The Bank of New York Mellon Corporation (BK)

Industry: Asset Management Sector: Financial Services Currency Used: US Live Price: $121.33

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	108.96	91.11	94.65	66.44	46.17	43.85	52.11	37.28	47.87	51.11	51.28	40.74	40.65	38.02	30.37	23.68	23.50	27.98	28.63	35.12	45.15	37.86	31.56	32.75	29.54	33.68	45.57	52.81	38.71	34.31	24.67	15.25
Market Capitalization	76,788.14M	65,125.34M	67,459.88M	49,190.50M	36,169.16M	35,586.78M	44,374.64M	33,245.97M	44,972.05M	51,750.80M	53,028.17M	43,396.64M	44,907.19M	42,945.19M	34,883.02M	27,865.63M	28,736.72M	34,089.58M	33,748.69M	39,990.77M	41,889.24M	28,247.45M	24,146.15M	25,261.94M	22,316.31M	24,309.35M	33,225.60M	38,700.78M	29,017.52M	25,790.64M	18,582.97M	11,945.58M
(-) Cash & Equivalents	5,055.00M	141,301.00M	87,633.67M	121,555.75M	128,435.50M	132,835.75M	145,790.25M	150,330.75M	95,434.00M	97,538.75M	95,738.50M	99,972.25M	123,006.25M	134,248.25M	135,005.00M	119,789.75M	116,977.00M	59,027.50M	68,425.25M	71,352.75M	29,351.50M	15,298.00M	10,873.50M	12,364.25M	10,190.00M	9,255.25M	8,878.75M	9,181.25M	10,137.00M	9,037.25M	8,721.75M	5,456.75M
(+) Total Debt	34,651.00M	51,282.00M	44,779.67M	47,240.50M	51,408.25M	40,252.25M	39,277.75M	42,104.00M	46,150.25M	48,139.50M	43,932.00M	35,474.25M	32,196.75M	32,355.75M	30,791.75M	31,361.75M	27,482.25M	21,222.00M	20,610.50M	24,223.75M	17,639.50M	10,640.75M	10,449.00M	8,115.25M	7,959.75M	8,241.00M	8,341.00M	8,088.50M	8,722.00M	8,949.50M	8,457.25M	8,269.50M
Enterprise Value	106,384.14M	-24,893.66M	24,605.88M	-25,124.75M	-40,858.09M	-56,996.72M	-62,137.86M	-74,980.78M	-4,311.70M	2,351.55M	1,221.67M	-21,101.36M	-45,902.31M	-58,947.31M	-69,330.23M	-60,562.37M	-60,758.03M	-3,715.92M	-14,066.06M	-7,138.23M	30,177.24M	23,590.20M	23,721.65M	21,012.94M	20,086.06M	23,295.10M	32,687.85M	37,608.03M	27,602.52M	25,702.89M	18,318.47M	14,758.33M

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	40,407M	38,749M	39,553M	33,791M	19,800M	15,860M	16,604M	20,448M	18,807M	16,198M	15,269M	15,113M	14,782M	14,929M	14,723M	14,820M	14,006M	7,823M	15,721M	14,397M	9,062M	7,367M	6,216M	6,336M	5,756M	7,160M	7,486M	6,966M	5,793M	5,697M	5,713M	5,327M
Cost of Revenue	21,008M	21,018M	21,365M	16,422M	3,653M	-4M	1,468M	4,335M	2,810M	1,050M	426M	460M	306M	308M	454M	605M	556M	925M	2,769M	3,414M	2,221M	1,322M	726M	876M	1,633M	2,314M	2,612M	1,907M	1,879M	1,985M	2,222M	2,132M
Gross Profit	19,399M	17,731M	18,188M	17,369M	16,147M	15,864M	15,136M	16,113M	15,997M	15,148M	14,843M	14,653M	14,476M	14,621M	14,269M	14,215M	13,450M	6,898M	12,952M	10,983M	6,841M	6,045M	5,490M	5,460M	4,123M	4,846M	4,874M	5,059M	3,914M	3,712M	3,491M	3,195M
Gross Profit Margin	48.0%	45.8%	46.0%	51.4%	81.6%	100.0%	91.2%	78.8%	85.1%	93.5%	97.2%	97.0%	97.9%	97.9%	96.9%	95.9%	96.0%	88.2%	82.4%	76.3%	75.5%	82.1%	88.3%	86.2%	71.6%	67.7%	65.1%	72.6%	67.6%	65.2%	61.1%	60.0%
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	6,913M	6,839M	6,890M	6,828M	6,800M	6,337M	5,966M	6,063M	6,145M	6,033M	5,809M	5,837M	5,845M	6,019M	5,761M	5,726M	5,215M	4,700M	5,189M	4,126M	2,640M	2,310M	2,094M	2,002M	1,581M	1,588M	1,488M	1,251M	1,178M	1,066M	1,014M	913M
Operating Expenses	12,714M	13,123M	12,340M	13,086M	12,667M	11,216M	10,668M	10,526M	10,805M	10,538M	10,118M	10,418M	10,913M	10,844M	10,912M	10,598M	9,756M	9,106M	11,006M	7,768M	4,671M	4,067M	3,650M	3,698M	2,751M	2,788M	2,623M	2,219M	2,023M	1,939M	1,837M	1,713M
Operating Income (EBIT)	6,685M	4,608M	5,848M	4,283M	3,480M	4,648M	4,468M	5,587M	5,192M	4,610M	4,725M	4,235M	3,563M	3,777M	3,357M	3,617M	3,694M	-2,208M	1,946M	3,215M	2,170M	1,978M	1,840M	1,762M	1,372M	2,058M	2,251M	2,840M	1,891M	1,773M	1,654M	1,482M
Operating Income Margin	16.5%	11.9%	14.8%	12.7%	17.6%	29.3%	26.9%	27.3%	27.6%	28.5%	30.9%	28.0%	24.1%	25.3%	22.8%	24.4%	26.4%	-28.2%	12.4%	22.3%	23.9%	26.8%	29.6%	27.8%	23.8%	28.7%	30.1%	40.8%	32.6%	31.1%	29.0%	27.8%
Interest Income	25,786M	25,103M	25,607M	20,648M	7,118M	2,845M	4,109M	7,548M	6,432M	4,382M	3,575M	3,326M	3,234M	3,352M	3,507M	3,588M	3,470M	3,508M	5,524M	5,670M	3,740M	2,669M	1,887M	2,330M	2,613M	3,620M	4,377M	3,473M	3,510M	3,560M	3,583M	3,831M
Interest Expense	20,994M	20,884M	21,295M	16,303M	3,614M	227M	1,132M	4,360M	2,821M	1,074M	437M	300M	354M	343M	534M	604M	545M	593M	2,665M	3,425M	2,241M	1,329M	730M	721M	948M	1,939M	2,507M	1,772M	1,859M	1,705M	1,622M	1,802M
Net Interest Income	4,792M	4,219M	4,312M	4,345M	3,504M	2,618M	2,977M	3,188M	3,611M	3,308M	3,138M	3,026M	2,880M	3,009M	2,973M	2,984M	2,925M	2,915M	2,859M	2,245M	1,499M	1,340M	1,157M	1,609M	1,665M	1,681M	1,870M	1,701M	1,651M	1,855M	1,961M	2,029M
Unusual Items	-4,792M	-4,219M	-4,312M	-4,345M	-3,504M	-2,618M	-2,977M	-3,188M	-3,611M	-3,308M	-3,138M	-3,026M	-2,880M	-3,009M	-2,973M	-2,984M	-2,925M	-2,915M	-2,859M	-2,245M	-1,499M	-1,340M	-1,157M	-1,609M	-1,665M	-1,681M	-1,870M	-1,701M	-1,651M	-1,855M	-1,961M	-2,029M
EBT Excluding Unusual Items	11,477M	8,827M	10,160M	8,628M	6,984M	7,266M	7,445M	8,775M	8,803M	7,918M	7,863M	7,261M	6,443M	6,786M	6,330M	6,601M	6,619M	707M	4,805M	5,460M	3,669M	3,318M	2,997M	3,371M	3,037M	3,739M	4,121M	4,541M	3,542M	3,628M	3,615M	3,511M
Pre-Tax Income	6,685M	4,608M	5,848M	4,283M	3,480M	4,648M	4,468M	5,587M	5,192M	4,610M	4,725M	4,235M	3,563M	3,777M	3,357M	3,617M	3,694M	-2,208M	1,946M	3,215M	2,170M	1,978M	1,840M	1,762M	1,372M	2,058M	2,251M	2,840M	1,891M	1,773M	1,654M	1,482M
Pre-Tax Margin	16.5%	11.9%	14.8%	12.7%	17.6%	29.3%	26.9%	27.3%	27.6%	28.5%	30.9%	28.0%	24.1%	25.3%	22.8%	24.4%	26.4%	-28.2%	12.4%	22.3%	23.9%	26.8%	29.6%	27.8%	23.8%	28.7%	30.1%	40.8%	32.6%	31.1%	29.0%	27.8%
Income Tax Expense	1,414M	1,019M	1,305M	979M	937M	877M	842M	1,120M	938M	496M	1,177M	1,013M	912M	1,592M	842M	1,048M	1,047M	-1,395M	491M	987M	694M	635M	587M	605M	470M	715M	822M	1,101M	699M	669M	634M	568M
Net Income	5,243M	3,580M	4,530M	3,302M	2,556M	3,759M	3,617M	4,441M	4,266M	4,090M	3,547M	3,158M	2,567M	2,104M	2,437M	2,516M	2,518M	-1,084M	1,419M	2,039M	2,847M	1,571M	1,440M	1,157M	902M	1,343M	1,429M	1,739M	1,192M	1,104M	1,020M	914M
Net Income Margin	13.0%	9.2%	11.5%	9.8%	12.9%	23.7%	21.8%	21.7%	22.7%	25.3%	23.2%	20.9%	17.4%	14.1%	16.6%	17.0%	18.0%	-13.9%	9.0%	14.2%	31.4%	21.3%	23.2%	18.3%	15.7%	18.8%	19.1%	25.0%	20.6%	19.4%	17.9%	17.2%
Depreciation & Amortization	1,728M	2,001M	1,803M	1,887M	1,778M	1,867M	1,630M	1,315M	1,339M	1,474M	1,502M	1,457M	1,292M	1,389M	1,246M	776M	629M	711M	878M	820M	490M	526M	480M	430M	232M	284M	247M	215M	187M	200M	237M	198M
EBITDA	8,413M	6,609M	7,651M	6,170M	5,258M	6,515M	6,098M	6,902M	6,531M	6,084M	6,227M	5,692M	4,855M	5,166M	4,603M	4,393M	4,323M	-1,497M	2,824M	4,035M	2,660M	2,504M	2,320M	2,192M	1,604M	2,342M	2,498M	3,055M	2,078M	1,973M	1,891M	1,680M
EBITDA Margin	20.8%	17.1%	19.3%	18.3%	26.6%	41.1%	36.7%	33.8%	34.7%	37.6%	40.8%	37.7%	32.8%	34.6%	31.3%	29.6%	30.9%	-19.1%	18.0%	28.0%	29.4%	34.0%	37.3%	34.6%	27.9%	32.7%	33.4%	43.9%	35.9%	34.6%	33.1%	31.5%
NOPAT	5,271M	3,589M	4,543M	3,304M	2,543M	3,771M	3,626M	4,467M	4,254M	4,114M	3,548M	3,222M	2,651M	2,185M	2,515M	2,569M	2,647M	-1,744M	1,455M	2,228M	1,476M	1,343M	1,253M	1,157M	902M	1,343M	1,429M	1,739M	1,192M	1,104M	1,020M	914M
NOPAT Margin	13.0%	9.3%	11.5%	9.8%	12.8%	23.8%	21.8%	21.8%	22.6%	25.4%	23.2%	21.3%	17.9%	14.6%	17.1%	17.3%	18.9%	-22.3%	9.3%	15.5%	16.3%	18.2%	20.2%	18.3%	15.7%	18.8%	19.1%	25.0%	20.6%	19.4%	17.9%	17.2%
Owner's Earnings	5,441M	4,256M	4,864M	3,969M	2,988M	4,411M	4,025M	4,546M	4,497M	4,367M	4,224M	4,014M	3,068M	2,884M	3,031M	2,650M	2,917M	-691M	1,994M	2,546M	3,116M	1,966M	1,658M	1,458M	926M	1,462M	1,570M	1,367M	1,291M	1,259M	1,210M	1,058M
Owner's Earnings Margin	13.5%	11.0%	12.3%	11.7%	15.1%	27.8%	24.2%	22.2%	23.9%	27.0%	27.7%	26.6%	20.8%	19.3%	20.6%	17.9%	20.8%	-8.8%	12.7%	17.7%	34.4%	26.7%	26.7%	23.0%	16.1%	20.4%	21.0%	19.6%	22.3%	22.1%	21.2%	19.9%
EPS (Basic)	7.00	4.51	5.84	3.91	2.91	4.17	3.84	4.53	4.06	3.74	3.16	2.73	2.17	1.74	2.03	2.03	2.06	-1.16	1.21	2.19	3.99	2.05	1.87	1.54	1.25	1.84	1.95	2.31	1.59	1.44	1.24	1.14
EPS (Diluted)	7.27	4.73	6.06	4.19	3.14	4.39	4.05	4.71	4.10	3.93	3.31	2.84	2.26	1.82	2.09	2.06	2.07	-0.92	1.23	2.19	3.94	2.03	1.85	1.52	1.24	1.81	1.92	2.27	1.53	1.37	1.21	1.08
Shares (Basic)	717M	752M	743M	784M	811M	852M	891M	940M	1,040M	1,034M	1,066M	1,105M	1,130M	1,151M	1,163M	1,221M	1,213M	1,179M	1,142M	923M	714M	766M	772M	752M	726M	731M	733M	751M	751M	760M	818M	790M
Shares (Diluted)	721M	757M	748M	788M	815M	856M	893M	943M	1,040M	1,040M	1,072M	1,113M	1,137M	1,154M	1,163M	1,223M	1,216M	1,179M	1,152M	931M	722M	774M	778M	759M	727M	741M	745M	765M	781M	808M	840M	848M

Product Segments

Metric	TTM	TTM-1	2024-12-31	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
All Other Segments	—	—	—	—	—	—	—	—	—	—	—	—	—	930.00M	618.00M	—
Clearing Service	—	—	—	—	—	—	1,648.00M	1,577.00M	—	—	—	—	—	—	—	—
Distribution and Shareholder Service	146.00M	161.00M	158.00M	130.00M	112.00M	—	129.00M	140.00M	—	—	—	—	—	—	—	—
Financial Service	9,910.00M	9,148.00M	9,344.00M	8,488.00M	8,233.00M	—	7,790.00M	7,714.00M	—	—	—	—	—	—	—	—
Investment Advisory, Management and Administrative Service	3,087.00M	3,112.00M	3,143.00M	3,299.00M	3,552.00M	—	3,390.00M	3,673.00M	—	—	—	—	—	—	—	—
Investment Management Segment	—	—	—	—	—	—	—	—	3,997.00M	3,751.00M	3,919.00M	4,007.00M	3,986.00M	3,732.00M	3,470.00M	—
Investment Services Segment	—	—	—	—	—	12,181.00M	—	—	11,585.00M	11,096.00M	—	—	—	9,817.00M	10,592.00M	—
Investment and Wealth Management Segment	—	—	—	—	—	3,692.00M	—	—	—	—	—	—	—	—	—	—
Issuer Services	—	—	—	—	—	—	1,130.00M	1,099.00M	—	—	—	—	—	—	—	—
Operations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,005.00M
Other Segments	—	—	—	—	—	-74.00M	—	—	-72.00M	380.00M	—	—	—	—	—	—
Treasury Services	—	—	—	—	—	—	561.00M	554.00M	—	—	—	—	—	—	—	—

Geographic Segments

Metric	TTM	TTM-1	2024-12-31	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
APAC	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	745.00M
Asia Pacific	—	—	1,272.00M	1,127.00M	1,144.00M	1,168.00M	1,161.00M	1,103.00M	997.00M	922.00M	904.00M	1,383.00M	936.00M	902.00M	842.00M	—
Domestic	—	—	—	—	—	—	—	—	9,954.00M	10,022.00M	9,781.00M	9,733.00M	9,488.00M	9,280.00M	9,339.00M	8,898.00M
EMEA	—	—	4,272.00M	3,954.00M	4,119.00M	3,964.00M	3,833.00M	—	—	—	—	—	—	—	—	3,497.00M
Europe Middle East And Africa	—	—	—	—	—	—	—	4,252.00M	3,982.00M	3,744.00M	3,932.00M	3,931.00M	3,821.00M	3,727.00M	3,780.00M	—
Foreign	—	—	—	—	—	—	—	—	5,589.00M	5,215.00M	5,413.00M	5,959.00M	5,495.00M	5,275.00M	5,391.00M	4,977.00M
Other	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	735.00M
Other Countries	—	—	1,006.00M	805.00M	744.00M	698.00M	737.00M	684.00M	610.00M	549.00M	577.00M	645.00M	738.00M	646.00M	769.00M	—
UNITED STATES	—	—	12,069.00M	10,491.00M	9,924.00M	9,978.00M	10,731.00M	10,353.00M	—	—	—	—	—	—	—	—

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	119,861.00M	141,301.00M	101,937.00M	125,191.00M	107,355.00M	121,336.00M	162,160.00M	114,683.00M	88,000.00M	108,871.00M	77,949.00M	134,886.00M	123,147.00M	146,119.00M	138,747.00M	130,739.00M	72,424.00M	67,396.00M	98,560.00M	41,458.00M	16,336.00M	11,526.00M	12,078.00M	12,129.00M	9,852.00M	9,841.00M	8,462.00M	10,126.00M	8,503.00M	7,895.00M	7,419.00M	5,693.00M
Short-Term Investments	48,546.00M	45,547.00M	98,673.00M	113,736.00M	118,202.00M	145,409.00M	150,848.00M	129,082.00M	137,113.00M	110,932.00M	101,876.00M	104,867.00M	131,731.00M	107,765.00M	115,249.00M	95,931.00M	84,282.00M	56,606.00M	41,593.00M	62,046.00M	30,035.00M	8,355.00M	10,335.00M	10,235.00M	8,694.00M	13,065.00M	17,841.00M	14,098.00M	4,918.00M	5,436.00M	2,109.00M	1,698.00M
Cash & Short-Term Investments	168,407.00M	186,848.00M	200,610.00M	238,927.00M	225,557.00M	266,745.00M	313,008.00M	243,765.00M	225,113.00M	219,803.00M	179,825.00M	239,753.00M	254,878.00M	253,884.00M	253,996.00M	226,670.00M	156,706.00M	124,002.00M	140,153.00M	103,504.00M	46,371.00M	19,881.00M	22,413.00M	22,364.00M	18,546.00M	22,906.00M	26,303.00M	24,224.00M	13,421.00M	13,331.00M	9,528.00M	7,391.00M
Net Receivables	7,146.00M	7,966.00M	7,082.00M	8,585.00M	6,919.00M	5,903.00M	5,716.00M	5,924.00M	6,741.00M	8,032.00M	7,512.00M	7,493.00M	9,054.00M	8,866.00M	10,301.00M	10,050.00M	9,900.00M	9,553.00M	11,518.00M	10,595.00M	9,363.00M	363.00M	285.00M	214.00M	204.00M	236.00M	354.00M	319.00M	355.00M	356.00M	315.00M	270.00M
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	-9,788.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	175,553.00M	185,026.00M	207,692.00M	247,512.00M	232,476.00M	272,648.00M	318,724.00M	249,689.00M	231,854.00M	227,835.00M	187,337.00M	247,246.00M	263,932.00M	262,750.00M	264,297.00M	236,720.00M	166,606.00M	133,555.00M	151,671.00M	114,099.00M	55,734.00M	20,244.00M	22,698.00M	22,578.00M	18,750.00M	23,142.00M	26,657.00M	24,543.00M	13,776.00M	13,687.00M	9,843.00M	7,661.00M
Property, Plant & Equipment	3,549.00M	3,289.00M	3,266.00M	3,163.00M	3,256.00M	3,431.00M	3,602.00M	3,625.00M	1,832.00M	1,634.00M	1,303.00M	1,379.00M	1,394.00M	1,655.00M	1,659.00M	1,681.00M	1,693.00M	1,602.00M	1,686.00M	1,731.00M	1,050.00M	1,004.00M	1,097.00M	1,398.00M	1,192.00M	992.00M	924.00M	893.00M	856.00M	835.00M	875.00M	902.00M
Goodwill	16,773.00M	16,823.00M	16,598.00M	16,261.00M	16,150.00M	17,512.00M	17,496.00M	17,386.00M	17,350.00M	17,564.00M	17,316.00M	17,618.00M	17,869.00M	18,073.00M	18,075.00M	17,904.00M	18,042.00M	16,249.00M	15,898.00M	16,331.00M	5,008.00M	3,510.00M	3,477.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	5,534.00M	2,849.00M	5,527.00M	5,284.00M	5,161.00M	5,087.00M	4,896.00M	4,697.00M	4,872.00M	4,910.00M	5,049.00M	5,197.00M	5,459.00M	5,703.00M	5,926.00M	6,138.00M	6,592.00M	6,183.00M	6,463.00M	6,921.00M	1,841.00M	1,166.00M	793.00M	214.00M	204.00M	236.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	183,143.00M	159,678.00M	170,268.00M	122,691.00M	128,639.00M	131,129.00M	111,684.00M	95,080.00M	95,894.00M	108,355.00M	112,392.00M	112,647.00M	88,096.00M	77,847.00M	60,955.00M	55,422.00M	46,651.00M	47,615.00M	58,382.00M	50,544.00M	34,899.00M	60,145.00M	59,583.00M	58,186.00M	49,640.00M	48,609.00M	43,662.00M	44,446.00M	44,801.00M	41,755.00M	42,059.00M	42,557.00M
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	67,577.00M	114,946.00M	9,942.00M	12,411.00M	17,686.00M	12,209.00M	11,198.00M	9,076.00M	9,329.00M	9,649.00M	8,798.00M	8,502.00M	7,394.00M	6,828.00M	7,151.00M	6,473.00M	6,109.00M	5,217.00M	2,619.00M	6,044.00M	3,816.00M	16,049.00M	6,881.00M	6,143.00M	5,583.00M	6,198.00M	5,871.00M	4,874.00M	4,070.00M	3,684.00M	2,988.00M	2,600.00M
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	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	276,576.00M	297,585.00M	205,601.00M	159,810.00M	170,892.00M	169,368.00M	148,876.00M	129,864.00M	129,277.00M	142,112.00M	144,858.00M	145,343.00M	120,212.00M	110,106.00M	93,766.00M	87,618.00M	79,087.00M	76,866.00M	85,048.00M	81,571.00M	46,614.00M	81,874.00M	71,831.00M	65,941.00M	56,619.00M	56,035.00M	50,457.00M	50,213.00M	49,727.00M	46,274.00M	45,922.00M	46,059.00M
Total Assets	452,129.00M	482,611.00M	413,293.00M	407,322.00M	403,368.00M	442,016.00M	467,600.00M	379,553.00M	361,131.00M	369,947.00M	332,195.00M	392,589.00M	384,144.00M	372,856.00M	358,063.00M	324,338.00M	245,693.00M	210,421.00M	236,719.00M	195,670.00M	102,348.00M	102,118.00M	94,529.00M	88,519.00M	75,369.00M	79,177.00M	77,114.00M	74,756.00M	63,503.00M	59,961.00M	55,765.00M	53,720.00M
Accounts Payable	23,638.00M	21,273.00M	20,073.00M	18,395.00M	23,435.00M	25,150.00M	25,085.00M	18,758.00M	19,731.00M	20,184.00M	20,987.00M	21,900.00M	21,181.00M	15,707.00M	16,095.00M	12,671.00M	9,962.00M	10,721.00M	9,274.00M	7,578.00M	7,266.00M	163.00M	113.00M	82.00M	101.00M	92.00M	127.00M	131.00M	188.00M	182.00M	167.00M	190.00M
Short-Term Debt	18,949.00M	17,853.00M	14,365.00M	14,507.00M	12,335.00M	11,566.00M	11,305.00M	15,360.00M	16,182.00M	18,238.00M	10,743.00M	15,525.00M	12,255.00M	9,744.00M	7,765.00M	6,277.00M	5,612.00M	3,360.00M	1,510.00M	6,272.00M	1,014.00M	1,694.00M	1,738.00M	1,873.00M	1,111.00M	4,119.00M	2,795.00M	5,143.00M	6,107.00M	7,002.00M	5,881.00M	7,639.00M
Tax Payables	0.00M	0.00M	5,270.00M	5,567.00M	5,410.00M	5,767.00M	5,696.00M	5,642.00M	5,669.00M	6,225.00M	5,867.00M	5,986.00M	6,305.00M	6,985.00M	7,316.00M	6,235.00M	6,164.00M	4,484.00M	3,779.00M	8,101.00M	5,129.00M	4,124.00M	4,452.00M	4,256.00M	4,066.00M	3,766.00M	3,283.00M	2,644.00M	2,183.00M	1,910.00M	1,417.00M	1,378.00M
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	317,311.00M	346,393.00M	291,525.00M	286,212.00M	281,541.00M	322,232.00M	343,878.00M	261,123.00M	239,977.00M	245,530.00M	222,357.00M	280,413.00M	274,190.00M	272,829.00M	258,027.00M	230,102.00M	160,626.00M	136,244.00M	160,482.00M	122,702.00M	64,653.00M	49,787.00M	58,721.00M	56,406.00M	55,387.00M	55,711.00M	56,376.00M	55,751.00M	44,632.00M	41,357.00M	39,343.00M	35,918.00M
Total Current Liabilities	359,898.00M	385,519.00M	331,233.00M	324,681.00M	322,721.00M	364,715.00M	385,964.00M	300,883.00M	281,559.00M	290,177.00M	259,954.00M	323,824.00M	313,931.00M	305,265.00M	289,203.00M	255,285.00M	182,364.00M	154,809.00M	175,045.00M	144,653.00M	78,062.00M	55,768.00M	65,024.00M	62,617.00M	60,665.00M	63,688.00M	62,581.00M	63,669.00M	53,110.00M	50,451.00M	46,808.00M	45,125.00M
Long-Term Debt	32,570.00M	33,429.00M	31,079.00M	31,736.00M	30,855.00M	26,680.00M	26,334.00M	28,100.00M	32,390.00M	31,007.00M	25,217.00M	22,070.00M	21,050.00M	20,527.00M	19,910.00M	22,107.00M	19,375.00M	17,711.00M	16,620.00M	18,713.00M	10,174.00M	8,721.00M	6,121.00M	6,121.00M	5,440.00M	4,976.00M	3,036.00M	2,811.00M	2,086.00M	1,809.00M	1,816.00M	1,848.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	1,160.00M	1,134.00M	1,315.00M	1,422.00M	1,488.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Liabilities	18,483.00M	22,294.00M	17,258.00M	18,122.00M	16,767.00M	15,419.00M	16,911.00M	16,439.00M	13,725.00M	15,053.00M	14,585.00M	14,897.00M	17,924.00M	17,199.00M	19,751.00M	13,673.00M	12,363.00M	10,701.00M	21,537.00M	12,988.00M	8,670.00M	31,877.00M	18,546.00M	19,487.00M	9,017.00M	9,810.00M	7,128.00M	4,277.00M	3,742.00M	3,609.00M	2,831.00M	2,893.00M
Total Non-Current Liabilities	51,053.00M	55,723.00M	48,337.00M	51,018.00M	48,756.00M	43,414.00M	44,667.00M	46,027.00M	46,115.00M	46,060.00M	39,802.00M	36,967.00M	38,974.00M	37,726.00M	39,661.00M	35,780.00M	31,738.00M	28,412.00M	38,157.00M	31,701.00M	18,844.00M	40,598.00M	24,667.00M	25,608.00M	14,457.00M	14,786.00M	10,164.00M	7,088.00M	5,828.00M	5,418.00M	4,647.00M	4,741.00M
Total Liabilities	410,951.00M	441,242.00M	379,570.00M	375,699.00M	371,477.00M	408,129.00M	430,631.00M	346,910.00M	327,674.00M	336,237.00M	299,756.00M	360,791.00M	352,905.00M	342,991.00M	328,864.00M	291,065.00M	214,102.00M	183,221.00M	213,202.00M	176,354.00M	96,906.00M	96,366.00M	89,691.00M	88,225.00M	75,122.00M	78,474.00M	72,745.00M	70,757.00M	58,938.00M	55,869.00M	51,455.00M	49,866.00M
Preferred Stock	4,836.00M	5,331.00M	4,343.00M	4,343.00M	4,838.00M	4,838.00M	4,541.00M	3,542.00M	3,542.00M	3,542.00M	3,542.00M	2,552.00M	1,562.00M	1,562.00M	1,068.00M	0.00M	0.00M	0.00M	2,786.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	1.00M	1.00M	1.00M	112.00M	113.00M
Common Stock	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	14.00M	13.00M	13.00M	13.00M	13.00M	13.00M	12.00M	12.00M	12.00M	11.00M	11.00M	10.00M	7,838.00M	7,836.00M	7,800.00M	7,453.00M	7,431.00M	7,391.00M	7,335.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	45,346.00M	44,388.00M	42,537.00M	39,549.00M	37,864.00M	36,667.00M	34,241.00M	31,894.00M	28,652.00M	25,635.00M	22,621.00M	19,974.00M	17,683.00M	15,952.00M	14,622.00M	12,812.00M	10,898.00M	8,912.00M	10,225.00M	10,015.00M	9,280.00M	7,089.00M	6,162.00M	5,330.00M	4,736.00M	4,383.00M	3,566.00M	2,620.00M	1,318.00M	3,493.00M	2,798.00M	2,689.00M
Accumulated OCI	-3,362.00M	-3,549.00M	-4,656.00M	-4,893.00M	-5,966.00M	-2,213.00M	-985.00M	-2,638.00M	-3,171.00M	-2,357.00M	-3,765.00M	-2,600.00M	-1,634.00M	-892.00M	-643.00M	-1,627.00M	-1,355.00M	-1,835.00M	-5,401.00M	-574.00M	-317.00M	-141.00M	-6.00M	71.00M	131.00M	74.00M	199.00M	20.00M	312.00M	0.00M	0.00M	0.00M
Minority Interest	482.00M	589.00M	446.00M	135.00M	116.00M	357.00M	319.00M	245.00M	230.00M	495.00M	769.00M	938.00M	1,262.00M	1,013.00M	1,011.00M	784.00M	803.00M	26.00M	39.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,500.00M	1,500.00M	1,300.00M	1,000.00M	600.00M	0.00M
Total Shareholders’ Equity	46,834.00M	46,184.00M	42,238.00M	39,013.00M	36,750.00M	39,306.00M	37,811.00M	32,812.00M	29,037.00M	26,834.00M	22,411.00M	19,939.00M	17,624.00M	16,635.00M	15,060.00M	11,197.00M	9,555.00M	7,089.00M	7,621.00M	9,452.00M	8,973.00M	14,786.00M	13,992.00M	13,201.00M	12,320.00M	11,888.00M	11,157.00M	9,976.00M	1,631.00M	3,494.00M	2,910.00M	2,802.00M
Total Equity	47,316.00M	46,773.00M	42,684.00M	39,148.00M	36,866.00M	39,663.00M	38,130.00M	33,057.00M	29,267.00M	27,329.00M	23,180.00M	20,877.00M	18,886.00M	17,648.00M	16,071.00M	11,981.00M	10,358.00M	7,115.00M	7,660.00M	9,452.00M	8,973.00M	14,786.00M	13,992.00M	13,201.00M	12,320.00M	11,888.00M	12,657.00M	11,476.00M	2,931.00M	4,494.00M	3,510.00M	2,802.00M
Total Liabilities & Equity	458,267.00M	488,015.00M	422,254.00M	414,847.00M	408,343.00M	447,792.00M	468,761.00M	379,967.00M	356,941.00M	363,566.00M	322,936.00M	381,668.00M	371,791.00M	360,639.00M	344,935.00M	303,046.00M	224,460.00M	190,336.00M	220,862.00M	185,806.00M	105,879.00M	111,152.00M	103,683.00M	101,426.00M	87,442.00M	90,362.00M	85,402.00M	82,233.00M	61,869.00M	60,363.00M	54,965.00M	52,668.00M
Tangible Assets	429,822.00M	462,939.00M	391,168.00M	385,777.00M	382,057.00M	419,417.00M	445,208.00M	357,470.00M	338,909.00M	347,473.00M	309,830.00M	369,774.00M	360,816.00M	349,080.00M	334,062.00M	300,296.00M	221,059.00M	187,989.00M	214,358.00M	172,418.00M	95,499.00M	97,442.00M	90,259.00M	88,305.00M	75,165.00M	78,941.00M	77,114.00M	74,756.00M	63,503.00M	59,961.00M	55,765.00M	53,720.00M
Tangible Equity	25,009.00M	27,101.00M	20,559.00M	17,603.00M	15,555.00M	17,064.00M	15,738.00M	10,974.00M	7,045.00M	4,855.00M	815.00M	-1,938.00M	-4,442.00M	-6,128.00M	-7,930.00M	-12,061.00M	-14,276.00M	-15,317.00M	-14,701.00M	-13,800.00M	2,124.00M	10,110.00M	9,722.00M	12,987.00M	12,116.00M	11,652.00M	12,657.00M	11,476.00M	2,931.00M	4,494.00M	3,510.00M	2,802.00M
Tangible Book Value	25,009.00M	27,101.00M	20,559.00M	17,603.00M	15,555.00M	17,064.00M	15,738.00M	10,974.00M	7,045.00M	4,855.00M	815.00M	-1,938.00M	-4,442.00M	-6,128.00M	-7,930.00M	-12,061.00M	-14,276.00M	-15,317.00M	-14,701.00M	-13,800.00M	2,124.00M	10,110.00M	9,722.00M	12,987.00M	12,116.00M	11,652.00M	12,657.00M	11,476.00M	2,931.00M	4,494.00M	3,510.00M	2,802.00M
Total Investments	231,689.00M	205,225.00M	268,941.00M	236,427.00M	246,841.00M	276,538.00M	262,532.00M	224,162.00M	233,007.00M	219,287.00M	214,268.00M	217,514.00M	219,827.00M	185,612.00M	176,204.00M	151,353.00M	130,933.00M	104,221.00M	99,975.00M	112,590.00M	64,934.00M	68,500.00M	69,918.00M	68,421.00M	58,334.00M	61,674.00M	61,503.00M	58,544.00M	49,719.00M	47,191.00M	44,168.00M	44,255.00M
Net Debt	-68,342.00M	-90,019.00M	-56,493.00M	-78,948.00M	-64,165.00M	-83,090.00M	-124,521.00M	-71,223.00M	-39,428.00M	-59,626.00M	-41,989.00M	-97,291.00M	-89,842.00M	-115,848.00M	-111,072.00M	-102,355.00M	-47,437.00M	-46,325.00M	-80,430.00M	-16,473.00M	-5,148.00M	-1,111.00M	-4,219.00M	-4,135.00M	-3,301.00M	-746.00M	-2,631.00M	-2,172.00M	-310.00M	916.00M	278.00M	3,794.00M

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	1997-12-31	1996-12-31	1995-12-31
Working Capital	-181,162.0M	-197,323.0M	-115,500.0M	-69,047.0M	-82,420.0M	-83,878.0M	-59,511.0M	-43,597.0M	-42,294.0M	-54,306.0M	-65,476.0M	-69,401.0M	-42,535.0M	-33,870.0M	-16,663.0M	-17,637.0M	-14,192.0M	-19,451.0M	-18,802.0M	-20,467.0M	-16,341.0M	-31,400.0M	-37,874.0M	-35,783.0M	-37,849.0M	-36,780.0M	-32,641.0M	-36,482.0M	-37,151.0M	-34,854.0M	-35,548.0M	-36,086.0M
Total Capital	95,398.0M	95,232.0M	86,762.0M	87,013.0M	83,924.0M	81,280.0M	83,440.0M	84,943.0M	89,210.0M	90,496.0M	74,771.0M	75,632.0M	70,746.0M	67,768.0M	64,106.0M	61,801.0M	57,341.0M	50,048.0M	46,180.0M	54,388.0M	22,617.0M	20,291.0M	17,149.0M	16,422.0M	13,235.0M	15,412.0M	11,983.0M	13,097.0M	13,641.0M	13,813.0M	12,824.0M	14,719.0M
Capital Employed	95,414.0M	100,262.0M	90,101.0M	90,763.0M	88,472.0M	85,490.0M	89,365.0M	86,267.0M	86,983.0M	87,806.0M	79,382.0M	75,942.0M	77,677.0M	76,236.0M	77,103.0M	69,981.0M	64,895.0M	57,415.0M	66,246.0M	61,104.0M	30,273.0M	50,474.0M	33,957.0M	34,036.0M	21,141.0M	21,103.0M	17,816.0M	13,731.0M	12,576.0M	11,420.0M	10,374.0M	9,973.0M
Invested Capital	-24,463.0M	-46,069.0M	-15,175.0M	-38,178.0M	-23,431.0M	-40,056.0M	-78,720.0M	-29,740.0M	1,210.0M	-18,375.0M	-3,178.0M	-59,254.0M	-52,401.0M	-78,351.0M	-74,641.0M	-68,938.0M	-15,083.0M	-17,348.0M	-52,380.0M	12,930.0M	6,281.0M	8,765.0M	5,071.0M	4,293.0M	3,383.0M	5,571.0M	3,521.0M	2,971.0M	5,138.0M	5,918.0M	5,405.0M	9,026.0M

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	5,243.00M	3,677.00M	4,530.00M	3,286.00M	2,573.00M	3,759.00M	3,617.00M	4,441.00M	4,266.00M	4,090.00M	3,547.00M	3,158.00M	2,567.00M	2,111.00M	2,445.00M	2,480.00M	2,561.00M	442.00M	1,419.00M	2,227.00M	3,011.00M	1,571.00M	1,440.00M	1,157.00M	902.00M	1,343.00M	1,429.00M	328.00M	1,192.00M	1,104.00M	1,020.00M	914.00M
Depreciation & Amortization	1,728.00M	2,036.00M	1,803.00M	1,887.00M	1,636.00M	1,867.00M	1,630.00M	1,315.00M	1,339.00M	1,474.00M	1,502.00M	1,457.00M	1,292.00M	1,381.00M	1,246.00M	776.00M	629.00M	711.00M	878.00M	826.00M	494.00M	526.00M	480.00M	430.00M	232.00M	284.00M	247.00M	215.00M	187.00M	200.00M	237.00M	198.00M
Deferred Income Tax	-117.00M	-514.00M	-345.00M	-383.00M	155.00M	257.00M	-193.00M	-69.00M	-525.00M	133.00M	-126.00M	47.00M	-853.00M	526.00M	252.00M	12.00M	1,047.00M	-1,395.00M	497.00M	-146.00M	398.00M	-55.00M	383.00M	428.00M	96.00M	453.00M	530.00M	454.00M	260.00M	257.00M	100.00M	237.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	365.00M	324.00M	231.00M	306.00M	0.00M	0.00M	364.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-3,884.00M	-8,256.00M	-5,451.00M	925.00M	9,549.00M	-2,803.00M	-294.00M	-5,539.00M	934.00M	-889.00M	1,036.00M	-160.00M	1,695.00M	-4,425.00M	-1,623.00M	-958.00M	-270.00M	1,192.00M	145.00M	1,022.00M	-67.00M	-3,101.00M	1,068.00M	1,677.00M	1,124.00M	3,663.00M	-4,331.00M	-2,432.00M	0.00M	-714.00M	0.00M	177.00M
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	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
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	0.00M
Other Working Capital	-3,884.00M	-8,256.00M	-5,451.00M	925.00M	9,549.00M	-2,803.00M	-294.00M	-5,539.00M	934.00M	-889.00M	1,036.00M	-160.00M	1,695.00M	-4,425.00M	-1,623.00M	-958.00M	-270.00M	1,192.00M	430.00M	-992.00M	-67.00M	-3,101.00M	1,068.00M	1,677.00M	1,124.00M	3,663.00M	-4,331.00M	-2,432.00M	0.00M	-714.00M	0.00M	177.00M
Other Non-Cash Items	125.00M	126.00M	150.00M	197.00M	790.00M	-566.00M	47.00M	-358.00M	-18.00M	-141.00M	-77.00M	-375.00M	-217.00M	-235.00M	-691.00M	-99.00M	83.00M	2,831.00M	-25.00M	41.00M	-553.00M	-53.00M	-24.00M	120.00M	803.00M	223.00M	-41.00M	451.00M	-73.00M	-21.00M	-445.00M	301.00M
Net Cash from Operating Activities	3,095.00M	-2,931.00M	687.00M	5,912.00M	15,068.00M	2,838.00M	5,038.00M	96.00M	5,996.00M	4,667.00M	6,246.00M	4,127.00M	4,484.00M	-642.00M	1,629.00M	2,211.00M	4,050.00M	3,781.00M	2,914.00M	3,970.00M	3,283.00M	-1,112.00M	3,347.00M	3,812.00M	3,157.00M	5,966.00M	-2,166.00M	-984.00M	1,566.00M	826.00M	912.00M	1,827.00M
Capital Expenditures (PPE)	-1,530.00M	-1,325.00M	-1,469.00M	-1,220.00M	-1,346.00M	-1,215.00M	-1,222.00M	-1,210.00M	-1,108.00M	-1,197.00M	-825.00M	-601.00M	-791.00M	-609.00M	-652.00M	-642.00M	-230.00M	-318.00M	-303.00M	-313.00M	-221.00M	-131.00M	-262.00M	-129.00M	-208.00M	-165.00M	-106.00M	-587.00M	-88.00M	-45.00M	-47.00M	-54.00M
Acquisitions (Net)	0.00M	-1,163.00M	0.00M	0.00M	446.00M	-162.00M	-46,214.00M	-9,485.00M	84.00M	-24,931.00M	-37.00M	8.00M	36.00M	65.00M	-29.00M	-64.00M	-2,660.00M	-364.00M	-201.00M	1,431.00M	-140.00M	-265.00M	-137.00M	-1,844.00M	-511.00M	-614.00M	-286.00M	587.00M	-166.00M	45.00M	47.00M	54.00M
Purchases of Investments	-42,898.00M	-48,576.00M	-48,146.00M	-23,763.00M	-34,833.00M	-63,160.00M	-98,081.00M	-55,257.00M	-37,400.00M	-34,604.00M	-34,257.00M	-49,845.00M	-72,852.00M	-35,533.00M	-47,265.00M	-43,593.00M	-23,764.00M	-28,787.00M	-11,647.00M	-30,398.00M	-11,894.00M	-18,513.00M	-16,717.00M	-28,061.00M	-21,155.00M	-12,876.00M	-4,156.00M	-5,516.00M	-3,573.00M	-5,126.00M	-1,661.00M	-1,416.00M
Sales / Maturities of Investments	39,339.00M	33,196.00M	38,799.00M	41,316.00M	40,620.00M	56,923.00M	67,790.00M	54,728.00M	35,689.00M	29,889.00M	36,398.00M	47,688.00M	51,506.00M	34,575.00M	30,238.00M	28,746.00M	17,162.00M	13,260.00M	11,329.00M	24,082.00M	16,965.00M	17,863.00M	14,732.00M	24,054.00M	19,163.00M	8,176.00M	5,399.00M	2,361.00M	3,430.00M	1,773.00M	1,920.00M	3,860.00M
Other Investing Activities	-16,800.00M	5,412.00M	1,337.00M	-22,143.00M	14,987.00M	27,286.00M	-728.00M	676.00M	6,034.00M	-207.00M	49,924.00M	-17,037.00M	10,426.00M	-11,698.00M	-11,679.00M	-64,625.00M	-5,445.00M	39,297.00M	-55,153.00M	-16,376.00M	-11,062.00M	-6,576.00M	-150.00M	-523.00M	5,903.00M	-987.00M	559.00M	2,089.00M	-4,777.00M	202.00M	-192.00M	-4,848.00M
Net Cash from Investing Activities	-21,889.00M	-12,456.00M	-9,479.00M	-5,810.00M	19,874.00M	19,672.00M	-78,455.00M	-10,548.00M	3,299.00M	-31,050.00M	51,203.00M	-19,787.00M	-11,675.00M	-13,200.00M	-29,387.00M	-80,178.00M	-14,937.00M	23,088.00M	-55,975.00M	-21,574.00M	-6,352.00M	-7,622.00M	-2,534.00M	-6,503.00M	3,192.00M	-6,466.00M	1,410.00M	-1,066.00M	-5,174.00M	-3,151.00M	67.00M	-2,404.00M
Net Debt Issuance	859.00M	2,444.00M	-167.00M	501.00M	5,585.00M	1,351.00M	-6,797.00M	-5,710.00M	521.00M	8,619.00M	-2,423.00M	933.00M	349.00M	943.00M	2,714.00M	2,582.00M	719.00M	-1,773.00M	220.00M	2,419.00M	1,687.00M	1,772.00M	-505.00M	1,401.00M	-2,679.00M	1,718.00M	-505.00M	659.00M	-510.00M	828.00M	-2,488.00M	1,607.00M
Long-Term Debt Issuance	-1,073.00M	2,876.00M	-226.00M	428.00M	5,929.00M	536.00M	-2,207.00M	-2,257.00M	1,493.00M	3,692.00M	3,276.00M	933.00M	310.00M	1,185.00M	-1,402.00M	2,582.00M	-1,267.00M	1,468.00M	-1,435.00M	3,486.00M	960.00M	1,818.00M	-267.00M	742.00M	225.00M	395.00M	212.00M	710.00M	571.00M	-23.00M	84.00M	-824.00M
Short-Term Debt Issuance	1,932.00M	-432.00M	59.00M	73.00M	-344.00M	815.00M	-4,590.00M	-3,453.00M	-972.00M	4,927.00M	-5,699.00M	0.00M	39.00M	-242.00M	4,116.00M	0.00M	1,986.00M	-3,241.00M	1,655.00M	-1,067.00M	727.00M	-46.00M	-238.00M	659.00M	-2,904.00M	1,323.00M	-717.00M	-51.00M	-1,081.00M	851.00M	-2,572.00M	2,431.00M
Net Stock Issuance	-2,739.00M	-3,255.00M	-3,047.00M	-3,088.00M	-124.00M	-4,267.00M	7.00M	-3,327.00M	-3,229.00M	-2,686.00M	-1,381.00M	-1,013.00M	-1,669.00M	-244.00M	-55.00M	-848.00M	656.00M	-1,657.00M	2,511.00M	-93.00M	-709.00M	-174.00M	108.00M	1,212.00M	-40.00M	-526.00M	-113.00M	-1,325.00M	-370.00M	-1,061.00M	-922.00M	-93.00M
Common Stock Issuance	18.00M	17.00M	17.00M	16.00M	14.00M	13.00M	12.00M	21.00M	40.00M	34.00M	27.00M	26.00M	26.00M	25.00M	25.00M	25.00M	697.00M	1,371.00M	40.00M	20.00M	174.00M	243.00M	227.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-3,240.00M	-3,264.00M	-3,064.00M	-3,104.00M	-124.00M	-4,567.00M	-989.00M	-3,327.00M	-3,269.00M	-2,686.00M	-2,398.00M	-2,355.00M	-1,669.00M	-1,026.00M	-1,148.00M	-873.00M	-41.00M	-28.00M	-308.00M	-113.00M	-883.00M	-417.00M	-119.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	483.00M	-8.00M	0.00M	0.00M	-14.00M	287.00M	984.00M	-21.00M	0.00M	-34.00M	990.00M	0.00M	-26.00M	0.00M	1,068.00M	0.00M	0.00M	-3,000.00M	2,779.00M	0.00M	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	-1,643.00M	-1,532.00M	-1,542.00M	-1,487.00M	-1,376.00M	-1,323.00M	-1,296.00M	-1,289.00M	-1,221.00M	-1,076.00M	-900.00M	-865.00M	-833.00M	-744.00M	-641.00M	-593.00M	-440.00M	-672.00M	-1,129.00M	-884.00M	-656.00M	-644.00M	-608.00M	-563.00M	-549.00M	-526.00M	-484.00M	-435.00M	-403.00M	-383.00M	-338.00M	-272.00M
Common Dividends Paid	-1,419.00M	-1,327.00M	-1,348.00M	-1,262.00M	-1,165.00M	-1,126.00M	-1,117.00M	-1,120.00M	-1,052.00M	-901.00M	-778.00M	-760.00M	-760.00M	-680.00M	-623.00M	-593.00M	-440.00M	-599.00M	-1,107.00M	-884.00M	-656.00M	-644.00M	-608.00M	-563.00M	-549.00M	-526.00M	-484.00M	-435.00M	-403.00M	-383.00M	-338.00M	-272.00M
Preferred Dividends Paid	-224.00M	-205.00M	-194.00M	-225.00M	-211.00M	-197.00M	-179.00M	-169.00M	-169.00M	-175.00M	-122.00M	-105.00M	-73.00M	-64.00M	-18.00M	0.00M	0.00M	-73.00M	-22.00M	0.00M	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	22,106.00M	17,680.00M	11,094.00M	555.00M	-37,739.00M	-17,773.00M	83,548.00M	19,785.00M	-4,169.00M	21,923.00M	-54,346.00M	16,130.00M	9,982.00M	15,666.00M	26,270.00M	77,624.00M	9,855.00M	-23,871.00M	50,151.00M	20,026.00M	2,157.00M	7,100.00M	500.00M	-201.00M	-1,462.00M	-244.00M	1,750.00M	2,415.00M	3,199.00M	2,604.00M	4,122.00M	1,148.00M
Net Cash from Financing Activities	18,583.00M	15,337.00M	6,338.00M	-3,519.00M	-33,654.00M	-21,962.00M	75,508.00M	9,459.00M	-8,098.00M	26,780.00M	-59,050.00M	15,185.00M	7,829.00M	15,621.00M	28,288.00M	78,765.00M	10,790.00M	-27,973.00M	51,753.00M	21,468.00M	2,479.00M	8,054.00M	-505.00M	1,849.00M	-4,730.00M	422.00M	648.00M	1,314.00M	1,916.00M	1,988.00M	374.00M	2,390.00M
Effect of FX on Cash	12.00M	-95.00M	-311.00M	230.00M	358.00M	-84.00M	61.00M	2.00M	-72.00M	189.00M	-114.00M	42.00M	-128.00M	-46.00M	22.00M	-298.00M	40.00M	-53.00M	-438.00M	-69.00M	-85.00M	309.00M	-265.00M	-63.00M	-93.00M	175.00M	-43.00M	13.00M	-78.00M	74.00M	-32.00M	-5.00M
Net Change in Cash	-199.00M	-145.00M	-2,765.00M	-3,187.00M	1,646.00M	464.00M	2,152.00M	-991.00M	1,125.00M	560.00M	-1,715.00M	-433.00M	510.00M	1,733.00M	552.00M	500.00M	-57.00M	-1,157.00M	-1,746.00M	3,795.00M	-675.00M	-371.00M	43.00M	-905.00M	1,526.00M	97.00M	-151.00M	-723.00M	-1,770.00M	-263.00M	1,321.00M	1,808.00M
Cash at Beginning of Period	30,145.00M	30,879.00M	8,342.00M	11,529.00M	9,883.00M	9,419.00M	7,267.00M	8,258.00M	7,133.00M	4,822.00M	6,537.00M	6,970.00M	6,460.00M	4,727.00M	4,175.00M	3,675.00M	3,732.00M	4,889.00M	6,635.00M	2,840.00M	3,515.00M	3,886.00M	3,843.00M	4,748.00M	3,222.00M	3,125.00M	3,276.00M	3,999.00M	5,769.00M	6,032.00M	4,711.00M	2,903.00M
Cash at End of Period	29,946.00M	30,734.00M	5,577.00M	8,342.00M	11,529.00M	9,883.00M	9,419.00M	7,267.00M	8,258.00M	5,382.00M	4,822.00M	6,537.00M	6,970.00M	6,460.00M	4,727.00M	4,175.00M	3,675.00M	3,732.00M	4,889.00M	6,635.00M	2,840.00M	3,515.00M	3,886.00M	3,843.00M	4,748.00M	3,222.00M	3,125.00M	3,276.00M	3,999.00M	5,769.00M	6,032.00M	4,711.00M
Operating Cash Flow	3,095.00M	-2,931.00M	687.00M	5,912.00M	15,068.00M	2,838.00M	5,038.00M	96.00M	5,996.00M	4,641.00M	6,246.00M	4,127.00M	4,484.00M	-642.00M	1,629.00M	2,211.00M	4,050.00M	3,781.00M	2,914.00M	3,970.00M	3,283.00M	-1,112.00M	3,347.00M	3,812.00M	3,157.00M	5,966.00M	-2,166.00M	-984.00M	1,566.00M	826.00M	912.00M	1,827.00M
Capital Expenditure	-1,530.00M	-1,325.00M	-1,469.00M	-1,220.00M	-1,346.00M	-1,215.00M	-1,222.00M	-1,210.00M	-1,108.00M	-1,197.00M	-825.00M	-601.00M	-791.00M	-609.00M	-652.00M	-642.00M	-230.00M	-318.00M	-303.00M	-313.00M	-221.00M	-131.00M	-262.00M	-129.00M	-208.00M	-165.00M	-106.00M	-587.00M	-88.00M	-45.00M	-47.00M	-54.00M
Free Cash Flow	1,565.00M	-4,256.00M	-782.00M	4,692.00M	13,722.00M	1,623.00M	3,816.00M	-1,114.00M	4,888.00M	3,444.00M	5,421.00M	3,526.00M	3,693.00M	-1,251.00M	977.00M	1,569.00M	3,820.00M	3,463.00M	2,611.00M	3,657.00M	3,062.00M	-1,243.00M	3,085.00M	3,683.00M	2,949.00M	5,801.00M	-2,272.00M	-1,571.00M	1,478.00M	781.00M	865.00M	1,773.00M

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	1997-12-31	1996-12-31	1995-12-31
EBITDA	14,214.00M	12,893.00M	13,101.00M	12,428.00M	11,125.00M	11,394.00M	10,800.00M	11,365.00M	11,191.00M	10,589.00M	10,536.00M	10,273.00M	9,923.00M	9,991.00M	9,754.00M	9,265.00M	8,864.00M	2,909.00M	8,641.00M	7,677.00M	4,691.00M	4,261.00M	3,876.00M	3,888.00M	2,774.00M	3,542.00M	3,633.00M	4,023.00M	2,923.00M	2,846.00M	2,714.00M	2,480.00M
(-) Tax Adjustment	3,006.52M	2,851.12M	2,923.53M	2,840.77M	2,995.44M	2,149.86M	2,035.27M	2,278.29M	2,021.79M	1,139.29M	2,624.52M	2,457.27M	2,539.93M	3,496.85M	2,446.49M	2,684.47M	2,512.35M	1,018.15M	2,180.23M	2,356.83M	1,500.26M	1,367.91M	1,236.53M	1,334.98M	950.28M	1,230.58M	1,271.55M	1,408.05M	1,023.05M	996.10M	949.90M	868.00M
(-) Change In Working Capital	-3,884.00M	-8,256.00M	-5,451.00M	925.00M	9,549.00M	-2,803.00M	-294.00M	-5,539.00M	934.00M	-889.00M	1,036.00M	-160.00M	1,695.00M	-4,425.00M	-1,623.00M	-958.00M	-270.00M	1,192.00M	145.00M	1,022.00M	-67.00M	-3,101.00M	1,068.00M	1,677.00M	1,124.00M	3,663.00M	-4,331.00M	-2,432.00M	0.00M	-714.00M	0.00M	177.00M
(-) Capital Expenditure	-1,530.00M	-1,325.00M	-1,469.00M	-1,220.00M	-1,346.00M	-1,215.00M	-1,222.00M	-1,210.00M	-1,108.00M	-1,197.00M	-825.00M	-601.00M	-791.00M	-609.00M	-652.00M	-642.00M	-230.00M	-318.00M	-303.00M	-313.00M	-221.00M	-131.00M	-262.00M	-129.00M	-208.00M	-165.00M	-106.00M	-587.00M	-88.00M	-45.00M	-47.00M	-54.00M
Unlevered Free Cash Flow	13,561.48M	16,972.88M	14,159.47M	7,442.23M	-2,765.44M	10,832.14M	7,836.73M	13,415.71M	7,127.21M	9,141.71M	6,050.48M	7,374.73M	4,897.07M	10,310.15M	8,278.51M	6,896.53M	6,391.65M	380.85M	6,012.77M	3,985.17M	3,036.74M	5,863.09M	1,309.47M	747.02M	491.72M	-1,516.58M	6,586.45M	4,459.95M	1,811.95M	2,518.90M	1,717.10M	1,381.00M
(-) Net Interest Income After Taxes	3,778.40M	3,286.02M	3,349.76M	3,351.83M	2,560.54M	2,124.03M	2,415.98M	2,548.92M	2,958.63M	2,952.09M	2,356.32M	2,302.19M	2,142.82M	1,955.85M	2,227.31M	2,119.41M	2,095.96M	1,894.75M	2,137.64M	1,555.79M	1,019.60M	909.82M	787.89M	1,056.53M	1,094.63M	1,096.98M	1,215.50M	1,105.65M	1,073.15M	1,205.75M	1,274.65M	1,318.85M
Net Debt Issuance	859.00M	2,444.00M	-167.00M	501.00M	5,585.00M	1,351.00M	-6,797.00M	-5,710.00M	521.00M	8,619.00M	-2,423.00M	933.00M	349.00M	943.00M	2,714.00M	2,582.00M	719.00M	-1,773.00M	220.00M	2,419.00M	1,687.00M	1,772.00M	-505.00M	1,401.00M	-2,679.00M	1,718.00M	-505.00M	659.00M	-510.00M	828.00M	-2,488.00M	1,607.00M
Levered Free Cash Flow	10,642.07M	16,130.86M	10,642.71M	4,591.40M	259.02M	10,059.12M	-1,376.25M	5,156.79M	4,689.58M	14,808.62M	1,271.15M	6,005.54M	3,103.25M	9,297.30M	8,765.20M	7,359.12M	5,014.69M	-3,286.90M	4,095.13M	4,848.38M	3,704.15M	6,725.27M	16.58M	1,091.48M	-3,281.91M	-895.56M	4,865.95M	4,013.30M	228.80M	2,141.15M	-2,045.55M	1,669.15M