Joint Stock Company "World Trade Center Moscow" (WTCM.ME)

Analysis: Margins & Ratios Industry: Real Estate - Services Sector: Real Estate Live Price: $14.56

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	2008-12-31
Revenue	102,453,414	90,744,592	85,574,685	80,079,864	235,277,762	154,487,168	118,771,128	103,540,278	85,048,838	81,779,197	64,583,521	89,246,435	89,755,991	77,862,795	74,308,555	70,850,114	77,416,697	78,357,333	75,589,448	62,863,984	51,223,653	50,030,598	53,148,101
Cost of Revenue	11,014,099	19,047,250	26,176,955	23,814,648	19,166,073	33,717,016	0	0	33,042,296	32,532,925	29,661,031	38,635,678	35,526,459	32,352,915	30,092,978	29,925,263	27,763,255	25,917,222	23,628,546	18,141,153	0	0	0
Cost of Revenue Margin	12.95%	24.91%	33.17%	30.72%	8.15%	21.83%	0.00%	0.00%	38.85%	39.78%	45.93%	43.29%	39.58%	41.55%	40.50%	42.24%	35.86%	33.08%	31.26%	28.86%	0.00%	0.00%	0.00%
Gross Profit	91,439,316	71,697,342	59,397,731	56,265,216	216,111,689	120,770,152	118,771,128	103,540,278	52,006,542	49,246,272	34,922,490	50,610,756	54,229,532	45,509,880	44,215,577	40,924,850	49,653,442	52,440,110	51,960,902	44,722,831	51,223,653	50,030,598	53,148,101
Gross Profit Margin	87.05%	75.09%	66.83%	69.28%	91.85%	78.17%	100.00%	100.00%	61.15%	60.22%	54.07%	56.71%	60.42%	58.45%	59.50%	57.76%	64.14%	66.92%	68.74%	71.14%	100.00%	100.00%	100.00%
R&D Expenses	0	0	0	0	0	2,324,287	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%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	27,475,596	18,330,325	11,850,157	11,038,804	81,101,407	29,336,951	41,712,952	35,552,350	5,161,486	4,921,734	4,303,104	6,172,526	5,737,745	5,045,715	4,296,665	5,597,295	7,241,179	6,622,017	7,076,226	26,141,064	0	0	0
SG&A Expenses Margin	25.18%	17.64%	12.17%	12.70%	34.47%	18.99%	35.12%	34.34%	6.07%	6.02%	6.66%	6.92%	6.39%	6.48%	5.78%	7.90%	9.35%	8.45%	9.36%	41.58%	0.00%	0.00%	0.00%
Operating Expenses	54,854,625	44,267,381	39,907,741	37,367,100	137,738,804	85,712,426	77,187,704	55,291,771	32,084,399	30,173,597	26,599,433	34,545,409	32,470,383	31,218,687	27,878,123	51,627,901	35,213,058	33,940,387	32,047,612	26,141,064	34,086,965	28,950,775	31,774,614
Operating Expenses Margin	52.04%	46.84%	45.96%	46.59%	58.54%	55.48%	64.99%	53.40%	37.72%	36.90%	41.19%	38.71%	36.18%	40.09%	37.52%	72.87%	45.49%	43.31%	42.40%	41.58%	66.55%	57.87%	59.79%
Operating Income (EBIT)	28,265,378	23,437,979	16,507,900	17,368,630	77,201,683	38,682,922	41,583,424	29,381,768	13,830,942	32,479,360	-85,597	23,255,947	18,678,173	2,539,821	16,260,253	-12,845,087	11,624,890	25,298,605	22,808,498	18,581,766	17,136,688	21,079,823	21,373,486
Operating Income (EBIT) Margin	26.55%	23.85%	17.31%	20.91%	32.81%	25.04%	35.01%	28.38%	16.26%	39.72%	-0.13%	26.06%	20.81%	3.26%	21.88%	-18.13%	15.02%	32.29%	30.17%	29.56%	33.45%	42.13%	40.21%
Interest Income	15,526,132	10,168,576	6,259,724	4,706,755	60,978,948	-3,229,659	31,191,063	9,604,160	5,783,174	2,597,310	1,667,174	2,205,098	1,471,861	1,466,623	2,601,248	4,009,527	2,337,907	1,930,490	1,367,988	1,421,837	945,861	0	0
Interest Income Margin	14.11%	9.62%	6.32%	4.98%	25.92%	-2.09%	26.26%	9.28%	6.80%	3.18%	2.58%	2.47%	1.64%	1.88%	3.50%	5.66%	3.02%	2.46%	1.81%	2.26%	1.85%	0.00%	0.00%
Interest Expense	132,223	253,170	387,782	371,031	0	406,947	0	0	396,670	406,947	462,232	504,653	464,486	431,017	628,213	583,601	414,686	533,590	376,512	362,855	0	0	0
Interest Expense Margin	0.16%	0.34%	0.50%	0.49%	0.00%	0.26%	0.00%	0.00%	0.47%	0.50%	0.72%	0.57%	0.52%	0.55%	0.85%	0.82%	0.54%	0.68%	0.50%	0.58%	0.00%	0.00%	0.00%
Net Interest Income	12,017,577	7,780,995	4,603,592	3,392,884	54,122,044	1,100,983	31,191,063	0	4,861,668	1,100,983	1,751,261	1,204,880	508,343	611,262	1,677,650	3,128,808	1,602,974	981,571	694,940	632,002	945,861	0	0
Net Interest Income Margin	10.66%	7.21%	4.54%	3.50%	23.00%	0.71%	26.26%	0.00%	5.72%	1.35%	2.71%	1.35%	0.57%	0.79%	2.26%	4.42%	2.07%	1.25%	0.92%	1.01%	1.85%	0.00%	0.00%
Unusual Items	-34,971,333	-21,774,406	-10,552,873	-9,456,123	-128,945,442	-29,971,485	-62,895,979	-38,075,059	-3,942,961	-3,240,543	-717,487	785,291	-6,776,594	-2,418,626	34,865,879	-23,112,650	-27,970,752	-4,666,999	-1,338,816	-2,217,331	-119,226	-2,662,118	2,478,133
Unusual Items Margin	-31.45%	-19.89%	-9.49%	-9.50%	-54.81%	-19.40%	-52.96%	-36.77%	-4.64%	-3.96%	-1.11%	0.88%	-7.55%	-3.11%	46.92%	-32.62%	-36.13%	-5.96%	-1.77%	-3.53%	-0.23%	-5.32%	4.66%
EBT Excluding Unusual Items	82,814,134	57,071,384	31,741,704	31,945,153	274,113,620	102,262,498	136,184,319	95,927,725	16,330,360	36,770,082	144,436	19,984,919	31,223,987	6,341,466	-55,444,541	29,954,287	65,643,173	33,235,702	24,494,654	21,957,446	16,429,280	26,404,058	16,417,220
EBT Excluding Unusual Items Margin	75.50%	54.34%	30.47%	35.42%	116.51%	66.19%	114.66%	92.65%	19.20%	44.96%	0.22%	22.39%	34.79%	8.14%	-74.61%	42.28%	84.79%	42.42%	32.40%	34.93%	32.07%	52.78%	30.89%
Pre-Tax Income	47,842,802	35,296,979	21,188,831	22,489,030	145,168,178	72,291,013	73,288,340	57,852,666	12,387,399	33,529,540	-573,051	20,770,211	24,447,392	3,922,840	-20,578,661	6,841,637	37,672,421	28,568,704	23,155,838	19,740,115	16,310,053	23,741,940	18,895,353
Pre-Tax Income Margin	44.05%	34.45%	20.98%	25.92%	61.70%	46.79%	61.71%	55.87%	14.57%	41.00%	-0.89%	23.27%	27.24%	5.04%	-27.69%	9.66%	48.66%	36.46%	30.63%	31.40%	31.84%	47.45%	35.55%
Income Tax Expense	17,364,112	12,142,180	7,281,280	6,882,540	52,747,568	16,140,804	34,802,595	13,240,952	4,048,790	7,543,436	1,075,129	4,781,755	5,388,250	1,556,628	-2,923,861	3,299,122	8,606,827	7,569,166	5,313,711	4,388,379	4,547,215	2,523,588	7,240,808
Income Tax Expense Margin	15.62%	11.55%	7.18%	7.70%	22.42%	10.45%	29.30%	12.79%	4.76%	9.22%	1.66%	5.36%	6.00%	2.00%	-3.93%	4.66%	11.12%	9.66%	7.03%	6.98%	8.88%	5.04%	13.62%
Net Income	30,144,615	22,950,849	13,812,445	15,583,440	92,419,038	55,101,312	38,483,949	43,579,118	8,370,777	25,968,583	-1,648,180	15,984,865	19,036,173	2,384,253	-17,593,485	3,558,401	29,065,593	20,852,910	17,767,427	15,351,736	12,589,473	18,556,235	14,132,679
Net Income Margin	28.11%	22.71%	13.71%	18.25%	39.28%	35.67%	32.40%	42.09%	9.84%	31.75%	-2.55%	17.91%	21.21%	3.06%	-23.68%	5.02%	37.54%	26.61%	23.51%	24.42%	24.58%	37.09%	26.59%
Depreciation and Amortization	4,010,175	5,476,526	6,352,059	5,733,469	3,063,282	-5,972,885	0	5,538,097	6,492,427	7,201,792	8,150,315	8,100,663	7,136,712	7,058,421	5,062,715	8,779,445	7,709,789	7,758,598	7,013,053	0	0	0	0
Depreciation and Amortization Margin	4.33%	6.88%	7.97%	7.26%	1.30%	-3.87%	0.00%	5.35%	7.63%	8.81%	12.62%	9.08%	7.95%	9.07%	6.81%	12.39%	9.96%	9.90%	9.28%	0.00%	0.00%	0.00%	0.00%
EBITDA	15,571,599	19,178,514	15,591,365	18,116,910	34,722,397	41,214,125	0	27,438,302	19,276,496	41,138,279	8,039,496	29,375,527	28,843,423	21,021,999	-21,358,467	2,138,594	23,156,866	28,665,197	28,299,482	18,581,766	17,136,688	21,079,823	21,373,486
EBITDA Margin	16.39%	22.38%	17.82%	23.01%	14.76%	26.68%	0.00%	26.50%	22.67%	50.30%	12.45%	32.92%	32.14%	27.00%	-28.74%	3.02%	29.91%	36.58%	37.44%	29.56%	33.45%	42.13%	40.21%
NOPAT	17,934,667	15,746,001	12,002,432	12,798,238	49,150,074	30,045,978	21,836,612	22,657,055	9,310,333	25,172,192	-246,189	17,901,921	14,561,469	1,531,991	13,949,961	-6,651,027	8,969,010	18,595,839	17,574,494	14,450,897	12,359,008	18,839,198	13,183,044
NOPAT Margin	17.07%	16.32%	12.92%	15.66%	20.89%	19.45%	18.39%	21.88%	10.95%	30.78%	-0.38%	20.06%	16.22%	1.97%	18.77%	-9.39%	11.59%	23.73%	23.25%	22.99%	24.13%	37.66%	24.80%
Owner's Earnings	34,603,472	27,592,772	16,334,846	16,651,730	101,836,551	64,615,430	45,660,160	49,117,215	9,033,040	30,750,090	3,403,354	17,809,093	21,083,228	-1,942,624	-18,000,456	6,435,359	33,220,151	24,821,861	19,723,362	9,807,411	-1,145,285	18,556,235	14,132,679
Owner's Earnings Margin	32.17%	27.87%	16.52%	18.62%	43.28%	41.83%	38.44%	47.44%	10.62%	37.60%	5.27%	19.95%	23.49%	-2.49%	-24.22%	9.08%	42.91%	31.68%	26.09%	15.60%	-2.24%	37.09%	26.59%

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	2008-12-31
Revenue	102,453,414	90,744,592	85,574,685	80,079,864	118,771,128	103,540,278	85,048,838	81,779,197	64,583,521	89,246,435	89,755,991	77,862,795	74,308,555	70,850,114	77,416,697	78,357,333	75,589,448	62,863,984	51,223,653	50,030,598	53,148,101
Cash & Cash Equivalents	135,428,645	85,862,821	51,155,405	41,231,433	204,638,899	158,410,293	43,236,743	14,520,582	8,507,586	20,773,492	21,225,373	17,420,682	13,613,638	9,206,760	38,700,548	14,907,693	9,260,745	36,529,562	7,518,908	5,325,374	2,328,064
Cash & Cash Equivalents Margin	125.38%	81.41%	50.77%	44.11%	172.30%	152.99%	50.84%	17.76%	13.17%	23.28%	23.65%	22.37%	18.32%	12.99%	49.99%	19.03%	12.25%	58.11%	14.68%	10.64%	4.38%
Short-Term Investments	25,760,037	45,241,230	44,369,814	38,700,688	0	0	77,280,111	90,582,539	58,343,501	57,926,661	48,526,952	21,217,671	16,257,826	73,562,874	47,089,786	38,732,246	23,593,344	693,652	26,703,157	25,806,763	37,431,838
Short-Term Investments Margin	30.29%	58.39%	56.39%	50.57%	0.00%	0.00%	90.87%	110.76%	90.34%	64.91%	54.07%	27.25%	21.88%	103.83%	60.83%	49.43%	31.21%	1.10%	52.13%	51.58%	70.43%
Cash & Short-Term Investments	92,975,716	90,176,271	75,061,328	66,289,528	0	158,410,293	120,516,854	105,103,121	66,851,087	78,700,153	69,752,325	38,638,353	29,871,464	82,769,633	85,790,334	53,639,938	32,854,089	37,223,214	34,222,065	31,132,137	39,759,902
Cash & Short-Term Investments Margin	98.23%	105.35%	89.93%	83.20%	0.00%	152.99%	141.70%	128.52%	103.51%	88.18%	77.71%	49.62%	40.20%	116.82%	110.82%	68.46%	43.46%	59.21%	66.81%	62.23%	74.81%
Net Receivables	662,404	1,810,238	2,127,515	2,615,275	0	0	1,987,212	2,757,075	4,306,905	2,037,124	2,679,836	3,517,961	3,989,035	0	-152,026	3,607,149	4,179,990	10,318,862	0	0	0
Net Receivables Margin	0.78%	2.48%	2.75%	3.59%	0.00%	0.00%	2.34%	3.37%	6.67%	2.28%	2.99%	4.52%	5.37%	0.00%	-0.20%	4.60%	5.53%	16.41%	0.00%	0.00%	0.00%
Inventory	679,904	1,171,639	1,975,146	1,789,966	0	0	2,039,712	1,910,877	1,907,608	2,091,964	2,538,941	3,194,593	4,414,047	1,653,715	1,456,854	1,295,331	1,220,494	1,413,628	1,711,725	1,321,494	1,748,091
Inventory Margin	0.80%	1.54%	2.52%	2.40%	0.00%	0.00%	2.40%	2.34%	2.95%	2.34%	2.83%	4.10%	5.94%	2.33%	1.88%	1.65%	1.61%	2.25%	3.34%	2.64%	3.29%
Other Current Assets	925,439	2,536,470	3,861,652	4,314,586	0	0	2,776,317	3,121,787	6,784,246	3,050,863	2,452,119	488,990	13,201,577	6,740,625	5,015,156	4,857,236	3,067,232	6,388,679	6,773,969	10,763,895	8,846,357
Other Current Assets Margin	1.09%	3.52%	5.16%	6.12%	0.00%	0.00%	3.26%	3.82%	10.50%	3.42%	2.73%	0.63%	17.77%	9.51%	6.48%	6.20%	4.06%	10.16%	13.22%	21.51%	16.64%
Total Current Assets	95,591,306	95,555,448	84,165,643	76,107,682	0	158,410,293	128,363,624	113,945,380	77,057,941	87,828,560	79,012,278	50,641,699	53,553,586	92,843,071	92,961,852	64,856,594	42,091,916	57,340,671	42,707,759	43,217,526	50,354,350
Total Current Assets Margin	101.31%	112.51%	101.72%	96.69%	0.00%	152.99%	150.93%	139.33%	119.32%	98.41%	88.03%	65.04%	72.07%	131.04%	120.08%	82.77%	55.68%	91.21%	83.38%	86.38%	94.74%
Property, Plant & Equipment	449,429,871	318,101,861	223,829,373	189,163,660	617,267,600	601,567,286	129,454,726	127,167,783	115,051,910	135,133,371	128,251,864	127,882,509	133,683,105	122,833,576	127,796,021	138,175,951	144,768,090	93,615,572	94,805,532	79,022,370	59,345,675
Property, Plant & Equipment Margin	417.64%	317.31%	239.84%	217.69%	519.71%	581.00%	152.21%	155.50%	178.14%	151.42%	142.89%	164.24%	179.90%	173.37%	165.08%	176.34%	191.52%	148.92%	185.08%	157.95%	111.66%
Goodwill	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%
Intangible Assets	193,242	555,162	730,500	1,311,374	152,472	185,619	241,635	991,959	1,204,125	1,314,510	1,382,017	622,988	531,175	678,496	778,456	568,074	700,227	10,318,862	0	0	0
Intangible Assets Margin	0.20%	0.73%	0.92%	1.88%	0.13%	0.18%	0.28%	1.21%	1.86%	1.47%	1.54%	0.80%	0.71%	0.96%	1.01%	0.72%	0.93%	16.41%	0.00%	0.00%	0.00%
Long-Term Investments	-24,846,914	-39,568,736	-38,398,904	-32,536,038	0	0	-74,540,742	-87,882,991	-35,419,949	-56,594,630	-43,055,025	-2,535,611	-10,432,491	-73,527,597	-46,951,108	-38,673,951	-23,458,442	5,031,971	0	0	0
Long-Term Investments Margin	-29.21%	-49.99%	-48.24%	-41.03%	0.00%	0.00%	-87.64%	-107.46%	-54.84%	-63.41%	-47.97%	-3.26%	-14.04%	-103.78%	-60.65%	-49.36%	-31.03%	8.00%	0.00%	0.00%	0.00%
Tax Assets	26,720	29,283	45,230	193,763	0	0	80,161	28,825	37,431	40,910	60,375	47,646	45,405	111,549	179,576	162,217	765,604	1,346,741	0	0	0
Tax Assets Margin	0.03%	0.04%	0.06%	0.28%	0.00%	0.00%	0.09%	0.04%	0.06%	0.05%	0.07%	0.06%	0.06%	0.16%	0.23%	0.21%	1.01%	2.14%	0.00%	0.00%	0.00%
Other Non-Current Assets	249,548,417	356,482,126	436,997,101	400,148,877	219,673,433	12,756,902	516,214,916	538,991,803	494,773,576	512,526,937	494,243,849	465,769,236	532,188,563	582,831,797	556,853,086	546,150,345	522,777,487	693,652	5,787,570	4,422,454	964,855
Other Non-Current Assets Margin	268.08%	445.88%	549.14%	507.44%	184.96%	12.32%	606.96%	659.08%	766.10%	574.28%	550.65%	598.19%	716.19%	822.63%	719.29%	697.00%	691.60%	1.10%	11.30%	8.84%	1.82%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	674,351,336	635,599,696	623,203,301	557,594,876	837,093,505	614,509,807	571,450,696	579,297,380	575,647,092	592,421,099	580,883,081	591,786,769	656,015,757	632,927,821	638,656,032	646,382,635	645,552,967	100,699,797	100,598,698	83,450,359	60,315,978
Total Non-Current Assets Margin	656.73%	713.98%	741.71%	685.17%	704.80%	593.50%	671.91%	708.37%	891.32%	663.80%	647.18%	760.04%	882.83%	893.33%	824.96%	824.92%	854.03%	160.19%	196.39%	166.80%	113.49%
Total Assets	769,942,642	731,155,144	707,368,944	633,702,557	837,093,505	772,920,100	699,814,321	693,242,760	652,705,033	680,249,659	659,895,359	642,428,468	709,569,343	725,770,893	731,617,884	711,239,229	687,644,882	158,040,468	143,306,457	126,667,885	110,670,328
Total Assets Margin	758.04%	826.49%	843.42%	781.86%	704.80%	746.49%	822.84%	847.70%	1,010.64%	762.21%	735.21%	825.08%	954.90%	1,024.38%	945.04%	907.69%	909.71%	251.40%	279.77%	253.18%	208.23%
Accounts Payable	281,604	616,217	3,623,409	3,794,800	0	0	844,811	1,446,403	789,873	1,320,837	1,405,939	15,320,818	1,119,296	13,986,113	1,166,434	703,149	1,129,548	1,835,792	15,852,984	9,602,006	9,989,476
Accounts Payable Margin	0.33%	0.80%	4.80%	5.71%	0.00%	0.00%	0.99%	1.77%	1.22%	1.48%	1.57%	19.68%	1.51%	19.74%	1.51%	0.90%	1.49%	2.92%	30.95%	19.19%	18.80%
Short-Term Debt	1,573	6,671	5,872	4,976	0	0	4,718	4,755	23,885	4,718	4,718	4,718	4,718	6,488	6,488	0	4,718	4,718	0	24,962	18,387
Short-Term Debt Margin	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.01%	0.01%	0.04%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.00%	0.05%	0.03%
Tax Payables	2,437,500	3,200,507	3,356,714	2,991,670	0	0	7,312,500	4,763,578	3,926,456	4,151,264	3,809,582	3,236,618	3,134,305	3,232,841	5,069,253	3,241,670	2,996,989	0	0	0	0
Tax Payables Margin	2.87%	4.10%	4.23%	3.80%	0.00%	0.00%	8.60%	5.82%	6.08%	4.65%	4.24%	4.16%	4.22%	4.56%	6.55%	4.14%	3.96%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	3,374,660	1,687,330	2,145,131	0	0	0	16,873,298	0	0	0	0	0	0	0	0	15,303,669	0	0	0	0
Deferred Revenue Margin	0.00%	4.13%	2.06%	2.73%	0.00%	0.00%	0.00%	20.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.25%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,235,315	5,335,035	6,594,610	7,581,903	-8,407,502	0	12,113,447	11,657,591	11,311,638	13,087,093	11,273,006	2,046,782	11,492,452	1,371,591	10,560,595	13,745,543	12,084,844	11,386,871	4,594	-14,413	15,416
Other Current Liabilities Margin	2.39%	7.79%	8.62%	10.10%	-7.08%	0.00%	14.24%	14.25%	17.51%	14.66%	12.56%	2.63%	15.47%	1.94%	13.64%	17.54%	15.99%	18.11%	0.01%	-0.03%	0.03%
Total Current Liabilities	9,277,304	12,519,532	14,709,259	15,386,297	0	7,005,290	20,826,623	18,324,468	16,441,278	18,928,710	16,781,126	17,372,317	16,040,931	15,371,844	17,027,702	17,889,836	16,468,877	16,428,438	15,887,022	9,637,517	10,023,279
Total Current Liabilities Margin	10.42%	15.82%	18.46%	20.56%	0.00%	6.77%	24.49%	22.41%	25.46%	21.21%	18.70%	22.31%	21.59%	21.70%	21.99%	22.83%	21.79%	26.13%	31.02%	19.26%	18.86%
Long-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt 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%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	29,415,199	52,460,043	73,774,008	71,203,888	0	0	88,245,598	89,812,354	84,242,262	90,485,935	88,268,963	88,475,160	103,236,671	104,973,135	109,362,356	110,138,323	108,890,961	1,926,602	0	0	0
Deferred Tax Liabilities Margin	34.59%	68.80%	94.45%	91.56%	0.00%	0.00%	103.76%	109.82%	130.44%	101.39%	98.34%	113.63%	138.93%	148.16%	141.26%	140.56%	144.06%	3.06%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	50,823,520	32,493,998	18,921,859	13,730,594	149,080,072	0	3,390,489	4,557,307	5,442,124	5,695,621	4,829,810	4,635,326	4,755,914	6,831,929	4,649,850	5,529,702	5,953,649	29,667	577,447	439,970	95,478
Other Non-Current Liabilities Margin	43.17%	28.70%	17.73%	13.29%	125.52%	0.00%	3.99%	5.57%	8.43%	6.38%	5.38%	5.95%	6.40%	9.64%	6.01%	7.06%	7.88%	0.05%	1.13%	0.88%	0.18%
Total Non-Current Liabilities	80,249,294	84,965,574	92,708,884	84,944,697	149,080,072	0	91,667,809	94,369,661	89,710,326	96,208,152	93,129,603	93,110,486	108,002,787	111,809,943	114,028,153	115,675,133	114,844,610	1,956,269	577,447	439,970	95,478
Total Non-Current Liabilities Margin	77.77%	97.52%	112.19%	104.87%	125.52%	0.00%	107.78%	115.40%	138.91%	107.80%	103.76%	119.58%	145.34%	157.81%	147.29%	147.63%	151.93%	3.11%	1.13%	0.88%	0.18%
Total Liabilities	89,526,598	97,485,106	107,418,143	100,330,994	149,080,072	7,005,290	112,494,432	112,694,129	106,151,604	115,136,862	109,910,730	110,482,803	124,043,718	127,181,787	131,055,855	133,564,968	131,313,487	18,384,707	16,464,469	10,077,487	10,118,756
Total Liabilities Margin	88.18%	113.34%	130.65%	125.42%	125.52%	6.77%	132.27%	137.80%	164.36%	129.01%	122.46%	141.89%	166.93%	179.51%	169.29%	170.46%	173.72%	29.25%	32.14%	20.14%	19.04%
Preferred Stock	1,861,141	1,488,913	744,456	496,304	1,861,138	1,861,142	1,861,142	1,861,142	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	1.85%	1.57%	0.78%	0.52%	1.57%	1.80%	2.19%	2.28%	0.00%	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	11,895,316	12,391,620	12,765,336	13,184,108	11,274,938	11,274,935	13,136,076	13,136,076	13,136,076	13,136,076	13,136,076	13,136,076	13,136,076	13,150,959	13,158,797	13,240,729	12,877,552	15,415,590	15,415,590	15,415,590	15,415,590
Common Stock Margin	11.94%	14.45%	15.47%	17.35%	9.49%	10.89%	15.45%	16.06%	20.34%	14.72%	14.64%	16.87%	17.68%	18.56%	17.00%	16.90%	17.04%	24.52%	30.09%	30.81%	29.00%
Retained Earnings	568,664,193	547,404,696	537,168,663	480,769,701	603,186,914	572,901,049	529,904,616	525,650,904	505,379,997	513,557,788	509,201,578	496,090,860	547,166,288	568,646,631	570,661,678	544,977,089	527,209,166	104,912,376	92,098,579	81,845,193	65,803,706
Retained Earnings Margin	561.41%	621.90%	642.84%	593.68%	507.86%	553.31%	623.06%	642.77%	782.52%	575.44%	567.32%	637.13%	736.34%	802.61%	737.13%	695.50%	697.46%	166.89%	179.80%	163.59%	123.81%
Accumulated OCI	87,945,144	77,366,723	-13,263,663	-39,588,540	98,325,474	94,607,767	70,902,192	68,352,478	54,645,703	65,025,967	-147,580,166	-156,898,166	-146,097,583	-133,920,295	-146,942,308	-131,240,793	-148,967,557	-34,040,817	0	0	0
Accumulated OCI Margin	85.84%	85.14%	-25.30%	-57.43%	82.79%	91.37%	83.37%	83.58%	84.61%	72.86%	-164.42%	-201.51%	-196.61%	-189.02%	-189.81%	-167.49%	-197.07%	-54.15%	0.00%	0.00%	0.00%
Minority Interest	-414,925	-402,113	-394,815	-273,876	-418,338	-420,134	-406,303	-374,135	-391,655	-390,343	-393,933	-416,902	-398,861	-337,546	-321,660	-321,660	483,331	0	0	0	0
Minority Interest Margin	-0.41%	-0.46%	-0.47%	-0.33%	-0.35%	-0.41%	-0.48%	-0.46%	-0.61%	-0.44%	-0.44%	-0.54%	-0.54%	-0.48%	-0.42%	-0.41%	0.64%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	643,528,720	611,690,802	589,154,942	526,184,989	688,431,771	654,428,199	587,726,191	580,922,765	546,945,084	565,503,139	550,378,563	532,362,567	585,924,486	598,926,651	600,883,688	577,995,920	555,848,064	139,655,761	126,841,988	116,590,398	100,551,572
Total Shareholders’ Equity Margin	634.24%	691.99%	702.44%	649.55%	579.63%	632.05%	691.05%	710.36%	846.88%	633.64%	613.19%	683.72%	788.50%	845.34%	776.17%	737.64%	735.35%	222.16%	247.62%	233.04%	189.19%
Total Equity	643,113,795	611,288,689	588,760,127	525,911,113	688,013,433	654,008,065	587,319,888	580,548,631	546,553,429	565,112,796	549,984,629	531,945,665	585,525,625	598,589,106	600,562,029	577,674,261	556,331,395	139,655,761	126,841,988	116,590,398	100,551,572
Total Equity Margin	633.83%	691.53%	701.96%	649.23%	579.28%	631.65%	690.57%	709.90%	846.27%	633.20%	612.76%	683.18%	787.97%	844.87%	775.75%	737.23%	735.99%	222.16%	247.62%	233.04%	189.19%
Total Liabilities & Equity	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%
Total Investments	913,123	5,672,494	5,970,910	6,164,650	0	0	2,739,369	2,699,548	22,923,552	1,332,031	5,471,928	18,682,061	5,825,335	35,276	138,678	58,294	134,902	5,725,623	26,703,157	25,806,763	37,431,838
Total Investments Margin	1.07%	8.40%	8.15%	9.54%	0.00%	0.00%	3.22%	3.30%	35.49%	1.49%	6.10%	23.99%	7.84%	0.05%	0.18%	0.07%	0.18%	9.11%	52.13%	51.58%	70.43%
Net Debt	-135,427,073	-85,856,149	-51,149,533	-41,226,772	-204,638,899	-158,410,293	-43,232,025	-14,515,827	-8,483,701	-20,768,774	-21,220,655	-17,415,964	-13,608,920	-9,200,272	-38,694,060	-14,907,693	-9,256,028	-36,529,562	-7,518,908	-5,300,412	-2,309,676
Net Debt Margin	-125.37%	-81.40%	-50.76%	-44.11%	-172.30%	-152.99%	-50.83%	-17.75%	-13.14%	-23.27%	-23.64%	-22.37%	-18.31%	-12.99%	-49.98%	-19.03%	-12.25%	-58.11%	-14.68%	-10.59%	-4.35%

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	2008-12-31
Revenue	102,453,414	90,744,592	85,574,685	80,079,864	118,771,128	103,540,278	85,048,838	81,779,197	64,583,521	89,246,435	89,755,991	77,862,795	74,308,555	70,850,114	77,416,697	78,357,333	75,589,448	62,863,984	51,223,653	50,030,598	53,148,101
Working Capital	86,314,002	83,035,916	69,456,384	60,721,384	0	151,405,003	107,537,001	95,620,911	60,616,663	68,899,849	62,231,152	33,269,382	37,512,656	77,471,227	75,934,150	46,966,759	25,623,038	40,912,233	26,820,737	33,580,009	40,331,071
Working Capital Margin	90.89%	96.69%	83.25%	76.13%	0.00%	146.23%	126.44%	116.93%	93.86%	77.20%	69.33%	42.73%	50.48%	109.35%	98.08%	59.94%	33.90%	65.08%	52.36%	67.12%	75.88%
Total Capital	643,530,293	611,697,473	589,160,813	526,189,965	688,431,771	654,428,199	587,730,909	580,927,520	546,968,969	565,507,856	550,383,280	532,367,285	585,929,204	598,933,139	600,890,176	577,995,920	555,852,781	139,660,478	126,841,988	116,615,360	100,569,960
Total Capital Margin	634.24%	692.00%	702.44%	649.56%	579.63%	632.05%	691.05%	710.36%	846.92%	633.65%	613.20%	683.72%	788.51%	845.35%	776.18%	737.64%	735.36%	222.16%	247.62%	233.09%	189.23%
Capital Employed	760,665,338	718,635,612	692,659,685	618,316,260	837,093,505	765,914,810	678,987,697	674,918,291	636,263,755	661,320,948	643,114,233	625,056,151	693,528,412	710,399,048	714,590,182	693,349,394	671,176,005	141,612,030	127,419,435	117,030,367	100,647,050
Capital Employed Margin	747.62%	810.67%	824.96%	761.30%	704.80%	739.73%	798.35%	825.29%	985.18%	741.01%	716.51%	802.77%	933.31%	1,002.68%	923.04%	884.86%	887.92%	225.27%	248.75%	233.92%	189.37%
Invested Capital	508,101,648	525,834,653	538,005,408	484,958,532	483,792,872	496,017,905	544,494,166	566,406,938	538,461,383	544,734,364	529,157,907	514,946,603	572,315,566	589,726,380	562,189,629	563,088,228	546,592,036	103,130,916	119,323,080	111,289,986	98,241,896
Invested Capital Margin	508.87%	610.59%	651.68%	605.45%	407.33%	479.06%	640.21%	692.61%	833.74%	610.37%	589.55%	661.35%	770.19%	832.36%	726.19%	718.62%	723.11%	164.05%	232.95%	222.44%	184.85%

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
Revenue	102,453,414	90,744,592	85,574,685	80,079,864	118,771,128	103,540,278	85,048,838	81,779,197	64,583,521	89,246,435	89,755,991	77,862,795	74,308,555	70,850,114	77,416,697	78,357,333	75,589,448	62,863,984	51,223,653
Net Income	30,482,701	23,157,205	13,908,755	15,662,401	38,483,949	44,625,545	8,338,608	25,986,103	-1,648,180	15,988,456	19,059,142	2,366,213	-17,654,800	3,542,515	29,065,593	20,999,538	17,842,128	15,351,736	12,589,473
Net Income Margin	28.44%	22.91%	13.80%	18.33%	32.40%	43.10%	9.80%	31.78%	-2.55%	17.91%	21.23%	3.04%	-23.76%	5.00%	37.54%	26.80%	23.60%	24.42%	24.58%
Depreciation & Amortization	6,402,245	6,911,769	7,078,449	6,217,729	7,176,211	5,538,097	6,492,427	7,201,792	8,150,315	8,100,663	7,136,712	7,058,433	5,150,392	8,779,445	7,709,789	7,758,598	7,013,053	0	0
Depreciation & Amortization Margin	6.34%	8.09%	8.59%	7.67%	6.04%	5.35%	7.63%	8.81%	12.62%	9.08%	7.95%	9.07%	6.93%	12.39%	9.96%	9.90%	9.28%	0.00%	0.00%
Deferred Income Tax	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%
Stock-Based Compensation	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%
Change in Working Capital	343,345	3,561	-1,421,253	-1,157,255	-129,466	-1,153,532	2,313,032	1,675,483	-2,687,711	4,454,870	-709,786	-193,741	-2,577,437	-15,204,242	-1,965,432	-143,161	-1,037,698	0	0
Change in Working Capital Margin	0.50%	-0.12%	-2.16%	-1.71%	-0.11%	-1.11%	2.72%	2.05%	-4.16%	4.99%	-0.79%	-0.25%	-3.47%	-21.46%	-2.54%	-0.18%	-1.37%	0.00%	0.00%
Accounts Receivable	-296,388	-161,169	-1,517,971	-999,324	-62,083	-704,288	-122,792	162,427	-79,109	103,588	806,551	45,306	152,757	-15,482,069	557,561	-367,708	0	0	0
Accounts Receivable Margin	-0.29%	-0.16%	-2.14%	-1.41%	-0.05%	-0.68%	-0.14%	0.20%	-0.12%	0.12%	0.90%	0.06%	0.21%	-21.85%	0.72%	-0.47%	0.00%	0.00%	0.00%
Inventory	-348,033	-151,910	-228,632	-181,711	-381,489	-578,883	-83,727	67,829	216,722	446,421	635,779	357,691	-2,759,514	-207,151	-184,876	-131,447	-123,015	0	0
Inventory Margin	-0.33%	-0.11%	-0.29%	-0.23%	-0.32%	-0.56%	-0.10%	0.08%	0.34%	0.50%	0.71%	0.46%	-3.71%	-0.29%	-0.24%	-0.17%	-0.16%	0.00%	0.00%
Accounts Payable	0	-402,098	-40,911	-27,274	0	0	0	0	-2,010,490	4,845,931	-2,711,113	-477,326	-56,115	0	0	0	0	0	0
Accounts Payable Margin	0.00%	-0.62%	-0.14%	-0.09%	0.00%	0.00%	0.00%	0.00%	-3.11%	5.43%	-3.02%	-0.61%	-0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	946,835	308,745	-1,115,983	-924,453	314,107	129,640	2,396,759	1,607,654	-2,904,433	4,008,450	-1,345,564	-551,432	182,077	-14,997,091	-1,780,556	-11,713	-914,683	0	0
Other Working Capital Margin	1.07%	0.14%	-1.80%	-1.43%	0.26%	0.13%	2.82%	1.97%	-4.50%	4.49%	-1.50%	-0.71%	0.25%	-21.17%	-2.30%	-0.01%	-1.21%	0.00%	0.00%
Other Non-Cash Items	-10,811,900	-7,326,447	-576,440	-4,429,971	-17,051,785	-24,494,828	9,110,911	-9,953,642	5,757,110	-2,849,593	-2,270,723	13,263,648	28,344,466	-5,619,967	-20,537,912	-9,110,057	-3,095,983	-15,351,736	-12,589,473
Other Non-Cash Items Margin	-9.10%	-6.11%	1.10%	-5.35%	-14.36%	-23.66%	10.71%	-12.17%	8.91%	-3.19%	-2.53%	17.03%	38.14%	-7.93%	-26.53%	-11.63%	-4.10%	-24.42%	-24.58%
Net Cash from Operating Activities	26,416,390	22,746,088	18,989,511	16,292,904	28,478,910	24,515,283	26,254,979	24,909,736	9,571,534	25,694,396	23,215,346	22,494,553	13,262,620	-8,502,249	14,272,038	19,504,919	20,721,500	0	0
Net Cash from Operating Activities Margin	26.18%	24.76%	21.32%	18.93%	23.98%	23.68%	30.87%	30.46%	14.82%	28.79%	25.86%	28.89%	17.85%	-12.00%	18.44%	24.89%	27.41%	0.00%	0.00%
Capital Expenditures (PPE)	-1,943,388	-2,269,846	-4,556,049	-5,149,438	0	0	-5,830,164	-2,420,285	-3,098,781	-6,276,436	-5,089,658	-11,385,311	-5,557,364	-5,902,487	-3,555,231	-3,789,647	-5,057,118	-5,544,325	-13,734,758
Capital Expenditures (PPE) Margin	-2.29%	-2.92%	-5.77%	-7.30%	0.00%	0.00%	-6.86%	-2.96%	-4.80%	-7.03%	-5.67%	-14.62%	-7.48%	-8.33%	-4.59%	-4.84%	-6.69%	-8.82%	-26.81%
Acquisitions (Net)	0	1,103,813	3,702,150	3,294,900	0	0	0	2,420,285	3,098,781	6,276,436	5,089,658	11,385,311	2,848,541	5,902,487	3,555,231	3,789,647	5,057,118	0	0
Acquisitions (Net) Margin	0.00%	1.55%	4.72%	4.22%	0.00%	0.00%	0.00%	2.96%	4.80%	7.03%	5.67%	14.62%	3.83%	8.33%	4.59%	4.84%	6.69%	0.00%	0.00%
Purchases of Investments	-29,571,204	-52,942,106	-70,762,804	-62,910,854	0	0	-88,713,613	-90,553,578	-85,443,341	-85,620,032	-58,790,888	-26,135,690	-123,173,164	-149,197,739	-72,668,893	-115,800,080	-47,565,787	0	0
Purchases of Investments Margin	-34.77%	-69.47%	-91.87%	-81.55%	0.00%	0.00%	-104.31%	-110.73%	-132.30%	-95.94%	-65.50%	-33.57%	-165.76%	-210.58%	-93.87%	-147.78%	-62.93%	0.00%	0.00%
Sales / Maturities of Investments	31,879,085	49,598,515	65,489,576	59,776,205	0	0	95,637,256	77,965,306	74,390,016	71,638,030	46,354,506	21,111,793	133,821,189	133,977,660	82,751,605	102,782,858	56,212,856	0	0
Sales / Maturities of Investments Margin	37.48%	64.59%	85.12%	77.57%	0.00%	0.00%	112.45%	95.34%	115.18%	80.27%	51.65%	27.11%	180.09%	189.10%	106.89%	131.17%	74.37%	0.00%	0.00%
Other Investing Activities	39,768,016	23,431,910	8,709,979	5,751,156	26,639,341	87,457,756	5,206,953	1,180,512	-3,325,013	-3,802,351	-3,443,286	-9,673,376	-10,374,804	-2,765,941	-1,468,159	-1,871,354	-3,359,769	2,024,011	3,842,816
Other Investing Activities Margin	37.67%	21.86%	7.09%	4.86%	22.43%	84.47%	6.12%	1.44%	-5.15%	-4.26%	-3.84%	-12.42%	-13.96%	-3.90%	-1.90%	-2.39%	-4.44%	3.22%	7.50%
Net Cash from Investing Activities	40,132,510	18,922,286	2,582,852	761,969	26,639,341	87,457,756	6,300,432	-11,407,759	-14,378,337	-17,784,353	-15,879,667	-14,697,273	-2,435,601	-17,986,019	8,614,554	-14,888,575	5,287,300	-3,520,314	-9,891,943
Net Cash from Investing Activities Margin	38.10%	15.62%	-0.71%	-2.19%	22.43%	84.47%	7.41%	-13.95%	-22.26%	-19.93%	-17.69%	-18.88%	-3.28%	-25.39%	11.13%	-19.00%	6.99%	-5.60%	-19.31%
Net Debt Issuance	0	3,826	1,736	1,133	0	0	0	0	19,130	0	0	0	-1,771	0	1,771	1,771	0	-3,913	0
Net Debt Issuance Margin	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.00%
Long-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	0	3,826	1,736	1,133	0	0	0	0	19,130	0	0	0	-1,771	0	1,771	1,771	0	-3,913	0
Short-Term Debt Issuance Margin	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.00%
Net Stock Issuance	0	0	-12,219	-948,905	0	0	0	0	0	0	0	0	-95,106	-27,079	-813,336	4,801,641	-17,929,136	-170,562	0
Net Stock Issuance Margin	0.00%	0.00%	-0.02%	-1.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.13%	-0.04%	-1.05%	6.13%	-23.72%	-0.27%	0.00%
Common Stock Issuance	0	0	0	320,109	0	0	0	0	0	0	0	0	0	0	0	4,801,641	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.13%	0.00%	0.00%	0.00%
Common Stock Repurchased	0	0	-12,219	-1,269,015	0	0	0	0	0	0	0	0	-95,106	-27,079	-813,336	0	-17,929,136	-170,562	0
Common Stock Repurchased Margin	0.00%	0.00%	-0.02%	-1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.13%	-0.04%	-1.05%	0.00%	-23.72%	-0.27%	0.00%
Preferred Stock Issuance	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%
Net Dividends Paid	-7,905,209	-7,721,078	-6,531,452	-5,368,236	-8,992,539	-7,361,780	-7,361,309	-7,361,570	-7,528,194	-7,528,107	-6,309,830	-4,294,090	-4,277,387	-4,299,711	-4,283,714	-3,483,960	-4,291,725	-1,680,683	-1,468,939
Net Dividends Paid Margin	-7.78%	-8.80%	-7.68%	-6.53%	-7.57%	-7.11%	-8.66%	-9.00%	-11.66%	-8.44%	-7.03%	-5.51%	-5.76%	-6.07%	-5.53%	-4.45%	-5.68%	-2.67%	-2.87%
Common Dividends Paid	-7,905,209	-7,721,078	-6,514,791	-5,356,150	-8,992,539	-7,361,780	-7,361,309	-7,361,570	-7,528,194	-7,361,495	-6,309,830	-4,294,090	-4,277,387	-4,299,711	-4,283,714	-3,483,960	-4,291,725	-1,666,010	-1,468,939
Common Dividends Paid Margin	-7.78%	-8.80%	-7.66%	-6.52%	-7.57%	-7.11%	-8.66%	-9.00%	-11.66%	-8.25%	-7.03%	-5.51%	-5.76%	-6.07%	-5.53%	-4.45%	-5.68%	-2.65%	-2.87%
Preferred Dividends Paid	0	33,322	16,661	11,107	0	0	0	0	166,612	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.05%	0.03%	0.02%	0.00%	0.00%	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-176,365	-172,328	-142,969	-136,167	-195,834	-166,612	-166,649	-165,931	-166,612	-166,612	-142,764	-96,753	-66,107	-95,812	-66,467	-546,603	0	0	260
Other Financing Activities Margin	-0.17%	-0.20%	-0.17%	-0.16%	-0.16%	-0.16%	-0.20%	-0.20%	-0.26%	-0.19%	-0.16%	-0.12%	-0.09%	-0.14%	-0.09%	-0.70%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-8,081,575	-7,856,258	-6,651,581	-6,418,279	-9,188,373	-7,528,392	-7,527,959	-7,527,501	-7,509,064	-7,528,107	-6,452,595	-4,390,843	-4,440,371	-4,422,603	-5,161,746	772,847	-22,220,861	-1,679,940	-1,468,679
Net Cash from Financing Activities Margin	-7.95%	-8.94%	-7.82%	-7.92%	-7.74%	-7.27%	-8.85%	-9.20%	-11.63%	-8.44%	-7.19%	-5.64%	-5.98%	-6.24%	-6.67%	0.99%	-29.40%	-2.67%	-2.87%
Effect of FX on Cash	4,905,447	2,960,965	1,673,055	1,506,771	298,728	10,728,904	3,688,709	38,520	49,961	-833,816	2,921,607	400,620	-1,979,770	1,417,083	6,064,406	258,982	-452,376	0	0
Effect of FX on Cash Margin	4.98%	3.02%	1.72%	1.65%	0.25%	10.36%	4.34%	0.05%	0.08%	-0.93%	3.26%	0.51%	-2.66%	2.00%	7.83%	0.33%	-0.60%	0.00%	0.00%
Net Change in Cash	63,372,772	36,773,081	16,593,835	14,607,471	46,228,606	115,173,550	28,716,161	6,012,996	-12,265,906	-451,881	3,804,691	3,807,044	4,406,878	-29,493,788	23,792,855	5,648,173	3,335,562	16,422,259	3,974,857
Net Change in Cash Margin	61.31%	34.46%	14.52%	14.76%	38.92%	111.24%	33.76%	7.35%	-18.99%	-0.51%	4.24%	4.89%	5.93%	-41.63%	30.73%	7.21%	4.41%	26.12%	7.76%
Cash at Beginning of Period	72,055,873	49,089,739	34,561,570	27,462,908	158,410,293	43,236,743	14,520,582	8,507,586	20,773,492	21,225,373	17,420,682	13,613,638	9,206,760	38,700,548	14,907,693	9,259,520	5,925,183	20,107,303	16,128,224
Cash at Beginning of Period Margin	64.07%	46.95%	36.25%	30.99%	133.37%	41.76%	17.07%	10.40%	32.17%	23.78%	19.41%	17.48%	12.39%	54.62%	19.26%	11.82%	7.84%	31.99%	31.49%
Cash at End of Period	135,428,645	85,862,821	51,155,405	42,070,378	204,638,899	158,410,293	43,236,743	14,520,582	8,507,586	20,773,492	21,225,373	17,420,682	13,613,638	9,206,760	38,700,548	14,907,693	9,260,745	36,529,562	20,103,081
Cash at End of Period Margin	125.38%	81.41%	50.77%	45.75%	172.30%	152.99%	50.84%	17.76%	13.17%	23.28%	23.65%	22.37%	18.32%	12.99%	49.99%	19.03%	12.25%	58.11%	39.25%
Operating Cash Flow	26,416,390	22,746,088	18,989,511	16,292,904	28,478,910	24,515,283	26,254,979	24,909,736	9,571,534	25,694,396	23,215,346	22,494,553	13,262,620	-8,502,249	14,272,038	19,504,919	20,721,500	0	0
Operating Cash Flow Margin	26.18%	24.76%	21.32%	18.93%	23.98%	23.68%	30.87%	30.46%	14.82%	28.79%	25.86%	28.89%	17.85%	-12.00%	18.44%	24.89%	27.41%	0.00%	0.00%
Capital Expenditure	-1,943,388	-2,269,846	-4,556,049	-5,149,438	0	0	-5,830,164	-2,420,285	-3,098,781	-6,276,436	-5,089,658	-11,385,311	-5,557,364	-5,902,487	-3,555,231	-3,789,647	-5,057,118	-5,544,325	-13,734,758
Capital Expenditure Margin	-2.29%	-2.92%	-5.77%	-7.30%	0.00%	0.00%	-6.86%	-2.96%	-4.80%	-7.03%	-5.67%	-14.62%	-7.48%	-8.33%	-4.59%	-4.84%	-6.69%	-8.82%	-26.81%
Free Cash Flow	24,473,002	20,476,242	14,433,462	11,143,467	28,478,910	24,515,283	20,424,815	22,489,451	6,472,752	19,417,960	18,125,688	11,109,242	7,705,257	-14,404,736	10,716,807	15,715,272	15,664,382	-5,544,325	-13,734,758
Free Cash Flow Margin	23.89%	21.84%	15.55%	11.63%	23.98%	23.68%	24.02%	27.50%	10.02%	21.76%	20.19%	14.27%	10.37%	-20.33%	13.84%	20.06%	20.72%	-8.82%	-26.81%

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
Revenue	102,453,414	90,744,592	85,574,685	80,079,864	118,771,128	103,540,278	85,048,838	81,779,197	64,583,521	89,246,435	89,755,991	77,862,795	74,308,555	70,850,114	77,416,697	78,357,333	75,589,448	62,863,984	51,223,653
EBITDA	15,571,599	19,178,514	15,591,365	18,116,910	0	27,438,302	19,276,496	41,138,279	8,039,496	29,375,527	28,843,423	21,021,999	-21,358,467	2,138,594	23,156,866	28,665,197	28,299,482	18,581,766	17,136,688
EBITDA Margin	16.39%	22.38%	17.82%	23.01%	0.00%	26.50%	22.67%	50.30%	12.45%	32.92%	32.14%	27.00%	-28.74%	3.02%	29.91%	36.58%	37.44%	29.56%	33.45%
(-) Tax Adjustment	4,193,460	7,383,781	6,244,662	6,048,966	0	6,279,905	6,300,474	9,255,241	15,083,284	6,762,886	6,357,143	8,341,769	3,034,657	1,031,257	5,290,532	7,594,732	6,494,054	4,130,869	4,777,680
(-) Tax Adjustment Margin	4.49%	9.63%	7.91%	8.00%	0.00%	6.07%	7.41%	11.32%	23.35%	7.58%	7.08%	10.71%	4.08%	1.46%	6.83%	9.69%	8.59%	6.57%	9.33%
(-) Change In Working Capital	343,345	3,561	-1,421,253	-1,157,255	-129,466	-1,153,532	2,313,032	1,675,483	-2,687,711	4,454,870	-709,786	-193,741	-2,577,437	-15,204,242	-1,965,432	-143,161	-1,037,698	0	0
(-) Change In Working Capital Margin	0.50%	-0.12%	-2.16%	-1.71%	-0.11%	-1.11%	2.72%	2.05%	-4.16%	4.99%	-0.79%	-0.25%	-3.47%	-21.46%	-2.54%	-0.18%	-1.37%	0.00%	0.00%
(-) Capital Expenditure	-1,943,388	-2,269,846	-4,556,049	-5,149,438	0	0	-5,830,164	-2,420,285	-3,098,781	-6,276,436	-5,089,658	-11,385,311	-5,557,364	-5,902,487	-3,555,231	-3,789,647	-5,057,118	-5,544,325	-13,734,758
(-) Capital Expenditure Margin	-2.29%	-2.92%	-5.77%	-7.30%	0.00%	0.00%	-6.86%	-2.96%	-4.80%	-7.03%	-5.67%	-14.62%	-7.48%	-8.33%	-4.59%	-4.84%	-6.69%	-8.82%	-26.81%
Unlevered Free Cash Flow	9,091,407	9,521,327	6,211,908	8,075,761	129,466	22,311,929	4,832,826	27,787,270	-7,454,858	11,881,335	18,106,407	1,488,660	-27,373,051	10,409,092	16,276,535	17,423,979	17,786,008	8,906,572	-1,375,750
Unlevered Free Cash Flow Margin	9.11%	9.96%	6.30%	9.42%	0.11%	21.55%	5.68%	33.98%	-11.54%	13.31%	20.17%	1.91%	-36.84%	14.69%	21.02%	22.24%	23.53%	14.17%	-2.69%
(-) Net Interest Income After Taxes	9,137,085	5,610,625	3,479,937	2,638,645	16,379,294	7,406,021	3,625,939	1,697,578	-1,055,707	1,308,965	785,348	624,666	2,253,368	1,773,902	1,483,833	1,026,797	763,956	823,563	682,157
(-) Net Interest Income After Taxes Margin	8.40%	5.13%	3.43%	2.75%	13.79%	7.15%	4.26%	2.08%	-1.63%	1.47%	0.87%	0.80%	3.03%	2.50%	1.92%	1.31%	1.01%	1.31%	1.33%
Net Debt Issuance	0	3,826	1,736	1,133	0	0	0	0	19,130	0	0	0	-1,771	0	1,771	1,771	0	-3,913	0
Net Debt Issuance Margin	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%	0.00%
Levered Free Cash Flow	-45,678	3,914,528	2,733,706	5,438,249	-16,249,828	14,905,908	1,206,887	26,089,692	-6,380,020	10,572,369	17,321,060	863,994	-29,628,189	8,635,190	14,794,472	16,398,952	17,022,052	8,079,096	-2,057,906
Levered Free Cash Flow Margin	0.71%	4.83%	2.87%	6.67%	-13.68%	14.40%	1.42%	31.90%	-9.88%	11.85%	19.30%	1.11%	-39.87%	12.19%	19.11%	20.93%	22.52%	12.85%	-4.02%