Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 36.38 27.79 7.90 8.47 6.52
Price to Sales 3.93 3.15 0.80 0.87 0.61
Book Value Per Common Share 5.75 5.38 22.81 20.82 21.43
Price to Book 7.72 5.73 1.49 1.39 0.79
Price to Operating Cash Flow 26.89 24.30 6.80 5.27 2.87
Price to Free Cash Flow 32.49 32.40 9.31 6.60 3.63
Enterprise Value to EBITDA 200331.97 160803.96 40977.31 45245.74 32275.25
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Price to Earnings 122.31 106.80 115.15 115.61 106.00 21.02 26.53 18.98
Price to Sales 13.34 13.87 15.31 13.07 12.03 2.70 2.91 2.33
Book Value Per Common Share 5.99 6.56 6.22 5.75 5.64 4.95 5.38 23.87 22.81 21.01 20.82 21.66 21.43
Price to Book 7.35 6.68 7.59 7.72 6.76 6.43 5.73 1.36 1.49 1.36 1.39 0.83 0.79
Price to Operating Cash Flow 58.54 65.23 2360.50 56.02 -240.00 67.54 -35.66 40.01
Price to Free Cash Flow 66.44 75.14 -790.79 63.42 -158.45 305.34 -22.30 240.75
Enterprise Value to EBITDA 617981.00 687509.60 750650.94 590352.95 615984.26 138253.42 136737.01 103352.75

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 9.91 -74.13 25.44 31.03
Revenue YoY 12.74 15.48 25.82 17.10
EBITDA YoY 13.04 15.37 29.00 20.34
Net Profit YoY 7.44 29.09 24.58 28.26
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Earning YoY -12.20 0.00 24.24 10.00 -80.52 42.59 13.68
Revenue YoY 2.94 2.68 6.13 8.15 8.95 21.70 25.93
EBITDA YoY 9.82 0.74 -1.59 23.99 7.49 11.69 19.40
Net Profit YoY -11.95 -0.77 25.50 8.76 -5.00 41.88 13.30

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 2.15 1.77 9.08 9.54 11.89
Quick Ratio 2.26 1.85 2.02 1.04 2.51
Current Ratio 2.74 2.08 2.20 1.17 2.76
Debt to Equity 0.74 0.62 0.78 0.85 0.74
Long-Term Debt to Equity 0.43 0.25 0.41 0.14 0.43
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 2.43 2.17 2.10 2.17 2.01 1.52 1.78 6.26 9.10 8.24 9.61 11.30 12.14
Quick Ratio 2.57 2.75 2.80 2.26 2.72 2.24 1.85 1.78 2.02 2.32 1.04 2.73 2.51
Current Ratio 2.91 3.15 3.41 2.74 3.02 2.54 2.08 2.02 2.20 2.58 1.17 3.02 2.76
Debt to Equity 0.82 0.61 0.66 0.74 0.77 0.79 0.62 0.65 0.78 0.82 0.85 0.69 0.74
Long-Term Debt to Equity 0.50 0.35 0.42 0.43 0.49 0.47 0.25 0.29 0.41 0.50 0.14 0.42 0.43

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 12.25 12.80 10.62 8.95 7.17
ROE 21.33 20.75 18.86 16.56 12.44
Gross Margin 37.59 37.27 36.50 38.44 34.90
Operating Margin 15.31 15.12 13.95 14.56 13.20
EBITDA Margin 19.50 19.45 19.46 18.98 18.47
Net Profit Margin 10.79 11.32 10.12 10.23 9.34
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
ROA 3.35 3.87 3.97 3.29 3.39 3.92 2.84 2.60
ROE 6.11 6.23 6.58 5.84 6.07 6.45 5.17 4.40
Gross Margin 38.51 37.75 38.58 37.76 37.36 37.23 36.97 39.25
Operating Margin 15.03 17.30 16.51 15.69 15.24 14.91 15.23 17.68
EBITDA Margin 21.38 20.04 20.42 22.02 19.21 19.47 21.22 22.38
Net Profit Margin 10.98 12.84 13.29 11.23 11.17 12.81 10.99 12.21

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 1,618,403.00 1,441,972.00 1,346,119.00 1,282,904.00 1,247,857.00
   Current Assets 795,189.00 679,673.00 612,794.00 578,144.00 609,278.00
      Cash and Short-Term Investments 350,550.00 294,896.00 302,593.00 320,049.00 407,506.00
            Cash and Cash Equivalents 163,327.00 141,015.00 123,566.00 141,511.00 223,220.00
            Short-Term Investments 187,223.00 153,881.00 179,027.00 178,538.00 184,286.00
      Net Receivables 304,322.00 308,108.00 259,222.00 194,232.00 147,635.00
      Inventory 0 0 0 0 0
      Other Current Assets 140,317.00 76,669.00 50,979.00 63,863.00 54,137.00
   Non-Current Assets 823,214.00 762,299.00 733,325.00 704,760.00 638,579.00
      Property, Plant, Equipment Net 170,621.00 165,229.00 138,175.00 162,700.00 184,793.00
      Goodwill 420,387.00 405,639.00 405,637.00 403,902.00 349,088.00
      Intangible Assets 49,331.00 50,164.00 64,819.00 81,082.00 59,594.00
      Long-Term Investments 13,972.00 4,430.00 34,779.00 3,004.00 2,957.00
      Non-Current Deferred Assets 104,747.00 82,927.00 55,791.00 21,404.00 7,749.00
      Other Non-Current Assets 64,156.00 53,910.00 34,124.00 32,668.00 34,398.00
Liabilities 688,541.00 552,535.00 587,940.00 589,748.00 528,685.00
   Current Liabilities 290,116.00 326,403.00 277,946.00 495,686.00 221,078.00
      Payables and Expenses 249,475.00 236,305.00 214,186.00 197,183.00 144,535.00
            Account Payables 5,884.00 5,055.00 7,789.00 6,873.00 6,992.00
            Current Accrued Liabilities 243,591.00 231,250.00 206,397.00 190,310.00 137,543.00
      Short-Term Debt 21,377.00 77,780.00 44,978.00 278,503.00 43,894.00
      Other Current Liabilities 19,264.00 12,318.00 18,782.00 20,000.00 32,649.00
   Non-Current Liabilities 398,425.00 226,132.00 309,994.00 94,062.00 307,607.00
      Long-Term Debt 343,449.00 193,175.00 268,155.00 68,506.00 286,835.00
      Other Non-Current Liabilities 54,976.00 32,957.00 41,839.00 25,556.00 20,772.00
Equity 929,862.00 889,437.00 758,179.00 693,156.00 719,172.00
   Shareholders Equity 929,862.00 889,437.00 758,179.00 693,156.00 719,172.00
      Capital Stock 206.00 203.00 40.00 40.00 39.00
      Share Premium 588,583.00 508,028.00 445,108.00 395,742.00 420,976.00
      Retained Earnings 1,281,960.00 1,083,663.00 899,105.00 756,137.00 641,379.00
      Treasury Shares -786,165.00 -575,417.00 -441,931.00 -369,289.00 -268,238.00
      Accumulated Other Comprehensive Income -154,722.00 -127,040.00 -144,143.00 -89,474.00 -74,984.00
   Minority Interest 0 0 0 0 0
Investments 201,195.00 158,311.00 213,806.00 181,542.00 187,243.00
Debt 364,826.00 270,955.00 313,133.00 347,009.00 330,729.00
Net Debt 14,276.00 0 10,540.00 26,960.00 0
Common Shares Outstanding 161,801.21 165,277.88 33,234.44 33,291.48 33,559.43
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 1,838,372.00 1,630,668.00 1,412,044.00 1,122,293.00 958,434.00
Cost Of Revenue 1,147,359.00 1,022,902.00 896,595.00 690,934.00 623,936.00
Gross Profit 691,013.00 607,766.00 515,449.00 431,359.00 334,498.00
Operating Expenses 427,393.00 369,011.00 323,287.00 275,478.00 224,476.00
   Selling, General and Administrative Expenses 372,302.00 318,027.00 267,156.00 227,347.00 173,848.00
   Other Operating Expenses 55,091.00 50,984.00 56,131.00 48,131.00 50,628.00
Operating Income 263,620.00 238,755.00 192,162.00 155,881.00 110,022.00
Net Non-Operating Income -2,142.00 -6,022.00 -3,358.00 -56.00 5,307.00
Interest Expense 19,979.00 13,882.00 8,142.00 7,561.00 11,190.00
EBT 261,478.00 232,733.00 188,804.00 155,825.00 115,329.00
Income Tax 63,275.00 52,739.00 48,020.00 33,380.00 25,626.00
Equity Method Investments Income -114.00 153.00 434.00 47.00 -227.00
Net Income 198,297.00 184,558.00 142,968.00 114,758.00 89,476.00
EBIT 281,457.00 246,615.00 196,946.00 163,386.00 126,519.00
Deprecation and Amortization 76,985.00 70,468.00 77,885.00 49,656.00 50,513.00
EBITDA 358,442.00 317,083.00 274,831.00 213,042.00 177,032.00
EPS 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 162,718.84 166,341.21 33,330.32 33,549.28 34,273.39
Average Shares Outstanding Diluted 164,321.66 168,161.37 33,833.86 34,244.48 34,555.16
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 268,525.00 211,198.00 166,141.00 184,387.00 202,973.00
   Operating Net Income 198,297.00 184,558.00 142,968.00 114,758.00 89,476.00
   Deprecation and Amortization 76,985.00 70,468.00 77,885.00 49,656.00 50,513.00
   Deferred Income Tax -19,885.00 -31,742.00 -19,552.00 -20,327.00 2,697.00
   Share Based Compensation 72,658.00 58,437.00 49,366.00 38,621.00 28,235.00
   Change in Working Capital -41,200.00 -91,505.00 -76,117.00 -40,310.00 35,669.00
   Other Operating Activities -18,330.00 20,982.00 -8,409.00 41,989.00 -3,617.00
Investing Cash Flow -119,099.00 -11,997.00 -96,546.00 -114,270.00 -18,316.00
   Capital Expenditure -46,262.00 -52,803.00 -44,836.00 -37,248.00 -42,224.00
   Net Purchase/Sale of PPE -46,047.00 -52,064.00 -44,570.00 -35,948.00 -41,308.00
   Net Purchase/Sale of Investments Net -48,153.00 40,667.00 -48,104.00 -1,491.00 23,692.00
   Net Purchase/Sale of Business -24,899.00 -600.00 -3,872.00 -76,831.00 -700.00
   Other Investing Activities 46,262.00 52,803.00 44,836.00 37,248.00 42,224.00
Financing Cash Flow -119,101.00 -181,450.00 -81,724.00 -146,879.00 -89,564.00
   Net Issuance/Repayment of Debt 88,424.00 -50,169.00 -10,142.00 -29,232.00 -11,116.00
   Net Issuance/Repurchase of Equity 212,949.00 137,413.00 73,702.00 119,067.00 81,450.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities -420,474.00 -268,694.00 -145,284.00 -236,714.00 -159,898.00
Net Change in Cash 25,997.00 19,780.00 -18,189.00 -81,709.00 98,475.00
   Cash at Beginning of Period 145,401.00 125,621.00 143,810.00 225,519.00 127,044.00
   Cash at End of Period 171,398.00 145,401.00 125,621.00 143,810.00 225,519.00
Free Cash Flow 222,263.00 158,395.00 121,305.00 147,139.00 160,749.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Assets 1,733,632.00 1,708,503.00 1,676,411.00 1,618,403.00 1,609,832.00 1,439,391.00 1,441,972.00 1,308,571.00 1,346,119.00 1,274,549.00 1,282,904.00 1,226,366.00 1,247,857.00
   Current Assets 891,946.00 858,316.00 831,305.00 795,189.00 767,689.00 664,717.00 679,673.00 566,227.00 612,794.00 572,618.00 578,144.00 596,550.00 609,278.00
      Cash and Short-Term Investments 390,142.00 353,294.00 341,246.00 350,550.00 325,750.00 250,441.00 294,896.00 209,375.00 302,593.00 275,508.00 320,049.00 381,137.00 407,506.00
            Cash and Cash Equivalents 160,309.00 149,134.00 150,268.00 163,327.00 150,102.00 112,856.00 141,015.00 92,896.00 123,566.00 112,814.00 141,511.00 182,416.00 223,220.00
            Short-Term Investments 229,833.00 204,160.00 190,978.00 187,223.00 175,648.00 137,585.00 153,881.00 116,479.00 179,027.00 162,694.00 178,538.00 198,721.00 184,286.00
      Net Receivables 398,592.00 396,763.00 339,856.00 304,322.00 365,223.00 335,523.00 308,108.00 290,512.00 259,222.00 239,279.00 194,232.00 159,296.00 147,635.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 103,212.00 108,259.00 150,203.00 140,317.00 76,716.00 78,753.00 76,669.00 66,340.00 50,979.00 57,831.00 63,863.00 56,117.00 54,137.00
   Non-Current Assets 841,686.00 850,187.00 845,106.00 823,214.00 842,143.00 774,674.00 762,299.00 742,344.00 733,325.00 701,931.00 704,760.00 629,816.00 638,579.00
      Property, Plant, Equipment Net 185,023.00 187,186.00 178,298.00 170,621.00 179,191.00 168,421.00 165,229.00 139,434.00 138,175.00 160,757.00 162,700.00 178,930.00 184,793.00
      Goodwill 419,871.00 420,573.00 420,494.00 420,387.00 427,663.00 405,574.00 405,639.00 405,824.00 405,637.00 404,561.00 403,902.00 349,098.00 349,088.00
      Intangible Assets 39,511.00 42,825.00 46,092.00 49,331.00 51,291.00 47,080.00 50,164.00 60,681.00 64,819.00 76,578.00 81,082.00 56,243.00 59,594.00
      Long-Term Investments 8,001.00 7,516.00 20,134.00 13,972.00 14,184.00 4,404.00 4,430.00 35,559.00 34,779.00 3,118.00 3,004.00 2,921.00 2,957.00
      Non-Current Deferred Assets 149,731.00 150,919.00 109,953.00 104,747.00 135,894.00 91,840.00 82,927.00 62,252.00 55,791.00 22,447.00 21,404.00 10,657.00 7,749.00
      Other Non-Current Assets 39,549.00 41,168.00 70,135.00 64,156.00 33,920.00 57,355.00 53,910.00 38,594.00 34,124.00 34,470.00 32,668.00 31,967.00 34,398.00
Liabilities 781,243.00 647,553.00 664,534.00 688,541.00 702,269.00 636,136.00 552,535.00 513,349.00 587,940.00 574,208.00 589,748.00 500,141.00 528,685.00
   Current Liabilities 307,002.00 272,303.00 243,653.00 290,116.00 254,185.00 261,441.00 326,403.00 280,904.00 277,946.00 222,121.00 495,686.00 197,720.00 221,078.00
      Payables and Expenses 103,734.00 110,128.00 201,203.00 249,475.00 98,345.00 166,016.00 236,305.00 205,284.00 214,186.00 145,242.00 197,183.00 139,480.00 144,535.00
            Account Payables 6,767.00 5,971.00 5,648.00 5,884.00 4,082.00 3,093.00 5,055.00 3,384.00 7,789.00 4,796.00 6,873.00 8,304.00 6,992.00
            Current Accrued Liabilities 73,229.00 81,988.00 195,555.00 243,591.00 69,571.00 162,923.00 231,250.00 201,900.00 206,397.00 140,446.00 190,310.00 131,176.00 137,543.00
      Short-Term Debt 24,060.00 23,260.00 22,312.00 21,377.00 21,795.00 78,486.00 77,780.00 54,095.00 44,978.00 54,308.00 278,503.00 43,476.00 43,894.00
      Other Current Liabilities 179,208.00 138,915.00 20,138.00 19,264.00 134,045.00 16,939.00 12,318.00 21,525.00 18,782.00 22,571.00 20,000.00 14,764.00 32,649.00
   Non-Current Liabilities 474,241.00 375,250.00 420,881.00 398,425.00 448,084.00 374,695.00 226,132.00 232,445.00 309,994.00 352,087.00 94,062.00 302,421.00 307,607.00
      Long-Term Debt 410,397.00 317,557.00 363,785.00 343,449.00 402,164.00 339,876.00 193,175.00 205,655.00 268,155.00 326,173.00 68,506.00 284,635.00 286,835.00
      Other Non-Current Liabilities 63,844.00 57,693.00 57,096.00 54,976.00 45,920.00 34,819.00 32,957.00 26,790.00 41,839.00 25,914.00 25,556.00 17,786.00 20,772.00
Equity 952,389.00 1,060,950.00 1,011,877.00 929,862.00 907,563.00 803,255.00 889,437.00 795,222.00 758,179.00 700,341.00 693,156.00 726,225.00 719,172.00
   Shareholders Equity 952,389.00 1,060,950.00 1,011,877.00 929,862.00 907,563.00 803,255.00 889,437.00 795,222.00 758,179.00 700,341.00 693,156.00 726,225.00 719,172.00
      Capital Stock 207.00 207.00 207.00 206.00 205.00 204.00 203.00 40.00 40.00 40.00 40.00 39.00 39.00
      Share Premium 627,966.00 625,984.00 609,592.00 588,583.00 572,430.00 502,827.00 508,028.00 460,527.00 445,108.00 406,966.00 395,742.00 428,882.00 420,976.00
      Retained Earnings 1,472,733.00 1,414,572.00 1,348,521.00 1,281,960.00 1,231,288.00 1,132,426.00 1,083,663.00 950,436.00 899,105.00 792,315.00 756,137.00 673,310.00 641,379.00
      Treasury Shares 979,540.00 845,379.00 -803,656.00 -786,165.00 773,767.00 -701,766.00 -575,417.00 -484,294.00 -441,931.00 -400,674.00 -369,289.00 -297,253.00 -268,238.00
      Accumulated Other Comprehensive Income -168,977.00 -134,434.00 -142,787.00 -154,722.00 -122,593.00 -130,436.00 -127,040.00 -131,487.00 -144,143.00 -98,306.00 -89,474.00 -78,753.00 -74,984.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 211,112.00 201,195.00 0 141,989.00 158,311.00 152,038.00 213,806.00 165,812.00 181,542.00 201,642.00 187,243.00
Debt 434,457.00 340,817.00 386,097.00 364,826.00 423,959.00 418,362.00 270,955.00 259,750.00 313,133.00 380,481.00 347,009.00 328,111.00 330,729.00
Net Debt 194,511.00 110,907.00 44,851.00 14,276.00 194,617.00 167,921.00 0 50,375.00 10,540.00 104,973.00 26,960.00 0 0
Common Shares Outstanding 158,882.63 161,829.33 162,683.34 161,801.21 160,880.59 162,425.61 165,277.88 33,321.46 33,234.44 33,328.74 33,291.48 33,526.89 33,559.43
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 529,585.00 514,460.00 501,019.00 472,073.00 436,507.00 400,643.00 329,208.00 261,415.00
Cost Of Revenue 325,649.00 320,272.00 307,705.00 293,806.00 273,424.00 251,469.00 207,516.00 158,821.00
Interest Income 2,134.00 2,682.00 0 2,547.00 0 0 0 0
Interest Expense 4,923.00 4,282.00 4,144.00 5,526.00 3,533.00 3,459.00 876.00 2,474.00
Non-Interest Expense 112,634.00 98,995.00 0 95,063.00 0 0 0 0
Gross Profit 203,936.00 194,188.00 193,314.00 178,267.00 163,083.00 149,174.00 121,692.00 102,594.00
Operating Expenses 127,762.00 113,050.00 114,899.00 108,862.00 101,559.00 89,726.00 77,717.00 61,039.00
   Selling, General and Administrative Expenses 112,634.00 98,995.00 101,172.00 95,063.00 89,256.00 75,978.00 64,423.00 49,203.00
   Other Operating Expenses 0 0 13,727.00 0 12,303.00 13,748.00 13,294.00 11,836.00
Operating Income 76,174.00 81,138.00 78,415.00 69,405.00 61,524.00 59,448.00 43,975.00 41,555.00
Net Non-Operating Income 129.00 730.00 153.00 61.00 1,463.00 -3,190.00 5,280.00 2,199.00
EBT 74,697.00 84,738.00 78,568.00 68,531.00 62,987.00 56,258.00 49,255.00 43,754.00
Income Tax 16,456.00 18,546.00 13,114.00 15,460.00 13,855.00 7,524.00 11,717.00 9,347.00
Equity Method Investments Income 0 0 -109.00 0 -28.00 66.00 114.00 -36.00
Net Income Including Non-Controlling Interests 58,161.00 66,051.00 0 53,037.00 0 0 0 0
Net Income 58,161.00 66,051.00 66,561.00 53,037.00 48,763.00 51,331.00 36,178.00 31,931.00
EBIT 79,620.00 89,020.00 82,712.00 74,057.00 66,520.00 59,717.00 50,131.00 46,228.00
Deprecation and Amortization 33,581.00 8,086.00 19,603.00 29,908.00 17,332.00 18,291.00 19,712.00 12,266.00
EBITDA 113,201.00 103,075.00 102,315.00 103,965.00 83,852.00 78,008.00 69,843.00 58,494.00
EPS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 160,495.71 162,925.48 162,490.18 161,732.87 165,082.39 33,439.56 33,442.04 33,734.12
Average Shares Outstanding Diluted 161,714.49 164,193.26 164,557.33 163,187.73 166,726.85 33,931.48 33,894.87 34,318.32
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow 120,716.00 109,377.00 3,243.00 110,142.00 -21,873.00 16,025.00 -26,870.00 15,205.00
   Operating Net Income 58,161.00 66,051.00 66,561.00 53,037.00 48,763.00 51,331.00 36,178.00 31,931.00
   Deprecation and Amortization 33,581.00 8,086.00 19,603.00 29,908.00 17,332.00 18,291.00 19,712.00 12,266.00
   Deferred Income Tax 9,085.00 -7,673.00 -7,932.00 -8,347.00 -8,680.00 -9,444.00 -193.00 -2,695.00
   Share Based Compensation 23,139.00 16,392.00 19,187.00 21,232.00 17,852.00 14,407.00 11,224.00 7,832.00
   Change in Working Capital 18,396.00 17,157.00 -94,264.00 26,009.00 -85,766.00 -71,062.00 -90,981.00 -32,753.00
   Other Operating Activities -21,646.00 9,364.00 88.00 -11,697.00 -11,374.00 12,502.00 -2,810.00 -1,376.00
Investing Cash Flow -46,322.00 -14,019.00 -22,268.00 -51,226.00 4,689.00 43,341.00 -4,694.00 -26,029.00
   Capital Expenditure 0 0 -12,940.00 0 -11,266.00 -12,479.00 -16,101.00 -12,680.00
   Net Purchase/Sale of PPE -14,226.00 -14,341.00 -12,845.00 -12,777.00 -11,204.00 -11,914.00 -16,038.00 -12,551.00
   Net Purchase/Sale of Investments Net -31,522.00 322.00 -8,823.00 -13,383.00 15,893.00 55,255.00 12,711.00 -13,478.00
   Net Purchase/Sale of Business -574.00 0 -600.00 -25,066.00 0 0 -1,367.00 0
   Other Investing Activities 0.00 0.00 12,940.00 0.00 11,266.00 12,479.00 16,101.00 12,680.00
Financing Cash Flow -63,377.00 -87,957.00 3,405.00 -24,866.00 -9,773.00 -91,304.00 3,576.00 -28,997.00
   Net Issuance/Repayment of Debt 94,632.00 -47,381.00 18,634.00 9,910.00 144,940.00 -50,043.00 34,961.00 -25,000.00
   Net Issuance/Repurchase of Equity -158,009.00 -40,576.00 20,759.00 -34,183.00 153,741.00 43,465.00 31,385.00 29,090.00
   Dividends Paid 0 0 0 0 0 0 0 0
   Other Financing Activities 0.00 0.00 -35,988.00 -593.00 -308,454.00 -84,726.00 -62,770.00 -33,087.00
Net Change in Cash 11,017.00 7,401.00 -12,920.00 34,050.00 -28,169.00 -30,656.00 -28,741.00 -40,805.00
   Cash at Beginning of Period 170,525.00 158,478.00 171,398.00 121,654.00 145,401.00 125,621.00 143,810.00 225,519.00
   Cash at End of Period 179,833.00 170,525.00 158,478.00 163,264.00 117,232.00 94,965.00 115,069.00 184,714.00
Free Cash Flow 106,355.00 94,951.00 -9,697.00 97,283.00 -33,139.00 3,546.00 -42,971.00 2,525.00