Choice Hotels International, Inc. (CHH)

Analysis: Margins & Ratios Industry: Travel Lodging Sector: Consumer Cyclical Live Price: $107.95

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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
Revenue	1,510,317,667	1,274,864,600	1,132,232,200	982,065,133	878,719,500	770,550,560	1,596,413,000	1,553,465,000	1,584,839,000	1,544,165,000	1,401,949,000	1,069,298,000	774,072,000	1,114,820,000	1,041,304,000	1,007,356,000	924,641,000	859,878,000	757,970,000	724,307,000	691,509,000	638,793,000	596,076,000	564,178,000	641,680,000	615,494,000	544,662,000	477,399,000	428,806,000	386,104,000	365,562,000	341,428,000	167,474,000	161,600,000	165,400,000	101,200,000	430,000,000
Cost of Revenue	798,817,667	665,813,200	603,848,100	528,740,000	471,358,950	408,527,280	774,909,000	803,068,000	840,673,000	853,883,000	701,897,000	469,700,000	462,913,000	593,587,000	534,266,000	567,083,000	525,716,000	488,763,000	412,619,000	406,777,000	388,289,000	352,502,000	332,432,000	308,532,000	339,911,000	320,068,000	281,220,000	246,348,000	224,205,000	198,036,000	193,091,000	170,671,000	0	-5,700,000	15,400,000	92,300,000	247,100,000
Cost of Revenue Margin	52.80%	52.43%	53.67%	54.29%	53.86%	51.35%	48.54%	51.70%	53.04%	55.30%	50.07%	43.93%	59.80%	53.25%	51.31%	56.29%	56.86%	56.84%	54.44%	56.16%	56.15%	55.18%	55.77%	54.69%	52.97%	52.00%	51.63%	51.60%	52.29%	51.29%	52.82%	49.99%	0.00%	-3.53%	9.31%	91.21%	57.47%
Gross Profit	711,500,000	609,051,400	528,384,100	453,325,133	407,360,550	362,023,280	821,504,000	750,397,000	744,166,000	690,282,000	700,052,000	599,598,000	311,159,000	521,233,000	507,038,000	440,273,000	398,925,000	371,115,000	345,351,000	317,530,000	303,220,000	286,291,000	263,644,000	255,646,000	301,769,000	295,426,000	263,442,000	231,051,000	204,601,000	188,068,000	172,471,000	170,757,000	167,474,000	167,300,000	150,000,000	8,900,000	182,900,000
Gross Profit Margin	47.20%	47.57%	46.33%	45.71%	46.14%	48.65%	51.46%	48.30%	46.96%	44.70%	49.93%	56.07%	40.20%	46.75%	48.69%	43.71%	43.14%	43.16%	45.56%	43.84%	43.85%	44.82%	44.23%	45.31%	47.03%	48.00%	48.37%	48.40%	47.71%	48.71%	47.18%	50.01%	100.00%	103.53%	90.69%	8.79%	42.53%
R&D Expenses	0	0	5,400,000	4,273,333	3,205,000	2,564,000	0	0	0	0	0	0	0	9,700,000	11,200,000	11,700,000	11,800,000	9,600,000	6,300,000	3,800,000	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%	0.55%	0.46%	0.34%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%	1.08%	1.16%	1.28%	1.12%	0.83%	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%	0.00%	0.00%	0.00%
SG&A Expenses	201,218,667	179,637,800	168,340,800	148,079,267	135,318,350	120,305,880	300,299,000	244,156,000	219,878,000	216,081,000	167,697,000	145,623,000	148,910,000	168,833,000	170,027,000	163,377,000	148,728,000	134,254,000	121,418,000	113,567,000	101,852,000	106,404,000	94,540,000	99,237,000	118,989,000	101,590,000	87,112,000	78,250,000	69,654,000	62,860,000	54,904,000	56,075,000	57,787,000	55,900,000	50,700,000	29,500,000	55,100,000
SG&A Expenses Margin	13.28%	14.54%	15.21%	15.40%	15.80%	16.58%	18.81%	15.72%	13.87%	13.99%	11.96%	13.62%	19.24%	15.14%	16.33%	16.22%	16.08%	15.61%	16.02%	15.68%	14.73%	16.66%	15.86%	17.59%	18.54%	16.51%	15.99%	16.39%	16.24%	16.28%	15.02%	16.42%	34.51%	34.59%	30.65%	29.15%	12.81%
Operating Expenses	272,366,000	235,451,000	203,131,000	174,167,800	174,075,950	153,571,880	355,340,000	368,097,000	280,393,000	315,254,000	221,451,000	170,665,000	189,492,000	187,661,000	184,357,000	175,808,000	160,433,000	145,796,000	130,783,000	123,036,000	110,078,000	114,428,000	102,882,000	107,573,000	467,084,000	110,227,000	96,817,000	87,301,000	79,601,000	74,085,000	66,155,000	68,527,000	69,410,000	73,500,000	63,200,000	35,700,000	84,900,000
Operating Expenses Margin	17.97%	18.87%	18.06%	17.73%	20.59%	21.17%	22.26%	23.70%	17.69%	20.42%	15.80%	15.96%	24.48%	16.83%	17.70%	17.45%	17.35%	16.96%	17.25%	16.99%	15.92%	17.91%	17.26%	19.07%	72.79%	17.91%	17.78%	18.29%	18.56%	19.19%	18.10%	20.07%	41.45%	45.48%	38.21%	35.28%	19.74%
Operating Income (EBIT)	439,134,000	373,600,400	323,376,500	277,906,267	249,341,850	220,086,440	466,164,000	382,300,000	463,773,000	375,028,000	478,601,000	428,933,000	121,667,000	318,642,000	318,474,000	264,433,000	238,895,000	225,319,000	214,568,000	194,494,000	193,142,000	171,863,000	160,762,000	148,073,000	174,596,000	185,199,000	166,625,000	143,750,000	125,000,000	113,983,000	104,700,000	73,577,000	98,064,000	93,800,000	86,800,000	-26,800,000	98,000,000
Operating Income (EBIT) Margin	29.23%	28.70%	28.10%	27.86%	28.11%	29.18%	29.20%	24.61%	29.26%	24.29%	34.14%	40.11%	15.72%	28.58%	30.58%	26.25%	25.84%	26.20%	28.31%	26.85%	27.93%	26.90%	26.97%	26.25%	27.21%	30.09%	30.59%	30.11%	29.15%	29.52%	28.64%	21.55%	58.55%	58.04%	52.48%	-26.48%	22.79%
Interest Income	7,899,333	7,273,400	6,485,000	4,993,800	4,226,500	3,381,200	6,539,000	8,485,000	8,646,000	7,764,000	7,288,000	4,981,000	7,688,000	9,996,000	7,452,000	5,920,000	3,535,000	1,580,000	1,761,000	2,547,000	1,540,000	1,306,000	2,903,000	5,862,000	0	1,750,000	368,000	1,643,000	0	0	0	0	0	0	0	0	0
Interest Income Margin	0.52%	0.61%	0.58%	0.49%	0.45%	0.36%	0.41%	0.55%	0.55%	0.50%	0.52%	0.47%	0.99%	0.90%	0.72%	0.59%	0.38%	0.18%	0.23%	0.35%	0.22%	0.20%	0.49%	1.04%	0.00%	0.28%	0.07%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	64,902,667	58,083,200	51,544,900	43,085,333	35,248,800	30,539,640	88,535,000	83,322,000	87,131,000	63,780,000	43,797,000	46,680,000	49,028,000	46,807,000	45,908,000	45,039,000	44,446,000	42,833,000	41,486,000	42,537,000	27,189,000	12,939,000	6,680,000	4,414,000	18,692,000	11,313,000	11,689,000	12,588,000	0	4,507,000	0	0	54,008,000	0	0	0	0
Interest Expense Margin	4.25%	4.69%	4.63%	4.32%	3.75%	4.34%	5.55%	5.36%	5.50%	4.13%	3.12%	4.37%	6.33%	4.20%	4.41%	4.47%	4.81%	4.98%	5.47%	5.87%	3.93%	2.03%	1.12%	0.78%	2.91%	1.84%	2.15%	2.64%	0.00%	1.17%	0.00%	0.00%	32.25%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-57,003,333	-50,809,800	-45,059,900	-38,091,533	-31,022,300	-27,158,440	-81,996,000	-74,837,000	-78,485,000	-56,016,000	-36,509,000	-41,699,000	-41,340,000	-36,811,000	-38,456,000	-39,119,000	-40,911,000	-41,253,000	-39,725,000	-39,990,000	-25,649,000	-11,633,000	-3,777,000	1,448,000	-18,692,000	-9,563,000	-11,321,000	-10,945,000	0	-4,507,000	0	0	-54,008,000	0	0	0	0
Net Interest Income Margin	-3.73%	-4.08%	-4.05%	-3.83%	-3.30%	-3.98%	-5.14%	-4.82%	-4.95%	-3.63%	-2.60%	-3.90%	-5.34%	-3.30%	-3.69%	-3.88%	-4.42%	-4.80%	-5.24%	-5.52%	-3.71%	-1.82%	-0.63%	0.26%	-2.91%	-1.55%	-2.08%	-2.29%	0.00%	-1.17%	0.00%	0.00%	-32.25%	0.00%	0.00%	0.00%	0.00%
Unusual Items	106,335,000	104,629,200	93,431,000	78,253,400	63,662,950	56,374,000	67,163,000	127,515,000	146,613,000	94,088,000	78,304,000	94,140,000	110,001,000	85,524,000	83,672,000	79,555,000	79,826,000	82,587,000	80,535,000	77,566,000	49,623,000	25,439,000	6,328,000	-4,009,000	35,970,000	20,876,000	22,668,000	23,953,000	10,476,000	6,083,000	8,882,000	28,160,000	82,490,000	-700,000	4,400,000	-73,200,000	25,800,000
Unusual Items Margin	6.98%	8.79%	8.58%	7.96%	6.84%	8.03%	4.21%	8.21%	9.25%	6.09%	5.59%	8.80%	14.21%	7.67%	8.04%	7.90%	8.63%	9.60%	10.63%	10.71%	7.18%	3.98%	1.06%	-0.71%	5.61%	3.39%	4.16%	5.02%	2.44%	1.58%	2.43%	8.25%	49.26%	-0.43%	2.66%	-72.33%	6.00%
EBT Excluding Unusual Items	283,467,333	215,151,800	181,574,400	159,491,000	153,038,250	134,496,880	413,834,000	202,107,000	249,032,000	242,868,000	358,502,000	282,352,000	-56,995,000	184,405,000	189,586,000	144,442,000	120,154,000	101,398,000	93,223,000	79,352,000	119,545,000	132,618,000	151,883,000	154,643,000	121,348,000	153,010,000	132,610,000	106,789,000	104,048,000	106,324,000	86,936,000	17,257,000	-12,908,000	95,200,000	78,000,000	119,600,000	46,400,000
EBT Excluding Unusual Items Margin	19.00%	15.21%	14.99%	15.78%	17.73%	17.10%	25.92%	13.01%	15.71%	15.73%	25.57%	26.41%	-7.36%	16.54%	18.21%	14.34%	12.99%	11.79%	12.30%	10.96%	17.29%	20.76%	25.48%	27.41%	18.91%	24.86%	24.35%	22.37%	24.26%	27.54%	23.78%	5.05%	-7.71%	58.91%	47.16%	118.18%	10.79%
Pre-Tax Income	389,802,333	319,781,000	275,005,400	237,744,400	216,701,200	190,870,880	480,997,000	329,622,000	395,645,000	336,956,000	436,806,000	376,492,000	53,006,000	269,929,000	273,258,000	223,997,000	199,980,000	183,985,000	173,758,000	156,918,000	169,168,000	158,057,000	158,211,000	150,634,000	157,318,000	173,886,000	155,278,000	130,742,000	114,524,000	112,407,000	95,818,000	45,417,000	69,582,000	94,500,000	82,400,000	46,400,000	72,200,000
Pre-Tax Income Margin	25.98%	24.00%	23.57%	23.74%	24.57%	25.13%	30.13%	21.22%	24.96%	21.82%	31.16%	35.21%	6.85%	24.21%	26.24%	22.24%	21.63%	21.40%	22.92%	21.66%	24.46%	24.74%	26.54%	26.70%	24.52%	28.25%	28.51%	27.39%	26.71%	29.11%	26.21%	13.30%	41.55%	58.48%	49.82%	45.85%	16.79%
Income Tax Expense	93,027,667	68,847,400	67,386,000	61,158,267	58,755,900	53,961,680	98,929,000	76,808,000	95,980,000	78,449,000	104,654,000	87,535,000	-22,381,000	47,051,000	56,903,000	109,104,000	60,609,000	55,956,000	52,285,000	44,317,000	48,481,000	47,661,000	50,770,000	52,384,000	57,107,000	62,585,000	42,491,000	43,177,000	40,179,000	40,544,000	34,974,000	31,090,000	27,137,000	37,300,000	34,300,000	19,100,000	30,200,000
Income Tax Expense Margin	6.20%	4.78%	5.75%	6.23%	6.93%	7.74%	6.20%	4.94%	6.06%	5.08%	7.46%	8.19%	-2.89%	4.22%	5.46%	10.83%	6.55%	6.51%	6.90%	6.12%	7.01%	7.46%	8.52%	9.29%	8.90%	10.17%	7.80%	9.04%	9.37%	10.50%	9.57%	9.11%	16.20%	23.08%	20.74%	18.87%	7.02%
Net Income	296,774,667	250,933,600	207,619,400	176,698,600	158,029,650	136,976,680	382,068,000	252,814,000	299,665,000	258,507,000	332,152,000	288,957,000	75,387,000	222,878,000	216,355,000	114,893,000	139,371,000	128,029,000	123,160,000	112,601,000	120,687,000	110,396,000	107,441,000	98,250,000	100,211,000	111,301,000	112,787,000	87,565,000	74,345,000	71,863,000	60,844,000	14,327,000	42,445,000	57,200,000	55,300,000	27,300,000	40,900,000
Net Income Margin	19.78%	19.22%	17.82%	17.52%	17.65%	17.40%	23.93%	16.27%	18.91%	16.74%	23.69%	27.02%	9.74%	19.99%	20.78%	11.41%	15.07%	14.89%	16.25%	15.55%	17.45%	17.28%	18.02%	17.41%	15.62%	18.08%	20.71%	18.34%	17.34%	18.61%	16.64%	4.20%	25.34%	35.40%	33.43%	26.98%	9.51%
Depreciation and Amortization	58,144,000	54,676,400	312,284,500	211,084,733	160,509,200	130,686,520	67,886,000	71,582,000	70,860,000	39,659,000	63,913,000	50,494,000	48,456,000	781,248,000	718,623,000	651,901,000	686,149,000	11,542,000	9,365,000	9,469,000	8,226,000	8,024,000	8,342,000	8,336,000	8,184,000	8,637,000	9,705,000	9,051,000	9,947,000	11,225,000	11,251,000	12,452,000	12,104,000	17,600,000	12,500,000	6,200,000	29,800,000
Depreciation and Amortization Margin	3.87%	4.52%	30.19%	20.55%	15.81%	13.41%	4.25%	4.61%	4.47%	2.57%	4.56%	4.72%	6.26%	70.08%	69.01%	64.71%	74.21%	1.34%	1.24%	1.31%	1.19%	1.26%	1.40%	1.48%	1.28%	1.40%	1.78%	1.90%	2.32%	2.91%	3.08%	3.65%	7.23%	10.89%	7.56%	6.13%	6.93%
EBITDA	512,849,000	432,540,600	364,739,600	308,909,067	274,789,600	243,024,560	637,418,000	484,526,000	553,636,000	440,395,000	544,516,000	473,666,000	150,490,000	335,564,000	333,496,000	321,545,000	255,728,000	238,360,000	224,609,000	208,924,000	204,583,000	179,020,000	169,104,000	156,409,000	182,780,000	193,836,000	176,330,000	152,801,000	134,947,000	125,171,000	117,567,000	91,969,000	110,168,000	111,400,000	99,400,000	-20,600,000	127,800,000
EBITDA Margin	34.10%	33.21%	31.55%	30.66%	30.60%	32.03%	39.93%	31.19%	34.93%	28.52%	38.84%	44.30%	19.44%	30.10%	32.03%	31.92%	27.66%	27.72%	29.63%	28.84%	29.59%	28.02%	28.37%	27.72%	28.48%	31.49%	32.37%	32.01%	31.47%	32.42%	32.16%	26.94%	65.78%	68.94%	60.10%	-20.36%	29.72%
NOPAT	334,304,772	301,031,758	247,933,123	209,060,110	183,977,331	159,323,043	370,285,775	293,217,055	351,265,746	287,715,201	363,933,369	329,205,383	173,039,092	263,099,895	252,155,261	135,633,516	166,491,824	156,791,946	150,002,985	139,564,734	137,790,413	120,038,896	109,173,383	96,579,605	111,217,024	118,542,228	121,028,954	96,277,162	81,145,655	72,870,554	66,484,030	23,210,201	59,819,012	56,776,296	50,668,447	-15,768,103	57,008,310
NOPAT Margin	22.25%	23.98%	21.74%	20.90%	20.48%	20.32%	23.19%	18.88%	22.16%	18.63%	25.96%	30.79%	22.35%	23.60%	24.22%	13.46%	18.01%	18.23%	19.79%	19.27%	19.93%	18.79%	18.32%	17.12%	17.33%	19.26%	22.22%	20.17%	18.92%	18.87%	18.19%	6.80%	35.72%	35.13%	30.63%	-15.58%	13.26%
Owner's Earnings	248,911,667	218,442,000	182,445,600	155,930,800	141,903,450	124,047,120	390,785,000	172,409,000	224,673,000	215,951,000	306,111,000	261,584,000	83,891,000	194,959,000	200,806,000	101,370,000	123,305,000	111,806,000	111,579,000	90,546,000	113,470,000	107,496,000	91,415,000	95,451,000	95,784,000	107,975,000	114,785,000	85,112,000	77,433,000	74,608,000	59,862,000	13,247,000	37,959,000	44,200,000	55,500,000	26,200,000	-14,000,000
Owner's Earnings Margin	16.67%	17.06%	15.85%	15.62%	16.13%	16.11%	24.48%	11.10%	14.18%	13.98%	21.83%	24.46%	10.84%	17.49%	19.28%	10.06%	13.34%	13.00%	14.72%	12.50%	16.41%	16.83%	15.34%	16.92%	14.93%	17.54%	21.07%	17.83%	18.06%	19.32%	16.38%	3.88%	22.67%	27.35%	33.56%	25.89%	-3.26%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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
Revenue	1,510,317,667	1,274,864,600	1,132,232,200	982,065,133	878,719,500	770,550,560	1,584,839,000	1,544,165,000	1,401,949,000	1,069,298,000	774,072,000	1,114,820,000	1,041,304,000	1,007,356,000	924,641,000	859,878,000	757,970,000	724,307,000	691,509,000	638,793,000	596,076,000	564,178,000	641,680,000	615,494,000	544,662,000	477,399,000	428,806,000	386,104,000	365,562,000	341,428,000	167,474,000	161,600,000	165,400,000	101,200,000	430,000,000
Cash & Cash Equivalents	36,165,667	170,976,200	154,652,900	150,779,733	124,069,250	103,110,760	40,177,000	26,754,000	41,566,000	511,605,000	234,779,000	33,766,000	26,642,000	235,336,000	202,463,000	193,441,000	214,879,000	167,795,000	134,177,000	107,057,000	91,259,000	67,870,000	52,680,000	46,377,000	35,841,000	16,921,000	27,554,000	20,031,000	12,227,000	16,871,000	19,701,000	11,900,000	1,700,000	10,300,000	6,100,000
Cash & Cash Equivalents Margin	2.41%	17.08%	15.87%	17.45%	14.98%	13.25%	2.54%	1.73%	2.96%	47.84%	30.33%	3.03%	2.56%	23.36%	21.90%	22.50%	28.35%	23.17%	19.40%	16.76%	15.31%	12.03%	8.21%	7.53%	6.58%	3.54%	6.43%	5.19%	3.34%	4.94%	11.76%	7.36%	1.03%	10.18%	1.42%
Short-Term Investments	0	0	0	1,065,333	799,000	639,200	0	0	0	0	0	0	0	0	0	0	0	400,000	3,486,000	12,094,000	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%	0.16%	0.12%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.50%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	36,165,667	170,976,200	154,652,900	151,845,067	124,868,250	103,749,960	40,177,000	26,754,000	41,566,000	511,605,000	234,779,000	33,766,000	26,642,000	235,336,000	202,463,000	193,441,000	214,879,000	168,195,000	137,663,000	119,151,000	91,259,000	67,870,000	52,680,000	46,377,000	35,841,000	16,921,000	27,554,000	20,031,000	12,227,000	16,871,000	19,701,000	11,900,000	1,700,000	10,300,000	6,100,000
Cash & Short-Term Investments Margin	2.41%	17.08%	15.87%	17.61%	15.10%	13.35%	2.54%	1.73%	2.96%	47.84%	30.33%	3.03%	2.56%	23.36%	21.90%	22.50%	28.35%	23.22%	19.91%	18.65%	15.31%	12.03%	8.21%	7.53%	6.58%	3.54%	6.43%	5.19%	3.34%	4.94%	11.76%	7.36%	1.03%	10.18%	1.42%
Net Receivables	242,442,333	225,118,600	176,426,500	143,386,267	117,861,750	100,656,680	257,592,000	195,896,000	273,839,000	220,111,000	178,155,000	178,096,000	138,018,000	125,870,000	107,336,000	89,352,000	91,681,000	82,385,000	96,615,000	68,210,000	47,638,000	41,898,000	43,141,000	42,553,000	41,694,000	37,155,000	34,611,000	33,623,000	32,451,000	26,112,000	32,385,000	30,000,000	28,100,000	53,400,000	32,400,000
Net Receivables Margin	16.16%	18.41%	15.58%	14.13%	12.42%	12.04%	16.25%	12.69%	19.53%	20.58%	23.02%	15.98%	13.25%	12.50%	11.61%	10.39%	12.10%	11.37%	13.97%	10.68%	7.99%	7.43%	6.72%	6.91%	7.66%	7.78%	8.07%	8.71%	8.88%	7.65%	19.34%	18.56%	16.99%	52.77%	7.53%
Inventory	0	0	2,541,200	1,722,733	3,311,650	2,817,680	0	0	0	0	0	0	25,412,000	0	0	0	0	0	0	0	429,000	7,980,000	8,223,000	12,339,000	9,234,000	2,616,000	2,252,000	1,957,000	0	0	0	0	0	0	600,000
Inventory Margin	0.00%	0.00%	0.24%	0.17%	0.47%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	1.41%	1.28%	2.00%	1.70%	0.55%	0.53%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%
Other Current Assets	49,238,000	39,527,800	37,853,500	37,355,733	30,357,950	24,707,440	41,317,000	73,880,000	32,517,000	29,945,000	19,980,000	24,727,000	53,712,000	39,223,000	35,074,000	28,160,000	13,450,000	56,394,000	65,068,000	22,633,000	24,256,000	10,114,000	16,172,000	4,682,000	9,547,000	6,308,000	4,212,000	2,966,000	3,349,000	0	0	0	5,900,000	3,400,000	6,700,000
Other Current Assets Margin	3.24%	3.02%	3.34%	4.00%	3.41%	2.83%	2.61%	4.78%	2.32%	2.80%	2.58%	2.22%	5.16%	3.89%	3.79%	3.27%	1.77%	7.79%	9.41%	3.54%	4.07%	1.79%	2.52%	0.76%	1.75%	1.32%	0.98%	0.77%	0.92%	0.00%	0.00%	0.00%	3.57%	3.36%	1.56%
Total Current Assets	327,846,000	435,622,600	371,724,500	327,943,533	271,163,200	227,742,640	339,086,000	296,530,000	347,922,000	761,661,000	432,914,000	236,589,000	243,784,000	402,933,000	344,873,000	310,953,000	351,414,000	258,646,000	233,470,000	194,796,000	163,582,000	127,862,000	120,216,000	105,951,000	87,082,000	63,000,000	68,629,000	58,577,000	48,027,000	42,983,000	52,086,000	41,900,000	35,700,000	67,100,000	45,800,000
Total Current Assets Margin	21.81%	38.51%	35.07%	34.96%	30.61%	28.01%	21.40%	19.20%	24.82%	71.23%	55.93%	21.22%	23.41%	40.00%	37.30%	36.16%	46.36%	35.71%	33.76%	30.49%	27.44%	22.66%	18.73%	17.21%	15.99%	13.20%	16.00%	15.17%	13.14%	12.59%	31.10%	25.93%	21.58%	66.30%	10.65%
Property, Plant & Equipment	594,323,000	517,542,800	343,464,500	261,439,000	216,371,050	185,488,800	687,796,000	578,579,000	516,594,000	431,853,000	372,892,000	405,290,000	127,535,000	102,658,000	113,084,000	98,364,000	81,320,000	76,189,000	51,651,000	135,252,000	142,528,000	133,999,000	138,867,000	43,887,000	42,802,000	46,281,000	47,492,000	54,253,000	64,650,000	70,458,000	72,946,000	58,300,000	32,800,000	37,000,000	325,300,000
Property, Plant & Equipment Margin	39.24%	41.25%	28.87%	24.17%	21.63%	21.58%	43.40%	37.47%	36.85%	40.39%	48.17%	36.35%	12.25%	10.19%	12.23%	11.44%	10.73%	10.52%	7.47%	21.17%	23.91%	23.75%	21.64%	7.13%	7.86%	9.69%	11.08%	14.05%	17.69%	20.64%	43.56%	36.08%	19.83%	36.56%	75.65%
Goodwill	219,675,667	195,483,800	154,460,000	124,939,000	110,158,250	88,126,600	220,187,000	220,187,000	218,653,000	159,196,000	159,196,000	159,196,000	168,996,000	80,757,000	78,905,000	79,327,000	65,813,000	65,813,000	65,813,000	66,005,000	66,041,000	65,813,000	65,813,000	65,813,000	65,813,000	65,828,000	0	0	0	0	0	0	0	0	0
Goodwill Margin	14.58%	15.84%	13.55%	12.28%	12.13%	9.71%	13.89%	14.26%	15.60%	14.89%	20.57%	14.28%	16.23%	8.02%	8.53%	9.23%	8.68%	9.09%	9.52%	10.33%	11.08%	11.67%	10.26%	10.69%	12.08%	13.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	812,426,000	610,678,400	365,735,900	248,518,467	194,292,700	174,809,520	884,013,000	811,075,000	742,190,000	312,389,000	303,725,000	290,421,000	271,188,000	14,672,000	15,738,000	11,948,000	8,912,000	9,953,000	13,473,000	17,255,000	20,825,000	24,559,000	27,763,000	31,979,000	35,509,000	38,267,000	92,722,000	96,003,000	96,956,000	96,877,000	101,826,000	107,800,000	111,700,000	117,600,000	118,700,000
Intangible Assets Margin	53.75%	45.94%	28.63%	19.80%	16.27%	19.51%	55.78%	52.53%	52.94%	29.21%	39.24%	26.05%	26.04%	1.46%	1.70%	1.39%	1.18%	1.37%	1.95%	2.70%	3.49%	4.35%	4.33%	5.20%	6.52%	8.02%	21.62%	24.86%	26.52%	28.37%	60.80%	66.71%	67.53%	116.21%	27.60%
Long-Term Investments	112,199,667	97,099,000	100,209,400	72,225,400	60,883,600	46,191,200	47,603,000	226,704,000	62,292,000	61,913,000	86,983,000	103,633,000	128,414,000	155,064,000	111,814,000	17,674,000	17,539,000	15,950,000	12,755,000	11,678,000	23,365,000	20,931,000	25,360,000	33,000,000	32,000,000	23,000,000	-2,252,000	-1,957,000	-58,683,000	0	0	0	0	0	0
Long-Term Investments Margin	7.38%	7.83%	9.03%	6.83%	6.31%	4.36%	3.00%	14.68%	4.44%	5.79%	11.24%	9.30%	12.33%	15.39%	12.09%	2.06%	2.31%	2.20%	1.84%	1.83%	3.92%	3.71%	3.95%	5.36%	5.88%	4.82%	-0.53%	-0.51%	-16.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	95,341,667	84,482,600	58,235,400	45,713,333	38,755,550	33,520,120	108,308,000	89,535,000	88,182,000	68,643,000	67,745,000	20,747,000	30,613,000	13,335,000	52,812,000	42,434,000	20,546,000	20,282,000	15,418,000	22,665,000	24,435,000	14,143,000	20,323,000	29,205,000	22,451,000	3,289,000	2,252,000	1,957,000	58,683,000	0	0	0	0	0	0
Tax Assets Margin	6.31%	6.82%	5.09%	4.42%	4.07%	3.94%	6.83%	5.80%	6.29%	6.42%	8.75%	1.86%	2.94%	1.32%	5.71%	4.93%	2.71%	2.80%	2.23%	3.55%	4.10%	2.51%	3.17%	4.74%	4.12%	0.69%	0.53%	0.51%	16.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	180,688,333	168,422,400	137,489,500	97,587,400	70,402,700	79,716,360	243,534,000	172,189,000	126,342,000	136,169,000	163,878,000	170,796,000	167,840,000	74,814,000	51,181,000	68,152,000	24,417,000	26,974,000	66,541,000	38,000	-29,054,000	-47,270,000	-70,123,000	18,549,000	17,652,000	25,435,000	53,545,000	58,439,000	104,749,000	110,860,000	257,262,000	256,700,000	218,000,000	154,600,000	36,500,000
Other Non-Current Assets Margin	11.84%	13.89%	12.18%	8.90%	6.29%	14.72%	15.37%	11.15%	9.01%	12.73%	21.17%	15.32%	16.12%	7.43%	5.54%	7.93%	3.22%	3.72%	9.62%	0.01%	-4.87%	-8.38%	-10.93%	3.01%	3.24%	5.33%	12.49%	15.14%	28.65%	32.47%	153.61%	158.85%	131.80%	152.77%	8.49%
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
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%
Total Non-Current Assets	2,014,654,333	1,673,709,000	1,185,154,000	880,465,600	713,396,100	625,878,400	2,191,441,000	2,098,269,000	1,754,253,000	1,170,163,000	1,154,419,000	1,150,083,000	894,586,000	524,674,000	507,595,000	406,057,000	295,856,000	281,253,000	277,302,000	252,893,000	248,140,000	212,175,000	208,003,000	222,433,000	216,227,000	202,100,000	193,759,000	208,695,000	266,355,000	278,195,000	432,034,000	422,800,000	362,500,000	309,200,000	480,500,000
Total Non-Current Assets Margin	133.10%	131.57%	100.11%	80.02%	69.43%	76.00%	138.28%	135.88%	125.13%	109.43%	149.14%	103.16%	85.91%	52.08%	54.90%	47.22%	39.03%	38.83%	40.10%	39.59%	41.63%	37.61%	32.42%	36.14%	39.70%	42.33%	45.19%	54.05%	72.86%	81.48%	257.97%	261.63%	219.17%	305.53%	111.74%
Total Assets	2,342,500,333	2,109,331,600	1,556,878,500	1,208,409,133	984,559,300	853,621,040	2,530,527,000	2,394,799,000	2,102,175,000	1,931,824,000	1,587,333,000	1,386,672,000	1,138,370,000	927,607,000	852,468,000	717,010,000	647,270,000	539,899,000	510,772,000	447,689,000	411,722,000	340,037,000	328,219,000	328,384,000	303,309,000	265,100,000	262,388,000	267,272,000	314,382,000	321,178,000	484,120,000	464,700,000	398,200,000	376,300,000	526,300,000
Total Assets Margin	154.90%	170.09%	135.18%	114.98%	100.04%	104.01%	159.67%	155.09%	149.95%	180.66%	205.06%	124.39%	109.32%	92.08%	92.19%	83.39%	85.40%	74.54%	73.86%	70.08%	69.07%	60.27%	51.15%	53.35%	55.69%	55.53%	61.19%	69.22%	86.00%	94.07%	289.07%	287.56%	240.75%	371.84%	122.40%
Accounts Payable	128,337,333	109,902,000	87,681,100	72,924,600	65,053,200	57,014,080	134,865,000	131,284,000	118,863,000	81,169,000	83,329,000	73,449,000	73,511,000	67,839,000	48,071,000	64,431,000	57,124,000	41,663,000	38,714,000	38,389,000	41,168,000	33,859,000	41,648,000	55,288,000	41,816,000	34,584,000	30,718,000	29,740,000	23,142,000	24,724,000	15,964,000	21,400,000	16,200,000	26,500,000	42,100,000
Accounts Payable Margin	8.50%	8.77%	7.69%	7.25%	7.26%	7.32%	8.51%	8.50%	8.48%	7.59%	10.77%	6.59%	7.06%	6.73%	5.20%	7.49%	7.54%	5.75%	5.60%	6.01%	6.91%	6.00%	6.49%	8.98%	7.68%	7.24%	7.16%	7.70%	6.33%	7.24%	9.53%	13.24%	9.79%	26.19%	9.79%
Short-Term Debt	174,170,667	152,292,800	78,421,900	54,409,600	40,821,800	37,512,640	5,367,000	503,506,000	13,639,000	228,349,000	10,603,000	17,610,000	1,097,000	1,232,000	1,195,000	1,621,000	12,349,000	10,088,000	8,195,000	673,000	620,000	0	0	0	146,000	146,000	10,146,000	23,829,000	23,796,000	13,563,000	50,046,000	44,600,000	22,600,000	15,000,000	600,000
Short-Term Debt Margin	11.31%	11.33%	5.88%	4.21%	3.16%	4.49%	0.34%	32.61%	0.97%	21.36%	1.37%	1.58%	0.11%	0.12%	0.13%	0.19%	1.63%	1.39%	1.19%	0.11%	0.10%	0.00%	0.00%	0.00%	0.03%	0.03%	2.37%	6.17%	6.51%	3.97%	29.88%	27.60%	13.66%	14.82%	0.14%
Tax Payables	7,915,667	6,182,600	6,092,000	4,678,200	4,360,150	3,985,920	10,405,000	6,954,000	6,388,000	125,000	7,041,000	0	26,276,000	2,776,000	796,000	159,000	85,000	2,282,000	0	1,108,000	5,778,000	6,310,000	1,206,000	1,659,000	5,356,000	2,499,000	989,000	2,577,000	8,879,000	0	0	0	0	0	0
Tax Payables Margin	0.52%	0.50%	0.54%	0.46%	0.50%	0.53%	0.66%	0.45%	0.46%	0.01%	0.91%	0.00%	2.52%	0.28%	0.09%	0.02%	0.01%	0.32%	0.00%	0.17%	0.97%	1.12%	0.19%	0.27%	0.98%	0.52%	0.23%	0.67%	2.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	101,041,667	86,990,600	92,007,700	83,663,200	74,083,750	65,814,280	102,114,000	108,316,000	92,695,000	81,538,000	50,290,000	71,594,000	67,614,000	141,111,000	133,218,000	71,587,000	66,382,000	61,188,000	71,154,000	68,825,000	67,322,000	51,765,000	47,004,000	48,660,000	47,167,000	32,131,000	59,238,000	44,704,000	29,686,000	30,054,000	0	0	0	0	0
Deferred Revenue Margin	6.69%	6.84%	8.38%	8.89%	8.66%	8.62%	6.44%	7.01%	6.61%	7.63%	6.50%	6.42%	6.49%	14.01%	14.41%	8.33%	8.76%	8.45%	10.29%	10.77%	11.29%	9.18%	7.33%	7.91%	8.66%	6.73%	13.81%	11.58%	8.12%	8.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	202,304,333	178,122,200	142,608,600	115,558,333	97,822,800	85,021,040	209,970,000	192,630,000	204,313,000	179,114,000	104,584,000	163,235,000	149,941,000	71,693,000	80,388,000	70,218,000	64,158,000	59,117,000	58,074,000	75,570,000	50,370,000	39,872,000	45,209,000	41,909,000	45,306,000	50,785,000	35,929,000	42,747,000	29,686,000	32,890,000	27,818,000	23,700,000	19,700,000	16,600,000	18,900,000
Other Current Liabilities Margin	13.43%	14.11%	12.36%	11.26%	10.44%	10.50%	13.25%	12.47%	14.57%	16.75%	13.51%	14.64%	14.40%	7.12%	8.69%	8.17%	8.46%	8.16%	8.40%	11.83%	8.45%	7.07%	7.05%	6.81%	8.32%	10.64%	8.38%	11.07%	8.12%	9.63%	16.61%	14.67%	11.91%	16.40%	4.40%
Total Current Liabilities	613,769,667	533,490,200	407,795,900	331,890,333	282,634,000	244,205,160	462,721,000	942,690,000	435,898,000	570,295,000	255,847,000	325,888,000	318,439,000	294,497,000	263,668,000	208,016,000	200,098,000	174,338,000	176,137,000	184,565,000	165,258,000	131,806,000	135,067,000	147,516,000	139,791,000	120,145,000	101,091,000	100,850,000	85,503,000	71,177,000	93,828,000	89,700,000	58,500,000	58,100,000	61,600,000
Total Current Liabilities Margin	40.45%	41.54%	34.95%	32.14%	30.06%	30.05%	29.20%	61.05%	31.09%	53.33%	33.05%	29.23%	30.58%	29.23%	28.52%	24.19%	26.40%	24.07%	25.47%	28.89%	27.72%	23.36%	21.05%	23.97%	25.67%	25.17%	23.57%	26.12%	23.39%	20.85%	56.03%	55.51%	35.37%	57.41%	14.33%
Long-Term Debt	1,443,852,000	1,256,529,600	1,027,918,000	879,774,533	723,872,900	632,709,800	1,881,781,000	1,178,234,000	1,271,541,000	879,615,000	1,071,477,000	865,372,000	753,514,000	725,292,000	839,409,000	812,945,000	783,231,000	783,471,000	847,150,000	252,032,000	251,554,000	277,700,000	284,400,000	272,378,000	172,390,000	273,972,000	318,557,000	222,823,000	283,995,000	267,733,000	247,179,000	262,700,000	256,600,000	267,800,000	295,600,000
Long-Term Debt Margin	95.25%	101.28%	91.37%	88.63%	77.81%	79.68%	118.74%	76.30%	90.70%	82.26%	138.42%	77.62%	72.36%	72.00%	90.78%	94.54%	103.33%	108.17%	122.51%	39.45%	42.20%	49.22%	44.32%	44.25%	31.65%	57.39%	74.29%	57.71%	77.69%	78.42%	147.59%	162.56%	155.14%	264.62%	68.74%
Capital Lease Obligations	104,666,667	76,966,400	41,663,100	27,852,000	20,889,000	16,711,200	118,622,000	113,721,000	81,657,000	47,490,000	23,342,000	31,369,000	0	0	0	430,000	1,149,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	6.89%	5.63%	3.10%	2.08%	1.56%	1.25%	7.48%	7.36%	5.82%	4.44%	3.02%	2.81%	0.00%	0.00%	0.00%	0.05%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0	0	83,700	2,714,600	2,035,950	9,110,600	0	0	0	0	0	0	0	39,000	292,000	506,000	0	20,894,000	18,988,000	0	0	0	0	0	0	0	6,974,000	21,562,000	58,683,000	46,807,000	53,020,000	46,700,000	26,700,000	1,200,000	1,800,000
Deferred Tax Liabilities Margin	0.00%	0.00%	0.01%	0.38%	0.29%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.06%	0.00%	2.88%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.63%	5.58%	16.05%	13.71%	31.66%	28.90%	16.14%	1.19%	0.42%
Other Non-Current Liabilities	103,246,667	112,668,400	104,781,200	84,612,867	75,878,800	66,212,080	99,037,000	104,776,000	105,927,000	110,247,000	143,355,000	106,261,000	139,911,000	145,351,000	45,252,000	47,695,000	92,742,000	23,808,000	15,990,000	35,860,000	52,981,000	44,743,000	46,422,000	65,551,000	53,508,000	38,159,000	38,819,000	40,224,000	58,683,000	0	0	-42,000	-100,000	-100,000	-100,000
Other Non-Current Liabilities Margin	6.86%	9.88%	9.73%	8.64%	8.66%	8.35%	6.25%	6.79%	7.56%	10.31%	18.52%	9.53%	13.44%	14.43%	4.89%	5.55%	12.24%	3.29%	2.31%	5.61%	8.89%	7.93%	7.23%	10.65%	9.82%	7.99%	9.05%	10.42%	16.05%	0.00%	0.00%	-0.03%	-0.06%	-0.10%	-0.02%
Total Non-Current Liabilities	1,680,401,667	1,494,818,000	1,221,234,200	1,026,325,333	846,205,150	741,219,160	2,113,077,000	1,416,511,000	1,511,617,000	1,095,647,000	1,337,238,000	1,084,295,000	1,003,703,000	845,212,000	900,149,000	904,893,000	875,973,000	829,806,000	883,539,000	288,685,000	304,535,000	322,443,000	330,822,000	337,929,000	225,898,000	312,131,000	364,350,000	284,609,000	342,678,000	314,540,000	300,199,000	309,400,000	283,200,000	268,900,000	297,300,000
Total Non-Current Liabilities Margin	110.96%	121.62%	108.82%	102.83%	90.64%	93.47%	133.33%	91.73%	107.82%	102.46%	172.75%	97.26%	96.39%	83.90%	97.35%	105.24%	115.57%	114.57%	127.77%	45.19%	51.09%	57.15%	51.56%	54.90%	41.47%	65.38%	84.97%	73.71%	93.74%	92.12%	179.25%	191.46%	171.22%	265.71%	69.14%
Total Liabilities	2,294,171,333	2,028,308,200	1,629,030,100	1,358,215,667	1,128,839,150	985,424,320	2,575,798,000	2,359,201,000	1,947,515,000	1,665,942,000	1,593,085,000	1,410,183,000	1,322,142,000	1,139,709,000	1,163,817,000	1,112,909,000	1,076,071,000	1,004,144,000	1,059,676,000	473,250,000	469,793,000	454,249,000	465,889,000	485,445,000	365,689,000	432,276,000	465,441,000	385,459,000	428,181,000	385,717,000	394,027,000	399,100,000	341,700,000	327,000,000	358,900,000
Total Liabilities Margin	151.41%	163.17%	143.77%	134.96%	120.71%	123.52%	162.53%	152.78%	138.91%	155.80%	205.81%	126.49%	126.97%	113.14%	125.87%	129.43%	141.97%	138.64%	153.24%	74.09%	78.81%	80.52%	72.60%	78.87%	67.14%	90.55%	108.54%	99.83%	117.13%	112.97%	235.28%	246.97%	206.59%	323.12%	83.47%
Preferred Stock	0	0	123,483,200	82,322,133	61,741,600	49,393,280	0	0	0	0	0	0	0	627,272,000	607,560,000	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%	12.80%	8.53%	6.40%	5.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	62.27%	65.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	951,000	951,000	951,000	828,667	778,450	702,240	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	573,000	586,000	582,000	583,000	596,000	595,000	607,000	621,000	664,000	652,000	323,000	347,000	371,000	420,000	526,000	600,000	0	0	0
Common Stock Margin	0.06%	0.08%	0.09%	0.09%	0.09%	0.10%	0.06%	0.06%	0.07%	0.09%	0.12%	0.09%	0.09%	0.09%	0.10%	0.11%	0.08%	0.08%	0.08%	0.09%	0.10%	0.11%	0.09%	0.10%	0.12%	0.14%	0.08%	0.09%	0.10%	0.12%	0.31%	0.37%	0.00%	0.00%	0.00%
Retained Earnings	1,771,126,667	1,522,620,000	1,117,333,900	916,176,733	823,096,650	708,089,000	2,001,297,000	1,756,359,000	1,555,724,000	1,275,220,000	1,024,500,000	968,833,000	795,178,000	673,771,000	607,560,000	514,897,000	432,399,000	341,649,000	272,260,000	794,947,000	728,057,000	664,431,000	610,240,000	553,839,000	483,350,000	407,422,000	351,267,000	304,983,000	240,019,000	179,175,000	164,848,000	121,700,000	64,600,000	9,300,000	2,200,000
Retained Earnings Margin	117.00%	120.52%	95.83%	89.90%	91.27%	88.12%	126.28%	113.74%	110.97%	119.26%	132.35%	86.90%	76.36%	66.89%	65.71%	59.88%	57.05%	47.17%	39.37%	124.45%	122.14%	117.77%	95.10%	89.98%	88.74%	85.34%	81.92%	78.99%	65.66%	52.48%	98.43%	75.31%	39.06%	9.19%	0.51%
Accumulated OCI	-5,691,667	-5,259,000	-5,829,000	-5,979,133	-5,241,050	-4,838,920	-6,193,000	-5,671,000	-5,211,000	-4,574,000	-4,646,000	-4,550,000	-5,446,000	-4,699,000	-8,522,000	-8,778,000	-6,971,000	-6,217,000	-4,216,000	-6,801,000	-7,192,000	333,000	-3,472,000	346,000	-772,000	-11,569,000	-6,634,000	-1,503,000	-3,450,000	-3,211,000	-1,354,000	-700,000	-11,900,000	0	0
Accumulated OCI Margin	-0.38%	-0.43%	-0.55%	-0.68%	-0.66%	-0.71%	-0.39%	-0.37%	-0.37%	-0.43%	-0.60%	-0.41%	-0.52%	-0.47%	-0.92%	-1.02%	-0.92%	-0.86%	-0.61%	-1.06%	-1.21%	0.06%	-0.54%	0.06%	-0.14%	-2.42%	-1.55%	-0.39%	-0.94%	-0.94%	-0.81%	-0.43%	-7.19%	0.00%	0.00%
Minority Interest	0	0	112,932,900	75,288,600	56,466,450	45,173,160	0	0	0	0	0	0	0	491,188,000	638,141,000	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%	11.78%	7.85%	5.89%	4.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	48.76%	69.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	48,329,000	81,023,400	-72,151,600	-149,806,533	-144,279,850	-131,803,280	-45,271,000	35,598,000	154,660,000	265,882,000	-5,752,000	-23,511,000	-183,772,000	-212,102,000	-311,349,000	-395,899,000	-428,801,000	-464,245,000	-548,904,000	-25,561,000	-58,071,000	-114,212,000	-137,670,000	-157,061,000	-62,380,000	-167,176,000	-203,053,000	-118,187,000	-113,799,000	-64,539,000	90,093,000	65,600,000	56,500,000	49,300,000	167,400,000
Total Shareholders’ Equity Margin	3.49%	6.92%	-8.59%	-19.98%	-20.67%	-19.50%	-2.86%	2.31%	11.03%	24.87%	-0.74%	-2.11%	-17.65%	-21.06%	-33.67%	-46.04%	-56.57%	-64.10%	-79.38%	-4.00%	-9.74%	-20.24%	-21.45%	-25.52%	-11.45%	-35.02%	-47.35%	-30.61%	-31.13%	-18.90%	53.80%	40.59%	34.16%	48.72%	38.93%
Total Equity	48,329,000	81,023,400	-76,801,500	-152,906,467	-146,604,800	-133,663,240	-45,271,000	35,598,000	154,660,000	265,882,000	-5,752,000	-23,511,000	-183,772,000	-258,601,000	-311,349,000	-395,899,000	-428,801,000	-464,245,000	-548,904,000	-25,561,000	-58,071,000	-114,212,000	-137,670,000	-157,061,000	-62,380,000	-167,176,000	-203,053,000	-118,187,000	-113,799,000	-64,539,000	90,093,000	65,600,000	56,500,000	49,300,000	167,400,000
Total Equity Margin	3.49%	6.92%	-9.05%	-20.29%	-20.90%	-19.69%	-2.86%	2.31%	11.03%	24.87%	-0.74%	-2.11%	-17.65%	-25.67%	-33.67%	-46.04%	-56.57%	-64.10%	-79.38%	-4.00%	-9.74%	-20.24%	-21.45%	-25.52%	-11.45%	-35.02%	-47.35%	-30.61%	-31.13%	-18.90%	53.80%	40.59%	34.16%	48.72%	38.93%
Total Liabilities & Equity	2,342,500,333	2,109,331,600	1,556,878,500	1,208,409,133	984,559,300	853,621,040	2,530,527,000	2,394,799,000	2,102,175,000	1,931,824,000	1,587,333,000	1,386,672,000	1,138,370,000	927,607,000	852,468,000	717,010,000	647,270,000	539,899,000	510,772,000	447,689,000	411,722,000	340,037,000	328,219,000	328,384,000	303,309,000	265,100,000	262,388,000	267,272,000	314,382,000	321,178,000	484,120,000	464,700,000	398,200,000	376,300,000	526,300,000
Total Liabilities & Equity Margin	154.90%	170.09%	135.18%	114.98%	100.04%	104.01%	159.67%	155.09%	149.95%	180.66%	205.06%	124.39%	109.32%	92.08%	92.19%	83.39%	85.40%	74.54%	73.86%	70.08%	69.07%	60.27%	51.15%	53.35%	55.69%	55.53%	61.19%	69.22%	86.00%	94.07%	289.07%	287.56%	240.75%	371.84%	122.40%
Total Investments	112,199,667	97,099,000	100,209,400	77,560,600	64,885,000	49,392,320	47,603,000	226,704,000	62,292,000	61,913,000	86,983,000	103,633,000	128,414,000	155,064,000	111,814,000	17,674,000	17,539,000	48,607,000	43,694,000	28,110,000	23,365,000	20,931,000	25,360,000	33,000,000	32,000,000	23,000,000	-2,252,000	-1,957,000	-58,683,000	0	0	0	0	0	0
Total Investments Margin	7.38%	7.83%	9.03%	7.60%	6.89%	4.82%	3.00%	14.68%	4.44%	5.79%	11.24%	9.30%	12.33%	15.39%	12.09%	2.06%	2.31%	6.71%	6.32%	4.40%	3.92%	3.71%	3.95%	5.36%	5.88%	4.82%	-0.53%	-0.51%	-16.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	1,581,857,000	1,237,846,200	951,644,000	783,299,133	640,546,500	567,048,520	1,846,971,000	1,654,986,000	1,243,614,000	596,359,000	847,301,000	849,216,000	727,969,000	491,188,000	638,141,000	620,695,000	579,552,000	625,764,000	721,168,000	145,648,000	160,915,000	209,830,000	231,720,000	226,001,000	136,695,000	257,197,000	301,149,000	226,621,000	295,564,000	264,425,000	277,524,000	295,400,000	277,500,000	272,500,000	290,100,000
Net Debt Margin	104.14%	95.53%	81.37%	75.38%	65.98%	70.90%	116.54%	107.18%	88.71%	55.77%	109.46%	76.18%	69.91%	48.76%	69.02%	72.18%	76.46%	86.39%	104.29%	22.80%	27.00%	37.19%	36.11%	36.72%	25.10%	53.87%	70.23%	58.69%	80.85%	77.45%	165.71%	182.80%	167.78%	269.27%	67.47%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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
Revenue	1,510,317,667	1,274,864,600	1,132,232,200	982,065,133	878,719,500	770,550,560	1,584,839,000	1,544,165,000	1,401,949,000	1,069,298,000	774,072,000	1,114,820,000	1,041,304,000	1,007,356,000	924,641,000	859,878,000	757,970,000	724,307,000	691,509,000	638,793,000	596,076,000	564,178,000	641,680,000	615,494,000	544,662,000	477,399,000	428,806,000	386,104,000	365,562,000	341,428,000	167,474,000	161,600,000	165,400,000	101,200,000	430,000,000
Working Capital	-285,923,667	-97,867,600	-36,071,400	-3,946,800	-11,470,800	-16,462,520	-123,635,000	-646,160,000	-87,976,000	191,366,000	177,067,000	-89,299,000	-74,655,000	108,436,000	81,205,000	102,937,000	151,316,000	84,308,000	57,333,000	10,231,000	-1,676,000	-3,944,000	-14,851,000	-41,565,000	-52,709,000	-57,145,000	-32,462,000	-42,273,000	-37,476,000	-28,194,000	-41,742,000	-47,800,000	-22,800,000	9,000,000	-15,800,000
Working Capital Margin	-18.64%	-3.03%	0.12%	2.83%	0.55%	-2.04%	-7.80%	-41.85%	-6.28%	17.90%	22.87%	-8.01%	-7.17%	10.76%	8.78%	11.97%	19.96%	11.64%	8.29%	1.60%	-0.28%	-0.70%	-2.31%	-6.75%	-9.68%	-11.97%	-7.57%	-10.95%	-10.25%	-8.26%	-24.92%	-29.58%	-13.78%	8.89%	-3.67%
Total Capital	1,666,351,667	1,489,845,800	1,034,145,300	784,272,333	620,335,900	538,356,000	1,841,877,000	1,717,338,000	1,439,840,000	1,373,846,000	1,076,328,000	859,471,000	570,839,000	514,422,000	529,255,000	418,237,000	365,630,000	329,314,000	306,441,000	227,144,000	194,103,000	163,488,000	146,730,000	115,317,000	110,156,000	106,942,000	125,650,000	128,465,000	193,992,000	216,757,000	387,318,000	372,900,000	335,700,000	332,100,000	463,600,000
Total Capital Margin	110.05%	119.53%	88.65%	72.84%	60.29%	64.65%	116.22%	111.21%	102.70%	128.48%	139.05%	77.10%	54.82%	51.07%	57.24%	48.64%	48.24%	45.47%	44.31%	35.56%	32.56%	28.98%	22.87%	18.74%	20.22%	22.40%	29.30%	33.27%	53.07%	63.49%	231.27%	230.75%	202.96%	328.16%	107.81%
Capital Employed	1,728,730,667	1,575,841,400	1,149,082,600	876,518,800	701,925,300	609,415,880	2,067,806,000	1,452,109,000	1,666,277,000	1,361,529,000	1,331,486,000	1,060,784,000	819,931,000	633,110,000	588,800,000	508,994,000	447,172,000	365,561,000	334,635,000	263,124,000	246,464,000	208,231,000	193,152,000	180,868,000	163,518,000	144,955,000	161,297,000	166,422,000	228,879,000	250,001,000	390,292,000	375,000,000	339,700,000	318,200,000	464,700,000
Capital Employed Margin	114.46%	128.54%	100.23%	82.85%	69.97%	73.96%	130.47%	94.04%	118.85%	127.33%	172.01%	95.15%	78.74%	62.85%	63.68%	59.19%	59.00%	50.47%	48.39%	41.19%	41.35%	36.91%	30.10%	29.39%	30.02%	30.36%	37.62%	43.10%	62.61%	73.22%	233.05%	232.05%	205.38%	314.43%	108.07%
Invested Capital	1,630,186,000	1,318,869,600	879,492,400	633,492,600	496,266,650	435,245,240	1,801,700,000	1,690,584,000	1,398,274,000	862,241,000	841,549,000	825,705,000	544,197,000	279,086,000	326,792,000	224,796,000	150,751,000	161,519,000	172,264,000	120,087,000	102,844,000	95,618,000	94,050,000	68,940,000	74,315,000	90,021,000	98,096,000	108,434,000	181,765,000	199,886,000	367,617,000	361,000,000	334,000,000	321,800,000	457,500,000
Invested Capital Margin	107.63%	102.45%	72.78%	55.40%	45.31%	51.40%	113.68%	109.48%	99.74%	80.64%	108.72%	74.07%	52.26%	27.70%	35.34%	26.14%	19.89%	22.30%	24.91%	18.80%	17.25%	16.95%	14.66%	11.20%	13.64%	18.86%	22.88%	28.08%	49.72%	58.54%	219.51%	223.39%	201.93%	317.98%	106.40%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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
Revenue	1,510,317,667	1,274,864,600	1,132,232,200	982,065,133	878,719,500	770,550,560	1,584,839,000	1,544,165,000	1,401,949,000	1,069,298,000	774,072,000	1,114,820,000	1,041,304,000	1,007,356,000	924,641,000	859,878,000	757,970,000	724,307,000	691,509,000	638,793,000	596,076,000	564,178,000	641,680,000	615,494,000	544,662,000	477,399,000	428,806,000	386,104,000	365,562,000	341,428,000	167,474,000	161,600,000	165,400,000	101,200,000	430,000,000
Net Income	296,774,667	250,933,600	207,619,400	176,698,600	158,029,650	136,976,680	299,665,000	258,507,000	332,152,000	288,957,000	75,387,000	222,878,000	216,355,000	114,893,000	139,371,000	128,029,000	123,160,000	112,601,000	120,687,000	110,396,000	107,441,000	98,250,000	100,211,000	111,301,000	112,787,000	87,565,000	74,345,000	71,863,000	60,844,000	14,327,000	42,445,000	57,200,000	48,100,000	27,300,000	42,000,000
Net Income Margin	19.78%	19.22%	17.82%	17.52%	17.65%	17.40%	18.91%	16.74%	23.69%	27.02%	9.74%	19.99%	20.78%	11.41%	15.07%	14.89%	16.25%	15.55%	17.45%	17.28%	18.02%	17.41%	15.62%	18.08%	20.71%	18.34%	17.34%	18.61%	16.64%	4.20%	25.34%	35.40%	29.08%	26.98%	9.77%
Depreciation & Amortization	70,169,333	61,891,600	41,518,500	30,574,067	25,126,200	22,380,120	70,860,000	75,735,000	63,913,000	50,494,000	48,456,000	36,122,000	33,927,000	12,431,000	11,705,000	11,542,000	9,365,000	9,469,000	8,226,000	8,024,000	8,342,000	8,336,000	8,184,000	8,637,000	9,705,000	9,051,000	9,947,000	11,225,000	11,251,000	12,452,000	12,104,000	17,600,000	12,500,000	6,200,000	29,800,000
Depreciation & Amortization Margin	4.64%	4.98%	3.53%	2.78%	2.47%	2.75%	4.47%	4.90%	4.56%	4.72%	6.26%	3.24%	3.26%	1.23%	1.27%	1.34%	1.24%	1.31%	1.19%	1.26%	1.40%	1.48%	1.28%	1.40%	1.78%	1.90%	2.32%	2.91%	3.08%	3.65%	7.23%	10.89%	7.56%	6.13%	6.93%
Deferred Income Tax	-13,335,333	-17,167,600	-5,014,500	-5,231,667	-5,937,700	-4,611,600	-19,028,000	-1,336,000	-19,642,000	-1,006,000	-44,826,000	9,810,000	-3,510,000	39,320,000	-10,542,000	615,000	-22,899,000	-8,024,000	-540,000	5,514,000	-2,381,000	5,553,000	-7,649,000	-7,651,000	-17,214,000	-13,318,000	-14,883,000	255,000	12,881,000	-5,807,000	11,018,000	10,200,000	14,900,000	-4,800,000	6,300,000
Deferred Income Tax Margin	-0.90%	-1.71%	-0.52%	-0.60%	-0.82%	-0.45%	-1.20%	-0.09%	-1.40%	-0.09%	-5.79%	0.88%	-0.34%	3.90%	-1.14%	0.07%	-3.02%	-1.11%	-0.08%	0.86%	-0.40%	0.98%	-1.19%	-1.24%	-3.16%	-2.79%	-3.47%	0.07%	3.52%	-1.70%	6.58%	6.31%	9.01%	-4.74%	1.47%
Stock-Based Compensation	44,344,333	35,690,800	26,265,800	21,321,667	18,553,800	16,610,480	43,250,000	46,809,000	42,974,000	35,731,000	9,690,000	17,615,000	15,986,000	23,340,000	15,458,000	11,805,000	9,706,000	11,271,000	12,375,000	14,511,000	9,304,000	13,761,000	10,914,000	10,644,000	10,644,000	5,288,000	4,019,000	2,226,000	2,210,000	0	35,731,000	0	0	0	0
Stock-Based Compensation Margin	2.94%	2.68%	2.19%	2.02%	1.96%	2.51%	2.73%	3.03%	3.07%	3.34%	1.25%	1.58%	1.54%	2.32%	1.67%	1.37%	1.28%	1.56%	1.79%	2.27%	1.56%	2.44%	1.70%	1.73%	1.95%	1.11%	0.94%	0.58%	0.60%	0.00%	21.34%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	6,148,667	10,633,400	8,074,700	12,788,467	12,958,400	15,387,120	17,396,000	6,128,000	-5,078,000	23,240,000	11,481,000	-21,824,000	-2,031,000	58,091,000	-7,846,000	1,190,000	59,219,000	21,643,000	15,460,000	-3,325,000	18,083,000	-5,530,000	-33,409,000	21,507,000	39,360,000	45,413,000	35,017,000	35,602,000	13,196,000	42,474,000	-779,000	10,300,000	-15,700,000	5,700,000	7,100,000
Change in Working Capital Margin	0.38%	0.96%	0.77%	1.55%	1.86%	2.81%	1.10%	0.40%	-0.36%	2.17%	1.48%	-1.96%	-0.20%	5.77%	-0.85%	0.14%	7.81%	2.99%	2.24%	-0.52%	3.03%	-0.98%	-5.21%	3.49%	7.23%	9.51%	8.17%	9.22%	3.61%	12.44%	-0.47%	6.37%	-9.49%	5.63%	1.65%
Accounts Receivable	0	0	-4,464,400	-3,837,600	-3,286,650	-2,435,600	0	0	0	0	0	0	0	-23,126,000	-21,919,000	401,000	-14,250,000	-6,730,000	25,074,000	-7,785,000	-9,229,000	-796,000	1,056,000	-3,007,000	-3,007,000	-2,415,000	-735,000	-887,000	6,465,000	0	0	0	0	0	0
Accounts Receivable Margin	0.00%	0.00%	-0.46%	-0.44%	-0.40%	-0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.30%	-2.37%	0.05%	-1.88%	-0.93%	3.63%	-1.22%	-1.55%	-0.14%	0.16%	-0.49%	-0.55%	-0.51%	-0.17%	-0.23%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	-5,798,000	-3,732,600	-1,220,250	-985,920	0	0	0	0	0	0	0	-22,140,000	-18,210,000	-17,630,000	-8,061,000	-11,282,000	-8,620,000	6,969,000	22,985,000	-4,618,000	-10,490,000	16,889,000	29,311,000	492,000	-243,000	0	0	0	0	0	0	0	-2,400,000
Inventory Margin	0.00%	0.00%	-0.62%	-0.34%	0.03%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.20%	-1.97%	-2.05%	-1.06%	-1.56%	-1.25%	1.09%	3.86%	-0.82%	-1.63%	2.74%	5.38%	0.10%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.56%
Accounts Payable	0	0	525,900	1,406,867	769,250	654,520	0	0	0	0	0	0	0	12,455,000	-13,689,000	6,493,000	9,636,000	2,304,000	11,000	-1,851,000	5,744,000	-8,279,000	-13,138,000	6,888,000	6,888,000	1,923,000	978,000	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.00%	0.00%	0.05%	0.19%	0.10%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	-1.48%	0.76%	1.27%	0.32%	0.00%	-0.29%	0.96%	-1.47%	-2.05%	1.12%	1.26%	0.40%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	6,148,667	10,633,400	17,811,200	18,951,800	16,696,050	18,154,120	17,396,000	6,128,000	-5,078,000	23,240,000	11,481,000	-21,824,000	-2,031,000	90,902,000	45,972,000	11,926,000	71,894,000	37,351,000	-1,005,000	-658,000	-1,417,000	8,163,000	-10,837,000	737,000	6,168,000	45,413,000	35,017,000	36,489,000	6,731,000	42,474,000	-779,000	10,300,000	-15,700,000	0	0
Other Working Capital Margin	0.38%	0.96%	1.80%	2.14%	2.13%	2.97%	1.10%	0.40%	-0.36%	2.17%	1.48%	-1.96%	-0.20%	9.02%	4.97%	1.39%	9.49%	5.16%	-0.15%	-0.10%	-0.24%	1.45%	-1.69%	0.12%	1.13%	9.51%	8.17%	9.45%	1.84%	12.44%	-0.47%	6.37%	-9.49%	0.00%	0.00%
Other Non-Cash Items	-76,429,000	-45,628,800	-22,014,100	-13,402,600	-9,189,700	-7,444,000	-92,740,000	-89,289,000	-47,258,000	-13,720,000	14,863,000	5,955,000	-17,831,000	9,299,000	3,889,000	6,691,000	5,340,000	5,080,000	4,812,000	-276,000	4,146,000	-8,154,000	26,148,000	1,697,000	-1,354,000	-1,092,000	-646,000	-5,686,000	-1,345,000	2,535,000	2,836,000	-100,000	-100,000	-100,000	-1,000,000
Other Non-Cash Items Margin	-5.00%	-2.87%	-1.34%	-0.71%	-0.41%	-0.31%	-5.85%	-5.78%	-3.37%	-1.28%	1.92%	0.53%	-1.71%	0.92%	0.42%	0.78%	0.70%	0.70%	0.70%	-0.04%	0.70%	-1.45%	4.07%	0.28%	-0.25%	-0.23%	-0.15%	-1.47%	-0.37%	0.74%	1.69%	-0.06%	-0.06%	-0.10%	-0.23%
Net Cash from Operating Activities	327,672,667	296,353,000	256,449,800	222,748,533	199,540,650	179,298,800	319,403,000	296,554,000	367,061,000	383,696,000	115,051,000	270,556,000	242,896,000	257,374,000	152,035,000	159,872,000	183,891,000	152,040,000	161,020,000	134,844,000	144,935,000	112,216,000	104,399,000	146,135,000	153,928,000	132,907,000	107,799,000	115,485,000	99,037,000	101,712,000	67,624,000	79,500,000	44,100,000	33,600,000	87,200,000
Net Cash from Operating Activities Margin	21.85%	23.26%	22.45%	22.56%	22.72%	24.27%	20.15%	19.20%	26.18%	35.88%	14.86%	24.27%	23.33%	25.55%	16.44%	18.59%	24.26%	20.99%	23.29%	21.11%	24.31%	19.89%	16.27%	23.74%	28.26%	27.84%	25.14%	29.91%	27.09%	29.79%	40.38%	49.20%	26.66%	33.20%	20.28%
Capital Expenditures (PPE)	-68,743,667	-64,810,000	-51,905,700	-41,484,133	-33,859,100	-29,395,040	0	-116,277,000	-89,954,000	-77,867,000	-39,952,000	-64,041,000	-49,476,000	-25,954,000	-27,771,000	-27,765,000	-20,946,000	-31,524,000	-15,443,000	-10,924,000	-24,368,000	-11,135,000	-12,611,000	-11,963,000	-7,707,000	-11,504,000	-6,859,000	-8,480,000	-12,233,000	-13,532,000	-16,590,000	-30,600,000	-12,300,000	-7,300,000	-84,700,000
Capital Expenditures (PPE) Margin	-4.65%	-5.28%	-4.57%	-4.06%	-3.53%	-3.66%	0.00%	-7.53%	-6.42%	-7.28%	-5.16%	-5.74%	-4.75%	-2.58%	-3.00%	-3.23%	-2.76%	-4.35%	-2.23%	-1.71%	-4.09%	-1.97%	-1.97%	-1.94%	-1.42%	-2.41%	-1.60%	-2.20%	-3.35%	-3.96%	-9.91%	-18.94%	-7.44%	-7.21%	-19.70%
Acquisitions (Net)	-184,526,333	-107,764,400	-96,156,200	-67,052,467	-50,730,650	-41,180,160	0	0	-553,579,000	12,776,000	1,981,000	-29,674,000	-240,921,000	-50,554,000	-64,585,000	-37,006,000	-17,789,000	-5,685,000	-20,285,000	0	-466,000	0	-343,000	-343,000	-826,000	-7,314,000	0	-1,211,000	0	-13,680,000	0	0	0	0	0
Acquisitions (Net) Margin	-13.16%	-7.61%	-8.01%	-5.75%	-4.40%	-3.70%	0.00%	0.00%	-39.49%	1.19%	0.26%	-2.66%	-23.14%	-5.02%	-6.98%	-4.30%	-2.35%	-0.78%	-2.93%	0.00%	-0.08%	0.00%	-0.05%	-0.06%	-0.15%	-1.53%	0.00%	-0.31%	0.00%	-4.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-38,871,333	-24,176,200	-13,427,900	-11,636,533	-10,816,450	-9,285,000	0	-116,614,000	0	-1,705,000	-2,562,000	-3,175,000	-2,895,000	-2,447,000	-1,661,000	-3,220,000	-2,794,000	-2,676,000	-1,697,000	-19,368,000	-13,734,000	-5,849,000	-7,802,000	-8,686,000	-10,515,000	-8,929,000	-4,157,000	-2,673,000	0	-4,483,000	-4,483,000	0	0	0	0
Purchases of Investments Margin	-2.52%	-1.61%	-0.94%	-1.05%	-1.16%	-1.15%	0.00%	-7.55%	0.00%	-0.16%	-0.33%	-0.28%	-0.28%	-0.24%	-0.18%	-0.37%	-0.37%	-0.37%	-0.25%	-3.03%	-2.30%	-1.04%	-1.22%	-1.41%	-1.93%	-1.87%	-0.97%	-0.69%	0.00%	-1.31%	-2.68%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	36,586,000	22,969,000	12,721,300	10,041,000	9,298,450	9,018,640	108,149,000	1,609,000	0	2,609,000	2,478,000	2,217,000	2,825,000	2,245,000	1,911,000	3,170,000	964,000	4,168,000	11,223,000	5,398,000	1,649,000	14,219,000	7,819,000	6,049,000	3,728,000	3,539,000	0	3,171,000	0	18,163,000	18,163,000	0	0	0	0
Sales / Maturities of Investments Margin	2.31%	1.50%	0.88%	0.81%	0.92%	1.41%	6.82%	0.10%	0.00%	0.24%	0.32%	0.20%	0.27%	0.22%	0.21%	0.37%	0.13%	0.58%	1.62%	0.85%	0.28%	2.52%	1.22%	0.98%	0.68%	0.74%	0.00%	0.82%	0.00%	5.32%	10.85%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-8,653,667	-6,422,800	-27,414,800	-17,933,600	-14,244,300	-6,623,200	-192,720,000	-34,344,000	201,103,000	-14,739,000	8,586,000	-156,494,000	-30,785,000	-13,405,000	-6,361,000	-34,989,000	22,919,000	8,168,000	-31,797,000	1,090,000	4,764,000	-584,000	-7,328,000	-6,317,000	-2,011,000	358,000	-2,700,000	36,977,000	-2,469,000	101,270,000	-13,772,000	-19,900,000	-1,900,000	-142,400,000	-16,600,000
Other Investing Activities Margin	-0.01%	-0.06%	-2.34%	-1.52%	-1.27%	0.17%	-12.16%	-2.22%	14.34%	-1.38%	1.11%	-14.04%	-2.96%	-1.33%	-0.69%	-4.07%	3.02%	1.13%	-4.60%	0.17%	0.80%	-0.10%	-1.14%	-1.03%	-0.37%	0.07%	-0.63%	9.58%	-0.68%	29.66%	-8.22%	-12.31%	-1.15%	-140.71%	-3.86%
Net Cash from Investing Activities	-264,209,000	-180,204,400	-176,183,300	-128,065,733	-100,352,050	-78,011,960	-84,571,000	-265,626,000	-442,430,000	-78,926,000	-29,469,000	-251,167,000	-321,252,000	-90,115,000	-98,467,000	-99,810,000	-17,646,000	-27,549,000	-57,999,000	-23,804,000	-32,155,000	-3,349,000	-20,265,000	-21,260,000	-17,331,000	-23,850,000	-13,716,000	27,784,000	-14,702,000	87,738,000	-30,362,000	-50,500,000	-14,200,000	-149,700,000	-101,300,000
Net Cash from Investing Activities Margin	-18.03%	-13.06%	-14.99%	-11.57%	-9.44%	-7.25%	-5.34%	-17.20%	-31.56%	-7.38%	-3.81%	-22.53%	-30.85%	-8.95%	-10.65%	-11.61%	-2.33%	-3.80%	-8.39%	-3.73%	-5.39%	-0.59%	-3.16%	-3.45%	-3.18%	-5.00%	-3.20%	7.20%	-4.02%	25.70%	-18.13%	-31.25%	-8.59%	-147.92%	-23.56%
Net Debt Issuance	238,986,333	181,499,600	96,793,500	97,473,133	70,512,450	57,127,480	205,074,000	368,500,000	143,385,000	0	190,539,000	93,167,000	29,034,000	-115,663,000	25,357,000	28,542,000	-9,858,000	-61,844,000	596,078,000	-422,000	-29,792,000	-6,700,000	12,000,000	99,777,000	-101,646,000	-55,279,000	81,986,000	-61,204,000	26,180,000	-18,767,000	-10,257,000	29,200,000	10,600,000	157,600,000	-20,200,000
Net Debt Issuance Margin	15.68%	14.33%	7.74%	9.91%	6.77%	5.37%	12.94%	23.86%	10.23%	0.00%	24.62%	8.36%	2.79%	-11.48%	2.74%	3.32%	-1.30%	-8.54%	86.20%	-0.07%	-5.00%	-1.19%	1.87%	16.21%	-18.66%	-11.58%	19.12%	-15.85%	7.16%	-5.50%	-6.12%	18.07%	6.41%	155.73%	-4.70%
Long-Term Debt Issuance	282,819,667	211,495,600	116,971,500	107,125,133	77,751,450	62,878,280	205,074,000	500,000,000	143,385,000	0	209,019,000	165,567,000	8,434,000	-115,663,000	25,357,000	28,542,000	-9,858,000	-61,844,000	539,078,000	-422,000	-29,792,000	-6,700,000	12,000,000	99,777,000	-101,646,000	-55,279,000	80,976,000	-61,204,000	26,180,000	-18,767,000	-10,257,000	29,200,000	10,600,000	157,600,000	-20,200,000
Long-Term Debt Issuance Margin	18.52%	16.51%	9.28%	10.39%	7.12%	5.64%	12.94%	32.38%	10.23%	0.00%	27.00%	14.85%	0.81%	-11.48%	2.74%	3.32%	-1.30%	-8.54%	77.96%	-0.07%	-5.00%	-1.19%	1.87%	16.21%	-18.66%	-11.58%	18.88%	-15.85%	7.16%	-5.50%	-6.12%	18.07%	6.41%	155.73%	-4.70%
Short-Term Debt Issuance	-43,833,333	-29,996,000	-1,711,800	2,658,800	1,994,100	1,635,680	0	-131,500,000	0	0	-18,480,000	-72,400,000	20,600,000	0	25,795,000	158,867,000	0	0	57,000,000	0	0	0	0	0	0	0	1,010,000	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-2.84%	-2.18%	0.58%	0.94%	0.70%	0.57%	0.00%	-8.52%	0.00%	0.00%	-2.39%	-6.49%	1.98%	0.00%	2.79%	18.48%	0.00%	0.00%	8.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-391,491,000	-248,657,600	-154,120,400	-113,363,867	-101,853,050	-102,359,760	-380,743,000	-362,772,000	-430,958,000	-13,365,000	-55,450,000	-50,638,000	-148,679,000	-9,807,000	-22,975,000	-65,817,000	-67,874,000	-3,965,000	-22,586,000	-53,617,000	-11,212,000	-59,128,000	-63,732,000	-185,935,000	7,133,000	-34,941,000	-139,846,000	-74,261,000	-115,159,000	-173,513,000	-19,154,000	-48,100,000	-49,100,000	-200,000	-49,800,000
Net Stock Issuance Margin	-26.09%	-17.33%	-11.66%	-9.31%	-9.81%	-13.68%	-24.02%	-23.49%	-30.74%	-1.25%	-7.16%	-4.54%	-14.28%	-0.97%	-2.48%	-7.65%	-8.95%	-0.55%	-3.27%	-8.39%	-1.88%	-10.48%	-9.93%	-30.21%	1.31%	-7.32%	-32.61%	-19.23%	-31.50%	-50.82%	-11.44%	-29.76%	-29.69%	-0.20%	-11.58%
Common Stock Issuance	1,269,667	761,800	380,900	253,933	1,613,450	2,189,160	0	0	3,809,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,749,000	8,498,000	14,213,000	8,427,000	0	0	12,294,000	1,739,000	5,100,000	4,900,000	0	3,400,000
Common Stock Issuance Margin	0.09%	0.05%	0.03%	0.02%	0.29%	0.49%	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.93%	1.56%	2.98%	1.97%	0.00%	0.00%	3.60%	1.04%	3.16%	2.96%	0.00%	0.79%
Common Stock Repurchased	-392,760,667	-249,419,400	-156,502,000	-115,624,800	-104,684,300	-105,997,920	-380,743,000	-362,772,000	-434,767,000	-13,365,000	-55,450,000	-50,638,000	-148,679,000	-9,807,000	-35,926,000	-72,873,000	-77,972,000	-3,965,000	-22,586,000	-53,617,000	-11,212,000	-59,128,000	-63,732,000	-185,935,000	-1,365,000	-49,154,000	-148,273,000	-80,358,000	-120,931,000	-185,807,000	-20,893,000	-53,200,000	-54,000,000	-200,000	-53,200,000
Common Stock Repurchased Margin	-26.18%	-17.39%	-11.91%	-9.56%	-10.23%	-14.40%	-24.02%	-23.49%	-31.01%	-1.25%	-7.16%	-4.54%	-14.28%	-0.97%	-3.89%	-8.47%	-10.29%	-0.55%	-3.27%	-8.39%	-1.88%	-10.48%	-9.93%	-30.21%	-0.25%	-10.30%	-34.58%	-20.81%	-33.08%	-54.42%	-12.48%	-32.92%	-32.65%	-0.20%	-12.37%
Preferred Stock Issuance	0	0	2,000,700	2,007,000	1,505,250	1,204,200	0	0	0	0	0	0	0	0	12,951,000	7,056,000	10,098,000	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%	0.22%	0.24%	0.18%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.40%	0.82%	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-54,833,000	-42,963,400	-45,166,800	-84,642,867	-73,141,250	-60,898,320	-55,497,000	-56,457,000	-52,545,000	-25,044,000	-25,274,000	-48,089,000	-48,715,000	-48,651,000	-46,182,000	-45,214,000	-43,529,000	-32,799,000	-654,092,000	-43,747,000	-43,808,000	-44,274,000	-43,142,000	-40,139,000	-35,386,000	-30,241,000	-27,690,000	-6,899,000	0	0	-25,044,000	0	0	0	0
Net Dividends Paid Margin	-3.64%	-3.30%	-4.06%	-10.64%	-9.68%	-8.67%	-3.50%	-3.66%	-3.75%	-2.34%	-3.27%	-4.31%	-4.68%	-4.83%	-4.99%	-5.26%	-5.74%	-4.53%	-94.59%	-6.85%	-7.35%	-7.85%	-6.72%	-6.52%	-6.50%	-6.33%	-6.46%	-1.79%	0.00%	0.00%	-14.95%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-54,833,000	-42,963,400	-45,166,800	-84,642,867	-73,141,250	-59,896,560	-55,497,000	-56,457,000	-52,545,000	-25,044,000	-25,274,000	-48,089,000	-48,715,000	-48,651,000	-46,182,000	-45,214,000	-43,529,000	-32,799,000	-654,092,000	-43,747,000	-43,808,000	-44,274,000	-43,142,000	-40,139,000	-35,386,000	-30,241,000	-27,690,000	-6,899,000	0	0	0	0	0	0	0
Common Dividends Paid Margin	-3.64%	-3.30%	-4.06%	-10.64%	-9.68%	-8.07%	-3.50%	-3.66%	-3.75%	-2.34%	-3.27%	-4.31%	-4.68%	-4.83%	-4.99%	-5.26%	-5.74%	-4.53%	-94.59%	-6.85%	-7.35%	-7.85%	-6.72%	-6.52%	-6.50%	-6.33%	-6.46%	-1.79%	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
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%
Other Financing Activities	-13,261,333	-4,702,400	4,959,400	4,257,600	6,100,200	5,115,720	9,456,000	4,792,000	-54,032,000	10,689,000	5,583,000	-6,935,000	38,943,000	38,344,000	-284,000	3,038,000	3,721,000	10,324,000	3,890,000	2,716,000	-6,381,000	14,992,000	19,161,000	11,958,000	12,222,000	-193,000	-1,010,000	6,899,000	0	0	0	0	0	-35,200,000	41,800,000
Other Financing Activities Margin	-0.98%	-0.25%	0.60%	0.52%	0.88%	0.77%	0.60%	0.31%	-3.85%	1.00%	0.72%	-0.62%	3.74%	3.81%	-0.03%	0.35%	0.49%	1.43%	0.56%	0.43%	-1.07%	2.66%	2.99%	1.94%	2.24%	-0.04%	-0.24%	1.79%	0.00%	0.00%	0.00%	0.00%	0.00%	-34.78%	9.72%
Net Cash from Financing Activities	-220,599,000	-114,823,800	-97,534,300	-96,276,000	-98,381,650	-100,013,120	-221,710,000	-45,937,000	-394,150,000	-27,720,000	115,398,000	-12,495,000	-129,417,000	-135,777,000	-44,084,000	-79,451,000	-117,540,000	-88,284,000	-76,710,000	-95,070,000	-91,193,000	-95,110,000	-75,713,000	-114,339,000	-117,677,000	-120,654,000	-86,560,000	-135,465,000	-88,979,000	-192,280,000	-29,411,000	-18,900,000	-38,500,000	122,200,000	20,400,000
Net Cash from Financing Activities Margin	-15.03%	-6.55%	-7.38%	-9.52%	-11.84%	-15.61%	-13.99%	-2.97%	-28.11%	-2.59%	14.91%	-1.12%	-12.43%	-13.48%	-4.77%	-9.24%	-15.51%	-12.19%	-11.09%	-14.88%	-15.30%	-16.86%	-11.80%	-18.58%	-21.61%	-25.27%	-20.19%	-35.09%	-24.34%	-56.32%	-17.56%	-11.70%	-23.28%	120.75%	4.74%
Effect of FX on Cash	-7,333	-42,600	-202,400	-253,000	-224,000	-179,200	301,000	197,000	-520,000	-224,000	33,000	230,000	-921,000	1,391,000	-462,000	-2,049,000	-1,621,000	-2,589,000	809,000	-172,000	1,802,000	1,433,000	-2,118,000	0	0	0	0	0	0	0	0	100,000	0	0	0
Effect of FX on Cash Margin	0.00%	0.00%	-0.02%	-0.03%	-0.02%	-0.02%	0.02%	0.01%	-0.04%	-0.02%	0.00%	0.02%	-0.09%	0.14%	-0.05%	-0.24%	-0.21%	-0.36%	0.12%	-0.03%	0.30%	0.25%	-0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%
Net Change in Cash	-157,142,667	1,282,200	-17,470,200	-1,846,200	582,950	1,094,520	13,423,000	-14,812,000	-470,039,000	276,826,000	201,013,000	7,124,000	-208,694,000	32,873,000	9,022,000	-21,438,000	47,084,000	33,618,000	27,120,000	15,798,000	23,389,000	15,190,000	6,303,000	10,536,000	18,920,000	-11,597,000	7,523,000	7,804,000	-4,644,000	-2,830,000	7,851,000	10,200,000	-8,600,000	6,100,000	6,300,000
Net Change in Cash Margin	-11.21%	3.64%	0.06%	1.45%	1.41%	1.38%	0.85%	-0.96%	-33.53%	25.89%	25.97%	0.64%	-20.04%	3.26%	0.98%	-2.49%	6.21%	4.64%	3.92%	2.47%	3.92%	2.69%	0.98%	1.71%	3.47%	-2.43%	1.75%	2.02%	-1.27%	-0.83%	4.69%	6.31%	-5.20%	6.03%	1.47%
Cash at Beginning of Period	193,308,333	169,694,000	172,123,100	152,625,933	123,486,300	102,016,240	26,754,000	41,566,000	511,605,000	234,779,000	33,766,000	26,642,000	235,336,000	202,463,000	193,441,000	214,879,000	167,795,000	134,177,000	107,057,000	91,259,000	67,870,000	52,680,000	46,377,000	35,841,000	16,921,000	28,518,000	20,031,000	12,227,000	16,871,000	19,701,000	11,850,000	1,700,000	10,300,000	4,200,000	4,500,000
Cash at Beginning of Period Margin	13.62%	13.44%	15.82%	16.00%	13.57%	11.87%	1.69%	2.69%	36.49%	21.96%	4.36%	2.39%	22.60%	20.10%	20.92%	24.99%	22.14%	18.52%	15.48%	14.29%	11.39%	9.34%	7.23%	5.82%	3.11%	5.97%	4.67%	3.17%	4.62%	5.77%	7.08%	1.05%	6.23%	4.15%	1.05%
Cash at End of Period	36,165,667	170,976,200	154,652,900	150,779,733	124,069,250	103,110,760	40,177,000	26,754,000	41,566,000	511,605,000	234,779,000	33,766,000	26,642,000	235,336,000	202,463,000	193,441,000	214,879,000	167,795,000	134,177,000	107,057,000	91,259,000	67,870,000	52,680,000	46,377,000	35,841,000	16,921,000	27,554,000	20,031,000	12,227,000	16,871,000	19,701,000	11,900,000	1,700,000	10,300,000	10,800,000
Cash at End of Period Margin	2.41%	17.08%	15.87%	17.45%	14.98%	13.25%	2.54%	1.73%	2.96%	47.84%	30.33%	3.03%	2.56%	23.36%	21.90%	22.50%	28.35%	23.17%	19.40%	16.76%	15.31%	12.03%	8.21%	7.53%	6.58%	3.54%	6.43%	5.19%	3.34%	4.94%	11.76%	7.36%	1.03%	10.18%	2.51%
Operating Cash Flow	327,672,667	296,353,000	256,449,800	222,748,533	199,540,650	179,298,800	319,403,000	296,554,000	367,061,000	383,696,000	115,051,000	270,556,000	242,896,000	257,374,000	152,035,000	159,872,000	183,891,000	152,040,000	161,020,000	134,844,000	144,935,000	112,216,000	104,399,000	146,135,000	153,928,000	132,907,000	107,799,000	115,485,000	99,037,000	101,712,000	67,624,000	79,500,000	44,100,000	33,600,000	87,200,000
Operating Cash Flow Margin	21.85%	23.26%	22.45%	22.56%	22.72%	24.27%	20.15%	19.20%	26.18%	35.88%	14.86%	24.27%	23.33%	25.55%	16.44%	18.59%	24.26%	20.99%	23.29%	21.11%	24.31%	19.89%	16.27%	23.74%	28.26%	27.84%	25.14%	29.91%	27.09%	29.79%	40.38%	49.20%	26.66%	33.20%	20.28%
Capital Expenditure	-118,032,333	-94,383,200	-66,692,300	-51,341,867	-41,252,400	-35,309,680	-145,852,000	-118,291,000	-89,954,000	-77,867,000	-39,952,000	-64,041,000	-49,476,000	-25,954,000	-27,771,000	-27,765,000	-20,946,000	-31,524,000	-15,443,000	-10,924,000	-24,368,000	-11,135,000	-12,611,000	-11,963,000	-7,707,000	-11,504,000	-6,859,000	-8,480,000	-12,233,000	-13,532,000	-16,590,000	-30,600,000	-12,300,000	-7,300,000	-84,700,000
Capital Expenditure Margin	-7.76%	-7.14%	-5.50%	-4.68%	-3.99%	-4.04%	-9.20%	-7.66%	-6.42%	-7.28%	-5.16%	-5.74%	-4.75%	-2.58%	-3.00%	-3.23%	-2.76%	-4.35%	-2.23%	-1.71%	-4.09%	-1.97%	-1.97%	-1.94%	-1.42%	-2.41%	-1.60%	-2.20%	-3.35%	-3.96%	-9.91%	-18.94%	-7.44%	-7.21%	-19.70%
Free Cash Flow	209,640,333	201,969,800	189,757,500	171,406,667	158,288,250	143,989,120	173,551,000	178,263,000	277,107,000	305,829,000	75,099,000	206,515,000	193,420,000	231,420,000	124,264,000	132,107,000	162,945,000	120,516,000	145,577,000	123,920,000	120,567,000	101,081,000	91,788,000	134,172,000	146,221,000	121,403,000	100,940,000	107,005,000	86,804,000	88,180,000	51,034,000	48,900,000	31,800,000	26,300,000	2,500,000
Free Cash Flow Margin	14.09%	16.11%	16.94%	17.88%	18.73%	20.23%	10.95%	11.54%	19.77%	28.60%	9.70%	18.52%	18.57%	22.97%	13.44%	15.36%	21.50%	16.64%	21.05%	19.40%	20.23%	17.92%	14.30%	21.80%	26.85%	25.43%	23.54%	27.71%	23.75%	25.83%	30.47%	30.26%	19.23%	25.99%	0.58%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y 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
Revenue	1,510,317,667	1,274,864,600	1,132,232,200	982,065,133	878,719,500	770,550,560	1,584,839,000	1,544,165,000	1,401,949,000	1,069,298,000	774,072,000	1,114,820,000	1,041,304,000	1,007,356,000	924,641,000	859,878,000	757,970,000	724,307,000	691,509,000	638,793,000	596,076,000	564,178,000	641,680,000	615,494,000	544,662,000	477,399,000	428,806,000	386,104,000	365,562,000	341,428,000	167,474,000	161,600,000	165,400,000	101,200,000	430,000,000
EBITDA	512,849,000	432,540,600	364,739,600	308,909,067	274,789,600	243,024,560	553,636,000	440,395,000	544,516,000	473,666,000	150,490,000	335,564,000	333,496,000	321,545,000	255,728,000	238,360,000	224,609,000	208,924,000	204,583,000	179,020,000	169,104,000	156,409,000	182,780,000	193,836,000	176,330,000	152,801,000	134,947,000	125,171,000	117,567,000	91,969,000	110,168,000	111,400,000	99,400,000	-20,600,000	127,800,000
EBITDA Margin	34.10%	33.21%	31.55%	30.66%	30.60%	32.03%	34.93%	28.52%	38.84%	44.30%	19.44%	30.10%	32.03%	31.92%	27.66%	27.72%	29.63%	28.84%	29.59%	28.02%	28.37%	27.72%	28.48%	31.49%	32.37%	32.01%	31.47%	32.42%	32.16%	26.94%	65.78%	68.94%	60.10%	-20.36%	29.72%
(-) Tax Adjustment	122,432,904	82,776,929	84,843,889	76,127,210	71,556,465	66,898,249	134,307,228	102,531,332	130,460,153	110,128,112	-63,542,178	58,491,758	69,446,907	156,617,480	77,504,842	72,493,258	67,586,422	59,004,607	58,630,405	53,982,248	54,265,570	54,392,296	66,349,798	69,765,398	48,251,768	50,461,893	47,344,098	45,147,838	42,912,483	62,956,959	42,965,552	43,970,582	41,376,456	-8,479,741	53,456,510
(-) Tax Adjustment Margin	8.14%	5.30%	7.08%	7.59%	8.23%	9.73%	8.47%	6.64%	9.31%	10.30%	-8.21%	5.25%	6.67%	15.55%	8.38%	8.43%	8.92%	8.15%	8.48%	8.45%	9.10%	9.64%	10.34%	11.33%	8.86%	10.57%	11.04%	11.69%	11.74%	18.44%	25.66%	27.21%	25.02%	-8.38%	12.43%
(-) Change In Working Capital	6,148,667	10,633,400	8,074,700	12,788,467	12,958,400	15,387,120	17,396,000	6,128,000	-5,078,000	23,240,000	11,481,000	-21,824,000	-2,031,000	58,091,000	-7,846,000	1,190,000	59,219,000	21,643,000	15,460,000	-3,325,000	18,083,000	-5,530,000	-33,409,000	21,507,000	39,360,000	45,413,000	35,017,000	35,602,000	13,196,000	42,474,000	-779,000	10,300,000	-15,700,000	5,700,000	7,100,000
(-) Change In Working Capital Margin	0.38%	0.96%	0.77%	1.55%	1.86%	2.81%	1.10%	0.40%	-0.36%	2.17%	1.48%	-1.96%	-0.20%	5.77%	-0.85%	0.14%	7.81%	2.99%	2.24%	-0.52%	3.03%	-0.98%	-5.21%	3.49%	7.23%	9.51%	8.17%	9.22%	3.61%	12.44%	-0.47%	6.37%	-9.49%	5.63%	1.65%
(-) Capital Expenditure	-118,032,333	-94,383,200	-66,692,300	-51,341,867	-41,252,400	-35,309,680	-145,852,000	-118,291,000	-89,954,000	-77,867,000	-39,952,000	-64,041,000	-49,476,000	-25,954,000	-27,771,000	-27,765,000	-20,946,000	-31,524,000	-15,443,000	-10,924,000	-24,368,000	-11,135,000	-12,611,000	-11,963,000	-7,707,000	-11,504,000	-6,859,000	-8,480,000	-12,233,000	-13,532,000	-16,590,000	-30,600,000	-12,300,000	-7,300,000	-84,700,000
(-) Capital Expenditure Margin	-7.76%	-7.14%	-5.50%	-4.68%	-3.99%	-4.04%	-9.20%	-7.66%	-6.42%	-7.28%	-5.16%	-5.74%	-4.75%	-2.58%	-3.00%	-3.23%	-2.76%	-4.35%	-2.23%	-1.71%	-4.09%	-1.97%	-1.97%	-1.94%	-1.42%	-2.41%	-1.60%	-2.20%	-3.35%	-3.96%	-9.91%	-18.94%	-7.44%	-7.21%	-19.70%
Unlevered Free Cash Flow	266,235,096	244,747,071	205,128,711	168,651,524	149,022,335	125,429,511	256,080,772	213,444,668	329,179,847	262,430,888	162,599,178	234,855,242	216,604,093	80,882,520	158,298,158	136,911,742	76,857,578	96,752,393	115,049,595	117,438,752	72,387,430	96,411,704	137,228,202	90,600,602	81,011,232	45,422,107	45,726,902	35,941,162	49,225,517	-26,993,959	51,391,448	26,529,418	61,423,544	-25,120,259	-17,456,510
Unlevered Free Cash Flow Margin	17.82%	19.80%	18.19%	16.84%	16.51%	15.46%	16.16%	13.82%	23.48%	24.54%	21.01%	21.07%	20.80%	8.03%	17.12%	15.92%	10.14%	13.36%	16.64%	18.38%	12.14%	17.09%	21.39%	14.72%	14.87%	9.51%	10.66%	9.31%	13.47%	-7.91%	30.69%	16.42%	37.14%	-24.82%	-4.06%
(-) Net Interest Income After Taxes	-43,393,868	-44,196,145	-35,910,666	-29,637,506	-23,859,975	-20,521,029	-59,445,229	-42,974,537	-27,761,838	-32,003,915	-58,795,204	-30,394,519	-30,447,957	-20,064,998	-28,511,886	-28,706,581	-27,771,469	-28,695,969	-18,298,383	-8,125,149	-2,564,959	944,448	-11,906,737	-6,121,088	-8,223,068	-7,330,459	0	-2,881,373	0	0	-32,944,864	0	0	0	0
(-) Net Interest Income After Taxes Margin	-2.84%	-3.82%	-3.32%	-3.01%	-2.54%	-2.85%	-3.75%	-2.78%	-1.98%	-2.99%	-7.60%	-2.73%	-2.92%	-1.99%	-3.08%	-3.34%	-3.66%	-3.96%	-2.65%	-1.27%	-0.43%	0.17%	-1.86%	-0.99%	-1.51%	-1.54%	0.00%	-0.75%	0.00%	0.00%	-19.67%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	238,986,333	181,499,600	96,793,500	97,473,133	70,512,450	57,127,480	205,074,000	368,500,000	143,385,000	0	190,539,000	93,167,000	29,034,000	-115,663,000	25,357,000	28,542,000	-9,858,000	-61,844,000	596,078,000	-422,000	-29,792,000	-6,700,000	12,000,000	99,777,000	-101,646,000	-55,279,000	81,986,000	-61,204,000	26,180,000	-18,767,000	-10,257,000	29,200,000	10,600,000	157,600,000	-20,200,000
Net Debt Issuance Margin	15.68%	14.33%	7.74%	9.91%	6.77%	5.37%	12.94%	23.86%	10.23%	0.00%	24.62%	8.36%	2.79%	-11.48%	2.74%	3.32%	-1.30%	-8.54%	86.20%	-0.07%	-5.00%	-1.19%	1.87%	16.21%	-18.66%	-11.58%	19.12%	-15.85%	7.16%	-5.50%	-6.12%	18.07%	6.41%	155.73%	-4.70%
Levered Free Cash Flow	548,615,297	470,442,815	337,832,877	295,762,163	243,394,760	203,078,020	520,600,001	624,919,206	500,326,685	294,434,802	411,933,382	358,416,761	276,086,050	-14,715,482	212,167,044	194,160,323	94,771,047	63,604,362	729,425,978	125,141,901	45,160,389	88,767,256	161,134,939	196,498,689	-12,411,700	-2,526,433	127,712,902	-22,381,465	75,405,517	-45,760,959	74,079,313	55,729,418	72,023,544	132,479,741	-37,656,510
Levered Free Cash Flow Margin	36.34%	37.95%	29.25%	29.76%	25.82%	23.67%	32.85%	40.47%	35.69%	27.54%	53.22%	32.15%	26.51%	-1.46%	22.95%	22.58%	12.50%	8.78%	105.48%	19.59%	7.58%	15.73%	25.11%	31.93%	-2.28%	-0.53%	29.78%	-5.80%	20.63%	-13.40%	44.23%	34.49%	43.55%	130.91%	-8.76%