Cathay Pacific Airways Limited (0293.HK)

Industry: Airlines, Airports & Air Services Sector: Industrials Currency Used: HK Live Price: $12.21

Enterprise Value

Metric	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
Stock Price	8.77	8.09	8.56	6.48	6.85	10.11	10.23	10.56	9.38	14.15	13.66	12.93	11.62	13.63	16.13	10.96	10.27	17.36	14.28	12.07	12.81	11.00	9.85	8.93	12.54	11.41	11.41
Market Capitalization	56,429.91M	52,046.66M	55,070.25M	41,680.87M	37,822.34M	45,634.01M	40,225.15M	41,543.04M	36,881.25M	55,646.43M	53,718.77M	50,866.62M	49,319.01M	61,554.04M	72,844.22M	49,473.55M	46,391.84M	78,517.62M	57,915.96M	46,897.04M	49,431.93M	42,406.43M	37,922.91M	34,362.69M	49,012.93M	44,631.70M	44,370.19M
(-) Cash & Equivalents	7,532.50M	9,205.50M	6,820.00M	8,901.50M	6,145.00M	6,951.50M	6,450.00M	5,829.50M	8,171.50M	6,643.00M	9,239.50M	10,479.00M	16,410.00M	19,119.00M	22,730.00M	8,261.00M	7,544.00M	13,530.63M	1,449.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
(+) Total Debt	67,642.50M	68,479.00M	80,424.50M	94,538.00M	96,758.50M	94,000.50M	72,281.00M	75,348.50M	66,601.50M	63,273.00M	63,392.50M	58,516.00M	29,773.00M	0.00M	20,476.00M	25,126.00M	22,492.00M	28,194.38M	7,985.75M	5,613.75M	5,657.75M	6,574.25M	5,702.50M	12,012.00M	10,419.00M	12,391.50M	12,429.00M
Enterprise Value	116,539.91M	111,320.16M	128,674.75M	127,317.37M	128,435.84M	132,683.01M	106,056.15M	111,062.04M	95,311.25M	112,276.43M	107,871.77M	98,903.62M	62,682.01M	42,435.04M	70,590.22M	66,338.55M	61,339.84M	93,181.37M	64,452.71M	52,510.79M	55,089.68M	48,980.68M	43,625.41M	46,374.69M	59,431.93M	57,023.20M	56,799.19M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Revenue	209,572M	124,241M	104,371M	94,485M	51,036M	45,587M	46,934M	106,973M	111,060M	97,284M	92,751M	102,342M	105,991M	100,484M	99,376M	98,406M	89,524M	66,978M	86,578M	75,358M	60,783M	50,909M	39,065M	29,578M	33,090M	30,436M	34,523M	28,702M	26,695M
Cost of Revenue	151,624M	103,467M	71,796M	73,785M	46,616M	44,751M	52,489M	97,771M	90,838M	85,028M	79,670M	82,168M	87,278M	83,509M	92,671M	51,139M	38,656M	26,831M	58,296M	34,357M	27,891M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	57,948M	20,774M	32,575M	20,700M	4,420M	836M	-5,555M	9,202M	20,222M	12,256M	13,081M	20,174M	18,713M	16,975M	6,705M	47,267M	50,868M	40,147M	28,282M	41,001M	32,892M	50,909M	39,065M	29,578M	33,090M	30,436M	34,523M	28,702M	26,695M
Gross Profit Margin	27.7%	16.7%	31.2%	21.9%	8.7%	1.8%	-11.8%	8.6%	18.2%	12.6%	14.1%	19.7%	17.7%	16.9%	6.7%	48.0%	56.8%	59.9%	32.7%	54.4%	54.1%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	4,083M	9,835M	0M	0M	4,176M	3,900M	3,778M	5,983M	2,075M	1,841M	1,786M	1,814M	1,820M	1,747M	777M	791M	736M	571M	851M	860M	668M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	32,123M	9,835M	18,647M	5,575M	4,176M	4,010M	3,778M	5,983M	15,014M	11,359M	11,851M	11,859M	13,801M	12,617M	4,917M	38,070M	35,282M	32,728M	32,589M	30,319M	24,829M	46,766M	33,818M	27,353M	28,340M	29,604M	29,234M	25,880M	26,298M
Operating Income (EBIT)	25,825M	10,939M	13,928M	15,125M	244M	-3,174M	-9,333M	3,219M	5,208M	897M	1,230M	8,315M	4,912M	4,358M	1,788M	9,197M	15,586M	7,419M	-4,307M	10,682M	8,063M	4,143M	5,247M	2,225M	4,750M	832M	5,289M	2,822M	397M
Operating Income Margin	12.3%	8.8%	13.3%	16.0%	0.5%	-7.0%	-19.9%	3.0%	4.7%	0.9%	1.3%	8.1%	4.6%	4.3%	1.8%	9.3%	17.4%	11.1%	-5.0%	14.2%	13.3%	8.1%	13.4%	7.5%	14.4%	2.7%	15.3%	9.8%	1.5%
Interest Income	1,569M	731M	449M	571M	135M	66M	149M	337M	343M	259M	240M	187M	269M	301M	509M	982M	677M	588M	1,416M	1,664M	1,353M	1,161M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	7,554M	6,367M	3,897M	3,961M	3,029M	2,486M	2,699M	3,277M	2,308M	1,736M	1,247M	1,037M	1,132M	1,080M	1,079M	1,726M	1,655M	1,435M	2,428M	2,451M	1,818M	175M	326M	513M	439M	0M	174M	412M	1,043M
Net Interest Income	-5,985M	-5,636M	-3,448M	-3,390M	-2,894M	-2,420M	-2,550M	-2,940M	-1,965M	-1,477M	-1,007M	-850M	-863M	-779M	-570M	-744M	-978M	-847M	-1,012M	-787M	-465M	986M	-326M	-513M	-439M	0M	-174M	-412M	-1,043M
Unusual Items	1,835M	5,273M	723M	-877M	-3,465M	-463M	-10,438M	223M	0M	0M	0M	0M	0M	0M	327M	-1,980M	1,087M	-1,425M	-4,352M	-1,886M	-2,544M	-1,161M	99M	44M	20M	69M	86M	84M	35M
EBT Excluding Unusual Items	19,840M	5,303M	10,480M	11,735M	-2,650M	-5,594M	-11,883M	279M	3,243M	-580M	223M	7,465M	4,049M	3,579M	1,218M	8,453M	14,608M	6,572M	-5,319M	9,895M	7,598M	5,129M	4,921M	1,712M	4,311M	832M	5,115M	2,410M	-646M
Pre-Tax Income	21,675M	10,576M	11,203M	10,858M	-6,115M	-6,057M	-22,321M	502M	3,243M	-580M	223M	7,465M	4,049M	3,579M	1,545M	6,473M	15,695M	5,147M	-9,671M	8,009M	5,054M	3,968M	5,020M	1,756M	4,331M	901M	5,201M	2,494M	-611M
Pre-Tax Margin	10.3%	8.5%	10.7%	11.5%	-12.0%	-13.3%	-47.6%	0.5%	2.9%	-0.6%	0.2%	7.3%	3.8%	3.6%	1.6%	6.6%	17.5%	7.7%	-11.2%	10.6%	8.3%	7.8%	12.9%	5.9%	13.1%	3.0%	15.1%	8.7%	-2.3%
Income Tax Expense	2,614M	1,044M	1,315M	1,068M	507M	-531M	-674M	454M	466M	308M	497M	1,157M	599M	675M	417M	803M	1,462M	283M	-1,337M	799M	782M	500M	504M	409M	328M	202M	110M	219M	-104M
Net Income	19,060M	-242M	9,888M	9,789M	-6,623M	-5,527M	-21,648M	1,691M	2,345M	-1,259M	-575M	6,000M	3,150M	2,620M	916M	5,501M	14,233M	4,694M	-8,558M	7,023M	4,088M	3,468M	4,417M	1,303M	3,983M	657M	5,005M	2,191M	-542M
Net Income Margin	9.1%	-0.2%	9.5%	10.4%	-13.0%	-12.1%	-46.1%	1.6%	2.1%	-1.3%	-0.6%	5.9%	3.0%	2.6%	0.9%	5.6%	15.9%	7.0%	-9.9%	9.3%	6.7%	6.8%	11.3%	4.4%	12.0%	2.2%	14.5%	7.6%	-2.0%
Depreciation & Amortization	18,403M	25,169M	8,272M	7,468M	12,428M	12,825M	14,599M	15,013M	9,802M	9,354M	8,550M	8,391M	8,017M	7,142M	6,739M	6,168M	6,351M	5,684M	5,195M	4,844M	4,295M	-175M	-326M	-513M	-439M	27M	-174M	-412M	-1,043M
EBITDA	44,228M	36,108M	22,200M	22,593M	12,672M	9,651M	5,266M	18,232M	15,010M	10,251M	9,780M	16,706M	12,929M	11,500M	8,527M	15,365M	21,937M	13,103M	888M	15,526M	12,358M	3,968M	4,921M	1,712M	4,311M	859M	5,115M	2,410M	-646M
EBITDA Margin	21.1%	29.1%	21.3%	23.9%	24.8%	21.2%	11.2%	17.0%	13.5%	10.5%	10.5%	16.3%	12.2%	11.4%	8.6%	15.6%	24.5%	19.6%	1.0%	20.6%	20.3%	7.8%	12.6%	5.8%	13.0%	2.8%	14.8%	8.4%	-2.4%
NOPAT	22,711M	9,859M	12,293M	13,637M	193M	-2,507M	-7,373M	308M	4,460M	709M	-1,511M	7,026M	4,185M	3,536M	1,305M	8,056M	14,134M	7,011M	-3,403M	9,616M	6,815M	3,621M	4,720M	1,707M	4,390M	645M	5,177M	2,574M	314M
NOPAT Margin	10.8%	7.9%	11.8%	14.4%	0.4%	-5.5%	-15.7%	0.3%	4.0%	0.7%	-1.6%	6.9%	3.9%	3.5%	1.3%	8.2%	15.8%	10.5%	-3.9%	12.8%	11.2%	7.1%	12.1%	5.8%	13.3%	2.1%	15.0%	9.0%	1.2%
Owner's Earnings	19,355M	17,944M	8,953M	10,456M	2,076M	5,022M	-12,467M	4,533M	-3,844M	-8,831M	-6,911M	1,212M	-3,651M	-10,772M	-13,320M	-5,941M	12,285M	3,602M	-12,591M	2,066M	3,072M	3,293M	4,091M	790M	3,544M	684M	4,831M	-872M	-6,659M
Owner's Earnings Margin	9.2%	14.4%	8.6%	11.1%	4.1%	11.0%	-26.6%	4.2%	-3.5%	-9.1%	-7.5%	1.2%	-3.4%	-10.7%	-13.4%	-6.0%	13.7%	5.4%	-14.5%	2.7%	5.1%	6.5%	10.5%	2.7%	10.7%	2.2%	14.0%	-3.0%	-24.9%
EPS (Basic)	2.87	-0.08	1.49	1.41	-1.12	-0.95	-4.24	0.37	0.60	-0.32	-0.15	1.53	0.80	0.67	0.19	1.22	3.11	1.04	-1.90	1.55	1.01	0.85	1.14	0.34	1.04	0.17	1.29	0.56	-0.14
EPS (Diluted)	2.64	-0.04	1.34	1.32	-1.03	-0.86	-4.20	0.37	0.60	-0.32	-0.15	1.53	0.80	0.67	0.20	1.22	3.15	1.04	-1.89	1.55	1.01	0.89	1.14	0.34	1.03	0.17	1.28	0.56	-0.14
Shares (Basic)	6,494M	6,437M	6,438M	7,782M	6,437M	6,437M	5,156M	4,516M	3,934M	3,934M	3,934M	3,934M	3,934M	3,934M	4,516M	4,516M	4,516M	4,516M	4,516M	4,521M	4,048M	3,877M	3,859M	3,835M	3,826M	3,828M	3,872M	3,886M	3,889M
Shares (Diluted)	7,222M	6,675M	7,384M	7,395M	6,437M	6,437M	5,156M	4,516M	3,934M	3,934M	3,934M	3,934M	3,934M	3,934M	4,516M	4,516M	4,516M	4,516M	4,517M	4,525M	4,056M	3,887M	3,880M	3,835M	3,852M	3,848M	3,909M	3,910M	3,889M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Cash & Cash Equivalents	3,321.00M	5,444.00M	5,444.00M	7,894.00M	7,340.00M	8,573.00M	6,166.00M	8,881.00M	7,672.00M	6,914.00M	9,778.00M	7,207.00M	10,211.00M	12,359.00M	12,798.00M	19,597.00M	24,198.00M	16,522.00M	15,088.00M	21,649.00M	5,796.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Investments	5,588.00M	5,090.00M	5,090.00M	7,636.00M	10,937.00M	10,711.00M	13,175.00M	5,983.00M	7,478.00M	12,018.00M	10,338.00M	13,103.00M	10,225.00M	13,669.00M	11,384.00M	0.00M	0.00M	0.00M	0.00M	0.00M	9,757.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	8,909.00M	10,534.00M	10,534.00M	15,530.00M	18,277.00M	19,284.00M	19,341.00M	14,864.00M	15,150.00M	18,932.00M	20,116.00M	20,310.00M	20,436.00M	26,028.00M	24,182.00M	19,597.00M	24,198.00M	16,522.00M	15,088.00M	21,649.00M	15,553.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Receivables	7,762.00M	6,821.00M	6,821.00M	6,252.00M	6,921.00M	8,296.00M	6,469.00M	6,041.00M	6,633.00M	6,190.00M	5,658.00M	5,487.00M	5,650.00M	5,491.00M	0.00M	9,859.00M	11,065.00M	8,161.00M	12,010.00M	11,376.00M	0.00M	6,538.00M	5,347.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	1,613.00M	1,386.00M	1,386.00M	967.00M	1,137.00M	1,269.00M	1,719.00M	1,812.00M	1,828.00M	1,515.00M	1,514.00M	1,366.00M	1,589.00M	1,511.00M	1,194.00M	1,155.00M	0.00M	947.00M	960.00M	882.00M	800.00M	657.00M	524.00M	398.00M	430.00M	587.00M	647.00M	648.00M	0.00M
Other Current Assets	136.00M	505.00M	505.00M	6,252.00M	1.00M	48.00M	38.00M	4,567.00M	6,007.00M	6,198.00M	4,104.00M	6,062.00M	5,792.00M	6,155.00M	911.00M	746.00M	368.00M	0.00M	0.00M	910.00M	0.00M	0.00M	0.00M	19,953.00M	17,474.00M	14,542.00M	16,046.00M	15,427.00M	16,311.00M
Total Current Assets	18,420.00M	19,246.00M	19,246.00M	29,001.00M	26,336.00M	28,897.00M	27,567.00M	27,284.00M	29,618.00M	32,835.00M	31,392.00M	33,225.00M	33,467.00M	39,185.00M	26,287.00M	31,357.00M	35,631.00M	25,630.00M	28,058.00M	34,817.00M	16,353.00M	7,195.00M	5,871.00M	20,351.00M	17,904.00M	15,129.00M	16,693.00M	16,075.00M	16,311.00M
Property, Plant & Equipment	116,085.00M	116,457.00M	116,457.00M	116,088.00M	118,855.00M	123,990.00M	131,925.00M	140,114.00M	117,124.00M	108,035.00M	102,896.00M	96,855.00M	94,629.00M	94,935.00M	84,278.00M	73,498.00M	66,112.00M	65,495.00M	66,039.00M	62,388.00M	58,086.00M	50,156.00M	51,808.00M	51,357.00M	50,038.00M	51,660.00M	48,548.00M	48,354.00M	49,201.00M
Goodwill	11,615.00M	11,615.00M	11,615.00M	11,615.00M	11,615.00M	11,615.00M	11,615.00M	11,654.00M	7,666.00M	7,666.00M	7,666.00M	7,666.00M	7,666.00M	7,666.00M	7,666.00M	7,666.00M	0.00M	7,666.00M	7,666.00M	7,666.00M	7,390.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	2,747.00M	2,805.00M	2,805.00M	2,902.00M	14,800.00M	15,035.00M	15,061.00M	15,151.00M	3,508.00M	3,555.00M	3,268.00M	2,940.00M	2,652.00M	2,136.00M	1,759.00M	935.00M	338.00M	184.00M	116.00M	116.00M	83.00M	260.00M	348.00M	405.00M	489.00M	454.00M	411.00M	0.00M	0.00M
Long-Term Investments	20,055.00M	16,371.00M	16,371.00M	18,066.00M	18,366.00M	26,437.00M	28,399.00M	30,408.00M	28,335.00M	28,866.00M	24,482.00M	23,895.00M	24,398.00M	21,658.00M	8,388.00M	0.00M	0.00M	8,296.00M	0.00M	0.00M	480.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	1,367.00M	0.00M	0.00M	1,085.00M	1,134.00M	846.00M	627.00M	1,089.00M	793.00M	928.00M	737.00M	497.00M	428.00M	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 Non-Current Assets	13.00M	4,750.00M	4,750.00M	1,610.00M	-10,192.00M	-10,193.00M	-10,620.00M	-11,184.00M	-793.00M	-928.00M	-737.00M	-497.00M	-428.00M	5,995.00M	16,710.00M	23,677.00M	24,951.00M	6,053.00M	12,860.00M	21,406.00M	11,892.00M	7,184.00M	5,819.00M	2,924.00M	3,197.00M	73,573.00M	3,756.00M	3,548.00M	2,602.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4,043.00M	7,421.00M	7,717.00M	8,246.00M	9,162.00M	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	151,882.00M	151,998.00M	151,998.00M	151,366.00M	154,578.00M	167,730.00M	177,007.00M	187,232.00M	160,676.00M	155,543.00M	146,029.00M	139,602.00M	138,507.00M	132,390.00M	118,801.00M	105,776.00M	91,401.00M	87,694.00M	86,681.00M	91,576.00M	77,931.00M	57,600.00M	57,975.00M	54,686.00M	53,724.00M	125,687.00M	52,715.00M	51,902.00M	51,803.00M
Total Assets	170,302.00M	171,244.00M	171,244.00M	180,367.00M	180,914.00M	196,627.00M	204,574.00M	214,516.00M	190,294.00M	188,378.00M	177,421.00M	172,827.00M	171,974.00M	171,575.00M	145,088.00M	137,133.00M	127,032.00M	113,324.00M	114,739.00M	126,393.00M	94,284.00M	64,795.00M	63,846.00M	75,037.00M	71,628.00M	140,816.00M	69,408.00M	67,977.00M	68,114.00M
Accounts Payable	7,597.00M	7,480.00M	7,480.00M	7,397.00M	5,380.00M	10,095.00M	3,284.00M	8,448.00M	6,801.00M	5,112.00M	5,061.00M	5,341.00M	5,671.00M	7,601.00M	7,357.00M	17,464.00M	7,752.00M	12,965.00M	17,722.00M	12,538.00M	10,999.00M	7,625.00M	3,944.00M	5,543.00M	5,280.00M	4,556.00M	5,619.00M	6,052.00M	5,796.00M
Short-Term Debt	7,427.00M	7,423.00M	7,423.00M	5,719.00M	8,490.00M	16,061.00M	17,513.00M	13,634.00M	9,753.00M	4,823.00M	7,217.00M	9,164.00M	6,025.00M	5,834.00M	4,428.00M	0.00M	0.00M	4,140.00M	1,964.00M	4,788.00M	7,503.00M	1,652.00M	4,999.00M	4,879.00M	4,281.00M	2,010.00M	1,783.00M	2,025.00M	0.00M
Tax Payables	1,897.00M	1,771.00M	1,771.00M	2,509.00M	4,023.00M	2,765.00M	1,977.00M	1,951.00M	1,193.00M	1,372.00M	707.00M	502.00M	199.00M	0.00M	687.00M	0.00M	1,541.00M	943.00M	2,129.00M	2,475.00M	2,902.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	15,223.00M	13,537.00M	7,925.00M	8,122.00M	15,941.00M	14,030.00M	13,961.00M	12,926.00M	13,012.00M	-9,781.00M	0.00M	12,224.00M	0.00M	0.00M	0.00M	5,878.00M	6,254.00M	0.00M	2,527.00M	1,497.00M	1,259.00M	874.00M	626.00M	620.00M	659.00M	0.00M
Other Current Liabilities	22,365.00M	31,133.00M	31,133.00M	9,301.00M	9,512.00M	8,262.00M	10,851.00M	11,596.00M	13,622.00M	13,059.00M	14,842.00M	18,186.00M	29,224.00M	22,958.00M	10,113.00M	8,562.00M	27,432.00M	8,075.00M	2,771.00M	2,249.00M	870.00M	3,864.00M	6,811.00M	2,839.00M	2,518.00M	1,965.00M	3,762.00M	2,655.00M	4,404.00M
Total Current Liabilities	39,286.00M	47,807.00M	47,807.00M	40,149.00M	40,942.00M	45,108.00M	41,747.00M	51,570.00M	45,399.00M	38,327.00M	40,753.00M	46,205.00M	31,338.00M	36,393.00M	34,809.00M	26,026.00M	36,725.00M	26,123.00M	30,464.00M	28,304.00M	22,274.00M	15,668.00M	17,251.00M	14,520.00M	12,953.00M	9,157.00M	11,784.00M	11,391.00M	10,200.00M
Long-Term Debt	29,861.00M	33,174.00M	33,174.00M	33,576.00M	36,676.00M	39,061.00M	37,982.00M	43,134.00M	40,952.00M	49,071.00M	36,125.00M	26,438.00M	27,672.00M	24,954.00M	20,209.00M	0.00M	0.00M	15,159.00M	16,504.00M	40,323.00M	33,956.00M	4,611.00M	2,765.00M	21,418.00M	18,529.00M	22,014.00M	19,055.00M	22,758.00M	24,858.00M
Capital Lease Obligations	27,966.00M	27,878.00M	27,878.00M	28,999.00M	25,787.00M	28,443.00M	30,898.00M	33,374.00M	19,231.00M	20,435.00M	22,781.00M	23,429.00M	31,399.00M	36,264.00M	34,909.00M	0.00M	0.00M	23,343.00M	0.00M	0.00M	17,484.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	8,382.00M	7,990.00M	7,990.00M	7,756.00M	8,117.00M	9,820.00M	11,499.00M	13,564.00M	13,178.00M	12,820.00M	11,380.00M	9,278.00M	9,691.00M	0.00M	8,198.00M	6,797.00M	5,815.00M	5,255.00M	4,977.00M	6,771.00M	6,600.00M	6,460.00M	7,280.00M	7,762.00M	7,614.00M	7,836.00M	7,146.00M	6,714.00M	6,359.00M
Other Non-Current Liabilities	3,525.00M	282.00M	282.00M	294.00M	667.00M	710.00M	499.00M	394.00M	1,314.00M	3,129.00M	6,916.00M	13,448.00M	10,439.00M	10,951.00M	1,143.00M	36,479.00M	32,528.00M	1,059.00M	120.00M	178.00M	-14,858.00M	-211.00M	14,999.00M	181.00M	346.00M	70,408.00M	0.00M	0.00M	1,893.00M
Total Non-Current Liabilities	69,734.00M	69,324.00M	69,324.00M	70,625.00M	71,247.00M	78,034.00M	80,878.00M	90,466.00M	74,675.00M	85,455.00M	77,202.00M	72,593.00M	79,201.00M	72,169.00M	64,459.00M	43,276.00M	38,343.00M	44,816.00M	21,601.00M	47,272.00M	43,182.00M	10,860.00M	25,044.00M	29,361.00M	26,489.00M	100,258.00M	26,201.00M	29,472.00M	33,110.00M
Total Liabilities	109,020.00M	117,131.00M	117,131.00M	110,774.00M	112,189.00M	123,142.00M	122,625.00M	142,036.00M	120,074.00M	123,782.00M	117,955.00M	118,798.00M	110,539.00M	108,562.00M	99,268.00M	69,302.00M	75,068.00M	70,939.00M	52,065.00M	75,576.00M	65,456.00M	26,528.00M	42,295.00M	43,881.00M	39,442.00M	109,415.00M	37,985.00M	40,863.00M	43,310.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	19,500.00M	19,500.00M	0.00M	0.00M	126.00M	120.00M	6,413.00M	15,079.00M	7,540.00M	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	28,841.00M	28,841.00M	28,841.00M	28,828.00M	28,822.00M	28,822.00M	48,322.00M	17,106.00M	17,106.00M	17,106.00M	17,106.00M	17,106.00M	17,106.00M	787.00M	787.00M	787.00M	787.00M	787.00M	0.00M	0.00M	787.00M	676.00M	674.00M	669.00M	667.00M	666.00M	670.00M	676.00M	676.00M
Retained Earnings	26,931.00M	26,437.00M	26,437.00M	21,186.00M	13,209.00M	19,724.00M	24,741.00M	45,867.00M	46,956.00M	44,115.00M	44,672.00M	45,900.00M	42,156.00M	40,342.00M	38,363.00M	0.00M	0.00M	24,704.00M	0.00M	0.00M	28,200.00M	34,292.00M	32,181.00M	30,383.00M	31,448.00M	30,642.00M	30,654.00M	26,352.00M	24,020.00M
Accumulated OCI	-3,954.00M	-2,778.00M	-2,778.00M	10,012.00M	2,272.00M	3,672.00M	194.00M	-200.00M	-126.00M	-120.00M	-6,413.00M	-15,079.00M	-7,540.00M	5,464.00M	-58,093.00M	-57,170.00M	-54,736.00M	-49,221.00M	37,538.00M	49,761.00M	-40,334.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	7.00M	7.00M	7.00M	7.00M	6.00M	5.00M	4.00M	3.00M	3.00M	171.00M	161.00M	140.00M	131.00M	125.00M	120.00M	135.00M	155.00M	147.00M	120.00M	178.00M	152.00M	283.00M	134.00M	104.00M	71.00M	93.00M	99.00M	86.00M	108.00M
Total Shareholders’ Equity	51,818.00M	52,500.00M	52,500.00M	60,026.00M	63,803.00M	71,718.00M	73,257.00M	62,773.00M	64,062.00M	61,221.00M	61,778.00M	63,006.00M	59,262.00M	46,593.00M	-18,943.00M	-56,383.00M	-53,949.00M	-23,730.00M	37,538.00M	49,761.00M	-11,347.00M	34,968.00M	32,855.00M	31,052.00M	32,115.00M	31,308.00M	31,324.00M	27,028.00M	24,696.00M
Total Equity	51,825.00M	52,507.00M	52,507.00M	60,033.00M	63,809.00M	71,723.00M	73,261.00M	62,776.00M	64,065.00M	61,392.00M	61,939.00M	63,146.00M	59,393.00M	46,718.00M	-18,823.00M	-56,248.00M	-53,794.00M	-23,583.00M	37,658.00M	49,939.00M	-11,195.00M	35,251.00M	32,989.00M	31,156.00M	32,186.00M	31,401.00M	31,423.00M	27,114.00M	24,804.00M
Total Liabilities & Equity	160,845.00M	169,638.00M	169,638.00M	170,807.00M	175,998.00M	194,865.00M	195,886.00M	204,812.00M	184,139.00M	185,174.00M	179,894.00M	181,944.00M	169,932.00M	155,280.00M	80,445.00M	13,054.00M	21,274.00M	47,356.00M	89,723.00M	125,515.00M	54,261.00M	61,779.00M	75,284.00M	75,037.00M	71,628.00M	140,816.00M	69,408.00M	67,977.00M	68,114.00M
Tangible Assets	155,940.00M	156,824.00M	156,824.00M	165,850.00M	154,499.00M	169,977.00M	177,898.00M	187,711.00M	179,120.00M	177,157.00M	166,487.00M	162,221.00M	161,656.00M	161,773.00M	135,663.00M	128,532.00M	126,694.00M	105,474.00M	106,957.00M	118,611.00M	86,811.00M	64,535.00M	63,498.00M	74,632.00M	71,139.00M	140,362.00M	68,997.00M	67,977.00M	68,114.00M
Tangible Equity	37,463.00M	38,087.00M	38,087.00M	45,516.00M	37,394.00M	45,073.00M	46,585.00M	35,971.00M	52,891.00M	50,171.00M	51,005.00M	52,540.00M	49,075.00M	36,916.00M	-28,248.00M	-64,849.00M	-54,132.00M	-31,433.00M	29,876.00M	42,157.00M	-18,668.00M	34,991.00M	32,641.00M	30,751.00M	31,697.00M	30,947.00M	31,012.00M	27,114.00M	24,804.00M
Tangible Book Value	37,463.00M	38,087.00M	38,087.00M	45,516.00M	37,394.00M	45,073.00M	46,585.00M	35,971.00M	52,891.00M	50,171.00M	51,005.00M	52,540.00M	49,075.00M	36,916.00M	-28,248.00M	-64,849.00M	-54,132.00M	-31,433.00M	29,876.00M	42,157.00M	-18,668.00M	34,991.00M	32,641.00M	30,751.00M	31,697.00M	30,947.00M	31,012.00M	27,114.00M	24,804.00M
Total Investments	25,643.00M	21,461.00M	21,461.00M	25,702.00M	29,303.00M	37,148.00M	41,574.00M	36,391.00M	35,813.00M	40,884.00M	34,820.00M	36,998.00M	34,623.00M	35,327.00M	19,772.00M	17,894.00M	12,926.00M	8,296.00M	9,773.00M	10,054.00M	10,237.00M	7,184.00M	5,819.00M	2,924.00M	3,197.00M	3,165.00M	3,756.00M	3,548.00M	2,602.00M
Net Debt	33,967.00M	35,153.00M	35,153.00M	31,401.00M	37,826.00M	46,549.00M	49,329.00M	47,887.00M	43,033.00M	46,980.00M	33,564.00M	28,395.00M	23,486.00M	18,429.00M	11,839.00M	-19,597.00M	-24,198.00M	2,777.00M	3,380.00M	23,462.00M	35,663.00M	6,263.00M	7,764.00M	26,297.00M	22,810.00M	24,024.00M	20,838.00M	24,783.00M	24,858.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Working Capital	-34,430.0M	-30,993.0M	-30,993.0M	-22,744.0M	-17,066.0M	-14,238.0M	-19,157.0M	-29,578.0M	-18,727.0M	-8,443.0M	-12,700.0M	-16,552.0M	-11,209.0M	-1,592.0M	314.0M	-5,650.0M	1,468.0M	-4,181.0M	-6,953.0M	6,513.0M	337.0M	3,075.0M	58.0M	5,831.0M	4,951.0M	5,972.0M	4,909.0M	4,684.0M	6,111.0M
Total Capital	116,908.0M	120,975.0M	120,975.0M	128,320.0M	140,909.0M	161,572.0M	166,386.0M	160,033.0M	137,832.0M	139,495.0M	125,534.0M	111,032.0M	116,818.0M	125,556.0M	116,732.0M	55,809.0M	54,274.0M	84,880.0M	78,605.0M	95,660.0M	77,497.0M	57,706.0M	55,486.0M	57,349.0M	54,925.0M	55,332.0M	52,162.0M	51,811.0M	49,554.0M
Capital Employed	117,452.0M	121,005.0M	121,005.0M	128,622.0M	137,512.0M	153,492.0M	157,850.0M	157,654.0M	141,949.0M	147,100.0M	133,329.0M	123,050.0M	127,298.0M	130,798.0M	119,115.0M	100,126.0M	92,869.0M	83,513.0M	79,728.0M	98,089.0M	78,268.0M	60,675.0M	58,033.0M	60,517.0M	58,675.0M	131,659.0M	57,624.0M	56,586.0M	57,914.0M
Invested Capital	113,587.0M	115,531.0M	115,531.0M	120,426.0M	133,569.0M	152,999.0M	160,220.0M	151,152.0M	130,160.0M	132,581.0M	115,756.0M	103,825.0M	106,607.0M	113,197.0M	103,934.0M	36,212.0M	30,076.0M	68,358.0M	63,517.0M	74,011.0M	71,701.0M	57,706.0M	55,486.0M	57,349.0M	54,925.0M	55,332.0M	52,162.0M	51,811.0M	49,554.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Net Income	19,060.00M	-242.00M	9,888.00M	9,789.00M	-6,548.00M	-5,527.00M	-21,648.00M	1,691.00M	2,345.00M	-1,259.00M	-575.00M	6,000.00M	3,150.00M	2,620.00M	1,788.00M	5,500.00M	14,086.00M	5,733.00M	-7,929.00M	7,739.00M	5,218.00M	3,468.00M	4,417.00M	1,303.00M	3,983.00M	657.00M	5,005.00M	2,191.00M	-542.00M
Depreciation & Amortization	23,880.00M	25,169.00M	12,059.00M	12,438.00M	12,428.00M	12,825.00M	14,599.00M	15,013.00M	9,253.00M	8,828.00M	8,039.00M	8,391.00M	8,017.00M	7,142.00M	6,739.00M	6,168.00M	6,351.00M	5,684.00M	5,195.00M	4,844.00M	4,295.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Income Tax	-13,533.00M	-27,659.00M	0.00M	0.00M	-24,244.00M	-27,788.00M	-33,483.00M	-32,174.00M	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
Stock-Based Compensation	2,234.00M	1,373.00M	0.00M	1,300.00M	662.00M	711.00M	845.00M	2,164.00M	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
Change in Working Capital	-1,265.00M	1,086.00M	3,572.00M	7,224.00M	5,948.00M	-159.00M	-11,270.00M	1,948.00M	-1,487.00M	-2,271.00M	260.00M	2,574.00M	930.00M	2,462.00M	685.00M	4,658.00M	2,565.00M	-6,230.00M	6,869.00M	2,654.00M	1,605.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Receivable	-980.00M	546.00M	-577.00M	-6.00M	760.00M	-391.00M	4,022.00M	1,776.00M	-1,174.00M	-2,270.00M	408.00M	2,351.00M	1,008.00M	-905.00M	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
Inventory	-249.00M	472.00M	-419.00M	170.00M	132.00M	340.00M	93.00M	16.00M	-313.00M	-1.00M	-148.00M	223.00M	-78.00M	-317.00M	-39.00M	-134.00M	0.00M	13.00M	-82.00M	-93.00M	-67.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	1,803.00M	5,515.00M	382.00M	-1,376.00M	-7,555.00M	-1,776.00M	-3,024.00M	7,260.00M	7,706.00M	6,245.00M	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 Working Capital	-36.00M	68.00M	2,765.00M	1,545.00M	4,674.00M	1,268.00M	-7,830.00M	1,932.00M	3,024.00M	-7,260.00M	-7,706.00M	-6,245.00M	-16,269.00M	3,684.00M	724.00M	4,792.00M	0.00M	-6,243.00M	6,951.00M	2,747.00M	1,672.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	11,968.00M	70,832.00M	-1,978.00M	-4,343.00M	30,686.00M	28,773.00M	37,341.00M	27,094.00M	4,414.00M	-975.00M	-1,616.00M	-970.00M	-1,812.00M	452.00M	-1,772.00M	-2,346.00M	-5,403.00M	-3,152.00M	-2,319.00M	-2,069.00M	-2,601.00M	3,929.00M	4,788.00M	3,560.00M	4,138.00M	3,956.00M	3,279.00M	4,434.00M	4,608.00M
Net Cash from Operating Activities	42,344.00M	45,421.00M	23,541.00M	26,408.00M	18,932.00M	8,835.00M	-13,616.00M	15,736.00M	14,525.00M	4,323.00M	6,108.00M	15,995.00M	10,285.00M	12,676.00M	7,440.00M	13,980.00M	17,599.00M	2,035.00M	1,816.00M	13,168.00M	8,517.00M	7,397.00M	9,205.00M	4,863.00M	8,121.00M	4,613.00M	8,284.00M	6,625.00M	4,066.00M
Capital Expenditures (PPE)	-18,108.00M	-6,983.00M	-9,207.00M	-6,801.00M	-3,729.00M	-2,276.00M	-5,418.00M	-12,171.00M	-15,991.00M	-16,926.00M	-14,886.00M	-13,179.00M	-14,818.00M	-20,534.00M	-20,975.00M	-17,610.00M	-8,299.00M	-6,776.00M	-9,228.00M	-9,801.00M	-5,311.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,651.00M	-5,074.00M
Acquisitions (Net)	333.00M	162.00M	0.00M	0.00M	50.00M	112.00M	153.00M	-1,563.00M	35.00M	1,379.00M	1,792.00M	598.00M	-1,240.00M	0.00M	-138.00M	0.00M	3,260.00M	0.00M	42.00M	0.00M	-3,988.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	2,371.00M	-1,433.00M	0.00M	0.00M	-183.00M	0.00M	-7,166.00M	-60.00M	-5,795.00M	-1,557.00M	-12.00M	-2,521.00M	-52.00M	0.00M	0.00M	-1,604.00M	-1,130.00M	0.00M	-439.00M	-4,591.00M	59.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-85.00M	0.00M	0.00M
Sales / Maturities of Investments	3,926.00M	2,604.00M	0.00M	0.00M	23.00M	2,674.00M	0.00M	1,796.00M	5,760.00M	637.00M	3,094.00M	54.00M	1,292.00M	0.00M	0.00M	0.00M	7.00M	1,907.00M	76.00M	0.00M	41.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	2,504.00M	-65.00M	3,125.00M	4,133.00M	-17.00M	-17.00M	-2.00M	0.00M	7,359.00M	831.00M	317.00M	395.00M	5,345.00M	-1,336.00M	827.00M	5,736.00M	-8,501.00M	3,646.00M	7,505.00M	79.00M	-110.00M	-4,460.00M	-5,749.00M	-4,268.00M	-4,439.00M	-4,028.00M	-2,024.00M	1,292.00M	893.00M
Net Cash from Investing Activities	-8,974.00M	-5,715.00M	-6,082.00M	-2,668.00M	-3,856.00M	493.00M	-12,433.00M	-11,998.00M	-8,632.00M	-15,636.00M	-9,695.00M	-14,653.00M	-10,765.00M	-21,870.00M	-20,286.00M	-13,478.00M	-14,663.00M	-1,223.00M	-2,044.00M	-14,313.00M	-9,309.00M	-4,460.00M	-5,749.00M	-4,268.00M	-4,439.00M	-4,028.00M	-2,109.00M	-1,359.00M	-4,181.00M
Net Debt Issuance	4,398.00M	-17,220.00M	1,300.00M	-11,732.00M	-10,074.00M	-6,932.00M	-819.00M	-973.00M	-4,961.00M	7,125.00M	6,800.00M	-1,782.00M	-1,303.00M	8,155.00M	16,193.00M	3,313.00M	-3,475.00M	1,807.00M	2,855.00M	3,507.00M	5,272.00M	679.00M	1,746.00M	6,765.00M	2,451.00M	7,970.00M	1,569.00M	1,069.00M	2,917.00M
Long-Term Debt Issuance	-6,436.00M	-17,220.00M	1,300.00M	-11,459.00M	-16,236.00M	-6,932.00M	-7,830.00M	-1,810.00M	-3,932.00M	7,125.00M	6,800.00M	-1,782.00M	-1,303.00M	8,155.00M	16,193.00M	3,313.00M	-9,290.00M	1,807.00M	2,855.00M	3,507.00M	5,272.00M	679.00M	1,746.00M	6,765.00M	2,451.00M	7,970.00M	1,569.00M	1,069.00M	2,917.00M
Short-Term Debt Issuance	10,834.00M	0.00M	0.00M	-273.00M	6,162.00M	13,906.00M	7,011.00M	837.00M	-1,029.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5,815.00M	6,169.00M	6,665.00M	7,217.00M	11,058.00M	5,486.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-26,529.00M	0.00M	-16,779.00M	-9,750.00M	0.00M	0.00M	31,216.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.00M	-133.00M	32.00M	52.00M	78.00M	199.00M	56.00M	46.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	11,716.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.00M	0.00M	32.00M	52.00M	78.00M	199.00M	56.00M	46.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-26,529.00M	0.00M	-16,779.00M	-9,750.00M	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	-133.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	-9,750.00M	0.00M	0.00M	19,500.00M	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	-8,127.00M	-1,524.00M	-4,527.00M	-1,969.00M	0.00M	0.00M	0.00M	-1,495.00M	-590.00M	0.00M	-1,259.00M	-2,046.00M	-1,022.00M	-551.00M	-1,338.00M	-3,777.00M	-1,697.00M	0.00M	-2,438.00M	-2,245.00M	-2,992.00M	-2,196.00M	-2,189.00M	-1,035.00M	-701.00M	-1,915.00M	-1,658.00M	-339.00M	-694.00M
Common Dividends Paid	-7,900.00M	-1,524.00M	-4,056.00M	0.00M	0.00M	0.00M	0.00M	-1,495.00M	-590.00M	0.00M	-1,259.00M	-2,046.00M	-1,022.00M	-551.00M	-1,338.00M	-3,777.00M	-1,691.00M	0.00M	-2,438.00M	-2,245.00M	-2,992.00M	-2,196.00M	-2,189.00M	-1,035.00M	-701.00M	-1,915.00M	-1,585.00M	-339.00M	-694.00M
Preferred Dividends Paid	-227.00M	0.00M	-471.00M	-1,969.00M	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	-10,348.00M	-21,136.00M	172.00M	273.00M	-6,162.00M	0.00M	-7,088.00M	-1.00M	429.00M	1,166.00M	683.00M	-327.00M	861.00M	1,157.00M	1,197.00M	1,222.00M	252.00M	325.00M	405.00M	715.00M	-138.00M	231.00M	-6,359.00M	-4,350.00M	-4,778.00M	-3,836.00M	-3,688.00M	-4,475.00M	-2,657.00M
Net Cash from Financing Activities	-40,606.00M	-38,356.00M	-19,834.00M	-23,178.00M	-16,236.00M	-6,932.00M	23,309.00M	-2,469.00M	-5,122.00M	8,291.00M	6,224.00M	-4,155.00M	-1,464.00M	8,761.00M	16,052.00M	758.00M	-4,914.00M	2,140.00M	689.00M	2,009.00M	2,194.00M	-1,208.00M	-6,603.00M	1,436.00M	-2,982.00M	4,182.00M	-3,704.00M	-3,745.00M	-434.00M
Effect of FX on Cash	43.00M	-63.00M	-75.00M	-8.00M	-73.00M	11.00M	25.00M	-41.00M	-32.00M	158.00M	-66.00M	-191.00M	-204.00M	-6.00M	-20.00M	80.00M	156.00M	97.00M	-189.00M	142.00M	98.00M	-119.00M	155.00M	196.00M	121.00M	-8.00M	-61.00M	-7.00M	18.00M
Net Change in Cash	-7,193.00M	1,287.00M	-2,450.00M	554.00M	-1,233.00M	2,407.00M	-2,715.00M	1,209.00M	739.00M	-2,864.00M	2,571.00M	-3,004.00M	-2,148.00M	-439.00M	3,186.00M	1,340.00M	-1,822.00M	3,049.00M	272.00M	1,006.00M	1,500.00M	1,610.00M	-2,992.00M	2,227.00M	821.00M	1,414.00M	-599.00M	-333.00M	-2,262.00M
Cash at Beginning of Period	28,032.00M	31,443.00M	7,894.00M	7,340.00M	8,573.00M	6,166.00M	8,881.00M	7,672.00M	6,914.00M	9,778.00M	7,207.00M	10,211.00M	12,359.00M	12,798.00M	9,612.00M	8,272.00M	10,094.00M	7,045.00M	6,773.00M	5,767.00M	4,267.00M	2,657.00M	5,649.00M	3,422.00M	2,601.00M	1,187.00M	1,786.00M	2,119.00M	4,381.00M
Cash at End of Period	26,280.00M	32,730.00M	5,444.00M	7,894.00M	7,340.00M	8,573.00M	6,166.00M	8,881.00M	7,653.00M	6,914.00M	9,778.00M	7,207.00M	10,211.00M	12,359.00M	12,798.00M	9,612.00M	8,272.00M	10,094.00M	7,045.00M	6,773.00M	5,767.00M	4,267.00M	2,657.00M	5,649.00M	3,422.00M	2,601.00M	1,187.00M	1,786.00M	2,119.00M
Operating Cash Flow	42,089.00M	45,421.00M	23,541.00M	26,408.00M	18,932.00M	8,835.00M	-13,616.00M	15,736.00M	14,525.00M	4,323.00M	6,108.00M	15,995.00M	10,285.00M	12,676.00M	7,440.00M	13,980.00M	17,599.00M	2,035.00M	1,816.00M	13,168.00M	8,517.00M	7,397.00M	9,205.00M	4,863.00M	8,121.00M	4,613.00M	8,284.00M	6,625.00M	4,066.00M
Capital Expenditure	-18,108.00M	-6,983.00M	-9,207.00M	-6,801.00M	-3,729.00M	-2,276.00M	-5,418.00M	-12,171.00M	-15,991.00M	-16,926.00M	-14,886.00M	-13,179.00M	-14,818.00M	-20,534.00M	-20,975.00M	-17,610.00M	-8,299.00M	-6,776.00M	-9,228.00M	-9,801.00M	-5,311.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,651.00M	-5,074.00M
Free Cash Flow	23,981.00M	38,438.00M	14,334.00M	19,607.00M	15,203.00M	6,559.00M	-19,034.00M	3,565.00M	-1,466.00M	-12,603.00M	-8,778.00M	2,816.00M	-4,533.00M	-7,858.00M	-13,535.00M	-3,630.00M	9,300.00M	-4,741.00M	-7,412.00M	3,367.00M	3,206.00M	7,397.00M	9,205.00M	4,863.00M	8,121.00M	4,613.00M	8,284.00M	3,974.00M	-1,008.00M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
EBITDA	72,268.00M	36,108.00M	40,847.00M	28,168.00M	12,672.00M	9,761.00M	5,266.00M	18,232.00M	27,949.00M	19,769.00M	19,845.00M	26,751.00M	24,910.00M	22,370.00M	12,667.00M	52,644.00M	56,483.00M	45,260.00M	32,626.00M	44,985.00M	36,519.00M	50,734.00M	38,739.00M	29,065.00M	32,651.00M	30,463.00M	34,349.00M	28,290.00M	25,652.00M
(-) Tax Adjustment	8,715.50M	3,564.37M	4,794.59M	2,770.62M	0.00M	855.72M	159.01M	6,381.20M	4,016.11M	0.00M	6,945.75M	4,146.14M	3,685.13M	4,218.99M	3,418.86M	6,530.69M	5,261.43M	2,488.55M	4,510.49M	4,487.83M	5,650.55M	6,392.89M	3,889.33M	6,769.70M	2,472.76M	6,829.66M	726.47M	2,484.17M	4,366.30M
(-) Change In Working Capital	-1,265.00M	1,086.00M	3,572.00M	7,224.00M	5,948.00M	-159.00M	-11,270.00M	1,948.00M	-1,487.00M	-2,271.00M	260.00M	2,574.00M	930.00M	2,462.00M	685.00M	4,658.00M	2,565.00M	-6,230.00M	6,869.00M	2,654.00M	1,605.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
(-) Capital Expenditure	-18,108.00M	-6,983.00M	-9,207.00M	-6,801.00M	-3,729.00M	-2,276.00M	-5,418.00M	-12,171.00M	-15,991.00M	-16,926.00M	-14,886.00M	-13,179.00M	-14,818.00M	-20,534.00M	-20,975.00M	-17,610.00M	-8,299.00M	-6,776.00M	-9,228.00M	-9,801.00M	-5,311.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,651.00M	-5,074.00M
Unlevered Free Cash Flow	46,709.50M	24,474.63M	23,273.41M	11,372.38M	2,995.00M	6,788.28M	10,958.99M	-2,268.20M	9,428.89M	5,114.00M	-2,246.75M	6,851.86M	5,476.87M	-4,844.99M	-12,411.86M	23,845.31M	40,357.57M	42,225.45M	12,018.51M	28,042.17M	23,952.45M	44,341.11M	34,849.67M	22,295.30M	30,178.24M	23,633.34M	33,622.53M	23,154.83M	16,211.70M
(-) Net Interest Income After Taxes	-5,263.21M	-5,079.65M	-3,043.28M	-3,056.56M	-2,894.00M	-2,207.85M	-2,473.00M	-1,911.00M	-1,682.64M	-1,477.00M	-654.55M	-718.26M	-735.33M	-632.08M	-416.16M	-651.70M	-886.90M	-800.43M	-872.09M	-708.49M	-393.05M	861.76M	-293.27M	-393.51M	-405.75M	0.00M	-170.32M	-375.82M	-865.47M
Net Debt Issuance	4,398.00M	-17,220.00M	1,300.00M	-11,732.00M	-10,074.00M	-6,932.00M	-819.00M	-973.00M	-4,961.00M	7,125.00M	6,800.00M	-1,782.00M	-1,303.00M	8,155.00M	16,193.00M	3,313.00M	-3,475.00M	1,807.00M	2,855.00M	3,507.00M	5,272.00M	679.00M	1,746.00M	6,765.00M	2,451.00M	7,970.00M	1,569.00M	1,069.00M	2,917.00M
Levered Free Cash Flow	56,370.71M	12,334.28M	27,616.69M	2,696.93M	-4,185.00M	2,064.13M	12,612.99M	-1,330.20M	6,150.53M	13,716.00M	5,207.80M	5,788.12M	4,909.20M	3,942.09M	4,197.30M	27,810.02M	37,769.47M	44,832.88M	15,745.60M	32,257.66M	29,617.51M	44,158.35M	36,888.94M	29,453.82M	33,034.99M	31,603.34M	35,361.85M	24,599.66M	19,994.17M