Badger Meter, Inc. (BMI)

Analysis: Margins & Ratios Industry: Hardware, Equipment & Parts Sector: Technology Live Price: $171.68

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	698,572,667	605,292,000	505,871,600	441,121,000	391,396,400	346,766,800	310,642,333	901,139,000	803,816,000	826,558,000	703,592,000	565,568,000	505,198,000	425,544,000	424,625,000	433,732,000	402,440,000	393,761,000	377,698,000	364,768,000	334,122,000	319,660,000	262,915,000	276,634,000	250,337,000	279,552,000	234,816,000	229,754,000	216,654,000	205,010,000	183,989,000	167,317,000	138,537,000	146,389,000	150,900,000	143,800,000	130,800,000	116,000,000	108,600,000
Cost of Revenue	423,375,333	365,427,000	309,141,600	272,432,933	243,512,350	216,956,400	193,473,667	529,296,000	485,927,000	497,374,000	427,154,000	345,598,000	299,714,000	257,295,000	261,097,000	271,383,000	246,694,000	243,185,000	241,922,000	233,626,000	217,133,000	197,414,000	173,095,000	173,810,000	153,323,000	181,094,000	153,418,000	153,126,000	142,792,000	137,532,000	123,470,000	111,317,000	94,042,000	87,302,000	86,000,000	81,800,000	78,000,000	69,400,000	65,100,000
Cost of Revenue Margin	60.66%	60.36%	61.29%	62.16%	62.82%	63.38%	62.59%	58.74%	60.45%	60.17%	60.71%	61.11%	59.33%	60.46%	61.49%	62.57%	61.30%	61.76%	64.05%	64.05%	64.99%	61.76%	65.84%	62.83%	61.25%	64.78%	65.34%	66.65%	65.91%	67.09%	67.11%	66.53%	67.88%	59.64%	56.99%	56.88%	59.63%	59.83%	59.94%
Gross Profit	275,197,333	239,865,000	196,730,000	168,688,067	147,884,050	129,810,400	117,168,667	371,843,000	317,889,000	329,184,000	276,438,000	219,970,000	205,484,000	168,249,000	163,528,000	162,349,000	155,746,000	150,576,000	135,776,000	131,142,000	116,989,000	122,246,000	89,820,000	102,824,000	97,014,000	98,458,000	81,398,000	76,628,000	73,862,000	67,478,000	60,519,000	56,000,000	44,495,000	59,087,000	64,900,000	62,000,000	52,800,000	46,600,000	43,500,000
Gross Profit Margin	39.34%	39.64%	38.71%	37.84%	37.18%	36.62%	37.41%	41.26%	39.55%	39.83%	39.29%	38.89%	40.67%	39.54%	38.51%	37.43%	38.70%	38.24%	35.95%	35.95%	35.01%	38.24%	34.16%	37.17%	38.75%	35.22%	34.66%	33.35%	34.09%	32.91%	32.89%	33.47%	32.12%	40.36%	43.01%	43.12%	40.37%	40.17%	40.06%
R&D Expenses	18,000,000	16,060,000	13,514,500	10,980,800	8,235,600	6,588,480	6,170,400	0	19,000,000	19,200,000	19,000,000	15,800,000	14,700,000	11,600,000	11,900,000	11,100,000	10,600,000	10,600,000	10,645,000	9,496,000	10,504,000	9,567,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7,500,000	6,400,000	6,500,000
R&D Expenses Margin	2.61%	2.69%	2.70%	2.38%	1.78%	1.43%	1.76%	0.00%	2.36%	2.32%	2.70%	2.79%	2.91%	2.73%	2.80%	2.56%	2.63%	2.69%	2.82%	2.60%	3.14%	2.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.73%	5.52%	5.99%
SG&A Expenses	147,814,000	134,712,200	119,391,100	103,663,467	90,790,850	81,309,880	73,391,567	185,313,000	167,097,000	171,248,000	139,389,000	132,805,000	126,881,000	103,238,000	101,668,000	125,340,000	100,124,000	99,811,000	93,407,000	85,095,000	77,882,000	77,777,000	62,286,000	58,001,000	54,771,000	57,556,000	50,782,000	47,840,000	49,916,000	47,281,000	46,419,000	42,805,000	38,430,000	41,995,000	42,500,000	43,300,000	30,300,000	27,300,000	25,600,000
SG&A Expenses Margin	21.34%	22.68%	24.12%	23.79%	23.24%	23.80%	24.12%	20.56%	20.79%	20.72%	19.81%	23.48%	25.12%	24.26%	23.94%	28.90%	24.88%	25.35%	24.73%	23.33%	23.31%	24.33%	23.69%	20.97%	21.88%	20.59%	21.63%	20.82%	23.04%	23.06%	25.23%	25.58%	27.74%	28.69%	28.16%	30.11%	23.17%	23.53%	23.57%
Operating Expenses	154,147,333	138,512,200	121,291,100	104,930,133	91,740,850	82,312,800	75,670,667	192,248,000	167,097,000	171,248,000	158,389,000	132,805,000	126,881,000	103,238,000	101,668,000	125,340,000	100,124,000	99,811,000	93,407,000	85,095,000	77,882,000	77,777,000	62,286,000	58,001,000	54,771,000	57,556,000	50,782,000	47,840,000	49,916,000	47,281,000	46,419,000	42,805,000	38,430,000	48,068,000	48,200,000	48,000,000	41,800,000	37,800,000	36,500,000
Operating Expenses Margin	22.24%	23.22%	24.39%	23.97%	23.37%	24.08%	25.51%	21.33%	20.79%	20.72%	22.51%	23.48%	25.12%	24.26%	23.94%	28.90%	24.88%	25.35%	24.73%	23.33%	23.31%	24.33%	23.69%	20.97%	21.88%	20.59%	21.63%	20.82%	23.04%	23.06%	25.23%	25.58%	27.74%	32.84%	31.94%	33.38%	31.96%	32.59%	33.61%
Operating Income (EBIT)	121,093,333	101,431,800	77,493,200	65,127,467	57,170,350	48,319,320	42,182,767	179,595,000	150,792,000	157,936,000	118,049,000	87,295,000	78,723,000	65,156,000	62,148,000	56,869,000	55,622,000	50,765,000	42,369,000	46,047,000	39,107,000	44,469,000	27,534,000	44,823,000	42,243,000	40,902,000	30,616,000	28,788,000	23,946,000	20,197,000	14,100,000	13,195,000	6,065,000	11,019,000	16,700,000	14,000,000	11,000,000	8,800,000	7,000,000
Operating Income (EBIT) Margin	17.11%	16.44%	14.79%	14.19%	14.05%	12.73%	12.05%	19.93%	18.76%	19.11%	16.78%	15.43%	15.58%	15.31%	14.64%	13.11%	13.82%	12.89%	11.22%	12.62%	11.70%	13.91%	10.47%	16.20%	16.87%	14.63%	13.04%	12.53%	11.05%	9.85%	7.66%	7.89%	4.38%	7.53%	11.07%	9.74%	8.41%	7.59%	6.45%
Interest Income	4,404,000	2,646,400	1,323,200	933,467	834,800	667,840	556,533	6,483,000	7,087,000	8,613,000	4,047,000	552,000	20,000	0	0	0	0	0	0	0	0	0	0	770,000	0	2,694,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.57%	0.34%	0.17%	0.13%	0.15%	0.12%	0.10%	0.72%	0.88%	1.04%	0.58%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.28%	0.00%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	0	6,000	436,700	544,533	690,150	616,400	513,667	0	0	0	0	0	0	30,000	253,000	1,157,000	789,000	921,000	1,217,000	1,135,000	1,098,000	998,000	185,000	385,000	90,000	1,347,000	1,291,000	1,299,000	1,608,000	1,607,000	0	0	0	0	0	0	0	0	0
Interest Expense Margin	0.00%	0.00%	0.11%	0.15%	0.23%	0.22%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.06%	0.27%	0.20%	0.23%	0.32%	0.31%	0.33%	0.31%	0.07%	0.14%	0.04%	0.48%	0.55%	0.57%	0.74%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	4,404,000	2,640,400	886,500	388,933	144,650	51,440	42,867	6,483,000	7,087,000	8,613,000	4,047,000	552,000	20,000	-30,000	-253,000	-1,157,000	-789,000	-921,000	-1,217,000	-1,135,000	-1,098,000	-998,000	-185,000	385,000	-90,000	1,347,000	-1,291,000	-1,299,000	-1,608,000	-1,607,000	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	0.57%	0.34%	0.06%	-0.02%	-0.08%	-0.10%	-0.08%	0.72%	0.88%	1.04%	0.58%	0.10%	0.00%	-0.01%	-0.06%	-0.27%	-0.20%	-0.23%	-0.32%	-0.31%	-0.33%	-0.31%	-0.07%	0.14%	-0.04%	0.48%	-0.55%	-0.57%	-0.74%	-0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-8,705,000	-5,166,000	299,200	654,933	888,000	1,017,520	991,267	-13,038,000	-14,104,000	-17,177,000	-7,964,000	-974,000	80,000	205,000	794,000	22,174,000	1,578,000	1,842,000	2,434,000	2,270,000	2,196,000	1,996,000	370,000	0	0	0	2,582,000	2,598,000	2,756,000	3,824,000	749,000	1,758,000	1,055,000	292,000	1,000,000	700,000	800,000	700,000	1,100,000
Unusual Items Margin	-1.13%	-0.66%	0.35%	0.37%	0.45%	0.53%	0.56%	-1.45%	-1.75%	-2.08%	-1.13%	-0.17%	0.02%	0.05%	0.19%	5.11%	0.39%	0.47%	0.64%	0.62%	0.66%	0.62%	0.14%	0.00%	0.00%	0.00%	1.10%	1.13%	1.27%	1.87%	0.41%	1.05%	0.76%	0.20%	0.66%	0.49%	0.61%	0.60%	1.01%
EBT Excluding Unusual Items	134,099,333	109,123,400	76,008,300	63,428,667	55,249,700	46,232,840	40,157,367	199,188,000	171,913,000	183,677,000	129,930,000	88,691,000	78,543,000	64,776,000	60,813,000	13,678,000	53,255,000	48,002,000	38,718,000	42,642,000	35,813,000	41,475,000	26,979,000	44,438,000	42,333,000	39,555,000	26,743,000	24,891,000	20,042,000	14,156,000	12,602,000	9,679,000	3,955,000	10,435,000	14,700,000	12,600,000	9,400,000	7,400,000	4,800,000
EBT Excluding Unusual Items Margin	18.79%	17.43%	14.03%	13.47%	13.23%	11.76%	11.02%	22.10%	21.39%	22.22%	18.47%	15.68%	15.55%	15.22%	14.32%	3.15%	13.23%	12.19%	10.25%	11.69%	10.72%	12.97%	10.26%	16.06%	16.91%	14.15%	11.39%	10.83%	9.25%	6.91%	6.85%	5.78%	2.85%	7.13%	9.74%	8.76%	7.19%	6.38%	4.42%
Pre-Tax Income	125,394,333	103,957,400	76,307,500	64,083,600	56,137,700	47,250,360	41,148,633	186,150,000	157,809,000	166,500,000	121,966,000	87,717,000	78,623,000	64,981,000	61,607,000	35,852,000	54,833,000	49,844,000	41,152,000	44,912,000	38,009,000	43,471,000	27,349,000	44,438,000	42,333,000	39,555,000	29,325,000	27,489,000	22,798,000	17,980,000	13,351,000	11,437,000	5,010,000	10,727,000	15,700,000	13,300,000	10,200,000	8,100,000	5,900,000
Pre-Tax Income Margin	17.66%	16.76%	14.38%	13.84%	13.68%	12.29%	11.57%	20.66%	19.63%	20.14%	17.33%	15.51%	15.56%	15.27%	14.51%	8.27%	13.63%	12.66%	10.90%	12.31%	11.38%	13.60%	10.40%	16.06%	16.91%	14.15%	12.49%	11.96%	10.52%	8.77%	7.26%	6.84%	3.62%	7.33%	10.40%	9.25%	7.80%	6.98%	5.43%
Income Tax Expense	30,715,667	25,104,800	20,104,100	17,938,000	16,524,950	14,168,720	12,473,933	47,374,000	38,863,000	41,558,000	29,368,000	21,221,000	17,739,000	15,638,000	14,430,000	8,062,000	20,262,000	17,549,000	15,214,000	15,234,000	13,392,000	15,439,000	8,188,000	15,776,000	15,553,000	14,471,000	10,939,000	10,921,000	9,545,000	8,347,000	5,774,000	4,166,000	1,646,000	3,786,000	6,000,000	5,100,000	3,700,000	3,000,000	2,200,000
Income Tax Expense Margin	4.32%	4.03%	3.89%	4.05%	4.30%	3.98%	3.81%	5.26%	4.83%	5.03%	4.17%	3.75%	3.51%	3.67%	3.40%	1.86%	5.03%	4.46%	4.03%	4.18%	4.01%	4.83%	3.11%	5.70%	6.21%	5.18%	4.66%	4.75%	4.41%	4.07%	3.14%	2.49%	1.19%	2.59%	3.98%	3.55%	2.83%	2.59%	2.03%
Net Income	94,678,667	78,852,600	56,203,400	46,145,600	39,434,800	32,939,280	28,556,067	138,776,000	118,946,000	124,942,000	92,598,000	66,496,000	60,884,000	49,343,000	47,177,000	27,790,000	34,571,000	32,295,000	25,938,000	29,678,000	24,617,000	28,032,000	19,161,000	28,662,000	34,170,000	25,084,000	16,457,000	7,548,000	13,253,000	9,633,000	7,577,000	7,271,000	3,364,000	6,941,000	9,700,000	8,200,000	6,500,000	5,100,000	3,700,000
Net Income Margin	13.34%	12.74%	10.49%	9.79%	9.29%	8.25%	7.70%	15.40%	14.80%	15.12%	13.16%	11.76%	12.05%	11.60%	11.11%	6.41%	8.59%	8.20%	6.87%	8.14%	7.37%	8.77%	7.29%	10.36%	13.65%	8.97%	7.01%	3.29%	6.12%	4.70%	4.12%	4.35%	2.43%	4.74%	6.43%	5.70%	4.97%	4.40%	3.41%
Depreciation and Amortization	28,845,333	27,922,800	25,551,400	20,978,400	17,485,900	15,425,960	13,618,300	25,784,000	31,307,000	32,185,000	28,110,000	26,241,000	27,862,000	25,216,000	24,146,000	24,315,000	24,398,000	22,442,000	20,599,000	15,664,000	13,494,000	12,054,000	9,491,000	8,459,000	8,158,000	7,051,000	6,467,000	7,007,000	6,359,000	7,245,000	7,832,000	7,980,000	6,801,000	6,073,000	5,700,000	4,700,000	4,000,000	4,100,000	4,400,000
Depreciation and Amortization Margin	4.18%	4.79%	5.25%	4.75%	4.29%	4.30%	4.17%	2.86%	3.89%	3.89%	4.00%	4.64%	5.52%	5.93%	5.69%	5.61%	6.06%	5.70%	5.45%	4.29%	4.04%	3.77%	3.61%	3.06%	3.26%	2.52%	2.75%	3.05%	2.94%	3.53%	4.26%	4.77%	4.91%	4.15%	3.78%	3.27%	3.06%	3.53%	4.05%
EBITDA	149,852,000	129,249,600	100,977,300	84,727,667	73,375,200	62,742,000	54,945,000	207,660,000	182,029,000	190,121,000	146,029,000	113,406,000	106,465,000	90,227,000	86,006,000	61,324,000	80,020,000	73,207,000	62,968,000	61,711,000	52,601,000	56,523,000	37,025,000	53,282,000	42,243,000	47,953,000	37,083,000	35,795,000	33,515,000	28,052,000	21,861,000	21,175,000	12,866,000	17,092,000	22,400,000	18,700,000	14,700,000	12,600,000	11,400,000
EBITDA Margin	21.27%	21.22%	19.56%	18.62%	18.01%	16.77%	15.99%	23.04%	22.65%	23.00%	20.75%	20.05%	21.07%	21.20%	20.25%	14.14%	19.88%	18.59%	16.67%	16.92%	15.74%	17.68%	14.08%	19.26%	16.87%	17.15%	15.79%	15.58%	15.47%	13.68%	11.88%	12.66%	9.29%	11.68%	14.84%	13.00%	11.24%	10.86%	10.50%
NOPAT	91,438,605	76,950,628	57,109,061	46,914,883	40,342,561	33,810,602	29,371,828	133,889,206	113,657,049	118,515,554	89,624,168	66,176,093	60,961,438	49,475,885	47,591,283	44,080,930	35,068,447	32,891,736	26,705,072	30,428,012	25,328,133	28,675,554	19,290,613	28,910,321	26,723,066	25,938,207	19,195,423	17,350,925	13,920,359	10,820,784	8,002,075	8,388,637	4,072,387	7,129,941	10,317,834	8,631,579	7,009,804	5,540,741	4,389,831
NOPAT Margin	12.93%	12.49%	10.80%	10.04%	9.64%	8.61%	8.07%	14.86%	14.14%	14.34%	12.74%	11.70%	12.07%	11.63%	11.21%	10.16%	8.71%	8.35%	7.07%	8.34%	7.58%	8.97%	7.34%	10.45%	10.67%	9.28%	8.17%	7.55%	6.43%	5.28%	4.35%	5.01%	2.94%	4.87%	6.84%	6.00%	5.36%	4.78%	4.04%
Owner's Earnings	113,286,667	97,472,000	70,946,100	56,088,400	44,506,200	37,235,680	31,363,067	146,608,000	140,050,000	144,309,000	108,705,000	86,846,000	82,000,000	65,500,000	63,827,000	43,462,000	43,900,000	44,141,000	26,771,000	33,010,000	23,800,000	31,884,000	23,316,000	19,855,000	34,578,000	-6,752,000	6,953,000	3,495,000	10,524,000	11,306,000	8,356,000	9,337,000	5,158,000	6,611,000	5,400,000	-5,000,000	2,200,000	3,800,000	3,600,000
Owner's Earnings Margin	16.09%	15.98%	13.41%	11.76%	9.85%	8.84%	7.64%	16.27%	17.42%	17.46%	15.45%	15.36%	16.23%	15.39%	15.03%	10.02%	10.91%	11.21%	7.09%	9.05%	7.12%	9.97%	8.87%	7.18%	13.81%	-2.42%	2.96%	1.52%	4.86%	5.51%	4.54%	5.58%	3.72%	4.52%	3.58%	-3.48%	1.68%	3.28%	3.31%

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	698,572,667	605,292,000	505,871,600	441,121,000	391,396,400	346,766,800	310,642,333	826,558,000	703,592,000	565,568,000	505,198,000	425,544,000	424,625,000	433,732,000	402,440,000	393,761,000	377,698,000	364,768,000	334,122,000	319,660,000	262,915,000	276,634,000	250,337,000	279,552,000	234,816,000	229,754,000	216,654,000	205,010,000	183,989,000	167,317,000	138,537,000	146,389,000	150,900,000	143,800,000	130,800,000	116,000,000	108,600,000
Cash & Cash Equivalents	208,379,667	156,917,200	87,320,800	60,116,333	46,868,300	38,148,600	32,110,500	295,305,000	191,782,000	138,052,000	87,174,000	72,273,000	48,871,000	13,086,000	11,164,000	7,338,000	8,163,000	6,656,000	7,263,000	6,554,000	4,975,000	3,089,000	13,329,000	6,217,000	8,670,000	3,002,000	4,403,000	2,834,000	2,089,000	3,779,000	3,410,000	4,237,000	3,800,000	2,400,000	1,100,000	1,100,000	1,200,000
Cash & Cash Equivalents Margin	29.13%	24.33%	14.30%	10.13%	8.33%	7.07%	6.13%	35.73%	27.26%	24.41%	17.26%	16.98%	11.51%	3.02%	2.77%	1.86%	2.16%	1.82%	2.17%	2.05%	1.89%	1.12%	5.32%	2.22%	3.69%	1.31%	2.03%	1.38%	1.14%	2.26%	2.46%	2.89%	2.52%	1.67%	0.84%	0.95%	1.10%
Short-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
Short-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%
Cash & Short-Term Investments	208,379,667	156,917,200	87,320,800	60,116,333	46,868,300	38,148,600	32,110,500	295,305,000	191,782,000	138,052,000	87,174,000	72,273,000	48,871,000	13,086,000	11,164,000	7,338,000	8,163,000	6,656,000	7,263,000	6,554,000	4,975,000	3,089,000	13,329,000	6,217,000	8,670,000	3,002,000	4,403,000	2,834,000	2,089,000	3,779,000	3,410,000	4,237,000	3,800,000	2,400,000	1,100,000	1,100,000	1,200,000
Cash & Short-Term Investments Margin	29.13%	24.33%	14.30%	10.13%	8.33%	7.07%	6.13%	35.73%	27.26%	24.41%	17.26%	16.98%	11.51%	3.02%	2.77%	1.86%	2.16%	1.82%	2.17%	2.05%	1.89%	1.12%	5.32%	2.22%	3.69%	1.31%	2.03%	1.38%	1.14%	2.26%	2.46%	2.89%	2.52%	1.67%	0.84%	0.95%	1.10%
Net Receivables	81,494,333	74,407,600	67,437,400	60,377,000	53,210,250	47,089,320	42,324,433	84,325,000	83,507,000	76,651,000	65,866,000	61,689,000	61,365,000	66,300,000	58,210,000	59,818,000	56,643,000	53,967,000	50,133,000	45,584,000	41,168,000	40,429,000	35,809,000	35,767,000	30,638,000	29,276,000	27,060,000	26,879,000	26,304,000	22,139,000	18,700,000	19,006,000	24,300,000	19,800,000	19,200,000	15,500,000	13,700,000
Net Receivables Margin	11.87%	12.63%	13.75%	14.13%	13.86%	13.78%	13.83%	10.20%	11.87%	13.55%	13.04%	14.50%	14.45%	15.29%	14.46%	15.19%	15.00%	14.79%	15.00%	14.26%	15.66%	14.61%	14.30%	12.79%	13.05%	12.74%	12.49%	13.11%	14.30%	13.23%	13.50%	12.98%	16.10%	13.77%	14.68%	13.36%	12.62%
Inventory	138,979,333	119,627,000	99,975,600	86,081,200	73,118,550	63,786,480	56,365,400	143,408,000	153,674,000	119,856,000	99,611,000	81,586,000	81,948,000	80,804,000	85,172,000	77,701,000	75,996,000	71,774,000	60,939,000	60,997,000	49,436,000	48,316,000	32,484,000	39,315,000	34,094,000	33,290,000	31,970,000	35,646,000	29,654,000	25,182,000	21,487,000	20,322,000	19,000,000	22,400,000	21,600,000	17,500,000	15,800,000
Inventory Margin	20.13%	19.85%	19.82%	19.43%	18.11%	17.61%	17.15%	17.35%	21.84%	21.19%	19.72%	19.17%	19.30%	18.63%	21.16%	19.73%	20.12%	19.68%	18.24%	19.08%	18.80%	17.47%	12.98%	14.06%	14.52%	14.49%	14.76%	17.39%	16.12%	15.05%	15.51%	13.88%	12.59%	15.58%	16.51%	15.09%	14.55%
Other Current Assets	14,521,667	12,082,800	10,757,800	10,066,933	9,827,750	8,644,640	7,343,867	17,078,000	13,214,000	13,273,000	8,709,000	8,140,000	7,910,000	8,938,000	8,154,000	12,310,000	9,852,000	12,046,000	12,022,000	8,239,000	5,616,000	5,503,000	5,058,000	5,230,000	6,532,000	13,791,000	14,940,000	6,023,000	4,951,000	4,280,000	3,355,000	952,000	900,000	1,100,000	600,000	900,000	700,000
Other Current Assets Margin	2.10%	1.99%	2.16%	2.35%	2.74%	2.64%	2.31%	2.07%	1.88%	2.35%	1.72%	1.91%	1.86%	2.06%	2.03%	3.13%	2.61%	3.30%	3.60%	2.58%	2.14%	1.99%	2.02%	1.87%	2.78%	6.00%	6.90%	2.94%	2.69%	2.56%	2.42%	0.65%	0.60%	0.76%	0.46%	0.78%	0.64%
Total Current Assets	443,375,000	363,034,600	263,628,900	214,964,200	181,476,450	156,326,800	137,025,667	540,116,000	442,177,000	347,832,000	261,360,000	223,688,000	200,094,000	164,659,000	158,623,000	151,012,000	146,728,000	141,105,000	127,163,000	121,374,000	101,195,000	97,337,000	86,680,000	86,529,000	79,934,000	79,359,000	72,564,000	71,382,000	62,998,000	55,380,000	44,364,000	44,517,000	48,000,000	45,700,000	42,500,000	35,000,000	31,400,000
Total Current Assets Margin	63.23%	58.80%	49.57%	45.61%	42.59%	40.65%	39.05%	65.35%	62.85%	61.50%	51.73%	52.57%	47.12%	37.96%	39.42%	38.35%	38.85%	38.68%	38.06%	37.97%	38.49%	35.19%	34.63%	30.95%	34.04%	34.54%	33.49%	34.82%	34.24%	33.10%	32.02%	30.41%	31.81%	31.78%	32.49%	30.17%	28.91%
Property, Plant & Equipment	73,893,333	76,487,000	83,323,200	79,608,533	72,922,300	66,819,440	60,359,533	74,260,000	73,878,000	73,542,000	78,050,000	82,705,000	85,761,000	90,321,000	93,601,000	90,194,000	90,920,000	81,806,000	76,416,000	70,484,000	66,102,000	66,088,000	62,871,000	61,823,000	54,578,000	44,709,000	40,337,000	42,016,000	42,838,000	43,468,000	41,124,000	42,594,000	42,100,000	37,400,000	24,000,000	19,400,000	17,400,000
Property, Plant & Equipment Margin	10.83%	13.47%	17.86%	19.67%	20.18%	21.28%	21.24%	8.98%	10.50%	13.00%	15.45%	19.44%	20.20%	20.82%	23.26%	22.91%	24.07%	22.43%	22.87%	22.05%	25.14%	23.89%	25.11%	22.12%	23.24%	19.46%	18.62%	20.49%	23.28%	25.98%	29.68%	29.10%	27.90%	26.01%	18.35%	16.72%	16.02%
Goodwill	108,731,333	103,843,000	82,644,700	64,888,067	50,386,650	40,309,320	33,591,100	111,770,000	113,163,000	101,261,000	104,313,000	88,708,000	71,258,000	71,258,000	67,424,000	49,314,000	47,978,000	47,722,000	44,695,000	35,930,000	9,365,000	9,162,000	6,958,000	6,958,000	6,958,000	6,958,000	6,580,000	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	15.84%	17.80%	16.42%	13.92%	11.15%	8.92%	7.44%	13.52%	16.08%	17.90%	20.65%	20.85%	16.78%	16.43%	16.75%	12.52%	12.70%	13.08%	13.38%	11.24%	3.56%	3.31%	2.78%	2.49%	2.96%	3.03%	3.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	53,303,333	57,856,800	57,831,100	55,413,400	44,080,300	36,278,960	30,412,467	48,866,000	57,437,000	53,607,000	69,776,000	59,598,000	53,863,000	60,618,000	65,326,000	51,872,000	57,348,000	66,572,000	60,117,000	58,351,000	33,680,000	34,170,000	23,603,000	25,030,000	477,000	636,000	659,000	8,264,000	8,425,000	6,809,000	773,000	1,097,000	1,100,000	1,500,000	700,000	900,000	1,200,000
Intangible Assets Margin	7.85%	10.27%	12.26%	13.49%	11.07%	9.42%	7.99%	5.91%	8.16%	9.48%	13.81%	14.01%	12.68%	13.98%	16.23%	13.17%	15.18%	18.25%	17.99%	18.25%	12.81%	12.35%	9.43%	8.95%	0.20%	0.28%	0.30%	4.03%	4.58%	4.07%	0.56%	0.75%	0.73%	1.04%	0.54%	0.78%	1.10%
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	22,665,667	16,123,200	8,849,800	6,164,333	5,688,700	4,608,760	3,840,633	32,525,000	22,715,000	12,757,000	7,529,000	5,090,000	742,000	2,163,000	2,856,000	700,000	1,421,000	0	0	0	2,309,000	1,658,000	5,059,000	9,305,000	3,435,000	3,510,000	0	0	0	0	49,000	1,396,000	0	0	0	0	0
Tax Assets Margin	3.14%	2.42%	1.40%	1.03%	1.19%	0.99%	0.83%	3.93%	3.23%	2.26%	1.49%	1.20%	0.17%	0.50%	0.71%	0.18%	0.38%	0.00%	0.00%	0.00%	0.88%	0.60%	2.02%	3.33%	1.46%	1.53%	0.00%	0.00%	0.00%	0.00%	0.04%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	10,157,667	10,338,200	8,452,700	7,611,267	8,029,200	9,754,480	10,148,733	8,876,000	7,549,000	14,048,000	9,790,000	11,428,000	10,175,000	3,672,000	3,897,000	6,607,000	8,485,000	3,953,000	7,667,000	4,314,000	6,259,000	7,449,000	5,845,000	5,713,000	4,919,000	4,211,000	25,727,000	21,299,000	19,590,000	20,806,000	12,477,000	9,106,000	11,900,000	12,300,000	15,100,000	10,800,000	10,500,000
Other Non-Current Assets Margin	1.54%	1.85%	1.74%	1.81%	2.37%	3.84%	4.77%	1.07%	1.07%	2.48%	1.94%	2.69%	2.40%	0.85%	0.97%	1.68%	2.25%	1.08%	2.29%	1.35%	2.38%	2.69%	2.33%	2.04%	2.09%	1.83%	11.87%	10.39%	10.65%	12.44%	9.01%	6.22%	7.89%	8.55%	11.54%	9.31%	9.67%
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	268,751,333	264,648,200	241,133,300	213,706,800	181,123,050	157,785,640	138,364,700	276,297,000	274,742,000	255,215,000	269,458,000	247,529,000	221,799,000	228,032,000	233,104,000	199,005,000	206,152,000	200,053,000	188,895,000	169,079,000	117,715,000	118,527,000	104,336,000	108,829,000	70,367,000	60,024,000	73,303,000	71,579,000	70,853,000	71,083,000	54,472,000	54,193,000	55,100,000	51,200,000	39,800,000	31,100,000	29,100,000
Total Non-Current Assets Margin	39.20%	45.82%	49.70%	49.92%	45.97%	44.47%	42.26%	33.43%	39.05%	45.13%	53.34%	58.17%	52.23%	52.57%	57.92%	50.54%	54.58%	54.84%	56.53%	52.89%	44.77%	42.85%	41.68%	38.93%	29.97%	26.13%	33.83%	34.91%	38.51%	42.48%	39.32%	37.02%	36.51%	35.61%	30.43%	26.81%	26.80%
Total Assets	712,126,333	627,682,800	504,762,200	428,671,000	362,599,500	314,112,440	275,390,367	816,413,000	716,919,000	603,047,000	530,818,000	471,217,000	421,893,000	392,691,000	391,727,000	350,017,000	352,880,000	341,158,000	316,058,000	290,453,000	218,910,000	215,864,000	191,016,000	195,358,000	150,301,000	139,383,000	145,867,000	142,961,000	133,851,000	126,463,000	98,836,000	98,710,000	103,100,000	96,900,000	82,300,000	66,100,000	60,500,000
Total Assets Margin	102.43%	104.62%	99.26%	95.53%	88.56%	85.12%	81.31%	98.77%	101.89%	106.63%	105.07%	110.73%	99.36%	90.54%	97.34%	88.89%	93.43%	93.53%	94.59%	90.86%	83.26%	78.03%	76.30%	69.88%	64.01%	60.67%	67.33%	69.73%	72.75%	75.58%	71.34%	67.43%	68.32%	67.39%	62.92%	56.98%	55.71%
Accounts Payable	69,635,333	57,137,600	40,578,600	31,898,267	26,713,500	23,479,520	20,896,267	55,659,000	81,807,000	71,440,000	41,859,000	34,923,000	31,523,000	22,469,000	28,601,000	18,350,000	19,155,000	16,059,000	18,554,000	15,551,000	11,365,000	11,159,000	10,773,000	13,230,000	11,363,000	10,597,000	9,833,000	11,395,000	14,895,000	11,040,000	8,887,000	6,501,000	10,500,000	10,200,000	7,200,000	7,100,000	4,900,000
Accounts Payable Margin	10.33%	9.50%	7.69%	6.67%	6.16%	6.17%	6.15%	6.73%	11.63%	12.63%	8.29%	8.21%	7.42%	5.18%	7.11%	4.66%	5.07%	4.40%	5.55%	4.86%	4.32%	4.03%	4.30%	4.73%	4.84%	4.61%	4.54%	5.56%	8.10%	6.60%	6.41%	4.44%	6.96%	7.09%	5.50%	6.12%	4.51%
Short-Term Debt	0	0	17,640,000	26,918,000	23,769,500	22,603,200	20,509,333	0	0	0	0	0	4,480,000	18,060,000	44,550,000	37,950,000	71,360,000	75,927,000	70,045,000	66,730,000	1,790,000	12,878,000	8,003,000	19,670,000	13,582,000	17,037,000	13,328,000	22,887,000	9,188,000	26,334,000	8,264,000	23,017,000	16,600,000	14,300,000	11,200,000	2,600,000	5,500,000
Short-Term Debt Margin	0.00%	0.00%	4.48%	7.52%	7.12%	7.84%	7.76%	0.00%	0.00%	0.00%	0.00%	0.00%	1.06%	4.16%	11.07%	9.64%	18.89%	20.82%	20.96%	20.88%	0.68%	4.66%	3.20%	7.04%	5.78%	7.42%	6.15%	11.16%	4.99%	15.74%	5.97%	15.72%	11.00%	9.94%	8.56%	2.24%	5.06%
Tax Payables	0	0	672,500	802,333	1,557,400	1,285,200	1,071,000	0	0	0	0	0	0	1,512,000	1,082,000	2,898,000	1,233,000	1,449,000	1,223,000	1,097,000	931,000	610,000	507,000	7,848,000	8,359,000	621,000	1,778,000	982,000	0	0	0	0	0	0	0	0	0
Tax Payables Margin	0.00%	0.00%	0.17%	0.22%	0.55%	0.46%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.27%	0.74%	0.33%	0.40%	0.37%	0.34%	0.35%	0.22%	0.20%	2.81%	3.56%	0.27%	0.82%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	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
Deferred Revenue 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 Current Liabilities	50,519,667	44,991,800	31,248,900	24,093,933	21,007,100	18,735,840	17,043,200	62,546,000	50,141,000	38,872,000	40,287,000	33,113,000	21,244,000	17,974,000	18,876,000	16,640,000	12,796,000	13,640,000	8,219,000	10,702,000	8,327,000	8,032,000	6,978,000	10,041,000	7,905,000	17,456,000	16,353,000	9,983,000	12,969,000	11,181,000	6,631,000	7,490,000	9,700,000	10,400,000	10,300,000	7,700,000	4,800,000
Other Current Liabilities Margin	7.19%	7.46%	5.88%	4.96%	4.96%	5.11%	5.35%	7.57%	7.13%	6.87%	7.97%	7.78%	5.00%	4.14%	4.69%	4.23%	3.39%	3.74%	2.46%	3.35%	3.17%	2.90%	2.79%	3.59%	3.37%	7.60%	7.55%	4.87%	7.05%	6.68%	4.79%	5.12%	6.43%	7.23%	7.87%	6.64%	4.42%
Total Current Liabilities	120,155,000	102,129,400	90,140,000	83,712,533	72,964,950	66,037,720	59,464,767	118,205,000	131,948,000	110,312,000	82,146,000	68,036,000	57,247,000	60,015,000	93,109,000	75,838,000	104,544,000	107,075,000	98,041,000	94,080,000	22,413,000	32,679,000	26,261,000	50,789,000	41,209,000	45,711,000	39,641,000	45,247,000	37,052,000	48,555,000	23,782,000	37,008,000	36,800,000	34,900,000	28,700,000	17,400,000	15,200,000
Total Current Liabilities Margin	17.52%	16.96%	18.22%	19.38%	18.75%	19.55%	19.61%	14.30%	18.75%	19.50%	16.26%	15.99%	13.48%	13.84%	23.14%	19.26%	27.68%	29.35%	29.34%	29.43%	8.52%	11.81%	10.49%	18.17%	17.55%	19.90%	18.30%	22.07%	20.14%	29.02%	17.17%	25.28%	24.39%	24.27%	21.94%	15.00%	14.00%
Long-Term Debt	0	0	0	0	1,496,050	4,347,120	4,192,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,504,000	3,129,000	5,928,000	15,360,000	14,819,000	24,450,000	13,046,000	20,498,000	5,944,000	11,500,000	2,600,000	900,000	1,100,000	1,000,000
Long-Term Debt Margin	0.00%	0.00%	0.00%	0.00%	0.65%	2.41%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.97%	1.33%	2.58%	7.09%	7.23%	13.29%	7.80%	14.80%	4.06%	7.62%	1.81%	0.69%	0.95%	0.92%
Capital Lease Obligations	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
Capital Lease Obligations Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	4,453,667	4,888,400	3,475,900	3,976,000	3,340,000	3,487,400	2,906,167	3,652,000	5,061,000	4,648,000	5,385,000	5,696,000	876,000	3,332,000	3,434,000	1,901,000	774,000	6,399,000	9,790,000	8,692,000	0	0	0	133,000	244,000	199,000	6,584,000	7,437,000	5,699,000	4,710,000	2,539,000	0	0	0	0	0	0
Deferred Tax Liabilities Margin	0.66%	0.88%	0.69%	0.95%	0.88%	1.16%	0.97%	0.44%	0.72%	0.82%	1.07%	1.34%	0.21%	0.77%	0.85%	0.48%	0.20%	1.75%	2.93%	2.72%	0.00%	0.00%	0.00%	0.05%	0.10%	0.09%	3.04%	3.63%	3.10%	2.82%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	17,087,000	25,540,800	23,761,700	20,739,067	19,981,550	18,314,600	17,185,500	24,171,000	13,665,000	13,425,000	40,217,000	36,226,000	32,702,000	25,841,000	17,732,000	15,751,000	17,887,000	13,353,000	11,664,000	16,434,000	17,216,000	14,802,000	20,294,000	27,909,000	13,750,000	15,726,000	10,866,000	11,392,000	11,479,000	12,057,000	11,554,000	11,752,000	11,800,000	11,600,000	11,200,000	11,000,000	12,100,000
Other Non-Current Liabilities Margin	2.41%	4.74%	5.05%	4.98%	5.53%	5.84%	6.37%	2.92%	1.94%	2.37%	7.96%	8.51%	7.70%	5.96%	4.41%	4.00%	4.74%	3.66%	3.49%	5.14%	6.55%	5.35%	8.11%	9.98%	5.86%	6.84%	5.02%	5.56%	6.24%	7.21%	8.34%	8.03%	7.82%	8.07%	8.56%	9.48%	11.14%
Total Non-Current Liabilities	70,259,333	59,660,400	41,853,200	34,458,800	32,125,400	31,995,360	29,156,133	91,976,000	68,489,000	50,313,000	45,602,000	41,922,000	33,578,000	29,173,000	21,166,000	17,652,000	18,661,000	19,752,000	21,454,000	25,126,000	17,216,000	14,802,000	20,294,000	33,546,000	17,123,000	21,853,000	32,810,000	33,648,000	41,628,000	29,813,000	34,591,000	17,696,000	23,300,000	14,200,000	12,100,000	12,100,000	13,100,000
Total Non-Current Liabilities Margin	9.92%	9.73%	7.80%	7.30%	8.08%	10.22%	10.42%	11.13%	9.73%	8.90%	9.03%	9.85%	7.91%	6.73%	5.26%	4.48%	4.94%	5.41%	6.42%	7.86%	6.55%	5.35%	8.11%	12.00%	7.29%	9.51%	15.14%	16.41%	22.63%	17.82%	24.97%	12.09%	15.44%	9.87%	9.25%	10.43%	12.06%
Total Liabilities	190,414,333	161,789,800	131,993,200	118,171,333	105,090,350	98,033,080	88,620,900	210,181,000	200,437,000	160,625,000	127,748,000	109,958,000	90,825,000	89,188,000	114,275,000	93,490,000	123,205,000	126,827,000	119,495,000	119,206,000	39,629,000	47,481,000	46,555,000	84,335,000	58,332,000	67,564,000	72,451,000	78,895,000	78,680,000	78,368,000	58,373,000	54,704,000	60,100,000	49,100,000	40,800,000	29,500,000	28,300,000
Total Liabilities Margin	27.44%	26.69%	26.02%	26.68%	26.83%	29.77%	30.03%	25.43%	28.49%	28.40%	25.29%	25.84%	21.39%	20.56%	28.40%	23.74%	32.62%	34.77%	35.76%	37.29%	15.07%	17.16%	18.60%	30.17%	24.84%	29.41%	33.44%	38.48%	42.76%	46.84%	42.14%	37.37%	39.83%	34.14%	31.19%	25.43%	26.06%
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	37,221,000	37,221,000	35,534,100	30,624,000	27,657,750	23,276,880	19,660,733	37,221,000	37,221,000	37,221,000	37,221,000	37,221,000	37,200,000	37,198,000	37,165,000	37,122,000	20,551,000	20,523,000	20,504,000	20,441,000	21,292,000	21,259,000	21,210,000	21,074,000	20,902,000	20,553,000	10,056,000	9,872,000	4,846,000	4,762,000	4,677,000	4,610,000	4,500,000	3,400,000	0	0	0
Common Stock Margin	5.46%	6.50%	7.39%	7.19%	7.32%	6.53%	5.62%	4.50%	5.29%	6.58%	7.37%	8.75%	8.76%	8.58%	9.23%	9.43%	5.44%	5.63%	6.14%	6.39%	8.10%	7.68%	8.47%	7.54%	8.90%	8.95%	4.64%	4.82%	2.63%	2.85%	3.38%	3.15%	2.98%	2.36%	0.00%	0.00%	0.00%
Retained Earnings	467,223,333	414,011,000	328,539,100	274,876,000	230,352,500	195,478,160	168,615,133	547,796,000	458,719,000	395,155,000	353,535,000	314,850,000	285,879,000	257,313,000	244,224,000	223,876,000	204,044,000	189,365,000	170,318,000	155,694,000	166,271,000	156,101,000	135,225,000	107,887,000	89,061,000	77,479,000	74,258,000	64,928,000	58,928,000	54,776,000	50,736,000	50,536,000	46,400,000	39,200,000	33,100,000	28,200,000	24,600,000
Retained Earnings Margin	67.11%	69.06%	64.35%	60.99%	55.67%	51.24%	47.04%	66.27%	65.20%	69.87%	69.98%	73.99%	67.33%	59.33%	60.69%	56.86%	54.02%	51.91%	50.97%	48.71%	63.24%	56.43%	54.02%	38.59%	37.93%	33.72%	34.27%	31.67%	32.03%	32.74%	36.62%	34.52%	30.75%	27.26%	25.31%	24.31%	22.65%
Accumulated OCI	-5,178,333	-2,817,200	-4,838,900	-7,294,667	-8,234,550	-6,778,880	-5,822,400	-7,906,000	-1,646,000	-5,983,000	136,000	1,313,000	425,000	580,000	-10,893,000	-11,635,000	-12,780,000	-11,856,000	-7,524,000	-13,948,000	-14,566,000	-13,137,000	-14,585,000	-16,672,000	-9,873,000	-12,785,000	-1,356,000	959,000	-5,000	-1,535,000	-1,900,000	-2,300,000	-2,600,000	-2,600,000	0	0	0
Accumulated OCI Margin	-0.75%	-0.38%	-1.07%	-2.06%	-2.65%	-2.26%	-2.00%	-0.96%	-0.23%	-1.06%	0.03%	0.31%	0.10%	0.13%	-2.71%	-2.95%	-3.38%	-3.25%	-2.25%	-4.36%	-5.54%	-4.75%	-5.83%	-5.96%	-4.20%	-5.56%	-0.63%	0.47%	0.00%	-0.92%	-1.37%	-1.57%	-1.72%	-1.81%	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	521,712,000	465,893,000	372,997,200	310,651,800	257,623,250	216,244,720	186,907,267	606,232,000	516,482,000	442,422,000	403,070,000	361,259,000	331,068,000	303,503,000	277,452,000	256,209,000	232,275,000	214,331,000	196,563,000	171,247,000	179,281,000	168,383,000	144,461,000	111,023,000	91,969,000	71,819,000	73,416,000	64,066,000	55,171,000	48,095,000	43,002,000	43,319,000	43,000,000	47,800,000	41,500,000	36,600,000	32,200,000
Total Shareholders’ Equity Margin	74.99%	77.93%	73.31%	68.89%	61.75%	55.43%	51.34%	73.34%	73.41%	78.23%	79.78%	84.89%	77.97%	69.97%	68.94%	65.07%	61.50%	58.76%	58.83%	53.57%	68.19%	60.87%	57.71%	39.71%	39.17%	31.26%	33.89%	31.25%	29.99%	28.74%	31.04%	29.59%	28.50%	33.24%	31.73%	31.55%	29.65%
Total Equity	521,712,000	465,893,000	372,997,200	310,651,800	257,623,250	216,244,720	186,907,267	606,232,000	516,482,000	442,422,000	403,070,000	361,259,000	331,068,000	303,503,000	277,452,000	256,209,000	232,275,000	214,331,000	196,563,000	171,247,000	179,281,000	168,383,000	144,461,000	111,023,000	91,969,000	71,819,000	73,416,000	64,066,000	55,171,000	48,095,000	43,002,000	43,319,000	43,000,000	47,800,000	41,500,000	36,600,000	32,200,000
Total Equity Margin	74.99%	77.93%	73.31%	68.89%	61.75%	55.43%	51.34%	73.34%	73.41%	78.23%	79.78%	84.89%	77.97%	69.97%	68.94%	65.07%	61.50%	58.76%	58.83%	53.57%	68.19%	60.87%	57.71%	39.71%	39.17%	31.26%	33.89%	31.25%	29.99%	28.74%	31.04%	29.59%	28.50%	33.24%	31.73%	31.55%	29.65%
Total Liabilities & Equity	712,126,333	627,682,800	504,990,400	428,823,133	362,713,600	314,277,800	275,528,167	816,413,000	716,919,000	603,047,000	530,818,000	471,217,000	421,893,000	392,691,000	391,727,000	349,699,000	355,480,000	341,158,000	316,058,000	290,453,000	218,910,000	215,864,000	191,016,000	195,358,000	150,301,000	139,383,000	145,867,000	142,961,000	133,851,000	126,463,000	101,375,000	98,023,000	103,100,000	96,900,000	82,300,000	66,100,000	60,500,000
Total Liabilities & Equity Margin	102.43%	104.62%	99.33%	95.57%	88.59%	85.20%	81.37%	98.77%	101.89%	106.63%	105.07%	110.73%	99.36%	90.54%	97.34%	88.81%	94.12%	93.53%	94.59%	90.86%	83.26%	78.03%	76.30%	69.88%	64.01%	60.67%	67.33%	69.73%	72.75%	75.58%	73.18%	66.96%	68.32%	67.39%	62.92%	56.98%	55.71%
Total 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
Total 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%
Net Debt	-208,379,667	-156,917,200	-69,680,800	-33,198,333	-21,543,350	-11,150,760	-7,368,967	-295,305,000	-191,782,000	-138,052,000	-87,174,000	-72,273,000	-44,391,000	4,974,000	33,386,000	30,612,000	63,197,000	69,271,000	62,782,000	60,176,000	-3,185,000	9,789,000	-5,326,000	18,957,000	8,041,000	19,963,000	25,473,000	34,872,000	31,549,000	35,601,000	25,352,000	24,724,000	24,300,000	14,500,000	11,000,000	2,600,000	5,300,000
Net Debt Margin	-29.13%	-24.33%	-9.81%	-2.61%	-0.53%	3.20%	4.06%	-35.73%	-27.26%	-24.41%	-17.26%	-16.98%	-10.45%	1.15%	8.30%	7.77%	16.73%	18.99%	18.79%	18.83%	-1.21%	3.54%	-2.13%	6.78%	3.42%	8.69%	11.76%	17.01%	17.15%	21.28%	18.30%	16.89%	16.10%	10.08%	8.41%	2.24%	4.88%

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	698,572,667	605,292,000	505,871,600	441,121,000	391,396,400	346,766,800	310,642,333	826,558,000	703,592,000	565,568,000	505,198,000	425,544,000	424,625,000	433,732,000	402,440,000	393,761,000	377,698,000	364,768,000	334,122,000	319,660,000	262,915,000	276,634,000	250,337,000	279,552,000	234,816,000	229,754,000	216,654,000	205,010,000	183,989,000	167,317,000	138,537,000	146,389,000	150,900,000	143,800,000	130,800,000	116,000,000	108,600,000
Working Capital	323,220,000	260,905,200	173,488,900	131,251,667	108,511,500	90,289,080	77,560,900	421,911,000	310,229,000	237,520,000	179,214,000	155,652,000	142,847,000	104,644,000	65,514,000	75,174,000	42,184,000	34,030,000	29,122,000	27,294,000	78,782,000	64,658,000	60,419,000	35,740,000	38,725,000	33,648,000	32,923,000	26,135,000	25,946,000	6,825,000	20,582,000	7,509,000	11,200,000	10,800,000	13,800,000	17,600,000	16,200,000
Working Capital Margin	45.71%	41.84%	31.35%	26.23%	23.83%	21.10%	19.44%	51.04%	44.09%	42.00%	35.47%	36.58%	33.64%	24.13%	16.28%	19.09%	11.17%	9.33%	8.72%	8.54%	29.96%	23.37%	24.14%	12.78%	16.49%	14.65%	15.20%	12.75%	14.10%	4.08%	14.86%	5.13%	7.42%	7.51%	10.55%	15.17%	14.92%
Total Capital	521,712,000	465,893,000	390,637,200	337,569,800	282,888,800	243,195,040	211,609,200	606,232,000	516,482,000	442,422,000	403,070,000	361,259,000	335,548,000	321,563,000	322,002,000	294,159,000	303,635,000	290,258,000	266,608,000	237,977,000	181,071,000	181,261,000	152,464,000	136,197,000	108,680,000	94,784,000	102,104,000	101,772,000	88,809,000	87,475,000	71,764,000	72,280,000	71,100,000	64,700,000	53,600,000	40,300,000	38,700,000
Total Capital Margin	74.99%	77.93%	77.79%	76.41%	69.52%	65.67%	61.51%	73.34%	73.41%	78.23%	79.78%	84.89%	79.02%	74.14%	80.01%	74.70%	80.39%	79.57%	79.79%	74.45%	68.87%	65.52%	60.90%	48.72%	46.28%	41.25%	47.13%	49.64%	48.27%	52.28%	51.80%	49.38%	47.12%	44.99%	40.98%	34.74%	35.64%
Capital Employed	591,971,333	525,553,400	414,622,200	344,958,467	289,634,550	248,074,720	215,925,600	698,208,000	584,971,000	492,735,000	448,672,000	403,181,000	364,646,000	332,676,000	298,618,000	274,179,000	248,336,000	234,083,000	218,017,000	196,373,000	196,497,000	183,185,000	164,755,000	144,569,000	109,092,000	93,672,000	106,226,000	97,714,000	96,799,000	77,908,000	75,054,000	61,702,000	66,300,000	62,000,000	53,600,000	48,700,000	45,300,000
Capital Employed Margin	84.91%	87.66%	81.04%	76.15%	69.80%	65.57%	61.70%	84.47%	83.14%	87.12%	88.81%	94.74%	85.87%	76.70%	74.20%	69.63%	65.75%	64.17%	65.25%	61.43%	74.74%	66.22%	65.81%	51.71%	46.46%	40.77%	49.03%	47.66%	52.61%	46.56%	54.18%	42.15%	43.94%	43.12%	40.98%	41.98%	41.71%
Invested Capital	313,332,333	308,975,800	303,316,400	277,453,467	236,020,500	205,046,440	179,498,700	310,927,000	324,700,000	304,370,000	315,896,000	288,986,000	286,677,000	308,477,000	310,838,000	286,821,000	295,472,000	283,602,000	259,345,000	231,423,000	176,096,000	178,172,000	139,135,000	129,980,000	100,010,000	91,782,000	97,701,000	98,938,000	86,720,000	83,696,000	68,354,000	68,043,000	67,300,000	62,300,000	52,500,000	39,200,000	37,500,000
Invested Capital Margin	45.86%	53.60%	63.50%	66.27%	61.19%	58.60%	55.38%	37.62%	46.15%	53.82%	62.53%	67.91%	67.51%	71.12%	77.24%	72.84%	78.23%	77.75%	77.62%	72.40%	66.98%	64.41%	55.58%	46.50%	42.59%	39.95%	45.10%	48.26%	47.13%	50.02%	49.34%	46.48%	44.60%	43.32%	40.14%	33.79%	34.53%

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	698,572,667	605,292,000	505,871,600	441,121,000	391,396,400	346,766,800	310,642,333	826,558,000	703,592,000	565,568,000	505,198,000	425,544,000	424,625,000	433,732,000	402,440,000	393,761,000	377,698,000	364,768,000	334,122,000	319,660,000	262,915,000	276,634,000	250,337,000	279,552,000	234,816,000	229,754,000	216,654,000	205,010,000	183,989,000	167,317,000	138,537,000	146,389,000	150,900,000	143,800,000	130,800,000	116,000,000	108,600,000
Net Income	94,678,667	78,852,600	56,203,400	46,145,600	39,434,800	32,939,280	28,556,067	124,942,000	92,598,000	66,496,000	60,884,000	49,343,000	47,177,000	27,790,000	34,571,000	32,295,000	25,938,000	29,678,000	24,617,000	28,032,000	19,161,000	28,662,000	34,170,000	25,084,000	16,457,000	7,548,000	13,253,000	9,633,000	7,577,000	7,271,000	3,364,000	6,941,000	9,700,000	8,200,000	6,500,000	5,100,000	3,700,000
Net Income Margin	13.34%	12.74%	10.49%	9.79%	9.29%	8.25%	7.70%	15.12%	13.16%	11.76%	12.05%	11.60%	11.11%	6.41%	8.59%	8.20%	6.87%	8.14%	7.37%	8.77%	7.29%	10.36%	13.65%	8.97%	7.01%	3.29%	6.12%	4.70%	4.12%	4.35%	2.43%	4.74%	6.43%	5.70%	4.97%	4.40%	3.41%
Depreciation & Amortization	28,845,333	27,922,800	25,551,400	20,978,400	17,485,900	15,425,960	13,618,300	32,185,000	28,110,000	26,241,000	27,862,000	25,216,000	24,146,000	24,315,000	24,398,000	22,442,000	20,599,000	15,664,000	13,494,000	12,054,000	9,491,000	8,459,000	8,158,000	7,051,000	6,467,000	7,007,000	6,359,000	7,245,000	7,832,000	7,980,000	6,801,000	6,073,000	5,700,000	4,700,000	4,000,000	4,100,000	4,400,000
Depreciation & Amortization Margin	4.18%	4.79%	5.25%	4.75%	4.29%	4.30%	4.17%	3.89%	4.00%	4.64%	5.52%	5.93%	5.69%	5.61%	6.06%	5.70%	5.45%	4.29%	4.04%	3.77%	3.61%	3.06%	3.26%	2.52%	2.75%	3.05%	2.94%	3.53%	4.26%	4.77%	4.91%	4.15%	3.78%	3.27%	3.06%	3.53%	4.05%
Deferred Income Tax	-8,781,000	-6,490,000	-4,565,600	-2,993,200	-2,238,300	-1,552,400	-1,323,667	-11,074,000	-9,650,000	-5,619,000	-3,025,000	-3,082,000	-1,524,000	-5,269,000	-4,100,000	710,000	-3,023,000	-1,334,000	1,462,000	-551,000	-800,000	1,981,000	5,169,000	-1,489,000	-1,149,000	-2,081,000	-318,000	1,483,000	323,000	1,986,000	1,347,000	817,000	700,000	-700,000	-1,000,000	300,000	-200,000
Deferred Income Tax Margin	-1.23%	-1.01%	-0.82%	-0.53%	-0.40%	-0.17%	-0.17%	-1.34%	-1.37%	-0.99%	-0.60%	-0.72%	-0.36%	-1.21%	-1.02%	0.18%	-0.80%	-0.37%	0.44%	-0.17%	-0.30%	0.72%	2.06%	-0.53%	-0.49%	-0.91%	-0.15%	0.72%	0.18%	1.19%	0.97%	0.56%	0.46%	-0.49%	-0.76%	0.26%	-0.18%
Stock-Based Compensation	4,839,333	3,652,600	2,845,400	2,359,467	1,951,900	1,561,520	1,301,267	6,182,000	5,188,000	3,148,000	2,330,000	1,415,000	1,214,000	4,174,000	1,725,000	1,537,000	1,541,000	1,449,000	1,388,000	1,266,000	1,470,000	1,365,000	1,172,000	1,272,000	1,202,000	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.68%	0.57%	0.53%	0.50%	0.45%	0.36%	0.30%	0.75%	0.74%	0.56%	0.46%	0.33%	0.29%	0.96%	0.43%	0.39%	0.41%	0.40%	0.42%	0.40%	0.56%	0.49%	0.47%	0.46%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-3,335,333	1,239,400	-990,200	-3,880,400	-3,223,500	-3,252,280	-2,696,900	2,952,000	-5,791,000	-7,167,000	-277,000	16,480,000	9,741,000	-8,164,000	-6,732,000	-459,000	-10,485,000	-14,139,000	-7,535,000	-5,024,000	-2,709,000	-18,897,000	2,948,000	-7,270,000	2,626,000	-1,240,000	-3,328,000	-14,004,000	-4,253,000	2,869,000	166,000	-1,615,000	-1,300,000	1,300,000	-4,900,000	1,200,000	4,100,000
Change in Working Capital Margin	-0.58%	0.42%	-0.21%	-1.18%	-1.00%	-1.14%	-0.91%	0.36%	-0.82%	-1.27%	-0.05%	3.87%	2.29%	-1.88%	-1.67%	-0.12%	-2.78%	-3.88%	-2.26%	-1.57%	-1.03%	-6.83%	1.18%	-2.60%	1.12%	-0.54%	-1.54%	-6.83%	-2.31%	1.71%	0.12%	-1.10%	-0.86%	0.90%	-3.75%	1.03%	3.78%
Accounts Receivable	-6,374,333	-3,465,400	-4,336,400	-3,672,933	-3,775,950	-3,174,600	-2,645,500	-1,444,000	-6,351,000	-11,328,000	-1,240,000	3,036,000	-7,999,000	-7,999,000	-967,000	-3,561,000	-5,511,000	-997,000	-3,991,000	812,000	-3,777,000	-3,777,000	-6,028,000	-6,028,000	301,000	-4,335,000	-4,335,000	-3,846,000	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	-1.03%	-0.52%	-0.89%	-0.86%	-1.06%	-0.93%	-0.77%	-0.17%	-0.90%	-2.00%	-0.25%	0.71%	-1.88%	-1.84%	-0.24%	-0.90%	-1.46%	-0.27%	-1.19%	0.25%	-1.44%	-1.37%	-2.41%	-2.16%	0.13%	-1.89%	-2.00%	-1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-14,389,333	-10,334,400	-6,036,100	-5,776,267	-4,190,250	-3,883,640	-3,256,367	10,320,000	-32,467,000	-21,021,000	-13,633,000	5,129,000	-1,220,000	4,859,000	-6,167,000	955,000	-7,116,000	-6,943,000	247,000	-4,743,000	42,000	-14,886,000	7,015,000	-5,577,000	241,000	-1,531,000	2,691,000	-5,622,000	-4,152,000	-344,000	-1,852,000	-1,316,000	3,400,000	-800,000	-4,100,000	-1,700,000	2,600,000
Inventory Margin	-2.36%	-1.72%	-1.09%	-1.31%	-0.91%	-1.02%	-0.87%	1.25%	-4.61%	-3.72%	-2.70%	1.21%	-0.29%	1.12%	-1.53%	0.24%	-1.88%	-1.90%	0.07%	-1.48%	0.02%	-5.38%	2.80%	-1.99%	0.10%	-0.67%	1.24%	-2.74%	-2.26%	-0.21%	-1.34%	-0.90%	2.25%	-0.56%	-3.13%	-1.47%	2.39%
Accounts Payable	8,117,333	6,193,200	-13,381,700	-17,005,000	-22,263,150	-19,037,360	-15,864,467	-12,161,000	8,506,000	28,007,000	7,005,000	-391,000	7,999,000	7,999,000	-65,112,000	-73,027,000	-42,642,000	2,623,000	-32,913,000	-28,387,000	2,311,000	-64,892,000	-58,458,000	-31,405,000	-36,641,000	-29,022,000	-34,662,000	-30,671,000	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	1.56%	1.20%	-3.63%	-5.13%	-7.79%	-6.83%	-5.69%	-1.47%	1.21%	4.95%	1.39%	-0.09%	1.88%	1.84%	-16.18%	-18.55%	-11.29%	0.72%	-9.85%	-8.88%	0.88%	-23.46%	-23.35%	-11.23%	-15.60%	-12.63%	-16.00%	-14.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	9,311,000	8,846,000	22,764,000	22,573,800	27,005,850	22,843,320	19,069,433	6,237,000	24,521,000	-2,825,000	7,591,000	8,706,000	10,961,000	-13,023,000	65,514,000	75,174,000	44,784,000	-8,822,000	29,122,000	27,294,000	-1,285,000	64,658,000	60,419,000	35,740,000	38,725,000	33,648,000	32,978,000	26,135,000	-101,000	3,213,000	2,018,000	-299,000	-4,700,000	2,100,000	-800,000	2,900,000	1,500,000
Other Working Capital Margin	1.25%	1.46%	5.41%	6.12%	8.75%	7.64%	6.42%	0.75%	3.49%	-0.50%	1.50%	2.05%	2.58%	-3.00%	16.28%	19.09%	11.86%	-2.42%	8.72%	8.54%	-0.49%	23.37%	24.14%	12.78%	16.49%	14.65%	15.22%	12.75%	-0.05%	1.92%	1.46%	-0.20%	-3.11%	1.46%	-0.61%	2.50%	1.38%
Other Non-Cash Items	-379,667	-233,400	1,710,700	1,564,733	1,071,450	609,840	554,867	-153,000	-338,000	-648,000	-234,000	206,000	-40,000	17,504,000	-111,000	-340,000	1,261,000	4,417,000	1,392,000	-975,000	4,704,000	-3,174,000	-15,029,000	2,404,000	2,672,000	5,516,000	2,395,000	1,141,000	2,604,000	-7,872,000	-3,091,000	1,035,000	600,000	100,000	600,000	100,000	0
Other Non-Cash Items Margin	-0.06%	-0.04%	0.41%	0.40%	0.28%	0.05%	0.08%	-0.02%	-0.05%	-0.11%	-0.05%	0.05%	-0.01%	4.04%	-0.03%	-0.09%	0.33%	1.21%	0.42%	-0.31%	1.79%	-1.15%	-6.00%	0.86%	1.14%	2.40%	1.11%	0.56%	1.42%	-4.70%	-2.23%	0.71%	0.40%	0.07%	0.46%	0.09%	0.00%
Net Cash from Operating Activities	115,867,333	104,938,000	80,752,100	64,172,600	54,480,750	45,730,720	40,015,600	155,034,000	110,117,000	82,451,000	87,510,000	89,578,000	80,714,000	60,350,000	49,751,000	56,185,000	35,831,000	35,735,000	34,818,000	34,802,000	31,317,000	18,396,000	36,588,000	27,052,000	28,275,000	16,750,000	18,361,000	5,498,000	14,083,000	12,234,000	8,587,000	13,251,000	15,400,000	14,700,000	5,200,000	9,900,000	12,000,000
Net Cash from Operating Activities Margin	16.33%	17.47%	15.64%	13.74%	12.91%	11.64%	11.17%	18.76%	15.65%	14.58%	17.32%	21.05%	19.01%	13.91%	12.36%	14.27%	9.49%	9.80%	10.42%	10.89%	11.91%	6.65%	14.62%	9.68%	12.04%	7.29%	8.47%	2.68%	7.65%	7.31%	6.20%	9.05%	10.21%	10.22%	3.98%	8.53%	11.05%
Capital Expenditures (PPE)	-10,237,333	-9,303,400	-10,808,700	-11,035,600	-12,414,500	-11,129,560	-10,811,300	-12,818,000	-12,003,000	-5,891,000	-6,746,000	-9,059,000	-7,496,000	-8,643,000	-15,069,000	-10,596,000	-19,766,000	-12,332,000	-14,311,000	-8,202,000	-5,336,000	-17,266,000	-7,750,000	-38,887,000	-15,971,000	-11,060,000	-9,088,000	-5,572,000	-7,053,000	-5,914,000	-5,007,000	-6,403,000	-10,000,000	-17,900,000	-8,300,000	-5,400,000	-4,500,000
Capital Expenditures (PPE) Margin	-1.43%	-1.55%	-2.32%	-2.78%	-3.73%	-3.70%	-4.23%	-1.55%	-1.71%	-1.04%	-1.34%	-2.13%	-1.77%	-1.99%	-3.74%	-2.69%	-5.23%	-3.38%	-4.28%	-2.57%	-2.03%	-6.24%	-3.10%	-13.91%	-6.80%	-4.81%	-4.19%	-2.72%	-3.83%	-3.53%	-3.61%	-4.37%	-6.63%	-12.45%	-6.35%	-4.66%	-4.14%
Acquisitions (Net)	-21,800,000	-27,961,400	-17,998,600	-18,597,867	-13,948,400	-11,501,280	-9,584,400	-3,000,000	-17,127,000	-45,273,000	-45,273,000	-29,134,000	-8,048,000	-8,048,000	-20,376,000	-1,800,000	-1,907,000	-20,829,000	-15,401,000	-51,518,000	-3,954,000	-7,280,000	0	0	0	0	0	0	0	-8,564,000	0	0	0	0	0	0	0
Acquisitions (Net) Margin	-3.60%	-5.32%	-3.64%	-4.46%	-3.35%	-2.88%	-2.40%	-0.36%	-2.43%	-8.00%	-8.96%	-6.85%	-1.90%	-1.86%	-5.06%	-0.46%	-0.50%	-5.71%	-4.61%	-16.12%	-1.50%	-2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of 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
Purchases of 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%
Sales / Maturities of 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
Sales / Maturities of 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%
Other Investing Activities	15,091,000	9,173,800	5,391,700	-575,267	-1,492,900	-1,232,040	-1,146,700	0	0	45,273,000	596,000	0	8,048,000	0	0	0	0	0	0	-51,518,000	-9,528,000	-1,500,000	-24,018,000	723,000	2,853,000	-516,000	-271,000	-655,000	-301,000	-168,000	105,000	76,000	-700,000	1,900,000	-3,700,000	-500,000	-600,000
Other Investing Activities Margin	2.67%	1.62%	1.00%	-0.68%	-0.94%	-0.77%	-0.74%	0.00%	0.00%	8.00%	0.12%	0.00%	1.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-16.12%	-3.62%	-0.54%	-9.59%	0.26%	1.21%	-0.22%	-0.13%	-0.32%	-0.16%	-0.10%	0.08%	0.05%	-0.46%	1.32%	-2.83%	-0.43%	-0.55%
Net Cash from Investing Activities	-16,946,333	-28,091,000	-23,415,600	-26,139,000	-23,602,600	-20,460,320	-18,706,933	-15,818,000	-29,130,000	-5,891,000	-51,423,000	-38,193,000	-7,496,000	-16,691,000	-35,445,000	-12,396,000	-21,673,000	-33,161,000	-29,712,000	-59,720,000	-9,290,000	-26,046,000	-7,750,000	-38,164,000	-13,118,000	-11,576,000	-9,359,000	-6,227,000	-7,354,000	-14,646,000	-4,902,000	-6,327,000	-10,700,000	-16,000,000	-12,000,000	-5,900,000	-5,100,000
Net Cash from Investing Activities Margin	-2.37%	-5.25%	-4.96%	-6.61%	-6.54%	-6.18%	-6.39%	-1.91%	-4.14%	-1.04%	-10.18%	-8.98%	-1.77%	-3.85%	-8.81%	-3.15%	-5.74%	-9.09%	-8.89%	-18.68%	-3.53%	-9.42%	-3.10%	-13.65%	-5.59%	-5.04%	-4.32%	-3.04%	-4.00%	-8.75%	-3.54%	-4.32%	-7.09%	-11.13%	-9.17%	-5.09%	-4.70%
Net Debt Issuance	0	-920,000	-1,810,000	2,678,067	915,850	1,555,400	1,786,167	0	0	0	0	-4,600,000	-13,500,000	0	0	0	0	0	0	65,136,000	-11,893,000	5,028,000	-17,187,000	8,557,000	-9,900,000	-5,948,000	2,624,000	4,053,000	10,265,000	5,570,000	-199,000	879,000	11,200,000	2,800,000	8,500,000	-2,900,000	-4,900,000
Net Debt Issuance Margin	0.00%	-0.22%	-0.43%	0.89%	0.20%	0.61%	0.81%	0.00%	0.00%	0.00%	0.00%	-1.08%	-3.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.38%	-4.52%	1.82%	-6.87%	3.06%	-4.22%	-2.59%	1.21%	1.98%	5.58%	3.33%	-0.14%	0.60%	7.42%	1.95%	6.50%	-2.50%	-4.51%
Long-Term Debt Issuance	0	0	0	-361,933	-1,005,250	-541,320	38,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5,429,000	-9,750,000	9,312,000	-1,943,000	-14,919,000	2,624,000	-9,943,000	10,265,000	5,570,000	-199,000	879,000	11,200,000	2,800,000	8,500,000	-2,900,000	-4,900,000
Long-Term Debt Issuance Margin	0.00%	0.00%	0.00%	-0.13%	-0.43%	-0.16%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.96%	-3.89%	3.33%	-0.83%	-6.49%	1.21%	-4.85%	5.58%	3.33%	-0.14%	0.60%	7.42%	1.95%	6.50%	-2.50%	-4.51%
Short-Term Debt Issuance	0	-920,000	-6,979,200	251,067	-170,600	423,360	352,800	0	0	0	0	-4,600,000	-13,500,000	-21,012,000	6,376,000	-33,096,000	-3,960,000	6,653,000	3,205,000	65,136,000	-11,893,000	10,457,000	-7,437,000	-755,000	-7,957,000	8,971,000	0	13,996,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	-0.22%	-1.70%	0.36%	0.14%	0.38%	0.32%	0.00%	0.00%	0.00%	0.00%	-1.08%	-3.18%	-4.84%	1.58%	-8.41%	-1.05%	1.82%	0.96%	20.38%	-4.52%	3.78%	-2.97%	-0.27%	-3.39%	3.90%	0.00%	6.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	430,333	-209,400	-1,334,000	-2,816,733	-1,808,600	-1,581,800	-1,648,167	751,000	967,000	-427,000	-460,000	-1,878,000	-5,207,000	-4,272,000	-3,802,000	518,000	470,000	469,000	498,000	-29,523,000	493,000	-848,000	183,000	176,000	1,687,000	3,636,000	397,000	1,054,000	748,000	442,000	-1,149,000	-4,468,000	-12,100,000	1,900,000	-200,000	400,000	100,000
Net Stock Issuance Margin	0.05%	-0.08%	-0.33%	-0.82%	-0.49%	-0.50%	-0.63%	0.09%	0.14%	-0.08%	-0.09%	-0.44%	-1.23%	-0.98%	-0.94%	0.13%	0.12%	0.13%	0.15%	-9.24%	0.19%	-0.31%	0.07%	0.06%	0.72%	1.58%	0.18%	0.51%	0.41%	0.26%	-0.83%	-3.05%	-8.02%	1.32%	-0.15%	0.34%	0.09%
Common Stock Issuance	572,667	394,000	426,800	423,800	787,950	987,520	1,109,600	751,000	967,000	0	72,000	180,000	187,000	523,000	600,000	518,000	470,000	469,000	498,000	477,000	493,000	152,000	183,000	176,000	1,687,000	3,636,000	3,720,000	2,765,000	1,814,000	2,037,000	1,290,000	1,023,000	1,700,000	4,600,000	1,600,000	600,000	100,000
Common Stock Issuance Margin	0.08%	0.06%	0.09%	0.10%	0.28%	0.43%	0.57%	0.09%	0.14%	0.00%	0.01%	0.04%	0.04%	0.12%	0.15%	0.13%	0.12%	0.13%	0.15%	0.15%	0.19%	0.05%	0.07%	0.06%	0.72%	1.58%	1.72%	1.35%	0.99%	1.22%	0.93%	0.70%	1.13%	3.20%	1.22%	0.52%	0.09%
Common Stock Repurchased	-142,333	-800,600	-1,840,700	-3,293,800	-2,636,500	-2,601,280	-2,784,400	0	0	-427,000	-460,000	-3,116,000	-5,207,000	-4,795,000	-4,402,000	0	0	0	0	-30,000,000	0	-1,000,000	0	0	0	0	-3,323,000	-1,711,000	-1,066,000	-1,595,000	-2,439,000	-5,491,000	-13,800,000	-2,700,000	-1,800,000	-200,000	0
Common Stock Repurchased Margin	-0.03%	-0.18%	-0.43%	-0.94%	-0.78%	-0.94%	-1.20%	0.00%	0.00%	-0.08%	-0.09%	-0.73%	-1.23%	-1.11%	-1.09%	0.00%	0.00%	0.00%	0.00%	-9.38%	0.00%	-0.36%	0.00%	0.00%	0.00%	0.00%	-1.53%	-0.83%	-0.58%	-0.95%	-1.76%	-3.75%	-9.15%	-1.88%	-1.38%	-0.17%	0.00%
Preferred Stock Issuance	0	197,200	132,200	88,133	66,100	52,880	44,067	0	0	0	-72,000	1,058,000	-187,000	523,000	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%	0.05%	0.03%	0.02%	0.02%	0.01%	0.01%	0.00%	0.00%	0.00%	-0.01%	0.25%	-0.04%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-29,926,667	-26,455,000	-20,507,200	-16,801,933	-13,891,300	-11,765,160	-10,107,633	-35,847,000	-29,052,000	-24,881,000	-22,155,000	-20,340,000	-18,595,000	-16,265,000	-14,215,000	-12,461,000	-11,261,000	-10,633,000	-10,004,000	-9,513,000	-9,023,000	-7,784,000	-6,830,000	-5,851,000	-4,866,000	-4,327,000	-3,923,000	-3,633,000	-3,425,000	-3,231,000	-3,164,000	-2,850,000	-2,500,000	-2,100,000	-1,700,000	-1,500,000	-1,300,000
Net Dividends Paid Margin	-4.29%	-4.41%	-3.98%	-3.66%	-3.28%	-3.01%	-2.74%	-4.34%	-4.13%	-4.40%	-4.39%	-4.78%	-4.38%	-3.75%	-3.53%	-3.16%	-2.98%	-2.92%	-2.99%	-2.98%	-3.43%	-2.81%	-2.73%	-2.09%	-2.07%	-1.88%	-1.81%	-1.77%	-1.86%	-1.93%	-2.28%	-1.95%	-1.66%	-1.46%	-1.30%	-1.29%	-1.20%
Common Dividends Paid	-29,926,667	-26,455,000	-20,507,200	-16,801,933	-13,891,300	-11,765,160	-10,107,633	-35,847,000	-29,052,000	-24,881,000	-22,155,000	-20,340,000	-18,595,000	-16,265,000	-14,215,000	-12,461,000	-11,261,000	-10,633,000	-10,004,000	-9,513,000	-9,023,000	-7,784,000	-6,830,000	-5,851,000	-4,866,000	-4,327,000	-3,923,000	-3,633,000	-3,425,000	-3,231,000	-3,164,000	-2,850,000	-2,500,000	-2,100,000	-1,700,000	-1,500,000	-1,300,000
Common Dividends Paid Margin	-4.29%	-4.41%	-3.98%	-3.66%	-3.28%	-3.01%	-2.74%	-4.34%	-4.13%	-4.40%	-4.39%	-4.78%	-4.38%	-3.75%	-3.53%	-3.16%	-2.98%	-2.92%	-2.99%	-2.98%	-3.43%	-2.81%	-2.73%	-2.09%	-2.07%	-1.88%	-1.81%	-1.77%	-1.86%	-1.93%	-2.28%	-1.95%	-1.66%	-1.46%	-1.30%	-1.29%	-1.20%
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	234,333	362,000	-4,731,500	-2,178,333	-1,379,950	-1,744,240	-1,446,867	0	0	703,000	2,108,000	-1,001,000	-407,000	-21,603,000	7,591,000	-32,528,000	-2,178,000	7,421,000	5,227,000	679,000	426,000	887,000	2,341,000	6,033,000	1,997,000	2,935,000	-8,230,000	0	-16,007,000	0	0	0	0	100,000	100,000	0	0
Other Financing Activities Margin	0.04%	0.06%	-1.17%	-0.50%	-0.30%	-0.59%	-0.49%	0.00%	0.00%	0.12%	0.42%	-0.24%	-0.10%	-4.98%	1.89%	-8.26%	-0.58%	2.03%	1.56%	0.21%	0.16%	0.32%	0.94%	2.16%	0.85%	1.28%	-3.80%	0.00%	-8.70%	0.00%	0.00%	0.00%	0.00%	0.07%	0.08%	0.00%	0.00%
Net Cash from Financing Activities	-29,262,000	-27,222,400	-28,382,700	-19,118,933	-16,164,000	-13,535,800	-11,416,500	-35,096,000	-28,085,000	-24,605,000	-20,507,000	-27,819,000	-37,709,000	-42,140,000	-10,426,000	-44,471,000	-12,969,000	-2,743,000	-4,279,000	26,779,000	-19,997,000	-2,717,000	-21,493,000	8,915,000	-11,082,000	-3,704,000	-9,132,000	1,474,000	-8,419,000	2,781,000	-4,512,000	-6,439,000	-3,400,000	2,700,000	6,700,000	-4,000,000	-6,100,000
Net Cash from Financing Activities Margin	-4.20%	-4.64%	-5.91%	-4.09%	-3.86%	-3.49%	-3.05%	-4.25%	-3.99%	-4.35%	-4.06%	-6.54%	-8.88%	-9.72%	-2.59%	-11.29%	-3.43%	-0.75%	-1.28%	8.38%	-7.61%	-0.98%	-8.59%	3.19%	-4.72%	-1.61%	-4.22%	0.72%	-4.58%	1.66%	-3.26%	-4.40%	-2.25%	1.88%	5.12%	-3.45%	-5.62%
Effect of FX on Cash	-282,000	-337,800	-88,900	-116,267	-90,600	-72,480	-57,067	-597,000	828,000	-1,077,000	-679,000	-164,000	276,000	403,000	-54,000	-143,000	318,000	-438,000	-118,000	-282,000	-144,000	127,000	-233,000	-256,000	-453,000	-825,000	1,699,000	0	0	0	0	0	100,000	0	0	0	0
Effect of FX on Cash Margin	-0.05%	-0.06%	-0.01%	-0.03%	-0.02%	-0.01%	-0.01%	-0.07%	0.12%	-0.19%	-0.13%	-0.04%	0.06%	0.09%	-0.01%	-0.04%	0.08%	-0.12%	-0.04%	-0.09%	-0.05%	0.05%	-0.09%	-0.09%	-0.19%	-0.36%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	69,377,000	49,286,800	28,864,900	18,798,400	14,623,550	11,662,120	9,835,100	103,523,000	53,730,000	50,878,000	14,901,000	23,402,000	35,785,000	1,922,000	3,826,000	-825,000	1,507,000	-607,000	709,000	1,579,000	1,886,000	-10,240,000	7,112,000	-2,453,000	3,622,000	645,000	1,569,000	745,000	-1,690,000	369,000	-827,000	485,000	1,400,000	1,400,000	-100,000	0	800,000
Net Change in Cash Margin	9.72%	7.52%	4.76%	3.01%	2.48%	1.96%	1.72%	12.52%	7.64%	9.00%	2.95%	5.50%	8.43%	0.44%	0.95%	-0.21%	0.40%	-0.17%	0.21%	0.49%	0.72%	-3.70%	2.84%	-0.88%	1.54%	0.28%	0.72%	0.36%	-0.92%	0.22%	-0.60%	0.33%	0.93%	0.97%	-0.08%	0.00%	0.74%
Cash at Beginning of Period	139,002,667	107,630,400	58,455,900	41,317,933	32,347,050	26,568,320	22,346,933	191,782,000	138,052,000	87,174,000	72,273,000	48,871,000	13,086,000	11,164,000	7,338,000	8,163,000	6,656,000	7,263,000	6,554,000	4,975,000	3,089,000	13,329,000	6,217,000	8,670,000	5,048,000	4,403,000	2,834,000	2,089,000	3,779,000	3,410,000	4,237,000	3,752,000	2,400,000	1,100,000	1,100,000	1,200,000	400,000
Cash at Beginning of Period Margin	19.41%	16.81%	9.53%	7.12%	5.89%	5.14%	4.44%	23.20%	19.62%	15.41%	14.31%	11.48%	3.08%	2.57%	1.82%	2.07%	1.76%	1.99%	1.96%	1.56%	1.17%	4.82%	2.48%	3.10%	2.15%	1.92%	1.31%	1.02%	2.05%	2.04%	3.06%	2.56%	1.59%	0.76%	0.84%	1.03%	0.37%
Cash at End of Period	208,379,667	156,917,200	87,320,800	60,116,333	46,970,600	38,230,440	32,182,033	295,305,000	191,782,000	138,052,000	87,174,000	72,273,000	48,871,000	13,086,000	11,164,000	7,338,000	8,163,000	6,656,000	7,263,000	6,554,000	4,975,000	3,089,000	13,329,000	6,217,000	8,670,000	5,048,000	4,403,000	2,834,000	2,089,000	3,779,000	3,410,000	4,237,000	3,800,000	2,500,000	1,000,000	1,200,000	1,200,000
Cash at End of Period Margin	29.13%	24.33%	14.30%	10.13%	8.37%	7.10%	6.16%	35.73%	27.26%	24.41%	17.26%	16.98%	11.51%	3.02%	2.77%	1.86%	2.16%	1.82%	2.17%	2.05%	1.89%	1.12%	5.32%	2.22%	3.69%	2.20%	2.03%	1.38%	1.14%	2.26%	2.46%	2.89%	2.52%	1.74%	0.76%	1.03%	1.10%
Operating Cash Flow	115,867,333	104,938,000	80,752,100	64,172,600	54,480,750	45,730,720	40,015,600	155,034,000	110,117,000	82,451,000	87,510,000	89,578,000	80,714,000	60,350,000	49,751,000	56,185,000	35,831,000	35,735,000	34,818,000	34,802,000	31,317,000	18,396,000	36,588,000	27,052,000	28,275,000	16,750,000	18,361,000	5,498,000	14,083,000	12,234,000	8,587,000	13,251,000	15,400,000	14,700,000	5,200,000	9,900,000	12,000,000
Operating Cash Flow Margin	16.33%	17.47%	15.64%	13.74%	12.91%	11.64%	11.17%	18.76%	15.65%	14.58%	17.32%	21.05%	19.01%	13.91%	12.36%	14.27%	9.49%	9.80%	10.42%	10.89%	11.91%	6.65%	14.62%	9.68%	12.04%	7.29%	8.47%	2.68%	7.65%	7.31%	6.20%	9.05%	10.21%	10.22%	3.98%	8.53%	11.05%
Capital Expenditure	-10,237,333	-9,303,400	-10,808,700	-11,035,600	-12,414,500	-11,129,560	-10,811,300	-12,818,000	-12,003,000	-5,891,000	-6,746,000	-9,059,000	-7,496,000	-8,643,000	-15,069,000	-10,596,000	-19,766,000	-12,332,000	-14,311,000	-8,202,000	-5,336,000	-17,266,000	-7,750,000	-38,887,000	-15,971,000	-11,060,000	-9,088,000	-5,572,000	-7,053,000	-5,914,000	-5,007,000	-6,403,000	-10,000,000	-17,900,000	-8,300,000	-5,400,000	-4,500,000
Capital Expenditure Margin	-1.43%	-1.55%	-2.32%	-2.78%	-3.73%	-3.70%	-4.23%	-1.55%	-1.71%	-1.04%	-1.34%	-2.13%	-1.77%	-1.99%	-3.74%	-2.69%	-5.23%	-3.38%	-4.28%	-2.57%	-2.03%	-6.24%	-3.10%	-13.91%	-6.80%	-4.81%	-4.19%	-2.72%	-3.83%	-3.53%	-3.61%	-4.37%	-6.63%	-12.45%	-6.35%	-4.66%	-4.14%
Free Cash Flow	105,630,000	95,634,600	69,943,400	53,137,000	42,066,250	34,601,160	29,204,300	142,216,000	98,114,000	76,560,000	80,764,000	80,519,000	73,218,000	51,707,000	34,682,000	45,589,000	16,065,000	23,403,000	20,507,000	26,600,000	25,981,000	1,130,000	28,838,000	-11,835,000	12,304,000	5,690,000	9,273,000	-74,000	7,030,000	6,320,000	3,580,000	6,848,000	5,400,000	-3,200,000	-3,100,000	4,500,000	7,500,000
Free Cash Flow Margin	14.90%	15.92%	13.32%	10.96%	9.18%	7.94%	6.94%	17.21%	13.94%	13.54%	15.99%	18.92%	17.24%	11.92%	8.62%	11.58%	4.25%	6.42%	6.14%	8.32%	9.88%	0.41%	11.52%	-4.23%	5.24%	2.48%	4.28%	-0.04%	3.82%	3.78%	2.58%	4.68%	3.58%	-2.23%	-2.37%	3.88%	6.91%

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	698,572,667	605,292,000	505,871,600	441,121,000	391,396,400	346,766,800	310,642,333	826,558,000	703,592,000	565,568,000	505,198,000	425,544,000	424,625,000	433,732,000	402,440,000	393,761,000	377,698,000	364,768,000	334,122,000	319,660,000	262,915,000	276,634,000	250,337,000	279,552,000	234,816,000	229,754,000	216,654,000	205,010,000	183,989,000	167,317,000	138,537,000	146,389,000	150,900,000	143,800,000	130,800,000	116,000,000	108,600,000
EBITDA	149,852,000	129,249,600	100,977,300	84,727,667	73,375,200	62,742,000	54,945,000	190,121,000	146,029,000	113,406,000	106,465,000	90,227,000	86,006,000	61,324,000	80,020,000	73,207,000	62,968,000	61,711,000	52,601,000	56,523,000	37,025,000	53,282,000	42,243,000	47,953,000	37,083,000	35,795,000	33,515,000	28,052,000	21,861,000	21,175,000	12,866,000	17,092,000	22,400,000	18,700,000	14,700,000	12,600,000	11,400,000
EBITDA Margin	21.27%	21.22%	19.56%	18.62%	18.01%	16.77%	15.99%	23.00%	20.75%	20.05%	21.07%	21.20%	20.25%	14.14%	19.88%	18.59%	16.67%	16.92%	15.74%	17.68%	14.08%	19.26%	16.87%	17.15%	15.79%	15.58%	15.47%	13.68%	11.88%	12.66%	9.29%	11.68%	14.84%	13.00%	11.24%	10.86%	10.50%
(-) Tax Adjustment	36,683,889	31,157,196	26,834,393	23,858,968	21,651,679	18,939,336	16,782,148	47,453,745	35,162,092	27,435,830	24,020,740	21,713,575	20,144,896	13,789,861	29,569,151	25,774,610	23,279,431	20,932,165	18,533,310	20,074,500	11,084,892	18,915,721	15,519,934	17,543,367	13,832,939	14,220,859	14,031,962	13,022,806	9,454,379	7,713,128	4,227,033	6,032,471	8,560,510	7,170,677	5,332,353	4,666,667	4,250,847
(-) Tax Adjustment Margin	5.20%	5.09%	5.34%	5.47%	5.65%	5.45%	5.30%	5.74%	5.00%	4.85%	4.75%	5.10%	4.74%	3.18%	7.35%	6.55%	6.16%	5.74%	5.55%	6.28%	4.22%	6.84%	6.20%	6.28%	5.89%	6.19%	6.48%	6.35%	5.14%	4.61%	3.05%	4.12%	5.67%	4.99%	4.08%	4.02%	3.91%
(-) Change In Working Capital	-3,335,333	1,239,400	-990,200	-3,880,400	-3,223,500	-3,252,280	-2,696,900	2,952,000	-5,791,000	-7,167,000	-277,000	16,480,000	9,741,000	-8,164,000	-6,732,000	-459,000	-10,485,000	-14,139,000	-7,535,000	-5,024,000	-2,709,000	-18,897,000	2,948,000	-7,270,000	2,626,000	-1,240,000	-3,328,000	-14,004,000	-4,253,000	2,869,000	166,000	-1,615,000	-1,300,000	1,300,000	-4,900,000	1,200,000	4,100,000
(-) Change In Working Capital Margin	-0.58%	0.42%	-0.21%	-1.18%	-1.00%	-1.14%	-0.91%	0.36%	-0.82%	-1.27%	-0.05%	3.87%	2.29%	-1.88%	-1.67%	-0.12%	-2.78%	-3.88%	-2.26%	-1.57%	-1.03%	-6.83%	1.18%	-2.60%	1.12%	-0.54%	-1.54%	-6.83%	-2.31%	1.71%	0.12%	-1.10%	-0.86%	0.90%	-3.75%	1.03%	3.78%
(-) Capital Expenditure	-10,237,333	-9,303,400	-10,808,700	-11,035,600	-12,414,500	-11,129,560	-10,811,300	-12,818,000	-12,003,000	-5,891,000	-6,746,000	-9,059,000	-7,496,000	-8,643,000	-15,069,000	-10,596,000	-19,766,000	-12,332,000	-14,311,000	-8,202,000	-5,336,000	-17,266,000	-7,750,000	-38,887,000	-15,971,000	-11,060,000	-9,088,000	-5,572,000	-7,053,000	-5,914,000	-5,007,000	-6,403,000	-10,000,000	-17,900,000	-8,300,000	-5,400,000	-4,500,000
(-) Capital Expenditure Margin	-1.43%	-1.55%	-2.32%	-2.78%	-3.73%	-3.70%	-4.23%	-1.55%	-1.71%	-1.04%	-1.34%	-2.13%	-1.77%	-1.99%	-3.74%	-2.69%	-5.23%	-3.38%	-4.28%	-2.57%	-2.03%	-6.24%	-3.10%	-13.91%	-6.80%	-4.81%	-4.19%	-2.72%	-3.83%	-3.53%	-3.61%	-4.37%	-6.63%	-12.45%	-6.35%	-4.66%	-4.14%
Unlevered Free Cash Flow	106,266,111	87,549,604	64,324,407	53,713,499	42,532,521	35,925,384	30,048,452	126,897,255	104,654,908	87,246,170	75,975,260	42,974,425	48,624,104	47,055,139	42,113,849	37,295,390	30,407,569	42,585,835	27,291,690	33,270,500	23,313,108	35,997,279	16,025,066	-1,207,367	4,653,061	11,754,141	13,723,038	23,461,194	9,606,621	4,678,872	3,465,967	6,271,529	5,139,490	-7,670,677	5,967,647	1,333,333	-1,450,847
Unlevered Free Cash Flow Margin	15.22%	14.16%	12.11%	11.55%	9.63%	8.75%	7.38%	15.35%	14.87%	15.43%	15.04%	10.10%	11.45%	10.85%	10.46%	9.47%	8.05%	11.67%	8.17%	10.41%	8.87%	13.01%	6.40%	-0.43%	1.98%	5.12%	6.33%	11.44%	5.22%	2.80%	2.50%	4.28%	3.41%	-5.33%	4.56%	1.15%	-1.34%
(-) Net Interest Income After Taxes	3,318,067	1,989,382	699,509	333,940	163,963	96,731	80,609	6,463,216	3,072,529	418,457	15,488	-22,780	-193,741	-896,827	-497,447	-596,736	-767,072	-750,012	-711,133	-643,554	-129,613	248,321	-56,934	854,207	-809,423	-782,925	-934,767	-860,969	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	0.43%	0.26%	0.06%	0.00%	-0.04%	-0.05%	-0.04%	0.78%	0.44%	0.07%	0.00%	-0.01%	-0.05%	-0.21%	-0.12%	-0.15%	-0.20%	-0.21%	-0.21%	-0.20%	-0.05%	0.09%	-0.02%	0.31%	-0.34%	-0.34%	-0.43%	-0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0	-920,000	-1,810,000	2,678,067	915,850	1,555,400	1,786,167	0	0	0	0	-4,600,000	-13,500,000	0	0	0	0	0	0	65,136,000	-11,893,000	5,028,000	-17,187,000	8,557,000	-9,900,000	-5,948,000	2,624,000	4,053,000	10,265,000	5,570,000	-199,000	879,000	11,200,000	2,800,000	8,500,000	-2,900,000	-4,900,000
Net Debt Issuance Margin	0.00%	-0.22%	-0.43%	0.89%	0.20%	0.61%	0.81%	0.00%	0.00%	0.00%	0.00%	-1.08%	-3.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.38%	-4.52%	1.82%	-6.87%	3.06%	-4.22%	-2.59%	1.21%	1.98%	5.58%	3.33%	-0.14%	0.60%	7.42%	1.95%	6.50%	-2.50%	-4.51%
Levered Free Cash Flow	102,948,044	84,640,222	61,814,898	56,057,626	43,284,408	37,384,053	31,754,009	120,434,039	101,582,379	86,827,713	75,959,772	38,397,205	35,317,845	47,951,966	42,611,296	37,892,126	31,174,641	43,335,847	28,002,823	99,050,054	11,549,721	40,776,958	-1,105,000	6,495,427	-4,437,516	6,589,066	17,281,805	28,375,164	19,871,621	10,248,872	3,266,967	7,150,529	16,339,490	-4,870,677	14,467,647	-1,566,667	-6,350,847
Levered Free Cash Flow Margin	14.79%	13.68%	11.63%	12.44%	9.87%	9.42%	8.23%	14.57%	14.44%	15.35%	15.04%	9.02%	8.32%	11.06%	10.59%	9.62%	8.25%	11.88%	8.38%	30.99%	4.39%	14.74%	-0.44%	2.32%	-1.89%	2.87%	7.98%	13.84%	10.80%	6.13%	2.36%	4.88%	10.83%	-3.39%	11.06%	-1.35%	-5.85%