Azimut Holding S.p.A. (AZM.MI)

Industry: Asset Management Sector: Financial Services Currency Used: IT Live Price: $37.16

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	26.47	23.30	20.68	18.08	21.78	15.18	17.37	12.63	15.64	14.64	21.89	19.00	14.52	8.40	5.91	6.89	5.72
Market Capitalization	3,766.13M	3,282.07M	2,873.28M	2,517.13M	3,030.01M	2,097.86M	2,445.14M	1,777.26M	2,202.46M	2,089.58M	3,123.85M	2,709.03M	2,058.05M	1,184.55M	864.46M	1,057.38M	816.55M
(-) Cash & Equivalents	505.92M	599.68M	403.46M	283.30M	45.03M	69.88M	0.03M	0.02M	0.03M	0.03M	0.04M	0.03M	0.02M	0.01M	0.01M	0.01M	0.00M
(+) Total Debt	55.10M	281.97M	283.01M	553.37M	947.53M	704.45M	640.02M	360.23M	427.85M	301.36M	248.40M	299.41M	191.68M	22.63M	66.84M	17.26M	0.00M
Enterprise Value	3,315.30M	2,964.35M	2,752.82M	2,787.19M	3,932.52M	2,732.43M	3,085.14M	2,137.47M	2,630.29M	2,390.91M	3,372.21M	3,008.41M	2,249.71M	1,207.16M	931.29M	1,074.63M	816.55M

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
Revenue	1,244M	1,352M	1,333M	1,392M	1,317M	1,311M	1,222M	949M	701M	778M	678M	678M	529M	455M	426M	159M	190M	193M	133M	257M	300M	566M	21M	87M
Cost of Revenue	418M	473M	477M	532M	714M	721M	539M	555M	534M	535M	468M	417M	335M	274M	254M	0M	8M	7M	153M	5M	6M	7M	14M	26M
Gross Profit	826M	879M	855M	860M	603M	590M	683M	394M	167M	242M	210M	261M	194M	181M	172M	159M	182M	186M	-20M	252M	294M	559M	7M	61M
Gross Profit Margin	66.4%	65.0%	64.2%	61.8%	45.8%	45.0%	55.9%	41.5%	23.8%	31.2%	30.9%	38.5%	36.7%	39.7%	40.4%	100.0%	96.0%	96.4%	-15.0%	98.2%	97.9%	98.8%	31.4%	70.3%
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
SG&A Expenses	118M	151M	148M	154M	144M	127M	117M	124M	119M	108M	102M	83M	59M	51M	38M	39M	37M	32M	34M	26M	23M	39M	42M	19M
Operating Expenses	255M	283M	245M	179M	166M	147M	249M	182M	147M	-5M	24M	-18M	8M	-2M	-9M	72M	72M	63M	-61M	117M	167M	486M	-10M	30M
Operating Income (EBIT)	570M	596M	610M	682M	437M	443M	434M	211M	20M	247M	186M	279M	186M	183M	181M	87M	110M	123M	41M	135M	128M	74M	17M	32M
Operating Income Margin	45.9%	44.1%	45.8%	49.0%	33.2%	33.8%	35.5%	22.3%	2.8%	31.8%	27.4%	41.1%	35.1%	40.1%	42.4%	54.7%	58.1%	63.9%	30.7%	52.5%	42.5%	13.0%	79.6%	36.3%
Interest Income	17M	20M	22M	11M	3M	4M	2M	1M	1M	0M	1M	0M	0M	0M	0M	5M	3M	1M	3M	5M	0M	8M	0M	1M
Interest Expense	3M	12M	9M	10M	14M	20M	19M	7M	2M	1M	1M	0M	1M	1M	2M	6M	8M	7M	153M	5M	6M	7M	14M	26M
Net Interest Income	14M	7M	13M	0M	-11M	-16M	-17M	-6M	0M	-1M	0M	0M	-1M	-1M	-2M	-1M	-5M	-5M	-150M	1M	-6M	1M	-14M	-25M
Unusual Items	92M	157M	182M	-57M	134M	301M	23M	247M	137M	1M	0M	-1M	0M	1M	3M	2M	5M	5M	150M	-1M	6M	-1M	14M	25M
EBT Excluding Unusual Items	584M	604M	623M	682M	426M	427M	417M	205M	20M	246M	185M	279M	185M	182M	179M	86M	105M	118M	-109M	136M	121M	74M	3M	7M
Pre-Tax Income	676M	760M	804M	625M	560M	728M	439M	453M	156M	247M	185M	278M	185M	182M	182M	87M	110M	123M	41M	135M	128M	74M	17M	32M
Pre-Tax Margin	54.4%	56.2%	60.4%	44.9%	42.5%	55.5%	35.9%	47.7%	22.3%	31.8%	27.3%	41.0%	34.9%	40.0%	42.6%	54.9%	58.1%	63.9%	30.7%	52.5%	42.5%	13.0%	79.6%	36.3%
Income Tax Expense	172M	197M	213M	167M	132M	116M	51M	65M	15M	21M	8M	28M	92M	26M	21M	7M	16M	5M	-1M	29M	42M	24M	3M	9M
Net Income	493M	534M	576M	435M	406M	605M	382M	370M	122M	215M	173M	247M	92M	156M	161M	80M	94M	118M	42M	105M	85M	49M	17M	22M
Net Income Margin	39.7%	39.5%	43.2%	31.2%	30.9%	46.2%	31.2%	39.0%	17.4%	27.6%	25.5%	36.5%	17.4%	34.2%	37.7%	50.5%	49.7%	61.2%	31.6%	40.7%	28.4%	8.7%	79.6%	25.5%
Depreciation & Amortization	2M	9M	29M	44M	36M	35M	28M	24M	15M	16M	16M	10M	6M	4M	2M	1M	2M	2M	1M	2M	2M	0M	44M	40M
EBITDA	572M	605M	639M	726M	473M	478M	462M	235M	35M	263M	202M	289M	192M	187M	183M	88M	112M	125M	42M	137M	129M	74M	61M	71M
EBITDA Margin	46.0%	44.7%	47.9%	52.1%	35.9%	36.4%	37.8%	24.8%	5.0%	33.8%	29.7%	42.6%	36.3%	41.0%	42.9%	55.4%	58.9%	64.8%	31.7%	53.4%	43.1%	13.0%	290.1%	81.7%
NOPAT	425M	442M	448M	499M	334M	372M	384M	181M	18M	226M	178M	250M	94M	156M	160M	80M	94M	118M	42M	107M	85M	49M	13M	22M
NOPAT Margin	34.2%	32.7%	33.6%	35.9%	25.3%	28.4%	31.4%	19.1%	2.6%	29.0%	26.2%	36.9%	17.7%	34.3%	37.4%	50.4%	49.7%	61.2%	31.7%	41.4%	28.4%	8.7%	63.9%	25.5%
Owner's Earnings	493M	501M	602M	468M	394M	590M	375M	307M	104M	212M	169M	241M	83M	152M	159M	80M	95M	119M	41M	105M	86M	43M	60M	61M
Owner's Earnings Margin	39.6%	37.1%	45.2%	33.6%	29.9%	45.0%	30.6%	32.4%	14.8%	27.2%	25.0%	35.6%	15.6%	33.3%	37.4%	50.4%	49.9%	61.4%	30.8%	41.0%	28.5%	7.5%	285.8%	70.0%
EPS (Basic)	3.48	3.82	4.10	3.08	2.92	4.35	2.75	2.64	0.88	1.61	1.21	1.71	0.63	1.09	1.13	0.58	0.66	0.84	0.29	0.66	0.66	0.16	0.11	0.14
EPS (Diluted)	3.48	3.82	4.10	3.14	2.92	4.35	2.75	2.64	0.88	1.61	1.21	1.73	0.65	1.10	1.14	0.58	0.66	0.84	0.29	0.59	0.61	0.31	0.11	0.14
Shares (Basic)	142M	140M	141M	138M	139M	139M	139M	140M	138M	133M	143M	143M	143M	142M	141M	140M	143M	140M	144M	158M	127M	158M	158M	158M
Shares (Diluted)	142M	140M	141M	138M	139M	139M	139M	140M	138M	133M	143M	143M	143M	142M	141M	140M	143M	140M	144M	178M	140M	158M	158M	158M

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
Cash & Cash Equivalents	401.67M	610.17M	394.80M	464.57M	298.14M	180.04M	279.46M	0.02M	0.02M	0.03M	0.02M	0.03M	0.03M	0.02M	0.02M	0.02M	0.01M	0.01M	0.01M	0.03M	0.05M	0.03M	0.01M	34.51M
Short-Term Investments	23.97M	21.39M	0.47M	15.90M	0.70M	0.29M	79.14M	17.38M	4.97M	2.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	425.64M	631.55M	395.28M	480.47M	298.84M	180.33M	358.60M	17.40M	5.00M	2.97M	0.02M	0.03M	0.03M	0.02M	0.02M	0.02M	0.01M	0.01M	0.01M	0.03M	0.05M	0.03M	0.01M	34.51M
Net Receivables	458.90M	12.78M	298.22M	496.25M	164.50M	466.18M	517.16M	505.33M	381.83M	117.06M	325.00M	284.97M	356.17M	598.21M	395.15M	209.92M	266.14M	211.70M	116.73M	126.97M	145.62M	94.04M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	955.23M	1,103.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	7.60M	5.98M	138.01M	-10.62M	-593.49M	-753.39M	2.65M	11.71M	21.89M	114.38M	98.29M	137.13M	85.11M	71.77M	11.82M	42.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	892.14M	650.31M	831.51M	966.10M	825.08M	996.14M	878.41M	534.44M	408.71M	234.41M	423.31M	422.13M	441.31M	670.00M	406.99M	252.31M	266.15M	211.71M	116.74M	127.00M	145.67M	94.07M	0.01M	34.51M
Property, Plant & Equipment	25.52M	29.35M	29.47M	45.88M	48.56M	52.04M	48.43M	48.76M	8.47M	8.10M	7.22M	6.20M	3.70M	2.96M	2.45M	3.07M	3.06M	3.41M	2.57M	2.22M	2.29M	2.67M	1.51M	1.72M
Goodwill	618.05M	538.95M	508.00M	749.83M	743.67M	648.24M	550.12M	535.22M	525.98M	499.30M	461.42M	396.05M	345.25M	328.37M	322.27M	314.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	152.50M	0.00M
Intangible Assets	66.03M	70.95M	73.06M	142.91M	134.58M	118.79M	106.58M	99.12M	76.37M	58.11M	55.90M	53.48M	49.69M	40.88M	37.32M	35.68M	318.72M	316.82M	318.13M	318.15M	318.68M	0.00M	162.42M	179.30M
Long-Term Investments	8,150.75M	8,494.36M	8,455.32M	0.00M	7,569.28M	7,955.00M	0.00M	0.00M	0.00M	6,988.58M	6,725.33M	6,031.98M	4,262.02M	2,686.43M	1,604.32M	0.00M	0.23M	0.26M	720.81M	3.36M	1.60M	94.04M	34.48M	4.25M
Tax Assets	14.74M	17.63M	0.00M	19.41M	22.89M	20.31M	12.18M	24.37M	52.99M	50.57M	46.07M	27.83M	25.86M	38.44M	40.41M	39.07M	30.90M	41.92M	0.00M	51.16M	23.82M	6.74M	7.15M	0.00M
Other Non-Current Assets	115.42M	391.78M	769.50M	7,837.84M	16.57M	12.70M	6,797.39M	6,669.39M	5,798.96M	210.28M	-46.07M	-27.83M	-25.13M	-38.36M	-40.14M	884.90M	941.83M	813.36M	-1,041.50M	1,141.34M	1,175.62M	717.82M	323.05M	220.56M
Other Assets	0.00M	0.00M	-630.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	97.53M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	8,990.51M	9,543.01M	9,205.25M	8,795.87M	8,535.54M	8,807.08M	7,514.70M	7,376.86M	6,462.76M	7,815.04M	7,249.86M	6,487.71M	4,661.39M	3,058.71M	1,966.61M	1,277.10M	1,294.74M	1,175.75M	97.53M	1,516.23M	1,522.01M	821.25M	681.10M	405.84M
Total Assets	9,882.64M	10,193.32M	10,036.76M	9,761.97M	9,360.62M	9,803.22M	8,393.10M	7,911.30M	6,871.48M	8,049.45M	7,673.17M	6,909.83M	5,102.70M	3,728.72M	2,373.59M	1,529.41M	1,560.89M	1,387.46M	214.27M	1,643.22M	1,667.68M	915.32M	681.12M	440.34M
Accounts Payable	102.18M	0.00M	136.63M	161.96M	163.98M	186.30M	148.64M	144.86M	130.34M	130.39M	120.56M	92.96M	21.19M	17.41M	7.43M	6.95M	106.00M	109.79M	225.17M	25.42M	43.30M	109.90M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Payables	80.42M	80.86M	74.19M	156.77M	135.57M	87.68M	18.33M	23.01M	12.82M	14.51M	10.49M	12.27M	9.75M	38.40M	11.60M	12.67M	5.54M	1.21M	4.00M	25.02M	41.46M	19.78M	2.68M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	1.23M	1.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1,878.80M	1,784.23M	1,779.58M	1,506.04M	-0.71M	0.35M	1.25M	1.23M	3.90M	2.49M	2.72M	3.15M	2.90M	2.83M	1.74M	0.87M	0.00M	0.00M	-4.00M	1.21M	0.00M	0.00M	116.04M	249.30M
Total Current Liabilities	2,061.40M	1,865.10M	1,990.40M	1,824.78M	300.50M	276.03M	168.21M	169.10M	147.06M	147.39M	133.77M	108.37M	33.84M	58.64M	20.76M	20.49M	111.54M	111.00M	225.17M	51.65M	84.76M	129.68M	118.71M	249.30M
Long-Term Debt	0.00M	0.00M	0.15M	496.98M	497.78M	853.03M	851.81M	911.97M	362.29M	366.28M	254.81M	256.72M	315.70M	334.77M	169.39M	195.81M	69.04M	195.48M	0.00M	95.40M	298.13M	108.17M	95.90M	23.15M
Capital Lease Obligations	23.27M	27.00M	27.67M	40.24M	41.46M	44.98M	41.56M	43.46M	0.00M	0.00M	0.00M	0.00M	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	59.31M	72.18M	69.27M	76.94M	75.00M	69.89M	61.74M	63.98M	68.15M	61.69M	57.96M	58.43M	52.29M	49.63M	46.85M	42.11M	0.00M	0.00M	30.49M	0.00M	27.14M	11.28M	0.00M	0.00M
Other Non-Current Liabilities	5,910.73M	6,174.41M	6,103.56M	5,745.82M	5,596.58M	7,434.65M	6,284.18M	6,200.17M	5,795.78M	6,869.17M	6,582.31M	5,747.93M	4,069.27M	2,638.15M	1,583.34M	867.99M	993.24M	746.89M	-30.49M	1,196.33M	1,013.77M	793.38M	303.02M	163.30M
Total Non-Current Liabilities	5,993.30M	6,273.59M	6,200.65M	6,359.98M	6,210.83M	8,402.55M	7,239.28M	7,219.59M	6,226.22M	7,297.14M	6,895.08M	6,063.09M	4,437.25M	3,022.55M	1,799.58M	1,105.90M	1,062.28M	942.36M	0.00M	1,291.73M	1,339.04M	912.82M	398.92M	186.45M
Total Liabilities	8,054.70M	8,138.68M	8,191.05M	8,184.76M	6,511.33M	8,678.58M	7,407.50M	7,388.68M	6,373.28M	7,444.53M	7,028.84M	6,171.46M	4,471.09M	3,081.19M	1,820.34M	1,126.39M	1,173.82M	1,053.36M	225.17M	1,343.38M	1,423.80M	1,042.50M	517.63M	435.75M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	87.86M	99.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.32M	32.22M	31.94M	31.85M	31.76M	31.74M	22.00M
Retained Earnings	239.64M	115.25M	576.17M	434.57M	406.46M	605.46M	381.69M	370.01M	122.15M	214.79M	172.69M	247.42M	92.10M	155.75M	160.70M	80.44M	94.30M	118.24M	41.98M	104.74M	84.37M	49.05M	16.62M	-45.91M
Accumulated OCI	1,353.26M	1,698.89M	1,148.26M	0.00M	-87.86M	-99.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	252.44M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	17.88M	10.46M	24.85M	58.74M	54.80M	52.94M	20.17M	23.84M	23.85M	19.59M	17.98M	10.35M	6.77M	4.85M	1.21M	0.00M	0.00M	0.00M	0.00M	0.00M	1.12M	0.26M	0.00M	0.00M
Total Shareholders’ Equity	1,625.22M	1,846.46M	1,756.75M	466.89M	438.79M	637.78M	414.01M	402.34M	154.47M	247.11M	205.01M	279.75M	124.42M	188.08M	193.02M	112.77M	126.63M	150.56M	326.64M	136.68M	116.21M	80.81M	48.36M	-23.91M
Total Equity	1,643.10M	1,856.92M	1,781.60M	525.63M	493.58M	690.72M	434.19M	426.18M	178.32M	266.70M	222.98M	290.09M	131.19M	192.93M	194.23M	112.77M	126.63M	150.56M	326.64M	136.68M	117.33M	81.07M	48.36M	-23.91M
Total Liabilities & Equity	9,697.80M	9,995.60M	9,972.66M	8,710.39M	7,004.91M	9,369.29M	7,841.68M	7,814.86M	6,551.60M	7,711.23M	7,251.83M	6,461.55M	4,602.28M	3,274.12M	2,014.57M	1,239.16M	1,300.45M	1,203.93M	551.81M	1,480.06M	1,541.13M	1,123.57M	566.00M	411.84M
Tangible Assets	9,198.57M	9,583.43M	9,455.70M	8,869.23M	8,482.38M	9,036.18M	7,736.41M	7,276.96M	6,269.13M	7,492.04M	7,155.86M	6,460.30M	4,707.76M	3,359.47M	2,014.01M	1,179.35M	1,242.17M	1,070.64M	-103.86M	1,325.07M	1,349.00M	915.32M	366.20M	261.04M
Tangible Equity	959.03M	1,247.02M	1,200.54M	-367.11M	-384.67M	-76.32M	-222.51M	-208.17M	-424.03M	-290.71M	-294.33M	-159.44M	-263.75M	-176.32M	-165.36M	-237.29M	-192.09M	-166.26M	8.52M	-181.47M	-201.35M	81.07M	-266.55M	-203.21M
Tangible Book Value	959.03M	1,247.02M	1,200.54M	-367.11M	-384.67M	-76.32M	-222.51M	-208.17M	-424.03M	-290.71M	-294.33M	-159.44M	-263.75M	-176.32M	-165.36M	-237.29M	-192.09M	-166.26M	8.52M	-181.47M	-201.35M	81.07M	-266.55M	-203.21M
Total Investments	8,174.71M	8,515.75M	8,436.18M	7,837.84M	7,585.15M	7,967.41M	6,796.85M	6,693.76M	5,851.65M	7,249.44M	6,725.33M	6,031.98M	4,262.02M	2,686.43M	1,604.32M	897.06M	0.23M	0.26M	720.81M	3.36M	1.60M	94.04M	34.48M	4.25M
Net Debt	-401.67M	-610.17M	-394.65M	32.41M	200.06M	672.98M	572.35M	911.95M	362.27M	366.25M	254.78M	256.70M	315.66M	334.76M	169.37M	195.79M	69.03M	195.47M	-0.01M	95.37M	298.08M	108.13M	95.89M	-11.35M

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
Working Capital	-1,192.6M	-1,265.7M	-1,056.7M	-826.6M	451.8M	619.8M	611.9M	615.5M	391.8M	96.8M	293.0M	305.7M	422.7M	657.2M	425.5M	257.3M	160.2M	101.9M	-108.4M	100.4M	102.4M	-15.8M	-116.0M	-214.8M
Total Capital	1,810.0M	2,107.2M	1,951.1M	2,087.8M	1,957.1M	2,080.3M	1,759.3M	1,703.1M	962.9M	958.9M	881.9M	973.6M	952.8M	1,020.4M	759.0M	623.5M	461.6M	530.8M	219.6M	420.3M	582.4M	319.2M	262.1M	27.7M
Capital Employed	7,797.9M	8,277.3M	8,148.6M	7,969.3M	8,987.4M	9,426.9M	8,126.6M	7,992.3M	6,854.6M	7,911.8M	7,542.9M	6,793.5M	5,084.1M	3,715.9M	2,392.1M	1,534.4M	1,454.9M	1,277.7M	1,030.6M	1,616.6M	1,624.4M	1,124.1M	565.1M	191.0M
Invested Capital	1,408.3M	1,497.0M	1,556.2M	1,623.2M	1,659.0M	1,900.3M	1,479.8M	1,703.1M	962.9M	958.8M	881.9M	973.6M	952.8M	1,020.4M	759.0M	623.4M	461.6M	530.8M	219.6M	420.2M	582.3M	319.2M	262.0M	-6.8M

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
Net Income	493.32M	534.22M	576.17M	434.57M	402.37M	605.46M	381.69M	370.01M	122.15M	214.79M	172.69M	249.99M	93.24M	155.88M	160.31M	80.44M	94.30M	118.24M	41.98M	106.50M	0.00M	49.05M	16.62M	-22.21M
Depreciation & Amortization	15.63M	19.09M	28.83M	43.88M	35.95M	34.96M	27.96M	24.01M	14.82M	15.86M	16.16M	10.31M	6.16M	4.28M	2.07M	1.10M	1.56M	1.75M	1.28M	2.35M	0.00M	0.00M	43.96M	39.56M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-1,028.44M	195.97M	-1,138.81M	-62.74M	-576.15M	93.91M	-102.55M	533.88M	-152.44M	94.59M	54.34M	93.16M	81.56M	151.91M	-38.83M	-37.92M	-16.01M	-53.46M	89.42M	-47.00M	24.11M	0.00M	-19.04M	-11.94M
Accounts Receivable	0.00M	-9.57M	0.00M	-0.36M	8.30M	-26.69M	17.85M	-18.81M	0.00M	-12.06M	-3.89M	2.21M	-0.41M	-1.48M	0.00M	0.00M	0.00M	0.00M	-1.23M	0.00M	2.40M	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
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
Other Working Capital	-1,028.44M	205.54M	-1,138.81M	-62.39M	-584.45M	120.60M	-120.40M	552.69M	-152.44M	106.65M	58.23M	90.96M	81.97M	153.39M	0.00M	0.00M	0.00M	0.00M	90.65M	0.00M	21.71M	0.00M	-19.04M	0.00M
Other Non-Cash Items	254.96M	157.21M	336.35M	53.14M	33.00M	191.86M	-18.78M	53.53M	11.23M	39.54M	-57.15M	-114.77M	-76.35M	4.67M	23.47M	8.54M	21.19M	35.76M	-7.94M	7.54M	97.72M	37.40M	-5.43M	47.82M
Net Cash from Operating Activities	-264.53M	906.49M	-197.48M	468.85M	-104.84M	926.19M	288.31M	981.42M	-4.24M	364.77M	186.05M	238.70M	104.62M	316.74M	147.02M	52.16M	101.04M	102.28M	124.74M	69.38M	121.83M	86.45M	36.11M	53.23M
Capital Expenditures (PPE)	1.73M	-16.89M	-2.82M	-10.15M	-48.25M	-50.78M	-35.09M	-87.04M	-2.66M	-3.30M	-3.53M	-4.07M	-15.64M	-8.35M	-3.38M	-1.32M	-1.19M	-1.28M	-1.21M	-1.74M	-0.78M	-6.31M	-0.40M	-0.81M
Acquisitions (Net)	268.87M	-24.96M	321.74M	-6.17M	-95.43M	-98.13M	-14.89M	-9.25M	-26.67M	-37.89M	-60.18M	-39.11M	-16.47M	-6.10M	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	-269.68M	0.00M	-35.37M	-59.38M	-188.76M	-29.48M	-0.63M	-1.34M	-0.42M	-0.82M	-0.69M	-9.62M	-1.59M	-1.48M	-27.88M	-2.33M	0.00M	0.00M	-0.72M	0.00M	0.00M	-11.40M	-4.25M
Sales / Maturities of Investments	2.50M	6.40M	0.00M	3.94M	131.26M	32.76M	53.15M	36.62M	0.00M	0.00M	0.00M	0.00M	0.08M	0.40M	0.08M	0.00M	0.00M	0.00M	4.01M	0.00M	0.05M	0.00M	0.00M	14.21M
Other Investing Activities	-106.15M	8.92M	-23.81M	-25.46M	-117.87M	-30.95M	-53.15M	-36.62M	-30.79M	-15.65M	-16.07M	-12.54M	0.08M	0.02M	0.09M	0.00M	0.00M	0.00M	-0.78M	0.00M	-0.67M	-0.55M	10.36M	0.00M
Net Cash from Investing Activities	166.94M	-296.22M	295.12M	-73.20M	-189.66M	-335.86M	-79.47M	-96.92M	-61.46M	-57.25M	-80.59M	-56.41M	-41.65M	-15.63M	-4.69M	-29.20M	-3.51M	-1.28M	2.02M	-2.46M	-1.40M	-6.86M	-1.44M	9.15M
Net Debt Issuance	24.08M	6.68M	-505.70M	-2.03M	-382.10M	-23.01M	-4.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	188.68M	-16.70M	-73.01M	0.50M	-270.24M	0.00M
Long-Term Debt Issuance	24.08M	6.68M	-505.70M	-2.03M	-382.10M	-23.01M	-4.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	188.68M	-16.70M	-73.01M	3.72M	70.90M	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	-3.10M	-3.23M	-341.14M	0.00M
Net Stock Issuance	-209.49M	0.00M	-209.49M	-239.23M	-15.65M	27.46M	-44.58M	22.62M	-40.07M	-69.71M	-1.79M	1.28M	-0.14M	49.93M	-2.40M	-11.70M	-10.50M	6.94M	-63.33M	-35.78M	1.68M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	27.46M	0.00M	22.62M	0.00M	0.00M	0.00M	1.54M	0.67M	49.93M	36.00M	0.00M	0.00M	6.94M	5.75M	2.23M	1.68M	0.00M	0.00M	0.00M
Common Stock Repurchased	-209.49M	0.00M	-209.49M	-239.23M	-15.65M	0.00M	-44.58M	0.00M	0.00M	-104.66M	-2.30M	-0.26M	-0.81M	0.00M	-2.40M	-11.70M	-10.50M	0.00M	-63.33M	-38.00M	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	-36.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-351.15M	-189.51M	-209.49M	-239.23M	-272.90M	-193.99M	-191.66M	-206.51M	-229.31M	-158.38M	-238.60M	-118.75M	-116.85M	-95.97M	-33.77M	-33.68M	-7.78M	-13.05M	-19.68M	-28.95M	-14.44M	-7.21M	0.00M	0.00M
Common Dividends Paid	-351.15M	-189.51M	-209.49M	-239.23M	-272.90M	-193.99M	-191.66M	-206.51M	-229.31M	-158.38M	-238.60M	-118.75M	-116.85M	-95.97M	-33.77M	-33.68M	-7.78M	-13.05M	-19.68M	-28.95M	-14.44M	-7.21M	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
Other Financing Activities	138.32M	-44.86M	687.29M	183.00M	494.90M	-66.40M	-26.62M	-39.05M	159.50M	-19.57M	-14.45M	-45.95M	-22.20M	-9.98M	42.50M	-0.02M	-18.72M	3.62M	-252.94M	-6.94M	-3.82M	3.63M	206.40M	-47.06M
Net Cash from Financing Activities	-398.23M	-227.69M	-237.39M	-297.49M	-175.75M	-255.94M	-267.16M	-222.94M	-109.88M	-247.67M	-254.84M	-163.41M	-139.18M	-56.02M	6.33M	-45.40M	-37.00M	-2.50M	-147.27M	-88.37M	-89.59M	-3.09M	-63.84M	-47.06M
Effect of FX on Cash	0.00M	-3.49M	0.00M	0.00M	0.00M	0.00M	0.75M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Change in Cash	-495.81M	379.09M	-139.76M	98.15M	-470.25M	334.39M	-57.57M	661.57M	-175.57M	59.85M	-149.38M	18.87M	-76.21M	245.08M	148.66M	-22.44M	60.53M	98.50M	-20.51M	-21.45M	30.84M	76.50M	-29.17M	15.32M
Cash at Beginning of Period	4,034.61M	2,665.89M	889.42M	791.26M	1,261.51M	927.12M	984.69M	323.11M	498.69M	438.83M	588.22M	569.34M	645.55M	400.47M	251.81M	274.25M	213.72M	115.22M	135.73M	157.17M	126.33M	49.83M	79.00M	18.95M
Cash at End of Period	3,538.79M	3,044.98M	749.66M	889.42M	791.26M	1,261.51M	927.12M	984.69M	323.11M	498.69M	438.83M	588.22M	569.34M	645.55M	400.47M	251.81M	274.25M	213.72M	115.22M	135.73M	157.17M	126.33M	49.83M	34.27M
Operating Cash Flow	-264.53M	906.49M	-197.48M	468.85M	-104.84M	926.19M	288.31M	981.42M	-4.24M	364.77M	186.05M	238.70M	104.62M	316.74M	147.02M	52.16M	101.04M	102.28M	124.74M	69.38M	121.83M	86.45M	36.11M	53.23M
Capital Expenditure	-2.66M	-41.40M	-2.82M	-10.15M	-48.25M	-50.78M	-35.09M	-87.04M	-33.45M	-18.95M	-19.60M	-16.61M	-15.64M	-8.35M	-3.38M	-1.32M	-1.19M	-1.28M	-2.36M	-1.74M	-1.45M	-6.31M	-0.89M	-0.81M
Free Cash Flow	-267.18M	850.49M	-200.29M	458.70M	-153.09M	875.40M	253.22M	894.38M	-37.69M	345.82M	166.45M	222.09M	88.98M	308.38M	143.64M	50.84M	99.86M	101.00M	122.38M	67.64M	120.39M	80.14M	35.22M	52.42M

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
EBITDA	709.64M	736.68M	735.87M	750.18M	494.91M	498.54M	593.84M	293.98M	63.02M	150.24M	124.33M	188.29M	141.75M	134.48M	136.37M	121.12M	147.09M	155.83M	-52.40M	229.00M	272.64M	520.06M	8.72M	81.66M
(-) Tax Adjustment	180.69M	191.00M	195.02M	200.49M	116.79M	79.29M	68.50M	42.13M	6.17M	12.98M	5.10M	19.08M	49.61M	19.45M	16.04M	9.66M	21.26M	6.64M	0.00M	48.49M	90.52M	172.75M	1.72M	24.26M
(-) Change In Working Capital	-1,028.44M	195.97M	-1,138.81M	-62.74M	-576.15M	93.91M	-102.55M	533.88M	-152.44M	94.59M	54.34M	93.16M	81.56M	151.91M	-38.83M	-37.92M	-16.01M	-53.46M	89.42M	-47.00M	24.11M	0.00M	-19.04M	-11.94M
(-) Capital Expenditure	-2.66M	-41.40M	-2.82M	-10.15M	-48.25M	-50.78M	-35.09M	-87.04M	-33.45M	-18.95M	-19.60M	-16.61M	-15.64M	-8.35M	-3.38M	-1.32M	-1.19M	-1.28M	-2.36M	-1.74M	-1.45M	-6.31M	-0.89M	-0.81M
Unlevered Free Cash Flow	1,547.80M	308.31M	1,676.85M	602.28M	906.02M	274.55M	592.80M	-369.07M	175.84M	23.72M	45.29M	59.44M	-5.07M	-45.24M	155.78M	148.06M	140.66M	201.38M	-144.18M	225.76M	156.57M	340.99M	25.15M	68.52M
(-) Net Interest Income After Taxes	10.21M	5.47M	9.28M	0.34M	-8.35M	-13.61M	-14.89M	-4.94M	-0.32M	-0.86M	-0.40M	0.14M	-0.53M	-0.80M	-1.47M	-1.28M	-4.36M	-5.21M	-149.96M	0.41M	-4.25M	0.65M	-11.17M	-17.42M
Net Debt Issuance	24.08M	6.68M	-505.70M	-2.03M	-382.10M	-23.01M	-4.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	188.68M	-16.70M	-73.01M	0.50M	-270.24M	0.00M
Levered Free Cash Flow	1,561.67M	309.52M	1,161.86M	599.91M	532.27M	265.16M	603.38M	-364.13M	176.16M	24.57M	45.69M	59.30M	-4.54M	-44.44M	157.26M	149.33M	145.02M	206.58M	194.46M	208.65M	87.80M	340.83M	-233.92M	85.94M