Banco Bilbao Vizcaya Argentaria, S.A. (BBVA.DE)

Industry: Banks Sector: Financial Services Currency Used: ES Live Price: $4.38

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	1997	1996	1995
Stock Price	4.38	4.38	4.38	4.38	3.06	4.96	5.52	7.37	5.37	8.51	8.77	7.32	6.20	6.61	9.52	9.98	11.79	17.45	16.90	13.37	8.99	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22	8.22
Market Capitalization	27,663.38M	28,524.79M	30,579.65M	31,269.06M	21,892.97M	35,413.52M	39,299.07M	51,175.44M	39,381.52M	56,206.94M	56,048.44M	43,069.05M	32,831.08M	32,654.61M	37,625.49M	37,785.07M	44,114.91M	62,805.58M	58,299.66M	46,068.86M	30,808.88M	26,922.36M	26,847.90M	26,708.23M	25,974.93M	18,196.56M	16,788.83M	16,791.13M	16,641.83M	17,711.10M
(-) Cash & Equivalents	15,826.00M	62,283.00M	86,660.75M	67,752.50M	82,074.00M	54,472.50M	55,407.25M	57,064.75M	48,102.50M	34,335.25M	27,946.25M	30,031.00M	28,631.25M	21,227.00M	12,399.50M	15,899.75M	16,519.50M	20,660.42M	14,519.88M	12,950.99M	12,144.11M	8,868.29M	7,979.22M	33,414.25M	39,477.78M	36,309.23M	40,030.72M	34,601.57M	6,149.64M	5,836.07M
(+) Total Debt	74,391.75M	67,292.25M	59,390.75M	60,223.75M	67,076.00M	66,797.75M	63,031.00M	68,981.00M	76,005.00M	79,170.25M	75,109.50M	86,556.75M	98,486.25M	103,538.00M	109,189.00M	61,994.00M	79,998.75M	49,873.93M	44,949.76M	22,015.97M	113,741.36M	97,586.94M	92,392.87M	120,608.95M	59,478.92M	25,648.45M	16,526.99M	20,047.12M	6,883.17M	4,952.45M
Enterprise Value	86,229.13M	33,534.04M	3,309.65M	23,740.31M	6,894.97M	47,738.77M	46,922.82M	63,091.69M	67,284.02M	101,041.94M	103,211.69M	99,594.80M	102,686.08M	114,965.61M	134,414.99M	83,879.32M	107,594.16M	92,019.09M	88,729.54M	55,133.85M	132,406.13M	115,641.01M	111,261.54M	113,902.93M	45,976.08M	7,535.78M	-6,714.91M	2,236.68M	17,375.36M	16,827.48M

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	1997-12-31	1996-12-31	1995-12-31
Revenue	31,570M	30,208M	31,570M	27,161M	22,975M	18,600M	15,235M	24,618M	23,850M	20,573M	20,893M	17,688M	22,147M	21,324M	21,714M	24,843M	22,227M	23,423M	20,486M	20,640M	17,775M	18,623M	11,799M	12,708M	13,831M	15,581M	13,166M	10,290M	7,126M	6,021M	4,178M	3,449M
Cost of Revenue	0M	0M	0M	0M	0M	0M	0M	0M	-2,780M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	31,570M	30,208M	31,570M	27,161M	22,975M	18,600M	15,235M	24,618M	26,630M	20,573M	20,893M	17,688M	22,147M	21,324M	21,714M	24,843M	22,227M	23,423M	20,486M	20,640M	17,775M	18,623M	11,799M	12,708M	13,831M	15,581M	13,166M	10,290M	7,126M	6,021M	4,178M	3,449M
Gross Profit Margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	111.7%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	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	0M	0M	0M
SG&A Expenses	13,712M	11,857M	13,712M	11,857M	9,529M	8,459M	9,262M	8,391M	9,095M	9,621M	10,932M	11,642M	9,770M	9,633M	9,334M	12,598M	7,135M	6,753M	6,844M	8,597M	7,734M	3,600M	3,250M	3,257M	3,504M	4,251M	3,779M	3,212M	2,235M	1,894M	1,362M	1,264M
Operating Expenses	13,712M	861M	13,712M	11,857M	10,332M	9,182M	9,127M	10,226M	10,053M	9,906M	11,184M	11,144M	8,944M	9,021M	9,416M	0M	7,304M	6,205M	0M	8,316M	7,714M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Income (EBIT)	17,858M	29,347M	17,858M	15,304M	12,643M	9,418M	6,108M	14,392M	16,577M	10,667M	9,709M	6,544M	13,203M	12,303M	12,298M	24,843M	14,923M	17,218M	20,486M	12,324M	10,062M	18,623M	11,799M	12,708M	13,831M	15,581M	13,166M	10,290M	7,126M	6,021M	4,178M	3,449M
Operating Income Margin	56.6%	97.1%	56.6%	56.3%	55.0%	50.6%	40.1%	58.5%	69.5%	51.8%	46.5%	37.0%	59.6%	57.7%	56.6%	100.0%	67.1%	73.5%	100.0%	59.7%	56.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Interest Income	0M	35,767M	0M	0M	31,432M	23,014M	16,801M	18,202M	17,591M	17,758M	17,059M	16,426M	15,116M	14,613M	15,122M	24,188M	21,134M	23,775M	30,404M	25,352M	19,210M	16,128M	11,090M	12,516M	17,248M	22,142M	19,735M	14,317M	10,220M	8,769M	7,825M	7,589M
Interest Expense	0M	17,921M	0M	0M	12,279M	8,328M	7,798M	12,858M	12,239M	11,535M	10,650M	8,761M	8,456M	9,612M	11,140M	11,028M	7,814M	9,893M	18,718M	15,931M	11,216M	8,925M	6,175M	6,249M	9,792M	13,303M	12,731M	8,549M	6,297M	5,601M	5,450M	5,491M
Net Interest Income	0M	17,846M	0M	0M	19,153M	14,686M	9,003M	5,344M	5,352M	6,223M	6,409M	7,665M	6,660M	5,001M	3,982M	13,160M	13,320M	13,882M	11,686M	9,421M	7,995M	7,202M	4,916M	6,266M	7,456M	8,839M	7,004M	5,768M	3,923M	3,168M	2,374M	2,099M
Unusual Items	-2,453M	-34,774M	-2,453M	-2,885M	-21,528M	-16,857M	-9,886M	-12,690M	-14,349M	-9,959M	-9,726M	-9,607M	-15,800M	-16,349M	-14,621M	-34,233M	-21,821M	-25,364M	-25,246M	-13,250M	-11,026M	-20,502M	-12,636M	-16,222M	-19,391M	-21,992M	-16,972M	-13,575M	-9,676M	-7,789M	-5,583M	-4,752M
EBT Excluding Unusual Items	17,858M	47,193M	17,858M	15,304M	31,796M	24,104M	15,111M	19,736M	21,929M	16,890M	16,118M	14,209M	19,863M	17,304M	16,280M	38,003M	28,243M	31,100M	32,172M	21,745M	18,057M	25,826M	16,715M	18,974M	21,287M	24,420M	20,169M	16,058M	11,050M	9,189M	6,552M	5,548M
Pre-Tax Income	15,405M	12,419M	15,405M	12,419M	10,268M	7,247M	5,225M	7,046M	7,580M	6,931M	6,392M	4,602M	4,063M	955M	1,659M	3,770M	6,422M	5,736M	6,926M	8,495M	7,030M	5,324M	4,079M	2,752M	1,896M	2,428M	3,197M	2,482M	1,374M	1,401M	969M	796M
Pre-Tax Margin	48.8%	41.1%	48.8%	45.7%	44.7%	39.0%	34.3%	28.6%	31.8%	33.7%	30.6%	26.0%	18.3%	4.5%	7.6%	15.2%	28.9%	24.5%	33.8%	41.2%	39.6%	28.6%	34.6%	21.7%	13.7%	15.6%	24.3%	24.1%	19.3%	23.3%	23.2%	23.1%
Income Tax Expense	4,830M	4,003M	4,830M	4,003M	3,505M	1,909M	1,459M	2,053M	2,062M	2,169M	1,699M	1,441M	981M	593M	-276M	285M	1,427M	1,141M	1,541M	2,080M	2,059M	1,520M	986M	530M	176M	61M	963M	734M	391M	327M	331M	258M
Net Income	10,054M	8,019M	10,054M	8,019M	6,420M	4,653M	1,305M	3,512M	5,324M	3,519M	3,475M	2,642M	2,618M	2,228M	1,676M	3,004M	4,606M	4,210M	5,020M	6,126M	4,736M	3,804M	3,093M	2,223M	1,721M	2,367M	2,235M	1,748M	983M	1,074M	638M	538M
Net Income Margin	31.8%	26.5%	31.8%	29.5%	27.9%	25.0%	8.6%	14.3%	22.3%	17.1%	16.6%	14.9%	11.8%	10.4%	7.7%	12.1%	20.7%	18.0%	24.5%	29.7%	26.6%	20.4%	26.2%	17.5%	12.4%	15.2%	17.0%	17.0%	13.8%	17.8%	15.3%	15.6%
Depreciation & Amortization	0M	676M	0M	0M	1,328M	1,234M	1,494M	1,599M	1,208M	1,387M	1,426M	1,290M	1,180M	1,133M	1,018M	847M	761M	697M	699M	577M	472M	448M	1,189M	0M	0M	0M	0M	0M	870M	363M	273M	210M
EBITDA	17,858M	30,023M	17,858M	15,304M	13,971M	10,652M	7,602M	15,991M	17,785M	12,054M	11,135M	7,834M	14,383M	13,436M	13,316M	25,690M	15,684M	17,915M	21,185M	12,901M	10,534M	19,072M	12,988M	12,708M	13,831M	15,581M	13,166M	10,290M	7,996M	6,384M	4,450M	3,659M
EBITDA Margin	56.6%	99.4%	56.6%	56.3%	60.8%	57.3%	49.9%	65.0%	74.6%	58.6%	53.3%	44.3%	64.9%	63.0%	61.3%	103.4%	70.6%	76.5%	103.4%	62.5%	59.3%	102.4%	110.1%	100.0%	100.0%	100.0%	100.0%	100.0%	112.2%	106.0%	106.5%	106.1%
NOPAT	12,259M	19,888M	12,259M	10,371M	8,327M	6,937M	4,402M	10,199M	12,068M	7,329M	7,128M	4,495M	10,015M	4,664M	14,344M	22,965M	11,607M	13,793M	15,928M	9,306M	7,115M	13,306M	8,947M	10,262M	12,549M	15,192M	9,202M	7,246M	5,100M	4,616M	2,752M	2,333M
NOPAT Margin	38.8%	65.8%	38.8%	38.2%	36.2%	37.3%	28.9%	41.4%	50.6%	35.6%	34.1%	25.4%	45.2%	21.9%	66.1%	92.4%	52.2%	58.9%	77.8%	45.1%	40.0%	71.4%	75.8%	80.8%	90.7%	97.5%	69.9%	70.4%	71.6%	76.7%	65.9%	67.6%
Owner's Earnings	8,859M	7,110M	8,859M	6,890M	5,306M	4,941M	1,676M	3,731M	5,037M	3,565M	2,944M	1,190M	1,912M	1,583M	207M	1,926M	3,863M	3,596M	4,118M	4,247M	4,363M	2,021M	3,857M	2,223M	1,721M	2,367M	2,235M	1,748M	517M	671M	521M	488M
Owner's Earnings Margin	28.1%	23.5%	28.1%	25.4%	23.1%	26.6%	11.0%	15.2%	21.1%	17.3%	14.1%	6.7%	8.6%	7.4%	1.0%	7.8%	17.4%	15.4%	20.1%	20.6%	24.5%	10.9%	32.7%	17.5%	12.4%	15.2%	17.0%	17.0%	7.3%	11.2%	12.5%	14.2%
EPS (Basic)	1.61	1.29	1.68	1.29	0.96	0.63	0.58	0.47	0.75	0.46	0.49	0.37	0.41	0.34	0.30	0.62	1.10	1.07	1.31	1.67	1.37	1.10	0.86	0.68	0.53	0.73	0.72	0.63	0.47	0.52	0.31	0.26
EPS (Diluted)	1.67	1.28	1.74	1.35	0.96	0.73	0.20	0.53	0.80	0.53	0.53	0.40	0.43	0.37	0.29	0.59	1.08	1.06	1.35	1.68	1.37	1.10	0.90	0.68	0.53	0.73	0.69	0.59	0.47	0.52	0.31	0.26
Shares (Basic)	6,316M	6,513M	6,001M	6,222M	6,509M	6,945M	6,668M	6,648M	6,639M	6,642M	6,592M	6,517M	6,059M	5,963M	5,829M	5,093M	4,264M	3,964M	3,706M	3,652M	3,461M	3,446M	3,423M	3,247M	3,248M	3,245M	3,247M	2,978M	2,092M	2,069M	2,060M	2,062M
Shares (Diluted)	6,027M	6,251M	5,769M	5,954M	6,668M	6,401M	6,668M	6,668M	6,668M	6,642M	6,592M	6,647M	6,059M	5,963M	5,829M	5,093M	4,264M	3,964M	3,706M	3,652M	3,461M	3,446M	3,423M	3,247M	3,248M	3,245M	3,247M	2,978M	2,092M	2,069M	2,060M	2,062M

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	1997-12-31	1996-12-31	1995-12-31
Cash & Cash Equivalents	15,838.00M	15,426.00M	15,838.00M	7,750.00M	85,092.00M	74,562.00M	98,124.00M	62,227.00M	71,299.00M	76,241.00M	80,307.00M	43,467.00M	33,908.00M	37,064.00M	37,434.00M	30,939.00M	27,300.00M	24,687.00M	22,680.00M	32,152.00M	22,072.09M	12,331.95M	21,365.98M	8,095.72M	8,057.61M	9,256.31M	42,586.41M	46,122.79M	38,013.20M	29,685.61M	24,598.56M	23,344.27M
Short-Term Investments	-15,838.00M	-15,426.00M	-15,838.00M	0.00M	74,075.00M	60,394.00M	74,416.00M	61,183.00M	47,391.00M	69,476.00M	79,221.00M	113,426.00M	98,734.00M	80,848.00M	71,500.00M	58,144.00M	56,456.00M	63,521.00M	47,780.00M	48,432.00M	42,266.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	0.00M	0.00M	0.00M	7,750.00M	159,167.00M	134,956.00M	172,540.00M	123,410.00M	118,690.00M	145,717.00M	159,528.00M	156,893.00M	132,642.00M	117,912.00M	108,934.00M	89,083.00M	83,756.00M	88,208.00M	70,460.00M	80,584.00M	64,338.86M	12,331.95M	21,365.98M	8,095.72M	8,057.61M	9,256.31M	42,586.41M	46,122.79M	38,013.20M	29,685.61M	24,598.56M	23,344.27M
Net Receivables	0.00M	0.00M	0.00M	0.00M	38,026.00M	29,097.00M	25,149.00M	27,752.00M	28,870.00M	33,510.00M	11,072.00M	10,942.00M	9,130.00M	9,472.00M	9,791.00M	26.00M	9,268.00M	9,422.00M	10,624.00M	9,601.00M	8,458.88M	5,072.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,840.47M	0.00M	0.00M	0.00M
Inventory	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	0.00M
Other Current Assets	0.00M	0.00M	0.00M	0.00M	-15,122.00M	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 Current Assets	0.00M	0.00M	0.00M	7,750.00M	182,071.00M	164,053.00M	197,689.00M	151,162.00M	147,560.00M	179,227.00M	170,600.00M	167,835.00M	141,772.00M	127,384.00M	118,725.00M	89,109.00M	93,024.00M	97,630.00M	81,084.00M	90,185.00M	72,797.75M	17,404.04M	21,365.98M	8,095.72M	8,057.61M	9,256.31M	42,586.41M	46,122.79M	39,853.67M	29,685.61M	24,598.56M	23,344.27M
Property, Plant & Equipment	9,584.00M	9,064.00M	9,584.00M	9,129.00M	8,535.00M	7,108.00M	8,629.00M	10,068.00M	7,229.00M	7,191.00M	8,941.00M	9,944.00M	8,014.00M	7,723.00M	7,785.00M	7,331.00M	5,133.00M	4,873.00M	5,174.00M	5,156.00M	4,465.92M	3,837.60M	2,729.81M	3,783.62M	4,638.16M	6,182.64M	5,976.39M	4,864.60M	3,373.55M	2,779.00M	2,319.30M	1,914.84M
Goodwill	700.00M	688.00M	700.00M	795.00M	707.00M	818.00M	910.00M	4,955.00M	6,180.00M	6,062.00M	6,937.00M	6,811.00M	5,697.00M	5,069.00M	6,727.00M	6,798.00M	6,949.00M	6,396.00M	7,659.00M	7,436.00M	2,973.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	1,790.00M	1,634.00M	1,790.00M	1,568.00M	1,449.00M	1,379.00M	1,435.00M	6,966.00M	8,314.00M	8,464.00M	9,786.00M	10,275.00M	8,840.00M	8,165.00M	8,942.00M	1,879.00M	1,058.00M	852.00M	778.00M	808.00M	295.83M	5,072.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,840.47M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	138,956.00M	143,401.00M	235,903.00M	211,007.00M	187,010.00M	162,561.00M	185,903.00M	205,458.00M	192,889.00M	162,008.00M	175,421.00M	151,590.00M	105,554.00M	115,108.00M	89,014.00M	110,910.00M	96,697.90M	49,406.47M	83,648.91M	52,843.57M	49,177.61M	65,514.44M	65,603.96M	44,468.13M	17,951.05M	19,174.89M	20,199.64M	15,535.50M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	79,983.00M	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 Non-Current Assets	760,328.00M	757,955.00M	760,328.00M	756,316.00M	555,912.00M	0.00M	0.00M	0.00M	-141,268.00M	-178,216.00M	-204,630.00M	-225,677.00M	-209,743.00M	-177,896.00M	-192,148.00M	-167,598.00M	-118,694.00M	-127,229.00M	-102,625.00M	-124,310.00M	-104,433.09M	-55,312.55M	-95,923.45M	-60,688.53M	-58,076.97M	-76,865.28M	-76,257.74M	-49,332.73M	-22,789.98M	-21,953.89M	-23,213.86M	-17,704.74M
Other Assets	0.00M	0.00M	0.00M	0.00M	-174,490.00M	346,126.00M	289,740.00M	319,487.00M	387,861.00M	332,616.00M	356,626.00M	356,566.00M	299,996.00M	294,202.00M	326,987.00M	340,981.00M	341,020.00M	310,206.00M	358,941.00M	287,709.00M	234,685.47M	319,375.04M	196,828.70M	217,864.36M	213,660.44M	223,662.68M	181,960.87M	143,076.94M	71,295.17M	74,375.20M	56,702.81M	48,736.65M
Total Non-Current Assets	772,402.00M	769,341.00M	772,402.00M	767,808.00M	531,069.00M	498,832.00M	536,617.00M	552,483.00M	535,309.00M	338,678.00M	363,563.00M	363,377.00M	305,693.00M	299,271.00M	333,714.00M	340,981.00M	341,020.00M	310,206.00M	358,941.00M	287,709.00M	234,685.47M	322,378.65M	187,283.98M	213,803.02M	209,399.24M	218,494.47M	177,283.47M	143,076.94M	71,670.25M	74,375.20M	56,007.89M	48,482.25M
Total Assets	772,402.00M	769,341.00M	772,402.00M	775,558.00M	713,140.00M	662,885.00M	734,306.00M	703,645.00M	682,869.00M	517,905.00M	534,163.00M	531,212.00M	447,465.00M	426,655.00M	452,439.00M	430,090.00M	434,044.00M	407,836.00M	440,025.00M	377,894.00M	307,483.22M	339,782.69M	208,649.95M	221,898.74M	217,456.85M	227,750.78M	219,869.87M	189,199.73M	111,523.92M	104,060.81M	80,606.44M	71,826.51M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	160.00M	0.00M	165.00M	366.00M	548.00M	320.00M	248.00M	271.00M	470.00M	447.00M	327.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	142.00M	218.00M	244.00M	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	51,828.09M	0.00M	0.00M	0.00M	0.00M	0.00M	31,837.98M	28,148.52M	25,176.89M	18,178.77M
Tax Payables	0.00M	0.00M	0.00M	0.00M	1,415.00M	644.00M	545.00M	880.00M	1,230.00M	1,114.00M	1,276.00M	1,238.00M	980.00M	993.00M	1,194.00M	2,330.00M	604.00M	539.00M	984.00M	582.00M	622.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	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 Current Liabilities	-3,067.00M	-3,158.00M	-3,067.00M	-2,878.00M	0.00M	-2,137.00M	0.00M	-2,187.00M	0.00M	0.00M	-2,721.00M	0.00M	-2,535.00M	-3,438.00M	-548.00M	-320.00M	-248.00M	-271.00M	-470.00M	-447.00M	-327.61M	0.00M	-51,828.09M	0.00M	0.00M	0.00M	0.00M	0.00M	-31,837.98M	-28,148.52M	-25,176.89M	-18,178.77M
Total Current Liabilities	-3,067.00M	-3,158.00M	-3,067.00M	-2,878.00M	1,557.00M	-1,275.00M	789.00M	-1,307.00M	1,230.00M	1,114.00M	-1,285.00M	1,238.00M	-1,390.00M	-2,079.00M	1,194.00M	2,330.00M	604.00M	539.00M	984.00M	582.00M	622.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt	74,464.00M	71,782.00M	74,464.00M	72,684.00M	59,974.00M	61,501.00M	64,591.00M	63,963.00M	61,112.00M	63,915.00M	76,618.00M	82,274.00M	73,511.00M	76,076.00M	99,043.00M	94,711.00M	102,599.00M	117,817.00M	121,144.00M	98,661.00M	91,270.92M	76,506.90M	51,344.71M	103,171.65M	90,210.77M	97,744.34M	123,462.99M	68,712.63M	9,618.94M	3,021.00M	2,355.77M	1,631.03M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	1,398.00M	2,560.00M	2,674.00M	3,335.00M	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	1,320.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	1,326.00M	1,769.00M	1,810.00M	1,928.00M	2,046.00M	2,184.00M	3,392.00M	3,483.00M	3,177.00M	1,537.00M	2,883.00M	1,558.00M	1,591.00M	1,669.00M	1,282.00M	2,235.00M	1,746.89M	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 Liabilities	637,925.00M	640,787.00M	637,925.00M	647,609.00M	601,600.00M	0.00M	0.00M	0.00M	560,656.00M	570,637.00M	0.00M	0.00M	0.00M	0.00M	-101,926.00M	-96,269.00M	-104,190.00M	-119,486.00M	-122,426.00M	-100,896.00M	-93,017.81M	-76,506.90M	-51,344.71M	-103,171.65M	-90,210.77M	-97,744.34M	-123,462.99M	-68,712.63M	-9,618.94M	-3,021.00M	-2,355.77M	-1,631.03M
Total Non-Current Liabilities	712,389.00M	712,569.00M	712,389.00M	720,293.00M	664,298.00M	65,830.00M	69,075.00M	69,226.00M	623,814.00M	636,736.00M	80,010.00M	85,757.00M	76,688.00M	77,613.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,320.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	709,322.00M	709,411.00M	709,322.00M	717,415.00M	665,855.00M	64,555.00M	69,864.00M	67,919.00M	625,044.00M	637,850.00M	78,725.00M	86,995.00M	75,298.00M	75,534.00M	1,194.00M	2,330.00M	604.00M	539.00M	984.00M	582.00M	622.28M	0.00M	1,320.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	0.00M	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
Common Stock	2,824.00M	2,824.00M	2,824.00M	2,861.00M	2,955.00M	3,267.00M	3,267.00M	3,267.00M	3,267.00M	55,136.00M	52,821.00M	50,639.00M	49,446.00M	46,310.00M	43,614.00M	1,837.00M	2,201.00M	1,837.00M	1,837.00M	1,837.00M	1,740.47M	1,660.26M	1,660.29M	1,563.23M	1,567.38M	1,568.69M	1,568.36M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	49,079.00M	46,751.00M	49,079.00M	43,305.00M	38,347.00M	36,494.00M	31,813.00M	26,402.00M	23,018.00M	25,474.00M	23,688.00M	0.00M	0.00M	0.00M	0.00M	4,210.00M	3,539.00M	3,210.00M	12,610.00M	5,617.96M	4,735.88M	3,803.54M	15,138.53M	2,481.51M	2,817.61M	3,013.80M	2,917.39M	2,171.43M	3,693.30M	3,894.36M	3,736.54M	3,314.07M
Accumulated OCI	-15,367.00M	-15,761.00M	-15,367.00M	-14,200.00M	-15,808.00M	-18,866.00M	-14,356.00M	-7,235.00M	-7,215.00M	-8,792.00M	-5,458.00M	-3,349.00M	-348.00M	-3,866.00M	-2,183.00M	122.00M	13,590.00M	12,012.00M	8,480.00M	8,312.00M	6,969.68M	1,004.89M	-1,521.94M	4,750.22M	4,602.13M	6,745.61M	6,222.34M	10,263.86M	0.00M	0.00M	0.00M	0.00M
Minority Interest	4,359.00M	3,883.00M	4,359.00M	3,564.00M	3,624.00M	4,853.00M	5,471.00M	6,201.00M	5,764.00M	6,979.00M	8,064.00M	8,149.00M	2,511.00M	2,371.00M	2,373.00M	1,463.00M	1,556.00M	1,463.00M	1,049.00M	880.00M	768.16M	970.75M	581.40M	5,416.45M	5,679.29M	6,405.16M	6,312.84M	5,341.62M	3,089.44M	2,796.82M	1,703.20M	896.51M
Total Shareholders’ Equity	36,536.00M	33,814.00M	36,536.00M	31,966.00M	25,494.00M	20,895.00M	20,724.00M	22,434.00M	19,070.00M	71,818.00M	71,051.00M	47,290.00M	49,098.00M	42,444.00M	41,431.00M	6,169.00M	19,330.00M	17,059.00M	22,927.00M	15,766.96M	13,446.02M	6,468.68M	15,276.88M	8,794.96M	8,987.13M	11,328.10M	10,708.09M	12,435.29M	3,693.30M	3,894.36M	3,736.54M	3,314.07M
Total Equity	40,895.00M	37,697.00M	40,895.00M	35,530.00M	29,118.00M	25,748.00M	26,195.00M	28,635.00M	24,834.00M	78,797.00M	79,115.00M	55,439.00M	51,609.00M	44,815.00M	43,804.00M	7,632.00M	20,886.00M	18,522.00M	23,976.00M	16,646.96M	14,214.18M	7,439.44M	15,858.28M	14,211.41M	14,666.42M	17,733.26M	17,020.93M	17,776.92M	6,782.74M	6,691.18M	5,439.73M	4,210.58M
Total Liabilities & Equity	750,217.00M	747,108.00M	750,217.00M	752,945.00M	694,973.00M	90,303.00M	96,059.00M	96,554.00M	649,878.00M	716,647.00M	157,840.00M	142,434.00M	126,907.00M	120,349.00M	44,998.00M	9,962.00M	21,490.00M	19,061.00M	24,960.00M	17,228.96M	14,836.46M	7,439.44M	17,178.56M	14,211.41M	14,666.42M	17,733.26M	17,020.93M	17,776.92M	6,782.74M	6,691.18M	5,439.73M	4,210.58M
Tangible Assets	769,912.00M	767,019.00M	769,912.00M	773,195.00M	710,984.00M	660,688.00M	731,961.00M	691,724.00M	668,375.00M	503,379.00M	517,440.00M	514,126.00M	432,928.00M	413,421.00M	436,770.00M	421,413.00M	426,037.00M	400,588.00M	431,588.00M	369,650.00M	304,213.96M	334,710.60M	208,649.95M	221,898.74M	217,456.85M	227,750.78M	219,869.87M	189,199.73M	109,683.45M	104,060.81M	80,606.44M	71,826.51M
Tangible Equity	38,405.00M	35,375.00M	38,405.00M	33,167.00M	26,962.00M	23,551.00M	23,850.00M	16,714.00M	10,340.00M	64,271.00M	62,392.00M	38,353.00M	37,072.00M	31,581.00M	28,135.00M	-1,045.00M	12,879.00M	11,274.00M	15,539.00M	8,402.96M	10,944.92M	2,367.35M	15,858.28M	14,211.41M	14,666.42M	17,733.26M	17,020.93M	17,776.92M	4,942.27M	6,691.18M	5,439.73M	4,210.58M
Tangible Book Value	38,405.00M	35,375.00M	38,405.00M	33,167.00M	26,962.00M	23,551.00M	23,850.00M	16,714.00M	10,340.00M	64,271.00M	62,392.00M	38,353.00M	37,072.00M	31,581.00M	28,135.00M	-1,045.00M	12,879.00M	11,274.00M	15,539.00M	8,402.96M	10,944.92M	2,367.35M	15,858.28M	14,211.41M	14,666.42M	17,733.26M	17,020.93M	17,776.92M	4,942.27M	6,691.18M	5,439.73M	4,210.58M
Total Investments	0.00M	0.00M	0.00M	0.00M	197,909.00M	203,795.00M	310,319.00M	272,190.00M	182,192.00M	232,037.00M	265,124.00M	318,884.00M	291,623.00M	242,856.00M	246,921.00M	209,734.00M	162,010.00M	178,629.00M	136,794.00M	159,342.00M	138,964.67M	49,406.47M	83,648.91M	52,843.57M	49,177.61M	65,514.44M	65,603.96M	44,468.13M	17,951.05M	19,174.89M	20,199.64M	15,535.50M
Net Debt	58,626.00M	56,356.00M	58,626.00M	64,934.00M	-24,976.00M	-12,843.00M	-33,289.00M	1,736.00M	-10,187.00M	-12,326.00M	-3,689.00M	38,807.00M	39,603.00M	39,012.00M	61,609.00M	63,772.00M	75,299.00M	93,130.00M	98,464.00M	66,509.00M	69,198.83M	64,174.95M	81,806.82M	95,075.93M	82,153.17M	88,488.02M	80,876.59M	22,589.84M	3,443.72M	1,483.91M	2,934.11M	-3,534.47M

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	1997-12-31	1996-12-31	1995-12-31
Working Capital	0.0M	0.0M	0.0M	7,750.0M	179,334.0M	163,835.0M	197,445.0M	150,893.0M	147,560.0M	179,227.0M	170,440.0M	167,835.0M	141,607.0M	127,018.0M	118,177.0M	88,789.0M	92,776.0M	97,359.0M	80,614.0M	89,738.0M	72,470.1M	17,404.0M	-30,462.1M	8,095.7M	8,057.6M	9,256.3M	42,586.4M	46,122.8M	8,015.7M	1,537.1M	-578.3M	5,165.5M
Total Capital	130,118.0M	124,671.0M	130,118.0M	124,385.0M	107,109.0M	105,626.0M	109,139.0M	112,686.0M	108,223.0M	110,259.0M	123,981.0M	129,564.0M	122,609.0M	118,520.0M	140,474.0M	124,011.0M	138,518.0M	147,117.0M	146,800.0M	125,724.0M	112,821.2M	89,532.7M	126,620.7M	118,229.6M	105,716.6M	115,919.3M	141,053.6M	81,147.9M	47,096.1M	36,119.3M	32,060.5M	23,987.7M
Capital Employed	772,402.0M	769,341.0M	772,402.0M	775,558.0M	710,403.0M	662,667.0M	736,014.0M	698,421.0M	676,689.0M	690,059.0M	731,696.0M	750,078.0M	651,346.0M	599,116.0M	637,312.0M	597,368.0M	552,490.0M	534,794.0M	542,180.0M	501,757.0M	411,588.7M	392,091.6M	262,290.0M	286,648.6M	279,795.0M	309,784.3M	300,805.0M	238,532.5M	102,100.8M	97,866.2M	79,338.3M	71,606.9M
Invested Capital	114,280.0M	109,245.0M	114,280.0M	116,635.0M	22,017.0M	31,064.0M	11,015.0M	50,459.0M	36,924.0M	34,018.0M	43,674.0M	86,097.0M	88,701.0M	81,456.0M	103,040.0M	93,072.0M	111,218.0M	122,430.0M	124,120.0M	93,572.0M	90,749.1M	77,200.7M	105,254.8M	110,133.8M	97,659.0M	106,663.0M	98,467.2M	35,025.1M	9,082.9M	6,433.7M	7,461.9M	643.4M

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	1998-12-31	1997-12-31	1996-12-31	1995-12-31	1994-12-31	1993-12-31	1992-12-31	1991-12-31
Net Income	10,054.00M	8,341.00M	10,054.00M	8,019.00M	6,827.00M	5,618.00M	2,060.00M	4,345.00M	6,151.00M	4,762.00M	4,693.00M	3,328.00M	3,082.00M	2,981.00M	2,327.00M	3,485.00M	4,995.00M	4,595.00M	5,385.00M	6,415.00M	4,971.04M	4,067.48M	3,093.06M	983.03M	1,073.73M	638.44M	538.22M	448.10M	445.95M	525.41M	595.00M
Depreciation & Amortization	1,533.00M	885.00M	1,533.00M	1,403.00M	1,328.00M	1,234.00M	1,288.00M	1,599.00M	1,208.00M	1,387.00M	1,426.00M	1,272.00M	1,145.00M	1,099.00M	1,018.00M	847.00M	761.00M	697.00M	699.00M	577.00M	472.20M	448.35M	1,188.96M	870.05M	362.64M	272.54M	209.64M	172.63M	163.20M	206.64M	96.08M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-31.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,080.00M	2,059.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	31.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,543.00M	189.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-65,398.00M	11,081.00M	-65,398.00M	9,479.00M	8,356.00M	-13,002.00M	27,591.00M	-20,539.00M	-2,393.00M	-8,810.00M	-3,155.00M	2,720.00M	-16,687.00M	-11,652.00M	78,230.00M	12,951.00M	2,615.00M	-2,578.00M	-7,806.00M	5,942.00M	-6,749.89M	-892.54M	184.92M	-634.38M	478.18M	-6.43M	14.51M	-61.08M	-81.91M	0.00M	4,245.23M
Accounts Receivable	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
Inventory	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
Accounts Payable	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 Working Capital	-65,398.00M	11,081.00M	-65,398.00M	9,479.00M	8,356.00M	-13,002.00M	27,591.00M	-20,539.00M	-2,393.00M	-8,810.00M	-3,155.00M	2,720.00M	-16,687.00M	-11,652.00M	78,230.00M	12,951.00M	2,615.00M	-2,578.00M	-7,806.00M	5,942.00M	-6,749.89M	-892.54M	184.92M	0.00M	478.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	35,621.00M	-21,028.00M	35,621.00M	-19,622.00M	7,207.00M	4,908.00M	8,410.00M	6,381.00M	3,698.00M	4,716.00M	3,659.00M	15,781.00M	6,272.00M	7,072.00M	-70,979.00M	2,528.00M	132.00M	-147.00M	-270.00M	2,128.00M	2,065.18M	2,382.95M	-3,409.90M	509.98M	429.55M	587.50M	726.80M	-50.97M	725.03M	711.28M	87.41M
Net Cash from Operating Activities	-18,190.00M	-721.00M	-18,190.00M	-721.00M	23,718.00M	-1,242.00M	39,349.00M	-8,214.00M	8,664.00M	2,055.00M	6,623.00M	23,101.00M	-6,188.00M	-500.00M	10,596.00M	19,811.00M	8,503.00M	2,567.00M	-1,992.00M	17,142.00M	2,817.82M	6,006.25M	1,057.04M	1,728.68M	2,344.09M	1,492.04M	1,489.16M	508.68M	1,252.27M	1,443.33M	5,023.72M
Capital Expenditures (PPE)	-1,195.00M	-1,585.00M	-1,195.00M	-1,129.00M	-2,442.00M	-946.00M	-1,123.00M	-1,380.00M	-1,495.00M	-1,341.00M	-1,957.00M	-2,742.00M	-1,886.00M	-1,778.00M	-2,487.00M	-1,925.00M	-1,504.00M	-1,311.00M	-1,601.00M	-2,456.00M	-845.52M	-2,230.64M	-424.75M	-1,336.37M	-764.91M	-389.60M	-259.55M	-172.71M	-254.17M	-202.00M	-148.45M
Acquisitions (Net)	-28.00M	6.00M	-28.00M	0.00M	-1,389.00M	10.00M	67.00M	5.00M	4,248.00M	39.00M	-22.00M	-3,624.00M	-98.00M	3,299.00M	-780.00M	-4,635.00M	-8.00M	25.00M	-1,546.00M	-7,534.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	-179.00M	0.00M	0.00M	-81.00M	-50.00M	-62.00M	-114.00M	-150.00M	-101.00M	-1,926.00M	-41.00M	-300.00M	-547.00M	-60.00M	-430.00M	-5,717.00M	-158.00M	-672.00M	0.00M	-3,654.33M	-1,967.77M	-7,542,506.67M	-2,458.47M	-434,920.93M	-142,613.43M	-80,938.05M	-40,209.76M	-37,753.12M	-2,902.05M	-556.52M
Sales / Maturities of Investments	0.00M	29.00M	0.00M	0.00M	127.00M	80.00M	307.00M	98.00M	558.00M	2,729.00M	1,537.00M	1.00M	118.00M	1,375.00M	872.00M	838.00M	1.00M	1.00M	292.00M	321.00M	1,759.08M	10.67M	7,551,459.42M	4,029.76M	431,399.11M	135,113.76M	81,212.81M	35,059.64M	29,805.79M	0.00M	0.00M
Other Investing Activities	-200.00M	310.00M	-200.00M	-290.00M	-126.00M	-728.00M	774.00M	1,489.00M	4,355.00M	1,012.00M	1,163.00M	1,424.00M	248.00M	146.00M	-190.00M	-1,082.00M	-314.00M	420.00M	260.00M	1,084.00M	-845.52M	-2,230.64M	-29,631.22M	-6,769.01M	-13,139.44M	-5,400.36M	-2,683.90M	-3,822.39M	-2,227.80M	-5,853.34M	-148.45M
Net Cash from Investing Activities	-1,423.00M	-1,419.00M	-1,423.00M	-1,419.00M	-3,911.00M	-1,634.00M	-37.00M	98.00M	7,516.00M	2,902.00M	-560.00M	-4,411.00M	-1,151.00M	3,021.00M	-1,085.00M	-6,622.00M	-7,078.00M	-643.00M	-2,865.00M	-8,451.00M	-2,740.77M	-4,187.74M	-20,678.47M	-5,197.73M	-16,661.26M	-12,900.03M	-2,409.14M	-8,972.51M	-10,175.12M	-8,755.40M	-704.97M
Net Debt Issuance	3,584.00M	1,764.00M	2,915.00M	3,043.00M	-2,258.00M	-2,301.00M	-395.00M	-190.00M	-2,374.00M	1,940.00M	498.00M	1,104.00M	2,582.00M	391.00M	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
Long-Term Debt Issuance	3,584.00M	1,764.00M	2,915.00M	3,043.00M	-2,258.00M	-2,301.00M	-395.00M	-190.00M	-2,374.00M	1,940.00M	498.00M	1,104.00M	2,582.00M	391.00M	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
Short-Term Debt 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 Stock Issuance	-2,438.00M	-3,091.33M	-1,529.00M	-2,166.00M	-2,983.00M	-1,022.00M	-807.00M	-1,088.00M	-1,686.00M	-1,674.00M	-2,004.00M	-3,273.00M	-3,770.00M	-3,614.00M	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 Issuance	0.00M	478.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,335.00M	1,452.00M	1,627.00M	2,222.00M	3,321.00M	5,484.00M	3,690.00M	5,102.00M	5,013.00M	12,353.00M	6,835.00M	13,745.00M	19,304.00M	8,578.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-2,438.00M	-3,091.33M	-1,529.00M	-2,166.00M	-2,983.00M	-1,022.00M	-807.00M	-1,088.00M	-1,686.00M	-1,674.00M	-2,004.00M	-3,273.00M	-3,770.00M	-3,614.00M	-4,831.00M	-4,825.00M	-8,346.00M	-6,778.00M	-14,259.00M	-16,215.00M	-5,712.10M	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	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	-3,913.00M	-2,808.00M	-3,913.00M	-2,808.00M	-2,185.00M	-926.00M	-1,065.00M	-2,147.00M	-2,107.00M	-1,698.00M	-1,599.00M	-1,025.00M	-826.00M	-1,275.00M	-1,269.00M	-1,031.00M	-1,218.00M	-1,567.00M	-2,813.00M	-2,424.00M	-1,914.49M	-1,594.01M	-1,349.33M	-412.18M	-330.91M	-283.30M	-261.58M	-239.17M	-242.25M	-275.91M	-282.33M
Common Dividends Paid	-3,913.00M	-2,808.00M	-3,913.00M	-2,808.00M	-2,185.00M	-926.00M	-1,065.00M	-2,147.00M	-2,107.00M	-1,698.00M	-1,599.00M	-879.00M	-826.00M	-1,275.00M	-1,269.00M	-1,031.00M	-1,218.00M	-1,567.00M	-2,813.00M	-2,424.00M	-1,914.49M	-1,594.01M	-1,349.33M	-412.18M	-330.91M	-283.30M	-261.58M	-239.17M	-242.25M	-275.91M	-282.33M
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	-146.00M	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	200.00M	2,293.33M	-40.00M	89.00M	-137.00M	-100.00M	198.00M	723.00M	1,075.00M	1,334.00M	1,992.00M	3,321.00M	5,171.00M	3,172.00M	-2,223.00M	-238.00M	2,366.00M	1,493.00M	542.00M	5,031.00M	2,801.97M	1,038.61M	20,946.37M	3,881.22M	15,278.08M	11,797.99M	1,355.80M	8,850.35M	8,891.75M	8,027.32M	-1,867.55M
Net Cash from Financing Activities	-2,567.00M	-1,842.00M	-2,567.00M	-1,842.00M	-7,563.00M	-4,349.00M	-2,069.00M	-2,702.00M	-5,092.00M	-98.00M	-1,113.00M	127.00M	3,157.00M	-1,326.00M	-3,492.00M	-1,269.00M	1,148.00M	-74.00M	-2,271.00M	2,607.00M	887.48M	-555.40M	19,597.04M	3,469.05M	14,947.17M	11,514.69M	1,094.21M	8,611.18M	8,649.50M	7,751.41M	-2,149.88M
Effect of FX on Cash	-2,091.00M	-357.00M	-2,091.00M	-357.00M	-288.00M	-1,864.00M	-4,658.00M	-258.00M	-2,498.00M	-4,266.00M	-3,463.00M	-6,781.00M	725.00M	-1,784.00M	471.00M	-960.00M	1,063.00M	-161.00M	-791.00M	-1,233.00M	-785.27M	929.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-24,271.00M	-4,340.00M	-24,271.00M	-4,340.00M	11,957.00M	-9,089.00M	32,585.00M	-11,077.00M	8,589.00M	594.00M	1,489.00M	12,036.00M	-3,457.00M	-589.00M	6,490.00M	10,960.00M	3,636.00M	1,689.00M	-7,919.00M	10,065.00M	179.27M	2,192.37M	-24.38M	0.00M	630.00M	106.70M	174.23M	147.35M	-273.34M	439.35M	2,168.86M
Cash at Beginning of Period	255,583.00M	301,740.00M	75,416.00M	79,756.00M	67,799.00M	76,888.00M	44,303.00M	54,167.00M	45,549.00M	44,955.00M	43,466.00M	31,430.00M	34,887.00M	35,476.00M	30,927.00M	19,967.00M	16,331.00M	14,642.00M	22,561.00M	12,496.00M	12,317.13M	10,115.41M	2,859.61M	3,925.31M	1,272.00M	1,190.98M	1,071.75M	889.10M	1,173.77M	21,366.27M	19,763.90M
Cash at End of Period	231,312.00M	297,400.00M	51,145.00M	75,416.00M	79,756.00M	67,799.00M	76,888.00M	43,090.00M	54,138.00M	45,549.00M	44,955.00M	43,466.00M	31,430.00M	34,887.00M	37,417.00M	30,927.00M	19,967.00M	16,331.00M	14,642.00M	22,561.00M	12,496.39M	12,307.78M	2,835.22M	3,925.31M	1,902.00M	1,297.68M	1,245.98M	1,036.45M	900.42M	21,805.61M	21,932.76M
Operating Cash Flow	-18,190.00M	-721.00M	-18,190.00M	-721.00M	23,718.00M	-1,242.00M	39,349.00M	-8,214.00M	8,664.00M	2,055.00M	6,623.00M	23,101.00M	-6,188.00M	-500.00M	10,596.00M	19,811.00M	8,503.00M	2,567.00M	-1,992.00M	17,142.00M	2,817.82M	6,006.25M	1,057.04M	1,728.68M	2,344.09M	1,492.04M	1,489.16M	508.68M	1,252.27M	1,443.33M	5,023.72M
Capital Expenditure	-1,195.00M	-1,585.00M	-1,195.00M	-1,129.00M	-2,442.00M	-946.00M	-1,123.00M	-1,380.00M	-1,495.00M	-1,341.00M	-1,957.00M	-2,742.00M	-1,886.00M	-1,778.00M	-2,487.00M	-1,925.00M	-1,504.00M	-1,311.00M	-1,601.00M	-2,456.00M	-845.52M	-2,230.64M	-424.75M	-1,336.37M	-764.91M	-389.60M	-259.55M	-172.71M	-254.17M	-202.00M	-148.45M
Free Cash Flow	-19,385.00M	-2,306.00M	-19,385.00M	-1,850.00M	21,276.00M	-2,188.00M	38,226.00M	-9,594.00M	7,169.00M	714.00M	4,666.00M	20,359.00M	-8,074.00M	-2,278.00M	8,109.00M	17,886.00M	6,999.00M	1,256.00M	-3,593.00M	14,686.00M	1,972.30M	3,775.60M	632.29M	392.31M	1,579.18M	1,102.44M	1,229.61M	335.97M	998.11M	1,241.33M	4,875.27M

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	1998-12-31	1997-12-31	1996-12-31	1995-12-31
EBITDA	17,858.00M	19,027.00M	17,858.00M	15,304.00M	14,774.00M	11,375.00M	7,467.00M	17,826.00M	18,743.00M	12,339.00M	11,387.00M	7,336.00M	13,557.00M	12,824.00M	13,398.00M	13,092.00M	15,853.00M	17,367.00M	14,341.00M	12,620.00M	10,514.00M	15,472.16M	9,738.40M	5,761.51M	4,489.45M	3,088.46M	2,395.18M
(-) Tax Adjustment	5,599.10M	6,132.95M	5,599.10M	4,932.92M	5,043.13M	2,996.40M	2,085.04M	5,193.98M	5,098.69M	3,861.39M	3,026.68M	2,297.08M	3,273.30M	4,488.40M	0.00M	989.71M	3,522.61M	3,454.63M	3,190.80M	3,090.01M	3,079.72M	4,417.73M	2,354.03M	1,638.33M	1,047.62M	1,053.73M	775.31M
(-) Change In Working Capital	-65,398.00M	11,081.00M	-65,398.00M	9,479.00M	8,356.00M	-13,002.00M	27,591.00M	-20,539.00M	-2,393.00M	-8,810.00M	-3,155.00M	2,720.00M	-16,687.00M	-11,652.00M	78,230.00M	12,951.00M	2,615.00M	-2,578.00M	-7,806.00M	5,942.00M	-6,749.89M	-892.54M	184.92M	-634.38M	478.18M	-6.43M	14.51M
(-) Capital Expenditure	-1,195.00M	-1,585.00M	-1,195.00M	-1,129.00M	-2,442.00M	-946.00M	-1,123.00M	-1,380.00M	-1,495.00M	-1,341.00M	-1,957.00M	-2,742.00M	-1,886.00M	-1,778.00M	-2,487.00M	-1,925.00M	-1,504.00M	-1,311.00M	-1,601.00M	-2,456.00M	-845.52M	-2,230.64M	-424.75M	-1,336.37M	-764.91M	-389.60M	-259.55M
Unlevered Free Cash Flow	76,461.90M	228.05M	76,461.90M	-236.92M	-1,067.13M	20,434.60M	-23,332.04M	31,791.02M	14,542.31M	15,946.61M	9,558.32M	-423.08M	25,084.70M	18,209.60M	-67,319.00M	-2,773.71M	8,211.39M	15,179.37M	17,355.20M	1,131.99M	13,338.65M	9,716.31M	6,774.70M	3,421.18M	2,198.74M	1,651.56M	1,345.81M
(-) Net Interest Income After Taxes	0.00M	12,093.72M	0.00M	0.00M	12,615.09M	10,817.42M	6,489.05M	3,786.91M	3,896.09M	4,275.56M	4,705.48M	5,264.90M	5,051.96M	3,250.65M	3,982.00M	12,165.15M	10,360.23M	11,120.60M	9,085.92M	7,114.27M	5,652.90M	5,145.98M	3,727.32M	2,807.71M	2,428.81M	1,564.36M	1,419.23M
Net Debt Issuance	3,584.00M	1,764.00M	2,915.00M	3,043.00M	-2,258.00M	-2,301.00M	-395.00M	-190.00M	-2,374.00M	1,940.00M	498.00M	1,104.00M	2,582.00M	391.00M	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
Levered Free Cash Flow	80,045.90M	-10,101.67M	79,376.90M	2,806.08M	-15,940.22M	7,316.18M	-30,216.10M	27,814.11M	8,272.22M	13,611.05M	5,350.84M	-4,583.98M	22,614.74M	15,349.95M	-71,301.00M	-14,938.86M	-2,148.85M	4,058.77M	8,269.28M	-5,982.27M	7,685.75M	4,570.33M	3,047.38M	613.47M	-230.07M	87.20M	-73.42M