-6,967,921	9,956,397	8,699,681	-892,954	22,748,703	10,680,072	9,936,283	8,535,221	5,658,998
NOPAT Margin	38.31%	34.11%	18.78%	16.89%	20.19%	46.80%	35.89%	43.09%	38.93%	32.91%	8.60%	47.00%	28.23%	-67.05%	61.69%	-39.27%	33.62%	18.77%	13.80%	20.88%	-21.91%	34.11%	31.12%	-2.84%	60.85%	30.29%	30.96%	26.14%	17.25%
Owner's Earnings	31,575,365	39,894,787	62,764,605	56,630,104	49,268,801	149,619,331	-50,310,755	68,396,211	75,313,182	-48,983,297	1,776,028	102,971,810	94,226,243	53,201,009	151,377,364	53,002,173	76,365,328	60,695,850	58,822,269	38,004,522	30,277,941	34,004,925	39,617,316	20,294,244	34,244,891	22,704,953	19,063,055	18,713,325	12,873,308
Owner's Earnings Margin	18.70%	32.68%	85.74%	98.95%	95.30%	46.31%	-26.55%	43.43%	66.95%	-54.28%	1.97%	105.34%	105.34%	166.05%	110.44%	178.47%	133.67%	153.52%	157.55%	104.14%	95.22%	116.50%	141.71%	64.60%	91.61%	64.39%	59.40%	57.31%	39.24%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	120,075,040	109,580,616	89,328,774	71,176,101	61,587,277	157,491,665	112,484,829	90,248,625	89,928,071	97,749,893	89,448,783	32,038,673	137,070,819	29,697,756	57,128,629	39,535,314	37,335,394	36,494,937	31,799,093	29,189,034	27,957,589	31,412,861	37,382,436	35,260,792	32,090,342	32,651,504	32,805,226
Cash & Cash Equivalents	301,500,019	298,211,887	284,789,679	233,995,574	199,438,973	324,140,064	321,135,804	259,224,188	314,514,452	272,044,927	217,818,249	165,802,158	387,908,938	344,500,244	240,807,767	213,481,261	136,632,146	86,945,532	103,640,808	121,337,076	143,354,779	61,303,540	155,570,013	56,167,739	62,449,771	56,844,449	42,591,372
Cash & Cash Equivalents Margin	259.51%	281.32%	403.21%	394.53%	369.80%	205.81%	285.49%	287.23%	349.74%	278.31%	243.51%	517.51%	283.00%	1,160.02%	421.52%	539.98%	365.96%	238.24%	325.92%	415.69%	512.76%	195.15%	416.16%	159.29%	194.61%	174.09%	129.83%
Short-Term Investments	241,504,400	248,088,477	173,239,071	123,537,355	95,591,874	364,379,337	160,714,683	199,419,179	218,560,124	297,369,064	348,498,170	59,183,181	40,167,553	15,362,420	28,736,994	18,580,939	37,504,154	26,074,110	30,257,633	8,252,783	10,305,278	4,973,340	23,932,286	19,566,250	0	0	0
Short-Term Investments Margin	198.40%	228.49%	184.81%	146.03%	118.13%	231.36%	142.88%	220.97%	243.04%	304.21%	389.61%	184.72%	29.30%	51.73%	50.30%	47.00%	100.45%	71.45%	95.15%	28.27%	36.86%	15.83%	64.02%	55.49%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	485,653,261	511,889,670	486,176,614	377,264,923	309,829,842	514,512,916	483,803,500	458,643,367	533,074,576	569,413,992	566,316,419	462,800,156	554,663,632	406,423,942	312,113,640	246,563,469	174,136,300	113,019,642	133,898,441	129,589,858	153,660,057	66,276,880	179,502,299	75,733,989	62,449,771	56,844,449	42,591,372
Cash & Short-Term Investments Margin	421.67%	488.06%	683.74%	606.82%	537.62%	326.69%	430.11%	508.20%	592.78%	582.52%	633.12%	1,444.50%	404.65%	1,368.53%	546.33%	623.65%	466.41%	309.69%	421.08%	443.97%	549.62%	210.99%	480.18%	214.78%	194.61%	174.09%	129.83%
Net Receivables	11,801,796	15,778,189	15,791,427	11,226,384	8,406,138	7,695,734	1,642,613	26,067,041	16,936,912	26,548,643	28,442,918	17,330,085	11,524,642	11,265,397	10,460,286	7,369,525	1,314,605	912,049	885,315	0	366,825	953,821	-6,422,001	3,064,798	1,763,560	2,317,781	0
Net Receivables Margin	11.74%	16.24%	23.18%	17.28%	13.03%	4.89%	1.46%	28.88%	18.83%	27.16%	31.80%	54.09%	8.41%	37.93%	18.31%	18.64%	3.52%	2.50%	2.78%	0.00%	1.31%	3.04%	-17.18%	8.69%	5.50%	7.10%	0.00%
Inventory	170,174	159,454	133,106	134,468	126,666	170,431	164,904	175,186	155,650	131,101	91,513	122,104	103,852	89,842	126,474	140,483	131,872	151,537	131,486	130,586	103,595	123,389	121,461	88,043	79,817	80,203	66,321
Inventory Margin	0.15%	0.15%	0.18%	0.25%	0.27%	0.11%	0.15%	0.19%	0.17%	0.13%	0.10%	0.38%	0.08%	0.30%	0.22%	0.36%	0.35%	0.42%	0.41%	0.45%	0.37%	0.39%	0.32%	0.25%	0.25%	0.25%	0.20%
Other Current Assets	8,757,006	9,242,798	9,038,114	7,082,834	5,721,712	6,028,443	3,136,646	17,105,929	-2,612,501	22,555,473	0	16,902,081	5,864,181	11,219,769	10,181,118	7,164,134	1,776,285	0	0	6,920,955	0	0	8,191,731	0	0	0	7,545,611
Other Current Assets Margin	8.52%	9.15%	15.84%	13.66%	11.34%	3.83%	2.79%	18.95%	-2.91%	23.07%	0.00%	52.76%	4.28%	37.78%	17.82%	18.12%	4.76%	0.00%	0.00%	23.71%	0.00%	0.00%	21.91%	0.00%	0.00%	0.00%	23.00%
Total Current Assets	502,615,151	530,821,265	503,721,088	390,476,239	320,346,379	528,666,254	494,293,605	484,885,594	550,167,138	596,093,735	594,850,850	480,252,345	566,716,661	418,205,644	323,079,049	254,519,605	177,359,061	115,274,316	136,138,333	136,641,400	155,699,443	68,516,515	182,388,054	78,886,830	64,293,148	59,242,433	50,203,304
Total Current Assets Margin	437.46%	506.80%	708.52%	627.74%	555.15%	335.68%	439.43%	537.28%	611.79%	609.82%	665.02%	1,498.98%	413.45%	1,408.21%	565.53%	643.78%	475.04%	315.86%	428.12%	468.13%	556.91%	218.12%	487.90%	223.72%	200.35%	181.44%	153.03%
Property, Plant & Equipment	52,611,399	48,640,739	38,878,641	32,604,137	27,803,655	60,691,095	66,805,267	30,337,836	41,185,253	44,184,244	54,038,253	25,396,114	21,182,901	22,281,061	22,684,388	19,388,879	19,429,366	21,681,212	20,166,871	19,609,308	9,495,668	11,561,659	14,271,457	16,016,894	15,665,365	13,520,328	9,708,385
Property, Plant & Equipment Margin	43.85%	44.51%	49.24%	52.23%	49.33%	38.54%	59.39%	33.62%	45.80%	45.20%	60.41%	79.27%	15.45%	75.03%	39.71%	49.04%	52.04%	59.41%	63.42%	67.18%	33.96%	36.81%	38.18%	45.42%	48.82%	41.41%	29.59%
Goodwill	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
Goodwill 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%
Intangible Assets	0	0	7,902,333	5,759,524	4,319,643	0	0	0	0	0	28,442,918	17,330,085	11,524,642	11,265,397	10,460,286	7,369,525	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	0.00%	0.00%	15.05%	11.28%	8.46%	0.00%	0.00%	0.00%	0.00%	0.00%	31.80%	54.09%	8.41%	37.93%	18.31%	18.64%	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	507,892,636	531,759,329	455,236,307	405,187,612	349,146,732	509,793,038	527,524,779	486,360,091	474,311,560	660,807,176	403,144,627	495,177,120	338,179,267	299,726,048	357,339,363	332,286,681	315,144,378	338,638,377	251,002,124	288,379,548	253,092,022	254,040,830	166,232,348	231,755,271	0	0	0
Long-Term Investments Margin	443.86%	507.01%	641.28%	720.17%	680.92%	323.70%	468.97%	538.91%	527.43%	676.02%	450.70%	1,545.56%	246.72%	1,009.25%	625.50%	840.48%	844.09%	927.91%	789.34%	987.97%	905.27%	808.72%	444.68%	657.26%	0.00%	0.00%	0.00%
Tax Assets	144,768	283,743	312,289	329,782	275,806	0	149,480	284,822	393,944	590,467	638,023	293,691	260,916	232,639	278,910	320,040	353,458	363,740	393,302	393,302	287,907	174,801	37,274	17,994	51,412	128,530	151,665
Tax Assets Margin	0.15%	0.30%	0.46%	0.66%	0.59%	0.00%	0.13%	0.32%	0.44%	0.60%	0.71%	0.92%	0.19%	0.78%	0.49%	0.81%	0.95%	1.00%	1.24%	1.35%	1.03%	0.56%	0.10%	0.05%	0.16%	0.39%	0.46%
Other Non-Current Assets	5,820,652	6,371,900	-200,648,761	-150,404,966	-98,955,967	5,869,194	5,768,426	5,824,337	9,467,905	4,929,640	-456,380,854	-520,573,234	-359,362,168	-322,007,109	-380,023,751	-351,675,560	37,504,154	26,074,110	30,257,633	8,252,783	10,305,278	4,973,340	23,932,286	19,566,250	218,178,004	213,647,579	191,366,518
Other Non-Current Assets Margin	5.10%	6.18%	-411.58%	-314.00%	-192.90%	3.73%	5.13%	6.45%	10.53%	5.04%	-510.21%	-1,624.83%	-262.17%	-1,084.28%	-665.21%	-889.52%	100.45%	71.45%	95.15%	28.27%	36.86%	15.83%	64.02%	55.49%	679.89%	654.33%	583.34%
Other Assets	0	0	285,067	211,380	158,535	0	0	0	0	0	0	413,481	1,774,485	383,791	278,910	320,040	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.44%	0.35%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%	1.29%	1.29%	0.49%	0.81%	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	566,469,455	587,055,711	497,506,572	446,958,996	397,702,050	576,353,326	600,247,953	522,807,086	525,358,663	710,511,526	457,820,904	520,573,234	359,362,168	322,007,109	380,023,751	351,675,560	372,431,356	386,757,438	301,819,930	316,634,940	273,180,875	270,750,630	204,473,364	267,356,410	233,894,781	227,296,436	201,226,568
Total Non-Current Assets Margin	492.96%	557.99%	693.83%	794.60%	789.60%	365.96%	533.63%	579.30%	584.20%	726.87%	511.82%	1,624.83%	262.17%	1,084.28%	665.21%	889.52%	997.53%	1,059.76%	949.15%	1,084.77%	977.13%	861.91%	546.98%	758.23%	728.86%	696.13%	613.40%
Total Assets	1,069,084,606	1,117,876,976	1,001,512,726	837,646,616	718,206,965	1,105,019,581	1,094,541,558	1,007,692,680	1,075,525,801	1,306,605,261	1,052,671,754	1,001,239,060	927,853,314	740,596,544	703,381,710	606,515,204	549,790,417	502,031,754	437,958,263	453,276,340	428,880,318	339,267,145	386,861,419	346,243,240	298,187,929	286,538,870	251,429,872
Total Assets Margin	930.42%	1,064.79%	1,402.78%	1,422.68%	1,345.02%	701.64%	973.06%	1,116.57%	1,195.98%	1,336.68%	1,176.84%	3,125.10%	676.92%	2,493.78%	1,231.22%	1,534.11%	1,472.57%	1,375.62%	1,377.27%	1,552.90%	1,534.04%	1,080.03%	1,034.87%	981.95%	929.21%	877.57%	766.43%
Accounts Payable	949,408	1,089,395	804,148	1,052,267	1,935,128	897,139	935,570	1,015,516	1,070,269	1,528,479	732,107	474,147	437,002	498,568	452,683	363,611	263,358	338,548	234,567	6,542,434	5,876,649	5,826,908	10,736,882	150,123	328,009	14,524	83,159
Accounts Payable Margin	0.84%	1.06%	1.04%	2.40%	5.29%	0.57%	0.83%	1.13%	1.19%	1.56%	0.82%	1.48%	0.32%	1.68%	0.79%	0.92%	0.71%	0.93%	0.74%	22.41%	21.02%	18.55%	28.72%	0.43%	1.02%	0.04%	0.25%
Short-Term Debt	8,403,720	8,295,043	8,012,085	8,465,380	7,211,054	13,086,153	10,132,791	1,992,215	9,058,152	7,205,906	0	38,645,629	0	0	0	0	0	0	20,082,813	26,777,040	14,727,353	0	0	0	2,513,019	0	0
Short-Term Debt Margin	6.51%	7.39%	15.76%	20.83%	18.65%	8.31%	9.01%	2.21%	10.07%	7.37%	0.00%	120.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	63.16%	91.74%	52.68%	0.00%	0.00%	0.00%	7.83%	0.00%	0.00%
Tax Payables	1,058,530	1,285,223	1,620,750	1,595,709	1,532,611	1,115,512	631,211	1,428,868	1,396,221	1,854,302	5,067,938	2,386,802	1,159,212	681,466	485,972	1,078,624	1,737,083	2,318,424	1,318,975	1,275,018	1,683,357	1,512,027	1,571,022	1,114,869	835,316	351,915	417,723
Tax Payables Margin	0.95%	1.26%	2.34%	3.04%	3.32%	0.71%	0.56%	1.58%	1.55%	1.90%	5.67%	7.45%	0.85%	2.29%	0.85%	2.73%	4.65%	6.35%	4.15%	4.37%	6.02%	4.81%	4.20%	3.16%	2.60%	1.08%	1.27%
Deferred Revenue	52,942,107	59,990,503	38,676,644	25,784,429	19,338,322	0	76,050,944	82,775,376	76,808,114	64,318,083	46,657,804	40,156,114	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	53.11%	62.11%	48.80%	32.54%	24.40%	0.00%	67.61%	91.72%	85.41%	65.80%	52.16%	125.34%	0.00%	0.00%	0.00%	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	28,459,627	22,325,404	27,422,621	26,083,647	23,916,123	64,699,174	9,298,246	11,381,460	5,503,398	20,744,742	13,306,839	15,324,632	51,483,848	46,070,036	36,413,834	31,282,146	26,937,189	22,982,192	19,005,474	16,821,492	17,084,079	15,641,458	21,787,377	17,657,066	14,897,784	25,403,569	9,129,486
Other Current Liabilities Margin	20.65%	17.86%	40.84%	49.34%	50.29%	41.08%	8.27%	12.61%	6.12%	21.22%	14.88%	47.83%	37.56%	155.13%	63.74%	79.12%	72.15%	62.97%	59.77%	57.63%	61.11%	49.79%	58.28%	50.08%	46.42%	77.80%	27.83%
Total Current Liabilities	99,634,871	100,931,267	80,979,800	65,521,835	54,763,285	91,768,621	106,550,342	100,585,650	102,894,306	102,857,418	72,858,516	94,600,522	53,080,062	47,250,070	37,352,489	32,724,381	28,937,630	25,639,164	40,641,829	45,086,525	33,649,540	17,367,745	23,699,904	19,113,953	18,607,031	26,124,879	18,954,705
Total Current Liabilities Margin	88.15%	96.82%	112.40%	109.12%	99.40%	58.27%	94.72%	111.45%	114.42%	105.23%	81.45%	295.27%	38.72%	159.10%	65.38%	82.77%	77.51%	70.25%	127.81%	154.46%	120.36%	55.29%	63.40%	54.21%	57.98%	80.01%	57.78%
Long-Term Debt	0	0	10,348,323	13,539,402	10,154,551	0	0	0	0	0	0	0	35,071,467	35,909,226	32,502,538	29,430,928	26,415,229	23,678,825	0	20,082,813	0	0	0	0	0	0	10,598,198
Long-Term Debt Margin	0.00%	0.00%	20.34%	32.15%	24.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.59%	120.92%	56.89%	74.44%	70.75%	64.88%	0.00%	68.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	32.31%
Capital Lease Obligations	28,224,245	19,282,456	11,138,358	7,425,572	5,569,179	38,292,300	44,838,847	1,541,589	3,495,373	8,244,171	14,971,303	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	21.96%	15.64%	9.49%	6.33%	4.75%	24.31%	39.86%	1.71%	3.89%	8.43%	16.74%	0.00%	0.00%	0.00%	0.00%	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	373,637	344,383	1,264,093	867,955	689,204	381,349	488,028	251,533	280,452	320,554	504,352	634,810	8,502,645	741,618	535,585	205,905	42,672	35,860	68,249	25,706	19,280	71,977	192,795	173,516	307,187	177,371	359,884
Deferred Tax Liabilities Margin	0.32%	0.32%	1.38%	0.99%	0.85%	0.24%	0.43%	0.28%	0.31%	0.33%	0.56%	1.98%	6.20%	2.50%	0.94%	0.52%	0.11%	0.10%	0.21%	0.09%	0.07%	0.23%	0.52%	0.49%	0.96%	0.54%	1.10%
Other Non-Current Liabilities	0	0	0	0	2,342,993	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46,859,853	0	0	0	0	2,570,600	2,570,600
Other Non-Current Liabilities Margin	0.00%	0.00%	0.00%	0.00%	8.38%	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%	167.61%	0.00%	0.00%	0.00%	0.00%	7.87%	7.84%
Total Non-Current Liabilities	20,858,234	14,983,051	19,450,895	19,619,282	17,095,692	25,587,495	35,194,085	1,793,122	3,775,826	8,564,725	15,475,655	634,810	35,071,467	35,909,226	32,502,538	29,430,928	26,457,901	23,714,685	68,249	20,108,519	46,879,132	71,977	192,795	173,516	307,187	2,747,971	13,528,682
Total Non-Current Liabilities Margin	16.51%	12.50%	28.52%	37.64%	36.72%	16.25%	31.29%	1.99%	4.20%	8.76%	17.30%	1.98%	25.59%	120.92%	56.89%	74.44%	70.87%	64.98%	0.21%	68.89%	167.68%	0.23%	0.52%	0.49%	0.96%	8.42%	41.24%
Total Liabilities	120,493,105	115,914,318	101,408,679	85,806,834	72,358,264	117,356,116	141,744,426	102,378,772	106,670,132	111,422,143	88,334,170	95,235,332	96,654,174	83,900,914	70,390,611	62,361,214	55,395,530	49,353,849	40,710,078	65,195,043	80,528,672	17,439,722	23,892,699	19,287,469	18,914,218	28,872,851	32,483,387
Total Liabilities Margin	104.66%	109.31%	141.88%	147.44%	136.63%	74.52%	126.01%	113.44%	118.62%	113.99%	98.75%	297.25%	70.51%	282.52%	123.21%	157.74%	148.37%	135.23%	128.02%	223.35%	288.04%	55.52%	63.91%	54.70%	58.94%	88.43%	99.02%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%
Common Stock	209,434,622	209,434,622	209,434,622	166,194,628	133,732,734	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	209,434,622	47,901,589	47,901,589	47,901,589	45,433,813	45,433,813	45,433,813	45,433,813	45,433,813	0	0	0
Common Stock Margin	183.74%	199.68%	311.08%	280.43%	238.20%	132.98%	186.19%	232.06%	232.89%	214.26%	234.14%	653.69%	152.79%	705.22%	366.60%	529.74%	128.30%	131.26%	150.64%	155.65%	162.51%	144.63%	121.54%	128.85%	0.00%	0.00%	0.00%
Retained Earnings	711,327,949	727,674,831	628,334,573	457,250,608	355,351,152	750,718,410	714,989,512	668,275,926	745,622,581	758,767,729	685,670,919	611,350,889	562,513,859	410,711,189	374,724,716	310,868,313	264,545,073	0	0	0	136,040,008	112,223,913	0	0	0	0	0
Retained Earnings Margin	617.60%	691.63%	858.22%	671.80%	546.04%	476.67%	635.63%	740.48%	829.13%	776.23%	766.55%	1,908.17%	410.38%	1,382.97%	655.93%	786.31%	708.56%	0.00%	0.00%	0.00%	486.59%	357.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	3,381,239	40,270,942	42,661,755	20,890,898	12,739,469	3,154,255	2,943,594	4,045,867	-12,086,833	203,297,829	48,811,067	65,575,106	57,955,077	19,896,315	33,025,269	9,984,082	-33,091,591	-30,786,919	-29,902,247	-29,457,405	-30,402,743	-28,171,334	0	0	0	0	0
Accumulated OCI Margin	3.03%	40.73%	63.00%	19.15%	4.44%	2.00%	2.62%	4.48%	-13.44%	207.98%	54.57%	204.67%	42.28%	67.00%	57.81%	25.25%	-88.63%	-84.36%	-94.03%	-100.92%	-108.75%	-89.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	24,447,691	24,582,262	21,337,265	18,152,240	15,654,382	24,356,178	25,429,403	23,557,493	25,885,299	23,682,938	20,420,975	19,643,111	18,192,265	16,653,504	15,551,487	13,866,973	13,279,463	12,889,888	10,134,076	8,740,554	8,271,034	8,776,671	8,865,228	7,776,836	7,114,264	6,067,773	5,508,410
Minority Interest Margin	21.39%	23.44%	29.79%	31.04%	29.56%	15.47%	22.61%	26.10%	28.78%	24.23%	22.83%	61.31%	13.27%	56.08%	27.22%	35.07%	35.57%	35.32%	31.87%	29.94%	29.58%	27.94%	23.71%	22.06%	22.17%	18.58%	16.79%
Total Shareholders’ Equity	924,143,810	977,380,396	878,766,782	733,687,542	630,194,318	963,307,287	927,367,728	881,756,415	942,970,370	1,171,500,181	943,916,608	886,360,617	813,006,875	640,042,126	617,439,612	530,287,018	481,115,424	439,788,016	387,114,109	379,340,743	340,080,612	313,050,753	354,103,492	319,178,935	272,159,447	251,598,246	213,438,075
Total Shareholders’ Equity Margin	804.37%	932.03%	1,231.11%	1,244.20%	1,178.83%	611.66%	824.44%	977.03%	1,048.58%	1,198.47%	1,055.26%	2,766.53%	593.13%	2,155.19%	1,080.79%	1,341.30%	1,288.63%	1,205.07%	1,217.37%	1,299.60%	1,216.42%	996.57%	947.25%	905.20%	848.10%	770.56%	650.62%
Total Equity	948,591,501	1,001,962,658	900,104,047	751,839,782	645,848,700	987,663,465	952,797,131	905,313,908	968,855,670	1,195,183,118	964,337,583	906,003,729	831,199,140	656,695,630	632,991,099	544,153,991	494,394,886	452,677,904	397,248,185	388,081,297	348,351,646	321,827,424	362,968,720	326,955,771	279,273,711	257,666,019	218,946,485
Total Equity Margin	825.77%	955.47%	1,260.90%	1,275.25%	1,208.39%	627.12%	847.05%	1,003.13%	1,077.37%	1,222.70%	1,078.09%	2,827.84%	606.40%	2,211.26%	1,108.01%	1,376.37%	1,324.20%	1,240.39%	1,249.24%	1,329.54%	1,246.00%	1,024.51%	970.96%	927.25%	870.27%	789.14%	667.41%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	749,397,036	779,847,806	628,475,377	528,724,967	455,647,506	874,172,374	688,239,462	685,779,270	692,871,684	958,176,241	751,642,797	554,360,301	378,346,820	315,088,467	386,076,358	350,867,621	352,648,532	364,712,487	281,259,757	296,632,331	263,397,300	259,014,170	190,164,634	251,321,521	218,178,004	213,647,579	191,366,518
Total Investments Margin	642.26%	735.50%	826.09%	866.20%	833.05%	555.06%	611.85%	759.88%	770.47%	980.23%	840.31%	1,730.28%	276.02%	1,060.98%	675.80%	887.48%	944.54%	999.35%	884.49%	1,016.25%	942.13%	824.55%	508.70%	712.75%	679.89%	654.33%	583.34%
Net Debt	-216,705,265	-241,734,314	-240,131,494	-194,458,941	-166,707,137	-118,128,453	-276,296,957	-255,690,384	-301,960,927	-256,594,850	-195,753,118	-127,156,528	-352,837,471	-308,591,019	-208,305,229	-184,050,333	-110,216,917	-63,266,707	-83,557,996	-74,477,223	-81,767,573	-61,303,540	-155,570,013	-56,167,739	-62,449,771	-56,844,449	-31,993,173
Net Debt Margin	-201.32%	-240.45%	-347.91%	-328.74%	-309.44%	-75.01%	-245.63%	-283.32%	-335.78%	-262.50%	-218.84%	-396.88%	-257.41%	-1,039.11%	-364.62%	-465.53%	-295.21%	-173.36%	-262.77%	-255.15%	-292.47%	-195.15%	-416.16%	-159.29%	-194.61%	-174.09%	-97.52%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	120,075,040	109,580,616	89,328,774	71,176,101	61,587,277	157,491,665	112,484,829	90,248,625	89,928,071	97,749,893	89,448,783	32,038,673	137,070,819	29,697,756	57,128,629	39,535,314	37,335,394	36,494,937	31,799,093	29,189,034	27,957,589	31,412,861	37,382,436	35,260,792	32,090,342	32,651,504	32,805,226
Working Capital	402,980,280	429,889,998	422,741,288	324,954,404	265,583,094	436,897,634	387,743,263	384,299,944	447,272,832	493,236,317	521,992,334	385,651,823	513,636,599	370,955,574	285,726,560	221,795,224	148,421,431	89,635,151	95,496,505	91,554,875	122,049,903	51,148,771	158,688,151	59,772,877	45,686,117	33,117,554	31,248,599
Working Capital Margin	349.31%	409.98%	596.11%	518.62%	455.75%	277.41%	344.71%	425.82%	497.37%	504.59%	583.57%	1,203.71%	374.72%	1,249.10%	500.15%	561.01%	397.54%	245.61%	300.31%	313.66%	436.55%	162.83%	424.50%	169.52%	142.37%	101.43%	95.25%
Total Capital	953,032,127	1,000,314,107	906,653,036	762,042,888	654,665,839	1,001,599,587	972,206,575	885,290,219	955,523,895	1,186,950,258	965,981,739	925,006,246	848,078,342	675,951,352	649,942,150	559,717,945	507,530,652	463,466,841	407,196,921	426,200,596	401,667,818	313,050,753	354,103,492	319,178,935	274,672,466	251,598,246	224,036,273
Total Capital Margin	827.07%	951.61%	1,275.76%	1,302.89%	1,234.25%	635.97%	864.30%	980.95%	1,062.54%	1,214.27%	1,079.93%	2,887.16%	618.72%	2,276.10%	1,137.68%	1,415.74%	1,359.38%	1,269.95%	1,280.53%	1,460.14%	1,436.70%	996.57%	947.25%	905.20%	855.93%	770.56%	682.93%
Capital Employed	969,449,735	1,016,945,709	920,532,927	772,124,781	663,443,680	1,013,250,960	987,991,216	907,107,030	972,631,496	1,203,747,844	979,813,238	906,638,538	874,773,252	693,346,473	666,029,221	573,790,824	520,852,787	476,392,589	397,316,435	408,189,815	395,230,778	321,899,401	363,161,515	327,129,286	279,580,898	260,413,990	232,475,167
Capital Employed Margin	842.27%	967.97%	1,290.38%	1,313.56%	1,245.61%	643.37%	878.33%	1,005.12%	1,081.57%	1,231.46%	1,095.39%	2,829.83%	638.19%	2,334.68%	1,165.84%	1,451.34%	1,395.06%	1,305.37%	1,249.46%	1,398.44%	1,413.68%	1,024.74%	971.48%	927.74%	871.23%	797.56%	708.65%
Invested Capital	651,532,108	702,102,220	621,863,357	528,047,314	455,226,866	677,459,523	651,070,771	626,066,031	641,009,443	914,905,331	748,163,490	759,204,089	460,169,404	331,451,108	409,134,382	346,236,685	370,898,507	376,521,309	303,556,113	304,863,520	258,313,039	251,747,212	198,533,479	263,011,196	212,222,695	194,753,797	181,444,901
Invested Capital Margin	567.56%	670.29%	872.55%	908.36%	864.45%	430.16%	578.81%	693.71%	712.80%	935.97%	836.42%	2,369.65%	335.72%	1,116.08%	716.16%	875.77%	993.42%	1,031.71%	954.61%	1,044.45%	923.95%	801.41%	531.09%	745.90%	661.33%	596.46%	553.10%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	120,075,040	109,580,616	89,328,774	71,176,101	61,587,277	157,491,665	112,484,829	90,248,625	89,928,071	97,749,893	89,448,783	32,038,673	137,070,819	29,697,756	57,128,629	39,535,314	37,335,394	36,494,937	31,799,093	29,189,034	27,957,589	31,412,861	37,382,436	35,260,792	32,090,342	32,651,504	32,805,226
Net Income	14,799,844	26,257,111	56,635,691	55,619,481	49,072,208	72,825,741	28,801,774	-57,227,983	-6,329,460	93,215,483	93,480,640	57,503,165	151,671,569	52,752,054	79,663,922	60,693,665	62,925,075	60,215,277	34,727,649	49,373,643	40,420,243	21,472,350	38,287,031	26,151,485	20,820,832	17,348,851	11,212,315
Net Income Margin	2.81%	19.35%	80.85%	104.93%	101.41%	46.24%	25.61%	-63.41%	-7.04%	95.36%	104.51%	179.48%	110.65%	177.63%	139.45%	153.52%	168.54%	165.00%	109.21%	169.15%	144.58%	68.36%	102.42%	74.17%	64.88%	53.13%	34.18%
Depreciation & Amortization	12,023,253	11,973,546	9,171,528	6,954,193	5,900,035	14,713,343	11,819,233	9,537,183	11,478,372	12,319,601	13,340,900	5,309,446	5,052,771	4,629,779	3,514,653	2,738,460	2,645,276	2,364,952	2,210,073	2,638,849	2,391,172	3,198,983	3,144,744	2,589,622	2,363,281	2,610,059	2,200,819
Depreciation & Amortization Margin	10.14%	11.16%	11.27%	9.95%	9.55%	9.34%	10.51%	10.57%	12.76%	12.60%	14.91%	16.57%	3.69%	15.59%	6.15%	6.93%	7.09%	6.48%	6.95%	9.04%	8.55%	10.18%	8.41%	7.34%	7.36%	7.99%	6.71%
Deferred Income Tax	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
Deferred Income Tax 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%
Stock-Based Compensation	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
Stock-Based Compensation 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%
Change in Working Capital	1,531,049	4,731,549	2,529,509	2,547,233	1,919,454	-19,968,035	23,269,585	1,291,598	1,199,056	17,865,541	6,997,687	-666,171	-4,215,655	-509,236	30,719	328,009	3,188,315	4,161,416	3,194,613	2,041,056	744,060	-2,685,891	795,601	1,292,498	34,318	-1,013,588	-1,604,440
Change in Working Capital Margin	3.15%	5.81%	3.01%	4.52%	3.39%	-12.68%	20.69%	1.43%	1.33%	18.28%	7.82%	-2.08%	-3.08%	-1.71%	0.05%	0.83%	8.54%	11.40%	10.05%	6.99%	2.66%	-8.55%	2.13%	3.67%	0.11%	-3.10%	-4.89%
Accounts Receivable	-1,910,470	-854,853	-988,730	-684,371	-513,278	-4,054,093	1,768,316	-3,445,632	2,556,462	-1,099,317	-234,310	-647,920	-4,201,646	-545,867	16,709	336,620	-714,884	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-1.61%	-0.62%	-1.03%	-0.75%	-0.57%	-2.57%	1.57%	-3.82%	2.84%	-1.12%	-0.26%	-2.02%	-3.07%	-1.84%	0.03%	0.85%	-1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-4,927	-15,783	-2,995	-4,456	-4,511	-5,527	10,282	-19,537	-24,549	-39,587	30,590	-18,251	-14,010	36,631	14,010	-8,612	19,665	-20,051	-900	-26,991	19,794	-1,928	-33,418	-8,226	386	-13,881	10,925
Inventory Margin	-0.01%	-0.02%	0.00%	-0.01%	-0.01%	0.00%	0.01%	-0.02%	-0.03%	-0.04%	0.03%	-0.06%	-0.01%	0.12%	0.02%	-0.02%	0.05%	-0.05%	0.00%	-0.09%	0.07%	-0.01%	-0.09%	-0.02%	0.00%	-0.04%	0.03%
Accounts Payable	1,032,481	-1,876,255	-306,107	-156,412	-117,309	1,852,117	2,455,823	-1,210,496	-13,822,887	1,344,167	699,717	354,100	1,652,896	2,191,437	1,422,056	0	714,884	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.67%	-2.40%	0.10%	0.19%	0.14%	1.18%	2.18%	-1.34%	-15.37%	1.38%	0.78%	1.11%	1.21%	7.38%	2.49%	0.00%	1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	2,413,965	7,478,441	3,827,341	3,440,131	2,590,297	-17,760,532	19,035,164	5,967,262	12,490,031	17,660,279	6,501,690	-354,100	-1,652,896	-2,191,437	-1,422,056	0	3,883,534	4,181,466	3,195,513	2,068,048	724,267	-2,683,963	829,019	1,300,724	33,932	-999,706	-1,615,365
Other Working Capital Margin	4.09%	8.84%	3.93%	5.22%	3.92%	-11.28%	16.92%	6.61%	13.89%	18.07%	7.27%	-1.11%	-1.21%	-7.38%	-2.49%	0.00%	10.40%	11.46%	10.05%	7.09%	2.59%	-8.54%	2.22%	3.69%	0.11%	-3.06%	-4.92%
Other Non-Cash Items	48,926,744	54,738,408	37,608	-16,692,234	-19,356,425	-59,300,400	52,210,171	153,870,461	111,190,018	15,721,790	34,978,668	-54,571,396	-142,349,417	-40,967,010	-70,406,806	-52,403,095	-58,302,750	-56,786,096	-33,758,019	-49,509,627	-40,166,653	-19,759,817	-37,016,254	-23,002,243	-16,800,028	-13,959,900	-5,933,587
Other Non-Cash Items Margin	59.75%	63.80%	-17.73%	-59.82%	-66.03%	-37.65%	46.42%	170.50%	123.64%	16.08%	39.10%	-170.33%	-103.85%	-137.95%	-123.24%	-132.55%	-156.16%	-155.60%	-106.16%	-169.62%	-143.67%	-62.90%	-99.02%	-65.23%	-52.35%	-42.75%	-18.09%
Net Cash from Operating Activities	77,280,890	97,700,614	68,374,335	48,428,673	37,535,271	8,270,648	116,100,763	107,471,259	117,537,986	139,122,414	148,797,896	7,575,044	10,159,268	15,905,588	12,802,488	11,357,039	10,455,916	9,955,548	6,374,317	4,543,921	3,388,822	2,225,625	5,211,120	7,031,362	6,418,403	4,985,422	5,875,106
Net Cash from Operating Activities Margin	75.85%	100.12%	77.39%	59.57%	48.33%	5.25%	103.21%	119.08%	130.70%	142.32%	166.35%	23.64%	7.41%	53.56%	22.41%	28.73%	28.01%	27.28%	20.05%	15.57%	12.12%	7.09%	13.94%	19.94%	20.00%	15.27%	17.91%
Capital Expenditures (PPE)	-2,265,170	-2,546,334	-5,147,845	-5,880,719	-4,905,515	-2,164,702	-3,338,310	-1,292,498	-3,372,884	-2,563,274	-12,595,297	-9,611,602	-5,346,977	-4,379,660	-6,813,247	-2,736,275	-399,086	-16,264,058	-2,588,466	-14,744,447	-220,172	-933,128	-2,531,013	-2,094,139	-4,121,057	-1,245,584	-539,826
Capital Expenditures (PPE) Margin	-1.92%	-2.43%	-8.68%	-13.20%	-11.37%	-1.37%	-2.97%	-1.43%	-3.75%	-2.62%	-14.08%	-30.00%	-3.90%	-14.75%	-11.93%	-6.92%	-1.07%	-44.57%	-8.14%	-50.51%	-0.79%	-2.97%	-6.77%	-5.94%	-12.84%	-3.81%	-1.65%
Acquisitions (Net)	83,502	73,802	432,773	7,771,207	622,117	0	67,735	182,770	85,730	32,775	35,089	1,607,268	90,614	1,759,319	466,435	5,004,830	60,066,696	722,981	47,088,508	-642,650	13,780,215	-131,007,930	7,931,843	5,170,119	0	174,415	28,662
Acquisitions (Net) Margin	0.09%	0.08%	1.23%	22.24%	0.09%	0.00%	0.06%	0.20%	0.10%	0.03%	0.04%	5.02%	0.07%	5.92%	0.82%	12.66%	160.88%	1.98%	148.08%	-2.20%	49.29%	-417.05%	21.22%	14.66%	0.00%	0.53%	0.09%
Purchases of Investments	-132,772,304	-193,604,996	-160,372,241	-116,109,863	-95,501,074	-82,004,068	-145,769,472	-170,543,372	-333,505,788	-236,202,280	-129,276,245	-355,480,177	-52,689,974	-27,836,128	-70,414,903	-22,122,069	-11,650,216	-22,529,895	-52,705,269	-28,918,093	-25,705,743	-39,205,120	-49,138,176	-54,324,490	0	-3,251,552	-5,315,872
Purchases of Investments Margin	-123.54%	-196.63%	-249.26%	-193.76%	-170.43%	-52.07%	-129.59%	-188.97%	-370.86%	-241.64%	-144.53%	-1,109.53%	-38.44%	-93.73%	-123.26%	-55.96%	-31.20%	-61.73%	-165.74%	-99.07%	-91.95%	-124.81%	-131.45%	-154.06%	0.00%	-9.96%	-16.20%
Sales / Maturities of Investments	64,222,285	136,147,690	83,811,405	61,074,577	55,430,137	33,343,510	114,889,240	44,434,106	305,122,380	182,949,216	76,908,882	38,651,413	2,601,062	21,885,446	17,328,800	17,117,240	199,350	42,050,003	12,765,085	5,872,921	22,489,023	68,484,768	74,680,557	19,850,302	6,979,436	678,381	3,332,397
Sales / Maturities of Investments Margin	57.51%	139.80%	101.15%	82.06%	90.36%	21.17%	102.14%	49.24%	339.30%	187.16%	85.98%	120.64%	1.90%	73.69%	30.33%	43.30%	0.53%	115.22%	40.14%	20.12%	80.44%	218.02%	199.77%	56.30%	21.75%	2.08%	10.16%
Other Investing Activities	35,442,662	60,974,966	74,448,985	61,450,227	52,686,523	95,572,466	10,755,519	0	88,429,925	110,116,921	0	118,389,497	109,729,274	117,659,447	93,836,797	91,965,786	9,639,750	36,596,347	-6,038,468	45,100,149	16,967,117	22,228,621	76,089,760	8,084,537	8,607,011	8,505,858	1,985,274
Other Investing Activities Margin	23.42%	56.25%	129.13%	119.03%	108.51%	60.68%	9.56%	0.00%	98.33%	112.65%	0.00%	369.52%	80.05%	396.19%	164.26%	232.62%	25.82%	100.28%	-18.99%	154.51%	60.69%	70.76%	203.54%	22.93%	26.82%	26.05%	6.05%
Net Cash from Investing Activities	-35,289,025	1,045,129	-6,826,922	7,971,773	8,081,947	44,747,205	-23,395,288	-127,218,994	56,759,362	54,333,358	-64,927,572	-206,443,601	54,383,999	109,088,424	34,403,882	84,224,681	57,856,494	40,575,379	-1,478,609	6,667,879	27,310,440	-80,432,789	107,032,972	-23,313,671	11,465,390	4,861,519	-509,364
Net Cash from Investing Activities Margin	-44.45%	-2.93%	-26.44%	15.53%	16.53%	28.41%	-20.80%	-140.97%	63.12%	55.58%	-72.59%	-644.36%	39.68%	367.33%	60.22%	213.04%	154.96%	111.18%	-4.65%	22.84%	97.69%	-256.05%	286.32%	-66.12%	35.73%	14.89%	-1.55%
Net Debt Issuance	-6,411,548	-5,072,205	-2,536,103	-5,844,413	-1,320,292	-12,534,117	-3,734,696	-2,965,830	-2,532,170	-3,594,213	0	0	0	0	0	0	0	-20,082,813	-27,495,009	-14,727,353	61,587,206	0	-274,926	0	-51,926	0	0
Net Debt Issuance Margin	-4.86%	-4.21%	-2.11%	-14.20%	0.32%	-7.96%	-3.32%	-3.29%	-2.82%	-3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.03%	-86.46%	-50.46%	220.29%	0.00%	-0.74%	0.00%	-0.16%	0.00%	0.00%
Long-Term Debt Issuance	-6,411,548	-5,072,205	-2,536,103	-4,457,695	-280,253	-12,534,117	-3,734,696	-2,965,830	-2,532,170	-3,594,213	0	0	0	0	0	0	0	0	-26,777,040	-14,727,353	61,587,206	0	-274,926	0	-51,926	0	0
Long-Term Debt Issuance Margin	-4.86%	-4.21%	-2.11%	-10.38%	3.18%	-7.96%	-3.32%	-3.29%	-2.82%	-3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-84.21%	-50.46%	220.29%	0.00%	-0.74%	0.00%	-0.16%	0.00%	0.00%
Short-Term Debt Issuance	0	0	0	-1,386,719	-1,040,039	0	0	0	0	0	0	0	0	0	0	0	0	-20,082,813	-717,969	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	-3.82%	-2.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.03%	-2.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	0	0	0	409,976	1,532,303	0	0	0	0	0	0	0	0	0	0	0	0	0	6,149,646	0	0	0	0	24,496,404	0	0	0
Net Stock Issuance Margin	0.00%	0.00%	0.00%	1.29%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.34%	0.00%	0.00%	0.00%	0.00%	69.47%	0.00%	0.00%	0.00%
Common Stock Issuance	0	0	0	409,976	1,532,303	0	0	0	0	0	0	0	0	0	0	0	0	0	6,149,646	0	0	0	0	24,496,404	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	0.00%	1.29%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.34%	0.00%	0.00%	0.00%	0.00%	69.47%	0.00%	0.00%	0.00%
Common Stock Repurchased	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
Common Stock Repurchased 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%
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
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%
Net Dividends Paid	-20,085,212	-20,093,249	-18,737,232	-17,395,542	-16,351,587	-22,876,541	-17,228,290	-20,150,805	-20,143,093	-20,067,517	-19,233,358	-18,509,605	-16,591,038	-16,614,945	-15,957,128	-14,371,068	-14,370,425	-14,377,623	-14,371,068	-16,070,620	-13,629,064	-13,634,977	-12,566,892	-14,397,931	-11,869,746	-7,938,398	-7,053,469
Net Dividends Paid Margin	-17.39%	-19.02%	-27.04%	-32.32%	-34.42%	-14.53%	-15.32%	-22.33%	-22.40%	-20.53%	-21.50%	-57.77%	-12.10%	-55.95%	-27.93%	-36.35%	-38.49%	-39.40%	-45.19%	-55.06%	-48.75%	-43.41%	-33.62%	-40.83%	-36.99%	-24.31%	-21.50%
Common Dividends Paid	-20,085,212	-20,093,249	-18,737,232	-17,395,542	-16,119,269	-22,876,541	-17,228,290	-20,150,805	-20,143,093	-20,067,517	-19,233,358	-18,509,605	-16,591,038	-16,614,945	-15,957,128	-14,371,068	-14,370,425	-14,377,623	-14,371,068	-16,070,620	-13,629,064	-13,634,977	-11,082,371	-12,562,522	-10,543,316	-5,740,535	-7,053,469
Common Dividends Paid Margin	-17.39%	-19.02%	-27.04%	-32.32%	-33.76%	-14.53%	-15.32%	-22.33%	-22.40%	-20.53%	-21.50%	-57.77%	-12.10%	-55.95%	-27.93%	-36.35%	-38.49%	-39.40%	-45.19%	-55.06%	-48.75%	-43.41%	-29.65%	-35.63%	-32.86%	-17.58%	-21.50%
Preferred Dividends Paid	0	0	0	0	-158,092	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,835,408	-1,326,430	-2,197,863	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	-0.47%	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%	-5.21%	-4.13%	-6.73%	0.00%
Other Financing Activities	-12,286,568	-9,806,248	-7,953,359	-6,346,709	-5,110,147	-14,602,936	-9,830,874	-12,425,895	-6,721,091	-5,450,443	-12,620,875	-4,728,619	-4,543,536	-4,686,589	-3,922,736	-4,361,537	-4,255,371	-2,691,290	-1,573,207	-2,785,631	-2,995,263	-2,424,333	-1,484,522	-98,197	0	12,715,473	5,426,922
Other Financing Activities Margin	-10.59%	-8.97%	-9.97%	-9.60%	-8.33%	-9.27%	-8.74%	-13.77%	-7.47%	-5.58%	-14.11%	-14.76%	-3.31%	-15.78%	-6.87%	-11.03%	-11.40%	-7.37%	-4.95%	-9.54%	-10.71%	-7.72%	-3.97%	-0.28%	0.00%	38.94%	16.54%
Net Cash from Financing Activities	-38,783,328	-34,971,702	-29,226,694	-29,176,687	-21,193,337	-50,013,594	-30,793,860	-35,542,529	-29,396,353	-29,112,174	-31,854,233	-23,238,224	-21,134,573	-21,301,534	-19,879,864	-18,732,605	-18,625,796	-37,151,725	-37,289,638	-33,583,604	44,962,879	-16,059,309	-12,841,818	10,000,277	-12,278,471	4,406,137	-1,626,547
Net Cash from Financing Activities Margin	-32.84%	-32.20%	-39.11%	-54.83%	-37.85%	-31.76%	-27.38%	-39.38%	-32.69%	-29.78%	-35.61%	-72.53%	-15.42%	-71.73%	-34.80%	-47.38%	-49.89%	-101.80%	-117.27%	-115.06%	160.83%	-51.12%	-34.35%	28.36%	-38.26%	13.49%	-4.96%
Effect of FX on Cash	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
Effect of FX on Cash 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%
Net Change in Cash	3,208,537	21,264,363	11,065,880	13,053,867	13,796,462	3,004,260	61,911,616	-55,290,264	42,469,525	54,226,678	52,016,091	-222,106,781	43,408,694	103,692,477	27,326,506	76,849,115	49,686,613	13,379,202	-32,393,930	-22,371,803	75,662,141	-94,266,473	99,402,274	-6,282,032	5,605,322	14,253,077	3,739,195
Net Change in Cash Margin	-1.44%	19.68%	-10.80%	5.17%	15.68%	1.91%	55.04%	-61.26%	47.23%	55.47%	58.15%	-693.25%	31.67%	349.16%	47.83%	194.38%	133.08%	36.66%	-101.87%	-76.64%	270.63%	-300.09%	265.91%	-17.82%	17.47%	43.65%	11.40%
Cash at Beginning of Period	298,291,481	276,947,524	273,723,799	217,911,621	182,618,811	321,135,804	259,224,188	314,514,452	272,044,927	217,818,249	165,802,158	387,908,938	344,500,244	240,807,767	213,481,261	136,632,146	86,945,532	73,566,331	105,960,261	128,332,064	52,669,923	155,570,013	56,167,739	62,449,771	56,844,449	42,591,372	38,852,177
Cash at Beginning of Period Margin	260.95%	261.64%	414.02%	379.54%	344.06%	203.91%	230.45%	348.50%	302.51%	222.83%	185.36%	1,210.75%	251.33%	810.86%	373.69%	345.60%	232.88%	201.58%	333.22%	439.66%	188.39%	495.24%	150.25%	177.11%	177.14%	130.44%	118.43%
Cash at End of Period	301,500,019	298,211,887	284,789,679	230,965,488	196,415,272	324,140,064	321,135,804	259,224,188	314,514,452	272,044,927	217,818,249	165,802,158	387,908,938	344,500,244	240,807,767	213,481,261	136,632,146	86,945,532	73,566,331	105,960,261	128,332,064	61,303,540	155,570,013	56,167,739	62,449,771	56,844,449	42,591,372
Cash at End of Period Margin	259.51%	281.32%	403.21%	384.71%	359.75%	205.81%	285.49%	287.23%	349.74%	278.31%	243.51%	517.51%	283.00%	1,160.02%	421.52%	539.98%	365.96%	238.24%	231.35%	363.01%	459.02%	195.15%	416.16%	159.29%	194.61%	174.09%	129.83%
Operating Cash Flow	77,280,890	97,700,614	68,374,335	48,428,673	37,535,271	8,270,648	116,100,763	107,471,259	117,537,986	139,122,414	148,797,896	7,575,044	10,159,268	15,905,588	12,802,488	11,357,039	10,455,916	9,955,548	6,374,317	4,543,921	3,388,822	2,225,625	5,211,120	7,031,362	6,418,403	4,985,422	5,875,106
Operating Cash Flow Margin	75.85%	100.12%	77.39%	59.57%	48.33%	5.25%	103.21%	119.08%	130.70%	142.32%	166.35%	23.64%	7.41%	53.56%	22.41%	28.73%	28.01%	27.28%	20.05%	15.57%	12.12%	7.09%	13.94%	19.94%	20.00%	15.27%	17.91%
Capital Expenditure	-2,265,170	-2,546,334	-5,147,845	-5,880,719	-4,905,515	-2,164,702	-3,338,310	-1,292,498	-3,372,884	-2,563,274	-12,595,297	-9,611,602	-5,346,977	-4,379,660	-6,813,247	-2,736,275	-399,086	-16,264,058	-2,588,466	-14,744,447	-220,172	-933,128	-2,531,013	-2,094,139	-4,121,057	-1,245,584	-539,826
Capital Expenditure Margin	-1.92%	-2.43%	-8.68%	-13.20%	-11.37%	-1.37%	-2.97%	-1.43%	-3.75%	-2.62%	-14.08%	-30.00%	-3.90%	-14.75%	-11.93%	-6.92%	-1.07%	-44.57%	-8.14%	-50.51%	-0.79%	-2.97%	-6.77%	-5.94%	-12.84%	-3.81%	-1.65%
Free Cash Flow	75,015,720	95,154,281	63,226,490	42,547,954	32,629,757	6,105,946	112,762,454	106,178,762	114,165,102	136,559,141	136,202,598	-2,036,558	4,812,292	11,525,928	5,989,241	8,620,764	10,056,830	-6,308,509	3,785,851	-10,200,526	3,168,650	1,292,498	2,680,108	4,937,223	2,297,345	3,739,837	5,335,280
Free Cash Flow Margin	73.93%	97.69%	68.71%	46.37%	36.97%	3.88%	100.25%	117.65%	126.95%	139.70%	152.27%	-6.36%	3.51%	38.81%	10.48%	21.81%	26.94%	-17.29%	11.91%	-34.95%	11.33%	4.11%	7.17%	14.00%	7.16%	11.45%	16.26%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	120,075,040	109,580,616	89,328,774	71,176,101	61,587,277	157,491,665	112,484,829	90,248,625	89,928,071	97,749,893	89,448,783	32,038,673	137,070,819	29,697,756	57,128,629	39,535,314	37,335,394	36,494,937	31,799,093	29,189,034	27,957,589	31,412,861	37,382,436	35,260,792	32,090,342	32,651,504	32,805,226
EBITDA	28,320,000	18,784,428	23,350,379	17,983,789	16,937,574	88,259,109	61,535,537	-64,834,645	-51,314,446	60,276,586	43,108,833	-14,755,758	95,668,863	-7,696,248	23,255,961	10,480,979	7,850,998	10,331,241	-5,151,482	12,741,307	11,913,703	2,311,612	27,203,632	13,910,031	13,655,670	13,297,842	23,552,737
EBITDA Margin	12.97%	8.70%	13.02%	15.57%	21.91%	56.04%	54.71%	-71.84%	-57.06%	61.66%	48.19%	-46.06%	69.80%	-25.92%	40.71%	26.51%	21.03%	28.31%	-16.20%	43.65%	42.61%	7.36%	72.77%	39.45%	42.55%	40.73%	71.80%
(-) Tax Adjustment	3,495,476	-4,508,295	-835,446	-472,116	-169,213	7,161,650	7,328,836	-4,004,058	-35,557,677	2,529,771	6,536,315	1,043,011	6,392,987	-415,240	629,939	434,325	214,711	528,832	-211,023	305,878	297,084	125,418	1,481,440	786,817	1,006,731	2,240,487	3,781,632
(-) Tax Adjustment Margin	2.21%	-6.07%	-1.54%	-0.79%	-0.05%	4.55%	6.52%	-4.44%	-39.54%	2.59%	7.31%	3.26%	4.66%	-1.40%	1.10%	1.10%	0.58%	1.45%	-0.66%	1.05%	1.06%	0.40%	3.96%	2.23%	3.14%	6.86%	11.53%
(-) Change In Working Capital	1,531,049	4,731,549	2,529,509	2,547,233	1,919,454	-19,968,035	23,269,585	1,291,598	1,199,056	17,865,541	6,997,687	-666,171	-4,215,655	-509,236	30,719	328,009	3,188,315	4,161,416	3,194,613	2,041,056	744,060	-2,685,891	795,601	1,292,498	34,318	-1,013,588	-1,604,440
(-) Change In Working Capital Margin	3.15%	5.81%	3.01%	4.52%	3.39%	-12.68%	20.69%	1.43%	1.33%	18.28%	7.82%	-2.08%	-3.08%	-1.71%	0.05%	0.83%	8.54%	11.40%	10.05%	6.99%	2.66%	-8.55%	2.13%	3.67%	0.11%	-3.10%	-4.89%
(-) Capital Expenditure	-2,265,170	-2,546,334	-5,147,845	-5,880,719	-4,905,515	-2,164,702	-3,338,310	-1,292,498	-3,372,884	-2,563,274	-12,595,297	-9,611,602	-5,346,977	-4,379,660	-6,813,247	-2,736,275	-399,086	-16,264,058	-2,588,466	-14,744,447	-220,172	-933,128	-2,531,013	-2,094,139	-4,121,057	-1,245,584	-539,826
(-) Capital Expenditure Margin	-1.92%	-2.43%	-8.68%	-13.20%	-11.37%	-1.37%	-2.97%	-1.43%	-3.75%	-2.62%	-14.08%	-30.00%	-3.90%	-14.75%	-11.93%	-6.92%	-1.07%	-44.57%	-8.14%	-50.51%	-0.79%	-2.97%	-6.77%	-5.94%	-12.84%	-3.81%	-1.65%
Unlevered Free Cash Flow	21,028,305	16,014,841	16,508,472	10,027,953	10,281,818	98,900,792	27,598,806	-63,414,682	-20,328,710	37,317,999	16,979,533	-24,744,201	88,144,555	-11,151,432	15,782,057	6,982,370	4,048,886	-10,623,064	-10,723,538	-4,350,075	10,652,387	3,938,958	22,395,578	9,736,577	8,493,564	10,825,359	20,835,719
Unlevered Free Cash Flow Margin	5.69%	6.53%	2.88%	-1.36%	7.21%	62.80%	24.54%	-70.27%	-22.61%	38.18%	18.98%	-77.23%	64.31%	-37.55%	27.63%	17.66%	10.84%	-29.11%	-33.72%	-14.90%	38.10%	12.54%	59.91%	27.61%	26.47%	33.15%	63.51%
(-) Net Interest Income After Taxes	-1,414,424	-956,087	-527,553	-475,177	-369,027	-2,232,692	-1,829,331	-181,250	-106,679	-430,482	-496,140	3,578	-1,799	-730	0	739	32,629	-28,293	-638,389	-1,218,818	-680,389	661,389	349,887	-146,967	-436,811	-185,427	-6,375,409
(-) Net Interest Income After Taxes Margin	-1.08%	-0.76%	-0.44%	-0.70%	-0.58%	-1.42%	-1.63%	-0.20%	-0.12%	-0.44%	-0.55%	0.01%	0.00%	0.00%	0.00%	0.00%	0.09%	-0.08%	-2.01%	-4.18%	-2.43%	2.11%	0.94%	-0.42%	-1.36%	-0.57%	-19.43%
Net Debt Issuance	-6,411,548	-5,072,205	-2,536,103	-5,844,413	-1,320,292	-12,534,117	-3,734,696	-2,965,830	-2,532,170	-3,594,213	0	0	0	0	0	0	0	-20,082,813	-27,495,009	-14,727,353	61,587,206	0	-274,926	0	-51,926	0	0
Net Debt Issuance Margin	-4.86%	-4.21%	-2.11%	-14.20%	0.32%	-7.96%	-3.32%	-3.29%	-2.82%	-3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.03%	-86.46%	-50.46%	220.29%	0.00%	-0.74%	0.00%	-0.16%	0.00%	0.00%
Levered Free Cash Flow	16,031,182	11,898,723	14,499,922	4,658,717	9,330,553	88,599,367	25,693,440	-66,199,262	-22,754,200	34,154,269	17,475,674	-24,747,779	88,146,354	-11,150,702	15,782,057	6,981,630	4,016,258	-30,677,584	-37,580,158	-17,858,610	72,919,982	3,277,569	21,770,766	9,883,543	8,878,448	11,010,786	27,211,128
Levered Free Cash Flow Margin	1.92%	3.08%	1.21%	-14.86%	8.11%	56.26%	22.84%	-73.35%	-25.30%	34.94%	19.54%	-77.24%	64.31%	-37.55%	27.63%	17.66%	10.76%	-84.06%	-118.18%	-61.18%	260.82%	10.43%	58.24%	28.03%	27.67%	33.72%	82.95%