American Coastal Insurance Corporation (ACIC)

Industry: Insurance - Property & Casualty Sector: Financial Services Currency Used: US Live Price: $11.07

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
Stock Price	11.39	11.12	11.36	11.49	6.09	1.64	5.22	7.21	14.40	19.27	16.35	16.93	17.07	17.21	8.95	5.80	3.99	2.90	4.40	5.41	7.18
Market Capitalization	554.29M	538.59M	570.12M	549.06M	266.82M	70.58M	223.86M	307.97M	610.83M	820.89M	608.59M	362.49M	360.31M	344.90M	144.11M	61.59M	41.60M	30.66M	46.50M	57.04M	81.43M
(-) Cash & Equivalents	359.14M	315.49M	280.59M	208.75M	92.59M	238.12M	226.28M	252.68M	207.68M	194.75M	199.45M	138.22M	85.92M	70.40M	51.23M	78.12M	46.35M	42.88M	59.92M	16.61M	0.06M
(+) Total Debt	152.46M	152.44M	152.43M	149.78M	149.64M	155.96M	159.15M	160.60M	159.83M	160.64M	80.52M	29.21M	12.79M	13.97M	15.15M	16.32M	17.50M	23.13M	41.49M	20.63M	14.68M
Enterprise Value	347.62M	375.54M	441.97M	490.08M	323.87M	-11.58M	156.73M	215.89M	562.98M	786.78M	489.65M	253.48M	287.19M	288.48M	108.02M	-0.20M	12.74M	10.91M	28.06M	61.06M	96.05M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Revenue	328M	276M	297M	264M	221M	229M	847M	825M	724M	654M	487M	358M	280M	208M	131M	96M	80M	88M	101M	113M	82M	81M
Cost of Revenue	168M	113M	140M	122M	177M	182M	844M	738M	612M	541M	416M	271M	184M	149M	95M	68M	67M	64M	18M	17M	82M	81M
Gross Profit	160M	163M	156M	142M	44M	46M	2M	87M	112M	113M	71M	87M	96M	59M	36M	29M	13M	24M	83M	96M	0M	0M
Gross Profit Margin	48.8%	59.0%	52.7%	53.7%	19.8%	20.3%	0.3%	10.6%	15.5%	17.3%	14.6%	24.3%	34.4%	28.2%	27.4%	29.6%	15.7%	27.4%	82.6%	84.9%	0.0%	0.0%
R&D Expenses	0M	0M	358M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	29M	32M	37M	32M	32M	31M	72M	66M	66M	82M	43M	30M	20M	15M	12M	10M	8M	7M	35M	31M	4M	3M
Operating Expenses	45M	50M	45M	45M	42M	57M	134M	120M	116M	113M	64M	45M	32M	24M	20M	15M	14M	18M	42M	48M	29M	20M
Operating Income (EBIT)	115M	112M	112M	96M	2M	-10M	-132M	-33M	-4M	1M	7M	42M	64M	34M	16M	13M	-1M	6M	42M	48M	-29M	-20M
Operating Income Margin	35.1%	40.8%	37.6%	36.4%	0.8%	-4.6%	-15.6%	-4.0%	-0.6%	0.1%	1.4%	11.7%	23.0%	16.6%	12.0%	13.5%	-1.8%	7.2%	41.2%	42.6%	-35.0%	-24.9%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	11M	12M	12M	11M	9M	9M	10M	10M	10M	3M	1M	0M	0M	0M	0M	1M	2M	3M	3M	6M	5M	0M
Net Interest Income	-11M	-12M	-12M	-11M	-9M	-9M	-10M	-10M	-10M	-3M	-1M	0M	0M	0M	0M	-1M	-2M	-3M	-3M	-6M	-5M	0M
Unusual Items	11M	12M	2M	11M	9M	9M	10M	10M	10M	3M	1M	0M	0M	0M	0M	1M	2M	3M	3M	6M	47M	19M
EBT Excluding Unusual Items	104M	100M	100M	85M	-8M	-20M	-142M	-42M	-14M	-2M	6M	42M	64M	34M	15M	12M	-3M	3M	39M	42M	-34M	-20M
Pre-Tax Income	115M	112M	102M	96M	2M	-10M	-132M	-33M	-4M	1M	7M	42M	64M	34M	16M	13M	-1M	6M	42M	48M	13M	-1M
Pre-Tax Margin	35.1%	40.8%	34.3%	36.4%	0.8%	-4.6%	-15.6%	-4.0%	-0.6%	0.1%	1.4%	11.7%	23.0%	16.6%	12.0%	13.5%	-1.8%	7.2%	41.2%	42.6%	16.0%	-1.7%
Income Tax Expense	29M	25M	25M	11M	26M	-7M	-37M	-3M	-5M	-9M	1M	15M	23M	14M	6M	5M	0M	2M	8M	8M	-4M	-3M
Net Income	85M	85M	76M	310M	-470M	-58M	-96M	-30M	0M	10M	6M	27M	41M	20M	10M	8M	-1M	4M	33M	40M	17M	1M
Net Income Margin	26.0%	30.9%	25.5%	117.5%	-212.8%	-25.3%	-11.4%	-3.6%	0.0%	1.6%	1.2%	7.7%	14.6%	9.8%	7.4%	8.4%	-1.2%	4.6%	33.1%	35.2%	20.9%	1.4%
Depreciation & Amortization	7M	11M	9M	11M	23M	12M	11M	12M	18M	38M	12M	3M	1M	1M	1M	1M	1M	1M	1M	1M	0M	0M
EBITDA	122M	123M	120M	107M	25M	1M	-121M	-21M	14M	38M	19M	45M	65M	35M	16M	14M	0M	8M	42M	49M	-29M	-20M
EBITDA Margin	37.3%	44.7%	40.6%	40.5%	11.3%	0.6%	-14.3%	-2.5%	2.0%	5.9%	3.8%	12.6%	23.3%	16.9%	12.5%	14.2%	-0.4%	8.5%	41.9%	43.2%	-34.9%	-24.9%
NOPAT	86M	88M	84M	85M	-25M	-8M	-104M	-26M	-3M	10M	6M	27M	41M	20M	10M	8M	-1M	4M	33M	40M	-38M	-16M
NOPAT Margin	26.3%	31.8%	28.2%	32.3%	-11.1%	-3.6%	-12.3%	-3.1%	-0.5%	1.6%	1.2%	7.7%	14.6%	9.8%	7.4%	8.4%	-1.4%	4.6%	33.1%	35.2%	-45.7%	-19.7%
Owner's Earnings	92M	96M	85M	320M	-450M	-51M	-96M	-40M	15M	42M	14M	20M	35M	19M	10M	9M	0M	5M	34M	40M	17M	1M
Owner's Earnings Margin	28.2%	34.8%	28.5%	121.5%	-203.6%	-22.5%	-11.4%	-4.8%	2.0%	6.5%	2.9%	5.5%	12.7%	9.2%	7.6%	9.1%	-0.3%	5.6%	33.6%	35.8%	20.9%	1.4%
EPS (Basic)	1.73	1.81	1.58	7.11	-10.87	-1.35	-2.25	-0.70	0.01	0.27	0.27	1.29	2.06	1.26	0.91	0.77	-0.09	0.38	3.17	0.01	1.33	0.09
EPS (Diluted)	1.72	1.76	1.53	6.98	-10.91	-1.35	-2.25	-0.70	0.01	0.27	0.26	1.28	2.05	1.26	0.91	0.77	-0.09	0.38	3.08	3.37	1.33	0.09
Shares (Basic)	50M	47M	48M	44M	43M	43M	43M	43M	43M	37M	21M	21M	20M	16M	11M	10M	11M	11M	11M	11M	13M	13M
Shares (Diluted)	50M	48M	49M	44M	43M	43M	43M	43M	43M	37M	22M	21M	20M	16M	11M	10M	11M	11M	11M	12M	13M	13M

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
Cash & Cash Equivalents	267.87M	315.49M	137.04M	138.93M	229.89M	212.02M	239.42M	215.47M	112.68M	139.16M	150.69M	84.79M	61.39M	34.89M	71.21M	41.64M	71.64M	27.09M	31.69M	0.07M	46.25M
Short-Term Investments	115.10M	121.11M	148.01M	195.54M	376.46M	663.60M	940.01M	884.86M	862.35M	137.12M	528.65M	447.50M	381.63M	288.63M	151.88M	0.00M	0.00M	0.00M	0.00M	0.00M	22.89M
Cash & Short-Term Investments	382.97M	436.59M	285.04M	334.47M	606.36M	875.63M	1,179.43M	1,100.33M	975.02M	276.28M	679.34M	532.29M	443.02M	323.51M	223.09M	41.64M	71.64M	27.09M	31.69M	0.07M	69.14M
Net Receivables	180.60M	223.13M	309.98M	386.74M	835.85M	1,076.29M	908.50M	636.70M	721.81M	471.05M	62.91M	44.13M	33.44M	28.50M	0.00M	15.66M	7.83M	7.54M	10.22M	9.97M	0.00M
Inventory	0.00M	0.00M	0.00M	-722.84M	-394.01M	-364.54M	-1,586.90M	-476.42M	-358.98M	-423.87M	-230.28M	-179.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	-563.57M	-659.72M	-595.03M	155.39M	1,276.49M	364.54M	-499.63M	476.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	49.92M	40.97M	38.31M	40.29M	26.52M	26.35M	153.82M
Total Current Assets	0.00M	0.00M	0.00M	153.76M	2,324.69M	1,951.91M	1.39M	1,737.03M	1,337.86M	323.46M	511.97M	397.42M	476.46M	352.02M	273.00M	98.27M	117.78M	74.92M	68.42M	36.38M	222.96M
Property, Plant & Equipment	2.81M	3.75M	5.74M	4.22M	19.59M	31.56M	34.19M	32.73M	17.14M	17.29M	17.86M	17.14M	8.02M	0.59M	0.55M	0.00M	0.00M	0.32M	0.29M	0.00M	0.10M
Goodwill	59.48M	59.48M	59.48M	59.48M	59.48M	73.05M	73.05M	73.05M	73.05M	73.05M	14.25M	3.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	4.08M	4.69M	5.91M	9.32M	12.77M	18.38M	21.93M	26.08M	31.35M	45.27M	12.37M	46.73M	31.93M	1.82M	0.55M	0.00M	0.00M	1.20M	1.23M	0.00M	0.00M
Long-Term Investments	323.07M	289.45M	317.80M	2.48M	220.34M	701.56M	947.46M	1,001.47M	943.32M	991.65M	528.65M	452.71M	381.63M	288.93M	152.18M	123.96M	54.30M	132.72M	125.92M	0.00M	23.89M
Tax Assets	0.00M	0.00M	0.00M	17.85M	21.94M	43.78M	35.39M	47.70M	37.11M	36.76M	26.00M	19.63M	357.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.74M
Other Non-Current Assets	-389.43M	-357.36M	-388.92M	251.71M	173.21M	-43.78M	-35.39M	-47.70M	-37.11M	-36.76M	-26.00M	-19.63M	-389.65M	-291.33M	-153.28M	-123.96M	-54.30M	-134.25M	-127.44M	0.00M	91.42M
Other Assets	1,178.85M	1,346.87M	1,216.11M	562.34M	7.35M	-77.88M	1,770.93M	-403.14M	-440.27M	185.34M	-308.72M	-309.66M	-281.94M	-202.12M	-82.18M	63.41M	79.85M	77.27M	63.77M	0.00M	0.00M
Total Non-Current Assets	1,178.85M	1,346.87M	1,216.11M	907.40M	514.67M	746.66M	2,847.55M	730.18M	624.59M	1,312.60M	264.41M	210.33M	107.71M	-202.12M	-82.18M	63.41M	79.85M	77.27M	63.77M	0.00M	123.14M
Total Assets	1,178.85M	1,346.87M	1,216.11M	1,061.16M	2,839.35M	2,698.57M	2,848.94M	2,467.22M	1,962.45M	1,636.06M	776.38M	607.75M	584.17M	149.90M	190.82M	161.68M	197.63M	152.19M	132.20M	36.38M	346.10M
Accounts Payable	207.99M	292.21M	169.27M	75.60M	104.89M	324.88M	332.81M	244.72M	246.32M	195.71M	99.89M	64.54M	45.25M	39.48M	26.06M	16.57M	14.98M	28.16M	27.37M	24.71M	53.03M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	2.11M	2.17M	2.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.18M	5.50M	4.62M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.37M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	-0.60M	132.29M	322.71M	0.00M	233.38M	244.80M	194.54M	89.92M	63.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.40M
Other Current Liabilities	-207.99M	-292.21M	-169.27M	0.60M	-104.89M	-324.88M	-335.02M	-233.38M	-246.32M	-195.71M	-99.89M	-64.54M	-45.25M	-39.48M	-26.06M	-16.57M	-16.16M	-33.67M	-33.36M	-24.71M	62.93M
Total Current Liabilities	0.00M	0.00M	0.00M	75.60M	134.40M	324.88M	0.01M	244.72M	244.80M	194.54M	89.92M	63.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	118.36M
Long-Term Debt	152.46M	152.44M	152.34M	149.46M	150.04M	158.50M	160.35M	159.26M	160.12M	161.36M	54.18M	12.35M	13.53M	14.71M	15.88M	17.06M	17.06M	35.92M	36.68M	32.83M	50.58M
Capital Lease Obligations	3.19M	3.25M	3.32M	0.78M	1.69M	1.93M	2.31M	0.32M	0.00M	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	12.55M	22.12M	19.87M	-31.22M	-33.13M	-24.86M	-19.30M	-21.18M	-22.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.92M
Other Non-Current Liabilities	-152.46M	-152.44M	-152.34M	224.42M	-150.04M	-158.50M	-160.35M	-159.26M	-160.12M	-161.36M	-54.18M	-12.35M	-13.53M	-14.71M	0.00M	-17.06M	-17.06M	-35.92M	-36.68M	-32.83M	72.43M
Total Non-Current Liabilities	3.19M	3.25M	3.32M	387.21M	23.80M	21.80M	-28.91M	-32.81M	-24.86M	-19.30M	-21.18M	-22.65M	0.00M	0.00M	15.88M	0.00M	0.00M	0.00M	0.00M	0.00M	123.93M
Total Liabilities	3.19M	3.25M	3.32M	462.81M	158.20M	346.68M	-28.90M	211.91M	219.94M	175.25M	68.74M	40.71M	0.00M	0.00M	15.88M	0.00M	0.00M	0.00M	0.00M	0.00M	242.29M
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
Common Stock	0.01M	0.01M	0.01M	0.01M	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
Retained Earnings	-104.50M	-136.98M	-184.77M	-237.39M	-544.44M	-74.90M	-6.64M	100.39M	140.55M	141.19M	141.58M	140.86M	117.80M	80.12M	61.73M	53.00M	45.43M	46.89M	44.42M	0.08M	17.60M
Accumulated OCI	-8.40M	-9.79M	-15.67M	-17.14M	-30.95M	-6.53M	9.69M	11.32M	-9.03M	9.22M	0.82M	1.62M	4.01M	0.09M	2.61M	2.34M	-0.22M	1.11M	-1.49M	0.00M	6.51M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	19.55M	21.85M	20.73M	20.14M	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	-112.90M	-146.77M	-200.43M	-254.52M	-575.38M	-81.43M	3.06M	111.72M	131.52M	150.41M	142.41M	142.48M	121.81M	80.22M	64.34M	55.35M	45.22M	48.00M	42.93M	0.08M	24.11M
Total Equity	-112.90M	-146.77M	-200.43M	-254.52M	-575.38M	-61.88M	24.91M	132.44M	151.66M	150.41M	142.41M	142.48M	121.81M	80.22M	64.34M	55.35M	45.22M	48.00M	42.93M	0.08M	24.11M
Total Liabilities & Equity	-109.70M	-143.52M	-197.11M	208.29M	-417.18M	284.80M	-3.99M	344.36M	371.60M	325.66M	211.15M	183.19M	121.81M	80.22M	80.22M	55.35M	45.22M	48.00M	42.93M	0.08M	266.40M
Tangible Assets	1,115.30M	1,282.70M	1,150.73M	992.36M	2,767.11M	2,607.15M	2,753.97M	2,368.09M	1,858.05M	1,517.74M	749.75M	557.60M	552.24M	148.08M	190.27M	161.68M	197.63M	150.99M	130.96M	36.38M	346.10M
Tangible Equity	-176.45M	-210.94M	-265.82M	-323.32M	-647.63M	-153.30M	-70.07M	33.32M	47.26M	32.10M	115.78M	92.33M	89.89M	78.40M	63.79M	55.35M	45.22M	46.79M	41.70M	0.08M	24.11M
Tangible Book Value	-176.45M	-210.94M	-265.82M	-323.32M	-647.63M	-153.30M	-70.07M	33.32M	47.26M	32.10M	115.78M	92.33M	89.89M	78.40M	63.79M	55.35M	45.22M	46.79M	41.70M	0.08M	24.11M
Total Investments	329.91M	319.03M	341.42M	9.68M	596.80M	1,365.16M	1,887.47M	1,886.33M	951.84M	991.65M	528.65M	452.71M	763.25M	288.93M	152.18M	123.96M	54.30M	132.72M	125.92M	0.00M	46.78M
Net Debt	-115.41M	-163.05M	15.31M	10.53M	-77.74M	-51.36M	-76.91M	-56.21M	47.44M	22.20M	-96.51M	-72.43M	-47.86M	-20.18M	-55.32M	-24.58M	-53.41M	14.34M	9.61M	32.76M	4.33M

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
Working Capital	0.0M	0.0M	0.0M	78.2M	2,190.3M	1,627.0M	1.4M	1,492.3M	1,450.5M	551.6M	642.4M	511.9M	431.2M	297.8M	200.6M	36.3M	63.3M	2.6M	20.6M	-0.1M	35.5M
Total Capital	479.7M	444.7M	388.0M	318.2M	-30.1M	470.9M	556.1M	662.4M	680.3M	698.5M	295.5M	251.6M	217.3M	122.3M	103.9M	72.0M	63.5M	89.5M	84.2M	25.0M	74.7M
Capital Employed	1,178.9M	1,346.9M	1,216.1M	984.8M	2,705.0M	2,373.7M	2,848.9M	2,222.5M	2,075.1M	1,864.2M	894.4M	675.5M	538.9M	387.0M	271.7M	223.6M	197.5M	214.1M	211.8M	37.7M	158.6M
Invested Capital	211.8M	129.3M	251.0M	179.3M	-260.0M	258.9M	316.7M	446.9M	567.7M	559.3M	144.8M	166.8M	155.9M	87.4M	32.7M	30.4M	-8.1M	62.4M	52.5M	24.9M	28.4M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31
Net Income	86.81M	87.90M	75.72M	309.91M	-469.97M	-59.87M	-95.50M	-29.49M	0.39M	10.15M	5.70M	27.36M	41.01M	20.34M	9.71M	8.09M	-0.93M	4.06M	33.42M	0.08M	17.21M	1.16M
Depreciation & Amortization	6.20M	7.84M	8.87M	10.63M	23.31M	11.77M	11.05M	12.00M	18.48M	37.53M	11.71M	3.33M	0.80M	0.70M	1.26M	1.22M	1.11M	1.19M	0.78M	0.00M	0.07M	0.02M
Deferred Income Tax	5.77M	-1.47M	-2.36M	14.44M	24.14M	-22.82M	-9.89M	-4.28M	-2.47M	-8.58M	2.21M	2.31M	-1.18M	1.15M	-0.66M	-0.60M	0.35M	1.26M	3.34M	-0.03M	0.00M	0.00M
Stock-Based Compensation	2.42M	2.31M	2.55M	1.32M	1.39M	1.19M	1.38M	3.01M	2.41M	2.61M	1.95M	1.97M	0.65M	0.13M	0.06M	0.00M	0.00M	0.08M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	26.95M	195.42M	160.62M	-238.22M	210.01M	-218.84M	112.80M	187.89M	-21.71M	-32.90M	40.99M	61.91M	26.02M	83.93M	26.08M	30.05M	-5.15M	-0.67M	4.47M	0.12M	0.00M	0.00M
Accounts Receivable	106.53M	302.59M	76.48M	16.05M	-641.08M	-167.72M	-271.39M	84.56M	-251.12M	-356.96M	-13.05M	-9.47M	-5.01M	-9.14M	-3.80M	-3.40M	-0.32M	2.59M	-0.69M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	296.11M	0.00M	0.00M	0.00M	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	33.80M	110.73M	98.69M	-44.83M	-190.48M	-7.93M	88.09M	-1.60M	50.61M	42.73M	36.39M	18.29M	5.77M	13.42M	9.49M	1.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-113.38M	-217.90M	-14.55M	-209.44M	1,041.57M	-43.19M	-0.01M	104.93M	178.80M	281.34M	17.64M	53.09M	25.26M	79.65M	20.38M	31.86M	-4.83M	-3.26M	5.16M	0.00M	0.00M	0.00M
Other Non-Cash Items	-7.77M	-1.20M	-1.88M	-234.08M	38.01M	-6.83M	-30.30M	-20.11M	13.01M	5.50M	3.19M	1.44M	1.62M	1.51M	-2.12M	0.02M	0.93M	0.54M	-2.02M	0.00M	-2.80M	29.54M
Net Cash from Operating Activities	120.38M	290.79M	243.51M	-136.00M	-173.11M	-295.39M	-10.47M	149.02M	10.12M	14.31M	65.75M	98.32M	68.92M	107.77M	34.31M	38.65M	-7.94M	6.45M	38.87M	0.17M	14.47M	30.72M
Capital Expenditures (PPE)	-0.11M	-0.01M	-0.02M	-0.20M	-3.05M	-5.27M	-10.85M	-21.90M	-4.07M	-5.24M	-3.15M	-10.92M	-6.35M	-1.85M	-0.45M	-0.04M	-0.38M	-0.31M	-0.26M	0.00M	-0.04M	-0.04M
Acquisitions (Net)	4.50M	0.00M	0.00M	-231.95M	21.24M	-256.65M	500.00M	12.08M	0.00M	95.28M	-32.90M	14.47M	0.00M	0.00M	0.00M	-0.02M	0.31M	0.21M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-130.49M	-227.58M	-214.94M	-53.24M	-35.47M	-270.91M	-797.45M	-276.59M	-372.17M	-205.72M	-201.23M	-270.14M	-305.01M	-244.51M	-78.53M	-102.46M	-80.34M	-85.12M	-72.39M	0.00M	-135.79M	-99.89M
Sales / Maturities of Investments	143.38M	30.41M	35.75M	282.85M	254.11M	527.56M	844.86M	264.50M	250.60M	128.33M	187.52M	199.58M	219.89M	102.21M	52.64M	36.59M	160.65M	81.93M	56.16M	0.00M	79.99M	56.66M
Other Investing Activities	-16.30M	0.00M	0.00M	0.00M	0.00M	256.65M	-500.00M	-12.08M	-121.57M	-20.00M	-13.71M	-70.57M	-85.12M	-144.29M	-26.65M	-2.24M	-0.31M	-0.21M	-1.29M	0.00M	0.26M	-0.52M
Net Cash from Investing Activities	0.99M	-197.18M	-179.21M	-2.54M	236.84M	251.38M	36.57M	-33.98M	-125.64M	-7.34M	-49.76M	-67.02M	-91.47M	-144.15M	-25.89M	-68.16M	79.92M	-3.51M	-17.77M	-37.72M	-55.59M	-43.78M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	-4.44M	-1.82M	-1.23M	-1.52M	14.12M	109.93M	33.82M	-3.42M	-1.54M	-1.18M	-1.82M	0.45M	-26.89M	-3.76M	-18.38M	-4.86M	40.94M	7.78M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	-4.44M	-1.82M	-1.23M	-1.52M	-1.52M	109.93M	33.82M	-3.42M	-1.18M	-1.18M	-1.18M	-1.18M	-24.08M	-0.29M	-19.51M	-8.50M	40.94M	7.78M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.64M	0.00M	21.93M	0.00M	-0.37M	-0.40M	-0.64M	1.63M	-2.81M	-3.47M	1.12M	3.64M	0.00M	0.00M
Net Stock Issuance	-0.59M	38.38M	11.62M	26.79M	-0.03M	-0.04M	-0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	54.04M	3.59M	23.95M	-0.43M	0.00M	0.00M	0.00M	39.14M	0.60M	0.00M
Common Stock Issuance	0.77M	38.38M	11.62M	26.79M	0.03M	0.04M	0.03M	0.30M	0.00M	0.00M	0.00M	0.00M	54.04M	3.59M	23.95M	0.00M	0.00M	0.00M	0.00M	39.14M	0.60M	0.00M
Common Stock Repurchased	-1.36M	0.00M	0.00M	-0.02M	-0.03M	-0.04M	-0.03M	-0.30M	-0.42M	-0.29M	-0.27M	-0.19M	0.00M	0.00M	0.00M	-0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-24.10M	0.00M	-24.10M	0.00M	-2.59M	-10.35M	-10.31M	-10.28M	-10.27M	-8.99M	-4.97M	-4.30M	-3.34M	-1.94M	-0.98M	-0.52M	-0.53M	-1.59M	-18.23M	0.00M	0.00M	0.00M
Common Dividends Paid	-24.10M	0.00M	-24.10M	0.00M	-2.59M	-10.35M	-10.31M	-10.28M	-10.27M	-8.99M	-4.97M	-4.30M	-3.34M	-1.94M	-0.98M	-0.52M	-0.53M	-1.59M	-18.23M	-18.28M	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
Other Financing Activities	0.00M	-0.02M	-1.36M	-0.02M	-18.34M	0.00M	0.00M	-0.30M	19.52M	17.69M	21.07M	-0.19M	-0.11M	-0.40M	0.00M	0.00M	0.00M	0.00M	-8.53M	-56.92M	-2.17M	-0.26M
Net Cash from Financing Activities	-24.69M	38.35M	-13.84M	26.77M	-25.39M	-12.21M	-11.65M	-12.10M	23.37M	118.62M	49.91M	-7.91M	49.05M	0.07M	21.15M	-0.50M	-27.42M	-5.35M	-46.26M	37.62M	39.37M	7.51M
Effect of FX on Cash	21.21M	-19.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	117.89M	112.20M	50.46M	-111.78M	38.33M	-56.22M	14.44M	102.94M	-92.16M	125.59M	65.90M	23.40M	26.50M	-36.32M	29.57M	-30.01M	44.56M	-2.41M	-25.16M	0.07M	0.00M	0.00M
Cash at Beginning of Period	1,125.00M	889.39M	171.83M	283.61M	245.28M	301.50M	287.06M	184.12M	276.28M	150.69M	84.79M	61.39M	34.89M	71.21M	41.64M	71.64M	27.09M	29.49M	56.85M	0.00M	0.00M	0.00M
Cash at End of Period	1,242.88M	1,001.59M	222.29M	171.83M	283.61M	245.28M	301.50M	287.06M	184.12M	276.28M	150.69M	84.79M	61.39M	34.89M	71.21M	41.64M	71.64M	27.09M	31.69M	0.07M	46.25M	0.00M
Operating Cash Flow	120.38M	290.79M	243.51M	-136.00M	-173.11M	-295.39M	-10.47M	149.02M	10.12M	14.31M	65.75M	98.32M	68.92M	107.77M	34.31M	38.65M	-7.94M	6.45M	38.87M	0.17M	14.47M	30.72M
Capital Expenditure	-0.11M	-0.01M	-0.02M	-0.20M	-3.05M	-5.27M	-10.85M	-21.90M	-4.07M	-5.24M	-3.15M	-10.92M	-6.35M	-1.85M	-0.45M	-0.04M	-0.38M	-0.31M	-0.26M	0.00M	-0.04M	-0.04M
Free Cash Flow	120.27M	290.78M	243.49M	-136.20M	-176.16M	-300.66M	-21.32M	127.12M	6.05M	9.07M	62.60M	87.40M	62.57M	105.92M	33.86M	38.61M	-8.33M	6.13M	38.61M	0.17M	14.43M	30.68M

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
EBITDA	138.42M	141.00M	-229.46M	120.41M	34.99M	26.78M	-58.67M	33.36M	64.58M	69.21M	39.86M	60.54M	77.29M	44.77M	24.90M	19.55M	6.16M	18.39M	49.09M	65.77M	-3.52M	-3.12M
(-) Tax Adjustment	34.79M	31.12M	-57.20M	13.63M	12.25M	9.37M	-16.26M	3.19M	22.60M	0.00M	7.43M	20.97M	27.05M	15.67M	8.71M	6.84M	2.11M	6.44M	9.66M	11.38M	0.00M	-1.09M
(-) Change In Working Capital	26.95M	195.42M	160.62M	-238.22M	210.01M	-218.84M	112.80M	187.89M	-21.71M	-32.90M	40.99M	61.91M	26.02M	83.93M	26.08M	30.05M	-5.15M	-0.67M	4.47M	0.12M	0.00M	0.00M
(-) Capital Expenditure	-0.11M	-0.01M	-0.02M	-0.20M	-3.05M	-5.27M	-10.85M	-21.90M	-4.07M	-5.24M	-3.15M	-10.92M	-6.35M	-1.85M	-0.45M	-0.04M	-0.38M	-0.31M	-0.26M	0.00M	-0.04M	-0.04M
Unlevered Free Cash Flow	76.58M	-85.55M	-332.91M	344.80M	-190.31M	230.97M	-166.06M	-179.62M	59.62M	96.87M	-11.70M	-33.26M	17.87M	-56.68M	-10.34M	-17.38M	8.82M	12.31M	34.71M	54.26M	-3.57M	-2.06M
(-) Net Interest Income After Taxes	-8.19M	-9.30M	-9.01M	-9.64M	-6.16M	-6.05M	-6.93M	-8.84M	-6.41M	-3.25M	-0.59M	-0.21M	-0.27M	-0.24M	-0.23M	-0.36M	-1.16M	-2.07M	-2.26M	-5.03M	-5.02M	-0.20M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	-4.44M	-1.82M	-1.23M	-1.52M	14.12M	109.93M	33.82M	-3.42M	-1.54M	-1.18M	-1.82M	0.45M	-26.89M	-3.76M	-18.38M	-4.86M	40.94M	7.78M
Levered Free Cash Flow	84.77M	-76.25M	-323.90M	354.45M	-188.58M	235.20M	-160.36M	-172.29M	80.15M	210.04M	22.71M	-36.47M	16.59M	-57.62M	-11.93M	-16.57M	-16.91M	10.61M	18.58M	54.43M	42.39M	5.92M