Valuation Ratios

Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Price to Earnings 22.82 24.45 27.10 36.41
Price to Sales 4.59 3.43 3.24 4.64
Book Value Per Common Share
Price to Book
Price to Operating Cash Flow 16.32 14.77 19.71 18.70
Price to Free Cash Flow 16.97 16.11 21.33 19.64
Enterprise Value to EBITDA 159413.26 159357.26 172923.69 239994.35
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-03-31 2021-12-31 2021-09-30 2021-03-31 2020-12-31
Price to Earnings 89.46 106.08 88.24 76.49 119.59 224.68 158.90 293.83 123.04
Price to Sales 21.79 21.08 19.13 14.43 15.28 12.31 19.96 21.66 19.61 17.31
Book Value Per Common Share 59.99 57.22 51.66
Price to Book 4.91 4.65 3.33
Price to Operating Cash Flow 60.25 60.07 72.30 63.15 64.01 54.71 164.68 78.70
Price to Free Cash Flow 62.13 62.63 75.30 65.56 67.71 59.67 186.47 81.48
Enterprise Value to EBITDA 778438.43 850314.99 630890.48 528434.04 516705.36 699216.40 1046384.57 749246.36

Earnings Data

Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Earning YoY 46.43 23.41 -2.20
Revenue YoY 0.10 4.35 3.55
EBITDA YoY 34.04 19.50 -0.27
Net Profit YoY 43.51 22.59 -2.74
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-03-31 2021-12-31 2021-09-30 2021-03-31 2020-12-31
Earning YoY 31.08 -11.93 95.00 29.03 -39.61 116.90 -50.35
Revenue YoY 6.74 -4.61 10.21 0.42 -1.11 10.43 -7.70 6.48 3.31
EBITDA YoY 20.63 -21.73 21.98 -6.73 65.06
Net Profit YoY 30.50 -12.57 15.52 4.12 91.13 28.75 -39.89 116.37 -50.68

Financial Strength

Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Cash Per Common Share 18.30 13.41 14.68 15.00
Quick Ratio 0.98 0.85 0.74 0.90
Current Ratio 1.42 1.26 1.04 1.16
Debt to Equity 0.79 0.87 1.14 1.12
Long-Term Debt to Equity 0.32 0.35 0.39 0.53
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-03-31 2021-12-31 2021-09-30 2021-03-31 2020-12-31
Cash Per Common Share 24.70 21.75 19.74 18.50 16.05 13.97 13.57 10.98 14.78 14.65 14.13 15.01 10.60 22.35
Quick Ratio 1.45 1.36 1.03 0.98 1.19 0.88 0.85 0.75 0.74 0.73 0.89 0.90 0.77 1.30
Current Ratio 1.60 1.53 1.48 1.42 1.36 1.29 1.26 1.12 1.04 0.98 1.18 1.16 1.01 1.54
Debt to Equity 0.76 0.78 0.82 0.79 0.80 0.87 0.87 0.97 1.14 1.12 1.11 1.12 1.25 1.04
Long-Term Debt to Equity 0.31 0.32 0.33 0.32 0.31 0.34 0.35 0.38 0.39 0.38 0.52 0.53 0.59 0.49

Profitability

Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
ROA 10.10 7.53 6.11 6.63
ROE 18.11 14.10 13.05 14.03
Gross Margin 80.20 78.91 79.98 81.06
Operating Margin 24.70 17.28 14.30 14.86
EBITDA Margin 28.50 21.28 18.58 19.30
Net Profit Margin 20.13 14.04 11.95 12.72
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-03-31 2021-12-31 2021-09-30 2021-03-31 2020-12-31
ROA 3.11 2.46 2.82 2.66 2.59 1.42 1.11 1.84 0.96 1.79
ROE 5.47 4.39 5.14 4.79 4.84 2.80 2.35 3.89 2.15 3.65
Gross Margin 80.95 80.72 81.67 80.38 80.31 77.87 80.08 80.34 80.07 81.59
Operating Margin 25.16 21.73 27.27 23.46 25.18 13.69 11.46 16.26 8.08 18.74
EBITDA Margin 28.04 24.81 30.23 27.31 29.41 17.62 20.66 23.17
Net Profit Margin 24.34 19.91 21.72 20.72 19.98 10.34 8.87 13.62 6.70 14.04

Dividends

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

Financial Statements

Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Assets 5,613,004.00 5,248,333.00 5,276,194.00 4,997,280.00
   Current Assets 2,109,471.00 1,848,773.00 1,912,224.00 1,611,100.00
      Cash and Short-Term Investments 1,074,602.00 803,323.00 884,566.00 910,607.00
            Cash and Cash Equivalents 1,074,602.00 797,163.00 758,012.00 580,977.00
            Short-Term Investments 0 6,160.00 126,554.00 329,630.00
      Net Receivables 389,024.00 454,832.00 469,979.00 340,536.00
      Inventory 76,378.00 35,874.00 68,365.00 22,055.00
      Other Current Assets 569,467.00 554,744.00 489,314.00 337,902.00
   Non-Current Assets 3,503,533.00 3,399,560.00 3,363,970.00 3,386,180.00
      Property, Plant, Equipment Net 329,123.00 365,893.00 395,657.00 436,098.00
      Goodwill 2,312,362.00 2,288,678.00 2,259,282.00 2,216,553.00
      Intangible Assets 332,359.00 396,142.00 416,315.00 394,908.00
      Long-Term Investments 8,580.00 5,068.00 9,544.00 132,778.00
      Non-Current Deferred Assets 365,951.00 295,308.00 183,365.00 128,193.00
      Other Non-Current Assets 155,158.00 48,471.00 99,807.00 77,650.00
Liabilities 2,483,626.00 2,448,101.00 2,807,216.00 2,637,067.00
   Current Liabilities 1,489,653.00 1,472,781.00 1,839,951.00 1,391,527.00
      Payables and Expenses 367,970.00 346,205.00 422,997.00 403,583.00
            Account Payables 67,894.00 63,315.00 113,178.00 62,096.00
            Current Accrued Liabilities 300,076.00 282,890.00 309,819.00 341,487.00
      Short-Term Debt 33,779.00 0 349,772.00 19,275.00
      Other Current Liabilities 1,087,904.00 1,126,576.00 1,067,182.00 968,669.00
   Non-Current Liabilities 993,973.00 975,320.00 967,265.00 1,245,540.00
      Long-Term Debt 215,785.00 239,565.00 272,376.00 646,717.00
      Other Non-Current Liabilities 778,188.00 735,755.00 694,889.00 598,823.00
Equity 3,129,378.00 2,800,232.00 2,468,978.00 2,360,213.00
   Shareholders Equity 0 0 0 0
      Capital Stock 5,889.00 24,399.00 91,048.00 192,458.00
      Share Premium 0 0 0 0
      Retained Earnings 3,144,401.00 2,799,054.00 2,404,106.00 2,187,828.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income -20,912.00 -23,221.00 -26,176.00 -20,073.00
   Minority Interest 0 0 0 0
Investments 8,580.00 11,228.00 136,098.00 462,408.00
Debt 215,785.00 239,565.00 622,148.00 665,992.00
Common Shares Outstanding 58,094.00 59,207.00 59,860.00 60,652.00
Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Revenues 2,816,120.00 2,813,169.00 2,695,845.00 2,603,416.00
Cost Of Revenue 557,647.00 593,308.00 539,627.00 493,146.00
Gross Profit 2,258,473.00 2,219,861.00 2,156,218.00 2,110,270.00
Operating Expenses 1,599,882.00 1,747,293.00 1,752,426.00 1,716,245.00
   Selling, General and Administrative Expenses 1,101,107.00 1,141,620.00 1,201,149.00 1,203,618.00
   Research and Development Expenses 490,120.00 540,285.00 543,368.00 512,627.00
   Other Operating Expenses 8,655.00 65,388.00 7,909.00 0.00
Operating Income 658,591.00 472,568.00 403,792.00 394,025.00
Net Non-Operating Income 36,874.00 13,420.00 -18,399.00 -7,088.00
Interest Expense 0.00 0.00 0.00 0.00
Net Interest 0 0 0 2,500.00
EBT 695,465.00 485,988.00 385,393.00 386,937.00
Income Tax 128,687.00 91,040.00 63,233.00 55,696.00
Net Income 566,778.00 394,948.00 322,160.00 331,241.00
EBIT 695,465.00 485,988.00 385,393.00 386,937.00
Deprecation and Amortization 106,991.00 112,702.00 115,609.00 115,424.00
EBITDA 802,456.00 598,690.00 501,002.00 502,361.00
EPS 0.01 0.01 0.01 0.01
Diluted EPS 0.01 0.01 0.01 0.01
Average Shares Outstanding Basic 58,720.00 59,909.00 60,274.00 60,707.00
Average Shares Outstanding Diluted 59,359.00 60,270.00 61,097.00 62,057.00
Breakdown 2024-09-30 2023-09-30 2022-09-30 2021-09-30
Operating Cash Flow 792,419.00 653,409.00 442,631.00 645,196.00
   Operating Net Income 566,778.00 394,948.00 322,160.00 331,241.00
   Deprecation and Amortization 106,991.00 112,702.00 115,609.00 115,424.00
   Deferred Income Tax -68,523.00 -108,521.00 -40,244.00 -76,930.00
   Share Based Compensation 219,108.00 236,650.00 249,216.00 243,279.00
   Change in Working Capital -19,347.00 19,468.00 -198,241.00 3,937.00
   Other Operating Activities -12,588.00 -1,838.00 -5,869.00 28,245.00
Investing Cash Flow -59,214.00 36,393.00 218,116.00 -445,335.00
   Capital Expenditure -30,412.00 -54,184.00 -33,624.00 -30,651.00
   Net Purchase/Sale of PPE -30,412.00 -54,184.00 -33,624.00 -30,651.00
   Net Purchase/Sale of Investments Net 4,137.00 125,626.00 319,651.00 -3,365.00
   Net Purchase/Sale of Business -32,939.00 -35,049.00 -67,911.00 -411,319.00
   Other Investing Activities 30,412.00 54,184.00 33,624.00 30,651.00
Financing Cash Flow -457,002.00 -653,299.00 -476,508.00 -468,280.00
   Net Issuance/Repayment of Debt 0 -350,000.00 -20,000.00 -20,000.00
   Net Issuance/Repurchase of Equity 500,558.00 350,049.00 500,023.00 500,000.00
   Dividends Paid 0 0 0 0
   Other Financing Activities -957,560.00 -653,348.00 -956,531.00 -948,280.00
Net Change in Cash 276,203.00 36,503.00 184,239.00 -268,419.00
   Cash at Beginning of Period 802,137.00 764,332.00 577,968.00 852,752.00
   Cash at End of Period 1,078,340.00 800,835.00 762,207.00 584,333.00
Free Cash Flow 762,007.00 599,225.00 409,007.00 614,545.00
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2022-03-31 2021-12-31 2021-09-30 2021-03-31 2020-12-31
Assets 6,113,499.00 5,906,577.00 5,900,641.00 5,613,004.00 5,414,450.00 5,348,855.00 5,248,333.00 5,085,568.00 5,276,194.00 5,077,173.00 5,086,908.00 4,997,280.00 4,519,192.00 4,899,339.00
   Current Assets 2,485,038.00 2,336,174.00 2,342,028.00 2,109,471.00 1,986,167.00 1,961,751.00 1,848,773.00 1,714,507.00 1,912,224.00 1,734,831.00 1,687,973.00 1,611,100.00 1,335,648.00 2,029,810.00
      Cash and Short-Term Investments 1,426,957.00 1,259,282.00 1,150,907.00 1,074,602.00 935,621.00 825,859.00 803,323.00 659,754.00 884,566.00 887,134.00 858,954.00 910,607.00 643,271.00 1,373,344.00
            Cash and Cash Equivalents 1,426,957.00 1,259,282.00 1,150,907.00 1,074,602.00 934,809.00 822,572.00 797,163.00 605,739.00 758,012.00 586,543.00 512,406.00 580,977.00 532,166.00 1,026,829.00
            Short-Term Investments 0 0 0 0 812.00 3,287.00 6,160.00 54,015.00 126,554.00 300,591.00 346,548.00 329,630.00 111,105.00 346,515.00
      Net Receivables 820,031.00 807,569.00 484,989.00 389,024.00 792,379.00 513,176.00 454,832.00 485,277.00 469,979.00 414,218.00 419,282.00 340,536.00 374,404.00 346,670.00
      Inventory 66,920.00 67,880.00 73,239.00 76,378.00 78,537.00 35,840.00 35,874.00 59,197.00 68,365.00 27,883.00 20,795.00 22,055.00 24,571.00 26,455.00
      Other Current Assets 171,130.00 201,443.00 632,893.00 569,467.00 179,630.00 586,876.00 554,744.00 510,279.00 489,314.00 405,596.00 388,942.00 337,902.00 293,402.00 283,341.00
   Non-Current Assets 3,628,461.00 3,570,403.00 3,558,613.00 3,503,533.00 3,428,283.00 3,387,104.00 3,399,560.00 3,371,061.00 3,363,970.00 3,342,342.00 3,398,935.00 3,386,180.00 3,183,544.00 2,869,529.00
      Property, Plant, Equipment Net 334,664.00 338,468.00 348,185.00 329,123.00 339,491.00 359,287.00 365,893.00 391,662.00 395,657.00 406,318.00 422,696.00 436,098.00 467,988.00 501,693.00
      Goodwill 2,324,328.00 2,319,835.00 2,312,362.00 2,312,362.00 2,312,362.00 2,288,678.00 2,288,678.00 2,259,277.00 2,259,282.00 2,259,951.00 2,260,407.00 2,216,553.00 2,209,639.00 1,863,892.00
      Intangible Assets 88,479.00 92,651.00 101,015.00 332,359.00 122,140.00 136,425.00 396,142.00 187,367.00 416,315.00 224,523.00 237,528.00 394,908.00 273,480.00 223,371.00
      Long-Term Investments 15,034.00 12,534.00 11,177.00 8,580.00 7,298.00 6,170.00 5,068.00 7,812.00 9,544.00 34,911.00 76,991.00 132,778.00 19,078.00 88,753.00
      Non-Current Deferred Assets 467,666.00 441,908.00 378,334.00 365,951.00 374,637.00 307,119.00 295,308.00 208,562.00 183,365.00 158,357.00 148,333.00 128,193.00 68,624.00 47,236.00
      Other Non-Current Assets 398,290.00 365,007.00 407,540.00 155,158.00 272,355.00 289,425.00 48,471.00 316,381.00 99,807.00 258,282.00 252,980.00 77,650.00 144,735.00 144,584.00
Liabilities 2,641,815.00 2,592,532.00 2,664,890.00 2,483,626.00 2,403,705.00 2,487,878.00 2,448,101.00 2,503,219.00 2,807,216.00 2,680,045.00 2,681,547.00 2,637,067.00 2,511,373.00 2,497,749.00
   Current Liabilities 1,551,176.00 1,524,100.00 1,587,644.00 1,489,653.00 1,455,582.00 1,524,460.00 1,472,781.00 1,533,479.00 1,839,951.00 1,773,229.00 1,431,888.00 1,391,527.00 1,327,104.00 1,319,249.00
      Payables and Expenses 319,715.00 293,325.00 369,980.00 367,970.00 275,370.00 339,004.00 346,205.00 402,284.00 422,997.00 370,337.00 373,098.00 403,583.00 378,432.00 363,334.00
            Account Payables 68,709.00 43,610.00 53,611.00 67,894.00 53,618.00 60,084.00 63,315.00 71,760.00 113,178.00 69,131.00 58,253.00 62,096.00 53,567.00 57,542.00
            Current Accrued Liabilities 212,416.00 217,241.00 316,369.00 300,076.00 187,556.00 278,920.00 282,890.00 330,524.00 309,819.00 301,206.00 314,845.00 341,487.00 324,865.00 305,792.00
      Short-Term Debt 30,407.00 30,195.00 31,452.00 33,779.00 38,122.00 41,308.00 0 0 349,772.00 359,410.00 19,275.00 19,275.00 19,275.00 19,275.00
      Other Current Liabilities 1,201,054.00 1,200,580.00 1,186,212.00 1,087,904.00 1,142,090.00 1,144,148.00 1,126,576.00 1,131,195.00 1,067,182.00 1,043,482.00 1,039,515.00 968,669.00 929,397.00 936,640.00
   Non-Current Liabilities 1,090,639.00 1,068,432.00 1,077,246.00 993,973.00 948,123.00 963,418.00 975,320.00 969,740.00 967,265.00 906,816.00 1,249,659.00 1,245,540.00 1,184,269.00 1,178,500.00
      Long-Term Debt 229,411.00 236,623.00 242,872.00 215,785.00 222,486.00 235,001.00 239,565.00 267,700.00 272,376.00 276,416.00 632,550.00 646,717.00 679,542.00 692,697.00
      Other Non-Current Liabilities 861,228.00 831,809.00 834,374.00 778,188.00 725,637.00 728,417.00 735,755.00 702,040.00 694,889.00 630,400.00 617,109.00 598,823.00 504,727.00 485,803.00
Equity 3,471,684.00 3,314,045.00 3,235,751.00 3,129,378.00 3,010,745.00 2,860,977.00 2,800,232.00 2,582,349.00 2,468,978.00 2,397,128.00 2,405,361.00 2,360,213.00 2,007,819.00 2,401,590.00
   Shareholders Equity 3,471,684.00 3,314,045.00 0 0 3,010,745.00 0 0 0 0 0 0 0 0 0
      Capital Stock 40,744.00 40,252.00 9,461.00 5,889.00 17,898.00 18,348.00 24,399.00 129,060.00 91,048.00 82,133.00 145,189.00 192,458.00 39,507.00 386,236.00
      Share Premium 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Retained Earnings 3,449,498.00 3,296,103.00 3,250,489.00 3,144,401.00 3,015,104.00 2,863,297.00 2,799,054.00 2,476,508.00 2,404,106.00 2,337,623.00 2,281,387.00 2,187,828.00 1,987,506.00 2,033,209.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -18,558.00 -22,310.00 -24,199.00 -20,912.00 -22,257.00 -20,668.00 -23,221.00 -23,219.00 -26,176.00 -22,628.00 -21,215.00 -20,073.00 -19,194.00 -17,855.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 11,177.00 8,580.00 0 9,457.00 11,228.00 61,827.00 136,098.00 335,502.00 423,539.00 462,408.00 130,183.00 435,268.00
Debt 259,818.00 266,818.00 242,872.00 215,785.00 260,608.00 235,001.00 239,565.00 267,700.00 622,148.00 635,826.00 651,825.00 665,992.00 698,817.00 711,972.00
Net Debt 0 0 0 0 0 0 0 0 0 0 0 0 55,546.00 0
Common Shares Outstanding 57,867.00 57,919.00 58,132.00 58,094.00 58,284.00 58,797.00 59,207.00 60,117.00 59,860.00 60,465.00 60,711.00 60,652.00 60,052.00 61,632.00
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-06-30 2023-12-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Revenues 780,370.00 731,123.00 766,489.00 695,495.00 692,597.00 700,378.00 634,224.00 687,100.00 645,287.00 624,617.00
Cost Of Revenue 148,628.00 140,959.00 140,510.00 136,425.00 136,389.00 155,007.00 126,359.00 135,073.00 128,585.00 114,979.00
Interest Expense 0 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00
Net Interest 0 0 0 0 0 0 0 300.00 700.00 1,100.00
Non-Interest Expense 299,080.00 294,706.00 0 271,500.00 0 0 0 0 0 0
Gross Profit 631,742.00 590,164.00 625,979.00 559,070.00 556,208.00 545,371.00 507,865.00 552,027.00 516,702.00 509,638.00
Operating Expenses 435,425.00 431,267.00 420,897.00 395,887.00 391,692.00 454,159.00 433,218.00 437,876.00 463,201.00 391,890.00
   Selling, General and Administrative Expenses 299,080.00 294,706.00 279,058.00 271,500.00 263,645.00 303,096.00 297,380.00 299,696.00 322,748.00 277,699.00
   Research and Development Expenses 136,345.00 136,561.00 130,518.00 124,387.00 119,575.00 142,323.00 135,838.00 130,271.00 140,453.00 114,191.00
   Other Operating Expenses 0 0 11,321.00 0 8,472.00 8,740.00 0.00 7,909.00 0.00 0.00
Operating Income 196,317.00 158,897.00 205,082.00 163,183.00 164,516.00 91,212.00 74,647.00 114,151.00 53,501.00 117,748.00
Net Non-Operating Income 16,706.00 12,303.00 3,962.00 8,529.00 9,882.00 4,702.00 -1,934.00 -2,431.00 -1,377.00 -683.00
EBT 213,023.00 171,200.00 209,044.00 171,619.00 174,398.00 95,914.00 72,713.00 111,720.00 52,124.00 117,065.00
Income Tax 23,111.00 25,670.00 42,599.00 27,540.00 36,016.00 23,512.00 16,477.00 18,161.00 8,883.00 29,387.00
Net Income Including Non-Controlling Interests 189,912.00 145,530.00 0 144,079.00 0 0 0 0 0 0
Net Income 189,912.00 145,530.00 166,445.00 144,079.00 138,382.00 72,402.00 56,236.00 93,559.00 43,241.00 87,678.00
EBIT 196,317.00 158,897.00 209,044.00 163,183.00 174,398.00 95,914.00 72,713.00 111,720.00 52,124.00 117,065.00
Deprecation and Amortization 22,471.00 22,471.00 22,666.00 26,778.00 29,266.00 27,472.00 0.00 30,260.00 0.00 27,660.00
EBITDA 218,788.00 181,368.00 231,710.00 189,961.00 203,664.00 123,386.00 0 141,980.00 0 144,725.00
EPS 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 57,772.00 57,886.00 58,305.00 0 59,122.00 60,096.00 60,573.00 60,810.00 60,667.00 61,440.00
Average Shares Outstanding Diluted 58,492.00 58,764.00 59,058.00 0 59,653.00 60,387.00 61,405.00 61,882.00 62,158.00 62,282.00
Breakdown 2025-06-30 2025-03-31 2024-12-31 2024-06-30 2023-12-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Operating Cash Flow 282,219.00 256,597.00 202,782.00 158,959.00 165,318.00 157,631.00 0 90,366.00 0 137,363.00
   Operating Net Income 189,912.00 145,530.00 166,445.00 144,079.00 138,382.00 72,402.00 56,236.00 93,559.00 43,241.00 87,678.00
   Deprecation and Amortization 22,471.00 22,471.00 22,666.00 26,778.00 29,266.00 27,472.00 0 30,260.00 0 27,660.00
   Deferred Income Tax -17,096.00 -27,268.00 -11,944.00 -18,302.00 -11,203.00 -25,070.00 0 -6,407.00 0 -694.00
   Share Based Compensation 57,451.00 58,884.00 57,908.00 54,206.00 56,002.00 62,874.00 0 63,757.00 0 58,069.00
   Change in Working Capital 21,374.00 47,008.00 -31,808.00 -55,752.00 -46,351.00 20,036.00 0 -91,345.00 0 -40,609.00
   Other Operating Activities 8,107.00 9,972.00 -485.00 7,950.00 -778.00 -83.00 0 542.00 0 5,259.00
Investing Cash Flow -25,113.00 -20,603.00 -9,973.00 -6,449.00 -7,135.00 61,902.00 0 -41,993.00 0 20,643.00
   Capital Expenditure 0 0 -8,073.00 0 -9,048.00 -13,104.00 0.00 -10,564.00 0.00 -4,697.00
   Net Purchase/Sale of PPE -8,543.00 -10,503.00 -8,073.00 -5,849.00 -9,048.00 -13,104.00 0 -10,564.00 0 -4,697.00
   Net Purchase/Sale of Investments Net -2,500.00 0 -1,900.00 -600.00 1,913.00 75,006.00 0 36,482.00 0 26,587.00
   Net Purchase/Sale of Business -14,070.00 0 0 0 0 0 0 -67,911.00 0 -1,247.00
   Other Investing Activities 0.00 0 8,073.00 0.00 9,048.00 13,104.00 0 10,564.00 0 4,697.00
Financing Cash Flow -93,380.00 -129,597.00 -114,683.00 -118,992.00 -134,972.00 -374,862.00 0 -116,025.00 0 17,715.00
   Net Issuance/Repayment of Debt 0 0 0 0 0 -350,000.00 0 -5,000.00 0 -5,000.00
   Net Issuance/Repurchase of Equity -125,009.00 -127,058.00 0 -150,018.00 150,018.00 40,005.00 0 125,011.00 0 0
   Dividends Paid 0 0 0 0 0 0 0 0 0 0
   Other Financing Activities 0 0 -114,683.00 31,026.00 -284,990.00 -64,867.00 0 -236,036.00 0 22,715.00
Net Change in Cash 163,726.00 106,397.00 78,126.00 33,518.00 23,211.00 -155,329.00 0 -67,652.00 0 175,721.00
   Cash at Beginning of Period 1,261,257.00 1,152,898.00 1,074,772.00 906,408.00 803,099.00 765,286.00 0 583,472.00 0 854,481.00
   Cash at End of Period 1,429,031.00 1,261,257.00 1,152,898.00 938,523.00 826,310.00 609,957.00 589,919.00 515,820.00 535,481.00 1,030,202.00
Free Cash Flow 273,676.00 246,094.00 194,709.00 153,110.00 156,270.00 144,527.00 0 79,802.00 0 132,666.00