Omega Flex, Inc. (OFLX)

Analysis: Margins & Ratios Industry: Industrial - Machinery Sector: Industrials Live Price: $32.48

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	2002-12-31	2001-12-31
Revenue	112,877,667	114,888,000	108,324,100	94,044,400	86,600,600	100,054,000	102,863,000	101,681,000	111,465,000	125,487,000	130,011,000	105,796,000	111,360,000	108,313,000	101,799,000	94,051,000	93,278,000	85,219,000	77,122,000	64,016,000	54,193,000	46,875,000	44,140,000	63,484,000	74,510,000	73,574,000	65,638,000	48,165,000	37,065,000	35,026,000	30,717,000
Cost of Revenue	43,233,333	43,485,200	41,284,800	37,560,333	36,212,600	39,387,000	40,202,000	39,418,000	43,100,000	47,182,000	48,480,000	39,246,000	40,873,000	42,217,000	40,033,000	36,167,000	36,132,000	35,193,000	35,229,000	31,086,000	26,476,000	22,573,000	21,507,000	32,265,000	38,456,000	35,682,000	32,937,000	23,397,000	0	0	0
Cost of Revenue Margin	38.34%	37.88%	38.16%	40.94%	43.20%	39.37%	39.08%	38.77%	38.67%	37.60%	37.29%	37.10%	36.70%	38.98%	39.33%	38.45%	38.74%	41.30%	45.68%	48.56%	48.86%	48.16%	48.72%	50.82%	51.61%	48.50%	50.18%	48.58%	0.00%	0.00%	0.00%
Gross Profit	69,644,333	71,402,800	67,039,300	56,484,067	50,388,000	60,666,999	62,661,000	62,263,000	68,365,000	78,305,000	81,531,000	66,550,000	70,487,000	66,096,000	61,766,000	57,884,000	57,146,000	50,026,000	41,893,000	32,930,000	27,717,000	24,302,000	22,633,000	31,219,000	36,054,000	37,892,000	32,701,000	24,768,000	37,065,000	35,026,000	30,717,000
Gross Profit Margin	61.66%	62.12%	61.84%	59.06%	56.80%	60.63%	60.92%	61.23%	61.33%	62.40%	62.71%	62.90%	63.30%	61.02%	60.67%	61.55%	61.26%	58.70%	54.32%	51.44%	51.14%	51.84%	51.28%	49.18%	48.39%	51.50%	49.82%	51.42%	100.00%	100.00%	100.00%
R&D Expenses	4,223,000	4,295,800	4,016,900	3,548,933	3,019,950	4,896,000	3,987,000	4,068,000	3,868,000	4,733,000	4,610,000	4,200,000	4,715,000	4,813,000	3,293,000	3,185,000	2,684,000	2,921,000	2,758,000	2,597,000	2,468,000	2,321,000	2,250,000	2,222,000	2,693,000	0	0	0	0	0	0
R&D Expenses Margin	3.75%	3.75%	3.69%	3.83%	3.49%	4.89%	3.88%	4.00%	3.47%	3.77%	3.55%	3.97%	4.23%	4.44%	3.23%	3.39%	2.88%	3.43%	3.58%	4.06%	4.55%	4.95%	5.10%	3.50%	3.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	39,292,667	39,086,800	37,221,800	32,054,933	28,677,800	37,052,000	36,752,000	36,624,000	38,698,000	42,556,000	41,859,000	35,697,000	43,850,000	34,917,000	34,256,000	32,802,000	30,959,000	26,460,000	24,087,000	24,286,000	18,540,000	15,233,000	14,139,000	18,110,000	19,633,000	20,215,000	20,635,000	14,199,000	0	0	0
SG&A Expenses Margin	34.88%	34.12%	34.39%	34.06%	32.83%	37.03%	35.73%	36.02%	34.72%	33.91%	32.20%	33.74%	39.38%	32.24%	33.65%	34.88%	33.19%	31.05%	31.23%	37.94%	34.21%	32.50%	32.03%	28.53%	26.35%	27.48%	31.44%	29.48%	0.00%	0.00%	0.00%
Operating Expenses	43,515,667	43,382,600	41,238,700	35,603,867	31,697,750	41,948,000	40,739,000	40,692,000	42,566,000	47,289,000	46,469,000	39,897,000	48,565,000	39,730,000	37,549,000	35,987,000	33,643,000	29,381,000	26,845,000	26,883,000	21,008,000	17,554,000	16,389,000	20,332,000	22,326,000	20,215,000	20,635,000	15,562,000	0	0	0
Operating Expenses Margin	38.63%	37.87%	38.09%	37.89%	36.32%	41.93%	39.61%	40.02%	38.19%	37.68%	35.74%	37.71%	43.61%	36.68%	36.89%	38.26%	36.07%	34.48%	34.81%	41.99%	38.77%	37.45%	37.13%	32.03%	29.96%	27.48%	31.44%	32.31%	0.00%	0.00%	0.00%
Operating Income (EBIT)	26,128,667	28,020,200	25,800,600	21,193,533	18,385,150	18,719,000	21,922,000	21,571,000	25,799,000	31,016,000	35,062,000	26,653,000	21,922,000	26,366,000	24,217,000	21,897,000	23,503,000	20,645,000	15,048,000	10,747,000	6,709,000	6,748,000	6,244,000	11,100,000	13,212,000	7,178,000	12,066,000	9,206,000	37,065,000	35,026,000	30,717,000
Operating Income (EBIT) Margin	23.03%	24.25%	23.75%	21.66%	20.12%	18.71%	21.31%	21.21%	23.15%	24.72%	26.97%	25.19%	19.69%	24.34%	23.79%	23.28%	25.20%	24.23%	19.51%	16.79%	12.38%	14.40%	14.15%	17.48%	17.73%	9.76%	18.38%	19.11%	100.00%	100.00%	100.00%
Interest Income	1,384,000	837,400	583,900	391,667	381,050	2,050,000	2,262,000	2,278,000	1,700,000	174,000	35,000	0	876,000	488,000	117,000	98,000	73,000	36,000	0	0	0	0	174,000	291,000	562,000	562,000	157,000	0	0	0	0
Interest Income Margin	1.30%	0.79%	0.55%	0.37%	0.41%	2.05%	2.20%	2.24%	1.53%	0.14%	0.03%	0.00%	0.79%	0.45%	0.11%	0.10%	0.08%	0.04%	0.00%	0.00%	0.00%	0.00%	0.39%	0.46%	0.75%	0.76%	0.24%	0.00%	0.00%	0.00%	0.00%
Interest Expense	0	7,800	3,900	7,067	5,300	0	0	0	0	0	0	39,000	0	0	0	0	0	0	9,000	25,000	8,000	25,000	0	0	0	0	0	0	0	0	0
Interest Expense Margin	0.00%	0.01%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.04%	0.01%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	1,384,000	829,600	580,000	390,200	379,950	2,050,000	2,262,000	2,278,000	1,700,000	174,000	35,000	-39,000	876,000	488,000	117,000	98,000	73,000	36,000	9,000	25,000	8,000	-25,000	174,000	291,000	562,000	562,000	157,000	0	0	0	0
Net Interest Income Margin	1.30%	0.78%	0.54%	0.37%	0.40%	2.05%	2.20%	2.24%	1.53%	0.14%	0.03%	-0.04%	0.79%	0.45%	0.11%	0.10%	0.08%	0.04%	0.01%	0.04%	0.01%	-0.05%	0.39%	0.46%	0.75%	0.76%	0.24%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-2,637,333	-1,574,400	-1,058,200	-704,000	-740,550	-4,223,000	-4,517,000	-4,329,000	-3,446,000	-137,000	-91,000	131,000	-1,808,000	-850,000	-196,000	278,000	-134,000	10,000	74,000	-93,000	-24,000	55,000	-480,000	-491,000	-1,158,000	-1,610,000	-512,000	-505,000	37,065,000	35,026,000	30,717,000
Unusual Items Margin	-2.49%	-1.48%	-0.99%	-0.65%	-0.81%	-4.22%	-4.39%	-4.26%	-3.09%	-0.11%	-0.07%	0.12%	-1.62%	-0.78%	-0.19%	0.30%	-0.14%	0.01%	0.10%	-0.15%	-0.04%	0.12%	-1.09%	-0.77%	-1.55%	-2.19%	-0.78%	-1.05%	100.00%	100.00%	100.00%
EBT Excluding Unusual Items	30,019,333	30,339,400	27,337,000	22,216,933	19,490,500	25,115,000	28,694,000	27,951,000	30,991,000	31,116,000	35,209,000	26,430,000	24,662,000	27,578,000	24,492,000	21,243,000	23,698,000	20,589,000	14,909,000	10,958,000	6,765,000	6,663,000	7,030,000	11,791,000	14,966,000	9,836,000	12,933,000	10,216,000	-37,065,000	-35,026,000	-30,717,000
EBT Excluding Unusual Items Margin	26.70%	26.43%	25.18%	22.61%	21.34%	25.10%	27.90%	27.49%	27.80%	24.80%	27.08%	24.98%	22.15%	25.46%	24.06%	22.59%	25.41%	24.16%	19.33%	17.12%	12.48%	14.21%	15.93%	18.57%	20.09%	13.37%	19.70%	21.21%	-100.00%	-100.00%	-100.00%
Pre-Tax Income	27,382,000	28,765,000	26,278,800	21,512,933	18,749,950	20,892,000	24,177,000	23,622,000	27,545,000	30,979,000	35,118,000	26,561,000	22,854,000	26,728,000	24,296,000	21,521,000	23,564,000	20,599,000	14,983,000	10,865,000	6,741,000	6,718,000	6,550,000	11,300,000	13,808,000	8,226,000	12,421,000	9,711,000	0	0	0
Pre-Tax Income Margin	24.21%	24.95%	24.20%	21.95%	20.53%	20.88%	23.50%	23.23%	24.71%	24.69%	27.01%	25.11%	20.52%	24.68%	23.87%	22.88%	25.26%	24.17%	19.43%	16.97%	12.44%	14.33%	14.84%	17.80%	18.53%	11.18%	18.92%	20.16%	0.00%	0.00%	0.00%
Income Tax Expense	6,619,667	7,063,000	7,022,300	6,028,667	5,482,600	4,993,000	6,052,000	5,707,000	6,825,000	7,327,000	8,862,000	6,594,000	5,429,000	6,451,000	8,450,000	6,975,000	7,603,000	6,994,000	4,891,000	4,046,000	2,107,000	2,169,000	2,172,000	3,918,000	5,126,000	3,062,000	4,944,000	3,710,000	-4,037,000	-3,563,000	-2,468,000
Income Tax Expense Margin	5.86%	6.12%	6.53%	6.31%	6.22%	4.99%	5.88%	5.61%	6.12%	5.84%	6.82%	6.23%	4.88%	5.96%	8.30%	7.42%	8.15%	8.21%	6.34%	6.32%	3.89%	4.63%	4.92%	6.17%	6.88%	4.16%	7.53%	7.70%	-10.89%	-10.17%	-8.03%
Net Income	20,799,667	21,700,800	19,175,600	15,422,933	13,221,500	16,094,000	18,221,000	18,014,000	20,763,000	23,622,000	26,195,000	19,910,000	17,286,000	20,139,000	15,662,000	14,377,000	15,788,000	13,462,000	10,037,000	6,876,000	4,647,000	4,566,000	4,381,000	7,382,000	8,682,000	5,164,000	7,477,000	6,001,000	4,037,000	3,563,000	2,468,000
Net Income Margin	18.39%	18.83%	17.58%	15.58%	14.27%	16.09%	17.71%	17.72%	18.63%	18.82%	20.15%	18.82%	15.52%	18.59%	15.39%	15.29%	16.93%	15.80%	13.01%	10.74%	8.57%	9.74%	9.93%	11.63%	11.65%	7.02%	11.39%	12.46%	10.89%	10.17%	8.03%
Depreciation and Amortization	1,150,000	1,068,000	802,300	728,800	686,700	1,370,000	1,183,000	1,255,000	1,099,000	1,096,000	1,020,000	870,000	719,000	543,000	502,000	459,000	460,000	486,000	547,000	588,000	651,000	637,000	623,000	599,000	498,000	417,000	665,000	665,000	0	0	0
Depreciation and Amortization Margin	1.03%	0.94%	0.73%	0.81%	0.83%	1.37%	1.15%	1.23%	0.99%	0.87%	0.78%	0.82%	0.65%	0.50%	0.49%	0.49%	0.49%	0.57%	0.71%	0.92%	1.20%	1.36%	1.41%	0.94%	0.67%	0.57%	1.01%	1.38%	0.00%	0.00%	0.00%
EBITDA	27,278,667	29,077,600	26,690,800	21,989,133	19,204,150	20,089,000	23,105,000	22,826,000	26,898,000	32,112,000	36,082,000	27,470,000	23,573,000	26,909,000	24,719,000	22,356,000	23,963,000	21,131,000	15,595,000	11,453,000	7,360,000	7,390,000	6,867,000	11,699,000	14,306,000	8,643,000	12,731,000	9,871,000	37,065,000	35,026,000	30,717,000
EBITDA Margin	24.06%	25.18%	24.56%	22.53%	21.11%	20.08%	22.46%	22.45%	24.13%	25.59%	27.75%	25.97%	21.17%	24.84%	24.28%	23.77%	25.69%	24.80%	20.22%	17.89%	13.58%	15.77%	15.56%	18.43%	19.20%	11.75%	19.40%	20.49%	100.00%	100.00%	100.00%
NOPAT	19,815,461	21,139,335	18,892,774	15,241,677	13,006,332	14,245,327	16,434,473	16,359,515	19,406,618	23,680,249	26,214,132	20,036,160	16,714,398	20,002,371	15,794,476	14,800,138	15,919,682	13,635,382	10,135,782	6,744,942	4,612,002	4,569,314	4,173,471	7,251,345	8,307,256	4,506,102	7,263,303	5,688,931	37,065,000	35,026,000	30,717,000
NOPAT Margin	17.46%	18.29%	17.33%	15.41%	14.02%	14.24%	15.98%	16.09%	17.41%	18.87%	20.16%	18.94%	15.01%	18.47%	15.52%	15.74%	17.07%	16.00%	13.14%	10.54%	8.51%	9.75%	9.46%	11.42%	11.15%	6.12%	11.07%	11.81%	100.00%	100.00%	100.00%
Owner's Earnings	20,419,667	21,543,800	18,655,900	15,196,600	13,011,700	15,288,000	17,774,000	17,263,000	20,220,000	23,776,000	26,244,000	20,216,000	16,780,000	18,758,000	13,071,000	14,603,000	15,628,000	13,733,000	10,097,000	7,334,000	5,167,000	5,059,000	4,566,000	7,448,000	8,638,000	4,208,000	7,425,000	6,666,000	4,037,000	3,563,000	2,468,000
Owner's Earnings Margin	18.02%	18.67%	17.09%	15.46%	14.13%	15.28%	17.28%	16.98%	18.14%	18.95%	20.19%	19.11%	15.07%	17.32%	12.84%	15.53%	16.75%	16.11%	13.09%	11.46%	9.53%	10.79%	10.34%	11.73%	11.59%	5.72%	11.31%	13.84%	10.89%	10.17%	8.03%

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	2002-12-31	2001-12-31
Revenue	112,877,667	114,888,000	108,324,100	94,044,400	86,600,600	101,681,000	111,465,000	125,487,000	130,011,000	105,796,000	111,360,000	108,313,000	101,799,000	94,051,000	93,278,000	85,219,000	77,122,000	64,016,000	54,193,000	46,875,000	44,140,000	63,484,000	74,510,000	73,574,000	65,638,000	48,165,000	37,065,000	35,026,000	30,717,000
Cash & Cash Equivalents	45,252,667	38,460,800	34,420,200	25,444,533	21,688,550	51,699,000	46,356,000	37,703,000	32,913,000	23,633,000	16,098,000	32,392,000	37,938,000	35,318,000	30,152,000	22,585,000	8,257,000	939,000	3,476,000	2,209,000	1,881,000	9,773,000	13,143,000	17,424,000	9,882,000	280,000	0	0	0
Cash & Cash Equivalents Margin	40.83%	34.03%	32.16%	24.76%	22.37%	50.84%	41.59%	30.05%	25.32%	22.34%	14.46%	29.91%	37.27%	37.55%	32.32%	26.50%	10.71%	1.47%	6.41%	4.71%	4.26%	15.39%	17.64%	23.68%	15.06%	0.58%	0.00%	0.00%	0.00%
Short-Term Investments	0	0	1,494,400	996,267	747,200	0	0	0	0	0	0	14,944,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	1.38%	0.92%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	45,252,667	38,460,800	35,914,600	26,440,800	22,435,750	51,699,000	46,356,000	37,703,000	32,913,000	23,633,000	16,098,000	47,336,000	37,938,000	35,318,000	30,152,000	22,585,000	8,257,000	939,000	3,476,000	2,209,000	1,881,000	9,773,000	13,143,000	17,424,000	9,882,000	280,000	0	0	0
Cash & Short-Term Investments Margin	40.83%	34.03%	33.54%	25.68%	23.06%	50.84%	41.59%	30.05%	25.32%	22.34%	14.46%	43.70%	37.27%	37.55%	32.32%	26.50%	10.71%	1.47%	6.41%	4.71%	4.26%	15.39%	17.64%	23.68%	15.06%	0.58%	0.00%	0.00%	0.00%
Net Receivables	15,748,333	17,609,600	16,879,200	14,932,200	13,789,950	14,381,000	15,361,000	17,503,000	20,726,000	20,077,000	17,047,000	16,451,000	15,636,000	15,005,000	16,605,000	13,723,000	12,968,000	12,134,000	9,052,000	7,314,000	9,765,000	6,986,000	13,382,000	9,745,000	11,938,000	25,352,000	0	0	0
Net Receivables Margin	13.96%	15.36%	15.64%	16.04%	16.16%	14.14%	13.78%	13.95%	15.94%	18.98%	15.31%	15.19%	15.36%	15.95%	17.80%	16.10%	16.81%	18.95%	16.70%	15.60%	22.12%	11.00%	17.96%	13.25%	18.19%	52.64%	0.00%	0.00%	0.00%
Inventory	15,973,333	14,999,000	11,771,500	10,094,400	9,639,500	14,559,000	15,597,000	17,764,000	15,565,000	11,510,000	11,078,000	7,976,000	8,007,000	7,372,000	8,287,000	7,364,000	6,728,000	7,128,000	6,465,000	6,016,000	6,188,000	10,242,000	10,567,000	8,149,000	6,228,000	5,432,000	0	0	0
Inventory Margin	14.16%	13.06%	10.72%	10.70%	11.27%	14.32%	13.99%	14.16%	11.97%	10.88%	9.95%	7.36%	7.87%	7.84%	8.88%	8.64%	8.72%	11.13%	11.93%	12.83%	14.02%	16.13%	14.18%	11.08%	9.49%	11.28%	0.00%	0.00%	0.00%
Other Current Assets	2,880,667	2,662,400	2,279,100	2,173,333	2,067,400	2,983,000	2,874,000	2,785,000	2,533,000	2,137,000	2,097,000	1,859,000	1,895,000	1,981,000	1,647,000	2,093,000	2,230,000	2,253,000	1,730,000	1,503,000	1,254,000	1,525,000	1,884,000	3,376,000	709,000	235,000	0	0	0
Other Current Assets Margin	2.58%	2.34%	2.10%	2.42%	2.49%	2.93%	2.58%	2.22%	1.95%	2.02%	1.88%	1.72%	1.86%	2.11%	1.77%	2.46%	2.89%	3.52%	3.19%	3.21%	2.84%	2.40%	2.53%	4.59%	1.08%	0.49%	0.00%	0.00%	0.00%
Total Current Assets	79,855,000	73,731,800	66,844,400	53,655,667	47,943,800	83,622,000	80,188,000	75,755,000	71,737,000	57,357,000	46,320,000	73,622,000	63,476,000	59,676,000	56,691,000	45,765,000	30,183,000	22,454,000	20,947,000	17,042,000	19,088,000	28,526,000	38,976,000	38,694,000	28,757,000	31,299,000	0	0	0
Total Current Assets Margin	71.52%	64.79%	62.01%	54.87%	53.00%	82.24%	71.94%	60.37%	55.18%	54.21%	41.59%	67.97%	62.35%	63.45%	60.78%	53.70%	39.14%	35.08%	38.65%	36.36%	43.24%	44.93%	52.31%	52.59%	43.81%	64.98%	0.00%	0.00%	0.00%
Property, Plant & Equipment	12,714,667	11,835,800	9,327,500	7,893,200	7,515,200	14,644,000	11,891,000	11,609,000	11,943,000	9,092,000	9,680,000	8,378,000	6,998,000	4,402,000	4,638,000	4,483,000	4,762,000	4,824,000	5,270,000	5,784,000	6,296,000	6,407,000	6,749,000	6,705,000	5,749,000	5,697,000	0	0	0
Property, Plant & Equipment Margin	11.44%	10.42%	8.51%	8.41%	8.87%	14.40%	10.67%	9.25%	9.19%	8.59%	8.69%	7.73%	6.87%	4.68%	4.97%	5.26%	6.17%	7.54%	9.72%	12.34%	14.26%	10.09%	9.06%	9.11%	8.76%	11.83%	0.00%	0.00%	0.00%
Goodwill	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	3,526,000	0	0	0
Goodwill Margin	3.15%	3.10%	3.29%	4.08%	4.48%	3.47%	3.16%	2.81%	2.71%	3.33%	3.17%	3.26%	3.46%	3.75%	3.78%	4.14%	4.57%	5.51%	6.51%	7.52%	7.99%	5.55%	4.73%	4.79%	5.37%	7.32%	0.00%	0.00%	0.00%
Intangible Assets	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
Intangible 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	0	0	0	1,667	1,250	0	0	0	0	0	0	0	0	0	0	0	161,000	-136,000	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments 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%	0.21%	-0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	492,333	297,800	164,100	107,733	80,800	365,000	189,000	923,000	7,000	5,000	4,000	3,000	12,000	19,000	114,000	0	-161,000	136,000	0	0	0	0	0	0	0	0	0	0	0
Tax Assets Margin	0.42%	0.25%	0.14%	0.10%	0.07%	0.36%	0.17%	0.74%	0.01%	0.00%	0.00%	0.00%	0.01%	0.02%	0.12%	0.00%	-0.21%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	4,681,667	3,467,600	2,742,200	2,313,867	2,188,250	3,734,000	4,440,000	5,871,000	1,702,000	1,591,000	1,454,000	1,307,000	3,079,000	2,939,000	1,305,000	1,364,000	1,603,000	1,865,000	1,748,000	706,000	622,000	534,000	521,000	3,698,000	3,682,000	0	0	0	0
Other Non-Current Assets Margin	4.11%	3.03%	2.52%	2.44%	2.51%	3.67%	3.98%	4.68%	1.31%	1.50%	1.31%	1.21%	3.02%	3.12%	1.40%	1.60%	2.08%	2.91%	3.23%	1.51%	1.41%	0.84%	0.70%	5.03%	5.61%	0.00%	0.00%	0.00%	0.00%
Other Assets	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	34,432,000	28,664,000	22,877,000
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%	0.00%	0.00%	0.00%	0.00%	0.00%	92.90%	81.84%	74.48%
Total Non-Current Assets	21,414,667	19,127,200	15,759,800	13,842,467	13,311,500	22,269,000	20,046,000	21,929,000	17,178,000	14,214,000	14,664,000	13,214,000	13,615,000	10,886,000	9,583,000	9,373,000	9,891,000	10,215,000	10,544,000	10,016,000	10,444,000	10,467,000	10,796,000	13,929,000	12,957,000	9,223,000	0	0	0
Total Non-Current Assets Margin	19.12%	16.80%	14.46%	15.01%	15.93%	21.90%	17.98%	17.48%	13.21%	13.44%	13.17%	12.20%	13.37%	11.57%	10.27%	11.00%	12.83%	15.96%	19.46%	21.37%	23.66%	16.49%	14.49%	18.93%	19.74%	19.15%	0.00%	0.00%	0.00%
Total Assets	101,269,667	92,859,000	82,604,200	67,498,133	61,255,300	105,891,000	100,234,000	97,684,000	88,915,000	71,571,000	60,984,000	86,836,000	77,091,000	70,562,000	66,274,000	55,138,000	40,074,000	32,669,000	31,491,000	27,058,000	29,532,000	38,993,000	49,772,000	52,623,000	41,714,000	40,522,000	34,432,000	28,664,000	22,877,000
Total Assets Margin	90.64%	81.59%	76.47%	69.88%	68.92%	104.14%	89.92%	77.84%	68.39%	67.65%	54.76%	80.17%	75.73%	75.03%	71.05%	64.70%	51.96%	51.03%	58.11%	57.72%	66.91%	61.42%	66.80%	71.52%	63.55%	84.13%	92.90%	81.84%	74.48%
Accounts Payable	2,347,000	2,573,400	2,542,300	2,278,667	2,044,050	2,661,000	2,090,000	2,290,000	3,355,000	2,471,000	2,383,000	2,775,000	2,598,000	2,311,000	2,489,000	2,352,000	1,793,000	2,737,000	1,019,000	856,000	863,000	1,562,000	1,486,000	1,236,000	1,554,000	1,847,000	0	0	0
Accounts Payable Margin	2.11%	2.25%	2.36%	2.45%	2.36%	2.62%	1.88%	1.82%	2.58%	2.34%	2.14%	2.56%	2.55%	2.46%	2.67%	2.76%	2.32%	4.28%	1.88%	1.83%	1.96%	2.46%	1.99%	1.68%	2.37%	3.83%	0.00%	0.00%	0.00%
Short-Term Debt	0	0	0	21,600	400,500	0	0	0	0	0	0	0	0	0	0	0	0	324,000	0	0	7,500,000	0	0	0	186,000	186,000	0	0	0
Short-Term Debt Margin	0.00%	0.00%	0.00%	0.03%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.00%	0.00%	16.99%	0.00%	0.00%	0.00%	0.28%	0.39%	0.00%	0.00%	0.00%
Tax Payables	336,333	397,800	395,800	383,867	397,550	710,000	190,000	109,000	1,000	979,000	423,000	58,000	568,000	487,000	433,000	1,216,000	134,000	235,000	0	215,000	226,000	0	0	1,967,000	0	0	0	0	0
Tax Payables Margin	0.32%	0.38%	0.39%	0.42%	0.47%	0.70%	0.17%	0.09%	0.00%	0.93%	0.38%	0.05%	0.56%	0.52%	0.46%	1.43%	0.17%	0.37%	0.00%	0.46%	0.51%	0.00%	0.00%	2.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	0	283,667	224,050	0	0	0	0	0	0	0	0	0	0	0	0	4,255,000	0	0	226,000	0	0	0	0	7,342,000	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.44%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.65%	0.00%	0.00%	0.51%	0.00%	0.00%	0.00%	0.00%	15.24%	0.00%	0.00%	0.00%
Other Current Liabilities	8,316,667	9,564,400	9,251,300	7,906,200	8,155,000	6,050,000	7,588,000	11,312,000	11,872,000	11,000,000	10,022,000	5,460,000	5,583,000	11,887,000	11,739,000	9,400,000	3,697,000	4,563,000	4,241,000	4,179,000	3,226,000	3,685,000	13,442,000	16,893,000	7,261,000	8,525,000	0	0	0
Other Current Liabilities Margin	7.26%	8.26%	8.60%	8.38%	9.55%	5.95%	6.81%	9.01%	9.13%	10.40%	9.00%	5.04%	5.48%	12.64%	12.58%	11.03%	4.79%	7.13%	7.83%	8.92%	7.31%	5.80%	18.04%	22.96%	11.06%	17.70%	0.00%	0.00%	0.00%
Total Current Liabilities	19,302,000	20,514,200	20,585,100	17,490,800	16,761,600	17,438,000	18,082,000	22,386,000	22,794,000	21,871,000	20,484,000	18,405,000	18,104,000	22,735,000	23,552,000	19,018,000	12,550,000	11,530,000	6,730,000	6,683,000	13,367,000	7,416,000	17,997,000	22,458,000	11,632,000	12,840,000	0	0	0
Total Current Liabilities Margin	17.07%	17.88%	19.20%	18.35%	19.48%	17.15%	16.22%	17.84%	17.53%	20.67%	18.39%	16.99%	17.78%	24.17%	25.25%	22.32%	16.27%	18.01%	12.42%	14.26%	30.28%	11.68%	24.15%	30.52%	17.72%	26.66%	0.00%	0.00%	0.00%
Long-Term Debt	0	0	0	0	161,250	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,225,000	3,411,000	0	0	0
Long-Term Debt Margin	0.00%	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.91%	7.08%	0.00%	0.00%	0.00%
Capital Lease Obligations	3,811,333	3,061,200	1,609,300	1,072,867	804,650	5,278,000	2,946,000	3,210,000	3,373,000	499,000	787,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	3.46%	2.69%	1.42%	0.94%	0.71%	5.19%	2.64%	2.56%	2.59%	0.47%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	62,333	147,000	235,400	478,667	586,050	181,000	0	6,000	427,000	121,000	331,000	566,000	209,000	145,000	368,000	926,000	1,032,000	614,000	1,037,000	1,217,000	1,372,000	1,168,000	1,216,000	146,000	639,000	235,000	0	0	0
Deferred Tax Liabilities Margin	0.06%	0.13%	0.22%	0.67%	0.89%	0.18%	0.00%	0.00%	0.33%	0.11%	0.30%	0.52%	0.21%	0.15%	0.39%	1.09%	1.34%	0.96%	1.91%	2.60%	3.11%	1.84%	1.63%	0.20%	0.97%	0.49%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	896,333	1,560,400	1,705,100	1,441,267	1,402,450	525,000	808,000	1,356,000	2,163,000	2,950,000	2,175,000	1,544,000	2,709,000	1,621,000	1,200,000	1,225,000	861,000	783,000	807,000	892,000	987,000	1,025,000	1,891,000	2,318,000	209,000	32,000	0	0	0
Other Non-Current Liabilities Margin	0.77%	1.35%	1.58%	1.53%	1.64%	0.52%	0.72%	1.08%	1.66%	2.79%	1.95%	1.43%	2.66%	1.72%	1.29%	1.44%	1.12%	1.22%	1.49%	1.90%	2.24%	1.61%	2.54%	3.15%	0.32%	0.07%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	4,232,333	4,320,000	3,288,600	2,818,667	2,823,800	5,272,000	3,300,000	4,125,000	5,580,000	3,323,000	2,924,000	2,110,000	2,918,000	1,766,000	1,568,000	2,151,000	1,893,000	1,397,000	1,844,000	2,109,000	2,359,000	2,193,000	3,107,000	2,464,000	4,073,000	3,678,000	0	0	0
Total Non-Current Liabilities Margin	3.81%	3.77%	2.99%	3.00%	3.37%	5.18%	2.96%	3.29%	4.29%	3.14%	2.63%	1.95%	2.87%	1.88%	1.68%	2.52%	2.45%	2.18%	3.40%	4.50%	5.34%	3.45%	4.17%	3.35%	6.21%	7.64%	0.00%	0.00%	0.00%
Total Liabilities	23,534,333	24,834,200	23,873,700	20,309,467	19,585,400	22,710,000	21,382,000	26,511,000	28,374,000	25,194,000	23,408,000	20,515,000	21,022,000	24,501,000	25,120,000	21,169,000	14,443,000	12,927,000	8,574,000	8,792,000	15,726,000	9,609,000	21,104,000	24,922,000	15,705,000	16,518,000	8,813,000	7,437,000	5,211,000
Total Liabilities Margin	20.88%	21.66%	22.19%	21.35%	22.86%	22.33%	19.18%	21.13%	21.82%	23.81%	21.02%	18.94%	20.65%	26.05%	26.93%	24.84%	18.73%	20.19%	15.82%	18.76%	35.63%	15.14%	28.32%	33.87%	23.93%	34.29%	23.78%	21.23%	16.96%
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	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	102,000	52,000	0	0	0
Common Stock Margin	0.09%	0.09%	0.10%	0.12%	0.13%	0.10%	0.09%	0.08%	0.08%	0.10%	0.09%	0.09%	0.10%	0.11%	0.11%	0.12%	0.13%	0.16%	0.19%	0.22%	0.23%	0.16%	0.14%	0.14%	0.16%	0.11%	0.00%	0.00%	0.00%
Retained Earnings	67,442,333	57,629,800	48,399,200	36,779,667	30,968,250	72,880,000	68,493,000	60,954,000	50,053,000	35,769,000	27,165,000	56,110,000	45,457,000	36,455,000	30,656,000	23,446,000	14,929,000	9,181,000	12,397,000	7,750,000	3,184,000	18,986,000	16,651,000	14,976,000	13,873,000	14,437,000	0	0	0
Retained Earnings Margin	60.57%	50.80%	44.65%	36.47%	32.40%	71.68%	61.45%	48.57%	38.50%	33.81%	24.39%	51.80%	44.65%	38.76%	32.87%	27.51%	19.36%	14.34%	22.88%	16.53%	7.21%	29.91%	22.35%	20.36%	21.14%	29.97%	0.00%	0.00%	0.00%
Accumulated OCI	-975,000	-906,000	-966,500	-794,800	-575,650	-892,000	-930,000	-1,103,000	-827,000	-778,000	-909,000	-950,000	-908,000	-1,685,000	-683,000	-497,000	-329,000	-410,000	-502,000	-519,000	-434,000	-672,000	414,000	829,000	272,000	461,000	0	0	0
Accumulated OCI Margin	-0.86%	-0.79%	-0.91%	-0.85%	-0.63%	-0.88%	-0.83%	-0.88%	-0.64%	-0.74%	-0.82%	-0.88%	-0.89%	-1.79%	-0.73%	-0.58%	-0.43%	-0.64%	-0.93%	-1.11%	-0.98%	-1.06%	0.56%	1.13%	0.41%	0.96%	0.00%	0.00%	0.00%
Minority Interest	142,000	175,000	258,600	208,000	180,500	67,000	163,000	196,000	189,000	260,000	194,000	252,000	611,000	382,000	272,000	111,000	122,000	62,000	113,000	126,000	147,000	136,000	129,000	55,000	23,000	4,000	0	0	0
Minority Interest Margin	0.12%	0.15%	0.25%	0.22%	0.21%	0.07%	0.15%	0.16%	0.15%	0.25%	0.17%	0.23%	0.60%	0.41%	0.29%	0.13%	0.16%	0.10%	0.21%	0.27%	0.33%	0.21%	0.17%	0.07%	0.04%	0.01%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	77,593,333	67,849,800	58,471,900	46,980,667	41,489,400	83,114,000	78,689,000	70,977,000	60,352,000	46,117,000	37,382,000	66,069,000	55,458,000	45,679,000	40,882,000	33,858,000	25,509,000	19,680,000	22,804,000	18,140,000	13,659,000	29,248,000	28,539,000	27,646,000	25,986,000	23,996,000	25,619,000	21,227,000	17,666,000
Total Shareholders’ Equity Margin	69.63%	59.78%	54.03%	48.31%	45.86%	81.74%	70.60%	56.56%	46.42%	43.59%	33.57%	61.00%	54.48%	48.57%	43.83%	39.73%	33.08%	30.74%	42.08%	38.70%	30.94%	46.07%	38.30%	37.58%	39.59%	49.82%	69.12%	60.60%	57.51%
Total Equity	77,735,333	68,024,800	58,730,500	47,188,667	41,669,900	83,181,000	78,852,000	71,173,000	60,541,000	46,377,000	37,576,000	66,321,000	56,069,000	46,061,000	41,154,000	33,969,000	25,631,000	19,742,000	22,917,000	18,266,000	13,806,000	29,384,000	28,668,000	27,701,000	26,009,000	24,000,000	25,619,000	21,227,000	17,666,000
Total Equity Margin	69.75%	59.93%	54.28%	48.53%	46.07%	81.81%	70.74%	56.72%	46.57%	43.84%	33.74%	61.23%	55.08%	48.97%	44.12%	39.86%	33.23%	30.84%	42.29%	38.97%	31.28%	46.29%	38.48%	37.65%	39.62%	49.83%	69.12%	60.60%	57.51%
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	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%	0.00%	0.00%
Total Investments	0	0	1,494,400	997,933	748,450	0	0	0	0	0	0	14,944,000	0	0	0	0	161,000	-136,000	0	0	0	0	0	0	0	0	0	0	0
Total Investments Margin	0.00%	0.00%	1.38%	0.92%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.80%	0.00%	0.00%	0.00%	0.00%	0.21%	-0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	-41,441,333	-35,399,600	-32,810,900	-24,350,067	-20,322,150	-46,421,000	-43,410,000	-34,493,000	-29,540,000	-23,134,000	-15,311,000	-32,392,000	-37,938,000	-35,318,000	-30,152,000	-22,585,000	-8,257,000	-615,000	-3,476,000	-2,209,000	5,619,000	-9,773,000	-13,143,000	-17,424,000	-6,471,000	3,317,000	0	0	0
Net Debt Margin	-37.36%	-31.33%	-30.75%	-23.78%	-20.53%	-45.65%	-38.94%	-27.49%	-22.72%	-21.87%	-13.75%	-29.91%	-37.27%	-37.55%	-32.32%	-26.50%	-10.71%	-0.96%	-6.41%	-4.71%	12.73%	-15.39%	-17.64%	-23.68%	-9.86%	6.89%	0.00%	0.00%	0.00%

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	2002-12-31	2001-12-31
Revenue	112,877,667	114,888,000	108,324,100	94,044,400	86,600,600	101,681,000	111,465,000	125,487,000	130,011,000	105,796,000	111,360,000	108,313,000	101,799,000	94,051,000	93,278,000	85,219,000	77,122,000	64,016,000	54,193,000	46,875,000	44,140,000	63,484,000	74,510,000	73,574,000	65,638,000	48,165,000	37,065,000	35,026,000	30,717,000
Working Capital	60,553,000	53,217,600	46,259,300	36,164,867	31,182,200	66,184,000	62,106,000	53,369,000	48,943,000	35,486,000	25,836,000	55,217,000	45,372,000	36,941,000	33,139,000	26,747,000	17,633,000	10,924,000	14,217,000	10,359,000	5,721,000	21,110,000	20,979,000	16,236,000	17,125,000	18,459,000	0	0	0
Working Capital Margin	54.45%	46.90%	42.81%	36.52%	33.51%	65.09%	55.72%	42.53%	37.65%	33.54%	23.20%	50.98%	44.57%	39.28%	35.53%	31.39%	22.86%	17.06%	26.23%	22.10%	12.96%	33.25%	28.16%	22.07%	26.09%	38.32%	0.00%	0.00%	0.00%
Total Capital	81,404,667	70,911,000	60,081,200	48,075,133	42,855,800	88,392,000	81,635,000	74,187,000	63,725,000	46,616,000	38,169,000	66,069,000	55,458,000	45,679,000	40,882,000	33,858,000	25,509,000	20,004,000	22,804,000	18,140,000	21,159,000	29,248,000	28,539,000	27,646,000	29,397,000	27,593,000	25,619,000	21,227,000	17,666,000
Total Capital Margin	73.10%	62.47%	55.45%	49.29%	47.70%	86.93%	73.24%	59.12%	49.02%	44.06%	34.28%	61.00%	54.48%	48.57%	43.83%	39.73%	33.08%	31.25%	42.08%	38.70%	47.94%	46.07%	38.30%	37.58%	44.79%	57.29%	69.12%	60.60%	57.51%
Capital Employed	81,967,667	72,344,800	62,019,100	50,007,333	44,493,700	88,453,000	82,152,000	75,298,000	66,121,000	49,700,000	40,500,000	68,431,000	58,987,000	47,827,000	42,722,000	36,120,000	27,524,000	21,139,000	24,761,000	20,375,000	16,165,000	31,577,000	31,775,000	30,165,000	30,082,000	27,682,000	34,432,000	28,664,000	22,877,000
Capital Employed Margin	73.57%	63.71%	57.27%	51.53%	49.44%	86.99%	73.70%	60.00%	50.86%	46.98%	36.37%	63.18%	57.94%	50.85%	45.80%	42.38%	35.69%	33.02%	45.69%	43.47%	36.62%	49.74%	42.65%	41.00%	45.83%	57.47%	92.90%	81.84%	74.48%
Invested Capital	36,152,000	32,450,200	25,661,000	22,630,600	21,167,250	36,693,000	35,279,000	36,484,000	30,812,000	22,983,000	22,071,000	33,677,000	17,520,000	10,361,000	10,730,000	11,273,000	17,252,000	19,065,000	19,328,000	15,931,000	19,278,000	19,475,000	15,396,000	10,222,000	19,515,000	27,313,000	25,619,000	21,227,000	17,666,000
Invested Capital Margin	32.27%	28.45%	23.29%	24.53%	25.33%	36.09%	31.65%	29.07%	23.70%	21.72%	19.82%	31.09%	17.21%	11.02%	11.50%	13.23%	22.37%	29.78%	35.67%	33.99%	43.67%	30.68%	20.66%	13.89%	29.73%	56.71%	69.12%	60.60%	57.51%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	112,877,667	114,888,000	108,324,100	94,044,400	86,600,600	101,681,000	111,465,000	125,487,000	130,011,000	105,796,000	111,360,000	108,313,000	101,799,000	94,051,000	93,278,000	85,219,000	77,122,000	64,016,000	54,193,000	46,875,000	44,140,000	63,484,000	74,510,000	73,574,000	65,638,000	48,165,000
Net Income	20,776,667	21,710,600	19,260,800	15,487,133	13,269,500	17,915,000	20,763,000	23,652,000	26,256,000	19,967,000	17,425,000	20,277,000	15,846,000	14,546,000	15,961,000	13,605,000	10,092,000	6,819,000	4,634,000	4,549,000	4,378,000	7,382,000	8,682,000	5,164,000	7,477,000	6,001,000
Net Income Margin	18.36%	18.83%	17.67%	15.64%	14.31%	17.62%	18.63%	18.85%	20.20%	18.87%	15.65%	18.72%	15.57%	15.47%	17.11%	15.96%	13.09%	10.65%	8.55%	9.70%	9.92%	11.63%	11.65%	7.02%	11.39%	12.46%
Depreciation & Amortization	1,150,000	1,068,000	802,300	728,800	686,700	1,255,000	1,099,000	1,096,000	1,020,000	870,000	719,000	543,000	502,000	459,000	460,000	486,000	547,000	588,000	651,000	637,000	623,000	599,000	498,000	417,000	665,000	665,000
Depreciation & Amortization Margin	1.03%	0.94%	0.73%	0.81%	0.83%	1.23%	0.99%	0.87%	0.78%	0.82%	0.65%	0.50%	0.49%	0.49%	0.49%	0.57%	0.71%	0.92%	1.20%	1.36%	1.41%	0.94%	0.67%	0.57%	1.01%	1.38%
Deferred Income Tax	-201,333	-102,200	-108,600	-73,867	-55,400	5,000	728,000	-1,337,000	305,000	-212,000	-236,000	366,000	72,000	-139,000	-638,000	140,000	297,000	-459,000	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.14%	-0.07%	-0.10%	-0.08%	-0.06%	0.00%	0.65%	-1.07%	0.23%	-0.20%	-0.21%	0.34%	0.07%	-0.15%	-0.68%	0.16%	0.39%	-0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	167,333	492,200	726,600	558,867	424,250	54,000	292,000	156,000	506,000	1,453,000	2,472,000	118,000	1,042,000	996,000	177,000	634,000	312,000	72,000	0	99,000	102,000	0	0	0	0	0
Stock-Based Compensation Margin	0.15%	0.44%	0.68%	0.55%	0.43%	0.05%	0.26%	0.12%	0.39%	1.37%	2.22%	0.11%	1.02%	1.06%	0.19%	0.74%	0.40%	0.11%	0.00%	0.21%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-2,717,000	-2,798,000	-2,306,700	-1,757,733	-1,199,100	951,000	-991,000	-8,111,000	-3,325,000	-2,514,000	-5,072,000	-198,000	409,000	-1,279,000	-2,937,000	164,000	986,000	161,000	-3,915,000	-695,000	3,183,000	-641,000	-8,210,000	6,110,000	1,942,000	-3,196,000
Change in Working Capital Margin	-2.14%	-2.27%	-2.02%	-1.81%	-1.04%	0.94%	-0.89%	-6.46%	-2.56%	-2.38%	-4.55%	-0.18%	0.40%	-1.36%	-3.15%	0.19%	1.28%	0.25%	-7.22%	-1.48%	7.21%	-1.01%	-11.02%	8.30%	2.96%	-6.64%
Accounts Receivable	2,269,667	636,600	-149,100	-585,533	-415,300	1,231,000	2,182,000	3,396,000	-943,000	-2,683,000	-1,282,000	-979,000	-463,000	1,217,000	-3,167,000	-861,000	-876,000	-3,045,000	-1,736,000	-774,000	477,000	0	0	0	0	0
Accounts Receivable Margin	1.96%	0.52%	-0.20%	-0.92%	-0.63%	1.21%	1.96%	2.71%	-0.73%	-2.54%	-1.15%	-0.90%	-0.45%	1.29%	-3.40%	-1.01%	-1.14%	-4.76%	-3.20%	-1.65%	1.08%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-174,000	-1,029,400	-926,100	-697,333	-581,500	829,000	1,227,000	-2,578,000	-4,185,000	-440,000	-3,025,000	61,000	-699,000	585,000	-1,036,000	-525,000	331,000	-706,000	-439,000	140,000	4,199,000	-244,000	-2,408,000	-1,921,000	-796,000	-531,000
Inventory Margin	-0.05%	-0.75%	-0.76%	-0.63%	-0.37%	0.82%	1.10%	-2.05%	-3.22%	-0.42%	-2.72%	0.06%	-0.69%	0.62%	-1.11%	-0.62%	0.43%	-1.10%	-0.81%	0.30%	9.51%	-0.38%	-3.23%	-2.61%	-1.21%	-1.10%
Accounts Payable	-211,000	68,000	44,500	115,600	46,650	574,000	-205,000	-1,002,000	894,000	79,000	-401,000	205,000	251,000	-108,000	158,000	585,000	-945,000	1,703,000	163,000	-217,000	-801,000	0	0	0	0	0
Accounts Payable Margin	-0.14%	0.07%	0.05%	0.16%	0.03%	0.56%	-0.18%	-0.80%	0.69%	0.07%	-0.36%	0.19%	0.25%	-0.11%	0.17%	0.69%	-1.23%	2.66%	0.30%	-0.46%	-1.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-4,601,667	-2,473,200	-1,276,000	-590,467	-385,850	-1,683,000	-4,195,000	-7,927,000	909,000	530,000	-364,000	515,000	1,320,000	-2,973,000	1,108,000	965,000	2,476,000	2,209,000	-1,903,000	156,000	-692,000	-397,000	-5,802,000	8,031,000	0	-2,665,000
Other Working Capital Margin	-3.91%	-2.11%	-1.11%	-0.43%	-0.28%	-1.66%	-3.76%	-6.32%	0.70%	0.50%	-0.33%	0.48%	1.30%	-3.16%	1.19%	1.13%	3.21%	3.45%	-3.51%	0.33%	-1.57%	-0.63%	-7.79%	10.92%	0.00%	-5.53%
Other Non-Cash Items	666,000	426,200	339,500	246,667	198,050	677,000	1,531,000	-210,000	387,000	-254,000	733,000	-48,000	177,000	175,000	227,000	-189,000	155,000	117,000	52,000	170,000	57,000	-21,000	147,000	78,000	0	840,000
Other Non-Cash Items Margin	0.62%	0.39%	0.31%	0.25%	0.21%	0.67%	1.37%	-0.17%	0.30%	-0.24%	0.66%	-0.04%	0.17%	0.19%	0.24%	-0.22%	0.20%	0.18%	0.10%	0.36%	0.13%	-0.03%	0.20%	0.11%	0.00%	1.74%
Net Cash from Operating Activities	19,841,667	20,796,800	18,713,900	15,189,867	13,354,500	20,857,000	23,422,000	15,246,000	25,149,000	19,310,000	16,041,000	21,058,000	18,048,000	14,758,000	13,250,000	14,840,000	12,389,000	7,298,000	1,422,000	4,760,000	8,343,000	7,319,000	1,117,000	11,769,000	10,694,000	4,310,000
Net Cash from Operating Activities Margin	17.89%	18.25%	17.27%	15.36%	14.73%	20.51%	21.01%	12.15%	19.34%	18.25%	14.40%	19.44%	17.73%	15.69%	14.20%	17.41%	16.06%	11.40%	2.62%	10.15%	18.90%	11.53%	1.50%	16.00%	16.29%	8.95%
Capital Expenditures (PPE)	-1,530,000	-1,225,000	-1,322,000	-955,133	-896,500	-2,006,000	-1,642,000	-942,000	-971,000	-564,000	-1,225,000	-1,924,000	-3,093,000	-233,000	-620,000	-215,000	-487,000	-130,000	-131,000	-144,000	-438,000	-533,000	-542,000	-1,373,000	-717,000	0
Capital Expenditures (PPE) Margin	-1.40%	-1.10%	-1.23%	-0.93%	-0.97%	-1.97%	-1.47%	-0.75%	-0.75%	-0.53%	-1.10%	-1.78%	-3.04%	-0.25%	-0.66%	-0.25%	-0.63%	-0.20%	-0.24%	-0.31%	-0.99%	-0.84%	-0.73%	-1.87%	-1.09%	0.00%
Acquisitions (Net)	0	0	314,900	209,933	157,450	0	0	0	0	0	1,225,000	1,924,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	0.00%	0.00%	0.29%	0.19%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	1.10%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0	0	-9,103,700	-6,069,133	-4,551,850	0	0	0	0	0	-55,938,000	-35,099,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	-8.26%	-5.51%	-4.13%	0.00%	0.00%	0.00%	0.00%	0.00%	-50.23%	-32.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	9,103,700	6,069,133	4,551,850	0	0	0	0	0	70,882,000	20,155,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	8.23%	5.48%	4.11%	0.00%	0.00%	0.00%	0.00%	0.00%	63.65%	18.61%	0.00%	0.00%	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 Investing Activities	0	0	-314,900	6,733	5,050	0	0	0	0	0	-1,225,000	-1,924,000	0	0	0	0	0	0	0	3,250,000	-3,250,000	3,250,000	0	0	0	-267,000
Other Investing Activities Margin	0.00%	0.00%	-0.29%	0.27%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.10%	-1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.93%	-7.36%	5.12%	0.00%	0.00%	0.00%	-0.55%
Net Cash from Investing Activities	-1,530,000	-1,225,000	-1,322,000	-738,467	-734,000	-2,006,000	-1,642,000	-942,000	-971,000	-564,000	13,719,000	-16,868,000	-3,093,000	-233,000	-620,000	-215,000	-487,000	-130,000	-131,000	3,106,000	-3,688,000	2,717,000	-542,000	-1,373,000	-717,000	-267,000
Net Cash from Investing Activities Margin	-1.40%	-1.10%	-1.27%	-0.49%	-0.76%	-1.97%	-1.47%	-0.75%	-0.75%	-0.53%	12.32%	-15.57%	-3.04%	-0.25%	-0.66%	-0.25%	-0.63%	-0.20%	-0.24%	6.63%	-8.36%	4.28%	-0.73%	-1.87%	-1.09%	-0.55%
Net Debt Issuance	0	0	0	-478,400	-163,650	0	0	0	0	0	0	0	0	0	0	0	0	324,000	0	-7,500,000	7,500,000	0	0	-3,411,000	-186,000	3,597,000
Net Debt Issuance Margin	0.00%	0.00%	0.00%	-1.03%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.00%	-16.00%	16.99%	0.00%	0.00%	-4.64%	-0.28%	7.47%
Long-Term Debt Issuance	0	0	0	-478,400	-163,650	0	0	0	0	0	0	0	0	0	0	0	0	324,000	0	-7,500,000	7,500,000	0	0	-3,411,000	-186,000	3,597,000
Long-Term Debt Issuance Margin	0.00%	0.00%	0.00%	-1.03%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.00%	-16.00%	16.99%	0.00%	0.00%	-4.64%	-0.28%	7.47%
Short-Term Debt Issuance	0	0	0	0	375,000	0	0	0	0	0	0	0	0	0	0	0	-324,000	324,000	0	0	7,500,000	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.01%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.42%	0.51%	0.00%	0.00%	16.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	0	0	0	0	-46,650	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-25,000	-541,000	-367,000	0	0	0
Net Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	-0.85%	-0.49%	0.00%	0.00%	0.00%
Common 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
Common 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%
Common Stock Repurchased	0	0	0	0	-46,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-25,000	-540,000	-367,000	0	0	0
Common Stock Repurchased Margin	0.00%	0.00%	0.00%	0.00%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	-0.85%	-0.49%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	-50	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,000	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%
Net Dividends Paid	-12,046,667	-12,462,600	-14,465,700	-10,612,200	-9,778,300	-13,527,000	-13,124,000	-9,489,000	-14,867,000	-11,306,000	-46,028,000	-9,775,000	-13,018,000	-8,578,000	-4,945,000	-145,000	-4,289,000	-10,092,000	0	0	-20,183,000	-12,139,000	-4,061,000	0	0	-1,260,000
Net Dividends Paid Margin	-10.88%	-10.95%	-13.23%	-10.25%	-11.21%	-13.30%	-11.77%	-7.56%	-11.44%	-10.69%	-41.33%	-9.02%	-12.79%	-9.12%	-5.30%	-0.17%	-5.56%	-15.76%	0.00%	0.00%	-45.72%	-19.12%	-5.45%	0.00%	0.00%	-2.62%
Common Dividends Paid	-12,046,667	-12,462,600	-14,465,700	-10,612,200	-9,778,300	-13,527,000	-13,124,000	-9,489,000	-14,867,000	-11,306,000	-46,028,000	-9,775,000	-13,018,000	-8,578,000	-4,945,000	-145,000	-4,289,000	-10,092,000	0	0	-20,183,000	-12,139,000	-4,061,000	0	0	-9,000,000
Common Dividends Paid Margin	-10.88%	-10.95%	-13.23%	-10.25%	-11.21%	-13.30%	-11.77%	-7.56%	-11.44%	-10.69%	-41.33%	-9.02%	-12.79%	-9.12%	-5.30%	-0.17%	-5.56%	-15.76%	0.00%	0.00%	-45.72%	-19.12%	-5.45%	0.00%	0.00%	-18.69%
Preferred Dividends Paid	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 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	0	0	0	-21,600	450	0	0	0	0	0	0	0	0	0	0	0	-324,000	0	0	0	0	333,000	0	0	0	1,260,000
Other Financing Activities Margin	0.00%	0.00%	0.00%	-0.03%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.42%	0.00%	0.00%	0.00%	0.00%	0.52%	0.00%	0.00%	0.00%	2.62%
Net Cash from Financing Activities	-12,046,667	-12,462,600	-14,465,700	-11,112,200	-9,988,150	-13,527,000	-13,124,000	-9,489,000	-14,867,000	-11,306,000	-46,028,000	-9,775,000	-13,018,000	-8,578,000	-4,945,000	-145,000	-4,613,000	-9,768,000	0	-7,500,000	-12,708,000	-12,347,000	-4,428,000	-3,411,000	-186,000	-4,143,000
Net Cash from Financing Activities Margin	-10.88%	-10.95%	-13.23%	-11.32%	-11.44%	-13.30%	-11.77%	-7.56%	-11.44%	-10.69%	-41.33%	-9.02%	-12.79%	-9.12%	-5.30%	-0.17%	-5.98%	-15.26%	0.00%	-16.00%	-28.79%	-19.45%	-5.94%	-4.64%	-0.28%	-8.60%
Effect of FX on Cash	-3,000	11,000	-14,800	-18,000	-61,400	19,000	-3,000	-25,000	-31,000	95,000	-26,000	39,000	683,000	-781,000	-118,000	-152,000	29,000	63,000	-24,000	-38,000	161,000	-1,059,000	-428,000	557,000	-189,000	116,000
Effect of FX on Cash Margin	0.00%	0.01%	-0.02%	-0.03%	-0.09%	0.02%	0.00%	-0.02%	-0.02%	0.09%	-0.02%	0.04%	0.67%	-0.83%	-0.13%	-0.18%	0.04%	0.10%	-0.04%	-0.08%	0.36%	-1.67%	-0.57%	0.76%	-0.29%	0.24%
Net Change in Cash	6,262,000	7,120,200	2,911,400	3,321,200	2,570,950	5,343,000	8,653,000	4,790,000	9,280,000	7,535,000	-16,294,000	-5,546,000	2,620,000	5,166,000	7,567,000	14,328,000	7,318,000	-2,537,000	1,267,000	328,000	-7,892,000	-3,370,000	-4,281,000	7,542,000	9,602,000	16,000
Net Change in Cash Margin	5.61%	6.22%	2.75%	3.53%	2.44%	5.25%	7.76%	3.82%	7.14%	7.12%	-14.63%	-5.12%	2.57%	5.49%	8.11%	16.81%	9.49%	-3.96%	2.34%	0.70%	-17.88%	-5.31%	-5.75%	10.25%	14.63%	0.03%
Cash at Beginning of Period	38,990,667	31,340,600	31,508,800	22,123,333	19,117,600	46,356,000	37,703,000	32,913,000	23,633,000	16,098,000	32,392,000	37,938,000	35,318,000	30,152,000	22,585,000	8,257,000	939,000	3,476,000	2,209,000	1,881,000	9,773,000	13,143,000	17,424,000	9,882,000	280,000	264,000
Cash at Beginning of Period Margin	35.21%	27.81%	29.41%	21.24%	19.93%	45.59%	33.82%	26.23%	18.18%	15.22%	29.09%	35.03%	34.69%	32.06%	24.21%	9.69%	1.22%	5.43%	4.08%	4.01%	22.14%	20.70%	23.38%	13.43%	0.43%	0.55%
Cash at End of Period	45,252,667	38,460,800	34,420,200	25,444,533	21,688,550	51,699,000	46,356,000	37,703,000	32,913,000	23,633,000	16,098,000	32,392,000	37,938,000	35,318,000	30,152,000	22,585,000	8,257,000	939,000	3,476,000	2,209,000	1,881,000	9,773,000	13,143,000	17,424,000	9,882,000	280,000
Cash at End of Period Margin	40.83%	34.03%	32.16%	24.76%	22.37%	50.84%	41.59%	30.05%	25.32%	22.34%	14.46%	29.91%	37.27%	37.55%	32.32%	26.50%	10.71%	1.47%	6.41%	4.71%	4.26%	15.39%	17.64%	23.68%	15.06%	0.58%
Operating Cash Flow	19,841,667	20,796,800	18,713,900	15,189,867	13,354,500	20,857,000	23,422,000	15,246,000	25,149,000	19,310,000	16,041,000	21,058,000	18,048,000	14,758,000	13,250,000	14,840,000	12,389,000	7,298,000	1,422,000	4,760,000	8,343,000	7,319,000	1,117,000	11,769,000	10,694,000	4,310,000
Operating Cash Flow Margin	17.89%	18.25%	17.27%	15.36%	14.73%	20.51%	21.01%	12.15%	19.34%	18.25%	14.40%	19.44%	17.73%	15.69%	14.20%	17.41%	16.06%	11.40%	2.62%	10.15%	18.90%	11.53%	1.50%	16.00%	16.29%	8.95%
Capital Expenditure	-1,530,000	-1,225,000	-1,322,000	-955,133	-896,500	-2,006,000	-1,642,000	-942,000	-971,000	-564,000	-1,225,000	-1,924,000	-3,093,000	-233,000	-620,000	-215,000	-487,000	-130,000	-131,000	-144,000	-438,000	-533,000	-542,000	-1,373,000	-717,000	0
Capital Expenditure Margin	-1.40%	-1.10%	-1.23%	-0.93%	-0.97%	-1.97%	-1.47%	-0.75%	-0.75%	-0.53%	-1.10%	-1.78%	-3.04%	-0.25%	-0.66%	-0.25%	-0.63%	-0.20%	-0.24%	-0.31%	-0.99%	-0.84%	-0.73%	-1.87%	-1.09%	0.00%
Free Cash Flow	18,311,667	19,571,800	17,391,900	14,234,733	12,458,000	18,851,000	21,780,000	14,304,000	24,178,000	18,746,000	14,816,000	19,134,000	14,955,000	14,525,000	12,630,000	14,625,000	11,902,000	7,168,000	1,291,000	4,616,000	7,905,000	6,786,000	575,000	10,396,000	9,977,000	4,310,000
Free Cash Flow Margin	16.49%	17.16%	16.04%	14.43%	13.76%	18.54%	19.54%	11.40%	18.60%	17.72%	13.30%	17.67%	14.69%	15.44%	13.54%	17.16%	15.43%	11.20%	2.38%	9.85%	17.91%	10.69%	0.77%	14.13%	15.20%	8.95%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	112,877,667	114,888,000	108,324,100	94,044,400	86,600,600	101,681,000	111,465,000	125,487,000	130,011,000	105,796,000	111,360,000	108,313,000	101,799,000	94,051,000	93,278,000	85,219,000	77,122,000	64,016,000	54,193,000	46,875,000	44,140,000	63,484,000	74,510,000	73,574,000	65,638,000	48,165,000
EBITDA	27,278,667	29,077,600	26,690,800	21,989,133	19,204,150	22,826,000	26,898,000	32,112,000	36,082,000	27,470,000	23,573,000	26,909,000	24,719,000	22,356,000	23,963,000	21,131,000	15,595,000	11,453,000	7,360,000	7,390,000	6,867,000	11,699,000	14,306,000	8,643,000	12,731,000	9,871,000
EBITDA Margin	24.06%	25.18%	24.56%	22.53%	21.11%	22.45%	24.13%	25.59%	27.75%	25.97%	21.17%	24.84%	24.28%	23.77%	25.69%	24.80%	20.22%	17.89%	13.58%	15.77%	15.56%	18.43%	19.20%	11.75%	19.40%	20.49%
(-) Tax Adjustment	6,591,450	7,139,856	7,136,825	6,172,338	5,625,701	5,514,689	6,664,689	7,594,972	9,105,265	6,819,667	5,599,799	6,494,686	8,597,117	7,245,625	7,731,739	7,174,631	5,090,779	4,264,964	2,300,478	2,385,965	2,277,118	4,056,344	5,310,875	3,217,222	5,067,391	3,771,127
(-) Tax Adjustment Margin	5.82%	6.18%	6.64%	6.49%	6.41%	5.42%	5.98%	6.05%	7.00%	6.45%	5.03%	6.00%	8.45%	7.70%	8.29%	8.42%	6.60%	6.66%	4.24%	5.09%	5.16%	6.39%	7.13%	4.37%	7.72%	7.83%
(-) Change In Working Capital	-2,717,000	-2,798,000	-2,306,700	-1,757,733	-1,199,100	951,000	-991,000	-8,111,000	-3,325,000	-2,514,000	-5,072,000	-198,000	409,000	-1,279,000	-2,937,000	164,000	986,000	161,000	-3,915,000	-695,000	3,183,000	-641,000	-8,210,000	6,110,000	1,942,000	-3,196,000
(-) Change In Working Capital Margin	-2.14%	-2.27%	-2.02%	-1.81%	-1.04%	0.94%	-0.89%	-6.46%	-2.56%	-2.38%	-4.55%	-0.18%	0.40%	-1.36%	-3.15%	0.19%	1.28%	0.25%	-7.22%	-1.48%	7.21%	-1.01%	-11.02%	8.30%	2.96%	-6.64%
(-) Capital Expenditure	-1,530,000	-1,225,000	-1,322,000	-955,133	-896,500	-2,006,000	-1,642,000	-942,000	-971,000	-564,000	-1,225,000	-1,924,000	-3,093,000	-233,000	-620,000	-215,000	-487,000	-130,000	-131,000	-144,000	-438,000	-533,000	-542,000	-1,373,000	-717,000	0
(-) Capital Expenditure Margin	-1.40%	-1.10%	-1.23%	-0.93%	-0.97%	-1.97%	-1.47%	-0.75%	-0.75%	-0.53%	-1.10%	-1.78%	-3.04%	-0.25%	-0.66%	-0.25%	-0.63%	-0.20%	-0.24%	-0.31%	-0.99%	-0.84%	-0.73%	-1.87%	-1.09%	0.00%
Unlevered Free Cash Flow	21,874,217	23,510,744	20,538,675	16,619,396	13,881,049	14,354,311	19,582,311	31,686,028	29,330,735	22,600,333	21,820,201	18,688,314	12,619,883	16,156,375	18,548,261	13,577,369	9,031,221	6,897,036	8,843,522	5,555,035	968,882	7,750,656	16,663,125	-2,057,222	5,004,609	9,295,873
Unlevered Free Cash Flow Margin	18.98%	20.17%	18.72%	16.92%	14.77%	14.12%	17.57%	25.25%	22.56%	21.36%	19.59%	17.25%	12.40%	17.18%	19.88%	15.93%	11.71%	10.77%	16.32%	11.85%	2.20%	12.21%	22.36%	-2.80%	7.62%	19.30%
(-) Net Interest Income After Taxes	1,046,423	627,224	436,623	289,722	272,646	1,727,642	1,278,780	132,846	26,168	-29,318	667,905	370,218	76,308	66,238	49,446	23,777	-6,062	-15,690	-5,499	-16,928	116,301	190,103	353,366	352,804	94,508	0
(-) Net Interest Income After Taxes Margin	0.98%	0.59%	0.41%	0.27%	0.28%	1.70%	1.15%	0.11%	0.02%	-0.03%	0.60%	0.34%	0.07%	0.07%	0.05%	0.03%	-0.01%	-0.02%	-0.01%	-0.04%	0.26%	0.30%	0.47%	0.48%	0.14%	0.00%
Net Debt Issuance	0	0	0	-478,400	-163,650	0	0	0	0	0	0	0	0	0	0	0	0	324,000	0	-7,500,000	7,500,000	0	0	-3,411,000	-186,000	3,597,000
Net Debt Issuance Margin	0.00%	0.00%	0.00%	-1.03%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.00%	-16.00%	16.99%	0.00%	0.00%	-4.64%	-0.28%	7.47%
Levered Free Cash Flow	20,827,794	22,883,520	20,102,052	15,851,274	13,444,754	12,626,669	18,303,531	31,553,182	29,304,568	22,629,651	21,152,296	18,318,097	12,543,575	16,090,137	18,498,815	13,553,593	9,037,283	7,236,726	8,849,022	-1,928,036	8,352,581	7,560,554	16,309,759	-5,821,026	4,724,101	12,892,873
Levered Free Cash Flow Margin	17.99%	19.58%	18.31%	15.61%	14.31%	12.42%	16.42%	25.14%	22.54%	21.39%	18.99%	16.91%	12.32%	17.11%	19.83%	15.90%	11.72%	11.30%	16.33%	-4.11%	18.92%	11.91%	21.89%	-7.91%	7.20%	26.77%