Tian Lun Gas Holdings Limited (1600.HK)

Analysis: Margins & Ratios Industry: Regulated Gas Sector: Utilities Live Price: $2.91

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	1,090,451,596	1,054,233,161	806,945,059	572,730,876	2,239,816,774	2,208,495,378	1,104,323,976	1,096,472,835	1,070,557,978	1,085,813,466	913,997,550	929,445,353	725,724,140	441,262,357	382,230,831	319,622,102	190,744,836	129,431,502	101,673,259	64,000,637	35,662,325	25,437,120
Cost of Revenue	892,649,906	834,349,130	623,182,823	437,581,156	1,859,653,437	1,793,292,505	914,817,053	890,270,260	872,862,404	833,303,106	660,492,828	687,611,961	523,017,443	332,268,065	283,965,738	233,219,376	125,244,709	82,163,703	66,015,333	39,588,109	18,877,258	14,248,778
Cost of Revenue Margin	81.86%	78.92%	76.32%	71.47%	83.03%	81.20%	82.84%	81.19%	81.53%	76.74%	72.26%	73.98%	72.07%	75.30%	74.29%	72.97%	65.66%	63.48%	64.93%	61.86%	52.93%	56.02%
Gross Profit	197,801,691	219,884,031	183,762,235	135,149,720	380,163,337	415,202,874	189,506,923	206,202,575	197,695,574	252,510,360	253,504,721	241,833,392	202,706,697	108,994,292	98,265,094	86,402,726	65,500,127	47,267,799	35,657,925	24,412,528	16,785,068	11,188,342
Gross Profit Margin	18.14%	21.08%	23.68%	28.53%	16.97%	18.80%	17.16%	18.81%	18.47%	23.26%	27.74%	26.02%	27.93%	24.70%	25.71%	27.03%	34.34%	36.52%	35.07%	38.14%	47.07%	43.98%
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
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%
SG&A Expenses	46,046,161	42,604,193	34,063,846	25,752,550	95,916,578	94,387,566	47,805,998	46,216,950	44,115,534	39,012,725	35,869,756	36,048,091	29,559,335	23,206,832	19,976,080	18,827,156	14,229,760	11,197,283	9,655,498	7,945,241	2,622,015	1,697,341
SG&A Expenses Margin	4.22%	4.04%	4.45%	5.99%	4.28%	4.27%	4.33%	4.22%	4.12%	3.59%	3.92%	3.88%	4.07%	5.26%	5.23%	5.89%	7.46%	8.65%	9.50%	12.41%	7.35%	6.67%
Operating Expenses	63,061,108	45,238,484	35,001,641	25,499,380	123,014,563	101,492,440	65,525,959	58,922,949	64,734,415	25,264,817	11,744,282	43,263,245	49,148,514	5,814,021	14,540,587	11,057,624	8,081,636	7,098,203	8,300,634	6,380,179	2,613,641	1,602,106
Operating Expenses Margin	5.78%	4.19%	4.10%	5.08%	5.49%	4.60%	5.93%	5.37%	6.05%	2.33%	1.28%	4.65%	6.77%	1.32%	3.80%	3.46%	4.24%	5.48%	8.16%	9.97%	7.33%	6.30%
Operating Income (EBIT)	134,740,583	174,645,546	149,139,022	109,335,785	257,148,774	333,549,835	123,980,964	147,279,626	132,961,159	227,245,542	241,760,440	206,562,225	174,586,390	88,889,482	79,375,772	68,748,621	51,166,049	36,107,560	29,169,170	18,032,348	14,171,427	9,586,236
Operating Income (EBIT) Margin	12.36%	16.89%	19.32%	22.97%	11.48%	15.10%	11.23%	13.43%	12.42%	20.93%	26.45%	22.22%	24.06%	20.14%	20.77%	21.51%	26.82%	27.90%	28.69%	28.18%	39.74%	37.69%
Interest Income	1,643,597	1,524,271	13,344,784	9,894,461	-25,257,579	85,881,985	1,954,518	1,338,258	1,638,014	1,096,977	1,593,590	38,561,104	30,816,551	21,451,442	20,607,101	14,390,283	8,550,715	5,233,243	297,485	774,086	113,544	151,297
Interest Income Margin	0.15%	0.15%	2.39%	2.28%	-1.13%	3.89%	0.18%	0.12%	0.15%	0.10%	0.17%	4.15%	4.25%	4.86%	5.39%	4.50%	4.48%	4.04%	0.29%	1.21%	0.32%	0.59%
Interest Expense	52,466,222	44,909,774	36,693,191	25,963,047	53,913,956	0	55,748,969	55,528,835	46,120,863	32,423,483	34,726,723	40,878,395	36,755,754	26,275,643	22,770,398	15,702,851	9,416,488	5,357,574	4,837,968	2,110,783	790,976	1,002,452
Interest Expense Margin	4.81%	4.24%	4.75%	4.46%	2.41%	0.00%	5.05%	5.06%	4.31%	2.99%	3.80%	4.40%	5.06%	5.95%	5.96%	4.91%	4.94%	4.14%	4.76%	3.30%	2.22%	3.94%
Net Interest Income	-50,822,626	-43,385,503	-34,718,917	-24,494,071	-80,108,556	0	-53,794,451	-54,190,577	-44,482,849	-31,326,506	-33,133,133	-38,969,578	-31,142,139	-23,504,176	-21,479,686	-15,166,072	-8,627,641	-5,278,661	-4,693,341	-1,166,381	-455,879	-851,154
Net Interest Income Margin	-4.66%	-4.10%	-4.47%	-4.06%	-3.58%	0.00%	-4.87%	-4.94%	-4.16%	-2.89%	-3.63%	-4.19%	-4.29%	-5.33%	-5.62%	-4.75%	-4.52%	-4.08%	-4.62%	-1.82%	-1.28%	-3.35%
Unusual Items	95,999,228	85,346,114	57,289,789	39,086,207	176,211,063	19,839,401	105,819,744	99,844,633	82,333,309	65,149,276	73,583,609	48,870,473	57,783,961	11,984,853	18,421,662	9,106,371	3,164,045	1,295,537	4,907,372	2,673,393	1,354,864	1,702,308
Unusual Items Margin	8.79%	8.09%	6.40%	5.30%	7.87%	0.90%	9.58%	9.11%	7.69%	6.00%	8.05%	5.26%	7.96%	2.72%	4.82%	2.85%	1.66%	1.00%	4.83%	4.18%	3.80%	6.69%
EBT Excluding Unusual Items	-6,435,248	47,338,821	57,907,852	47,231,957	-16,101,817	207,989,048	-33,864,072	1,780,938	12,777,390	128,273,495	127,726,355	111,138,570	64,957,671	69,743,976	44,695,744	51,848,448	45,703,731	33,640,816	23,894,909	14,022,258	12,139,131	7,032,773
EBT Excluding Unusual Items Margin	-0.57%	4.82%	8.87%	14.54%	-0.72%	9.42%	-3.07%	0.16%	1.19%	11.81%	13.97%	11.96%	8.95%	15.81%	11.69%	16.22%	23.96%	25.99%	23.50%	21.91%	34.04%	27.65%
Pre-Tax Income	89,563,980	132,684,935	115,197,641	86,318,164	160,109,246	227,828,449	71,955,671	101,625,570	95,110,699	193,422,772	201,309,964	160,009,043	122,741,632	81,728,829	63,117,406	60,954,819	48,867,776	34,936,353	28,802,281	16,695,652	13,493,995	8,735,082
Pre-Tax Income Margin	8.22%	12.90%	15.27%	19.84%	7.15%	10.32%	6.52%	9.27%	8.88%	17.81%	22.03%	17.22%	16.91%	18.52%	16.51%	19.07%	25.62%	26.99%	28.33%	26.09%	37.84%	34.34%
Income Tax Expense	28,058,236	36,404,023	31,640,356	23,515,265	51,823,894	62,662,521	25,898,109	29,769,676	28,506,924	47,502,552	50,342,855	44,553,956	37,532,537	20,818,576	15,654,737	15,823,634	13,252,004	8,496,498	7,623,060	3,871,850	3,082,010	1,985,885
Income Tax Expense Margin	2.57%	3.52%	4.13%	5.14%	2.31%	2.84%	2.35%	2.72%	2.66%	4.37%	5.51%	4.79%	5.17%	4.72%	4.10%	4.95%	6.95%	6.56%	7.50%	6.05%	8.64%	7.81%
Net Income	57,962,036	92,803,428	79,899,919	59,695,597	101,365,271	158,474,212	42,720,078	68,064,235	63,101,794	142,025,377	148,105,658	112,008,175	80,778,324	57,375,203	44,477,881	40,342,467	31,246,315	23,978,364	19,174,317	11,741,869	10,293,899	6,287,357
Net Income Margin	5.32%	9.05%	10.57%	13.78%	4.53%	7.18%	3.87%	6.21%	5.89%	13.08%	16.20%	12.05%	11.13%	13.00%	11.64%	12.62%	16.38%	18.53%	18.86%	18.35%	28.86%	24.72%
Depreciation and Amortization	48,826,427	45,517,973	36,346,343	25,954,294	97,065,430	108,847,678	48,002,997	50,354,067	48,122,218	44,212,047	36,898,536	34,814,861	30,362,233	26,733,083	24,513,298	19,450,087	10,290,493	6,035,573	5,036,386	3,195,128	1,293,408	1,093,287
Depreciation and Amortization Margin	4.48%	4.31%	4.80%	4.78%	4.33%	4.93%	4.35%	4.59%	4.50%	4.07%	4.04%	3.75%	4.18%	6.06%	6.41%	6.09%	5.39%	4.66%	4.95%	4.99%	3.63%	4.30%
EBITDA	195,364,327	219,459,532	184,895,482	134,830,600	350,292,820	431,170,566	183,905,372	207,508,473	194,679,136	256,265,827	254,938,853	241,377,087	204,015,008	114,865,510	103,200,851	88,198,708	61,456,542	42,143,133	32,573,929	21,752,192	15,578,379	10,830,820
EBITDA Margin	17.92%	21.05%	24.00%	27.63%	15.64%	19.52%	16.65%	18.93%	18.18%	23.60%	27.89%	25.97%	28.11%	26.03%	27.00%	27.59%	32.22%	32.56%	32.04%	33.99%	43.68%	42.58%
NOPAT	92,201,294	125,868,448	107,642,563	79,151,791	173,915,287	241,809,433	79,358,039	104,136,284	93,109,558	171,436,482	181,301,879	149,045,699	121,200,509	66,246,891	59,688,543	50,901,747	37,290,797	27,326,226	21,449,005	13,850,508	10,934,692	7,406,845
NOPAT Margin	8.46%	12.20%	14.03%	16.96%	7.76%	10.95%	7.19%	9.50%	8.70%	15.79%	19.84%	16.04%	16.70%	15.01%	15.62%	15.93%	19.55%	21.11%	21.10%	21.64%	30.66%	29.12%
Owner's Earnings	60,383,030	91,334,169	72,996,430	50,349,100	87,021,967	155,755,969	51,937,864	73,311,103	55,900,124	128,790,263	146,731,492	101,789,215	64,782,813	41,028,273	43,224,782	22,468,371	6,425,455	11,368,593	7,325,433	-9,214,947	9,367,664	5,454,086
Owner's Earnings Margin	5.54%	8.91%	9.20%	8.22%	3.89%	7.05%	4.70%	6.69%	5.22%	11.86%	16.05%	10.95%	8.93%	9.30%	11.31%	7.03%	3.37%	8.78%	7.20%	-14.40%	26.27%	21.44%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	1,090,451,596	1,054,233,161	806,945,059	572,730,876	1,104,323,976	1,096,472,835	1,070,557,978	1,085,813,466	913,997,550	929,445,353	725,724,140	441,262,357	382,230,831	319,622,102	190,744,836	129,431,502	101,673,259	64,000,637	35,662,325	25,437,120
Cash & Cash Equivalents	161,207,973	172,091,289	149,470,684	117,947,974	156,554,041	136,864,518	190,205,361	144,055,828	232,776,696	191,582,223	152,703,481	96,262,177	107,212,503	86,490,013	37,410,477	81,808,736	52,363,654	44,816,101	58,113,806	2,109,080
Cash & Cash Equivalents Margin	14.81%	16.63%	20.17%	37.94%	14.18%	12.48%	17.77%	13.27%	25.47%	20.61%	21.04%	21.82%	28.05%	27.06%	19.61%	63.21%	51.50%	70.02%	162.96%	8.29%
Short-Term Investments	1,881,329	2,089,096	1,904,672	4,846,257	2,063,520	2,033,573	1,546,895	957,602	3,843,890	7,181,942	709,650	0	283,860	425,790	283,860	0	53,363,267	0	0	0
Short-Term Investments Margin	0.17%	0.21%	0.21%	3.65%	0.19%	0.19%	0.14%	0.09%	0.42%	0.77%	0.10%	0.00%	0.07%	0.13%	0.15%	0.00%	52.49%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	163,089,303	175,031,965	151,801,146	123,078,091	158,617,562	138,898,091	191,752,256	149,271,329	236,620,587	198,764,165	153,413,131	96,262,177	107,496,363	86,915,803	37,694,337	81,808,736	105,726,921	44,816,101	58,113,806	2,109,080
Cash & Short-Term Investments Margin	14.98%	16.92%	20.42%	41.61%	14.36%	12.67%	17.91%	13.75%	25.89%	21.39%	21.14%	21.82%	28.12%	27.19%	19.76%	63.21%	103.99%	70.02%	162.96%	8.29%
Net Receivables	515,362,875	447,815,152	273,727,504	185,943,912	511,621,174	522,992,748	511,474,702	444,162,129	248,825,005	182,998,013	164,475,581	54,231,595	49,691,112	46,802,979	32,637,087	19,246,560	0	0	0	0
Net Receivables Margin	47.27%	41.99%	29.22%	21.61%	46.33%	47.70%	47.78%	40.91%	27.22%	19.69%	22.66%	12.29%	13.00%	14.64%	17.11%	14.87%	0.00%	0.00%	0.00%	0.00%
Inventory	25,508,606	22,984,087	19,355,902	15,708,500	32,513,466	25,666,479	18,345,872	21,948,339	16,446,281	29,088,412	28,393,522	6,617,486	5,945,732	8,593,436	10,887,308	13,246,327	10,456,551	6,396,359	1,081,932	2,512,161
Inventory Margin	2.33%	2.16%	2.36%	4.19%	2.94%	2.34%	1.71%	2.02%	1.80%	3.13%	3.91%	1.50%	1.56%	2.69%	5.71%	10.23%	10.28%	9.99%	3.03%	9.88%
Other Current Assets	112,892,541	116,154,348	114,561,056	88,867,000	83,421,912	127,790,224	127,465,488	124,813,952	117,280,165	142,411,285	154,992,669	86,178,051	94,287,647	86,969,169	85,694,921	49,264,187	22,751,805	23,181,285	6,502,239	10,041,831
Other Current Assets Margin	10.37%	11.09%	16.35%	21.56%	7.55%	11.65%	11.91%	11.49%	12.83%	15.32%	21.36%	19.53%	24.67%	27.21%	44.93%	38.06%	22.38%	36.22%	18.23%	39.48%
Total Current Assets	838,537,579	774,996,105	565,950,885	417,934,354	851,226,878	815,347,542	849,038,318	740,195,749	619,172,038	553,261,875	501,274,903	243,289,310	257,420,854	229,281,386	166,913,654	163,565,809	138,935,277	74,393,745	65,697,978	14,663,072
Total Current Assets Margin	76.92%	73.33%	68.95%	89.36%	77.08%	74.36%	79.31%	68.17%	67.74%	59.53%	69.07%	55.13%	67.35%	71.74%	87.51%	126.37%	136.65%	116.24%	184.22%	57.64%
Property, Plant & Equipment	569,867,212	543,279,881	444,830,619	325,291,543	583,213,505	570,842,886	555,545,245	538,044,566	468,753,205	440,231,945	380,244,237	334,074,124	301,479,190	275,877,289	153,672,720	102,996,188	74,728,984	80,697,566	18,971,499	17,794,758
Property, Plant & Equipment Margin	52.26%	51.52%	59.83%	67.41%	52.81%	52.06%	51.89%	49.55%	51.29%	47.37%	52.40%	75.71%	78.87%	86.31%	80.56%	79.58%	73.50%	126.09%	53.20%	69.96%
Goodwill	373,839,835	365,783,046	304,932,858	214,091,773	344,714,191	388,402,657	388,402,657	388,402,657	318,993,068	296,226,645	283,781,939	251,493,431	216,518,757	172,392,578	80,387,307	47,458,553	34,202,149	0	0	0
Goodwill Margin	34.31%	34.72%	41.21%	34.97%	31.21%	35.42%	36.28%	35.77%	34.90%	31.87%	39.10%	56.99%	56.65%	53.94%	42.14%	36.67%	33.64%	0.00%	0.00%	0.00%
Intangible Assets	314,311,176	307,817,245	266,717,737	194,017,156	323,175,178	301,291,559	318,466,792	335,014,553	261,138,142	253,748,131	253,636,574	232,152,630	209,141,235	179,412,578	99,740,882	43,826,990	35,249,593	60,177,043	4,085,455	4,187,929
Intangible Assets Margin	28.83%	29.18%	37.16%	39.86%	29.26%	27.48%	29.75%	30.85%	28.57%	27.30%	34.95%	52.61%	54.72%	56.13%	52.29%	33.86%	34.67%	94.03%	11.46%	16.46%
Long-Term Investments	131,950,476	127,190,740	103,163,992	82,909,214	131,803,578	130,420,471	133,627,379	120,111,243	119,991,028	125,769,992	132,796,805	79,930,718	44,241,852	12,946,855	7,081,455	193,912,856	3,249,771	7,754,204	0	0
Long-Term Investments Margin	12.10%	12.10%	12.61%	19.66%	11.94%	11.89%	12.48%	11.06%	13.13%	13.53%	18.30%	18.11%	11.57%	4.05%	3.71%	149.82%	3.20%	12.12%	0.00%	0.00%
Tax Assets	1,523,855	2,461,407	3,049,011	2,146,313	2,010,580	0	2,560,985	3,837,787	3,897,682	4,070,269	4,781,906	3,893,282	3,728,643	1,708,979	521,735	368,876	317,497	272,080	224,391	173,864
Tax Assets Margin	0.14%	0.24%	0.47%	0.44%	0.18%	0.00%	0.24%	0.35%	0.43%	0.44%	0.66%	0.88%	0.98%	0.53%	0.27%	0.28%	0.31%	0.43%	0.63%	0.68%
Other Non-Current Assets	13,353,295	6,464,883	1,414,134	-11,833,272	21,969,912	20,650,957	-2,560,985	-3,837,787	-3,897,682	-4,070,269	-4,781,906	-3,893,282	-3,728,643	-1,708,979	-521,735	-194,281,732	294,505	338,077	2,530,470	1,643,833
Other Non-Current Assets Margin	1.21%	0.57%	-0.06%	-9.54%	1.99%	1.88%	-0.24%	-0.35%	-0.43%	-0.44%	-0.66%	-0.88%	-0.98%	-0.53%	-0.27%	-150.10%	0.29%	0.53%	7.10%	6.46%
Other Assets	6,647,575	17,485,435	37,785,641	27,564,008	0	0	19,942,726	22,060,606	45,423,845	25,232,599	71,106,362	61,526,087	54,608,277	77,955,904	21,698,968	13,904,740	0	0	0	0
Other Assets Margin	0.62%	1.77%	7.40%	6.41%	0.00%	0.00%	1.86%	2.03%	4.97%	2.71%	9.80%	13.94%	14.29%	24.39%	11.38%	10.74%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	1,404,845,849	1,352,997,202	1,124,108,351	806,622,726	1,406,886,944	1,411,608,529	1,396,042,073	1,381,573,019	1,168,875,444	1,115,976,713	1,050,459,554	897,650,904	771,381,034	640,629,299	340,882,365	194,281,732	148,042,499	149,238,969	25,811,816	23,800,384
Total Non-Current Assets Margin	128.85%	128.33%	151.22%	152.81%	127.40%	128.74%	130.40%	127.24%	127.89%	120.07%	144.75%	203.43%	201.81%	200.43%	178.71%	150.10%	145.61%	233.18%	72.38%	93.57%
Total Assets	2,250,031,003	2,145,478,742	1,727,844,877	1,252,121,088	2,258,113,822	2,226,956,071	2,265,023,117	2,143,829,373	1,833,471,326	1,694,471,187	1,622,840,819	1,202,466,301	1,083,410,165	947,866,589	529,494,987	371,752,281	286,977,776	223,632,714	91,509,793	38,463,456
Total Assets Margin	206.39%	203.44%	227.56%	248.58%	204.48%	203.10%	211.57%	197.44%	200.60%	182.31%	223.62%	272.51%	283.44%	296.56%	277.59%	287.22%	282.25%	349.42%	256.60%	151.21%
Accounts Payable	91,620,499	103,572,878	80,020,361	57,865,088	81,598,821	79,975,994	113,286,681	118,367,633	124,635,262	108,658,202	99,452,054	25,654,415	26,722,580	21,851,969	16,404,411	11,083,739	9,037,677	24,538,987	6,707,896	5,602,403
Accounts Payable Margin	8.42%	9.96%	9.48%	11.87%	7.39%	7.29%	10.58%	10.90%	13.64%	11.69%	13.70%	5.81%	6.99%	6.84%	8.60%	8.56%	8.89%	38.34%	18.81%	22.02%
Short-Term Debt	435,186,523	384,749,294	271,675,764	198,521,361	368,414,656	523,378,371	413,766,542	292,516,595	325,670,307	186,264,390	228,255,090	137,494,262	120,426,753	120,570,670	93,730,998	32,557,890	90,810,220	40,404,207	3,559,462	5,733,972
Short-Term Debt Margin	39.91%	36.46%	33.42%	38.06%	33.36%	47.73%	38.65%	26.94%	35.63%	20.04%	31.45%	31.16%	31.51%	37.72%	49.14%	25.15%	89.32%	63.13%	9.98%	22.54%
Tax Payables	92,277,682	92,978,598	59,855,145	40,999,281	88,828,452	96,624,241	91,380,353	99,478,169	88,581,777	58,721,267	33,117,378	17,759,417	13,842,575	10,217,825	7,254,326	4,859,115	3,333,084	777,493	213,747	231,914
Tax Payables Margin	8.46%	8.85%	6.60%	5.24%	8.04%	8.81%	8.54%	9.16%	9.69%	6.32%	4.56%	4.02%	3.62%	3.20%	3.80%	3.75%	3.28%	1.21%	0.60%	0.91%
Deferred Revenue	-137,996,410	-141,309,596	-150,007,094	-108,423,989	0	0	-413,989,230	-292,558,748	0	-186,776,190	-228,255,090	-137,494,262	-120,426,753	-120,570,670	-93,730,998	-32,557,890	0	0	0	0
Deferred Revenue Margin	-12.89%	-13.12%	-21.76%	-19.46%	0.00%	0.00%	-38.67%	-26.94%	0.00%	-20.10%	-31.45%	-31.16%	-31.51%	-37.72%	-49.14%	-25.15%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	295,515,528	307,095,843	228,361,893	161,800,209	152,869,397	160,620,620	573,056,568	487,514,222	161,418,408	344,504,276	148,158,882	99,946,822	79,429,137	76,100,595	59,666,520	50,813,637	16,578,134	12,365,367	3,960,557	6,109,519
Other Current Liabilities Margin	27.34%	28.92%	26.93%	25.77%	13.84%	14.65%	53.53%	44.90%	17.66%	37.07%	20.42%	22.65%	20.78%	23.81%	31.28%	39.26%	16.31%	19.32%	11.11%	24.02%
Total Current Liabilities	723,033,857	692,470,963	514,693,164	375,856,206	637,948,809	809,507,122	721,645,640	646,556,296	646,696,949	470,189,962	492,130,637	269,398,752	231,809,443	221,048,027	171,811,233	96,497,213	130,075,297	78,086,054	14,441,661	17,677,807
Total Current Liabilities Margin	66.33%	65.86%	63.86%	72.91%	57.77%	73.83%	67.41%	59.55%	70.75%	50.59%	67.81%	61.05%	60.65%	69.16%	90.07%	74.55%	127.93%	122.01%	40.50%	69.50%
Long-Term Debt	558,167,307	534,104,873	483,695,339	340,216,902	623,985,594	441,951,995	608,564,332	602,868,539	393,153,906	550,693,226	542,458,873	413,098,194	390,611,940	269,566,797	104,578,140	110,864,929	23,546,329	26,409,483	901,256	5,001,897
Long-Term Debt Margin	51.22%	50.44%	66.63%	58.25%	56.50%	40.31%	56.85%	55.52%	43.01%	59.25%	74.75%	93.62%	102.19%	84.34%	54.83%	85.66%	23.16%	41.26%	2.53%	19.66%
Capital Lease Obligations	1,657,790	1,510,618	892,498	594,999	2,431,545	1,341,806	1,200,018	1,415,610	1,164,110	1,371,895	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.15%	0.14%	0.09%	0.06%	0.22%	0.12%	0.11%	0.13%	0.13%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	103,726,229	100,468,557	80,419,184	56,409,038	100,923,442	104,447,139	105,808,105	106,968,241	84,195,857	77,572,267	67,418,311	59,593,710	52,572,859	44,691,912	22,430,049	9,079,972	6,149,117	4,284,583	0	83,029
Deferred Tax Liabilities Margin	9.52%	9.52%	10.65%	9.20%	9.14%	9.53%	9.88%	9.85%	9.21%	8.35%	9.29%	13.51%	13.75%	13.98%	11.76%	7.02%	6.05%	6.69%	0.00%	0.33%
Other Non-Current Liabilities	35,712,285	21,427,371	10,713,685	7,379,007	0	107,136,854	0	0	0	0	0	0	0	0	0	0	0	3,548,250	0	0
Other Non-Current Liabilities Margin	3.26%	1.95%	0.98%	1.02%	0.00%	9.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.54%	0.00%	0.00%
Total Non-Current Liabilities	666,098,306	638,169,624	535,727,715	375,837,282	731,330,801	549,998,194	716,965,924	712,630,956	479,922,244	550,693,226	542,458,873	413,098,194	390,611,940	269,566,797	104,578,140	110,864,929	29,695,446	34,242,316	901,256	5,084,926
Total Non-Current Liabilities Margin	61.12%	60.30%	71.56%	62.76%	66.22%	50.16%	66.97%	65.63%	52.51%	59.25%	74.75%	93.62%	102.19%	84.34%	54.83%	85.66%	29.21%	53.50%	2.53%	19.99%
Total Liabilities	1,389,132,163	1,330,640,587	1,087,902,179	780,215,637	1,369,279,610	1,359,505,317	1,438,611,564	1,359,187,252	1,126,619,192	1,100,164,860	1,119,873,685	759,956,521	692,860,107	552,963,680	319,868,918	216,901,826	159,770,743	112,328,370	15,342,917	22,762,733
Total Liabilities Margin	127.45%	126.16%	143.00%	142.73%	123.99%	123.99%	134.38%	125.18%	123.26%	118.37%	154.31%	172.22%	181.27%	173.01%	167.69%	167.58%	157.14%	175.51%	43.02%	89.49%
Preferred Stock	3,661,699	4,121,193	5,293,663	3,808,956	0	0	10,985,098	9,620,867	0	7,506,820	8,987,433	5,912,662	8,826,485	1,097,261	1,683,999	2,513,722	0	0	0	0
Preferred Stock Margin	0.34%	0.38%	0.80%	0.72%	0.00%	0.00%	1.03%	0.89%	0.00%	0.81%	1.24%	1.34%	2.31%	0.34%	0.88%	1.94%	0.00%	0.00%	0.00%	0.00%
Common Stock	1,184,595	1,191,389	1,191,261	1,128,987	1,172,910	1,172,910	1,207,966	1,201,579	1,201,579	1,196,470	1,183,696	1,183,696	1,183,696	1,208,108	1,004,439	1,004,439	1,004,439	1,004,439	1,004,439	0
Common Stock Margin	0.11%	0.11%	0.18%	0.57%	0.11%	0.11%	0.11%	0.11%	0.13%	0.13%	0.16%	0.27%	0.31%	0.38%	0.53%	0.78%	0.99%	1.57%	2.82%	0.00%
Retained Earnings	718,355,182	660,793,493	454,896,082	319,045,005	691,225,073	833,728,470	630,112,002	588,364,854	560,537,065	412,431,406	300,423,231	219,644,907	173,287,588	139,206,221	98,863,754	67,617,439	38,446,708	21,296,313	10,490,046	6,017,122
Retained Earnings Margin	65.83%	62.60%	53.74%	49.47%	62.59%	76.04%	58.86%	54.19%	61.33%	44.37%	41.40%	49.78%	45.34%	43.55%	51.83%	52.24%	37.81%	33.28%	29.41%	23.65%
Accumulated OCI	-12,499,018	-11,584,071	-9,025,102	-7,763,174	-13,610,803	-12,901,153	-10,985,098	-9,620,867	-10,802,434	-7,506,820	-8,987,433	-5,912,662	-8,826,485	-1,097,261	-1,683,999	-2,513,722	-10,459,389	-6,883,747	-4,655,730	-3,621,770
Accumulated OCI Margin	-1.15%	-1.10%	-1.15%	-3.23%	-1.23%	-1.18%	-1.03%	-0.89%	-1.18%	-0.81%	-1.24%	-1.34%	-2.31%	-0.34%	-0.88%	-1.94%	-10.29%	-10.76%	-13.06%	-14.24%
Minority Interest	44,711,877	43,611,229	45,712,417	38,215,400	45,163,545	44,303,166	44,668,919	44,025,976	39,894,536	42,087,354	41,713,369	48,178,139	45,489,559	61,599,607	46,978,972	24,279,397	20,587,656	23,857,014	403,791	401,520
Minority Interest Margin	4.10%	4.14%	7.31%	11.68%	4.09%	4.04%	4.17%	4.05%	4.36%	4.53%	5.75%	10.92%	11.90%	19.27%	24.63%	18.76%	20.25%	37.28%	1.13%	1.58%
Total Shareholders’ Equity	816,186,963	771,226,927	594,230,282	433,690,051	843,670,667	823,147,589	781,742,634	740,616,145	666,957,598	552,218,973	461,253,765	394,331,641	345,060,500	333,303,303	162,647,096	130,571,058	106,619,377	87,447,331	75,763,086	15,299,202
Total Shareholders’ Equity Margin	74.83%	73.13%	77.26%	94.18%	76.40%	75.07%	73.02%	68.21%	72.97%	59.41%	63.56%	89.36%	90.28%	104.28%	85.27%	100.88%	104.86%	136.64%	212.45%	60.15%
Total Equity	860,898,840	814,838,155	639,942,699	471,905,451	888,834,212	867,450,755	826,411,553	784,642,122	706,852,134	594,306,328	502,967,134	442,509,780	390,550,058	394,902,910	209,626,068	154,850,456	127,207,033	111,304,345	76,166,876	15,700,722
Total Equity Margin	78.93%	77.28%	84.57%	105.85%	80.49%	79.11%	77.19%	72.26%	77.34%	63.94%	69.31%	100.28%	102.18%	123.55%	109.90%	119.64%	125.11%	173.91%	213.58%	61.72%
Total Liabilities & Equity	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%
Total Investments	133,831,805	129,279,836	105,068,664	87,755,470	133,867,099	132,454,044	135,174,274	121,068,845	123,834,919	132,951,934	133,506,455	79,930,718	44,525,712	13,372,645	7,365,315	193,912,856	56,613,038	7,754,204	0	0
Total Investments Margin	12.28%	12.31%	12.82%	23.31%	12.12%	12.08%	12.63%	11.15%	13.55%	14.30%	18.40%	18.11%	11.65%	4.18%	3.86%	149.82%	55.68%	12.12%	0.00%	0.00%
Net Debt	833,803,646	748,199,210	606,063,610	420,764,533	838,277,753	829,807,654	833,325,531	752,373,485	487,211,627	546,747,288	616,280,072	452,599,867	402,095,780	301,917,044	158,880,416	61,614,084	61,992,895	21,997,589	-53,653,088	8,626,789
Net Debt Margin	76.48%	70.41%	79.80%	58.25%	75.91%	75.68%	77.84%	69.29%	53.31%	58.83%	84.92%	102.57%	105.20%	94.46%	83.29%	47.60%	60.97%	34.37%	-150.45%	33.91%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	1,090,451,596	1,054,233,161	806,945,059	572,730,876	1,104,323,976	1,096,472,835	1,070,557,978	1,085,813,466	913,997,550	929,445,353	725,724,140	441,262,357	382,230,831	319,622,102	190,744,836	129,431,502	101,673,259	64,000,637	35,662,325	25,437,120
Working Capital	115,503,722	82,525,142	51,257,721	42,078,148	213,278,069	5,840,420	127,392,678	93,639,453	-27,524,911	83,071,913	9,144,266	-26,109,443	25,611,410	8,233,359	-4,897,579	67,068,596	8,859,980	-3,692,309	51,256,316	-3,014,735
Working Capital Margin	10.58%	7.47%	5.09%	16.46%	19.31%	0.53%	11.90%	8.62%	-3.01%	8.94%	1.26%	-5.92%	6.70%	2.58%	-2.57%	51.82%	8.71%	-5.77%	143.73%	-11.85%
Total Capital	1,811,198,583	1,691,517,425	1,349,764,576	972,402,558	1,838,502,461	1,789,819,761	1,805,273,526	1,637,045,458	1,386,945,921	1,290,548,484	1,230,237,318	943,193,686	854,368,783	721,710,360	358,937,989	273,993,878	220,975,926	154,261,020	80,223,804	26,035,071
Total Capital Margin	166.12%	160.17%	177.23%	190.37%	166.48%	163.23%	168.63%	150.77%	151.75%	138.85%	169.52%	213.75%	223.52%	225.80%	188.18%	211.69%	217.34%	241.03%	224.95%	102.35%
Capital Employed	1,526,997,146	1,453,007,779	1,213,151,714	876,264,882	1,620,165,013	1,417,448,949	1,543,377,477	1,497,273,078	1,186,774,378	1,224,281,225	1,130,710,183	933,067,548	851,600,722	726,818,562	357,683,754	275,255,068	156,902,480	145,546,660	77,068,132	20,785,649
Capital Employed Margin	140.05%	137.58%	163.71%	175.67%	146.71%	129.27%	144.17%	137.89%	129.84%	131.72%	155.80%	211.45%	222.80%	227.40%	187.52%	212.66%	154.32%	227.41%	216.11%	81.71%
Invested Capital	1,649,990,609	1,519,426,137	1,200,293,892	854,454,584	1,681,948,420	1,652,955,243	1,615,068,165	1,492,989,630	1,154,169,225	1,098,966,261	1,077,533,837	846,931,509	747,156,280	635,220,347	321,527,512	192,185,142	168,612,272	109,444,920	22,109,997	23,925,992
Invested Capital Margin	151.31%	143.54%	157.06%	152.43%	152.31%	150.75%	150.86%	137.50%	126.28%	118.24%	148.48%	191.93%	195.47%	198.74%	168.56%	148.48%	165.84%	171.01%	62.00%	94.06%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	1,090,451,596	1,054,233,161	806,945,059	572,730,876	1,104,323,976	1,096,472,835	1,070,557,978	1,085,813,466	913,997,550	929,445,353	725,724,140	441,262,357	382,230,831	319,622,102	190,744,836	129,431,502	101,673,259	64,000,637	35,662,325	25,437,120
Net Income	78,894,345	105,362,814	86,179,612	65,067,515	71,955,671	101,625,570	63,101,794	142,025,377	148,105,658	112,008,175	80,778,324	57,375,203	44,477,881	40,342,467	31,246,315	23,978,364	28,802,281	16,695,652	13,493,995	8,735,082
Net Income Margin	7.23%	10.19%	11.14%	15.90%	6.52%	9.27%	5.89%	13.08%	16.20%	12.05%	11.13%	13.00%	11.64%	12.62%	16.38%	18.53%	28.33%	26.09%	37.84%	34.34%
Depreciation & Amortization	50,089,888	46,919,901	36,799,525	26,256,416	52,397,150	50,354,067	47,518,448	45,758,090	38,571,748	34,715,936	29,428,618	25,976,029	23,825,079	19,450,087	10,290,493	6,035,573	5,036,386	3,195,128	1,293,408	1,093,287
Depreciation & Amortization Margin	4.59%	4.44%	4.82%	4.79%	4.74%	4.59%	4.44%	4.21%	4.22%	3.74%	4.06%	5.89%	6.23%	6.09%	5.39%	4.66%	4.95%	4.99%	3.63%	4.30%
Deferred Income Tax	0	9,881,592	27,437,539	18,575,902	0	0	0	0	49,407,962	57,999,411	161,740,589	2,670,271	432,887	2,124,266	4,263,151	0	0	0	0	0
Deferred Income Tax Margin	0.00%	1.08%	3.53%	2.50%	0.00%	0.00%	0.00%	0.00%	5.41%	6.24%	22.29%	0.61%	0.11%	0.66%	2.24%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	0	26,967	388,491	314,309	0	0	0	0	134,834	894,585	686,090	651,884	744,139	773,377	829,723	0	0	0	0	0
Stock-Based Compensation Margin	0.00%	0.00%	0.08%	0.08%	0.00%	0.00%	0.00%	0.00%	0.01%	0.10%	0.09%	0.15%	0.19%	0.24%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-43,446,240	-68,660,199	-57,201,849	-39,905,616	-21,556,045	-35,656,080	-73,126,594	-163,419,479	-49,542,795	-58,893,995	-162,426,679	-3,322,156	-1,177,025	-2,897,643	-5,092,874	-9,031,290	-2,996,142	-8,305,744	-1,139,698	-665,084
Change in Working Capital Margin	-4.01%	-6.50%	-6.32%	-6.13%	-1.95%	-3.25%	-6.83%	-15.05%	-5.42%	-6.34%	-22.38%	-0.75%	-0.31%	-0.91%	-2.67%	-6.98%	-2.95%	-12.98%	-3.20%	-2.61%
Accounts Receivable	-27,458,014	-60,674,763	-51,656,729	-35,490,808	-5,999,665	354,683	-76,729,061	-158,109,878	-62,889,893	-58,551,093	-141,073,452	-3,652,852	-4,306,014	-5,610,067	-8,799,944	-6,994,878	0	0	0	0
Accounts Receivable Margin	-2.56%	-5.82%	-5.86%	-4.57%	-0.54%	0.03%	-7.17%	-14.56%	-6.88%	-6.30%	-19.44%	-0.83%	-1.13%	-1.76%	-4.61%	-5.40%	0.00%	0.00%	0.00%	0.00%
Inventory	-3,521,709	-505,526	-1,805,165	-1,097,914	-6,846,987	-7,320,607	3,602,467	-5,309,601	13,347,097	-342,903	-21,353,227	330,697	3,128,989	2,712,424	3,707,070	-2,036,412	-1,350,464	-167,477	1,430,229	262,287
Inventory Margin	-0.32%	0.00%	-0.12%	0.10%	-0.62%	-0.67%	0.34%	-0.49%	1.46%	-0.04%	-2.94%	0.07%	0.82%	0.85%	1.94%	-1.57%	-1.33%	-0.26%	4.01%	1.03%
Accounts Payable	-9,465,312	-3,821,777	-1,960,706	-1,307,137	0	-20,666,995	-7,728,940	9,273,564	13,483	-498,174	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	-0.87%	-0.35%	-0.18%	-0.12%	0.00%	-1.88%	-0.72%	0.85%	0.00%	-0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-3,001,204	-3,658,132	-3,324,739	-2,867,696	-8,709,393	-8,023,161	7,728,940	-9,273,564	-13,483	498,174	-4,118,809	0	1,766,887	-13,102,978	-1,928,119	4,513,942	-1,645,678	-8,138,266	-2,569,927	-927,371
Other Working Capital Margin	-0.27%	-0.33%	-0.58%	-1.66%	-0.79%	-0.73%	0.72%	-0.85%	0.00%	0.05%	-0.57%	0.00%	0.46%	-4.10%	-1.01%	3.49%	-1.62%	-12.72%	-7.21%	-3.65%
Other Non-Cash Items	38,758,339	32,013,106	10,382,847	4,851,470	27,534,704	28,412,541	60,327,772	33,226,948	10,563,566	36,871,001	-44,508,396	-17,955,139	-6,249,178	-24,395,354	-5,417,326	-2,422,887	-13,477,247	-6,501,671	-3,237,281	-1,922,158
Other Non-Cash Items Margin	3.57%	2.99%	-0.06%	-2.52%	2.49%	2.59%	5.64%	3.06%	1.16%	3.97%	-6.13%	-4.07%	-1.63%	-7.63%	-2.84%	-1.87%	-13.26%	-10.16%	-9.08%	-7.56%
Net Cash from Operating Activities	124,296,333	125,544,182	103,463,422	74,527,292	130,331,480	144,736,098	97,821,420	57,590,936	197,240,973	183,595,113	65,698,545	62,725,822	61,620,897	33,272,934	31,856,330	18,559,760	17,365,277	5,083,365	10,410,424	7,241,127
Net Cash from Operating Activities Margin	11.38%	12.20%	13.06%	14.39%	11.80%	13.20%	9.14%	5.30%	21.58%	19.75%	9.05%	14.22%	16.12%	10.41%	16.70%	14.34%	17.08%	7.94%	29.19%	28.47%
Capital Expenditures (PPE)	-46,499,911	-47,687,770	-43,352,320	-35,369,117	-40,483,120	-44,296,495	-54,720,118	-58,993,205	-39,945,915	-44,934,896	-45,424,129	-42,322,958	-25,078,179	-37,324,184	-35,111,353	-18,645,344	-16,885,270	-24,151,944	-2,219,643	-1,926,558
Capital Expenditures (PPE) Margin	-4.27%	-4.52%	-6.15%	-10.33%	-3.67%	-4.04%	-5.11%	-5.43%	-4.37%	-4.83%	-6.26%	-9.59%	-6.56%	-11.68%	-18.41%	-14.41%	-16.61%	-37.74%	-6.22%	-7.57%
Acquisitions (Net)	-4,801,208	-40,933,464	-65,252,119	-52,274,030	-324,878	-262,854	-13,815,892	-130,333,893	-59,929,801	-37,858,550	-107,135,009	-83,221,507	-64,848,527	-154,790,277	-65,568,254	-15,683,407	-4,795,389	-45,542,215	0	0
Acquisitions (Net) Margin	-0.45%	-3.98%	-12.30%	-16.36%	-0.03%	-0.02%	-1.29%	-12.00%	-6.56%	-4.07%	-14.76%	-18.86%	-16.97%	-48.43%	-34.37%	-12.12%	-4.72%	-71.16%	0.00%	0.00%
Purchases of Investments	-92,794,780	-158,349,002	-130,967,710	-107,576,004	-250,253,105	-9,455,519	-18,675,717	-6,670,568	-506,690,100	-48,256,200	-349,125,517	-100,112,454	-12,915,630	-7,522,290	-73,753,925	-47,120,760	-65,286,381	-117,801,900	0	0
Purchases of Investments Margin	-8.42%	-16.26%	-16.30%	-32.43%	-22.66%	-0.86%	-1.74%	-0.61%	-55.44%	-5.19%	-48.11%	-22.69%	-3.38%	-2.35%	-38.67%	-36.41%	-64.21%	-184.06%	0.00%	0.00%
Sales / Maturities of Investments	85,015,833	152,509,036	134,716,195	107,818,998	238,202,113	5,475,092	11,370,296	1,419	507,496,262	92,819,949	350,639,342	108,593,056	17,637,073	14,927,346	64,723,202	72,350,805	23,862,549	109,186,465	0	0
Sales / Maturities of Investments Margin	7.71%	15.73%	17.09%	30.32%	21.57%	0.50%	1.06%	0.00%	55.52%	9.99%	48.32%	24.61%	4.61%	4.67%	33.93%	55.90%	23.47%	170.60%	0.00%	0.00%
Other Investing Activities	4,873,214	-2,947,858	-4,490,055	-3,936,485	673,316	4,230,224	9,716,102	-5,714,811	-23,644,119	2,782,396	3,352,529	-497,749	-7,134,111	-28,664,325	-11,267,681	-3,655,549	-1,726,862	-2,332,052	4,835,413	-2,985,072
Other Investing Activities Margin	0.45%	-0.35%	-1.19%	-0.83%	0.06%	0.39%	0.91%	-0.53%	-2.59%	0.30%	0.46%	-0.11%	-1.87%	-8.97%	-5.91%	-2.82%	-1.70%	-3.64%	13.56%	-11.74%
Net Cash from Investing Activities	-54,206,852	-97,409,057	-109,346,009	-91,336,639	-52,185,674	-44,309,552	-66,125,329	-201,711,058	-122,713,672	-35,447,301	-147,692,784	-117,561,613	-92,339,374	-213,373,730	-120,978,010	-12,754,256	-64,831,353	-80,641,645	2,615,770	-4,911,630
Net Cash from Investing Activities Margin	-4.98%	-9.39%	-18.87%	-29.63%	-4.73%	-4.04%	-6.18%	-18.58%	-13.43%	-3.81%	-20.35%	-26.64%	-24.16%	-66.76%	-63.42%	-9.85%	-63.76%	-126.00%	7.33%	-19.31%
Net Debt Issuance	14,893,425	45,115,715	64,528,361	54,441,935	20,282,791	-69,851,701	94,249,184	171,609,408	9,288,893	-41,915,761	203,072,592	58,564,150	102,086,133	97,897,921	45,260,625	24,277,978	54,688,468	53,436,503	-6,318,156	-1,834,303
Net Debt Issuance Margin	1.42%	4.22%	11.52%	18.48%	1.84%	-6.37%	8.80%	15.80%	1.02%	-4.51%	27.98%	13.27%	26.71%	30.63%	23.73%	18.76%	53.79%	83.49%	-17.72%	-7.21%
Long-Term Debt Issuance	15,075,805	45,225,143	64,583,075	54,478,411	20,282,791	-69,304,561	94,249,184	171,609,408	9,288,893	-41,915,761	203,072,592	58,564,150	102,086,133	97,897,921	45,260,625	24,277,978	54,688,468	53,436,503	-6,318,156	-1,834,303
Long-Term Debt Issuance Margin	1.44%	4.23%	11.52%	18.48%	1.84%	-6.32%	8.80%	15.80%	1.02%	-4.51%	27.98%	13.27%	26.71%	30.63%	23.73%	18.76%	53.79%	83.49%	-17.72%	-7.21%
Short-Term Debt Issuance	-182,380	-109,428	-54,714	-36,476	0	-547,140	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-0.02%	-0.01%	0.00%	0.00%	0.00%	-0.05%	0.00%	0.00%	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	2,893,101	-3,452,504	-2,556,798	3,540,264	0	-454,034	9,133,337	-28,484,925	2,543,102	6,289,486	0	0	-14,594,946	0	0	0	0	7,933,887	70,738,054	0
Net Stock Issuance Margin	0.27%	-0.31%	-0.47%	13.74%	0.00%	-0.04%	0.85%	-2.62%	0.28%	0.68%	0.00%	0.00%	-3.82%	0.00%	0.00%	0.00%	0.00%	12.40%	198.36%	0.00%
Common Stock Issuance	15,790,753	9,983,072	18,627,347	17,663,028	0	0	47,372,260	0	2,543,102	6,289,486	0	0	0	130,068,626	0	0	0	7,933,887	70,738,054	0
Common Stock Issuance Margin	1.48%	0.94%	4.61%	17.12%	0.00%	0.00%	4.43%	0.00%	0.28%	0.68%	0.00%	0.00%	0.00%	40.69%	0.00%	0.00%	0.00%	12.40%	198.36%	0.00%
Common Stock Repurchased	-12,897,652	-13,435,576	-8,177,283	-5,451,522	0	-454,034	-38,238,923	-28,484,925	0	0	0	0	-14,594,946	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-1.20%	-1.25%	-1.01%	-0.67%	0.00%	-0.04%	-3.57%	-2.62%	0.00%	0.00%	0.00%	0.00%	-3.82%	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
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%
Net Dividends Paid	-25,811,863	-30,370,607	-21,411,503	-14,595,126	-24,102,836	-21,670,866	-31,661,886	-41,063,471	-33,353,976	-30,066,167	-10,781,429	-11,017,884	-10,396,514	0	0	0	0	0	-4,811,853	0
Net Dividends Paid Margin	-2.37%	-2.91%	-2.45%	-2.53%	-2.18%	-1.98%	-2.96%	-3.78%	-3.65%	-3.23%	-1.49%	-2.50%	-2.72%	0.00%	0.00%	0.00%	0.00%	0.00%	-13.49%	0.00%
Common Dividends Paid	-25,811,863	-30,370,607	-21,411,503	-14,595,126	-24,102,836	-21,670,866	-31,661,886	-41,063,471	-33,353,976	-30,066,167	-10,781,429	-11,017,884	-10,396,514	0	0	0	0	0	-4,811,853	0
Common Dividends Paid Margin	-2.37%	-2.91%	-2.45%	-2.53%	-2.18%	-1.98%	-2.96%	-3.78%	-3.65%	-3.23%	-1.49%	-2.50%	-2.72%	0.00%	0.00%	0.00%	0.00%	0.00%	-13.49%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-57,884,826	-46,165,344	-22,911,476	-16,404,165	-54,329,810	-61,703,216	-57,621,451	-46,069,626	-11,102,616	-44,008,803	-50,676,674	-1,487,143	-30,816,409	128,700,989	-532,379	-872,160	1,021,896	0	-16,565,076	0
Other Financing Activities Margin	-5.31%	-4.28%	-0.12%	-3.18%	-4.92%	-5.63%	-5.38%	-4.24%	-1.21%	-4.73%	-6.98%	-0.34%	-8.06%	40.27%	-0.28%	-0.67%	1.01%	0.00%	-46.45%	0.00%
Net Cash from Financing Activities	-65,910,163	-34,872,740	17,648,584	26,982,908	-58,149,856	-153,679,817	14,099,184	55,991,385	-32,624,598	-109,701,245	141,614,490	46,059,124	46,278,264	226,598,909	44,728,246	23,405,818	55,710,364	61,370,390	43,042,969	-1,834,303
Net Cash from Financing Activities Margin	-5.99%	-3.28%	8.48%	26.51%	-5.27%	-14.02%	1.32%	5.16%	-3.57%	-11.80%	19.51%	10.44%	12.11%	70.90%	23.45%	18.08%	54.79%	95.89%	120.70%	-7.21%
Effect of FX on Cash	-13,247	-268,021	148,359	99,379	-306,427	-87,571	354,257	-592,132	-708,231	432,177	-3,178,948	-2,173,658	5,162,704	2,581,423	-4,826	233,759	12,916	-170,316	-64,436	0
Effect of FX on Cash Margin	0.00%	-0.03%	0.11%	0.06%	-0.03%	-0.01%	0.03%	-0.05%	-0.08%	0.05%	-0.44%	-0.49%	1.35%	0.81%	0.00%	0.18%	0.01%	-0.27%	-0.18%	0.00%
Net Change in Cash	4,166,071	-7,005,636	11,914,356	10,272,941	19,689,523	-53,340,842	46,149,533	-88,720,869	41,194,473	38,878,743	56,441,303	-10,950,325	20,722,490	49,079,536	-44,398,259	29,445,082	8,257,204	-14,358,207	56,004,726	495,194
Net Change in Cash Margin	0.41%	-0.49%	2.78%	11.33%	1.78%	-4.86%	4.31%	-8.17%	4.51%	4.18%	7.78%	-2.48%	5.42%	15.36%	-23.28%	22.75%	8.12%	-22.43%	157.04%	1.95%
Cash at Beginning of Period	157,041,902	179,096,925	137,556,328	107,627,724	136,864,518	190,205,361	144,055,828	232,776,696	191,582,223	152,703,481	96,262,177	107,212,503	86,490,013	37,410,477	81,808,736	52,363,654	44,106,451	58,464,657	2,109,080	1,613,886
Cash at Beginning of Period Margin	14.40%	17.12%	17.39%	26.53%	12.39%	17.35%	13.46%	21.44%	20.96%	16.43%	13.26%	24.30%	22.63%	11.70%	42.89%	40.46%	43.38%	91.35%	5.91%	6.34%
Cash at End of Period	161,207,973	172,091,289	149,470,684	117,900,664	156,554,041	136,864,518	190,205,361	144,055,828	232,776,696	191,582,223	152,703,481	96,262,177	107,212,503	86,490,013	37,410,477	81,808,736	52,363,654	44,106,451	58,113,806	2,109,080
Cash at End of Period Margin	14.81%	16.63%	20.17%	37.86%	14.18%	12.48%	17.77%	13.27%	25.47%	20.61%	21.04%	21.82%	28.05%	27.06%	19.61%	63.21%	51.50%	68.92%	162.96%	8.29%
Operating Cash Flow	124,296,333	125,544,182	103,463,422	74,527,292	130,331,480	144,736,098	97,821,420	57,590,936	197,240,973	183,595,113	65,698,545	62,725,822	61,620,897	33,272,934	31,856,330	18,559,760	17,365,277	5,083,365	10,410,424	7,241,127
Operating Cash Flow Margin	11.38%	12.20%	13.06%	14.39%	11.80%	13.20%	9.14%	5.30%	21.58%	19.75%	9.05%	14.22%	16.12%	10.41%	16.70%	14.34%	17.08%	7.94%	29.19%	28.47%
Capital Expenditure	-47,668,894	-48,389,160	-43,703,015	-35,602,913	-43,179,364	-45,107,199	-54,720,118	-58,993,205	-39,945,915	-44,934,896	-45,424,129	-42,322,958	-25,078,179	-37,324,184	-35,111,353	-18,645,344	-16,885,270	-24,151,944	-2,219,643	-1,926,558
Capital Expenditure Margin	-4.38%	-4.59%	-6.19%	-10.35%	-3.91%	-4.11%	-5.11%	-5.43%	-4.37%	-4.83%	-6.26%	-9.59%	-6.56%	-11.68%	-18.41%	-14.41%	-16.61%	-37.74%	-6.22%	-7.57%
Free Cash Flow	76,627,439	77,155,021	59,760,407	38,924,378	87,152,117	99,628,899	43,101,302	-1,402,268	157,295,058	138,660,217	20,274,417	20,402,863	36,542,717	-4,051,250	-3,255,023	-85,584	480,007	-19,068,579	8,190,780	5,314,569
Free Cash Flow Margin	7.00%	7.62%	6.87%	4.04%	7.89%	9.09%	4.03%	-0.13%	17.21%	14.92%	2.79%	4.62%	9.56%	-1.27%	-1.71%	-0.07%	0.47%	-29.79%	22.97%	20.89%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	1,090,451,596	1,054,233,161	806,945,059	572,730,876	1,104,323,976	1,096,472,835	1,070,557,978	1,085,813,466	913,997,550	929,445,353	725,724,140	441,262,357	382,230,831	319,622,102	190,744,836	129,431,502	101,673,259	64,000,637	35,662,325	25,437,120
EBITDA	195,364,327	219,459,532	184,895,482	134,830,600	183,905,372	207,508,473	194,679,136	256,265,827	254,938,853	241,377,087	204,015,008	114,865,510	103,200,851	88,198,708	61,456,542	42,143,133	32,573,929	21,752,192	15,578,379	10,830,820
EBITDA Margin	17.92%	21.05%	24.00%	27.63%	16.65%	18.93%	18.18%	23.60%	27.89%	25.97%	28.11%	26.03%	27.00%	27.59%	32.22%	32.56%	32.04%	33.99%	43.68%	42.58%
(-) Tax Adjustment	61,775,727	62,403,496	51,936,469	37,566,906	66,190,771	60,786,472	58,349,938	62,936,130	63,754,170	67,210,602	62,384,708	29,259,398	25,596,460	22,896,041	16,665,836	10,249,181	8,621,297	5,044,501	3,558,080	2,462,342
(-) Tax Adjustment Margin	5.66%	5.95%	6.61%	7.27%	5.99%	5.54%	5.45%	5.80%	6.98%	7.23%	8.60%	6.63%	6.70%	7.16%	8.74%	7.92%	8.48%	7.88%	9.98%	9.68%
(-) Change In Working Capital	-43,446,240	-68,660,199	-57,201,849	-39,905,616	-21,556,045	-35,656,080	-73,126,594	-163,419,479	-49,542,795	-58,893,995	-162,426,679	-3,322,156	-1,177,025	-2,897,643	-5,092,874	-9,031,290	-2,996,142	-8,305,744	-1,139,698	-665,084
(-) Change In Working Capital Margin	-4.01%	-6.50%	-6.32%	-6.13%	-1.95%	-3.25%	-6.83%	-15.05%	-5.42%	-6.34%	-22.38%	-0.75%	-0.31%	-0.91%	-2.67%	-6.98%	-2.95%	-12.98%	-3.20%	-2.61%
(-) Capital Expenditure	-47,668,894	-48,389,160	-43,703,015	-35,602,913	-43,179,364	-45,107,199	-54,720,118	-58,993,205	-39,945,915	-44,934,896	-45,424,129	-42,322,958	-25,078,179	-37,324,184	-35,111,353	-18,645,344	-16,885,270	-24,151,944	-2,219,643	-1,926,558
(-) Capital Expenditure Margin	-4.38%	-4.59%	-6.19%	-10.35%	-3.91%	-4.11%	-5.11%	-5.43%	-4.37%	-4.83%	-6.26%	-9.59%	-6.56%	-11.68%	-18.41%	-14.41%	-16.61%	-37.74%	-6.22%	-7.57%
Unlevered Free Cash Flow	129,365,946	177,327,075	146,457,848	101,566,397	96,091,281	137,270,882	154,735,674	297,755,972	200,781,564	188,125,584	258,632,850	46,605,309	53,703,237	30,876,126	14,772,227	22,279,897	10,063,503	861,490	10,940,353	7,107,004
Unlevered Free Cash Flow Margin	11.89%	17.01%	17.52%	16.14%	8.70%	12.52%	14.45%	27.42%	21.97%	20.24%	35.64%	10.56%	14.05%	9.66%	7.74%	17.21%	9.90%	1.35%	30.68%	27.94%
(-) Net Interest Income After Taxes	-34,633,146	-30,475,962	-16,436,886	-11,332,142	-34,432,884	-38,316,266	-31,150,288	-23,633,053	-24,847,321	-1,672,050	-4,123,084	-3,595,344	-1,626,744	-971,831	-630,992	-94,094	-3,338,759	-1,026,706	-522,707	-657,648
(-) Net Interest Income After Taxes Margin	-3.17%	-2.88%	-1.67%	-1.56%	-3.12%	-3.49%	-2.91%	-2.18%	-2.72%	-0.18%	-0.57%	-0.81%	-0.43%	-0.30%	-0.33%	-0.07%	-3.28%	-1.60%	-1.47%	-2.59%
Net Debt Issuance	14,893,425	45,115,715	64,528,361	54,441,935	20,282,791	-69,851,701	94,249,184	171,609,408	9,288,893	-41,915,761	203,072,592	58,564,150	102,086,133	97,897,921	45,260,625	24,277,978	54,688,468	53,436,503	-6,318,156	-1,834,303
Net Debt Issuance Margin	1.42%	4.22%	11.52%	18.48%	1.84%	-6.37%	8.80%	15.80%	1.02%	-4.51%	27.98%	13.27%	26.71%	30.63%	23.73%	18.76%	53.79%	83.49%	-17.72%	-7.21%
Levered Free Cash Flow	178,892,516	252,918,752	227,423,095	167,340,473	150,806,955	105,735,447	280,135,146	492,998,433	234,917,777	147,881,873	465,828,527	108,764,803	157,416,114	129,745,878	60,663,844	46,651,969	68,090,730	55,324,700	5,144,904	5,930,349
Levered Free Cash Flow Margin	16.49%	24.11%	30.71%	36.19%	13.66%	9.64%	26.17%	45.40%	25.70%	15.91%	64.19%	24.65%	41.18%	40.59%	31.80%	36.04%	66.97%	86.44%	14.43%	23.31%