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Definitive Analysis

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Page: Industry Financials

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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 25.11 20.80 14.98 13.22 20.31 13.70 13.69 10.44 11.88 11.39 12.05 12.31 11.78 10.70 8.67 7.60 7.06 6.07 8.73 9.70 9.15 10.31 9.02 6.77 8.96 9.86 11.31 8.47 8.67 7.97 5.98
Market Capitalization 4,516.47M 3,104.12M 2,501.39M 2,117.13M 2,820.52M 2,106.81M 2,391.08M 2,077.82M 2,177.08M 2,050.38M 1,868.92M 1,675.56M 1,371.91M 1,052.98M 856.37M 712.68M 544.76M 518.05M 675.36M 616.22M 682.39M 960.93M 708.59M 557.06M 980.98M 601.77M 660.79M 947.17M 709.47M 496.90M 574.87M
(-) Cash & Equivalents 807.12M 710.72M 711.45M 627.61M 707.34M 559.17M 422.76M 367.04M 352.46M 302.68M 330.91M 320.52M 310.95M 273.58M 196.46M 151.25M 164.37M 66.87M 62.28M 40.66M 64.30M 26.66M 59.49M 83.86M 35.97M 24.73M 19.77M 16.16M 16.40M 16.92M 224.56M
(+) Total Debt 7,625.09M 7,321.78M 7,018.74M 6,748.04M 6,000.85M 6,615.21M 5,328.19M 5,001.58M 4,140.09M 3,717.88M 2,602.34M 2,818.21M 2,388.56M 1,531.82M 1,289.66M 1,030.32M 861.10M 543.50M 435.42M 365.47M 316.79M 146.71M 242.34M 233.70M 759.02M 752.45M 674.98M 468.45M 610.36M 167.02M 894.64M
Enterprise Value 11,084,280,004.78 11,285,229,289.07 9,858,842,500.60 9,102,082,005.47 9,620,187,935.92 8,723,227,769.19 8,357,166,338.09 7,506,682,713.44 7,565,328,687.53 6,283,433,848.90 6,562,499,856.11 4,816,539,761.98 4,821,995,620.32 3,526,192,383.33 3,261,353,320.27 2,374,632,830.96 1,718,588,933.06 1,466,051,176.49 1,593,233,084.05 1,238,659,478.83 1,272,213,090.81 1,314,937,398.77 1,514,899,910.42 1,007,459,920.05 2,617,396,217.46 1,266,254,295.06 1,316,216,774.55 1,408,597,854.35 1,305,503,346.74 892,429,129.24 1,246,568,622.04

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 2,125.19M 1,783.78M 1,505.47M 1,462.87M 1,258.65M 1,340.54M 1,243.60M 1,118.08M 1,052.96M 923.37M 882.11M 817.36M 709.17M 730.27M 575.21M 511.67M 463.46M 437.79M 495.61M 335.11M 300.13M 265.71M 377.14M 320.04M 328.72M 254.08M 308.47M 326.89M 316.87M 375.83M 317.64M
Cost of Revenue 825.94M 786.26M 593.73M 498.40M 384.78M 408.38M 409.10M 379.63M 355.34M 312.12M 288.83M 307.12M 263.06M 140.31M 117.08M 65.25M 60.95M 74.89M 68.09M 46.92M 50.89M 28.39M 36.14M 36.73M 45.32M 75.26M 106.76M 27.60M 24.60M 24.06M 83.97M
Gross Profit 1,299.26M 997.52M 911.75M 964.46M 873.87M 932.16M 834.50M 738.44M 697.61M 611.25M 593.28M 510.25M 446.11M 589.96M 458.14M 446.43M 402.50M 362.90M 427.52M 288.19M 249.24M 237.32M 341.00M 283.31M 283.40M 178.82M 201.72M 299.29M 292.27M 351.77M 233.67M
Gross Margin 61.1% 55.9% 60.6% 65.9% 69.4% 69.5% 67.1% 66.0% 66.3% 66.2% 67.3% 62.4% 62.9% 80.8% 79.6% 87.2% 86.8% 82.9% 86.3% 86.0% 83.0% 89.3% 90.4% 88.5% 86.2% 70.4% 65.4% 91.6% 92.2% 93.6% 73.6%
R&D Expenses 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
SG&A Expenses 310.67M 304.23M 307.00M 296.49M 238.12M 184.68M 223.89M 235.24M 190.50M 176.11M 148.87M 133.38M 123.03M 114.17M 98.33M 79.98M 65.21M 82.11M 65.02M 29.39M 40.56M 48.86M 30.85M 32.28M 26.14M 14.20M 28.22M 23.94M 21.37M 21.05M 22.07M
Operating Expenses 310.67M 304.23M 307.00M 296.49M 238.12M 184.68M 223.89M 235.24M 190.50M 176.11M 148.87M 133.38M 123.03M 114.17M 98.33M 79.98M 65.21M 82.11M 65.02M 29.39M 40.56M 48.86M 30.85M 32.28M 26.14M 14.20M 28.22M 23.94M 21.37M 21.05M 22.07M
Operating Income 988.59M 693.28M 604.75M 667.97M 635.76M 747.48M 610.62M 503.20M 507.11M 435.14M 444.42M 376.86M 323.09M 475.79M 359.80M 366.45M 337.29M 280.79M 362.50M 258.80M 208.68M 188.45M 310.15M 251.03M 257.26M 164.62M 173.49M 275.36M 270.90M 330.72M 211.60M
Operating Margin 46.5% 38.9% 40.2% 45.7% 50.5% 55.8% 49.1% 45.0% 48.2% 47.1% 50.4% 46.1% 45.6% 65.2% 62.6% 71.6% 72.8% 64.1% 73.1% 77.2% 69.5% 70.9% 82.2% 78.4% 78.3% 64.8% 56.2% 84.2% 85.5% 88.0% 66.6%
Interest Income 474.93M 501.77M 454.52M 381.62M 280.82M 299.97M 280.75M 255.39M 203.94M 182.37M 168.09M 173.84M 129.08M 87.57M 54.21M 35.02M 10.67M 11.10M 2.35M 1.33M 4.76M 9.69M 14.53M 11.86M 10.44M 15.68M 18.44M 8.46M 18.24M 8.99M 117.38M
Interest Expense 279.90M 282.38M 289.80M 201.10M 172.48M 191.58M 218.59M 178.66M 136.74M 107.99M 87.47M 89.61M 66.41M 48.66M 47.98M 29.43M 24.94M 15.12M 14.25M 4.43M 4.90M 4.19M 5.11M 5.89M 7.22M 7.55M 28.31M 24.85M 20.80M 9.03M 66.73M
Net Interest Income 195.03M 219.40M 164.72M 180.52M 108.34M 108.39M 62.15M 76.73M 67.20M 74.37M 80.62M 84.23M 62.68M 38.91M 6.24M 5.59M -14.27M -4.02M -11.89M -3.10M -0.14M 5.50M 9.42M 5.97M 3.22M 8.13M -9.87M -16.39M -2.55M -0.03M 50.66M
Other Income / Expense -798.26M -584.85M -458.67M -553.17M -375.34M -577.17M -380.77M -335.58M -346.19M -319.64M -350.16M -270.51M -222.17M -371.17M -273.81M -289.01M -272.51M -243.04M -320.64M -206.13M -142.87M -114.44M -264.00M -215.38M -200.38M -133.70M -100.59M -187.32M -188.57M -288.88M -196.03M
Pre-Tax Income 385.36M 327.83M 310.80M 295.32M 368.75M 278.69M 292.00M 244.35M 228.12M 189.87M 174.87M 190.58M 163.59M 143.53M 92.23M 83.03M 50.51M 33.73M 29.97M 49.58M 65.67M 79.52M 55.57M 41.62M 60.10M 39.05M 63.03M 71.65M 79.77M 41.81M 66.23M
Pre-Tax Margin 18.1% 18.4% 20.6% 20.2% 29.3% 20.8% 23.5% 21.9% 21.7% 20.6% 19.8% 23.3% 23.1% 19.7% 16.0% 16.2% 10.9% 7.7% 6.0% 14.8% 21.9% 29.9% 14.7% 13.0% 18.3% 15.4% 20.4% 21.9% 25.2% 11.1% 20.9%
Income Tax Expense 91.33M 73.75M 67.56M 70.11M 70.52M 69.82M 68.20M 53.85M 63.50M 49.39M 47.55M 52.14M 41.74M 32.81M 24.93M 20.63M 15.97M 10.84M 11.89M 15.03M 22.35M 18.65M 18.68M 18.45M 15.38M 11.46M 11.91M 15.87M 15.68M 13.86M 23.57M
Tax Rate 23.7% 22.5% 21.7% 23.7% 19.1% 25.1% 23.4% 22.0% 27.8% 26.0% 27.2% 27.4% 25.5% 22.9% 27.0% 24.8% 31.6% 32.1% 35.0% 30.3% 34.0% 23.5% 33.6% 35.0% 25.6% 29.3% 18.9% 22.2% 19.7% 33.2% 35.0%
Net Income 294.03M 254.08M 243.24M 225.21M 298.23M 208.88M 223.80M 190.51M 164.61M 140.48M 127.32M 138.45M 121.85M 110.72M 67.31M 62.40M 34.54M 22.89M 18.08M 34.54M 43.32M 60.87M 36.89M 23.17M 44.72M 27.59M 51.12M 55.78M 64.09M 27.94M 42.67M
Net Margin 13.8% 14.2% 16.2% 15.4% 23.7% 15.6% 18.0% 17.0% 15.6% 15.2% 14.4% 16.9% 17.2% 15.2% 11.7% 12.2% 7.5% 5.2% 3.6% 10.3% 14.4% 22.9% 9.8% 7.2% 13.6% 10.9% 16.6% 17.1% 20.2% 7.4% 13.4%
EBIT 988.59M 693.28M 604.75M 667.97M 635.76M 747.48M 610.62M 503.20M 507.11M 435.14M 444.42M 376.86M 323.09M 475.79M 359.80M 366.45M 337.29M 280.79M 362.50M 258.80M 208.68M 188.45M 310.15M 251.03M 257.26M 164.62M 173.49M 275.36M 270.90M 330.72M 211.60M
Depreciation & Amortization 58.10M 61.65M 57.61M 65.60M 55.13M 59.09M 51.54M 43.36M 41.88M 34.72M 23.59M 25.82M 21.19M 24.62M 16.66M 17.88M 16.52M 21.61M 14.80M 9.83M 9.49M 9.52M 8.20M 14.36M 16.56M 7.62M 4.16M 5.47M 2.99M 4.20M 5.53M
EBITDA 1,046.69M 754.93M 662.36M 733.58M 690.89M 806.57M 662.15M 546.57M 548.99M 469.86M 468.01M 402.69M 344.28M 500.42M 376.47M 384.33M 353.81M 302.40M 377.30M 268.63M 218.16M 197.97M 318.35M 265.39M 273.82M 172.24M 177.65M 280.83M 273.89M 334.92M 217.14M
EBITDA Margin 49.3% 42.3% 44.0% 50.1% 54.9% 60.2% 53.2% 48.9% 52.1% 50.9% 53.1% 49.3% 48.5% 68.5% 65.4% 75.1% 76.3% 69.1% 76.1% 80.2% 72.7% 74.5% 84.4% 82.9% 83.3% 67.8% 57.6% 85.9% 86.4% 89.1% 68.4%
NOPAT 754.30M 537.32M 473.29M 509.39M 514.18M 560.22M 467.99M 392.32M 365.94M 321.95M 323.57M 273.77M 240.65M 367.04M 262.57M 275.41M 230.65M 190.52M 235.63M 180.33M 137.65M 144.25M 205.91M 163.17M 191.42M 116.31M 140.72M 214.36M 217.66M 221.04M 137.54M
NOPAT Margin 35.5% 30.1% 31.4% 34.8% 40.9% 41.8% 37.6% 35.1% 34.8% 34.9% 36.7% 33.5% 33.9% 50.3% 45.6% 53.8% 49.8% 43.5% 47.5% 53.8% 45.9% 54.3% 54.6% 51.0% 58.2% 45.8% 45.6% 65.6% 68.7% 58.8% 43.3%
Owner's Earnings 352.13M 315.73M 300.86M 290.81M 353.36M 267.97M 275.33M 233.87M 206.50M 175.20M 150.92M 164.27M 143.04M 135.35M 83.97M 80.28M 51.06M 44.49M 32.87M 44.38M 52.81M 70.38M 45.09M 37.53M 61.28M 35.22M 55.28M 61.25M 67.08M 32.15M 48.20M
Owner's Earnings Margin 16.6% 17.7% 20.0% 19.9% 28.1% 20.0% 22.1% 20.9% 19.6% 19.0% 17.1% 20.1% 20.2% 18.5% 14.6% 15.7% 11.0% 10.2% 6.6% 13.2% 17.6% 26.5% 12.0% 11.7% 18.6% 13.9% 17.9% 18.7% 21.2% 8.6% 15.2%
EPS 0.51 0.37 0.36 0.38 0.51 0.37 0.38 0.31 0.26 0.23 0.26 0.30 0.27 0.26 0.15 0.15 0.10 0.09 0.09 0.22 0.18 0.19 0.12 0.09 0.29 0.22 0.63 0.37 0.43 0.42 0.57
EPS (Diluted) 0.51 0.37 0.36 0.38 0.51 0.37 0.38 0.31 0.26 0.23 0.26 0.30 0.27 0.26 0.15 0.15 0.10 0.09 0.09 0.22 0.18 0.19 0.12 0.09 0.29 0.22 0.63 0.37 0.43 0.42 0.57
Shares (Diluted) 582.21M 683.90M 683.68M 588.53M 587.00M 564.60M 594.84M 621.76M 622.48M 617.14M 495.76M 456.51M 444.92M 426.75M 449.30M 403.25M 347.48M 256.94M 199.91M 155.38M 243.46M 320.91M 312.55M 251.38M 155.15M 123.66M 81.56M 149.58M 147.47M 66.61M 75.01M

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 804.77M 709.83M 712.27M 632.86M 707.42M 579.86M 424.17M 367.09M 359.19M 302.68M 334.09M 316.36M 311.64M 280.11M 202.87M 153.20M 167.71M 67.63M 65.10M 41.92M 67.99M 31.70M 61.67M 83.86M 48.60M 24.73M 20.54M 31.24M 16.40M 18.11M 244.98M
Short-Term Investments 241.03M 95.32M 264.14M 254.59M 203.16M 502.90M 201.99M 113.21M 162.73M 107.10M 54.22M 56.60M 24.74M 42.95M 45.28M 52.63M 10.37M 17.72M 11.08M 9.87M 13.17M 69.39M 65.47M 96.15M 44.42M 10.66M 43.50M 40.87M 30.02M 51.20M 31.92M
Cash & Short-Term Investments 1,045.80M 805.15M 976.41M 887.45M 910.57M 1,082.76M 626.16M 480.31M 521.92M 409.78M 388.31M 372.96M 336.38M 323.05M 248.15M 205.83M 178.09M 85.35M 76.19M 51.79M 81.16M 101.09M 127.14M 180.02M 93.02M 35.40M 64.04M 72.11M 46.42M 69.31M 276.89M
Net Receivables 1,304.73M 1,231.59M 1,129.78M 1,055.63M 932.04M 815.36M 512.39M 501.31M 467.76M 706.25M 533.33M 543.99M 493.04M 505.32M 342.02M 316.94M 309.05M 285.18M 230.50M 166.61M 209.20M 148.99M 71.52M 86.17M 109.23M 93.56M 50.49M 107.53M 25.74M 25.20M 181.99M
Inventory 0.00M 0.12M 61.67M 35.91M 1.29M 17.86M 40.86M 3.34M 3.75M 22.92M 2.28M 0.52M 0.55M 0.44M 0.34M 0.14M 0.69M 0.41M 0.06M 0.27M 0.04M 0.03M 0.04M 0.02M 0.12M 0.13M 0.00M 0.00M 0.14M 0.16M 0.15M
Other Current Assets -93.01M 337.30M 77.61M 19.25M 33.65M 52.46M 54.42M 71.83M 139.57M 46.47M 54.65M 42.77M 40.87M 158.42M 166.41M 19.91M 16.57M 17.58M 9.47M 6.79M 5.79M 3.59M 2.20M 1.74M 1.21M 0.41M 0.12M 0.00M 0.18M 0.16M 0.14M
Total Current Assets 2,257.52M 2,374.17M 2,245.47M 1,998.24M 1,877.56M 1,968.44M 1,233.83M 1,056.79M 1,133.00M 1,185.40M 978.57M 960.25M 870.83M 987.23M 756.93M 542.82M 504.40M 388.52M 316.21M 225.46M 296.19M 253.70M 200.90M 267.94M 203.56M 129.50M 114.64M 179.64M 72.47M 94.83M 459.18M
Property, Plant & Equipment 166.78M 176.09M 193.18M 191.88M 178.21M 179.67M 140.75M 115.55M 95.42M 93.47M 90.77M 86.45M 79.37M 54.95M 49.76M 40.78M 33.22M 45.64M 28.97M 22.43M 32.06M 26.59M 12.67M 29.87M 26.88M 11.62M 10.56M 10.83M 11.70M 10.37M 12.07M
Goodwill 67.89M 81.15M 96.58M 124.24M 120.46M 92.98M 88.52M 81.76M 82.08M 74.08M 71.63M 64.35M 47.50M 29.45M 20.56M 15.53M 12.33M 12.94M 3.60M 2.56M 0.25M 0.04M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 60.73M 53.09M 69.74M 70.38M 57.82M 53.30M 49.77M 54.45M 43.01M 37.75M 39.38M 32.29M 26.17M 21.13M 14.44M 11.96M 13.50M 16.83M 5.52M 3.85M 4.96M 1.56M 1.87M 2.39M 1.96M 1.89M 2.11M 2.16M 2.86M 0.50M 0.36M
Long-Term Investments 1,763.65M 1,785.18M 1,547.21M 1,658.46M 1,301.20M 1,174.41M 1,140.88M 957.19M 681.00M 594.07M 514.22M 328.55M 340.47M 229.50M 156.05M 138.12M 46.19M 74.16M 56.75M 46.73M 20.51M 48.41M 5.53M 8.98M 79.98M 28.51M 122.04M 107.70M 265.49M 139.14M 844.26M
Tax Assets 22.79M 53.41M 39.76M 42.83M 39.30M 28.12M 24.04M 39.56M 41.24M 25.60M 11.06M 8.66M 6.67M 7.62M 5.68M 3.79M 3.93M 2.08M 2.46M 1.35M 0.73M 0.75M 0.50M 0.03M 0.04M 0.00M 0.27M 0.11M 0.10M 0.11M 0.00M
Other Non-Current Assets 574.88M 2,627.72M 2,178.82M 1,005.84M 1,006.36M 462.97M 547.95M 984.25M 509.99M 529.08M 505.63M 506.42M 261.64M 254.01M 111.14M 91.37M 63.59M 35.38M 67.29M 32.84M 25.69M 9.60M 6.80M 11.38M 5.64M -0.52M -6.81M 2.88M 9.19M 4.43M 206.05M
Other Assets 2,113.52M 0.00M 0.01M 973.27M 470.34M 299.11M 139.75M 214.97M 169.00M 4.87M 0.01M 0.03M 16.12M 15.23M 0.00M 0.00M 0.00M 0.00M 0.00M 0.48M 16.42M 24.19M 21.16M 13.60M 13.20M 14.44M 18.96M 53.66M 8.29M 4.42M 0.05M
Total Non-Current Assets 4,770.22M 4,776.65M 4,125.30M 4,066.90M 3,173.69M 2,290.55M 2,131.67M 2,447.72M 1,621.73M 1,358.91M 1,232.69M 1,026.75M 777.94M 611.89M 357.64M 301.55M 172.76M 187.04M 164.59M 110.24M 100.63M 111.15M 48.54M 66.25M 127.70M 55.93M 147.12M 177.35M 297.63M 158.98M 1,062.80M
Total Assets 7,027.75M 7,150.82M 6,370.77M 6,065.14M 5,051.24M 4,259.00M 3,365.50M 3,504.51M 2,754.73M 2,544.31M 2,211.26M 1,987.00M 1,648.78M 1,599.12M 1,114.57M 844.37M 677.16M 575.55M 480.79M 335.70M 396.82M 364.86M 249.44M 334.19M 331.27M 185.43M 261.76M 356.99M 370.11M 253.81M 1,521.97M
Accounts Payable 75.94M 105.23M 128.18M 107.77M 84.84M 104.41M 83.09M 85.22M 81.59M 114.34M 125.05M 108.26M 84.01M 62.13M 44.02M 33.06M 30.64M 30.38M 21.63M 27.98M 24.79M 12.54M 9.89M 9.14M 8.95M 5.85M 7.54M 5.52M 4.99M 5.21M 3.59M
Short-Term Debt 259.11M 1,017.67M 928.58M 1,088.27M 884.85M 483.75M 478.03M 458.52M 311.01M 288.12M 159.66M 173.58M 155.21M 219.25M 176.51M 126.54M 83.53M 81.74M 44.50M 13.97M 58.70M 49.71M 11.04M 16.28M 21.81M 13.28M 28.53M 299.10M 180.73M 65.12M 242.08M
Tax Payables 4.11M 12.59M 14.13M 18.65M 15.66M 14.68M 12.08M 8.98M 10.11M 8.72M 7.07M 7.18M 5.79M 3.96M 3.10M 1.90M 1.47M 1.26M 0.39M 0.24M 0.35M 0.25M 0.04M 0.15M 0.02M 0.00M 0.00M 0.15M 0.02M 0.04M 0.00M
Deferred Revenue 0.00M 0.00M 2.49M 1.58M 4.82M 0.67M 2.47M 1.07M 0.92M 1.57M 2.02M 0.42M 0.00M 1.66M 0.71M 0.24M 0.12M 0.23M 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 Current Liabilities 689.01M 460.40M 351.76M 162.08M 215.85M 457.07M 164.52M 217.32M 287.75M 131.50M 118.70M 84.23M 51.46M 114.96M 83.45M 31.62M 45.78M 30.16M 13.11M 13.42M 9.43M 1.13M 2.91M 0.91M 6.33M 1.29M 4.90M -0.69M 18.66M 5.47M 126.69M
Total Current Liabilities 1,028.17M 1,595.90M 1,425.14M 1,378.35M 1,206.03M 1,060.58M 740.19M 771.11M 691.38M 544.25M 412.50M 373.67M 296.47M 401.96M 307.79M 193.37M 161.54M 143.78M 79.64M 55.61M 93.27M 63.63M 23.89M 26.48M 37.11M 20.42M 40.97M 304.08M 204.39M 75.84M 372.36M
Long-Term Debt 7,397.67M 5,688.81M 5,370.63M 5,195.49M 4,707.48M 4,379.85M 3,441.80M 3,254.06M 2,740.00M 2,238.24M 1,795.68M 1,417.04M 1,195.00M 950.02M 986.97M 764.41M 658.03M 466.82M 405.86M 265.33M 285.59M 143.19M 235.35M 213.54M 1,138.32M 606.21M 627.99M 549.93M 546.33M 113.03M 733.46M
Capital Lease Obligations 4.95M 25.69M 30.73M 32.94M 32.54M 33.28M 20.80M 0.23M 0.12M 0.08M 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
Deferred Tax Liabilities 1.21M 8.11M 18.05M 25.53M 13.06M 13.46M 21.38M 18.98M 12.55M 7.31M 7.28M 3.05M 1.61M 2.26M 2.78M 1.31M 1.47M 1.49M 1.13M 1.43M 0.21M 0.16M 0.11M 0.04M 0.07M 0.00M 0.00M 0.04M 0.00M 0.00M 0.00M
Other Non-Current Liabilities -123.65M 1,117.90M 983.64M 505.48M 586.16M 338.94M 347.16M 329.86M 275.89M 242.82M 173.41M 172.29M 202.26M 66.26M 17.18M 23.34M 27.29M 9.75M 44.34M 14.47M 33.49M 41.61M 21.85M 6.46M -1.93M -0.07M -5.99M -4.40M 59.03M 1.63M 0.32M
Total Non-Current Liabilities 7,280.19M 6,840.51M 6,403.04M 5,759.45M 5,339.24M 4,765.54M 3,831.14M 3,603.13M 3,028.56M 2,488.45M 1,976.36M 1,592.38M 1,398.86M 1,018.54M 1,006.94M 789.05M 686.78M 478.05M 451.33M 281.23M 319.29M 184.95M 257.31M 220.04M 1,136.45M 606.14M 622.00M 545.58M 605.36M 114.67M 733.78M
Total Liabilities 8,308.36M 8,436.41M 7,828.19M 7,137.79M 6,545.27M 5,826.11M 4,571.33M 4,374.24M 3,719.94M 3,032.70M 2,388.86M 1,966.05M 1,695.33M 1,420.50M 1,314.73M 982.42M 848.32M 621.83M 530.97M 336.84M 412.56M 248.59M 281.20M 246.52M 1,173.57M 626.56M 662.97M 849.66M 809.75M 190.51M 1,106.15M
Preferred Stock 0.00M 0.00M 41.07M 52.87M 34.90M 45.13M 100.64M 61.84M 46.01M 4.02M 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 4.03M 0.00M 0.00M 0.24M
Common Stock 65.60M 112.66M 113.42M 131.24M 99.55M 92.85M 91.98M 95.58M 93.90M 90.20M 85.94M 82.74M 67.03M 37.37M 33.36M 20.15M 18.08M 17.00M 8.50M 5.27M 7.18M 5.58M 6.24M 4.70M 3.60M 3.22M 3.11M 1.09M 1.03M 0.69M 0.54M
Retained Earnings 716.29M 1,164.01M 1,086.24M 961.06M 860.32M 807.15M 777.04M 673.95M 620.46M 516.57M 420.07M 351.13M 287.40M 270.87M 233.21M 108.18M 119.41M 117.41M 75.44M 60.97M 93.55M 102.32M 87.81M 65.89M 159.43M 73.66M 257.12M 170.61M 85.14M 73.61M 93.35M
Accumulated OCI -1.31M 27.52M 11.20M 2.64M 18.02M -2.97M 2.69M 21.47M 9.62M -4.98M -11.32M -2.38M -3.28M -1.96M -1.03M -1.53M -1.44M -3.94M 0.11M 0.92M 1.32M 0.47M -0.27M -0.42M -0.29M -0.32M -0.13M 0.44M 0.23M 0.69M 1.36M
Minority Interest 13.35M 15.23M 36.74M 98.73M 25.68M 85.66M 101.44M 38.39M 48.35M 11.05M 3.09M 0.82M 2.16M 1.50M 1.31M 2.13M 0.60M 1.06M 0.87M 0.23M 1.01M 0.21M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 780.58M 1,304.19M 1,251.93M 1,147.81M 1,012.79M 942.16M 972.36M 852.84M 769.99M 605.81M 494.69M 431.50M 351.15M 306.29M 265.54M 126.79M 136.05M 130.47M 84.05M 67.16M 102.04M 108.36M 93.78M 70.18M 162.73M 76.56M 260.10M 176.18M 86.40M 74.99M 95.48M
Total Equity 793.93M 1,319.42M 1,288.67M 1,246.55M 1,038.47M 1,027.81M 1,073.80M 891.22M 818.34M 616.86M 497.78M 432.31M 353.32M 307.79M 266.85M 128.92M 136.66M 131.54M 84.92M 67.39M 103.05M 108.58M 93.78M 70.18M 162.73M 76.56M 260.10M 176.18M 86.40M 74.99M 95.48M
Total Liabilities & Equity 9,102.29M 9,755.83M 9,116.86M 8,384.34M 7,583.74M 6,853.93M 5,645.12M 5,265.46M 4,538.29M 3,649.56M 2,886.64M 2,398.36M 2,048.65M 1,728.28M 1,581.57M 1,111.34M 984.98M 753.36M 615.89M 404.24M 515.61M 357.16M 374.98M 316.70M 1,336.30M 703.13M 923.08M 1,025.83M 896.16M 265.50M 1,201.63M
Tangible Assets 6,899.13M 7,016.58M 6,204.45M 5,870.52M 4,872.96M 4,112.72M 3,227.20M 3,368.30M 2,629.64M 2,432.49M 2,100.26M 1,890.37M 1,575.11M 1,548.54M 1,079.56M 816.88M 651.33M 545.78M 471.67M 329.28M 391.61M 363.25M 247.56M 331.80M 329.30M 183.54M 259.65M 354.83M 367.25M 253.31M 1,521.62M
Tangible Equity 665.32M 1,185.18M 1,122.35M 1,051.93M 860.19M 881.54M 935.50M 755.02M 693.25M 505.04M 386.77M 335.68M 279.64M 257.21M 231.84M 101.43M 110.83M 101.76M 75.80M 60.98M 97.84M 106.97M 91.91M 67.79M 160.77M 74.68M 258.00M 174.02M 83.55M 74.49M 95.12M
Tangible Book Value 665,318,095.77 1,185,183,403.65 1,122,352,413.02 1,051,928,983.24 860,185,274.65 881,538,514.26 935,501,266.70 755,019,231.70 693,254,030.00 505,035,632.99 386,774,869.52 335,681,699.56 279,644,670.37 257,208,125.75 231,839,996.71 101,433,022.91 110,827,360.68 101,764,511.03 75,795,784.52 60,979,114.24 97,841,002.11 106,968,450.26 91,907,598.96 67,792,618.79 160,772,502.47 74,675,245.72 257,998,114.92 174,015,489.40 83,547,409.95 74,492,823.68 95,124,474.61
Total Investments 2,161.00M 2,150.18M 1,967.61M 1,799.03M 1,542.78M 1,410.57M 1,255.32M 908.69M 745.27M 692.76M 585.28M 411.26M 413.17M 312.59M 230.01M 177.01M 83.23M 155.92M 98.00M 83.62M 63.18M 99.93M 82.24M 92.08M 81.67M 29.18M 125.59M 112.17M 269.27M 162.93M 876.13M
Net Debt 6,852.02M 5,996.65M 5,586.94M 5,650.90M 4,884.92M 4,283.74M 3,495.66M 3,345.48M 2,691.82M 2,223.68M 1,621.25M 1,274.25M 1,038.57M 889.17M 960.61M 737.75M 573.84M 480.93M 385.26M 237.38M 276.30M 161.20M 184.73M 145.96M 1,111.53M 594.76M 635.98M 817.79M 710.66M 160.04M 730.56M

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 284.96M 304.75M 627.70M 196.77M 1,353.22M 1,639.98M 1,132.89M 1,203.63M 1,506.59M 1,449.66M 1,560.14M 1,204.88M 1,167.18M 1,014.37M 1,022.61M 688.71M 402.90M 203.23M 296.71M 222.95M 200.97M 197.42M 107.66M 28.14M -31.43M 10.98M -224.98M -40.30M -108.37M -3.13M -122.60M
Total Capital 10,823.07M 9,596.99M 9,262.31M 8,762.91M 7,893.61M 8,265.37M 6,907.55M 6,527.38M 5,660.04M 4,969.82M 3,778.77M 3,506.04M 3,234.28M 2,312.54M 1,865.39M 1,398.26M 1,221.39M 816.00M 649.67M 558.64M 621.27M 402.87M 527.25M 553.20M 1,990.89M 963.88M 971.49M 853.29M 841.95M 304.04M 1,193.80M
Capital Employed 16,946.61M 11,848.73M 10,985.06M 10,569.22M 11,130.31M 11,094.79M 10,771.14M 9,849.14M 8,308.76M 7,678.98M 7,395.39M 6,436.10M 5,783.85M 4,311.86M 3,027.18M 2,200.78M 1,703.16M 1,321.09M 1,226.95M 869.82M 930.24M 863.21M 1,927.28M 960.20M 1,750.63M 988.20M 1,507.64M 1,424.49M 1,542.81M 246.99M 1,013.02M
Invested Capital 10,018.30M 8,887.15M 8,550.04M 8,130.05M 7,186.19M 7,685.51M 6,483.38M 6,160.29M 5,300.85M 4,667.14M 3,444.69M 3,189.68M 2,922.63M 2,032.44M 1,662.52M 1,245.06M 1,053.68M 748.36M 584.56M 516.72M 553.28M 371.17M 465.59M 469.33M 1,942.30M 939.14M 950.95M 822.05M 825.56M 285.92M 948.82M

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 42.04M 65.04M 67.28M 66.48M 58.69M 60.51M 54.34M 39.62M 27.76M 28.12M 32.39M 28.22M 25.82M 26.65M 21.86M 25.46M 20.37M 21.72M 15.00M 11.19M 12.60M 9.32M 7.96M 10.08M 17.95M 9.57M 6.98M 12.23M 4.75M 4.67M 6.12M
Deferred Income Tax 1.41M 0.00M -3.16M -0.80M 1.21M -1.96M -0.19M 0.56M 0.52M -0.15M -0.03M -0.03M 0.49M 0.05M 0.10M 0.12M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.10M 0.12M 0.01M 0.26M -0.08M 1.27M 0.02M 0.13M 0.00M
Stock-Based Compensation 5.11M 3.51M 5.58M 6.19M 5.61M 4.55M 3.95M 3.23M 2.38M 2.11M 3.10M 1.53M 0.99M 0.57M 0.51M 0.56M 0.21M 0.33M 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 -110.13M -307.60M -292.56M -344.15M -255.25M -235.15M -168.08M -293.01M -208.00M -204.34M -118.78M -173.79M -105.74M -55.12M -36.78M -34.95M -21.46M -25.43M -26.18M -23.19M -15.53M -11.61M -3.57M -0.02M -5.07M 1.95M 9.80M -0.44M -16.96M -0.58M -18.60M
Accounts Receivable -17.65M -13.55M -16.16M -16.66M -5.40M -9.18M -30.36M -77.77M -79.50M -57.29M -6.07M -4.19M -2.86M -0.64M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.06M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M -2.11M 0.00M -0.18M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.16M 0.00M 0.00M -0.09M 0.00M -0.03M 0.00M 0.00M 0.00M 0.00M 0.00M 0.05M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 2.75M 4.41M 4.57M 6.75M 2.16M -1.57M 2.05M 2.98M 2.88M 2.06M 0.22M 0.00M 0.42M -0.08M 0.22M 0.00M -0.01M 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 -73.78M -174.16M -147.68M -136.36M -119.29M -81.20M -49.88M -121.10M -119.68M -147.67M -96.17M -108.16M -119.51M -11.99M -17.59M -9.94M -0.78M -3.15M -0.01M -15.50M -2.33M -2.66M -0.69M -1.38M 0.12M 1.23M 0.02M -2.38M -8.76M -3.24M 0.53M
Other Non-Cash Items 123.00M 192.95M 161.41M 166.51M 74.75M 126.06M 96.08M 69.91M 105.61M 63.95M 36.73M 11.31M 16.52M 6.93M 4.38M 0.88M 7.07M 21.71M 7.48M -0.24M 5.81M 10.22M 10.61M 44.34M 19.02M -3.90M 9.72M -6.15M 0.92M 1.44M -1.25M
Net Cash from Operating Activities 375.11M 241.81M 133.15M 141.16M 272.29M 135.06M 181.95M 60.75M 33.29M 9.92M 71.19M 43.38M 137.12M 127.54M 75.27M 99.04M 42.28M 48.25M 21.39M 29.70M 25.29M 65.01M 56.14M 82.31M 64.25M 50.93M 110.18M 74.93M 20.73M 21.26M 48.36M
Capital Expenditures (PPE) -16.63M -28.67M -28.74M -30.53M -26.67M -28.05M -27.97M -24.65M -27.46M -21.00M -20.66M -22.73M -18.23M -11.92M -10.66M -7.01M -5.91M -7.61M -10.84M -8.64M -11.28M -4.77M -7.22M -7.14M -9.97M -5.02M -8.73M -5.63M -4.17M -2.54M -5.90M
Acquisitions (Net) 0.00M 0.00M -3.41M -0.48M -4.27M 1.81M -3.38M -3.88M -3.02M -0.86M -3.63M -4.09M -0.94M -0.70M -0.73M -0.74M -0.07M -2.07M -1.06M -0.61M -0.36M -2.65M -2.13M -2.21M -0.30M 0.00M 0.97M 0.00M 0.02M 0.00M 0.00M
Purchases of Investments -84.72M -234.19M -210.17M -419.21M -228.37M -267.15M -321.97M -245.86M -202.51M -117.00M -86.71M -123.58M -107.13M -112.61M -168.85M -93.97M -31.97M -62.74M -19.03M -32.33M -42.77M -189.27M -160.96M -18.29M -2.85M -0.86M -7.54M -7.23M -162.98M -22.22M -126.76M
Sales / Maturities of Investments 53.59M 249.16M 176.97M 389.23M 248.29M 144.56M 407.11M 287.74M 176.85M 207.74M 40.79M 91.61M 69.16M 67.75M 214.74M 100.69M 37.37M 68.81M 16.17M 19.71M 18.73M 94.89M 55.44M 42.46M 3.74M 36.41M 55.05M 153.68M 33.07M 15.72M 995.09M
Other Investing Activities -222.42M -106.49M -107.91M -151.90M -94.26M -0.89M -116.56M -101.18M -47.24M -44.29M -64.86M -16.26M -6.45M 2.94M -6.90M -0.18M 0.25M 0.46M -0.89M -0.44M 0.23M -3.99M -8.61M -31.49M -35.06M -45.50M -98.89M -79.58M -35.76M -6.22M -15.97M
Net Cash from Investing Activities -308.26M -249.81M -214.26M -279.49M -158.92M -78.90M -206.19M -241.48M -236.68M -124.41M -140.30M -96.61M -85.33M -51.24M -59.64M -39.65M -12.57M -44.15M -51.88M -40.49M -33.74M -88.13M -97.33M -53.36M -66.68M -45.72M -103.28M -73.21M -48.70M -18.33M -37.61M
Net Debt Issuance 203.01M 264.69M 307.14M 252.56M 168.79M 167.74M 310.62M 353.88M 305.49M 169.12M 140.72M 171.35M 59.63M 84.61M 39.72M -47.13M -10.55M 6.59M 35.85M 27.40M 34.41M 18.03M 9.09M -2.30M 5.10M 5.99M 21.39M 79.06M 19.93M 12.18M 8.82M
Long-Term Debt Issuance 178.68M 289.83M 287.89M 248.11M 206.44M 178.96M 254.74M 345.97M 277.93M 158.14M 118.07M 163.22M 44.09M 73.12M 51.20M 13.50M -14.03M 10.39M 36.62M 13.20M 57.23M 15.98M 6.84M 1.52M 16.01M 5.39M 24.72M 25.89M -30.09M 3.21M 8.51M
Short-Term Debt Issuance 0.00M 0.00M 2.35M 0.00M 0.00M 0.00M 0.00M 2.86M 0.00M 2.20M -0.50M 0.00M 0.06M -0.08M -1.75M -1.29M -0.30M -0.10M 0.03M 0.00M -0.67M 0.00M 0.00M -0.26M -0.15M 0.00M 0.00M 20.62M 10.04M 0.00M 0.00M
Net Stock Issuance -23.82M -15.21M -10.63M -40.12M -24.33M -12.34M -9.82M -8.25M -1.79M -3.36M -1.12M -0.13M -2.53M -0.31M -0.06M 0.85M 0.43M 2.51M 1.69M 0.36M 0.30M 0.12M 0.99M 0.53M 1.88M 1.01M -0.16M 1.12M -8.77M 0.96M 0.42M
Common Stock Issuance 0.10M 1.15M 0.40M 0.50M 7.04M 3.24M 1.70M 1.21M 0.46M 0.78M 1.27M 0.56M 1.26M 0.73M 2.40M 0.95M 0.76M 4.54M 5.12M 1.52M 1.02M 0.85M 0.46M 0.86M 0.47M 0.03M 0.00M 0.02M 0.50M 0.06M 0.56M
Common Stock Repurchased -30.23M -14.15M -27.72M -40.95M -32.66M -20.22M -20.63M -20.15M -7.47M -7.96M -4.07M -2.86M -4.71M -5.38M -1.70M -0.35M -0.17M -0.26M -1.87M -0.06M -0.03M 0.00M 0.00M 0.00M -0.03M -0.06M 0.00M 0.00M 0.00M 0.00M 0.00M
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 -40.03M -67.39M -65.30M -57.26M -48.27M -46.36M -43.23M -31.16M -32.02M -24.20M -23.86M -21.70M -19.51M -12.67M -11.58M -9.86M -8.71M -7.64M -5.20M -3.27M -3.25M -3.06M -1.79M -1.46M -1.70M -1.78M -1.87M -2.11M -5.62M -0.60M -4.46M
Common Dividends Paid -29.82M -66.75M -63.71M -59.89M -47.16M -49.34M -42.82M -31.06M -31.86M -23.97M -22.23M -21.57M -19.51M -12.68M -11.42M -8.02M -7.86M -6.26M -4.82M -3.09M -2.54M -2.98M -2.03M -1.82M -1.70M -1.78M -1.87M -2.11M -5.62M -0.60M -4.46M
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 -11.28M -30.77M -4.98M 33.17M -9.95M 11.88M 6.88M 2.77M 31.83M 38.89M 38.91M 26.93M 9.57M -0.16M 0.91M -1.63M 0.87M 0.07M 0.94M 2.05M -0.23M -0.32M 3.59M -0.03M 1.43M 0.31M 16.72M 14.97M 12.70M 0.03M 0.01M
Net Cash from Financing Activities 124.33M 210.53M 255.43M 241.48M 108.91M 134.21M 392.11M 408.45M 444.83M 301.63M 233.06M 194.56M 95.47M 35.09M 22.42M -83.17M -6.59M 24.59M 69.48M 40.31M 65.64M 12.01M 29.88M 18.71M 18.06M 32.42M 28.51M 71.84M 33.78M -0.81M 4.09M
Effect of FX on Cash -0.17M -0.05M 0.54M -0.28M -0.22M 0.07M 0.05M -0.08M 0.08M -0.13M -0.20M -0.23M 0.15M 0.03M 0.00M 0.00M 0.01M 0.00M 0.08M 0.01M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 2.13M -0.02M -0.02M 0.00M
Net Change in Cash -0.13M -1.08M 80.41M 21.13M 43.02M 141.94M 41.29M 62.13M 38.18M 17.28M 16.02M 21.33M 20.96M 27.62M 14.89M -6.05M 21.43M 0.29M 12.72M 2.42M 1.79M 0.13M 5.39M 17.93M 1.87M 19.48M 3.94M 7.60M 4.29M -7.17M -17.58M
Cash at Beginning of Period 484.68M 775.35M 745.41M 816.16M 748.42M 543.51M 501.29M 422.07M 315.21M 328.94M 317.73M 299.34M 286.12M 223.72M 159.01M 155.24M 82.29M 80.83M 54.06M 40.24M 28.06M 37.51M 39.11M 33.93M 63.42M 19.78M 33.07M 44.95M 68.74M 12.94M 123.93M
Cash at End of Period 810.00M 754.92M 845.02M 777.75M 808.77M 778.59M 583.02M 437.58M 358.77M 291.64M 335.02M 319.60M 297.20M 275.31M 201.97M 134.52M 149.48M 82.97M 65.78M 43.87M 69.05M 41.11M 98.43M 85.22M 148.81M 68.36M 66.95M 24.39M 45.52M 0.09M 17.68M
Operating Cash Flow 376.53M 249.75M 168.30M 144.50M 272.29M 135.06M 181.80M 60.75M 33.29M 9.92M 71.19M 43.38M 137.12M 127.54M 75.27M 99.04M 42.28M 48.25M 21.39M 29.70M 25.29M 65.01M 56.14M 82.31M 63.11M 50.93M 110.18M 74.93M 20.73M 21.26M 48.36M
Capital Expenditure -20.69M -35.02M -31.81M -32.02M -28.60M -29.73M -29.72M -24.93M -31.91M -21.76M -23.25M -23.29M -18.82M -13.00M -12.09M -8.44M -6.25M -8.01M -10.94M -8.25M -11.37M -5.61M -7.22M -7.14M -9.97M -5.02M -8.73M -5.63M -4.17M -2.54M -5.90M
Free Cash Flow 236.95M 161.59M 113.56M 93.08M 159.52M 84.58M 71.23M -43.45M -31.50M -45.92M 32.28M -32.28M 8.24M 64.77M 32.45M 81.56M 24.38M 24.54M -4.47M 10.04M 7.02M 20.33M 30.13M 59.18M 29.08M 22.64M 57.39M 50.77M 17.75M 18.02M 35.53M

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 594.49M 462.69M 383.93M 490.10M 481.82M 386.98M 442.78M 336.12M 269.88M 259.28M 195.00M 245.81M 168.98M 143.73M 124.23M 121.62M 60.81M 51.90M 52.66M 71.11M 99.05M 96.14M 57.69M 32.87M 76.96M 58.56M 35.72M 70.59M 93.51M 86.90M 83.50M
(-) Tax Adjustment 140.89M 104.09M 83.45M 116.36M 92.14M 96.94M 103.42M 74.07M 75.13M 67.45M 53.02M 67.24M 43.12M 32.85M 33.57M 30.21M 19.23M 16.68M 20.90M 21.56M 33.71M 22.55M 19.39M 14.57M 19.70M 17.19M 6.75M 15.64M 18.38M 28.82M 29.71M
(-) Change In Working Capital -110.13M -307.60M -292.56M -344.15M -255.25M -235.15M -168.08M -293.01M -208.00M -204.34M -118.78M -173.79M -105.74M -55.12M -36.78M -34.95M -21.46M -25.43M -26.18M -23.19M -15.53M -11.61M -3.57M -0.02M -5.07M 1.95M 9.80M -0.44M -16.96M -0.58M -18.60M
(-) Capital Expenditure 20.69M 35.02M 31.81M 32.02M 28.60M 29.73M 29.72M 24.93M 31.91M 21.76M 23.25M 23.29M 18.82M 13.00M 12.09M 8.44M 6.25M 8.01M 10.94M 8.25M 11.37M 5.61M 7.22M 7.14M 9.97M 5.02M 8.73M 5.63M 4.17M 2.54M 5.90M
Unlevered Free Cash Flow 543.04M 631.18M 561.22M 685.88M 616.33M 495.45M 477.72M 530.13M 370.85M 374.42M 237.50M 329.07M 212.78M 152.99M 115.34M 117.91M 56.80M 52.62M 47.00M 64.48M 69.50M 79.59M 34.65M 11.18M 52.37M 34.40M 10.44M 49.77M 87.92M 56.12M 66.48M
(-) Net Interest Income After Taxes 148.81M 170.04M 128.92M 137.66M 87.62M 81.23M 47.64M 59.82M 48.49M 55.03M 58.69M 61.19M 46.68M 30.02M 4.55M 4.20M -9.76M -2.72M -7.17M -2.16M -0.09M 4.21M 6.26M 3.33M 2.40M 5.75M -8.00M -12.76M -2.05M -0.02M 32.63M
Net Debt Issuance 203.01M 264.69M 307.14M 252.56M 168.79M 167.74M 310.62M 353.88M 305.49M 169.12M 140.72M 171.35M 59.63M 84.61M 39.72M -47.13M -10.55M 6.59M 35.85M 27.40M 34.41M 18.03M 9.09M -2.30M 5.10M 5.99M 21.39M 79.06M 19.93M 12.18M 8.82M
Levered Free Cash Flow 597.24M 725.84M 739.45M 800.78M 697.50M 581.96M 740.71M 824.19M 627.84M 488.51M 319.53M 439.24M 225.72M 207.59M 150.52M 66.58M 56.01M 61.94M 90.02M 94.04M 104.00M 93.41M 37.49M 5.55M 55.07M 34.65M 39.83M 141.59M 109.90M 68.32M 42.68M