Fleury S.A. (FLRY3.SA)

Analysis: Margins & Ratios Industry: Medical - Diagnostics & Research Sector: Healthcare Live Price: $15.43

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	1,124,063,865	922,365,047	677,506,003	534,199,337	1,461,624,454	1,367,412,893	1,391,845,438	1,172,000,352	808,345,805	701,414,549	538,219,090	526,172,980	482,587,539	431,611,133	379,647,987	343,215,155	304,082,368	300,097,004	272,002,937	203,894,210	157,853,506	139,482,142	122,306,714	99,838,778	88,311,939
Cost of Revenue	825,737,732	673,217,172	488,871,624	386,045,193	1,068,684,795	1,004,093,599	1,003,682,638	884,359,876	589,170,682	497,311,689	391,560,973	365,267,421	336,151,837	298,293,048	270,785,629	252,132,443	231,638,172	232,724,710	198,965,754	138,661,850	99,971,176	81,809,187	71,093,041	59,365,884	50,634,813
Cost of Revenue Margin	73.48%	72.82%	71.71%	71.69%	73.12%	73.43%	72.11%	75.46%	72.89%	70.90%	72.75%	69.42%	69.66%	69.11%	71.33%	73.46%	76.18%	77.55%	73.15%	68.01%	63.33%	58.65%	58.13%	59.46%	57.34%
Gross Profit	298,326,133	249,147,875	188,634,379	148,154,144	392,939,659	363,319,294	388,162,800	287,640,476	219,175,123	204,102,860	146,658,116	160,905,559	146,435,701	133,318,085	108,862,357	91,082,712	72,444,196	67,372,293	73,037,183	65,232,360	57,882,330	57,672,955	51,213,672	40,472,894	37,677,126
Gross Profit Margin	26.52%	27.18%	28.29%	28.31%	26.88%	26.57%	27.89%	24.54%	27.11%	29.10%	27.25%	30.58%	30.34%	30.89%	28.67%	26.54%	23.82%	22.45%	26.85%	31.99%	36.67%	41.35%	41.87%	40.54%	42.66%
R&D Expenses	0	0	3,514	2,342	172,426	121,350	0	0	0	0	0	0	0	0	0	35,137	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	33,801,701	24,899,218	21,848,252	22,132,550	106,448,390	70,049,609	46,038,531	34,547,191	20,819,382	13,120,152	9,970,837	9,288,558	12,278,487	46,463,619	13,943,342	12,012,422	14,054,550	15,980,399	15,084,579	40,917,544	27,468,659	32,970,723	28,481,482	20,185,643	19,269,900
SG&A Expenses Margin	2.94%	2.51%	3.48%	5.85%	7.28%	5.12%	3.31%	2.95%	2.58%	1.87%	1.85%	1.77%	2.54%	10.77%	3.67%	3.50%	4.62%	5.33%	5.55%	20.07%	17.40%	23.64%	23.29%	20.22%	21.82%
Operating Expenses	135,510,543	108,956,503	79,823,134	64,893,400	173,419,502	154,266,424	171,231,754	149,242,699	86,057,176	83,248,548	55,002,340	55,321,474	55,287,604	46,947,028	47,488,940	48,403,777	37,282,465	36,671,366	34,184,951	39,686,290	27,344,592	34,653,327	40,669,409	32,263,811	31,727,334
Operating Expenses Margin	11.89%	11.55%	11.72%	12.74%	11.86%	11.28%	12.30%	12.73%	10.65%	11.87%	10.22%	10.51%	11.46%	10.88%	12.51%	14.10%	12.26%	12.22%	12.57%	19.46%	17.32%	24.84%	33.25%	32.32%	35.93%
Operating Income (EBIT)	171,981,047	145,064,731	111,247,925	84,885,196	219,520,157	217,888,447	216,931,046	165,894,147	133,117,948	120,854,312	88,526,204	105,584,085	91,148,097	86,371,057	61,373,418	42,678,936	35,161,731	30,700,927	38,852,232	25,546,070	30,537,738	23,039,188	17,634,387	12,063,860	5,949,792
Operating Income (EBIT) Margin	15.40%	15.98%	16.75%	15.69%	15.02%	15.93%	15.59%	14.15%	16.47%	17.23%	16.45%	20.07%	18.89%	20.01%	16.17%	12.44%	11.56%	10.23%	14.28%	12.53%	19.35%	16.52%	14.42%	12.08%	6.74%
Interest Income	26,584,069	18,529,844	9,880,603	7,635,814	55,562,545	18,944,246	34,610,040	27,398,566	17,743,602	8,477,322	4,419,690	-1,230,348	-1,328,877	8,903,678	102,333	-289,973	1,105,738	-2,931,971	369,666	7,524,812	9,662,933	1,014,272	-2,122,908	-113,562	-2,928,892
Interest Income Margin	2.34%	1.81%	1.05%	1.33%	3.80%	1.39%	2.49%	2.34%	2.20%	1.21%	0.82%	-0.23%	-0.28%	2.06%	0.03%	-0.08%	0.36%	-0.98%	0.14%	3.69%	6.12%	0.73%	-1.74%	-0.11%	-3.32%
Interest Expense	87,051,102	65,017,878	43,384,326	32,598,050	121,547,459	93,115,422	96,745,610	89,576,156	74,831,539	36,094,861	27,841,223	27,633,116	14,704,589	17,797,938	24,664,378	23,953,844	20,274,029	15,701,293	10,347,929	3,978,120	4,826,124	4,861,985	6,113,162	3,741,215	2,285,553
Interest Expense Margin	7.95%	6.83%	6.01%	5.39%	8.32%	6.81%	6.95%	7.64%	9.26%	5.15%	5.17%	5.25%	3.05%	4.12%	6.50%	6.98%	6.67%	5.23%	3.80%	1.95%	3.06%	3.49%	5.00%	3.75%	2.59%
Net Interest Income	-60,556,144	-46,541,501	-33,530,456	-26,031,895	-65,984,914	-74,229,496	-62,135,571	-62,177,590	-57,355,270	-27,617,540	-23,421,533	-28,863,464	-16,033,467	-8,894,260	-24,562,045	-24,243,818	-19,300,691	-18,633,263	-13,802,612	-8,274,105	4,836,810	-3,847,713	-8,236,070	-3,854,777	-5,214,445
Net Interest Income Margin	-5.62%	-5.03%	-4.96%	-4.55%	-4.51%	-5.43%	-4.46%	-5.31%	-7.10%	-3.94%	-4.35%	-5.49%	-3.32%	-2.06%	-6.47%	-7.06%	-6.35%	-6.21%	-5.07%	-4.06%	3.06%	-2.76%	-6.73%	-3.86%	-5.90%
Unusual Items	128,416,857	98,820,304	66,291,641	48,613,815	149,257,551	150,398,607	136,631,857	131,837,610	116,781,105	58,616,771	50,234,175	57,254,024	25,471,087	17,788,520	32,618,082	35,683,176	28,321,553	29,197,812	20,595,336	-2,150,257	-9,673,619	3,867,274	14,460,802	7,709,554	5,214,445
Unusual Items Margin	11.84%	10.64%	9.25%	7.46%	10.21%	11.00%	9.82%	11.25%	14.45%	8.36%	9.33%	10.88%	5.28%	4.12%	8.59%	10.40%	9.31%	9.73%	7.57%	-1.05%	-6.13%	2.77%	11.82%	7.72%	5.90%
EBT Excluding Unusual Items	-24,385,635	-6,087,842	12,168,366	12,619,802	-13,010,031	-8,737,591	5,802,904	-35,603,483	-43,356,324	31,238,310	11,479,386	19,939,501	56,239,390	59,688,277	20,699,299	-4,443,598	-2,313,084	-9,061,434	7,639,823	26,299,892	45,048,166	19,152,353	-3,051,148	499,529	735,347
EBT Excluding Unusual Items Margin	-2.66%	-0.28%	3.20%	4.83%	-0.89%	-0.64%	0.42%	-3.04%	-5.36%	4.45%	2.13%	3.79%	11.65%	13.83%	5.45%	-1.29%	-0.76%	-3.02%	2.81%	12.90%	28.54%	13.73%	-2.49%	0.50%	0.83%
Pre-Tax Income	104,031,223	92,732,462	78,460,007	61,233,617	136,247,520	141,661,016	142,434,760	96,234,127	73,424,780	89,855,081	61,713,561	77,193,525	81,710,477	77,476,797	53,317,381	31,239,578	26,008,470	20,136,378	28,235,159	24,149,635	35,374,547	23,019,628	11,409,654	8,209,083	5,949,792
Pre-Tax Income Margin	9.18%	10.36%	12.45%	12.29%	9.32%	10.36%	10.23%	8.21%	9.08%	12.81%	11.47%	14.67%	16.93%	17.95%	14.04%	9.10%	8.55%	6.71%	10.38%	11.84%	22.41%	16.50%	9.33%	8.22%	6.74%
Income Tax Expense	23,541,012	22,397,770	19,735,976	16,237,939	31,358,755	31,483,908	33,100,948	20,014,666	17,507,421	26,193,031	15,172,785	20,626,670	21,653,802	19,406,465	11,886,362	11,797,613	10,468,012	9,062,158	8,929,940	5,920,451	11,828,766	7,882,161	3,985,727	5,742,228	1,925,849
Income Tax Expense Margin	2.08%	2.56%	3.23%	3.49%	2.15%	2.30%	2.38%	1.71%	2.17%	3.73%	2.82%	3.92%	4.49%	4.50%	3.13%	3.44%	3.44%	3.02%	3.28%	2.90%	7.49%	5.65%	3.26%	5.75%	2.18%
Net Income	81,373,473	70,807,958	58,960,664	45,153,433	108,748,795	111,122,554	111,601,073	76,751,049	55,768,297	63,378,597	46,540,776	56,566,855	60,056,675	58,070,332	41,431,019	19,441,964	15,540,458	11,074,220	19,305,219	18,229,185	23,545,781	15,137,466	7,600,157	4,585,053	5,816,125
Net Income Margin	7.16%	7.83%	9.24%	8.81%	7.44%	8.13%	8.02%	6.55%	6.90%	9.04%	8.65%	10.75%	12.44%	13.45%	10.91%	5.66%	5.11%	3.69%	7.10%	8.94%	14.92%	10.85%	6.21%	4.59%	6.59%
Depreciation and Amortization	115,355,328	96,299,620	64,818,592	48,219,916	156,837,966	139,072,268	141,270,521	122,324,463	82,471,000	70,506,394	64,925,724	58,042,440	34,284,386	25,855,242	26,326,335	22,179,412	20,681,912	19,698,973	18,159,635	10,600,410	5,971,889	5,611,460	9,037,345	4,652,248	4,279,322
Depreciation and Amortization Margin	10.26%	10.58%	9.04%	7.96%	10.73%	10.17%	10.15%	10.44%	10.20%	10.05%	12.06%	11.03%	7.10%	5.99%	6.93%	6.46%	6.80%	6.56%	6.68%	5.20%	3.78%	4.02%	7.39%	4.66%	4.85%
EBITDA	305,782,723	253,396,298	186,140,882	141,058,514	414,354,382	373,598,760	381,220,108	305,877,629	230,250,430	196,356,720	153,276,604	162,437,472	131,102,444	118,640,120	104,105,421	78,141,869	67,624,956	55,472,528	56,133,616	38,728,165	36,509,626	31,475,034	27,817,677	16,716,108	15,443,559
EBITDA Margin	27.32%	27.69%	27.42%	25.18%	28.35%	27.32%	27.39%	26.10%	28.48%	27.99%	28.48%	30.87%	27.17%	27.49%	27.42%	22.77%	22.24%	18.48%	20.64%	18.99%	23.13%	22.57%	22.74%	16.74%	17.49%
NOPAT	133,095,523	110,334,558	83,502,639	62,606,293	168,995,357	169,463,127	166,517,627	131,391,669	101,377,274	85,624,910	66,761,311	77,371,251	66,993,265	64,736,749	47,691,075	26,561,253	21,009,672	16,884,308	26,564,428	19,283,274	20,326,335	15,150,329	11,474,178	3,625,227	4,023,943
NOPAT Margin	11.91%	12.07%	12.42%	11.26%	11.56%	12.39%	11.96%	11.21%	12.54%	12.21%	12.40%	14.70%	13.88%	15.00%	12.56%	7.74%	6.91%	5.63%	9.77%	9.46%	12.88%	10.86%	9.38%	3.63%	4.56%
Owner's Earnings	117,337,143	97,698,157	68,690,014	48,432,442	166,898,095	172,778,700	164,464,205	124,126,064	63,421,160	59,030,087	77,449,267	76,962,416	35,233,817	30,388,495	34,433,810	21,390,815	14,859,628	3,957,291	7,970,367	-5,856,696	18,655,903	14,126,092	2,046,837	-7,196,984	5,139,823
Owner's Earnings Margin	10.08%	10.61%	9.73%	7.69%	11.42%	12.64%	11.82%	10.59%	7.85%	8.42%	14.39%	14.63%	7.30%	7.04%	9.07%	6.23%	4.89%	1.32%	2.93%	-2.87%	11.82%	10.13%	1.67%	-7.21%	5.82%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	1,124,063,865	922,365,047	677,506,003	534,199,337	1,391,845,438	1,172,000,352	808,345,805	701,414,549	538,219,090	526,172,980	482,587,539	431,611,133	379,647,987	343,215,155	304,082,368	300,097,004	272,002,937	203,894,210	157,853,506	139,482,142	122,306,714	99,838,778	88,311,939
Cash & Cash Equivalents	3,680,600	4,450,843	24,511,531	43,575,093	3,946,243	3,970,150	3,125,407	6,107,729	5,104,686	1,623,922	10,003,439	61,135,969	56,841,614	93,256,152	91,515,227	97,794,476	32,746,134	88,025,407	98,429,845	95,600,207	3,332,789	5,338,150	4,968,484
Cash & Cash Equivalents Margin	0.34%	0.57%	6.15%	16.12%	0.28%	0.34%	0.39%	0.87%	0.95%	0.31%	2.07%	14.16%	14.97%	27.17%	30.10%	32.59%	12.04%	43.17%	62.36%	68.54%	2.72%	5.35%	5.63%
Short-Term Investments	272,549,497	227,899,492	149,828,061	99,890,844	420,190,250	163,408,819	234,049,422	138,261,937	183,587,036	144,044,374	136,501,269	60,545,880	16,839,813	851,807	0	0	0	78,606	3,441	0	0	0	0
Short-Term Investments Margin	24.36%	25.38%	20.13%	13.42%	30.19%	13.94%	28.95%	19.71%	34.11%	27.38%	28.29%	14.03%	4.44%	0.25%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	276,230,097	232,350,335	176,330,807	144,793,414	424,136,492	167,378,969	237,174,829	144,369,665	188,691,722	145,668,296	146,504,708	121,681,850	73,681,427	114,020,111	91,515,227	97,794,476	32,746,134	88,104,013	98,433,286	95,600,207	3,332,789	5,338,150	4,968,484
Cash & Short-Term Investments Margin	24.70%	25.95%	26.86%	29.93%	30.47%	14.28%	29.34%	20.58%	35.06%	27.68%	30.36%	28.19%	19.41%	33.22%	30.10%	32.59%	12.04%	43.21%	62.36%	68.54%	2.72%	5.35%	5.63%
Net Receivables	245,959,088	201,850,561	144,260,631	118,015,800	296,113,812	272,620,737	169,142,716	143,782,293	127,593,244	103,258,685	91,621,907	93,475,126	72,998,786	71,999,004	70,671,756	72,459,411	79,354,106	65,161,542	39,983,870	29,204,876	19,425,844	17,739,436	13,691,948
Net Receivables Margin	21.82%	21.93%	21.01%	22.93%	21.27%	23.26%	20.92%	20.50%	23.71%	19.62%	18.99%	21.66%	19.23%	20.98%	23.24%	24.15%	29.17%	31.96%	25.33%	20.94%	15.88%	17.77%	15.50%
Inventory	23,336,769	18,917,767	11,776,839	8,775,409	28,080,120	24,438,340	17,491,845	13,151,123	11,427,404	5,771,751	4,811,091	3,902,230	5,723,030	2,971,455	2,477,359	3,053,683	3,411,939	3,196,949	1,722,813	2,254,944	2,146,272	1,629,356	1,309,498
Inventory Margin	2.09%	2.05%	1.56%	1.43%	2.02%	2.09%	2.16%	1.87%	2.12%	1.10%	1.00%	0.90%	1.51%	0.87%	0.81%	1.02%	1.25%	1.57%	1.09%	1.62%	1.75%	1.63%	1.48%
Other Current Assets	32,292,428	24,474,383	19,666,589	15,843,086	44,213,384	43,342,197	9,321,703	14,293,266	11,201,366	14,300,692	16,825,686	10,426,535	16,622,469	16,118,593	19,490,504	17,356,730	1,494,059	1,367,456	1,271,644	1,566,688	3,766,209	427,262	427,262
Other Current Assets Margin	2.68%	2.43%	2.98%	2.94%	3.18%	3.70%	1.15%	2.04%	2.08%	2.72%	3.49%	2.42%	4.38%	4.70%	6.41%	5.78%	0.55%	0.67%	0.81%	1.12%	3.08%	0.43%	0.48%
Total Current Assets	577,818,382	477,593,046	352,034,866	287,724,793	792,543,809	507,780,244	433,131,092	315,596,348	338,913,736	268,999,424	259,763,391	229,485,741	169,025,712	205,109,163	184,277,646	191,017,484	120,056,841	158,295,258	141,876,005	130,346,268	28,733,058	25,218,062	20,521,620
Total Current Assets Margin	51.28%	52.36%	52.42%	57.34%	56.94%	43.33%	53.58%	44.99%	62.97%	51.12%	53.83%	53.17%	44.52%	59.76%	60.60%	63.65%	44.14%	77.64%	89.88%	93.45%	23.49%	25.26%	23.24%
Property, Plant & Equipment	428,980,607	366,201,348	253,439,640	191,808,966	455,282,793	478,806,477	352,852,550	283,485,764	260,579,155	279,896,147	141,759,183	116,264,550	85,200,478	80,269,305	83,042,796	82,329,183	76,847,043	68,033,200	32,485,864	28,661,516	27,613,012	20,538,284	17,403,096
Property, Plant & Equipment Margin	39.07%	41.21%	36.14%	33.22%	32.71%	40.85%	43.65%	40.42%	48.42%	53.19%	29.37%	26.94%	22.44%	23.39%	27.31%	27.43%	28.25%	33.37%	20.58%	20.55%	22.58%	20.57%	19.71%
Goodwill	667,644,242	543,088,574	398,793,421	332,507,268	773,082,103	764,961,226	464,889,398	393,068,435	319,441,706	302,427,837	255,312,367	240,524,643	237,113,248	237,113,248	239,087,999	239,087,999	239,087,999	230,230,688	52,180,129	50,386,497	39,976,625	37,354,008	11,142,140
Goodwill Margin	59.44%	58.74%	59.14%	65.57%	55.54%	65.27%	57.51%	56.04%	59.35%	57.48%	52.90%	55.73%	62.46%	69.09%	78.63%	79.67%	87.90%	112.92%	33.06%	36.12%	32.69%	37.41%	12.62%
Intangible Assets	227,750,491	161,402,407	100,608,139	77,635,047	288,920,813	286,894,261	107,436,399	75,418,549	48,342,015	45,468,908	39,772,865	37,912,763	38,863,643	37,051,175	38,528,209	38,829,230	37,898,454	36,674,083	6,514,343	5,666,701	3,426,609	1,864,268	958,668
Intangible Assets Margin	19.51%	15.65%	12.50%	12.44%	20.76%	24.48%	13.29%	10.75%	8.98%	8.64%	8.24%	8.78%	10.24%	10.80%	12.67%	12.94%	13.93%	17.99%	4.13%	4.06%	2.80%	1.87%	1.09%
Long-Term Investments	-128,826,249	-110,246,331	-54,995,911	-36,410,336	-386,478,746	0	0	0	-164,752,910	181	43,469	698,036	0	530,863	0	3,762,949	0	0	41,114	0	0	0	0
Long-Term Investments Margin	-9.26%	-11.68%	-5.81%	-3.78%	-27.77%	0.00%	0.00%	0.00%	-30.61%	0.00%	0.01%	0.16%	0.00%	0.15%	0.00%	1.25%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%
Tax Assets	6,246,104	5,103,418	2,779,739	7,356,104	3,708,975	6,222,559	8,806,779	4,563,318	2,215,460	2,280,301	0	0	0	0	23,921,967	21,610,695	18,064,909	13,711,327	5,235,274	8,651,740	5,671,773	3,196,406	2,586,937
Tax Assets Margin	0.63%	0.59%	0.34%	2.34%	0.27%	0.53%	1.09%	0.65%	0.41%	0.43%	0.00%	0.00%	0.00%	0.00%	7.87%	7.20%	6.64%	6.72%	3.32%	6.20%	4.64%	3.20%	2.93%
Other Non-Current Assets	178,544,051	151,537,272	84,180,139	58,344,657	438,803,952	52,699,037	44,129,164	27,948,808	194,105,398	24,032,813	11,609,068	13,984,637	14,211,037	20,277,471	12,494,563	8,731,976	3,980,112	5,936,751	2,225,059	3,797,724	5,517,096	3,465,188	6,453,306
Other Non-Current Assets Margin	13.83%	16.31%	10.14%	7.61%	31.53%	4.50%	5.46%	3.98%	36.06%	4.57%	2.41%	3.24%	3.74%	5.91%	4.11%	2.91%	1.46%	2.91%	1.41%	2.72%	4.51%	3.47%	7.31%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	769,398	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%	0.63%	0.00%	0.00%
Total Non-Current Assets	1,380,339,247	1,117,086,688	784,805,167	630,990,843	1,573,319,890	1,589,583,560	978,114,290	784,484,875	659,930,824	654,106,186	448,496,951	409,384,630	375,388,406	375,242,061	397,075,534	390,589,084	375,878,517	354,586,050	98,681,783	97,164,179	82,205,116	66,418,153	38,544,147
Total Non-Current Assets Margin	123.22%	120.83%	112.44%	117.32%	113.04%	135.63%	121.00%	111.84%	122.61%	124.31%	92.94%	94.85%	98.88%	109.33%	130.58%	130.15%	138.19%	173.91%	62.51%	69.66%	67.21%	66.53%	43.65%
Total Assets	1,958,157,629	1,594,679,734	1,136,840,034	918,715,636	2,365,863,699	2,097,363,804	1,411,245,382	1,100,081,222	998,844,561	923,105,610	708,260,342	638,870,372	544,414,118	580,351,224	581,353,180	581,606,567	495,935,358	512,881,308	240,557,788	227,510,447	111,707,571	91,636,215	59,065,768
Total Assets Margin	174.51%	173.19%	164.87%	174.66%	169.98%	178.96%	174.58%	156.84%	185.58%	175.44%	146.76%	148.02%	143.40%	169.09%	191.18%	193.81%	182.33%	251.54%	152.39%	163.11%	91.33%	91.78%	66.88%
Accounts Payable	101,951,844	83,171,391	55,721,007	41,940,304	127,510,110	112,369,203	65,976,220	64,638,287	45,363,134	34,492,855	35,127,318	26,893,603	25,909,216	18,930,119	19,048,753	18,892,989	12,858,977	13,663,874	7,429,905	8,012,568	8,471,526	5,241,251	4,617,473
Accounts Payable Margin	8.97%	8.91%	7.70%	7.04%	9.16%	9.59%	8.16%	9.22%	8.43%	6.56%	7.28%	6.23%	6.82%	5.52%	6.26%	6.30%	4.73%	6.70%	4.71%	5.74%	6.93%	5.25%	5.23%
Short-Term Debt	52,873,215	62,416,741	50,710,756	37,460,482	37,447,828	55,802,166	65,369,649	67,930,143	85,533,920	37,762,796	39,160,680	57,168,898	26,804,311	34,127,174	14,175,176	13,300,004	15,998,692	4,956,892	6,368,904	7,140,475	9,528,904	6,552,559	1,594,762
Short-Term Debt Margin	5.18%	8.22%	8.67%	7.21%	2.69%	4.76%	8.09%	9.68%	15.89%	7.18%	8.11%	13.25%	7.06%	9.94%	4.66%	4.43%	5.88%	2.43%	4.03%	5.12%	7.79%	6.56%	1.81%
Tax Payables	13,709,939	12,568,714	8,849,360	7,356,889	17,854,991	14,595,193	8,679,633	16,526,294	5,187,458	5,685,176	5,495,724	5,548,430	4,401,940	4,518,763	4,349,959	4,302,143	5,517,459	5,112,474	2,577,700	3,847,351	4,589,762	6,337,389	2,292,436
Tax Payables Margin	1.20%	1.38%	1.29%	1.46%	1.28%	1.25%	1.07%	2.36%	0.96%	1.08%	1.14%	1.29%	1.16%	1.32%	1.43%	1.43%	2.03%	2.51%	1.63%	2.76%	3.75%	6.35%	2.60%
Deferred Revenue	4,865,064	2,919,039	1,459,519	973,013	0	14,595,193	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.42%	0.25%	0.12%	0.08%	0.00%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	3,302,723	10,471,054	9,813,697	9,758,709	-9,996,918	625,407	19,279,681	16,347,710	26,099,392	13,852,782	9,938,598	11,617,399	3,868,542	6,504,381	3,304,716	3,904,766	3,796,637	35,725,920	1,511,628	7,509,597	17,055,165	6,670,468	5,057,957
Other Current Liabilities Margin	0.57%	1.78%	1.92%	2.76%	-0.72%	0.05%	2.39%	2.33%	4.85%	2.63%	2.06%	2.69%	1.02%	1.90%	1.09%	1.30%	1.40%	17.52%	0.96%	5.38%	13.94%	6.68%	5.73%
Total Current Liabilities	281,554,904	252,525,510	177,663,886	133,921,927	315,658,291	305,479,890	223,526,531	218,589,019	199,373,817	135,302,979	113,145,664	115,762,124	74,111,044	75,689,505	48,011,471	47,118,006	44,125,179	68,831,577	24,103,812	33,803,331	35,055,595	27,015,135	17,143,551
Total Current Liabilities Margin	25.47%	28.92%	26.22%	23.93%	22.68%	26.06%	27.65%	31.16%	37.04%	25.71%	23.45%	26.82%	19.52%	22.05%	15.79%	15.70%	16.22%	33.76%	15.27%	24.23%	28.66%	27.06%	19.41%
Long-Term Debt	519,132,725	426,702,781	296,952,615	233,520,093	706,062,632	453,067,695	398,267,847	316,847,706	259,268,028	244,134,184	188,901,277	133,898,937	123,891,332	145,186,516	173,975,903	165,017,345	85,439,919	98,836,460	10,005,612	16,781,130	22,630,763	18,681,804	7,363,977
Long-Term Debt Margin	46.22%	46.40%	42.35%	41.46%	50.73%	38.66%	49.27%	45.17%	48.17%	46.40%	39.14%	31.02%	32.63%	42.30%	57.21%	54.99%	31.41%	48.47%	6.34%	12.03%	18.50%	18.71%	8.34%
Capital Lease Obligations	231,605,147	197,285,467	113,803,202	76,067,224	233,009,250	259,268,933	202,537,259	149,282,545	142,329,348	149,039,844	1,229,080	1,335,760	0	0	0	0	0	2,976,345	0	0	0	0	0
Capital Lease Obligations Margin	21.31%	22.33%	14.05%	9.47%	16.74%	22.12%	25.06%	21.28%	26.44%	28.33%	0.25%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	70,921,823	74,468,466	52,920,565	39,877,625	135,485,910	0	77,279,557	78,562,068	81,014,795	81,103,725	75,759,598	0	0	0	0	0	42,366,141	20,568,893	6,023,689	2,398,210	108,853	0	598,964
Deferred Tax Liabilities Margin	6.43%	9.11%	7.67%	7.08%	9.73%	0.00%	9.56%	11.20%	15.05%	15.41%	15.70%	0.00%	0.00%	0.00%	0.00%	0.00%	15.58%	10.09%	3.82%	1.72%	0.09%	0.00%	0.68%
Other Non-Current Liabilities	103,345,502	70,640,567	59,122,132	52,608,562	54,837,702	203,107,062	52,091,742	24,397,045	18,769,284	18,835,937	12,382,269	78,896,959	68,261,230	59,642,092	74,470,567	63,553,559	15,030,062	27,686,003	17,166,916	20,356,258	26,411,281	27,137,391	14,776,856
Other Non-Current Liabilities Margin	9.24%	6.94%	9.45%	11.34%	3.94%	17.33%	6.44%	3.48%	3.49%	3.58%	2.57%	18.28%	17.98%	17.38%	24.49%	21.18%	5.53%	13.58%	10.88%	14.59%	21.59%	27.18%	16.73%
Total Non-Current Liabilities	880,460,423	733,869,261	502,772,801	388,617,411	1,076,716,018	866,166,916	698,498,336	545,608,243	482,356,792	469,216,898	278,161,741	214,021,897	192,152,563	204,828,608	248,446,470	228,570,904	142,836,122	148,483,444	33,196,217	41,859,911	49,150,897	46,265,112	22,739,797
Total Non-Current Liabilities Margin	79.22%	81.02%	71.18%	67.73%	77.36%	73.91%	86.41%	77.79%	89.62%	89.18%	57.64%	49.59%	50.61%	59.68%	81.70%	76.17%	52.51%	72.82%	21.03%	30.01%	40.19%	46.34%	25.75%
Total Liabilities	1,162,015,327	986,394,770	680,436,687	522,539,338	1,392,374,308	1,171,646,806	922,024,867	764,197,261	681,730,609	604,519,877	391,307,405	329,784,020	266,263,606	280,518,113	296,457,940	275,688,910	186,961,301	217,315,021	57,300,029	75,556,381	84,206,492	73,280,246	39,883,348
Total Liabilities Margin	104.69%	109.94%	97.39%	91.66%	100.04%	99.97%	114.06%	108.95%	126.66%	114.89%	81.09%	76.41%	70.13%	81.73%	97.49%	91.87%	68.74%	106.58%	36.30%	54.17%	68.85%	73.40%	45.16%
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
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%
Common Stock	434,040,798	364,367,617	309,677,998	283,119,165	495,549,572	495,549,572	311,023,249	260,315,263	259,400,426	258,325,479	257,033,912	256,032,681	253,650,047	249,899,777	249,899,777	249,899,777	249,899,777	249,605,819	150,702,345	135,916,070	17,104,792	12,757,912	7,324,312
Common Stock Margin	38.79%	40.33%	50.30%	65.21%	35.60%	42.28%	38.48%	37.11%	48.20%	49.10%	53.26%	59.32%	66.81%	72.81%	82.18%	83.27%	91.87%	122.42%	95.47%	97.44%	13.99%	12.78%	8.29%
Retained Earnings	85,205,248	66,396,636	45,898,597	41,608,649	114,591,726	72,004,075	69,019,942	45,641,697	30,725,740	35,819,378	39,358,282	36,991,587	12,883,609	1,949,938	33,830,861	54,451,555	0	45,091,635	31,769,716	15,293,954	9,230,056	2,234,296	7,883,972
Retained Earnings Margin	7.64%	7.03%	6.26%	8.94%	8.23%	6.14%	8.54%	6.51%	5.71%	6.81%	8.16%	8.57%	3.39%	0.57%	11.13%	18.14%	0.00%	22.12%	20.13%	10.96%	7.55%	2.24%	8.93%
Accumulated OCI	275,360,781	171,768,267	95,096,006	69,464,893	356,520,230	360,308,355	109,253,757	32,758,993	0	24,440,876	20,560,742	-866,297	0	47,983,397	34,995,463	56,017,880	0	0	0	16,037,995	1,713,214	0	0
Accumulated OCI Margin	23.29%	14.91%	9.72%	8.49%	25.61%	30.74%	13.52%	4.67%	0.00%	4.65%	4.26%	-0.20%	0.00%	13.98%	11.51%	18.67%	0.00%	0.00%	0.00%	11.50%	1.40%	0.00%	0.00%
Minority Interest	8,025,488	5,148,553	2,574,277	1,716,184	15,533,395	5,002,353	3,540,715	1,666,304	0	0	0	0	0	0	0	0	0	0	0	0	211,186	844,381	1,385,568
Minority Interest Margin	0.66%	0.44%	0.22%	0.15%	1.12%	0.43%	0.44%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.85%	1.57%
Total Shareholders’ Equity	788,116,814	603,136,410	453,829,070	394,460,113	957,955,996	920,714,645	485,679,800	334,217,657	317,113,952	318,585,733	316,952,936	309,086,351	278,150,512	299,833,112	284,895,240	305,917,657	308,974,057	295,566,287	183,257,759	151,954,065	27,289,894	17,511,587	17,796,851
Total Shareholders’ Equity Margin	69.16%	62.81%	67.25%	82.85%	68.83%	78.56%	60.08%	47.65%	58.92%	60.55%	65.68%	71.61%	73.27%	87.36%	93.69%	101.94%	113.59%	144.96%	116.09%	108.94%	22.31%	17.54%	20.15%
Total Equity	796,142,301	608,284,963	456,403,346	396,176,297	973,489,391	925,716,998	489,220,515	335,883,961	317,113,952	318,585,733	316,952,936	309,086,351	278,150,512	299,833,112	284,895,240	305,917,657	308,974,057	295,566,287	183,257,759	151,954,065	27,501,080	18,355,969	19,182,419
Total Equity Margin	69.82%	63.25%	67.47%	83.00%	69.94%	78.99%	60.52%	47.89%	58.92%	60.55%	65.68%	71.61%	73.27%	87.36%	93.69%	101.94%	113.59%	144.96%	116.09%	108.94%	22.49%	18.39%	21.72%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	143,723,248	117,653,161	94,832,132	63,420,327	33,711,503	163,408,819	234,049,422	138,261,937	18,834,125	144,044,374	136,544,738	61,243,917	16,839,813	1,382,670	1,402,050	1,413,823	44,556	78,606	44,556	44,556	96,718	32,783	1,904,839
Total Investments Margin	15.11%	13.71%	14.32%	9.62%	2.42%	13.94%	28.95%	19.71%	3.50%	27.38%	28.29%	14.19%	4.44%	0.40%	0.46%	0.47%	0.02%	0.04%	0.03%	0.03%	0.08%	0.03%	2.16%
Net Debt	799,930,487	681,954,147	436,955,043	303,472,706	972,573,467	764,168,644	663,049,348	527,952,665	482,026,610	429,312,902	219,287,599	131,267,626	93,854,029	86,057,538	96,635,852	80,522,873	68,692,477	18,744,290	-82,055,329	-71,645,638	28,826,878	19,896,213	3,990,255
Net Debt Margin	72.37%	76.39%	58.92%	42.02%	69.88%	65.20%	82.03%	75.27%	89.56%	81.59%	45.44%	30.41%	24.72%	25.07%	31.78%	26.83%	25.25%	9.19%	-51.98%	-51.37%	23.57%	19.93%	4.52%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	1,124,063,865	922,365,047	677,506,003	534,199,337	1,391,845,438	1,172,000,352	808,345,805	701,414,549	538,219,090	526,172,980	482,587,539	431,611,133	379,647,987	343,215,155	304,082,368	300,097,004	272,002,937	203,894,210	157,853,506	139,482,142	122,306,714	99,838,778	88,311,939
Working Capital	296,263,478	225,067,536	174,370,980	153,802,866	476,885,519	202,300,354	209,604,561	97,007,329	139,539,919	133,696,445	146,617,727	113,723,618	94,914,668	129,419,658	136,266,175	143,899,478	75,931,662	89,463,681	117,772,193	96,542,937	-6,322,537	-1,797,073	3,378,069
Working Capital Margin	25.82%	23.44%	26.21%	33.41%	34.26%	17.26%	25.93%	13.83%	25.93%	25.41%	30.38%	26.35%	25.00%	37.71%	44.81%	47.95%	27.92%	43.88%	74.61%	69.22%	-5.17%	-1.80%	3.83%
Total Capital	1,591,727,900	1,289,541,400	915,295,643	741,507,912	1,934,475,706	1,688,853,440	1,151,854,556	868,278,051	804,245,248	749,522,557	546,243,974	501,489,946	428,846,156	479,146,802	473,046,318	484,235,006	410,412,668	402,335,983	199,632,275	175,908,634	59,449,561	42,745,950	26,755,590
Total Capital Margin	141.86%	139.76%	132.32%	140.99%	138.99%	144.10%	142.50%	123.79%	149.43%	142.45%	113.19%	116.19%	112.96%	139.61%	155.57%	161.36%	150.89%	197.33%	126.47%	126.12%	48.61%	42.81%	30.30%
Capital Employed	1,676,602,725	1,342,154,224	959,176,147	784,793,709	2,050,205,409	1,791,883,914	1,187,718,851	881,492,204	799,470,744	787,802,631	595,114,678	523,108,248	470,303,075	504,661,720	533,341,709	534,488,561	451,810,179	444,049,731	216,453,976	193,707,116	76,651,976	64,621,080	41,922,216
Capital Employed Margin	149.04%	144.27%	138.65%	150.73%	147.30%	152.89%	146.93%	125.67%	148.54%	149.72%	123.32%	121.20%	123.88%	147.04%	175.39%	178.11%	166.10%	217.78%	137.12%	138.88%	62.67%	64.73%	47.47%
Invested Capital	1,588,047,300	1,285,090,557	890,784,112	697,932,819	1,930,529,463	1,684,883,290	1,148,729,149	862,170,322	799,140,562	747,898,635	536,240,535	440,353,977	372,004,541	385,890,650	381,531,091	386,440,530	377,666,534	314,310,577	101,202,430	80,308,427	56,116,772	37,407,800	21,787,106
Invested Capital Margin	141.52%	139.19%	126.17%	124.87%	138.70%	143.76%	142.11%	122.92%	148.48%	142.14%	111.12%	102.03%	97.99%	112.43%	125.47%	128.77%	138.85%	154.15%	64.11%	57.58%	45.88%	37.47%	24.67%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	1,124,063,865	922,365,047	677,506,003	534,199,337	1,391,845,438	1,172,000,352	808,345,805	701,414,549	538,219,090	526,172,980	482,587,539	431,611,133	379,647,987	343,215,155	304,082,368	300,097,004	272,002,937	203,894,210	157,853,506	139,482,142	122,306,714	99,838,778	88,311,939
Net Income	80,667,407	70,441,009	58,777,189	45,031,117	109,333,812	76,751,049	55,917,359	63,662,050	46,540,776	56,566,855	60,056,675	58,070,332	41,431,019	19,441,964	15,540,458	11,074,220	19,305,219	18,229,185	23,545,781	15,137,466	7,600,157	4,585,053	5,816,125
Net Income Margin	7.11%	7.81%	9.23%	8.80%	7.86%	6.55%	6.92%	9.08%	8.65%	10.75%	12.44%	13.45%	10.91%	5.66%	5.11%	3.69%	7.10%	8.94%	14.92%	10.85%	6.21%	4.59%	6.59%
Depreciation & Amortization	115,355,328	96,299,620	64,818,555	48,219,892	141,270,521	122,324,463	82,471,000	70,506,394	64,925,724	58,042,440	34,284,386	25,855,242	26,325,973	22,179,412	20,681,912	19,698,973	18,159,635	10,600,410	5,971,889	5,591,899	9,037,345	4,652,248	4,279,322
Depreciation & Amortization Margin	10.26%	10.58%	9.04%	7.96%	10.15%	10.44%	10.20%	10.05%	12.06%	11.03%	7.10%	5.99%	6.93%	6.46%	6.80%	6.56%	6.68%	5.20%	3.78%	4.01%	7.39%	4.66%	4.85%
Deferred Income Tax	3,116,954	1,870,173	935,086	623,391	0	6,409,475	2,941,389	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.30%	0.18%	0.09%	0.06%	0.00%	0.55%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	3,408,920	2,624,356	1,841,411	1,288,633	3,960,189	3,305,983	2,960,588	1,888,538	1,006,484	1,051,945	1,509,816	1,541,512	838,404	350,648	-338,876	708,904	328,914	0	216,438	0	0	0	0
Stock-Based Compensation Margin	0.31%	0.28%	0.26%	0.20%	0.28%	0.28%	0.37%	0.27%	0.19%	0.20%	0.31%	0.36%	0.22%	0.10%	-0.11%	0.24%	0.12%	0.00%	0.14%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-44,847,606	-31,797,246	-22,819,906	-23,122,721	-35,987,276	-61,634,412	-36,921,131	-1,321,995	-23,121,417	-26,072,405	-1,468,702	-26,231,791	-1,763,747	-13,676,190	-17,112,942	-25,315,867	-42,808,255	-16,103,017	-17,301,669	-17,170,176	-2,733,825	1,348,076	2,455,806
Change in Working Capital Margin	-4.14%	-3.38%	-3.27%	-5.42%	-2.59%	-5.26%	-4.57%	-0.19%	-4.30%	-4.96%	-0.30%	-6.08%	-0.46%	-3.98%	-5.63%	-8.44%	-15.74%	-7.90%	-10.96%	-12.31%	-2.24%	1.35%	2.78%
Accounts Receivable	-39,322,239	-32,190,458	-23,784,389	-18,123,048	-33,829,775	-55,065,189	-29,071,752	-15,926,425	-27,059,147	-15,972,248	-11,759,397	-24,348,143	-11,014,269	-13,797,540	-12,622,796	-21,379,043	0	0	0	0	0	0	0
Accounts Receivable Margin	-3.58%	-3.60%	-3.61%	-3.16%	-2.43%	-4.70%	-3.60%	-2.27%	-5.03%	-3.04%	-2.44%	-5.64%	-2.90%	-4.02%	-4.15%	-7.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-2,451,218	-2,561,544	-1,626,349	-1,122,703	-3,592,334	579,403	-4,340,722	201,587	-5,655,653	-782,257	-908,860	1,831,304	-2,970,911	-625,045	448,815	88,568	-311,526	-802,905	0	328,552	-453,162	-259,183	474,534
Inventory Margin	-0.25%	-0.35%	-0.26%	-0.20%	-0.26%	0.05%	-0.54%	0.03%	-1.05%	-0.15%	-0.19%	0.42%	-0.78%	-0.18%	0.15%	0.03%	-0.11%	-0.39%	0.00%	0.24%	-0.37%	-0.26%	0.54%
Accounts Payable	6,281,181	8,778,415	5,600,140	3,719,166	14,335,829	3,169,781	1,337,933	15,114,102	9,934,432	-1,965,514	8,233,715	919,546	5,212,090	-290,516	0	0	0	0	-213,903	-1,148,844	0	0	0
Accounts Payable Margin	0.49%	1.09%	0.83%	0.54%	1.03%	0.27%	0.17%	2.15%	1.85%	-0.37%	1.71%	0.21%	1.37%	-0.08%	0.00%	0.00%	0.00%	0.00%	-0.14%	-0.82%	0.00%	0.00%	0.00%
Other Working Capital	-9,355,331	-5,823,660	-3,009,309	-7,596,137	-12,900,996	-10,318,406	-4,846,590	-711,258	-341,049	-7,352,385	2,965,840	-4,634,499	7,009,344	1,036,912	-4,938,961	-4,025,392	-42,496,729	-15,300,112	-17,087,766	-16,349,884	-2,280,663	1,607,259	1,981,272
Other Working Capital Margin	-0.80%	-0.51%	-0.23%	-2.61%	-0.93%	-0.88%	-0.60%	-0.10%	-0.06%	-1.40%	0.61%	-1.07%	1.85%	0.30%	-1.62%	-1.34%	-15.62%	-7.50%	-10.83%	-11.72%	-1.86%	1.61%	2.24%
Other Non-Cash Items	105,341,082	78,729,640	57,542,078	46,479,473	131,072,740	113,530,182	71,420,325	49,766,342	27,858,611	43,048,420	32,670,788	36,687,124	30,895,268	38,470,975	32,977,062	31,793,805	35,271,309	13,709,697	8,019,450	793,306	-790,951	3,810,040	367,855
Other Non-Cash Items Margin	9.31%	8.04%	8.30%	8.61%	9.42%	9.69%	8.84%	7.10%	5.18%	8.18%	6.77%	8.50%	8.14%	11.21%	10.84%	10.59%	12.97%	6.72%	5.08%	0.57%	-0.65%	3.82%	0.42%
Net Cash from Operating Activities	263,042,085	218,167,553	161,094,413	118,519,784	349,649,987	260,686,740	178,789,529	184,501,329	117,210,178	132,637,255	127,052,963	95,922,420	97,726,918	66,766,809	51,747,614	37,960,035	30,256,820	26,436,275	20,451,889	4,352,495	13,112,726	14,395,418	12,919,108
Net Cash from Operating Activities Margin	23.16%	23.51%	23.65%	20.22%	25.12%	22.24%	22.12%	26.30%	21.78%	25.21%	26.33%	22.22%	25.74%	19.45%	17.02%	12.65%	11.12%	12.97%	12.96%	3.12%	10.72%	14.42%	14.63%
Capital Expenditures (PPE)	-79,391,658	-69,409,422	-55,089,206	-44,730,651	-88,407,389	-74,949,448	-74,818,136	-74,854,904	-34,017,234	-37,646,879	-59,107,244	-53,537,080	-33,323,182	-20,230,561	-21,362,742	-26,815,903	-29,494,486	-33,371,541	-9,023,036	-4,912,518	-10,735,164	-3,806,237	-4,594,471
Capital Expenditures (PPE) Margin	-7.33%	-7.80%	-8.55%	-8.96%	-6.35%	-6.40%	-9.26%	-10.67%	-6.32%	-7.15%	-12.25%	-12.40%	-8.78%	-5.89%	-7.03%	-8.94%	-10.84%	-16.37%	-5.72%	-3.52%	-8.78%	-3.81%	-5.20%
Acquisitions (Net)	-30,528,380	-37,033,135	-24,158,872	-25,026,654	-28,176,838	9,104,178	-72,512,479	-78,519,505	-15,061,034	-43,538,712	-10,060,310	-105,955	-1,033,108	-1,684,959	-662,537	-3,200,934	-37,862,230	-83,389,278	-8,696,115	-7,832,534	0	0	0
Acquisitions (Net) Margin	-3.41%	-4.84%	-3.54%	-6.46%	-2.02%	0.78%	-8.97%	-11.19%	-2.80%	-8.27%	-2.08%	-0.02%	-0.27%	-0.49%	-0.22%	-1.07%	-13.92%	-40.90%	-5.51%	-5.62%	0.00%	0.00%	0.00%
Purchases of Investments	-36,565,834	-30,557,081	-30,926,928	-20,617,952	0	-3,530,210	-106,167,292	-633,377	-42,454,528	-17,239,907	-75,955,389	-47,091,924	-13,893,353	-2,303,303	0	0	0	0	0	0	-6,224,008	0	-1,904,839
Purchases of Investments Margin	-4.48%	-4.28%	-5.57%	-3.71%	0.00%	-0.30%	-13.13%	-0.09%	-7.89%	-3.28%	-15.74%	-10.91%	-3.66%	-0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.09%	0.00%	-2.16%
Sales / Maturities of Investments	23,178,892	23,168,037	14,498,584	9,665,722	0	69,536,677	0	46,281,956	21,553	37,492	2,099,724	9,161,050	17,817,318	30,066	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	1.98%	2.51%	1.98%	1.32%	0.00%	5.93%	0.00%	6.60%	0.00%	0.01%	0.44%	2.12%	4.69%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	-84,298,199	-50,524,185	-23,071,645	-15,470,582	-255,912,598	275,846	2,742,157	618,163	-344,490	107,404	-2,910,961	-2,781,641	14,723,607	12,766,062	205,390	198,145	92,915	0	-1,838,730	-1,690,755	-3,855,501	-12,628,049	-361,153
Other Investing Activities Margin	-6.01%	-3.60%	-1.16%	-0.84%	-18.39%	0.02%	0.34%	0.09%	-0.06%	0.02%	-0.60%	-0.64%	3.88%	3.72%	0.07%	0.07%	0.03%	0.00%	-1.16%	-1.21%	-3.15%	-12.65%	-0.41%
Net Cash from Investing Activities	-207,605,178	-164,355,786	-118,748,068	-96,180,117	-372,496,826	437,043	-250,755,750	-107,107,667	-91,855,732	-98,280,602	-145,934,180	-94,355,551	-15,708,719	-11,422,695	-21,819,889	-29,818,691	-67,263,802	-116,760,819	-19,557,881	-14,435,807	-20,814,673	-16,434,285	-6,860,463
Net Cash from Investing Activities Margin	-19.25%	-18.02%	-16.83%	-18.65%	-26.76%	0.04%	-31.02%	-15.27%	-17.07%	-18.68%	-30.24%	-21.86%	-4.14%	-3.33%	-7.18%	-9.94%	-24.73%	-57.27%	-12.39%	-10.35%	-17.02%	-16.46%	-7.77%
Net Debt Issuance	89,577,665	65,785,646	42,378,331	33,279,882	235,317,443	-35,372,555	68,788,108	-1,879,301	62,074,533	55,109,201	36,545,488	41,412,182	-28,484,742	-9,727,050	9,115,951	75,848,166	-6,277,076	2,970,730	-6,242,844	-8,491,268	0	7,983,588	-3,182,460
Net Debt Issuance Margin	7.47%	6.73%	5.10%	4.96%	16.91%	-3.02%	8.51%	-0.27%	11.53%	10.47%	7.57%	9.59%	-7.50%	-2.83%	3.00%	25.27%	-2.31%	1.46%	-3.95%	-6.09%	0.00%	8.00%	-3.60%
Long-Term Debt Issuance	89,577,665	72,782,022	45,876,519	41,088,762	235,317,443	-35,372,555	68,788,108	33,102,578	62,074,533	55,109,201	36,545,488	41,412,182	-28,484,742	-9,727,050	9,115,951	75,848,166	-6,277,076	85,122,053	-6,242,844	-8,491,268	3,745,743	7,983,588	-3,182,460
Long-Term Debt Issuance Margin	7.47%	7.73%	5.60%	7.98%	16.91%	-3.02%	8.51%	4.72%	11.53%	10.47%	7.57%	9.59%	-7.50%	-2.83%	3.00%	25.27%	-2.31%	41.75%	-3.95%	-6.09%	3.06%	8.00%	-3.60%
Short-Term Debt Issuance	0	-6,996,376	-3,498,188	-7,808,880	0	0	0	-34,981,879	0	0	0	0	0	0	0	0	0	-82,151,323	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	-1.00%	-0.50%	-3.02%	0.00%	0.00%	0.00%	-4.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-40.29%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	48,733,234	28,555,488	15,120,314	11,092,393	-3,788,125	-3,510,106	153,497,932	-4,497,210	1,074,947	1,291,567	1,001,231	2,382,634	3,750,271	0	0	0	293,958	0	14,888,788	122,835,403	4,346,880	0	0
Net Stock Issuance Margin	6.14%	3.60%	2.00%	1.97%	-0.27%	-0.30%	18.99%	-0.64%	0.20%	0.25%	0.21%	0.55%	0.99%	0.00%	0.00%	0.00%	0.11%	0.00%	9.43%	88.07%	3.55%	0.00%	0.00%
Common Stock Issuance	51,172,679	31,101,528	16,393,334	11,941,073	0	20,104	153,497,932	914,656	1,074,947	1,291,567	1,001,231	2,382,634	3,750,271	0	0	0	293,958	0	14,888,788	122,835,403	4,346,880	0	0
Common Stock Issuance Margin	6.33%	3.86%	2.13%	2.06%	0.00%	0.00%	18.99%	0.13%	0.20%	0.25%	0.21%	0.55%	0.99%	0.00%	0.00%	0.00%	0.11%	0.00%	9.43%	88.07%	3.55%	0.00%	0.00%
Common Stock Repurchased	-2,439,445	-2,363,109	-1,181,554	-787,703	-3,788,125	-3,530,210	0	-4,497,210	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-0.19%	-0.24%	-0.12%	-0.08%	-0.27%	-0.30%	0.00%	-0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	-182,931	-91,466	-60,977	0	0	0	-914,656	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	-0.03%	-0.01%	-0.01%	0.00%	0.00%	0.00%	-0.13%	0.00%	0.00%	0.00%	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	-71,884,838	-62,151,038	-51,747,524	-38,659,810	-62,189,725	-92,390,942	-61,073,845	-53,637,058	-41,463,620	-55,688,242	-54,917,395	-23,558,460	-69,620,173	-2,935,774	-36,224,000	-15,227,121	-6,132,180	-4,838,621	0	0	0	0	-3,860,211
Net Dividends Paid Margin	-6.64%	-7.05%	-8.19%	-6.90%	-4.47%	-7.88%	-7.56%	-7.65%	-7.70%	-10.58%	-11.38%	-5.46%	-18.34%	-0.86%	-11.91%	-5.07%	-2.25%	-2.37%	0.00%	0.00%	0.00%	0.00%	-4.37%
Common Dividends Paid	-71,884,838	-62,151,038	-51,747,524	-38,659,810	-62,189,725	-92,390,942	-61,073,845	-53,637,058	-41,463,620	-55,688,242	-54,917,395	-23,558,460	-69,620,173	-2,935,774	-36,224,000	-15,227,121	-6,132,180	-4,838,621	0	0	-2,303,303	-5,623,595	-3,860,211
Common Dividends Paid Margin	-6.64%	-7.05%	-8.19%	-6.90%	-4.47%	-7.88%	-7.56%	-7.65%	-7.70%	-10.58%	-11.38%	-5.46%	-18.34%	-0.86%	-11.91%	-5.07%	-2.25%	-2.37%	0.00%	0.00%	-1.88%	-5.63%	-4.37%
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
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%
Other Financing Activities	-122,583,465	-85,537,398	-55,254,804	-33,096,021	-146,516,662	-129,005,437	-92,228,296	-16,377,052	-43,559,541	-43,448,696	-14,846,225	-20,025,895	-24,078,093	-22,462,140	-9,098,925	-3,714,047	-6,156,993	81,787,996	-6,710,315	-11,993,404	1,349,706	-5,575,055	-142,541
Other Financing Activities Margin	-10.98%	-8.67%	-7.22%	-2.86%	-10.53%	-11.01%	-11.41%	-2.33%	-8.09%	-8.26%	-3.08%	-4.64%	-6.34%	-6.54%	-2.99%	-1.24%	-2.26%	40.11%	-4.25%	-8.60%	1.10%	-5.58%	-0.16%
Net Cash from Financing Activities	-56,157,403	-53,347,302	-49,503,682	-27,383,557	22,822,931	-260,279,039	68,983,899	-76,390,620	-21,873,681	-42,736,170	-32,216,901	210,461	-118,432,738	-35,124,964	-36,206,975	56,906,998	-18,272,291	79,920,106	1,935,629	102,350,731	5,696,586	2,408,534	-7,185,212
Net Cash from Financing Activities Margin	-4.01%	-5.40%	-8.32%	-2.83%	1.64%	-22.21%	8.53%	-10.89%	-4.06%	-8.12%	-6.68%	0.05%	-31.20%	-10.23%	-11.91%	18.96%	-6.72%	39.20%	1.23%	73.38%	4.66%	2.41%	-8.14%
Effect of FX on Cash	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Effect of FX on Cash 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%
Net Change in Cash	-720,495	464,464	-6,909,076	-4,878,383	-23,908	844,744	-2,982,322	1,003,043	3,480,764	-8,379,517	-51,098,118	4,259,942	-36,414,538	20,219,150	-6,279,249	65,048,342	-55,279,273	-10,404,438	2,829,638	92,267,418	-2,005,361	369,666	-1,126,566
Net Change in Cash Margin	-0.10%	0.10%	-1.44%	-1.23%	0.00%	0.07%	-0.37%	0.14%	0.65%	-1.59%	-10.59%	0.99%	-9.59%	5.89%	-2.06%	21.68%	-20.32%	-5.10%	1.79%	66.15%	-1.64%	0.37%	-1.28%
Cash at Beginning of Period	4,401,095	3,986,379	33,264,988	49,683,063	3,970,150	3,125,407	6,107,729	5,104,686	1,623,922	10,003,439	61,101,556	56,841,614	93,256,152	91,515,227	97,794,476	32,746,134	88,025,407	98,429,845	95,600,207	3,332,789	5,338,150	4,968,484	6,095,050
Cash at Beginning of Period Margin	0.44%	0.47%	8.13%	17.70%	0.29%	0.27%	0.76%	0.73%	0.30%	1.90%	12.66%	13.17%	24.56%	26.66%	32.16%	10.91%	32.36%	48.27%	60.56%	2.39%	4.36%	4.98%	6.90%
Cash at End of Period	3,680,600	4,450,843	26,494,976	44,897,390	3,946,243	3,970,150	3,125,407	6,107,729	5,104,686	1,623,922	10,003,439	61,101,556	56,841,614	113,125,016	91,515,227	97,794,476	32,746,134	88,025,407	98,429,845	95,600,207	3,332,789	5,338,150	4,968,484
Cash at End of Period Margin	0.34%	0.57%	6.73%	16.50%	0.28%	0.34%	0.39%	0.87%	0.95%	0.31%	2.07%	14.16%	14.97%	32.96%	30.10%	32.59%	12.04%	43.17%	62.36%	68.54%	2.72%	5.35%	5.63%
Operating Cash Flow	263,042,085	218,167,553	161,094,413	118,241,427	349,649,987	260,686,740	178,789,529	184,501,329	117,210,178	132,637,255	127,052,963	95,922,420	97,726,918	66,766,809	51,747,614	37,960,035	30,256,820	22,260,916	20,451,889	4,352,495	13,112,726	14,395,418	12,919,108
Operating Cash Flow Margin	23.16%	23.51%	23.65%	20.08%	25.12%	22.24%	22.12%	26.30%	21.78%	25.21%	26.33%	22.22%	25.74%	19.45%	17.02%	12.65%	11.12%	10.92%	12.96%	3.12%	10.72%	14.42%	14.63%
Capital Expenditure	-79,391,658	-69,409,422	-55,089,206	-44,940,883	-88,407,389	-74,949,448	-74,818,136	-74,854,904	-34,017,234	-37,646,879	-59,107,244	-53,537,080	-33,323,182	-20,230,561	-21,362,742	-26,815,903	-29,494,486	-34,686,291	-10,861,766	-6,603,273	-14,590,665	-16,434,285	-4,955,624
Capital Expenditure Margin	-7.33%	-7.80%	-8.55%	-9.08%	-6.35%	-6.40%	-9.26%	-10.67%	-6.32%	-7.15%	-12.25%	-12.40%	-8.78%	-5.89%	-7.03%	-8.94%	-10.84%	-17.01%	-6.88%	-4.73%	-11.93%	-16.46%	-5.61%
Free Cash Flow	183,650,428	148,758,130	106,005,207	73,666,551	261,242,598	185,737,292	103,971,393	109,646,426	83,192,944	94,990,376	67,945,719	42,385,340	64,403,736	46,536,248	30,384,872	11,144,132	762,334	-6,935,266	9,590,123	-2,250,778	-1,477,939	-2,038,868	7,963,484
Free Cash Flow Margin	15.83%	15.71%	15.10%	11.18%	18.77%	15.85%	12.86%	15.63%	15.46%	18.05%	14.08%	9.82%	16.96%	13.56%	9.99%	3.71%	0.28%	-3.40%	6.08%	-1.61%	-1.21%	-2.04%	9.02%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	1,124,063,865	922,365,047	677,506,003	534,199,337	1,391,845,438	1,172,000,352	808,345,805	701,414,549	538,219,090	526,172,980	482,587,539	431,611,133	379,647,987	343,215,155	304,082,368	300,097,004	272,002,937	203,894,210	157,853,506	139,482,142	122,306,714	99,838,778	88,311,939
EBITDA	305,782,723	253,396,298	186,140,882	141,058,514	381,220,108	305,877,629	230,250,430	196,356,720	153,276,604	162,437,472	131,102,444	118,640,120	104,105,421	78,141,869	67,624,956	55,472,528	56,133,616	38,728,165	36,509,626	31,475,034	27,817,677	16,716,108	15,443,559
EBITDA Margin	27.32%	27.69%	27.42%	25.18%	27.39%	26.10%	28.48%	27.99%	28.48%	30.87%	27.17%	27.49%	27.42%	22.77%	22.24%	18.48%	20.64%	18.99%	23.13%	22.57%	22.74%	16.74%	17.49%
(-) Tax Adjustment	69,036,740	60,406,623	46,261,676	36,950,385	88,593,170	63,616,085	54,900,965	57,238,585	37,684,309	43,404,471	34,742,990	29,717,095	23,208,843	29,510,244	27,218,011	24,964,808	17,753,392	9,494,478	12,208,321	10,777,381	9,717,530	11,692,867	4,998,824
(-) Tax Adjustment Margin	6.19%	6.75%	7.08%	7.13%	6.37%	5.43%	6.79%	8.16%	7.00%	8.25%	7.20%	6.89%	6.11%	8.60%	8.95%	8.32%	6.53%	4.66%	7.73%	7.73%	7.95%	11.71%	5.66%
(-) Change In Working Capital	-44,847,606	-31,797,246	-22,819,906	-23,122,721	-35,987,276	-61,634,412	-36,921,131	-1,321,995	-23,121,417	-26,072,405	-1,468,702	-26,231,791	-1,763,747	-13,676,190	-17,112,942	-25,315,867	-42,808,255	-16,103,017	-17,301,669	-17,170,176	-2,733,825	1,348,076	2,455,806
(-) Change In Working Capital Margin	-4.14%	-3.38%	-3.27%	-5.42%	-2.59%	-5.26%	-4.57%	-0.19%	-4.30%	-4.96%	-0.30%	-6.08%	-0.46%	-3.98%	-5.63%	-8.44%	-15.74%	-7.90%	-10.96%	-12.31%	-2.24%	1.35%	2.78%
(-) Capital Expenditure	-79,391,658	-69,409,422	-55,089,206	-44,940,883	-88,407,389	-74,949,448	-74,818,136	-74,854,904	-34,017,234	-37,646,879	-59,107,244	-53,537,080	-33,323,182	-20,230,561	-21,362,742	-26,815,903	-29,494,486	-34,686,291	-10,861,766	-6,603,273	-14,590,665	-16,434,285	-4,955,624
(-) Capital Expenditure Margin	-7.33%	-7.80%	-8.55%	-9.08%	-6.35%	-6.40%	-9.26%	-10.67%	-6.32%	-7.15%	-12.25%	-12.40%	-8.78%	-5.89%	-7.03%	-8.94%	-10.84%	-17.01%	-6.88%	-4.73%	-11.93%	-16.46%	-5.61%
Unlevered Free Cash Flow	202,201,931	155,377,499	107,609,907	82,289,967	240,206,826	228,946,507	137,452,459	65,585,227	104,696,478	107,458,527	38,720,912	61,617,737	49,337,142	42,077,255	36,157,145	29,007,684	51,693,993	10,650,413	30,741,208	31,264,556	6,243,308	-12,759,120	3,033,305
Unlevered Free Cash Flow Margin	17.93%	16.52%	15.06%	14.39%	17.26%	19.53%	17.00%	9.35%	19.45%	20.42%	8.02%	14.28%	13.00%	12.26%	11.89%	9.67%	19.00%	5.22%	19.47%	22.41%	5.10%	-12.78%	3.43%
(-) Net Interest Income After Taxes	-46,805,831	-35,529,519	-25,142,387	-18,270,039	-47,695,652	-49,245,965	-43,475,876	-19,566,942	-17,663,157	-21,150,937	-11,784,495	-6,666,417	-19,086,282	-15,088,150	-11,453,347	-10,247,566	-6,822,435	2,677,196	3,219,446	-2,530,216	-5,358,969	-1,158,372	-3,526,616
(-) Net Interest Income After Taxes Margin	-4.34%	-3.82%	-3.65%	-2.86%	-3.43%	-4.20%	-5.38%	-2.79%	-3.28%	-4.02%	-2.44%	-1.54%	-5.03%	-4.40%	-3.77%	-3.41%	-2.51%	1.31%	2.04%	-1.81%	-4.38%	-1.16%	-3.99%
Net Debt Issuance	89,577,665	65,785,646	42,378,331	33,279,882	235,317,443	-35,372,555	68,788,108	-1,879,301	62,074,533	55,109,201	36,545,488	41,412,182	-28,484,742	-9,727,050	9,115,951	75,848,166	-6,277,076	2,970,730	-6,242,844	-8,491,268	0	7,983,588	-3,182,460
Net Debt Issuance Margin	7.47%	6.73%	5.10%	4.96%	16.91%	-3.02%	8.51%	-0.27%	11.53%	10.47%	7.57%	9.59%	-7.50%	-2.83%	3.00%	25.27%	-2.31%	1.46%	-3.95%	-6.09%	0.00%	8.00%	-3.60%
Levered Free Cash Flow	338,585,427	256,692,664	175,130,625	133,839,888	523,219,921	242,819,917	249,716,444	83,272,868	184,434,168	183,718,666	87,050,895	109,696,336	39,938,682	47,438,355	56,726,443	115,103,416	52,239,352	10,943,947	21,278,917	25,303,504	11,602,277	-3,617,160	3,377,461
Levered Free Cash Flow Margin	29.73%	27.07%	23.81%	22.21%	37.59%	20.72%	30.89%	11.87%	34.27%	34.92%	18.04%	25.42%	10.52%	13.82%	18.65%	38.36%	19.21%	5.37%	13.48%	18.14%	9.49%	-3.62%	3.82%