Badger Meter, Inc. (BMI)

Category: Company Returns Sector: Technology Industry: Hardware, Equipment & Parts Live Price: $171.68

Income Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Net Income	95M	79M	56M	46M	39M	33M	29M	139M	119M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
Revenue	699M	605M	506M	441M	391M	347M	311M	901M	804M	827M	704M	566M	505M	426M	425M	434M	402M	394M	378M	365M	334M	320M	263M	277M	250M	280M	235M	230M	217M	205M	184M	167M	139M	146M	151M	144M	131M	116M	109M
Return on Revenue	13.34%	12.74%	10.49%	9.79%	9.29%	8.25%	7.70%	15.40%	14.80%	15.12%	13.16%	11.76%	12.05%	11.60%	11.11%	6.41%	8.59%	8.20%	6.87%	8.14%	7.37%	8.77%	7.29%	10.36%	13.65%	8.97%	7.01%	3.29%	6.12%	4.70%	4.12%	4.35%	2.43%	4.74%	6.43%	5.70%	4.97%	4.40%	3.41%
Cost of Revenue	423M	365M	309M	272M	244M	217M	193M	529M	486M	497M	427M	346M	300M	257M	261M	271M	247M	243M	242M	234M	217M	197M	173M	174M	153M	181M	153M	153M	143M	138M	123M	111M	94M	87M	86M	82M	78M	69M	65M
Return on Cost of Revenue	22.01%	21.11%	17.19%	15.84%	14.94%	13.20%	12.42%	26.22%	24.48%	25.12%	21.68%	19.24%	20.31%	19.18%	18.07%	10.24%	14.01%	13.28%	10.72%	12.70%	11.34%	14.20%	11.07%	16.49%	22.29%	13.85%	10.73%	4.93%	9.28%	7.00%	6.14%	6.53%	3.58%	7.95%	11.28%	10.02%	8.33%	7.35%	5.68%
Gross Profit	275M	240M	197M	169M	148M	130M	117M	372M	318M	329M	276M	220M	205M	168M	164M	162M	156M	151M	136M	131M	117M	122M	90M	103M	97M	98M	81M	77M	74M	67M	61M	56M	44M	59M	65M	62M	53M	47M	44M
Return on Gross Profit	33.89%	32.13%	26.94%	25.68%	24.69%	22.12%	20.43%	37.32%	37.42%	37.96%	33.50%	30.23%	29.63%	29.33%	28.85%	17.12%	22.20%	21.45%	19.10%	22.63%	21.04%	22.93%	21.33%	27.87%	35.22%	25.48%	20.22%	9.85%	17.94%	14.28%	12.52%	12.98%	7.56%	11.75%	14.95%	13.23%	12.31%	10.94%	8.51%
R&D Expenses	18M	16M	14M	11M	8M	7M	6M	0M	19M	19M	19M	16M	15M	12M	12M	11M	11M	11M	11M	9M	11M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	8M	6M	7M
Return on R&D Expenses	519.65%	479.70%	391.98%	317.31%	237.98%	190.39%	166.10%	0.00%	626.03%	650.74%	487.36%	420.86%	414.18%	425.37%	396.45%	250.36%	326.14%	304.67%	243.66%	312.53%	234.36%	293.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	86.67%	79.69%	56.92%
SG&A Expenses	148M	135M	119M	104M	91M	81M	73M	185M	167M	171M	139M	133M	127M	103M	102M	125M	100M	100M	93M	85M	78M	78M	62M	58M	55M	58M	51M	48M	50M	47M	46M	43M	38M	42M	43M	43M	30M	27M	26M
Return on SG&A Expenses	63.15%	57.05%	44.85%	42.08%	40.59%	35.63%	32.91%	74.89%	71.18%	72.96%	66.43%	50.07%	47.99%	47.80%	46.40%	22.17%	34.53%	32.36%	27.77%	34.88%	31.61%	36.04%	30.76%	49.42%	62.39%	43.58%	32.41%	15.78%	26.55%	20.37%	16.32%	16.99%	8.75%	16.53%	22.82%	18.94%	21.45%	18.68%	14.45%
Operating Expenses	154M	139M	121M	105M	92M	82M	76M	192M	167M	171M	158M	133M	127M	103M	102M	125M	100M	100M	93M	85M	78M	78M	62M	58M	55M	58M	51M	48M	50M	47M	46M	43M	38M	48M	48M	48M	42M	38M	37M
Return on Operating Expenses	60.50%	55.45%	44.05%	41.55%	40.20%	35.23%	31.91%	72.19%	71.18%	72.96%	58.46%	50.07%	47.99%	47.80%	46.40%	22.17%	34.53%	32.36%	27.77%	34.88%	31.61%	36.04%	30.76%	49.42%	62.39%	43.58%	32.41%	15.78%	26.55%	20.37%	16.32%	16.99%	8.75%	14.44%	20.12%	17.08%	15.55%	13.49%	10.14%
Operating Income (EBIT)	121M	101M	77M	65M	57M	48M	42M	180M	151M	158M	118M	87M	79M	65M	62M	57M	56M	51M	42M	46M	39M	44M	28M	45M	42M	41M	31M	29M	24M	20M	14M	13M	6M	11M	17M	14M	11M	9M	7M
Return on Operating Income (EBIT)	77.91%	77.36%	69.86%	68.17%	65.00%	63.00%	62.05%	77.27%	78.88%	79.11%	78.44%	76.17%	77.34%	75.73%	75.91%	48.87%	62.15%	63.62%	61.22%	64.45%	62.95%	63.04%	69.59%	63.94%	80.89%	61.33%	53.75%	26.22%	55.35%	47.70%	53.74%	55.10%	55.47%	62.99%	58.08%	58.57%	59.09%	57.95%	52.86%
Interest Income	4M	3M	1M	1M	1M	1M	1M	6M	7M	9M	4M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Income	5,261.69%	64,041.01%	32,020.51%	21,595.16%	16,242.93%	12,994.34%	10,828.62%	2,140.61%	1,678.37%	1,450.62%	2,288.07%	12,046.38%	304,420.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3,722.34%	0.00%	931.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	0M	0M	0M	1M	1M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	1M	1M	1M	1M	1M	1M	1M	0M	0M	0M	1M	1M	1M	2M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Expense	0.00%	32,895.33%	19,554.50%	14,734.17%	13,176.08%	10,564.84%	8,804.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	164,476.67%	18,647.04%	2,401.90%	4,381.62%	3,506.51%	2,131.31%	2,614.80%	2,241.99%	2,808.82%	10,357.30%	7,444.68%	37,966.67%	1,862.21%	1,274.75%	581.06%	824.19%	599.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	4M	3M	1M	0M	0M	0M	0M	6M	7M	9M	4M	1M	0M	0M	0M	-1M	-1M	-1M	-1M	-1M	-1M	-1M	0M	0M	0M	1M	-1M	-1M	-2M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Net Interest Income	5,261.69%	31,145.68%	12,466.00%	7,605.45%	3,764.87%	2,987.92%	2,489.93%	2,140.61%	1,678.37%	1,450.62%	2,288.07%	12,046.38%	304,420.00%	-164,476.67%	-18,647.04%	-2,401.90%	-4,381.62%	-3,506.51%	-2,131.31%	-2,614.80%	-2,241.99%	-2,808.82%	-10,357.30%	7,444.68%	-37,966.67%	1,862.21%	-1,274.75%	-581.06%	-824.19%	-599.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-9M	-5M	0M	1M	1M	1M	1M	-13M	-14M	-17M	-8M	-1M	0M	0M	1M	22M	2M	2M	2M	2M	2M	2M	0M	0M	0M	0M	3M	3M	3M	4M	1M	2M	1M	0M	1M	1M	1M	1M	1M
Return on Unusual Items	-2,905.73%	18,291.51%	10,253.43%	7,436.38%	5,647.73%	4,693.10%	4,044.88%	-1,064.40%	-843.35%	-727.38%	-1,162.71%	-6,827.10%	76,105.00%	24,069.76%	5,941.69%	125.33%	2,190.81%	1,753.26%	1,065.65%	1,307.40%	1,120.99%	1,404.41%	5,178.65%	0.00%	0.00%	0.00%	637.37%	290.53%	480.88%	251.91%	1,011.62%	413.59%	318.86%	2,377.05%	970.00%	1,171.43%	812.50%	728.57%	336.36%
EBT Excluding Unusual Items	134M	109M	76M	63M	55M	46M	40M	199M	172M	184M	130M	89M	79M	65M	61M	14M	53M	48M	39M	43M	36M	41M	27M	44M	42M	40M	27M	25M	20M	14M	13M	10M	4M	10M	15M	13M	9M	7M	5M
Return on EBT Excluding Unusual Items	71.42%	73.59%	84.79%	79.29%	74.57%	73.85%	73.08%	69.67%	69.19%	68.02%	71.27%	74.97%	77.52%	76.17%	77.58%	203.17%	64.92%	67.28%	66.99%	69.60%	68.74%	67.59%	71.02%	64.50%	80.72%	63.42%	61.54%	30.32%	66.13%	68.05%	60.13%	75.12%	85.06%	66.52%	65.99%	65.08%	69.15%	68.92%	77.08%
Pre-Tax Income	125M	104M	76M	64M	56M	47M	41M	186M	158M	167M	122M	88M	79M	65M	62M	36M	55M	50M	41M	45M	38M	43M	27M	44M	42M	40M	29M	27M	23M	18M	13M	11M	5M	11M	16M	13M	10M	8M	6M
Return on Pre-Tax Income	75.59%	76.03%	72.51%	70.33%	67.04%	65.86%	65.31%	74.55%	75.37%	75.04%	75.92%	75.81%	77.44%	75.93%	76.58%	77.51%	63.05%	64.79%	63.03%	66.08%	64.77%	64.48%	70.06%	64.50%	80.72%	63.42%	56.12%	27.46%	58.13%	53.58%	56.75%	63.57%	67.15%	64.71%	61.78%	61.65%	63.73%	62.96%	62.71%
Income Tax Expense	31M	25M	20M	18M	17M	14M	12M	47M	39M	42M	29M	21M	18M	16M	14M	8M	20M	18M	15M	15M	13M	15M	8M	16M	16M	14M	11M	11M	10M	8M	6M	4M	2M	4M	6M	5M	4M	3M	2M
Return on Income Tax Expense	309.77%	317.61%	278.48%	250.71%	225.61%	212.84%	205.24%	292.94%	306.06%	300.64%	315.30%	313.35%	343.22%	315.53%	326.94%	344.70%	170.62%	184.03%	170.49%	194.81%	183.82%	181.57%	234.01%	181.68%	219.70%	173.34%	150.44%	69.11%	138.85%	115.41%	131.23%	174.53%	204.37%	183.33%	161.67%	160.78%	175.68%	170.00%	168.18%
Depreciation and Amortization	29M	28M	26M	21M	17M	15M	14M	26M	31M	32M	28M	26M	28M	25M	24M	24M	24M	22M	21M	16M	13M	12M	9M	8M	8M	7M	6M	7M	6M	7M	8M	8M	7M	6M	6M	5M	4M	4M	4M
Return on Depreciation and Amortization	323.67%	277.04%	210.64%	216.77%	229.84%	203.25%	193.23%	538.23%	379.93%	388.20%	329.41%	253.40%	218.52%	195.68%	195.38%	114.29%	141.70%	143.90%	125.92%	189.47%	182.43%	232.55%	201.89%	338.83%	418.85%	355.75%	254.48%	107.72%	208.41%	132.96%	96.74%	91.12%	49.46%	114.29%	170.18%	174.47%	162.50%	124.39%	84.09%
EBITDA	150M	129M	101M	85M	73M	63M	55M	208M	182M	190M	146M	113M	106M	90M	86M	61M	80M	73M	63M	62M	53M	57M	37M	53M	42M	48M	37M	36M	34M	28M	22M	21M	13M	17M	22M	19M	15M	13M	11M
Return on EBITDA	62.59%	59.93%	52.83%	51.89%	50.83%	47.47%	46.37%	66.83%	65.34%	65.72%	63.41%	58.64%	57.19%	54.69%	54.85%	45.32%	43.20%	44.11%	41.19%	48.09%	46.80%	49.59%	51.75%	53.79%	80.89%	52.31%	44.38%	21.09%	39.54%	34.34%	34.66%	34.34%	26.15%	40.61%	43.30%	43.85%	44.22%	40.48%	32.46%
NOPAT	91M	77M	57M	47M	40M	34M	29M	134M	114M	119M	90M	66M	61M	49M	48M	44M	35M	33M	27M	30M	25M	29M	19M	29M	27M	26M	19M	17M	14M	11M	8M	8M	4M	7M	10M	9M	7M	6M	4M
Return on NOPAT	103.07%	101.77%	96.49%	97.06%	95.24%	94.21%	93.78%	103.65%	104.65%	105.42%	103.32%	100.48%	99.87%	99.73%	99.13%	63.04%	98.58%	98.19%	97.13%	97.54%	97.19%	97.76%	99.33%	99.14%	127.87%	96.71%	85.73%	43.50%	95.21%	89.02%	94.69%	86.68%	82.61%	97.35%	94.01%	95.00%	92.73%	92.05%	84.29%
Owner's Earnings	113M	97M	71M	56M	45M	37M	31M	147M	140M	144M	109M	87M	82M	66M	64M	43M	44M	44M	27M	33M	24M	32M	23M	20M	35M	-7M	7M	3M	11M	11M	8M	9M	5M	7M	5M	-5M	2M	4M	4M
Return on Owner's Earnings	82.78%	79.58%	78.46%	86.16%	79.91%	80.89%	85.68%	94.66%	84.93%	86.58%	85.18%	76.57%	74.25%	75.33%	73.91%	63.94%	78.75%	73.16%	96.89%	89.91%	103.43%	87.92%	82.18%	144.36%	98.82%	-371.50%	236.69%	215.97%	125.93%	85.20%	90.68%	77.87%	65.22%	104.99%	179.63%	-164.00%	295.45%	134.21%	102.78%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Net Income	95M	79M	56M	46M	39M	33M	29M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
Cash & Cash Equivalents	208M	157M	87M	60M	47M	38M	32M	295M	192M	138M	87M	72M	49M	13M	11M	7M	8M	7M	7M	7M	5M	3M	13M	6M	9M	3M	4M	3M	2M	4M	3M	4M	4M	2M	1M	1M	1M
Return on Cash & Cash Equivalents	46.25%	55.37%	165.33%	278.59%	279.05%	269.54%	289.94%	42.31%	48.28%	48.17%	69.84%	68.27%	96.53%	212.36%	309.66%	440.11%	317.75%	445.88%	338.94%	427.71%	385.15%	927.87%	256.36%	403.47%	189.82%	251.43%	301.00%	339.91%	362.71%	192.41%	98.65%	163.82%	255.26%	341.67%	590.91%	463.64%	308.33%
Short-Term Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	208M	157M	87M	60M	47M	38M	32M	295M	192M	138M	87M	72M	49M	13M	11M	7M	8M	7M	7M	7M	5M	3M	13M	6M	9M	3M	4M	3M	2M	4M	3M	4M	4M	2M	1M	1M	1M
Return on Cash & Short-Term Investments	46.25%	55.37%	165.33%	278.59%	279.05%	269.54%	289.94%	42.31%	48.28%	48.17%	69.84%	68.27%	96.53%	212.36%	309.66%	440.11%	317.75%	445.88%	338.94%	427.71%	385.15%	927.87%	256.36%	403.47%	189.82%	251.43%	301.00%	339.91%	362.71%	192.41%	98.65%	163.82%	255.26%	341.67%	590.91%	463.64%	308.33%
Net Receivables	81M	74M	67M	60M	53M	47M	42M	84M	84M	77M	66M	62M	61M	66M	58M	60M	57M	54M	50M	46M	41M	40M	36M	36M	31M	29M	27M	27M	26M	22M	19M	19M	24M	20M	19M	16M	14M
Return on Net Receivables	115.27%	103.65%	79.62%	71.95%	68.66%	61.01%	56.68%	148.17%	110.89%	86.75%	92.44%	79.99%	76.88%	41.92%	59.39%	53.99%	45.79%	54.99%	49.10%	61.50%	46.54%	70.89%	95.42%	70.13%	53.71%	25.78%	48.98%	35.84%	28.81%	32.84%	17.99%	36.52%	39.92%	41.41%	33.85%	32.90%	27.01%
Inventory	139M	120M	100M	86M	73M	64M	56M	143M	154M	120M	100M	82M	82M	81M	85M	78M	76M	72M	61M	61M	49M	48M	32M	39M	34M	33M	32M	36M	30M	25M	21M	20M	19M	22M	22M	18M	16M
Return on Inventory	67.62%	64.89%	53.27%	50.57%	51.99%	46.85%	44.72%	87.12%	60.26%	55.48%	61.12%	60.48%	57.57%	34.39%	40.59%	41.56%	34.13%	41.35%	40.40%	45.96%	38.76%	59.32%	105.19%	63.80%	48.27%	22.67%	41.45%	27.02%	25.55%	28.87%	15.66%	34.16%	51.05%	36.61%	30.09%	29.14%	23.42%
Other Current Assets	15M	12M	11M	10M	10M	9M	7M	17M	13M	13M	9M	8M	8M	9M	8M	12M	10M	12M	12M	8M	6M	6M	5M	5M	7M	14M	15M	6M	5M	4M	3M	1M	1M	1M	1M	1M	1M
Return on Other Current Assets	644.45%	647.72%	509.56%	449.93%	414.98%	384.47%	453.79%	731.60%	700.76%	500.99%	699.09%	606.18%	596.42%	310.92%	423.98%	262.35%	263.28%	246.37%	204.77%	340.24%	341.19%	520.84%	675.56%	479.62%	251.94%	54.73%	88.71%	159.94%	153.04%	169.88%	100.27%	729.10%	1,077.78%	745.45%	1,083.33%	566.67%	528.57%
Total Current Assets	443M	363M	264M	215M	181M	156M	137M	540M	442M	348M	261M	224M	200M	165M	159M	151M	147M	141M	127M	121M	101M	97M	87M	87M	80M	79M	73M	71M	63M	55M	44M	45M	48M	46M	43M	35M	31M
Return on Total Current Assets	21.06%	21.71%	20.99%	21.45%	21.92%	20.01%	19.34%	23.13%	20.94%	19.12%	23.30%	22.06%	23.58%	16.88%	21.79%	21.39%	17.68%	21.03%	19.36%	23.10%	18.93%	29.45%	39.42%	28.99%	20.59%	9.51%	18.26%	13.49%	12.03%	13.13%	7.58%	15.59%	20.21%	17.94%	15.29%	14.57%	11.78%
Property, Plant & Equipment	74M	76M	83M	80M	73M	67M	60M	74M	74M	74M	78M	83M	86M	90M	94M	90M	91M	82M	76M	70M	66M	66M	63M	62M	55M	45M	40M	42M	43M	43M	41M	43M	42M	37M	24M	19M	17M
Return on Property, Plant & Equipment	128.00%	104.34%	70.87%	59.29%	53.21%	45.84%	42.19%	168.25%	125.34%	90.42%	78.01%	59.66%	55.01%	30.77%	36.93%	35.81%	28.53%	36.28%	32.21%	39.77%	28.99%	43.37%	54.35%	40.57%	30.15%	16.88%	32.86%	22.93%	17.69%	16.73%	8.18%	16.30%	23.04%	21.93%	27.08%	26.29%	21.26%
Goodwill	109M	104M	83M	65M	50M	40M	34M	112M	113M	101M	104M	89M	71M	71M	67M	49M	48M	48M	45M	36M	9M	9M	7M	7M	7M	7M	7M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Goodwill	86.43%	74.65%	64.93%	90.80%	138.00%	110.40%	92.00%	111.78%	81.83%	65.67%	58.37%	55.62%	66.21%	39.00%	51.27%	65.49%	54.06%	62.19%	55.08%	78.02%	204.60%	312.84%	491.09%	360.51%	236.52%	108.48%	201.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	53M	58M	58M	55M	44M	36M	30M	49M	57M	54M	70M	60M	54M	61M	65M	52M	57M	67M	60M	58M	34M	34M	24M	25M	0M	1M	1M	8M	8M	7M	1M	1M	1M	2M	1M	1M	1M
Return on Intangible Assets	180.31%	142.20%	100.48%	85.28%	408.61%	382.13%	426.18%	255.68%	161.22%	124.04%	87.26%	82.79%	87.59%	45.84%	52.92%	62.26%	45.23%	44.58%	40.95%	48.04%	56.89%	83.88%	144.77%	100.22%	3,450.10%	1,186.79%	2,011.08%	116.57%	89.93%	106.79%	435.19%	632.73%	881.82%	546.67%	928.57%	566.67%	308.33%
Long-Term Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Long-Term Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	23M	16M	9M	6M	6M	5M	4M	33M	23M	13M	8M	5M	1M	2M	3M	1M	1M	0M	0M	0M	2M	2M	5M	9M	3M	4M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M
Return on Tax Assets	437.68%	618.22%	1,838.34%	1,396.13%	1,129.05%	1,197.74%	998.12%	384.14%	407.65%	521.25%	808.66%	969.41%	6,358.09%	1,284.79%	1,210.47%	4,613.57%	1,825.33%	0.00%	0.00%	0.00%	829.84%	1,728.71%	675.43%	269.58%	479.10%	215.04%	0.00%	0.00%	0.00%	0.00%	6,865.31%	497.21%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	10M	10M	8M	8M	8M	10M	10M	9M	8M	14M	10M	11M	10M	4M	4M	7M	8M	4M	8M	4M	6M	7M	6M	6M	5M	4M	26M	21M	20M	21M	12M	9M	12M	12M	15M	11M	11M
Return on Other Non-Current Assets	1,035.87%	832.26%	706.34%	631.73%	553.25%	451.48%	385.35%	1,407.64%	1,226.63%	473.35%	621.90%	431.77%	463.66%	756.81%	887.12%	488.80%	305.69%	750.77%	321.08%	649.79%	306.14%	384.78%	584.60%	439.07%	334.56%	179.24%	51.51%	45.23%	38.68%	34.95%	26.96%	76.22%	81.51%	66.67%	43.05%	47.22%	35.24%
Other Assets	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Other Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	269M	265M	241M	214M	181M	158M	138M	276M	275M	255M	269M	248M	222M	228M	233M	199M	206M	200M	189M	169M	118M	119M	104M	109M	70M	60M	73M	72M	71M	71M	54M	54M	55M	51M	40M	31M	29M
Return on Total Non-Current Assets	34.99%	29.50%	22.46%	20.63%	20.97%	18.91%	18.39%	45.22%	33.70%	26.05%	22.59%	19.93%	21.27%	12.19%	14.83%	16.23%	12.58%	14.84%	13.03%	16.58%	16.28%	24.18%	32.75%	23.05%	23.39%	12.57%	18.08%	13.46%	10.69%	10.23%	6.18%	12.81%	17.60%	16.02%	16.33%	16.40%	12.71%
Total Assets	712M	628M	505M	429M	363M	314M	275M	816M	717M	603M	531M	471M	422M	393M	392M	350M	353M	341M	316M	290M	219M	216M	191M	195M	150M	139M	146M	143M	134M	126M	99M	99M	103M	97M	82M	66M	61M
Return on Total Assets	13.08%	12.24%	10.48%	10.20%	10.46%	9.51%	9.25%	15.30%	12.92%	11.03%	11.47%	10.47%	11.18%	7.08%	8.83%	9.23%	7.35%	8.70%	7.79%	9.65%	8.75%	13.28%	17.89%	12.84%	10.95%	5.42%	9.09%	6.74%	5.66%	5.75%	3.40%	7.03%	9.41%	8.46%	7.90%	7.72%	6.12%
Accounts Payable	70M	57M	41M	32M	27M	23M	21M	56M	82M	71M	42M	35M	32M	22M	29M	18M	19M	16M	19M	16M	11M	11M	11M	13M	11M	11M	10M	11M	15M	11M	9M	7M	11M	10M	7M	7M	5M
Return on Accounts Payable	143.58%	143.50%	142.31%	156.42%	160.20%	141.99%	132.01%	224.48%	113.19%	93.08%	145.45%	141.29%	149.66%	123.68%	120.87%	175.99%	135.41%	184.81%	132.68%	180.26%	168.60%	256.85%	317.18%	189.60%	144.83%	71.23%	134.78%	84.54%	50.87%	65.86%	37.85%	106.77%	92.38%	80.39%	90.28%	71.83%	75.51%
Short-Term Debt	0M	0M	18M	27M	24M	23M	21M	0M	0M	0M	0M	0M	4M	18M	45M	38M	71M	76M	70M	67M	2M	13M	8M	20M	14M	17M	13M	23M	9M	26M	8M	23M	17M	14M	11M	3M	6M
Return on Short-Term Debt	0.00%	0.00%	140.60%	187.68%	181.73%	154.31%	143.16%	0.00%	0.00%	0.00%	0.00%	0.00%	1,053.06%	153.88%	77.60%	85.10%	36.35%	39.09%	35.14%	42.01%	1,070.45%	222.57%	426.96%	127.52%	121.17%	44.30%	99.44%	42.09%	82.47%	27.61%	40.71%	30.16%	58.43%	57.34%	58.04%	196.15%	67.27%
Tax Payables	0M	0M	1M	1M	2M	1M	1M	0M	0M	0M	0M	0M	0M	2M	1M	3M	1M	1M	1M	1M	1M	1M	1M	8M	8M	1M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Tax Payables	0.00%	0.00%	825.11%	1,441.62%	1,542.06%	1,272.89%	1,060.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,837.96%	3,195.10%	1,114.39%	2,103.65%	2,048.17%	2,012.84%	2,555.33%	2,058.11%	4,698.69%	6,739.64%	319.62%	196.88%	1,215.46%	745.39%	980.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Deferred Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	51M	45M	31M	24M	21M	19M	17M	63M	50M	39M	40M	33M	21M	18M	19M	17M	13M	14M	8M	11M	8M	8M	7M	10M	8M	17M	16M	10M	13M	11M	7M	7M	10M	10M	10M	8M	5M
Return on Other Current Liabilities	185.17%	171.13%	181.23%	211.88%	212.51%	184.54%	166.63%	199.76%	184.68%	171.06%	151.13%	149.01%	222.07%	154.61%	183.15%	194.08%	202.70%	217.58%	299.51%	261.93%	230.11%	356.85%	489.68%	249.82%	208.18%	43.24%	81.04%	96.49%	58.42%	65.03%	50.73%	92.67%	100.00%	78.85%	63.11%	66.23%	77.08%
Total Current Liabilities	120M	102M	90M	84M	73M	66M	59M	118M	132M	110M	82M	68M	57M	60M	93M	76M	105M	107M	98M	94M	22M	33M	26M	51M	41M	46M	40M	45M	37M	49M	24M	37M	37M	35M	29M	17M	15M
Return on Total Current Liabilities	78.72%	76.56%	61.60%	58.12%	57.06%	49.23%	45.23%	105.70%	70.18%	60.28%	74.12%	72.52%	82.41%	46.31%	37.13%	42.58%	24.81%	27.72%	25.11%	29.80%	85.49%	87.71%	130.12%	49.39%	39.94%	16.51%	33.43%	21.29%	20.45%	14.97%	14.15%	18.76%	26.36%	23.50%	22.65%	29.31%	24.34%
Long-Term Debt	0M	0M	0M	0M	1M	4M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	6M	3M	6M	15M	15M	24M	13M	20M	6M	12M	3M	1M	1M	1M
Return on Long-Term Debt	0.00%	0.00%	0.00%	0.00%	59.77%	59.21%	114.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	455.74%	525.95%	127.33%	86.28%	65.00%	30.99%	55.73%	16.41%	116.77%	84.35%	315.38%	722.22%	463.64%	370.00%
Capital Lease Obligations	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	4M	5M	3M	4M	3M	3M	3M	4M	5M	5M	5M	6M	1M	3M	3M	2M	1M	6M	10M	9M	0M	0M	0M	0M	0M	0M	7M	7M	6M	5M	3M	0M	0M	0M	0M	0M	0M
Return on Deferred Tax Liabilities	2,227.16%	1,735.67%	2,095.46%	1,466.16%	2,579.57%	2,085.63%	1,738.03%	3,421.19%	1,829.64%	1,430.64%	1,130.62%	866.27%	5,385.50%	834.03%	1,006.73%	1,698.84%	3,351.16%	463.79%	251.45%	322.50%	0.00%	0.00%	0.00%	18,860.15%	6,744.67%	3,792.96%	201.29%	129.53%	132.95%	154.37%	132.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	17M	26M	24M	21M	20M	18M	17M	24M	14M	13M	40M	36M	33M	26M	18M	16M	18M	13M	12M	16M	17M	15M	20M	28M	14M	16M	11M	11M	11M	12M	12M	12M	12M	12M	11M	11M	12M
Return on Other Non-Current Liabilities	563.28%	395.49%	277.43%	245.54%	211.55%	181.20%	160.60%	516.91%	677.63%	495.31%	151.39%	136.21%	144.26%	107.54%	194.96%	205.03%	145.01%	222.26%	211.05%	170.57%	111.30%	193.64%	168.37%	89.88%	119.69%	48.00%	121.97%	84.56%	66.01%	60.31%	29.12%	59.06%	82.20%	70.69%	58.04%	46.36%	30.58%
Total Non-Current Liabilities	70M	60M	42M	34M	32M	32M	29M	92M	68M	50M	46M	42M	34M	29M	21M	18M	19M	20M	21M	25M	17M	15M	20M	34M	17M	22M	33M	34M	42M	30M	35M	18M	23M	14M	12M	12M	13M
Return on Total Non-Current Liabilities	134.40%	130.88%	137.55%	137.13%	123.56%	103.65%	93.83%	135.84%	135.20%	132.16%	133.51%	117.70%	140.50%	95.26%	163.33%	182.95%	139.00%	150.25%	114.74%	111.57%	111.30%	193.64%	168.37%	74.77%	96.11%	34.54%	40.39%	28.63%	18.20%	24.39%	9.73%	39.22%	41.63%	57.75%	53.72%	42.15%	28.24%
Total Liabilities	190M	162M	132M	118M	105M	98M	89M	210M	200M	161M	128M	110M	91M	89M	114M	93M	123M	127M	119M	119M	40M	47M	47M	84M	58M	68M	72M	79M	79M	78M	58M	55M	60M	49M	41M	30M	28M
Return on Total Liabilities	49.01%	47.92%	40.85%	38.98%	37.28%	31.81%	29.14%	59.44%	46.20%	41.40%	47.66%	44.87%	51.94%	31.16%	30.25%	34.54%	21.05%	23.40%	20.60%	23.52%	48.35%	60.37%	73.40%	29.74%	28.21%	11.17%	18.29%	12.21%	9.63%	9.28%	5.76%	12.69%	16.14%	16.70%	15.93%	17.29%	13.07%
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	37M	37M	36M	31M	28M	23M	20M	37M	37M	37M	37M	37M	37M	37M	37M	37M	21M	21M	21M	20M	21M	21M	21M	21M	21M	21M	10M	10M	5M	5M	5M	5M	5M	3M	0M	0M	0M
Return on Common Stock	254.37%	211.85%	156.70%	146.24%	136.05%	134.00%	126.90%	335.68%	248.78%	178.65%	163.57%	132.57%	126.82%	74.71%	93.02%	87.00%	126.21%	144.61%	120.06%	137.14%	89.99%	134.82%	161.10%	119.03%	78.73%	36.72%	131.79%	97.58%	156.36%	152.69%	71.93%	150.56%	215.56%	241.18%	0.00%	0.00%	0.00%
Retained Earnings	467M	414M	329M	275M	230M	195M	169M	548M	459M	395M	354M	315M	286M	257M	244M	224M	204M	189M	170M	156M	166M	156M	135M	108M	89M	77M	74M	65M	59M	55M	51M	51M	46M	39M	33M	28M	25M
Return on Retained Earnings	19.94%	18.54%	16.13%	15.96%	16.70%	15.81%	16.33%	22.81%	20.19%	16.83%	17.22%	15.67%	16.50%	10.80%	14.16%	14.43%	12.71%	15.67%	14.45%	18.00%	11.52%	18.36%	25.27%	23.25%	18.48%	9.74%	17.85%	14.84%	12.86%	13.27%	6.63%	13.73%	20.91%	20.92%	19.64%	18.09%	15.04%
Accumulated OCI	-5M	-3M	-5M	-7M	-8M	-7M	-6M	-8M	-2M	-6M	0M	1M	0M	1M	-11M	-12M	-13M	-12M	-8M	-14M	-15M	-13M	-15M	-17M	-10M	-13M	-1M	1M	0M	-2M	-2M	-2M	-3M	-3M	0M	0M	0M
Return on Accumulated OCI	-2,772.47%	8,041.66%	5,530.22%	3,611.60%	2,629.31%	-3,956.07%	-3,319.68%	-1,580.34%	-5,625.64%	-1,111.42%	44,767.65%	3,758.04%	11,100.47%	4,791.38%	-317.37%	-277.57%	-202.96%	-250.32%	-327.18%	-200.98%	-131.55%	-218.18%	-234.28%	-150.46%	-166.69%	-59.04%	-977.36%	1,004.48%	-151,540.00%	-473.68%	-177.05%	-301.78%	-373.08%	-315.38%	0.00%	0.00%	0.00%
Minority Interest	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Minority Interest	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	522M	466M	373M	311M	258M	216M	187M	606M	516M	442M	403M	361M	331M	304M	277M	256M	232M	214M	197M	171M	179M	168M	144M	111M	92M	72M	73M	64M	55M	48M	43M	43M	43M	48M	42M	37M	32M
Return on Total Shareholders’ Equity	17.86%	16.47%	14.20%	14.16%	15.26%	14.91%	15.12%	20.61%	17.93%	15.03%	15.11%	13.66%	14.25%	9.16%	12.46%	12.60%	11.17%	13.85%	12.52%	16.37%	10.69%	17.02%	23.65%	22.59%	17.89%	10.51%	18.05%	15.04%	13.73%	15.12%	7.82%	16.02%	22.56%	17.15%	15.66%	13.93%	11.49%
Total Equity	522M	466M	373M	311M	258M	216M	187M	606M	516M	442M	403M	361M	331M	304M	277M	256M	232M	214M	197M	171M	179M	168M	144M	111M	92M	72M	73M	64M	55M	48M	43M	43M	43M	48M	42M	37M	32M
Return on Total Equity	17.86%	16.47%	14.20%	14.16%	15.26%	14.91%	15.12%	20.61%	17.93%	15.03%	15.11%	13.66%	14.25%	9.16%	12.46%	12.60%	11.17%	13.85%	12.52%	16.37%	10.69%	17.02%	23.65%	22.59%	17.89%	10.51%	18.05%	15.04%	13.73%	15.12%	7.82%	16.02%	22.56%	17.15%	15.66%	13.93%	11.49%
Total Liabilities & Equity	712M	628M	505M	429M	363M	314M	276M	816M	717M	603M	531M	471M	422M	393M	392M	350M	355M	341M	316M	290M	219M	216M	191M	195M	150M	139M	146M	143M	134M	126M	101M	98M	103M	97M	82M	66M	61M
Return on Total Liabilities & Equity	13.08%	12.24%	10.48%	10.20%	10.46%	9.51%	9.24%	15.30%	12.92%	11.03%	11.47%	10.47%	11.18%	7.08%	8.83%	9.24%	7.30%	8.70%	7.79%	9.65%	8.75%	13.28%	17.89%	12.84%	10.95%	5.42%	9.09%	6.74%	5.66%	5.75%	3.32%	7.08%	9.41%	8.46%	7.90%	7.72%	6.12%
Total Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	-208M	-157M	-70M	-33M	-22M	-11M	-7M	-295M	-192M	-138M	-87M	-72M	-44M	5M	33M	31M	63M	69M	63M	60M	-3M	10M	-5M	19M	8M	20M	25M	35M	32M	36M	25M	25M	24M	15M	11M	3M	5M
Return on Net Debt	-46.25%	-55.37%	42.56%	16.37%	1.54%	5.77%	18.86%	-42.31%	-48.28%	-48.17%	-69.84%	-68.27%	-106.28%	558.71%	103.55%	105.50%	41.04%	42.84%	39.21%	46.58%	-601.60%	292.80%	-641.57%	132.32%	204.66%	37.81%	52.03%	27.62%	24.02%	20.42%	13.27%	28.07%	39.92%	56.55%	59.09%	196.15%	69.81%

Capital Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Net Income	95M	79M	56M	46M	39M	33M	29M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
Working Capital	323M	261M	173M	131M	109M	90M	78M	422M	310M	238M	179M	156M	143M	105M	66M	75M	42M	34M	29M	27M	79M	65M	60M	36M	39M	34M	33M	26M	26M	7M	21M	8M	11M	11M	14M	18M	16M
Return on Working Capital	29.15%	30.63%	36.99%	47.54%	47.25%	49.05%	49.59%	29.61%	29.85%	28.00%	33.97%	31.70%	33.03%	26.56%	52.77%	42.96%	61.49%	87.21%	84.53%	102.70%	24.32%	44.33%	56.56%	70.18%	42.50%	22.43%	40.25%	36.86%	29.20%	106.53%	16.34%	92.44%	86.61%	75.93%	47.10%	28.98%	22.84%
Total Capital	522M	466M	391M	338M	283M	243M	212M	606M	516M	442M	403M	361M	336M	322M	322M	294M	304M	290M	267M	238M	181M	181M	152M	136M	109M	95M	102M	102M	89M	87M	72M	72M	71M	65M	54M	40M	39M
Return on Total Capital	17.86%	16.47%	13.53%	12.86%	13.49%	12.42%	12.37%	20.61%	17.93%	15.03%	15.11%	13.66%	14.06%	8.64%	10.74%	10.98%	8.54%	10.22%	9.23%	11.78%	10.58%	15.81%	22.41%	18.42%	15.14%	7.96%	12.98%	9.47%	8.53%	8.31%	4.69%	9.60%	13.64%	12.67%	12.13%	12.66%	9.56%
Capital Employed	592M	526M	415M	345M	290M	248M	216M	698M	585M	493M	449M	403M	365M	333M	299M	274M	248M	234M	218M	196M	196M	183M	165M	145M	109M	94M	106M	98M	97M	78M	75M	62M	66M	62M	54M	49M	45M
Return on Capital Employed	15.74%	14.61%	12.81%	12.78%	13.27%	12.33%	12.23%	17.89%	15.83%	13.50%	13.57%	12.24%	12.94%	8.35%	11.58%	11.78%	10.44%	12.68%	11.29%	14.27%	9.75%	15.65%	20.74%	17.35%	15.09%	8.06%	12.48%	9.86%	7.83%	9.33%	4.48%	11.25%	14.63%	13.23%	12.13%	10.47%	8.17%
Invested Capital	313M	309M	303M	277M	236M	205M	179M	311M	325M	304M	316M	289M	287M	308M	311M	287M	295M	284M	259M	231M	176M	178M	139M	130M	100M	92M	98M	99M	87M	84M	68M	68M	67M	62M	53M	39M	38M
Return on Invested Capital	30.18%	25.38%	18.35%	16.17%	16.23%	14.68%	14.33%	40.18%	28.52%	21.85%	19.27%	17.07%	16.46%	9.01%	11.12%	11.26%	8.78%	10.46%	9.49%	12.11%	10.88%	16.09%	24.56%	19.30%	16.46%	8.22%	13.56%	9.74%	8.74%	8.69%	4.92%	10.20%	14.41%	13.16%	12.38%	13.01%	9.87%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Net Income	95M	79M	56M	46M	39M	33M	29M	139M	119M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
Depreciation & Amortization	29M	28M	26M	21M	17M	15M	14M	22M	31M	32M	28M	26M	28M	25M	24M	24M	24M	22M	21M	16M	13M	12M	9M	8M	8M	7M	6M	7M	6M	7M	8M	8M	7M	6M	6M	5M	4M	4M	4M
Return on Depreciation & Amortization	323.67%	277.04%	210.64%	216.77%	229.84%	203.25%	193.23%	616.95%	379.93%	388.20%	329.41%	253.40%	218.52%	195.68%	195.38%	114.29%	141.70%	143.90%	125.92%	189.47%	182.43%	232.55%	201.89%	338.83%	418.85%	355.75%	254.48%	107.72%	208.41%	132.96%	96.74%	91.12%	49.46%	114.29%	170.18%	174.47%	162.50%	124.39%	84.09%
Deferred Income Tax	-9M	-6M	-5M	-3M	-2M	-2M	-1M	-11M	-34M	-11M	-10M	-6M	-3M	-3M	-2M	-5M	-4M	1M	-3M	-1M	1M	-1M	-1M	2M	5M	-1M	-1M	-2M	0M	1M	0M	2M	1M	1M	1M	-1M	-1M	0M	0M
Return on Deferred Income Tax	-1,090.41%	-1,376.98%	-766.06%	-949.15%	-1,061.17%	-670.51%	-578.28%	-1,253.17%	-348.31%	-1,128.25%	-959.56%	-1,183.41%	-2,012.69%	-1,601.01%	-3,095.60%	-527.42%	-843.20%	4,548.59%	-858.02%	-2,224.74%	1,683.79%	-5,087.48%	-2,395.13%	1,446.85%	661.06%	-1,684.62%	-1,432.29%	-362.71%	-4,167.61%	649.56%	2,345.82%	366.11%	249.74%	849.57%	1,385.71%	-1,171.43%	-650.00%	1,700.00%	-1,850.00%
Stock-Based Compensation	5M	4M	3M	2M	2M	2M	1M	8M	6M	6M	5M	3M	2M	1M	1M	4M	2M	2M	2M	1M	1M	1M	1M	1M	1M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Stock-Based Compensation	1,972.75%	2,403.68%	2,235.88%	2,119.86%	1,902.73%	1,522.19%	1,268.49%	1,727.79%	2,043.75%	2,021.06%	1,784.85%	2,112.33%	2,613.05%	3,487.14%	3,886.08%	665.79%	2,004.12%	2,101.17%	1,683.19%	2,048.17%	1,773.56%	2,214.22%	1,303.47%	2,099.78%	2,915.53%	1,972.01%	1,369.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-3M	1M	-1M	-4M	-3M	-3M	-3M	6M	-6M	3M	-6M	-7M	0M	16M	10M	-8M	-7M	0M	-10M	-14M	-8M	-5M	-3M	-19M	3M	-7M	3M	-1M	-3M	-14M	-4M	3M	0M	-2M	-1M	1M	-5M	1M	4M
Return on Change in Working Capital	568.55%	-3,994.95%	-2,762.77%	-1,972.08%	-1,457.37%	-1,101.77%	-909.23%	2,163.64%	-2,038.14%	4,232.45%	-1,599.00%	-927.81%	-21,979.78%	299.41%	484.31%	-340.40%	-513.53%	-7,035.95%	-247.38%	-209.90%	-326.70%	-557.96%	-707.31%	-151.67%	1,159.09%	-345.03%	626.69%	-608.71%	-398.23%	-68.79%	-178.16%	253.43%	2,026.51%	-429.78%	-746.15%	630.77%	-132.65%	425.00%	90.24%
Accounts Receivable	-6M	-3M	-4M	-4M	-4M	-3M	-3M	-14M	-4M	-1M	-6M	-11M	-1M	3M	-8M	-8M	-1M	-4M	-6M	-1M	-4M	1M	-4M	-4M	-6M	-6M	0M	-4M	-4M	-4M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Receivable	-3,565.84%	-2,796.45%	-1,987.21%	-1,418.64%	-863.75%	-701.02%	-584.18%	-961.52%	-2,759.77%	-8,652.49%	-1,458.01%	-587.01%	-4,910.00%	1,625.26%	-589.79%	-347.42%	-3,575.08%	-906.91%	-470.66%	-2,976.73%	-616.81%	3,452.22%	-507.31%	-758.86%	-566.85%	-416.12%	5,467.44%	-174.12%	-305.72%	-250.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	-14M	-10M	-6M	-6M	-4M	-4M	-3M	12M	-8M	10M	-32M	-21M	-14M	5M	-1M	5M	-6M	1M	-7M	-7M	0M	-5M	0M	-15M	7M	-6M	0M	-2M	3M	-6M	-4M	0M	-2M	-1M	3M	-1M	-4M	-2M	3M
Return on Inventory	203.05%	224.92%	28.61%	3,644.20%	3,076.42%	2,334.07%	1,909.86%	1,161.60%	-1,449.50%	1,210.68%	-285.21%	-316.33%	-446.59%	962.04%	-3,866.97%	571.93%	-560.58%	3,381.68%	-364.50%	-427.45%	9,966.40%	-591.02%	45,621.43%	-192.54%	487.10%	-449.78%	6,828.63%	-493.01%	492.49%	-171.34%	-182.49%	-2,113.66%	-181.64%	-527.43%	285.29%	-1,025.00%	-158.54%	-300.00%	142.31%
Accounts Payable	8M	6M	-13M	-17M	-22M	-19M	-16M	-11M	-9M	-12M	9M	28M	7M	0M	8M	8M	-65M	-73M	-43M	3M	-33M	-28M	2M	-65M	-58M	-31M	-37M	-29M	-35M	-31M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Payable	99.55%	-2,290.38%	-1,067.28%	-595.33%	-458.87%	-368.35%	-306.96%	-1,230.72%	-1,318.98%	-1,027.40%	1,088.62%	237.43%	869.15%	-12,619.69%	589.79%	347.42%	-53.09%	-44.22%	-60.83%	1,131.45%	-74.79%	-98.75%	829.12%	-44.17%	-58.45%	-79.87%	-44.91%	-26.01%	-38.23%	-31.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	9M	9M	23M	23M	27M	23M	19M	20M	16M	6M	25M	-3M	8M	9M	11M	-13M	66M	75M	45M	-9M	29M	27M	-1M	65M	60M	36M	39M	34M	33M	26M	0M	3M	2M	0M	-5M	2M	-1M	3M	2M
Return on Other Working Capital	9.01%	279.17%	176.65%	11.37%	20.12%	-359.65%	-306.57%	687.83%	757.71%	2,003.24%	377.63%	-2,353.84%	802.06%	566.77%	430.41%	-213.39%	52.77%	42.96%	57.92%	-336.41%	84.53%	102.70%	-1,491.13%	44.33%	56.56%	70.18%	42.50%	22.43%	40.19%	36.86%	-7,501.98%	226.30%	166.70%	-2,321.40%	-206.38%	390.48%	-812.50%	175.86%	246.67%
Other Non-Cash Items	0M	0M	2M	2M	1M	1M	1M	16M	25M	0M	0M	-1M	0M	0M	0M	18M	0M	0M	1M	4M	1M	-1M	5M	-3M	-15M	2M	3M	6M	2M	1M	3M	-8M	-3M	1M	1M	0M	1M	0M	0M
Return on Other Non-Cash Items	-39,773.01%	-24,276.98%	-27,775.53%	-18,579.05%	-13,828.18%	-10,998.35%	-8,631.96%	850.24%	479.16%	-81,661.44%	-27,395.86%	-10,261.73%	-26,018.80%	23,952.91%	-117,942.50%	158.76%	-31,145.05%	-9,498.53%	2,056.94%	671.90%	1,768.46%	-2,875.08%	407.33%	-903.02%	-227.36%	1,043.43%	615.91%	136.84%	553.36%	844.26%	290.98%	-92.37%	-108.83%	670.63%	1,616.67%	8,200.00%	1,083.33%	5,100.00%	0.00%
Net Cash from Operating Activities	116M	105M	81M	64M	54M	46M	40M	181M	141M	155M	110M	82M	88M	90M	81M	60M	50M	56M	36M	36M	35M	35M	31M	18M	37M	27M	28M	17M	18M	5M	14M	12M	9M	13M	15M	15M	5M	10M	12M
Return on Net Cash from Operating Activities	81.78%	74.00%	67.38%	75.01%	74.33%	74.67%	73.09%	76.69%	84.41%	80.59%	84.09%	80.65%	69.57%	55.08%	58.45%	46.05%	69.49%	57.48%	72.39%	83.05%	70.70%	80.55%	61.18%	155.81%	93.39%	92.73%	58.20%	45.06%	72.18%	175.21%	53.80%	59.43%	39.18%	52.38%	62.99%	55.78%	125.00%	51.52%	30.83%
Capital Expenditures (PPE)	-10M	-9M	-11M	-11M	-12M	-11M	-11M	-12M	-10M	-13M	-12M	-6M	-7M	-9M	-7M	-9M	-15M	-11M	-20M	-12M	-14M	-8M	-5M	-17M	-8M	-39M	-16M	-11M	-9M	-6M	-7M	-6M	-5M	-6M	-10M	-18M	-8M	-5M	-5M
Return on Capital Expenditures (PPE)	-958.32%	-864.43%	-593.85%	-481.20%	-402.03%	-344.78%	-300.57%	-1,186.53%	-1,165.79%	-974.74%	-771.46%	-1,128.77%	-902.52%	-544.68%	-629.36%	-321.53%	-229.42%	-304.78%	-131.23%	-240.66%	-172.01%	-341.77%	-359.09%	-166.00%	-440.90%	-64.50%	-103.04%	-68.25%	-145.83%	-172.88%	-107.43%	-122.95%	-67.19%	-108.40%	-97.00%	-45.81%	-78.31%	-94.44%	-82.22%
Acquisitions (Net)	-22M	-28M	-18M	-19M	-14M	-12M	-10M	-184M	-3M	-3M	-17M	-45M	-45M	-29M	-8M	-8M	-20M	-2M	-2M	-21M	-15M	-52M	-4M	-7M	0M	0M	0M	0M	0M	0M	0M	-9M	0M	0M	0M	0M	0M	0M	0M
Return on Acquisitions (Net)	-1,617.42%	-1,031.22%	-941.16%	-709.78%	-532.33%	-429.26%	-357.72%	-75.41%	-3,964.87%	-4,164.73%	-540.66%	-146.88%	-134.48%	-169.37%	-586.20%	-345.30%	-169.67%	-1,794.17%	-1,360.15%	-142.48%	-159.84%	-54.41%	-484.60%	-393.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-84.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Purchases of Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Sales / Maturities of Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	15M	9M	5M	-1M	-1M	-1M	-1M	-3M	0M	0M	0M	45M	1M	0M	8M	0M	0M	0M	0M	0M	0M	-52M	-10M	-2M	-24M	1M	3M	-1M	0M	-1M	0M	0M	0M	0M	-1M	2M	-4M	-1M	-1M
Return on Other Investing Activities	48.96%	2,072.46%	1,094.85%	585.48%	316.65%	414.15%	252.91%	-4,678.89%	0.00%	0.00%	0.00%	146.88%	10,215.44%	0.00%	586.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-54.41%	-201.10%	-1,910.80%	-142.27%	3,469.43%	576.83%	-1,462.79%	-4,890.41%	-1,470.69%	-2,517.28%	-4,327.98%	3,203.81%	9,132.89%	-1,385.71%	431.58%	-175.68%	-1,020.00%	-616.67%
Net Cash from Investing Activities	-17M	-28M	-23M	-26M	-24M	-20M	-19M	-199M	-13M	-16M	-29M	-6M	-51M	-38M	-7M	-17M	-35M	-12M	-22M	-33M	-30M	-60M	-9M	-26M	-8M	-38M	-13M	-12M	-9M	-6M	-7M	-15M	-5M	-6M	-11M	-16M	-12M	-6M	-5M
Return on Net Cash from Investing Activities	-745.51%	-496.82%	-375.77%	-286.22%	-256.61%	-224.72%	-199.10%	-69.85%	-900.90%	-789.87%	-317.88%	-1,128.77%	-118.40%	-129.19%	-629.36%	-166.50%	-97.53%	-260.53%	-119.68%	-89.50%	-82.85%	-46.94%	-206.25%	-110.04%	-440.90%	-65.73%	-125.45%	-65.20%	-141.61%	-154.70%	-103.03%	-49.64%	-68.63%	-109.70%	-90.65%	-51.25%	-54.17%	-86.44%	-72.55%
Net Debt Issuance	0M	-1M	-2M	3M	1M	2M	2M	0M	0M	0M	0M	0M	0M	-5M	-14M	0M	0M	0M	0M	0M	0M	65M	-12M	5M	-17M	9M	-10M	-6M	3M	4M	10M	6M	0M	1M	11M	3M	9M	-3M	-5M
Return on Net Debt Issuance	0.00%	-214.53%	-142.21%	-64.68%	-33.19%	-44.91%	-30.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,072.67%	-349.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.04%	-161.11%	570.05%	-198.81%	293.14%	-166.23%	-126.90%	505.07%	237.68%	73.81%	130.54%	-1,690.45%	789.65%	86.61%	292.86%	76.47%	-175.86%	-75.51%
Long-Term Debt Issuance	0M	0M	0M	0M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-5M	-10M	9M	-2M	-15M	3M	-10M	10M	6M	0M	1M	11M	3M	9M	-3M	-5M
Return on Long-Term Debt Issuance	0.00%	0.00%	0.00%	-35.20%	-50.08%	-71.80%	-53.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-527.94%	-350.46%	269.37%	-846.99%	-50.59%	505.07%	-96.88%	73.81%	130.54%	-1,690.45%	789.65%	86.61%	292.86%	76.47%	-175.86%	-75.51%
Short-Term Debt Issuance	0M	-1M	-7M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-5M	-14M	-21M	6M	-33M	-4M	7M	3M	65M	-12M	10M	-7M	-1M	-8M	9M	0M	14M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	0.00%	-214.53%	-176.48%	-26.31%	-214.96%	-169.21%	-141.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,072.67%	-349.46%	-132.26%	542.21%	-97.58%	-655.00%	446.08%	768.08%	43.04%	-161.11%	274.09%	-459.46%	-3,322.38%	-206.82%	84.14%	0.00%	68.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	0M	0M	-1M	-3M	-2M	-2M	-2M	0M	1M	1M	1M	0M	0M	-2M	-5M	-4M	-4M	1M	0M	0M	0M	-30M	0M	-1M	0M	0M	2M	4M	0M	1M	1M	0M	-1M	-4M	-12M	2M	0M	0M	0M
Return on Net Stock Issuance	3,546.57%	-1,044.67%	406.41%	1,049.79%	2,659.64%	2,252.66%	1,946.43%	0.00%	15,838.35%	16,636.75%	9,575.80%	-15,572.83%	-13,235.65%	-2,627.42%	-906.03%	-650.51%	-909.28%	6,234.56%	5,518.72%	6,327.93%	4,943.17%	-94.95%	3,886.61%	-3,379.95%	18,672.13%	14,252.27%	975.52%	207.59%	3,338.29%	913.95%	1,012.97%	1,645.02%	-292.78%	-155.35%	-80.17%	431.58%	-3,250.00%	1,275.00%	3,700.00%
Common Stock Issuance	1M	0M	0M	0M	1M	1M	1M	0M	1M	1M	1M	0M	0M	0M	0M	1M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	2M	4M	4M	3M	2M	2M	1M	1M	2M	5M	2M	1M	0M
Return on Common Stock Issuance	8,737.52%	27,637.29%	18,624.35%	15,075.63%	13,029.91%	10,506.42%	8,945.52%	0.00%	15,838.35%	16,636.75%	9,575.80%	0.00%	84,561.11%	27,412.78%	25,228.34%	5,313.58%	5,761.83%	6,234.56%	5,518.72%	6,327.93%	4,943.17%	5,876.73%	3,886.61%	18,856.58%	18,672.13%	14,252.27%	975.52%	207.59%	356.26%	348.39%	417.70%	356.95%	260.78%	678.49%	570.59%	178.26%	406.25%	850.00%	3,700.00%
Common Stock Repurchased	0M	-1M	-2M	-3M	-3M	-3M	-3M	0M	0M	0M	0M	0M	0M	-3M	-5M	-5M	-4M	0M	0M	0M	0M	-30M	0M	-1M	0M	0M	0M	0M	-3M	-2M	-1M	-2M	-2M	-5M	-14M	-3M	-2M	0M	0M
Return on Common Stock Repurchased	-5,190.94%	-6,078.40%	-3,266.30%	-2,374.84%	-1,801.07%	-1,520.62%	-1,376.68%	0.00%	0.00%	0.00%	0.00%	-15,572.83%	-13,235.65%	-1,583.54%	-906.03%	-579.56%	-785.35%	0.00%	0.00%	0.00%	0.00%	-93.44%	0.00%	-2,866.20%	0.00%	0.00%	0.00%	0.00%	-398.83%	-563.00%	-710.79%	-455.86%	-137.93%	-126.41%	-70.29%	-303.70%	-361.11%	-2,550.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	-15,979.46%	-9,981.21%	-6,654.14%	-4,990.60%	-3,992.48%	-3,327.07%	0.00%	0.00%	0.00%	0.00%	0.00%	-84,561.11%	4,663.80%	-25,228.34%	5,313.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-30M	-26M	-21M	-17M	-14M	-12M	-10M	-42M	-34M	-36M	-29M	-25M	-22M	-20M	-19M	-16M	-14M	-12M	-11M	-11M	-10M	-10M	-9M	-8M	-7M	-6M	-5M	-4M	-4M	-4M	-3M	-3M	-3M	-3M	-3M	-2M	-2M	-2M	-1M
Return on Net Dividends Paid	-311.51%	-290.39%	-260.92%	-267.31%	-289.46%	-274.02%	-287.86%	-332.19%	-352.12%	-348.54%	-318.73%	-267.26%	-274.81%	-242.59%	-253.71%	-170.86%	-243.20%	-259.17%	-230.33%	-279.11%	-246.07%	-294.67%	-212.36%	-368.22%	-500.29%	-428.71%	-338.20%	-174.44%	-337.83%	-265.15%	-221.23%	-225.04%	-106.32%	-243.54%	-388.00%	-390.48%	-382.35%	-340.00%	-284.62%
Common Dividends Paid	-30M	-26M	-21M	-17M	-14M	-12M	-10M	-42M	-34M	-36M	-29M	-25M	-22M	-20M	-19M	-16M	-14M	-12M	-11M	-11M	-10M	-10M	-9M	-8M	-7M	-6M	-5M	-4M	-4M	-4M	-3M	-3M	-3M	-3M	-3M	-2M	-2M	-2M	-1M
Return on Common Dividends Paid	-311.51%	-290.39%	-260.92%	-267.31%	-289.46%	-274.02%	-287.86%	-332.19%	-352.12%	-348.54%	-318.73%	-267.26%	-274.81%	-242.59%	-253.71%	-170.86%	-243.20%	-259.17%	-230.33%	-279.11%	-246.07%	-294.67%	-212.36%	-368.22%	-500.29%	-428.71%	-338.20%	-174.44%	-337.83%	-265.15%	-221.23%	-225.04%	-106.32%	-243.54%	-388.00%	-390.48%	-382.35%	-340.00%	-284.62%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0M	0M	-5M	-2M	-1M	-2M	-1M	1M	0M	0M	0M	1M	2M	-1M	0M	-22M	8M	-33M	-2M	7M	5M	1M	0M	1M	2M	6M	2M	3M	-8M	0M	-16M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Other Financing Activities	3,152.96%	1,483.55%	-513.71%	506.10%	519.36%	413.59%	834.66%	25,049.82%	0.00%	0.00%	0.00%	9,458.89%	2,888.24%	-4,929.37%	-11,591.40%	-128.64%	455.42%	-99.28%	-1,190.91%	399.92%	470.96%	4,128.42%	4,497.89%	3,231.34%	1,459.63%	415.78%	824.09%	257.17%	-161.03%	0.00%	-47.34%	0.00%	0.00%	0.00%	0.00%	8,200.00%	6,500.00%	0.00%	0.00%
Net Cash from Financing Activities	-29M	-27M	-28M	-19M	-16M	-14M	-11M	-41M	-33M	-35M	-28M	-25M	-21M	-28M	-38M	-42M	-10M	-44M	-13M	-3M	-4M	27M	-20M	-3M	-21M	9M	-11M	-4M	-9M	1M	-8M	3M	-5M	-6M	-3M	3M	7M	-4M	-6M
Return on Net Cash from Financing Activities	-318.65%	-286.05%	-222.55%	-328.59%	-265.19%	-186.45%	-157.80%	-336.66%	-360.13%	-356.00%	-329.71%	-270.25%	-296.89%	-177.37%	-125.11%	-65.95%	-331.58%	-72.62%	-200.00%	-1,081.95%	-575.30%	104.68%	-95.82%	-1,054.91%	-158.98%	281.37%	-148.50%	-203.78%	-145.13%	653.53%	-90.00%	261.45%	-74.56%	-107.80%	-285.29%	303.70%	97.01%	-127.50%	-60.66%
Effect of FX on Cash	0M	0M	0M	0M	0M	0M	0M	2M	1M	-1M	1M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-1M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Effect of FX on Cash	-5,306.39%	-10,994.61%	-10,943.19%	-9,183.18%	-8,298.96%	-6,639.16%	-5,209.30%	8,250.65%	8,713.99%	-20,928.31%	11,183.33%	-6,174.19%	-8,966.72%	-30,087.20%	17,093.12%	6,895.78%	-64,020.37%	-22,583.92%	8,156.60%	-6,775.80%	-20,861.86%	-9,940.43%	-13,306.25%	22,568.50%	-14,665.24%	-9,798.44%	-3,632.89%	-914.91%	780.05%	0.00%	0.00%	0.00%	0.00%	0.00%	9,700.00%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	69M	49M	29M	19M	15M	12M	10M	-57M	96M	104M	54M	51M	15M	23M	36M	2M	4M	-1M	2M	-1M	1M	2M	2M	-10M	7M	-2M	4M	1M	2M	1M	-2M	0M	-1M	0M	1M	1M	0M	0M	1M
Return on Net Change in Cash	141.24%	208.63%	133.11%	161.68%	217.62%	327.68%	114.43%	-242.35%	123.84%	120.69%	172.34%	130.70%	408.59%	210.85%	131.83%	1,445.89%	903.58%	-3,914.55%	1,721.17%	-4,889.29%	3,472.07%	1,775.30%	1,015.96%	-279.90%	480.46%	-1,022.58%	454.36%	1,170.23%	844.68%	1,293.02%	-448.34%	1,970.46%	-406.77%	1,431.13%	692.86%	585.71%	-6,500.00%	0.00%	462.50%
Cash at Beginning of Period	139M	108M	58M	41M	32M	27M	22M	851M	780M	192M	138M	87M	72M	49M	13M	11M	7M	8M	7M	7M	7M	5M	3M	13M	6M	9M	5M	4M	3M	2M	4M	3M	4M	4M	2M	1M	1M	1M	0M
Return on Cash at Beginning of Period	69.50%	78.74%	225.96%	296.17%	312.33%	295.44%	349.21%	16.31%	15.25%	65.15%	67.07%	76.28%	84.24%	100.97%	360.52%	248.93%	471.12%	395.63%	389.69%	408.62%	375.60%	563.46%	620.30%	215.03%	549.62%	289.32%	326.01%	171.43%	467.64%	461.13%	200.50%	213.23%	79.40%	184.99%	404.17%	745.45%	590.91%	425.00%	925.00%
Cash at End of Period	208M	157M	87M	60M	47M	38M	32M	794M	876M	295M	192M	138M	87M	72M	49M	13M	11M	7M	8M	7M	7M	7M	5M	3M	13M	6M	9M	5M	4M	3M	2M	4M	3M	4M	4M	3M	1M	1M	1M
Return on Cash at End of Period	46.25%	55.37%	165.33%	278.59%	273.95%	265.46%	286.77%	17.49%	13.57%	42.31%	48.28%	48.17%	69.84%	68.27%	96.53%	212.36%	309.66%	440.11%	317.75%	445.88%	338.94%	427.71%	385.15%	927.87%	256.36%	403.47%	189.82%	149.52%	301.00%	339.91%	362.71%	192.41%	98.65%	163.82%	255.26%	328.00%	650.00%	425.00%	308.33%
Operating Cash Flow	116M	105M	81M	64M	54M	46M	40M	181M	141M	155M	110M	82M	88M	90M	81M	60M	50M	56M	36M	36M	35M	35M	31M	18M	37M	27M	28M	17M	18M	5M	14M	12M	9M	13M	15M	15M	5M	10M	12M
Return on Operating Cash Flow	81.78%	74.00%	67.38%	75.01%	74.33%	74.67%	73.09%	76.69%	84.41%	80.59%	84.09%	80.65%	69.57%	55.08%	58.45%	46.05%	69.49%	57.48%	72.39%	83.05%	70.70%	80.55%	61.18%	155.81%	93.39%	92.73%	58.20%	45.06%	72.18%	175.21%	53.80%	59.43%	39.18%	52.38%	62.99%	55.78%	125.00%	51.52%	30.83%
Capital Expenditure	-10M	-9M	-11M	-11M	-12M	-11M	-11M	-15M	-10M	-13M	-12M	-6M	-7M	-9M	-7M	-9M	-15M	-11M	-20M	-12M	-14M	-8M	-5M	-17M	-8M	-39M	-16M	-11M	-9M	-6M	-7M	-6M	-5M	-6M	-10M	-18M	-8M	-5M	-5M
Return on Capital Expenditure	-958.32%	-864.43%	-593.85%	-481.20%	-402.03%	-344.78%	-300.57%	-946.50%	-1,165.79%	-974.74%	-771.46%	-1,128.77%	-902.52%	-544.68%	-629.36%	-321.53%	-229.42%	-304.78%	-131.23%	-240.66%	-172.01%	-341.77%	-359.09%	-166.00%	-440.90%	-64.50%	-103.04%	-68.25%	-145.83%	-172.88%	-107.43%	-122.95%	-67.19%	-108.40%	-97.00%	-45.81%	-78.31%	-94.44%	-82.22%
Free Cash Flow	106M	96M	70M	53M	42M	35M	29M	166M	131M	142M	98M	77M	81M	81M	73M	52M	35M	46M	16M	23M	21M	27M	26M	1M	29M	-12M	12M	6M	9M	0M	7M	6M	4M	7M	5M	-3M	-3M	5M	8M
Return on Free Cash Flow	89.70%	81.15%	85.59%	254.56%	206.71%	-338.61%	-286.29%	83.45%	91.00%	87.85%	94.38%	86.85%	75.39%	61.28%	64.43%	53.75%	99.68%	70.84%	161.46%	126.81%	120.04%	105.38%	73.75%	2,536.46%	118.49%	-211.95%	133.75%	132.65%	142.92%	-13,017.57%	107.78%	115.05%	93.97%	101.36%	179.63%	-256.25%	-209.68%	113.33%	49.33%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Net Income	95M	79M	56M	46M	39M	33M	29M	139M	119M	125M	93M	66M	61M	49M	47M	28M	35M	32M	26M	30M	25M	28M	19M	29M	34M	25M	16M	8M	13M	10M	8M	7M	3M	7M	10M	8M	7M	5M	4M
EBITDA	150M	129M	101M	85M	73M	63M	55M	208M	182M	190M	146M	113M	106M	90M	86M	61M	80M	73M	63M	62M	53M	57M	37M	53M	42M	48M	37M	36M	34M	28M	22M	21M	13M	17M	22M	19M	15M	13M	11M
Return on EBITDA	62.59%	59.93%	52.83%	51.89%	50.83%	47.47%	46.37%	66.83%	65.34%	65.72%	63.41%	58.64%	57.19%	54.69%	54.85%	45.32%	43.20%	44.11%	41.19%	48.09%	46.80%	49.59%	51.75%	53.79%	80.89%	52.31%	44.38%	21.09%	39.54%	34.34%	34.66%	34.34%	26.15%	40.61%	43.30%	43.85%	44.22%	40.48%	32.46%
(-) Tax Adjustment	37M	31M	27M	24M	22M	19M	17M	53M	45M	47M	35M	27M	24M	22M	20M	14M	30M	26M	23M	21M	19M	20M	11M	19M	16M	18M	14M	14M	14M	13M	9M	8M	4M	6M	9M	7M	5M	5M	4M
Return on (-) Tax Adjustment	256.34%	249.94%	203.91%	185.18%	170.37%	154.01%	146.54%	262.59%	265.34%	263.29%	263.35%	242.37%	253.46%	227.24%	234.19%	201.52%	116.92%	125.30%	111.42%	141.78%	132.83%	139.64%	172.86%	151.52%	220.17%	142.98%	118.97%	53.08%	94.45%	73.97%	80.14%	94.27%	79.58%	115.06%	113.31%	114.35%	121.90%	109.29%	87.04%
(-) Change In Working Capital	-3M	1M	-1M	-4M	-3M	-3M	-3M	6M	-6M	3M	-6M	-7M	0M	16M	10M	-8M	-7M	0M	-10M	-14M	-8M	-5M	-3M	-19M	3M	-7M	3M	-1M	-3M	-14M	-4M	3M	0M	-2M	-1M	1M	-5M	1M	4M
Return on (-) Change In Working Capital	568.55%	-3,994.95%	-2,762.77%	-1,972.08%	-1,457.37%	-1,101.77%	-909.23%	2,163.64%	-2,038.14%	4,232.45%	-1,599.00%	-927.81%	-21,979.78%	299.41%	484.31%	-340.40%	-513.53%	-7,035.95%	-247.38%	-209.90%	-326.70%	-557.96%	-707.31%	-151.67%	1,159.09%	-345.03%	626.69%	-608.71%	-398.23%	-68.79%	-178.16%	253.43%	2,026.51%	-429.78%	-746.15%	630.77%	-132.65%	425.00%	90.24%
(-) Capital Expenditure	-10M	-9M	-11M	-11M	-12M	-11M	-11M	-15M	-10M	-13M	-12M	-6M	-7M	-9M	-7M	-9M	-15M	-11M	-20M	-12M	-14M	-8M	-5M	-17M	-8M	-39M	-16M	-11M	-9M	-6M	-7M	-6M	-5M	-6M	-10M	-18M	-8M	-5M	-5M
Return on (-) Capital Expenditure	-958.32%	-864.43%	-593.85%	-481.20%	-402.03%	-344.78%	-300.57%	-946.50%	-1,165.79%	-974.74%	-771.46%	-1,128.77%	-902.52%	-544.68%	-629.36%	-321.53%	-229.42%	-304.78%	-131.23%	-240.66%	-172.01%	-341.77%	-359.09%	-166.00%	-440.90%	-64.50%	-103.04%	-68.25%	-145.83%	-172.88%	-107.43%	-122.95%	-67.19%	-108.40%	-97.00%	-45.81%	-78.31%	-94.44%	-82.22%
Unlevered Free Cash Flow	106M	88M	64M	54M	43M	36M	30M	134M	133M	127M	105M	87M	76M	43M	49M	47M	42M	37M	30M	43M	27M	33M	23M	36M	16M	-1M	5M	12M	14M	23M	10M	5M	3M	6M	5M	-8M	6M	1M	-1M
Return on Unlevered Free Cash Flow	87.72%	91.62%	86.82%	84.94%	-3.79%	16.29%	24.19%	103.77%	89.54%	98.46%	88.48%	76.22%	80.14%	114.82%	97.02%	59.06%	82.09%	86.59%	85.30%	69.69%	90.20%	84.25%	82.19%	79.62%	213.23%	-2,077.58%	353.68%	64.22%	96.57%	41.06%	78.87%	155.40%	97.06%	110.67%	188.73%	-106.90%	108.92%	382.50%	-255.02%
(-) Net Interest Income After Taxes	3M	2M	1M	0M	0M	0M	0M	5M	5M	6M	3M	0M	0M	0M	0M	-1M	0M	-1M	-1M	-1M	-1M	-1M	0M	0M	0M	1M	-1M	-1M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on (-) Net Interest Income After Taxes	6,945.87%	39,469.86%	15,415.69%	9,276.10%	3,882.33%	3,061.11%	2,550.92%	2,871.36%	2,226.74%	1,933.12%	3,013.74%	15,890.76%	393,115.00%	-216,603.33%	-24,350.59%	-3,098.70%	-6,949.68%	-5,411.94%	-3,381.43%	-3,957.00%	-3,461.66%	-4,355.81%	-14,783.24%	11,542.34%	-60,016.54%	2,936.53%	-2,033.18%	-964.08%	-1,417.79%	-1,118.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0M	-1M	-2M	3M	1M	2M	2M	0M	0M	0M	0M	0M	0M	-5M	-14M	0M	0M	0M	0M	0M	0M	65M	-12M	5M	-17M	9M	-10M	-6M	3M	4M	10M	6M	0M	1M	11M	3M	9M	-3M	-5M
Return on Net Debt Issuance	0.00%	-214.53%	-142.21%	-64.68%	-33.19%	-44.91%	-30.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,072.67%	-349.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.04%	-161.11%	570.05%	-198.81%	293.14%	-166.23%	-126.90%	505.07%	237.68%	73.81%	130.54%	-1,690.45%	789.65%	86.61%	292.86%	76.47%	-175.86%	-75.51%
Levered Free Cash Flow	103M	85M	62M	56M	43M	37M	32M	129M	127M	120M	102M	87M	76M	38M	35M	48M	43M	38M	31M	43M	28M	99M	12M	41M	-1M	6M	-4M	7M	17M	28M	20M	10M	3M	7M	16M	-5M	14M	-2M	-6M
Return on Levered Free Cash Flow	90.49%	96.03%	92.12%	89.47%	-77.18%	-48.02%	-54.95%	107.66%	93.30%	103.74%	91.16%	76.58%	80.15%	128.51%	133.58%	57.95%	81.13%	85.23%	83.20%	68.48%	87.91%	28.30%	165.90%	70.29%	-3,092.31%	386.18%	-370.86%	114.55%	76.69%	33.95%	38.13%	70.94%	102.97%	97.07%	59.37%	-168.35%	44.93%	-325.53%	-58.26%