Old Dominion Freight Line, Inc. (ODFL)

Analysis: Margins & Ratios Industry: Trucking Sector: Industrials Live Price: $175.65

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	5,980,346,333	5,442,499,200	4,468,737,300	3,688,819,667	3,092,870,000	2,595,739,320	2,219,096,533	5,574,922,000	5,924,531,000	5,814,810,000	5,866,152,000	6,260,077,000	5,256,328,000	4,015,129,000	4,109,111,000	4,043,695,000	3,358,112,000	2,991,517,000	2,972,442,000	2,787,897,000	2,337,648,000	2,134,579,000	1,903,800,000	1,480,998,000	1,245,005,000	1,537,724,000	1,401,542,000	1,279,431,000	1,061,403,000	824,051,000	667,531,000	566,459,000	502,239,000	475,803,000	426,385,000	383,078,000	328,844,000	293,006,000	248,100,000
Cost of Revenue	3,863,307,000	3,571,544,000	3,064,063,200	2,593,720,067	2,016,497,700	1,641,716,480	1,380,630,933	3,734,477,000	3,839,487,000	3,792,017,000	3,793,953,000	4,003,951,000	3,481,268,000	2,786,531,000	2,938,895,000	2,899,452,000	2,482,732,000	2,246,890,000	2,214,943,000	2,100,409,000	1,801,401,000	1,663,864,000	1,500,290,000	1,199,205,000	265,290,000	400,841,000	204,164,000	309,290,000	244,568,000	198,845,000	130,380,000	138,538,000	123,958,000	121,237,000	98,113,000	51,100,000	89,147,000	94,156,000	43,500,000
Cost of Revenue Margin	64.62%	65.90%	69.63%	72.43%	59.78%	52.55%	47.57%	66.99%	64.81%	65.21%	64.68%	63.96%	66.23%	69.40%	71.52%	71.70%	73.93%	75.11%	74.52%	75.34%	77.06%	77.95%	78.81%	80.97%	21.31%	26.07%	14.57%	24.17%	23.04%	24.13%	19.53%	24.46%	24.68%	25.48%	23.01%	13.34%	27.11%	32.13%	17.53%
Gross Profit	2,117,039,333	1,870,955,200	1,404,674,100	1,095,099,600	1,076,372,300	954,022,840	838,465,600	1,840,445,000	2,085,044,000	2,022,793,000	2,072,199,000	2,256,126,000	1,775,060,000	1,228,598,000	1,170,216,000	1,144,243,000	875,380,000	744,627,000	757,499,000	687,488,000	536,247,000	470,715,000	403,510,000	281,793,000	979,715,000	1,136,883,000	1,197,378,000	970,141,000	816,835,000	625,206,000	537,151,000	427,921,000	378,281,000	354,566,000	328,272,000	331,978,000	239,697,000	198,850,000	204,600,000
Gross Profit Margin	35.38%	34.10%	30.37%	27.57%	40.22%	47.45%	52.43%	33.01%	35.19%	34.79%	35.32%	36.04%	33.77%	30.60%	28.48%	28.30%	26.07%	24.89%	25.48%	24.66%	22.94%	22.05%	21.19%	19.03%	78.69%	73.93%	85.43%	75.83%	76.96%	75.87%	80.47%	75.54%	75.32%	74.52%	76.99%	86.66%	72.89%	67.87%	82.47%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	283,222,667	251,522,000	214,128,800	179,754,333	334,915,800	309,091,400	274,279,400	272,996,000	300,228,000	309,732,000	281,053,000	258,883,000	223,757,000	184,185,000	206,125,000	194,368,000	177,205,000	152,391,000	153,589,000	144,817,000	123,817,000	108,569,000	95,697,000	82,127,000	806,366,000	914,070,000	846,190,000	772,022,000	663,353,000	509,775,000	447,725,000	28,236,000	17,510,000	25,723,000	23,182,000	270,800,000	18,897,000	17,318,000	170,900,000
SG&A Expenses Margin	4.75%	4.62%	4.85%	4.97%	19.10%	20.99%	22.72%	4.90%	5.07%	5.33%	4.79%	4.14%	4.26%	4.59%	5.02%	4.81%	5.28%	5.09%	5.17%	5.19%	5.30%	5.09%	5.03%	5.55%	64.77%	59.44%	60.38%	60.34%	62.50%	61.86%	67.07%	4.98%	3.49%	5.41%	5.44%	70.69%	5.75%	5.91%	68.88%
Operating Expenses	441,938,333	406,197,800	352,923,600	298,145,267	445,515,750	456,888,640	432,172,000	449,631,000	454,055,000	478,795,000	431,526,000	415,494,000	383,458,000	321,716,000	351,510,000	327,192,000	299,494,000	260,792,000	259,259,000	246,181,000	197,809,000	185,461,000	169,438,000	144,054,000	901,150,000	1,001,153,000	976,927,000	839,656,000	719,250,000	554,598,000	485,935,000	537,608,000	477,514,000	456,246,000	405,659,000	360,501,000	315,754,000	286,930,000	174,100,000
Operating Expenses Margin	7.41%	7.51%	8.05%	8.34%	23.29%	35.67%	44.84%	8.07%	7.66%	8.23%	7.36%	6.64%	7.30%	8.01%	8.55%	8.09%	8.92%	8.72%	8.72%	8.83%	8.46%	8.69%	8.90%	9.73%	72.38%	65.11%	69.70%	65.63%	67.76%	67.30%	72.80%	94.91%	95.08%	95.89%	95.14%	94.11%	96.02%	97.93%	70.17%
Operating Income (EBIT)	1,675,101,000	1,464,757,400	1,051,750,500	796,954,333	625,589,150	508,854,840	426,832,167	1,390,814,000	1,630,989,000	1,543,998,000	1,640,673,000	1,840,632,000	1,391,602,000	906,882,000	818,706,000	817,051,000	575,886,000	483,835,000	498,240,000	441,307,000	338,438,000	285,254,000	234,072,000	137,739,000	70,391,000	129,070,000	129,937,000	130,485,000	97,585,000	70,608,000	51,216,000	36,286,000	24,725,000	26,753,000	28,056,000	22,577,000	20,011,000	12,950,000	0
Operating Income (EBIT) Margin	27.97%	26.60%	22.32%	19.23%	16.56%	14.57%	12.91%	24.95%	27.53%	26.55%	27.97%	29.40%	26.47%	22.59%	19.92%	20.21%	17.15%	16.17%	16.76%	15.83%	14.48%	13.36%	12.29%	9.30%	5.65%	8.39%	9.27%	10.20%	9.19%	8.57%	7.67%	6.41%	4.92%	5.62%	6.58%	5.89%	6.09%	4.42%	0.00%
Interest Income	11,564,667	7,462,000	4,819,300	3,259,267	2,691,350	2,155,640	1,796,367	4,808,000	20,420,000	17,011,000	12,799,000	4,884,000	786,000	1,830,000	6,763,000	3,113,000	740,000	58,000	209,000	108,000	147,000	113,000	180,000	148,000	43,000	996,000	1,506,000	2,237,000	156,000	64,000	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.20%	0.13%	0.09%	0.06%	0.07%	0.05%	0.04%	0.09%	0.34%	0.29%	0.22%	0.08%	0.01%	0.05%	0.16%	0.08%	0.02%	0.00%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.00%	0.06%	0.11%	0.17%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	746,333	1,349,600	1,901,000	4,897,400	6,705,100	5,822,000	4,851,667	37,000	272,000	212,000	464,000	1,563,000	1,727,000	2,782,000	377,000	189,000	2,154,000	4,332,000	5,210,000	6,610,000	9,620,000	11,541,000	14,067,000	12,613,000	13,041,000	14,008,000	14,466,000	12,443,000	6,683,000	5,337,000	6,111,000	0	0	0	0	0	0	0	0
Interest Expense Margin	0.01%	0.03%	0.05%	0.22%	0.40%	0.38%	0.32%	0.00%	0.00%	0.00%	0.01%	0.02%	0.03%	0.07%	0.01%	0.00%	0.06%	0.14%	0.18%	0.24%	0.41%	0.54%	0.74%	0.85%	1.05%	0.91%	1.03%	0.97%	0.63%	0.65%	0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	10,818,333	6,112,400	2,918,300	-1,638,133	-4,013,750	-3,666,360	-3,055,300	4,771,000	20,148,000	16,799,000	12,335,000	3,321,000	-941,000	-952,000	6,386,000	2,924,000	-1,414,000	-4,274,000	-5,001,000	-6,502,000	-9,473,000	-11,428,000	-13,887,000	-12,465,000	-12,998,000	-13,012,000	-12,960,000	-10,206,000	-6,527,000	-5,273,000	-6,111,000	0	0	0	0	0	0	0	0
Net Interest Income Margin	0.18%	0.10%	0.04%	-0.16%	-0.33%	-0.33%	-0.27%	0.09%	0.34%	0.29%	0.21%	0.05%	-0.02%	-0.02%	0.16%	0.07%	-0.04%	-0.14%	-0.17%	-0.23%	-0.41%	-0.54%	-0.73%	-0.84%	-1.04%	-0.85%	-0.92%	-0.80%	-0.61%	-0.64%	-0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-17,958,000	-8,656,800	-3,108,500	5,378,133	9,930,150	9,498,240	8,191,900	-5,836,000	-36,906,000	-30,398,000	-19,438,000	-4,038,000	4,120,000	6,470,000	-11,629,000	-1,386,000	1,468,000	10,522,000	13,224,000	15,295,000	19,225,000	23,584,000	27,875,000	25,778,000	26,224,000	29,416,000	27,102,000	21,348,000	13,841,000	11,294,000	12,030,000	6,021,000	5,208,000	4,300,000	4,599,000	4,642,000	3,820,000	3,040,000	-7,800,000
Unusual Items Margin	-0.31%	-0.14%	-0.02%	0.37%	0.72%	0.83%	0.73%	-0.10%	-0.62%	-0.52%	-0.33%	-0.06%	0.08%	0.16%	-0.28%	-0.03%	0.04%	0.35%	0.44%	0.55%	0.82%	1.10%	1.46%	1.74%	2.11%	1.91%	1.93%	1.67%	1.30%	1.37%	1.80%	1.06%	1.04%	0.90%	1.08%	1.21%	1.16%	1.04%	-3.14%
EBT Excluding Unusual Items	1,700,198,667	1,475,958,600	1,055,049,200	787,836,200	609,742,600	493,524,720	413,503,667	1,397,715,000	1,684,653,000	1,587,995,000	1,667,214,000	1,845,387,000	1,384,303,000	894,894,000	835,578,000	816,899,000	574,364,000	467,065,000	476,793,000	417,219,000	309,461,000	249,514,000	192,209,000	98,648,000	30,941,000	83,250,000	88,693,000	97,995,000	76,430,000	53,293,000	33,267,000	24,244,000	14,309,000	18,153,000	18,858,000	13,293,000	12,371,000	6,870,000	15,600,000
EBT Excluding Unusual Items Margin	28.40%	26.77%	22.31%	18.65%	15.44%	13.25%	11.72%	25.07%	28.44%	27.31%	28.42%	29.48%	26.34%	22.29%	20.33%	20.20%	17.10%	15.61%	16.04%	14.97%	13.24%	11.69%	10.10%	6.66%	2.49%	5.41%	6.33%	7.66%	7.20%	6.47%	4.98%	4.28%	2.85%	3.82%	4.42%	3.47%	3.76%	2.34%	6.29%
Pre-Tax Income	1,682,240,667	1,467,301,800	1,051,940,700	793,214,333	619,672,750	503,022,960	421,695,567	1,391,879,000	1,647,747,000	1,557,597,000	1,647,776,000	1,841,349,000	1,388,423,000	901,364,000	823,949,000	815,513,000	575,832,000	477,587,000	490,017,000	432,514,000	328,686,000	273,098,000	220,084,000	124,426,000	57,165,000	112,666,000	115,795,000	119,343,000	90,271,000	64,587,000	45,297,000	30,265,000	19,517,000	22,453,000	23,457,000	17,935,000	16,191,000	9,910,000	7,800,000
Pre-Tax Income Margin	28.10%	26.63%	22.30%	19.02%	16.17%	14.08%	12.45%	24.97%	27.81%	26.79%	28.09%	29.41%	26.41%	22.45%	20.05%	20.17%	17.15%	15.96%	16.49%	15.51%	14.06%	12.79%	11.56%	8.40%	4.59%	7.33%	8.26%	9.33%	8.50%	7.84%	6.79%	5.34%	3.89%	4.72%	5.50%	4.68%	4.92%	3.38%	3.14%
Income Tax Expense	414,662,667	365,343,600	272,420,100	216,320,600	171,910,850	140,387,240	117,949,033	334,502,000	402,003,000	371,524,000	408,274,000	464,190,000	354,048,000	228,682,000	208,431,000	209,845,000	112,058,000	181,822,000	185,327,000	165,000,000	122,573,000	103,646,000	80,614,000	48,775,000	22,294,000	43,989,000	43,963,000	46,774,000	36,388,000	25,595,000	17,697,000	11,803,000	7,612,000	8,757,000	9,056,000	6,815,000	6,153,000	3,766,000	3,000,000
Income Tax Expense Margin	6.92%	6.64%	5.91%	5.51%	4.88%	4.35%	3.90%	6.00%	6.79%	6.39%	6.96%	7.42%	6.74%	5.70%	5.07%	5.19%	3.34%	6.08%	6.23%	5.92%	5.24%	4.86%	4.23%	3.29%	1.79%	2.86%	3.14%	3.66%	3.43%	3.11%	2.65%	2.08%	1.52%	1.84%	2.12%	1.78%	1.87%	1.29%	1.21%
Net Income	1,267,578,000	1,101,958,200	779,520,600	576,893,733	447,741,500	362,619,400	303,732,933	1,057,377,000	1,245,744,000	1,186,073,000	1,239,502,000	1,377,159,000	1,034,375,000	672,682,000	615,518,000	605,668,000	463,774,000	295,765,000	304,690,000	267,514,000	206,113,000	169,452,000	139,470,000	75,651,000	34,871,000	68,677,000	71,832,000	72,569,000	53,475,000	38,992,000	27,600,000	18,462,000	11,905,000	13,696,000	14,401,000	11,120,000	10,038,000	6,144,000	4,800,000
Net Income Margin	21.18%	19.99%	16.39%	13.51%	11.29%	9.73%	8.55%	18.97%	21.03%	20.40%	21.13%	22.00%	19.68%	16.75%	14.98%	14.98%	13.81%	9.89%	10.25%	9.60%	8.82%	7.94%	7.33%	5.11%	2.80%	4.47%	5.13%	5.67%	5.04%	4.73%	4.13%	3.26%	2.37%	2.88%	3.38%	2.90%	3.05%	2.10%	1.93%
Depreciation and Amortization	315,031,000	293,251,800	251,127,000	204,448,867	172,601,200	144,922,520	122,996,967	360,827,000	340,420,000	344,578,000	324,449,000	276,066,000	259,899,000	261,267,000	253,681,000	230,357,000	205,763,000	189,867,000	165,343,000	146,466,000	127,072,000	110,743,000	90,820,000	80,362,000	94,784,000	87,113,000	79,863,000	67,634,000	55,897,000	44,823,000	38,210,000	31,081,000	29,888,000	27,037,000	25,295,000	21,887,000	17,173,000	16,091,000	-13,600,000
Depreciation and Amortization Margin	5.29%	5.46%	5.72%	5.55%	5.64%	5.64%	5.27%	6.47%	5.75%	5.93%	5.53%	4.41%	4.94%	6.51%	6.17%	5.70%	6.13%	6.35%	5.56%	5.25%	5.44%	5.19%	4.77%	5.43%	7.61%	5.67%	5.70%	5.29%	5.27%	5.44%	5.72%	5.49%	5.95%	5.68%	5.93%	5.71%	5.22%	5.49%	-5.48%
EBITDA	1,998,012,667	1,762,737,600	1,305,385,900	1,002,838,733	799,178,350	649,396,800	536,313,967	1,752,740,000	1,988,437,000	1,902,387,000	1,972,689,000	2,118,962,000	1,651,501,000	1,168,149,000	1,078,007,000	1,046,059,000	783,749,000	671,786,000	660,570,000	585,590,000	465,378,000	395,382,000	324,971,000	217,401,000	164,990,000	213,757,000	210,124,000	199,420,000	152,695,000	114,683,000	89,618,000	67,082,000	54,613,000	-74,643,000	-52,092,000	-6,636,000	-58,884,000	-71,989,000	44,100,000
EBITDA Margin	33.40%	32.14%	28.08%	24.80%	22.21%	19.14%	14.66%	31.44%	33.56%	32.72%	33.63%	33.85%	31.42%	29.09%	26.23%	25.87%	23.34%	22.46%	22.22%	21.00%	19.91%	18.52%	17.07%	14.68%	13.25%	13.90%	14.99%	15.59%	14.39%	13.92%	13.43%	11.84%	10.87%	-15.69%	-12.22%	-1.73%	-17.91%	-24.57%	17.78%
NOPAT	1,262,166,455	1,100,008,553	779,170,915	579,064,283	451,288,857	366,125,848	306,826,795	1,056,567,945	1,233,074,471	1,175,717,686	1,234,158,930	1,376,622,750	1,036,743,355	676,800,047	611,601,300	606,810,247	463,817,491	299,634,326	309,803,018	272,952,554	212,228,301	176,994,562	148,334,372	83,745,303	42,938,941	78,676,268	80,604,815	79,344,125	58,248,746	42,626,955	31,206,517	22,134,880	15,081,781	16,318,937	17,224,473	13,998,118	12,406,301	8,028,739	0
NOPAT Margin	21.08%	19.97%	16.40%	13.64%	11.53%	10.03%	8.83%	18.95%	20.81%	20.22%	21.04%	21.99%	19.72%	16.86%	14.88%	15.01%	13.81%	10.02%	10.42%	9.79%	9.08%	8.29%	7.79%	5.65%	3.45%	5.12%	5.75%	6.20%	5.49%	5.17%	4.67%	3.91%	3.00%	3.43%	4.04%	3.65%	3.77%	2.74%	0.00%
Owner's Earnings	814,684,000	779,423,400	489,780,100	327,894,933	234,211,500	183,745,320	150,852,133	878,029,000	879,819,000	759,333,000	806,642,000	878,077,000	744,197,000	708,868,000	389,874,000	247,733,000	287,412,000	67,691,000	7,974,000	46,300,000	37,579,000	-92,998,000	-19,924,000	49,666,000	-81,233,000	-25,709,000	-35,133,000	-58,895,000	-33,224,000	-9,884,000	-36,093,000	-20,449,000	-1,821,000	-22,350,000	3,704,000	-12,072,000	-7,012,000	-16,089,000	-36,600,000
Owner's Earnings Margin	13.61%	14.53%	9.94%	6.70%	4.11%	2.67%	1.41%	15.75%	14.85%	13.06%	13.75%	14.03%	14.16%	17.65%	9.49%	6.13%	8.56%	2.26%	0.27%	1.66%	1.61%	-4.36%	-1.05%	3.35%	-6.52%	-1.67%	-2.51%	-4.60%	-3.13%	-1.20%	-5.41%	-3.61%	-0.36%	-4.70%	0.87%	-3.15%	-2.13%	-5.49%	-14.75%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	5,980,346,333	5,442,499,200	4,468,737,300	3,688,819,667	3,092,870,000	2,595,739,320	2,219,096,533	5,814,810,000	5,866,152,000	6,260,077,000	5,256,328,000	4,015,129,000	4,109,111,000	4,043,695,000	3,358,112,000	2,991,517,000	2,972,442,000	2,787,897,000	2,337,648,000	2,134,579,000	1,903,800,000	1,480,998,000	1,245,005,000	1,537,724,000	1,401,542,000	1,279,431,000	1,061,403,000	824,051,000	667,531,000	566,459,000	502,239,000	475,803,000	426,385,000	383,078,000	328,844,000	293,006,000	248,100,000
Cash & Cash Equivalents	242,929,000	318,556,200	233,573,900	166,323,800	126,650,500	102,216,320	85,329,167	108,676,000	433,799,000	186,312,000	462,564,000	401,430,000	403,571,000	190,282,000	127,462,000	10,171,000	11,472,000	34,787,000	30,174,000	12,857,000	75,850,000	5,450,000	4,171,000	24,104,000	6,328,000	2,564,000	986,000	742,000	1,051,000	19,259,000	761,000	585,000	781,000	659,000	674,000	1,353,000	1,000,000
Cash & Cash Equivalents Margin	4.08%	6.21%	5.01%	3.84%	3.01%	2.57%	2.19%	1.87%	7.39%	2.98%	8.80%	10.00%	9.82%	4.71%	3.80%	0.34%	0.39%	1.25%	1.29%	0.60%	3.98%	0.37%	0.34%	1.57%	0.45%	0.20%	0.09%	0.09%	0.16%	3.40%	0.15%	0.12%	0.18%	0.17%	0.20%	0.46%	0.40%
Short-Term Investments	16,451,667	126,812,400	63,406,200	42,270,800	37,422,900	29,938,320	24,948,600	0	0	49,355,000	254,433,000	330,274,000	0	0	0	0	0	0	0	0	0	0	0	4,861,000	24,375,000	85,160,000	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.26%	2.77%	1.39%	0.92%	1.13%	0.90%	0.75%	0.00%	0.00%	0.79%	4.84%	8.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	1.74%	6.66%	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	259,380,667	445,368,600	296,980,100	208,594,600	164,073,400	132,154,640	110,277,767	108,676,000	433,799,000	235,667,000	716,997,000	731,704,000	403,571,000	190,282,000	127,462,000	10,171,000	11,472,000	34,787,000	30,174,000	12,857,000	75,850,000	5,450,000	4,171,000	28,965,000	30,703,000	87,724,000	986,000	742,000	1,051,000	19,259,000	761,000	585,000	781,000	659,000	674,000	1,353,000	1,000,000
Cash & Short-Term Investments Margin	4.34%	8.98%	6.39%	4.76%	4.14%	3.47%	2.94%	1.87%	7.39%	3.76%	13.64%	18.22%	9.82%	4.71%	3.80%	0.34%	0.39%	1.25%	1.29%	0.60%	3.98%	0.37%	0.34%	1.88%	2.19%	6.86%	0.09%	0.09%	0.16%	3.40%	0.15%	0.12%	0.18%	0.17%	0.20%	0.46%	0.40%
Net Receivables	582,714,333	560,293,400	477,321,000	399,892,600	335,809,700	282,716,440	243,279,933	527,691,000	615,323,000	605,129,000	599,102,000	454,222,000	408,165,000	468,260,000	415,781,000	334,489,000	345,048,000	347,900,000	258,294,000	220,363,000	217,922,000	180,700,000	140,918,000	146,536,000	158,161,000	144,991,000	127,199,000	97,253,000	75,578,000	68,005,000	52,158,000	58,723,000	56,144,000	51,179,000	44,891,000	40,873,000	37,400,000
Net Receivables Margin	9.74%	10.39%	10.86%	11.08%	11.08%	11.18%	11.62%	9.07%	10.49%	9.67%	11.40%	11.31%	9.93%	11.58%	12.38%	11.18%	11.61%	12.48%	11.05%	10.32%	11.45%	12.20%	11.32%	9.53%	11.28%	11.33%	11.98%	11.80%	11.32%	12.01%	10.39%	12.34%	13.17%	13.36%	13.65%	13.95%	15.07%
Inventory	0	0	0	-12,046,667	-9,035,000	-5,562,800	-3,761,700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-180,700,000	0	0	0	0	0	10,551,000	8,833,000	7,988,000	7,346,000	6,912,000	6,428,000	6,325,000	5,052,000	4,514,000	3,900,000
Inventory Margin	0.00%	0.00%	0.00%	-0.81%	-0.61%	-0.21%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.20%	0.00%	0.00%	0.00%	0.00%	0.00%	1.28%	1.32%	1.41%	1.46%	1.45%	1.51%	1.65%	1.54%	1.54%	1.57%
Other Current Assets	90,490,333	54,294,200	27,147,100	23,527,067	21,319,150	17,661,760	15,294,067	84,316,000	94,211,000	92,944,000	0	0	0	0	0	0	0	0	23,249,000	20,054,000	19,466,000	18,666,000	16,244,000	20,268,000	13,964,000	12,320,000	10,681,000	4,602,000	4,539,000	3,670,000	873,000	1,477,000	2,270,000	2,213,000	1,970,000	2,625,000	8,200,000
Other Current Assets Margin	1.51%	0.91%	0.45%	0.58%	0.72%	0.67%	0.75%	1.45%	1.61%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.99%	0.94%	1.02%	1.26%	1.30%	1.32%	1.00%	0.96%	1.01%	0.56%	0.68%	0.65%	0.17%	0.31%	0.53%	0.58%	0.60%	0.90%	3.31%
Total Current Assets	932,585,333	1,084,976,400	834,695,000	660,877,533	545,971,250	456,477,560	390,820,200	720,683,000	1,143,333,000	933,740,000	1,383,787,000	1,243,339,000	866,834,000	706,229,000	584,653,000	382,622,000	381,730,000	403,772,000	332,979,000	275,028,000	331,852,000	222,582,000	174,175,000	209,230,000	216,277,000	256,367,000	150,213,000	122,537,000	101,370,000	114,545,000	73,866,000	80,196,000	76,254,000	69,789,000	59,860,000	56,264,000	50,500,000
Total Current Assets Margin	15.60%	20.82%	18.57%	17.32%	16.85%	16.75%	17.09%	12.39%	19.49%	14.92%	26.33%	30.97%	21.10%	17.46%	17.41%	12.79%	12.84%	14.48%	14.24%	12.88%	17.43%	15.03%	13.99%	13.61%	15.43%	20.04%	14.15%	14.87%	15.19%	20.22%	14.71%	16.85%	17.88%	18.22%	18.20%	19.20%	20.35%
Property, Plant & Equipment	4,095,968,000	3,683,524,200	3,081,070,800	2,504,498,867	2,056,328,600	1,699,238,720	1,437,634,433	4,505,431,000	4,095,405,000	3,687,068,000	3,215,686,000	2,914,031,000	2,968,835,000	2,754,943,000	2,404,459,000	2,241,402,000	2,023,448,000	1,743,245,000	1,543,059,000	1,379,305,000	1,126,950,000	964,216,000	939,495,000	824,485,000	721,450,000	607,588,000	466,071,000	363,268,000	315,768,000	255,827,000	218,183,000	201,350,000	166,962,000	158,998,000	124,830,000	109,175,000	88,100,000
Property, Plant & Equipment Margin	68.73%	67.99%	69.49%	67.49%	64.22%	60.27%	56.60%	77.48%	69.81%	58.90%	61.18%	72.58%	72.25%	68.13%	71.60%	74.93%	68.07%	62.53%	66.01%	64.62%	59.19%	65.11%	75.46%	53.62%	51.48%	47.49%	43.91%	44.08%	47.30%	45.16%	43.44%	42.32%	39.16%	41.51%	37.96%	37.26%	35.51%
Goodwill	0	0	9,731,500	12,975,333	10,395,900	8,742,640	7,285,533	0	0	0	0	0	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	19,463,000	0	0	0	0	13,288,000	10,648,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	0.00%	0.00%	0.28%	0.51%	0.44%	0.41%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.48%	0.58%	0.65%	0.65%	0.70%	0.83%	0.91%	1.02%	1.31%	0.00%	0.00%	0.00%	0.00%	1.25%	1.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	0	0	0	160,000	4,643,750	3,715,000	3,095,833	0	0	0	0	0	0	0	0	0	0	0	0	2,400,000	0	0	24,635,000	25,550,000	23,518,000	16,772,000	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets Margin	0.00%	0.00%	0.00%	0.01%	0.34%	0.27%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.00%	0.00%	1.98%	1.66%	1.68%	1.31%	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	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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax 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	0	0	0	0	0	0	0	0
Tax 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	252,246,000	238,169,800	155,040,500	115,635,067	91,647,200	76,889,400	65,532,267	265,281,000	273,655,000	217,802,000	222,071,000	212,040,000	140,436,000	64,648,000	59,849,000	52,760,000	41,863,000	40,386,000	36,588,000	38,718,000	34,809,000	33,620,000	26,145,000	15,640,000	19,803,000	11,466,000	25,364,000	18,928,000	17,421,000	19,106,000	18,791,000	15,045,000	14,363,000	13,012,000	6,371,000	5,287,000	4,700,000
Other Non-Current Assets Margin	4.24%	4.44%	3.22%	2.74%	2.45%	2.56%	2.55%	4.56%	4.66%	3.48%	4.22%	5.28%	3.42%	1.60%	1.78%	1.76%	1.41%	1.45%	1.57%	1.81%	1.83%	2.27%	2.10%	1.02%	1.41%	0.90%	2.39%	2.30%	2.61%	3.37%	3.74%	3.16%	3.37%	3.40%	1.94%	1.80%	1.89%
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	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%	0.00%	0.00%	0.00%	0.00%	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	4,348,214,000	3,921,694,000	3,245,842,800	2,633,109,267	2,161,972,450	1,787,325,440	1,512,497,800	4,770,712,000	4,369,060,000	3,904,870,000	3,437,757,000	3,126,071,000	3,128,734,000	2,839,054,000	2,483,771,000	2,313,625,000	2,084,774,000	1,803,094,000	1,599,110,000	1,437,486,000	1,181,222,000	1,017,299,000	985,103,000	865,675,000	764,771,000	635,826,000	491,435,000	382,196,000	333,189,000	274,933,000	236,974,000	216,395,000	181,325,000	172,010,000	131,201,000	114,462,000	92,800,000
Total Non-Current Assets Margin	72.97%	72.43%	73.00%	70.74%	67.35%	63.38%	59.61%	82.04%	74.48%	62.38%	65.40%	77.86%	76.14%	70.21%	73.96%	77.34%	70.14%	64.68%	68.41%	67.34%	62.05%	68.69%	79.12%	56.30%	54.57%	49.70%	46.30%	46.38%	49.91%	48.54%	47.18%	45.48%	42.53%	44.90%	39.90%	39.06%	37.40%
Total Assets	5,280,799,333	5,006,670,400	4,080,537,800	3,295,944,867	2,709,412,250	2,245,163,200	1,904,451,500	5,491,395,000	5,512,393,000	4,838,610,000	4,821,544,000	4,369,410,000	3,995,568,000	3,545,283,000	3,068,424,000	2,696,247,000	2,466,504,000	2,236,237,000	1,932,089,000	1,712,514,000	1,513,074,000	1,239,881,000	1,159,278,000	1,074,905,000	981,048,000	892,193,000	641,648,000	509,367,000	434,559,000	389,478,000	310,840,000	296,591,000	257,579,000	241,799,000	191,061,000	170,726,000	143,300,000
Total Assets Margin	88.57%	93.25%	91.56%	88.13%	84.26%	80.20%	76.76%	94.44%	93.97%	77.29%	91.73%	108.82%	97.24%	87.67%	91.37%	90.13%	82.98%	80.21%	82.65%	80.23%	79.48%	83.72%	93.11%	69.90%	70.00%	69.73%	60.45%	61.81%	65.10%	68.76%	61.89%	62.33%	60.41%	63.12%	58.10%	58.27%	57.76%
Accounts Payable	103,622,667	92,379,600	84,038,900	69,246,600	60,758,000	52,392,200	46,454,000	91,819,000	112,774,000	106,275,000	82,519,000	68,511,000	70,254,000	78,518,000	73,729,000	89,216,000	66,774,000	45,314,000	36,788,000	44,891,000	42,096,000	29,221,000	33,468,000	40,999,000	33,341,000	37,686,000	30,967,000	25,305,000	12,185,000	16,841,000	13,799,000	26,515,000	22,944,000	21,350,000	14,161,000	14,860,000	10,500,000
Accounts Payable Margin	1.73%	1.70%	1.96%	1.94%	2.13%	2.35%	2.78%	1.58%	1.92%	1.70%	1.57%	1.71%	1.71%	1.94%	2.20%	2.98%	2.25%	1.63%	1.57%	2.10%	2.21%	1.97%	2.69%	2.67%	2.38%	2.95%	2.92%	3.07%	1.83%	2.97%	2.75%	5.57%	5.38%	5.57%	4.31%	5.07%	4.23%
Short-Term Debt	25,233,333	15,140,000	15,218,800	22,605,267	21,527,350	20,143,960	18,316,933	35,700,000	20,000,000	20,000,000	0	0	0	0	50,000,000	0	26,488,000	35,714,000	35,715,000	38,978,000	39,354,000	37,130,000	36,676,000	11,972,000	12,193,000	12,697,000	17,930,000	22,030,000	22,440,000	11,139,000	8,408,000	9,035,000	21,811,000	9,093,000	5,146,000	3,659,000	6,200,000
Short-Term Debt Margin	0.42%	0.25%	0.37%	0.86%	1.01%	1.27%	1.48%	0.61%	0.34%	0.32%	0.00%	0.00%	0.00%	0.00%	1.49%	0.00%	0.89%	1.28%	1.53%	1.83%	2.07%	2.51%	2.95%	0.78%	0.87%	0.99%	1.69%	2.67%	3.36%	1.97%	1.67%	1.90%	5.12%	2.37%	1.56%	1.25%	2.50%
Tax Payables	0	1,742,200	1,742,200	1,729,933	1,501,350	1,342,480	1,135,367	0	0	0	0	8,711,000	8,711,000	0	0	0	0	0	2,168,000	6,327,000	32,000	0	0	0	0	0	4,078,000	1,374,000	1,736,000	0	425,000	0	0	499,000	0	0	0
Tax Payables Margin	0.00%	0.04%	0.04%	0.05%	0.06%	0.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.22%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.17%	0.26%	0.00%	0.08%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%
Deferred Revenue	0	0	0	3,879,067	5,268,950	4,948,520	5,633,300	0	0	0	0	0	0	0	0	0	0	0	0	20,054,000	19,466,000	18,666,000	16,244,000	20,268,000	0	0	10,681,000	4,602,000	0	0	0	13,732,000	14,279,000	12,077,000	10,502,000	8,428,000	0
Deferred Revenue Margin	0.00%	0.00%	0.00%	0.21%	0.34%	0.41%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	1.02%	1.26%	1.30%	1.32%	0.00%	0.00%	1.01%	0.56%	0.00%	0.00%	0.00%	2.89%	3.35%	3.15%	3.19%	2.88%	0.00%
Other Current Liabilities	231,606,667	228,805,600	194,133,300	156,190,800	126,247,500	102,416,040	87,276,767	127,589,000	278,953,000	288,278,000	257,905,000	191,303,000	192,524,000	198,456,000	152,566,000	129,170,000	124,589,000	106,200,000	97,187,000	80,047,000	66,740,000	51,355,000	37,256,000	43,129,000	38,710,000	35,649,000	27,344,000	21,323,000	0	0	0	14,128,000	12,548,000	11,961,000	9,275,000	8,918,000	15,200,000
Other Current Liabilities Margin	3.85%	4.25%	4.39%	4.17%	3.82%	3.28%	3.34%	2.19%	4.76%	4.61%	4.91%	4.76%	4.69%	4.91%	4.54%	4.32%	4.19%	3.81%	4.16%	3.75%	3.51%	3.47%	2.99%	2.80%	2.76%	2.79%	2.58%	2.59%	0.00%	0.00%	0.00%	2.97%	2.94%	3.12%	2.82%	3.04%	6.13%
Total Current Liabilities	538,326,667	490,468,800	410,024,800	345,866,867	291,930,750	247,514,920	214,026,167	540,529,000	544,658,000	529,793,000	464,234,000	373,130,000	366,085,000	356,732,000	351,049,000	288,636,000	285,402,000	255,638,000	232,122,000	225,139,000	204,810,000	170,046,000	148,125,000	142,190,000	127,723,000	121,546,000	111,028,000	93,820,000	78,332,000	63,130,000	50,566,000	63,410,000	71,582,000	54,481,000	39,084,000	35,865,000	31,900,000
Total Current Liabilities Margin	9.01%	9.03%	9.26%	9.63%	9.74%	10.09%	10.68%	9.30%	9.28%	8.46%	8.83%	9.29%	8.91%	8.82%	10.45%	9.65%	9.60%	9.17%	9.93%	10.55%	10.76%	11.48%	11.90%	9.25%	9.11%	9.50%	10.46%	11.39%	11.73%	11.14%	10.07%	13.33%	16.79%	14.22%	11.89%	12.24%	12.86%
Long-Term Debt	59,975,667	75,961,000	72,709,700	110,476,733	139,173,750	126,480,040	112,406,433	39,987,000	59,977,000	79,963,000	99,947,000	99,931,000	45,000,000	45,000,000	45,000,000	104,975,000	107,317,000	120,000,000	155,714,000	198,165,000	223,503,000	232,672,000	267,656,999	238,519,000	249,458,000	260,728,999	109,961,000	56,935,000	74,986,000	82,084,000	90,014,000	74,507,000	43,059,000	61,496,000	42,155,000	39,482,000	24,000,000
Long-Term Debt Margin	1.00%	1.48%	1.80%	4.38%	7.56%	8.70%	9.32%	0.69%	1.02%	1.28%	1.90%	2.49%	1.10%	1.11%	1.34%	3.51%	3.61%	4.30%	6.66%	9.28%	11.74%	15.71%	21.50%	15.51%	17.80%	20.38%	10.36%	6.91%	11.23%	14.49%	17.92%	15.66%	10.10%	16.05%	12.82%	13.47%	9.67%
Capital Lease Obligations	97,966,667	95,200,000	53,113,400	35,408,933	26,556,700	21,245,360	17,704,467	108,300,000	104,800,000	80,800,000	88,800,000	93,300,000	53,646,000	0	0	0	1,488,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	1.65%	1.79%	1.03%	0.69%	0.52%	0.41%	0.34%	1.86%	1.79%	1.29%	1.69%	2.32%	1.31%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	351,859,000	304,901,000	273,175,100	232,743,333	190,152,000	157,675,960	134,084,667	381,930,000	363,132,000	310,515,000	248,718,000	220,210,000	261,964,000	247,669,000	189,960,000	272,599,000	235,054,000	191,412,000	189,117,000	153,186,000	134,916,000	90,768,000	80,722,000	73,968,000	62,312,000	52,115,000	42,773,000	39,315,000	31,263,000	25,855,000	20,781,000	21,645,000	20,798,000	19,549,000	16,617,000	13,377,000	10,300,000
Deferred Tax Liabilities Margin	5.91%	5.59%	6.31%	6.56%	6.12%	5.80%	5.63%	6.57%	6.19%	4.96%	4.73%	5.48%	6.38%	6.12%	5.66%	9.11%	7.91%	6.87%	8.09%	7.18%	7.09%	6.13%	6.48%	4.81%	4.45%	4.07%	4.03%	4.77%	4.68%	4.56%	4.14%	4.55%	4.88%	5.10%	5.05%	4.57%	4.15%
Other Non-Current Liabilities	247,999,333	284,537,400	241,842,200	197,156,533	160,366,050	131,495,400	111,040,033	191,761,000	286,815,000	265,422,000	328,838,000	349,851,000	241,802,000	215,399,000	205,561,000	178,879,000	154,094,000	145,752,000	123,054,000	106,791,000	86,998,000	76,331,000	68,575,000	60,601,000	50,000,000	39,027,000	31,770,000	22,646,000	17,437,000	14,846,000	12,840,000	12,295,000	11,102,000	9,636,000	7,704,000	7,074,000	8,300,000
Other Non-Current Liabilities Margin	4.14%	5.48%	5.59%	5.41%	5.01%	4.53%	4.22%	3.30%	4.89%	4.24%	6.26%	8.71%	5.88%	5.33%	6.12%	5.98%	5.18%	5.23%	5.26%	5.00%	4.57%	5.15%	5.51%	3.94%	3.57%	3.05%	2.99%	2.75%	2.61%	2.62%	2.56%	2.58%	2.60%	2.52%	2.34%	2.41%	3.35%
Total Non-Current Liabilities	690,700,667	683,919,400	596,987,000	547,283,733	495,223,200	420,096,080	361,235,033	706,278,000	709,924,000	655,900,000	677,503,000	669,992,000	548,766,000	508,068,000	440,521,000	556,453,000	496,465,000	457,164,000	467,885,000	461,406,000	451,745,000	401,186,000	418,153,000	374,586,000	363,873,000	353,027,000	185,569,000	119,385,000	123,686,000	122,785,000	123,635,000	108,447,000	74,959,000	90,681,000	66,476,000	59,933,000	42,600,000
Total Non-Current Liabilities Margin	11.58%	12.86%	13.86%	16.50%	18.82%	19.14%	19.26%	12.15%	12.10%	10.48%	12.89%	16.69%	13.35%	12.56%	13.12%	18.60%	16.70%	16.40%	20.02%	21.62%	23.73%	27.09%	33.59%	24.36%	25.96%	27.59%	17.48%	14.49%	18.53%	21.68%	24.62%	22.79%	17.58%	23.67%	20.22%	20.45%	17.17%
Total Liabilities	1,229,027,333	1,174,388,200	1,007,011,800	895,108,667	788,622,500	668,971,200	576,394,700	1,246,807,000	1,254,582,000	1,185,693,000	1,141,737,000	1,043,122,000	914,851,000	864,800,000	791,570,000	845,089,000	781,867,000	742,173,000	700,007,000	686,545,000	656,555,000	571,232,000	566,278,000	516,775,999	491,596,000	474,573,000	296,597,000	217,839,000	202,018,000	185,915,000	174,201,000	171,857,000	146,541,000	145,162,000	105,560,000	95,798,000	74,500,000
Total Liabilities Margin	20.59%	21.89%	23.12%	26.20%	28.61%	29.30%	29.99%	21.44%	21.39%	18.94%	21.72%	25.98%	22.26%	21.39%	23.57%	28.25%	26.30%	26.62%	29.94%	32.16%	34.49%	38.57%	45.48%	33.61%	35.08%	37.09%	27.94%	26.44%	30.26%	32.82%	34.68%	36.12%	34.37%	37.89%	32.10%	32.69%	30.03%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	18,037,667	15,464,000	12,231,700	10,824,467	9,143,600	7,637,240	6,475,300	21,298,000	21,793,000	11,022,000	11,501,000	11,706,000	11,953,000	8,123,000	8,238,000	8,242,000	8,441,000	8,609,000	8,616,000	8,616,000	8,616,000	5,593,000	5,593,000	3,728,000	3,728,000	3,728,000	3,728,000	3,726,000	1,606,000	1,065,000	831,000	831,000	831,000	831,000	831,000	835,000	0
Common Stock Margin	0.30%	0.28%	0.27%	0.31%	0.31%	0.30%	0.28%	0.37%	0.37%	0.18%	0.22%	0.29%	0.29%	0.20%	0.25%	0.28%	0.28%	0.31%	0.37%	0.40%	0.45%	0.38%	0.45%	0.24%	0.27%	0.29%	0.35%	0.45%	0.24%	0.19%	0.17%	0.17%	0.19%	0.22%	0.25%	0.28%	0.00%
Retained Earnings	3,799,027,667	3,595,815,000	2,873,906,300	2,223,310,933	1,763,990,550	1,439,079,560	1,209,710,267	3,995,209,000	4,004,569,000	3,397,305,000	3,493,861,000	3,088,131,000	2,850,302,000	2,530,184,000	2,130,257,000	1,707,450,000	1,541,795,000	1,351,054,000	1,089,065,000	882,952,000	713,500,000	574,030,000	498,379,000	463,508,000	394,831,000	322,999,000	250,430,000	196,955,000	157,963,000	130,363,000	111,901,000	99,996,000	86,300,000	71,899,000	60,779,000	50,741,000	44,600,000
Retained Earnings Margin	63.75%	66.92%	63.89%	56.77%	49.94%	44.51%	40.18%	68.71%	68.27%	54.27%	66.47%	76.91%	69.37%	62.57%	63.44%	57.08%	51.87%	48.46%	46.59%	41.36%	37.48%	38.76%	40.03%	30.14%	28.17%	25.25%	23.59%	23.90%	23.66%	23.01%	22.28%	21.02%	20.24%	18.77%	18.48%	17.32%	17.98%
Accumulated OCI	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	0	0	0	0	0	0	0	0
Accumulated OCI 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	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	0	0	0	0	0	0	0	0
Minority Interest 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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	4,051,772,000	3,832,282,200	3,073,526,000	2,400,836,200	1,920,789,750	1,576,192,000	1,328,056,800	4,244,588,000	4,257,811,000	3,652,917,000	3,679,807,000	3,326,288,000	3,080,717,000	2,680,483,000	2,276,854,000	1,851,158,000	1,684,637,000	1,494,064,000	1,232,082,000	1,025,969,000	856,519,000	668,649,000	593,000,000	558,129,000	489,452,000	417,620,000	345,051,000	291,528,000	232,541,000	203,563,000	136,639,000	124,734,000	111,038,000	96,637,000	85,501,000	74,928,000	68,800,000
Total Shareholders’ Equity Margin	67.98%	71.36%	68.44%	61.93%	55.64%	50.90%	46.77%	73.00%	72.58%	58.35%	70.01%	82.84%	74.97%	66.29%	67.80%	61.88%	56.68%	53.59%	52.71%	48.06%	44.99%	45.15%	47.63%	36.30%	34.92%	32.64%	32.51%	35.38%	34.84%	35.94%	27.21%	26.22%	26.04%	25.23%	26.00%	25.57%	27.73%
Total Equity	4,051,772,000	3,832,282,200	3,073,526,000	2,400,836,200	1,920,789,750	1,576,192,000	1,328,056,800	4,244,588,000	4,257,811,000	3,652,917,000	3,679,807,000	3,326,288,000	3,080,717,000	2,680,483,000	2,276,854,000	1,851,158,000	1,684,637,000	1,494,064,000	1,232,082,000	1,025,969,000	856,519,000	668,649,000	593,000,000	558,129,000	489,452,000	417,620,000	345,051,000	291,528,000	232,541,000	203,563,000	136,639,000	124,734,000	111,038,000	96,637,000	85,501,000	74,928,000	68,800,000
Total Equity Margin	67.98%	71.36%	68.44%	61.93%	55.64%	50.90%	46.77%	73.00%	72.58%	58.35%	70.01%	82.84%	74.97%	66.29%	67.80%	61.88%	56.68%	53.59%	52.71%	48.06%	44.99%	45.15%	47.63%	36.30%	34.92%	32.64%	32.51%	35.38%	34.84%	35.94%	27.21%	26.22%	26.04%	25.23%	26.00%	25.57%	27.73%
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	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	16,451,667	126,812,400	63,406,200	42,270,800	37,422,900	29,938,320	24,948,600	0	0	49,355,000	254,433,000	330,274,000	0	0	0	0	0	0	0	0	0	0	0	4,861,000	24,375,000	85,160,000	0	0	0	0	0	0	0	0	0	0	0
Total Investments Margin	0.26%	2.77%	1.39%	0.92%	1.13%	0.90%	0.75%	0.00%	0.00%	0.79%	4.84%	8.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	1.74%	6.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	-126,853,333	-208,935,200	-136,385,400	-26,334,667	39,582,000	48,852,360	49,098,100	59,611,000	-353,822,000	-86,349,000	-362,617,000	-301,499,000	-358,571,000	-145,282,000	-32,462,000	94,804,000	122,333,000	120,927,000	161,255,000	227,550,000	193,335,000	265,767,000	301,361,000	227,885,000	257,426,000	272,018,000	127,970,000	78,712,000	96,375,000	73,964,000	97,661,000	82,957,000	64,089,000	69,930,000	46,627,000	41,788,000	29,200,000
Net Debt Margin	-2.13%	-4.16%	-2.68%	1.55%	5.70%	7.51%	8.71%	1.03%	-6.03%	-1.38%	-6.90%	-7.51%	-8.73%	-3.59%	-0.97%	3.17%	4.12%	4.34%	6.90%	10.66%	10.16%	17.95%	24.21%	14.82%	18.37%	21.26%	12.06%	9.55%	14.44%	13.06%	19.45%	17.44%	15.03%	18.25%	14.18%	14.26%	11.77%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	5,980,346,333	5,442,499,200	4,468,737,300	3,688,819,667	3,092,870,000	2,595,739,320	2,219,096,533	5,814,810,000	5,866,152,000	6,260,077,000	5,256,328,000	4,015,129,000	4,109,111,000	4,043,695,000	3,358,112,000	2,991,517,000	2,972,442,000	2,787,897,000	2,337,648,000	2,134,579,000	1,903,800,000	1,480,998,000	1,245,005,000	1,537,724,000	1,401,542,000	1,279,431,000	1,061,403,000	824,051,000	667,531,000	566,459,000	502,239,000	475,803,000	426,385,000	383,078,000	328,844,000	293,006,000	248,100,000
Working Capital	394,258,667	594,507,600	424,670,200	315,010,667	254,040,500	208,962,640	176,794,033	180,154,000	598,675,000	403,947,000	919,553,000	870,209,000	500,749,000	349,497,000	233,604,000	93,986,000	96,328,000	148,134,000	100,857,000	49,889,000	127,042,000	52,536,000	26,050,000	67,040,000	88,554,000	134,821,000	39,185,000	28,717,000	23,038,000	51,415,000	23,300,000	16,786,000	4,672,000	15,308,000	20,776,000	20,399,000	18,600,000
Working Capital Margin	6.59%	11.78%	9.31%	7.69%	7.11%	6.66%	6.41%	3.10%	10.21%	6.45%	17.49%	21.67%	12.19%	8.64%	6.96%	3.14%	3.24%	5.31%	4.31%	2.34%	6.67%	3.55%	2.09%	4.36%	6.32%	10.54%	3.69%	3.48%	3.45%	9.08%	4.64%	3.53%	1.10%	4.00%	6.32%	6.96%	7.50%
Total Capital	4,167,847,667	3,941,903,200	3,170,714,500	2,540,825,333	2,087,022,250	1,727,260,680	1,462,484,067	4,412,875,000	4,337,788,000	3,752,880,000	3,779,754,000	3,426,219,000	3,125,717,000	2,725,483,000	2,371,854,000	1,956,133,000	1,818,442,000	1,649,778,000	1,423,511,000	1,266,376,000	1,125,704,000	939,866,000	898,532,000	810,118,000	753,206,000	692,202,000	474,007,000	370,982,000	329,967,000	296,786,000	235,061,000	208,276,000	175,908,000	167,226,000	132,802,000	118,069,000	99,000,000
Total Capital Margin	69.93%	73.41%	70.77%	67.31%	64.35%	60.98%	57.66%	75.89%	73.95%	59.95%	71.91%	85.33%	76.07%	67.40%	70.63%	65.39%	61.18%	59.18%	60.90%	59.33%	59.13%	63.46%	72.17%	52.68%	53.74%	54.10%	44.66%	45.02%	49.43%	52.39%	46.80%	43.77%	41.26%	43.65%	40.38%	40.30%	39.90%
Capital Employed	4,742,472,667	4,516,201,600	3,670,513,000	2,950,078,000	2,417,481,500	1,997,648,280	1,690,425,333	4,950,866,000	4,967,735,000	4,308,817,000	4,357,310,000	3,996,280,000	3,629,483,000	3,188,551,000	2,717,375,000	2,407,611,000	2,181,102,000	1,980,599,000	1,699,967,000	1,487,375,000	1,308,264,000	1,069,835,000	1,011,153,000	932,715,000	853,325,000	770,647,000	530,620,000	415,547,000	356,227,000	326,348,000	260,274,000	233,181,000	185,997,000	187,318,000	151,977,000	134,861,000	111,400,000
Capital Employed Margin	79.55%	84.22%	82.30%	78.50%	74.52%	70.11%	66.08%	85.14%	84.68%	68.83%	82.90%	99.53%	88.33%	78.85%	80.92%	80.48%	73.38%	71.04%	72.72%	69.68%	68.72%	72.24%	81.22%	60.66%	60.88%	60.23%	49.99%	50.43%	53.36%	57.61%	51.82%	49.01%	43.62%	48.90%	46.22%	46.03%	44.90%
Invested Capital	3,924,918,667	3,623,347,000	2,937,140,600	2,374,501,533	1,960,371,750	1,625,044,360	1,377,154,900	4,304,199,000	3,903,989,000	3,566,568,000	3,317,190,000	3,024,789,000	2,722,146,000	2,535,201,000	2,244,392,000	1,945,962,000	1,806,970,000	1,614,991,000	1,393,337,000	1,253,519,000	1,049,854,000	934,416,000	894,361,000	786,014,000	746,878,000	689,638,000	473,021,000	370,240,000	328,916,000	277,527,000	234,300,000	207,691,000	175,127,000	166,567,000	132,128,000	116,716,000	98,000,000
Invested Capital Margin	65.85%	67.20%	65.76%	63.47%	61.34%	58.41%	55.48%	74.02%	66.55%	56.97%	63.11%	75.33%	66.25%	62.70%	66.83%	65.05%	60.79%	57.93%	59.60%	58.72%	55.15%	63.09%	71.84%	51.12%	53.29%	53.90%	44.57%	44.93%	49.27%	48.99%	46.65%	43.65%	41.07%	43.48%	40.18%	39.83%	39.50%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	5,980,346,333	5,442,499,200	4,468,737,300	3,688,819,667	3,092,870,000	2,595,739,320	2,219,096,533	5,814,810,000	5,866,152,000	6,260,077,000	5,256,328,000	4,015,129,000	4,109,111,000	4,043,695,000	3,358,112,000	2,991,517,000	2,972,442,000	2,787,897,000	2,337,648,000	2,134,579,000	1,903,800,000	1,480,998,000	1,245,005,000	1,537,724,000	1,401,542,000	1,279,431,000	1,061,403,000	824,051,000	667,531,000	566,459,000	502,239,000	475,803,000	426,385,000	383,078,000	328,844,000	293,006,000	248,100,000
Net Income	1,267,578,000	1,101,958,200	779,520,600	576,893,733	447,741,500	362,635,960	303,754,833	1,186,073,000	1,239,502,000	1,377,159,000	1,034,375,000	672,682,000	615,518,000	605,668,000	463,774,000	295,765,000	304,690,000	267,514,000	206,113,000	169,452,000	139,470,000	75,651,000	34,871,000	68,677,000	71,832,000	72,569,000	53,475,000	38,992,000	27,600,000	18,849,000	11,905,000	13,723,000	14,644,000	11,120,000	10,038,000	6,144,000	4,800,000
Net Income Margin	21.18%	19.99%	16.39%	13.51%	11.29%	9.73%	8.55%	20.40%	21.13%	22.00%	19.68%	16.75%	14.98%	14.98%	13.81%	9.89%	10.25%	9.60%	8.82%	7.94%	7.33%	5.11%	2.80%	4.47%	5.13%	5.67%	5.04%	4.73%	4.13%	3.33%	2.37%	2.88%	3.43%	2.90%	3.05%	2.10%	1.93%
Depreciation & Amortization	315,031,000	293,251,800	251,127,000	204,448,867	172,601,200	144,922,520	122,996,967	344,578,000	324,449,000	276,066,000	259,899,000	261,267,000	253,681,000	230,357,000	205,763,000	189,867,000	165,343,000	146,466,000	127,072,000	110,743,000	90,820,000	80,362,000	94,784,000	87,113,000	79,863,000	67,634,000	55,897,000	44,823,000	38,210,000	31,081,000	29,888,000	27,037,000	25,295,000	21,887,000	17,173,000	16,091,000	-13,600,000
Depreciation & Amortization Margin	5.29%	5.46%	5.72%	5.55%	5.64%	5.64%	5.27%	5.93%	5.53%	4.41%	4.94%	6.51%	6.17%	5.70%	6.13%	6.35%	5.56%	5.25%	5.44%	5.19%	4.77%	5.43%	7.61%	5.67%	5.70%	5.29%	5.27%	5.44%	5.72%	5.49%	5.95%	5.68%	5.93%	5.71%	5.22%	5.49%	-5.48%
Deferred Income Tax	24,227,000	14,536,200	7,268,100	8,243,533	7,684,450	6,794,960	6,116,833	19,340,000	53,341,000	0	0	0	0	0	0	0	0	0	0	0	43,348,000	7,624,000	10,778,000	5,352,000	8,553,000	7,703,000	-2,350,000	7,989,000	4,539,000	2,277,000	-260,000	1,640,000	1,192,000	2,689,000	3,895,000	3,355,000	2,500,000
Deferred Income Tax Margin	0.41%	0.25%	0.12%	0.27%	0.31%	0.34%	0.43%	0.33%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.28%	0.51%	0.87%	0.35%	0.61%	0.60%	-0.22%	0.97%	0.68%	0.40%	-0.05%	0.34%	0.28%	0.70%	1.18%	1.15%	1.01%
Stock-Based Compensation	12,774,000	13,532,200	15,763,300	15,094,867	13,449,050	11,235,120	9,362,600	11,349,000	11,080,000	15,893,000	15,039,000	14,300,000	42,900,000	10,700,000	22,700,000	16,200,000	-2,528,000	13,442,000	8,853,000	6,393,000	17,626,000	22,476,000	6,104,000	6,104,000	10,967,000	10,967,000	8,416,000	644,000	6,222,000	5,031,000	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.21%	0.26%	0.37%	0.49%	0.53%	0.50%	0.42%	0.20%	0.19%	0.25%	0.29%	0.36%	1.04%	0.26%	0.68%	0.54%	-0.09%	0.48%	0.38%	0.30%	0.93%	1.52%	0.49%	0.40%	0.78%	0.86%	0.79%	0.08%	0.93%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-18,067,333	-34,487,400	-13,899,600	-11,568,667	-6,769,600	-6,022,000	-5,158,133	84,158,000	-55,347,000	-83,013,000	-127,278,000	9,043,000	43,335,000	14,035,000	-34,694,000	-61,000	10,826,000	-18,902,000	10,618,000	-5,410,000	2,479,000	-23,319,000	-9,890,000	37,505,000	-751,000	6,949,000	4,325,000	-1,743,000	4,418,000	-11,084,000	-6,511,000	-238,000	-1,142,000	8,646,000	-3,652,000	-946,000	-7,100,000
Change in Working Capital Margin	-0.27%	-0.60%	-0.23%	-0.28%	-0.08%	-0.18%	-0.23%	1.45%	-0.94%	-1.33%	-2.42%	0.23%	1.05%	0.35%	-1.03%	0.00%	0.36%	-0.68%	0.45%	-0.25%	0.13%	-1.57%	-0.79%	2.44%	-0.05%	0.54%	0.41%	-0.21%	0.66%	-1.96%	-1.30%	-0.05%	-0.27%	2.26%	-1.11%	-0.32%	-2.86%
Accounts Receivable	20,357,000	-22,707,200	-21,407,300	-20,265,933	-15,199,450	-13,795,320	-12,173,767	74,080,000	0	-13,009,000	-125,562,000	-49,045,000	30,330,000	-34,666,000	-76,353,000	-11,176,000	-8,672,000	-54,443,000	-30,063,000	-5,410,000	0	0	0	0	0	0	0	-21,460,000	-7,573,000	-15,847,000	6,565,000	-2,579,000	-4,965,000	-1,094,000	-4,018,000	-3,453,000	-6,800,000
Accounts Receivable Margin	0.36%	-0.51%	-0.56%	-0.61%	-0.45%	-0.59%	-0.72%	1.27%	0.00%	-0.21%	-2.39%	-1.22%	0.74%	-0.86%	-2.27%	-0.37%	-0.29%	-1.95%	-1.29%	-0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.60%	-1.13%	-2.80%	1.31%	-0.54%	-1.16%	-0.29%	-1.22%	-1.18%	-2.74%
Inventory	0	0	0	0	0	657,840	442,833	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-601,000	22,579,000	0	-1,330,000	-4,202,000	306,000	1,123,000	-393,000	-3,997,000	-200,000
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.07%	3.38%	0.00%	-0.26%	-0.88%	0.07%	0.29%	-0.12%	-1.36%	-0.08%
Accounts Payable	-4,818,667	-2,891,200	-1,445,600	-388,533	116,750	300,680	721,900	-20,955,000	6,499,000	0	0	0	0	0	0	0	0	0	0	0	12,875,000	-4,247,000	-7,531,000	7,658,000	-4,345,000	6,719,000	5,662,000	15,941,000	-4,656,000	3,042,000	-12,716,000	3,571,000	1,594,000	7,189,000	-699,000	4,356,000	1,700,000
Accounts Payable Margin	-0.08%	-0.05%	-0.02%	0.01%	0.04%	0.03%	0.17%	-0.36%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.68%	-0.29%	-0.60%	0.50%	-0.31%	0.53%	0.53%	1.93%	-0.70%	0.54%	-2.53%	0.75%	0.37%	1.88%	-0.21%	1.49%	0.69%
Other Working Capital	-33,605,667	-8,889,000	8,953,300	9,085,800	8,313,100	6,814,800	5,850,900	31,033,000	-61,846,000	-70,004,000	-1,716,000	58,088,000	13,005,000	48,701,000	41,659,000	11,115,000	19,498,000	35,541,000	40,681,000	0	-10,396,000	-19,072,000	-2,359,000	29,847,000	3,594,000	230,000	-1,337,000	4,377,000	-5,932,000	1,721,000	970,000	2,972,000	1,923,000	1,428,000	1,458,000	2,148,000	-1,800,000
Other Working Capital Margin	-0.55%	-0.04%	0.36%	0.32%	0.33%	0.30%	0.29%	0.53%	-1.05%	-1.12%	-0.03%	1.45%	0.32%	1.20%	1.24%	0.37%	0.66%	1.27%	1.74%	0.00%	-0.55%	-1.29%	-0.19%	1.94%	0.26%	0.02%	-0.13%	0.53%	-0.89%	0.30%	0.19%	0.62%	0.45%	0.37%	0.44%	0.73%	-0.73%
Other Non-Cash Items	38,457,333	24,335,000	20,759,700	13,236,067	7,714,200	5,715,800	5,653,500	13,785,000	-3,890,000	105,477,000	30,571,000	-24,268,000	28,454,000	39,356,000	-121,249,000	63,812,000	75,549,000	-16,846,000	-1,990,000	47,861,000	-16,363,000	-21,718,000	-5,931,000	-8,245,000	-12,728,000	-11,212,000	-6,141,000	-860,000	-5,925,000	-1,814,000	-2,763,000	-27,000	-243,000	-71,000	333,000	91,000	26,600,000
Other Non-Cash Items Margin	0.62%	0.37%	0.46%	0.25%	0.02%	-0.06%	0.31%	0.24%	-0.07%	1.68%	0.58%	-0.60%	0.69%	0.97%	-3.61%	2.13%	2.54%	-0.60%	-0.09%	2.24%	-0.86%	-1.47%	-0.48%	-0.54%	-0.91%	-0.88%	-0.58%	-0.10%	-0.89%	-0.32%	-0.55%	-0.01%	-0.06%	-0.02%	0.10%	0.03%	10.72%
Net Cash from Operating Activities	1,640,000,000	1,413,126,000	1,060,539,100	806,282,867	642,371,650	525,244,120	442,702,833	1,659,283,000	1,569,135,000	1,691,582,000	1,212,606,000	933,024,000	983,888,000	900,116,000	536,294,000	565,583,000	553,880,000	391,674,000	350,666,000	328,056,000	277,380,000	141,076,000	130,716,000	196,506,000	157,736,000	154,610,000	113,622,000	89,845,000	75,064,000	44,340,000	32,259,000	42,162,000	39,989,000	44,271,000	27,787,000	24,735,000	13,200,000
Net Cash from Operating Activities Margin	27.44%	25.72%	22.83%	19.79%	17.71%	15.98%	14.75%	28.54%	26.75%	27.02%	23.07%	23.24%	23.94%	22.26%	15.97%	18.91%	18.63%	14.05%	15.00%	15.37%	14.57%	9.53%	10.50%	12.78%	11.25%	12.08%	10.70%	10.90%	11.25%	7.83%	6.42%	8.86%	9.38%	11.56%	8.45%	8.44%	5.32%
Capital Expenditures (PPE)	-767,925,000	-615,786,600	-540,867,500	-453,447,667	-386,131,200	-323,796,600	-275,877,767	-771,318,000	-757,309,000	-775,148,000	-550,077,000	-225,081,000	-479,325,000	-588,292,000	-382,125,000	-417,941,000	-462,059,000	-367,680,000	-295,606,000	-373,193,000	-250,214,000	-106,347,000	-210,888,000	-181,499,000	-186,828,000	-199,098,000	-142,596,000	-93,699,000	-101,903,000	-69,992,000	-43,614,000	-63,083,000	-35,992,000	-45,079,000	-34,223,000	-38,324,000	-27,800,000
Capital Expenditures (PPE) Margin	-12.85%	-10.93%	-12.17%	-12.36%	-12.82%	-12.70%	-12.41%	-13.26%	-12.91%	-12.38%	-10.47%	-5.61%	-11.66%	-14.55%	-11.38%	-13.97%	-15.54%	-13.19%	-12.65%	-17.48%	-13.14%	-7.18%	-16.94%	-11.80%	-13.33%	-15.56%	-13.43%	-11.37%	-15.27%	-12.36%	-8.68%	-13.26%	-8.44%	-11.77%	-10.41%	-13.08%	-11.21%
Acquisitions (Net)	0	0	0	0	-3,874,600	-3,501,880	-3,514,567	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-7,267,000	-7,267,000	-20,431,000	-19,414,000	-23,113,000	0	0	0	-10,055,000	0	-1,100,000	-16,790,000	0	0	0
Acquisitions (Net) Margin	0.00%	0.00%	0.00%	0.00%	-0.31%	-0.33%	-0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.58%	-0.47%	-1.46%	-1.52%	-2.18%	0.00%	0.00%	0.00%	-2.00%	0.00%	-0.26%	-4.38%	0.00%	0.00%	0.00%
Purchases of Investments	-10,000,000	-6,000,000	-3,000,000	-2,000,000	-28,890,150	-23,112,120	-19,260,100	-30,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-42,391,000	-42,391,000	-160,675,000	-302,346,000	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	-0.17%	-0.10%	-0.05%	-0.03%	-2.09%	-1.67%	-1.39%	-0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.40%	-2.76%	-11.46%	-23.63%	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	26,284,000	15,770,400	7,885,200	5,256,800	29,211,700	23,369,360	19,474,467	30,000,000	48,852,000	0	0	0	0	0	0	0	0	0	0	0	0	0	4,861,000	61,875,000	221,460,000	217,186,000	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.45%	0.27%	0.13%	0.09%	1.93%	1.54%	1.28%	0.52%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	4.02%	15.80%	16.98%	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	98,812,333	12,928,800	12,759,300	12,013,200	12,585,850	10,656,720	9,181,500	20,124,000	48,637,000	227,676,000	94,789,000	-326,582,000	5,686,000	7,901,000	14,379,000	10,541,000	24,442,000	21,866,000	11,235,000	12,018,000	5,436,000	2,050,000	51,961,000	3,483,000	5,228,000	5,626,000	5,221,000	1,593,000	3,462,000	887,000	6,706,000	2,053,000	2,943,000	2,180,000	1,573,000	1,031,000	1,300,000
Other Investing Activities Margin	1.60%	-0.30%	0.04%	0.18%	0.42%	0.44%	0.45%	0.35%	0.83%	3.64%	1.80%	-8.13%	0.14%	0.20%	0.43%	0.35%	0.82%	0.78%	0.48%	0.56%	0.29%	0.14%	4.17%	0.23%	0.37%	0.44%	0.49%	0.19%	0.52%	0.16%	1.34%	0.43%	0.69%	0.57%	0.48%	0.35%	0.52%
Net Cash from Investing Activities	-652,828,667	-593,087,400	-523,223,000	-438,177,667	-377,098,400	-316,384,520	-269,996,467	-751,194,000	-659,820,000	-547,472,000	-455,288,000	-551,663,000	-473,639,000	-580,391,000	-367,746,000	-407,400,000	-437,617,000	-345,814,000	-284,371,000	-361,175,000	-244,778,000	-104,297,000	-203,724,000	-165,799,000	-141,246,000	-298,046,000	-160,488,000	-92,106,000	-98,441,000	-69,105,000	-46,963,000	-61,030,000	-34,149,000	-59,689,000	-32,650,000	-37,293,000	-26,500,000
Net Cash from Investing Activities Margin	-10.97%	-11.06%	-12.05%	-12.12%	-12.88%	-12.71%	-12.49%	-12.92%	-11.25%	-8.75%	-8.66%	-13.74%	-11.53%	-14.35%	-10.95%	-13.62%	-14.72%	-12.40%	-12.16%	-16.92%	-12.86%	-7.04%	-16.36%	-10.78%	-10.08%	-23.30%	-15.12%	-11.18%	-14.75%	-12.20%	-9.35%	-12.83%	-8.01%	-15.58%	-9.93%	-12.73%	-10.68%
Net Debt Issuance	-13,333,333	2,984,600	-9,934,300	-17,333,867	-1,972,550	-531,680	1,836,267	-20,000,000	-20,000,000	0	0	54,923,000	0	-50,000,000	-9,975,000	-28,830,000	-25,461,000	-35,715,000	-48,978,000	-29,872,000	-10,602,000	-35,498,000	53,075,000	-12,931,000	-12,726,000	145,626,000	47,513,000	-17,972,000	4,203,000	7,061,000	41,870,000	-9,003,000	-5,719,000	15,387,000	9,000,000	38,112,000	11,600,000
Net Debt Issuance Margin	-0.23%	0.14%	-0.27%	-0.69%	0.40%	0.56%	1.24%	-0.34%	-0.34%	0.00%	0.00%	1.37%	0.00%	-1.24%	-0.30%	-0.96%	-0.86%	-1.28%	-2.10%	-1.40%	-0.56%	-2.40%	4.26%	-0.84%	-0.91%	11.38%	4.48%	-2.18%	0.63%	1.25%	8.34%	-1.89%	-1.34%	4.02%	2.74%	13.01%	4.68%
Long-Term Debt Issuance	-13,333,333	2,984,600	-9,934,300	-17,333,867	-1,972,550	-1,225,000	1,258,500	-20,000,000	-20,000,000	0	0	54,923,000	0	-50,000,000	-9,975,000	-28,830,000	-25,461,000	-35,715,000	-48,978,000	-29,872,000	-10,602,000	-35,498,000	53,075,000	-12,931,000	-12,726,000	145,626,000	47,513,000	-21,305,000	-9,797,000	7,061,000	41,870,000	-9,003,000	-5,719,000	15,387,000	9,000,000	38,112,000	11,600,000
Long-Term Debt Issuance Margin	-0.23%	0.14%	-0.27%	-0.69%	0.40%	0.46%	1.16%	-0.34%	-0.34%	0.00%	0.00%	1.37%	0.00%	-1.24%	-0.30%	-0.96%	-0.86%	-1.28%	-2.10%	-1.40%	-0.56%	-2.40%	4.26%	-0.84%	-0.91%	11.38%	4.48%	-2.59%	-1.47%	1.25%	8.34%	-1.89%	-1.34%	4.02%	2.74%	13.01%	4.68%
Short-Term Debt Issuance	0	0	0	0	2,385,700	2,601,880	2,168,233	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	65,047,000	0	0	-11,473,000	-5,860,000	3,333,000	14,000,000	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.19%	0.25%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.22%	0.00%	0.00%	-0.90%	-0.55%	0.40%	2.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-899,375,333	-719,729,600	-425,531,900	-280,830,067	-210,622,550	-165,792,800	-138,149,333	-967,294,000	-453,613,000	-1,277,219,000	-536,465,000	-364,057,000	-240,960,000	-163,265,000	-8,013,000	-130,316,000	-114,117,000	-5,532,000	0	0	48,400,000	0	0	0	0	0	0	19,753,000	0	47,878,000	0	0	0	16,000	24,000	0	300,000
Net Stock Issuance Margin	-14.92%	-12.81%	-8.24%	-5.34%	-4.00%	-2.77%	-2.30%	-16.64%	-7.73%	-20.40%	-10.21%	-9.07%	-5.86%	-4.04%	-0.24%	-4.36%	-3.84%	-0.20%	0.00%	0.00%	2.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.40%	0.00%	8.45%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.12%
Common Stock Issuance	0	0	0	3,226,667	2,420,000	4,641,240	3,879,033	0	0	0	0	0	0	0	0	0	0	0	0	0	48,400,000	0	0	0	0	0	0	19,753,000	0	47,878,000	0	0	0	16,000	24,000	0	300,000
Common Stock Issuance Margin	0.00%	0.00%	0.00%	0.17%	0.13%	0.54%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.40%	0.00%	8.45%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.12%
Common Stock Repurchased	-899,375,333	-719,729,600	-425,531,900	-284,056,733	-213,042,550	-170,434,040	-142,028,367	-967,294,000	-453,613,000	-1,277,219,000	-536,465,000	-364,057,000	-240,960,000	-163,265,000	-8,013,000	-130,316,000	-114,117,000	-5,532,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-14.92%	-12.81%	-8.24%	-5.51%	-4.13%	-3.30%	-2.75%	-16.64%	-7.73%	-20.40%	-10.21%	-9.07%	-5.86%	-4.04%	-0.24%	-4.36%	-3.84%	-0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-177,730,333	-139,316,000	-82,662,300	-55,108,200	-41,331,150	-33,064,920	-27,554,100	-223,618,000	-175,089,000	-134,484,000	-92,366,000	-71,023,000	-54,552,000	-42,566,000	-32,925,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Dividends Paid Margin	-2.99%	-2.50%	-1.59%	-1.06%	-0.79%	-0.63%	-0.53%	-3.85%	-2.98%	-2.15%	-1.76%	-1.77%	-1.33%	-1.05%	-0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 Dividends Paid	-177,730,333	-139,316,000	-82,662,300	-55,108,200	-41,331,150	-33,064,920	-27,554,100	-223,618,000	-175,089,000	-134,484,000	-92,366,000	-71,023,000	-54,552,000	-42,566,000	-32,925,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Dividends Paid Margin	-2.99%	-2.50%	-1.59%	-1.06%	-0.79%	-0.63%	-0.53%	-3.85%	-2.98%	-2.15%	-1.76%	-1.77%	-1.33%	-1.05%	-0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred 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	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%	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	-14,695,000	-22,956,600	-11,798,700	-7,866,067	-5,950,300	-5,154,400	-5,299,567	-22,300,000	-13,126,000	-8,659,000	-67,353,000	-3,345,000	-1,448,000	-1,074,000	-344,000	-338,000	0	0	0	-2,000	0	-2,000	0	0	0	-612,000	-403,000	171,000	966,000	-11,676,000	-26,990,000	27,675,000	0	0	-4,840,000	-25,187,000	-100,000
Other Financing Activities Margin	-0.25%	-0.42%	-0.22%	-0.15%	-0.11%	-0.15%	-0.46%	-0.38%	-0.22%	-0.14%	-1.28%	-0.08%	-0.04%	-0.03%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.05%	-0.04%	0.02%	0.14%	-2.06%	-5.37%	5.82%	0.00%	0.00%	-1.47%	-8.60%	-0.04%
Net Cash from Financing Activities	-1,105,134,000	-879,017,600	-529,927,200	-361,138,200	-259,876,550	-204,543,800	-169,166,733	-1,233,212,000	-661,828,000	-1,420,362,000	-696,184,000	-383,502,000	-296,960,000	-256,905,000	-51,257,000	-159,484,000	-139,578,000	-41,247,000	-48,978,000	-29,874,000	37,798,000	-35,500,000	53,075,000	-12,931,000	-12,726,000	145,014,000	47,110,000	1,952,000	5,169,000	43,263,000	14,880,000	18,672,000	-5,719,000	15,403,000	4,184,000	12,925,000	11,800,000
Net Cash from Financing Activities Margin	-18.39%	-15.60%	-10.31%	-7.23%	-4.51%	-2.99%	-2.05%	-21.21%	-11.28%	-22.69%	-13.24%	-9.55%	-7.23%	-6.35%	-1.53%	-5.33%	-4.70%	-1.48%	-2.10%	-1.40%	1.99%	-2.40%	4.26%	-0.84%	-0.91%	11.33%	4.44%	0.24%	0.77%	7.64%	2.96%	3.92%	-1.34%	4.02%	1.27%	4.41%	4.76%
Effect of FX on Cash	0	0	0	0	0	0	443,367	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	1,000	0	0	0	13,300,000
Effect of FX on Cash Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.36%
Net Change in Cash	-117,962,667	-58,979,000	7,388,900	12,880,800	9,832,050	7,864,080	6,939,900	-325,123,000	247,487,000	-276,252,000	61,134,000	-2,141,000	213,289,000	62,820,000	117,291,000	-1,301,000	-23,315,000	4,613,000	30,174,000	12,857,000	70,400,000	1,279,000	-19,933,000	17,776,000	3,764,000	1,578,000	244,000	-309,000	-18,208,000	18,498,000	176,000	-196,000	122,000	-15,000	-679,000	367,000	11,800,000
Net Change in Cash Margin	-1.93%	-0.94%	0.47%	0.71%	0.53%	0.44%	0.52%	-5.59%	4.22%	-4.41%	1.16%	-0.05%	5.19%	1.55%	3.49%	-0.04%	-0.78%	0.17%	1.29%	0.60%	3.70%	0.09%	-1.60%	1.16%	0.27%	0.12%	0.02%	-0.04%	-2.73%	3.27%	0.04%	-0.04%	0.03%	0.00%	-0.21%	0.13%	4.76%
Cash at Beginning of Period	360,891,667	377,535,200	226,185,000	153,443,000	116,818,450	94,352,240	78,829,267	433,799,000	186,312,000	462,564,000	401,430,000	403,571,000	190,282,000	127,462,000	10,171,000	11,472,000	34,787,000	30,174,000	0	0	5,450,000	4,171,000	24,104,000	6,328,000	2,564,000	986,000	742,000	1,051,000	19,259,000	761,000	585,000	781,000	659,000	674,000	1,353,000	986,000	2,400,000
Cash at Beginning of Period Margin	6.01%	7.14%	4.54%	3.13%	2.48%	2.12%	1.84%	7.46%	3.18%	7.39%	7.64%	10.05%	4.63%	3.15%	0.30%	0.38%	1.17%	1.08%	0.00%	0.00%	0.29%	0.28%	1.94%	0.41%	0.18%	0.08%	0.07%	0.13%	2.89%	0.13%	0.12%	0.16%	0.15%	0.18%	0.41%	0.34%	0.97%
Cash at End of Period	242,929,000	318,556,200	233,573,900	166,323,800	126,650,500	102,216,320	85,769,167	108,676,000	433,799,000	186,312,000	462,564,000	401,430,000	403,571,000	190,282,000	127,462,000	10,171,000	11,472,000	34,787,000	30,174,000	12,857,000	75,850,000	5,450,000	4,171,000	24,104,000	6,328,000	2,564,000	986,000	742,000	1,051,000	19,259,000	761,000	585,000	781,000	659,000	674,000	1,353,000	14,200,000
Cash at End of Period Margin	4.08%	6.21%	5.01%	3.84%	3.01%	2.57%	2.36%	1.87%	7.39%	2.98%	8.80%	10.00%	9.82%	4.71%	3.80%	0.34%	0.39%	1.25%	1.29%	0.60%	3.98%	0.37%	0.34%	1.57%	0.45%	0.20%	0.09%	0.09%	0.16%	3.40%	0.15%	0.12%	0.18%	0.17%	0.20%	0.46%	5.72%
Operating Cash Flow	1,640,000,000	1,413,126,000	1,060,539,100	806,282,867	642,371,650	525,244,120	442,702,833	1,659,283,000	1,569,135,000	1,691,582,000	1,212,606,000	933,024,000	983,888,000	900,116,000	536,294,000	565,583,000	553,880,000	391,674,000	350,666,000	328,056,000	277,380,000	141,076,000	130,716,000	196,506,000	157,736,000	154,610,000	113,622,000	89,845,000	75,064,000	44,340,000	32,259,000	42,162,000	39,989,000	44,271,000	27,787,000	24,735,000	13,200,000
Operating Cash Flow Margin	27.44%	25.72%	22.83%	19.79%	17.71%	15.98%	14.75%	28.54%	26.75%	27.02%	23.07%	23.24%	23.94%	22.26%	15.97%	18.91%	18.63%	14.05%	15.00%	15.37%	14.57%	9.53%	10.50%	12.78%	11.25%	12.08%	10.70%	10.90%	11.25%	7.83%	6.42%	8.86%	9.38%	11.56%	8.45%	8.44%	5.32%
Capital Expenditure	-767,925,000	-615,786,600	-540,867,500	-453,447,667	-386,131,200	-323,796,600	-275,877,767	-771,318,000	-757,309,000	-775,148,000	-550,077,000	-225,081,000	-479,325,000	-588,292,000	-382,125,000	-417,941,000	-462,059,000	-367,680,000	-295,606,000	-373,193,000	-250,214,000	-106,347,000	-210,888,000	-181,499,000	-186,828,000	-199,098,000	-142,596,000	-93,699,000	-101,903,000	-69,992,000	-43,614,000	-63,083,000	-35,992,000	-45,079,000	-34,223,000	-38,324,000	-27,800,000
Capital Expenditure Margin	-12.85%	-10.93%	-12.17%	-12.36%	-12.82%	-12.70%	-12.41%	-13.26%	-12.91%	-12.38%	-10.47%	-5.61%	-11.66%	-14.55%	-11.38%	-13.97%	-15.54%	-13.19%	-12.65%	-17.48%	-13.14%	-7.18%	-16.94%	-11.80%	-13.33%	-15.56%	-13.43%	-11.37%	-15.27%	-12.36%	-8.68%	-13.26%	-8.44%	-11.77%	-10.41%	-13.08%	-11.21%
Free Cash Flow	872,075,000	797,339,400	519,671,600	352,835,200	256,240,450	201,447,520	166,825,067	887,965,000	811,826,000	916,434,000	662,529,000	707,943,000	504,563,000	311,824,000	154,169,000	147,642,000	91,821,000	23,994,000	55,060,000	-45,137,000	27,166,000	34,729,000	-80,172,000	15,007,000	-29,092,000	-44,488,000	-28,974,000	-3,854,000	-26,839,000	-25,652,000	-11,355,000	-20,921,000	3,997,000	-808,000	-6,436,000	-13,589,000	-14,600,000
Free Cash Flow Margin	14.58%	14.80%	10.66%	7.43%	4.89%	3.28%	2.34%	15.27%	13.84%	14.64%	12.60%	17.63%	12.28%	7.71%	4.59%	4.94%	3.09%	0.86%	2.36%	-2.11%	1.43%	2.34%	-6.44%	0.98%	-2.08%	-3.48%	-2.73%	-0.47%	-4.02%	-4.53%	-2.26%	-4.40%	0.94%	-0.21%	-1.96%	-4.64%	-5.88%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y 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	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	5,980,346,333	5,442,499,200	4,468,737,300	3,688,819,667	3,092,870,000	2,595,739,320	2,219,096,533	5,814,810,000	5,866,152,000	6,260,077,000	5,256,328,000	4,015,129,000	4,109,111,000	4,043,695,000	3,358,112,000	2,991,517,000	2,972,442,000	2,787,897,000	2,337,648,000	2,134,579,000	1,903,800,000	1,480,998,000	1,245,005,000	1,537,724,000	1,401,542,000	1,279,431,000	1,061,403,000	824,051,000	667,531,000	566,459,000	502,239,000	475,803,000	426,385,000	383,078,000	328,844,000	293,006,000	248,100,000
EBITDA	1,998,012,667	1,762,737,600	1,305,385,900	1,002,838,733	799,178,350	649,396,800	536,313,967	1,902,387,000	1,972,689,000	2,118,962,000	1,651,501,000	1,168,149,000	1,078,007,000	1,046,059,000	783,749,000	671,786,000	660,570,000	585,590,000	465,378,000	395,382,000	324,971,000	217,401,000	164,990,000	213,757,000	210,124,000	199,420,000	152,695,000	114,683,000	89,618,000	67,082,000	54,613,000	-74,643,000	-52,092,000	-6,636,000	-58,884,000	-71,989,000	44,100,000
EBITDA Margin	33.40%	32.14%	28.08%	24.80%	22.21%	19.14%	14.66%	32.72%	33.63%	33.85%	31.42%	29.09%	26.23%	25.87%	23.34%	22.46%	22.22%	21.00%	19.91%	18.52%	17.07%	14.68%	13.25%	13.90%	14.99%	15.59%	14.39%	13.92%	13.43%	11.84%	10.87%	-15.69%	-12.22%	-1.73%	-17.91%	-24.57%	17.78%
(-) Tax Adjustment	492,239,111	438,843,473	339,419,020	276,362,956	225,636,687	184,461,731	151,871,249	453,764,631	488,778,589	534,174,114	421,132,916	296,367,117	272,699,011	269,168,304	152,519,043	255,755,442	249,831,039	223,397,046	173,547,938	150,055,155	119,032,788	85,221,206	64,345,090	83,458,689	79,776,168	78,158,510	61,550,948	45,447,402	35,012,688	26,161,204	21,300,105	-29,111,867	-20,111,061	-2,521,569	-22,377,447	-27,357,273	16,961,538
(-) Tax Adjustment Margin	8.22%	8.01%	7.49%	7.29%	6.88%	6.04%	4.54%	7.80%	8.33%	8.53%	8.01%	7.38%	6.64%	6.66%	4.54%	8.55%	8.40%	8.01%	7.42%	7.03%	6.25%	5.75%	5.17%	5.43%	5.69%	6.11%	5.80%	5.52%	5.25%	4.62%	4.24%	-6.12%	-4.72%	-0.66%	-6.80%	-9.34%	6.84%
(-) Change In Working Capital	-18,067,333	-34,487,400	-13,899,600	-11,568,667	-6,769,600	-6,022,000	-5,158,133	84,158,000	-55,347,000	-83,013,000	-127,278,000	9,043,000	43,335,000	14,035,000	-34,694,000	-61,000	10,826,000	-18,902,000	10,618,000	-5,410,000	2,479,000	-23,319,000	-9,890,000	37,505,000	-751,000	6,949,000	4,325,000	-1,743,000	4,418,000	-11,084,000	-6,511,000	-238,000	-1,142,000	8,646,000	-3,652,000	-946,000	-7,100,000
(-) Change In Working Capital Margin	-0.27%	-0.60%	-0.23%	-0.28%	-0.08%	-0.18%	-0.23%	1.45%	-0.94%	-1.33%	-2.42%	0.23%	1.05%	0.35%	-1.03%	0.00%	0.36%	-0.68%	0.45%	-0.25%	0.13%	-1.57%	-0.79%	2.44%	-0.05%	0.54%	0.41%	-0.21%	0.66%	-1.96%	-1.30%	-0.05%	-0.27%	2.26%	-1.11%	-0.32%	-2.86%
(-) Capital Expenditure	-767,925,000	-615,786,600	-540,867,500	-453,447,667	-386,131,200	-323,796,600	-275,877,767	-771,318,000	-757,309,000	-775,148,000	-550,077,000	-225,081,000	-479,325,000	-588,292,000	-382,125,000	-417,941,000	-462,059,000	-367,680,000	-295,606,000	-373,193,000	-250,214,000	-106,347,000	-210,888,000	-181,499,000	-186,828,000	-199,098,000	-142,596,000	-93,699,000	-101,903,000	-69,992,000	-43,614,000	-63,083,000	-35,992,000	-45,079,000	-34,223,000	-38,324,000	-27,800,000
(-) Capital Expenditure Margin	-12.85%	-10.93%	-12.17%	-12.36%	-12.82%	-12.70%	-12.41%	-13.26%	-12.91%	-12.38%	-10.47%	-5.61%	-11.66%	-14.55%	-11.38%	-13.97%	-15.54%	-13.19%	-12.65%	-17.48%	-13.14%	-7.18%	-16.94%	-11.80%	-13.33%	-15.56%	-13.43%	-11.37%	-15.27%	-12.36%	-8.68%	-13.26%	-8.44%	-11.77%	-10.41%	-13.08%	-11.21%
Unlevered Free Cash Flow	755,915,889	742,594,927	438,998,980	284,596,777	194,180,063	147,160,469	113,723,084	593,146,369	781,948,411	892,652,886	807,569,084	637,657,883	282,647,989	174,563,696	283,798,957	-1,849,442	-62,146,039	13,414,954	-14,393,938	-122,456,155	-46,754,788	49,151,794	-100,353,090	-88,705,689	-55,729,168	-84,785,510	-55,776,948	-22,720,402	-51,715,688	-17,987,204	-3,790,105	-108,376,133	-66,830,939	-57,839,431	-67,077,553	-82,009,727	6,438,462
Unlevered Free Cash Flow Margin	12.60%	13.81%	8.65%	5.43%	2.59%	0.58%	-2.06%	10.20%	13.33%	14.26%	15.36%	15.88%	6.88%	4.32%	8.45%	-0.06%	-2.09%	0.48%	-0.62%	-5.74%	-2.46%	3.32%	-8.06%	-5.77%	-3.98%	-6.63%	-5.26%	-2.76%	-7.75%	-3.18%	-0.75%	-22.78%	-15.67%	-15.10%	-20.40%	-27.99%	2.60%
(-) Net Interest Income After Taxes	8,184,854	4,628,609	2,318,994	-682,793	-2,212,196	-2,046,032	-1,705,027	12,792,038	9,278,723	2,483,801	-701,045	-710,471	4,770,560	2,171,606	-1,138,833	-2,646,847	-3,109,596	-4,021,549	-5,940,346	-7,090,852	-8,800,367	-7,578,719	-7,928,860	-7,931,631	-8,039,576	-6,205,971	-3,895,984	-3,183,378	-3,723,505	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	0.14%	0.08%	0.03%	-0.09%	-0.20%	-0.20%	-0.16%	0.22%	0.16%	0.04%	-0.01%	-0.02%	0.12%	0.05%	-0.03%	-0.09%	-0.10%	-0.14%	-0.25%	-0.33%	-0.46%	-0.51%	-0.64%	-0.52%	-0.57%	-0.49%	-0.37%	-0.39%	-0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-13,333,333	2,984,600	-9,934,300	-17,333,867	-1,972,550	-531,680	1,836,267	-20,000,000	-20,000,000	0	0	54,923,000	0	-50,000,000	-9,975,000	-28,830,000	-25,461,000	-35,715,000	-48,978,000	-29,872,000	-10,602,000	-35,498,000	53,075,000	-12,931,000	-12,726,000	145,626,000	47,513,000	-17,972,000	4,203,000	7,061,000	41,870,000	-9,003,000	-5,719,000	15,387,000	9,000,000	38,112,000	11,600,000
Net Debt Issuance Margin	-0.23%	0.14%	-0.27%	-0.69%	0.40%	0.56%	1.24%	-0.34%	-0.34%	0.00%	0.00%	1.37%	0.00%	-1.24%	-0.30%	-0.96%	-0.86%	-1.28%	-2.10%	-1.40%	-0.56%	-2.40%	4.26%	-0.84%	-0.91%	11.38%	4.48%	-2.18%	0.63%	1.25%	8.34%	-1.89%	-1.34%	4.02%	2.74%	13.01%	4.68%
Levered Free Cash Flow	734,397,701	740,950,917	426,745,686	267,945,704	194,419,709	148,674,821	117,264,378	560,354,331	752,669,688	890,169,085	808,270,129	693,291,355	277,877,430	122,392,090	274,962,790	-28,032,595	-84,497,444	-18,278,498	-57,431,592	-145,237,303	-48,556,422	21,232,513	-39,349,230	-93,705,058	-60,415,592	67,046,461	-4,367,965	-37,509,025	-43,789,184	-10,926,204	38,079,895	-117,379,133	-72,549,939	-42,452,431	-58,077,553	-43,897,727	18,038,462
Levered Free Cash Flow Margin	12.23%	13.87%	8.35%	4.83%	3.19%	1.35%	-0.66%	9.64%	12.83%	14.22%	15.38%	17.27%	6.76%	3.03%	8.19%	-0.94%	-2.84%	-0.66%	-2.46%	-6.80%	-2.55%	1.43%	-3.16%	-6.09%	-4.31%	5.24%	-0.41%	-4.55%	-6.56%	-1.93%	7.58%	-24.67%	-17.02%	-11.08%	-17.66%	-14.98%	7.27%