Old Dominion Freight Line, Inc. (ODFL)

Industry: Trucking Sector: Industrials Currency Used: US Live Price: $175.65

Enterprise Value

Metric	MRQ	MRQ-1	2025	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
Stock Price	140.78	162.30	156.18	192.97	190.64	135.94	142.32	84.62	54.92	48.42	35.21	23.70	22.17	22.39	14.94	10.42	7.89	5.73	4.38	4.40	3.95	4.40	3.26	2.86	1.74	0.83	0.49	0.45	0.53	0.64	0.67	0.45
Market Capitalization	29,690.22M	34,434.22M	33,088.78M	41,688.85M	41,899.80M	30,679.44M	33,099.01M	20,027.96M	13,229.40M	11,906.93M	8,697.85M	5,907.47M	5,680.95M	5,788.13M	3,861.27M	2,693.51M	2,027.81M	1,442.08M	1,101.70M	1,106.73M	994.73M	1,106.10M	819.58M	707.25M	424.07M	174.53M	93.25M	85.83M	101.19M	120.37M	126.96M	85.72M
(-) Cash & Equivalents	46.59M	24.06M	55.95M	209.53M	225.79M	215.32M	409.61M	424.36M	308.86M	167.06M	71.73M	10.75M	37.18M	26.00M	19.71M	21.25M	58.73M	6.19M	3.84M	31.28M	2.65M	3.04M	2.74M	1.52M	4.29M	5.53M	2.69M	0.82M	0.68M	3.92M	0.74M	2.08M
(+) Total Debt	84.99M	169.99M	104.99M	64.98M	84.97M	99.96M	99.94M	108.70M	45.00M	45.00M	95.00M	160.44M	153.52M	180.01M	211.42M	262.34M	271.95M	283.58M	298.07M	254.62M	266.32M	245.77M	125.42M	89.64M	97.02M	98.89M	92.98M	76.34M	62.54M	66.70M	47.79M	41.93M
Enterprise Value	29,728.62M	34,580.15M	33,137.83M	41,544.30M	41,758.98M	30,564.07M	32,789.35M	19,712.30M	12,965.54M	11,784.87M	8,721.12M	6,057.16M	5,797.29M	5,942.15M	4,052.98M	2,934.60M	2,241.03M	1,719.47M	1,395.92M	1,330.07M	1,258.40M	1,348.83M	942.26M	795.37M	516.81M	267.89M	183.54M	161.35M	163.05M	183.16M	174.01M	125.57M

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	5,575M	5,925M	5,815M	5,866M	6,260M	5,256M	4,015M	4,109M	4,044M	3,358M	2,992M	2,972M	2,788M	2,338M	2,135M	1,904M	1,481M	1,245M	1,538M	1,402M	1,279M	1,061M	824M	668M	566M	502M	476M	426M	383M	329M	293M	248M
Cost of Revenue	3,734M	3,839M	3,792M	3,794M	4,004M	3,481M	2,787M	2,939M	2,899M	2,483M	2,247M	2,215M	2,100M	1,801M	1,664M	1,500M	1,199M	265M	401M	204M	309M	245M	199M	130M	139M	124M	121M	98M	51M	89M	94M	44M
Gross Profit	1,840M	2,085M	2,023M	2,072M	2,256M	1,775M	1,229M	1,170M	1,144M	875M	745M	757M	687M	536M	471M	404M	282M	980M	1,137M	1,197M	970M	817M	625M	537M	428M	378M	355M	328M	332M	240M	199M	205M
Gross Profit Margin	33.0%	35.2%	34.8%	35.3%	36.0%	33.8%	30.6%	28.5%	28.3%	26.1%	24.9%	25.5%	24.7%	22.9%	22.1%	21.2%	19.0%	78.7%	73.9%	85.4%	75.8%	77.0%	75.9%	80.5%	75.5%	75.3%	74.5%	77.0%	86.7%	72.9%	67.9%	82.5%
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	273M	300M	310M	281M	259M	224M	184M	206M	194M	177M	152M	154M	145M	124M	109M	96M	82M	806M	914M	846M	772M	663M	510M	448M	28M	18M	26M	23M	271M	19M	17M	171M
Operating Expenses	450M	454M	479M	432M	415M	383M	322M	352M	327M	299M	261M	259M	246M	198M	185M	169M	144M	901M	1,001M	977M	840M	719M	555M	486M	538M	478M	456M	406M	361M	316M	287M	174M
Operating Income (EBIT)	1,391M	1,631M	1,544M	1,641M	1,841M	1,392M	907M	819M	817M	576M	484M	498M	441M	338M	285M	234M	138M	79M	136M	220M	130M	98M	71M	51M	-110M	-99M	-102M	-77M	-29M	-76M	-88M	31M
Operating Income Margin	24.9%	27.5%	26.6%	28.0%	29.4%	26.5%	22.6%	19.9%	20.2%	17.1%	16.2%	16.8%	15.8%	14.5%	13.4%	12.3%	9.3%	6.3%	8.8%	15.7%	10.2%	9.2%	8.6%	7.7%	-19.4%	-19.8%	-21.4%	-18.1%	-7.4%	-23.1%	-30.1%	12.3%
Interest Income	5M	20M	17M	13M	5M	1M	2M	7M	3M	1M	0M	0M	0M	0M	0M	0M	0M	0M	1M	2M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	0M	0M	0M	0M	2M	2M	3M	0M	0M	2M	4M	5M	7M	10M	12M	14M	13M	13M	14M	14M	12M	7M	5M	6M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	5M	20M	17M	12M	3M	-1M	-1M	6M	3M	-1M	-4M	-5M	-7M	-9M	-11M	-14M	-12M	-13M	-13M	-13M	-10M	-7M	-5M	-6M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	-4M	-3M	-3M	-5M	-3M	-2M	-5M	-1M	-4M	1M	-2M	-3M	-2M	0M	-1M	0M	-1M	-8M	-10M	-92M	-1M	-1M	-1M	0M	140M	119M	124M	101M	46M	92M	98M	-23M
EBT Excluding Unusual Items	1,396M	1,651M	1,561M	1,653M	1,844M	1,391M	906M	825M	820M	574M	480M	493M	435M	329M	274M	220M	125M	66M	123M	207M	120M	91M	65M	45M	-110M	-99M	-102M	-77M	-29M	-76M	-88M	31M
Pre-Tax Income	1,392M	1,648M	1,558M	1,648M	1,841M	1,388M	901M	824M	816M	576M	478M	490M	433M	329M	273M	220M	124M	57M	113M	116M	119M	90M	65M	45M	30M	20M	22M	23M	18M	16M	10M	8M
Pre-Tax Margin	25.0%	27.8%	26.8%	28.1%	29.4%	26.4%	22.4%	20.1%	20.2%	17.1%	16.0%	16.5%	15.5%	14.1%	12.8%	11.6%	8.4%	4.6%	7.3%	8.3%	9.3%	8.5%	7.8%	6.8%	5.3%	3.9%	4.7%	5.5%	4.7%	4.9%	3.4%	3.1%
Income Tax Expense	335M	402M	372M	408M	464M	354M	229M	208M	210M	112M	182M	185M	165M	123M	104M	81M	49M	22M	44M	44M	47M	36M	26M	18M	12M	8M	9M	9M	7M	6M	4M	3M
Net Income	1,057M	1,246M	1,186M	1,240M	1,377M	1,034M	673M	616M	606M	464M	296M	305M	268M	206M	169M	139M	76M	35M	69M	72M	73M	53M	39M	28M	18M	12M	14M	14M	11M	10M	6M	5M
Net Income Margin	19.0%	21.0%	20.4%	21.1%	22.0%	19.7%	16.8%	15.0%	15.0%	13.8%	9.9%	10.3%	9.6%	8.8%	7.9%	7.3%	5.1%	2.8%	4.5%	5.1%	5.7%	5.0%	4.7%	4.1%	3.3%	2.4%	2.9%	3.4%	2.9%	3.1%	2.1%	1.9%
Depreciation & Amortization	361M	340M	345M	324M	276M	260M	261M	254M	230M	206M	190M	165M	146M	127M	111M	91M	80M	95M	87M	80M	68M	56M	45M	38M	31M	30M	27M	25M	22M	17M	16M	-14M
EBITDA	1,752M	1,971M	1,889M	1,965M	2,117M	1,652M	1,168M	1,072M	1,047M	782M	674M	664M	588M	466M	396M	325M	218M	173M	223M	300M	198M	153M	115M	89M	-79M	-69M	-75M	-52M	-7M	-59M	-72M	17M
EBITDA Margin	31.4%	33.3%	32.5%	33.5%	33.8%	31.4%	29.1%	26.1%	25.9%	23.3%	22.5%	22.3%	21.1%	19.9%	18.6%	17.1%	14.7%	13.9%	14.5%	21.4%	15.5%	14.5%	14.0%	13.4%	-13.9%	-13.8%	-15.7%	-12.2%	-1.7%	-17.9%	-24.6%	6.8%
NOPAT	1,057M	1,233M	1,176M	1,234M	1,377M	1,037M	677M	612M	607M	464M	300M	310M	273M	212M	177M	148M	84M	48M	83M	137M	79M	58M	43M	31M	-67M	-61M	-62M	-48M	-18M	-47M	-55M	19M
NOPAT Margin	19.0%	20.8%	20.2%	21.0%	22.0%	19.7%	16.9%	14.9%	15.0%	13.8%	10.0%	10.4%	9.8%	9.1%	8.3%	7.8%	5.7%	3.8%	5.4%	9.8%	6.2%	5.5%	5.2%	4.7%	-11.8%	-12.1%	-13.0%	-11.1%	-4.6%	-14.3%	-18.6%	7.6%
Owner's Earnings	878M	880M	759M	807M	878M	744M	709M	390M	248M	287M	68M	8M	46M	38M	-93M	-20M	50M	-81M	-26M	-35M	-59M	-33M	-10M	-36M	-20M	-2M	-22M	4M	-12M	-7M	-16M	-37M
Owner's Earnings Margin	15.7%	14.9%	13.1%	13.8%	14.0%	14.2%	17.7%	9.5%	6.1%	8.6%	2.3%	0.3%	1.7%	1.6%	-4.4%	-1.0%	3.4%	-6.5%	-1.7%	-2.5%	-4.6%	-3.1%	-1.2%	-5.4%	-3.6%	-0.4%	-4.7%	0.9%	-3.2%	-2.1%	-5.5%	-14.8%
EPS (Basic)	4.98	5.75	5.51	5.66	6.13	4.47	2.86	2.56	2.46	1.88	1.19	1.19	1.03	0.80	0.66	0.54	0.30	0.14	0.28	0.28	0.29	0.21	0.16	0.12	0.10	0.07	0.07	0.08	0.06	0.06	0.03	0.03
EPS (Diluted)	4.96	5.72	5.48	5.63	6.09	4.44	2.84	2.55	2.46	1.88	1.19	1.19	1.03	0.80	0.66	0.54	0.30	0.14	0.27	0.29	0.29	0.21	0.16	0.11	0.09	0.06	0.07	0.08	0.06	0.05	0.03	0.03
Shares (Basic)	213M	217M	215M	219M	226M	231M	237M	241M	246M	247M	249M	256M	258M	258M	258M	257M	252M	252M	252M	252M	252M	252M	247M	244M	197M	189M	189M	189M	189M	189M	189M	188M
Shares (Diluted)	213M	218M	216M	220M	226M	233M	237M	241M	246M	247M	249M	256M	258M	258M	258M	257M	252M	252M	252M	252M	252M	252M	247M	244M	197M	189M	189M	189M	190M	190M	190M	188M

Product Segments

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
L T L Service Revenue	5,522.59M	5,870.29M	5,761.11M	5,804.94M	6,177.06M	5,177.50M	3,961.05M	4,055.47M	3,982.66M
Other Service Revenue	52.34M	54.24M	53.71M	61.21M	83.02M	78.83M	54.08M	53.64M	61.04M

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	46.59M	24.06M	108.68M	433.80M	186.31M	462.56M	401.43M	403.57M	190.28M	127.46M	10.17M	11.47M	34.79M	30.17M	12.86M	75.85M	5.45M	4.17M	24.10M	6.33M	2.56M	0.99M	0.74M	1.05M	19.26M	0.76M	0.59M	0.78M	0.66M	0.67M	1.35M	1.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	49.36M	254.43M	330.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.86M	24.38M	85.16M	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	46.59M	24.06M	108.68M	433.80M	235.67M	717.00M	731.70M	403.57M	190.28M	127.46M	10.17M	11.47M	34.79M	30.17M	12.86M	75.85M	5.45M	4.17M	28.97M	30.70M	87.72M	0.99M	0.74M	1.05M	19.26M	0.76M	0.59M	0.78M	0.66M	0.67M	1.35M	1.00M
Net Receivables	540.13M	585.93M	527.69M	615.32M	605.13M	599.10M	454.22M	408.17M	468.26M	415.78M	334.49M	345.05M	347.90M	258.29M	220.36M	217.92M	180.70M	140.92M	146.54M	158.16M	144.99M	127.20M	97.25M	75.58M	68.01M	52.16M	58.72M	56.14M	51.18M	44.89M	40.87M	37.40M
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	-180.70M	0.00M	0.00M	0.00M	0.00M	0.00M	10.55M	8.83M	7.99M	7.35M	6.91M	6.43M	6.33M	5.05M	4.51M	3.90M
Other Current Assets	77.09M	88.15M	84.32M	94.21M	92.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	23.25M	20.05M	19.47M	18.67M	16.24M	20.27M	13.96M	12.32M	10.68M	4.60M	4.54M	3.67M	0.87M	1.48M	2.27M	2.21M	1.97M	2.63M	8.20M
Total Current Assets	663.81M	698.14M	720.68M	1,143.33M	933.74M	1,316.10M	1,185.93M	811.74M	658.54M	543.24M	344.66M	356.52M	382.69M	311.72M	253.27M	313.24M	24.12M	161.33M	195.77M	202.83M	245.04M	138.87M	113.15M	90.00M	98.92M	61.14M	67.70M	65.62M	60.38M	52.59M	49.37M	50.50M
Property, Plant & Equipment	4,585.63M	4,590.44M	4,505.43M	4,095.41M	3,687.07M	3,215.69M	2,914.03M	2,968.84M	2,754.94M	2,404.46M	2,241.40M	2,023.45M	1,743.25M	1,543.06M	1,379.31M	1,126.95M	964.22M	939.50M	824.49M	721.45M	607.59M	466.07M	363.27M	315.77M	255.83M	218.18M	201.35M	166.96M	159.00M	124.83M	109.18M	88.10M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.46M	19.46M	19.46M	19.46M	19.46M	19.46M	19.46M	19.46M	19.46M	19.46M	0.00M	0.00M	0.00M	0.00M	13.29M	10.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible 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	2.40M	0.00M	0.00M	24.64M	25.55M	23.52M	16.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	267.20M	262.52M	265.28M	273.66M	217.80M	222.07M	212.04M	140.44M	64.65M	59.85M	52.76M	41.86M	40.39M	36.59M	38.72M	34.81M	33.62M	26.15M	15.64M	19.80M	11.47M	25.36M	18.93M	17.42M	19.11M	18.79M	15.05M	14.36M	13.01M	6.37M	5.29M	4.70M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	4,852.83M	4,852.95M	4,770.71M	4,369.06M	3,904.87M	3,437.76M	3,126.07M	3,128.73M	2,839.05M	2,483.77M	2,313.63M	2,084.77M	1,803.09M	1,599.11M	1,439.89M	1,181.22M	1,017.30M	990.28M	865.68M	764.77M	635.83M	504.72M	392.84M	333.19M	274.93M	236.97M	216.40M	181.33M	172.01M	131.20M	114.46M	92.80M
Total Assets	5,516.63M	5,551.10M	5,491.40M	5,512.39M	4,838.61M	4,753.86M	4,312.00M	3,940.47M	3,497.60M	3,027.01M	2,658.29M	2,441.29M	2,185.78M	1,910.83M	1,693.16M	1,494.46M	1,041.42M	1,151.61M	1,061.44M	967.60M	880.86M	643.59M	505.99M	423.19M	373.86M	298.11M	284.09M	246.95M	232.39M	183.79M	163.83M	143.30M
Accounts Payable	81.92M	85.68M	91.82M	112.77M	106.28M	82.52M	68.51M	70.25M	78.52M	73.73M	89.22M	66.77M	45.31M	36.79M	44.89M	42.10M	29.22M	33.47M	41.00M	33.34M	37.69M	30.97M	25.31M	12.19M	16.84M	13.80M	26.52M	22.94M	21.35M	14.16M	14.86M	10.50M
Short-Term Debt	20.00M	20.00M	35.70M	20.00M	20.00M	0.00M	0.00M	0.00M	0.00M	50.00M	0.00M	26.49M	35.71M	35.72M	38.98M	39.35M	37.13M	36.68M	11.97M	12.19M	12.70M	17.93M	22.03M	22.44M	11.14M	8.41M	9.04M	21.81M	9.09M	5.15M	3.66M	6.20M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.71M	8.71M	0.00M	0.00M	0.00M	0.00M	0.00M	2.17M	6.33M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	4.08M	1.37M	1.74M	0.00M	0.43M	0.00M	0.00M	0.50M	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	20.05M	19.47M	18.67M	16.24M	20.27M	0.00M	0.00M	10.68M	4.60M	0.00M	0.00M	0.00M	13.73M	14.28M	12.08M	10.50M	8.43M	0.00M
Other Current Liabilities	429.59M	256.77M	127.59M	278.95M	288.28M	257.91M	191.30M	192.52M	198.46M	152.57M	129.17M	124.59M	106.20M	97.19M	80.05M	66.74M	51.36M	37.26M	43.13M	38.71M	35.65M	27.34M	21.32M	0.00M	0.00M	0.00M	14.13M	12.55M	11.96M	9.28M	8.92M	15.20M
Total Current Liabilities	531.52M	362.45M	255.11M	411.73M	414.55M	340.42M	268.53M	271.49M	276.97M	276.30M	218.39M	217.85M	187.23M	171.86M	190.30M	167.69M	136.37M	123.64M	116.37M	84.24M	86.03M	91.00M	74.63M	36.36M	27.98M	22.63M	63.41M	71.58M	54.98M	39.08M	35.87M	31.90M
Long-Term Debt	64.99M	149.99M	39.99M	59.98M	79.96M	99.95M	99.93M	45.00M	45.00M	45.00M	104.98M	107.32M	120.00M	155.71M	198.17M	223.50M	232.67M	267.66M	238.52M	249.46M	260.73M	109.96M	56.94M	74.99M	82.08M	90.01M	74.51M	43.06M	61.50M	42.16M	39.48M	24.00M
Capital Lease Obligations	0.00M	0.00M	108.30M	104.80M	80.80M	88.80M	93.30M	53.65M	0.00M	0.00M	0.00M	1.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	354.48M	381.93M	381.93M	363.13M	310.52M	248.72M	220.21M	261.96M	247.67M	189.96M	272.60M	235.05M	191.41M	189.12M	153.19M	134.92M	90.77M	80.72M	73.97M	62.31M	52.12M	42.77M	39.32M	31.26M	25.86M	20.78M	21.65M	20.80M	19.55M	16.62M	13.38M	10.30M
Other Non-Current Liabilities	282.60M	281.68M	191.76M	286.82M	265.42M	328.84M	349.85M	241.80M	215.40M	205.56M	178.88M	154.09M	145.75M	123.05M	106.79M	87.00M	76.33M	68.58M	60.60M	50.00M	39.03M	31.77M	22.65M	17.44M	14.85M	12.84M	12.30M	11.10M	9.64M	7.70M	7.07M	8.30M
Total Non-Current Liabilities	702.08M	813.60M	721.98M	814.72M	736.70M	766.30M	763.29M	602.41M	508.07M	440.52M	556.45M	497.95M	457.16M	467.89M	458.14M	445.42M	399.77M	416.95M	373.09M	361.77M	351.87M	184.50M	118.90M	123.69M	122.79M	123.64M	108.45M	74.96M	90.68M	66.48M	59.93M	42.60M
Total Liabilities	1,233.59M	1,176.05M	977.09M	1,226.45M	1,151.25M	1,106.73M	1,031.82M	873.90M	785.04M	716.82M	774.84M	715.80M	644.39M	639.74M	648.44M	613.11M	536.14M	540.60M	489.46M	446.01M	437.90M	275.50M	193.53M	160.05M	150.77M	146.27M	171.86M	146.54M	145.66M	105.56M	95.80M	74.50M
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	20.94M	21.06M	21.30M	21.79M	11.02M	11.50M	11.71M	11.95M	8.12M	8.24M	8.24M	8.44M	8.61M	8.62M	8.62M	8.62M	5.59M	5.59M	3.73M	3.73M	3.73M	3.73M	3.73M	1.61M	1.07M	0.83M	0.83M	0.83M	0.83M	0.83M	0.84M	0.00M
Retained Earnings	4,010.66M	3,980.95M	3,995.21M	4,004.57M	3,397.31M	3,493.86M	3,088.13M	2,850.30M	2,530.18M	2,130.26M	1,707.45M	1,541.80M	1,351.05M	1,089.07M	882.95M	713.50M	574.03M	498.38M	463.51M	394.83M	323.00M	250.43M	196.96M	157.96M	130.36M	111.90M	100.00M	86.30M	71.90M	60.78M	50.74M	44.60M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Shareholders’ Equity	4,031.60M	4,002.01M	4,016.51M	4,026.36M	3,408.33M	3,505.36M	3,099.84M	2,862.26M	2,538.31M	2,138.50M	1,715.69M	1,550.24M	1,359.66M	1,097.68M	891.57M	722.12M	579.62M	503.97M	467.24M	398.56M	326.73M	254.16M	200.68M	159.57M	131.43M	112.73M	100.83M	87.13M	72.73M	61.61M	51.58M	44.60M
Total Equity	4,031.60M	4,002.01M	4,016.51M	4,026.36M	3,408.33M	3,505.36M	3,099.84M	2,862.26M	2,538.31M	2,138.50M	1,715.69M	1,550.24M	1,359.66M	1,097.68M	891.57M	722.12M	579.62M	503.97M	467.24M	398.56M	326.73M	254.16M	200.68M	159.57M	131.43M	112.73M	100.83M	87.13M	72.73M	61.61M	51.58M	44.60M
Total Liabilities & Equity	5,265.20M	5,178.05M	4,993.59M	5,252.81M	4,559.58M	4,612.09M	4,131.65M	3,736.16M	3,323.35M	2,855.31M	2,490.53M	2,266.04M	2,004.06M	1,737.42M	1,540.01M	1,335.22M	1,115.77M	1,044.57M	956.69M	844.57M	764.63M	529.66M	394.21M	319.62M	282.19M	259.00M	272.68M	233.67M	218.39M	167.17M	147.37M	119.10M
Tangible Assets	5,516.63M	5,551.10M	5,491.40M	5,512.39M	4,838.61M	4,753.86M	4,312.00M	3,921.01M	3,478.13M	3,007.55M	2,638.82M	2,421.83M	2,166.32M	1,891.36M	1,671.30M	1,475.00M	1,021.95M	1,126.97M	1,035.89M	944.08M	864.09M	630.30M	495.34M	423.19M	373.86M	298.11M	284.09M	246.95M	232.39M	183.79M	163.83M	143.30M
Tangible Equity	4,031.60M	4,002.01M	4,016.51M	4,026.36M	3,408.33M	3,505.36M	3,099.84M	2,842.79M	2,518.84M	2,119.03M	1,696.23M	1,530.77M	1,340.20M	1,078.22M	869.71M	702.65M	560.16M	479.34M	441.69M	375.04M	309.96M	240.87M	190.03M	159.57M	131.43M	112.73M	100.83M	87.13M	72.73M	61.61M	51.58M	44.60M
Tangible Book Value	4,031.60M	4,002.01M	4,016.51M	4,026.36M	3,408.33M	3,505.36M	3,099.84M	2,842.79M	2,518.84M	2,119.03M	1,696.23M	1,530.77M	1,340.20M	1,078.22M	869.71M	702.65M	560.16M	479.34M	441.69M	375.04M	309.96M	240.87M	190.03M	159.57M	131.43M	112.73M	100.83M	87.13M	72.73M	61.61M	51.58M	44.60M
Total Investments	0.00M	0.00M	0.00M	0.00M	49.36M	254.43M	330.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.86M	24.38M	85.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	38.40M	145.94M	-32.99M	-353.82M	-86.35M	-362.62M	-301.50M	-358.57M	-145.28M	-32.46M	94.80M	122.33M	120.93M	161.26M	224.29M	187.01M	264.35M	300.16M	226.39M	255.32M	270.86M	126.91M	78.22M	96.38M	73.96M	97.66M	82.96M	64.09M	69.93M	46.63M	41.79M	29.20M

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	112.4M	191.3M	180.2M	598.7M	403.9M	919.6M	870.2M	500.7M	349.5M	233.6M	94.0M	96.3M	148.1M	100.9M	49.9M	127.0M	52.5M	26.1M	67.0M	88.6M	134.8M	39.2M	28.7M	23.0M	51.4M	23.3M	16.8M	4.7M	15.3M	20.8M	20.4M	18.6M
Total Capital	4,348.2M	4,400.6M	4,412.9M	4,337.8M	3,752.9M	3,779.8M	3,426.2M	3,125.7M	2,725.5M	2,371.9M	1,956.1M	1,818.4M	1,649.8M	1,423.5M	1,266.4M	1,125.7M	939.9M	898.5M	810.1M	753.2M	692.2M	474.0M	371.0M	330.0M	296.8M	235.1M	208.3M	175.9M	167.2M	132.8M	118.1M	99.0M
Capital Employed	4,965.3M	5,044.2M	4,950.9M	4,967.7M	4,308.8M	4,357.3M	3,996.3M	3,629.5M	3,188.6M	2,717.4M	2,407.6M	2,181.1M	1,980.6M	1,700.0M	1,487.4M	1,308.3M	1,069.8M	1,011.2M	932.7M	853.3M	770.6M	530.6M	415.5M	356.2M	326.3M	260.3M	233.2M	186.0M	187.3M	152.0M	134.9M	111.4M
Invested Capital	4,301.6M	4,376.6M	4,304.2M	3,904.0M	3,566.6M	3,317.2M	3,024.8M	2,722.1M	2,535.2M	2,244.4M	1,946.0M	1,807.0M	1,615.0M	1,393.3M	1,253.5M	1,049.9M	934.4M	894.4M	786.0M	746.9M	689.6M	473.0M	370.2M	328.9M	277.5M	234.3M	207.7M	175.1M	166.6M	132.1M	116.7M	98.0M

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	1997-12-31	1996-12-31	1995-12-31
Net Income	1,057.38M	1,245.74M	1,186.07M	1,239.50M	1,377.16M	1,034.38M	672.68M	615.52M	605.67M	463.77M	295.77M	304.69M	267.51M	206.11M	169.45M	139.47M	75.65M	34.87M	68.68M	71.83M	72.57M	53.48M	38.99M	27.60M	18.85M	11.91M	13.72M	14.64M	11.12M	10.04M	6.14M	4.80M
Depreciation & Amortization	360.83M	340.42M	344.58M	324.45M	276.07M	259.90M	261.27M	253.68M	230.36M	205.76M	189.87M	165.34M	146.47M	127.07M	110.74M	90.82M	80.36M	94.78M	87.11M	79.86M	67.63M	55.90M	44.82M	38.21M	31.08M	29.89M	27.04M	25.30M	21.89M	17.17M	16.09M	-13.60M
Deferred Income Tax	-20.34M	12.23M	19.34M	53.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	43.35M	7.62M	10.78M	5.35M	8.55M	7.70M	-2.35M	7.99M	4.54M	2.28M	-0.26M	1.64M	1.19M	2.69M	3.90M	3.36M	2.50M
Stock-Based Compensation	0.00M	11.08M	11.35M	11.08M	15.89M	15.04M	14.30M	42.90M	10.70M	22.70M	16.20M	-2.53M	13.44M	8.85M	6.39M	17.63M	22.48M	6.10M	6.10M	10.97M	10.97M	8.42M	0.64M	6.22M	5.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	28.97M	68.00M	84.16M	-55.35M	-83.01M	-127.28M	9.04M	43.34M	14.04M	-34.69M	-0.06M	10.83M	-18.90M	10.62M	-5.41M	2.48M	-23.32M	-9.89M	37.51M	-0.75M	6.95M	4.33M	-1.74M	4.42M	-11.08M	-6.51M	-0.24M	-1.14M	8.65M	-3.65M	-0.95M	-7.10M
Accounts Receivable	0.00M	-3.88M	74.08M	0.00M	-13.01M	-125.56M	-49.05M	30.33M	-34.67M	-76.35M	-11.18M	-8.67M	-54.44M	-30.06M	-5.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-21.46M	-7.57M	-15.85M	6.57M	-2.58M	-4.97M	-1.09M	-4.02M	-3.45M	-6.80M
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	-0.60M	22.58M	0.00M	-1.33M	-4.20M	0.31M	1.12M	-0.39M	-4.00M	-0.20M
Accounts Payable	0.00M	0.00M	-20.96M	6.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.88M	-4.25M	-7.53M	7.66M	-4.35M	6.72M	5.66M	15.94M	-4.66M	3.04M	-12.72M	3.57M	1.59M	7.19M	-0.70M	4.36M	1.70M
Other Working Capital	28.97M	71.88M	31.03M	-61.85M	-70.00M	-1.72M	58.09M	13.01M	48.70M	41.66M	11.12M	19.50M	35.54M	40.68M	0.00M	-10.40M	-19.07M	-2.36M	29.85M	3.59M	0.23M	-1.34M	4.38M	-5.93M	1.72M	0.97M	2.97M	1.92M	1.43M	1.46M	2.15M	-1.80M
Other Non-Cash Items	34.06M	17.45M	13.79M	-3.89M	105.48M	30.57M	-24.27M	28.45M	39.36M	-121.25M	63.81M	75.55M	-16.85M	-1.99M	47.86M	-16.36M	-21.72M	-5.93M	-8.25M	-12.73M	-11.21M	-6.14M	-0.86M	-5.93M	-1.81M	-2.76M	-0.03M	-0.24M	-0.07M	0.33M	0.09M	26.60M
Net Cash from Operating Activities	1,460.90M	1,694.92M	1,659.28M	1,569.14M	1,691.58M	1,212.61M	933.02M	983.89M	900.12M	536.29M	565.58M	553.88M	391.67M	350.67M	328.06M	277.38M	141.08M	130.72M	196.51M	157.74M	154.61M	113.62M	89.85M	75.06M	44.34M	32.26M	42.16M	39.99M	44.27M	27.79M	24.74M	13.20M
Capital Expenditures (PPE)	-540.18M	-706.35M	-771.32M	-757.31M	-775.15M	-550.08M	-225.08M	-479.33M	-588.29M	-382.13M	-417.94M	-462.06M	-367.68M	-295.61M	-373.19M	-250.21M	-106.35M	-210.89M	-181.50M	-186.83M	-199.10M	-142.60M	-93.70M	-101.90M	-69.99M	-43.61M	-63.08M	-35.99M	-45.08M	-34.22M	-38.32M	-27.80M
Acquisitions (Net)	3.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.27M	-7.27M	-20.43M	-19.41M	-23.11M	0.00M	0.00M	0.00M	-10.06M	0.00M	-1.10M	-16.79M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	-30.00M	-30.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-42.39M	-42.39M	-160.68M	-302.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	30.00M	30.00M	48.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.86M	61.88M	221.46M	217.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	11.14M	42.56M	20.12M	48.64M	227.68M	94.79M	-326.58M	5.69M	7.90M	14.38M	10.54M	24.44M	21.87M	11.24M	12.02M	5.44M	2.05M	51.96M	3.48M	5.23M	5.63M	5.22M	1.59M	3.46M	0.89M	6.71M	2.05M	2.94M	2.18M	1.57M	1.03M	1.30M
Net Cash from Investing Activities	-525.19M	-663.78M	-751.19M	-659.82M	-547.47M	-455.29M	-551.66M	-473.64M	-580.39M	-367.75M	-407.40M	-437.62M	-345.81M	-284.37M	-361.18M	-244.78M	-104.30M	-203.72M	-165.80M	-141.25M	-298.05M	-160.49M	-92.11M	-98.44M	-69.11M	-46.96M	-61.03M	-34.15M	-59.69M	-32.65M	-37.29M	-26.50M
Net Debt Issuance	25.00M	0.00M	-20.00M	-20.00M	0.00M	0.00M	54.92M	0.00M	-50.00M	-9.98M	-28.83M	-25.46M	-35.72M	-48.98M	-29.87M	-10.60M	-35.50M	53.08M	-12.93M	-12.73M	145.63M	47.51M	-17.97M	4.20M	7.06M	41.87M	-9.00M	-5.72M	15.39M	9.00M	38.11M	11.60M
Long-Term Debt Issuance	25.00M	0.00M	-20.00M	-20.00M	0.00M	0.00M	54.92M	0.00M	-50.00M	-9.98M	-28.83M	-25.46M	-35.72M	-48.98M	-29.87M	-10.60M	-35.50M	53.08M	-12.93M	-12.73M	145.63M	47.51M	-21.31M	-9.80M	7.06M	41.87M	-9.00M	-5.72M	15.39M	9.00M	38.11M	11.60M
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	65.05M	0.00M	0.00M	-11.47M	-5.86M	3.33M	14.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-747.95M	-870.29M	-967.29M	-453.61M	-1,277.22M	-536.47M	-364.06M	-240.96M	-163.27M	-8.01M	-130.32M	-114.12M	-5.53M	0.00M	0.00M	48.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.75M	0.00M	47.88M	0.00M	0.00M	0.00M	0.02M	0.02M	0.00M	0.30M
Common 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	48.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.75M	0.00M	47.88M	0.00M	0.00M	0.00M	0.02M	0.02M	0.00M	0.30M
Common Stock Repurchased	-787.95M	-870.29M	-967.29M	-453.61M	-1,277.22M	-536.47M	-364.06M	-240.96M	-163.27M	-8.01M	-130.32M	-114.12M	-5.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	40.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-232.62M	-211.80M	-223.62M	-175.09M	-134.48M	-92.37M	-71.02M	-54.55M	-42.57M	-32.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Dividends Paid	-232.62M	-211.80M	-223.62M	-175.09M	-134.48M	-92.37M	-71.02M	-54.55M	-42.57M	-32.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	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	-7.71M	-81.48M	-22.30M	-13.13M	-8.66M	-67.35M	-3.35M	-1.45M	-1.07M	-0.34M	-0.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.61M	-0.40M	0.17M	0.97M	-11.68M	-26.99M	27.68M	0.00M	0.00M	-4.84M	-25.19M	-0.10M
Net Cash from Financing Activities	-963.28M	-1,163.57M	-1,233.21M	-661.83M	-1,420.36M	-696.18M	-383.50M	-296.96M	-256.91M	-51.26M	-159.48M	-139.58M	-41.25M	-48.98M	-29.87M	37.80M	-35.50M	53.08M	-12.93M	-12.73M	145.01M	47.11M	1.95M	5.17M	43.26M	14.88M	18.67M	-5.72M	15.40M	4.18M	12.93M	11.80M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	13.30M
Net Change in Cash	-27.57M	-132.44M	-325.12M	247.49M	-276.25M	61.13M	-2.14M	213.29M	62.82M	117.29M	-1.30M	-23.32M	4.61M	30.17M	12.86M	70.40M	1.28M	-19.93M	17.78M	3.76M	1.58M	0.24M	-0.31M	-18.21M	18.50M	0.18M	-0.20M	0.12M	-0.02M	-0.68M	0.37M	11.80M
Cash at Beginning of Period	304.09M	1,295.68M	433.80M	186.31M	462.56M	401.43M	403.57M	190.28M	127.46M	10.17M	11.47M	34.79M	30.17M	0.00M	0.00M	5.45M	4.17M	24.10M	6.33M	2.56M	0.99M	0.74M	1.05M	19.26M	0.76M	0.59M	0.78M	0.66M	0.67M	1.35M	0.99M	2.40M
Cash at End of Period	276.52M	1,163.24M	108.68M	433.80M	186.31M	462.56M	401.43M	403.57M	190.28M	127.46M	10.17M	11.47M	34.79M	30.17M	12.86M	75.85M	5.45M	4.17M	24.10M	6.33M	2.56M	0.99M	0.74M	1.05M	19.26M	0.76M	0.59M	0.78M	0.66M	0.67M	1.35M	14.20M
Operating Cash Flow	1,460.90M	1,694.92M	1,659.28M	1,569.14M	1,691.58M	1,212.61M	933.02M	983.89M	900.12M	536.29M	565.58M	553.88M	391.67M	350.67M	328.06M	277.38M	141.08M	130.72M	196.51M	157.74M	154.61M	113.62M	89.85M	75.06M	44.34M	32.26M	42.16M	39.99M	44.27M	27.79M	24.74M	13.20M
Capital Expenditure	-540.18M	-706.35M	-771.32M	-757.31M	-775.15M	-550.08M	-225.08M	-479.33M	-588.29M	-382.13M	-417.94M	-462.06M	-367.68M	-295.61M	-373.19M	-250.21M	-106.35M	-210.89M	-181.50M	-186.83M	-199.10M	-142.60M	-93.70M	-101.90M	-69.99M	-43.61M	-63.08M	-35.99M	-45.08M	-34.22M	-38.32M	-27.80M
Free Cash Flow	920.72M	988.57M	887.97M	811.83M	916.43M	662.53M	707.94M	504.56M	311.82M	154.17M	147.64M	91.82M	23.99M	55.06M	-45.14M	27.17M	34.73M	-80.17M	15.01M	-29.09M	-44.49M	-28.97M	-3.85M	-26.84M	-25.65M	-11.36M	-20.92M	4.00M	-0.81M	-6.44M	-13.59M	-14.60M

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	1997-12-31	1996-12-31	1995-12-31
EBITDA	1,928.28M	2,125.24M	2,057.64M	2,115.60M	2,273.31M	1,811.20M	1,305.68M	1,217.77M	1,180.23M	903.94M	782.10M	769.25M	689.14M	539.50M	472.89M	398.63M	280.03M	268.13M	309.93M	431.05M	265.75M	209.38M	160.25M	127.64M	430.77M	390.66M	355.88M	330.39M	83.07M	237.97M	197.62M	20.10M
(-) Tax Adjustment	463.41M	518.50M	490.80M	524.19M	573.08M	461.86M	331.26M	308.05M	303.69M	175.91M	273.74M	269.24M	241.20M	188.83M	165.51M	139.52M	98.01M	93.85M	108.47M	150.87M	93.01M	73.28M	56.09M	44.67M	150.77M	136.73M	124.56M	115.63M	29.07M	83.29M	69.17M	7.04M
(-) Change In Working Capital	28.97M	68.00M	84.16M	-55.35M	-83.01M	-127.28M	9.04M	43.34M	14.04M	-34.69M	-0.06M	10.83M	-18.90M	10.62M	-5.41M	2.48M	-23.32M	-9.89M	37.51M	-0.75M	6.95M	4.33M	-1.74M	4.42M	-11.08M	-6.51M	-0.24M	-1.14M	8.65M	-3.65M	-0.95M	-7.10M
(-) Capital Expenditure	-540.18M	-706.35M	-771.32M	-757.31M	-775.15M	-550.08M	-225.08M	-479.33M	-588.29M	-382.13M	-417.94M	-462.06M	-367.68M	-295.61M	-373.19M	-250.21M	-106.35M	-210.89M	-181.50M	-186.83M	-199.10M	-142.60M	-93.70M	-101.90M	-69.99M	-43.61M	-63.08M	-35.99M	-45.08M	-34.22M	-38.32M	-27.80M
Unlevered Free Cash Flow	895.72M	832.39M	711.37M	889.45M	1,008.09M	926.55M	740.30M	387.06M	274.21M	380.60M	90.49M	27.13M	99.16M	44.45M	-60.41M	6.42M	98.99M	-26.71M	-17.55M	94.11M	-33.31M	-10.82M	12.21M	-23.36M	221.09M	216.83M	168.48M	179.90M	0.27M	124.11M	91.08M	-7.64M
(-) Net Interest Income After Taxes	3.62M	15.23M	12.79M	9.28M	2.48M	-0.70M	-0.71M	4.77M	2.17M	-1.14M	-2.78M	-3.25M	-4.23M	-6.16M	-7.43M	-9.03M	-8.10M	-8.45M	-8.46M	-8.42M	-6.63M	-4.24M	-3.43M	-3.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	25.00M	0.00M	-20.00M	-20.00M	0.00M	0.00M	54.92M	0.00M	-50.00M	-9.98M	-28.83M	-25.46M	-35.72M	-48.98M	-29.87M	-10.60M	-35.50M	53.08M	-12.93M	-12.73M	145.63M	47.51M	-17.97M	4.20M	7.06M	41.87M	-9.00M	-5.72M	15.39M	9.00M	38.11M	11.60M
Levered Free Cash Flow	917.09M	817.16M	678.58M	860.17M	1,005.61M	927.25M	795.93M	382.29M	222.04M	371.76M	64.44M	4.92M	67.67M	1.63M	-82.85M	4.84M	71.59M	34.81M	-22.03M	89.80M	118.95M	40.93M	-2.34M	-15.18M	228.15M	258.70M	159.47M	174.18M	15.65M	133.11M	129.19M	3.97M