PAX Global Technology Limited (0327.HK)

Industry: Business Equipment & Supplies Sector: Industrials Currency Used: HK Live Price: $5.04

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Stock Price	5.19	5.96	6.43	7.23	5.13	3.37	3.35	4.29	5.96	9.56	6.55	2.45	1.41	2.08	2.86	2.88	2.88
Market Capitalization	5,619.26M	6,397.14M	6,950.37M	7,918.49M	5,571.92M	3,707.65M	3,685.65M	4,772.06M	6,688.66M	10,749.26M	7,273.72M	2,636.69M	1,458.01M	2,150.71M	2,137.10M	2,131.20M	2,880.00M
(-) Cash & Equivalents	2,938.83M	2,870.09M	3,070.48M	3,438.54M	3,393.17M	2,903.54M	2,063.03M	1,969.89M	2,113.54M	1,890.56M	1,679.36M	1,471.35M	1,157.86M	1,102.06M	533.26M	121.19M	0.56M
(+) Total Debt	93.26M	95.71M	92.66M	115.68M	123.78M	81.15M	10.16M	7.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.60M
Enterprise Value	2,773.70M	3,622.76M	3,972.54M	4,595.62M	2,302.53M	885.26M	1,632.77M	2,809.35M	4,575.13M	8,858.70M	5,594.36M	1,165.34M	300.15M	1,048.65M	1,603.84M	2,010.01M	2,887.05M

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
Revenue	11,902M	15,519M	6,045M	6,709M	8,063M	7,196M	5,651M	4,926M	4,415M	3,591M	2,915M	2,871M	2,373M	1,472M	1,313M	1,103M	724M	493M	494M	323M
Cost of Revenue	6,385M	9,243M	3,191M	3,715M	4,757M	4,369M	3,313M	2,981M	2,789M	2,133M	1,653M	1,778M	1,508M	931M	849M	711M	432M	300M	303M	211M
Gross Profit	5,517M	6,276M	2,853M	2,994M	3,306M	2,827M	2,337M	1,945M	1,627M	1,458M	1,262M	1,092M	865M	541M	464M	392M	292M	193M	191M	113M
Gross Profit Margin	46.4%	40.4%	47.2%	44.6%	41.0%	39.3%	41.4%	39.5%	36.8%	40.6%	43.3%	38.1%	36.4%	36.7%	35.3%	35.5%	40.3%	39.1%	38.7%	34.8%
R&D Expenses	1,326M	1,155M	684M	644M	567M	512M	461M	399M	332M	287M	184M	158M	114M	94M	0M	0M	0M	0M	0M	0M
SG&A Expenses	3,807M	2,495M	2,054M	1,807M	1,943M	1,674M	1,281M	1,209M	1,029M	928M	644M	544M	472M	325M	271M	226M	147M	103M	84M	50M
Operating Expenses	3,677M	3,650M	1,997M	1,740M	1,877M	1,549M	1,270M	1,158M	974M	874M	588M	454M	425M	290M	253M	184M	119M	92M	84M	50M
Operating Income (EBIT)	1,840M	2,626M	856M	1,254M	1,429M	1,278M	1,067M	787M	653M	584M	674M	638M	440M	251M	211M	207M	173M	101M	107M	63M
Operating Income Margin	15.5%	16.9%	14.2%	18.7%	17.7%	17.8%	18.9%	16.0%	14.8%	16.3%	23.1%	22.2%	18.5%	17.1%	16.1%	18.8%	23.8%	20.4%	21.7%	19.5%
Interest Income	53M	67M	21M	37M	29M	38M	39M	28M	22M	21M	15M	20M	23M	15M	11M	6M	0M	0M	1M	1M
Interest Expense	11M	12M	6M	5M	6M	7M	8M	5M	5M	4M	11M	0M	0M	0M	0M	0M	0M	0M	1M	2M
Net Interest Income	42M	55M	15M	31M	23M	31M	31M	23M	18M	17M	4M	20M	23M	15M	11M	6M	0M	0M	0M	0M
Unusual Items	7M	111M	-10M	-32M	-21M	-35M	-45M	-55M	-37M	-176M	0M	0M	0M	0M	2M	-6M	0M	0M	10M	7M
EBT Excluding Unusual Items	1,882M	2,682M	871M	1,286M	1,452M	1,309M	1,098M	810M	670M	601M	678M	658M	463M	266M	222M	214M	173M	100M	107M	62M
Pre-Tax Income	1,889M	2,792M	861M	1,254M	1,431M	1,274M	1,053M	755M	633M	425M	678M	658M	463M	266M	223M	207M	173M	100M	117M	69M
Pre-Tax Margin	15.9%	18.0%	14.2%	18.7%	17.7%	17.7%	18.6%	15.3%	14.3%	11.8%	23.3%	22.9%	19.5%	18.1%	17.0%	18.8%	23.8%	20.3%	23.7%	21.4%
Income Tax Expense	274M	304M	140M	89M	163M	182M	149M	130M	117M	88M	75M	38M	71M	40M	40M	26M	27M	16M	11M	5M
Net Income	1,609M	2,484M	713M	1,155M	1,265M	1,084M	900M	624M	522M	408M	601M	621M	392M	227M	183M	182M	145M	85M	106M	64M
Net Income Margin	13.5%	16.0%	11.8%	17.2%	15.7%	15.1%	15.9%	12.7%	11.8%	11.3%	20.6%	21.6%	16.5%	15.4%	13.9%	16.5%	20.1%	17.2%	21.5%	19.9%
Depreciation & Amortization	106M	129M	31M	66M	63M	68M	60M	52M	20M	31M	10M	5M	4M	4M	3M	3M	3M	2M	2M	1M
EBITDA	1,946M	2,755M	888M	1,320M	1,493M	1,346M	1,128M	839M	673M	615M	684M	643M	444M	255M	214M	211M	175M	102M	109M	64M
EBITDA Margin	16.3%	17.8%	14.7%	19.7%	18.5%	18.7%	20.0%	17.0%	15.2%	17.1%	23.5%	22.4%	18.7%	17.3%	16.3%	19.1%	24.2%	20.8%	22.1%	19.9%
NOPAT	1,573M	2,341M	717M	1,165M	1,267M	1,095M	916M	652M	532M	463M	600M	602M	372M	214M	173M	182M	145M	85M	97M	59M
NOPAT Margin	13.2%	15.1%	11.9%	17.4%	15.7%	15.2%	16.2%	13.2%	12.0%	12.9%	20.6%	21.0%	15.7%	14.5%	13.2%	16.5%	20.1%	17.2%	19.7%	18.1%
Owner's Earnings	1,469M	1,871M	618M	1,008M	997M	804M	842M	648M	506M	421M	597M	620M	388M	229M	184M	183M	143M	84M	106M	65M
Owner's Earnings Margin	12.3%	12.1%	10.2%	15.0%	12.4%	11.2%	14.9%	13.2%	11.5%	11.7%	20.5%	21.6%	16.4%	15.5%	14.0%	16.5%	19.8%	17.0%	21.5%	20.1%
EPS (Basic)	1.50	2.29	0.67	1.08	1.17	0.99	0.83	0.57	0.47	0.37	0.54	0.56	0.36	0.22	0.18	0.18	0.19	0.11	0.11	0.06
EPS (Diluted)	1.48	2.23	0.66	1.05	1.14	0.96	0.82	0.57	0.47	0.37	0.54	0.55	0.35	0.21	0.18	0.18	0.19	0.11	0.11	0.06
Shares (Basic)	1,079M	1,084M	1,066M	1,075M	1,081M	1,096M	1,087M	1,100M	1,100M	1,109M	1,114M	1,109M	1,080M	1,039M	1,038M	1,036M	749M	740M	1,000M	1,000M
Shares (Diluted)	1,084M	1,113M	1,085M	1,099M	1,108M	1,132M	1,093M	1,100M	1,100M	1,112M	1,123M	1,126M	1,111M	1,074M	1,039M	1,036M	749M	740M	1,000M	1,000M

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
Cash & Cash Equivalents	2,976.06M	3,083.60M	3,083.60M	2,863.60M	3,160.24M	3,532.95M	3,802.74M	3,230.01M	2,160.19M	2,165.22M	2,207.21M	2,144.31M	1,918.73M	1,698.41M	1,358.43M	1,152.29M	1,066.53M	242.38M	1.11M	76.72M
Short-Term Investments	237.44M	221.07M	221.07M	55.86M	29.87M	18.61M	25.17M	18.60M	8.37M	0.00M	0.00M	0.00M	0.00M	0.00M	10.06M	0.00M	0.00M	0.00M	109.82M	31.52M
Cash & Short-Term Investments	3,213.50M	3,304.67M	3,304.67M	2,919.45M	3,190.11M	3,551.56M	3,827.91M	3,248.60M	2,168.56M	2,165.22M	2,207.21M	2,144.31M	1,918.73M	1,698.41M	1,368.48M	1,152.29M	1,066.53M	242.38M	110.94M	108.25M
Net Receivables	2,754.51M	2,543.88M	2,543.88M	2,679.53M	2,350.37M	2,081.98M	1,434.25M	1,513.37M	1,919.41M	1,703.41M	1,278.53M	1,261.17M	882.17M	621.35M	554.81M	0.00M	276.04M	198.65M	255.25M	174.70M
Inventory	1,517.96M	1,587.04M	1,587.04M	1,826.09M	2,527.29M	2,071.29M	1,629.90M	1,301.46M	1,182.02M	918.45M	596.54M	562.45M	475.46M	465.11M	243.80M	305.67M	148.52M	110.56M	102.19M	55.58M
Other Current Assets	222.96M	210.53M	210.53M	117.10M	79.59M	60.88M	49.05M	131.09M	70.35M	27.51M	0.31M	8.94M	16.11M	16.61M	5.84M	519.73M	278.89M	2.99M	13.29M	11.12M
Total Current Assets	7,708.93M	7,646.12M	7,646.12M	7,542.16M	8,147.35M	7,765.70M	6,941.11M	6,194.53M	5,340.33M	4,814.60M	4,082.58M	3,976.87M	3,292.47M	2,801.49M	2,172.93M	1,977.69M	1,769.98M	554.57M	481.67M	349.65M
Property, Plant & Equipment	1,057.66M	1,146.68M	1,146.68M	1,190.19M	882.87M	635.30M	420.38M	290.96M	72.37M	51.56M	68.11M	11.68M	11.65M	8.38M	10.49M	10.81M	11.43M	9.39M	8.48M	7.99M
Goodwill	71.11M	65.96M	65.96M	14.24M	13.80M	14.58M	15.74M	28.83M	48.80M	51.01M	64.58M	8.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	165.27M	51.87M	51.87M	10.55M	131.03M	151.03M	24.22M	27.11M	108.87M	123.72M	24.81M	7.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	100.36M	133.08M	133.08M	132.27M	107.89M	129.07M	129.12M	112.49M	115.54M	95.24M	24.67M	21.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	101.99M	121.86M	121.86M	168.55M	147.12M	77.62M	57.57M	35.97M	31.70M	18.73M	16.79M	0.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	3.40M	3.94M	3.94M	6.31M	34.61M	23.58M	34.92M	27.16M	54.54M	52.79M	13.68M	9.43M	0.00M	0.00M	0.00M	0.24M	0.00M	0.00M	0.00M	0.00M
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
Total Non-Current Assets	1,499.78M	1,523.39M	1,523.39M	1,522.11M	1,317.32M	1,031.17M	681.94M	522.52M	431.82M	393.04M	212.64M	59.61M	11.65M	8.38M	10.49M	11.04M	11.43M	9.39M	8.48M	7.99M
Total Assets	9,208.72M	9,169.51M	9,169.51M	9,064.27M	9,464.67M	8,796.88M	7,623.06M	6,717.05M	5,772.15M	5,207.65M	4,295.23M	4,036.48M	3,304.12M	2,809.87M	2,183.43M	1,988.73M	1,781.40M	563.97M	490.15M	357.64M
Accounts Payable	832.91M	935.19M	935.19M	887.13M	1,698.89M	1,668.18M	1,371.27M	1,382.49M	1,190.45M	953.08M	649.27M	702.77M	411.68M	442.09M	138.88M	249.57M	143.03M	86.91M	90.91M	67.98M
Short-Term Debt	17.85M	18.22M	0.00M	23.89M	20.35M	31.95M	28.78M	-81.17M	8.24M	14.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.21M	19.01M
Tax Payables	2.06M	61.91M	61.91M	12.97M	114.32M	80.33M	82.87M	199.28M	139.96M	164.28M	135.63M	108.22M	141.18M	67.82M	67.60M	14.90M	19.48M	14.41M	11.80M	15.03M
Deferred Revenue	0.00M	0.00M	0.00M	122.72M	298.33M	143.62M	96.93M	81.17M	61.25M	70.52M	89.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	-17.85M	543.53M	561.75M	431.18M	130.78M	1.58M	158.39M	251.56M	83.17M	68.29M	36.14M	97.56M	259.98M	236.71M	158.09M	121.22M	49.11M	35.87M	33.11M	32.09M
Total Current Liabilities	834.97M	1,558.85M	1,558.85M	1,477.89M	2,262.66M	1,925.67M	1,738.23M	1,833.33M	1,483.07M	1,270.54M	910.37M	908.54M	812.84M	746.62M	364.57M	385.69M	211.63M	137.19M	151.02M	134.11M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	85.10M	87.83M	87.83M	108.22M	85.93M	116.60M	122.59M	111.94M	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	24.16M	15.46M	15.46M	5.50M	8.31M	11.39M	7.95M	7.24M	8.64M	10.12M	6.36M	2.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	4.16M	4.69M	4.69M	10.51M	1.09M	5.14M	7.40M	6.51M	13.32M	7.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	113.43M	107.98M	107.98M	124.23M	95.32M	133.13M	137.94M	127.95M	21.96M	17.82M	6.36M	2.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	948.40M	1,666.83M	1,666.83M	1,602.12M	2,357.98M	2,058.80M	1,876.17M	1,961.27M	1,505.04M	1,288.37M	916.73M	910.60M	812.84M	746.62M	364.57M	385.69M	211.63M	137.19M	151.02M	134.11M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	331.72M	496.28M	374.70M	287.46M	282.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	105.96M	106.17M	106.17M	107.02M	107.97M	109.30M	109.28M	110.02M	110.02M	110.02M	110.79M	111.20M	110.08M	104.45M	103.77M	103.77M	100.00M	0.00M	0.00M	0.00M
Retained Earnings	7,309.33M	7,183.35M	7,183.35M	6,971.23M	6,246.25M	5,326.89M	4,484.70M	3,834.67M	3,298.81M	2,869.95M	2,551.50M	2,017.64M	1,419.13M	1,027.33M	800.79M	0.00M	0.00M	0.00M	206.06M	100.00M
Accumulated OCI	-650.39M	-769.55M	-769.55M	-678.42M	-547.58M	-140.06M	-235.39M	-453.27M	-441.31M	-331.72M	-496.28M	-374.70M	-287.46M	-282.60M	0.00M	0.00M	0.00M	0.00M	132.45M	123.20M
Minority Interest	39.50M	34.53M	34.53M	28.11M	-28.98M	-30.57M	-28.37M	-26.59M	-29.45M	-25.71M	35.75M	13.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	6,764.91M	6,519.97M	6,519.97M	6,399.83M	5,806.64M	5,296.13M	4,358.59M	3,491.42M	2,967.52M	2,979.97M	2,662.29M	2,128.84M	1,529.21M	1,131.78M	904.56M	103.77M	100.00M	0.00M	338.51M	223.20M
Total Equity	6,804.40M	6,554.51M	6,554.51M	6,427.94M	5,777.67M	5,265.56M	4,330.22M	3,464.82M	2,938.08M	2,954.26M	2,698.03M	2,141.86M	1,529.21M	1,131.78M	904.56M	103.77M	100.00M	0.00M	338.51M	223.20M
Total Liabilities & Equity	7,752.80M	8,221.33M	8,221.33M	8,030.06M	8,135.65M	7,324.35M	6,206.39M	5,426.09M	4,443.11M	4,242.63M	3,614.77M	3,052.46M	2,342.05M	1,878.40M	1,269.12M	489.46M	311.63M	137.19M	489.53M	357.31M
Tangible Assets	8,972.34M	9,051.67M	9,051.67M	9,039.48M	9,319.84M	8,631.27M	7,583.09M	6,661.11M	5,614.48M	5,032.92M	4,205.83M	4,020.86M	3,304.12M	2,809.87M	2,183.43M	1,988.73M	1,781.40M	563.97M	490.15M	357.64M
Tangible Equity	6,568.03M	6,436.67M	6,436.67M	6,403.15M	5,632.84M	5,099.95M	4,290.26M	3,408.88M	2,780.41M	2,779.53M	2,608.64M	2,126.24M	1,529.21M	1,131.78M	904.56M	103.77M	100.00M	0.00M	338.51M	223.20M
Tangible Book Value	6,568.03M	6,436.67M	6,436.67M	6,403.15M	5,632.84M	5,099.95M	4,290.26M	3,408.88M	2,780.41M	2,779.53M	2,608.64M	2,126.24M	1,529.21M	1,131.78M	904.56M	103.77M	100.00M	0.00M	338.51M	223.20M
Total Investments	337.79M	354.15M	354.15M	188.13M	137.76M	147.68M	154.29M	131.09M	123.90M	95.24M	24.67M	21.98M	0.00M	0.00M	10.06M	0.00M	0.00M	0.00M	109.82M	31.52M
Net Debt	-2,958.21M	-3,065.38M	-3,083.60M	-2,839.71M	-3,139.89M	-3,501.00M	-3,773.97M	-3,308.93M	-2,151.95M	-2,150.86M	-2,207.21M	-2,144.31M	-1,918.73M	-1,698.41M	-1,358.43M	-1,152.29M	-1,066.53M	-242.38M	14.10M	-57.71M

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
Working Capital	6,400.9M	6,131.0M	6,131.0M	6,064.4M	5,663.5M	5,526.6M	5,000.8M	4,321.0M	3,802.8M	3,521.8M	3,295.0M	3,033.0M	2,536.5M	2,078.7M	1,800.3M	1,590.1M	1,275.7M	413.7M	330.0M	215.2M
Total Capital	7,850.8M	7,617.9M	7,617.9M	7,566.3M	7,020.8M	6,603.7M	5,724.5M	4,880.1M	4,250.3M	3,937.1M	3,465.5M	3,077.6M	2,548.2M	2,087.1M	1,810.8M	1,601.2M	1,287.1M	423.1M	353.7M	242.2M
Capital Employed	7,900.7M	7,654.3M	7,654.3M	7,586.5M	6,980.8M	6,557.7M	5,682.7M	4,843.6M	4,234.6M	3,914.9M	3,507.6M	3,092.7M	2,548.2M	2,087.1M	1,810.8M	1,601.2M	1,287.1M	423.1M	338.5M	223.2M
Invested Capital	4,874.7M	4,534.3M	4,534.3M	4,702.7M	3,860.5M	3,070.8M	1,921.8M	1,650.1M	2,090.1M	1,771.9M	1,258.3M	933.3M	629.5M	388.7M	452.4M	448.9M	220.6M	180.7M	352.6M	165.5M

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
Net Income	1,608.83M	2,484.07M	861.25M	1,155.16M	1,431.11M	1,274.45M	1,052.84M	754.67M	632.74M	424.54M	678.30M	657.97M	463.19M	266.19M	223.26M	207.46M	172.51M	100.08M	106.06M	64.22M
Depreciation & Amortization	134.73M	128.63M	98.04M	65.65M	63.38M	68.38M	60.41M	52.23M	20.34M	31.01M	10.38M	5.00M	4.00M	3.73M	3.38M	3.13M	2.61M	1.92M	1.74M	1.43M
Deferred Income Tax	0.00M	1,025.91M	0.00M	0.00M	0.00M	-231.09M	-20.16M	54.59M	0.00M	0.00M	-124.49M	-25.80M	1.31M	-31.39M	-32.23M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	4.64M	31.67M	0.00M	0.00M	13.67M	38.81M	38.69M	0.00M	0.00M	3.80M	14.69M	28.61M	13.70M	20.37M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	564.04M	-2,100.25M	346.44M	-569.92M	-645.33M	-746.69M	-366.27M	329.34M	-396.49M	-338.48M	-314.28M	-314.90M	-319.57M	54.09M	-2.09M	-193.55M	-34.42M	52.96M	-109.40M	-109.76M
Accounts Receivable	-246.21M	-1,037.47M	104.25M	-350.46M	-355.03M	-682.44M	5.93M	324.84M	-292.10M	-278.90M	-183.71M	-466.04M	-284.89M	-73.49M	0.00M	0.00M	0.00M	0.00M	-83.29M	-117.24M
Inventory	818.66M	-1,059.56M	188.64M	630.01M	-643.41M	-416.16M	-402.10M	-183.02M	-360.79M	-255.18M	-97.65M	-154.86M	-39.78M	-222.87M	63.41M	-146.75M	-37.96M	-8.37M	-46.85M	-30.03M
Accounts Payable	0.00M	0.00M	53.55M	-849.47M	349.50M	358.73M	-71.22M	256.86M	294.73M	207.33M	-41.41M	299.45M	284.89M	73.49M	0.00M	0.00M	0.00M	0.00M	0.00M	35.39M
Other Working Capital	-8.41M	-3.22M	0.00M	-0.52M	3.61M	-6.82M	101.12M	-69.35M	-38.33M	-11.73M	8.49M	6.55M	5.10M	350.46M	-65.50M	-46.79M	3.55M	61.33M	20.75M	2.12M
Other Non-Cash Items	-560.03M	-930.01M	-174.70M	-160.88M	-200.63M	-31.06M	-30.58M	-22.63M	-58.31M	97.40M	-4.21M	-19.83M	-23.20M	-14.81M	-10.70M	-36.54M	-22.49M	-4.00M	0.98M	3.31M
Net Cash from Operating Activities	1,747.56M	1,425.44M	1,162.69M	490.02M	648.53M	347.66M	735.05M	1,206.89M	198.28M	214.47M	249.51M	317.14M	154.34M	291.52M	201.99M	-19.49M	118.22M	150.96M	-0.62M	-40.81M
Capital Expenditures (PPE)	-233.99M	-741.81M	-126.88M	-213.00M	-330.61M	-347.70M	-118.46M	-28.03M	-37.21M	-17.52M	-14.61M	-5.25M	-7.49M	-1.41M	-2.76M	-2.37M	-4.56M	-2.84M	-1.80M	-0.61M
Acquisitions (Net)	-26.96M	-13.14M	-69.49M	0.00M	0.00M	13.86M	-11.13M	16.62M	0.00M	-41.42M	-10.45M	-23.34M	0.00M	16.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-122.70M	-2.88M	-162.49M	0.00M	0.00M	0.00M	-33.78M	-1.37M	-43.48M	-94.75M	0.00M	0.00M	0.00M	-1.61M	-8.39M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	32.43M	69.17M	0.00M	0.00M	2.01M	56.44M	11.13M	-16.62M	0.00M	20.85M	0.00M	0.00M	0.00M	11.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-104.47M	133.10M	23.10M	40.79M	28.58M	42.64M	38.86M	40.20M	22.32M	-83.33M	15.85M	20.68M	23.68M	-1.61M	12.03M	4.80M	1.16M	0.27M	0.00M	0.00M
Net Cash from Investing Activities	-455.69M	-674.54M	-335.75M	-172.21M	-300.02M	-234.77M	-113.38M	10.80M	-58.37M	-216.17M	-9.21M	-7.91M	16.18M	23.46M	0.89M	2.43M	-3.40M	-2.57M	-1.80M	-0.61M
Net Debt Issuance	-20.28M	-47.42M	-19.83M	-24.84M	-31.77M	-33.86M	-2.22M	-5.64M	0.00M	-16.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.21M	-3.80M	12.01M
Long-Term Debt Issuance	-20.28M	-47.42M	-19.83M	-24.84M	-31.77M	-33.86M	-2.22M	-5.64M	-5.61M	-16.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.21M	-3.80M	12.01M
Net Stock Issuance	-108.43M	-186.19M	-49.01M	-84.73M	-69.44M	-52.34M	-31.91M	0.00M	0.00M	-25.76M	-52.81M	18.13M	74.11M	8.35M	0.00M	108.66M	748.80M	0.00M	0.00M	78.13M
Common Stock Issuance	0.00M	4.35M	8.15M	13.83M	5.30M	34.62M	46.15M	0.00M	0.00M	25.86M	28.48M	18.13M	74.11M	8.35M	0.00M	108.66M	748.80M	0.00M	0.00M	78.13M
Common Stock Repurchased	-108.43M	-186.19M	-57.15M	-84.73M	-69.44M	-86.96M	-78.06M	0.00M	0.00M	-51.62M	-52.81M	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	-13.83M	-5.30M	0.00M	0.00M	0.00M	0.00M	0.00M	-28.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-992.08M	-717.86M	-501.30M	-430.19M	-345.32M	-350.86M	-140.81M	-88.02M	-88.02M	-89.06M	-67.05M	-22.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-992.08M	-717.86M	-501.30M	-430.19M	-345.32M	-350.86M	-140.81M	-88.02M	-88.02M	-89.06M	-67.05M	-22.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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
Other Financing Activities	-3.15M	-2.50M	-0.31M	13.83M	-2.64M	-11.08M	-32.13M	-25.35M	-5.61M	0.00M	28.48M	0.00M	0.00M	0.00M	0.00M	-16.98M	-48.81M	-0.63M	0.31M	-1.42M
Net Cash from Financing Activities	-1,123.94M	-954.94M	-570.45M	-525.92M	-449.17M	-448.14M	-207.07M	-119.00M	-93.63M	-130.91M	-91.38M	-4.10M	74.11M	8.35M	0.00M	91.67M	700.00M	-15.84M	-3.49M	88.71M
Effect of FX on Cash	-57.44M	-260.29M	-36.49M	-88.52M	-272.06M	65.46M	158.14M	-28.88M	-51.31M	90.64M	-86.03M	-79.54M	-24.31M	16.65M	3.26M	11.15M	9.33M	0.00M	0.00M	0.00M
Net Change in Cash	3,190.18M	-464.61M	220.00M	-296.64M	-372.72M	-269.79M	572.74M	1,069.81M	-5.03M	-41.98M	62.89M	225.58M	220.32M	339.98M	206.14M	85.77M	824.15M	132.56M	0.00M	0.00M
Cash at Beginning of Period	8,568.43M	13,088.00M	2,863.60M	3,160.24M	3,532.95M	3,802.74M	3,230.01M	2,160.19M	2,165.22M	2,207.21M	2,144.31M	1,918.73M	1,698.41M	1,358.43M	1,152.29M	1,066.53M	242.38M	109.82M	76.72M	0.00M
Cash at End of Period	11,734.40M	12,623.39M	3,083.60M	2,863.60M	3,160.24M	3,532.95M	3,802.74M	3,230.01M	2,160.19M	2,165.22M	2,207.21M	2,144.31M	1,918.73M	1,698.41M	1,358.43M	1,152.29M	1,066.53M	242.38M	1.11M	76.72M
Operating Cash Flow	1,738.82M	1,425.44M	1,162.69M	527.27M	648.53M	347.66M	735.05M	1,206.89M	198.28M	214.47M	249.51M	317.14M	154.34M	291.52M	201.99M	-19.49M	118.22M	150.96M	-0.62M	-40.81M
Capital Expenditure	-245.81M	-741.81M	-126.88M	-213.00M	-330.61M	-347.70M	-118.46M	-28.03M	-37.21M	-17.52M	-14.61M	-5.25M	-7.49M	-1.41M	-2.76M	-2.37M	-4.56M	-2.84M	-1.80M	-0.61M
Free Cash Flow	1,493.01M	683.63M	1,035.82M	314.27M	317.92M	-0.04M	616.59M	1,178.86M	161.07M	196.95M	234.89M	311.89M	146.85M	290.11M	199.23M	-21.85M	113.66M	148.12M	-2.41M	-41.41M

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
EBITDA	490.23M	2,754.88M	147.51M	608.52M	859.75M	709.04M	656.17M	389.18M	286.38M	273.22M	444.27M	396.01M	282.91M	125.06M	196.55M	168.88M	147.73M	91.96M	108.91M	64.32M
(-) Tax Adjustment	71.03M	299.43M	24.03M	43.12M	97.87M	101.37M	92.86M	66.94M	53.11M	56.62M	49.03M	22.68M	43.60M	18.63M	35.48M	20.89M	23.19M	14.27M	9.98M	4.47M
(-) Change In Working Capital	564.04M	-2,100.25M	346.44M	-569.92M	-645.33M	-746.69M	-366.27M	329.34M	-396.49M	-338.48M	-314.28M	-314.90M	-319.57M	54.09M	-2.09M	-193.55M	-34.42M	52.96M	-109.40M	-109.76M
(-) Capital Expenditure	-245.81M	-741.81M	-126.88M	-213.00M	-330.61M	-347.70M	-118.46M	-28.03M	-37.21M	-17.52M	-14.61M	-5.25M	-7.49M	-1.41M	-2.76M	-2.37M	-4.56M	-2.84M	-1.80M	-0.61M
Unlevered Free Cash Flow	-390.66M	3,813.90M	-349.85M	922.31M	1,076.61M	1,006.66M	811.13M	-35.13M	592.54M	537.56M	694.90M	682.97M	551.38M	50.94M	160.40M	339.17M	154.39M	21.89M	206.52M	169.00M
(-) Net Interest Income After Taxes	36.26M	49.29M	12.64M	29.13M	20.32M	26.62M	26.25M	18.73M	14.30M	13.51M	3.75M	18.70M	19.62M	12.60M	8.77M	5.54M	0.00M	-0.36M	0.01M	-0.39M
Net Debt Issuance	-20.28M	-47.42M	-19.83M	-24.84M	-31.77M	-33.86M	-2.22M	-5.64M	0.00M	-16.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.21M	-3.80M	12.01M
Levered Free Cash Flow	-447.20M	3,717.18M	-382.32M	868.34M	1,024.52M	946.18M	782.66M	-59.50M	578.24M	507.95M	691.16M	664.28M	531.76M	38.34M	151.64M	333.63M	154.39M	7.04M	202.72M	181.41M