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Definitive Analysis

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Industry Analysis

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Industry Enterprise Value

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Stock Price 28.06 30.76 32.30 33.14 43.26 34.37 29.54 26.68 30.81 25.75 23.13 23.08 23.32 21.34 16.02 15.45 10.99 10.99 17.27 16.72 13.27 10.71 10.01 9.01 8.03 8.35 9.24 9.33 10.68 9.95 9.79
Market Capitalization 4,701.64M 4,421.13M 5,059.82M 5,598.10M 6,630.63M 4,775.56M 4,212.26M 3,759.71M 4,557.02M 3,533.63M 3,274.64M 2,875.03M 2,592.46M 2,277.36M 1,902.37M 1,859.62M 1,277.07M 1,150.22M 1,850.12M 1,838.79M 1,159.09M 801.15M 598.50M 485.52M 441.82M 466.31M 437.83M 525.33M 670.07M 795.12M 857.07M
(-) Cash & Equivalents 505.54M 595.68M 578.28M 598.55M 536.30M 465.69M 376.26M 357.41M 334.27M 283.04M 233.32M 221.59M 212.39M 207.75M 218.25M 210.11M 151.52M 122.38M 113.23M 101.00M 90.53M 35.85M 29.15M 25.21M 19.59M 19.69M 18.19M 16.14M 19.47M 22.97M 18.56M
(+) Total Debt 1,850.37M 1,874.06M 1,989.57M 1,856.75M 1,612.47M 1,609.64M 1,505.14M 1,406.23M 1,289.24M 1,253.42M 1,173.98M 881.17M 868.08M 760.18M 588.81M 519.40M 519.68M 475.31M 418.77M 382.57M 369.46M 221.99M 180.87M 171.03M 142.67M 147.43M 130.96M 137.27M 115.19M 146.75M 115.67M
Enterprise Value 6,016,408,597.44 5,769,237,279.72 6,552,098,285.72 6,949,652,744.99 7,561,408,476.60 5,973,260,693.26 5,290,462,383.94 4,714,285,109.71 5,631,605,432.60 4,659,478,128.51 4,222,977,755.59 3,769,349,830.25 3,547,867,267.39 2,912,816,841.29 2,305,015,797.94 2,260,868,548.45 1,814,214,507.32 1,626,153,639.14 2,159,614,634.40 2,154,924,260.78 1,541,834,821.86 1,029,752,111.90 818,132,319.79 761,892,146.85 598,421,546.73 628,638,389.95 609,648,433.75 693,798,169.61 871,002,932.45 945,078,179.88 918,520,125.41

Industry Income Statement

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Revenue 4,643.06M 4,403.47M 4,509.38M 4,854.82M 4,098.60M 3,181.78M 3,328.57M 3,559.47M 3,207.90M 2,798.43M 2,621.32M 2,782.89M 2,776.55M 2,653.94M 2,512.17M 1,991.83M 2,019.25M 2,205.48M 1,827.85M 1,535.64M 1,351.02M 828.48M 678.49M 647.94M 596.69M 598.30M 575.14M 594.18M 652.25M 855.97M 913.51M
Cost of Revenue 3,601.83M 3,448.76M 3,470.15M 3,646.06M 2,916.14M 2,427.07M 2,532.49M 2,528.69M 2,368.06M 2,130.57M 2,054.13M 2,157.39M 2,177.36M 2,108.11M 1,927.68M 1,498.59M 1,540.68M 1,626.82M 1,291.91M 1,092.12M 949.77M 530.40M 439.73M 391.57M 378.09M 347.82M 325.36M 303.31M 326.46M 334.27M 298.92M
Gross Profit 1,041.22M 954.70M 1,039.23M 1,208.76M 1,182.46M 754.71M 796.07M 1,030.77M 839.84M 667.86M 567.19M 625.50M 599.19M 545.83M 584.49M 493.25M 478.57M 578.66M 535.94M 443.52M 401.25M 298.08M 238.75M 256.37M 218.60M 250.48M 249.78M 290.87M 325.79M 521.70M 614.59M
Gross Margin 22.4% 21.7% 23.0% 24.9% 28.9% 23.7% 23.9% 29.0% 26.2% 23.9% 21.6% 22.5% 21.6% 20.6% 23.3% 24.8% 23.7% 26.2% 29.3% 28.9% 29.7% 36.0% 35.2% 39.6% 36.6% 41.9% 43.4% 49.0% 49.9% 60.9% 67.3%
R&D Expenses 71.26M 79.08M 93.74M 90.09M 82.73M 74.61M 69.98M 63.04M 55.53M 53.38M 49.84M 52.52M 53.31M 24.78M 19.40M 14.87M 16.55M 12.31M 8.67M 8.34M 7.92M 5.87M 1.08M 1.38M 1.90M 4.93M 5.83M 7.52M 10.64M 2.48M 2.64M
SG&A Expenses 493.35M 443.17M 451.60M 418.58M 390.69M 354.80M 367.40M 372.58M 355.75M 357.65M 336.81M 316.59M 284.71M 221.35M 173.85M 144.01M 146.44M 156.19M 133.15M 122.79M 115.60M 75.90M 91.74M 92.98M 81.02M 79.26M 79.92M 75.66M 89.79M 110.32M 101.67M
Operating Expenses 564.61M 522.24M 545.34M 508.67M 473.43M 429.41M 437.38M 435.63M 411.27M 411.03M 386.65M 369.11M 338.02M 246.13M 193.25M 158.87M 162.99M 168.49M 141.82M 131.13M 123.52M 81.77M 92.82M 94.36M 82.92M 84.19M 85.75M 83.18M 100.43M 112.80M 104.31M
Operating Income 476.61M 432.46M 493.89M 700.09M 709.03M 325.30M 358.69M 595.14M 428.57M 256.83M 180.54M 256.39M 261.17M 299.70M 391.24M 334.37M 315.58M 410.17M 394.12M 312.39M 277.73M 216.31M 145.93M 162.01M 135.68M 166.29M 164.03M 207.69M 225.36M 408.90M 510.28M
Operating Margin 10.3% 9.8% 11.0% 14.4% 17.3% 10.2% 10.8% 16.7% 13.4% 9.2% 6.9% 9.2% 9.4% 11.3% 15.6% 16.8% 15.6% 18.6% 21.6% 20.3% 20.6% 26.1% 21.5% 25.0% 22.7% 27.8% 28.5% 35.0% 34.6% 47.8% 55.9%
Interest Income 10.15M 14.81M 13.87M 8.85M 5.62M 5.46M 5.97M 3.80M 2.71M 3.13M 3.01M 2.80M 2.73M 2.89M 2.37M 1.81M 2.17M 2.69M 1.90M 1.21M 0.75M 0.57M 0.23M 0.10M 0.07M 0.06M 0.00M 0.00M 0.00M 0.00M 0.02M
Interest Expense 87.26M 81.96M 73.86M 57.58M 49.41M 50.47M 57.96M 53.15M 48.56M 47.96M 38.48M 36.41M 39.02M 35.62M 26.00M 22.27M 26.65M 26.14M 18.37M 12.28M 12.25M 7.89M 2.62M 1.42M 0.99M 0.89M 0.53M 0.49M 0.61M 0.33M 0.53M
Net Interest Income -77.11M -67.15M -59.99M -48.73M -43.78M -45.01M -51.99M -49.35M -45.86M -44.83M -35.47M -33.61M -36.29M -32.73M -23.63M -20.46M -24.48M -23.45M -16.46M -11.08M -11.50M -7.32M -2.39M -1.32M -0.92M -0.83M -0.53M -0.49M -0.61M -0.33M -0.52M
Other Income / Expense -148.01M -99.17M -119.76M -161.04M -217.15M -41.03M -39.99M -225.47M -99.94M 7.05M 72.77M -35.50M -48.04M -93.43M -158.69M -153.40M -222.33M -272.62M -254.73M -192.76M -176.91M -162.65M -111.82M -136.26M -108.49M -123.84M -113.48M -156.98M -169.89M -317.49M -435.77M
Pre-Tax Income 251.49M 266.14M 314.15M 490.32M 448.10M 239.26M 266.71M 320.33M 282.77M 219.05M 217.84M 187.28M 176.84M 173.54M 208.92M 160.51M 68.77M 114.10M 122.93M 108.56M 89.32M 46.33M 31.73M 24.43M 26.27M 41.62M 50.03M 50.23M 54.86M 91.08M 73.99M
Pre-Tax Margin 5.4% 6.0% 7.0% 10.1% 10.9% 7.5% 8.0% 9.0% 8.8% 7.8% 8.3% 6.7% 6.4% 6.5% 8.3% 8.1% 3.4% 5.2% 6.7% 7.1% 6.6% 5.6% 4.7% 3.8% 4.4% 7.0% 8.7% 8.5% 8.4% 10.6% 8.1%
Income Tax Expense 73.56M 67.87M 67.39M 98.72M 90.15M 51.16M 58.13M 69.55M 58.41M 53.64M 58.32M 49.83M 50.18M 57.82M 57.15M 40.57M 26.36M 39.02M 39.59M 31.59M 30.52M 15.67M 5.79M 8.15M 7.58M 14.23M 16.83M 15.26M 20.05M 31.56M 25.71M
Tax Rate 29.2% 25.5% 21.5% 20.1% 20.1% 21.4% 21.8% 21.7% 20.7% 24.5% 26.8% 26.6% 28.4% 33.3% 27.4% 25.3% 35.0% 34.2% 32.2% 29.1% 34.2% 33.8% 18.2% 33.3% 28.8% 34.2% 33.6% 30.4% 35.0% 34.6% 34.7%
Net Income 177.93M 198.27M 246.76M 391.60M 357.95M 188.10M 208.58M 250.78M 224.36M 165.42M 159.52M 137.45M 126.66M 115.72M 151.77M 119.94M 42.41M 75.09M 83.34M 76.97M 58.79M 30.66M 25.94M 16.28M 18.69M 27.39M 33.20M 34.96M 34.81M 59.53M 48.28M
Net Margin 3.8% 4.5% 5.5% 8.1% 8.7% 5.9% 6.3% 7.0% 7.0% 5.9% 6.1% 4.9% 4.6% 4.4% 6.0% 6.0% 2.1% 3.4% 4.6% 5.0% 4.4% 3.7% 3.8% 2.5% 3.1% 4.6% 5.8% 5.9% 5.3% 7.0% 5.3%
EBIT 476.61M 432.46M 493.89M 700.09M 709.03M 325.30M 358.69M 595.14M 428.57M 256.83M 180.54M 256.39M 261.17M 299.70M 391.24M 334.37M 315.58M 410.17M 394.12M 312.39M 277.73M 216.31M 145.93M 162.01M 135.68M 166.29M 164.03M 207.69M 225.36M 408.90M 510.28M
Depreciation & Amortization 220.99M 235.43M 223.02M 191.98M 196.89M 176.31M 170.13M 156.93M 148.22M 149.66M 131.12M 121.03M 116.09M 99.21M 98.48M 92.39M 102.17M 77.06M 71.37M 61.41M 59.68M 36.15M 29.84M 29.86M 30.64M 29.81M 32.34M 28.62M 31.37M 31.02M 31.45M
EBITDA 697.60M 667.89M 716.91M 892.07M 905.93M 501.62M 528.82M 752.07M 576.79M 406.49M 311.66M 377.42M 377.26M 398.91M 489.73M 426.76M 417.75M 487.23M 465.49M 373.81M 337.40M 252.45M 175.78M 191.87M 166.32M 196.10M 196.37M 236.31M 256.73M 439.92M 541.72M
EBITDA Margin 15.0% 15.2% 15.9% 18.4% 22.1% 15.8% 15.9% 21.1% 18.0% 14.5% 11.9% 13.6% 13.6% 15.0% 19.5% 21.4% 20.7% 22.1% 25.5% 24.3% 25.0% 30.5% 25.9% 29.6% 27.9% 32.8% 34.1% 39.8% 39.4% 51.4% 59.3%
NOPAT 337.21M 322.17M 387.95M 559.13M 566.39M 255.74M 280.51M 465.93M 340.03M 193.94M 132.21M 188.16M 187.07M 199.85M 284.22M 249.86M 205.13M 269.91M 267.20M 221.49M 182.82M 143.14M 119.31M 107.98M 96.54M 109.43M 108.85M 144.59M 146.48M 267.24M 332.97M
NOPAT Margin 7.3% 7.3% 8.6% 11.5% 13.8% 8.0% 8.4% 13.1% 10.6% 6.9% 5.0% 6.8% 6.7% 7.5% 11.3% 12.5% 10.2% 12.2% 14.6% 14.4% 13.5% 17.3% 17.6% 16.7% 16.2% 18.3% 18.9% 24.3% 22.5% 31.2% 36.4%
Owner's Earnings 398.92M 433.70M 469.78M 583.58M 554.84M 364.41M 378.70M 407.71M 372.58M 315.08M 290.64M 258.48M 242.75M 214.93M 250.26M 212.33M 144.58M 152.15M 154.71M 138.39M 118.47M 66.81M 55.78M 46.14M 49.33M 57.20M 65.53M 63.58M 66.18M 90.55M 79.73M
Owner's Earnings Margin 8.6% 9.8% 10.4% 12.0% 13.5% 11.5% 11.4% 11.5% 11.6% 11.3% 11.1% 9.3% 8.7% 8.1% 10.0% 10.7% 7.2% 6.9% 8.5% 9.0% 8.8% 8.1% 8.2% 7.1% 8.3% 9.6% 11.4% 10.7% 10.1% 10.6% 8.7%
EPS 0.24 0.27 0.36 0.53 0.54 0.33 0.38 0.44 0.43 0.67 0.65 0.53 0.52 0.40 0.46 0.40 0.18 0.38 0.42 0.40 0.37 0.13 0.15 0.13 0.12 0.18 0.21 0.20 0.19 0.31 0.24
EPS (Diluted) 0.24 0.27 0.36 0.53 0.54 0.33 0.38 0.44 0.43 0.67 0.65 0.53 0.52 0.40 0.46 0.40 0.18 0.38 0.42 0.40 0.37 0.13 0.15 0.13 0.12 0.18 0.21 0.20 0.19 0.31 0.24
Shares (Diluted) 741.11M 736.25M 681.57M 742.72M 667.55M 574.81M 550.63M 568.25M 525.37M 248.01M 244.82M 259.98M 241.65M 287.08M 330.18M 296.23M 230.91M 197.46M 199.14M 193.17M 158.48M 234.79M 172.52M 127.52M 154.17M 153.26M 155.34M 173.24M 179.21M 194.02M 204.70M

Industry Balance Sheet

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Cash & Cash Equivalents 511.01M 599.44M 578.25M 598.54M 536.26M 465.62M 376.09M 357.27M 334.27M 283.04M 233.32M 221.59M 212.39M 210.80M 223.60M 210.11M 151.52M 123.19M 113.95M 101.60M 90.53M 37.03M 29.15M 25.21M 19.88M 19.69M 18.13M 16.47M 19.93M 22.97M 18.56M
Short-Term Investments 72.06M 32.38M 31.46M 43.36M 69.46M 41.25M 17.63M 22.48M 21.13M 43.58M 16.71M 14.01M 15.49M 16.90M 34.29M 14.99M 16.80M 11.93M 16.66M 13.94M 13.73M 1.33M 2.31M 0.46M 0.39M 2.33M 0.80M 0.02M 0.09M 0.32M 0.78M
Cash & Short-Term Investments 583.07M 631.83M 609.71M 641.91M 605.72M 506.87M 393.72M 379.75M 355.39M 326.61M 250.04M 235.60M 227.88M 227.70M 257.88M 225.11M 168.33M 135.12M 130.61M 115.54M 104.26M 38.36M 31.46M 25.67M 20.27M 22.03M 18.93M 16.50M 20.03M 23.29M 19.34M
Net Receivables 749.57M 739.37M 760.66M 803.12M 710.74M 596.08M 596.95M 601.12M 534.78M 487.04M 467.78M 432.28M 445.56M 383.02M 313.37M 261.66M 225.09M 327.09M 318.58M 283.42M 248.73M 131.76M 96.78M 82.50M 87.03M 87.99M 84.56M 89.54M 96.73M 103.58M 86.56M
Inventory 767.62M 807.03M 787.08M 860.73M 611.05M 492.25M 513.01M 511.04M 439.32M 390.20M 383.22M 364.63M 359.20M 347.73M 305.39M 256.08M 263.94M 281.06M 246.81M 219.30M 198.78M 126.93M 106.52M 96.28M 84.62M 82.63M 82.19M 81.32M 95.65M 111.72M 110.42M
Other Current Assets 122.07M 123.90M 151.00M 140.27M 143.95M 125.19M 120.27M 128.69M 119.02M 95.44M 104.30M 107.42M 96.07M 58.46M 59.72M 54.88M 53.08M 40.19M 42.94M 46.32M 29.58M 22.97M 23.44M 21.53M 15.38M 20.27M 18.98M 20.29M 17.38M 15.79M 13.93M
Total Current Assets 2,222.33M 2,302.12M 2,308.45M 2,446.03M 2,071.46M 1,720.39M 1,623.94M 1,620.60M 1,448.51M 1,299.28M 1,205.33M 1,139.93M 1,128.71M 1,016.91M 936.37M 797.73M 710.44M 783.47M 738.94M 664.57M 581.35M 320.03M 258.19M 225.97M 207.30M 212.92M 204.65M 207.65M 229.78M 254.38M 230.26M
Property, Plant & Equipment 2,115.08M 2,148.65M 2,088.85M 1,902.22M 1,747.65M 1,649.43M 1,610.76M 1,441.77M 1,308.33M 1,273.55M 1,258.59M 1,138.88M 1,055.76M 1,003.20M 829.80M 717.49M 761.85M 698.50M 576.24M 527.41M 474.17M 311.52M 264.05M 244.64M 197.61M 204.87M 201.79M 204.17M 202.95M 240.47M 251.59M
Goodwill 412.09M 576.19M 532.99M 555.19M 532.83M 480.91M 463.55M 438.56M 432.03M 347.55M 290.94M 230.52M 182.98M 179.05M 61.69M 38.17M 41.36M 46.06M 58.29M 54.18M 18.11M 1.36M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 329.15M 365.50M 350.32M 390.65M 403.55M 355.51M 287.95M 258.50M 244.34M 218.55M 173.11M 121.21M 113.59M 104.60M 93.96M 75.70M 66.89M 51.38M 26.32M 25.65M 31.79M 38.00M 87.95M 69.39M 24.54M 72.77M 53.11M 45.39M 23.18M 27.43M 27.88M
Long-Term Investments 224.21M 213.56M 252.14M 200.64M 196.93M 168.31M 215.62M 204.21M 180.00M 170.58M 147.42M 121.69M 128.60M 91.35M 79.27M 71.22M 76.92M 70.66M 76.96M 56.33M 32.61M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.86M
Tax Assets 46.44M 51.76M 58.81M 50.74M 48.17M 49.87M 44.68M 47.50M 50.87M 48.58M 37.04M 34.80M 34.55M 30.28M 27.17M 40.37M 42.31M 33.79M 26.49M 25.16M 20.20M 6.09M 3.41M 2.89M 0.47M 0.00M 0.00M 0.00M 0.00M 0.00M 0.18M
Other Non-Current Assets 198.99M 273.83M 163.38M 190.15M 157.38M 124.34M 100.87M 97.65M 104.02M 80.24M 84.32M 76.91M 74.67M 98.96M 94.60M 76.92M 90.21M 81.50M 82.11M 81.25M 76.38M 47.57M 40.32M 39.69M 36.64M 44.46M 39.69M 51.32M 48.96M 53.04M 38.32M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 3,325.96M 3,629.49M 3,446.49M 3,289.60M 3,086.52M 2,828.37M 2,723.44M 2,488.19M 2,319.59M 2,139.06M 1,991.42M 1,724.01M 1,590.15M 1,507.44M 1,186.50M 1,019.88M 1,079.54M 981.88M 846.41M 769.99M 653.26M 404.54M 395.73M 356.61M 259.26M 322.10M 294.59M 300.88M 275.09M 320.93M 318.83M
Total Assets 5,548.29M 5,931.60M 5,754.93M 5,735.63M 5,157.97M 4,548.76M 4,347.38M 4,108.79M 3,768.10M 3,438.34M 3,196.75M 2,863.94M 2,718.86M 2,524.35M 2,122.87M 1,817.61M 1,789.98M 1,765.35M 1,585.36M 1,434.56M 1,234.60M 724.57M 653.92M 582.59M 466.56M 535.02M 499.24M 508.53M 504.87M 575.32M 549.09M
Accounts Payable 495.11M 612.94M 597.04M 606.69M 587.10M 421.10M 414.94M 421.58M 377.45M 325.11M 306.68M 305.01M 289.31M 295.91M 257.25M 220.43M 191.49M 232.67M 208.46M 165.76M 144.44M 76.37M 47.35M 39.31M 34.89M 41.88M 43.85M 46.29M 51.30M 75.95M 50.27M
Short-Term Debt 518.85M 354.77M 380.92M 349.04M 304.41M 233.61M 274.09M 271.99M 255.98M 214.09M 215.97M 230.94M 239.21M 214.99M 173.78M 130.78M 152.95M 173.72M 140.57M 99.56M 87.97M 34.39M 30.17M 21.47M 24.40M 34.05M 31.29M 25.12M 21.09M 37.98M 27.19M
Tax Payables 4.87M 42.86M 38.54M 58.11M 56.82M 37.70M 30.96M 37.56M 37.38M 33.74M 25.83M 22.51M 22.62M 19.05M 15.31M 14.11M 8.84M 10.68M 12.36M 12.37M 8.55M 0.74M 0.56M 0.50M 0.23M 0.21M 0.27M 0.09M 0.34M 0.34M 0.56M
Deferred Revenue 19.05M 0.00M 19.04M 46.90M 139.59M 105.18M 73.18M 30.11M 65.02M 65.42M 54.27M 56.35M 47.76M 49.93M 33.52M 27.29M 24.74M 29.46M 37.78M 30.39M 24.66M 2.56M 2.45M 1.67M 2.09M 0.35M 0.00M 0.00M 0.00M 0.12M 0.00M
Other Current Liabilities 199.91M 267.48M 254.96M 232.83M 174.48M 135.48M 143.31M 169.88M 134.02M 140.91M 159.84M 142.58M 133.60M 126.14M 104.68M 95.36M 86.73M 101.95M 87.40M 83.78M 70.50M 27.51M 17.88M 16.78M 12.00M 19.69M 26.33M 31.28M 32.41M 31.95M 39.71M
Total Current Liabilities 1,237.80M 1,278.06M 1,290.50M 1,293.57M 1,262.40M 933.07M 936.49M 931.13M 869.86M 779.25M 762.58M 757.39M 732.50M 706.01M 584.54M 487.97M 464.75M 548.49M 486.57M 391.86M 336.12M 141.57M 98.42M 79.73M 73.60M 96.17M 101.73M 102.78M 105.14M 146.33M 117.73M
Long-Term Debt 1,445.46M 1,375.48M 1,332.47M 1,293.35M 1,113.27M 1,207.52M 996.67M 1,002.86M 994.85M 988.03M 904.01M 642.40M 596.43M 571.91M 438.85M 364.65M 345.49M 286.09M 267.17M 265.48M 238.60M 193.47M 146.90M 140.49M 121.67M 110.25M 89.54M 104.10M 89.84M 104.29M 98.41M
Capital Lease Obligations 12.04M 93.98M 108.79M 95.47M 89.91M 72.19M 46.41M 4.72M 3.22M 1.71M 1.69M 2.09M 1.37M 0.35M 0.00M 0.09M 0.20M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 65.69M 97.88M 106.33M 109.16M 99.49M 85.08M 89.38M 85.17M 88.05M 88.12M 73.19M 53.97M 50.91M 37.65M 35.61M 31.84M 28.27M 26.84M 27.13M 31.13M 19.41M 6.51M 8.93M 9.27M 10.32M 12.98M 13.73M 11.53M 9.40M 15.15M 9.83M
Other Non-Current Liabilities 277.19M 238.93M 213.02M 216.75M 175.77M 192.24M 182.29M 182.75M 168.77M 184.41M 149.23M 140.40M 128.11M 121.52M 104.03M 102.61M 98.88M 120.55M 84.70M 91.51M 90.12M 69.75M 62.14M 65.29M 40.98M 44.17M 41.19M 43.68M 42.18M 45.13M 43.63M
Total Non-Current Liabilities 1,800.37M 1,806.27M 1,760.60M 1,714.75M 1,478.44M 1,557.04M 1,314.75M 1,275.50M 1,254.90M 1,262.26M 1,128.12M 838.87M 776.83M 731.43M 578.49M 499.19M 472.84M 433.47M 379.00M 388.12M 348.13M 269.73M 217.97M 215.06M 172.96M 167.39M 144.46M 159.30M 141.42M 164.56M 151.88M
Total Liabilities 3,038.17M 3,084.33M 3,051.10M 3,008.31M 2,740.84M 2,490.11M 2,251.23M 2,206.63M 2,124.75M 2,041.51M 1,890.70M 1,596.26M 1,509.32M 1,437.44M 1,163.03M 987.16M 937.59M 981.96M 865.56M 779.98M 684.25M 411.29M 316.40M 294.79M 246.56M 263.57M 246.19M 262.08M 246.56M 310.89M 269.61M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.47M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 169.88M 185.20M 174.43M 190.58M 180.24M 166.48M 162.12M 166.39M 153.09M 145.52M 150.14M 154.71M 146.88M 148.77M 124.71M 121.14M 115.98M 110.00M 108.21M 104.23M 91.98M 30.84M 24.65M 20.79M 18.48M 16.66M 17.77M 9.19M 6.26M 4.47M 5.73M
Retained Earnings 1,372.18M 1,776.93M 1,621.43M 1,544.12M 1,291.34M 1,203.18M 1,127.38M 1,102.56M 931.68M 832.75M 760.42M 711.21M 643.83M 638.46M 573.11M 485.10M 449.89M 462.92M 406.04M 366.66M 321.45M 196.44M 157.75M 164.18M 157.98M 162.69M 151.71M 153.46M 178.08M 172.93M 162.80M
Accumulated OCI 140.96M -25.64M -39.51M -32.90M -60.34M -64.04M -54.02M -66.05M -72.00M -105.74M -87.99M -37.67M -35.50M -36.80M -31.58M -26.81M -19.50M -12.25M -1.19M -9.79M -4.52M -8.35M -5.67M -9.88M -27.28M -22.31M -14.40M -80.40M -89.64M -94.91M -78.65M
Minority Interest 136.95M 126.82M 127.71M 120.50M 89.72M 84.46M 85.99M 81.15M 68.81M 63.44M 55.19M 49.33M 43.26M 39.79M 41.16M 28.46M 26.49M 22.46M 23.24M 18.64M 14.78M 3.71M 3.19M 2.71M 1.54M 1.83M 1.42M 1.48M 1.08M 0.98M 1.45M
Total Shareholders’ Equity 1,683.03M 1,936.49M 1,756.35M 1,701.80M 1,411.24M 1,305.61M 1,235.47M 1,202.89M 1,012.77M 872.53M 822.57M 828.25M 755.67M 750.43M 666.24M 579.43M 546.37M 560.68M 513.06M 461.11M 408.91M 218.94M 176.73M 175.10M 149.17M 157.05M 155.09M 82.25M 94.70M 82.49M 89.88M
Total Equity 1,819.98M 2,063.30M 1,884.06M 1,822.29M 1,500.95M 1,390.07M 1,321.47M 1,284.04M 1,081.58M 935.97M 877.76M 877.58M 798.93M 790.23M 707.41M 607.89M 572.86M 583.14M 536.30M 479.74M 423.69M 222.64M 179.93M 177.81M 150.71M 158.88M 156.50M 83.73M 95.79M 83.47M 91.33M
Total Liabilities & Equity 4,858.15M 5,147.63M 4,935.16M 4,830.60M 4,241.79M 3,880.18M 3,572.70M 3,490.67M 3,206.33M 2,977.49M 2,768.46M 2,473.84M 2,308.25M 2,227.67M 1,870.44M 1,595.05M 1,510.45M 1,565.10M 1,401.86M 1,259.72M 1,107.93M 633.94M 496.32M 472.60M 397.27M 422.45M 402.70M 345.80M 342.35M 394.36M 360.94M
Tangible Assets 4,807.05M 4,989.92M 4,871.63M 4,789.79M 4,221.60M 3,712.35M 3,595.88M 3,411.73M 3,091.74M 2,872.24M 2,732.70M 2,512.22M 2,422.29M 2,240.70M 1,967.21M 1,703.74M 1,681.73M 1,667.92M 1,500.74M 1,354.73M 1,184.70M 685.21M 565.98M 513.19M 442.02M 462.25M 446.12M 463.14M 481.69M 547.89M 521.21M
Tangible Equity 1,078.74M 1,121.61M 1,000.75M 876.44M 564.57M 553.65M 569.96M 586.98M 405.22M 369.87M 413.71M 525.86M 502.35M 506.58M 551.75M 494.03M 464.61M 485.71M 451.68M 399.91M 373.78M 183.28M 91.98M 108.42M 126.17M 86.11M 103.39M 38.34M 72.61M 56.04M 63.45M
Tangible Book Value 1,078,737,157.75 1,121,614,236.38 1,000,752,686.95 876,444,361.81 564,573,904.82 553,654,195.22 569,964,177.67 586,982,183.77 405,215,846.74 369,870,950.41 413,710,426.06 525,856,830.89 502,350,114.39 506,575,085.62 551,751,759.74 494,025,339.73 464,611,827.91 485,705,666.68 451,683,028.04 399,914,463.79 373,779,857.24 183,284,547.70 91,979,308.50 108,418,186.84 126,168,118.69 86,109,209.94 103,387,751.37 38,340,710.48 72,605,843.97 56,043,707.03 63,453,702.75
Total Investments 304.59M 257.00M 281.67M 245.84M 238.13M 210.60M 238.65M 224.59M 196.65M 184.25M 163.43M 129.23M 130.43M 112.43M 94.54M 83.53M 95.86M 93.41M 105.21M 91.16M 59.51M 3.47M 2.04M 1.43M 1.08M 1.14M 0.66M 0.42M 0.04M 0.30M 1.14M
Net Debt 1,453.30M 1,130.81M 1,135.13M 1,043.85M 881.42M 975.50M 894.67M 917.57M 916.57M 919.08M 886.65M 651.75M 623.25M 576.09M 389.03M 285.32M 346.91M 336.61M 293.79M 263.44M 236.05M 190.83M 147.92M 136.75M 126.19M 124.60M 102.70M 112.74M 91.00M 119.30M 107.05M

Industry Capital Metrics

Metric MRQ 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Working Capital 762.56M 813.12M 906.04M 1,038.08M 777.12M 651.10M 577.29M 637.75M 576.45M 559.83M 454.47M 471.47M 383.71M 459.65M 357.73M 357.20M 317.75M 255.67M 290.98M 274.81M 217.36M 223.98M 156.26M 158.83M 114.26M 91.66M 83.24M 111.97M 108.26M 149.60M 197.19M
Total Capital 4,688.47M 4,812.85M 4,773.40M 4,519.32M 3,863.25M 3,583.28M 3,409.70M 3,251.39M 2,951.82M 2,723.13M 2,579.13M 2,120.18M 2,056.01M 1,871.83M 1,579.29M 1,380.40M 1,344.41M 1,260.57M 1,148.80M 1,042.92M 932.93M 577.00M 450.90M 413.50M 365.21M 393.07M 395.55M 391.97M 384.98M 470.61M 421.30M
Capital Employed 4,486.11M 4,848.93M 4,644.99M 4,691.58M 4,170.48M 3,945.05M 3,853.04M 3,558.35M 3,261.24M 3,110.74M 2,890.58M 2,295.24M 2,116.15M 2,023.35M 1,768.49M 1,634.37M 1,680.95M 1,557.92M 1,349.28M 1,280.78M 1,069.49M 747.18M 629.99M 639.86M 528.59M 548.80M 462.45M 477.45M 450.74M 478.20M 452.05M
Invested Capital 4,177.46M 4,213.40M 4,195.15M 3,920.78M 3,327.00M 3,117.66M 3,033.61M 2,894.12M 2,617.56M 2,440.10M 2,345.81M 1,898.59M 1,843.62M 1,661.02M 1,355.70M 1,170.29M 1,192.88M 1,137.37M 1,034.85M 941.32M 842.40M 539.98M 421.75M 388.29M 345.33M 373.38M 377.42M 375.50M 365.05M 447.65M 402.74M

Industry Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Depreciation & Amortization 156.32M 234.04M 226.47M 211.35M 197.75M 177.60M 167.90M 152.31M 140.14M 138.64M 125.76M 112.02M 109.77M 98.68M 98.49M 91.57M 93.33M 76.76M 71.12M 60.25M 59.49M 36.14M 29.16M 31.27M 33.96M 31.23M 32.87M 27.89M 44.11M 48.17M 51.25M
Deferred Income Tax -0.66M -2.95M -9.00M -9.73M -1.59M -5.01M 0.91M -0.12M -4.66M 0.14M -0.26M 0.53M 1.02M 0.63M 0.26M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.13M 0.11M 0.43M 0.99M 1.32M 0.27M 1.39M
Stock-Based Compensation 2.96M 2.04M 3.43M 5.95M 4.99M 3.42M 3.70M 4.76M 3.98M 3.58M 2.85M 2.91M 2.80M 2.05M 1.34M 0.81M 0.09M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital -42.22M -32.74M -3.68M -201.80M -95.81M 22.01M -29.77M -71.88M -57.85M 1.18M -13.44M -29.80M -17.33M -32.66M -64.28M -27.38M 17.52M -20.92M -19.64M -21.28M -12.67M -3.39M -3.90M -0.83M -3.54M -6.79M -2.75M -4.83M -9.81M -2.80M -17.01M
Accounts Receivable -19.60M -23.73M 3.10M -68.07M -112.90M 0.87M 2.39M -42.02M -49.18M -11.73M 5.63M -10.89M -5.43M -1.48M -3.04M -4.44M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory -7.77M -9.93M 31.90M -148.60M -101.30M 11.72M -6.93M -40.40M -31.08M 0.78M 2.52M -15.23M -5.18M -15.26M -32.05M -15.10M 20.43M -17.80M -16.34M -13.19M -12.18M -4.97M -1.40M -0.36M 1.83M -2.13M 0.21M -1.43M -2.04M -1.74M -13.05M
Accounts Payable -0.10M 2.61M -27.91M 30.12M 105.27M 4.54M -6.60M 27.01M 26.53M 5.30M -6.07M 0.00M 0.89M 0.00M 0.00M 1.11M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -16.03M 0.29M -8.81M -7.70M 11.22M 7.73M -5.61M -20.28M -20.49M -3.41M -14.71M -10.36M -10.58M -13.53M -16.26M -5.27M -5.30M -3.69M -0.84M -7.19M 0.37M 1.99M -0.44M 1.53M -5.58M -3.11M -1.31M -2.99M -4.06M -3.98M -2.62M
Other Non-Cash Items 104.53M 45.52M 57.30M 18.68M 26.86M 33.69M 4.98M 6.05M 7.41M 6.05M 0.06M 11.02M -5.94M -2.91M -5.15M 1.22M 7.59M -1.73M -11.80M -12.11M -8.26M -0.71M 1.89M 2.13M 1.99M -0.46M -1.03M -1.70M 0.90M -9.28M -5.17M
Net Cash from Operating Activities 401.91M 463.19M 510.80M 414.11M 523.78M 410.67M 364.39M 343.15M 303.98M 330.02M 270.35M 252.20M 226.83M 210.70M 204.62M 190.62M 175.46M 158.67M 132.63M 131.75M 114.10M 74.35M 51.90M 65.59M 48.41M 58.51M 56.67M 61.09M 90.39M 107.11M 89.93M
Capital Expenditures (PPE) -233.55M -280.31M -312.39M -307.09M -257.16M -199.18M -207.34M -180.99M -161.37M -153.80M -139.08M -149.26M -148.20M -167.09M -141.05M -95.99M -101.21M -102.26M -93.54M -79.30M -62.05M -43.34M -29.65M -28.77M -32.24M -31.53M -44.44M -44.51M -62.70M -72.78M -75.59M
Acquisitions (Net) -1.02M -12.54M -23.94M -20.48M -55.67M -16.07M -10.58M -28.57M -11.39M -16.34M -7.50M -8.95M -15.10M -8.02M -6.13M -8.14M -3.68M -13.28M -3.30M -2.94M -0.63M -1.73M -1.14M -3.86M -8.99M -6.62M 0.00M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -12.14M -23.44M -19.85M -38.67M -32.54M -17.84M -18.35M -14.69M -15.81M -12.50M -11.39M -10.78M -7.62M -12.38M -9.03M -6.70M -5.02M -7.69M -6.98M -7.09M -3.64M -0.56M -0.31M -0.14M -0.48M -0.21M -0.26M -0.19M -1.17M -0.73M -0.58M
Sales / Maturities of Investments 15.04M 30.98M 29.24M 31.42M 30.99M 19.26M 18.15M 16.09M 16.24M 10.90M 10.92M 8.72M 8.19M 11.86M 9.62M 9.27M 6.82M 7.32M 11.01M 9.44M 8.99M 1.43M 0.70M 0.34M 0.25M 0.09M 0.31M 0.21M 0.02M 0.12M 0.00M
Other Investing Activities 3.40M 16.21M 5.65M 6.46M 8.70M 5.41M 7.51M 8.65M 4.01M 1.63M 3.88M 9.61M 6.89M 4.08M 1.36M 0.63M 2.97M 7.41M 5.44M 6.15M 3.58M 3.26M 4.03M 3.37M 2.76M 0.70M 1.40M 1.73M 1.55M -6.34M -1.69M
Net Cash from Investing Activities -271.49M -285.21M -309.15M -337.46M -370.08M -250.24M -222.38M -223.49M -195.60M -182.00M -217.98M -178.67M -165.68M -183.61M -180.64M -116.49M -113.88M -111.34M -91.82M -96.89M -57.02M -39.52M -31.10M -30.79M -34.74M -35.58M -42.14M -44.63M -84.06M -87.17M -54.67M
Net Debt Issuance 11.10M 16.17M 68.51M 121.44M 47.15M 55.69M 2.37M 8.95M -2.65M -21.18M 23.83M 15.04M 13.72M 33.01M 49.20M -13.02M 8.94M 30.72M 7.94M 2.33M -22.18M -6.59M -1.16M -11.62M 1.19M -4.17M 0.71M 3.92M 22.76M 15.46M 3.87M
Long-Term Debt Issuance 18.29M 25.17M 75.09M 102.46M 81.17M 56.99M 16.10M 11.12M 1.14M -12.32M 33.49M 36.14M 16.71M 36.55M 57.93M 7.64M 14.33M 26.91M 4.87M 9.03M -13.60M -3.25M -1.04M -7.05M -0.43M -1.93M -2.89M 2.59M 14.27M 7.58M 5.00M
Short-Term Debt Issuance -17.09M -1.04M -5.59M -0.40M -4.48M -11.20M -15.04M -2.66M -6.39M -10.81M -3.98M -3.80M -0.26M 0.22M 0.25M -6.94M -0.79M 2.01M 1.89M -2.06M -1.21M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -6.12M -24.87M -14.56M -25.39M -10.19M -9.54M -19.11M -17.44M -7.76M -6.50M -5.49M -6.23M -3.85M -0.41M -4.69M -0.05M -0.92M -6.40M -7.96M -4.19M -2.40M 0.13M 0.02M 0.21M -0.31M -2.08M -1.98M -2.07M -9.12M -5.71M 0.14M
Common Stock Issuance 0.00M 0.00M 0.00M 0.20M 1.84M 0.48M 0.02M 0.23M 1.03M 0.38M 0.35M 0.73M 0.04M 0.25M 0.69M 0.24M 0.64M 0.74M 5.16M 4.37M 1.97M 1.44M 0.46M 1.64M 0.87M 0.94M 1.00M 1.21M 3.95M 3.23M 2.73M
Common Stock Repurchased -6.87M -25.25M -20.49M -27.12M -15.29M -14.06M -19.73M -21.56M -8.69M -7.48M -8.42M -6.81M -4.25M -1.01M -5.48M -0.13M -1.64M -8.36M -8.65M -6.33M -4.50M -0.62M 0.00M -0.23M -2.19M -5.94M -5.66M -11.54M -20.02M -10.65M -10.25M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -95.74M -140.37M -154.53M -126.76M -93.02M -85.50M -87.20M -84.08M -71.01M -60.55M -60.11M -52.23M -51.41M -54.97M -45.08M -27.36M -28.26M -30.72M -25.28M -21.00M -18.80M -14.36M -8.36M -9.69M -8.04M -7.99M -9.38M -9.33M -20.35M -24.10M -21.08M
Common Dividends Paid -88.48M -139.67M -160.15M -153.80M -100.20M -96.56M -101.13M -85.26M -69.87M -59.89M -62.94M -53.28M -50.82M -53.63M -43.35M -26.10M -29.69M -31.02M -25.15M -19.87M -17.28M -11.85M -8.40M -9.71M -8.02M -7.99M -9.38M -9.34M -20.35M -24.10M -21.08M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -36.33M -21.66M -50.49M -9.83M -9.78M -15.85M -18.60M -16.98M -9.60M -2.66M -10.44M -7.89M -5.77M -4.79M -4.30M 0.89M 0.99M 0.30M 0.59M -0.04M -1.55M -0.05M 0.17M -0.27M 0.18M 0.15M 0.40M -0.06M -0.14M 0.32M -0.40M
Net Cash from Financing Activities -174.26M -174.93M -182.50M -109.65M -97.24M -90.05M -165.15M -130.81M -98.68M -119.69M -79.81M -65.61M -63.71M -46.98M -30.69M -56.30M -23.80M -13.03M -34.64M -20.74M -56.85M -22.26M -16.87M -27.10M -10.96M -22.47M -19.02M -28.86M -24.16M -12.37M -28.37M
Effect of FX on Cash -1.26M -0.23M 2.12M -0.10M 0.87M -3.24M -0.75M -2.17M 0.23M -3.38M -3.23M -0.17M 1.26M -0.46M -1.74M 0.17M -1.83M -0.95M 1.48M 0.99M 0.16M 0.06M 0.30M 0.06M -0.28M -0.36M -0.05M -0.05M -0.67M -0.27M 0.07M
Net Change in Cash -17.04M 1.69M -28.44M 74.14M 65.55M 79.35M -2.51M 8.68M 26.70M 29.90M 1.68M 3.75M 7.16M -15.95M 7.10M 35.92M 31.28M 7.27M 5.67M 9.80M 4.06M 4.34M 5.32M -0.24M 2.83M -1.52M 3.37M -1.06M -4.16M -3.76M -8.71M
Cash at Beginning of Period 441.63M 571.01M 557.95M 486.87M 426.45M 358.88M 336.81M 315.84M 269.95M 241.77M 225.15M 208.03M 192.77M 215.55M 195.99M 146.18M 123.88M 113.52M 103.80M 100.12M 77.35M 27.43M 20.53M 30.43M 18.47M 17.91M 14.67M 16.63M 23.60M 25.26M 32.59M
Cash at End of Period 546.74M 573.66M 546.39M 562.10M 485.88M 432.30M 361.08M 338.50M 319.54M 269.91M 228.45M 220.61M 207.77M 206.03M 208.96M 200.35M 146.90M 126.97M 120.95M 101.77M 92.61M 37.35M 26.69M 22.50M 23.43M 19.88M 17.26M 13.22M 21.45M 18.98M 9.09M
Operating Cash Flow 399.42M 463.23M 510.42M 413.95M 523.78M 410.67M 364.39M 343.15M 304.29M 329.98M 270.35M 252.20M 226.83M 210.70M 204.62M 190.62M 175.46M 158.67M 132.63M 131.75M 114.10M 74.35M 51.90M 65.45M 48.41M 58.43M 56.67M 61.09M 90.39M 107.11M 89.93M
Capital Expenditure -249.16M -282.29M -301.31M -307.09M -257.16M -200.18M -207.34M -180.99M -161.37M -153.80M -139.08M -149.22M -148.95M -167.41M -141.12M -95.99M -101.12M -102.26M -93.54M -79.30M -62.05M -43.34M -29.65M -28.77M -32.24M -31.53M -44.43M -44.21M -62.69M -72.74M -75.59M
Free Cash Flow 163.81M 159.41M 197.13M 122.74M 264.56M 208.64M 157.43M 162.76M 156.76M 190.00M 128.46M 87.67M 81.92M 75.26M 77.19M 96.81M 86.70M 44.36M 51.74M 45.04M 40.56M 33.70M 21.46M 33.18M 22.38M 30.74M 20.39M 12.43M 23.08M 29.10M 23.41M

Industry Free Cash Flow

Metric TTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
EBITDA 546.96M 582.27M 557.81M 711.93M 715.40M 452.17M 478.68M 526.20M 458.72M 422.20M 357.72M 338.78M 330.52M 295.27M 327.51M 258.97M 174.61M 233.34M 225.04M 191.51M 164.32M 115.68M 80.06M 98.42M 89.30M 101.81M 108.04M 85.25M 98.31M 120.39M 124.63M
(-) Tax Adjustment 159.98M 148.49M 119.66M 143.34M 143.93M 96.69M 104.34M 114.24M 94.76M 103.38M 95.77M 90.15M 93.78M 98.38M 89.59M 65.46M 66.93M 79.79M 72.47M 55.73M 56.15M 39.13M 14.60M 32.82M 25.76M 34.82M 36.35M 25.90M 35.93M 41.71M 43.30M
(-) Change In Working Capital -42.22M -32.74M -3.68M -201.80M -95.81M 22.01M -29.77M -71.88M -57.85M 1.18M -13.44M -29.80M -17.33M -32.66M -64.28M -27.38M 17.52M -20.92M -19.64M -21.28M -12.67M -3.39M -3.90M -0.83M -3.54M -6.79M -2.75M -4.83M -9.81M -2.80M -17.01M
(-) Capital Expenditure 249.16M 282.29M 301.31M 307.09M 257.16M 200.18M 207.34M 180.99M 161.37M 153.80M 139.08M 149.22M 148.95M 167.41M 141.12M 95.99M 101.12M 102.26M 93.54M 79.30M 62.05M 43.34M 29.65M 28.77M 32.24M 31.53M 44.43M 44.21M 62.69M 72.74M 75.59M
Unlevered Free Cash Flow 180.04M 184.23M 140.53M 463.29M 410.12M 133.28M 196.77M 302.85M 260.44M 163.84M 136.31M 129.21M 105.11M 62.15M 161.07M 124.90M -10.97M 72.21M 78.67M 77.77M 58.78M 36.60M 39.70M 37.66M 34.84M 42.26M 30.01M 19.97M 9.51M 8.75M 22.74M
(-) Net Interest Income After Taxes -54.56M -50.03M -47.12M -38.92M -34.97M -35.39M -40.66M -38.63M -36.38M -33.85M -25.97M -24.67M -25.99M -21.82M -17.16M -15.29M -15.10M -15.43M -11.16M -7.85M -7.57M -4.84M -1.95M -0.88M -0.66M -0.54M -0.35M -0.34M -0.39M -0.21M -0.34M
Net Debt Issuance 11.10M 16.17M 68.51M 121.44M 47.15M 55.69M 2.37M 8.95M -2.65M -21.18M 23.83M 15.04M 13.72M 33.01M 49.20M -13.02M 8.94M 30.72M 7.94M 2.33M -22.18M -6.59M -1.16M -11.62M 1.19M -4.17M 0.71M 3.92M 22.76M 15.46M 3.87M
Levered Free Cash Flow 245.70M 250.43M 256.15M 623.65M 492.24M 224.36M 239.80M 350.44M 294.18M 176.52M 186.11M 168.92M 144.83M 116.99M 227.44M 127.17M 13.07M 118.36M 97.77M 87.95M 44.18M 34.85M 40.50M 26.92M 36.69M 38.63M 31.06M 24.23M 32.66M 24.42M 26.95M